出版社：Economic Laboratory for Transition Research Podgorica
摘要：The pharmaceutical sector is one of the most profitable industries in
the world, despite the very high proportion of the required research
and development costs that determine the activity itself and the
high risks involved in investing in them. In addition to a number of
industry-specific characteristics, the innovation policies of each
country might also have a significant impact on the efficiency of
pharmaceutical companies. The primary aim of the research was to
demonstrate this effect in the case of the Visegrád countries. The
ROE seemed to best reflect the ownership interests and the combined
effect of other profitability ratios and it was confirmed by
analysis of variance. The analysis was based on the EMIS corporate
database; multivariate statistical methods were applied to demonstrate
the reaching of indicator trends, and from among those
methods regression analysis was applied in particular. Based on the
findings, it was concluded that primarily the more profitable pharmaceutical
companies were able to utilize their assets more efficiently,
while manufacturers in the latter category financed their
operations with external capital to a lower extent. Although the
indicators of the analysed companies showed a very high standard
deviation in all four countries, the results of the regression were only
outstanding in Slovakia, which had a very low number of cases. In
addition, temporal tendencies have been almost the same in the
entire region, which was also influenced by the fact that return on
capital of the business entities within the sector decreased by 2016
throughout the region.
