Rok 2021 (ročník 24)

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Socio-economic Factors Influencing the Development of Renewable Energy Production Sector in Poland
(Technická Univerzita v Liberci, ) Grzeszczyk, Tadeusz A.; Izdebski, Waldemar; Izdebski, Michał; Waściński, Tadeusz; Ekonomická fakulta
Poland is not one of the leaders in the use of renewable energy sources (RES), and most energy is still produced using hard coal and lignite. Therefore, there are noteworthy emissions of air pollution (including ashes and greenhouse gases), and the Polish energy sector is characterized by a substantial degree of carbonization, which, as a result, threatens to expressively increase the costs of electricity production, leading to financial penalties imposed by the EU. The aim of this paper is to analyze socio-economic factors influencing the development of the RES sector in Poland. According to this aim, expert research was carried out, in which the factors influencing development potential of RES were assessed at two levels (level II – 5 factors, level III – 15 factors) according to the factor tree analysis. Based on the analysis of the level II factors, it can be concluded that the development of the RES sector in Poland will depend to a decisive extent on factors such as: EU decisions and Polish legislation affecting the development of the RES sector in Poland, prices and availability of conventional energy carriers. Other two factors – regional policy on ecology and ecological awareness in Poland – have so far little impact on the development of this sector in the state. The analysis of the level III factors shows that the greatest impact on the development of the RES sector in Poland is the influence of European lobbying of manufacturers of machinery and equipment for renewable energy production on EU law, the impact of Polish lobbying of conventional energy producers on Polish law in the production of renewable energy and the influence of European lobbying of renewable energy producers into EU law.
Key Performance Indicators for Adopting Sustainability Practices in Footwear Supply Chains
(Technická Univerzita v Liberci, ) Moktadir, Md. Abdul; Mahmud, Yead; Banaitis, Audrius; Sarder, Tusher; Khan, Mahabubur Rahman; Ekonomická fakulta
The footwear industry has contributed notably to different countries’ economic development. Therefore, it needs to focus on operational excellence in order to achieve a sustainable level of development. Achieving sustainability in the footwear industry, however, is a complex task since various issues are involved in the footwear manufacturing process. Currently, in order to see how firms can sustain their place in the competitive global business environment, researchers and practitioners are giving special attention to operational excellence in the footwear manufacturing industry. Operational excellence is a business term that indicates the actual performance of an organization. To make the supply chain agile, resilient, and sustainable, it is imperative that firms incorporate sustainable practices in the footwear industry, and operational excellence can help in this regard. The sustainability of the footwear industry can be examined by using a set of key performance indicators (KPIs). Therefore, identifying and examining the KPIs for adopting sustainable practices in the footwear supply chain is a very important task. There is still a knowledge gap in research on the KPIs for attaining sustainability in the footwear industry. To fill in this knowledge gap, this study contributes to the existing literature by identifying and assessing the KPIs by using a novel multi-criteria decision-making (MCDM) method named the best-worst method (BWM). This study uses a previous study to identify some relevant KPIs, some of which were included in the assessment process based on footwear industry experts’ feedback. After finalizing the relevant KPIs, BWM was utilized to find the most important KPIs for adopting sustainability practices in the footwear industry’s supply chains. The findings of this study reveal that the KPIs “quality production”, “timely order processing” and “accuracy of moulding” received the first three positions in the rankings we performed. The results of this study will help practitioners, industry experts, and decision-makers to find out a pathway for easily adopting sustainability practices in the footwear supply chains.
