ESC
Clarivate

 
Source: Journal Citation ReportsTM from ClarivateTM 2022

Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2022) 1.7
Journal Citation IndicatorTM (2022) 0.42
Received: 2022-09-15  |  Accepted: 2022-12-05  |  Published: 2022-12-30

Title

Alternative costs of equity of coal mining companies taking into account a context of the Russian Invasion into Ukraine


Abstract

The aim of work was to evaluate the alternative costs of equity of mining companies in the Czech Republic from 2011 to 2021 and to predict the development of costs structure of equity in the following five years. The calculation of Capital Asset Pricing Model (CAMP) model was selected to deal with the issue of alternative costs of equity in the monitored period and multi-layer perceptron networks were selected for the prediction of development. The achieved results clearly demonstrate the ratio of capital structure and its prediction in the future. The research is useful for energy enterprises and a possibility to use it in another sector is obvious.


Keywords

alternative costs, debt capital, CAMP, neural networks


JEL classifications

E37 , D24 , L72


URI

http://jssidoi.org/jesi/article/1032


DOI


Pages

394-407


Funding


This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Matasová, Tereza
Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic https://www.vstecb.cz
Articles by this author in: CrossRef |  Google Scholar

Vochozka, Marek
Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic https://www.vstecb.cz
Articles by this author in: CrossRef |  Google Scholar

Rowland, Zuzana
Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic https://www.vstecb.cz
Articles by this author in: CrossRef |  Google Scholar

Journal title

Entrepreneurship and Sustainability Issues

Volume

10


Number

2


Issue date

December 2022


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 1010  |  PDF downloads: 429

References


Škare, M., & Rochon, M. P. (2022). Financial Cycle Convergence: Evidence on Financial Cycles Synchronisation in the European Union and the European Economic and Monetary Union. In: Olgić Draženović, B., Buterin, V., Suljić Nikolaj, S. (eds) Real and Financial Sectors in Post-Pandemic Central and Eastern Europe. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-99850-9_2

Search via ReFindit


Štefančík, R., Némethová, I., & Seresová, T. (2021). Securitisation of Migration in the Language of Slovak Far-Right Populism. Migration Letters, 18(6), 731-744. http://dx.doi.org/10.33182/ml.v18i6.1387

Search via ReFindit


Anastasiei, I., & Georgescu, M. (2020). Automated vs Manual Content Analysis—A Retrospective Look. Scientific Annals of Economics and Business, 67, 57-67. https://doi.org/10.47743/saeb-2020-0025

Search via ReFindit


Čermáková, K., Hromada, E. & Machová, V. (2022). Comparison of property price development in regions affected by mining with other regions of the CR. Acta Montanistica Slovaca, 27(2), 491-504. https://doi.org/10.46544/AMS.v27i2.16

Search via ReFindit


Baines, J., & Hager, S. (2020). Financial Crisis, Inequality, and Capitalist Diversity: A Critique of the Capital as Power Model of the Stock Market. New Political Economy, 25(1), 122-139. https://doi.org/10.1080/13563467.2018.1562434

Search via ReFindit


Baratsas, S., Niziolek, A., Onel, O., Matthews, L., Floudas, C., Hallermann, D., Sorescu, S., & Pistikopoulos, E. (2021). A framework to predict the price of energy for the end-users with applications to monetary and energy policies. Nature Communications, 12(1). https://doi.org/10.1038/s41467-020-20203-2

Search via ReFindit


Barinov, A., Xu, J., & Pottier, S. (2020). Estimating the Cost of Equity Capital for Insurance Firms with Multiperiod Asset Pricing Models. Journal of Risk and Insurance, 87(1), 213-245. https://doi.org/10.1111/jori.12267

Search via ReFindit


Belas, J., Gavurova, B., & Toth, P. (2018). Impact of selected characteristic of SMEs on the capital structure. Journal of Business Economics and Management, 19(4), 592-608. https://doi.org/10.3846/jbem.2018.6583

Search via ReFindit


Belas, J., Strnad, Z., Gavurova, B., & Cepel, M. (2019). Business environment quality factors research-SME management's platform. Polish Journal of Management Studies, 20(1), 64-77. https://doi.org/10.17512/pjms.2019.20.1.06

