181,756 research outputs found
Voucher funds in transitional economies : the Czech and Slovak experience
No full textVoucher funds have arisen in the transitional economies of Eastern and Central Europe that have used voucher privatization. These funds collect vouchers from citizens and use them to buy shares in enterprises. In the Czech and Slovak Republics, voucher funds are typically organized as corporations owned by the citizens who contributed their vouchers. Recently, they have also been organized as unit trusts (either open-ended or closed). A management company manages the funds under a contract that specifies the management fee. The management company is typically owned by the initial sponsor of the fund - for example, a bank. Voucher funds can give owners a diversified and professionally managed portfolio. More important, the funds select who sits on an enterprise's governance boards (which oversee management and profitability). Although experience is limited, the funds in these two countries have probably stopped most fraud and self-serving by enterprise mangers and are beginning to encourage the restructuring needed for profitability. A few funds have replaced poorly performing or dishonest managers; more often, because qualified replacements are few, they encourage managers to improve performance. There have been complaints about funds'performance. Some have made unrealistic promises to voucher holders and have appointed poorly qualified members to management boards. There is concern about conflicts of interest in the bank-sponsored funds and excessive control of enterprises. Funds typically lack capital or expertise to undertake restructuring - but few other potential owners are likely to be better qualified. The author examines 27 regulations that have been proposed for funds. Regulations in transitional economies, unlike regulations in most western countries, should encourage funds to play a strong role in corporate governance, he contends, as few potential owners have this ability. Most important, regulations should require that funds disclose information about their operations so their owners can monitor and control fund managers. The regulatory regime, the author says, should discourage monopolies and anticompetitive behavior; create incentives for fund managers to improve fund performance; discourage self-serving or fraudulent behavior by fund managers, and conflicts of interest; and eliminate high-risk investments unacceptable to fund owners. Because there is so little experience with these funds, the regulatory regime should not be unduly restrictive. As problems arise, regulations to deal with them can be added.International Terrorism&Counterterrorism,Economic Adjustment and Lending,Economic Theory&Research,Agricultural Knowledge&Information Systems,Payment Systems&Infrastructure
Macro Stress Testing of the Slovak Banking Sector
No full textIn this paper we estimate the impact of a simulated slowdown in the Slovak economy on the Slovak banking sector. Using a vector error correction model, the impact of the slowdown on interest rates and exchange rates is assessed. This allows us to estimate the aggregated impact of the credit risk, interest rate risk and exchange rate risk. The significance of indirect impact of interest rate risk and foreign exchange risk via possible worsening of financial situation of debtors has also been considered. The results suggest that even significant slowdown of the GDP growth would not substantially threaten the Slovak banking sector provided that the response of the monetary policy would be adequate. Given the current portfolio of the Slovak banking sector, this monetary policy would have positive impact on Slovak banking sector also by direct increase of real value of this portfolio, mainly through the interest rate channel. The shocks in GDP growth that would be left without relevant response in other factors might represent more noticeable threat.Macro stress testing, Credit risk, Slovakia
Corporate governance and equity prices : evidence from the Czech and Slovak Republics
No full textThe 1992 Czechoslavakia mass privatization program involving about 1,500 eneterprises and implemented through a voucher scheme with competitive bidding was a bold step in changing the ownership and governance of a large part of the economy. It represents a clear test case of one approach, and other countries may benefit from its lessons. At the time, much skepticisism was voiced about mass privatization: it would lead to diffuse ownership, and no effective corporate governance would result. But innovative forces led to the emergence of investment funds that collected much of the individuals'voucher points, leading to a much more concentrated ownership structure. It has been expected that this concentrated ownership would lead to improved corporate governance. But the jury is still out. So far, only limited and largely anecdotal evidence is available on the impact investment funds have on the way firms are being managed. Too little time has passed and too many shocks have occurred (for example, the split of the Czech and Slovak Republics) to expect to find discernible changes in corporate governance on measures of actual firm performance. An alternative approach is to investigate whether firms that ended up with more concentratedownership -- and possibly improved governance -- sell for higher prices, either in the last voucher round or in the secondary market since then. In a forward-looking financial market, one can expect prices to incorporate the effects of better ownership on future firm performance and associated dividends to shareholders. Put differently, one would expect that two firms with different shareholding structures, but otherwise identical, would trade at different prices -- with the firm with a more concentrated ownership, and presumably better corporate governance, trading at a higher price. On a cross-sectional basis, ownership structure may thus be significant in explaining (relative) share prices. The author explores this line of reasoning. Controlling for a number of firm and sector-specific variables: he finds: 1) Majority ownership by a domestic or foreign investor has a positive influence on firm prices. 