CASE STUDY: DESIGN VALUE MEASURING BY SYSTEM DYNAMICS
(Technická Univerzita v Liberci, ) Šviráková, Eva; Kramoliš, Jan; Ekonomická fakulta
The aim of the article is to show a way to measure the economic value of design using system dynamic modeling of key processes in an organization. The article fully accepts the complexity of the concept of design and opens up the possibility for employing system dynamics in design value measuring. The definition of design is given as an integral concept for which it is difficult to find a benchmark. The sequential explanatory method was chosen to solve the research problem. Qualitative data is collected first and it is recorded and examined. After that the data is transformed into numeric values and taken for quantitative evaluation in a system dynamic model. The connection of qualitative research data in a tool for quantitative evaluation allows an original interpretation of relationships that have been obtained and are collected only as qualitative data. Qualitative data collection is based on the visualization of a new definition of design: Design is an integration of functional, distribution, emotional and social experience of the customer. The questionnaire is in the form of Design Value Canvas and is used to determine the initial Design Value Algorithm (DVA) coefficient. As an external parameter, the DVA coefficient influences the development of the number of customers and their willingness to order the company’s products in the system dynamic model. The main result is the finding that an investment in design, which is confronted with customer preferences, fundamentally changes the economic parameters of business. Economic benefits of a design change in a company are always influenced by a strategic decision made by the entrepreneur who has to know the behaviour of their customers and to correctly choose the field of design in which it pays to invest.
The Impact of Social Media on Sales Promotion in Entertainment Companies
(Technická Univerzita v Liberci, ) Štreimikienė, Dalia; Mikalauskienė, Asta; Sturienė, Urtė; Kyriakopoulos, Grigorios L.; Ekonomická fakulta
Social networks including various social media are one of the main online marketing tools that help to achieve marketing aims of the company. Most of social media overlap and have more than one characteristic, aim or purpose. It should be noted that interaction, user-friendliness, openness, freedom and real time are the main features of all social media. When starting to discuss sales promotion of a company on social media, the concept of social commerce becomes inevitable. Taking into account current trend of expansion of internet marketing because it unites the biggest number of users and has the means to implement different aims of the companies, it is necessary explore the impact of social media on sales growth in specific sectors. The paper analyses the impact of social media for sales promotion in entertainment sector. During the quantitative research, 385 respondents were surveyed. The questionnaire of the quantitative research has been prepared based on the marketing communication model for social media used by entertainment companies. The questionnaire included closed type of questions, most of them are provided in Likert scale. The empirical study found that elements (promotion of sales increase; brand strengthening), maintaining connections with present and potential company’s clients that are used by the entertainment companies on social media help to promote sales with users’ engagement. Regular communication of entertainment companies on social media has a positive impact on sales, because users tend to follow such type of accounts actively. The study emphasised the main elements to be applied by the entertainment companies using social media. Therefore, the regular communication and use of influencers are highly recommended for sales promotion of companies. It is also important to stress that companies are advised to communicate regularly, as regularity in communication is one of the most important drivers of sales promotion.
Moderating Role of User Experience and IT Reliability in Controlling Influence on Job Performance and Organizational Performance
(Technická Univerzita v Liberci, ) Bieńkowska, Agnieszka; Tworek, Katarzyna; Zabłocka-Kluczka, Anna; Ekonomická fakulta
Controlling is a method, which is most often used in contemporary organizations. The expectation of improvement of the organization’s results is the most important reason of controlling implementation. The relation between controlling use and organizational performance is often taken for granted, however there are no comprehensive research explaining in detail how it affects results of organization functioning. The article attempted to fill in the existing research gap and explain how controlling affects results of organization functioning. The analysis concerned the impact of controlling use on both job performance and organizational performance. Since the job performance in case of controlling is increasingly dependent on the IT solutions, the analysis concerned the impact of IT reliability and User Experience (UX) on the developed model of the controlling influence on organizational performance. In that context the aim of the article was to clarify the mechanism of controlling use influence on organizational performance – considering the mediating role of job performance of employees and moderating role of IT solutions (the impact of UX and IT reliability on the relations between controlling, job performance and organizational performance). Formulated hypotheses were verified empirically on the sample of 637 organizations (349 operating in Poland and 288 operating in Switzerland). The presented results of empirical research allowed for the construction of a mediating model demonstrating the impact of controlling use on both job performance and organizational performance and shown that UX and IT reliability are moderators of the relation between the controlling use and job performance, and the relation between job performance and organizational performance.
