The aim of the diploma thesis is to find using methods of financial analysis how the economic crisis influenced two selected construction production companies and down to which characteristics in the economy managed to successfully survive the crisis. Introduction of the diploma thesis is devoted to the mapping of the course of crisis in the building industry in the Czech Republic in the years 2008 to 2015. Subsequently there is financial analysis described in details whose methods are selected and modified with regard to the possibility of comparing industry with enterprises. For selected companies Stavitelství Řehoř s.r.o. and RRR spol. s.r.o. and construction industry is make a financial analysis and the results achieved are compared to each other. The output of the thesis is the recommendations for companies to successfully overcome the crisis in the building industry, resulting from financial analysis of enterprises and construction in the Czech Republic.

Any mitigation action will neglect climate change impacts (CCI) (Gillett et al., 2011: 83; Parry et al., 2009: 1102) occurring in a change of average weather patterns as well as in an increase in frequency and magnitude of extreme weather events (EWE) (IPCC, 2007: 8 and 52 f.; IPCC, 2012: 119 f.). For this thesis of special interest are businesses of the construction industry. Construction activities are carried out in an open environment which makes the construction companies´ highly impacted on weather conditions compared to many other sectors (Wedawatta et al., 2010: 364). Furthermore, the construction sector is a fundamental part in any economy (Wedawatta, et al. 2010: 365; Squicciarini and Asikainen, 2011: 672). In mitigation literature a sound amount of studies researches on the relation of corporate fi-nancial performance (CFP) and emissions. Guenther et al. (2012) analyzed empirical studies with regard to their connection between environmental and financial performance of corpo-rations whereby the majority of results implement a positive as well as negative relation. Therefore, this thesis investigates a possible association of implemented measures as re-sponse to the CC and the financial performance on a corporate level. In particular, the aim of this thesis is to analyze the association between corporate financial performance (CFP) and implemented climate change adaptation measures (CCAM) especially for companies of the construction industry. For providing a solid base for this point of interest the affection for construction businesses by CC and the response to the CCI of construction businesses is in-vestigated in addition. For the investigation of an association between CCAM and CFP the statistical methodology of regression was applied. The results clearly support the raised hypothesizes by computing a relationship between these variables in both directions. The results gained in this thesis stress adaptation to CC as a crucial proxy to handle CCI by mitigating risks and exploiting oppor-tunities. Nevertheless, still a reluctant attitude of businesses exists for the implementation of CCAM. This was found in literature and could be reassured by the results of the content analysis since businesses connote CCAM often with increasing cost and expenses and do not draw back on the effect on financial performance. This thesis found a positive effect of im-plemented CCAM on ROA on the short-run. These findings do refer to appropriate CCAM in terms of the right amount. For the opposite direction it was investigated, that if a construc-tion business is financially impacted by CC, an increase in slack causes the implementation of adaptation measures. By the implementation of adaptation measures the dependency from environmental changes is increased (RDT) and the companies´ structure becomes more het-erogenic (RBV). Financial slack is proved to be important to keep the company flexible in taking action. Especially, if a company is financially impacted by CCI financial slack is used for implementing measures.:1 Introduction 2 Theory 2.1 Resource Dependence Theory 2.2 Resource Based View 2.3 Organizational Slack 3 State of Research 3.1 Introduction to Climate Change Adaptation 3.2 Climate Change Mitigation and Adaptation Literature dealing with CFP 3.3 Financial Implication of CCI and CCAM 3.4 Climate Change Impacts and Adaptations Measures on Construction Enterprises 3.4.1 Construction Enterprises and their specific Value Chain 3.4.2 CCI on Construction Enterprises 3.4.3 CCAM for Construction Enterprises 3.5 Hypothesis development 4 Methodology 4.1 Content Analysis 4.2 Regression Analysis 4.2.1 Multiple Linear Regression Analysis 4.2.2 Poisson and Negative Binominal Regression Analysis 4.3 Model description 4.3.1 Operationalization of the Content Analysis 4.3.2 Operationalization of the Regression Analysis 5 Results 5.1 Results of the Content Analysis 5.2 Results of the Regression Analysis 5.2.1 Results of the Multiple Linear Regression 5.2.2 Results of the Negative Binomial Regression 6 Discussion, Limitation, and Further Research 6.1 Discussion of Results for the Association between CFP and CCAM 6.2 Limitations and Further Research 7 Conclusion

This thesis is based on an ethnographic study of entrepreneurs of the construction business in Lombardy, Northern Italy. The aim is to gain some understanding of this business, of entrepreneurialism, and of individuals in a non-stereotypical light through a full and complex account of their daily lives. The aim is to reveal the thoughts, actions and strategies of particular local actors in their everyday contingency and contradictoriness. No attempt is made to simplify the complexity of their understandings and practices for the sake of producing a single encompassing and consistent image. Many similarities were found between the practices of entrepreneurialism and those of the discipline of anthropology. Knowledge and information are constantly sought after but are recognised as emerging in unexpected places and times and as being socially negotiated. Apprenticeship is often used as a methodology, and learning often happens through experience. Contextual application of knowledge is seen as essential. In order to exchange information and knowledge, to collaborate with other businessmen or to simply get a job, trust is fundamental and constantly negotiated. Personal relationships and trust become particularly important in an uncertain market situation, as ways to face risk. Trust is acquired slowly and accorded contextually, through face-to-face interaction and cultivated relationships, but also through positive recommendations or simply a feeling of sympathy. Knowledge, apprenticeship, trust and risk are key themes of the thesis. The blurred borders between the distinct individual personalities of my informants and their collective identities and commonalities are also discussed. The personality of an entrepreneur is seen as ideally complex, in which many (possibly contradictory) characteristics can be expected to be present, but also ideally balanced, each manifesting itself in specific situations. The ethnography also explores the fragility of the entrepreneur, in apparent contradiction to their strong and charismatic personalities. It is seen to be despite and because of their positions of power that they also feel vulnerable: their discourse is imbued with their fears for their businesses in a difficult period of economic crisis. Finally, through a ubiquitous desire to control markets and the future, we also encounter forms of corruption; corruption that is often condemned verbally but nevertheless is present in the business world and amplified by public and media discourses. The mechanisms by which work that is put out to tender is subject to possible manipulation are examined, and the ideas of the entrepreneurs about these practices are described—again demonstrating how thoughts and practices are often self-contradictory in their contextual relevance and application.

The main aim of this diploma thesis is a strategic analysis of a construction company. It is divided into several parts, where the first, theoretical, part explains the fundaments of strategic analysis and clarifies the principles of methods applied. The other, analytical, part of the thesis applies the mentioned theoretical knowledge onto an existing construction company. The PESTEL analysis has been used to analyze the external environment. Furthermore, the thesis focuses on the internal environment of the company -- namely its marketing mix and financial situation. The findings of those analyses are summarized through a simplified SWOT analysis, which leads to a proposal of a strategy, and furthermore proposes operative, tactical and strategic measures which would support the strengths and opportunities and minimize the weaknesses and threats of the Isolite, spol. s r. o. company.