U radu se polazi od istraživačkog pitanja je li moguće ocijeniti, i na koji način, posluje li neko poduzeće istovremeno financijski uspješno i sigurno. Pod uspješnim poduzećima podrazumijevaju se ona koja stvaraju ekonomsku dodanu vrijednost (EVA), odnosno pozitivnu razliku između stope prinosa na kapital i stope troška kapitala. Međutim, osim opravdanog krajnjeg cilja stvaranja ekonomske dodane vrijednosti, poduzeće mora osigurati i financijsku stabilnost, tj. poslovati sigurno. Bez financijske stabilnosti, kapital vlasnika i vjerovnika izložen je kontinuiranom riziku, te se uspješnost poduzeća može promatrati kao privremena i nestabilna. U kontekstu ovog rada, adekvatna financijska stabilnost podrazumijeva sposobnost poduzeća da pokriva kratkoročne financijske obveze uvećane za rashode od kamata slobodnim novčanim tokovima poduzeću. U tom smislu, postoji potreba za određivanjem jedne mjere uspješnosti koja će istovremeno obuhvatiti perspektivu uspješnosti i perspektivu financijske stabilnosti. U okviru doktorskog rada, oblikovana je jedinstvena mjera uspješnosti kojom se istovremeno može ocijeniti financijska uspješnost stvaranjem ekonomske dodane vrijednosti te adekvatna financijska stabilnost sposobnošću podmirivanja kratkoročnih financijskih obveza uvećanih za rashode od kamata. Oblikovana mjera zahtijevane razine ekonomske dodane vrijednosti uz adekvatnu financijsku stabilnost postavlja zahtjev za određenom razinom novčanih tokova iz poslovnih aktivnosti kako bi se ostvarila ekonomska dodana vrijednost uz adekvatnu financijsku stabilnost. Nadalje, u okviru doktorskog rada istražuje se povezanost zahtijevane razine ekonomske dodane vrijednosti uz adekvatnu financijsku stabilnost trima varijablama; koeficijentom obrta investiranog kapitala, marže operativne dobiti nakon oporezivanja i odnosom kratkoročnih financijskih obveza i prihoda od prodaje. Istraživanje se provodi primjenom višestruke logističke regresije u panel-obliku, a na temelju odabranog uzorka poduzeća koja kotiraju na europskim burzama. Nadalje, u završnom dijelu istraživanja, na temelju uzorka poduzeća, intervjuom se istražuje povezanost razumijevanja koncepta ekonomske dodane vrijednosti s planiranjem i stvaranjem ekonomske vrijednosti za poduzeća koja kotiraju na Zagrebačkoj, Beogradskoj i Ljubljanskoj burzi.
|Abstract (english)|| |
Creating economic value added and increasing shareholders’ wealth are the main objectives of any company. Creating economic value added implies a positive return on total invested capital in relation to weighted average cost of capital invested by owners and other lenders. However, besides justified reasons for creating economic value added and increasing shareholders’ wealth, shareholders expect adequate financial stability to be ensured. Without having an adequate financial stability, we can only talk about temporary, unstable and risk-taking success which does not fulfil justified shareholders’ demand for financial stability. One of the main shareholders’ and lenders’ goals is to do business without going concern, which implies financial stability.
Economic value added has been identified as an evaluation tool for creating economic value added (EVA) and increasing shareholders’ wealth. On the other hand, in order to evaluate financial stability as adequate, the company needs to be capable of covering all financial liabilities together with interest expenses related to free cash flow to company. Therefore, a debt service coverage ratio (DSCR) is becoming ever more important. In the doctoral thesis, a perspective of creating economic value added has been related to adequate financial stability with the use of the newly formed measure of the required level of economic value added with adequate financial stability.
Furthermore, an overview of current research on advantages and disadvantages of the concept of economic value added was given in doctoral thesis and has been investigated and synthesized. Unlike the concept of economic value added, which neglects investment in long term assets and working capital, as well as company’s capability to cover all financial liabilities, the newly shaped measure of the required level of economic value added with adequate financial stability involves investment in long term assets and net asset turnover, and sets requirements related to adequate financial stability. In addition to that, the newly shaped measure includes a sustainable business perspective through minimal investment in long term assets which corresponds to depreciation level of long-term assets in order to ensure business continuity.
Moreover, a special emphasis is placed on adequate financial stability and cash flow from operational activities that should be able to cover financial short-term liabilities. Newly shaped measure of the required level of economic value added with adequate financial stability is based on cash flow from operational activities; this represents an upgrade compared to operating profit from income statement, given that investment in working capital is taken into account in the evaluation of economic value added.
Since the evaluation of created value that did not turn into money represents one of the biggest challenges for economic value-added concept, this method of determining real economic value added contributes to higher reliance among shareholders and lenders, and to reduction of possible managerial manipulations. In this way managers are credited for creating value when newly created value is turned into money, which significantly reduces the possibility of financial manipulations and misuse in financial reports.
The relationship of net asset turnover with the required level of economic value added with adequate financial stability is analysed in the research. Additionally, the effect of investment in long term assets and working capital on the company's free cash flow to firm, and subsequently on adequate financial stability, is also analysed.
Besides shaping a new unique measure for the evaluation of the required level of economic value added with adequate financial stability, this research also explores the relationship and connectedness of the newly shaped measure of the required level of economic value added with adequate financial stability with 3 variables, net asset turnover, net operating profit after tax margin, and the ratio of short-term financial liabilities to sales.
Panel research refers to multiple linear regression model since analysis includes spatial (150 companies in sample) and time (period from 2016 until 2018) component. For each hypothesis, a separate panel model is estimated, and in each panel the dependent variable stands for a relative form of the required measure of economic value added with adequate financial stability. The following have been used as main explanatory variables: net asset turnover, net operating profit after tax margin, and the ratio of short-term financial liabilities to sales.
Besides main explanatory variables, relevant control variables have been included in each model: geographic location (nominal categorical variable), sector in which company makes business (nominal categorical variable), ratio of debt and equity, ratio of financial liabilities to operational profit, and the level of self-financing since all these factors can significantly influence company business; their effect is not included in the main explanatory variable in each hypothesis. In the research process, secondary data sources have been used, taken from European stock markets (for instance London, Euronext, Frankfurt, SIX Swiss Exchange, NASDAQ Nordic Exchanges). The focus is placed on energetics, telecommunications and information technologies, pharmaceutical industry, biotechnology, food and drinks production, and travel and leisure. The sample was chosen from selected successful companies on stock market that have available information of the weighted average cost of capital from Bloomberg platform. Companies from the sample were analysed in the period between 2016 and 2018.
Additionally, the correlation between understanding the concept of economic value added and the required level of economic value added with adequate financial stability is investigated with the interview method. It is tested whether managers of the companies with better understanding of the concept of economic value added make higher level of required economic value added with adequate financial stability. The interview is conducted with managers of 29 companies on stock markets in Zagreb, Belgrade and Ljubljana with available weighted average cost of capital on Bloomberg platform. For each company, a measure of required level of economic value added with adequate financial stability is calculated.