Analysis of Investment Effectiveness in the Wood Processing Industry of the Czech Republic

Sujová, Andrea; Hlaváčková, Petra; Šafařík, Dalibor

doi:10.1016/s2212-5671(15)00868-0

Cited by 9 publications

(4 citation statements)

References 2 publications

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“…В качестве критериев оценки эффективности инвестиций в лесной комплекс в литературе используются стандартные показатели инвестиционного анализа: ставка доходности инвестиций [20], внутренняя норма прибыли [21] и чистая приведенная стоимость [22]. Применительно к исследованиям в лесном секторе также могут использоваться такие показатели, как расчетная стоимость земли (англ.…”

Section: обзор исследованийunclassified

Factors of success of priority investment projects in the sphere of forest exploitation in Russia: econometric analysis

Ivantsova

Pyzhev

2022

RusJEL

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Objective: to identify the factors that determined the success of investment projects in the field of forest development on the basis of available information about the enterprises – applicants for such projects.Methods: regression analysis of binary choice models, logistic regression.Results: the key constraints of the development of the Russian forest sector are identified. The review of the most relevant scientific research on the topic of investments into forest complex is carried out. Taking into account the identified problems and the analysis of the global experience in solving them, the most promising mechanism in this context was identified – that is, state support for investment projects from the priority list in the field of forest development. Based on a sample of 200 projects, a logit regression model was evaluated, which determines the impact of project parameters on the probability of their successful implementation. The hypothesis that there is a statistically significant impact on the success of investment projects was confirmed for a number of factors: the average revenue and average cost of fixed assets of the enterprise, the absence of employees in the organization, the connection of the enterprise with foreign capital and the fact that the enterprise has been unprofitable for the past three years.Scientific novelty: for the first time, estimates were made of the contribution of the forest complex enterprises’ characteristics to the probability of successful implementation of priority investment projects in the field of forest development.Practical signifi : the high predictive ability of the model allows using information about the project success determinants to adjust the mechanism for providing support, which will enable to increase the share of successfully implemented projects and therefore increase the effectiveness of this measure of stimulating investment in the development of the Russian forestry industry.

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Section: обзор исследованийunclassified

Factors of success of priority investment projects in the sphere of forest exploitation in Russia: econometric analysis

Ivantsova

Pyzhev

2022

RusJEL

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“…Зарубежные исследователи (Hong Wang с соавторами) показали взаимосвязь между эндогенной ставкой финансирования, инвестициями в исследования и разработки и предпринимательским риском, которую можно смоделировать на основе квадратичной параболы 11 . А Andrea Sujova с соавторами раскрыли влияние важных факторов, позволяющих инвестициям повысить эффективность использования производственных ресурсов, степень использования мощностей как на уровне отдельных предприятий, так и в широком отраслевом разрезе 12 .…”

Section: результатыunclassified

Scenario Study of Investment Resource Flows for the Development of Enterprises and Entrepreneurship

Streltsov¹,

Yakovlev²

2021

VestnikSSUE

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The study considers the issues of mobilizing investment resources of enterprises and business structures, highlights the factors that determine the need for an active technical policy in the modern digital economy. The lack and limitation of investment resources for production purposes in the necessary volumes, under favorable conditions for the provision of borrowed funds, is observed throughout the entire post-reform period of the development of the Russian economy. For the purposes of accelerated modernization, it is necessary to increase the scales of generation of all types of investment resources of enterprises, both own and borrowed, in order to ensure expanded reproduction of promising products on a new technical and technological basis. The purpose of the study is to study possible options for the formation of own investment resources of enterprises and business structures, ensuring their relationship with macroeconomic conditions, the need for borrowed funds, with the most important indicators of the efficiency of the enterprise. The methods of logical analysis, meaningful economic interpretation of economic and managerial phenomena in the environment of investment activity of enterprises, analysis of cause-and-effect relationships in the system of organization of technical development of the enterprise were used in the work. As a result, the study proved the hypothesis that depreciation and net profit can serve as a significant source of investments at enterprises, and proper management of the formation and use of the depreciation fund and the accumulation fund, when there are favorable macroeconomic factors, can significantly increase the share of enterprises ' own funds in their investments. It is proposed to carry out regular management of the depreciation fund and the movement of the accumulation fund for the entire period of the useful life of fixed assets. If this work is not carried out in some periods (years), this significantly reduces the possible share of own funds in investments and increases the need for borrowed funds, increases operating costs.

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“…The approach regarding the determinants for wood-processing and furniture enterprises [12,13] is similar. In many studies [14][15][16][17][18][19], the so-called parametric approaches [18][19][20][21][22][23][24][25] have been used. This means that the exact functional form of the relation between determinants (factors) and efficiency is implemented.…”

Section: Introductionmentioning

confidence: 99%

“…Prasetiyo et al [15] used the Pareto analysis, X-Y matrix, and process capability analysis. Sujova et al [16] used ratios to estimate the efficiency of the investments in the entire Czech wood-processing industry. Sedliačiková et al [18] provided a MANOVA analysis to outline the important managerial determinants of wood-processing enterprises' performance that influence the efficient financial model.…”

Section: Introductionmentioning

confidence: 99%

Efficiency of Micro and Small Wood-Processing Enterprises in the EU—Evidence from DEA and Fractional Regression Analysis

Neykov,

Sedliacikova,

Antov

et al. 2023

Forests

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Micro and small wood-processing enterprises represent the heart of European forest-based industries, being among the key drivers of economic growth in rural, mountainous, and poor regions. Their economic efficiency is of fundamental importance for their existence and the provision of income for the local population in rural areas. Data Envelopment Analysis (DEA) is used in the current research, which is a nonparametric, linear-programming-based approach that is commonly used to analyse the efficiency of organisational units. The main objective of this study was to investigate and evaluate the economic efficiency of micro and small wood-processing enterprises in EU countries and reveal the hidden inputs that facilitate efficiency generation. The economic efficiency evaluation was carried out on the basis of the official statistical data for the micro and small wood-processing companies in EU member states for the period 2015–2020 by performing a two-stage DEA analysis. The data used were standardised by value per employee. In addition to the first stage of DEA, a fractional regression probit and logit models with four contextual variables were used to reveal the influence of the hidden inputs in the model. The results showed that the micro and small wood-processing enterprises can be regarded as more scale-efficient than technically efficient entities. The only contextual variable affecting the economic efficiency was Investments per Person Employed, improving the efficiency by 2% per 1% increase in the investments.

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Analysis of Investment Effectiveness in the Wood Processing Industry of the Czech Republic

Cited by 9 publications

References 2 publications

Factors of success of priority investment projects in the sphere of forest exploitation in Russia: econometric analysis

Factors of success of priority investment projects in the sphere of forest exploitation in Russia: econometric analysis

Scenario Study of Investment Resource Flows for the Development of Enterprises and Entrepreneurship

Efficiency of Micro and Small Wood-Processing Enterprises in the EU—Evidence from DEA and Fractional Regression Analysis

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