Rok 2015 (ročník 18)
Permanent URI for this community
Browse
Browsing Rok 2015 (ročník 18) by Issue Date
Now showing 1 - 20 of 56
Results Per Page
Sort Options
- ItemThe influence of organizational values on competencies of managers(Technická Univerzita v Liberci, 2015-03-05) Gorenak, Mitja; Ferjan, Marko; Ekonomická fakultaThis paper discusses the influence of organizational values on managers’ competencies. Organizational values are a reflection of individual values of founder or founding members of the organization. Through time organizational values are shaped by every member of the organization and by events that shape the organization. On the other hand competencies of managers are not shared by the whole organization though they do influence the way managers run their organizations and through this also how organizations work. Based on the findings of previous studies a model for measuring the influence of organizational values on managers’ competencies was proposed. More specifically, by conducting a preliminary study a model was created that discusses the influence of six most commonly stated organizational values on the matching competencies. To this end research question has been proposed: What is the level of correlation between organizational values and matching competencies of managers? The paper-and-pencil survey was carried out in the travel and leisure industry, where 1,100 employees were surveyed. The 388 participants who filled out the questionnaire represent a 35.27% yield of surveys sent out and 4.26% of the population of this industry in Slovenia. We have determined that there is a statistically significant influence of organizational values on matching competencies. This finding clearly indicates that organizational values have a strong influence on managers’ competencies. This also to some extent supports the idea of managing by values where managing of organizations is focused on organizational values and every decision is done through the scope of these values.
- ItemCurrent and future use of management tools(Technická Univerzita v Liberci, 2015-03-05) Nedelko, Zlatko; Potocan, Vojko; Dabić, Marina; Ekonomická fakultaThis paper examines the use of management tools among Slovenian and Croatian employees, with the main focus on linkages between the current use of management tools and patterns of its future use. The authors developed and tested a model for predicting the future use of management tools based on the current use of tools by employees in organizations, underlying assumptions of the theory of planned behavior and the information-perception-behavior link. Descriptive statistics suggest that there are differences in management tools use patterns among Slovenian and Croatian employees. Among the most used tools, employees in both countries significantly and differently use (especially) outsourcing, mission and vision statements, knowledge management, total quality management, and customer segmentation. Using structural equation modeling for testing the proposed relations in the developed model on samples of Slovenian and Croatian employees reveals that the current use of tools plays an important role in predicting the future use of tools in Slovenian organizations, while linkages for the Croatian sample are rather insignificant. More specifically, the current use of management tools has a positive influence on the future use of management tools, while the impact of the current percentage of satisfied users with management tools is very weak. Further, a comparison of results with international data reveals differences in the patterns of management tools use between former catching up countries (studied are two former transition economies) and economies with a longer tradition in the market economy. Based on the current state of management tools use, linkages between their current and future use, and patterns of tools use in high-developed economies, the authors speculate about the future pattern of management tools use in catching up countries based on experiences from high-developed market economies. Those assumptions represent a building block for boosting the use of management tools in organizations in catching up economies, and thus helping those organizations to reduce the gap between them and most developed organizations.
- ItemEffectiveness of the monetary policy implemented in the context of crisis(Technická Univerzita v Liberci, 2015-03-05) Bartóková, Ľudmila; Ďurčová, Júlia; Ekonomická fakultaFocus on monetary policy transmission mechanism has regained its importance especially in regards to financial and debt crisis. Negative developments after 2008 still verify the ability of monetary policy to mitigate its impacts. In EMU, it can be seen in the case of the effects of single monetary policy and the deepening of the asymmetries between member countries. This can be compared to the case of the monetary policy efficiency in small and open non-member country and its influence on macroeconomic developments. This paper is focused on the analysis of transmission process of monetary policy through the interest rate channel in EMU as well as in a non-member country, namely in Czech Republic. The aim of the analysis was to verify the similarity of reaction in case of monetary policy shock. The results for Czech Republic were compared to results for overall EMU. The focus was predominantly on interest rate channel of monetary transmission process and its impact on inflation, nominal effective exchange rate and gross domestic product, the variables that are typically used in central banks’ monetary rules. We also assumed that negative developments related to the crisis can distort the transmission of monetary policy effects on macroeconomic variables and that the impact of monetary policy changes is transmitted to the economic variables only partially or significantly lagged. The effects of interest rate shocks on selected variables were identified by estimating VAR model that uses Cholesky decomposition of innovations; the most widely used empirical methodology for analysing the transmission mechanism of monetary policy. The results show that the reactions of the product and the price level to positive interest rate shock are very similar for Czech Republic as well as for EMU throughout the investigated period 1999–2013. However, we cannot definitively affirm that the crisis disrupted the transmission process from monetary measures to analysed macroeconomic variables as shown in the cases of Czech Republic and EMU. Interest rate channel has not shown particularly strong and stable influence on the observed variables neither for Czech Republic, nor for EMU.