Search via ReFindit


Bilan, Y., Gavurova, B., Stanislaw, G., & Tkacova, A. (2017). The Composite Coincident Indicator (CCI) for Business Cycles. Acta Polytechnica Hungarica, 14(7), 71-90. https://doi.org/10.12700/aph.14.7.2017.7.5

Search via ReFindit


Boungou, W., & Yatie, A. (2022). The impact of the Ukraine-Russia war on world stock market returns. Economics Letters, 215. https://doi.org/10.1016/j.econlet.2022.110516

Search via ReFindit


Bunkovsky, V., & Yastrebinsky, M. (2018). Calculation of average weighted costs of capital when assessing company business activities. Research Paradigms Transformation in Social Sciences, 50, 254-262. https://doi.org/10.15405/epsbs.2018.12.32

Search via ReFindit


Cablik, V., Hlavata, M., Janakova, I., & Tora, B. (2019). Coal industry in Czech Republic, 545. https://doi.org/10.1088/1757-899X/545/1/012001

Search via ReFindit


Chu, Y., Hirshleifer, D., & Ma, L. (2020). The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies. Journal of Finance, 75(5), 2631-2672. https://doi.org/10.1111/jofi.12947

Search via ReFindit


Czech national bank: Ten-year government bond yields [online]. 2022 [cit. 2022-09-21]. https://www.cnb.cz/cs/

Search via ReFindit


Dutta, M., & Saikia, B. (2022). Environmental Geochemistry and Positive Impact of Covid-19 Pandemic with Special Emphasis to Coal Mining Industry: An Overview. Journal of the Geological Society of India, 98(7), 971-975. https://doi.org/10.1007/s12594-022-2102-2

Search via ReFindit


Eldomiaty, T., El Din, M., & Atia, O. (2018). Modeling growth rates and anomalies of financing, investment and dividend decisions. International Journal of Modelling and Simulation, 38(3), 159-167. https://doi.org/10.1080/02286203.2017.1405721

Search via ReFindit


Esfandabadi, Z., Ranjbari, M., & Scagnelli, S. (2022). The imbalance of food and biofuel markets amid Ukraine-Russia crisis: A systems thinking perspective. Biofuel Research Journal-BRJ, 9(2), 1640-1647. https://doi.org/10.18331/BRJ2022.9.2.5

Search via ReFindit


Gan, L., Lv, W., & Chen, Y. (2021). Capital structure adjustment speed over the business cycle. Finance Research Letters, 39. https://doi.org/10.1016/j.frl.2020.101574

Search via ReFindit


Gao, Z., Myers, J., Myers, L., & Wu, W. (2019). Can a Hybrid Method Improve Equity Valuation? An Empirical Evaluation of the Ohlson and Johannesson (2016) Model. Accounting Review, 94(6), 227-252. https://doi.org/10.2308/accr-52415

Search via ReFindit


Gavurova, B., Belas, J., Bilan, Y., & Horak, J. (2020). Study of legislative and administrative obstacles to SMEs business in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(4), 689-719. https://doi.org/10.24136/oc.2020.028

Search via ReFindit


Gavurova, B., Packova, M., Misankova, M., & Smrcka, L. (2017). Predictive Potential and Risks of Selected Bankruptcy Prediction Models in the Slovak Business Environment. Journal of Business Economics and Management, 18(6), 1156-1173. https://doi.org/10.3846/16111699.2017.1400461

Search via ReFindit


Grumstrup, E. J., Sorensen, T., Misiuna, J., & Pachocka, M. (2021). Immigration and Voting Patterns in the European Union: Evidence from Five Case Studies and Cross-Country Analysis. Migration Letters, 18(5), 573-589. https://doi.org/10.33182/ml.v18i5.943

Search via ReFindit


Gu, S., Kelly, B., & Xiu, D. (2020). Empirical Asset Pricing Via Machine Learning. Review of Financial Studies, 33(5), 2223-2273. https://doi.org/10.1093/rfs/hhaa009

Search via ReFindit


Guo, Y., Gou, X., Xu, Z., & Skare, M. (2022). Carbon Pricing Mechanism for the Energy Industry: A Bibliometric Study of Optimal Pricing Policies. Acta Montanistica Slovaca, 27(1), 49-69. https://doi.org/10.46544/AMS.v27i1.05

Search via ReFindit


Haim L., Sarnat M. Capital investment and financial decision making. Vyd. 1. Praha: Grada, 1999, 920 pp.

