Rok 2024 (ročník 27)
Permanent URI for this community
Browse
Browsing Rok 2024 (ročník 27) by Issue Date
Now showing 1 - 20 of 25
Results Per Page
Sort Options
- ItemThe impact of environmental, social and governance policies on companies’ financial and economic performance: A comprehensive approach and new empirical evidence(Technická Univerzita v Liberci, ) Noja, Gratiela Georgiana; Baditoiu, Bianca Raluca; Buglea, Alexandru; Munteanu, Valentin Partenie; Gligor Cimpoieru, Diana Corina; Ekonomická fakultaIn the last decade, the use of integrated reports (IR) comprising information on non-financial indicators from the environment, social, and governance (ESG) category has increased in time. Companies are now focusing not only on financial reporting but are notably including non-financial issues in their public reports. In doing so, they seek to align activities with the expectations of their stakeholders and the society in which they operate, as well as with various regulations, which are increasingly relevant worldwide. This study examines the impact of ESG reporting on company performance. Our research involved analyzing financial and non-financial data from 2,400 companies extracted from the Refinitiv Eikon database. Two methods of quantitative analysis were applied, namely multiple linear regression models processed by the robust regression method and structural equation modelling. Main findings entail that ESG indicators had strong and medium effects on company performance, but these effects varied across different dimensions, requiring a tailored approach to embed ESG factors in corporate strategy to enhance overall performance. Our paper provides a new perspective on the current and the potential impact of ESG reporting, based on systematic theoretical and empirical analyse , with multiple implications for business administration and management.
- ItemEducational attainment as a predictor of poverty and social exclusion: Empirical analysis of Serbian case(Technická Univerzita v Liberci, ) Dzunic, Marija; Golubovic, Natasa; Jankovic-Milic, Vesna; Ekonomická fakultaThis study examines the impact of education on the risk of poverty and social exclusion in a single-country framework. Relying on household and individual level data from the annual EU-SILC survey obtained in Serbia in 2020, we estimate the market and non-market benefits of education in the context of combating poverty and social exclusion in developing countries. Based on a representative sample of the adult population in Serbia, we explore to what extent the risk of poverty and social exclusion can be predicted by the levels of educational attainment. Econometric estimations indicate that educational underachievement acts as a significant driver of poverty and social exclusion. Probit regression analysis indicates that the risk of experiencing poverty and social exclusion decreases substantially with higher education levels. We include three model specifications that calculate the predicted probability of being at risk of poverty, severely materially deprived and exposed to combined risks. Holding other predictors constant, the decrease in poverty and social exclusion probability attributed to a one level increase in educational attainment amounts up to 7.96% (for unemployed women with only primary education). The analysis confirms that the highest gains from schooling are materialized for the categories of respondents who are not active in the labor market and those with the lowest levels of educational attainment. Besides this, self-perceived health and labor market activity significantly affect the risk of poverty, material deprivation and social exclusion. The impact of age differs across our model specifications, indicating that age increases the probability of severe material deprivation and the combined risk of poverty and deprivation, while older age appears to go in hand with a lower risk of poverty itself. These results offer relevant information that should be considered when determining the optimal level of social investment in education.
- ItemDeterminants of the impact of ESG policy and corporate governance on employee rights(Technická Univerzita v Liberci, ) Li, Chiao-Ming; Lee, Joe-Ming; Ekonomická fakultaTo comply with international development trends in recent years, Taiwanese government agencies have formulated environmental, social, and governance (ESG) legal policies and strengthened publicity for listed firms to prepare sustainability reports. Government agencies are trying to use ESG legal policies to gradually guide firms to take environmental, social, and governance measures and move toward sustainable operations. However, employee rights were easier for firms to ignore in the past, so paying attention to the correlation between employee rights and organizational governance is necessary. This paper aims to analyze the relationship between the organizational governance and employee turnover rate of Taiwanese food firms in the ten years from 2011 to 2021 through a panel regression model. The results show that there is a U-shaped relationship between board size and employee turnover. There is an inverted U-shaped relationship between the development of major shareholders’ shareholding and the strength of human resources. The research results show that organizational governance is significantly related to employee turnover. Finally, this paper believes that paying attention to human resources will contribute to the sustainable development of enterprises. Therefore, in terms of organizational governance policies, although government agencies have formulated relevant reference standards, firms should have functions more conducive to developing human resource measures. These functions include utilizing the guiding energy of the board of directors functions, and shareholding structure design, which will further help the stable development of human resources. Firms need high-quality human resources to make breakthroughs in technology or the market. Therefore, when firms cultivate high-quality human resources, they not only rely on employee welfare conditions but consider long-term organizational governance and human resource development as necessary planning conditions. These factors will drive firms to have the ability to break through the status quo, value all stakeholders, and create an attitude toward sustainable business development.