Influence of Logistics Competitiveness and Logistics Cost on Economic Development: An FsQCA Qualitative Approach
(Technická Univerzita v Liberci, ) Saini, Mohan; Hrušecká, Denisa; Ekonomická fakulta
Logistics is an important sector that determines a country’s economic strategy while attaining higher impetus in terms of globalization and competitiveness. Infrastructure along with trade friendly government policies are the key important parameters for a competitive logistics sector. One such method to evaluate competency is the logistics performance index (LPI) by the World Bank. This index evaluates the logistics performance of the economies of the world and rank them on the basis of six parameters (customs, infrastructure, timeliness, tracking & tracing, logistics competence and international shipments). This research study illustrates the impact of logistics costs (LC) and logistics competency parameters (LPI) on the economic development. The fuzzy set qualitative comparative analysis (fsQCA) methodology is applied to identify the causal configuration relations for higher values of economic development (GDP per capita). Eight major economies across Asia (China, India, Japan, Singapore), Europe (Germany, France), the UK and the USA have been studied for the analysis. The Czech Republic and Slovenia are also included to the list of countries to have a perspective of mid-sized economies. These mid-size economies are landlocked countries (Czech Republic) and a smaller port sector (Slovenia) for logistics. The results indicate two configurations of LPI and LC that lead to higher values of GDP per capita. The major contribution to the existing literature is in identifying the influence of LPI index parameters along with LC on the economic development. The associated results illustrate that logistics competence, infrastructure and tracking & tracing of LPI index are identified as the core parameters, resulting in the higher values of GDP per capita. The results offer various insights into future area of research for evaluating new parameters such a LC to be inducted in LPI for evaluating logistics performance.
INCOME TAX PREFERENCE AND R&D INVESTMENTS OF HIGH-TECH ENTERPRISES IN CHINA
(Technická Univerzita v Liberci, ) Su, Wunhong; Fan, Yi-Hao; Ekonomická fakulta
This study explores the relationship between income tax preference and R&D investments of high-tech enterprises. This study selects listed high-tech enterprises in China from 2013 to 2018 as samples. The empirical results show that the effective income tax rate among high-tech enterprises in China differs widely. The findings suggest that high-tech enterprises in China have to take advantage of preferential income tax, pay more attention to R&D investments, and strive to improve R&D ability and market competitiveness. In addition, there is a significantly positive relationship between income tax preference and R&D investments of high-tech enterprises, indicating that the preferential tax rate policy and other tax incentives such as additional tax deduction increase R&D investments of high-tech enterprises effectively. State-owned enterprises (SOEs) are enterprises in which the state has ownership or control over its capital. The positive relation between income tax preference and R&D investments of hightech enterprises is more significant for non-SOEs. Non-SOEs have stronger governance efficiency. Therefore, SOEs should make better use of income tax preference and improve innovation enthusiasm. Moreover, this study finds a more positive relationship between income tax preference and R&D investments among high-tech enterprises in the introduction phase than in the growth and mature phases. However, the relation between income tax preference and R&D investments is insignificant for high-tech enterprises in the decline phase. The findings seem to provide a new perspective for the life cycle characteristics of enterprises and the theoretical guidance to enterprises in phases of growth, mature and decline to develop R&D investments better. Finally, loss enterprises or enterprises in geographical units with the innovative environment are eliminated in this study to avoid extra interference. The results remain robust, indicating that preferential income tax policies applied in high-tech enterprises are significantly and positively associated with R&D investments.
THE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300
(Technická Univerzita v Liberci, ) Hossain, Saddam; Gavurová, Beáta; Yuan, Xianghui; Hasan, Morshadul; Oláh, Judit; Ekonomická fakulta
This paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.
