Rok 2015 (ročník 18)
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- ItemDoes concentration of ownership and family control affect specialisation/diversification business strategies?(Technická Univerzita v Liberci, ) Hernández-Trasobares, Alejandro; Galve-Górriz, Carmen; Ekonomická fakultaThe impact of family ownership on strategic decision-making and diversification in public corporations is an important but not clearly understood aspect of modern corporate governance. In many cases, large-block family owners of public corporations may have a great deal of input in strategic decision-making in large corporations. Previous literature investigates how ownership structure and diversification are connected, but conclusions are not homogeneous. Agency theory suggests that professional managers are fundamentally self-interested, and the public corporation diversifies because managers pursue their own interests, rather than the interest of shareholders. However in family firms, ownership and control use to coincide and family diversification decisions which causes a lower diversification. In this paper authors analyzes the impact of ownership concentration and the influence of ultimate owner’s nature of business group (family or non-family) in diversification's decision: specialization, related diversification, unrelated diversification and mixed diversification (when a company uses both related and unrelated diversification) Based on a sample of ninety-nine Spanish listed companies during the years 2000–2005, and using the listed company an their subsidiaries (pyramidal group) as unit of analysis, this research finds: firstly, the highest ownership concentration increases the adoption of specialization strategies and reduce the mixed diversification; Secondly, attending to ultimate owner’s nature, family firms adopt more strategies of specialization and related diversification, and less diversification strategies than non-family firms; Finally, results also show behaviour differences in family firms according to ownership concentration’s degree: an increasing ownership concentration’s degree in family firms rises the probability of diversification.
- ItemTheory of international economic relations(Technická Univerzita v Liberci, ) Tvrdoň, Michal; Ekonomická fakulta
- ItemComputer literacy and use of ICT as key factors of micro-enterprise success(Technická Univerzita v Liberci, ) Werber, Borut; Rajkovič, Uroš; Urh, Marko; Žnidaršič, Anja; Ekonomická fakultaThe objective of this paper is to emphasize issues connected with micro-business financial success and adoption of information and communication technology (ICT) as possible factors to determine further organisational growth. This understanding is based on the results of an investigation conducted in Slovenia between May and December 2009 in 134 Slovene micro-enterprises. Data for the main study were collected via structured interviews with owners or top managers of micro enterprises. We used some demographic questions about the business annual turnover, computerisation, owner’s characteristics and some questions about the financial investments in ICT. To visualize and define factors we proposed a research model of annual turnover dependency in micro enterprise. The research focused on characteristics of owners of the enterprise, investments in ICT and characteristics of enterprises’ usage of available ICT in correlation to business annual turnover. The results indicate that adoption, the number and type of hardware and software are positively associated with the micro- enterprise success. An important factor is also formal education of the manager and/or owner and his or her computer and ICT knowledge and skills. We also found out that use of internet, eBusiness and number of used business software contribute to enterprise’s success. We can confirm that micro-enterprise informatisation can be the basis for a healthy economy growth if adequate knowledge and skills are present. To increase growth in micro-businesses we can use this and additional factors (intentions to growth, size, annual turnover, industry type, …) as filters to separate potential growing micro-enterprises from others that represent more than 94% of all enterprises in country. When we defined target group we can start to encourage growth with knowing methods from best practices all over the world. Based on our survey and on the review of literature, recommendations have been given how to be more effective and efficient in encouraging the growth of micro-enterprises.
