Economics Working Papers 2020, 4(2):1-46 | DOI: 10.32725/ewp.2020.002385
Spatial analysis of financial health of companies
The aim of the paper was to describe the literature overview of companies' location in the context of the economy and the assessment of companies' performance. Then there is the introduction of a new statistical methodology for the description of the location of companies because the location of companies is one of the most important factors which ensures the future successful development of a company. The methodology can be applied for the evaluation of companies' location and could answer the question of where it is better to place a new company. To tackle the location of companies, the local population and the health of companies was taken into account. The methodology is based on a point process. Since the population is unevenly distributed and companies choose their locations according to the size of the local population, it was not possible to use homogeneous models and thus the local scaling principals were used for modeling the inhomogeneity. For the evaluation of the health of companies, Neumeiers' indices were taken into account.
Keywords: Location theories, Clustering, Health of companies, Local scaling, L-function, Global envelope test
JEL classification: C21, O18, R12
Received: April 23, 2020; Revised: May 19, 2020; Published: May 19, 2020 Show citation
References
- ALONSO, W. 2017. A Theory of the Urban Land Market. Readings in Urban Analysis. Retrieved from: doi:10.4324/9781315128061-1.
Go to original source...
- BADDELEY, A., RUBAK, E. and TURNER, R. 2016. Spatial Point Patterns : Methodology and Applications with R. ISBN 978-0-429-16170-4. Retrieved from: doi:10.1201/b19708.
Go to original source...
- BALCAEN, S. and OOGHE, H. 2006. 35 years of studies on business failure: an overview of the classical statistical methodologies and their related problems. Retrieved from: doi: 10.1016/j.bar.2005.09.001.
- BAPTISTA, R. and SWANN, P. 1998. Do firms in clusters innovate more?. Research Policy. pp.525-540. ISSN 0048-7333. Retrieved from: doi:10.1016/S0048-7333(98)00065-1.
Go to original source...
- BEAUDRY, C. and BRESCHI, S. 2003. Are firms in clusters really more innovative? Economics of Innovation and New Technology. pp.325-342. ISSN 1043-8599. Retrieved from: doi:10.1080/10438590290020197.
Go to original source...
- BERRY, B. J. L. and HARRIS, CH. D. 1970. Walter Christaller: An Appreciation. Geographical Review. pp.116-119. ISSN 0016-7428.
- BESAG, J. E. 1977. Comments on Ripley's paper. Journal of the Royal Statistical Society. pp.193-195. ISSN 1369-7412.
- BLAŽEK, J. 2001. Velké firmy a subjekty progresivního terciéru jako aktéři regionálního rozvoje v České republice.
- BLOREVOGEL, H. H. 2000. Zur Konjunktur der Regionsdiskurse. Informationen zur Raumentwicklung. ISSN 0303-2493.
- BOADWAY, R., CUFF, K. and MARCEAU, N. 2004. Agglomeration Effects and the Competition for Firms. International Tax and Public Finance. pp.623-645. Retrieved from: doi: 10.1023/B:ITAX.0000036694.48277.c1.
Go to original source...
- BREWER, A. 2003. Richard Cantillon: pioneer of economic theory. ISBN 978-0-203-41731-7.
- CICCONE, A. 2002. Agglomeration effects in Europe. European Economic Review pp.213- 227. ISSN 0014-2921. Retrieved from: doi:10.1016/S0014-2921(00)00099-4.
Go to original source...
- CIFRANIČ, M. 2016. Localization factors in decision making of location of selected enterprises. Proceedings: Slovak University of Agriculture in Nitra. pp.305-314. ISBN 978-80-552-1503-7. Retrieved from: doi:10.15414/isd2016.s4.09.
Go to original source...
- COHEN, N. 2000. Business location decision-making and the cities: bringing companies back. The Brookings Institution Center on Urban and Metropolitan Policy.
- COMBES, P. P., DURANTON, G. and OVERMAN, H. G. 2005. Agglomeration and the adjustment of the spatial economy. Papers in Regional Science. pp.311-349. ISSN 1435-5957. Retrieved from: doi:10.1111/j.1435-5957.2005.00038.x.
Go to original source...
- Czechinvest. (2005). Průvodce klastrem. [online]. 2005 [cit. 2018-11-05]. Retrieved from: http://old.czechinvest.org/data/files/pruvodce-klastrem-63.pdf.
