LEF_ Liberec Economic Forum

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Challenges and Opportunities in Knowledge Management in the Concept of Industry 5.0
(Technická Univerzita v Liberci, ) Michalová, Tereza; Sieber, Jakub; Ekonomická fakulta
We live in a fast-paced world with companies needing to adopt new technologies as fast as possible to stay competitive. Digital technologies are central to people's lives and could play a key role in enabling more sustainable business models and a regenerative vision for European industry. Organisations need to be able to adopt, embrace, optimise and integrate modern technologies into their organisational culture. This paper aims to present a literature review of advances in Knowledge Management (KM) in the concept of Industry 5.0 to enhance organisational practices and increase the efficiency of KM. Industry 5.0 has three core elements: human-centricity, sustainability and resilience, and artificial intelligence (AI) plays an important role in this framework, as it can analyse data, identify patterns and optimise production processes. The review is conducted via the systematic review method PRISMA 2020, which was used to screen 63 publications from Web of Science and Scopus databases from 2010 to 2023 to analyse chosen articles on digitisation, human resources and knowledge management under the concept of Industry 5.0. The systematic review provides a valuable overview of the challenges and potential advantages of interactions between AI and humans and the merits of implementing AI-powered methods for managing knowledge.
Circular Economy as a Determinant of Environmental Behavior and Engagement of Business Subjects in Slovakia
(Technická Univerzita v Liberci, ) Jurkovič, Miroslav; Ekonomická fakulta
The paper focuses on the current issue of business and its environmental aspects with regard to the circular economy in the Slovak business environment. As indicators of corporate environmental behavior, companies' approaches to the circular economy, willingness to invest in environmental technologies and implement environmental innovations, and character interactions of companies with the market and competition are defined. One of the approaches that forms the basis of such behavior is the circular economy. The aim of the article is to define the environmental behavior of Slovak companies and their decision-making on the concretization of environmental approaches and strategies in business activity and to identify the areas of concretization of the environmental behavior of Slovak companies operating in various industries and their environmental engagement. It was based on the assumption that Slovak companies show environmental awareness depending on their size, economic strength and the subject of their business. Factor analysis based on the KMO test was used to identify the individual groups of environmental approaches that are applied within the company's business activities, thus verifying the correlation between the variables. The highest intensity of environmental manifestations of business behavior was expected for economically strong companies operating in manufacturing sectors located in the western regions of Slovakia with the highest interaction with customers and partners who take into account the environmental behavior of companies and competitors. An increase in the intensity and a stronger enforcement of environmental behavior in the business activities of Slovak business entities compared to the present will require an increase in the support of the business environment at the macro, meso, and micro levels. Not only high-quality legislation or various support mechanisms in the financial and technological fields, but also continuous information of these business subjects and effective support of science and research are essential.
ROSI and Tools for Monetizing Sustainability (ESG) Measures
(Technická Univerzita v Liberci, ) Svermova, Pavla; Sander, Maik; Ekonomická fakulta
Environmental, social and governance impacts of expenditures are part of every management decision. Investments in sustainability and CSR comply with ESG factors. Following the approval of the CSRD Directive by the EC, ESG issues are set to grow. We want to explain to companies that the ROSI issue is significant concerning the above and that there are methods to help them monetize sustainability in the future. Mention is made of the 5-step methodology by The NY University Stern Center for Sustainable Business and the Impact-Weighted Accounts method by the Harvard Business School. Both are set in a study from the automotive industry. Sustainability is not only about the environmental, societal and economic aspects; companies must keep track of financial performance. Therefore, it is essential to implement tools for monetizing sustainability measures - the future of sustainable business is about to turn from being a necessary evil to being remunerative good.
Inventory Control of Products at the End of their Lifecycle Based on Nonparametric Methods
(Technická Univerzita v Liberci, ) Huskova, Katerina; Dyntar, Jakub; Ekonomická fakulta
In this article, we verify that the use of the past stock movement simulation with all combination search, where both control variables are fully discretized, compared to traditional parametric methods, which are often used in management of inventory with sporadic demand, brings economic savings in area of holding and ordering costs. We use sporadic demand data coming from a small size e-commerce company to compare the best achieved holding and ordering costs in continuous review fixed order quantity inventory control policy where the reorder point calculation is based on moving average and linear regression. At the same time, we examine how the results are affected by the required fill rate of service level, which we test for four levels in the interval 25 % - 95 %. The results of our experiments show that AC outperforms traditional parametric methods in achieving the best holding and ordering costs. Moreover, as the level of required service level decreases, the success of AC in achieving the best costs increases. Simultaneously, we see that the success of the simulation increases with increasing variability of demand, i.e. in the case when the differences in quantity between individual non-zero demands increase.
