Browsing by Author "Vavrek, Roman"

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    Altman 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 fakulta
    The 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.
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    Assessing Impacts of CAP Subsidies on Financial Performance of Enterprises in Slovak Republic
    (MDPI, 2020-02) Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Vavrek, Roman
    Sustainability 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.
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    Assessment of economic and environmental energy performance of EU countries using CV-TOPSIS technique
    (Elsevier B.V., 2019-11) Vavrek, Roman; Chovancová, Jana
    Energy production is fundamental to modern lifestyles and living standards, and as the quality of life grows, so does the demand for energy. But at the same time, an increased demand for energy has many negative effects, such as climate change and global temperature rise caused by increased carbon dioxide emissions into the atmosphere. In addition, high levels of energy use results in greater depletion of fossil fuels, oil, or natural gas. To avoid these problems, many countries are closely monitoring their energy intensity and implementing the politics and tools for its improvement. This paper aims to perform a quantitative evaluation of the energy economic and environmental performance of the EU countries using the TOPSIS techniques as one of the MCDM methods to find the most desirable alternative(s) from a set of available alternatives versus the selected criteria. Based on seven indicators weighted by the Coefficient of Variance, we have comprehensively evaluated the energy economic and environmental performance of the EU countries. Among other things, we noted the strong dominance of Sweden throughout the period under review and have recorded significant improvement progress in the overall assessment of Luxembourg. One of our conclusions is that it is not possible to combine the absolute change in the CV-TOPSIS result with a change in the overall placement, which, in addition to its own progress, reflects the progress of the whole group of subjects under analysis.
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    (De)coupling Analysis with Focus on Energy Consumption in EU Countries and Its Spatial Evaluation
    (HARD, POST-OFFICE BOX, 10-718 OLSZTYN 5, POLAND, 2020) Chovancová, Jana; Vavrek, Roman
    Energy is a sector that has a direct impact on quality of life and economic growth. The production and use of energy satisfies human needs, but also gives rise to a host of adverse environmental pressures, such as greenhouse gas emissions, air and water pollution, waste generation and many other negative consequences. Our paper presents a cross-country comparison of decoupling trends in order to assess the impact of economic growth on energy consumption and production of greenhouse gas emissions. The issue of using renewable energy sources in EU countries is also taken into consideration. Decoupling analysis is performed for the time period 2008 and 2016. The results of analysis suggest that resource decoupling (energy consumption) and impact decoupling (GHG emissions) of economic growth (measured in GDP) occur in most observed partial variables, which can be considered as a positive trend. On the other hand, an increased share of renewables in energy production couples in most countries with economic growth, which indicates the positive effect referring to the third-stage of Environmental Kuznets Curve, where the demand for environmental protection tends to increase, leading to a development path characterized by both economic growth and environmental quality improvements. The results of the analysis point to spatial randomness both within the EU and at the country level.
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    Decoupling Analysis of Energy Consumption and Economic Growth of V4 Countries
    (POLITECHNIKA LUBELSKA, WYDZIAL INZYNIERII SRODOWSKA, UL NADBYSTRZYCKA 40 B, LUBLIN, 20-618, POLAND, 2019) Chovancová, Jana; Vavrek, Roman
    Energy is a sector that has a direct impact on citizens' quality of life and the economic growth of the countries. The production and use of energy satisfies human needs, but also gives rise to a host of adverse environmental pressures, such as greenhouse gas emissions, air pollution and the generation of nuclear waste. Energy use leads to noise, water pollution, and ecosystem degradation. Energy-related air pollution also has significant negative effects on human health. To avoid these problems, many countries are closely monitoring their energy intensity and implement the politics and tools to its improvement. The aim of the paper is to perform quantitative evaluation on the relationship between economic development and energy consumption based on decoupling model theory. The paper focuses on the case of V4 countries in the period of 1991-2015. Throughout the more than 20 years examined, the countries spread out into many different forms of decoupling. The results of analysis suggest that in most observed partial variables occurs the strong decoupling of economic growth and energy consumption, what can be considered as positive trend. Though decoupling elasticity convey a positive message, the V4 countries will need to accelerate their implementation of new policies, while restructuring the ways how they meet their demand for energy.
