Professional Documents
Culture Documents
1 Internasional
1 Internasional
com
ScienceDirect
Procedia Economics and Finance 25 (2015) 141 – 147
7KH&RQFHSWRI0DQDJHPHQW&RQWURO6\VWHPDQG,WV5HODWLR
Q WR3HUIRUPDQFH0HDVXUHPHQW
D
/DGLVODY6LVND
a
University of Economics, Prague; Department of Management Accounting, W. Churchill Sq. 4, Prague 130 67, Czech Republic
$EVWUDFW
7KHDUWLFOHIRFXVHVRQDQVZHULQJWZRUHVHDUFKTXHVWLRQVZKDWLVPHDQWE\0DQDJHPHQW&RQWURO6\VWHP
0&6
DQGZKHWKHU WKHUH LV DQ\ GLIIHUHQFH EHWZHHQ WKH WHUP 0&6 DQG WKH VLPLODUO\ XVHG WHUP 3HUIRUPDQFH 0HDVXUHPHQW 7KH
DQVZHUV WR WKH
RXWOLQHG UHVHDUFK TXHVWLRQV ZHUH VHDUFKHG LQ WKH PRVW LQIOXHQWLDODUWLFOHV EDVHG RQFLWDWLRQQXPEHUV DQG WRSUDQNLQJ
WH[WERRNV LGHQWLILHG E\ WKH VXUYH\ FRQGXFWHG E\ 6WUDX DQG =HFKHU
ᄃᄉ
7KH FRPSDULVRQ RI WKH GRPLQDQW FRQFHSWXDOL]DWLRQV RI 0&6 UHYHDOV WKDW 0&6 LV SHUFHLYHG DV D VHW RI FRQWUROV ZKLFK
PDQDJHUV KDYHDW WKHLU GLVSRVDO WR VWHHU WKH RUJDQL]DWLRQ WRZDUGV WKH
SUHGHWHUPLQHGJRDOV5HJDUGLQJWKHVHFRQGUHVHDUFKTXHVWLRQ ᄂ LWLVSRVVLEOHWRYLHZ0&6DQG30DVV\QRQ\PV
© 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ᄃᄉ 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RI8QLYHUVLW\RI(FRQRPLFV ᄂ 3UDJXH ᄂ)DFXOW\RI)LQDQFHDQG$FFRXQWLQJ
Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting
Keywords:0DQDJHPHQW&RQWURO6\VWHP-3HUIRUPDQFH0HDVXUHPHQW-0DQDJHPHQW$FFRXQWLQJ
ᄉ,QWURGXFWLRQ
$ VHDUFK LQ FLWDWLRQ GDWDEDVHV LQGLFDWHV WKH JURZLQJ SRSXODULW\ RI WKH WHUP 0DQDJHPHQW &RQWURO 6\VWHP
0&6
)LJ ᄉ GRFXPHQWVUHVXOWVRIVXFKDTXHU\FRQGXFWHGE\PHDQVRIWKH6FRSXVGDWDEDVH$FORVHUORRNDWWKH ERG\ RI
0DQDJHPHQW &RQWURO 6\VWHP OLWHUDWXUH WKHQ UHYHDOV WKDW WRSLFV OLNH WKH H[DPLQDWLRQ RI WKH H[LVWHQFH ᄂ
