Číslo 2

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FINANCIAL TRANSACTION TAXATION IN AGENT-BASED SIMULATION
(Technická Univerzita v Liberci, ) Šperka, Roman; Szarowská, Irena; Ekonomická fakulta
The aim of this paper is to investigate the impact of fi nancial transaction taxes (FTTs) on the stability of fi nancial markets. This paper presents an agent-based fi nancial market model and simulations in which agents follow technical and fundamental trading rules to determine their speculative investment positions. The model developed by Westerhoff (2009) was chosen for implementation and was extended by FTT and arising transaction costs. Because FTTs may be defi ned in various ways, this paper defi nes assets as tax objects. The model includes direct interactions between speculators, which may lead them to decide to change their trading behavior and addresses a technical and a fundamental strategy of market participants. The results suggest that the modifi ed model has a tendency to stabilize itself in the long term if fundamental trading rules outweigh the technical trading method. This model could be used when bubbles and crashes occur in fi nancial markets. Asset prices would be stabilized because their value targets near the fundamental value and volatility would also be minimized. Setting FTTs at a low rate for market stabilization is important. If FTTs and consequent transaction costs are too high, then the fi nancial system will destabilize and prices will grow without limit. The model described in this paper explores dependence market stability to the extent of FTTs. However, the model should not be interpreted as a model only for the introduction of FTT, but as a general model of transaction costs’ infl uence on the fi nancial market.
FORMALIZED QUALITATIVE MODELING OF ONLINE TRUST: INTRODUCTION OF THE METHOD AND A DETAILED EXAMPLE
(Technická Univerzita v Liberci, ) Veselý, Štěpán; Dohnal, Mirko; Ekonomická fakulta
The paper presents a simple qualitative model of online trust in the context of e-commerce. Qualitative models use just three values: Positive/Increasing, Zero/Constant and Negative/ Decreasing. Such quantifi ers of trends are the least information intensive. Qualitative models can be useful, since models of online trust include such variables as e.g. Perceived website quality and ease of use (SIT) or Company’s positive reputation (REP) that are sometimes diffi cult or costly to quantify. Hence, a signifi cant fraction of available information about online trust is not of numerical nature, e.g. if SIT is decreasing then online trust is decreasing as well. Such equationless relations are studied in this paper. The model has 13 variables and 32 pair-wise interrelations among them. The set of variables and interrelations was established based on discussions with experts and internet users. The model is solved and 23 solutions, i.e. scenarios are obtained (thus, we reduce a vast set of all “imaginable” scenarios concerning online trust to a manageable list of scenarios). All qualitative states, and the fi rst and second qualitative derivatives of all variables are specifi ed for each scenario. Many modifi cations, upgrades and extensions of the present model are easy within the methodological framework introduced in the paper. Qualitative modeling can be seen as one of the uncertainty calculi, such as fuzzy sets and rough sets, that can be helpful e.g. under information shortage (for example when new website is about to be launched and/or when novel, subjective or diffi cult to measure variables are considered). The paper is self-contained and no a priori knowledge of qualitative modeling is required on the reader’s part.
GREEN GROWTH AND USE OF EU STRUCTURAL FUNDS IN BALTIC STATES, CZECH REPUBLIC AND SLOVAKIA
(Technická Univerzita v Liberci, ) Štreimikienė, Dalia; Mikalauskienė, Asta; Ekonomická fakulta
Green growth is resource-effi cient, cleaner economic growth and more resilient growth without slowing it. “Green growth’’ not only affects the quality of growth, but overall production. In this case, growth results from the investment in the upgrading of the entire production system to environmental and resource-saving processes and products. A prototype of this phenomenon is the climate-friendly ‘‘low-carbon economy.’’ Green growth is expected in implementation of Europe 2020 stratgey and can provide to harminized development and cohesion of old and new EU member states. Europe 2020 is the EU’s growth stratgey based on the growth of smart, sustainable and inclusive economy. The comparative study of green growth indicators and use of EU Structural Funds in 2007–2013 period in Baltics and Czech Republic and Slovakia was performed with the aim to defi ne the role of fi nancing from EU Structural Funds for enhancement of green growth in Baltic States, Czech Republic and Slovakia. The performed comparative assessment revealed that Czech Republic allocated the highest share of means form EU Structural Funds to enhance green growth. In terms of development of green growth indicators Czech Republic is also among the best performing countries following Estonia. The analysis of the use of EU Structural Funds in 2007–2013 in fi ve new EU member states indicated that the EU Structural Funds has positively infl uenced the development of RES in Baltic States, Czech Republic and Slovakia. The increase of renewable energy capacities in Baltic States, Czech Republic and Slovakia also contributed to the reduction of carbon intensity of economy, reduction of environmental pollution, climate change mitigation and energy import dependency.
