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Wolski Rafał (University of Lodz, Poland), Załęczna Magdalena (University of Lodz, Poland)
Analysis of the Financial Situation of Medium-Sized and Large Enterprises of the Construction Sector in Selected Central European Coutries
Real Estate Management and Valuation, 2014, vol. 22, iss. 3, s. 73-84, wykr., tab., bibliogr. 9 poz.
Słowa kluczowe
Sytuacja finansowa, Budownictwo, Nieruchomości, Analiza finansowa, Małe i średnie przedsiębiorstwa, Duże przedsiębiorstwa, Rentowność
Financial situation, Construction sector, Real estate, Financial analysis, Small business, Large enterprises, Profitability
Czechy, Słowacja, Węgry
Czech Republic, Slovak Republic, Hungary
The economy is subject to periodic changes in activity, which is apparent in the financial situation of households and enterprises. However, the recent economic crisis has been particularly severe. After the great increase in economic activity, which in many countries was connected with the boom in the real estate market, it experienced a sudden turn for the worse, including the broadly understood construction sector. This contributed to a slowdown of the growth rate, or even a permanent economic downturn. The authors have undertaken an analysis of the situation in the construction sector and the condition of residential real estate markets in selected Central European countries, and next, on the basis of a database on the financial situation of selected construction companies constructing buildings in those countries, searched for an answer to the question of how much the construction sector and the analyzed enterprises changed their activity in the recent years. For the purpose of the analysis, a database of over 340 entities from the Czech Republic, Poland, Slovakia and Hungary was created. The work is of a comparative nature, which allows the scale of the processes studied in the individual countries to be identified.(original abstract)
Pełny tekst
  1. BEBLAVY M., COBHAM D., ODOR L. (ed). (2011): The Euro Area and the Financial Crisis. Cambridge University Press. Construction Statistics, Eurostat 2013.
  2. DOKKO J., DOYLE B., KILEY M.T.,, KIM J., SHERLUND S., SIM J., VAN DEN HEUVEL S. (2011). Monetary Policy and the Global Housing Bubble, Economic Policy 66, 237-287.
  3. ÉGERT B., MIHALJEK D. (2007). Determinants of house prices in Central and Eastern Europe, CESifo working paper, No. 2152.
  4. European Construction Industry Federation Report 2006, 2008, 2010, 2012.
  5. GIROUARD N., KENNEDY M., VAN DEN NOORD P., CHRISTOPHE A. (2006): Recent house price developments: the role of fundamentals", OECD Economics Department Working Paper No. 475, January.
  6. LEAMER E., (2007). Housing is the business cycle, NBER working paper series; 13428, Cambridge Mass.: National Bureau of Economic Research.
  7. STAWINSKA A., (2010). The EU-27 construction sector: from boom to gloom, Statistics in focus 7/2010, Eurostat.
  8. SUN Y, MITRA P., SIMONE A.,(2013). The Driving Force behind the Boom and Bust in Construction in Europe, IMF Working Paper WP 13/181.
  9. TSATSARONIS K., HAIBIN Z. (2004). What drives housing price dynamics: cross country evidence, BIS Quarterly Review, March.
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