- DAMBORSKÝ, M. and WOKOUN R. 2010. Lokalizační faktory malého a středního podnikání v podmínkách ekonomiky ČR. ISSN 1212-3609.
- DIGGLE, P. J., 1983. Statistical analysis of spatial point processes. Academic-Press, London.
- DUNNING, J. H. 2000. The eclectic paradigm as an envelope for economic and business theories of MNE activity. pp.163-190. Retrieved from: doi:10.1016/S0969-5931(99)00035-9.
Go to original source...
- DUNNING, J. H. and BOYD, G. 2003. Alliance Capitalism and Corporate Management. Edward Elgar Publishing. ISBN: 978 1 84064 839 3.
Go to original source...
- DVOŘÁČEK, J. and SLUNČÍK, P. 2012. Podnik a jeho okolí: jak přežít v konkurenčním prostředí. V Praze: C.H. Beck. ISBN 978-80-7400-224-3.
- EDWARDS, M. E. 2007. Regional and urban economics and economic development: theory and methods. Boca Raton, FL: Auerbach Publications. ISBN 978-0-8493-8317-5.
- FERNÁNDEZ VÁZQUEZ, E. and RUBIERA MOROLLÓN, F. 2012. Defining the spatial scale in modern regional analysis: new challenges from data at local level. Heidelberg: Springer. Advances in spatial science. ISBN 978-3-642-31993-8.
Go to original source...
- FUJITA, M. 2010. The Evolution of Spatial Economics: From Thünen to the New Economic Geography. The Japanese Economic Review. pp.1-32. ISSN 1468-5876. Retrieved from: doi:10.1111/j.1468-5876.2009.00504.x.
Go to original source...
- FUJITA, M. a THISSE, J. 1996. Economics of Agglomeration. Journal of the Japanese and International Economies. pp.339-378. ISSN 0889-1583. Retrieved from: doi:10.1006/jjie.1996.0021.
Go to original source...
- HAHN, U., JENSEN, E. B. V., LIESHOUT, M. and NIELSEN, L. S. 2003. Inhomogeneous spatial point processes by location-dependent scaling. Advances in Applied Probability. pp.319-336. ISSN 0001-8678. Retrieved from: doi:10.1239/aap/1051201648.
Go to original source...
- HAYASHI, Y, ISOBE, T. and TOMITA, Y. 1986. Modelling the long-term effects of transport and land use policies on industrial locational behaviour: A discrete choice model system - ScienceDirect. Regional Science and Urban Economics. pp.123-143. Retrieved from: doi: 10.1016/0166-0462(86)90016-5.
Go to original source...
- HENDERSON, J. V. 2003. Marshall's scale economies. Journal of Urban Economics. pp.1- 28. Retrieved from: 10.1016/S0094-1190(02)00505-3.
Go to original source...
- HESSE, M. 2004. Land for Logistics: Locational Dynamics, Real Estate Markets and Political Regulation of Regional Distribution Complexes. Tijdschrift voor economische en sociale geografie. pp.162-173. ISSN 1467-9663. Retrieved from: doi:10.1111/j.0040-747X.2004.t01-1-00298.x.
Go to original source...
- HOLEČKOVÁ, J. 2008. Finanční analýza firmy. Praha: ASPI. ISBN 978-80-7357-392-8.
- HOLGUIN-VERAS, J., XU, N., LEVINSON, H. S., PAASWELL, R. E., MCKNIGHT, C. E., WEINER, R. D., OZBAY K. and OZMEN-ERTEKIN, D. 2005. An Investigation on the Aggregate Behavior of Firm Relocations to New Jersey (1990-1999) and the Underlying Market Elasticities. Networks and Spatial Economics. pp.293-331. ISSN 1572-9427. Retrieved from: doi:10.1007/s11067-005-3037-z.
Go to original source...
- CHAN, Y. 2011. A Software Survey of Analytics and Spatial Information Technology. Heidelberg: Springer Berlin Heidelberg, pp.411-440. ISBN 978-3-642-15663-2. Retrieved from: doi:10.1007/978-3-642-15663-2_8.
Go to original source...
- CHAUDHURI, A. and GHOSH, P. 2001. A Location Based Theory of Franchising. Washington State University. pp. 24.
