{"id":"https://openalex.org/W4200470204","doi":"https://doi.org/10.26552/ems.2021.2.87-98","title":"Value-based management: A case study of Visegrad Four countries","display_name":"Value-based management: A case study of Visegrad Four countries","publication_year":2021,"publication_date":"2021-12-30","ids":{"openalex":"https://openalex.org/W4200470204","doi":"https://doi.org/10.26552/ems.2021.2.87-98"},"language":"en","primary_location":{"id":"doi:10.26552/ems.2021.2.87-98","doi":"https://doi.org/10.26552/ems.2021.2.87-98","is_oa":true,"landing_page_url":"https://doi.org/10.26552/ems.2021.2.87-98","pdf_url":"https://doi.org/10.26552/ems.2021.2.87-98","source":{"id":"https://openalex.org/S4210216293","display_name":"Ekonomicko-manazerske spektrum","issn_l":"1337-0839","issn":["1337-0839","2585-7258"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","jufo-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Ekonomicko-manazerske spektrum","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.26552/ems.2021.2.87-98","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5078065931","display_name":"Andreea Mitan","orcid":"https://orcid.org/0000-0002-7988-6638","observed_orcids":["https://orcid.org/0000-0002-7988-6638"]},"institutions":[{"id":"https://openalex.org/I135790613","display_name":"National School of Political Science and Public Administration","ror":"https://ror.org/05750v978","country_code":"RO","type":"education","lineage":["https://openalex.org/I135790613"]}],"countries":["RO"],"is_corresponding":false,"raw_author_name":"Andreea Mitan","raw_affiliation_strings":["National University of Political Studies and Public Administration, Faculty of Management, Expozi\u021biei Blvd. 30A, 012104 Bucharest, Romania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National University of Political Studies and Public Administration, Faculty of Management, Expozi\u021biei Blvd. 30A, 012104 Bucharest, Romania","institution_ids":["https://openalex.org/I135790613"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5055198504","display_name":"Anna Siekelov\u00e1","orcid":"https://orcid.org/0000-0001-6571-8476","observed_orcids":["https://orcid.org/0000-0001-6571-8476"]},"institutions":[{"id":"https://openalex.org/I3122011922","display_name":"University of \u017dilina","ror":"https://ror.org/031wwwj55","country_code":"SK","type":"education","lineage":["https://openalex.org/I3122011922"]}],"countries":["SK"],"is_corresponding":false,"raw_author_name":"Anna Siekelova","raw_affiliation_strings":["University of Zilina, Faculty of Operation and Economics of Transport and Communications, Univerzitna 1, 010 26 Zilina, Slovakia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Zilina, Faculty of Operation and Economics of Transport and Communications, Univerzitna 1, 010 26 Zilina, Slovakia","institution_ids":["https://openalex.org/I3122011922"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5055046190","display_name":"Mihaela Rusu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I135790613","display_name":"National School of Political Science and Public Administration","ror":"https://ror.org/05750v978","country_code":"RO","type":"education","lineage":["https://openalex.org/I135790613"]}],"countries":["RO"],"is_corresponding":false,"raw_author_name":"Mihaela Rusu","raw_affiliation_strings":["National University of Political Studies and Public Administration, Doctoral School in Communication Sciences, Expozi\u021biei Blvd. 30A, 012104 Bucharest, Romania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National University of Political Studies and Public Administration, Doctoral School in Communication Sciences, Expozi\u021biei Blvd. 30A, 012104 Bucharest, Romania","institution_ids":["https://openalex.org/I135790613"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5047253984","display_name":"Martin Rov\u0148\u00e1k","orcid":"https://orcid.org/0000-0003-3969-6482","observed_orcids":["https://orcid.org/0000-0003-3969-6482"]},"institutions":[{"id":"https://openalex.org/I173161963","display_name":"University of Pre\u0161ov","ror":"https://ror.org/02ndfsn03","country_code":"SK","type":"education","lineage":["https://openalex.org/I173161963"]}],"countries":["SK"],"is_corresponding":false,"raw_author_name":"Martin Rovnak","raw_affiliation_strings":["Faculty of Management and Business, University of Presov, Konstantinova 16, 080 01 Presov, Slovakia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Management and Business, University of Presov, Konstantinova 16, 080 01 Presov, Slovakia","institution_ids":["https://openalex.org/I173161963"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.6765,"has_fulltext":true,"cited_by_count":13,"citation_normalized_percentile":{"value":0.91402775,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":"15","issue":"2","first_page":"87","last_page":"98"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/value-based-management","display_name":"value-based