2) Firms with many small owners have lower prices. 3) Ownership by many small scale investors makes it easier for any single investor to establish effective control, but such control does not necessarily translate into higher prices. The author also provides two possible explanations of why higher prices appear to be associated only with majority ownership by a single investor: he finds: 1) The corporate legal framework and the difficulty in collecting proxy votes in the Czech and Slovak Republics may prevent a small investor from making the necessary changes in the way firms are managed, thus keeping prices low; and 2) Commercial banks are both managers of invesment funds and creditors of individual firms. Funds managers may face conflicts of interest and not be interested in increasing the value of equity alone but also the value of credits. This could explain why prices are relatively lower for those firms in which investment funds have effective control.Economic Theory&Research,Payment Systems&Infrastructure,International Terrorism&Counterterrorism,Environmental Economics&Policies,Labor Policies,International Terrorism&Counterterrorism,Payment Systems&Infrastructure,Environmental Economics&Policies,Financial Intermediation,Economic Theory&Research
Competitiveness Factors of Slovak Companies
No full textThis paper examines factors affecting the competitiveness of leading Slovak companies, using results obtained through a questionnaire survey. The results imply that companies are aware of the key role of consumers. By putting emphasis on production modernisation and extensive use of information and communication technologies, the companies are successful in placing their products on foreign markets, but the final customers are beyond their reach. The results confirm that the most important factors of competitiveness are intra-company factors, above all company management and cost reduction. Other factors considered to have a strong impact are the EU membership of Slovakia and energy costs. The planned adoption of the euro in Slovakia was seen as increasing competitiveness. Companies are starting to realise the need for transition to a higher level of competitiveness, one based on innovation. Among the main threats to competitiveness is the potential exacerbation of labour market imbalances.company competitiveness, SWOT analysis, questionnaire survey
Translation and psychometric validation of the Slovak Partner version of the Birth Satisfaction Scale-Revised (BSS-R)
No full textBackgroundBirth experiences significantly impact both parents’ psychological well-being, relationship dynamics, and early parenting. While the experiences of mothers during childbirth are widely studied, there is a growing need to understand and measure birth satisfaction among fathers as well.AimThis study aimed to address the gap in understanding fathers’ childbirth experiences by translating and validating the Slovak Partner version of the Birth Satisfaction Scale-Revised (SKP-BSS-R). The research evaluated the psychometric properties of the SKP-BSS-R, including its factor structure, internal consistency, and validity, to establish its suitability as a tool for assessing fathers’ satisfaction with the childbirth experience.MethodsA cross-sectional design was employed with 262 Slovak fathers. The SKP-BSS-R underwent translation and expert review following international guidelines. Confirmatory factor analysis (CFA) assessed its tri-dimensional structure, while internal consistency was evaluated using Cronbach’s alpha. Validity testing included divergent, convergent, and known-groups discriminant analyses.ResultsThe SKP-BSS-R showed excellent psychometric properties. CFA confirmed its tri-dimensional structure, and Cronbach’s alpha values exceeded 0.70 for all subscales and the total score. Known-groups validity highlighted significant differences based on delivery type and parity. Convergent validity demonstrated strong correlations among subscales and the total score, while divergent validity showed no significant correlation with participant age.ConclusionsThe SKP-BSS-R is a reliable and valid instrument for assessing birth satisfaction in Slovak fathers. Its use alongside maternal-focused tools provides a holistic view of family birth experiences, supporting research and interventions aimed at enhancing psychological well-being and family-centred care
Firm Growth in Advanced Stages of Economic Transition: Evidence from Slovak Industry
No full textThis article analyzes the reaction of firms to transition in adjusting firm size. The author offers an empirical analysis in the context of the firm-growth model with emphasis on the presence of ownership and corporate-structure effects.There is no evidence for a general firm-growth/firm-size relationship. On the other hand, the author finds evidence that firm growth is a function of size for firms of a particular type. Specifically, there is an inverse growth-size relationship for privately owned joint-stock companies. Examining the character of these effects, the author concludes that their character is transitory: It corresponds to events related to exogenous settings of economic privatization and the economic restructuring process rather than tangible ownership or corporate-governance effects.firm growth; firms; transition; ownership; industry; Slovak Republic
The Effects of euro Adoption on the Slovak Economy
No full textIn this study we assess the effects of euro adoption from an economic perspective. The benefits and disadvantages of Slovak entry to the euro area were discussed already when the euro adoption strategy was adopted. This analysis utilizes the latest information, using the set euro adoption date and the chosen euro adoption scenario. We attempt to quantify the most important effects, so that the costs and benefits can be compared. The costs and risks related to the euro area entry will depend on economic conditions and policies. Therefore we analyze the economic policies, which should support euro adoption, the issues of optimal timing of euro area entry and the impacts of euro adoption on citizens, businesses and the state administration.
