An Efficiency Analysis of Companies Operating in the Pharmaceutical Industry in the Visegrad Countries

Abstract

The primary aim of this research was to analyse the corporate performance of selected companies in the pharmaceutical industry in the Visegrad countries using the value added intellectual coefficient (VAIC) model. The secondary aim was to find relations between VAIC components and company profitability ratios by country. Data for analysis were downloaded from the EMIS database for the years 2016–2019. Several statistical methods (MANOVA, ANOVA, t-test, correlation analysis, panel model) were used to analyse and compare companies by country. Based on the analysis of variance and the pair-wise t-test, it can be concluded that there is no statistically significant difference between the countries selected concerning the VAIC ratio and its components. Furthermore, it can be concluded that there is a medium correlation between selected profitability ratios (OROS, ROA, OROA) and VAIC and its components, except for the capital employed efficiency ratio. It was determined that the components of the VAIC indicator impact the operating ROA using the panel model, except for in the Czech Republic. Based on a study of the literature on the application of VAIC and the evaluation of the results of the analyses, t can be argued that the VAIC ratio is suitable for measuring corporate performance from a specific perspective.