Available online at www.sciencedirect.

com

ScienceDirect
Procedia Economics and Finance 25 (2015) 5 – 13

16WK $QQXDO &RQIHUHQFH RQ )LQDQFH DQG $FFRXQWLQJ, $&)$ 3UDJXH 2015, 29WK 0D\ 2015

0DQDJHPHQW $FFRXQWLQJ DQG $JHQF\ 7KHRU\

0DUNpWD %RXþNRYiD◆
a
University of Economics, Prague; Department of Management Accounting, W. Churchill Sq. 4, Prague 130 67, Czech Republic

$EVWUDFW

7KH PDLQ REMHFWLYH RI WKLV SDSHU LV WR H[SODLQ KRZ PDQDJHPHQW DFFRXQWLQJ GHYHORSHG DQG ZKHUH ZH VHH SRWHQWLDO IRU H[WHQGLQJ WKH FRQFHSW RI
PDQDJHULDO DFFRXQWLQJ ZLWK XWLOL]DWLRQ RI DJHQF\ WKHRU\. 7KH SDSHU ILUVW GHVFULEHV IDFWRUV DIIHFWLQJ WKH GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ. 6SHFLDO
HPSKDVLV LV GHYRWHG WR GHVFULEH WKUHH EUDQFKHV RI DJHQF\ WKHRU\ WRJHWKHU ZLWK WKHLU LPSOLFDWLRQV RQ WKH ILHOG. 7KH SDSHU DOVR GLVFXVVHV RYHUDOO
SRVVLEOH GLUHFWLRQ RI XVLQJ WKH DJHQF\ WKHRU\ ZLWKLQ PDQDJHPHQW DFFRXQWLQJ.

© 2015 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/).
2015 7KH $XWKRUV. 3XEOLVKHG E\ (OVHYLHU %.9.
Peer-reviewXQGHU
3HHU-UHYLHZ underUHVSRQVLELOLW\
responsibility RIof8QLYHUVLW\
UniversityRIof Economics,
(FRQRPLFV, 3UDJXH,Prague,
)DFXOW\Faculty
RI )LQDQFHofDQG
Finance and Accounting
$FFRXQWLQJ.
Keywords: 0DQDJHPHQW DFFRXQWLQJ; $JHQF\ WKHRU\; ,QIRUPDWLRQ DV\PPHWU\

1. ,QWURGXFWLRQ

,Q WKH FXUUHQW WXUEXOHQW SHULRG HYHU FKDQJLQJ HFRQRPLF FRQGLWLRQV LW LV QHFHVVDU\ WR XVH IOH[LEOH WRROV DQG DSSURDFKHV.
6WURQJHU UHTXLUHPHQWV WR UHGXFH FRVWV DQG LQFUHDVH HIILFLHQF\, ZKLFK UHVXOWHG IURP VWUXJJOH IRU FRPSHWLWLYHQHVV UHIOHFWHG LQ
WKH PDQDJHPHQW VW\OH RI LQGLYLGXDO HQWHUSULVHV. 7KHVH DVSHFWV VKRXOG EH WDNHQ LQWR DFFRXQW LQ WKH PDQDJHPHQW DFFRXQWLQJ,
ZKLFK OHDGV XV WR D UH-H[DPLQDWLRQ DQG H[WHQVLRQ RI WKLV FRQFHSW LQ KLV FODVVLF IRUP. 7KH UHIOHFWLRQ RQ VRPH HFRQRPLF WKHRULHV
LQ PDQDJHPHQW DFFRXQWLQJ FRXOG KHOS EULQJ QHZ LQVLJKWV WKDW XOWLPDWHO\ PD\ KHOS VROYH VRPH RI WRGD\'V FULWLFDO LVVXHV.
7KH DLP RI WKH SDSHU LV WR H[SODLQ KRZ PDQDJHPHQW DFFRXQWLQJ HYROYHG DQG ZKHUH ZH VHH VFRSH IRU IXUWKHU H[WHQVLRQ RI WKH
FRQFHSW RI PDQDJHULDO DFFRXQWLQJ E\ XVLQJ DJHQF\ WKHRU\.

◆ &RUUHVSRQGLQJ DXWKRU.
E-mail address: PDUNHWD.ERXFNRYD#YVH.F]

2212-5671 © 2015 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)00707-8
6 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13

)RU WKH GHVLJQ RI WKH IXWXUH GLUHFWLRQ RI PDQDJHPHQW DFFRXQWLQJ LV QHFHVVDU\ WR XQGHUVWDQG WKH GHYHORSPHQW RI PDQDJHPHQW
DFFRXQWLQJ. :KHQ LQWHUSUHWLQJ WKH GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ FRXUVH, ZH IDFH WKH VLJQLILFDQW GLIIHUHQFHV FRQFHUQLQJ
WKH OLQNV WR SUDFWLFH. 2Q WKH RQH KDQG, DFDGHPLF WKHRULHV FULWLFL]HG IRU LQDGHTXDWH UHVSRQVH WR SUDFWLFH, EXW RQ WKH RWKHU KDQG, ZH FDQ
VD\ WKDW WKH REVHUYHG GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ LV QRW UDQGRP, LW LV EDVHG SUHFLVHO\ RQ WKH SUDFWLFDO UHTXLUHPHQWV. 7KH
ZRUN LV EDVHG RQ WKH DVVXPSWLRQ WKDW GLVFRYHULHV LQ WKLV DUHD FRPH IURP WZR VRXUFHV, ZKLFK LV D FRUSRUDWH SUDFWLFH DQG FRQFHSWV,
PRGHOV DQG WKHRULHV IURP RWKHU EUDQFKHV RI OHDUQLQJ ILHOGV.