GROWTH DISPARITIES AMONG REGIONS OF THE VISEGRAD GROUP COUNTRIES: AN EVIDENCE OF THEIR EXTENT AND NATURE
(Technická Univerzita v Liberci, ) Zdražil, Pavel; Applová, Petra; Ekonomická fakulta
The deepening of regional disparities is an issue of increasing importance that has been systematically emphasized in the EU policy, especially since the process of “Eastern Integration” has started. The paper focuses on the Visegrad Group countries whose regions are less developed in the EU context. The aim of the research is to assess the development of disparities in regional economic performance of the Visegrad Group countries, to identify how the factors of economic growth determine these disparities, and partly to assess whether the integration of the Visegrad Group countries into the EU infl uenced the development of regional disparities in these countries. For the analysis of disparities during 2000–2013 we selected an approach of measuring real convergence (sigma-convergence). Disparities were measured in the context of a breakdown of the GDP per capita into sub-components, refl ecting on the development of disparities in productivity and employment. The results show that, although regions of the Visegrad Group countries converged towards the EU average and also in terms of the Visegrad Group as a whole, regional disparities within countries rather increased. This led to a paradox where, although the objective of reducing regional disparities across the EU was satisfi ed, from a national perspective disparities increased. The Labour productivity factor, with its dominant yet steadily growing contribution, is the main determinant of disparities in the performance of the Visegrad Group regions. Other sources of disparities are characterized by a stable development or convergence. Only Polish regions deviated from the general conclusions, since the extent of disparities among them grew constantly, and the nature of disparities was the Labour participation rate. In terms of the impact caused by accession into the EU, the measured changes were rather minor and the identifi ed trends had mostly been in place before the Visegrad Group countries entered the EU.
HOW MUCH WILL I EARN? EXPECTATIONS VERSUS REALITY
(Technická Univerzita v Liberci, ) Šimsová, Jana; Reissová, Alice; Ekonomická fakulta
When choosing a career, the issue of the following employment on the labour market and related level of the salary plays an important role. There are many studies which deal with the fi ndings with respect to students’ expectations. The benefi t of our work is that we compare these expectations to the real offer by potential employers. In the framework of our research, we have chosen two different fi elds of studies, on the one hand the students of economics, who fi nd their employment in the entrepreneurial sphere, the second group was composed of students from social work, who target their careers at the area of social services and their employers will be predominantly nonprofi t organisations. We took a look as to whether there are differences between the expectations and the reality concerning both the starting salary and its increase during the fi rst three years of employment and thereby grouped into two sections (profi t and non-profi t). Our conclusions reveal that the level of the salary depends on the fi eld studied. The levels of the salary offered in the profi t and non-profi t sectors signifi cantly differ. A signifi cant difference is also obvious in the possible salary advancements in the course of the fi rst three years of employment. The students of economics are more likely to estimate the level of their starting salary, but they count on faster advancements. On the other hand, potential employers of economics graduates do not offer such an increase. In the area of social work, i.e. in the non-profi t sector, the difference between the students’ expectations and the offers by their potential employers is even greater. The students from social work see their odds for higher salaries and their advancements more optimistically, than their potential employers are prepared to offer.
THE INFLUENCE OF TRUST ON COLLABORATIVE RELATIONSHIPS IN SUPPLY CHAINS
(Technická Univerzita v Liberci, ) Mlaker Kac, Sonja; Gorenak, Irena; Potocan, Vojko; Ekonomická fakulta
In this paper we theoretically discuss and empirically examine the infl uence of trust on collaborative behavior in supply chain relationships. These concepts are very important in today’s interorganizational business world, and therefore in supply chains. In theoretical part of this article we presume that establishment and development of relationships in supply chain depends on development of trust. Trust is defi ned as a willingness to rely on a partner in a supply chain in whom one has confi dence. The stress is on expectation that another partner can be relied on to fulfi ll obligations and at the same time previous experience with partners in exchange relationships are taken in the consideration. Collaborative behavior is defi ned as a concept where two or more organizations, which work together in a supply chains, can through complementary characteristics gain shared means and goals that could not be achieved individually. Logistics managers, purchase and sales managers, project managers and employees in logistics department were included in our survey made on primary, secondary and tertiary sector of Slovene economy. We included companies of all sizes, both local and foreign companies present in Slovenia. 118 questionnaires were completed and involved in our research. According to the demographic data, our sample is comparable to population in terms of economy branch and size of companies. The Pearson correlation coeffi cient and linear regression analysis demonstrate statistically signifi cant strong correlation between trust, shared values and communication and strong negative correlation between trust and opportunistic behavior. At the end we can confi rm that there is a statistically signifi cant infl uence of trust on collaborative behavior in supply chains. The results clearly indicate that all factors included in research are very important for today’s supply chain management.