FKDUDFWHULVWLFV ᄂ FRQWLQJHQF\ IDFWRUV RU UHODWLYH LPSRUWDQFH RI FRQWUROV DUH DGGUHVVHG 6LPLODU WRSLFV FRQFHUQLQJ
FRQWUROV DQG W\SHV RI PHDVXUHV DUH GLVFXVVHG LQ 3HUIRUPDQFH 0HDVXUHPHQW OLWHUDWXUH DV ZHOO 6LQFH ZH DUH
&RUUHVSRQGLQJDXWKRU
E-mail address:ODGLVODYVLVND#YVHF]
2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND
license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting
doi:10.1016/S2212-5671(15)00722-4
142 Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147
FRPPHQFLQJUHVHDUFKLQWKHDUHDRISHUIRUPDQFHPHDVXUHPHQW ᄂ ZHILQGLWQHFHVVDU\WRVKHGVRPHOLJKWRQWKH0&6
WKUHDGRIUHVHDUFK
6RXUFH7KHUHVXOWRIDTXHU\DVNLQJIRUDUWLFOHVZLWKWKHWRSLFRI0DQDJHPHQW&RQWURO6\VWHPRU0&6/LPLWHGWRWKH%XVLQHVV(FRQRPLFV
DQG$FFRXQWLQJUHVHDUFKILHOG
ZZZVFRSXVFRP
)LJ ᄉ 1XPEHURISXEOLFDWLRQVGHYRWHGWR0DQDJHPHQW&RQWURO6\VWHPVRUWHGE\\HDU
7KLVDUWLFOHIRFXVHVRQDQVZHULQJWZRUHVHDUFKTXHVWLRQV
x :KDWLVWKHSUHYDLOLQJQRWLRQRIWKHWHUP0DQDJHPHQW&RQWURO6\VWHP
0&6
"
x ,VWKHUHDQ\GLIIHUHQFHEHWZHHQWKHWHUP0&6DQGWKHVLPLODUO\XVHGWHUP3HUIRUPDQFH0HDVXUHPHQW
30
"
7KH DQVZHUV WR WKH RXWOLQHG UHVHDUFK TXHVWLRQV ZHUH VHDUFKHG LQ WKH PRVW LQIOXHQWLDO DUWLFOHV ᄂ UHYLHZV
DQG WH[WERRNV GHDOLQJ ZLWK 0&6 7KH PDLQ VRXUFH RI LQVSLUDWLRQ ZDV D VXUYH\ DPRQJ DFFRXQWLQJ UHVHDUFKHUV
FRQGXFWHGE\6WUDXDQG=HFKHU
ᄃᄉ
LQ6HSWHPEHUDQG2FWREHU ᄃ 0RUHUHFHQWSXEOLFDWLRQVZHUHLGHQWLILHG EDVHGRQWKHQXPEHUVRIFLWDWLRQVLQ6FRSXV
7KHUHVWRIWKLVDUWLFOHLVRUJDQL]HGDVIROORZV7KHVHFRQGFKDSWHUIRFXVHVRQWKHGHILQLWLRQRIWKHWHUP0&6DQG WKH
FRPSDULVRQ RI LWV W\SLFDO QRWLRQV LQ WKH ZRUN RI WKH PRVW LQIOXHQWLDO DXWKRUV 7KH WKLUG FKDSWHU FRPSDUHV WKH
