<abstract xmlns="http://www.w3.org/1999/xhtml">This work will present an empirical econometric model describing an enterprise within the category of medium-sized companies (according to European Union classification). The company, code-named ENERGY, carries out a manufacturing, commercial, and service business activity. The statistical data used was in the form of quarterly time series, containing 24 statistical observations from the years 2008–2013. A hypothetical model of the enterprise is a system of interdependent equations.The econometric model is composed of seven stochastic equations. The empirical model is missing the equation describing investments in the enterprise. It results from the fact, that during the years 2008–2013 the company suffered meagre investments. Investment output equation, therefore, does not provide any relevant systemic information for the management, since most statistical information in the time series assumes zero values. An empirical model of the company ENERGY is a system of interdependent equations, with statistically significant feedback between labour efficiency (EFEMP) and the average pay per 1 employee (APAY). Additionally, there is recurrence of the relationships between the fixed assets (FIXAS), employment volume (EMP), and the size of the net sales income (SNET).The empirical equations of the model are characterized by a description accuracy of individual endogenous variables. The model also has good decision-making and forecasting qualities.</abstract>

This work will present an empirical econometric model describing an enterprise within the category of medium-sized companies (according to European Union classification). The company, code-named ENERGY, carries out a manufacturing, commercial, and service business activity. The statistical data used was in the form of quarterly time series, containing 24 statistical observations from the years 2008–2013. A hypothetical model of the enterprise is a system of interdependent equations.The econometric model is composed of seven stochastic equations. The empirical model is missing the equation describing investments in the enterprise. It results from the fact, that during the years 2008–2013 the company suffered meagre investments. Investment output equation, therefore, does not provide any relevant systemic information for the management, since most statistical information in the time series assumes zero values. An empirical model of the company ENERGY is a system of interdependent equations, with statistically significant feedback between labour efficiency (EFEMP) and the average pay per 1 employee (APAY). Additionally, there is recurrence of the relationships between the fixed assets (FIXAS), employment volume (EMP), and the size of the net sales income (SNET).The empirical equations of the model are characterized by a description accuracy of individual endogenous variables. The model also has good decision-making and forecasting qualities.

Empirical Econometric Model of an Enterprise

Nicolaus Copernicus University in Torun, Department of Econometrics and Statistics, Gagarina 13A, 87-100 Toruń,

Folia Oeconomica Stetinensia

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Empirical Econometric Model of an Enterprise"}

This work will present an empirical econometric model describing an enterprise within the category of medium-sized companies (according to European Union...

Empirical Econometric Model of an Enterprise

Published Online: Dec 30, 2016

Page range: 232 - 247

Received: Nov 03, 2015

Accepted: Jun 22, 2016

DOI: https://doi.org/10.1515/foli-2016-0015

Keywords
econometric micromodel, microeconometrics, empirical model, enterprise, production

© 2016 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Empirical Econometric Model of an Enterprise

Published Online: Dec 30, 2016

Page range: 232 - 247

Received: Nov 03, 2015

Accepted: Jun 22, 2016

DOI: https://doi.org/10.1515/foli-2016-0015

Keywordseconometric micromodel, microeconometrics, empirical model, enterprise, production

© 2016 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
econometric micromodel, microeconometrics, empirical model, enterprise, production