2. 'HYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ

$FDGHPLF OLWHUDWXUH LV FKDUDFWHUL]HG E\ LQFRQVLVWHQW DSSURDFKHV WR WKH GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ, WKH SUHYDLOLQJ
DSSURDFK UHSUHVHQW DXWKRUV .DSODQ (1998) DQG 'UXU\ (1996). 7KH RSLQLRQ RI PDQDJHPHQW DFFRXQWLQJ LV EDVHG RQ EXVLQHVV SUDFWLFH DQG
VKRXOG VHUYH WR SURPRWH EXVLQHVV DFWLYLWLHV.
,Q WKH GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ ILQG PDQ\ PLOHVWRQHV WKDW OHG WR WKH IRUPDWLRQ RI PDQDJHULDO DFFRXQWLQJ LQ LWV
SUHVHQW IRUP. $FFRUGLQJ WR .DSODQ (1998), PDQDJHULDO DFFRXQWLQJ DVVRFLDWH ZLWK WKH ELUWK RI ODUJH FRPSDQLHV EHWZHHQ 1850 DQG 1925,
ZKLFK UHVXOWHG LQ WKH QHHG IRU LQIRUPDWLRQ QHFHVVDU\ IRU SODQQLQJ DQG FRQWURO.
$W WKLV WLPH, FRPSDQLHV QHHGHG WR VWUHDPOLQH SURGXFWLRQ, ZKLFK OHG WR WKH ULVH RI PDQDJHULDO DFFRXQWLQJ. 7KH PDQXIDFWXUHUV
KDYH VWDUWHG WR KLUH ZRUNHUV RQ ORQJ-WHUP FRQWUDFWV, ZKLFK EHIRUH WKH LQGXVWULDO UHYROXWLRQ ZDV QRW SUDFWLFHG. /LNH RWKHU FKDQJHV
WKDW VXSSRUW WKH GHYHORSPHQW RI PDQDJHPHQW DFFRXQWLQJ GHSDUWPHQW ZRXOG VSHFLI\ WKH RSHUDWLRQ RI WKH IDFWRU\ DQG WKH EXLOGLQJ
KHDGTXDUWHUV. )DFWRULHV ZHUH QHZO\ SODFHG VHSDUDWHO\ IURP WKH KHDGTXDUWHUV, ZKLFK LQFUHDVHG WKH LQIRUPDWLRQ V\VWHP DQG WKH
QHHG WR HIIHFWLYHO\ HYDOXDWH PDQDJHUV DQG HPSOR\HHV RI WKH FRPSDQ\. 7KH UROH RI DFFRXQWLQJ DQG ZDV QR ORQJHU OLPLWHG WR WKH PHUH
NHHSLQJ RI UHFRUGV, EXW KDG WR PHHW WKH UHTXLUHPHQWV RI SUDFWLFH DQG SURYLGH WKH QHFHVVDU\ LQIRUPDWLRQ.
0DVV SURGXFWLRQ DQG GLVWULEXWLRQ DOVR VLJQLILFDQWO\ DIIHFWHG WKH FRQFHSW RI PDQDJHPHQW DFFRXQWLQJ, ZKLFK KDG WR SURYLGH
LQIRUPDWLRQ DERXW WKH WXUQRYHU LQ LQGLYLGXDO UHJLRQV DQG JHQHUDWH IRUPDO UHSRUWV RQ WKH SHUIRUPDQFH, ZKLFK LV OLWWOH GLIIHUHQW IURP
UHSRUWV SURYLGHG E\ WKH FXUUHQW PDQDJHPHQW DFFRXQWLQJ.7KH QHHG IRU PDQDJHPHQW LQIRUPDWLRQ OHDG WR FUHDWLRQ RI EXGJHW
SODQQLQJ DQG FRQWURO V\VWHPV, VR DV WR HQVXUH WKDW WKH GLIIHUHQW DFWLYLWLHV RI WKH YDULRXV GLYLVLRQV DUH LQ OLQH ZLWK EXVLQHVV
REMHFWLYHV.
7KH GHVFULEHG FKDQJHV KDYH VLJQLILFDQWO\ ERRVW WKH GHYHORSPHQW RI PDQDJHPHQW DFFRXQWLQJ, ZKLFK KDV EHFRPH DQ HVVHQWLDO SDUW
RI WKH FRPSDQ\. -RKQVRQ DQG .DSODQ (1987) FRQFOXGHG WKDW WKH PDQDJHULDO DQG ILQDQFLDO DFFRXQWV VKRXOG EH VHSDUDWHG EHFDXVH RI
WKH GLIIHUHQW RULHQWDWLRQ RI WKH SURYLGHG LQIRUPDWLRQ EHFDXVH WKH PDQDJHPHQW DFFRXQWLQJ SURYLGHV LQIRUPDWLRQ IRU LQWHUQDO XVH. ,Q
FRQWUDVW, ILQDQFLDO DFFRXQWLQJ SURYLGHV LQIRUPDWLRQ WR H[WHUQDO XVHUV. )LQDQFLDO DFFRXQWLQJ VKRXOG SURYLGH LQIRUPDWLRQ IRU UHFRUGLQJ
WUDQVDFWLRQV DQG SURYLVLRQ RI GDWD QHFHVVDU\ IRU WKH FRPSLODWLRQ RI ILQDQFLDO VWDWHPHQWV WKDW DUH LQWHQGHG IRU RZQHUV DQG LQYHVWRUV.
0DQDJHPHQW DFFRXQWLQJ VKRXOG EH XVHG WR DVVHVV DQG SURPRWH WKH FRPSDQ\'V LQWHUQDO SURFHVVHV UDWKHU WKDQ PHUHO\ PHDVXULQJ SURILW.
,Q UHFHQW \HDUV D EXVLQHVV HQYLURQPHQW KDV XQGHUJRQH FRQVLGHUDEOH FKDQJHV. 0DQDJHPHQW DFFRXQWLQJ KDG WR UHVSRQG WR WKLV
GHYHORSPHQW. &KDQJHV LQ WKH EXVLQHVV HQYLURQPHQW DV GHJUDGDWLRQ RI EDUULHUV WR WKH PRYHPHQW RI ODERU DQG FDSLWDO, WHFKQRORJLFDO
GHYHORSPHQW, GHYHORSPHQW RI LQIRUPDWLRQ WHFKQRORJLHV FRQWULEXWH WR LQFUHDVHG FRPSHWLWLRQ (âROMDNRYi, 2006). $V D UHVXOW RI
LQFUHDVLQJ FRPSHWLWLRQ DQG JOREDOL]DWLRQ RI PDUNHWV KDV EHHQ WKH H[FHVV RI VXSSO\ RYHU GHPDQG, DQG EXVLQHVVHV PXVW ORRN IRU
WKHLU FXVWRPHUV. 2Q WKLV VLWXDWLRQ ILUPV UHDFW ZLWK RULHQWDWLRQ RQ FXVWRPHU QHHGV DQG ZLWK HIIRUW WR HQVXUH ORQJ-WHUP SURVSHULW\.
7KH QHZ EDVLF TXHVWLRQ LV QRW "ZKDW" EXW "IRU ZKRP WR SURGXFH", ZKLFK UHVXOWLQJ LQ QHHG WR VKLIW PDQDJHPHQW DFFRXQWLQJ, VR WKDW LW
FDQ PHHW WKHVH QHZ UHTXLUHPHQWV. (âROMDNRYi, 2006).
0DQDJHULDO $FFRXQWLQJ KDV WUDGLWLRQDOO\ IRFXVHG RQ ILQDFLDO UHVXOWV DQG KDV UHPDLQ REOLYLRXV RI RWKHU LQGLFDWRUV VXFK DV
FXVWRPHU UHODWLRQVKLSV, PDUNHW SRVLWLRQ, FXVWRPHU OR\DOW\, HPSOR\HH PRWLYDWLRQ DQG OR\DOW\. ,W LV WKH GHYHORSPHQW RI QRQ-
ILQDQFLDO LQGLFDWRUV, DQG OLQNV WR H[WHUQDO EXVLQHVV HQYLURQPHQW (VXSSOLHUV, FXVWRPHUV, FRPSHWLWRUV), ZKLFK LPSRVH QHZ
GHPDQGV RQ WKH V\VWHP RI PDQDJHPHQW DQG LQIRUPDWLRQ VXSSRUW LQ WKH FRQWH[W RI PDQDJHPHQW DFFRXQWLQJ.
&ODVVLFDO FRQFHSW RI PDQDJHULDO DFFRXQWLQJ DLPV DGMXVWLQJ WR D PRUH IOH[LEOH HQYLURQPHQW DQG IRFXV WRZDUGV VWUDWHJLF FRVW
PDQDJHPHQW. ,Q UHFHQW \HDUV ZH REVHUYH WKH ULVH RI VWUDWHJLF PDQDJHPHQW DFFRXQWLQJ DV ZHOO DV QHZ FRQFHSWV RI PDQDJHPHQW
DFFRXQWLQJ, ZKLFK SURYLGHV VWUDWHJLF LQVLJKWV LQWR WKH PDQDJHPHQW; ZKLFK DOVR FRQWULEXWHV
 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13 7

QHZO\ FRQFHLYHG REMHFWLYHV, FRQWHQW DQG VWUXFWXUH RI PDQDJHPHQW DFFRXQWLQJ. 7KH WRWDO H[WHQVLRQ RI PDQDJHULDO DFFRXQWLQJ
SURYLGHV QHZ LQIRUPDWLRQ WKDW PD\ KHOS VROYH FULWLFDO SUREOHPV. 0HWKRGV DQG FRQFHSWV RI PDQDJHULDO DFFRXQWLQJ LV VRPHZKDW RI D
VWDUWLQJ SRLQW IRU IXUWKHU GHYHORSPHQW LQ WKLV DUHD. 3URDFWLYH DSSURDFK DQG GHVLUH WR UHVSRQG WR WKH VLWXDWLRQ E\ VKLIWLQJ PDQDJHULDO
DFFRXQWLQJ IURP D SDVVLYH UROH WRZDUGV VROYLQJ DFWLRQ DQG VWUDWHJLF DSSURDFK.

3. 7KH DJHQF\ WKHRU\

7KH DJHQF\ WKHRU\ KDV EHHQ RQH RI WKH PRVW LPSRUWDQW WKHRUHWLFDO SDUDGLJPV LQ PDQDJHULDO DFFRXQWLQJ IRU WKH SDVW 25 \HDUV. ,WV
FRQFHSW SURYLGHV D ULFK WKHRUHWLFDO IUDPHZRUN IRU XQGHUVWDQGLQJ SURFHVVHV LQ WKH FRPSDQ\ IURP WKH SHUVSHFWLYH RI SULQFLSDO-DJHQW.
-HQVHQ (2000) GHILQHV WKH UHODWLRQVKLS DJHQF\, VXFK DV D FRQWUDFWXDO UHODWLRQVKLS LQ ZKLFK RQH RU PRUH SHUVRQV (WKH SULQFLSDO)
HPSOR\V RQH RU PRUH SHUVRQV (DJHQW) WR SHUIRUP VRPH DFWLRQ LQ KLV IDYRU, ZKLFK UHTXLUHV GHOHJDWLQJ FHUWDLQ GHFLVLRQ-PDNLQJ SRZHUV
WR WKH DJHQW. $JHQF\ WKHRU\ DVVXPHV WKDW WKHUH LV D FRQWUDFWXDO UHODWLRQVKLS DQG WKHUHIRUH WKH WZR FRQWUDFWLQJ SDUWLHV, RQH SDUW\ FDQ
EH GHVFULEHG DV SULQFLSDO, GLUHFWRU, VXSHUYLVRU DQG WKHQ WKH RWKHU VLGH DQ DJHQW WKXV VXERUGLQDWH. 3ULQFLSDO ZLOO GHOHJDWH GHFLVLRQ-
PDNLQJ DXWKRULW\ WR WKH DJHQWV DQG H[SHFW WKDW WKH DJHQWV ZLOO SHUIRUP FHUWDLQ DFWLRQV LQ H[FKDQJH IRU D UHZDUG. $V SULQFLSDOV
DQG DJHQWV DUH FRQVLGHUHG UDWLRQDO HFRQRPLF SHUVRQ PRWLYDWHG E\ VHOI-LQWHUHVW, ZKLFK PD\ YDU\ GHSHQGLQJ RQ SUHIHUHQFH, FRQYLFWLRQ
DQG LQIRUPDWLRQ. 6LQFH WKH SULQFLSDO LV H[SHFWHG WR SURYLGH FDSLWDO DQG EHDUV WKH ULVN, ZKLOH WKH DJHQW LV H[SHFWHG WR SHUIRUP WDVNV,
PDNH D GHFLVLRQ LQ IDYRU RI WKH SULQFLSDO DQG WDNH WKH ULVN WRR. (/DPEHUW, 2001).
)LUVW, WKHUH LV D FRQWUDFW EHWZHHQ SULQFLSDOV DQG DJHQWV, WKH FRQWUDFWXDO UHODWLRQVKLS GHILQHV ZKDW FULWHULD LQ WKH DJHQW¶V
SHUIRUPDQFH ZLOO EH HYDOXDWHG, VHH )LJ. 1.

