Číslo 3

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https://dspace.tul.cz/handle/15240/172170

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Discovering the mindsets of the luxury recycling phenomenon
(Technická Univerzita v Liberci, ) Todri, Ardita; Papajorgji, Petraq; Ekonomická fakulta
This study focuses on two main luxury items recycling issues. First, understanding customers’ attitudes toward recycling luxury items via e-business and second, discovering e-platforms configurations used. This study considers as input parameters consumers’ age and gender. Thus, an online survey implementing a mind genomics experiment was delivered to 4,320 international consumers regardless of whether they have experienced or not recycling luxury items via e-commerce channels. Only 3,624 consumers participated in the study, indicating one of four reasons they recycle luxury items via e-commerce channels. These reasons are: to renew their wardrobe often, follow fashion without paying an exorbitant price, profit from selling clothes & accessories they do not use anymore, and be part of the luxury recycling business without significant investments. In addition, this study established as the main pillars of luxury recycling items via e-commerce channels the following aspects: the use of e-commerce to recycle luxury clothes & accessories; the configuration used in luxury recycling e-commerce sites; the sector benefiting the most from the luxury recycling business; the luxury recycling business approach more beneficial. The selection of the study pillars and the reasons for recycling help to achieve the main goal of the study, being understanding what fascinates consumers about luxury recycling. It unveils that configurations such as outlets and individual sales are preferred in the luxury items recycling business. Further, recommendations are provided to consolidate ethical luxury items recycling business, such as the development of more user-friendly technological e-commerce platforms, and decreasing intermediation charges.
The importance of Industry 4.0 technologies when selecting an ERP system – An empirical study
(Technická Univerzita v Liberci, ) Polívka, Martin; Dvořáková, Lilia; Ekonomická fakulta
The paper deals with the issue of the impact of the “Industry 4.0” concept on the process of selection of the enterprise resource planning (ERP) system. Firstly, review of the literature regarding the ERP system selection is presented, with the emphasis on the role of the new technologies in such selection. Secondly, the content of the term “Industry 4.0” is discussed, and put into context with the nature of ERP systems. The main part of the article then presents the results of the survey conducted among the medium and large industrial companies in the Czech Republic. Employees in the position of decision makers in the matter of selecting an ERP system were asked to participate. The survey used the form of questionnaire with close-ended questions with five-point scales, and investigated the attitude of the Czech manufacturing companies to the selected technologies of “Industry 4.0” and the importance of particular criteria for the selection of new ERP system. Investigated criteria were divided into 9 groups, where 5 of them were derived from previous research on the topic of ERP systems selections, and dealt with system price, portability, modularity, user experience and security. The remaining 4 groups were aimed at the selected technologies of “Industry 4.0” – big data, system integration, cloud computing and automatic identification and data capture. Kruskal-Wallis test and Neményi method of post-hoc analysis were used to compare the importance of particular criteria expressed by the respondents. The results show that although the companies are aware of the future challenges raised by the “Fourth Industrial Revolution,” in the selection of ERP systems they still emphasise mostly the previously used criteria such as price or modularity. As for the criteria connected to “Industry 4.0,” the ability of a system to deal with big data was assessed as the most important one.
The competitive advantage of enterprises from the customer perspective
(Technická Univerzita v Liberci, ) Maráková, Vanda; Wolak-Tuzimek, Anna; Lament, Marzanna; Dzúriková, Lenka; Ekonomická fakulta
The ability to achieve and maintain a competitive advantage in the long term is one of the most valuable abilities of a company in the modern economy. Companies strive to achieve a competitive advantage in order to be recognised by customers, which is expected to lead to increased revenues and profits. It is important to choose factors serving to achieve a competitive advantage. More desirable are factors that are difficult to copy by competitors and adapted to the opinions and needs of consumers. The aim of the article is to identify the sources of competitive advantage of enterprises in the opinion of consumers from Slovakia and Poland. The article analyses the literature on the subject and uses the methods of descriptive statistics and exploratory factor analysis (EFA). The analysis of the results is based on surveys conducted on a group of consumers from Slovakia and Poland using statistical software. A questionnaire assesses the importance of competitive factors utilised by companies. The obtained results confirm that quality is an important source of competitive advantage and country is a variable differentiating the selection of sources of competitive advantage. The research contributes to the ongoing scientific discussion, more specifically taking into account the consumer focus. To summarise, gaining a competitive advantage is a complex task influenced by a number of factors. To a large extent, they are related to the capacity for innovation, to the resources possessed, including human capital, and to the ability to respond to market needs and the use of marketing tools. The research contributes to the development of theories in the field of enterprise competitiveness, and its results can serve as recommendations for enterprise managers to identify the key sources of enterprises’ competitive advantage.