- ItemMulticriteria decision-making weights and a competitive product design(Technická Univerzita v Liberci, 2015-03-05) Tošenovský, Filip; Ekonomická fakultaThe paper presents a general way of improving product features so that products were more competitive. The presented concept first represents the general standard of a product to be improved by a weighted average of the product feature levels, thus drawing on concepts from multicriteria decision-making theories. The paper then models the weights appearing in the average so that the average could be calculated, and the product could be improved, achieving at the same time that the modelled weights reflect a specific behaviour of the customer who is the ultimate judge of the product quality or standard. The reason for doing so is the fact that it is the customer who defines the weights which attach importance to each product feature. Since the behaviour of the customer is unknown, the weights are unknown, and must be modelled. If the weights are modelled in such a way that the resulting model reflects a specific customer behaviour, companies may refer to this model, when improving their products, provided there are reasons to believe that such a specific customer behaviour is occurring in the market. The approach to modelling the weights presented in the paper is compared to another approach for finding the weights, the alternative approach offering itself as a more natural way for these purposes. The paper shows, however, that the alternative approach lacks some desirable properties that the approach proposed in the paper is able to provide. The concepts presented in the paper are proved generally, using known mathematical optimization techniques, and the proved theory is accompanied by examples which support the validity of the general statements.
- ItemA comparison of location factors evaluation in the secondary and tertiary sectors(Technická Univerzita v Liberci, 2015-03-05) Jirásková, Eliška; Ekonomická fakultaThe paper deals with the evaluation of selected current location factors in the individual economical activities of the secondary and the tertiary sectors. These two sectors were chosen because of the increasing importance of appropriate localization and huge costs associated with its change. A review of literature on location theories related to both examined sectors is carried out in the first part of the paper. In the scope of this review, a brief description of location factors can be found. It is followed by a diagram of chosen location factors. 26 factors were divided into four groups – local, business, workforce and infrastructural factors. This classification is used for a better and clearer understanding of the chosen factors. The following part of the paper contains a description of the research methodology, including the appropriate choice of investigative method and a detailed characteristics of chosen respondents. As well as the primary sector, large enterprises were eliminated, as focusing described research to very small, small and medium-sized enterprises is much easier and, in case of SME, it is also possible to presume a stronger emphasis placed on the location factors under examination. The aim of the paper is to verify by means of regression analysis whether the assessment of both sectors can be considered identical. This hypothesis was confirmed in all examined groups and therefore it is not possible to presume a different perception of location factors in the case of industrial enterprises in comparison to enterprises providing services.
- ItemDeterminants of the European Union’s Trade - evidence from a panel estimation of the gravity model(Technická Univerzita v Liberci, 2015-03-05) Pietrzak, Michał Bernard; Łapińska, Justyna; Ekonomická fakultaThe article is focused on the issue of trade exchange between European Union member states. The trade exchange volume noted an increase after the new members had joined the European Union. That may be observed while analysing statistical data on the trade exchange volume in specific states as well as in the whole of the European Union. A simple index analysis of the trade volume enables researchers to observe changes over time; however, it neglects the causes of these changes. With a view to identifying theses causes, an econometric tool – the panel gravity model – was used for the purposes of the present paper. The research objective of the paper is to evaluate the impact of selected factors on the development of bilateral trade in the European Union in the years 1999–2010. The group of potential factors describing the size of trade exchange includes the following: the Gross Domestic Product per capita, foreign direct investment per capita and the geographical distance between trading partners. The research outcome enabled us to draw a conclusion on a positive dependence between a member state’s GDP and its export and import volume. In the case of foreign direct investments, their positive impact on the improvement of member states’ exporting potential was identified. Moreover, a negative dependence between the geographical distance and the size of their trade exchange was proved. Also, the paper discussed the impact of EU membership on increasing trade exchange volume. The research found an essential increase in exports from the new EU-12 countries to the EU-15 countries and inversely.