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    Determining the size of technological gap between local firms and foreign direct investment at regional level
    (Centre of Sociological Research, 2019) Kotíková, Sylvie; Vavrek, Roman
    The size of technology gap is one determinant of indirect spillover effects from FDI. Whether and to what extent FDI inflows generate positive spillovers affecting productivity growth of host country firms depends on several factors, including the degree of FP and the position of local and foreign businesses. The FDI index we created, follows the difference between the technology level of foreign companies and the regional business environment. The shift-share analysis is complemented by TOPSIS, which evaluated Czech regions individually between 2002 and 2017 on the basis of maximization and minimization data (individual components of RRTG). The aim of the paper is to determine the extent to which the presence of FDI is reflected in productivity of business environment. Regional evaluations via RRTG and TOPSIS significantly correlate. The differences in both versions are identified by comparing the mean values and the distribution functions of the results. The application of our approach to local regions is unique in identifying the size of technology gap at NUTS 3 levels. The advantage of this approach is its ease of modification. The studied set of regions can be indefinitely expanded and it is applicable to other territorial units and different time series.
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    Disparities in the financial performance of agricultural entities according to the legal form: the case of Slovakia
    (2019) Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Vavrek, Roman
    Financial 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.
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    Evaluation of egovernment and good governance development in EU member countries
    (Technická univerzita v Liberci, Česká republika, 2019) Ardielli, Eva; Vavrek, Roman
    Dobrá správa věcí veřejných (Good Governance) je současný trend ve veřejné správě na celém světě. Zdůrazňuje efektivitu, otevřenost a transparentnost v řízení veřejných záležitostí. Důležitým faktorem dobré správy je aplikace ICT ve veřejné správě a rozšiřování eGovernmentu jako progresivního prvku modernizace veřejné správy. Příspěvek je zaměřen na zhodnocení vzájemné závislosti mezi eGovernmentem a rozvojem Good Governance v zemích Evropské unie (EU). Vzájemná závislost proměnných je zkoumána na základě hodnocení eGovernmentu pomocí metod multikriteriálního rozhodování (metoda TOPSIS) na základě hodnot indexu WGI sledovaného a zpracovávaného Světovou bankou. Na základě využití korelační a regresní analýzy byla potvrzena vzájemná závislost mezi eGovernmentem a rozvojem Good Governance v členských zemích EU.
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    Evaluation of the Impact of Selected Weighting Methods on the Results of the TOPSIS Technique
    (WORLD SCIENTIFIC PUBL CO PTE LTD, 5 TOH TUCK LINK, SINGAPORE 596224, SINGAPORE, 2019-11) Vavrek, Roman
    The present research deals with selected multi-criteria methods identified according to available literature sources as a suitable instrument for the comprehensive evaluation of a set of alternatives. Further, it focuses on a group of methods including Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), which is often associated in practice with the use of several subjective and objective methods for the determination of the weights of selected indicators. Accordingly, five of these objective methods are used in this research. The main contribution consists in emphasizing the differences between the results achieved through various methods for the determination of the weights of input indicators. Moreover, we restate the fact that the choice of an adequate method to weigh indicators significantly affects the overall results of the TOPSIS technique. The Coefficient of Variance method clearly identifies subjects in prominent positions. Subsequently, the Mean Weight method does not consider the structure of data and their variability, while focusing on all the indicators being equal. The results obtained via the Standard Deviation and the Statistical Variance Procedure methods are comparable with the results obtained for the identical weights of individual indicators, i.e., the Mean Weight method. Therefore, based on the overall results of our research for the determination of the weights of input indicators for the purposes of the TOPSIS technique, we recommend the use of the Standard Deviation method.
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    Knowledge Economy Indicators and Their Impact on the Sustainable Competitiveness of the EU Countries
    (MDPI, 2020-05) Širá, Elena; Vavrek, Roman; Kravčáková Vozárová, Ivana; Kotulič, Rastislav
    In 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.