QRWLRQVRIWKHWHUP0&6DQGWKHWHUP30)LQDOO\ᄂ WKHIRXUWKFKDSWHUVXPPDUL]HVDOOILQGLQJV
ᄃ 0DQDJHPHQW&RQWURO6\VWHP
5HJDUGLQJWKHGHILQLWLRQRI0&6 ᄂ WKHUHLVWKHRQO\DJUHHPHQWLQWKHFXUUHQWOLWHUDWXUHLVWKDWWKHWHUPLWVHOIZD
V ILUVW RXWOLQHG LQ WKH VHPLQDO ZRUN RI 5REHUW $QWKRQ\
ᄉ
+H GHILQHG PDQDJHPHQW FRQWURO DV WKH SURFHVV E\
ZKLFKPDQDJHUVDVVXUHWKDWUHVRXUFHVDUHREWDLQHGDQGXVHGHIIHFWLYHO\DQGHIILFLHQWO\LQWKHDFFRPSOLVKPHQWRIWKH
RUJDQL]DWLRQ¶VREMHFWLYHV
S ᄉᄂ TXRWHIURP)HUUHLUD ᄂ 2WOH\ᄂᄃᄂ S ᄃ
'HVSLWH WKH ORQJ WLPH IURP WKLV ILUVW GHILQLWLRQ RI 0&6 ᄂ &KHQKDOO LQ ᄃ DGPLWWHG WKDW WHUPV PDQDJHPHQW
DFFRXQWLQJ ᄂ PDQDJHPHQW DFFRXQWLQJ V\VWHPV ᄂ PDQDJHPHQW FRQWURO V\VWHPV ᄂ DQG RUJDQL]DWLRQDO FRQWUROV KDG EHHQ
XVHGLQWHUFKDQJHDEO\ ᄂ EXWFRUUHFWHGWKDW0&6LVDEURDGHUWHUPWKDWHQFRPSDVVHVPDQDJHPHQWDFFRXQWLQJDQGDOVR
LQFOXGHVRWKHUFRQWUROVVXFKDVSHUVRQDORUFODQFRQWUROV
&KHQKDOO ᄂᄃᄂ S ᄉᄃ
7KHWKHGLWLRQRIWKHUHQRZQHG 0DQDJHPHQW$FFRXQWLQJWH[WERRNZULWWHQE\'UXU\
ᄃᄉᄃ
FRQILUPVWKDW0&6LVDEURDGHUWHUPWKDQPDQDJHPHQW
DFFRXQWLQJEHFDXVHPRUHFRQWUROVDUHLQYROYHG'UXU\DOVRDGGVWKHGLVWLQFWLRQGHULYHGIURP'UXFNHU
ᄉ
>ZKR@ GLVWLQJXLVKHGEHWZHHQµFRQWUROV¶DQGµFRQWURO¶&RQWUROVDUHPHDVXUHPHQWDQGLQIRUPDWLRQ
ᄂ ZKHUHDVFRQWUROPHDQV GLUHFWLRQ ,Q RWKHU ZRUGV ᄂ µFRQWUROV¶ DUH SXUHO\ D PHDQV WR DQ HQG- WKH HQG LV FRQWURO
1RWH WKDW WKH WHUP
PDQDJHPHQWFRQWUROV\VWHPLVXVHGWRUHIHUWRWKHHQWLUHDUUD\RIFRQWUROVXVHGE\DQRUJDQL]DWLRQ'UXU\
ᄃᄉᄃᄂ S
7KH OLVW RI FRQWUROV WKHQ FRSLHV WKH FDWHJRULHV IRUPXODWHG E\ 0HUFKDQW DQG 9DQ GHU 6WHGHV
ᄃ
Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147 143
x 0HUFKDQWDQG9DQGHU6WHGH
ᄃᄂᄉ VWHG ᄃ
0DQDJHPHQWFRQWUROV\VWHPV3HUIRUPDQFHPHDVXUHPHQW ᄂ HYDOXDWLRQDQGLQFHQWLYHV ᄂ
ᄃ QGHG
x $QWKRQ\DQG*RYLQGDUDMDQ