- ItemChanges of employee motivation of Slovak enterprises due to global economic crisis(Technická Univerzita v Liberci, 2015-03-05) Závadský, Ján; Hitka, Miloš; Potkány, Marek; Ekonomická fakultaNowadays, at the time of economic globalisation and the European labour market formation, it is possible to carry out different analyses which enable comparsions among enterprises from the geopolitical, economical and commercial point of view. In the paper we compare the level of employee motivation in the Slovak enterprises before the beginning of the economic crisis in 2008 and in 2013 when the impact of the crisis has already been felt intensely. The year 2008 was chosen as the starting point of the analyses since the level the level of motivation was not affected by the economic crisis. The reference period was the year 2013 when the crisis, on the basis of the macroeconomic indicators, continues. Basic research sample is formed by employees of the enterprises (manufacturing and non-manufacturing) operating in the Slovak Republic. Considering the size of the basic sample we could not analyse the motivation of each item of the basic sample. The random sampling was used to choose items from the basic sample. The motivation questionnaire was created on the basis of the knowledge acquired through the long-term research and through the communication with personnel clerks in the enterprises. Motivation factors that affect the employee productivity the most were used in the questionnaire. Following the sizes of selected samples and their independence we used a two-sample t-test to determine the significance. The null hypothesis testing about equality of means of individual motivation factors in the particular period of time was carried out at the significance level α = 0.05. Following the results of analyses we state that employees need to stay motivated also from a long-term point of view. However, essential changes occur in order of importance. We can state that in the circumstances of changed motivation factors in the year 2008 and 2013 the motivation was affected by changes in economic situation and employees are focused on monetary incentives and relationship factors more.
- ItemApplication of the competency-based approach in organisations in the Czech Republic(Technická Univerzita v Liberci, 2015-03-06) Fejfarová, Martina; Urbancová, Hana; Ekonomická fakultaA competency-based approach is one of the important tools of human resource management aimed at achieving strategic organisational goals and a competitive advantage. The article focuses on application of the competency-based approach in organisation in the Czech Republic. The first part of the article concentrates on the theoretical background. The second part evaluates the results of the quantitative survey. The aim of the article is to evaluate the competency-based approach in organisations in the Czech Republic and also to identify areas and activities in which the competency-based approach is applied and test dependencies between selected qualitative characteristics that relate to the issues examined. The results of the survey show that if organisations employ the competency-based approach (35.8%), they do not use individual activities within their frame on an equal basis. This is also valid for individual categories of employees (organisations concentrate in particular on managers and specialists). The results further confirm that the application of the competency-based approach in organisations in the Czech Republic depends on the fact whether an organisation is part of a larger group of organisations (p-value = 0.003, Phi coefficient = 0.238); personnel management arrangements in an organisation (the existence of a personnel department (p-value = 0.001, Phi coefficient = 0.316), processed personnel strategy (p-value = 0.006, Phi coefficient = 0.310), work position analysis execution (p-value = 0.000, Phi coefficient = 0.444), the position of the person responsible for human resource management in top management (p-value = 0.036, Phi coefficient = 0.201)) and the application of knowledge management (p-value = 0.015, Phi coefficient = 0.278). According to the strength of the relationship between the variables, the most important group of factors is that relating to personnel management organisation. No dependency on the size of organisations and sector in which organisations operate has been proven
- ItemCzech wine consumers: maturing with age?(Technická Univerzita v Liberci, 2015-03-06) Anchor, John R.; Lacinová, Tereza; Ekonomická fakultaThe purpose of this study is to identify the most important motivations for drinking wine and the factors influencing wine purchase in the Czech Republic and to ascertain if there are significant differences between genders and age groups. An online survey was conducted, using e-mail and social networks, of wine consumers in one of the 14 regions of the Czech Republic. This resulted in a sample of n=237. Spearman’s correlation test was conducted to find correlations between wine consumption and age and the chi-square test for differences between genders. Four motivations were found to be significantly correlated with age – to be sociable, to be respected, because wine is considered healthy and because it belongs with a nice meal, as well as seven factors affecting wine purchase – label, provenance, brand/producer, vintage, design of the bottle, recommendations of salesperson and a preference for the lowest priced wines. As the majority of respondents came from one of the 14 Czech regions, generalizations for the whole Czech Republic cannot be made. It is recommended that future work should include more complex segmentation. This paper contributes to the literature by exploring the Czech wine market, where very little research has been conducted so far, as well as by exploring the influence of age on the motivation for wine consumption.