Costs and Benefits of Monetary Disintegration:The Czech-Slovak Case
No full textIn 1992, the political dissolution of Czechoslovakia highlighted the problem of designing monetary disintegration for two interdependent republics. This paper weighs costs and benefits of the gradual approach to monetary disintegration that was applied in the Czech-Slovak case. The analysis suggests that the careful design with two intermediate stages was superior to a longer maintaining of a common currency or a sudden monetary disintegration. The newly established currencies inherited credibility of the Czechoslovak crown although their external characteristics differed in the first two years of their existence. Moreover, the economic disintegration was not induced and the newly gained independence in monetary and exchange-rate policies was realized to respond to asymmetric economic problems.Monetary union Separation of Currencies Czechoslovakia
Report on forestry in the Slovak Republic 1997 Green report
No full textThe basic aim of the report is to present the most complete and objective survey on the present state and issues of forestry as possible, and also to update the goals and instruments of the forestry policy for 1998. The report deals with forestry of Slovakia as a whole. It analysis the state, as well as it proposes solutions in forests managed by the state organizations within the competence of the Ministry of Agriculture of the Slovak Republic, other central bodies, as well as in the non-state sector. The report has been based on the analysis and evaluation of the parameters of the forestry sector and consideration of the conditions of the sector in relation to fulfilling the essential functions of forests in the Slovak Republic. The report has been compiled in respect of implementation of the Principles of the State Forestry Policy, intentions of the strategy and conception of forestry sector, Programme Resolution of the Government of the Slovak Republic and in compatibility with the previous Green Report 1996Available from Slovak Centre of Scientific and Technical Information, under signature: P980259 / Slovenska Technicka Univerzita v BratislaveSIGLESKSlovak Republi
COMPARISON OF AGRICULTURAL FARM EFFICIENCY IN SLOVAK REGIONS BEFORE AND AFTER EU ACCESSION
No full textThis paper presents results of stochastic parametric approach used in estimation of farm technical efficiency. The estimation of output oriented technical efficiency was based on Stochastic Frontier analysis with Cobb-Douglas production function. Model specification for empirical application were employed Battese and Coelli 1995 model specification, where technical inefficiency effects are explicitly expressed as a function of a vector of firm-specific variables and random error and integrated in the stochastic frontier model. Model also included dummy variable which expressed production conditions in which Slovak farms are operating. We divided farms into two groups of production conditions: productive regions (PR) and less favorable area (LFA) regions. Data set included 79 Slovak farms operating in different regions in 2003-2005 time periods. Following input variables are included in the model: capital, material, labour and agricultural land according to LPIS system. Total product was used as output variable. Our analyses show that farms operated in 2004 achieved significantly highest level of technical efficiency in comparison with year 2003 in both groups of production condition, due to good weather condition in this year and due to increasing subsidy system. From the achieved results we can conclude that the significant statistical differences in average technical efficiency, was detected only in year 2005 between the farms of mentioned production conditions. Higher level of variability, in technical efficiency was detected in farms operating in productive regions compared to technical efficiency of farms in LFA regions.less favorable area (LFA), subsidy, stochastic production frontier, panel data, output – oriented technical efficiency, Cobb-Douglas production function, Production Economics, Research Methods/ Statistical Methods,
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