Search via ReFindit


Halser, C., & Paraschiv, F. (2022). Pathways to Overcoming Natural Gas Dependency on Russia-The German Case. Energies, 15(14). https://doi.org/10.3390/en15144939

Search via ReFindit


Hasler, M., & Martineau, C. (b.r.). Explaining the Failure of the Unconditional CAPM with the Conditional CAPM. Management Science. https://doi.org/10.1287/mnsc.2022.4381

Search via ReFindit


Hens, T., & Schindler, N. (2020). Value and patience: The value premium in a dividend-growth model with hyperbolic discounting. Journal of Economic Behavior & Organization, 172, 161-179. https://doi.org/10.1016/j.jebo.2020.01.028

Search via ReFindit


Hewamalage, H., Bergmeir, C., & Bandara, K. (2021). Recurrent Neural Networks for Time Series Forecasting: Current status and future directions. International Journal of Forecasting, 37(1), 388-427. https://doi.org/10.1016/j.ijforecast.2020.06.008

Search via ReFindit


Hyránek, E., Kowalska-Sudykam., Mišota, B., Ondrejmišková, I. & Kapko, M. (2021). Verification of the Performance Model in Selected Companies in the Mining Industry. Acta Montanistica Slovaca, 26(3), 415-426. https://doi.org/10.46544/AMS.v26i3.03

Search via ReFindit


Jagtap, S., Trollman, H., Trollman, F., Garcia-Garcia, G., Parra-Lopez, C., Duong, L., Martindale, W., Munekata, P., Lorenzo, J., Hdaifeh, A., Hassoun, A., Salonitis, K., & Afy-Shararah, M. (2022). The Russia-Ukraine Conflict: Its Implications for the Global Food Supply Chains. Foods, 11(14). https://doi.org/10.3390/foods11142098

Search via ReFindit


Johannesson, J., & Clowes, D. (2022). Energy Resources and Markets—Perspectives on the Russia-Ukraine War. European Review, 30(1), 4-23. https://doi.org/10.1017/S1062798720001040

Search via ReFindit


Kabir, H. (2021). Notion of Belonging in the Nation-State: Gendered Construction of International Migration Aspirations among University Students in Bangladesh. Migration Letters, 18(4), 463-476. http://dx.doi.org/10.33182/ml.v18i4.1158

Search via ReFindit


Kambourova, D., Cardeno, L., & Betancur, J. (2019). Credit Risk, Cost of Capital and Excessive Financial Leverage. Ecos De Economia, 23(49), 46-70. https://doi.org/10.17230/ecos.2019.49.3

Search via ReFindit


Khan, K., Su, C., & Rehman, A. (2021). Do multiple bubbles exist in coal price? Resources Policy, 73. https://doi.org/10.1016/j.resourpol.2021.102232

Search via ReFindit


Kibiswa, N. (2019). Directed Qualitative Content Analysis (DQlCA): A Tool for Conflict Analysis. Qualitative Report, 24(8), 2059-2079.

Search via ReFindit


Kim, T., & Cho, S. (2019). Predicting residential energy consumption using CNN-LSTM neural networks. Energy, 182, 72-81. https://doi.org/10.1016/j.energy.2019.05.230

Search via ReFindit


Kleinheksel, A., Rockich-Winston, N., Tawfik, H., & Wyatt, T. (2020). Demystifying Content Analysis. American Journal of Pharmaceutical Education, 84(1), 127-137. https://doi.org/10.5688/ajpe7113

Search via ReFindit


Korzh, N., Mostenska, T., & Bilan, Y. (2017). Resource-based view in managing financial component of corporate capital. Polish Journal of Management Studies, 16(2), 133-146. https://doi.org/10.17512/pjms.2017.16.2.12

Search via ReFindit


Krajčík, V. (2021). The readiness of Small and Medium-sized Enterprises (SMEs) for the digitalization of industry: Evidence from the Czech Republic. Acta Montanistica Slovaca, 26(4), 761-772. https://doi.org/10.46544/AMS.v26i4.13

Search via ReFindit


Kubenka, M. (2020). The evaluation of methodology influence on the WACC value: the case of the Czech Republic. Transformations in Business & Economics, 19(3), 274-290.