Perceptions of Personalization in Company-consumer Interactions on Social Network: Experiment Conducted in the Czech Republic
(Technická Univerzita v Liberci, ) Eger, Ludvík; Komárková, Lenka; Zákružná, Veronika; Ekonomická fakulta
Social media has revolutionized the way in which organizations communicate with their customers and stakeholders. Therefore, understanding the characteristics that influence the interactivity and the relationship between an organization and its page visitors is essential for the capability of an organization ability to respond to the current and potential customers on social networking sites in an appropriate manner. The research investigates how companies using brand communities on Facebook influence consumers’ intention to purchase through online interactivity, responsiveness, and personalization. In an online experiment, participants viewed selected records of communication with customers from companies on Facebook pages that differed as to whether and how specifically the companies responded to their consumers. The results were obtained using mediation analyses. These indicate that perceptions of company responsiveness and personalization, based on existing consumer interactions on a Facebook page, influence how participants rated the company, the quality of their own potential company interactions, and the likelihood of them purchasing products from the company in future. The findings of this research also support the assertion that social media has an impact on brand communities as a platform on which consumers interact. Additionally, eye tracking was used to collect data about customers’ activities that assist in understanding how people acquire information from web pages. The research provides a better understanding of which distinct components of a message meaningfully influence perceptions of interactivity. The findings show that marketers should focus on customer complaints as this component of the messages on social media influences the viewer’s visual search. To test other cultural contexts and for further validation of identified relationships, future research could be conducted globally.
The Use of International Tax Planning in Subsidiaries from the Financial and ICT Sectors in the Czech Republic
(Technická Univerzita v Liberci, ) Jedlička, Vít; Ekonomická fakulta
Tax avoidance is an important element of management in the global economy. Managers use tax havens for reducing a company’s effective tax rate. The most common practices in international tax planning can be divided into three groups: loans and their related interest, royalties, and transfer pricing. The aim of this article is to find the determinants of the tax burden faced by foreign-owned subsidiaries. Therefore, a model was created for the tax burden, focusing on the special position of subsidiaries within international tax planning. For this purpose, taxes/outcomes was established as a new dependent variable. The panel data used include Czech companies that are owned by parent companies located in other EU countries. The model distinguishes EU tax havens from regular member states; sector dummy variables are also included. The regression model that was created did not confirm the assumed dependencies. Rather, it indicated other important determinants: profitability, the share of intangible assets, size, and the dummy variable for the ICT sector. Based on the regression results, the independent variables connected with known tax planning schemes have relatively low importance. The significance of these results can be seen in the subsequent conclusions. First of all, there is no difference between the subsidiaries’ tax burdens based on the parent company’s location. Corporations use international tax planning whether or not they are owned from a tax haven. The second significant conclusion indicates the importance of certain sectors and their attributes concerning the tax burden. Companies from the ICT sector are linked to a lower tax burden. On the other hand, the dependencies within the financial sector are not statistically significant. From the perspective of further research, it would be constructive to incorporate the subsidiary’s position within the group.
Consumer Behaviour Changes During Times of the COVID-19 Pandemic: An Empirical Study on Slovak Consumers
(Technická Univerzita v Liberci, ) Veselovská, Lenka; Závadský, Ján; Bartková, Lucia; Ekonomická fakulta
The humankind finds itself facing unparalleled situation since the worldwide outbreak of the COVID-19 created significant changes in societies worldwide. This paper aims to assess the initial response of consumers in the Slovak Republic during the early stages of the outbreak and emerged challenges for entrepreneurships. Major pandemics were proven to be a catalyst of changes in societies and economies. The main aim of this research was to examine the impacts of COVID-19 outbreak on consumers’ behaviour and draw recommendations for entrepreneurs. A survey was conducted as a method to collect data from consumers creating a representative sample of the population of the Slovak Republic. The rate of consumption has significantly increased when compared before and after the COVID-19 outbreak. The findings show how people of different age, gender and income altered their shopping habits and how the factors influencing their consumers’ behaviour changed during this situation. This paper presents one of the first studies on consumer behaviour of Slovak consumers during the COVID-19 pandemic creating a unique image of new reality and emphasizing new trends that will become significant factors of success of entrepreneurs in the near future. It shares practical experiences which can enable organizations to understand consumer behaviour influenced by COVID-19 Pandemic, to investigate novel needs of their customers and to adapt their business to the situation. Some findings such as the increase in need for safety could had been expected, however changes in importance of some factor such as the drastic decrease in brand loyalty or the influence of colleagues, friends and previous experiences with products were surprising. Findings from this study provide useful information for all entrepreneurs that need to understand how their customers have changed and what new demands may arise in the aftermath of this crisis.
Altman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises
(Technická Univerzita v Liberci, ) Vavrek, Roman; Gundová, Petra; Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Ekonomická fakulta
The Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.