- ItemThe business environment of small and medium-sized enterprises in selected regions of the Czech Republic and Slovakia(Technická Univerzita v Liberci, 2015-03-06) Belás, Jaroslav; Demjan, Valér; Habánik, Jozef; Hudáková, Mária; Sipko, Juraj; Ekonomická fakultaThe aim of this article was to define and compare current trends in the business environment of small and medium-sized enterprises in selected regions of the Czech Republic and Slovakia. In accordance with the objective, motivational factors, status in the society, levels of corruption, current business risks, approaches to loan financing, the ability to manage financial risks and business optimism in the business environment have been examined. In 2013, research into entrepreneurs’ opinions in the Czech Republic (Zlin Region) and Slovakia (Zilina and Trencin Regions) was conducted. These neighbouring regions have similar economic parameters. According to our findings, the most important motive for starting a business in the Czech Republic was to have a job. In Slovakia, the most important motive for starting a business was money. The results of our research confirmed that the societies in both countries perceived the position of entrepreneurs relatively negatively. In both countries, entrepreneurs negatively noted the approach of the state to their needs and relatively high levels of corruption. Nowadays, the most important business risk was the market risk followed by financial and personal risks. Due to a deterioration of the business environment, the performance of small and medium-sized enterprises has declined by at least 15% in both countries. In the Czech Republic, approximately 43% of entrepreneurs stated that banks accept their needs and behave appropriately to them. The positive perception of banks was significantly lower in Slovakia: 23% of entrepreneurs in the Zilina Region and 35% in the Trencin Region. Many Czech and Slovak entrepreneurs indicated that they are able to manage financial risks in their companies. Despite the significant deterioration in the business environment, SMEs demonstrate business optimism, with about 90% of the entrepreneurs in both countries believing that their company will survive the next five years.
- ItemRecent trends in the study of merges and acquisitions(Technická Univerzita v Liberci, 2015-03-06) Achim, Sorin Adrian; Ekonomická fakultaMergers and acquisitions are important operations that happen nowadays. The goal of such processes is to “conquer” new markets and benefit from their resources (natural or human), or to lower competition (by acquiring a competitor or merging with it). More and more studies are written on this subject, thing that makes people interested in it have a difficult job in staying up to date. That is why the present research had as a goal to evaluate and summarize the latest trends in the study of this subject. Based on our goal we have conducted an extended analysis on the studies published in 2014 in this field. Additionally, we have also descriptively analyzed the period 2010–2014. For this, we have presumed that the most important research is to be found in the ISI-Thomson Web of Knowledge. We point out the lack on such literature on the developing countries, as most of these studies are related to the developed ones, such as the USA, the UK, China or Germany. The major part of them is published in the Journal of Corporate Finance. The second part of the article comes to emphasize the most important ideas that are to be found in the 2014 field’s literature. Many of the studies are related to the banking sector. Additionally, we found new indexes created to evaluate the M&A performance or the concentration degree of the market due to and after M&A operations. There are papers that assess different theories, such as the merger waves theory, the concentration-fragility hypothesis, the too-big-to-merge, too-big-to-succeed or, too-big-to-fail theories and so on.
- ItemChanges in the financing of municipalities and local governments of selected cities: possible effects on disintegration processes and municipal policy(Technická Univerzita v Liberci, 2015-03-06) Roubínek, Pavel; Kladivo, Petr; Halás, Marián; Koutský, Jaroslav; Opravil, Zdeněk; Ekonomická fakultaThere was significant reduction in number of municipalities in the Czech Republic in the era of socialism. This is a consequence of the application of the central system of settlement, which was based on Christaller's theory of central places. In connection with the changes after 1989, there was disintegration of such integrated communities and the situation has stabilized. Number of small villages were renewed but cities with hundred thousand inhabitants (population of these cities oscillates around hundred thousand inhabitants) did not experience such process. Due to this fact the big cities in the Czech Republic are typical for their larger size because they also administrate smaller residential units of rural character, often many kilometers from the city centers. These administrative parts of the cities are managed in different ways. In connection with the manifestations of suburbanization during the past twenty years, the transformation of the social structure of the inhabitants in these "suburbs" and changes in rules of municipal budgetary allocation of taxes (hereinafter BAT) there is the question of sustainability and stability of thus defined borders of municipalities. The paper presents opinions on the development of financing system and attempts to analyze the motives of the peripheral parts of selected cities with hundred thousand inhabitants to remain part or separate from these cities. In connection with changes in the BAT made on 1st January 2013, the financial motive can have an important role. The main aim of the paper will be a comparison of the current financial income of these municipalities with previous periods in relation to changes in the BAT and assess the impact of these changes on the potential disintegration processes and municipal politics. Process of urban disintegration and creation of a new municipality is not easy and is provided for in the legal system of the Czech Republic. The paper also gives an overview of this legislation. Authors focus on the cities of Olomouc and Pardubice.