Is banking and finance education producing sector-relevant personnel? Stakeholders’ psychological perceptions toward employment
(Technická Univerzita v Liberci, ) El Sayed, Ranim; Özgit, Hale; Ekonomická fakulta
While many studies have examined factors affecting graduate employability, few have examined the effects of stakeholders’ psychological perceptions. Uncovering the moderating effects of employability skills and experience becomes critical. This study examines the psychological perceptions of graduate programs, graduate employability modelling, interpersonal competencies, and the employability skills and experience required to produce sector-relevant personnel for the banking sector. Using structural equation modelling, we examine the relationships between the subject variables. 453 students and 33 lecturers were surveyed, and data sheets from a skills inventory were given to a random sample of 23 bank human resource managers in North Lebanon. The findings support the theory of beneficial interaction effects between interpersonal competencies and graduate employability.
Different modelling approaches of tax revenue performance: The case of Baltic countries
(Technická Univerzita v Liberci, ) Mirović, Vera; Kalaš, Branimir; Milenković, Nada; Andrašić, Jelena; Ekonomická fakulta
Tax revenue performance represents one of the most essential issues to every government when creating and profiling fiscal policy according to the macroeconomic framework of each country. In particular, this issue comes to the fore in extraordinary circumstances and unstable trends when governments are exposed to greater costs of financing budget deficits and public debts. Tax revenue mobilization shows the government’s ability to collect sufficient revenue to finance government expenditures, as well as cover public needs. By using static and dynamic panel approaches, this research investigates the effect of tax revenue performance in Baltic countries (Estonia, Latvia and Lithuania) for the period 1995–2020. The main objective of this paper is to identify which determinants are crucial for improving tax revenue performance in the Baltic region. Namely, this research identifies how the main macroeconomic determinants affect the tax revenue performance in Baltic countries, which enables these economies to adjust to their favorable and unfavorable effects from the aspect of tax revenue mobilization. The empirical results show that gross domestic product per capita, industry value added, trade, and government expenditures have positive effects on tax revenue performance, while inflation, gross government debt, and exchange rate volatility negatively affect the tax revenue performance in these economies. Furthermore, the joining of Baltic countries to the European Union upgraded the tax revenue performance of this region in the short-run and long-run. Precisely, Baltic countries should focus on a higher level of economic growth, greater industry share and trade of GDP, as well as lower inflation rate, lesser exchange rate volatility, and smaller government gross debt.
Perception regarding European Green Deal challenges: From environment to competition and economic costs
(Technická Univerzita v Liberci, ) Stoian (Bobalca), Iuliana Claudia; Clipa, Raluca Irina; Ifrim, Mihaela; Lungu, Anca Elena; Ekonomická fakulta
The objective of sustainable development cannot leave aside the relevance of short-term benefits, long-term negative externalities, and opportunity costs of actions implied by the complex relation economy-society-environment. The transition to a green economy cannot be based exclusively on win-win solutions for all involved parties but requires taking into consideration potential trade-offs between several objectives. The EU strategy for achieving sustainable development and energy security is materialised in the project European Green Deal, which sets courageous goals. Our paper groups the advantages and disadvantages of EGD policies, using exploratory and descriptive research. In this context, we analyse, based on interviews and a questionnaire, the perception of students who have taken Economics courses and are familiar with the topics of externalities and economic policies in relation to the challenges posed by the European Green Deal. While the initiators of this project expect the increase of energy efficiency of the EU states, the encouragement of cleaner industrial activities, the reduction of pollution and of other threats related to global warming, and assuring a more sustainable future for the European economy, the main concerns are related to social costs and loss of European companies’ competitiveness. Our findings identified some costs regarding international transactions’ financial aspects and competition, while the main benefits were related to environmental protection. Policy implications of this study refer to a more rigorous configuration of policy measures, through expanding the studies regarding the perception of the energy policy, for a wider and better public understanding and acceptance of its benefits and implications.