KNOWLEDGE TRANSFER IN A KNOWLEDGE-BASED ECONOMY
(Technická Univerzita v Liberci, ) Urbancová, Hana; Vnoučková, Lucie; Laboutková, Šárka; Ekonomická fakulta
The knowledge economy currently presupposes that each organization manages its knowledge and in doing so intentionally endeavors to achieve a long-term competitive advantage. In other words the key source of success is no longer information as such, but the right knowledge which is associated with a specifi c bearer – employee who must constantly develop this in a currently highly competitive environment. The goal of this article is to identify and evaluate the conditions for the use of the resource approach focused on the management of knowledge in the current knowledge economy across all economic branches. The research is descriptive and empirical by nature, because the primary data has been collected using the survey method, including fact-fi nding techniques such as questionnaires and interviews. According to the results of the quantitative research focused on education in Czech organizations, 66.5% of the surveyed organizations make use of some type of education or training at work. However, one third of Czech organizations still do not educate their employees and do not work with knowledge development and management in any way. The following recommendations can be given to organizations nowadays: (1) identify and overcome the barriers to knowledge sharing through fostering effective relationships, (2) the employees’ willingness to participate in the learning process needs to be enhanced, (3) the organization’s management should introduce a refl ective process and a career development process leading to effective knowledge sharing and (4) the role of the mentor and coach is crucial in effi cient organizational learning. The main areas which affect knowledge development in organizations are based on cooperation and communication. This refers to both the organizational culture and the climate. Those areas are crucial for employee and organizational knowledge transfer and development.
LOCAL ECONOMIC IMPACT OF THE WHITE NIGHT FESTIVAL IN KOŠICE
(Technická Univerzita v Liberci, ) Džupka, Peter; Šebová, Miriam; Ekonomická fakulta
Košice is the second biggest city in Slovakia. In the last 25 years (following the period of Communism) Košice has passed through several waves of transformation involving economic, social and urban changes. Košice was awarded the European Capital of Culture (ECoC) in 2013. The winning project was based on the city transformation through culture and support of the creative economy (startup and spin-off fi rms). Big cultural events have not only cultural and social benefi ts, but also an indisputable economic impact on the hosting city. These events represent an opportunity to not only attract visitors from outside the region but also for them to spend money on accommodation, food, transport etc. Visitors’ expenditure presents additional income for the local economy and stimulates a considerable amount of economic activity and growth. The assessment of the economic impact of events has become popular of late and combines the economic approach with spatial marketing and tourism studies. A coherent methodology has also been developed to evaluate the economic impact of events in the geographical area. This paper aims to estimate the local economic impact of the biggest cultural event organised in Košice, the White Night festival, a spin-off of the Košice European Capital of Culture 2013. This impact empirical study was done in three stages. Firstly, the measurement of attendees using appropriate methods for ungated events. Secondly, the estimation of the visitors’ impact related to private spending generated by the event´s visitors and thirdly, through estimating the overall economic impact by calculating the multiplying effects on the local economy (induced impacts). The study was based on research conducted during 2012 and 2013 in Košice. The result shows the attendance hyperbole and impact of visitor spending that was due to the festival in the local economy.
