Peter Krištofík

Univerzita Mateja Bela v Banskej Bystrici · Faculty of Economics

Calculation of leverage affects its relationship with profitability, as retained earnings are included in equity. In majority of empirical studies, the negative relationship between leverage and profitability is confirmed. Such results are against MM model with taxes (and trade-off theory that partially follows this model). The aim of our contribut...

Capital structure of firms, including its development during crises, has been widely discussed by economists. However, how has capital structure changed during the specific crisis related to the pandemic? Focusing on CEE, we confirmed that corporate leverage decreased significantly in 2020 in most of the examined countries. Regarding capital struct...

This article examines the macroeconomic aspects of capital structure of companies in EU countries in the international context during the period 2011–2020. It aims at evaluating the capital structure of European non-financial companies in general, followed by the application of market timing theory and convergence tendencies in the companies within...

Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse of modern business. Applying linear regression and comparison of intervals of beta-coefficients, we focused on the mediating role of CSR in the relations between capital structure and its determinants. Examining the sample of European...

The price of Dogecoin has been influenced by Elon Musk's tweets on several occasions. Moreover, there are repeating patterns in the Dogecoin prices. However, is there also a pattern to the timing of the tweets? Applying linear regression, we have been able to make the reverse analysis-to use hard financial data (prices) to analyse the human behavio...

Capital structure has been widely discussed, but there is still a lack of industry-oriented empirical studies of Slovak enterprises focusing on this topic. The aim of the paper is to identify significant capital structure determinants of wood-processing enterprises in Slovakia, and their comparison with the determinants in other industries worldwid...

Differences in Capital Structure of Publicly Traded Companies in Europe and USA. The paper aims at analysing the difference in capital structure and debt maturity choices of firms in Europe and in the USA. Employing logical and comparative study of theoretical knowledge in accordance with analysis of empirical data, the authors define the variation...

This paper explores the convergence of financial systems in selected CEE countries, by examining the typical capital structure, and its convergence, of their non-financial companies. It examines the sigma convergence of ratios of the most important financial liabilities to total financial liabilities. It focusses on those liabilities that constitut...

The paper deals with examining the relation between the value of the company and its financial management and decision making processes. The main aim of the paper is to identify and specify the key determinants of companies’ financial management in the context of historical development of the approaches to financial management and on this bases the...

The study aims to investigate whether the European financial systems, thus access, efficiency, and use of financial services by enterprises have been subject to a convergence process. We focused on the important financing instruments-equity, bank loans, debt securities, and trade credit. The convergences were evaluated within separate geographical...

The paper deals with financial decision-making within corporate finance. The main objective of the paper is to assess key theoretical approaches and, as an important contribution, generalize them in the form of paradigms. These paradigms are divided into two categories-classical and new paradigm of corporate finance. Particular approaches in respec...

Electronic monitoring, as a relatively new and innovative tool in criminal justice, was designed with the aim to prevent the need for offenders to remain in custody. The present paper aims to analyse the implementation of electronic monitoring of accused and convicted persons in selected countries, and to identify the perspectives of its further ut...

Across the world, millions of people are incarcerated every year, while hundreds of thousands of them are released back into their home communities. Despite several alternatives within the criminal justice system, incarceration is still considered as the most natural method of correction. This can lead to different types of unsustainable pathways w...

The purpose of this work is to examine the association between corporate governance and the financial decision-making process in the areas of tax planning and tax optimization. Specifically, the paper aims at analyzing the impact of moving the Slovak companies’ registered office to a tax haven on their future financial position. We have performed s...

The paper aims at examining the impact of ownership and control structures and patterns on corporate governance. The agency factor, i.e. the distinguish between ownership and control of the company is central to any corporate governance model. In USA is the model based on shareholder wealth and maximization principles, while the European model give...

The monograph discusses current research problems arising from implementation of innovation to manufacturing and service enterprises in selected economic sectors. It is the objective of this monograph to present fundamental aspects of innovation processes, in particular, the essence and determinants of innovativeness of manufacturing and service en...

The article aims at providing characterisation of social venture capital in Europe. The introductory part of the contribution deals with its origins and classification. The attention is devoted to various factors that have led to emergence of SVC such as existence of market gap, global crisis, monetary policy, disintermediation and financial innova...