How to hedge extreme risk of natural gas in multivariate semiparametric value-at-risk portfolio?
(Technická Univerzita v Liberci, ) Živkov, Dejan; Kuzman, Boris; Subić, Jonel; Ekonomická fakulta
The COVID-19 pandemic and the war in Ukraine have caused huge price changes in the natural gas market. This paper tries to minimise the extreme risk of natural gas, making two sixasset portfolios, where gas is combined with five developed and emerging European stock indices. We observe extreme risk from the aspect of classical parametric Value-at-Risk measure, but we also propose a new approach and optimise portfolios with semiparametric VaR as a target. Estimating the equicorrelation of the two portfolios, we determine that the emerging indices portfolio has a much lower level of integration, which is good for portfolio construction. Additionally, we divide the full sample into the pre-crisis and crisis periods to assess how portfolios look in the two intrinsically different subsamples. According to the results, both portfolios with the developed and emerging stock indices minimise extreme risk very well, but the latter portfolio is better. In the pre-crisis period, this advantage amounts to around 6% in the min-VaR portfolio and 3.5% in the min-mVaR portfolio. However, in the crisis period, the third and fourth moments come to the fore, meaning that hedging results increase significantly in favour of the emerging indices portfolios. In other words, the min-VaR and min-mVaR results of the emerging indices portfolio are better in amounts of more than 14% and 17%, respectively, vis-à-vis portfolios with the developed stock indices. We recommend using the semiparametric VaR metric because it is far more accurate and unbiased compared to the classical VaR since it considers all the key features of portfolio distribution.
Applying an integrated data-driven weighting system – CoCoSo approach for financial performance evaluation of Fortune 500 companies
(Technická Univerzita v Liberci, ) Ersoy, Nazli; Ekonomická fakulta
Financial performance evaluation provides information about a firm’s liquidity position, profitability, capital structure and asset utilization. Financial performance evaluation is considered as a multi-criteria decision making (MCDM) problem, as it is a multidimensional concept that is realized by bringing together multiple indicators. This study is aimed to evaluate the financial performance of the Fortune 500 companies by using the integrated data-driven weighting system (IDDWS) – combined compromise solution (CoCoSo) approach. The criteria weights were calculated with the IDDWS and the companies were ranked by the CoCoSo method. In the last stage, a three-stage sensitivity analysis was performed to test the robustness of the model. In the first stage, 15 scenarios were defined by changing the criteria weights. In the second stage, the rankings of the CoCoSo method were compared with the other MCDM methods [range of value (ROV), proximity indexed value (PIV), complex proportional assessment (COPRAS), Biswas and Saha’s method]. In the third stage, a sensitivity analysis was conducted under five different scenarios based on different δ parameters. It was determined that the rankings obtained as a result of the sensitivity analysis show small deviations and except for a few companies, the ranking of most companies remained the same. The results show that the proposed model is suitable for measuring financial performance and Alphabet performs best. The suitability of the proposed model for measuring financial performance was tested for the first time. It is thought that the comparative use of many MCDM methods through a comprehensive sensitivity analysis will contribute to the literature.