ᄃ
0DQDJHPHQWFRQWUROV\VWHPV ᄂᄉᄃ WKHG
x 6LPRQV
ᄃ
3HUIRUPDQFHPHDVXUHPHQWDQGFRQWUROV\VWHPVIRULPSOHPHQWLQJVWUDWHJ\HODERUDWLQJLGHDVILUVW
SXEOLVKHGLQPRQRJUDSK6LPRQV
ᄉ
7KHPDLQFRQFHSWXDOGLIIHUHQFHVDPRQJWKHWH[WERRNVDUHGHSLFWHGLQ)LJ ᄃ
6RXUFH6WUDXDQG=HFKHU
ᄃᄉᄂ S ᄃᄃ
)LJ ᄃ&RPSDULVRQRIWKHWRSUDQNLQJWH[WERRNVRQWKHWRSLFRI0&6
:KLOH$QWKRQ\DQGKLVFRDXWKRU±UHJDUGOHVVRIWKH ᄉ ᄃ WKHGLWLRQRIWKHLUWH[WERRNVWLFNWRWKHRULJLQDOQDUURZ
QRWLRQH[FOXGLQJLQIRUPDOFRQWUROV ᄂ WKHRWKHUWZRWRSUDQNLQJWH[WERRNVLQFOXGHLQIRUPDOFRQWUROVDVDQLQWHJUDOSDUW RI
0&6 ,Q DGGLWLRQ ᄂ 6LPRQV
ᄉ
HPSKDVL]HV WKH QHHGWREDODQFH RSSRVLQJIRUFHV ᄂ VR FDOOHG /HYHUV RI &RQWURO
VHH)LJ
±WZRSRVLWLYHRQHV ᄂ UHSUHVHQWHGE\EHOLHIV\VWHPVDQGLQWHUDFWLYHFRQWUROV\VWHPV ᄂ DJDLQVWWZRQHJDWLYH
RQHVUHSUHVHQWHGE\ERXQGDU\V\VWHPVDQGGLDJQRVWLFFRQWUROV\VWHPV
144 Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147
6RXUFH6LPRQV
ᄉᄂ S
)LJ/HYHURIFRQWURO
6LPRQV GHILQHV EHOLHIV DV WKH H[SOLFLW VHW RI RUJDQL]DWLRQDO GHILQLWLRQV WKDW VHQLRU PDQDJHUV FRPPXQLFDWH
IRUPDOO\DQGUHLQIRUFHV\VWHPDWLFDOO\WRSURYLGHEDVLFYDOXHV ᄂ SXUSRVH ᄂ DQGGLUHFWLRQIRUWKHRUJDQL]DWLRQ
ᄉᄂ S
%RXQGDU\V\VWHPVGHOLQHDWHWKHDFFHSWDEOHGRPDLQRIDFWLYLW\IRURUJDQL]DWLRQDOSDUWLFLSDQWV
6LPRQV ᄂᄉᄂ S
'LDJQRVWLF FRQWURO V\VWHPV DUH IRUPDO LQIRUPDWLRQ V\VWHPV WKDW PDQDJHUV XVH WR PRQLWRU RUJDQL]DWLRQDO
RXWFRPHVDQGFRUUHFWGHYLDWLRQVIURPSUHVHWVWDQGDUGVRISHUIRUPDQFH´
6LPRQV ᄂᄉᄂ S
,QWHUDFWLYHFRQWURO
V\VWHPV DUH ³IRUPDO LQIRUPDWLRQ V\VWHPV WKDW PDQDJHUV XVH WR LQYROYH WKHPVHOYHV UHJXODUO\ DQG SHUVRQDOO\ LQ
WKH GHFLVLRQ DFWLYLWLHV RI VXERUGLQDWHV´
ᄉᄂ S
-XVW LQWHUDFWLYH FRQWURO V\VWHPV UHSUHVHQW WKH ELJJHVW 6LPRQV