THE MIGRATION PROCESS OF ROMANIANS TO ANDALUSIA, SPAIN. FOCUS ON SOCIOECONOMIC IMPLICATIONS
(Technická Univerzita v Liberci, ) Grosu, Raluca Mariana; Dinu, Vasile; Ekonomická fakulta
Based on a case study research carried out among Romanian immigrants in Andalusia, Spain, through this paper we aim to outline a wide image of the investigated migratory process. The focus is on the description of its fundamental characteristics and on its socio-economic implications for both the sending and the receiving regions. In this context, we aim to raise awareness among policy makers in relation with the magnitude and complexity of the phenomenon, for its proper management. Statistical and econometrical analysis were developed in order to process the information gathered through the quantitative research, while the inductive approach was used in order to analyze the information obtained from the qualitative pieces of research. The scarce fi nancial conditions in Romania determined many people to search for job opportunities – in particular in agriculture, child or elderly care, or housekeeping – in Andalusia, especially in the provinces of Seville and Huelva. However, during the past period, the economic crisis was strongly putting a mark on the Spanish economy and many of the investigated immigrants were unemployed. Even though, in general, their coming back intentions were not very clear. Socio-economic implications – both positive and negative – arise from the migration process of Romanians to Andalusia, for both the sending and the receiving countries. Remittances, solving shortages on the labor market, or increase in regional and national incomes may fi t in the fi rst category, while the second category may be composed of examples such as families left behind, school dropouts, children involvement in dangerous entourages and/or in illegal activities, tensions on the labor market etc.
A NOVEL SORTING METHOD TOPSIS-SORT: AN APPLICATION FOR TEHRAN ENVIRONMENTAL QUALITY EVALUATION
(Technická Univerzita v Liberci, ) Faraji Sabokbar, Hassanali; Hosseini, Ali; Banaitis, Audrius; Banaitiene, Nerija; Ekonomická fakulta
Many real-life problems are multi-objective by nature that requires evaluation of more than one criterion, therefore MCDM has become an important issue. In recent years, many MCDM methods have been developed; the existing approaches have been improved and extended. Multi criteria decision analysis has been regarded as a suitable set of methods to perform sustainability evaluations. Among numerous MCDM methods developed to solve real-life decision problems, Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) continues to work satisfactorily in diverse application areas. In this paper, a novel sorting method (TOPSIS-Sort) based on the classic TOPSIS method is presented. In the TOPSIS-Sort approach an outranking relation is used for sorting purposes. The proposed approach uses characteristic profi les for defi ning the classes and outranking relation as the preference model. Application of the proposed approach is demonstrated by classifying 22 districts of Tehran into fi ve classes (but none of the districts fi ts into Classes 4 and 5), representing areas with different levels of environmental quality. An analysis and assessment of the environmental conditions in Tehran helps to identify the districts with the poor environmental quality. Priority should be given to these areas to maintain and improve the quality of environment. The results obtained by the TOPSIS-Sort give credence to its success, because the results of sorting confi rm our and specialists’ evaluation of the districts. This research provides appropriate results with respect to the development of sorting models in the form of outranking relations. The model, proposed by this study, is applicable to the other outranking methods such as ELECTRE, PROMETHEE, etc.
THE REPORTING OF NON-FINANCIAL INFORMATION AND THE RATIONALE FOR ITS STANDARDISATION
(Technická Univerzita v Liberci, ) Krištofík, Peter; Lament, Marzanna; Musa, Hussam; Ekonomická fakulta
CSR (Corporate Social Responsibility) is an important part of communication with stakeholders and a response to the need for non-fi nancial reports. Regrettably, the rules of non-fi nancial reporting are almost not regulated. CSR reports are drafted using a variety of principles and guidelines, which limits comparisons across enterprises, transparency and assessment of progress. The reasons for reporting non-fi nancial information cited in the specialist literature, and by enterprises preparing CSR reports are examined, and the benefi ts of standardising reports of nonfi nancial information are determined. The literature review and empirical research into the motivations for CSR reporting and the trends in reporting of non-fi nancial information helped to verify the initial hypotheses: 1. Communication with stakeholders is the fundamental reason for reporting non-fi nancial information. This is confi rmed by the literature review, with most authors believing this is the prime reason for preparing CSR reports. Authors indicating other motivations still treat it as the fundamental cause which exists jointly with other motivations. 2. The need to standardise CSR reporting to ensure its transparency and clarity is noted by reporting organisations. This is proven by surveys of organisations drafting CSR reports – approximately 80% of all reports follow the GRI guidelines. This means the reporting enterprises wish their reports to be clear, transparent and comparable and for their stakeholders to be able to fully satisfy their information requirements. This is also evidence of the care for good relations with stakeholders, who receive standardised data although this is not binding on enterprises. A growing tendency for CSR reporting to follow guidelines other than the GRI can be noted in the entire period under analysis. This will not necessarily be a single compulsory standard, yet a model report would need to be followed to assure transparency and comparability. The Regulations of the Directive 2014/95/EU are a step forward since they will help to standardise rules of reporting non-fi nancial information and will improve its transparency and utility.