The Influence of Review Richness and Valence on the E-WOM Trustworthiness
(Technická Univerzita v Liberci, ) Batumalai, Theventharan; Ekonomická fakulta
This study aims to examine the relationship between review richness and valence in the context of the trustworthiness of electronic word-of-mouth when choosing a coffee shop. The study collected data through an experiment on a simulated restaurant aggregator platform involving eight coffee shops and reviews with varying richness and valence. Participants (130 individuals) were asked to rate the cafés based on their preferences for selecting one. The findings highlight the relative importance of review richness compared to the review's positive or negative sentiment in influencing trustworthiness. Moreover, the study reveals that review richness has a more significant impact on credibility for positive than negative valence. Consumers associate richer reviews with higher quality and credibility, while shorter, less detailed reviews are deemed less valuable to provide sufficient evidence to enhance trustworthiness.
Correlation of Indicators of Development in the Insurance Market in the Czech Republic, Slovak Republic and the EU Average
(Technická Univerzita v Liberci, ) Benetti, Karina; Izáková, Katarína; Khalil, Dalia; Ekonomická fakulta
In 2004 the Czech and Slovak Republics became part of the European Union, which brought many changes influencing the financial markets, including the insurance industry. Czech, Slovak, and European markets are constantly evolving, and they respond to the changes in the environment in which they operate. Given these facts, the paper focuses on analysing the interdependence of the insurance market in the Czech Republic, Slovak Republic, and the EU insurance market (the EU average) and on identifying the conditions of this dependence. The successfully functioning financial sector has a significant positive impact on economic growth; for this reason, the paper will pay attention to the issue of how insurance influences economic growth. To capture the insurance market, many insurance indicators can be used, among which are, in particular, gross premiums written, insurance penetration and density. In comparing the development of the insurance market in the Czech Republic, Slovak Republic and other European countries or the EU average, it is necessary to select the appropriate indicator given. The development of the global insurance market and the individual insurance markets is influenced not only by events in the world economy (economic development, development of the financial markets, the impact of economic or financial crisis), but it is also influenced by many factors that can be divided into two groups according to how on the insurance market act. In our article, we will focus mainly on extrinsic factors. Data for the analyses were drawn from SwissRe (Sigma journal), Eurostat and OECD databases.
Crowdfunding and Sustainability. UN SDG Goalsversus Campaign Goals in Developing and Developed Countries. Does it Matter?
(Technická Univerzita v Liberci, ) Mačí, Jan; Krtička, Tomáš; Ekonomická fakulta
Sustainability can be perceived as a life belief as well as a way to impress when presenting a business plan, or a combination of both. Cr owdfunding can be the way to finance such a business plan linked to sustainability. For example, the UN has established 17 sustainability goals, the so-called Sustainable Development Goals (SDGs). According to the several sources, especially the World Economic Forum survey, it was possible to indirectly deduce that in developing countries the goals perceived in the survey as top-ranked are accentuated, while in developed countries rather the goals perceived as least-important. In view of the above, the aim of this contribution is to identify and describe how crowdfunding campaigns work with the concept of sustainability with regard to the SDG goals, using the case of a selected crowdfunding platform (indiegogo). The monitored variables were the nature of the campaign in relation to the SDG goal being met, the degree of development of the economy in which the campaign was launched, and the percentage of the received amount from the target amount. The work concludes that the analyzed campaigns do not systematically communicate their intention with regard to the SDGs, which are perceived as important for their environment. I.e. the dependence between the nature of the campaign fulfilling the SDG goal and the degree of economic development was not identified. On the other hand, it is still possible to observe that campaigns respecting the SDGs in relation to their economy are more successful in terms of the amount collected.