The paper deals with innovation and new trends in banking sector. It summarizes several types of innovation and new technologies that are used by banks or which have become part of banking business recently. The aim of this part is to examine innovations in selected banks. Subsequently, the paper deals with several researches, especially studies wh...

The purpose of this contribution is to analyse and compare the liquidity ratios between Slovak companies with direct ownership links to tax havens to Slovak companies with no ownership links to tax havens. As a direct ownership link to a tax haven we consider the first ownership level (direct equity linkage) with selected jurisdictions, which are f...

Recently a trend has come about of transferring the registered offices of parent companies or their subsidiaries to jurisdictions often marked as tax havens worldwide. This trend can also be seen in Slovakia. Our main aim is to examine the possible links between criteria such as the NACE sector, the jurisdiction category, the size of share capital...

Dosiahlo už využívanie daňových rajov slovenskými spoločnosťami svoj vrchol? MICHAL IŠTOK-PETER KRIŠTOFÍK Spoločnosť Bisnode, s. r. o. od roku 2005 vydáva na pravidelnej kvartálnej báze pohľad na počet slovenských spoločností, ktoré sú riadené z jurisdikcií, ktoré sú často označované ako daňové raje. Ide o počet slovenských spoločností, ktoré majú...

This paper compares how Czech and Slovak microentrepreneurs perceive the volume and ease of access to finance that they face. Having an adequate number of sources of finance and easier access to them can help improve both enterprise and country performance. Chi-square and Z score tests for population proportions were used to test hypotheses. 740 mi...

This paper summarizes the context and aims of electronic monitoring (EM) of offenders in Slovakia and explores related influences, particularly support from the EU. Building on the results of a significant investigation of Slovak language, sources, the paper briefly reviews both the optimistic and more skeptical expectations of Slovak academic auth...

The paper aims at providing a brief summary of historical development, current situation, and future trends in the treasury management. Original treasury managers´tasksmanagers´tasks description-cash management is nowadays insuffi cient. The requirements on treasury managers´skillsmanagers´skills and competencies have been increased, mainly due to...

This work aims to analyze the impact of the transfer of the registered office of Slovak companies into tax havens on the reported values of land and structures. Analyzed and compared is an indicator of the share of structures and land on total non-current assets before and after the transfer of the registered office to the tax haven. There are 3 da...

Behavioral finance is an increasingly accepted approach to explaining human behavior in the market. Traditional financial theories treat financial markets and their participants as rational subjects. This paper focuses on behavioral finance and its impact on Slovak medium and large enterprises. It points to different perceptions of rationality in c...

Electronic monitoring is a relatively new tool in the field of criminal justice, invented in the late 1960s. Due to overcrowding of prisons and the expense of the daily maintenance per inmate, its use and implementation is growing worldwide. To date, academia and practice lack data to quite a significant extent, interdisciplinary approach and more...

This article is based on a simulation model comprising the data from the selected Slovak companies after which a beneficial outcome arises from engaging in onshore and offshore business. The basic criterion presenting favourability is the amount of potential tax savings calculated by contrasting the costs of creating a completely new corporation st...

Corporate treasury management becomes much more complex and hence more difficult as globalisation increases, cross border activities grow, and companies choose to adopt a multinational status. Multinational companies (MNCs) need to organise their treasury management activities and their main aim is to choose the model that will maximise value added...

As a reaction to overcrowding in prisons, alternative methods of punishment have begun to be implemented in certain jurisdictions all over the world. The arguments for these alternatives focus mainly on their social and legal impact. The paper`s main goal is to use European evidence to compare, from an economic viewpoint, the classical method of pu...

Electronic monitoring is a relatively new tool in the field of criminal justice, invented in the late 60´s of the 20th century. Due to overcrowding of prisons and high daily expenses per inmate, its use and implementation is growing worldwide. For the time being, academia and practice to quite significant extent lack the data, interdisciplinary app...

Mostly as a reaction to overcrowding in prisons, electronically monitored house arrests became the most widely used alternative to the classical method of punishment in Europe, imprisonment. The main objective of the paper is to use available European evidence for a comparison of the two alternatives from an economic viewpoint. Official or scientif...

