Číslo 4
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- ItemMacroeconomic Time Series Affecting the Minimum and Average Wages of V4 Countries(Technická Univerzita v Liberci, ) Meixnerová, Lucie; Krajňák, Michal; Ekonomická fakultaThe study deals with the evaluation of the impact of macroeconomic indicators such as gross domestic product, unemployment, the implicit tax rate on labour and the consumer price index on the minimum and average wages in the countries of the Visegrad Four. The set of input analysed data is obtained from databases of national statistical offices, the Organisation for Economic Cooperation and Development and Eurostat. Since the minimum wage is influenced by state intervention, it is an intervention in the market mechanism and its costs are borne primarily by employers, it is an important indicator in assessing the impacts in the payroll field. Employers have a direct impact on the level of the average wage. From the results of derived VAR models, it cannot be argued that short-term relations in selected countries show the same regularities. However, common characteristics can be found between macroeconomic indicators and minimum and average wage. The results of the article show that if the endogenous variable is the minimum wage, there are no significant dependencies between the above-mentioned indicators. Each of the analysed countries has its own instrument for regulating the minimum wage independent of macroeconomic factors, which has been confirmed. If an average wage indicator is an endogenous variable, this variable has both a positive and negative impact on the remaining indicators analysed. The implicit tax rate on labour was evaluated as the most statistically significant indicator affecting the average wage. The results of the testing between the minimum or average wage and the macroeconomic indicators in the sense of Granger causality confirmed the fact that the development of selected macroeconomic indicators contributes to an increase in the accuracy of the forecast of the evolution of the average wage in the examined countries.
- ItemE-commerce Development in Europe: A Panel Data Analysis 2003–2017(Technická Univerzita v Liberci, ) Ortiz, Alma Lucero; Rodríguez, José Carlos; Gómez, Mario; Ekonomická fakultaThe Internet is a networking infrastructure that allows people’s communication throughout the world, transcending time and space limits. Nowadays, the Internet has changed the way of doing business, leading to a digital economy. Indeed, e-commerce has emerged as commercial transactions conducted over the Internet, which has become a source of economic growth for countries. In this sense, the research question conducting this research is as follows: what are the main variables that have affected the development of e-commerce in European countries from 2003 to 2017? In so doing, panel data econometric methods are used in this research. The tests of cross-section dependence (Pesaran test), unit root (Cross-sectional Im, Pesaran and Shin tests), cointegration (Kao and Fisher-Johansen tests), and heterogeneous causality (Hurlin and Dumitrescu test) are applied. In this regard, the results show that the variables in this research are characterized by a transversal dependence, and that they are integrated of order one. Furthermore, there is evidence that the variables are cointegrated, suggesting that there is a long-term relationship equilibrium between these variables. In addition, there is a bidirectional causality relationship between R&D spending (RD) and mobile phone penetration (MPP). Also, there is a unidirectional relationship from the development of e-commerce (EC) to RD and from per capita disposable income (PI) to RD. Besides, results suggest a positive and significant effect of MPP, RD, and PI on the EC in European developed countries. Therefore, these results show that the CE of the developed countries of Europe could be promoted through the improvement of the MPP, DR and IP.
- ItemDoes Working Women’s Causes Innovation: An Untouched Reality?(Technická Univerzita v Liberci, ) Jun, Wen; Jamil, Ihsan; Mughal, Bushra; Waheed, Junaid; Hussain, Hadi; Ekonomická fakultaWorking women play a vital role in all fields of lifestyle and are the pillars of society. Women’s workforce is the key to economic boom, innovation, research and development, growth and prosperity in modern societies. Globally, governments spend billions of dollars to promote the workforce, to enhance their country’s economy and innovation. This research aims to contribute to the knowledge on innovation by working women globally and to investigate how working women affect the process of innovation, using the number of patents and trademarks as innovation indicators. The empirical study adopted a two-stage least squares (2SLS) estimation and generalized method of moments (GMM) with and without robust standard errors. Panel data of 136 countries for the period 1996–2016 was used. The results of this study show that working women positively and statistically significantly explained the patent and trademark, which is a proxy for innovation with other control variables (per capita income, education, research and development, technology, article, industry, and foreign direct investment). Overall, the findings show that working women have a positive effect on innovation – they exert a positive and significant effect on patents and trademarks. The regression results based on GMM and system GMM (SGMM) show how working women influence trademarks and patents. Specifically, the GMM reveals that the regression coefficients of patent and trademark positively affect innovation, with all variables being positive at the 1% level, indicating that the current level of patent and trademark is positive. This implies that working women have favourable economic participation in innovation. This study contributes to the cross-over of knowledge on innovation and working women and reduces the existing scarcity of information on the subject.