)LJ. 1. $JHQF\ WKHRU\, VRXUFH: $XWKRU, DGDSWHG IURP /DPEHUW (2001)

$OLJQPHQW IXQFWLRQ GHQRWHG DV "V" DQG "[" UHSUHVHQWV WKH FRPSDQ\'V ERWWRP OLQH, "\" UHSUHVHQWV WKH YHFWRU XWLOL]HG LQ HYDOXDWLQJ
WKH SHUIRUPDQFH RI WKH FRQWUDFWXDO UHODWLRQVKLS. $JHQW VHOHFWV WKH YHFWRU DFWLYLW\ "D", ZKLFK LQFOXGHV RSHUDWLRQDO GHFLVLRQV,
ILQDQFLDO GHFLVLRQV RU LQYHVWPHQW GHFLVLRQV. $JHQWV DQG RWKHU H[RJHQRXV IDFWRUV DIIHFWLQJ WKH LPSOHPHQWDWLRQ RI WKH UHVXOWV RI WKH
FRPSDQ\. $IWHU ZH MRLQWO\ HYDOXDWHG WKH UHVXOWV RI WKH FRPSDQ\, WKH DJHQW LV UHZDUGHG E\ FRQWUDFWXDO DJUHHPHQW. 7KLV VHTXHQFH RI
HYHQWV WDNHV SODFH VPRRWKO\ ZKHQ NHSW NH\ DVVXPSWLRQV.
7KH UHVXOW RI WKH FRPSDQ\ '[' FDQ EH PHDVXUHG DQG PD\ EH FRQWUDFWXDOO\ ELQGLQJ. ,W LV IXUWKHU FRQWHPSODWHG WKDW PD\ EH "[" PD\
PRQHWLVH DQG UHODWH WR RQH SHULRG. $JHQW FDQ FKRRVH DFWLRQV, VWHSV DQG SULQFLSDO IDLOV WR FRPSOHWHO\ REVHUYH WKLV RSWLRQ. 7KH UHVXOW FDQ
LQIOXHQFH HYHQWV QRW XQGHU WKH FRQWURO RI WKH DJHQW. 3ULQFLSDO DQG DJHQW DVVXPH VRPH ULVN, JHQHUDOO\ WKH KLJKHU WKH ULVN RI
SUHVXPHG DJHQW, WKH KLJKHU FRPSHQVDWLRQ IRU WKH DJHQW.
7KH DJHQF\ WKHRU\ FDQ EH DSSURDFKHG DV D SRVLWLYH DJHQF\ WKHRU\ RU DV D QRUPDWLYH DJHQF\ WKHRU\ (-HQVHQ, 1983).
7KH WHUP FRPHV IURP WKH SRVLWLYH SKLORVRSK\ DQG LV XVHG LQ HFRQRPLFV VLQFH WKH )ULHGPDQ. 3RVLWLYH DJHQF\ WKHRU\ LV OHVV PDWKHPDWLFDO
WKDQ WKH QRUPDWLYH DJHQF\ WKHRU\ DQG IRFXVHV RQ LGHQWLI\LQJ VLWXDWLRQV LQ ZKLFK SULQFLSDOV DQG DJHQWV KDYH SRWHQWLDOO\
FRQIOLFWLQJ JRDOV. 3RVLWLYH WKHRU\ GHVFULEHV WKH FRQWURO PHFKDQLVPV WR OLPLW VHOI-VHUYLQJ EHKDYLRU. (PSKDVLV LV SODFHG DOPRVW
H[FOXVLYHO\ RQ UHODWLRQV EHWZHHQ RZQHUV DQG PDQDJHUV ((LVHQKDUGW, 1989).
1RUPDWLYH DJHQF\ WKHRU\ IRFXVHV RQ WKH GHVLJQ RI D PRUH JHQHUDO WKHRU\ WKDW FDQ EH DSSOLHG WR YDULRXV UHODWLRQVKLSV, VXFK
DV HPSOR\HU-HPSOR\HH EX\HU-VXSSOLHU ((LVHQKDUGW, 1989). 7DNLQJ D SRVLWLYLVW WKHRU\ DJHQF\ FDQ HQULFK HFRQRPLFV FRPSUHKHQVLYH
GHVFULSWLYH YLHZ RI WKH RUJDQL]DWLRQ. )RU QRUPDWLYH WKHRU\ RI DJHQF\, ZH FDQ VD\ WKDW LW LV D PRUH JHQHUDO DSSURDFK, ZKLFK KDV D
EURDGHU IRFXV DQG WU\ WR SURSRVH WKH RSWLPDO VROXWLRQ WR WKH SUREOHP.
8 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13

(-HQVHQ, 1983). 7KH FRUH QRUPDWLYH WKHRU\ DJHQF\ IRUP ZRUN RQ D FRPSURPLVH EHWZHHQ WKH FRVW RI WKH PHDVXUHPHQW EHKDYLRU DQG FRVW RI
PHDVXUHPHQW UHVXOWV DQG WUDQVIHU RI ULVN WR WKH DJHQWV ((LVHQKDUGW, 1989).

