Název:	Predicting the value of Czech family businesses: what factors influence value creation?
Autoři:	Karas, Michal Režňáková, Mária
Citace zdrojového dokumentu:	KRESA, Zdeněk (ed.) Business Trends 2022, Plzeň 2022, p. 56-67.
Datum vydání:	2022
Nakladatel:	Faculty of Economics University of West Bohemia
Typ dokumentu:	konferenční příspěvek conferenceObject
URI:	http://hdl.handle.net/11025/54532
ISBN:	978-80-261-1126-9
Klíčová slova:	rodinná firma;vytváření hodnoty;náklady vlastního kapitálu;beta účetnictví;lineární model se smíšeným efektem
Klíčová slova v dalším jazyce:	family business;value creation;cost of equity;accounting beta;linear mixed-effect model
Abstrakt v dalším jazyce:	Our research is concerned with the valuation of family businesses, for which reason we investigated whether standard valuation procedures can be used for family businesses or whether their modification is necessary. To determine the value of a business, it is necessary to identify the factors that affect its ability to create value; one of these is the cost of equity. Estimating the cost of equity for unquoted companies is still an issue that has yet to be satisfactorily resolved. The combination of these issues leads to a gap in the research that we are seeking to fill with our research. The cost of equity was estimated using the modified CAPM approach, with the accounting beta as an approximation of market beta. The accounting beta was estimated on data on 34,602 SMEs operating in the Czech Republic from 2012 to 2020. We measured the ability of family businesses to create value as the difference between the ROE and the cost of equity (i.e. the value spread). The analysis of value spread was conducted on a sample of 7,955 family and non-family SMEs. A linear mixed-effect model was employed for the analysis, adopting an autoregressive (AR(1)) specification of the repeated covariance type. This model makes it possible to control for temporal dynamics. We investigated the impact of sub-factors on value creation, including business age, size, leverage and family ownership. The results show that the value spread is significantly affected primarily by family ownership and the age of the business. This implies that the valuation model for family businesses needs to be modified.
Práva:	© Authors of papers
Vyskytuje se v kolekcích:	Business Trends 2022: Conference Proceedings Business Trends 2022: Conference Proceedings

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