- CHRISTOFAKIS, M. 2014. Transport Cost in Location Practice and Economic Geography: Traditional theories, some new dimensions and policy implications. pp.55-67. Retrieved from: doi:10.2478/bog-2014-0029.
Go to original source...
- ILLIAN, J., PENTTINEN, A., STOYAN, H. and STOYAN, D. 2008. Statistical Analysis and Modelling of Spatial Point Patterns. B.m.: John Wiley & Sons. ISBN 978-0-470-72515-3. doi: 10.1002/9780470725160.
Go to original source...
- JENNEN, M. and VERWIJMEREN, P. 2010. Agglomeration Effects and Financial Performance. Urban Studies. pp.2683-2703. ISSN 0042-0980. Retrieved from: doi:10.1177/0042098010363495.
Go to original source...
- JEŽEK J. et al. 2002. Regionální rozvoj. ISBN 978-80-261-0462-9.
- KOPTA, D. 2009. Possibilities of financial health indicators used for prediction of future development of agricultural enterprises. Agricultural Economics. pp.111-125. ISSN 0139570X, 18059295. Retrieved from: doi:10.17221/589-AGRICECON.
Go to original source...
- KRUGMAN, P. R. and LAWRENCE, R. 1993. Trade, Jobs, and Wages. Working Paper. National Bureau of Economic Research. Retrieved from: doi:10.3386/w4478.
Go to original source...
- KRUGMAN, P. R., 1997. Development, Geography, and Economic Theory. MIT Press. ISBN 978-0-262-61135-0.
- KUBÍČKOVÁ, D. and KOTĚŠOVCOVÁ, J. 2006. Finanční analýza. Praha: Vysoká škola finanční a správní. ISBN 978-80-86754-57-4.
- KUŞLUVAN, S. 1998. A Review of Theories of Multinational Enterprises. doi: 10.1142/9789813238459_0002.
- Law No. 248/2000 Coll., Regional Development Support. (Zákon o podpoře regionálního rozvoje).
- LAZERSON, M. H. and LORENZONI, G. 1999. The firms that feed industrial districts: A return to the Italian source. Industrial and Corporate Change. pp.235-266. ISSN 0960-6491. Retrieved from: doi:10.1093/icc/8.2.235.
Go to original source...
- LEE, Ch. 2009. Do firms in clusters invest in R&D more intensively? Theory and evidence from multi-country data. Research Policy. pp1159-1171. ISSN 0048-7333. Retrieved from: doi:10.1016/j.respol.2009.04.004.
Go to original source...
- LÖSCH, A. 1940. Economics of location. Yale University Press.
- MAIER, K. and ČTYROKÝ, J. 2000. Ekonomika územního rozvoje. Praha: Grada Publishing. ISBN 80-7169-644-7.
- MARCON, E. and PUECH, F. 2003. Evaluating the geographic concentration of industries using distance-based methods. Journal of Economic Geography. Oxford Academic. pp.409- 428. Retrieved from: doi:10.1093/jeg/lbg016.
Go to original source...
- MARSHALL, A. 2009. Principles of Economics: Unabridged Eighth Edition. ISBN 978-1-60520-802-2.
- MATOUŠKOVÁ, Z. 2000. Regionální a municipální ekonomika. Praha: Vysoká škola ekonomická, Národohospodářská fakulta. ISBN 978-80-245-0061-4.
- MCCANN, B. T. and FOLTA, T. B. 2011. Performance differentials within geographic clusters. Journal of Business Venturing. pp.104-123. ISSN 0883-9026. Retrieved from: doi:10.1016/j.jbusvent.2009.04.004.
Go to original source...
- MINISTERSTVO PRO MÍSTNÍ ROZVOJ ČESKÉ REPUBLIKY, 2016. NUTS. Portál územního plánování [online]. Retrieved from: https://portal.uur.cz/spravni-usporadani-cr-organy-uzemniho-planovani/nuts.asp.
- MOOMAW, R. L., 1981. Productivity and City Size: A Critique of the Evidence. The Quarterly Journal of Economics. pp.675-688. ISSN 0033-5533. Retrieved from: doi:10.2307/1880747.
Go to original source...
- MYLLYMÄKI, M., MRKVIČKA, T., GRABARNIK, P., SEIJO, H. and HAHN, U. 2017. Global envelope tests for spatial processes. Journal of the Royal Statistical Society: Series B (Statistical Methodology). pp. 381-404. ISSN 1467-9868. Retrieved from: doi:10.1111/rssb.12172.