Addressing Income Inequality in Vietnam’s Northern Midlands and Mountains: A Focus on Fiscal Policy Factors
(Technická Univerzita v Liberci, ) Ho, Lien H.; Benešová, Irena; Ekonomická fakulta
The Northern Midlands and Mountains constitute one of Vietnam’s six economic regions, yet it faces the lowest average income among the top 3 regions, with an average of only 1.613.000VND/month in 2014. Moreover, this region experiences the highest level of income inequality, as indicated by a Gini index of 0.42 in 2020. The study highlights that increased income inequality can lead to a decline in the region’s economic growth, significantly impacting the province’s GDP. The research emphasizes income redistribution as one of the essential functions of fiscal policy, alongside its roles in supporting macroeconomic stability and promoting overall growth. This research analyses and identifies the interplay between fiscal policy factors and income disparity to tackle the Northern Midlands and Mountains income inequality. The study utilizes panel data compromising 7,980 observations. Notably, the findings underscore the potential of increased investment and enhanced household education as critical factors for improving income inequality and fostering economic growth in the region. By considering these factors, Vietnamese economic strategists can devise effective measures to mitigate inequality and foster sustainable regional development.
Tools to Support Effective Communication, Conflict Prevention and Conflict Resolution in Family Businesses
(Technická Univerzita v Liberci, ) Valentová, Eliška; Zbránková, Magdalena; Ekonomická fakulta
The article deals with the topic of open communication in the family business and focuses on the possibilities of conflict prevention. The article aims to define the factors influencing communication in family businesses and to identify their possible interdependence with selected characteristics of the business. The effect of complicated communication or conflicts could be not only negative, which could even result in the closure of the business, but also positive when constructive conflict can stimulate change and innovation. It is advisable to take measures to prevent conflicts and set up processes to resolve them. It is also advisable to clearly define the company's organisational structure, establish norms for dealing with work and family situations, and introduce governance tools. All of these measures promote open and effective communication and a sense of belonging among family business members. The paper presents the results of a survey of 98 family businesses. The findings suggest that family businesses perceive that effective and open communication is essential to their functioning. In most cases, family businesses attempt to separate business-related conflicts from family conflicts, which are related to personal family relationships and ties. Efforts to separate family and work-related conflicts increase as the number of employees increases.
Solving Optimization Tasks on the Real Estate Market Using Multi-Criteria Decision-Making
(Technická Univerzita v Liberci, ) Pozdílková, Alena; Pozdílek, Martin; Ekonomická fakulta
The huge number of advertisements on the websites of real estate companies are deep unexplored data mines. Real estate data can be obtained daily by automatically analyzing such websites. Specifically, data on the square footage of apartments and their price are commonly available. It was thus possible to control the real estate market in every municipality of the Czech Republic. A software tool has been developed to obtain this data, which also monitors the number of advertisements in individual municipalities. The aim of the article is to design an application for selecting the optimal variant based on multi-criteria decision-making and evaluation of variants. The results of many multi-criteria decision-making methods (TOPSIS, ELECTRA, and others) will be implemented and compared, an10d a specific item that is most suitable for a given user will be proposed.
The Effect of the Covid-19 Pandemic on Economic Growth and R&D Spending in the EU Countries
(Technická Univerzita v Liberci, ) Kotorov, Iouri; Krasylnykova, Yuliya; Demel, Jaroslav; Blaschke, Petr; Ekonomická fakulta
The article deals with the issue of economic growth and R&D spending in the EU-27 countries during the Covid-19 pandemic. Using time series analysis, the article examines whether the pandemic and the associated restrictive measures and bailout packages have impacted economic growth and R&D funding. To answer this research question, the development of GDP and GERD Eurostat data was taken, and the period of 2011–2021 was analysed. Besides the development of the monitored indicators (GDP, GERD, GERD as a percentage of GDP), the chain index was constructed to compare year-on-year changes and to analyse the growth rate of the indicators further. The research shows that Covid-19 impacted GDP as well as the field of R&D. Talking in absolute numbers, the impact of the pandemic can be seen in the decrease of both GDP and GERD in 2020. However, since the GDP of the EU-27 countries decrease reached 4 % in 2020 while GERD only reduced by 1 % in the same year, the overall effect on the R&D intensity was positive. However, while the GDP and GERD resumed their growth in 2021 – annual change of 8 % (GDP) and 6 % (GERD) – R&D intensity declined by 2 % compared to 2020. This decline was caused by a more significant growth of GDP than GERD in the same year. However, based on the analysis performed, it can be concluded that the impact of the Covid-19 pandemic on GDP and GERD of the EU-27 countries was neither significant nor had a long-term nature.