- ItemCointegration Analysis of the World’s Sugar Market: The Existence of the Long-term Equilibrium(Technická Univerzita v Liberci, ) Kuzmenko, Elena; Smutka, Luboš; Strielkowski, Wadim; Štreimikis, Justas; Štreimikienė, Dalia; Ekonomická fakultaThis paper addresses the issue of interconnection among major sugar markets and commodity/exchange stocks in different parts of the world using the Johansen cointegration approach and vector error correction model. Due to a high degree of sugar market fragmentation and corresponding diversity in price levels and its volatility in different regions, the results of our analysis sheds some light on the very fact of a ‘single’ global sugar market existence and can be important not just with regard to producers and buyers of sugar but for the international investors as well, both in the light of risk governance and maximizing profitability. Using the evaluation of the extent of connection among regional sugar markets, one can assess potential benefits available to investors through international diversification between the analyzed markets. Our analysis has revealed the presence of mutual interaction among the selected sugar markets/commodity stock exchanges in individual regions and confirmed the long-term equilibrium among them. Therefore, despite an obvious diversity in price level and their fluctuations in different world regions, the selected for the analysis regional sugar markets are acting together as a single organism. The determining of the extent to which the analyzed sugar markets are interconnected have significantly strengthen the understanding of the latest sugar price developmental trends. In addition, the results of this study opened space and mapped out clear objectives and measurable targets for potential research – to reveal what markets can be referred to as leading ones in a sense that namely they primarily serve as a source of price turbulence. In summary, our results revealed and confirmed the long-term equilibrium among them and the outcomes of this study opened the new research realms and identified the clear and measurable targets for the future empirical research in this field.
- ItemTransmission of Financial Stress Shocks between the USA and the Euro Area During Different Business Cycle Phases(Technická Univerzita v Liberci, ) Dajčman, Silvo; Kavkler, Alenka; Mikek, Peter; Romih, Dejan; Ekonomická fakultaThis paper examines the transmission of financial stress shocks between the USA and the euro area for recessionary and non-recessionary regimes in the shock-recipient economy. The investigated period is 1999M1–2017M11, which includes several episodes of recessionary and non-recessionary regimes, endogenously determined by the model, as well as several financial stress episodes. After testing for non-linearity, we employ a five-variable Bayesian threshold vector autoregression model using internationally compatible data for financial stress indices. Our results show significant non-linearities in the financial stress-business cycle interactions for the euro area. In comparison to the non-recessionary regime, the US financial stress shocks are more detrimental to the stability of the European financial system, output growth, and inflation in recessions. US financial stress shocks negatively affect euro area unemployment rate, but the effect is independent of the euro area industrial production growth regime. In contrast, the stability of the US financial system is not susceptible to the euro area’s financial stress shocks. However, due to trade ties, the financial stress in the euro area does lead to output contraction, while not affecting inflation and unemployment in the US. We also found that US industrial production growth and unemployment rate are susceptible to domestic financial stress shocks, more in the recessionary than non-recessionary episodes of the US economy. The results suggest a need for a careful domestic and foreign financial stress monitoring and coordination of monetary authorities. While this may profit both economic areas, this is relevant more for the European Central Bank than its US counterpart.