- ItemVirtual organization: specifics of creation of personnel management system(Technická Univerzita v Liberci, ) Merkevičius, Juozas; Davidavičienė, Vida; Raudeliūnienė, Jurgita; Buleca, Jan; Ekonomická fakultaDevelopment of new types of organizations such as a Virtual organization brought for society certain possibilities and opportunities which usually are named as advantages, but also they can be observed as challenges or even named as a problems within organization. Models and methods applied in personnel management should be adequate and meet requirements of markets and present newest scientific mind in order not to cause decrease of competitiveness, loss of potential markets, not to cause social problems, such as unemployment, migration, disproportion between regions, etc. Due to the following reasons, the perception of personnel improvement problems and their solutions stand not only for business development factor. These circumstances formed the topicality of the article subject. Virtual organizations formation priorities contains personnel selection of virtual organization, determination of work nature principles, determination of personnel motivational factors, determination of size for the most productive intellectual activity team, problems of education and experience coordination, others. In organizing business activities under current globalization trends and adapting personnel management by network model, implementation of these priorities should be foreseen by formed virtual organizations’ goals and strategies, as well as personnel management process. Management by network has to be developed using systematic approach, emphasizing priorities in personnel management activity, taking into consideration defined organizational tasks and possibilities to coordinate them with personnel goals, together organizational activity has to be distinguished by flexibility and adaptability, according to market requirements. Goal of the research–to construct model of personnel management of virtual organization that create possibilities to manage geographically dispersed personnel using information technologies. Methods of the research–there was applied systematic analysis that allowed disclosing personnel management specifics under the conditions of virtual organizations’ development. In performing the research there were used methods of comparison, summarization and documentary analysis.
- ItemInfluence of employees evaluation on organisational learning at leisure & sports clubs(Technická Univerzita v Liberci, ) Jasinskas, Edmundas; Štreimikienė, Dalia; Simanavičius, Biruta; Švagždienė, Artūras; Ekonomická fakultaEvery organisation including leisure & sports clubs reach for their goals. People working at the organisation have to ensure the goals set were reached, and in order to control this process properly the evaluation of employees’ activity is necessary.The importance of employees’ evaluation function for welfare of organisation is evident, however it would be much more important, if together with evaluation of employees, the purposeful learning of both individual employees and entire organisation would also be increased. Evaluation of employees is significant for the results of organisation, for evaluation of knowledge available and for learning from the experience, undoubtedly, the motivation of learning is related to incentive of employees’ evaluation too. Thus it may be stated, that evaluation of employees is an important incentive instrument for learning of employee as well as organisation. This instrument must be constantly improved since only in such a case the evaluation of employees’ activity will be useful for the employee and organisation itself in enhancement of different level learning and competitive ability.It is assumed in the article that team methods of employees’ evaluation at leisure & sports clubs of Alytus city more affect the characteristics of learning organisation features than individual methods of employees’ evaluation. Such tendency indicates that applying only individual evaluation methods the organisation does not initiate the employees to share their knowledge with other organisation members, thereby decreases common learning of whole organisation.
- ItemAttitudes of managers towards disadvantaged groups on the labour market in the Slovak Republic.questionnaire survey results(Technická Univerzita v Liberci, ) Pawera, René; Pazderová, Vladimíra; Šuplata, Marian; Ekonomická fakultaDiscrimination is a serious long-term problem, being faced by all parts of our society, including the labour market. This is particularly a case for some vulnerable groups who in search for an employment are facing serious problems.The aim of this paper is to focus on the current situation of disadvantaged groups on the labour market of the Slovak Republic from the point of view of managers of selected organisations. By the method of questionnaire survey of the managers we were examining their attitudes towards selected disadvantaged groups on the labour market. Furthermore we examined the motives of the managers in relation to the employment of selected candidates pointing to the discriminatory or non-discriminatory behaviour of managers on the Slovak labour market. In our research we also focus on the evolution of the labour market in terms of disadvantaged groups in order to identify whether any change of the situation of selected groups of participants on the labour market occurred. The purpose of our analysis also is to verify whether managers discriminate selected groups of participants on the labour market intentionally and whether there exists any shift in the perception of these groups by the managers.In order to fulfil this objective we conducted a questionnaire survey focused on selected managers of organisations, in two reference periods: 2008 and 2014.The target group of the survey was composed of both public and private companies that carry out their activities on the territory of the Slovak Republic during the period of conducting the research.
