D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; CapacityReturn

Stock prices and their fluctuations are analyzed by investors and analytics due to the possibility of achievement the capital earnings. Many variables can affect development of the stock prices; the main categories are macroeconomic factors, industrial variables, and company characteristics. This paper is focused on company characteristics that reflect success of business activities of individual companies. The object of the paper is to investigate the existence of a relationship between selected financial ratios and stock prices of selected manufacturing companies listed on the Prague Stock Exchange and the Polish Stock Exchange. The semi-annual data is analyzed over the 2006 - 2017 period. The long-term relationship between the selected financial ratios and stock prices is examined by using the Johansen cointegration test. The existence of short-term cointegration linkages is analyzed using the Vector Error Correction Model (VECM). The findings show that there are sporadic relationships between the stock prices and financial ratios. It seems that investors could be interested in macroeconomic factors, industry variables or they do not have a relevant education to evaluate the financial information.

The main aim of this paper is to consider if it is the extensive or intensive growth sources which prevail in particular member states of the EU during the total productivity of production factors in different phases of the business cycle of the EU. The paper focuses on the period of 1996-2011, i.e. 16 years. The conducted analysis revealed that there is a relation between the extensive and intensive growth sources on the economic cycle. It was found that in economic growth periods, the importance of the intensive growth increases, while in the periods when the gross added value increases, the dominant role is played by the extensive growth. From the point of view of particular member states of the EU, the analysis identified that there are significant differences between the old member states of the EU and the new member states. In the new member states, the extensive growth factor has a significantly higher influence, which is related to the increase of their production capacity.

This paper is focused on cost management in terms of service units with dominating overheads. It contents aspects of both classical budgeting and cost analysis methods and cost management based on Activity- Based Costing methods. Its aim is to give a practical instruction how to manage overheads in service units.