- ItemA comparative analysis of multivariate approaches for data analysis in management sciences(Technická Univerzita v Liberci, ) Ahmed, Rizwan Raheem; Streimikiene, Dalia; Streimikis, Justas; Siksnelyte-Butkiene, Indre; Ekonomická fakultaThe researchers use the SEM-based multivariate approach to analyze the data in different fields, including management sciences and economics. Partial least square structural equation modeling (PLS-SEM) and covariance-based structural equation modeling (CB-SEM) are powerful data analysis techniques. This paper aims to compare both models, their efficiencies and deficiencies, methodologies, procedures, and how to employ the models. The outcomes of this paper exhibited that the PLS-SEM is a technique that combines the strengths of structural equation modeling and partial least squares. It is imperative to know that the PLS-SEM is a powerful technique that can handle measurement error at the highest levels, trim and unbalanced datasets, and latent variables. It is beneficial for analyzing relationships among latent constructs that may not be candidly witnessed and might not be applied in situations where traditional SEM would be infeasible. However, the CB-SEM approach is a procedure that pools the strengths of both structural equation modeling and confirmatory factor analysis. The CB-SEM is a dominant multivariate technique that can grip multiple groups and indicators; it is beneficial for analyzing relationships among latent variables and multiple manifest variables, which can be directly observed. The paper concluded that the PLS-SEM is a more suitable technique for analyzing relations among latent constructs, generally for a small dataset, and the measurement error is high. However, the CB-SEM is suitable for analyzing compound latent and manifest constructs, mainly when the goal is to generalize results to specific population subgroups. The PLS-SEM and CB-SEM have specific efficiencies and deficiencies that determine which technique to use depending on resource availability, the research question, the dataset, and the available time.
- ItemDuPont analysis among European dentistry companies to measure the impact of the COVID-19 pandemic(Technická Univerzita v Liberci, ) Heryan, Tomas; Gajdova, Karin; Ekonomická fakultaAlthough health economics belongs to the highly respected economic disciplines within the research literature, there is a considerable gap related to the investigation of dentistry in particular, even after the global pandemic of COVID-19 disease. Fundamentally, the DuPont framework is a well-known complex analysis to evaluate companies from the point of view of financial performance. The investigation of the return on equity as a relation between the return on assets and the equity multiplier, simply called the leverage effect, is presented in this paper. Therefore, this study aims to estimate the effect of leverage and its changes due to the COVID-19 pandemic among dentistry companies in selected European countries with different healthcare insurance systems. This comparative investigation focused on the generalised method of moments with dynamic panel data from Orbis, the Bureau van Dijk financial database for 1,128 dentistry companies in nine European countries. Methodologically, concerning those post-estimation techniques to evaluate over- and underestimation of the models. It has been differentiating between companies with a high or low ownership concentration structure. The results have shown differences in the leverage effect during the pandemic, assuming that companies with a major owner increased their equity, while the debt leverage increased among those companies with dispersed ownership and vice versa. If economic theory states that debt financing is more effective for a company than using internal sources, it is apparently different in the case of dentistry during the pandemic. However, dispersed ownership is more often related to dentistry, according to mergers in this particular business industry.
- ItemExploring the relationship between usage of social networking sites, cyberbullying and academic performance: Evidence from the higher education sector of Saudi Arabia(Technická Univerzita v Liberci, ) Rasool, Samma Faiz; Raza, Hamid; Zubr, Vaclav; Asghar, Muhammad Zaheer; Sultana, Razia; Ekonomická fakultaThe aim of this study is to investigate the relationship between the use of social networking sites (SNS), cyberbullying (CB) and academic performance (AP). Firstly, we investigate the direct relationship between the use of social networking sites (Instagram, Facebook and TikTok) and academic performance. Secondly, the relationship between the use of social networking sites (Instagram, Facebook and TikTok) and cyberbullying is explored. Thirdly, linkages between cyberbullying and academic performance are examined. Lastly, the mediating effect of cyberbullying in the relationship between the use of social networking sites and academic performance is tested. In this study, we used quantitative survey analysis. We collect data using the research questionnaire from the graduate and postgraduate students enrolled in the universities located in Riyadh, Kingdom of Saudi Arabia. The data were analyzed using the structural equation modeling through SmartPLS 3.2.2. The findings demonstrate that in direct relationships, Facebook and TikTok have a significant relationship with academic performance. However, in the direct relationship, Instagram has an insignificant relationship with academic performance. Similarly, the outcomes confirmed that Instagram, Facebook, and TikTok have a significant relationship with cyberbullying. Furthermore, the outcomes indicate that cyberbullying has a negative impact on academic performance. Finally, the results of this study indicate that cyberbullying negatively mediates the relationship between the use of social networking sites and academic performance. At the end of the study, we have toughly discussed the conclusion, limitations and future research directions.