Search via ReFindit


Magdich, A., Szenderák, J., & Harangi-Rákos, M. (2021). Economic Diversification in Resource-Based Economies: Norway Experience. Pressburg Economic Review, 1(1), 27-36.

Search via ReFindit


Mariotti, S. (2022). A warning from the Russian-Ukrainian war: Avoiding a future that rhymes with the past. Journal of Industrial and Business Economics. https://doi.org/10.1007/s40812-022-00219-z

Search via ReFindit


Martati, I., Suminto, & Kusrihandayani, D. (2018). The Effect of Capital Structure on Profitability of Manufacturing Company. Advanced Science Letters, 24(12), 9372-9375. https://doi.org/10.1166/asl.2018.12277

Search via ReFindit


Masood, O., Aktan, B., Gavurova, B., Fakhry, B., Tvaronaviciene, M., & Marinkute-Kauliene, R. (2017). The impact of regime-switching behaviour of price volatility on efficiency of the US sovereign debt market. Economic Research-Ekonomska Istrazivanja, 30(1), 1865-1881. https://doi.org/10.1080/1331677x.2017.1394896

Search via ReFindit


Mohanty, S. (2019). Does one model fit all in global equity markets? Some insight into market factor based strategies in enhancing alpha. International Journal of Finance & Economics, 24(3), 1170-1192. https://doi.org/10.1002/ijfe.1710

Search via ReFindit


Mohd Azhari, N., Mahmud, R., & Shaharuddin, S. (2022). Capital Structure of Malaysian Companies: Are They Different During the COVID-19 Pandemic? Journal of Asian Finance Economics and Business, 9(4), 239-250. https://doi.org/10.13106/jafeb.2022.vol9.no4.0239

Search via ReFindit


Momcilovic, M., Zivkov, D., & Begovic, S. (2017). The downside risk approach to cost of equity determination for Slovenian, Croatina and Serbian Capital Markets. E & M Ekonomie A Management, 20(3), 147-158. https://doi.org/10.15240/tul/001/2017-3-010

Search via ReFindit


Mondal, D., & Selvaraju, N. (2019). A note on a mean-lower partial moment CAPM without risk-free asset. Operations Research Letters, 47(4), 264-269. https://doi.org/10.1016/j.orl.2019.03.017

Search via ReFindit


Mursalim, Mallisa, M., & Kusuma, H. (2017). Capital structure determinants and firms’ performance: Empirical evidence from Thailand, Indonesia and Malaysia. Polish Journal of Management Studies, 16(1), 154-164. https://doi.org/10.17512/pjms.2017.16.1.13

Search via ReFindit


Nenu, E., Vintila, G., & Gherghina, S. (2018). The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies. International Journal of Financial Studies, 6(2). https://doi.org/10.3390/ijfs6020041

Search via ReFindit


Nurjannah, Solimun, & Rinaldo, A. (2018). The estimation of time-varying risks in asset pricing modelling using B-Spline method. Journal of Physics: Conference Series, 943, 012045. https://doi.org/10.1088/1742-6596/943/1/012045

Search via ReFindit


Orlova, S., Harper, J., & Sun, L. (2020). Determinants of capital structure complexity. Journal of Economics and Business, 110. https://doi.org/10.1016/j.jeconbus.2020.105905

Search via ReFindit


Panfilova, E., Shoppert, K., & Lvova, M. (2019). Optimization problems of capital structure of metallurgical industry companies in the context of economy digitalization, MTDE, 81, 141-144. https://doi.org/10.2991/mtde-19.2019.26