Go to original source...
- NEUMAIER, I. and NEUMAIEROVÁ, I. 1995. Index IN - Index důvěryhodnosti českého podniku. Terno.
- NEUMAIER, I. and NEUMAIEROVÁ, I. 2005. Index IN05. Evropské finanční systémy. Sborník příspěvků z mezinárodní vědecké konference. pp.143-148.
- NEUMAIEROVÁ, I. and NEUMAIER, I. 2008. Proč se ujal index IN a nikoli pyramidový systém ukazatelů INFA. Ekonomika a management.
- NEUMAIEROVÁ, I. and NEUMAIER I. 2002. Výkonnost a tržní hodnota firmy. Praha: Grada. ISBN 978-80-247-0125-7.
- NGUYEN, Y. C. and SANO, K. 2010. Location Choice Model for Logistic Firms with Consideration of Spatial Effects. Journal of the Transportation Research Board. pp.17-23. ISSN 0361-1981, 2169-4052. Retrieved from: doi:10.3141/2168-03.
Go to original source...
- NORTH, D. C. 1955. Location Theory and Regional Economic Growth. Journal of Political Economy. pp.243-258. ISSN 0022-3808. Retrieved from: doi:10.1086/257668.
Go to original source...
- OOGHE, H., SPAENJERS, C. and VANDERMOERE, P. 2005. Business failure prediction: simple-intuitive models versus statistical models. Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium.
- OZMEN-ERTEKIN D., OZBAY, K. and HOLGUIN-VERAS, J. 2007. Role of Transportation Accessibility in Attracting New Businesses to New Jersey. Journal of Urban Planning and Development. pp.138-149. Retrieved from: doi:10.1061/(ASCE)0733-9488(2007)133:2(138).
Go to original source...
- PEET, J. R. 1969. The Spatial Expansion of Commercial Agriculture in the Nineteenth Century: A Von Thunen Interpretation. Economic Geography. pp.283-301. ISSN 0013-0095. Retrieved from: doi:10.2307/142666.
Go to original source...
- PONSARD, C. and STEVENS, B. H. 1983. History of spatial economic theory. Springer. ISBN 978-3-540-12802-1.
Go to original source...
- POPOVICI, O. C. and CĂLIN, A. C. 2014. FDI theories. A location-based approach. Romanian Economic Journal. pp.3-24. ISSN 2286-2056.
- PORTER, M. E. 1990. The competitive advantage of nations. New York: Free Press. ISBN 978-0-02-925361-8.
Go to original source...
- PORTER, M. E. 1998a. The Adam Smith Address: Location, Clusters, and the "New" Microeconomics of Competition. National Association for Business Economics.
- PORTER, M. E. 1998b. The microeconomic foundations of economic development. The global competitiveness report. Switzerland: World Economic Forum. pp.38-63.
- PORTER, M. E. 2000. Location, competition, and economic development: Local clusters in a global economy. Economic Development Quarterly. Retrieved from: doi:10.1177/089124240001400105.
Go to original source...
- POSPÍŠILOVÁ, T. and VAJDOVÁ, Z. 2007. Social network analysis report. Výzkumná zpráva z projektu The Challenge of Socio-economic Cohesion in the Enlarged European Union, Sociologický ústav ČSAV.
- PREDÖHL, A. 1928. The Theory of Location in Its Relation to General Economics. Journal of Political Economy, pp.371-390. ISSN 0022-3808. Retrieved from: doi:10.1086/253950.
Go to original source...
- RAMASAMY, B., YEUNG, M. and LAFORET, S. 2012. China's outward foreign direct investment: Location choice and firm ownership. Journal of World Business, pp.17-25. ISSN 1090-9516. Retrieved from: doi:10.1016/j.jwb.2010.10.016.
Go to original source...
- RIPLEY, B. D, 1976. The second-order analysis of stationary point processes. Journal of Applied Probability. pp.255-266. Retrieved from: 10.2307/3212829.
Go to original source...
- RITZER, G. and DEAN, P. 2015. Globalization: A Basic Text. ISBN: 978-1-118-68712-3.