- ItemThe influence of the COVID-19 pandemic on managerial functions: Theory verified by Delphi method(Technická Univerzita v Liberci, ) Noskova, Marta; Kutlak, Jiri; Ekonomická fakultaThe aim of the article is to analyse the performance of managerial functions in the context of the COVID-19 pandemic. The first part of the article focuses on a systematic literature review (SLR) aimed at identifying the most frequently researched managerial functions in the context of changes due to the pandemic and the difficulties in performing these functions. A total of 211 articles from the Web of Science database were analysed, 18 of which were relevant to the present research. Based on the SLR conducted, two research questions were identified and answered by conducting a three-round Delphi survey among the experts interviewed (a total of 23 company managers). The results show that during the COVID-19 pandemic, the managerial function of planning has the highest importance and was performed the most often, followed by the function of leading. The managers gave minor importance to the organising function, which was statistically confirmed by Friedmann ANOVA followed by post hoc analysis – the Bonferroni-Dunn test. The results also confirmed a satisfactory level of expert agreement on the data obtained (Kendall W ~ 0.7–0.84), confirming the relevance of the findings. Also, several internal barriers that affected the work of managers were identified. The results are somewhat unusual, as most of the constraints faced by managers were imposed by the external environment, such as government regulations or sanitary measures. This discrepancy suggests that companies should emphasise improving their crisis management in the future. The results obtained thus provide the basis for further research in the area analysed. At the same time, it is possible to move away from the COVID-19 situation and transform the issue into managerial management in crises.
- ItemThe impact of the effective tax rate change on financial assets of commercial banks: The case of Visegrad group countries(Technická Univerzita v Liberci, ) Andrejovska, Alena; Glova, Jozef; Regaskova, Martina; Slyvkanyc, Natalia; Ekonomická fakultaWhile many tax professionals have discussed corporate taxation in the banking sector and its effectiveness on bank institutions, investment decisions, bank size, asset structure, or bank rentability, there is little evidence of tax efficiency within V-4 Group. The research on banks and tax rates is mainly based on American data. Few papers solved banking stability and corporate taxes within the European countries. This paper examines effective corporate taxation in the banking sector of the V-4 Group and aims to find out how the effective tax rate change affects commercial banks’ financial assets. In this study, we examine the relationship between variables using regression analysis in which we assess the impact of ETR on bank financial assets. We examined data in the consolidated financial statements data of commercial banks and tested their impact on the economy. Our findings supported the theory that ETR impacts the banking sector, particularly capital and equity financing. However, the results did not prove the research hypothesis, in which we assumed that an increase in ETR would lead to an increase in financial assets. Based on our results, it leads to an increase in equity assets (7.34%) and a decline in debt assets (16.83%).
- ItemThe nexus of a regional competitiveness and economic resilience: The evidence-based on V4+4 NUTS 2 regions(Technická Univerzita v Liberci, ) Svoboda, Ondrej; Melecky, Lukas; Stanickova, Michaela; Ekonomická fakultaEconomies have always been prone to economic downturns, industry shocks, currency crises, and the current COVID-19 epidemic crises, destabilising a region’s economic growth trajectory and pattern. By re-establishing economic ties both inside and outside regions, regional economies that have been disturbed by a shock may transition to a new growth trajectory. We examined the idea of competitiveness and resilience in a regional development context to answer why one region is more susceptible to economic shock than others and the competitive advantages and disadvantages of V4+4 countries. This article highlights some of the core characteristics of regional competitiveness and resilience and gives a survey of the notion, main empirical results, and planning tasks concerning regional competitiveness and resilience. The idea of resilience is gaining greatness because of the COVID-19 crisis, and its importance is growing in research and economic policymaking. Ideas like “2020 made us stronger” and “resilience, tenacity, and the ability to bounce back” are obviously alluring during the current crisis. The COVID-19 problem, however, has decreased the main systems’ shock resistance and caused failures to spread from one system to another. Thus, it is necessary to suggest a systems approach focused on resilience to have socio-economic systems ready for potential shocks. The paper’s main topic is resilience-focused tactics, with a focus on the current European Union strategy. The European Union must strengthen its resilience considering the COVID-19 issue and the political agenda that is transition-driven in order to move forward or recover but emerge stronger. If policies are to be effective in the long run, an attitude responding to the systemic causes and impacts of big shocks is required.
