Politická ekonomie, 2022 (roč. 70), číslo 3

Predikční schopnost Altmanova Z-skóre evropských soukromých společností

Predictive Ability of Altman Z-score of European Private Companies

Svatopluk Kapounek, Jan Hanousek, František Bílý

Politická ekonomie 2022, 70(3):265-287 | DOI: 10.18267/j.polek.1353  

The paper investigates the relationship between the financial distress of European private companies identified by the Altman Z-score and real bankruptcy. We extend the traditional Z-score with the asymmetric effect of economic activity. Our results show higher forecasting performance of the Altman Z-score of large companies in a three-year projection. We argue that our results differ from Altman (1968) because of specific market conditions in Europe that enable prolongation of activity after financial distress is identified. We also emphasize the role of liquidity, size, performance and indebtedness in increasing financial distress forecasting...

Akcie, zlato a inflace - vztahy a souvislosti v posledních 25 letech

Stocks, Gold and Inflation – Relationships and Contexts Over the Last 25 Years

Zbyněk Revenda, Markéta Arltová

Politická ekonomie 2022, 70(3):288-311 | DOI: 10.18267/j.polek.1355  

Monetary metals have historically been important in providing limits to the quantity of money. The mandatory backing of money with gold or silver was gradually circumvented and abolished. Both precious metals have thus become, among other things, investment assets associated with returns and risks. They may or may not be profitable and safe. The absence of precious metal limits has led to a significantly faster devaluation of money. However, inflation may also be reflected in rising market prices for financial and real assets. This paper analyses the potential interrelationships between inflation, market prices of shares in the S&P...

Estimates of Future Industrial Development in the Context of Company Size

Lucie Povolná, Michaela Jánská, Marta Žambochová

Politická ekonomie 2022, 70(3):312-340 | DOI: 10.18267/j.polek.1352  

The expected development of economic reality is a determining variable for many companies and their demand planning. Do their reflections on future market development differ depending on how big the companies are? The study focused on business cycle indicators that the Czech Statistical Office (CZSO) publishes regularly. Until 2017, the CZSO published these indicators sorted according to company size, but then it abandoned the division. This study aims to evaluate whether the size of companies affects their estimate of future demand and to use these results to point out whether the termination of the publishing of these indicators, broken down...

Identifikácia potenciálne nezodpovedného správania sa spoločností voči správcovi dane

Identification of Potentially Irresponsible Behaviour of Companies Towards the Tax Administrator

Anna Schultzová, Jaroslava Šepeľová, Marcela Rabatinová, Juraj Válek

Politická ekonomie 2022, 70(3):341-360 | DOI: 10.18267/j.polek.1351  

Irresponsible behaviour practices of tax entities are becoming more sophisticated. In addition to repressive tools, the tax administrator may use a proactive approach to detect an entity’s illegal activity. The paper aims to identify the relevant factors and assess their impact on estimating the probability of irresponsible behaviour of companies towards the tax administrator in individual sectors of the economy. Based on data from financial statements, we monitored the characteristic features of tax-responsible and tax-irresponsible companies in the Slovak Republic in the period 2015–2018 in 15 sec-tors. We created predictive models...

Konkurence a monopol v předkeynesovské neoklasice a koncepce J. Robinsonové a E. Chamberlina

Competition and Monopoly in Pre-Keynesian Neoclassicism and the Concepts of J. Robinson and E. Chamberlin

Ilona Bažantová, Jan Horych

Politická ekonomie 2022, 70(3):361-382 | DOI: 10.18267/j.polek.1346  

The article describes when and in what form the term “monopoly” appeared in theory. First, attention is paid to A. Smith’s classical political economy and the neoclassical binary model of competition and monopoly presented by A. Marshall. Robinson’s model of imperfect competition and Chamberlin’s model of monopolistic competition of 1933 were turning points in economic theory. The article not only highlights the elements that were adopted from Marshall and Pigou of the Cambridge Neoclassical School and are common to both theories, but also emphasizes the aspects in which the approaches of Robinson and Chamberlin differ...

Nositelé Nobelovy ceny za ekonomii pro rok 2021

Pavel Sirůček, Tomáš Pavelka

Politická ekonomie 2022, 70(3):383-392 | DOI: 10.18267/j.polek.1354