Czasopismo
Tytuł artykułu
Autorzy
Warianty tytułu
Języki publikacji
Abstrakty
A sample of 24 representative firms in the Czech economy is a subject of a study for their technical efficiency and, subsequently, for their willingness to invest. The former concept is accomplished with the help of the frontier production function. The latter one is based on the value of Tobin's Q, defined as the ratio of the market value of business capital assets to their replacement value; if it is greater than one, Q indicates the profitability of further investment. The analysed firms differ in their technical performance, but all of them are profitable and this might be their motivation to invest. A comparison of technical efficiency and Tobin's Q as two evaluations follows under a hypothesis that one of them matches the other one. Applying the Passing-Bablok method, the finding is that those two items are not interchangeable in spite of a high correlation. (original abstract)
Czasopismo
Rocznik
Tom
Numer
Strony
67--76
Opis fizyczny
Twórcy
autor
- University of Economics, Prague, Czech Republic
Bibliografia
- [1] Amadeus32, database, Bureau van Dijk Electronic Publishing.
- [2] BEHR A., BELLGARDT E., Dynamic Q-investment functions for Germany using panel balance sheet data. Discussion paper 23 (02), Economic Research Centre of the Deutsche Bundesbank, 2002.
- [3] COCHRAN W.G., The comparison of different scales of measurement for experimental results, Ann. Math. Stat., 1943, 14 (3), 205-216.
- [4] HAYASHI F., Tobin's marginal Q and average Q. A neoclassical interpretation, Econometrica, 1982, 50 (1), 213-224.
- [5] JABLONSKÝ J., Models for efficiency evaluation of decision making units, Polit. ekon., 2004, 52 (2), 206-220.
- [6] JABLONSKÝ J., Efficiency analysis in multi-period systems: an application to performance evaluation in Czech higher education, Centr. Eur. J. Oper. Res. [online], 2016, 24 (2), 283-296.
- [7] KODERA J., PÁNKOVÁ V., Capital yields assessment through cross section production function. Bulletin of Czech Econometric Society, 2001, 8 (14), 79-87.
- [8] KOZELSKÝT., NOVÁK R., Automotive Industry. Future Trends, EU Office, https://www.csas.cz /static_internet/en/Evropska_unie/Specialni_analyzy/Specialni_analyzy/Prilohy/sr_2015_09_automobilovy_prumysl_trendy_budoucnosti.pdf, 2015.
- [9] KUMBHAKAR S.C., KNOX LOVELL C.A., Stochastic Frontier Analysis, Cambridge University Press, 2000.
- [10] PÁNKOVÁ V., Tobinovo Q. Teorie a aplikace, Polit. ekon., 2005, 53 (5), 601-608.
- [11] PARMETER C.F., KUMBHAKAR S.C., Efficiency analysis. A primer on recent advances. Foundations and Trends® in econometrics, Now Publ., 2014, 7, 191-385.
- [12] PARMETER C.F., WANG H.J., KUMBHAKAR S.C., Nonparametric estimation of the determinants of inefficiency, J. Prod. Anal., 2017, 47, 205-221.
- [13] PASSING H., BABLOK W., https://ncss-wpengine.netdna-ssl.com/wp-content/themes/ncss/pdf/Proce dures/NCSS/Passing-Bablok_Regression for_Method_Comparison.pdf, 2018.
- [14] PAŠEK R., Automotive Industry - The Engine of the Czech Economy, CzechInvest, http://www.czechresearch.com/automotive-industry-engine-czech-economy/, 2017.
- [15] SATYA P., SRIRAM S., Estimating efficiency effects in a panel data stochastic frontier model, Munich Personal RePEc Archive, https://mpra.ub.uni-muenchen.de/89236/9/MPRA_paper_89236.pdf, 2018.
- [16] SATYA P., SRIRAM S., On estimating efficiency effects in a stochastic frontier model, Eur. J. Oper. Res., 2018, 271, 769-774.
- [17] WILLIM A.P., Price book value and Tobin's Q: Which one is better for measure corporate governance?, Eur. J. Bus. Manage., 2015, 7 (27), 74-79.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171580190