Číslo 1
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- ItemSUSTAINABLE BANKING, FINANCIAL STRENGTH AND THE BANK LENDING CHANNEL OF MONETARY POLICY(Technická Univerzita v Liberci, ) Cantero-Saiz, María; Torre-Olmo, Begoña; Sanfilippo-Azofra, Sergio; Ekonomická fakultaThe aim of this article is to analyse how sustainable banking affects the transmission of monetary policy through the bank lending channel. We also quantify how these effects are determined by the financial strength of each bank. These objectives, which have not been studied previously, represent an important contribution because real sustainable concerns in banking did not emerged until recently, mainly with the adoption of the Sustainable Development Goals that should be reached by 2030. Since then, some studies have focused on the effects of sustainability on aspects such as bank profitability, risk or efficiency, but none has considered the effects on the bank lending channel of monetary policy. In fact, central banks have incorporated sustainability criteria into their agenda and are analyzing how to include these criteria in the monetary policy framework, so we contribute even more by shedding some light on these aspects and how they depend on the financial strength of the banking sector. We used quarterly data from 79 listed banks from the OECD between 2016 and 2019 (947 observations) and we found that the bank lending channel is operative either for banks with very low sustainability ratings or a weak financial position. When sustainability ratings increase and financial strength becomes moderate, the bank lending channel is ineffective and monetary shocks do not affect lending. For banks with certain sustainable compromises and a strong financial position, the impact of monetary shocks on lending is the opposite of the one that the bank lending channel proposes, and this impact is more intense as sustainability ratings increase. Finally, our results also show that increases in central bank assets boost lending only for banks with low or moderate sustainability ratings, regardless of their financial strength. Overall, these results suggest that more sustainable banks are less dependent on monetary policy decisions.
- ItemINTELLECTUAL CAPITAL AND FIRM PERFORMANCE WITHIN TELECOMMUNICATIONS INDUSTRY DURING THE NEW NORMAL ERA(Technická Univerzita v Liberci, ) Muftiasa, Afdol; Wibowo, Lili Adi; Hurriyati, Ratih; Rahayu, Agus; Ekonomická fakultaIn the post COVID-2019 era, companies are making a variety of changes to boost their performance. Companies need to understand that rivalry is for physical and intangible assets, such as intellectual capital, when they want to thrive and succeed in the market. Research on the relationship between intellectual capital and firm performance has become a study that has received wide attention from researchers from various disciplines. The purpose of this research was to analyze how intellectual capital, comprising human, structural and relational capital, affected firm performance in the telecommunications sector during post COVID-2019 era. Quantitative research using a questionnaire survey was used in this study. A valid research instrument was utilized to survey 115 employees from all telecommunications companies in Indonesia listed on the Indonesia Stock Exchange in 2019–2021. Human, structural, and relational capital were hypothesized to have a positive effect on company performance, and their relationship was investigated. Intellectual capital was found to have a statistically significant and positively impacting relationship with firm performance. Recommendations are then made for researchers and practitioners. This research has implications for practitioners. Practitioners can concentrate efforts on the three main components of intellectual capital management. Furthermore, managers in companies, especially telecommunications companies, understand how intellectual resources evolve following current developments and will ultimately positively impact performance. This is one of the very few studies examining the relationship between intellectual capital and firm performance in the Indonesian telecommunications industry and the first to investigate this relationship with perceptual measures in Indonesia.
- ItemTWENTY-FIVE YEARS OF “E&M ECONOMICS AND MANAGEMENT”: A BIBLIOMETRIC ANALYSIS(Technická Univerzita v Liberci, ) Yao, Xuan; Xu, Zeshui; Žižka, Miroslav; Ekonomická fakultaE&M Economics and Management (E&M), originally founded in 1998, is dedicated to promoting advancements in the fields of Economics and Management based on theoretical and empirical analyses. Motivated by its 25th anniversary in 2023, this paper utilizes bibliometrics to make a comprehensive analysis of publications of the E&M that are included in Social Sciences Edition of the Web of Science (WoS). First, we make a performance analysis of the related publications to present the development and distribution of the E&M publications between January 2008 and April 2022 from the aspects of publication and citation structure. Second, a visual analysis of the literature called science-mapping analysis is implemented to display the structural and dynamic organization of knowledge of the E&M publications with the help of bibliometric tools VOSviewer and Bibliometrix. Finally, the paper discusses the evolution of E&M and some of the limitations and prospects to help editors and researchers understand how E&M has evolved over time and where it can be improved. This paper also provides a model of future effective analytical methods for assessing the data from a particular journal. According to the findings, researchers throughout the world publish in this journal on a regular basis. E&M is growing significantly during twenty-five years, and is becoming one of the influential journals in the fields of Economics and Management.
