Browsing by Author "Kotulič, Rastislav"
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- ItemAltman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises(Technická Univerzita v Liberci, ) Vavrek, Roman; Gundová, Petra; Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Ekonomická fakultaThe Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.
- ItemAssessing Impacts of CAP Subsidies on Financial Performance of Enterprises in Slovak Republic(MDPI, 2020-02) Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Vavrek, RomanSustainability is a particularly crucial factor in policy formulation and analysis, including in the EU's common agricultural policy. The common agricultural policy, through a subsidy policy, has caused a significant proportion of public funding to flow to agricultural subsidies, so it is appropriate to focus on the effect of these subsidies in the context of the sustainable development of EU agriculture. The impact of agricultural subsidies on business performance is of interest to policy makers. In agrarian practice, insufficient attention is paid to the legal form of agricultural performance, so our economic analysis focused on this area of research. The aim of the paper was to evaluate the effect of financial support in the form of subsidies resulting from the EU's common agricultural policy and to verify its connection with the performance of agricultural enterprises in terms of the legal form in the context of sustainable development of the agricultural sector in Slovakia. No statistically significant linear correlation was found between farms' performance results and the volume of subsidies per hectare of agricultural land for each legal form throughout the reporting period. In each analyzed year, business companies achieved a better overall assessment than agricultural cooperatives based on monitored parameters.
- ItemDisparities in the financial performance of agricultural entities according to the legal form: the case of Slovakia(2019) Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Vavrek, RomanFinancial management in agricultural enterprises is affected by a range of factors that are not present in other sectors. One of the factors that affect the performance of enterprises is the legal or organizational form of the business. In Slovakia, the specific structure of farms is different from that of almost any other member state of the European Union. The aim of this paper is to evaluate the disparities in the financial performance of agricultural enterprises according to the legal form. We analysed and compared two groups of agricultural entities, agricultural cooperatives and business companies, for the period from 2005 to 2014. Based on an analysis of the differences using mathematical and statistical methods, we can conclude that the legal forms are distinguished in all monitored parameters and our hypothesis on the differences in economic performance of agricultural entities according to legal form was confirmed.
- ItemKnowledge Economy Indicators and Their Impact on the Sustainable Competitiveness of the EU Countries(MDPI, 2020-05) Širá, Elena; Vavrek, Roman; Kravčáková Vozárová, Ivana; Kotulič, RastislavIn today's turbulent world influenced by globalization, knowledge is becoming a key factor in the market. Every economy, if it wants to be successful and competitive, must pay more attention to knowledge and its creation, transfer, and preservation. In this respect, it is a key element in ensuring a country's sustainable position in a competitive environment. Based on this, we set out the main idea of the article as follows: increased emphasis on the factors of a knowledge-based economy affects the growth of the country's competitiveness, which contributes to its better sustainability. To verify the idea, we used a multi-criteria evaluation of countries by the TOPSIS method and a subsequent regression model. We examined developments in the EU countries over a period of 11 years in selected indicators typical for the knowledge economies, in the area of competitiveness. Finally, we examined the sustainability of EU countries. Based on the findings of these methods, we identified the leading country-Sweden-in the field of knowledge economy, competitiveness, and sustainability.