You are on page 1of 59

Available online at www.sciencedirect.

com

ScienceDirect
Procedia Economics and Finance 25 (2015) 141 – 147

ᄉ WK$QQXDO&RQIHUHQFHRQ)LQDQFHDQG$FFRXQWLQJ ᄂ$&)$3UDJXH ᄃᄉᄂᄃ WK0D\


ᄃᄉ

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\6WUDX‰DQG=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\

+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

>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

Ladislav Siska / Procedia Economics and Finance 25 (2015) 141 – 147 143

WH[WERRN PHQWLRQHG LQ WKH QH[W WH[W ᄂ LH DFWLRQ


EHKDYLRU
FRQWUROV ᄂ SHUVRQQHOFXOWXUDO FRQWUROV ᄂ UHVXOWVRXWSXW FRQWUROV
%DVHG RQ WKH VXUYH\ DQG V\OODEL DQDO\VLV ᄂ 6WUDX‰ DQG =HFKHU
ᄃᄉ
LGHQWLILHG WKH WKUHHWRSUDQNLQJ WH[WERRNV UHJDUGLQJWKH0&6WRSLF

x 0HUFKDQWDQG9DQGHU6WHGH
ᄃᄂᄉ VWHG ᄃ
0DQDJHPHQWFRQWUROV\VWHPV3HUIRUPDQFHPHDVXUHPHQW ᄂ HYDOXDWLRQDQGLQFHQWLYHV ᄂ
ᄃ QGHG
x $QWKRQ\DQG*RYLQGDUDMDQ

0DQDJHPHQWFRQWUROV\VWHPV ᄂᄉᄃ WKHG
x 6LPRQV

3HUIRUPDQFHPHDVXUHPHQWDQGFRQWUROV\VWHPVIRULPSOHPHQWLQJVWUDWHJ\HODERUDWLQJLGHDVILUVW
SXEOLVKHGLQPRQRJUDSK6LPRQV

7KHPDLQFRQFHSWXDOGLIIHUHQFHVDPRQJWKHWH[WERRNVDUHGHSLFWHGLQ)LJ ᄃ

6RXUFH6WUDX‰DQG=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

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

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

6RPH DXWKRUV DSSHDU WR EH FRQVLGHULQJ 30 DV D VXEVHW RI 0&6 'UXU\


ᄃᄉᄃ
GHILQHV 0&6 DV DQ DUUD\ RI
FRQWUROVDQG>P@DQDJHPHQWDFFRXQWLQJFRQWUROV\VWHPVFDQEHGHVFULEHGDVDIRUPRIRXWSXW
UHVXOWV
FRQWUROV
S
7KHVH>U@HVXOWVFRQWUROVLQYROYHWKHIROORZLQJVWDJHV ᄉ HVWDEOLVKLQJUHVXOWV
LHSHUIRUPDQFH
PHDVXUHVWKDW PLQLPL]HXQGHVLUDEOHEHKDYLRXU-
ᄃ HVWDEOLVKLQJSHUIRUPDQFHWDUJHWV-PHDVXULQJSHUIRUPDQFH-SURYLGLQJUHZDUGV
RUSXQLVKPHQW
S
6LPLODUO\ᄂ 6LPRQV

FRQVLGHUHGSHUIRUPDQFHPHDVXUHPHQWWREHSDUWRIWKHGLDJQRVWLF
FRQWUROV\VWHP
%LWLWFLHWDO
ᄃᄉᄃ
FDUULHGRXWDQH[WHQVLYHUHYLHZRIWKRXVDQGVRIDUWLFOHVLQRUGHUWRLGHQWLI\IXWXUHFKDOOHQJHV IRU 30 ,Q UHYLHZLQJ
WKH SHUIRUPDQFHPHDVXUHPHQW ILHOG ᄂ WKH\ HPSOR\HG NH\ZRUG VHDUFKHV LQFOXGLQJ QRW RQO\ µSHUIRUPDQFH PHDVXUHPHQW¶
ᄂ µSHUIRUPDQFH PDQDJHPHQW¶ ᄂ µSHUIRUPDQFH LQGLFDWRUV¶ ᄂ EXW µPDQDJHPHQW FRQWURO¶ DQG
µVWUDWHJLFFRQWURO¶DVZHOO,QRWKHUZRUGV ᄂ WKH\GLGQRWVHHDQ\GLIIHUHQFHEHWZHHQ30DQG0&6
&RQWUDU\ WR WKH DERYH PHQWLRQHG DXWKRUV ᄂ )HUUHLUD ᄂ 2WOH\

FODLP WKH 30 ILHOG WR EH PRUH LPSRUWDQW WR 0&6 0XFK RI WKH HDUO\ OLWHUDWXUH RQ WKLV WRSLF KDV EHHQ
FDWHJRUL]HG XQGHU WKH KHDGLQJ RI PDQDJHPHQW FRQWURO V\VWHPV ᄂ IROORZLQJ WKH VHPLQDO ZRUN RI 5REHUW
$QWKRQ\

+RZHYHU ᄂ LQ RXU YLHZ ᄂ WKLV KDV EHFRPH D PRUH
UHVWULFWLYH WHUP WKDQ ZDV WKH RULJLQDO LQWHQWLRQ DQG ZH SUHIHU WR XVH WKH PRUH
JHQHUDO GHVFULSWRU RI SHUIRUPDQFH PDQDJHPHQW V\VWHPV
306V
WR FDSWXUH DQ KROLVWLF DSSURDFK WR WKH PDQDJHPHQW DQG FRQWURO RI RUJDQL]DWLRQDO
SHUIRUPDQFH
ᄃᄂ S ᄃ
&RQFOXVLRQ

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
6WUDX‰ᄂ(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

You might also like