Úskalí odvětvových koeficientů beta a doporučení plynoucí pro oceňování podniků v České republice

The dissertation thesis “The pitfalls of industry beta coefficients and recommendations for the business valuations in the Czech Republic” is focused on industry beta coefficients in Europe in the period 2012 - 2022. The thesis is devoted to the analysis of the possibilities of finer approaches in terms of statistical significance, temporal and regional differentiation and the resulting impacts on the value of industry beta coefficients. The conducted analyses have demonstrated differences in industry beta coefficients when statistically insignificant beta coefficients are included or excluded in the sample, as well as differences in industry beta coefficients in various geographic regions in Europe. The variability of industry beta coefficients in some sectors during the period 2012 - 2022 was very high, implying the use of more appropriate historical averages instead of point estimates as of the valuation date. There was no statistically significant difference between intra-year and year-end industry beta coefficients. In general, it can be recommended that appraisers in the Czech Republic should take into account the mentioned pitfalls when determining the beta coefficient for business valuation.