- ItemExamining climate change awareness and climate-friendly activities of urban residents: A case study in Košice(Technická Univerzita v Liberci, ) Toth, Veronika; Sebova, Miriam; Ekonomická fakultaAs the impact of climate change begins to be felt all around the world, the vulnerability of urban areas due to their population density, high concentration of economic activities and the altered characteristics of the physical environment is becoming increasingly apparent. As a result, cities will play a crucial role in tackling climate change by fostering mitigation activities and managing and coordinating the adaptation process. Research has shown that engagement and awareness among citizens is vital in the promotion of effective adaptation policies, but studies have also drawn attention to the significance of the so-called “awareness-action gap,” the absence of a direct link between awareness and action. This study contributes to the ongoing debate over the awareness-action nexus by discussing the factors that can affect the adaptation and mitigation activities of urban citizens using the Slovak city of Košice as a case study. Data was collected using a survey conducted with local residents as part of the preparations for the city’s first adaptation strategy on climate change. The paper uses a two-step analysis to investigate the socio-economic, psychological and contextual factors associated with climate change awareness and climate-friendly activities. The results of the standard linear regression model indicate that self-assessed vulnerability is a determining factor in both the level of climate change awareness and the likelihood of individuals to take action. In the second step, we find that the factors which influence engagement in climate-friendly activities differ depending on the costs involved in implementing the activities. The exploratory analysis conducted using a machine learning algorithm suggests that the awareness-action nexus may be non-linear in nature. The main findings of this study imply that communication strategies should place a primary emphasis on individuals’ vulnerability to the negative impacts of climate change. The paper contributes to the existing research by providing a case study of a generally under-researched geographical area of Central Europe. In addition, the analysis provides a specific context of urban area and implications for local policymakers, something that has been lacking the in literature looking primarily at data at the country level.
- ItemOptimization of inventory cost control for SMEs in supply chain transformation: A case study and discussion(Technická Univerzita v Liberci, ) Zheng, Xiaosong; Chen, Yilin; Ekonomická fakultaWith the continuous transformation of supply chains in various industries in China, the strategic landscape, industrial structure, industry rules, business models, and management logic have all changed dramatically, and the consumer market has become more demanding regarding pre-sales quality and after-sales service. Primarily for distribution companies whose primary business model is “buy and sell products and earn a profit margin,” the supply chain transformation has placed higher demands on inventory cost control. In this study, we propose an integrated approach for optimization of inventory cost control of internal supply chain management. The integrated approach includes an improved ABC inventory classification method, spare parts demand forecasting, and an adapted inventory management method. We then select a small and medium-sized home appliance distribution company as the case study because the company is at its early stage of inventory transformation due to the supply chain transformation. Using the case study and field research methods, we analyzed the specific impact of supply chain transformation on the company’s inventory cost control and demonstrated the efficiency of the integrated approach. This study finds that the case company can control inventory costs more efficiently and effectively after implementing the improved ABC inventory classification method. The proposed different demand forecasting plans can help improve the accuracy of spare parts demand forecasting. Finally, different inventory management methods based on different classifications of spare parts can help determine the appropriate spare parts ordering point and procurement quantity.