FRQWULEXWLRQ EHFDXVH WKH\ HQGRUVH YHQWXULQJ ᄂ H[SHULPHQWLQJ DQG RUJDQL]DWLRQDO OHDUQLQJ UHIHUUHG WR
DV HPHUJHQW VWUDWHJLHV
0LQW]EHUJ ᄂᄃ
DVRSSRVHGWRLQWHQGHGVWUDWHJLHVFRPSULVHGLQWKHEHOLHIVOHYHURIFRQWURO
0DOPLDQG%URZQ
ᄃ
WULHGWRFRYHUWKHGLYHUVHODQGVFDSHRIDSSURDFKHVFRQQHFWHGWR0&6DQGFRQWUROVZLWK
RQHXPEUHOODODEHOOHGDV0&6DVDSDFNDJH$FFRUGLQJWRWKHP7KHVWUHQJWKRIWKHW\SRORJ\OLHVLQWKHEURDG
VFRSHRIWKHFRQWUROVLQWKH0&6DVDSDFNDJH ᄂ UDWKHUWKDQWKHGHSWKRILWVGLVFXVVLRQRILQGLYLGXDOV\VWHPV
ᄃᄂ S ᄃᄉ
)LJ VKRZV WKDW WKH\ GLVWLQJXLVKILYH W\SHVRI FRQWUROV LQ WKHLU IUDPHZRUN SODQQLQJ ᄂ
F\EHUQHWLF ᄂ UHZDUG DQGFRPSHQVDWLRQ ᄂ DGPLQLVWUDWLYHDQGFXOWXUDOFRQWUROV
Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147 145
6RXUFH0DOPL ᄂ%URZQ
ᄃᄂ S ᄃᄉ
)LJ0&6SDFNDJHFRQFHSWXDOIUDPHZRUN
0DOPL DQG %URZQV 0&6 DV D SDFNDJH DSSHDUV WR KDYH OLPLWHG SRWHQWLDO ᄂ ZKLFK LV SUREDEO\ FDXVHG E\ WKH
DGGLWLYH QDWXUH RI LWV RULJLQ 7KDW PLJKW EH ZK\ WKH DXWKRUV RI FRQWHPSRUDU\ FRQWH[WXDO IUDPHZRUNV RI 0&6 OLNH
7HVVLHUDQG2WOH\
ᄃᄉᄃ
JREDFNWR6LPRQVQRWLRQRI/HYHUVRI&RQWURO7KH\VXJJHVWFRQVLGHULQJEHOLHIV\VWHPV
DVDIRUPRIVRFLDOFRQWUROVDQGQRWDVDVWDQGDORQHFRQWUROV\VWHP7KHUHPDLQLQJWKUHHOHYHUVRIFRQWUROIRUPXODWHG
E\6LPRQVKDYHEHHQUHRUJDQL]HGDVZHOO ᄂ EXWVWD\HGSDUWVRIWKHEDVLFIRXUFRQWUROV\VWHPV ᄂ LQ)LJUHSUHVHQWHGE\
UHFWDQJOHV'LDJQRVWLF FRQWURO V\VWHPV DUH SDUW RI WKHRSHUDWLRQDOSHUIRUPDQFH FRQWUROV\VWHPV ,QWHUDFWLYH FRQWURO
V\VWHPVFRUUHVSRQGWRDFRQWUROV\VWHPFDOOHGVWUDWHJLFSHUIRUPDQFHPDQDJHPHQWFRQWURO%RXQGDU\FRQWUROV\VWHPV
KDYHEHHQVHSDUDWHGLQWRWZRFRQWUROV\VWHPV ᄂ RQHDWWKHRSHUDWLRQDOOHYHODQGRQHDWWKHVWUDWHJLFOHYHO)LQDOO\ ᄂ WKH
LQWHQWLRQRIPDQDJHUVLPSRVLQJ0&6DQGWKHDFWXDOSXUSRVHSHUFHLYHGE\HPSOR\HHVDUHVLJQLILHGLQWKHPRGHODV ZHOO
