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Statements

Subject Item
n2:RIV%2F71226401%3A_____%2F13%3A%230000060%21RIV14-MSM-71226401
rdf:type
skos:Concept n17:Vysledek
rdfs:seeAlso
http://dx.doi.org/10.11118/actaun201361020385
dcterms:description
Managers carry out the demand of the owners to maximise the rentability of invested capital with regards to the taken risk. The tool that evaluates the suitability to indebt in order to reach a higher rentability is the equity multiplier indicator. An analysis of the multiplier was carried out on 10 years of data from 456 Czech companies. Based on the data from these companies the infl uence of two components of the multiplier, which characterise the infl uence of indebtedness on the return on equity, was analysed. These components are “fi nancial leverage” and “interest burden”, these having an antagonistic eff ect. The low variability of the equity multiplier is apparent in the companies of the administrative and support service sector and it is also relatively low in the companies of the agriculture, forestry and fi shing sector; on the contrary, in for example the professional, scientifi c and technical activities and the sector of water, sewage and waste there are companies with higher variability of the equity multiplier. The paper identifi es companies (in view of their sector specialization) inclining to a larger utility of debts to increase the return on equity. The largest equity is reached in companies of the construction sector; the lowest eff ect of the multiplier is to be found in companies of the agriculture sector. The resulting value of the multiplier is to a large extent determined by the fi nancial leverage indicator, to a lower extent and at the same time negatively by the interest burden indicator. Managers carry out the demand of the owners to maximise the rentability of invested capital with regards to the taken risk. The tool that evaluates the suitability to indebt in order to reach a higher rentability is the equity multiplier indicator. An analysis of the multiplier was carried out on 10 years of data from 456 Czech companies. Based on the data from these companies the infl uence of two components of the multiplier, which characterise the infl uence of indebtedness on the return on equity, was analysed. These components are “fi nancial leverage” and “interest burden”, these having an antagonistic eff ect. The low variability of the equity multiplier is apparent in the companies of the administrative and support service sector and it is also relatively low in the companies of the agriculture, forestry and fi shing sector; on the contrary, in for example the professional, scientifi c and technical activities and the sector of water, sewage and waste there are companies with higher variability of the equity multiplier. The paper identifi es companies (in view of their sector specialization) inclining to a larger utility of debts to increase the return on equity. The largest equity is reached in companies of the construction sector; the lowest eff ect of the multiplier is to be found in companies of the agriculture sector. The resulting value of the multiplier is to a large extent determined by the fi nancial leverage indicator, to a lower extent and at the same time negatively by the interest burden indicator.
dcterms:title
Effect of the equity multiplier indicator in companies according to sectors Effect of the equity multiplier indicator in companies according to sectors
skos:prefLabel
Effect of the equity multiplier indicator in companies according to sectors Effect of the equity multiplier indicator in companies according to sectors
skos:notation
RIV/71226401:_____/13:#0000060!RIV14-MSM-71226401
n17:predkladatel
n18:ico%3A71226401
n3:aktivita
n13:V
n3:aktivity
V
n3:cisloPeriodika
2
n3:dodaniDat
n8:2014
n3:domaciTvurceVysledku
n10:4309324 n10:5828724
n3:druhVysledku
n16:J
n3:duvernostUdaju
n14:S
n3:entitaPredkladatele
n12:predkladatel
n3:idSjednocenehoVysledku
71790
n3:idVysledku
RIV/71226401:_____/13:#0000060
n3:jazykVysledku
n4:eng
n3:klicovaSlova
indebtedness; financial leverage; equity multiplier; ROE
n3:klicoveSlovo
n7:ROE n7:indebtedness n7:%EF%AC%81nancial%20leverage n7:equity%20multiplier
n3:kodStatuVydavatele
CZ - Česká republika
n3:kontrolniKodProRIV
[F418E923A3D9]
n3:nazevZdroje
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
n3:obor
n5:AE
n3:pocetDomacichTvurcuVysledku
2
n3:pocetTvurcuVysledku
2
n3:rokUplatneniVysledku
n8:2013
n3:svazekPeriodika
61
n3:tvurceVysledku
Kozáková, Petra Lízalová, Lenka
s:issn
0524-7403
s:numberOfPages
7