- ItemWHO ARE ONLINE GROCERY SHOPPERS?(Technická Univerzita v Liberci, ) Bauerová, Radka; Starzyczná, Halina; Zapletalová, Šárka; Ekonomická fakultaThe acceleration of the digitalisation of grocery shopping is an important trend that shows that this way of sourcing groceries is increasingly accepted by customers. Uncovering, understanding, and describing the differences between online grocery shoppers is interesting from a scientific point of view and a practical one. Correctly targeting a specific customer segment increases the very effectiveness of marketing communication by spending the cost of communicating with those correctly targeted customers that are valuable to the company. Therefore, this paper explores the behaviour of customers when shopping online and tries to find similarities in this behaviour. The aim of the paper is to generate customer segments of online grocery shoppers that provide a more comprehensive insight by reflecting on their shopping behaviour, personality traits and characteristics, loyalty, overall satisfaction with online grocery shopping in the current retailer, and frequency of social media usage. An online questionnaire survey was conducted with a panel of respondents from the IPSOS research agency to obtain primary data. Data were analysed using factor and cluster analysis. These analyses resulted in the creation of a segmentation that identified five main segments of online grocery shoppers. The constructed combined segmentation divides shoppers into five segments: quality-oriented shoppers (18.9%), influential utilitarians (21.7%), loyal traditionalists (16.4%), satisfied conditional loyalists (14.9%), and movable eco-sympathizers (28.1%). Then these category types are characterised in terms of their most salient characteristics. The results of this study show the variables that influence customers in their decision-making process. Outcomes increase knowledge about online grocery shopping behaviour, motives, and purchase requirements. These are also beneficial for grocery retailers for better targeting or fostering loyalty.
- ItemSTRUCTURAL CHANGE AND GROWTH PROSPECTS IN THE TURKISH ECONOMY: A DEMAND-SIDE DECOMPOSITION ANALYSIS(Technická Univerzita v Liberci, ) Nas, Şahin; Moalla, Maya; Tuncer, İsmail; Ekonomická fakultaOver the past four decades, Turkey has undertaken a wide range of reforms that aim at the liberalisation of foreign trade, relaxation of the tariff system, deregulation of the financial system, and foreign investment regulations. Significant structural change experienced in the Turkish economy pursues access to the global market. This paper presents an empirical investigation of the growth prospects in both the Turkish economy and manufacturing industry during the whole period from 1995 to 2015 and the sub-periods of 1995–2001, 2001–2008, 2008–2015 and 1995–2015. Since investigating the dynamics of economic growth from the supply-side has been well documented in the literature, this work contributes to the literature on the sources of economic growth by providing a more up-to-date analysis from a demand-side perspective in the case of the Turkish economy. We make use of Chenery’s factor decomposition method that decomposes output growth into the growth of domestic demand, import-substitution, growth of export and intermediate demand. Conclusions revealed that the total output evolution of the whole economy and the manufacturing industry was mainly responsive to final domestic demand during the whole period of 1995–2015 and the sub-periods of 1995–2001, 2002–2008 and, 2008–2015. However, the nexus between the final domestic demand and the output evolution tended to weaken during the period from 2001 to 2008, but recovery took place again in the following periods. Moreover, the output growth that stemmed from export expansion was more prevailing in the manufacturing industry. To these ends, policies aimed at increasing income, demand, product diversity and reducing poverty should be applied to encourage the deepening of domestic demand. Furthermore, selective micro policies of industrial and technological upgrading and diversification should be applied to sustain output and export growth and, create a more resilient economy to external shocks.
- ItemEXPLORING FORMER & MODERN VIEWS: A CATCH-ALL TO ASSISTIVE TECHNOLOGY APPLICATIONS(Technická Univerzita v Liberci, ) Berger, Aleš; Ekonomická fakultaIn life, everyone faces personalized conditions such as ageing, disease, and impairments in hearing, vision, or mobility. In addition, some individuals are born with disabilities that can limit their participation in various areas of life, including work, education, and daily activities. Assistive technology (AT) is a field that aims to provide tools and resources to facilitate the needs of individuals with disabilities or impairments. This article reviews the latest advances in AT, focusing on using Internet of Things (IoT) technologies to provide innovative solutions. The article discusses the deployment of assistive devices in various areas, such as building access, information access, and work and education participation. The goal of this research is to highlight the potential of AT to improve the lives of individuals with disabilities and to provide an overview of the current state of the field. The article also discusses the use of IoT-based solutions in assistive technology and identifies promising areas for future development and deployment. By providing a comprehensive review of the latest advancements in AT, this research aims to contribute to the ongoing efforts to enhance functional capacities and improve the quality of life for individuals with disabilities.
