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JOURNAL OF INTERDISCIPLINARY RESEARCH

significant decrease compared to 2017, but it was still in positive
values. In 2019, it increased again.

Finally, an analysis of the number of leasing companies active in
the Czech Republic in the years 2005-2019 was performed.
Based on all obtained source data before adjustment for the
calculation of EVA Equity and EVA Entity parameters, data on
the following numbers of leasing companies active in the Czech
Republic were obtained. Table 6 shows the achieved results.

Table 6: Number of leasing companies active in the Czech
Republic in the years 2005-2019

Year

Total number of leasing

companies

2005

2006

111

2007

132

2008

157

2009

164

2010

176

2011

184

2012

194

2013

217

2014

245

2015

219

2016

247

2017

245

2018

222

2019

119

Source: Author.

Based on the analysis of the number of leasing companies active
in the Czech Republic in the years 2005-2019, it is evident that
their number has been constantly increasing. However, during
the economic crisis, the surpluses of the number of leasing
companies on the Czech market decreased slightly compared to
previous years. On the contrary, the largest increase in leasing
companies in the Czech Republic was recorded in 2014, when
28 new leasing companies were added. In 2015, however, a
decrease in the number of these companies was recorded again,
despite the fact that the economic crisis at that time had
completely subsided. Subsequently, however, between 2018 and
2019, a large decrease in leasing companies operating on the
Czech market was recorded, up to half of the number of
companies operating on the Czech market in 2018.

5 Discussion

Based on the achieved results, it is now necessary to answer all
the research questions asked.

The first research question asked was whether leasing companies
operating in the Czech Republic generated positive economic
value for their owners in the years 2005-2019. Leasing
companies operating on the market of the Czech Republic in the
years 2005-2019 did generate value for their owners. However,
during the economic crisis, their performance fell by about half
compared to the performance they showed before and after the
crisis. Overall, however, the value generated by leasing
companies increased significantly after the crisis, as shown in
Graph No. 1. An interesting development of the value generated
by leasing companies operating in the Czech market was also
recorded between 2018 and 2019, when the fastest increase for
the entire period occurred.

The second research question asked was whether leasing
companies operating in the Czech Republic in the years 2005-
2019 generated a positive economic value for existing and
potential investors and creditors. However, the economic sector
in which leasing companies operate has become interesting for
investors and creditors only from the year 2012. Until then, even
before the onset of the economic crisis, leasing companies
operating on the Czech market had a negative economic value.
However, since 2016, leasing companies operating on the Czech

market have again shown significantly negative values of the
EVA Equity indicator and thus become unattractive for investors
again. According to another analysis, this result is reflected in a
decrease in the number of leasing companies, due to a decrease
in the volume of financial resources obtained by leasing
companies from investors and creditors. This is a direct example
of a market cleanse.

The third research question asked was how the global economic
crisis, which began in 2008, affected the development of the
economic value of leasing companies. According to the achieved
results, it can be confirmed that the economic crisis, which
began in 2008, had a great impact on the value creation of
leasing companies active in the Czech Republic. However, after
the end of this economic crisis, leasing companies experienced a
big turnaround and from 2012 they began to reach positive
values again for investors and creditors. The value created for
owners of leasing companies has been even higher since 2014
than before the beginning of the economic crisis, reaching its
highest values in 2019. Likewise, leasing companies began to
create economic value for investors and creditors. The largest
increase in the value of invested capital by investors and
creditors was recorded in 2014. Subsequently, this growth was
slightly slowed down, but was still positive. However, since
2016 there has been a large decline.

However, it is interesting that in terms of the number of leasing
companies that operated on the Czech market during the
economic crisis, the number of operating leasing companies was
constantly increasing. However, two years after the end of the
economic crisis, there was a decline in the number of leasing
companies.

Also, in terms of the GDP of the Czech Republic, it is clear that
the economic crisis has also affected other economic sectors.
Graph No. 2 shows the development of the GDP of the Czech
Republic in the years 2005-2019.

Graph 2: Year-on-year changes in the GDP of the Czech
Republic in 2005-2019

Source: CSO [29] (Author’s interpretation).

According to Graph No. 2, it is evident that in 2008, when the
EVA Equity indicator decreased during the economic crisis, it
was also the year when the largest year-on-year decline in the
Czech Republic's GDP occurred (a decrease of CZK 88,540).

6 Conclusions

The paper set forth two goals. The first of the set goals was to
perform an analysis of the development of the EVA Entity and
EVA Equity indicators of leasing companies operating in the
Czech Republic in the years 2005-2019. The second goal was to
analyse the number of leasing companies active in the Czech
Republic for the period 2005-2019, focusing on fluctuations in
their number in the market during the economic crisis.

Using the performed analyses of historical data, it was concluded
that the development of the EVA Equity and EVA Entity

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