3.1. Problem of agency theory

7KH DJHQF\ UHODWLRQVKLS DV ZH KDYH GHVFULEHG LW DERYH IDFH D IXQGDPHQWDO SUREOHP, ZKLFK LV GHDOLQJ ZLWK WKH EHKDYLRU RI WKH
DJHQW DQG KLV GHVLUH WR PD[LPL]H WKHLU RZQ XWLOLW\ IXQFWLRQ, ZKLFK PD\ QRW EH FRQVLVWHQW ZLWK WKH REMHFWLYHV RI WKH SULQFLSDO. )URP
WKLV UDLVHV WKH DJHQF\ SUREOHP ZKHUH WKH DJHQW PD\ QRW DFW LQ WKH EHVW LQWHUHVW RI WKH SULQFLSDO. $FFRUGLQJ WR $NHUORI (1970) WKH
DJHQF\ WKHRU\ LV FKDUDFWHUL]HG E\ LQIRUPDWLRQ DV\PPHWU\, PRUDO KD]DUG DQG DGYHUVH VHOHFWLRQ.
,QIRUPDWLRQ DV\PPHWU\ DULVHV ZKHQ RQH SDUW\ LV EHWWHU LQIRUPHG WKDQ WKH RWKHU VLGH. 2Q WKH FRQWUDU\ WKH HOGHUV RI HFRQRPLF WKHRU\
LV EDVHG RQ SHUIHFW DZDUHQHVV RI FRQWUDFWLQJ SDUWLHV. ,Q WKH FDVH RI LQIRUPDWLRQ DV\PPHWU\ RQH SDUW\ KDV DQ LQIRUPDWLRQ DGYDQWDJH
RYHU WKH RWKHU, WKLV VLWXDWLRQ DULVHV LQ WKH PDUNHW QRUPDOO\. ,Q PRVW FDVHV, LW LV WKH DJHQW ZKR KDV DQ LQIRUPDWLRQ DGYDQWDJH RYHU WKH
SULQFLSDO, WKH UHDVRQ PD\ EH KLV GLUHFW LQYROYHPHQW LQ WKH GDLO\ RSHUDWLRQV RI WKH FRPSDQ\. ,QIRUPDWLRQ DV\PPHWU\ FDQ EH VHHQ DV D
IRUP RI PDUNHW IDLOXUH, ZKLFK FDXVHV LQHIILFLHQW DOORFDWLRQ RI DYDLODEOH UHVRXUFHV.
,QIRUPDWLRQ DV\PPHWU\ OHDGV WR WKH IRUPDWLRQ RI WZR VSHFLILF SUREOHP RI DJHQF\ WKHRU\. 7KH YHU\ H[LVWHQFH RI LQIRUPDWLRQ
DV\PPHWU\ PD\ UHVXOW LQ PRUDO KD]DUG, ZKHUH RQH RI WKH SDUWLHV H[SORLWV WKH LQIRUPDWLRQ DV\PPHWU\ IRU WKHLU RZQ EHQHILW. 3ULQFLSDO
KDV OLPLWHG SRVVLELOLWLHV WR PRQLWRU WKH EHKDYLRU RI DQ DJHQW DQG FDQ HYDOXDWH WKH PDQDJHU'V SHUIRUPDQFH RQO\ E\ UHVXOWV. ,Q
VXFK FDVHV, WKH DJHQW (PDQDJHU) PD\ EH WHPSWHG WR VKLUN KLV GXWLHV EHFDXVH WKH SULQFLSDO PD\ QRW EH DEOH WR PRQLWRU DQG GHWHFW
VXFK EHKDYLRU ZLWKRXW LQFXUULQJ DGGLWLRQDO FRVWV IRU PRQLWRULQJ WKH DFWLYLWLHV RI WKH DJHQW.
,QIRUPDWLRQ DV\PPHWU\ PD\ DOVR OHDG WR DQ DGYHUVH VHOHFWLRQ, ZKLFK DULVHV IURP WKH ODFN RI LQIRUPDWLRQ. 3ULQFLSDO FDQQRW
DVVHVV WKH HIIHFWLYHQHVV RI DJHQW EHKDYLRU GXH WR ODFN RI LQIRUPDWLRQ. $Q H[DPSOH PLJKW EH D VLWXDWLRQ ZKHUH WKH DJHQW¶V WDVNV
LWVHOI LV VR KLJKO\ FRPSOH[ DQG LI DQ DJHQW PLVSUHVHQWV KLV DELOLW\ EXW WKH SULQFLSDO LV XQDEOH WR YHULI\ WKH DFWXDO DELOLW\ RI WKH DJHQW
HLWKHU DW WKH WLPH RI KLULQJ RU HYHQ ZKLOH WKH DJHQW LV ZRUNLQJ RQ WKH SURMHFW. 7KLV PD\ OHDG WR WKH IDFW WKDW WKH SULQFLSDO VHOHFWV DQ
DJHQW ZKR LV QRW WKH PRVW DSSURSULDWH IRU D JLYHQ SURMHFW / SRVLWLRQ.
7KH DJHQF\ SUREOHP LV DOVR UHODWHG WR WKH VSHFLILF W\SH RI VKDUHKROGHU-PDQDJHU UHODWLRQVKLS, WKDW UHFHLYHG WKH DWWHQWLRQ RI
UHVHDUFK LQ PDQDJHPHQW DFFRXQWLQJ ILHOG. 7KH VHSDUDWLRQ RI RZQHUVKLS DQG PDQDJHPHQW RI WKH FRPSDQ\ LV FUXFLDO LQ VKDUHKROGHU-
PDQDJHU UHODWLRQVKLS. 7KH VHSDUDWLRQ PD\ OHDG WR D VLWXDWLRQ ZKHUH D VKDUHKROGHU IDLOV WR REVHUYH WKH EHKDYLRU RI WKH PDQDJHU. 7KLV
PD\ OHDG WR WKH JURZWK RI WKH ULVN WKDW WKH PDQDJHU ZLOO QRW DFW LQ WKH LQWHUHVWV RI VKDUHKROGHUV DQG PD\ EHJLQ WR EHKDYH
RSSRUWXQLVWLFDOO\. 8QGHU WKH RSSRUWXQLVWLF EHKDYLRU RI DJHQW ZH FDQ LPDJLQH HVSHFLDOO\ IUDXG EXW DOVR LQFRPSHWHQFH, H[FHVVLYH
FRQVXPSWLRQ DQG DJHQW¶V LQGLIIHUHQFH. 7KLV GHFHSWLRQ FDQ WDNH D YDULHW\ RI IRUPV, EXW SUREDEO\ WKH EHVW NQRZQ IRUP LV WXQQHOLQJ,
ZKHQ WKH DJHQW WULHV WR VHFUHWO\ GUDLQ DVVHWV IURP WKH FRPSDQ\, WKDW KH PDQDJH. 8QGHU DJHQW¶V H[FHVVLYH FRQVXPSWLRQ ZH
XQGHUVWDQG DOO FRQVXPSWLRQ, ZKLFK LV QRW GLUHFWO\ UHODWHG WR WKH SHUIRUPDQFH RI LWV IXQFWLRQV LQ WKH FRPSDQ\. $JHQWµV LQGLIIHUHQFH LV
DOVR OLQNHG WR WKH SHUIRUPDQFH RI LWV IXQFWLRQV, ZKHQ DJHQW DSSURDFK WKH ZRUN OD[O\. ,Q FDVH RI LQFRPSHWHQW DJHQW ZH IDFH
GHILFLHQFLHV LQ EDVLF PDQDJHPHQW VNLOOV, WR ZKLFK WKH IXQFWLRQ LV DVVRFLDWHG. 7KHVH IRUPV RI DJHQW¶V EHKDYLRU QHJDWLYHO\ DIIHFW WKH
FRPSDQ\'V RSHUDWLRQV. 7KLV LPSRVHV D ULVN, WR ZKLFK WKH VKDUHKROGHU-PDQDJHU UHODWLRQVKLS LV H[SRVHG.
7KH DJHQF\ SUREOHPV FDQ EH PLWLJDWHG RU HOLPLQDWHG HQWLUHO\ E\ PRQLWRULQJ WKH DJHQW¶V DFWLYLWLHV RU SURYLGLQJ LQFHQWLYHV WKDW
HQJHQGHU EHKDYLRXU FRQJUXHQW ZLWK SULQFLSDO¶V LQWHUHVWV. $JHQF\ FRVW FDQ EH FRQVLGHUHG DV DOO WKH FRVWV WKDW DULVH GXH WR WKH
H[LVWHQFH RI WKH UHODWLRQVKLS LWVHOI VXFK DV DJHQF\, PRQLWRULQJ FRVWV, ERQGLQJ FRVW DQG UHVLGXDO ORVV.
0RQLWRULQJ FRVWV LQFXUUHG LQ FRQQHFWLRQ ZLWK PRQLWRULQJ RI DJHQW, ZH'UH WDONLQJ DERXW WKH FRVW RI WKH DXGLW, LQYHVWPHQW
PDQDJHPHQW VWUXFWXUH, WKH FRVW RI LQIRUPDWLRQ V\VWHP DQG RWKHU FRVWV RI VXSHUYLVLRQ, ZKLFK KHOS WR HOLPLQDWH RSSRUWXQLVWLF
EHKDYLRU RI WKH DJHQW.
%RQGLQJ FRVWV XVHG WR KHOS DOLJQ DJHQW¶V LQWHUHVWV ZLWK SULQFLSDO¶V LQWHUHVWV. :H FDQ LPDJLQH WKH FRVW RI WKH UHZDUG V\VWHP
WKDW PLQLPLVH WKH ORVV RI DJHQWµV LQHIILFLHQF\ RU RSSRUWXQLVWLF EHKDYLRU.
 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13 9

5HVLGXDO ORVV, WKLV WHUP LPDJLQLQJ DOO RWKHU FRVWV DULVLQJ IURP WKH FRQIOLFWLQJ LQWHUHVWV RI SULQFLSDO DQG DJHQW LQ VSLWH RI WKH
PRQLWRULQJ SURFHVV.
,Q JHQHUDO WKHUH LV D WUDGH-RII EHWZHHQ PRQLWRULQJ FRVWV DQG ERQGLQJ FRVWV. 7KH PRQLWRULQJ V\VWHP LV VXSSRVHG WR SURYLGH
LQIRUPDWLRQ IRU WKH PDQDJHU WR EH DEOH WR LGHQWLI\ DQG HOLPLQDWH RSSRUWXQLVWLF EHKDYLRU RI WKH DJHQW. 'XH WR GHFUHDVHG SRVVLELOLW\ RI
DJHQW'V RSSRUWXQLVWLF EHKDYLRU D UHGXFWLRQ LQ WKH QHHG RI ERQXVHV DQG ERQGLQJ FRVWV LV DFKLHYHG. 0RQLWRULQJ DJHQW'V EHKDYLRU
UHTXLUHV DGGLWLRQDO H[SHQVH RQ LQIRUPDWLRQ V\VWpP. 7KLV V\VWHP VKRXOG EH GHVLJQHG WR SURYLGH LQIRUPDWLRQ DERXW WKH DJHQW'V
DFWLYLWLHV. 0DQDJHUV DUH WU\LQJ WR UHGXFH WKH DPRXQW RI WKHVH FRVWV EHFDXVH LW LV YHU\ GLIILFXOW WR HYDOXDWH HIIHFWLYHQHVV RI WKH V\VWHP.
%DLPDQ (1990) DUJXHV WKDW ORVV RI HIILFLHQF\ GXH WR WKH DJHQF\ SUREOHP, KDV LQFUHDVHG WKH QHHG IRU PDQDJHULDO DFFRXQWLQJ LQ WKH
FRPSDQ\. 0DQDJHPHQW DFFRXQWLQJ FRPHV ZLWK WRROV WKDW KHOS WR SURYLGH LQIRUPDWLRQ QHFHVVDU\ IRU GHFLVLRQ-PDNLQJ. 7KHVH WRROV PD\
EH IRU H[DPSOH V\VWHP RI EXGJHWLQJ DQG SHUIRUPDQFH PHDVXUHPHQW V\VWHP.
%XGJHWLQJ LV YHU\ LPSRUWDQW LQ D VHQVH WKDW LW VHWV WDUJHWV IRU DJHQWV, EXW DOVR PRQLWRUV WKH DJHQW'V DFWLYLWLHV. 8VLQJ DQDO\VLV RI
YDULDQFH SULQFLSDO FDQ HYDOXDWH WKH DJHQW'V SHUIRUPDQFH DQG FRQWLQXHG WR LQYHVWLJDWH WKH FDXVHV RI GHYLDWLRQV IURP EXGJHW
WDUJHWV.
3HUIRUPDQFH PHDVXUHPHQW V\VWHP EDVHG RQ WKH EDVLF SULQFLSOH RI ZKDW \RX ZDQW WR GULYH, \RX PXVW DOVR NQRZ KRZ WR PHDVXUH
LW. "0HDVXUH" LV WKH NH\ WR FRQWURO. ,I WKH FRPSDQ\ FDQQRW PHDVXUH WKHQ ZH FDQQRW FRQWURO. ,I \RX FDQQRW FRQWURO LW, \RX FDQQRW
PDQDJH LW (.UiO, 2009). $XWKRUV VXFK DV .DSODQ SRLQWHG WR WKH QHHG WR OLQN WKH HQWLUH SHUIRUPDQFH V\VWHP ZLWK WKH FRPSDQ\'V
VWUDWHJ\. 6\QRQ\PV RI SHUIRUPDQFH V\VWHP VKRXOG EH WHUPV VXFK DV VLPSOLFLW\, FODULW\, G\QDPLVP. :KHQ FUHDWLQJ WKH V\VWHP PXVW
EH WDNHQ LQWR DFFRXQW ERWK ILQDQFLDO DQG QRQ-ILQDQFLDO LQGLFDWRUV, WKHUH PXVW DOVR EH D IHHGEDFN DQG HIIRUWV WR FRQWLQXRXVO\ LPSURYH
RI WKH V\VWHP. ,I FRPSDQLHV DUH WR VXUYLYH DQG WKULYH LQ WKH LQIRUPDWLRQ DJH FRPSHWLWLRQ, WKH\ PXVW XVH SHUIRUPDQFH
PHDVXUHPHQW V\VWHPV GHULYHG IURP WKHLU VWUDWHJLHV DQG FDSDELOLWLHV. 7DNLQJ LQWR DFFRXQW WKH DJHQF\ WKHRU\ ZH DVVXPH WKDW WKH
SHUIRUPDQFH PHDVXUHPHQW V\VWHP GHVLJQHG WR DOOHYLDWH WKH RSSRUWXQLVWLF EHKDYLRU RI WKH DJHQW.
$FFRUGLQJ WR /DPEHUW (2006), WKH DJHQF\ WKHRU\ KHOSV WR DGGUHVV WZR EDVLF TXHVWLRQV:
+RZ DUH FKDUDFWHULVWLFV RI LQIRUPDWLRQ, DFFRXQWLQJ DQG UHZDUG V\VWHP DIIHFW PRWLYDWLRQ SUREOHPV" +RZ WKH H[LVWHQFH RI WKH
PRWLYDWLRQ SUREOHP DIIHFWV WKH GHVLJQ DQG VWUXFWXUH RI LQIRUPDWLRQ, DFFRXQWLQJ, DQG GHVLJQ RI UHZDUG V\VWHP" 7KH PDLQ EHQHILW RI
DJHQF\ WKHRU\ FDQ EH VHHQ LQ WKH IDFW WKDW ZH DUH DEOH WR H[SOLFLWO\ LQFOXGH FRQIOLFWV RI LQWHUHVW, PRWLYDWLRQ SUREOHPV, DQG
PHFKDQLVPV IRU PDQDJHPHQW PRWLYDWLRQ SUREOHPV LQ RXU PRGHOV. 0DQDJHPHQW DFFRXQWLQJ DGGUHVVHV FRQWURO DQG SHUIRUPDQFH
PHDVXUHPHQW LQ FRPSDQ\ DQG FRQVLGHUDWLRQ RI DJHQF\ WKHRU\ VHHPV DGHTXDWH VWHS LQ WKH GHYHORSPHQW RI PDQDJHPHQW
DFFRXQWLQJ.