- ItemDIFFERENCES AND SIMILARITIES IN PATTERNS OF AGEING SOCIETY IN THE EUROPEAN UNION(Technická Univerzita v Liberci, ) Kočanová, Denisa; Kováč, Viliam; Serzhanov, Vitaliy; Buleca, Ján; Ekonomická fakultaPopulation ageing is a demographic issue that emphasises the need to be interested in the lives of the most vulnerable population group: the elderly population. The paper investigates the ageing process and their relations among the European Union member countries from 2009 to 2019. These countries are assessed and dispersed to the appropriate clusters according to several indicators related to the areas that affect the lives of the elderly population: namely, the health status, the labour market conditions, and financial security. The focus is on the age group 55 years and over as it is a disadvantaged age group in the job application process regarding ageing society. It is a significant aspect of public finance system. The European Union Statistics on Income and Living Conditions, the Labour Force Survey, and the European System of Integrated Social Protection Statistics data are involved. The quantitative approaches are applied in the cluster analysis and followed by the panel data linear regression analysis. The dendrograms visualise the three clusters representing the mutual relations and the ageing patterns among the explored countries. The heat maps are created to prove the potential relations among the observed countries. The panel regression model demonstrates that the three variables – part-time employment, the income inequality, and the material and social deprivation – are statistically significant in all the regression models for the whole area and the three clusters. The analytical outcome could be applied as a valuable resource to government and national representatives. It can help identify the objectionable determinants for a custom policy and implement appropriate measures to improve the situation of the elderly population.
- ItemCAPITAL STRUCTURE ANALYSIS – THEORIES AND DETERMINANTS VALIDATION BASED ON EVIDENCE FROM THE CZECH REPUBLIC(Technická Univerzita v Liberci, ) Heckenbergerová, Jana; Honková, Irena; Ekonomická fakultaThe optimal capital structure is a key precondition for business, even though the task of defining the optimal capital structure can be difficult. Previous studies present many different and mutually contradictory factors that should be considered with respect to managerial strategic financial decisions. The first part of the presented contribution summarises the effects of the most frequent capital structure determinants and reviews the world’s most important theories about the behaviour of enterprises when deciding on capital structure. The aim of our contribution is the analysis of capital structure behaviour in the Czech environment. Fundamental capital structure theory is revealed by statistical hypotheses testing. Moreover, we are mainly targeting significant determinants of capital structure. The results help us to create general recommendations for the financial management of Czech companies. In the scope of our study, there are approximately a thousand national financial statements of Czech companies from the most important sectors of economic activity for the period 2016–2019. The correlation analysis with partial correlation coefficient and multiple linear regression analysis was utilised to determine the effects and significance of the individual determinants. Data show that Czech companies do not prefer debt financing recommended by some capital structure theories. Their financial management behaviour corresponds to pecking order theory with insufficient utilisation of tax shield. Sectorwise analyses prove only one exception; motor vehicles wholesale, retail trade, repair and maintenance sector generally prefers financing by debt. Based on the literature review, we selected six significant determinants of capital structure: size, return on assets (ROA), return on equity (ROE), tangibility, asset growth and duration. Advanced statistical analyses show the power and influence of each determinant on capital structure and their mutual relations. Autocorrelations can negatively affect the results of regression analyses. We can conclude that the capital structure of Czech companies is mainly influenced by tangibility and ROA.
- ItemPERSONALITY AS A KEY DETERMINANT OF THE ORGANIZATIONAL SILENCE IN IRANIAN STARTUPS(Technická Univerzita v Liberci, ) Seyedi, Seyedeh Samaneh; Darroudi, Abolfazl; Ekonomická fakultaAddressing the lack of research and knowledge about organizational silence in the nascent but promising Iranian startup ecosystem, this study examines the relationship between personality factors and organizational silence in Iranian startups. Data were collected using Vakola and Bouradas Organizational Silence Questionnaire and NEO Personality Inventory filled by 532 startup employees in Iran, then analyzed by Pearson and multivariate regression tests. Hypotheses were tested through SPSS. Data analysis demonstrated that personality factors predict 17.0% of the variance of organizational silence, and there is a significant relationship between each personality factor with organizational silence in startups. The strongest and weakest correlations with organizational silence were observed for openness to experiences and conscientiousness, respectively. The study is cross-sectional, so its results cannot be casually inferred; longitudinal studies are needed to obtain more comprehensive information. Access to qualified respondents was challenging because of startup managers’ overall conservativeness spirit and tendency to withhold information about their employees. This study has implications for startup managers and decision-makers. Since it has examined a destructive organizational phenomenon in the specific context of startups, this knowledge will help managers recognize and resolve organizational silence. This study has filled the research gap by examining the organizational silence in Iranian startups for the first time and has implications for theoretical development in this novel context; furthermore, it helps startup managers to deal with organizational silence more effectively.