Analysis of Key Macroeconomic Indicators and Their Relationship to Unemployment in the Czech Republic
(Technická Univerzita v Liberci, ) Hedvičáková, Martina; Pozdílková, Alena; Ekonomická fakulta
The Czech Republic boasts one of the lowest unemployment rates in the European Union, indicating a demand-supply imbalance in the labour market. This situation has implications for other labour market-related variables, such as nominal wages and labour productivity. In 2021, there was a significant increase in the inflation rate, reaching 15.1%. This development also impacted the trajectory of real wages. This article uses statistical analysis to predict the future economic trends of essential macroeconomic indicators related to the labour market. The dependence of individual variables on the unemployment rate will be determined through correlation analysis. Additionally, the study aims to assess the degree of independence between the unemployment rate and selected economic indicators, including nominal wages, labour productivity, real wages, and inflation. Future developments will be forecasted based on linear time series regression models for each examined variable. The statistical results will be economically interpreted in light of the current economic situation. Overall, the results of the correlation analysis indicate a significant statistical relationship between unemployment and nominal wages, suggesting a strong negative correlation between these variables. This finding aligns with macroeconomic expectations that an increase in unemployment leads to a decrease in the rate of nominal wage growth. The correlation analysis between unemployment and inflation reveals a moderate indication of a negative relationship between the two variables. However, the correlation analysis between unemployment and labour productivity and between unemployment and real wages indicates weak and insufficient evidence of any significant relationship between these variables. Therefore, further analyses and consideration of additional factors are necessary to obtain a more comprehensive and reliable understanding of these relationships.
Values Endorsed by Top Responsible Large Czech Companies – Existent and Inconsistent?
(Technická Univerzita v Liberci, ) MacGregor Pelikánová, Radka; Zavřelová, Veronika; Ekonomická fakulta
The sustainability command is embraced by businesses in the 21st century and is projected in their corporate social responsibility (CSR). The need of the employment of a multi-stakeholder model leads to a focus on common principles and priorities, i.e. creating shared values (CSV). The EU, with EU law, supports it, while various policies and organization reward it, such as the Czech organization Business pro Společnost, which, based on its synthetic index, selects the Czech TOP 25 most responsible companies. These companies have different countries of origins and operate in diverse industries, but they all are pro-sustainability. The question is whether they endorse the expected cultural, legal and social values (H1) and, if yes, whether there is a consistency and/or patterns (H2). Based on a sustainability, CSR and CSV review, a set of cultural, legal and social values are identified in order to be used in a case study. A pool of 36 large Czech companies from these TOP 25 in 2018-2022 is examined based on their BpS synthetic index, their country of origin´s Hofstede LTO and IDV and their advancement of internal reactive legal and social values (solidarity, respect) and external proactive legal and social values (equality, no waste) via their domains. These four legal and social values are ranked by an independent panel using a modified Likert scale and a manual Delphi approach. The yielded results are juxtaposed via a chart to allow pioneering propositions about the existence (H1) and inconsistency (H2) of values endorsed by top responsible large Czech companies.
The Destiny of Globalisation and the Fate of Climate Protection
(Technická Univerzita v Liberci, ) Kislingerová, Eva; Ekonomická fakulta
The study addresses the question of the future of the circular economy after the economic shocks brought about by the COVID-19 disease pandemic and the energy crisis linked to the war in Ukraine and other phenomena. It is based on the hypothesis that global climate agreements are closely linked to deepening globalisation. The latter is identified here as the most significant economic trend of the late twentieth and first two decades of the twenty-first century. The working hypothesis is that if pandemics and energy crises mark the end of further globalisation or even begin a process of deglobalisation, this could very well threaten the future of climate agreements and the withdrawal of many countries from their commitments. At the same time, the climate agreements are one of the cornerstones of the promotion of the circular economy in developed countries, since it is the commitments made under these agreements (currently, the Paris Agreements in particular) that underpin legislative action to promote the circular economy. At the same time, globalisation is defined as a primarily economic process, the essence of which is to maximise the exploitation of comparative and absolute advantages, in other words, to maximise the efficiency of cooperative links. This means that if the hypothesis formulated is fulfilled, the deglobalisation process must necessarily imply a reduction in the overall efficiency achieved globally. At the same time, the study formulates the hypothesis that the reduction in global pressure to implement the circular economy will be largely substituted by national and regional pressures. However, these will not be motivated by efforts to prevent climate change, but by the need to reduce dependence on global logistics and on the supply of raw materials and components or intermediate goods from countries with unstable access to their own geopolitical objectives for strategic reasons.