3.2. Problem of agency theory

%DLPDQ (1990) FDUULHG RXW DQ H[WHQVLYH VHDUFK RI WKH DJHQF\ WKHRU\, ZKLFK SURYLGHV DQDO\VLV RI WKH PDMRU WKHRUHWLFDO
IXQGDPHQWDOV DQG WHFKQLFDO LVVXHV WKDW DULVH ZKHQ PRGHOLQJ SUREOHPV RI PDQDJHPHQW DFFRXQWLQJ IURP WKH SHUVSHFWLYH RI DJHQF\
WKHRU\. 7KH DXWKRUV LGHQWLI\ WKUHH EDVLF EUDQFKHV RI DJHQF\ WKHRU\, ZKLFK FDQ EH DSSOLHG LQ WKH FRQWH[W RI PDQDJHPHQW DFFRXQWLQJ
UHVHDUFK.
x 3ULQFLSDO-DJHQW PRGHO
x 7UDQVDFWLRQ FRVW HFRQRPLFV PRGHO
x 5RFKHVWHU PRGHO
,Q WKLV SDUW ZH EULHIO\ PHQWLRQ WKH EDVLF EHQHILWV RI WKHVH PRGHOV. $OVR ZH SRLQW RXW WKHLU OLPLWV ZKHQ WKH PRGHOV DUH XVHG LQ WKH
FRQWH[W RI PDQDJHPHQW DFFRXQWLQJ.

3.3. Principal-agent model

:LWK WKH SULQFLSDO-DJHQW PRGHO ZH IRFXV RQ WKH FKRLFH RI H[-DQWH FRQWUDFWV DQG RSWLRQV RI LQIRUPDWLRQ V\VWHP. 7KH PRGHO LV
EDVHG RQ WKH UDWLRQDO EHKDYLRU RI LQGLYLGXDOV DQG DVVXPHV WKDW WKH\ DUH DEOH WR DQWLFLSDWH DQG HYDOXDWH WKH SUREDELOLW\ RI IXWXUH
HYHQWXDOLWLHV. 7KH DFWLRQV RI LQGLYLGXDOV LQ WKH PRGHO LV HQGRJHQRXVO\ GHULYHG EDVHG RQ WKHLU VSHFLILHG SUHIHUHQFHV DQG EHOLHIV. )URP
LQGLYLGXDOV ZH H[SHFW WKDW WKH\ ZLOO DFW H[DFWO\ DFFRUGLQJ WR WKHLU RZQ SUHIHUHQFHV.
10 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13

&RQWUDFWV DUH FRPSOHWH LQ WKH VHQVH WKDW IRU HDFK HYHQW, WKH\ LQGLFDWH WKH DFWLRQV WR EH WDNHQ E\ WKH FRQWUDFWLQJ SDUWLHV. 7KLV
PRGHO H[SHFWV SHUIHFW MXVWLFLDELOLW\ RI FRQWUDFWXDO ULJKWV.
)RU DOO SULQFLSDO-DJHQW PRGHOV WKHUH LV DQ LQIRUPDWLRQ DV\PPHWU\ DVVXPSWLRQ. $JHQW KDV LQIRUPDWLRQ, WR ZKLFK WKH SULQFLSDO
FDQQRW FRVWOHVVO\ JDLQ DFFHVV. )LQDOO\, LW LV DOVR DVVXPHG WKDW WKH DJHQW LV ULVN-DYHUVH.
%DLPDQ (1990) VWDWHV WKDW WKH PDLQ EHQHILW RI WKH SULQFLSDO-DJHQW PRGHO LQ PDQDJHULDO DFFRXQWLQJ LV WR HQVXUH FRKHUHQW DQG
XVHIXO IUDPHZRUN LQ ZKLFK ZH FDQ VKRZ PDQDJHPHQW DFFRXQWLQJ DQG LPDJLQH PDQDJHULDO DFFRXQWLQJ LVVXHV. 3ULQFLSDO-DJHQW PRGHO
DSSHDUV LQ WH[WV RI PDQDJHULDO DFFRXQWLQJ IRU H[DPSOH .DSODQ (1982).
0RGHO HPSKDVLV RQ UDWLRQDO SOD\HU DQG DQ RSWLPDO VROXWLRQ IRUFHV WKH UHVHDUFK WR VWXG\ WKH XVH RI PDQDJHPHQW DFFRXQWLQJ
SUDFWLFHV LQ WKH FRQWH[W RI PRGHOV LQ ZKLFK LV D XQGHUO\LQJ LQHIILFLHQF\, IRU ZKLFK WKH XVH RI WKHVH SURFHGXUHV PD\ EH DQ
RSWLPDO VROXWLRQ (%DLPDQ, 1990, 'HPVNL, 1981). 3ULQFLSDO-DJHQW PRGHO EULQJV QHZ UHFRJQLWLRQ RI WKH UROH RI PDQDJHPHQW
DFFRXQWLQJ SUDFWLFHV DQG WKHLU LQIRUPDWLRQ QHHGV.

