Journal of
Systemics, Cybernetics and Informatics

ISSN: 1690-4524 (Online)

Peer Reviewed Journal via three different mandatory reviewing processes, since 2006, and, from September 2020, a fourth mandatory peer-editing has been added.

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The International Institute of Informatics and Cybernetics

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Honorary Editorial Advisory Board's Chair
William Lesso (1931-2015)

Nagib C. Callaos

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Informatics and Systemics

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Transdisciplinary Communication as a Meta-Framework of Digital Education
Rusudan Makhachashvili, Ivan Semenist
(pages: 1-6)

Multidisciplinary Learning Using Online Networking in Biomedical Engineering
Shigehiro Hashimoto
(pages: 7-12)

Augmented Intelligence for Advancing Healthcare
Mohammad Ilyas
(pages: 13-19)

A Transdisciplinary Approach to Refereeal
Russell Jay Hendel
(pages: 20-25)

The Impact of Convictions on Interlocking Systems
Teresa Henkle Langness
(pages: 26-33)

Collaborative Convergence: Finding the Language for Trans-Disciplinary Communication to Occur
Cristo Leon, James Lipuma
(pages: 34-37)

Bridging the Gap Between the World of Education and the World of Business via Standards to Develop Competences of the Future at Universities
Paweł Poszytek
(pages: 38-42)

Multidisciplinary Learning for Multifaceted Thinking in Globalized Society
Shigehiro Hashimoto
(pages: 43-48)

From Spirituality to Technontology in Education
Florent Pasquier
(pages: 49-52)

Differentiated Learning and Digital Game Based Learning: The KIDEDU Project
Eleni Tsami
(pages: 53-57)

Emerging Role of Artificial Intelligence
Mohammad Ilyas
(pages: 58-65)

Practicing Transdisciplinarity and Trans-Domain Approaches in Education: Theory of and Communication in Values and Knowledge Education (VaKE)
Jean-Luc Patry
(pages: 66-71)

Reflexive Practice for Inter and Trans Disciplinary Research in the Third Millennium
Maria Grazia Albanesi
(pages: 72-76)





The Impact of Environmental and Social Performance on the Market Value of Shares of Czech Joint-Stock Corporations

Alena Kocmanova, Marie Pavlakova Docekalova, Iveta Simberova

The paper analyses the relationship between the social, environmental and economic performance and the firm market value as determined by the market value of shares in manufacturing companies. Empirical research has been verified according to the EU criteria in 87 joint-stock companies in the Czech Republic with more than 250 employees. Data was acquired by empirical research in the Czech Republic, which was completed in 2011-2015. The objective of the paper is to determine, on the basis of established hypotheses, whether the increased social and environmental performance increases the economic performance and the firm market value. Empirical research has shown that social performance has an impact on economic performance as well as on the market value of the share, that is, on the firm market value. Environmental performance has no significant effect on economic performance or on the market value of the share. Research results can provide investors with information that they only appreciate if social and environmental tools introduced into joint-stock companies increase economic performance while increasing the market value of the company.

The paper deals with the effect of sustainable performance on the market price of shares. The empirical research analysis was conducted for 87 joint-stock companies in the Czech Republic for the period 2011-2015. The aim of the paper is to determine whether the sustainable performance of non-listed joint stock companies increases economic performance and, at the same time, the market price of company shares. This effect was verified based on established hypotheses using linear regression models. The Firm Market Value of Shares was determined using the comparable enterprise method. In the paper, sustainable company performance is measured independently on the basis of an assessment of the environmental, social and economic indicators of manufacturing companies as compared to companies in the same industry. Empirical research has implied that social performance has an effect on both the economic performance and the market price of shares. Environmental performance has no significant impact on the economic performance or on the market price of shares. The results of the empirical research may provide investors with important information about the sustainable performance of joint stock companies whether their investment in social and environmental instruments will increase their economic performance, as well as the market price of shares.

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