- ROSENTHAL, S. S. and STRANGE, W. C. 2001. The Determinants of Agglomeration. Journal of Urban Economics. pp.191-229. ISSN 0094-1190. Retrieved from: doi:10.1006/juec.2001.2230.
Go to original source...
- ROSENTHAL, S. S. and STRANGE, W. C. 2003. Geography, Industrial Organization, and Agglomeration. The Review of Economics and Statistics. pp.377-393. ISSN 0034-6535. Retrieved from: doi:10.1162/003465303765299882.
Go to original source...
- RUBIERA MOROLLÓN, F. and VIŇUELA, A. 2012. From Local Units to Economic Regions in Spain. pp.23-44. Retrieved from: doi: 10.1007/978-3-642-31994-5_2.
Go to original source...
- RŮČKOVÁ, P. 2010. Finanční analýza: metody, ukazatele, využití v praxi. Praha: Grada. ISBN 978-80-247-3308-1.
- RUMPEL, P., SLACH, O. and KOUTSKÝ, J. 2008. Měkké faktory regionálního rozvoje. V Ostravě: Ostravská univerzita. ISBN 978-80-7368-435-8.
- SIEBERT, H. 1969. Regional economic growth: theory and policy.
- SICH, O. 2015. Bonitní a bankrotní modely v praxi. Vysoká škola ekonomická v Praze.
- SKOKAN, K. 2004. Konkurenceschopnost, inovace a klastry v regionálním rozvoji. Ostrava: Repronis. ISBN 978-80-7329-059-7.
- STACHOVÁ, J., BLAŽEK J. and KOSTELECKÝ, T. 2007. Role of National and Regional institutions and Socio-economic Actors in Regional Development. In: SOCCOH Conference.
- STEJSKAL, J. and KOVÁRNÍK, J. 2009. Regionální politika a její nástroje. Praha: Portál. ISBN 978-80-7367-588-2.
- STŘELEČEK, F. and ZDENĚK, R. 2012. Importance of objective and formal adequacy for the indicators of enterprise financial health. Agricultural Economics. pp.543-551. ISSN 0139570X, 18059295. Retrieved from: doi:10.17221/5246-AGRICECON.
Go to original source...
- SUŠICKÝ, J. 2011. Využitelnost bankrotních modelů a jejich aplikace v podmínkách České republiky. Česká zemědělská univerzita v Praze.
- SWANN, G. P. 1998. Towards a Model of Clustering in High-Technology Industries. The dynamics of industrial clustering. Oxford University Press. pp.52-76.
Go to original source...
- SÝKORA, L. 2000. Globalizace a její společenské a geografické důsledky. THE EDITORS OF ENCYCLOPAEDIA BRITANNICA. 2014. Location theory economics and geography. Encyclopedia Britannica [online] [vid. 16. září 2018]. Retrieved from: https://www.britannica.com/topic/location-theory.
- THÜNEN, J. H. 1826. Der isolierte Staat in Beziehung auf Landwirtschaft und Nationalokonomie.
- VANHOVE, N. 2018. Regional Policy: A European Approach. ISBN 978-0-429-82616-0. Retrieved from: doi:10.4324/9780429447921.
Go to original source...
- VERHETSEL, A., KESSELS, R., GOOS, P., ZIJLSTRA, T., BLOMME, N. and CANT, J. 2015. Location of logistics companies: a stated preference study to disentangle the impact of accessibility. Journal of Transport Geography. pp.110-121. Retrieved from: doi: 10.1016/j.jtrangeo.2014.12.002.
Go to original source...
- VITURKA, M. 2003. Regionální vyhodnocení kvality podnikatelského prostředí v České republice: výzkumný záměr 145600001 Faktory efektivnosti rozvoje regionů ČR. Brno: Masarykova univerzita. ISBN 978-80-210-3304-7.
- VOCHOZKA, M. 2010. Vývoj metod komplexního hodnocení výkonnosti podniku. Politická ekonomie. pp.675-688.
Go to original source...
- WOKOUN, R. 2003. Česká regionální politika v období vstupu do Evropské unie. Oeconomica. ISBN 978-80-245-0517-6.
- WOKOUN, R., MALINOVSKÝ, J., DAMBORSKÝ, M. and BLAŽEK, J. 2008. Regionální rozvoj: (východiska regionálního rozvoje, regionální politika, teorie, strategie a programování). Praha: Linde. ISBN 978-80-7201-699-0.
This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.