3.4. Transaction cost economics model

7KH PRGHO DVVXPHV WKDW LQGLYLGXDOV DUH DFWLQJ LQ WKHLU RZQ LQWHUHVW. 7KLV FDQ EH GHVFULEHG DV RSSRUWXQLVWLF EHKDYLRU -
LQGLYLGXDOV GR QRW DOZD\V EHKDYH DFFRUGLQJ WR WKH UXOHV, EXW WKH\ SUHIHU WKHLU RZQ LQWHUHVWV.
8QOLNH SULQFLSDO-DJHQW PRGHO, KHUH ZH DVVXPH WKDW LQGLYLGXDOV KDYH OLPLWHG UDWLRQDOLW\. $V D UHVXOW RI ERXQGHG UDWLRQDOLW\. 6R
LQGLYLGXDOV FDQ QRW DQWLFLSDWH DOO SRVVLEOH IXWXUH FRQWLQJHQFLHV DQG WKHUHIRUH WKH\ FDQQRW LQFRUSRUDWH WKHVH XQIRUHVHHQ FRQWLQJHQFLHV
LQWR HPSOR\PHQW FRQWUDFWV H[ DQWH. 7KHUHIRUH, XQOLNH WKH SULQFLSDO-DJHQW PRGHO, LQ WKLV PRGHO ZH DVVXPH WKDW FRQWUDFWV DUH
LQFRPSOHWH. 7KLV PHDQV WKDW WKHUH PD\ EH IXWXUH HYHQWV, ZKLFK DUH QRW FRQWUDFWXDOO\ WUHDWHG. 'XH WR OLPLWHG UDWLRQDOLW\ PRGHO FDQ QR
ORQJHU UHO\ RQ SHUIHFW OHJDO HQIRUFHDELOLW\ RI FRQWUDFWV. 7KH SULQFLSDO-DJHQW PRGHO FRQWUDFWV DUH GHHPHG FRPSOHWH DQG WKHUHIRUH WKHUH
FDQQRW EH H[-SRVW EDUJDLQLQJ. 1RZ LQFRPSOHWHQHVV RI FRQWUDFWV LQ WKH PRGHO QDWXUDOO\ OHDGV WR IXUWKHU VWXG\ RI FRQWUDFWV DQG
FRQVLGHUDWLRQV RQ WKH UHZDUGLQJ V\VWHP.
7KH PRGHO SURYLGHV DQ H[SODQDWLRQ RI XQXVXDO UHODWLRQVKLSV EHWZHHQ FRPSDQLHV WKDW DUH WU\LQJ WR EXLOG RU XVH RI PRQRSRO\
SRZHU. $QDO\VLV EDVHG RQ WKH PRGHO VKRZHG WKDW VRPH RI WKHVH UHODWLRQVKLSV PD\ EH GXH WR D GHVLUH WR PLQLPL]H WUDQVDFWLRQ FRVWV.
7KH PRGHO IRFXVHV RQ WKH UHVROXWLRQ RI FRQWUDFWXDO UHODWLRQVKLSV EHWZHHQ ILUPV, XQOLNH WKH SULQFLSDO-DJHQW PRGHO, ZKLFK IRFXVHV
PRUH RQ FRQWUDFWXDO UHODWLRQVKLSV ZLWKLQ WKH FRPSDQ\.
3HUKDSV WKH EHVW NQRZQ XVH RI WKH PRGHO HFRQRP\ WUDQVDFWLRQ FRVWV ZLWKLQ PDQDJHPHQW DFFRXQWLQJ SUHVHQWV LQ WKH ZRUN
"5HOHYDQFH /RVW" -RKQVRQ DQG .DSODQ (1987). 7KH DXWKRUV FRQVLGHU WKH RUJDQL]DWLRQ DV DQ DOWHUQDWLYH WR D PDUNHW PHFKDQLVP IRU
FRRUGLQDWLQJ HFRQRPLF DFWLYLW\. 0DQDJHPHQW DFFRXQWLQJ LV EHFRPLQJ D FUXFLDO HOHPHQW LQ WKH FRUSRUDWH HQYLURQPHQW, ZKLFK SURYLGHV
PRQLWRULQJ DQG LQIRUPDWLRQ PDQDJHPHQW VXSSRUW FRPSDQ\.

3.5. Rochester model

5RFKHVWHU PRGHO LV EDVHG RQ WKH ZRUN RI -HQVHQ DQG 0HFNOLQJ (1976). 7KLV PRGHO LV YHU\ VLPLODU WR WKH WUDQVDFWLRQ FRVW
HFRQRPLFV PRGHO WKDW DOVR PHQWLRQV RSSRUWXQLVWLF EHKDYLRU DQG WUDQVDFWLRQ FRVWV. 7KH PRGHO, KRZHYHU, LV EDVHG RQ WKH SRVLWLYH
DFFRXQWLQJ WKHRU\ (:DWWV DQG =LPPHUPDQ, 1986). 2QH EHQHILW RI 5RFKHVWHU PRGHO LV WKDW WKH IUDPHZRUN LV DSSOLHG WR DJHQF\ SUREOHP
DQG LWV DLP LV WR XQGHUVWDQG KRZ WKH DJHQF\ SUREOHP RFFXUV DQG KRZ LW FDQ EH PLWLJDWHG E\ WKH RUJDQL]DWLRQDO VWUXFWXUH.
5HVHDUFK EDVHG RQ D SRVLWLYH PRGHO RI 5RFKHVWHU KDV D WHQGHQF\ WR LGHQWLI\ VLWXDWLRQV LQ ZKLFK WKHUH DUH GLIIHUHQFHV RI
LQWHUHVWV EHWZHHQ SULQFLSDO DQG DJHQW HYLGHQW DQG HYDOXDWHV WKH FRVW-HIIHFWLYHQHVV LQ WKH VHWWLQJ RI WKH FRQWURO PHFKDQLVPV (+RTXH,
2006).
$OO WKUHH PRGHOV SURYLGH D VLPLODU IUDPHZRUN IRU DQDO\]LQJ WKH EHKDYLRU RI LQGLYLGXDOV LQ WKH HFRQRPLF FRQWH[W IRU
XQGHUVWDQGLQJ WKH HIILFLHQF\ ORVVHV FDXVHG E\ WKH GLIIHULQJ LQWHUHVWV RI LQGLYLGXDOV DQG DQ DQDO\VLV RI WKH FRQVHTXHQFHV RI
GLIIHUHQW FRQWURO SURFHVVHV WR PLWLJDWH WKH ORVV RI HIILFLHQF\ FDXVHG E\ WKH DJHQF\ SUREOHP. 1RZ WKH HIILFLHQF\ ORVV FDXVHG E\ DJHQF\
SUREOHP UDLVHV WKH QHHG IRU PDQDJHULDO DFFRXQWLQJ LQ WKH FRPSDQ\.
 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13 11