- ItemTargeting of Online Advertising Using Logistic Regression(Technická Univerzita v Liberci, ) Šoltés, Erik; Táborecká-Petrovičová, Janka; Šipoldová, Romana; Ekonomická fakultaRecently, the internet became the dominant medium in marketing and comparing the development of expenditures into advertising indicates the dominance of online advertising will be inevitably stronger. Internet advertising compared to traditional media advertising has plenty of advantages hence online marketing exhibits a huge expansion in recent era. To fully utilize the potential of online marketing, it is necessary to effectively target activities of relevant internet users with the real presumption they will purchase promoted products or services. The paper is focused on demographic targeting by the mean of logistic regression models. Explanatory variables in presented application are arising from affinities of internet webpages visited by particular users and areas of their interests that are identified from their online behaviour. Our paper provides binomial logistic mode whose role is to predict the gender of internet user and multinomial logistic model constructed for the estimation of age category the user may be assigned to. The only variables exploited in the model by the mean of stepwise regression are variables with significant influence. The impact of particular factors is quantified via odds ratios that are used for the identification of areas of interests typical for women, men and for considered age categories. The paper demonstrates how it is possible to utilise estimated logistic models for the estimation of probabilities that the internet user is from a target group – in our case, women aged 25–44 years old. Prediction quality of models is assessed by the set of classification measures arising from confusion matrix that is generally acceptable in machine learning. Presented analyses are conducted in statistical software SAS Enterprise Guide on data provided from the real advertising campaign. More than 160,000 statistical units enabled the confirm results gained on training dataset of a relatively huge validation dataset.
- ItemIs There a Trend of Euroization of EU Countries Still Using Their National Currencies? Trade and Invoicing(Technická Univerzita v Liberci, ) Mačí, Jan; Ekonomická fakultaSeven of the eight EU countries not yet using the euro as their legal tender undertook to adopt the common currency in the future. However, the actual moment of adoption may influence, e.g. the attitude of the population (households). Other needs for the use of the euro have a business sector that is managed considering current market conditions and opportunities. The prerequisite of this article is that within the non-EMU EU economies, due to the close ties to EMU members and the prospect of a future, albeit often uncertain, approach to the euro area, the gradual euroization of businesses takes place. Among other things, euroization should be reflected in foreign trade, namely in the currency of invoicing. Using the Eurostat data from 2010–2018 on import and export and the currency of non-EMU countries invoicing to third countries expressed in EUR, USD, national and other currencies, the links between invoicing currency, size of economies and exchange rate regime were sought. The aim was also to describe the actual trend of invoicing international trade to third countries outside the EU. According to the results of the analysis, it was found that the block of non-EMU countries rather euroizes and the importance of the national currency is rather declining. The level of growth of the share of the euro and the decline of the national currency has a different intensity for imports and different for exports. At the same time, it was found that in the case of imports in EUR and NC and exports in EUR, a possible relationship between the invoicing currency and the exchange rate regime can be identified. Last but not least, it was found that in the case of invoicing in EUR and NC (national currency), there is a relationship between the size of GDP and the invoicing currency.
- ItemAn Analysis of Bond Market Liquidity and Real Sector Output in Selected African Economies(Technická Univerzita v Liberci, ) Eke, Patrick O.; Adetiloye, Kehinde A; Adegbite, Esther O; Ekonomická fakultaThere is increasing traction in the literature on the activities of the secondary securities’ market especially with bonds on financial development, with little known on its functional linkage to real sector growth. Following popular theories on bond financing, this study sought to fill this gap by examining if functional tie exists between the secondary bond markets and real sector output among fourteen African countries with functional bond markets and complete data. Among the variables adapted for use are real gross domestic product per capital, corporate bond issues, industrial output, corporate bond turnover, financial education, electricity consumption and institutional quality. The study tested through unit roots to augmented Toda-Yamamoto non-causality and co-integration approach to investigate both the short- and long-term relationships among the different variables. A priori, it was expected that market information would engender capital raising through bond issues and fund allocation. The study however, discovers that corporate bond turnover does not cause industrial output growth, neither does it cause corporate bond issue. An important short run result indicates that the impact of financial education is gradually being felt in the bond markets. For most of the long-run relationships, the study accepted the Null hypothesis. This implies that the investing public do not absorb the usefulness of the market information, which may explain the thinness and shallowness of African corporate bond market overtime. The liquidity signalling effects is however found to influence regulatory institutional quality in the long-run. An accelerated financial market liberalization and tax incentives for private sector provision of market infrastructure are recommended among others for improvement in the African bond markets investigated, among others.