- ItemThe position of management of Czech joint-stock companies on dividend policy(Technická Univerzita v Liberci, ) 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.
- ItemForeign markets entry motives and strategies of polish exporters(Technická Univerzita v Liberci, ) Ďaďo, Jaroslav; Wiktor, Jan W.; Źbikowska, Agnieszka; Ekonomická fakultaThe article presents the results of research on the strategy of Polish companies that export their products to foreign markets. It presents motives, conditions and forms of expansion and is comprises of three parts. In the first one, the theoretical aspects of a company’s internationalization are discussed, with stress on motives and forms of entering foreign markets. The second part is concerned with the complex problems regarding methodology of research – goals, hypotheses, methods and description of study sample are the main focus here. The synthetic, summation of the results of the study are presented in the third part. The study verifies the hypotheses regarding motives of internationalization and concrete forms of entering foreign markets. The most powerful premises to internationalize Polish companies are market motives. The relationship between the size of the company, decision to start export goods and the nature of expansion (offensive, as well as defensive) has been ascertained. One of the strong motives for internationalization among companies belonging to SME group, were encouragements and invitations for cooperation from foreign partners. However, the main strategy was direct export, complemented by other forms of expansion, of lesser importance. In the expanding process Polish exporters took advantage of direct investments, via establishing divisions and subsidiary companies that deal with distribution of products. The waterfall strategy proved to be the most common in entering foreign markets – used by roughly 70% of the examined exporters. The research could be a contribution into the process of scientific examination and development of international business practice. It can also provide a ground for further discussion on marketing internationalization, methodology of formulating marketing strategies, their nature and assessing their effectiveness on international markets. Last but not least it can encourage more such scientific studies and research conducted by international teams of scholars.
- ItemInternational financial reporting standards applied in the Czech Republic(Technická Univerzita v Liberci, ) Honková, Irena; Ekonomická fakultaThis article provides an extensive analysis of application of International Financial Reporting Standards companies with publicly traded shares in the Czech Republic for 2013. At first the attention is paid to the basic requirements of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and to evaluation of proposed method. Then followed research results, based on an answer to the question of whether the companies are preparing their financial statements in accordance with IAS / IFRS, i.e. whether they serve plenty of mandatory information, and further whether individual companies act similarly. The object of the research consists in further observations regarding the implementation of the new IFRS 9 Financial Instruments, which is designed to replace IAS 39 Financial instruments: recognition and measurement. The level of the information presented was evaluated using a signed test. Using this statistical method we can conclude that companies submit their financial statements in accordance with IAS / IFRS. Using the Friedman test, it was found that the group of companies proceeds with the application of individual IAS / IFRS alike. Only two of seven respondents have already implemented IFRS9. Statistical analysis confirmed that companies reported, in their financial statements, all mandatory information that is relevant to stakeholders. On the other hand, there are also signs pointing to the contrary, but these are not statistically significant. This analysis was provided with detailed knowledge about this phenomenon.
- ItemRecent trends in the study of merges and acquisitions(Technická Univerzita v Liberci, ) 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.
- ItemThe business environment of small and medium-sized enterprises in selected regions of the Czech Republic and Slovakia(Technická Univerzita v Liberci, ) 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.
- ItemFactors determining the corporate capital structure in the Czech Republic from the respective of business entities(Technická Univerzita v Liberci, ) 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.
- ItemTesting the efficacy of information transmission: is equity style index better than stock market index?(Technická Univerzita v Liberci, ) Lau, Wee-Yeap; Lee, Chin; Ekonomická fakultaThis paper examines the ability of equity style to predict future movement of composite leading economic index in a multivariate Granger causality framework. By comparing the efficacy of information transmission between equity style index and Bursa Malaysia Industrial Index, our results show that there is unidirectional causality from growth style to leading economic index. Second, there is also unidirectional flow from growth style to Bursa Malaysia Industrial Index. Third, there is a bidirectional relationship between growth style and KLCI broad market index. Finally, there is bidirectional causality between both growth style and value style. Further analysis from cross-correlation function reveals that growth style index is better than Bursa Malaysia Industrial Index. The former provides accurate and stronger cross-correlation with leading economic index. From these empirical evidences, it can be concluded that growth style index is a leading indicator which has more economic content than stock market index. It is better than stock market index in its efficacy of information transmission. The study brings to the awareness to policy makers and practitioners of the usefulness of equity style in constructing future leading economic index and early warning system of financial crisis.