management","score":1.0},{"id":"https://openalex.org/keywords/economic-value-added","display_name":"economic value added","score":0.875},{"id":"https://openalex.org/keywords/value-creation","display_name":"value creation","score":0.9860000014305115},{"id":"https://openalex.org/keywords/visegrad-group","display_name":"Visegrad Group","score":0.7490000128746033},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.7070000171661377},{"id":"https://openalex.org/keywords/bank-lending","display_name":"bank lending","score":0.8500000238418579},{"id":"https://openalex.org/keywords/interest-expenses","display_name":"interest expenses","score":0.7260000109672546},{"id":"https://openalex.org/keywords/financial-assets","display_name":"financial assets","score":0.3720000088214874},{"id":"https://openalex.org/keywords/income-tax","display_name":"income tax","score":0.527999997138977},{"id":"https://openalex.org/keywords/accounts-receivable","display_name":"accounts receivable","score":0.640999972820282}],"concepts":[{"id":"https://openalex.org/C25070020","wikidata":"https://www.wikidata.org/wiki/Q426971","display_name":"Economic Value Added","level":3,"score":0.869562029838562},{"id":"https://openalex.org/C9778290","wikidata":"https://www.wikidata.org/wiki/Q1900659","display_name":"Market value added","level":3,"score":0.6412097811698914},{"id":"https://openalex.org/C170974965","wikidata":"https://www.wikidata.org/wiki/Q720862","display_name":"Earnings before interest and taxes","level":2,"score":0.6339815855026245},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.5804033875465393},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5306940078735352},{"id":"https://openalex.org/C171884676","wikidata":"https://www.wikidata.org/wiki/Q1755687","display_name":"Return on capital employed","level":5,"score":0.5177804231643677},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.499725341796875},{"id":"https://openalex.org/C2780015409","wikidata":"https://www.wikidata.org/wiki/Q243460","display_name":"Income statement","level":3,"score":0.49618297815322876},{"id":"https://openalex.org/C2781027943","wikidata":"https://www.wikidata.org/wiki/Q192907","display_name":"Financial statement","level":3,"score":0.49601373076438904},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4931437373161316},{"id":"https://openalex.org/C51966318","wikidata":"https://www.wikidata.org/wiki/Q730884","display_name":"Current asset","level":3,"score":0.4574328064918518},{"id":"https://openalex.org/C60679458","wikidata":"https://www.wikidata.org/wiki/Q823288","display_name":"Working capital","level":2,"score":0.437935471534729},{"id":"https://openalex.org/C2780002933","wikidata":"https://www.wikidata.org/wiki/Q330601","display_name":"Share capital","level":4,"score":0.42260074615478516},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4079273045063019},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3655354380607605},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.36082199215888977},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3586429953575134},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.34656137228012085},{"id":"https://openalex.org/C183206440","wikidata":"https://www.wikidata.org/wiki/Q46834","display_name":"Balance sheet","level":2,"score":0.22403821349143982},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.16045349836349487},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.15783315896987915},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.1374877691268921},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.12991809844970703},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.10088187456130981},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.10041436553001404},{"id":"https://openalex.org/C199521495","wikidata":"https://www.wikidata.org/wiki/Q181487","display_name":"Audit","level":2,"score":0.0},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.0},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.26552/ems.2021.2.87-98","doi":"https://doi.org/10.26552/ems.2021.2.87-98","is_oa":true,"landing_page_url":"https://doi.org/10.26552/ems.2021.2.87-98","pdf_url":"https://doi.org/10.26552/ems.2021.2.87-98","source":{"id":"https://openalex.org/S4210216293","display_name":"Ekonomicko-manazerske spektrum","issn_l":"1337-0839","issn":["1337-0839","2585-7258"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","jufo-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Ekonomicko-manazerske