6RXUFH7HVVLHU ᄂ 2WOH\
ᄃᄉᄃᄂ S ᄉ
)LJ6LPRQV/HYHUVRI&RQWUROUHYLVHGE\7HVVLHU ᄂ 2WOH\
ᄃᄉᄃ
146 Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147
7KHUHODWLRQVKLSEHWZHHQ0&6DQG3HUIRUPDQFH0HDVXUHPHQW
7KH ILUVW UHVHDUFK TXHVWLRQ RI WKLV DUWLFOH DVNHG DERXW WKH SUHYDLOLQJ QRWLRQ RI WKH WHUP 0DQDJHPHQW
&RQWURO 6\VWHP
0&6
7KH VHFRQG FKDSWHU GHVFULEHG WKH EURDGHQLQJ RI WKH 0&6 QRWLRQ RYHU WLPH 1RZDGD\V ᄂ 0&6 LV
SHUFHLYHG DV D VHW RI FRQWUROV ZKLFK PDQDJHUV KDYH DW WKHLU GLVSRVDO WR VWHHU WKH RUJDQL]DWLRQ WRZDUGV WKH
SUHGHWHUPLQHGJRDOV,QDGGLWLRQ ᄂ PRUHFRQWHPSRUDU\IUDPHZRUNVHPSKDVL]HWKHUROHRIFXOWXUDODQGVRFLDOFRQWUROV ᄂ
DVZHOODVWKHLQWHQWLRQVRIPDQDJHUVDQGDFWXDOSHUFHSWLRQRIHPSOR\HHVUHJDUGLQJWKHLQWURGXFHG0&6
7KHVHFRQGUHVHDUFKTXHVWLRQRIWKLVDUWLFOHDVNHGZKHWKHUWKHUHLVDQ\GLIIHUHQFHEHWZHHQWKHWHUP0&6DQGWKH
VLPLODUO\ XVHG WHUP 3HUIRUPDQFH 0HDVXUHPHQW
30
%HFDXVH SHUIRUPDQFH LV XVXDOO\ SHUFHLYHG DV DFKLHYLQJ RUJDQL]DWLRQDOJRDOV
ᄂ LWLVREYLRXVWKDWWKHUHKDVWREHVLJQLILFDQWRYHUODSEHWZHHQ3HUIRUPDQFH0HDVXUHPHQW
30
DQG0DQDJHPHQW&RQWURO6\VWHP
0&6
%RWKV\VWHPVKDYHWKHVDPHXOWLPDWHREMHFWLYHLQVXSSRUWLQJDFKLHYHPHQW RIWKHFRPSDQ\VJRDOVDQGPD\EH
ᄂ DQGVRPHWLPHVDUH ᄂ UHJDUGHGDVV\QRQ\PV7KHWHUP0&6LVSUHIHUUHGWR30
ZKHQLWFRPHVWRHPSKDVL]LQJWKHVWUXFWXUHRIWKHV\VWHP2QWKHFRQWUDU\ ᄂ WKHWHUP3HUIRUPDQFH0HDVXUHPHQW
RU HYHQ3HUIRUPDQFH0DQDJHPHQW
LVSUHIHUUHGWR0&6ZKHQ ᄂ SULPDULO\ᄂ WKHEHKDYLRURIWKHV\VWHPLVFRQFHUQHG
7KH UHVXOWV SUHVHQWHG LQ WKLV DUWLFOH KDYH VRPH OLPLWDWLRQV WRR 7KH VHOHFWLRQ RI WKH DXWKRUV
PLJKW EH IRXQG VXEMHFWLYH GHVSLWH WKH DWWHPSW WR HPSOR\ REMHFWLYH FULWHULD RI FLWDWLRQV FRXQWV 7KH
H[WHQW RI WKH DUWLFOH GRHV QRW DOORZDWKRURXJKFRPSDULVRQRIGHWDLOHGDVSHFWVRI0&6DQG30FRQFHSWV