- ItemEffectiveness factors of small and medium-sized enterprises from the perspective of corporate culture: A case study in Slovakia(Technická Univerzita v Liberci, ) Lorincova, Silvia; Hitka, Milos; Durian, Jozef; Rauser, Daniel; Ekonomická fakultaTo reach business success, a company can use and manage a lot of seemingly inconspicuous and useful tools. One of them is corporate culture. The purpose of the paper is to define the factors that affect business efficiency from the perspective of corporate culture. The Organizational Culture Assessment Instrument (OCAI) was used. For data analysis, the Beta regression method, inductive statistics, and Tukey’s test were used. Based on the research results, it can be stated that there are significant differences in factors that affect the business efficiency of small and medium-sized enterprises in Slovakia from the perspective of corporate culture. The results show that effectiveness factors typical for clan corporate culture, such as teamwork, communication, loyalty, and human resource development, are applied in small enterprises. However, medium-sized enterprises are dominated by a hierarchical corporate culture with an emphasis on regulations, procedures, stability, control, and accuracy of management. It can be concluded that clan corporate culture is the best type of corporate culture for small and medium-sized enterprises in Slovakia. It is recommended to see the success of the enterprise in relation to caring for the people because employees represent a strategic tool in management that can influence the effectiveness of all business processes.
- ItemExploring travel agencies customers’ loyalty motives throught machine learning analysis(Technická Univerzita v Liberci, ) Dudek, Andrzej; Jaremen, Daria E.; Michalska-Dudek, Izabela; Pellesova, Pavlina; Ekonomická fakultaThis article focuses on identifying the directions of changes in the decision-making process of purchasing package travels and the motives determining this purchase, as well as the impact of these motives on the affective, behavioral and global loyalty of travel agency customers during the COVID-19 pandemic. To achieve the research goal, a literature review and field research were conducted. In the case of secondary sources, the content analysis method was used to examine them, while data from primary sources (N = 1,508) were collected using an indirect survey technique (CAWI). The data analysis was carried out using machine learning – the variable importance method and the random forest algorithm. The obtained results allowed us to conclude that during the period of threat of the COVID-19 virus pandemic, tourist packages had been purchased less frequently, and buyers either had limited their trips to domestic trips or had adapted their travel destinations to the changing pandemic situation. The most important motivators that determined the choice of a travel agency during the COVID-19 pandemic were an attractive offer, a wide selection of package travels, previous positive experiences and trust in the organiser. It was also confirmed that in the face of the pandemic threat, buyers of package travels had been loyal to travel agencies. The use of machine learning allowed for more in-depth analyses and identification of motives that had a key impact on the development of buyer loyalty during the pandemic. The factors identified in the study encouraging buyers of package travels to maintain long-term relationships with their suppliers are belief in the value of the travel agency’s offer, trust in the travel agency, individual approach travel agency employees, efficient service in the travel agency, and a wide selection of package travels.
- ItemThe role of leadership in managing digital transformation: A systematic literature review(Technická Univerzita v Liberci, ) Rakovic, Lazar; Maric, Slobodan; Djordjevic Milutinovic, Lena; Vukovic, Vuk; Bjekic, Radmila; Ekonomická fakultaDigital transformation should not be seen as a time-bound project, but rather as a process that needs to be continuously improved and managed over time. In the absence of leadership, digital transformation will occur spontaneously in an organisation, but it is necessary to monitor and manage the process itself to achieve the goal and establish a digital organisation. A person who leads the digital transformation must possess the appropriate competencies. Leadership competencies, especially the combination of digital and human skills, are crucial to the development and success of the digital transformation process. The authors of this article identify a vaguely described process of digital transformation as the main research problem, highlighting the need for the systematisation of leadership competencies necessary for effective digital transformation management. In this regard, the research objectives are to define and describe the process of digital transformation and identify the leadership competencies necessary for successful management of the digital transformation process. In order to achieve the objectives of the paper, a systematic literature review was conducted for the period 2001–2022 and 90 papers were identified based on the criteria outlined by the Web of Science and Scopus index databases. The identified papers were then analysed from the aspect of defining digital transformation, the activities of the digital transformation process, and the characteristics of digital leadership. Following a thorough analysis of the selected literature, the paper provides a comprehensive definition of digital transformation, proposes a framework for its management, and analyses the key competencies of digital transformation leaders (digital leaders), which together make up the paper’s main contribution. The paper can be used not only as a starting point for future research in this area, but also as initial guidelines for the implementation and management of the digital transformation process. The systematic literature review conducted has certain limitations. Only two, albeit the largest, citation databases were searched, and only papers in English were identified. The established framework should be verified and expanded through empirical research.