- ItemMeasuring customer satisfaction and loyalty in spa companies(Technická Univerzita v Liberci, 2015-03-06) Vildová, Eliška; Martinčík, David; Tlučhoř, Jan; Jakubíková, Dagmar; Ekonomická fakultaThe importance of balneology for the economy of the Czech Republic has always been crucial. At a time of an unstable political environment as well as turbulent legislative and other changes, there is nothing more important than to ensure that spa guests are satisfied and that they return. Building customer loyalty and fidelity is a priority and today, it is one of the vital characteristics of modern marketing. A customer-oriented policy may become one of the keys to business success. The centre point of the issue under review is the difference between the expected and perceived level and its positioning in the tolerance zone of a particular customer. The main objective of the research is to examine the possibilities of measuring loyalty and satisfaction of customers in a spa company based on comparably simple data collection. The secondary objective is to point out the specific nature of providing spa services along with the factors that substantially influence the overall result of satisfaction and loyalty. The research results showed that managers and customers perceive the importance of satisfaction factors differently: customers put more stress on boarding than expected. As well as differences in levels of customer satisfaction and loyalty indices were proofed for different segments of customers. Therefore, the Czechs are in general more satisfied than Germans. Customers who come more often tend to be less satisfied. The guests, whose stay is at least partially covered by public health insurance, are more satisfied than self-paying customers. In general, it seems to be possible to obtain essential information about the customers and their satisfaction and loyalty from rather simply structured data gained with an easy questionnaire.
- ItemEconomic deglobalization – from hypothesis to reality(Technická Univerzita v Liberci, 2015-06-03) Postelnicu, Cătălin; Dinu, Vasile; Dabija, Dan-Cristian; Ekonomická fakultaLately, a new term is used in international economic literature, namely “de-globalization” which has already sparked off numerous debates. As expected, some economists were quick to adopt it unhesitatingly, but others have labelled it as “absurd”, “superfi cial”, “simple”, “anachronistic” and even “counterproductive”. In fact, there are two diverging processes opposed to each other, both worth mentioning. First – globalization – with its multiple meanings and defi nitions, and the second – deglobalization – which is just beginning to fi nd a place within the confi nes of concepts used in international economics literature. The issue is not to treat them only as antonyms, but rather to demonstrate the causal relation between them. We consider trying to measure deglobalization as an important step in determining the true meaning of such a phenomenon, or if it is real. Also, would be interesting to fi nd out if deglobalization is really a long lasting trend, or just a short term turn in the evolution of the world economy. Using the “globalization index” and its components as a tool in this direction could be one of the potential solutions in defi ning the meaning of the new and complex changes which tends to shape the international economic relations and, after all, the international business environment. Although it is admitted not being a perfect tool, it could be a starting point in studying such a vast change. Therefore, the motivation of this article is to contribute to theoretical debates that bear on this new term, given that, as in the case of globalization itself, economists have not yet reached a consensus on the defi nition.