$FNQRZOHGJHPHQWV
7KLV SDSHU GHVFULEHV WKH RXWFRPH RI UHVHDUFK ILQDQFHG E\ WKH ,QWHUQDO *UDQW
$JHQF\ RI WKH 8QLYHUVLW\ RI (FRQRPLFV ᄂ 3UDJXH ᄂ*UDQW1R)ᄉᄉᄃᄉ
5HIHUHQFHV
%LWLWFL ᄂ 8 ᄂ *DUHQJR ᄂ 3 ᄂ '|UIOHU ᄂ 9 ᄂ 1XGXUXSDWL ᄂ 6 ᄂ ᄃᄉᄃ 3HUIRUPDQFH 0HDVXUHPHQW &KDOOHQJHV IRU 7RPRUURZ
,QWHUQDWLRQDO -RXUQDO RI 0DQDJHPHQW5HYLHZV ᄉᄂ±ᄃ
&KHQKDOO ᄂ 5+ ᄂ ᄃ 0DQDJHPHQW FRQWURO V\VWHPV GHVLJQ ZLWKLQ LWV RUJDQL]DWLRQDO FRQWH[W )LQGLQJV IURP
FRQWLQJHQF\±EDVHG UHVHDUFK DQG GLUHFWLRQVIRUWKHIXWXUH$FFRXQWLQJ ᄂ 2UJDQL]DWLRQVDQG6RFLHW\ᄃᄂᄉᄃ±ᄉ
'UXU\ᄂ&ᄂᄃᄉᄃ 0DQDJHPHQWDQG&RVW$FFRXQWLQJWKHG&HQJDJH/HDUQLQJ(0($ᄂ$QGRYHU ᄂ+DPSVKLUH
)HUUHLUD ᄂ $ ᄂ 2WOH\ ᄂ ' ᄂ ᄃ 7KH GHVLJQ DQG XVH RI SHUIRUPDQFH PDQDJHPHQW V\VWHPV $Q
H[WHQGHG IUDPHZRUN IRU DQDO\VLV 0DQDJHPHQW $FFRXQWLQJ5HVHDUFK ᄃᄂᄃ±ᄃᄃ
Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147 147
0DOPL ᄂ 7 ᄂ %URZQ ᄂ ' $ᄂ ᄃ 0DQDJHPHQW FRQWURO V\VWHPV DV D SDFNDJH RSSRUWXQLWLHV ᄂ FKDOOHQJHV DQG UHVHDUFK
GLUHFWLRQV 0DQDJHPHQW $FFRXQWLQJ5HVHDUFK ᄉᄂᄃ±
0LQW]EHUJ ᄂ+ᄂ$KOVWUDQG ᄂ%ᄂ/DPSHO ᄂ-ᄂᄃ 6WUDWHJ\VDIDULWKHFRPSOHWHJXLGHWKURXJKWKHZLOGVRIVWUDWHJLFPDQDJHPHQW
ᄃ QGHG)LQDQFLDO 7LPHV3UHQWLFH+DOO ᄂ+DUORZ
6LPRQV ᄂ 5/ᄂᄉ/HYHUVRIFRQWUROKRZPDQDJHUVXVHLQQRYDWLYHFRQWUROV\VWHPVWRGULYHVWUDWHJLFUHQHZDO+DUYDUG
%XVLQHVV6FKRRO3UHVV
%RRN ᄂ%RVWRQ
0DVV
6WUDXᄂ(ᄂ=HFKHU ᄂ&ᄂᄃᄉ 0DQDJHPHQWFRQWUROV\VWHPVDUHYLHZ-RXUQDORI0DQDJHPHQW&RQWURO ᄃᄂᄃ±ᄃ
7HVVLHU ᄂ 6 ᄂ 2WOH\ᄂ'ᄂᄃᄉᄃ$FRQFHSWXDOGHYHORSPHQWRI6LPRQV¶/HYHUVRI&RQWUROIUDPHZRUN0DQDJHPHQW$FFRXQWLQJ5HV
HDUFK ᄂᄃᄂ
ᄉᄉ±ᄉ
0HUFKDQW ᄂ . $ᄂ 9DQ GHU 6WHGH ᄂ : $ᄂ ᄃ 0DQDJHPHQW FRQWURO V\VWHPV SHUIRUPDQFH PHDVXUHPHQW ᄂ HYDOXDWLRQ DQG
LQFHQWLYHV ᄃ QG HG 3UHQWLFH+DOO ᄂ+DUORZ