Search via ReFindit


Přívara, A. (2019a). Citizenship-for-sale schemes in Bulgaria, Cyprus, and Malta. Migration Letters, 16(2), 245-254. http://dx.doi.org/10.33182//ml.v16i2.735

Search via ReFindit


Přívara, A. (2019b). Explaining Emigration Patterns in Estonia, Lithuania, Slovenia and Slovakia. Geographical Journal, 71(2), 161-180. http://dx.doi.org/10.31577/geogrcas.2019.71.2.09

Search via ReFindit


Přívara, A. (2021). Labour market efficiency and emigration in Slovakia and EU neighbouring countries. Economic Research-Ekonomska Istraživanja, 34(1), 1850-1869. http://dx.doi.org/10.1080/1331677X.2020.1858131

Search via ReFindit


Přívara, A., & Rievajová, E. (2021). Migration governance in Slovakia during the COVID-19 crisis. Migration Letters, 18(3), 331-338. http://dx.doi.org/10.33182/ml.v18i3.1469

Search via ReFindit


Paul, J., & Sarkar, A. (2018). Handwritten Bangla Numeral Recognition using Convolutional Neural, 64-67.

Search via ReFindit


Pitukhina, M., & Urbański, M. (2021). The Role of Government Measures and Competition Authorities in Supporting Competition Environment in The Southeastern Europe During Covid-2019 Pandemic. Pressburg Economic Review, 1(1), 19-26.

Search via ReFindit


Polishchuk, V., Kelemen, M., Povkhan, I., Kelemen, M. jr. & Liakh, I. (2021). Fuzzy Model for Assessing the Creditworthiness of Ukrainian Coal Industry Enterprises. Acta Montanistica Slovaca, 26(3), 444-454. https://doi.org/10.46544/AMS.v26i3.05

Search via ReFindit


Potashnik, Y., Garina, E., Romanovskaya, E., Garin, A., & Tsymbalov, S. (2018). Determining the Value of Own Investment Capital of Industrial Enterprises. Advances in Intelligent Systems and Computing, 622, 170-178. https://doi.org/10.1007/978-3-319-75383-6_22

Search via ReFindit


Privara, A., Rievajová, E., & Dziura, B. (2018). Unemployment Aspects of Regional Development (The Cases of the Czech and Slovak Republics). Advanced Science Letters, 24(9), 6320-6322. http://dx.doi.org/10.1166/asl.2018.13042

Search via ReFindit


Qin, Y., Xu, Z., Wang, X., Škare, M., & Porada-Rochoń, M. (2021). Financial cycles in the economy and in economic research: a case study in China. Technological and Economic Development of Economy, 27(5), 1250-1279. https://doi.org/10.3846/tede.2021.15439

Search via ReFindit


Ratih, D. (2021). Equity market timing and capital structure: Evidence on post-IPO firms in Indonesia. International Journal of Emerging Markets, 16(2), 391-407. https://doi.org/10.1108/IJOEM-04-2018-0197

Search via ReFindit


Rodica, B., Petre, B. (2019). The financial structure influence on the cost of capital. Proceedings of the 14th International Conference Accounting and Management Information Systems AMIS IAAER 2019, Bucharest 165-175.

Search via ReFindit


Royer, J. (2019). Measuring the cost of capital in cooperative businesses. Agribusiness, 35(2), 249-264. https://doi.org/10.1002/agr.21594

Search via ReFindit


Sagheer, A., & Kotb, M. (2019). Time series forecasting of petroleum production using deep LSTM recurrent networks. Neurocomputing, 323, 203-213. https://doi.org/10.1016/j.neucom.2018.09.082

Search via ReFindit


Sahoo, M., & Pradhan, J. (2021). Adaptation and acculturation: Resettling displaced tribal communities from wildlife sanctuaries in India. Migration Letters, 18(3), 237-259. http://dx.doi.org/10.33182/ml.v18i3.877

Search via ReFindit


Salinas, D., Flunkert, V., Gasthaus, J., & Januschowski, T. (2020). DeepAR: Probabilistic forecasting with autoregressive recurrent networks. International Journal of Forecasting, 36(3), 1181-1191. https://doi.org/10.1016/j.ijforecast.2019.07.001