Quantifying the Economic Development Dynamics of a Country Based on the Lorenz Curve
(Technická Univerzita v Liberci, ) Ginevičius, Romualdas; Nazarko, Joanicjusz; Gedvilaitė, Dainora; Dacko-Pikiewicz, Zdzisława; Ekonomická fakulta
The welfare of a country depends on its economic development. In order to have the impact on it, we should have a possibility to quantitatively assess its situation at the desired point in time. Economic development, as a multifaceted and complex phenomenon, is reflected in two dimensions – intensity and uniformity. These mentioned above can be viewed as partial indicators of dynamics. Two main approaches to measuring development uniformity can be distinguished. In one of the cases, it is measured on the basis of an index that includes the main results of the country's economic development. In the other case, the values of the indicators reflecting all the essential development actions are combined in one appropriate way. From a scientific point of view, the second approach is more accurate as it allows for a better assessment of the complex nature of a country’s economic development. On the other hand, its application today is still problematic due to the fact that the models for this differ in terms of both the number and composition of indicators. For this reason, it is not possible to compare countries. Therefore, in international practice, the economic development of countries is measured by gross domestic product per capita (GDP). Based on GDP indicator, the method for the measurement of uniformity is proposed and the essence of which is the ratio of the length of the ideal trajectory of the development during the period under review to the length of the actual trajectory. Without ruling out the appropriateness of such an approach for assessing development uniformity, it makes sense to look for alternative methods. In this sense, methods that allow assessment of the extent of fluctuations of the phenomenon under consideration as an essential feature of development dynamics are suitable. These include the Gini coefficient, which is determined from the Lorenz curve.
Performance Evaluation Framework under the Influence of Industry 4.0: The Case of the Czech Manufacturing Industry
(Technická Univerzita v Liberci, ) Hedvičáková, Martina; Král, Martin; Ekonomická fakulta
The current economic situation creates general pressure to increase performance. Any inefficient use of production factors will lead to problems and long-term economic unsustainability in many industries. The effects of the Covid-19 pandemic will also have a negative impact on all sectors of the economy and the faster onset of the fourth industrial revolution. The article, therefore, proposes a new framework for the performance evaluation of the manufacturing industry, which is based on the composite performance indicator. This indicator is obtained by a cross-sectoral comparison of all sub-key performance indicators. Using cluster analysis and analysis of variance, a total of 6 indicators to evaluate performance in the manufacturing industry were selected as statistically significant. The added value of the whole concept is its direct independence on the economic situation, which eliminates short-term economic oscillations that would be reflected in classical methods of performance evaluation otherwise. The results show that some industries are more efficient in the long run due to their effective investments in the capital, which replaces the labour factor and creates room for the realization of relatively higher profits. By contrast, some sectors, despite high investments, do not achieve the desired level of performance – these investments are not efficient or they are complementary to the labour factor, thus denying the principles of Industry 4.0. It thus creates preconditions for increasing dependence on external factors and, at the same time, makes the given sectors in a freely competitive environment economically unsustainable in the long run.
DETERMINANTS OF HOUSEHOLD FINANCIAL VULNERABILITY: EVIDENCE FROM SELECTED EU COUNTRIES
(Technická Univerzita v Liberci, ) Šubová, Nikola; Mura, Ladislav; Buleca, Ján; Ekonomická fakulta
Household debt has been increasing in the last decades, and it poses a threat not only to the financial stability of households but is a precursor of the economic and financial crisis. A downturn caused by the coronavirus pandemic is expected to deepening inequalities, mainly due to the inability of households to repay existing debts or finance basic living needs. Understanding the determinants of household indebtedness and financial vulnerability is crucial for policymakers who process measures to prevent increasing household indebtedness. This paper investigates the determinants of household financial vulnerability in euro area countries using the Household Finance and Consumption Survey micro-dataset collected by the European Central Bank. The quantitative approach was applied using ordinary least square and quantile estimation procedures. The difference between OLS and quantile estimations showed the appropriateness of using the quantile regression approach. Performance analysis proved that only the number of elderly and the value of wealth and existence of mortgage interest tax relief statistically significant affects the level of vulnerability in all three waves. While the increasing number of elderly and greater value of household wealth lowers the vulnerability, the effect of mortgage interest tax relief differs across individual waves. All other used factors are essential and statistically significant for the financial vulnerability of households as well, but the importance and significance could differ across the distribution and individual waves. The effect of financial assets, education, and employment were found to be negative in all observations of all waves. On the other hand, the number of children and the value of households’ real assets is associated with increased financial vulnerability indicators.
