Český finanční a účetní časopis 2013(1):48-60 | DOI: 10.18267/j.cfuc.332

Employees and Their Efficiency in the Czech Companies Financed by Venture Capital

Jaroslava Rajchlová1, Anna Fedorová2
1 Ing. Jaroslava Rajchlová, Ph.D. - odborný asistent; ústav financí, Fakulta podnikatelská, Vysoké učení technické v Brně, Kolejní 4, Brno, <rajchlova@fbm.vutbr.cz>.
2 Doc. Ing. Anna Fedorová, CSc. - docent; ústav financí, Fakulta podnikatelská, Vysoké učení technické v Brně, Kolejní 4, Brno, <fedorova@fbm.vutbr.cz>.

A research task, the results of which have been summarized in the article, solved a partial issue of the venture capital and tested an assumption on higher frequency of the growth of the quantity "employee efficiency" compared to the frequency of the growth of the number of employees working in the companies with venture capital funding. Methods of descriptive statistics were primarily employed to carry out the empirical research. Having surveyed the whole file of monitored companies the fact was found out that 63% of companies indicated higher frequency of the growth of the quantity "employee efficiency", in 23% of companies higher frequency of the growth of quantity "number of employees" was reported. Monitoring of the change of employee efficiency and number of employees in the year preceding the entry of investor and in the first year of the venture capital investor participation revealed that in 57% of companies the employee efficiency decreased, and in 61% of companies the number of employees decreased. Another level of the research was represented by the comparison of the frequency of growth of monitored quantities during the co-operation of companies with their investors and after the exit of such investors. The knowledge was acquired that in the Czech companies with venture capital involvement the efficiency of their employees increased more significantly as compared to their numbers, not only in the period of participation of investors, but also after their exit.

Keywords: Employee efficiency; Number of employees; Venture capital.
JEL classification: G24

Published: March 1, 2013  Show citation

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Rajchlová, J., & Fedorová, A. (2013). Employees and Their Efficiency in the Czech Companies Financed by Venture Capital. Czech Financial and Accounting Journal, 2013(1), 48-60. doi: 10.18267/j.cfuc.332
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