Key message: A validation convention can be established for forest management optimization models. It consists of (1) the delivery of face validation, (2) performing at least one other validation technique, and (3) an explicit discussion of how the optimization model fulfills the stated purpose. Validation by potential users or external experts is of high importance. Context: Optimization modeling has long assisted the management of forest ecosystems, but the credibility of these models has always been debated with criticisms concerning data quality, failures to include relevant processes in the scope of models, and the inclusion of unrealistic assumptions. Validation is widely considered to be crucial to establishing the credibility of models in general, but how to validate optimization models in particular represents a permanent question generally in operations research. Aims: We aim to synthesize practical recommendations for the development of validation frameworks in the optimization modeling for forest management. Methods: We selected a sample of 46 studies devoted to optimization models to be applied in practice, analysed the contents with respect to validation, and provided a critical review. Results: We (1) clarified the meaning and usage of different validation-related terms that are commonly encountered in the literature, (2) identified and categorised the various methods and frameworks that are used to demonstrate model credibility, and (3) derived organizing principles that helped to suggest improvements in validation frameworks. Conclusions: A practical validation convention can be established and we suggest the convention to consist of three stages. By providing structured and consistent information about validation processes, researchers in forest management optimization can better demonstrate the credibility of their work to readers and potential users.

The forestry sector is facing critical challenges due to climate change. Decision-making support based on efficiency evaluation using non-parametric methods could provide important information for both forest managers and policymakers. However, such advanced technical analysis is scarce in forestry science. When applied, its application has been primarily based on aggregated, macro-level data, and efficiency was analysed for the forestry sector as a whole. There is a lack of studies from the company-level perspective, which are needed to provide sound decision support.In this paper, we focus on the micro-data level and offer the data envelopment analysis model settings and interpretations for an efficiency evaluation based on the financial data of individual forestry companies. The aim is to provide an original analysis of the company-level driving forces of forestry sector efficiency. The results for central European countries show that efficiency is driven by company size and country of operation. The study also confirms that, generally, German companies are the »efficiency leaders« in the region, while Czech companies may serve as an efficiency reference for east-central European forestry companies.

After the recent financial crisis the need for unchallenged tools evaluating the financial health of enterprises has even arisen. Apart from well-known techniques such as Z-score and logit models, a new approaches were suggested, namely the data envelopment analysis (DEA) reformulation for bankruptcy prediction and production function-based economic performance evaluation (PFEP). Being recently suggested, these techniques have not yet been validated for common use in financial sector, although as for DEA approach some introductory studies are available for manufacturing and IT industry. In this contribution we focus on the thorough validation calculations that evaluate these techniques for the specific agribusiness industry. To keep the data as homogeneous as possible we limit the choice of agribusiness companies onto the area of the countries of Visegrad Group. The extensive data set covering several hundreds of enterprises were collected employing the database Amadeus of Bureau van Dijk. We present the validation results for each of the four mentioned methods, outline the strengths and weaknesses of each approach and discuss the valid suggestions for the effective detection of financial problems in the specific branch of agribusiness.

We follow the multi-dimensional approach to socio-economic sustainability and distinguish among the needs of society in the four dimensions that make up the basic pillars in our model. Thus, we focus on the sustainable development of the economy, society, environment and institutions.