spektrum","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.26552/ems.2021.2.87-98","doi":"https://doi.org/10.26552/ems.2021.2.87-98","is_oa":true,"landing_page_url":"https://doi.org/10.26552/ems.2021.2.87-98","pdf_url":"https://doi.org/10.26552/ems.2021.2.87-98","source":{"id":"https://openalex.org/S4210216293","display_name":"Ekonomicko-manazerske spektrum","issn_l":"1337-0839","issn":["1337-0839","2585-7258"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","jufo-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Ekonomicko-manazerske spektrum","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4200470204.pdf","grobid_xml":"https://content.openalex.org/works/W4200470204.grobid-xml"},"referenced_works_count":24,"referenced_works":["https://openalex.org/W40198218","https://openalex.org/W1498290075","https://openalex.org/W2052335765","https://openalex.org/W2098097059","https://openalex.org/W2182059967","https://openalex.org/W2329305757","https://openalex.org/W2398386945","https://openalex.org/W2614927385","https://openalex.org/W2749333017","https://openalex.org/W2886757224","https://openalex.org/W2949456317","https://openalex.org/W2996584241","https://openalex.org/W2997958786","https://openalex.org/W3022906644","https://openalex.org/W3034386050","https://openalex.org/W3037220547","https://openalex.org/W3045245318","https://openalex.org/W3083026184","https://openalex.org/W3089828129","https://openalex.org/W3111223629","https://openalex.org/W3118398048","https://openalex.org/W3122028149","https://openalex.org/W3167524745","https://openalex.org/W3171348056"],"related_works":["https://openalex.org/W2181614298","https://openalex.org/W3012087021","https://openalex.org/W2782797619","https://openalex.org/W2187177766","https://openalex.org/W7000180449","https://openalex.org/W7043876288","https://openalex.org/W2199680857","https://openalex.org/W7215208127","https://openalex.org/W898732805","https://openalex.org/W6992284953"],"abstract_inverted_index":{"Research":[0],"background:":[1],"As":[2],"companies":[3,18,37,56,79,131],"evolve":[4],"over":[5],"time,":[6],"so":[7],"do":[8],"their":[9,141,257],"goals.":[10],"In":[11],"the":[12,14,47,75,94,102,110,114,134,163,169,172,179,195,213,230,242,267,275],"past,":[13],"main":[15,76],"goals":[16,22,33,42],"of":[17,51,78,96,113,168,244,269,277],"were":[19,138,153,160],"profit":[20,236],"and":[21,36,120,184,198,204,216,221,233,237,241],"(as":[23],"market":[24],"share),":[25],"are":[26,34,44,57],"no":[27],"longer":[28],"relevant":[29],"or":[30,59,189],"effective.":[31],"These":[32],"outdated,":[35],"have":[38],"replaced":[39],"them":[40],"with":[41,46],"that":[43,69],"consistent":[45],"current":[48,201],"changing":[49],"times":[50],"competition.":[52],"Worldwide,":[53],"most":[54],"large":[55,225],"using,":[58],"planning":[60],"to":[61,92,259],"use,":[62],"a":[63,81,97,251,262],"new":[64],"approach":[65,84],"called":[66],"value-based":[67,82,270],"management":[68,83,271],"focuses":[70],"on":[71,261,274],"value":[72,86,104,115,122,151,185,264,278],"creation.":[73,87,279],"Therefore,":[74],"goal":[77],"using":[80,162,178],"is":[85,175],"Purpose:":[88],"This":[89],"study":[90],"aims":[91],"validate":[93],"existence":[95],"statistically":[98],"significant":[99],"relationship":[100,170],"between":[101,171,194,212,229],"economic":[103],"added":[105],"(EVA)":[106],"indicator,":[107],"which":[108],"represents":[109],"successful":[111],"implementation":[112],"creation":[116],"process":[117,268,276],"in":[118,133,256,266],"companies,":[119],"selected":[121,154],"generators.":[123],"Method:":[124],"For":[125],"this":[126,156],"study,":[127],"information":[128],"about":[129],"14,313":[130],"operating":[132],"Visegrad":[135],"Four":[136],"countries":[137],"collected":[139],"from":[140],"respective":[142],"financial":[143,202],"statements.":[144],"The":[145,158,166,246],"research":[146],"period":[147],"was":[148,192,210,227],"2019\u20132020.":[149],"Twenty":[150],"generators":[152],"for":[155,254],"study.":[157],"hypotheses":[159],"tested":[161],"correlation":[164,181],"coefficient.":[165,182],"strength":[167],"observed":[173,193,211,228],"variables":[174],"described":[176],"by":[177],"Pearson":[180],"Findings":[183],"added:":[186],"A":[187,207,224],"trivial":[188],"small":[190],"dependence":[191,209,226],"EVA":[196,214,231],"indicator":[197,215,232],"non-current":[199],"assets,":[200,203],"income":[205],"tax.":[206],"moderate":[208],"stocks,":[217],"receivables,":[218],"interest":[219],"expenses,":[220],"other":[222],"liabilities.":[223],"bank":[234],"loans,":[235],"loss":[238],"(P/L)":[239],"statement,":[240],"cost":[243],"capital.":[245],"survey":[247],"results":[248],"can":[249],"be":[250],"useful":[252],"tool":[253],"businesses":[255],"efforts":[258],"focus":[260],"suitable":[263],"generator":[265],"implementation,":[272],"focusing":[273]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":8}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2021-12-31T00:00:00"}
