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    A comparative analysis of multivariate approaches for data analysis in management sciences
    (Technická Univerzita v Liberci, ) Ahmed, Rizwan Raheem; Streimikiene, Dalia; Streimikis, Justas; Siksnelyte-Butkiene, Indre; Ekonomická fakulta
    The researchers use the SEM-based multivariate approach to analyze the data in different fields, including management sciences and economics. Partial least square structural equation modeling (PLS-SEM) and covariance-based structural equation modeling (CB-SEM) are powerful data analysis techniques. This paper aims to compare both models, their efficiencies and deficiencies, methodologies, procedures, and how to employ the models. The outcomes of this paper exhibited that the PLS-SEM is a technique that combines the strengths of structural equation modeling and partial least squares. It is imperative to know that the PLS-SEM is a powerful technique that can handle measurement error at the highest levels, trim and unbalanced datasets, and latent variables. It is beneficial for analyzing relationships among latent constructs that may not be candidly witnessed and might not be applied in situations where traditional SEM would be infeasible. However, the CB-SEM approach is a procedure that pools the strengths of both structural equation modeling and confirmatory factor analysis. The CB-SEM is a dominant multivariate technique that can grip multiple groups and indicators; it is beneficial for analyzing relationships among latent variables and multiple manifest variables, which can be directly observed. The paper concluded that the PLS-SEM is a more suitable technique for analyzing relations among latent constructs, generally for a small dataset, and the measurement error is high. However, the CB-SEM is suitable for analyzing compound latent and manifest constructs, mainly when the goal is to generalize results to specific population subgroups. The PLS-SEM and CB-SEM have specific efficiencies and deficiencies that determine which technique to use depending on resource availability, the research question, the dataset, and the available time.
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    The impact of the effective tax rate change on financial assets of commercial banks: The case of Visegrad group countries
    (Technická Univerzita v Liberci, ) Andrejovska, Alena; Glova, Jozef; Regaskova, Martina; Slyvkanyc, Natalia; Ekonomická fakulta
    While many tax professionals have discussed corporate taxation in the banking sector and its effectiveness on bank institutions, investment decisions, bank size, asset structure, or bank rentability, there is little evidence of tax efficiency within V-4 Group. The research on banks and tax rates is mainly based on American data. Few papers solved banking stability and corporate taxes within the European countries. This paper examines effective corporate taxation in the banking sector of the V-4 Group and aims to find out how the effective tax rate change affects commercial banks’ financial assets. In this study, we examine the relationship between variables using regression analysis in which we assess the impact of ETR on bank financial assets. We examined data in the consolidated financial statements data of commercial banks and tested their impact on the economy. Our findings supported the theory that ETR impacts the banking sector, particularly capital and equity financing. However, the results did not prove the research hypothesis, in which we assumed that an increase in ETR would lead to an increase in financial assets. Based on our results, it leads to an increase in equity assets (7.34%) and a decline in debt assets (16.83%).
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    The impact of environmental, social and governance policies on companies’ financial and economic performance: A comprehensive approach and new empirical evidence
    (Technická Univerzita v Liberci, ) Noja, Gratiela Georgiana; Baditoiu, Bianca Raluca; Buglea, Alexandru; Munteanu, Valentin Partenie; Gligor Cimpoieru, Diana Corina; Ekonomická fakulta
    In the last decade, the use of integrated reports (IR) comprising information on non-financial indicators from the environment, social, and governance (ESG) category has increased in time. Companies are now focusing not only on financial reporting but are notably including non-financial issues in their public reports. In doing so, they seek to align activities with the expectations of their stakeholders and the society in which they operate, as well as with various regulations, which are increasingly relevant worldwide. This study examines the impact of ESG reporting on company performance. Our research involved analyzing financial and non-financial data from 2,400 companies extracted from the Refinitiv Eikon database. Two methods of quantitative analysis were applied, namely multiple linear regression models processed by the robust regression method and structural equation modelling. Main findings entail that ESG indicators had strong and medium effects on company performance, but these effects varied across different dimensions, requiring a tailored approach to embed ESG factors in corporate strategy to enhance overall performance. Our paper provides a new perspective on the current and the potential impact of ESG reporting, based on systematic theoretical and empirical analyse , with multiple implications for business administration and management.
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    Determinants of the impact of ESG policy and corporate governance on employee rights
    (Technická Univerzita v Liberci, ) Li, Chiao-Ming; Lee, Joe-Ming; Ekonomická fakulta
    To comply with international development trends in recent years, Taiwanese government agencies have formulated environmental, social, and governance (ESG) legal policies and strengthened publicity for listed firms to prepare sustainability reports. Government agencies are trying to use ESG legal policies to gradually guide firms to take environmental, social, and governance measures and move toward sustainable operations. However, employee rights were easier for firms to ignore in the past, so paying attention to the correlation between employee rights and organizational governance is necessary. This paper aims to analyze the relationship between the organizational governance and employee turnover rate of Taiwanese food firms in the ten years from 2011 to 2021 through a panel regression model. The results show that there is a U-shaped relationship between board size and employee turnover. There is an inverted U-shaped relationship between the development of major shareholders’ shareholding and the strength of human resources. The research results show that organizational governance is significantly related to employee turnover. Finally, this paper believes that paying attention to human resources will contribute to the sustainable development of enterprises. Therefore, in terms of organizational governance policies, although government agencies have formulated relevant reference standards, firms should have functions more conducive to developing human resource measures. These functions include utilizing the guiding energy of the board of directors functions, and shareholding structure design, which will further help the stable development of human resources. Firms need high-quality human resources to make breakthroughs in technology or the market. Therefore, when firms cultivate high-quality human resources, they not only rely on employee welfare conditions but consider long-term organizational governance and human resource development as necessary planning conditions. These factors will drive firms to have the ability to break through the status quo, value all stakeholders, and create an attitude toward sustainable business development.
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    DuPont analysis among European dentistry companies to measure the impact of the COVID-19 pandemic
    (Technická Univerzita v Liberci, ) Heryan, Tomas; Gajdova, Karin; Ekonomická fakulta
    Although health economics belongs to the highly respected economic disciplines within the research literature, there is a considerable gap related to the investigation of dentistry in particular, even after the global pandemic of COVID-19 disease. Fundamentally, the DuPont framework is a well-known complex analysis to evaluate companies from the point of view of financial performance. The investigation of the return on equity as a relation between the return on assets and the equity multiplier, simply called the leverage effect, is presented in this paper. Therefore, this study aims to estimate the effect of leverage and its changes due to the COVID-19 pandemic among dentistry companies in selected European countries with different healthcare insurance systems. This comparative investigation focused on the generalised method of moments with dynamic panel data from Orbis, the Bureau van Dijk financial database for 1,128 dentistry companies in nine European countries. Methodologically, concerning those post-estimation techniques to evaluate over- and underestimation of the models. It has been differentiating between companies with a high or low ownership concentration structure. The results have shown differences in the leverage effect during the pandemic, assuming that companies with a major owner increased their equity, while the debt leverage increased among those companies with dispersed ownership and vice versa. If economic theory states that debt financing is more effective for a company than using internal sources, it is apparently different in the case of dentistry during the pandemic. However, dispersed ownership is more often related to dentistry, according to mergers in this particular business industry.