- ItemCurrent and future use of management tools(Technická Univerzita v Liberci, ) 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.
- ItemThe effect of the exchange rate on industry-level trade flows in Czechia(Technická Univerzita v Liberci, ) Šimáková, Jana; Stavárek, Daniel; Ekonomická fakultaThis paper is the first study to use the disaggregated data of the Czech foreign trade to examine the effect of exchange rate levels and volatility on trade flows. Czechia is the appropriate economy to study this phenomenon because it is heavily involved in foreign trade predominantly owned by international investors and has been applying a floating exchange rate arrangement for many years. We analyze the period from 1993 to 2013 and disaggregate the data according to trading partner and product category. While the effect of exchange rate level is examined by a modified vector error correction model the effect of exchange rate volatility is analyzed through an extended gravity model. The detailed results obtained from empirical estimations clearly show that the relationship between exchange rates and foreign trade in Czechia does not completely correspond with the theoretical assumptions. We revealed that domestic currency depreciation worsens in the long-term trade balance in substantial parts of the Czech foreign trade, such as in the trade of machinery and transport equipment with Germany, Austria and France. The classical J-curve effect was confirmed only for the trading of beverages and tobacco with Italy and for the trading of manufactured goods with Slovakia. We also found that an increased exchange rate volatility does not necessarily reduce foreign trade turnover, as the results for crude materials, fuels, chemical and manufactured products indicate. By contrast, the theoretical expectation of negative impact of volatility was validated for machinery, transport equipment, food and animals. Therefore, although Czechia is a small, open economy, the exchange rate effects on foreign trade significantly differ in magnitude and direction across the trading partners and product groups.
- ItemImpact of environmental taxes on sustainable energy development in baltic states, Czech republic and Slovakia(Technická Univerzita v Liberci, ) Štreimikienė, Dalia; Ekonomická fakultaEnvironmental taxes have direct impact on sustainable energy development as energy production and consumption is the major source of GHG and classical pollutants emissions. There are number of EU member states which are using environmental pollution taxes as the main economic instrument of atmospheric air pollution reduction. The energy sector is the main source of atmospheric pollution therefore environmental taxes should have direct impact on sustainable energy development as these taxes create incentives to reduce consumption of fossil fuels and to switch to renewables and cleaner fossil fuels such as natural gas. The comparative study of environmental taxes and indicators of sustainable energy sector development in Baltics and Czech Republic and Slovakia was performed to assess what role environmental taxes are playing in achieving sustainable energy development in selected new EU member states.Analysis of environmental taxes in three Baltic States and Czech Republic indicated quite different energy and pollution tax rates as well as quite large differences in the share of environmental tax revenues as percentages of GDP in these countries. Estonia distinguishes with the best results in greening environmental tax system and one of the best results in achieving sustainable energy development targets. Latvia has one of the lowest share of environmental taxes as percentage of GDP and has very high shares of renewables in electricity generation and in final energy consumption however it is more related with favourable climate conditions and well developed hydro power plants.
- ItemEffectiveness of the monetary policy implemented in the context of crisis(Technická Univerzita v Liberci, ) 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.