- ItemEMPLOYEE ATTITUDE TO ORGANISATIONAL CHANGE IN SMALL AND MEDIUM-SIZED ENTERPRISES(Technická Univerzita v Liberci, ) Karácsony, Peter; Metzker, Zdenko; Vasic, Tihana; Koltai, Judit Petra; Ekonomická fakultaThe crisis caused by the coronavirus pandemic affects the daily operation of organisations, which also brings changes in the life of their workforce. Managing organisational change has been a significant challenge for organisations for several decades. The aim of the research is to assess the behaviour of affected employees toward organisational change. It is examined how different groups of employee’s experience change in general and what they think about organisational change. Furthermore, it is explored whether employees understand the motivation behind the change and how does the change impact their organisation. To answer the research questions, a comprehensive questionnaire survey of small and medium-sized enterprises in Hungary was conducted in autumn 2021. The suitability of the application of factor analysis evaluating the dependence of selected areas of the questionnaire was supported by Barlett test a Cronbach’s alfa coefficient. For individual hypotheses two-sample t-test, contingency table analysis, and Pearson’s Chi-squared test, were applied. The evaluation of the 215 questionnaires shows that the behaviour of employees toward organisational changes is different. The difference in attitudes to the benefit of organizational change for employees were identified, but not for enterprise. Furthermore, the difference in attitudes between employees who have undergone organizational change in the enterprise and those who have not undergone organizational change, were identified too. It is interesting that contingency between the extent to which managers play a role in change and the well-executed nature of change were detected. The practical usage of the research can be helpful for SME management, especially in the HR field. The management can consider that employees may be afraid of the changes if they are ahead of them, but if the change is handled well, people will think positively of it.
- ItemEDUCATION VS. ENTREPRENEURSHIP – BETWEEN THEORY AND PRACTICE: THE CASE OF SMES IN POLAND(Technická Univerzita v Liberci, ) Janowski, Andrzej; Gonchar, Olga; Yakovyshyn, Ruslan; Ekonomická fakultaThe complexity of issues related to entrepreneurial activity is reflected in the discourse in the world of economic sciences that has been continuing for over 200 years. Nowadays, the development of organizational management environment is more and more extensive and, as well as in other highly developed countries, the sector of small and medium-sized enterprises in Poland plays a fundamental role in the economy. Yet, there are rising concerns towards the entrepreneurial education direction in world of science. The growing concern in the context of entrepreneurship education has caused a discourse on whether this scholar activity can affect the entrepreneurial effectiveness in practice. We conclude that the contemporary academic management papers are, in a vast majority, focused on theoretical aspects of entrepreneurship, students, granted programs and trainings, while the opinions of real entrepreneurs toward abovementioned valuable efforts are omitted. Therefore, we decided to explore practical entrepreneurial environment to address this gap. The research participants included 189 entrepreneurs (SMEs based) that had been operating continuously for minimum 20 years. We established three objectives of this paper: to analyze the relation between the individual level of education, its characteristics and entrepreneurial success; to evaluate the state educational support in real world entrepreneurial operations effectiveness; to identify educational opportunities and threats and estimate the future research trajectories in this area. Finally, the first attempt, in the world of science, was undertaken to verify whether there is a positive correlation between entrepreneurship teaching and its real effect on entrepreneurship in practice. We empirically prove that the (higher) education can be an obstacle on the path of entrepreneurial success. Additionally, conclusions establish a new perspective on the existing state of knowledge through constructing a bridge which will enable connecting academic efforts and expectations on the part of firm owners.
- ItemMANAGEMENT REFLECTIONS ON INNOVATIONS IN DIGITALIZATION, WITH AN EMPHASIS ON DEGREE OF WORK AUTONOMY(Technická Univerzita v Liberci, ) Stacho, Zdenko; Stachová, Katarína; Lukáč, Michal; Kupec, Václav; Petrů, Naděžda; Ekonomická fakultaThe objective of this research study is to identify the degree of implementation of innovations in the field of job digitalization and to identify whether jobs allow employees to maximum autonomy in the performance of their work. This study uses Computer Assisted Self Interviewing (CASI) to meet this objective and to test the hypotheses. Data distribution and collection were conducted throughout the year 2020; the research sample includes 841 companies from the EU 27 international environment. The holistic finding is that economic sector does not show significant differences in current levels of or expectations for innovations in the field of digitalization. This finding demonstrates that digitalization is a phenomenon that is not only linked to certain specific industries of the economy, but that affects the economy as a whole. The authors’ research demonstrates that EU 27 businesses, regardless of the sector in which they operate, are aware of the need to innovate in digitalization in order to remain competitive.