A Model for the Sustainable Management of Enterprise Capital

Round 1

Reviewer 1 Report

It is an excellently constructed primarly theoretical dissertation, a pioneer of its kind.

The mathematical method, the literature support is very exact, no objection can be made.

According me, this study will influence the thinking of many resourches in the future.

But, there are two main problems with the dissertation:

• a specific case study, so a stronger fit of the model developed by excellent authors to practice seem to be lacking - I think, proving the theory in practice always does good,
• the other think, the dissertation is not too long - I remember, there were longer articles in the Sustainability.

I summarize myself, this is an outstanding concept writing, but more practice, case study would be needed to justify the theoretical model. 

Author Response

Thank you for your positive review and comments.

As suggested, we introduced a practical example of capital valuation for management purposes into the publication. We would like to add that the research will also be continued on a larger group of companies in 2021.

In addition, we will also change the drawing in the text of the publication to make it more understandable. 

Thanks again for your review.

Dariusz Klimek, Elżbieta Jędrych

 

Reviewer 2 Report

Title:  A model for the sustainable management of enterprise capital

 

1. At first, I think that a different section with the literature review will enhance the value of the study.
2. What is the effect of financial stress shocks (see for instance Evgenidis and Tsagkanos 2017)?
3. What are the theoretical hypotheses?
4. The author should give more emphasis in economic meaning of the results, at least with one paragraph before the conclusion (see for instance Tsagkanos et al. 2019).

 

I think that a revised version with the abovementioned concerns could be a contribution to the literature.

 

Literature

Evgenidis and A. Tsagkanos (2017) “Asymmetric effects on the international transmission of US financial stress. A Threshold VAR approach”. International Review of Financial Analysis. Vol 51, 69-81. 

Tsagkanos G. A., C. Siriopoulos and K. Vartholomatou (2019) “FDI and Stock Market Development: Evidence from a ‘new’ emerging market.” Journal of Economic Studies. Vol 46(1), 55-70.

 

Author Response

Thank you for your positive review and comments. 

We made some corrections as suggested.

In line with the comments of the second reviewer, we introduced the practical aspect of capital valuation into the publication. Additionally, we changed the drawing to be more understandable. 

Thanks again for your review.

Dariusz Klimek, Elżbieta Jędrych

Round 2

Reviewer 1 Report

I accept the editions made by the authors. 

I propose that the revised study will be published on pages of the Sustainability.