- ItemQuantifying corruption at a subnational level(Technická Univerzita v Liberci, 2015-06-03) Linhartová, Veronika; Volejníková, Jolana; Ekonomická fakultaRegarding the fact that bribery and other methods of corruption are illegal in most countries, their participants try to hide them very carefully and uncovering corruption is often almost impossible. Despite that a high number of specifi c procedures exist nowadays. A common feature of these methods is however that they focus on the corruption rate at the level of countries. Quantifi cation of the corruption rate in smaller regional areas is still a considerably unexplored territory not only in the Czech Republic but also all over the world. Also the defi nition of the potential impacts of corruption or their precise quantifi cation is an area that was investigated only in general level of state. Detailed analysis of corruption still lacks regional dimension. Subnational distinction of a territory in terms of the corruption rate could provide a completely new extension of theories of reasons and consequences of regional disparities. There are several reasons why to focus on this issue. Perhaps the strongest reason is that if corruption is one of the variables that have an effect of reducing economic performance, the elimination of corruption in certain regions may be the key to the elimination of regional economic disparities and thus increase the economic performance of the state. The main goal of the presented article is formulated in this connection. It consists of a proposal of a methodology for quantifying the corruption rate in individual regions of the Czech Republic. It will be possible to mutually compare individual regions and at the same time defi ne the rate of deviation of a region from “surface” corruption rate in a country. Defi nition of these
- ItemMethod for selecting expert groups and determining the importance of expertsjudgments for the purpose of managerial decision-making tasks in health system(Technická Univerzita v Liberci, 2015-06-03) Ivlev, Ilya; Kneppo, Peter; Barták, Miroslav; Ekonomická fakultaThis work aims to develop a methodology for determining the qualitative composition of an expert group and the weighting factor regarding the importance of expert’s judgments for the purpose of participating in decision-making. It is based on the expert’s overall work experience, experience in solving tasks, level of education and scientifi c record, interest in solving the particular task, current position and awareness of how to solve the task. This study also considered the relevance of the expert’s knowledge and the overall self-evaluation concerning their total competence in solving the task. For the purpose of validating the methodology, 96 potential experts (physicians, biomedical engineers, radiological assistants, medical physicists, etc.) from 72 health facilities in the Czech Republic were interviewed through a web-based questionnaire. The calculation model that was selected was able to eliminate errors in estimating the proportionality of extreme values and reduces the impact of uncertainty in the experts’ overall self-evaluations concerning their total competence. A statistically signifi cant correlation was found between the complex weighting factor and the following characteristics: the expert’s experience in dealing with similar tasks (r = 0.512, p < 0.001), the expert’s theoretical background (awareness) and the relevance of the expert’s knowledge (r = 0.440, p < 0.001), the expert’s current position (r = 0.319, p = 0.002) and the level of his or her education and scientifi c record (r = 0.280, p = 0.007). The developed methodology may be especially useful in scientifi c and technological forecasting, medical and managerial decisionmaking, quality assessment and operational research.
- ItemFactors determining the corporate capital structure in the Czech Republic from the respective of business entities(Technická Univerzita v Liberci, 2015-06-03) Strýčková, Lenka; Ekonomická fakultaThe specific corporate capital structure is fundamentally a complex process dependent on a large variety of determinants; and the chosen fi nancial strategy therefore depends on the particular decisions of individual firms. The aim of this contribution is to capture the most important determinants of the corporate capital structure from the perspective of entrepreneurs on the basis of an empirical inquiry. Although the number of respondents was limited, inquiry results still can be considered as relevant to formulate conclusions for small and medium-sized enterprises operating in the manufacturing and processing sectors with the legal form of the limited liability company. To identify the most important factors affecting corporate decisions concerning the sources of financing, the statistical methods and procedures were used for the research evaluation. With the help of factor analysis, the three key external factors, brought in by the entrepreneurs, were derived: the economic and political development of the country, the market environment of the country, and the levels of tax and interest rates. The effect of internal factors determining the corporate capital structure was perceived by respondents as more important. The inquiry revealed that the most important internal factors were supposed to be: the corporate philosophy, the cost of the capital, and the fi nancial health and indebtedness of a business. The answer to the essential question of this article, whether the fi nal capital structure of a company is the result of its own decision-making, or rather a result of various external factors, thus tends rather to the predominance of the internal factors.