Search via ReFindit


Savina, S. (2020). Artificial Intelligence in Analyzing the Capial Structure Effect on Financial Stability. Bulletin of the National Academy of Sciences of the Republic of Kazakhstan, 1, 277-287. https://doi.org/10.32014/2020.2518-1467.33

Search via ReFindit


Sekar, V., Jiang, Q., Shu, C., & Khoo, B. (2019). Fast flow field prediction over airfoils using deep learning approach. Physics of Fluids, 31(5). https://doi.org/10.1063/1.5094943

Search via ReFindit


Serafini, F., & Reid, S. (b.r.). Multimodal content analysis: Expanding analytical approaches to content analysis. Visual Communication. https://doi.org/10.1177/1470357219864133

Search via ReFindit


Shi, Q. (2022). How does (C)CAPM digest anomalies? Investment Analysts Journal, 51(1), 1-13. https://doi.org/10.1080/10293523.2022.2034353

Search via ReFindit


Shih, S., Sun, F., & Lee, H. (2019). Temporal pattern attention for multivariate time series forecasting. Machine Learning, 108(8-9), 1421-1441. https://doi.org/10.1007/s10994-019-05815-0

Search via ReFindit


Sierpinska, M. (2021). Determinants of mining companies’ capital structure. Gospodarka Surowcami Mineralnymi-Mineral Resources Management, 37(2), 125-144. https://doi.org/10.24425/gsm.2021.137561

Search via ReFindit


Situm, M. (2021). Determination of expected cost of equity with the CAPM: Theoretical extension using the law of error propagation. Managerial and Decision Economics, 42(1), 77-84. https://doi.org/10.1002/mde.3214

Search via ReFindit


Skare, M., Streimikiene, D., & Skare, D. (2021). Measuring carbon emission sensitivity to economic shocks: a panel structural vector autoregression 1870–2016. Environmental Science and Pollution Research, 28(32), 44505-44521. https://doi.org/10.1007/s11356-021-13636-9

Search via ReFindit


Stala-Szlugaj, K., & Grudzinski, Z. (2021). Price trends on the international steam coal market in 2000-2020. Gospodarka Surowcami Mineralnymi-Mineral Resources Management, 37(4), 177-198. https://doi.org/10.24425/gsm.2021.139743

Search via ReFindit


Teo, T., Ma, X., Pastor, E., Wang, H., George, J., Yang, J., Wall, S., Miscuglio, M., Simpson, R., & Sorger, V. (2022). Programmable chalcogenide-based all-optical deep neural networks. Nanophotonics, 11(17), 4073-4088. https://doi.org/10.1515/nanoph-2022-0099

Search via ReFindit


Ulewicz, R., Krstić, B. & Ingaldi, M. (2022). Mining Industry 4.0 – Opportunities and Barriers. Acta Montanistica Slovaca, 27(2), 291- 305. https://doi.org/10.46544/AMS.v27i2.02

Search via ReFindit


Vaněk, M., Černý, I., Hudeček, V., Kubica, T. & Holuša, V. (2021). Evaluation of mining companies based on benchmarking. Acta Montanistica Slovaca, 26(4), 732-747. https://doi.org/10.46544/AMS.v26i4.11

Search via ReFindit


Vidya, C., & Prabheesh, K. (2020). Implications of COVID-19 Pandemic on the Global Trade Networks. Emerging Markets Finance and Trade, 56(10), 2408-2421. https://doi.org/10.1080/1540496X.2020.1785426

Search via ReFindit


Vorobeva, E., & Dana, L. P. (2021). The COVID-19 pandemic and migrant entrepreneurship: Responses to the market shock. Migration Letters, 18(4), 477-485. http://dx.doi.org/10.33182/ml.v18i4.1400

Search via ReFindit


Zhou, D. (2020). Universality of deep convolutional neural networks. Applied and Computational Harmonic Analysis, 48(2), 787-794. https://doi.org/10.1016/j.acha.2019.06.004

Search via ReFindit