STOCHASTIC MODEL OF SHORT-TERM PREDICTION OF STOCK PRICES AND ITS PROFITABILITY IN THE CZECH STOCK MARKET
(Technická Univerzita v Liberci, ) Svoboda, Milan; Ekonomická fakulta
This paper deals with stochastic modelling and short time prediction of share price development in Czech stock market. The aim of this research is to create such models which can be used for creating automatic trading strategies that will beat the market. Reliability of these models is being checked in three highly liquid shares from Prague Stock O2, CEZ and KB in seven years long period in years 2006–2012. We used Markov chain analysis for modelling. In our models a state space is defi ned on the basis of cumulative daily changes of share price and a state space with eight states is used. The state space is defi ned parametrically as a multiple of standard deviation of daily yields for each share. There were 14 parameters calculated in total and for each parameter nine trading strategies for all shares were applied. It means that 378 trading strategies were calculated. We succeeded in fi nding a set of compact state space models and in applying a compact group of trading strategies on these models which always beat the market when invested in portfolio. The average annual market yield was 3.6%. The average yield of our portfolios oscillates between 4.7% and 14.8%. Strategies overcame the market also even after including transaction costs. After including transaction costs in amount of 0.1% from the trade volume a decrease of average annual yields would occur in the range from 0.45 to 2.1 percentage points. We reached the best results in the sideway trend and in shares with less changing volatility. Conclusions of this research are in contradiction to the Effi cient Market Hypothesis. Results indicate that Czech stock market is not effective in any of its form.
THE TOYOTA PRODUCTION SYSTEM – CZECH AND NIPPON CULTURAL PERSPECTIVES
(Technická Univerzita v Liberci, ) Brunet-Thornton, Richard; Koža, Michal; Bureš, Vladimír; Ekonomická fakulta
This text focuses on the cultural relationships between Czech nationals employed at Japanese subsidiaries located in the Czech Republic. The paper analyses the possibilities of implementation of Toyota Production System within Japanese subsidiaries in Czech Republic. Moreover, it explores both the fi t between the cultural values of Czech and Japanese management and the values incorporated in the Toyota Production System, and the various relationships of employees of both cultures at a managerial and operational level. In order to conduct the study, 79 companies were contacted, and survey responses from a total of 108 Czech and Japanese employees were collected. Using a self-administered questionnaire created in Czech, English and Japanese language, the fi ndings of both common and divergent culturally-induced perspectives are analysed. Due to consistency with other cross-cultural studies Hofstede’s cultural dimensions are used as foundation. The discussion correlates the results to the extent that they are deemed appropriate. Hall’s low and high context models supplement the discussion, where applicable, to further explain issues relative to perception and communication. The dialogue is rich in the knowledge of Japanese methodologies of quality and overall management practice known in this case as the Toyota Production System. Data from the survey show that both Czech and Japanese employees have similar values related to work and neither job satisfaction nor number of confl icts is connected with TPS training. The manuscript concludes with both the list of existing research limitations that can be overcome in next studies, and an analysis of the need for further research within other crosscultural frameworks.
VALUE ALLOCATION – CONTRIBUTION AND RISK TO THE RELIABILITY OF FINANCIAL REPORTING
(Technická Univerzita v Liberci, ) Deaconu, Adela; Crisan, Sorana; Buiga, Anuta; Ekonomická fakulta
Our study argues in favor of the reliability of fair value estimates for correct decision making by the stakeholders of the fi nancial reporting market. The analysis is singularized to emergent contexts, as the Romanian market is the case study, and it is focused on the process of value allocation between the components of a group of assets. Having an application on fi xed assets, the paper shows how fair value estimation is critical and implies risks on such an atypical market. The process of value allocation may bring a high level of arbitrariness to fair value accounting, this being crucial to apply correctly the valuation methodology in relation to the nature of the asset and market information available, and the selection of the allocation keys. The empirics of our study show a consistent expertise of Romanian valuators, as the most frequently used method for value allocation is the deduction of the value of those assets that was estimated based on the market approach, and not the values that were estimated based on the cost or income approach. Other fi ndings show the frequent use of replacement cost, gross or net, to the detriment of book value, a very important aspect for an emergent market, even more so as revaluation in Romania does not guarantee that dedicated valuation methodology was used. These results are all the more important as land and buildings were the majority of fi xed assets valuated, with the highest values as a result of the real estate bubble prior to the fi nancial crisis, and with an essential role in the activity of the companies.

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