4. 8VH RI DJHQF\ WKHRU\ LQ WKH FRQWH[W RI PDQDJHPHQW DFFRXQWLQJ

5RLUGDQ (1987) QRWHV WKDW WKH UROH DQG YDOXH RI PDQDJHPHQW DFFRXQWLQJ ZLOO GLIIHU GHSHQGLQJ RQ ZKHWKHU WKH WKHRU\ RI DJHQF\
ZH DVVXPH FRPSOHWHQHVV RI WKH FRQWUDFW RU QRW. ,W VKRXOG IXUWKHU EH DSSUHFLDWHG WKDW EHVLGHV DJHQWV HYHQ SULQFLSDOV FDQ EHKDYH
RSSRUWXQLVWLFDOO\ LI WKH\ KDYH WKH RSSRUWXQLW\. +RZHYHU, PRVW UHVHDUFK RQ DJHQF\ WKHRU\ DVVXPHV WKDW WKH SULQFLSDOµV GHFLVLRQV DUH
YHULILDEOH DQG FDQ EH FRQWUDFWHG, WKHUHIRUH WKHUH DUH QRW VXEMHFW WR PRUDO KD]DUG.
5HVHDUFK LQ PDQDJHPHQW DFFRXQWLQJ LV VLJQLILFDQWO\ IRFXVHG RQ SHUIRUPDQFH HYDOXDWLRQ DQG SUREOHPV FRQFHUQLQJ WKH FRQWURO RI WKH
FRPSDQ\. 7KLV LQFOXGHV PDQDJHPHQW LQFHQWLYHV DQG EHKDYLRU RI SULQFLSDOV DQG DJHQWV. 7KH DJHQF\ WKHRU\ FRPHV IURP D FRQFHSW WKDW
FDQ SUHGLFW PDQDJHULDO DQG RUJDQL]DWLRQDO RXWSXW LQ UHVSRQVH WR WKH ILQDQFLDO LQIRUPDWLRQ DQG SURFHGXUHV. 0DQDJHPHQW DFFRXQWLQJ
DOVR EHJXQ WR DGGUHVV WKH YDOXH RI PRQLWRULQJ. 5HVHDUFK LQ WKLV DUHD KDV IRFXVHG RQ WKH GHVLJQ RI RSWLPDO PRQLWRULQJ V\VWHP.
3ULQFLSDO PXVW GHFLGH KRZ PXFK WR LQYHVW LQ WKH SURGXFWLRQ SURFHVV DQG KRZ PXFK WR WKH PRQLWRULQJ V\VWHP. .XPDU (1989) IRXQG
WKDW LI WKH SULQFLSDO LQYHVWV KHDYLO\ LQ WKH SURGXFWLRQ SURFHVV, WKHQ WKH FRPSDQ\ ZLOO LQYHVW LQ D PRQLWRULQJ V\VWHP WR UHGXFH WKH DJHQF\
SUREOHP.
,Q DGGLWLRQ WR WKH DERYH-PHQWLRQHG YDOXHV ""RI WKH PRQLWRULQJ V\VWHP, WKH UHVHDUFK DOVR IRFXVHV RQ WKH PDQLSXODWLRQ RI
UHVXOWV. 5HODWLYHO\ ZHOO-NQRZQ IDFW LV WKDW PDQDJHUV VHHN WR VPRRWK RXW DQG PDQLSXODWH UHSRUWHG UHVXOWV. +HDO\ (1985) FRQILUPHG
WKH OLQN EHWZHHQ FKRRVLQJ WKH PHWKRG RI ILQDQFLDO UHSRUWLQJ DQG FRQWUDFWXDO FRPSHQVDWLRQ. ,Q WKH FDVH RI DOWHULQJ UHVXOWV WKH
DJHQW LV SULYDWHO\ LQIRUPHG DERXW DFWXDO RXWFRPHV. +RZHYHU LQIRUPDWLRQ VHQW WR SULQFLSDO DUH QRW WKH DFWXDO UHVXOWV EXW WKH DOWHUHG
UHVXOWV. 6R ZKDW OHDGV WKH SULQFLSDO WR GHOHJDWH WKH VHOHFWLQJ WKH UHSRUWLQJ PHWKRG RQ DJHQW" ,Q WKLV DUHD, IRU H[DPSOH 'HPVNL (1984)
RIIHUV DQ H[SODQDWLRQ EDVHG RQ WKH IDFW WKDW WKH DJHQW KDV SULYDWH LQIRUPDWLRQ WKDW WKH SULQFLSDO FRQVLGHUV YDOXDEOH DQG ZDQWV WR REWDLQ
LW.
$JHQF\ WKHRU\ DSSOLHV DOVR WR UHODWLRQV EHWZHHQ RUJDQL]DWLRQV DQG WULHV WR H[SODLQ WKH UHODWLRQVKLSV EHWZHHQ WKHP (+RSSHU, 2007).
$Q LPSRUWDQW SUHUHTXLVLWH LV WKH LPSHUIHFWLRQ RI FRQWUDFWV, LW LV LPSRVVLEOH WR LQFRUSRUDWH DOO IXWXUH FRQWLQJHQFLHV LQ WKH FRQWUDFW.
$JHQF\ WKHRU\ H[SODLQV WKH LQHIILFLHQF\ LQ UHODWLRQ EX\HU-VHOOHU, ZKLFK LV WKH UHVXOW RI LQIRUPDWLRQ DV\PPHWULHV DQG RSSRUWXQLVP.
,QIRUPDWLRQ DV\PPHWU\ LQ WKLV FDVH PHDQV WKDW RQH FRPSDQ\ KDV LQIRUPDWLRQ WKDW FDQ EH XVHG DJDLQVW DQRWKHU FRPSDQ\ ZLWK
ZKLFK KH KDV D FRQWUDFWXDO UHODWLRQVKLS. 7R HOLPLQDWH WKH LQIRUPDWLRQ DV\PPHWU\ EHWZHHQ ILUPV, LW ZRXOG EH EHWWHU WR SURPRWH
H[FKDQJH RI LQIRUPDWLRQ. )RU PDQDJHPHQW RI LQWHU-RUJDQL]DWLRQDO UHODWLRQVKLSV LW LV DOVR QHFHVVDU\ WR SURYLGH LQFHQWLYHV WKDW
PRWLYDWH DQG HGXFDWH ILUPV WR QRW EHKDYH RSSRUWXQLVWLFDOO\. ,PSURYHG LQIRUPDWLRQ H[FKDQJH OHDGV WR JUHDWHU HIILFLHQF\ LQ WKH VXSSO\
FKDLQ. 6XSSOLHUV DQG FXVWRPHUV FDQ HDVLO\ LGHQWLI\ FRVW UHGXFWLRQ. ,QIRUPDWLRQ FDQ EH H[FKDQJHG IRU H[DPSOH E\ XVLQJ WDUJHW FRVWLQJ,
SHUIRUPDQFH PHDVXUHV RU LQWHUYLHZV. +RZHYHU, SURPRWLQJ WKH H[FKDQJH RI LQIRUPDWLRQ LQFUHDVHV WKH ULVN RI IXWXUH PLVXVH RI VXFK
LQIRUPDWLRQ. :KHQ LW FRPHV WR FRQWUDFW QHJRWLDWLRQV WKH FRPSDQ\ PD\ VHHN WR HQVXUH LWV IXWXUH QHJRWLDWLQJ SRVLWLRQ XVLQJ WKH
SURYLGHG LQIRUPDWLRQ.
%\ FRPELQLQJ DJHQF\ WKHRU\ DQG PDQDJHULDO DFFRXQWLQJ ZH IRXQG RXW WKDW WKHUH LV D JURZLQJ QHHG IRU WRROV WKDW PRQLWRU WKH
EHKDYLRU RI WKH PDQDJHU. ,Q DGGLWLRQ, WKHUH LV DOVR D UHTXLUHPHQW WR FRQWURO DQG PDQDJH WKH PRQLWRULQJ FRVWV. )RU WKH HQWHUSULVH, LW LV
QHFHVVDU\ WR EDODQFH WKH PRQLWRULQJ FRVWV DQG EHQHILWV. $JHQF\ WKHRU\ SURYLGHV D GHVFULSWLRQ RI PDQDJHUµV EHKDYLRUµV, ZKLFK
KDV D GLUHFW LPSDFW RQ WKH YDOXH RI LQIRUPDWLRQ LQ PDQDJHULDO DFFRXQWLQJ. 2EWDLQLQJ LQIRUPDWLRQ LQ PDQDJHULDO DFFRXQWLQJ LV
QRW ZLWKRXW LQFXUULQJ WKH FRVW RI WKLV DFTXLVLWLRQ, IURP WKLV SHUVSHFWLYH, ZH PXVW FRQVLGHU ZKHUH WKLV LQIRUPDWLRQ LV XVHG DQG ZKDW
LV WKHLU YDOXH IRU WKH FRPSDQ\. 7KH REWDLQHG LQIRUPDWLRQ VKRXOG UHYHDO WKH VHOI-VHUYLQJ EHKDYLRU PDQDJHU (DJHQW) LQ DQ HQWHUSULVH. ,I
WKH LQIRUPDWLRQ RI PDQDJHPHQW DFFRXQWLQJ DUH QRW DEOH WR UHYHDO WKLV RSSRUWXQLVWLF EHKDYLRU EDVHG RQ DJHQF\ WKHRU\, WKHQ ZH
VSHQW LQHIILFLHQWO\ FRVWV DQG LV D ZDVWH RI UHVRXUFHV FRPSDQLHV. 7KH EHQHILW RI DJHQF\ WKHRU\ LV WKDW LW IRUFHV WKH SUDFWLFH WR WDNH DFFRXQW
RI WKH YDOXH RI PDQDJHPHQW DFFRXQWLQJ WHFKQLTXHV.
,Q UHODWLRQ WR PDQDJHPHQW DFFRXQWLQJ, ZH LGHQWLI\ SUREOHP DUHDV, ZKLFK WKH UHVHDUFK LQ WKH ILHOG DJHQF\ WKHRU\ IXUWKHU GLVFXVVHG.
7KH ILUVW SDUW GHDOV ZLWK WKH FDXVHV DQG HIIHFWV RI VHSDUDWLRQ RI RZQHUVKLS DQG WKH FRPSDQ\ PDQDJHPHQW, ZKLFK DUH
FKDUDFWHUL]HG E\ PRGHUQ EXVLQHVVHV. 7KH VHFRQG SDUW UHIHUV WR WKH DJHQF\ FRVWV DQG WKHLU HIIHFW RQ ILUP YDOXH. 7KH WKLUG LVVXH GHDOV
ZLWK WKH FRQWUDFWXDO UHODWLRQVKLS EHWZHHQ SULQFLSDO DQG DJHQW ZKHQ WU\LQJ WR GHVLJQ WKH VWUXFWXUH RI FRQWUDFWXDO UHODWLRQV LQ ZKLFK WKH
DJHQW ZLOO ZDWFK WKH LQWHUHVWV RI WKH SULQFLSDO. 7KH ILUVW WZR URXQGV FDQ EH LQFOXGHG LQ WKH SRVLWLYH WKHRU\ DQG WKH WKLUG SUREOHP IDOOV
PRUH LQWR WKH QRUPDWLYH WKHRU\.
3RVVLELOLWLHV IRU IXWXUH UHVHDUFK FDQ EH VHHQ HVSHFLDOO\ LQ D EHWWHU XQGHUVWDQGLQJ RI KRZ LQIRUPDWLRQ RI PDQDJHPHQW
DFFRXQWLQJ WUDQVIRUPHG LQWR XVHIXO DQG UHOLDEOH LQIRUPDWLRQ, ZKLFK FDQ EH XVHG IRU SHUIRUPDQFH
12 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13

HYDOXDWLRQ. :KLOH WKH LQFUHDVHG DYDLODELOLW\ RI LQIRUPDWLRQ HYDOXDWLQJ SHUIRUPDQFH KHOSV WR PRUH DFFXUDWHO\ SUHGLFW EXVLQHVV UHVXOWV.
$QRWKHU OLQH RI GHYHORSPHQW SURYLGHV DQ DQDO\VLV RI DJHQF\ WKHRU\, ZKLFK WDNHV LQWR DFFRXQW QHZ IRUPV RI RUJDQL]DWLRQDO
VWUXFWXUH. 7KH RUJDQL]DWLRQDO VWUXFWXUH LV D NH\ IDFWRU WKURXJK ZKLFK WKH SUREOHP RI PDQDJHPHQW KDV WUDGLWLRQDOO\ EHHQ
GLVFXVVHG DQG VROYHG. )XWXUH UHVHDUFK VKRXOG SD\ PRUH DWWHQWLRQ WR PRWLYDWLRQDO PL[ DQG DOVR WDNH LQWR DFFRXQW PRQLWRULQJ VWUDWHJLHV
LQ WKH QHZ RUJDQL]DWLRQDO VWUXFWXUH RI WKH FRPSDQ\.

