Template-Type: ReDIF-Article 1.0 Author-Name: Michal Drábek Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Pavel Syrovátka Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Differentiated Estimates of Valuation Multipliers based on Price-to-Book Ratio for the Czech Brewing Industry Abstract: This article focuses on the differentiated estimations of industry multipliers in relation to Price-Book Value ratio (P/BV) with applying for the Czech brewing industry. Differentiation of estimates brings better approximation of these sector-wide multipliers to the defined groups companies within the given markets and thus increases the accuracy of the method of relative business valuation. Due to the absence of market data on privately held companies, the market value was assessed using the DCF method, while the book value was taken from the enterprise's accounts. The assumption of the linearity of the market-book value relationship for the subsequent calculations and differentiation of P/BV estimations was verified using regression analysis. The differentiation of P/BV ratio was made according to the size of entities, but mainly based on equality of market and book value, respectively according to the equality P/BV = 1. Then our results were supplemented by the calculation of industry P/BV ratio using P/EAT ratio and ROE decomposition. Using this additional method, the brewing industry was compared with other relevant industries in the Czech Republic. Keywords: industry multiplier, market value, price-to-book, price-to-earnings, business valuation, DCF method, Czech brewing industry Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 131-145 Volume: 70 Issue: 3 Year: 2022 DOI: 10.11118/actaun.2022.011 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.011.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.011.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-202203-0001.txt Handle: RePEc:mup:actaun:2022.011 Template-Type: ReDIF-Article 1.0 Author-Name: Fakhri J. Hasanov Author-Workplace-Name: Energy and Macroeconomics Department, King Abdullah Petroleum Studies and Research Center, P.O. Box 88550, Riyadh 11672, Saudi Arabia Author-Workplace-Name: Research Program on Forecasting, Economics Department, The George Washington University, 2115 G Street, NW, Washington, DC 20052, USA Author-Workplace-Name: Modeling Socio-economic Processes, Institute of Control Systems, 9 Bakhtiyar Vahabzadeh, Baku 1141, Azerbaijan Author-Name: Elchin Suleymanov Author-Workplace-Name: Department of Finance, Baku Engineering University, Hasan Aliyev 120, AZ0101, Khirdalan, Azerbaijan Author-Workplace-Name: The Institute of Economics, Azerbaijan National Academy of Sciences, H. Javid pr., 115, AZ1001, Baku, Azerbaijan Author-Name: Heyran Aliyeva Author-Workplace-Name: Energy and Macroeconomics Department, King Abdullah Petroleum Studies and Research Center, P.O. Box 88550, Riyadh 11672, Saudi Arabia Author-Name: Hezi Eynalov Author-Workplace-Name: Department of Economics, Baku Engineering University, Hasan Aliyev 120, AZ0101, Khirdalan, Azerbaijan Author-Name: Sa'd Shannak Author-Workplace-Name: Qatar Environment and Energy Research Institute, Researchery (HBKU Research Complex), Education City, P.O. Box 34110, Doha, Qatar Author-Workplace-Name: Texas A&M University, Water Management and Hydrological Science, College Station - Texas, USA. 77840 Title: What Drives the Agricultural Growth in Azerbaijan? Insights from Autometrics with Super Saturation Abstract: The development of the agricultural sector is essential for any economy, including Azerbaijan, the largest economy in the South Caucasus, as it plays an important role in food security, rural development, and environmental protection. For Azerbaijan, as an oil-dependent economy, it is also important for diversification of the non-oil sector. For this reason, the Azerbaijani government has adopted several programs and materialized massive investments to promote agricultural growth. This study examines the role of the production factors in the development of the sector using annual time series data for the period 1995-2017. Econometric analysis, mainly Autometrics - a cutting edge machine learning modeling algorithm- with super saturation, and Growth Accounting lead us to conclude that: (i) land, labor, and capital have statistically significant positive long-run impacts on agriculture output; (ii) the growth of the sector and the contributions of land and capital formation slowed down sharply, while the contributions of total factor productivity (TFP) and labor increased in 2009-2017 compared to the pre-2009 period; (iii) in the pre-2009 period, the sector's growth was hugely contributed by capital followed by TFP, labor and land; (iv) in 2009-2017 period, TFP followed by capital and labor contributed to the sector's growth, while the contribution of land was negative. The results are robust to different econometric methods and specifications. Overall, policymakers are recommended to consider that value-added and other key indicators of agriculture have grown less in 2009-2017 period compared to the pre-2009 period, given that one should expect more growth in the former period as numerous government programs and massive investments were materialized. They may also consider that the contributions of labor and land were quite small and negative, respectively. Lastly, policies leading to TFP growth should be supported. Keywords: Azerbaijan, agriculture, production function, growth accounting, cointegration, autometrics Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 147-174 Volume: 70 Issue: 3 Year: 2022 DOI: 10.11118/actaun.2022.012 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.012.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.012.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-202203-0002.txt Handle: RePEc:mup:actaun:2022.012 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Janová Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Lenka Viskotová Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Optimal Conversion Management for Spruce-dominated Forests: the Case of Drahanska Highlands Abstract: With climate change, restoration of natural tree species in areas planted artificially with Norway spruce (Picea abies (L). Karst.) is among the main issues in Central European forest management. However, information on particular forest conversion strategies and on understanding their economic consequences are incomplete. To contribute, we develop a deterministic finite-time dynamic optimization model to understand the driving forces in the economically optimal conversion of spruce-dominated forests planted outside of natural conditions in South Moravia, Czech Republic. In addition to the commonly researched European beech (Fagus sylvatica (L.)), we also consider oak (Quercus (sp.)), Scots pine (Pinus sylvestris (L.) Karst.), and larch (Larix decidua) as alternatives to spruce and evaluate them from an economic point of view. The model recommends a steady reduction of the spruce fraction, replacing it preferably with oak, beech, and larch. The model validation shows that such a forest plan appears both ecologically advisable and economically optimal. Keywords: cost function, dynamic optimization, forest management, forest conversion, mixed forests, reforestation strategy, revenue function, spruce Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 175-186 Volume: 70 Issue: 3 Year: 2022 DOI: 10.11118/actaun.2022.013 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.013.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun.2022.013.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-202203-0003.txt Handle: RePEc:mup:actaun:2022.013