- ItemImpact of Education and Economic Growth on Labour Migration in the European Union. A Panel Data Analysis(Technická Univerzita v Liberci, ) Istudor, Nicolae; Dinu, Vasile; Gogu, Emilia; Prada, Elena-Maria; Petrescu, Irina-Elena; Ekonomická fakultaSince migration is considered to play an important role on the attainment of the sustainable development goals (SDG’s) this study analyses the reversed perspective of the migration-SDG’s nexus. The data set consists of 308 observations on 28 European Union countries (including the United Kingdom) over a time span of 11 years (between 2008 and 2018). The analysis employed various stages of estimation in order to compare different results obtained from the panel data regression models. Besides the classical panel data regression models, the paper includes the estimation of Arellano-Bover/Blundell-Bond model that uses the Generalized Method of Moments (also known as GMM) as an econometric tool to solve the endogeneity of the selected variables. The focus is on two sustainable development goals: labour and economic growth, and education of the European Union member states plus the United Kingdom. The results showed that there is a significant influence of the selected variables on the migration flows at the European Union level. Although there are some contradictory results regarding the direction and statistical significance of the link between the variables of interest, most estimators do not have fundamentally different results. The GDP per capita keeps its positive impact on migration by generating an immigration flow towards countries with high GDP per capita. Economic growth proves to be the main trigger of migration, while education also plays an important role in shaping migration. The importance of this study derives from the reversed perspectives analysis, considering migration as being directly influenced by the achievement of the sustainable development goals.
- ItemDeterminants of Persistent and Transient Technical Efficiency of Milk Production in EU(Technická Univerzita v Liberci, ) Trnková, Gabriela; Žáková Kroupová, Zdeňka; Ekonomická fakultaThis paper deals with the estimation of technical efficiency of milk production in the EU, its decomposition and the analysis of determinants of transient and persistent efficiency. Attention was focused on specialized milk production using FADN data in the period from 2004 to 2017. The analysis is based on the four-component model that represents the most advanced approach to technical efficiency analysis at present and the multi-step estimation procedure extended by technical efficiency determinants. To the best of our knowledge, this is the first application of this model based on the multi-step estimation with the inclusion of technical efficiency determinants on this type of specialization in the EU. The results show that the overall technical efficiency achieves the mean value of 68% and is relatively dense around the mean. The persistent inefficiency poses a greater problem for dairy production and varies considerably across European regions compared to the transient part. Based on the assessment of the development of transient efficiency, it is evident that it is influenced by the situation on the dairy market, in particular by the milk crises. The most effective conversion of inputs to outputs is achieved in the Netherlands, the United Kingdom, and Belgium and is least burdened with institutional and structural rigidities. The results show that transient efficiency is positively influenced by paid labour share, rented land share, level of modernization and level of off-farm activities and negatively by the level of subsidies on livestock. The positive effect of the economies of size on persistent efficiency is not proved. However, specialization, despite the higher vulnerability of specialized farms to price shocks, affects persistent efficiency positively. Localization of farms in LFAs, as expected, has a negative impact on persistent technical efficiency.
- ItemSustainable Construction Supplier Selection by a Multiple Criteria Decision-making Method with Hesitant Linguistic Information(Technická Univerzita v Liberci, ) Liao, Huchang; Ren, Ruxue; Antucheviciene, Jurgita; Šaparauskas, Jonas; Al-Barakati, Abdullah; Ekonomická fakultaWithin the context of resource constraints and ecological environment imbalance, the adoption of green suppliers can help construction enterprises achieve sustainable development and improve their competitiveness. The selection of sustainable construction suppliers is a multi-criteria decision-making problem since multiple factors should be considered. The increasingly complex decision-making environment makes it difficult for evaluators to give accurate evaluation values. In this regard, the hesitant fuzzy linguistic term set is a qualitative evaluation tool to represent the comprehensive linguistic evaluation values of experts by considering the hesitancy behaviors of experts. In this paper, a scientific multi-criteria decision-making model based on the improved Stepwise Weight Assessment Ratio Analysis (SWARA) method and the double normalization-based multi-aggregation (DNMA) method in the hesitant fuzzy linguistic environment is proposed. A new distance measure is proposed to measure the differences between hesitant fuzzy linguistic term sets with different lengths without changing the original evaluation information of experts. The proposed distance measure is applied to the proposed multi-criteria decision-making model. After improving the calculation steps of the traditional SWARA method, we can determine the weights of criteria effectively through our proposed model. To verify the applicability of the proposed method, we implement it to select sustainable building suppliers. The effectiveness of the method is verified by sensitivity analysis. We also compare the results obtained by our method and those derived by the Weight Aggregated Sum Product ASsessment (WASPAS) method and the Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) method. The proposed method have a strong applicability to solve the sustainability-related decision problems given that it can effectively determine the weights of criteria and flexibly meet the needs of decision-makers by adjusting the coefficient.