5. &RQFOXVLRQV

7KLV SDSHU VXPPDUL]HV WKH GHYHORSPHQW RI PDQDJHULDO DFFRXQWLQJ ZLWK HPSKDVLV RQ WKH VLJQLILFDQW FKDQJHV WKDW KDYH VKDSHG
WKLV FRQFHSW WR WKH SUHVHQW DSSHDUDQFH. *OREDOLVDWLRQ DQG OLEHUDOL]DWLRQ RI PDUNHWV OHDGV WR LQFUHDVHG FRPSHWLWLRQ DQG ILUPV UHTXLUH
TXDOLW\ DQG WLPHO\ PDQDJHPHQW LQIRUPDWLRQ. 7KH QHZO\ FUHDWHG RUJDQL]DWLRQDO VWUXFWXUH UHTXLUH FKDQJHV LQ PDQDJHPHQW SUDFWLFHV
DQG D IOH[LEOH V\VWHP RI PDQDJHPHQW DFFRXQWLQJ. *LYHQ WKHVH FKDQJHV LQ WKH EXVLQHVV HQYLURQPHQW, PDQDJHULDO DFFRXQWLQJ PXVW
EH DEOH WR SURYLGH DFFXUDWH DQG UHOLDEOH IHHGEDFN RQ WKH UHODWLYH VXFFHVV RU IDLOXUH RI WKH ILUP¶V VWUDWHJ\.
0DQDJHPHQW DFFRXQWLQJ SDVVHG GXULQJ WKH ODVW WZR FHQWXULHV VLJQLILFDQW FKDQJHV, EXW ZH VWLOO KDYH D ORQJ ZD\ RI GHYHORSPHQW
GXULQJ ZKLFK PDQDJHPHQW DFFRXQWLQJ PXVW IRFXV PRUH RQ DGGUHVVLQJ WKH QHHGV RI FRPSDQLHV LQ HFRQRPLF WKHRU\. %\
FRPELQLQJ PDQDJHULDO DFFRXQWLQJ DQG DJHQF\ WKHRU\ ZH KDYH FUHDWHG D IUDPHZRUN IRU XQGHUVWDQGLQJ DQG DQDO\]LQJ UHODWLRQVKLSV
ZLWKLQ WKH FRPSDQ\, ZKHUH RQH SDUW\ GHOHJDWHV WKH DXWKRULW\ IRU GHFLGH WR RWKHU SDUWLHV.
$JHQF\ WKHRU\ LV EDVHG RQ WKH DVVXPSWLRQ WKDW LQGLYLGXDOV DUH UDWLRQDO-PLQGHG, ZKLOH IDYRULQJ WKHLU RZQ SURILW EHIRUH
FRUSRUDWH. 7KH DJHQF\ WKHRU\ GHVFULEHV D SUREOHP WKDW PDQDJHUV DOUHDG\ REVHUYHG LQ WKH ILIWLHV. :H PD\ FRQFOXGH WKDW WKH
FRQYHQWLRQDO WKHRU\ RI WKH ILUP ZDV XQDEOH WR IRNXV RQ DJHQF\ SUREOHP.
&UXFLDO EHQHILW RI DJHQF\ WKHRU\ ZLWKLQ WKH FRQFHSW RI PDQDJHULDO DFFRXQWLQJ LV DOVR DSSOLFDWLRQ LQ WKH DUHD RI SHUIRUPDQFH
PHDVXUHPHQW, UHZDUG V\VWHP, FRQWURO DQG PDQDJHPHQW ZLWKLQ WKH DVVRFLDWHG FRVW DQDO\VLV. :H FDQ LGHQWLI\ VSDFH IRU IXUWKHU
UHVHDUFK ERWK SUDFWLFDOO\ DQG WKHRUHWLFDOO\ RULHQWHG LQ WKH WUDQVIRUPDWLRQ RI PDQDJHPHQW DFFRXQWLQJ.

$FNQRZOHGJHPHQWV

7KLV LV SDSHU KDV EHHQ SUHSDUHG XQGHU ,QVWLWXWLRQDO VXSSRUW RI )DFXOW\ RI )LQDQFH DQG $FFRXQWLQJ, 8QLYHUVLW\ RI (FRQRPLFV,
3UDJXH (,3100040), ZKLFK DXWKRUV JUDWHIXOO\ DFNQRZOHGJH.

5HIHUHQFHV

$NHUORI, *., 1970. 7KH 0DUNHW IRU Ä/HPRQV³: 4XDOLW\, 8QFHUWDLQW\ DQG WKH 0DUNHW 0HFKDQLVPV. 4XDUWHO\ -RXUQDO RI (FRQRPLFV. YRO. 84, QR. 3.
%DLPDQ, 6., 1990. $JHQF\ 5HVHDUFK LQ 0DQDJHULDO $FFRXQWLQJ: $ 6HFRQG /RRN. $FFRXQWLQJ 2UJDQL]DWLRQV DQG 6RFLHW\, 15 (4), SS. 341-371. 'HPVNL; -. 6., 3DWHOO, -.
0. & :ROIVRQ. 0., 1984. 'HFHQWUDOL]HG &KRLFH RI 0RQLWRULQJ 6\VWHPV, 7KH $FFRXQWLQJ 5HYLHZ.
'UXU\, &., 1996. 0DQDJHPHQW DQG FRVW DFFRXQWLQJ. ,QWHUQDWLRQDO 7KRPVRQ %XVLQHVV 3UHVV /RQGRQ.
(LVHQKDUGW, .., 1985. &RQWURO: 2UJDQL]DWLRQDO DQG (FRQRPLF $SSURDFKHV. 0DQDJHPHQW 6FLHQFH, YRO.31, QR. 2, SS. 134-149.
+HDO\, 3., 1985. 7KH ,PSDFW RI %RQXV 6FKHPHV RQ WKH 6HOHFWLRQ RI $FFRXQWLQJ 3ULQFLSOHV. -RXUQDO RI $FFRXQWLQJ DQG (FRQRPLFV. SS. 81-108.
+RSSHU, 7., 6FDSHQV, 5. DQG 1RUWKFRWW, '., 2007. ,VVXHV LQ 0DQDJHPHQW $FFRXQWLQJ, 3UG, 3UHQWLFH +DOO, )LQDQFLDO 7LPHV, /RQGRQ.
+RTXH, =., 2006. 0HWKRGRORJLFDO ,VVXHV LQ $FFRXQWLQJ 5HVHDUFK: 7KHRULHV DQG 0HWKRGV. 6SLUDPXV 3UHVV, /RQGRQ, SS. 537, ,6%1: 1-904905-13-7
-RKQVRQ, +. DQG 5. .DSODQ, 1987. 5HOHYDQFH /RVW ± 7KH 5LVH DQG )DOO RI 0DQDJHPHQW $FFRXQWLQJ. +DUYDUG %XVLQHVV 6FKRRO 3UHVV, %RVWRQ, 0D.
-HQVHQ, 0. DQG :. 0HFNOLQJ, 1976. 7KHRU\ RI WKH )LUP: 0DQDJHULDO %HKDYLRU, $JHQF\ &RVWV, DQG 2ZQHUVKLS 6WUXFWXUH. -RXUQDO RI )LQDQFLDO (FRQRPLFV, 2FWREHU, SS. 305-
360.
-HQVHQ, 0., 2000. 7KHRU\ RI ILUP: JRYHUQDQFH, UHVLGXDO FODLPV, DQG RUJDQL]DWLRQDO IRUPV. &DPEULGJH:+DUYDUG 8QLYHUVLW\ 3UHVV, 2000
-HQVHQ, 0., 1983. 2UJDQL]DWLRQ 7KHRU\ DQG 0HWKRGRORJ\, 7KH $FFRXQWLQJ 5HYLHZ SS. 319-339.
.DSODQ, 5., 1982.$GYDQFHG 0DQDJHPHQW $FFRXQWLQJ. 3UHQWLFH +DOO, ,QF., (QJOHZRRG &OLIIV, 1-.
.DSODQ, 5., 1984. 7KH (YROXWLRQ RI 0DQDJHPHQW $FFRXQWLQJ. 7KH $FFRXQWLQJ 5HYLHZ, YRO.59, QR. 3, SS. 390-418.
.UiO, %., 2008. 0DQDåHUVNp ~þHWQLFWYt. 0DQDJHPHQW SUHVV, 2008. 624 V. ,6%1 978-80-7261-141-6.
.XPDU, 3., 1989. 7KH *HQHUDOL]HG 3ULQFLSDO-$JHQW 3UREOHP DQG 2SWLPDO 0RQLWRULQJ: $ )LUVW 2UGHU $SSURDFK, *UDGXDWH 6FKRRO RI ,QGXVWULDO
$GPLQLVWUDWLRQ, &DUQHJLH 0HOORQ 8QLYHUVLW\.
/DPEHUW, 5.$., 2001. &RQWUDFWLQJ WKHRU\ DQG DFFRXQWLQJ, -RXUQDO RI $FFRXQWLQJ DQG (FRQRPLFV,YRO. 32, SS. 3±87.
 Markéta Boučková / Procedia Economics and Finance 25 (2015) 5 – 13 13

/DPEHUW, 5.$., 2006. $JHQF\ 7KHRU\ DQG 0DQDJHPHQW $FFRXQWLQJ. ,Q +DQGERRN RI PDQDJHPHQW RI $FFRXQWLQJ, HGLWHG E\ &. &KDSPDQ, $.
+RSZRRG, 0. 6KLHOGV, SS. 247 - 268.
5LRUGDQ, 0., 1987. +LHUDUFKLFDO &RQWURO DQG ,QYHVWPHQW ,QFHQWLYHV, 6WDQIRUG 8QLYHUVLY :RUNLQJ 3DSHU
âROMDNRYi, /., 2009. 6WUDWHJLFN\ ]DPČĜHQp PDQDåHUVNp ~þHWQLFWYt. 3UDKD: 0DQDJHPHQW SUHVV. 206 V. ,6%1 978-80-7261-199-7.
:DWWV, 5. / & =LPPHUPDQ, -. /., 1986. 3RVLWLYH $FFRXQWLQJ 7KHRU\ ((QJOHZRRG &OLIIV. 1-: 3UHQWLFH-+DOO)