Sovereign Credit Ratings and Asian Financial Markets
(Technická Univerzita v Liberci, ) Pervaiz, Khansa; Virglerová, Zuzana; Khan, Muhammad Asif; Akbar, Usman; Popp, József; Ekonomická fakulta
Each region/country seeks to become more efficient to gain the confidence of potential investors. Most of the Asian economies are categorized as emerging markets, where the role of financial markets has even become more intensified to provide financial services to increasing economic and financial activities. Asian financial market has momentously suffered during the Asian, and global financial crisis. The mass destruction was mainly caused due to the mounting uncertainty, which spillover throughout the region, where investors lost their confidence. Considering the pivotal economic role of financial markets, and implications evolve due to sovereign credit rating announcements, this study aims to model the role of sovereign credit rating announcements by Standard and Poor’s, and Moody’s on financial market development of the Asian region. For 24 Asian countries/regions, we perform a regression analysis on sovereign credit rating changes based on financial market development index and its factors. The findings of Driscoll Kraay’s robust estimator reveals that improvement in sovereign credit rating score enhances the financial market development in the region. Moreover, we applied several robustness checks, such as alternative estimators, alternative measures, and three sub-dimensions of financial market development. According to the findings from these robustness checks, the positive impact of sovereign credit ratings on financial market development in the region is robust. Unlike prior literature (which is confined to the event study approach), this study utilizes the historical grades to establish the relationship under the standard error clustering approach. Due to the diversity of investors’ speculations, we propose a micro-level extension of the present model to overcome a difference in country policy.
FinTech Services and Factors Determining the Expected Benefits of Users: Evidence in Romania for Millennials and Generation Z
(Technická Univerzita v Liberci, ) Dospinescu, Octavian; Dospinescu, Nicoleta; Agheorghiesei, Daniela-Tatiana; Ekonomická fakulta
The purpose of this research is to define the level of significance for various indicators that influence the degree of consumer satisfaction regarding the use of FinTech technologies and services. The most important factors that influence the level of satisfaction when using FinTech services were considered: comfort and ease of use, legal regulations, ease of account opening, mobile payments features, crowdfunding options, international money transfers features, reduced costs associated with transactions, peer-to-peer lending, insurances options, online brokerage, cryptocoins options and exchange options. The study was conducted on a sample of 162 respondents, persons belonging to the Millennials and Generation Z generations. The values of the indicators for different categories of users of FinTech services and different categories of generations can be determined based on the statistical tests performed and the results obtained from the regression analysis. The values of the indicators are the basic elements for determining the regression model that will help the FinTech service vendors to make personalized decisions for each category of users so that the level of customer satisfaction is maximized. The study carried out within the present article is the first of its kind for Romania, because up to this moment in the specialized literature there are no such studies for Eastern Europe. The research we conducted aims to fill the gap existing in the literature and responds to the expectations and needs of stakeholders in the FinTechs’ business area. The results of the article are relevant to both stakeholders and the scientific community that is concerned about the impact of FinTech technologies.