Electronic monitoring is a relatively new tool in the field of criminal justice, invented in the late 1960s. Due to overcrowding of prisons and the expense of the daily maintenance per inmate, its use and implementation is growing worldwide. To date, academia and practice lack datato quite a significant extent, interdisciplinary approach and more r...

Abstrakt The main aim of this article is to describe the process of forming new offshore company 1 under the current legislative conditions of the selected offshore jurisdictions. Between the typical used offshore jurisdictions belong the Marshall Islands, the Seychelles, Belize, the British Virgin Islands, Gibraltar, Samoa, Saint Vincent and the G...

We contribute to the rare evidence of driving motives of establishing new onshore and offshore companies by analysing the situation in the Slovak Republic in 2014. We analyse financial and ownership data for the Slovak enterprises already included in onshore and offshore business, providing data by corporate service providers on the driving motives...

Globalization creates pressure on all companies to become more competitive, including in acquiring financial resources. This paper assesses the current state and future development of the Slovak capital market in the light of that market`s history. We use data on past trends to interpret current developments. Corporate securities emissions have ris...

Globalization creates pressure on all companies to become more competitive, including in acquiring financial resources. This paper assesses the current state and future development of the Slovak capital market in the light of that market`s history. We use data on past trends to interpret current developments. Corporate securities emissions have ris...

Gender representation on company boards is controversial and currently a highly debated issue in corporate governance. It is also considered to be an important tool of corporate responsibility in economic areas. Of all the progressive actions that the EU and Member States have implemented to revive the European economy, the issue of women’s partici...

Functional public sector is one of main pre-conditions for sustainable development and economic growth. This paper evaluated the performance of the Slovak tax administration and the Slovak tax system as the whole, with focus on three possible performance lines - calculation of administrative costs of taxation (input – output measurement), calculati...

CSR (Corporate Social Responsibility) is an important part of communication with stakeholders and a response to the need for non-financial reports. Regrettably, the rules of non-financial reporting are almost not regulated. CSR reports are drafted using a variety of principles and guidelines, which limits comparisons across enterprises, transparenc...

This paper investigates the impact of the global economy on the forest-based sector in Slovakia in the early years of the 21st century. Indicators such as gross domestic product, production value of forestry-wood sectors, net exports, foreign direct investments, and the ratio indices of foreign direct investment to GDP in industrial production and...

This paper investigates the financial aspects of small and medium enterprises (SMEs) in the Slovak wood-processing industry. The aim of the survey was to determine the level of understanding and implementation of financial controlling, and to identify its potential for future implementation. The survey revealed a low level of understanding and impl...

The monograph is divided into four chapters dealing with both theoretical issues and practical elements employed by enterprise managers. Chapter one addresses making of optimum financial decisions in an enterprise and the role of external capital in financing of enterprise development. A decision made is associated with making choices, solving of p...

Financial supply chain is all about the movement of money along the chain. To optimize these financial processes, Financial Supply Chain Management (FSCM) helps companies looking from a more external point of view to the whole chain. This holistic approach is focusing on collaboration with other parties within the chain. The paper is aimed at findi...

Financial supply chain is all about the movement of money along the chain. To optimize these financial processes, Financial Supply Chain Management (FSCM) helps companies looking from a more external point of view to the whole chain. This holistic approach is focusing on collaboration with other parties within the chain. The paper is aimed at findi...

In the paper, the risk and risk management issues are discussed. We try to offer different definitions and characteristics of business risk together with categorisation of risk connected with the entrepreneurship. Specific risks in the SMEs sector are emphasized and some solutions for process-oriented risk management are offered.

The paper investigates investment decisions of Slovak firms and influence of financial market imperfections on these investments. We consider the distorted and low supply of bank debt in the late 90´s as a main market imperfection affecting the investment decisions of firms. This fact is even more important if we take into account that in transitio...

This paper focuses on the capital structure of Slovak firms and the influence of financial market imperfections on their leverage. We hypothesise that the distorted, low supply of bank debt in the late 1990´s was a major imperfection affecting capital structure. The importance of this imperfection was enhanced by the major role of bank debt in tran...

For more than four decades discussion. in corporate finance concerns the, question of optimal capital, structure: Given a level of total capital necessary for supporting company's activities, is there a way of dividing this capital into debt and equity which maximizes firm value? And, if so, what are the. critical factors in setting the leverage ra...