- ItemRanking of priorities among the baltic capital cities for the development of sustainable construction(Technická Univerzita v Liberci, 2015-06-03) Lazauskas, Marius; Zavadskas, Edmundas Kazimieras; Šaparauskas, Jonas; Ekonomická fakultaCrisis of the real estate sector resulted in disadvantageous conditions for legal entities operating in the fi eld of construction and implementation of new property development projects. As a result, many such entities started investigating their options to offer construction services and products to more economically attractive foreign markets. This necessitates the need to assess the effectiveness of investments into new markets, considering the current developmental trends of the construction sector, which are related to implementation of sustainable construction projects. Close cooperation of Baltic States at the national level and joint activities of several construction market participants predetermine the necessity to assess biggest cities of Lithuania, Latvia, and Estonia being the potential market of construction sector to be selected as a target segment of effi cient development of construction needs.These are the reasons behind the creation of a typical calculation model, which could be adapted for an effective and uncomplicated assessment of investment rationale in new markets while ensuring the adherence to principles of sustainable development. Assessment of potential capabilities of a construction sector of three Baltic capitals (Vilnius, Riga, Tallinn) could provide the opportunity to direct capital and investments of construction market participants in the wore effi cient way and create the highest added value for the economy, residents and development of sustainable environments. Identifi cation of project implementation area is a key factor in determining directions of the activity performed by private investors, performed in order to assess the opportunity of effi cient realisation of construction project proposed for implementation with particular environment. A multiple-criteria task is formulated, which aims to determine the rank of priorities among cities of the Baltic states; and multi-criteria methods MOORA and MULTIMOORA are used for decision-making.
- ItemThe position of management of Czech joint-stock companies on dividend policy(Technická Univerzita v Liberci, 2015-06-03) Duspiva, Pavel; Sejkora, František; Ekonomická fakultaThe concept of distributing economic results belongs unequivocally among management’s basic financial decisions. Dividend payout to shareholders can be considered to be the distribution of economic results while fulfi lling legal conditions. The goal of this article is to identify factors that have a fundamental infl uence on dividend payout and to further determine and evaluate the position of management on dividend theories. This problematic is current for the conditions of Czech joint-stock companies, because deeper studies in this area are not available for recent years. Nevertheless, currently, the greater majority of joint-stock companies now regularly pay dividends, and dividend policy has become a part of their fi nancial policy that is impossible to overlook. With regards to the fact that profi t is the necessary condition for dividend payout, research was aimed at the sector, “Production and Distribution of Electricity, Gas and Water,” which is most interesting among Czech joint-stock companies from the perspective of profi tability and frequency of dividend payout. For the reasons of quantitative research, a two-part questionnaire was created for workers in financial management – specifi cally, members of the executive board, who are assumed to have comprehensive knowledge and an overview of the company. The survey showed that the most important factors for management when making decisions concerning dividend payout are the following: the requirements of existing shareholders, access to funds, the actual amount of profit and maintaining the target state of debt. Further resultsconfirmed that dividend policy does infl uence fi rm value. However, dividends are not supported as a tool for lowering information asymmetry and agency costs between management and shareholders. This conclusion can becaused by ownership structure when the fi rms investigated are characterized by high concentration of ownership; then, one shareholder is able to better protect the other shareholders against the implementation of management’s interests.
- ItemDeterminants of bank social responsibility: case of Croatia(Technická Univerzita v Liberci, 2015-06-04) Ivanisevic Hernaus, Ana; Stojanovic, Alen; Ekonomická fakultaRecently fi nancial sector and its responsibilities have come under great scrutiny. This has led to putting more emphasis on social responsibility of fi nancial institutions, primarily banks, due to their powerful and infl uential position. Banks have an impact not only on fi nancial and economic system, but on a wider community as well. Their socially responsible practices in particular may have important social implications, what is even more emphasized within bank-centric fi nancial systems, typical of CEE countries. Due to a lack of existing research, the aim of the paper is to assess social responsibility of banks at individual and industry level in a specifi c CEE context. At bank individual level, focus is put on factors of bank size, ownership status and fi nancial performance, while at the bank industry level the structure of granted loans is included in the analysis. The framework for assessing bank social responsibility is derived and adapted from previous research conducted by Cuesta-Gonzalez, et al. [23] and Scholtens [81]. It is applied to Croatian banking sector, while the level of social responsibility is empirically related to factors at bank individual and industry level. Research fi ndings offer an overview of social responsibility of Croatian banks. The results demonstrate that bank social responsibility is related to factors of bank size and ownership status at the individual level, and to the structure of granted loans at the industry level. However, the nature of the link between bank social and fi nancial performance did not prove signifi cant. Such findings offer a wider lesson of what factors are associated with social performance of fi nancial sector. Additionally, they may serve as a useful reference point for further investigation of socially responsible practices in Croatia and other CEE countries.
- «
- 1 (current)
- 2
- 3
- »