- ItemManagers’ attitudes as a critical success factor of kaizen(Technická Univerzita v Liberci, ) Todorovic, Mirjana; Cupic, Milan; Jovanovic, Dejan; Ekonomická fakultaThe purpose of our study is to examine the manager’s attitudes towards different aspects of kaizen, their commitment to the idea of kaizen, and their attitudes towards the motivation and participation of employees. We use a questionnaire to investigate the attitudes of 124 managers – 62 economists and 62 engineers, from 62 manufacturing companies operating in Serbia. We employ exploratory factor analysis (EFA) and Mann-Whitney’s U test. We find a moderate level of managers’ agreement with the statements on the importance and effects of kaizen, and a relatively low level of agreement with the statements on employees’ participation and motivation. Using the EFA, managers’ attitudes are grouped into three areas requiring attention – perceived kaizen effects, employees’ development and motivation, and employees’ participation. Finally, we find that economists and engineers do not differ in their attitudes towards kaizen, which indicates their similar and common attitudes towards certain aspects of kaizen. We contribute to the literature by examining managers’ attitudes towards the critical success factors of kaizen implementation and identifying the areas requiring more attention from the managers to support the social aspects of kaizen implementation and effects. Our results should change the perceptions of managers and contribute to the development of a new approach that involves more active and effective managers’ participation in the kaizen implementation. Our results can also be beneficial to practitioners seeking to implement and use kaizen more efficiently in their companies. Although our study does not consider the direct impact of a specific economic environment on kaizen implementation, it can be beneficial to companies in emerging and transitioning economies similar to Serbian.
- ItemDigital payments as an indicator of financial inclusion in Euro Area countries(Technická Univerzita v Liberci, ) Petrikova, Tamara; Kocisova, Kristina; Ekonomická fakultaThe process of digitisation in the financial sector is developing through the systematic introduction of computer systems, the establishment of Internet connectivity and the use and ownership of various information and communication devices. Information and communication technologies can increase the desired degree of financial inclusion in a country by increasing the availability of various financial services. This study examines the individual attributes that can affect financial inclusion in the Euro Area countries in 2021. Our analysis applies a probit model to data from the World Bank Global Findex database, focusing on digital payments as a proxy for financial inclusion. The main finding highlights that higher income, higher education, female gender, and younger age groups are associated with an increased propensity to engage in digital payments. Notably, our expectation of a non-linear relationship between age and digital payments is confirmed, as evidenced by the application of the Robin Hood algorithm. Specifically, we observe a positive correlation between age and digital payment usage. However, this trend reverses beyond a specific breakpoint, approximately around the age of 40, leading to a subsequent decline in digital payment activity. Furthermore, our research shows that individuals who utilised alternative payment methods alongside cash before the COVID-19 pandemic are likelier to engage in higher digital payments. Additionally, a tendency for higher adoption of digital payments coincides with countries that achieved a higher Digital Access Index (DAI), an indicator assessing the degree of digitalisation in a country. Furthermore, it is associated with countries among the Euro Area’s founding members.
- ItemInvestigating the determinants and effects of prestige sensitivity in fashion retailing(Technická Univerzita v Liberci, ) Anic, Ivan-Damir; Kursan Milakovic, Ivana; Mihic, Mirela; Ekonomická fakultaTargeting the prestige fashion segment enables fashion retailers to continue growing while facing a challenging environment. To attract prestige-sensitive consumers, it is important to understand their buying motivations and responses to retail actions. Thus, this paper examines the motivational predictors and effects of prestige sensitivity in fashion retailing, using the symbolic self-completion theory as a framework. It also explores the moderating role of fashion innovativeness. The data collected from shoppers of apparel products (N = 289) in Croatia were analyzed using structural equation modelling (SEM). The results show that recognition enhancement, sexual attraction, and recreation shopping motivations, which help enhance individuals’ self-identity in society, drive prestige sensitivity. At the same time, fashion innovativeness significantly moderates the relationship between recreation motive and prestige sensitivity. Prestige-seeking consumers positively respond to mannequin displays, spend more time shopping, and focus more on symbolic apparel attributes while shopping. This study contributes to the self-completion theory applied in fashion retailing by developing and testing the model that links prestige sensitivity with shopping motivations, fashion innovativeness, the selection of apparel attributes, response to visual merchandising, and time expenditure. The findings provide recommendations for marketers on how to develop fashion products/prestige brands in line with the expectations of prestige-seeking shoppers, target this market segment more efficiently, and increase the effectiveness of marketing efforts.