- ItemA debt sustainability analysis of the czech republic and the slovak republic: a non parametric approach(Technická Univerzita v Liberci, ) Farkašovský, Vlastimil; Lawson, Colin William; Zimková,Emília; Ekonomická fakultaSurging public debt since the Great Recession has focused increasing attention on the issue of debt sustainability. This paper provides debt sustainability analyses for the Czech Republic and Slovakia by estimating their public debt to GDP, and primary balance to GDP ratios up until 2022 under three different projections. The first, labelled the baseline projection, predicts their debt ratios to 2022, if neither their public debt to GDP ratios nor their primary balance to GDP ratios change. This projection uses the official forecasts of the key variables. The second projection answers the question of how much the two counties have to consolidate, measured by their primary balance to GDP ratios, if they want to hold their public debt to GDP ratios at their current levels. The third projection answers the question of how much the countries have to consolidate if they aim to re-attain their December 2008 pre-crisis public debt to GDP ratios. All three projections are made for the same five scenarios, which cover a status quo case, where official forecasts are realized, and both optimistic and pessimistic scenarios for growth and consolidation outcomes. The paper`s novelty lies in its development of an existing non-parametric methodology to encompass iterative numerical solution methods to assess public debt sustainability. This allows a richer set of results to be obtained, for example estimates for the required level of the public debt to GDP ratio, and the primary balance to GDP ratio, taking account of variables such as nominal interest rates, yields to maturity on public debt, inflation rates and average maturities of debt.
- ItemStock market reaction to ict implementation: model based on comparison of developed and transition economies(Technická Univerzita v Liberci, ) Janke, František; Packová,Miroslava; Prídavok, Mojmír; Ekonomická fakultaCompanies are more productive, grow faster, invest more, and are more profitable when using Information and Communication Technology (ICT) more intensively. Several studies provided evidence that implementation of ICT into companies’ processes contributes to economic growth both on companies’ and macroeconomic level. In spite of wide range of studies in this area, only few studies focused on how the ICT implementation is perceived by investors at stock market and whether this information make movements in companies’ shares prices. Hence, the purpose of this paper is to provide literature overview related to the area of the impact of ICT implementation on company´s stock price, comparing results from developed (US) and transition economies (Czech Republic, Hungary, Poland and Slovakia) and using the results from relevant literature to provide a comparison of incidence of particular factors´ influence on the impact of ICT implementation on company’s stock prices. Based on the previous researches, a model describing factors that influence company’s stock price movement after ICT solution implementation and announcement, has been created.
- ItemThe intensity of the expression of mobbing in employees’ relations at lithuanian organizations(Technická Univerzita v Liberci, ) Vveinhardt, Jolita; Štreimikienė, Dalia; Ekonomická fakultaThe authors presents general review of the literature, presents the results of the empirical research on the expression intensity of mobbing in employees’ relations in organizations. The expression of mobbing in employees’ relations has been identified in the organizations of different activity type. The expression of mobbing in employees’ relations has been identified in the organizations of different activity type. When comparing organizations of private and public sectors, the tendency that the expression of mobbing is more intensive in the private sector, especially in economical activities of agriculture and mining as well as querying, manifests. The hypothesis that mobbing is not only psychological but also managerial problem has been confirmed; it is more relevant for organizations of the private sector in Lithuania. This is influenced by poorly developed management culture and the lack of managerial knowledge, which is characteristic for management personnel. Lithuania as well as other post-Soviet countries has not performed the researches on mobbing phenomenon broadly and deeply by emphasizing managerial reasons of the phenomenon. The researches on mobbing disclose the ‘sensitive’ areas, which influence the internal climate of national capital’s organizations, the development of their competitiveness and the improvement of the corporate country investment climate. The originality of this research is presupposed not only by the fact that the situation in private and public sectors has been surveyed but also that it has been tried to identify the spread of mobbing among different fields of professional activity. In the case of this research 21 fields of professional activity have been included. During the research higher than medium expression of mobbing has been identified in the field of people health care and social work, which consist of the organizations of both public and private capital (in which more significant mobbing intensity has been identified) in Lithuanian context. It would be relevant to elaborate the research in striving to disclose differences in the culture of organizations’ management.
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