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Impact of the Financial Crisis of 2008 on Furniture Industry in the Czech Republic and Development of Tangible Fixed Assets in 2005-2012 and its Possible Renewal

Author

Listed:
  • Tomáš Najbrt

    (Department of Wood Processing, Faculty of Forestry and Wood Technology, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic)

  • Kamila Hasilová

    (Department of Econometrics, Faculty of Military Leadership, University of Defence, Kounicova 65, 662 10 Brno, Czech Republic)

Abstract

This paper is focused on furniture firms in the Czech Republic during the period 2005-2012, which covers the year of the crisis. The aim was to assess the given economic situation of the manufacturing businesses comparing some of the economic indicators such as tangible fixed assets, revenue from own production and services, pre-tax profit and labor costs. The study was conducted in the Czech Republic using the data provided by the Czech Statistical Office. Results for the specified period and selected groups of micro furniture companies are shown; dependence of economic indicators within the given time period is also analyzed. The analysis has shown that the smallest of the firms were least affected by the economic crisis; moreover, the medium-sized of the companies exhibit tangible assets growth and certain degree of inertia in years 2008 and 2009. Finally, possibilities how the micro furniture companies could proceed when purchasing new technologies are outlined.

Suggested Citation

  • Tomáš Najbrt & Kamila Hasilová, 2016. "Impact of the Financial Crisis of 2008 on Furniture Industry in the Czech Republic and Development of Tangible Fixed Assets in 2005-2012 and its Possible Renewal," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 64(3), pages 1045-1052.
    • Handle: RePEc:mup:actaun:actaun_2016064031045
    DOI: 10.11118/actaun201664031045
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    References listed on IDEAS

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    1. Scott, Allen J., 2006. "The Changing Global Geography of Low-Technology, Labor-Intensive Industry: Clothing, Footwear, and Furniture," World Development, Elsevier, vol. 34(9), pages 1517-1536, September.
    2. Humphrey, John, 1995. "Industrial reorganization in developing countries: From models to trajectories," World Development, Elsevier, vol. 23(1), pages 149-162, January.
    3. James S. Ang, 1991. "Small Business Uniqueness and the Theory of Financial Management," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(1), pages 1-13, Spring.
    4. Lucie Špačková & Pavel Žufan, 2012. "Intensity of rivalry in Czech furniture production industry," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 60(2), pages 421-428.
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