Electronic Library of Scientific Literature
Volume 44 / No. 5 / 1996
Vilma JURÍČKOVÁ
The hitherto transformation course of the enterprise sphere may be appraised
as being contradictory and joined with many problems. A lot of these are
closely related to the initial stage of the transformation process characterized
by devaluation, price liberalization, liberalization of foreign trade,
and, primarily, the dismantling of foreign markets. These phenomena are
related to the growing number of non-probitable enterprices especially
in the machine industry and electro-engineering industry. Nor did the state
economic policy help to resolve the problems either. The deepening of the
differenciation processes in the sphere of business and their cumulation
led to the so-called pre-privatization agony of the business sphere followed
by the privatization stress. Generally, privatization has been the most
complicated and the most contraversial phenomenon characterizing the whole
hitherto course of the transformation process. In the first place, it was
the often change of the conception that has influenced the course of privatization
more in a retarding and destructive than the accelerating and constructive
way.
In the privatization process an important role was played by the amendment
of the privatization law which defined the role of the National Property
Fond within the process of privatization much more explicitly. At the same
time, however, the investment companies and fonds were excluded from the
second privatization wave.
A certain revival of the Slovak economy has begun in 1994 already and has
continued in the year of 1995. By this time the transformation of the enterprise
sphere advanced significantly which demonstrated itself in the growth of
the relation of private enterprices in the total number of organizations
as well as in the improvement of economic results reached by industrial
enterprises.
Daneš BRZICA
The paper analyzes several mutually interconnected problems linked to
corporate management issue. In 7 parts (except an introductory and a concluding
one) the following problems are analyzed. In the part 2 the focus is given
on management restruc-turing and the part presents a review of studies
written by author containing some results of his research. The part also
presents a table named swap of top management of joint-stock companies
in 1990-1994, where data obtained from questionnaire research of the author
(based on the sample of 52 middle- and large-size enterprises) are presented.
It is evident, that the highest intensity of management swaps was in 1990
and 1992. Based on the other research (research of the managers of investment
companies and investment funds (ICs and IFs) were obtained the views relating
to the question, to what extent the fund representatives perceive their
power dominance in company. As much as 65 % of respondents (a sample of
20 managers of ICs and IFs) answered that management alone is not able
to make qualified decisions.
Brief parts 3 ("Managerial experiences with owners") and 4 ("Exercising
the property rights by investment funds") present other results of
both surveys. In the fifth part "Models of statutory bodies"
are analyzed problems linked with factors influencing a structure of board
of directors in the United States and are presented two models of statutory
bodies existing in the Slovak Republic (model of strong board of directors
and a model of strong supervisory board). Part 6 "Representatives
of IFs in boards of directors and supervisory boards" describes the
situation of IFs representatives' shifts from the boards of directors to
the supervisory boards. A table in the part given describes what was the
average ownership share of ICs/IFs on company in the period of nomination
of ICs/IFs' representatives on boards of directors and supervisory boards,
respectively. The seventh part is devoted to associations of voucher holders
as a specific form of organization for enforcing the minority shareholders'
general interests. Only 7.7 % out of 52 joint-stock companies confirmed
presence of such associations in their companies. Another problem analyzed
in this part is the cooperation among various interest groups in exercising
property rights. Final analytical part is oriented on management motivation
in exercising their functions and in form of a table a review of an analysis
of joint-stock companies from corporate management's point of view is presented
comparing economic results and other indicators in the framework of the
two enterprise group twins: (1) companies without participation of IF's
representatives in statutory bodies of the enterprises and companies with
the participation of IFs in these bodies, and (2) companies with participation
of IF's representatives in board of directors, and companies with the participation
of IF's representatives in supervisory boards. The only statistically significant
result was the fact that the companies in which a strong supervisory body
exists (i.e. where IF's representatives are working in supervisory bodies)
export more.
Conclusion is made in a form of a brief evaluation of the study and deduces
that it is difficult to predict an explicit development of the Slovak model
of the corporation management comparing it to one of the two standard models
(Anglo-Saxon or German).
Rudolf KOSTOLANSKÝ
It seems to be generally proclaimed that the countries persuing the
process of the transformation of their economies require direct foreign
investments (DFI) as a form of participation of multinational corporations
(MNC).
The author presents the most significant questions concerning the MNC entry
and comes to the conclusion that - from the point of view of making it
more attractive - the existing fiscal possibilities and regulation tools
are not yet applied sufficiently.
The author concentrates upon the questions of the MNC registration used
in foreign countries:
- the procedure of entry and registration of the corporation
- rights due to the establishment and registration
- export of gains
- investment taxation
- property of land
- privatization of state enterprises
- protection of the so-called mental property
- the level of introduction of international accounting system
- rate of exchange and the currency convertibility.
Ľubica AZUDOVÁ
The paper shows the actual situation of the small-size business sector
in the Slovak Republic, as seen from the view-point of the results of an
empirical research.
Small and middle-size businessmen are facing not only the problems symptomatic
to the very entrepreneurial form of the market economy but also the problems
specific to the transition economy. To form an active political conception
of support of the small and middle-size business activities it is, therefore,
necessary to listen to the voice of the domestic small-size business sector
to know its own reflection of the situation, their problems and needs.
Theoretical appreciation of the attitudes of small and middle-size entrepreneurs
towards the actual economic problems facing the small-scale enterprise
sector, their motives and entrepreneurial barriers and their expectations
concerning the support rendered by public institutions are the essence
of the article presented.
Borislav PETRÍK
Theoretical and practical analysis of the small-size enterprise activities
identify three relevant problem fields: uncertain and ambivalent legislation,
financial heavy load, high bank rating, unsuitable credit policy.
Suggestions for decisive sphere are as follows:
a) The situation requires modification, that would include establishing
the so-called De-regulation Departments in all Ministries, which would
permanently consider every law, declaration or amendment as to its purpose,
effect and duplicity; present proposals and logical and systematic measures.
b) Decrease of tax burden, insurance fees and bank rating by about 5 %
minimum.
Mária KAČÍRKOVÁ
One of the important tasks of the transformation process of the Slovak
economy into a market economy has been the creation of new organizational
structures in the entrepreneurial sphere; from the point of view of the
business classification it means to create a strong group of small and
middle-size enterprises.
In the paper the process of transformation of the Slovak economy in presented
in the sense of rise of new business subjects, their legal form and the
type of property. The topic is divided into two parts. In the first part
the process ongoing in the entrepreneurial organizations registered in
the organization register of Statistical Office of the Slovak Republic
is analyzed, the stress being put to the organizations aimed at profit
making; within the scope of the second part of the paper the private businessmen
not registered in the companies register and plying the trade following
the trade law are discussed and appraised.
The paper comprises the structure of private individuals in the Slovak
Republic shown by the sections of the economic activities given in the
average of the years 1992-1994, showing the percentage of the private individuals
making an active business of the total number of the individuals registered
by the trade offices.