- ItemKeystroke Dynamics Authentication Using a Small Number of Samples(Technická Univerzita v Liberci, ) Čapek, Jan; Hub, Miloslav; Ekonomická fakultaThe verification of a person’s identity is very important in today’s information society, especially in e-commerce systems and directly affects user account management and administration. Although present e-commerce systems use many modern sophisticated methods of authentication, large numbers of e-commerce systems use passwords for this purpose incessantly. However, passwords are not considered be too secure because users usually do not adhere to security policies for creating and managing theirs passwords. This problem can be solved by security policies that require the user to change the password frequently, select a completely new password, and structure the password, which places additional demands on the user. The solution is a two-factor authentication where a user needs to know the right password and at the same time, he must write this password in the correct way. Indeed, many different methods for keystroke dynamics authentication exist nowadays, but unfortunately, many of them need a large number of samples to create a stable template and therefore it is impossible use them in systems whose security policy requires frequent password change. The authors suggest a completely new method for these purposes that is enough stable even with a small number of measurements to create a template. This proposed method of keystroke dynamics authentication is validated and results are compared with existing methods both over the own dataset and the existing reference datasets. The authors believe that the proposed method will simplify the management and administration of user accounts as well as their security.
- ItemThe Impact of Socio-economic and Demographic Determinants on Self-perceived Health(Technická Univerzita v Liberci, ) Jindrová, Pavla; Labudová, Viera; Ekonomická fakultaThis article presents an overview of the self-reported health status of the population of the European Union Member States (EU-28) in the year 2018 based on Eurostat data. The self-reported health status of the inhabitants of the Slovak Republic has been analyzed in more detail with regard to the availability of individual data of the survey results from the European Statistics of Income and Living Condition (EU-SILC). The aim of the article is to analyse the relationship between social and demographic characteristics and the self-perceived health of the population in the EU-28 countries and their comparison as well as a comparison with the results found in the Slovak Republic. The characteristics gender, age, educational level, income, employment, and place of residence have been considered as the determinants of the self-reported health status. The obtained results of self-reported health status by selected demographics and social indicators in the European Union Member States have been compared in visual form using tables and graphs. For assessment of impact selected socio-economic and demographic characteristics on the self-perceived health by inhabitants in the Slovak Republic has been used the logistic regression model based on data extracted from the EU SILC 2016 cross-sectional component provided by the Statistical Office of the Slovak Republic. The obtained results can provide valuable information for health protection policy in EU countries and especially in the Slovak Republic. It could also be used to compare self-reported health status in the EU countries and the health status established based on the official health data published by European institutions.
- ItemInnovative Esteem: Antecedents and Relationship with Job Performance(Technická Univerzita v Liberci, ) Anwar, Ch. Mahmood; Ekonomická fakultaThis study aims to present and validate a new psychological construct, i.e. innovativeness-based self-esteem or shortly “innovative esteem” which reflects that innovative individuals evaluate their innovative capabilities to determine their significance, successfulness, and worthiness in organizations. Innovative esteem reflects attributes and capacities manifested by individual’s innovativeness specific feelings and evaluations about self. Standard procedures were followed to test construct and predictive validity for the new construct. Testing 546 paired responses from subjects working in hi-tech and R&D sectors, this study empirically identified that personal innovativeness, organization-based self-esteem, learning goal orientation, and job autonomy significantly contribute to innovative esteem in organizational setting. Test of theory of interaction revealed that learning goal orientation and job autonomy interact with each other to determine innovative esteem. In addition, this research correlated innovative esteem with employee job performance by considering it as independent index. Innovative esteem is found to be significantly and positively correlated to employee job performance. The study further applied regression analysis to strengthen the finding, and found that innovative esteem significantly predicted employee job performance in time lagged setting. To establish evidence of stability of innovative esteem over time, data were collected again after one year. The test-retest reliability correlation provided the evidence of stability of innovative esteem over time. Present study proposed that innovative works can best be performed by employees high in innovative esteem which could be further confirmed empirically. It is suggested that organizations can outperform if managers consider innovative esteem of employees along with other dispositional factors. It is further suggested that significance of innovative esteem should be explored further in personality psychology and organizational behaviour.