- ItemRegional COVID-19 cases and Bitcoin volatility: Assessment through the Markov switching prism(Technická Univerzita v Liberci, ) Phan, Dat Minh; Hoang, Sinh Duc; Duy Dao, Tung; Pham, Tien Phat; Ekonomická fakultaThe 21st century has become the century of technology, which has spread to the currency market, presenting the international economic system with a new challenge – the challenge created by digital currency, which has determined a change in the rules of operation in the market. The main property of cryptocurrencies in general, and Bitcoin in particular, is constant volatility and mutual sensitivity to each other. This article aims to analyze the cryptocurrency market landscape from both short-term and long-term perspectives. Additionally, the article seeks to quantitatively assess the contradictions, trends, and patterns of price volatility in Bitcoin by employing the framework of Markov switching during the period spanning from 2020 to 2022. The Markov switching model was used in the study. In this study, the factors influencing volatility on different modes of the Markov switch are the COVID-19 pandemic and the Pearson correlation statistical method. The Chisquared test was estimated to identify the connection between Bitcoin volatility switching modes and the COVID-19 pandemic spread. This analysis enables international investors to diversify with maximum efficiency and returns using available hedging tools. However, several open questions remain for future research. Future studies can analyze different cryptocurrencies’ volatility. This research helps to assess the nature of the relationship of cryptocurrencies in statistics (the correlation of cryptocurrencies as of December 1, 2021, when no significant events in the financial market and political upheavals were recorded) and dynamics (the Markov switching models for the postpandemic period of 2020–2022). The article contributes to understanding the interdependence and sensitivity of different cryptocurrencies in relation to each other.
- ItemAn attempt to resolve no-wait flow shop scheduling problems using hybrid ant colony and whale optimization algorithms(Technická Univerzita v Liberci, ) Rostamzadeh, Reza; Gholipour, Arezou; Komari Alaei, Mohammad Reza; Zavadskas, Edmundas Kazimieras; Saparauskas, Jonas; Ekonomická fakultaThe incentive for many developments and scientific progresses within the field of scheduling has emerged from industrial environments, and naturally, it could be utilized in expressing the scheduling concepts regarding terms used in the industry. Generally speaking, scheduling problems are known as limited optimization issues through which decisions related to the machines’ assignment and works processing sequence are probed. Thus, following a review of the related literature, the major goal of this research is to design a mathematical model and to solve it through a meta-heuristic for no-wait flow shop scheduling problem using different machines for the purpose of minimizing the time required to complete the work using whale and ant colony optimization (ACO) algorithms in Sanat-Gostar-e-Hamgam Shoe Company. The ACO and whale algorithm methods are used to compare and predict scheduling activities in manufacturing line of shoe industry. The results showed an ACO algorithm with two stages in mean ideal distance (MID) end amounting to 76.65 and 77.38, respectively. Also, regarding the amounts of standard error mean squares, it could be claimed that the model designed using the improved whale algorithm has a better prediction, and the minimum time required to complete works using the whale algorithm is estimated to be equal to 86.1071. This could lead to an optimal state in achieving the predetermined goals.
- ItemThe importance of corporate image and social responsibility for consumer engagement in sustainable consumption(Technická Univerzita v Liberci, ) Streimikiene, Dalia; Kiausiene, Ilona; Makunaite, Greta; Ekonomická fakultaRampant consumption and society’s growing demands are leading to ever-deteriorating quality of environment and life. Changing consumption patterns is essential to reduce the effects of climate change and create a more sustainable environment for generations to come. The rise of fast fashion is leading to overconsumption of clothing and textiles, which leads to high levels of pollution. In order to promote public awareness and the implementation of sustainability in all areas of life, companies need to contribute to the promotion of sustainable consumption. The way in which fashion sector creates its image and sees social responsibility has an impact on consumers’ decisions to use sustainable products. The aim of the research is to identify the impact of corporate image on consumer engagement in sustainable consumption and to investigate the impact of social responsibility in creating corporate image. A questionnaire-based survey was conducted. 406 respondents from Lithuania were interviewed. The results were analysed using descriptive statistical methods. The study shows that a positive corporate image and engagement in social responsibility are important factors in consumers’ engagement in sustainable consumption. Weak but statistically significant relationships were found between these variables. Social responsibility has been found to have a positive impact on corporate image, with corporate environmental responsibility being the most important. Also, it was found that more than 90% of respondents have a positive view of the company’s corporate social responsibility and that the implementation of corporate social responsibility initiatives changes their perception of the company itself.