Learning goal orientation and abusive supervision
(Technická Univerzita v Liberci, ) Mao, Hsiao-Yen; Ekonomická fakulta
Employee learning for competence development is more salient for today’s organizations facing frequent changes from inside and outside, and accordingly, employees’ learning goal orientation (LGO) is noteworthy. This study examines how and why employees’ LGO relates to leadership effectiveness, i.e., employees’ perception of abusive supervision. Competing hypotheses and the mediating mechanisms of a work attitude from LGO, i.e., work enjoyment, and a work behavior from LGO, i.e., compliance behavior, were proposed. In a three-wave panel survey, 304 employees in a variety of occupations completed questionnaires. Results indicate LGO had a negative relationship with abusive supervision and employees with higher LGO had more enjoyment of work, and in turn, less perception of abusive supervision. The positive LGO-abusive supervision relationship was not empirically supported. While employees with higher LGO had less compliance behavior, this reduced compliance did not lead to increased abusive supervision. Hence, the suggestion is that supervisors should let subordinates feel that by performing required tasks, subordinates are learning by doing to facilitate leadership effectiveness. This study uses intrinsic motivation perspective to address an underlying process by which LGO manifests itself in an interpersonal and managerial outcome, abusive supervision. The findings suggest intrinsically motivated actions may mitigate negative perception of supervisors’ interactions. Employees’ intrinsic motivation at work may be a stance to understand their workplace interactions. Goal orientation is an important factor in leadership. Literature shows leaders’ LGO facilitates leadership effectiveness. Corresponding to emerging importance of followers in leadership effectiveness, this study found subordinates’ LGO facilitated their perception of leadership effectiveness in terms of reduced perception of supervisory behavior as abuse. In addition, this study enriches abusive supervision literature by corresponding to a call for examining the characteristics of subordinate and the work in concert to complement the limited work on understanding abusive supervision. Suggestions for future study are provided.
Has COVID-19 affected the organisational culture of non-governmental organisations?
(Technická Univerzita v Liberci, ) Mikušová, Marie; Rydvalová, Petra; Klabusayová, Naděžda; Konečný, František; Ekonomická fakulta
Organisational culture, as one of the key features of any organisation, is related to its performance. This is also true for non-governmental organisations. The purpose of this research is to identify changes in the dimensions of the organisational culture of these organisations caused by the pandemic. Data from 586 respondents, identified through an online OCAI questionnaire, were collected for pre-COVID-19, current, and preferred state. Statistically significant representation of the dimensions was identified in the types of culture. It was found that hierarchy culture was prevalent in pre-COVID-19. The hypothesis of trying to increase competitiveness in times of threat was not confirmed. After COVID-19, clan culture prevailed. It can be noted that individual dimensions of organisational culture changed their location dramatically during the reporting period. But the dimensions in the preferred organisational culture returned mostly to the pre-pandemic state. According to McNemar’s test at an overall significance level of 0.05, there was a difference between the now and preferred periods for dominant characteristics in hierarchy type, organisational leadership in market and hierarchy type, management of employees in clan and hierarchy, strategic emphases in adhocracy type. Of the 24 options, a statistically significant difference was confirmed in six cases. The respondents do not significantly experience feelings of exhaustion or disruption of work-life balance in a post-pandemic situation. The practical findings emphasise the necessity for managers to know the location of dimensions, not only the type of organisational culture. Confirmed facts can help managers, leaders, and policy makers in choosing strategies for shaping organisational culture in non-governmental organisations to achieve the required performance.
Multilateral development banks – Strategic actors in the new economy?
(Technická Univerzita v Liberci, ) Niţescu, Dan Costin; Murgu, Valentin; Manolache, Simona Beatrice; Ekonomická fakulta
The paper addresses the role of multilateral development banks in the new economic paradigm, built in the context of multiple crises with global impact. Multilateral development banks, in their capacity as promoters of governments’ policies are “invited/expected” to play a key role in the new geopolitical architecture, holding a competitive advantage in the provision of finance, which is linked to the design and implementation of structural reforms and programs of strengthening institutions controlled by governments. The paper aims to represent a signal regarding the strategic component and the synergies that multilateral development banks can determine. It highlights the tools that multilateral development banks have for selecting, monitoring and supporting programs and projects with regional and global impact. The paper describes the state of knowledge and reviews the specialised literature in the field of multilateral development banks, describes intervention channels and financing products of multilateral development banks, and discusses their impact on a European and regional level. The concluding remarks address the strategic role of multilateral development banks, their contribution to sustainable development goals and outline directions for future research.

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