Acta Oeconomica Pragensia, 2005 (vol. 13), issue 4
Company Value, Its Measurement and Management
Eva Kislingerová
Acta Oeconomica Pragensia 2005, 13(4):10-19 | DOI: 10.18267/j.aop.202 
The maximalization resp. growth of company market value ranks among the most widely spread objectives of company management. Its environment which is often presented as turbulent or volatile puts weight on how to measure and especially how to manage the company value which is understood as a sum of future benefits accruing to company claimholders (share- and debtholders) so that the objective were accomplished. Which methods to use for value assessment and which factors influence the value represent the main interests of the following paper.
Global strategic alliances and acquisitions
Miroslav Javor
Acta Oeconomica Pragensia 2005, 13(4):20-39 | DOI: 10.18267/j.aop.203
The article focuses on analysis of global alliances and acquisitions with emphasis on their common strategic context - both categories are presently key vehicles to maintain competitiveness of globally operating businesses. Initially attention is paid to the phenomenon of transnational corporations, which are subjects to global alliances and acquisitions and which are involved in global strategic processes most. Core of the article consists of two independent parts (one regarding alliances, the other dealing with acquisitions) presenting theoretical basis of given topic, complemented by case examples.
Investment projects value as an important factor of firm value
Hana Scholleová
Acta Oeconomica Pragensia 2005, 13(4):40-61 | DOI: 10.18267/j.aop.204
Investments projects value has a significant influence on firm value. There are a lot of methods for more precious evaluation of project value. The classic methods based on NPV have their origin in financial plan and the assumption of its precious implementation. They can not evaluate the management right to adapt it according to the future courses. It is the reason why the real options methodology based on analogy to financial options has been developed. The value of firm rights depends on the same parameters, which are inputs of NPV method. Additional important parameter is volatility as a measure of uncertainty, which increases the firm value. Real...
Investment Decision Making Process and Public Projects
Patrik Sieber
Acta Oeconomica Pragensia 2005, 13(4):62-79 | DOI: 10.18267/j.aop.205
When conducting valuation of investment in the public sphere, we must pay attention to the whole spectrum of economic disciplines. In our business practice we may in this area encounter many irrational opinions, out of line with the contemporary economy theory. To increase the effectiveness of public investment decision-making, we must qualify many business and public sphere organizations, and provide them with quality, conflict-free framework for evaluation of public projects. The point of this project is not the maximizing of shareholder value, but rather growth of the society welfare via the most advantageous allocation of rare resources among competing...
Some Remarks On the Impact of Risk Management on Firm Value
Jiří Hnilica
Acta Oeconomica Pragensia 2005, 13(4):80-112 | DOI: 10.18267/j.aop.208
The paper focuses on how risk management may influence the value of a company. Situation is discussed with models of Modigliani - Miller - Fama and their assumptions in the background. After the basic explications of the afore mentioned models and of the decision-making rule for investments, particular states where risk management may add value are analyzed. An attention is paid mainly to costs of taxation and financial distress, underinvestment and asset substitution.
Quality Changes in Comercial Insurable Risk
Jaroslav Daňhel
Acta Oeconomica Pragensia 2005, 13(4):113-120 | DOI: 10.18267/j.aop.210
The paper show the main reason for a general decline of ratings of insurance and reinsurance companies and gives several practical examples of disasters situations in the past few year, including floods in Czech Republic.The paper also deal with some recent examples of fundamentals changes of risks cause by decesion of state administration that were not consulted with insurance companies and may cause futer deteratioration of the overall situation. The conclusion is, however, rather optimistic, the brunch is stabil and relatively safety, insurance companies behaving with utmost care.
The Dynamic Scorecard INFA
Inka Neumaierová, Ivan Neumaier
Acta Oeconomica Pragensia 2005, 13(4):121-137 | DOI: 10.18267/j.aop.211
The most important competitive advantage performance driver is ability to manage a company. This ability depends on the quality of managerial decisions. There's a chance and must in comtemporary world to react to changes in business environment. The goal of this article is to introduce one of the dynamic tools that corresponds to today's challenges. We introduce the Dynamic Scorecard INFA implemented into strategic management simulator. A company is seen via System dynamics point of view and company performance is incorporated as a result of company behavior measured and managed by financial and non-financial indicator.
Management of complexity in the automotive industry
Petra Hlačinová
Acta Oeconomica Pragensia 2005, 13(4):138-153 | DOI: 10.18267/j.aop.212
The article deals with the analysis of tools that are used to manage the increasing complexity that has come out in the automotive industry during the recent years due to significant changes in the business environment. The ability to manage the increasing complexity of the processes and products results into cost savings and significantly contributes to value increase. The introduction is dedicated to presentation of basic trends of the automotive industry. The main attention of the article is paid to the area of complexity management and analysis of tools to manage it within the value chain, mainly focused on the development phase. A special attention...
Správa společnosti a konkurenceschopnost: Existuje vazba?
Miroslav Hučka
Acta Oeconomica Pragensia 2005, 13(4):154-166 | DOI: 10.18267/j.aop.214