INPROFORUM 2016

The issue of asset and capital structure management in the corporations is, similarly to the issue of implementation of corporate social responsibility elements in the form of environmental management and occupational safety, a significant topic in the corporate environment of non-financial character in pursuance of gaining competitive advantage in the global marketplace. The question remains to what extent these two factors are involved in the determination of the economic performance of the company. Common base of both research topics is their high attractivity for entrepreneurs, combined with inadequate number of empirical experience in corporate practice. The basis of the research is modelling the impact of the implementation of environmental management and occupational safety on the performance of businesses and the management of net working capital. Subsequently, the secondary effects on the riskiness of financial structure of companies surveyed, are examined, which is an important factor in investors' assessments. The paper presents empirical research that aims to quantify the links between environmental management, occupational safety and management of net working capital and subsequently quantify their impact on corporate economic performance, represented by the economic value added (EVA), all with regards to feedback connections. A prerequisite for modelling was a multivariate regression model whose explanatory variables were the assets structure, the capital structure and the ownership of certification standards OHSAS 18001 and ISO 14001. The model has been applied to a group of large companies based in the Czech Republic, operating in the automotive sector. As part of the results a positive influence of the ownership of certification standards on EVA performance has been expected.

Corporate social responsibility; net working capital; economic performance