THE DETERMINATION OF FINANCIAL STRUCTURE IN AGRICULTURE, FORESTRY AND FISHING INDUSTRY IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE
(Technická Univerzita v Liberci, ) Růčková, Petra; Škuláňová, Nicole; Ekonomická fakulta
Every economic sector, every single industry, every economy, and even every firm has its specific financial structure. Given that it is not possible to examine thousands of individual companies for scientific purposes, it is necessary to at least examine the differences between individual sectors, industries and countries. At the same time, the formation and optimization of the financial structure is influenced by a myriad of diverse factors that financial managers should take into account in their decisions. Thanks to these facts, more and more researches had been created for over half a century. This research expands knowledge in seven selected countries of Central and Eastern Europe – the Visegrád Group, Bulgaria, Slovenia and Romania. The aim of the research is to evaluate, based on the Generalized Method of Moments, the relationship between the six selected factors and the indebtedness level in companies belonging to the agricultural, forestry and fishing industry. The subject of the research is medium, large and very large companies during the years 2009 to 2016. The research deals with the influence of profitability, liquidity, asset structure, economic development, inflation and interest rates on the total, long-term and short-term indebtedness of companies. The main finding of the research is that companies are influenced by both internal and external determinants. However, even though the industry should be neutral, external determinants – GDP growth rates, inflation rates and interest rates – have a more significant impact on the debt level. The results of this research will not only extend current knowledge in the field of corporate finance, but at the same time, the results may be stimulating in setting support rules for public administration and even European institutions, as the selected industry is strongly linked to subsidy policies.
STOCK PRICE PREDICTION USING MARKOV CHAINS ANALYSIS WITH VARYING STATE SPACE ON DATA FROM THE CZECH REPUBLIC
(Technická Univerzita v Liberci, ) Svoboda, Milan; Říhová, Pavla; Ekonomická fakulta
The article describes empirical research that deals with short-term stock price prediction. The aim of this study is to use this prediction to create successful business models. A business model that outperforms the stock market, represented by the Buy and Hold strategy, is considered to be successful. A stochastic model based on Markov chains analysis with varying state space is used for short-term stock price prediction. The varying state spate is defined based on multiples of the moving standard deviation. A total of 80 state space models were calculated for the moving standard deviation with 5-step lengths from 10 to 30 in combination with the standard deviation multiples from 0.5 to 2.0 with the step of 0.1. The efficiency of the business models was verified for 3 long-term, liquid stocks of the Czech stock market, namely the stocks of KB, CEZ, and O2 within a 14-year period – from the beginning of 2006 to the end of 2019. Business models perform best when they use a state space defined on the length of a moving standard deviation between 15 and 30 in combination with multiples of the standard deviation between 1.1 and 1.2. Business models based on these parameters outperform the passive Buy and Hold strategy. In fact, they outperform the Buy and Hold strategy for both the entire period under review and the yielded five-year periods (including transaction fees). The only exception is the five-year periods covering 2015 for O2 stocks. After the end of the uncertainty period caused by unclear intentions of the new majority stockholder, the stock price rose sharply. These results are in conflict with the efficient markets theory and suggest that in the period under review, the Czech stock market was not effective in any form.
Empirical Study on the Impact of Evaluation of Intangible Assets on the Market Value of the Listed Companies
(Technická Univerzita v Liberci, ) Cosmulese, Cristina Gabriela; Socoliuc, Marian; Ciubotariu, Marius-Sorin; Grosu, Veronica; Mateş, Dorel; Ekonomická fakulta
The accelerated pace of economic development, the digital revolution and the internationalization of business has meant for some entities the creation or acquisition of intangible assets (IA), which have become increasingly important for the economic prosperity and for determining the global value of a company, also becoming an important incentive in creating added value. The aim of this paper is focused on analyzing the impact of internally generated intangible assets on the market value of the companies. In order to achieve this aim, we conducted an empirical study involving a sample of 180 NASDAQ and NYSE listed entities between 2007 and 2016. The sample has obtained by applying the inclusion and exclusion criteria on the 500 large-capitalization companies (S&P 500 Index). Making use of regressive techniques, the authors undertook an econometrical model to test whether the impact of intangible assets on the market value of the entities increases when are provided complete, clear and easy-to-understand accounting information about the intangible assets value, which aid business to properly estimate corporate value ratio and reduce implicit bias, due to mainly taking into account those reported values when measuring an entity’s value. The results revealed an impact of the value of the reported and unreported IA on the market value of the entities, for manufacturing companies relative to service companies, which generates an added value on the capital market and implicates a close linkage of disclosure compliance and the associated industry sector. The proposed model can be an inspiration for the legislator to change the structure of financial reporting, or anticipated a valuable informational source for increasing the quality of integrated reporting of economic entities.

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