Strategic financial management and managerial accounting of the firms in the Czech Republic
Supp/2007 , p 26..37
Author(s):
Milan HRDÝ
Michaela HOROVÁ
Keywords:
Finance, strategic management, questionnaire research, companies
Abstract:
Strategic financial management and managerial accounting represent a very important part of the management of the firm, being necessary for the going-concern principle and for the survival of the companies under very complicated economic conditions. Strategic financial management includes putting forth the firm’s goals to motivate the organization and provide benchmarks. The organization structure of the firm must be well organized and also support the strategic financial management. The failures in strategic financial management or its absence could lead to the bankruptcy of the firm. For that reason we have organized a questionnaire to find out the real situation of the strategic financial management in the Czech Republic. The questionnaire had four parts and was sent to 400 medium firms in the Czech Republic and 290 questionnaires have returned. The first part of questionnaire is about the strategic management principles, the second part treats investment decisions and capital structure, the third part solves the system of financial plans and budgets and the fourth the information system. The last part of the questionnaire concerns the tax policy and strategic financial management. The results were relatively surprising, as a large amount of companies consider strategic financial management and understand its basic principles. On the other hand there are a few specific areas where application problems occur and it is necessary to inform companies about them and help with solutions
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