Effective Creativity Against Banner Blindness
(Technická Univerzita v Liberci, ) Postránecká, Kateřina; Dvořáček, Filip; Ekonomická fakulta
This research study titled "Effective Creativity against Banner Blindness" aims to investigate the factors that significantly influence the attention of Internet users toward banner ads. By observing Internet users during their natural online browsing behavior, we discovered that factors such as colors, text, and element layout have a negligible influence. However, a crucial finding of this study is that the user's current needs or interests play a significant role in capturing their attention. Consequently, recognizing that Internet users are primarily influenced by whether an advertisement aligns with their everyday needs or goods is the primary outcome of this study. Furthermore, this research provides insights into strategies to combat banner blindness by presenting relevant ads to the right user at the right time and place.
Generation Z as Employees in Public Pharmacies in Germany – Difficulties for the Health Care System in the Area of Pharmaceutical Supply due to the Absence of Skilled Workers
(Technická Univerzita v Liberci, ) Koczian, Bernhard; Gubíniová, Katarína; Wick, Alexander; Ekonomická fakulta
Generation Z is the workforce generation for the next 20 years and poses a problem for some industries. One of these is the pharmaceutical sector of pharmacies, which performs the important task of providing medicines and related advice. The shortage of skilled workers in pharmacies is not a new problem and was already recognised in the 1990s, but due to the generative characteristics of the members of Generation Z, it poses a new challenge. Pharmacies need the next generation and must also adapt to demands of Generation Z, which, however, does not seem ready for this in many areas due to the structure and processes of pharmacy services. Pharmacies have undergone some changes in their areas of service delivery and some have already gone relatively far digital and are planning with part-time models. Nevertheless, there is still a shortage, which shows that pharmacy is not a preferred career field of the generation. For the personnel management of pharmacies, it is necessary to find the parameters that appeal to the representatives of the generation and adapt them to the personnel search. In this paper, the Big Five personality traits and the behavioural economics of Generation Z will be compared with the requirements of the pharmacy profession in order to determine some parameters.
Impact of Monetary Policy Sustainability Indicators on Economic Growth in Transition to Inflation Targeting
(Technická Univerzita v Liberci, ) Eshov, Mansur; Benetti, Karina; Ekonomická fakulta
Foreign experience in the transition to inflation targeting has been studied empirically. The foreign experience shows that countries with inflation targeting regimes have not abandoned and have not returned to other alternative monetary regimes. This indicates that the inflation targeting regime has been successfully tested in practice. It should be noted that inflation targeting has led to new approaches to monetary policy targets. As a result, international economists and experts have started to research inflation targeting as a new path in the scientific arena. The aim of the study is the study is to investigate the influence of indicators of monetary policy stability of Uzbekistan on economic growth using various economic-mathematical models. In the paper was investigated the impact of Uzbekistan's monetary policy stability indicators on economic growth by using four criteria from the 4×2 matrix model in 2011–2020. Based on obtained results, the Phillips-Perron and extended Dickey-Fuller tests determine whether variables are stationary. The long-term correlation between the variables is checked using the Johansen cointegration test. The results show that increases in bank capital adequacy, loan portfolio, money supply, and lower inflation help maintain macroeconomic stability. However, the rising volume of bank deposits and foreign currency appreciation against Uzbek sum hurts economic growth. In addition, liquidity ratio, state gold and foreign exchange reserves are insignificant and do not affect economic growth.
Preferences of Active Sports students at Charles University within Online Shopping in Response to the COVID-19 Pandemic
(Technická Univerzita v Liberci, ) Čáslavová, Eva; Voráček, Josef; Gerža, Karel; Ekonomická fakulta
The aim of the research was to identify the current preferences of active sports students at Charles University within online shopping in response to the Covid-19 pandemic. The research sample consisted of students from 5 faculties of Charles University. The method of electronic survey was used to obtain data. The results show changes in purchase behaviour and increased digital adoption, impulse buying and use of mobile marketing. Specifically, the results show that there has been an increase in online shopping and an increase in the use of cashless payments. In addition there was a tendency to save more on spending. A reduced frequency of individual purchases and a focus on smaller volume purchases were evident. At the same time, the majority of respondents showed a more sensitive relationship in relation to the price of goods. There was a consensus among respondents in their perception of the benefits of using the online shopping format as a whole, and the key factors that determine the decision to buy from a particular e-shop in price sensitivity and the emphasis placed on reviews by other customers. Preferred categories of purchased goods included clothing and footwear, purchases in the service sector, restaurant meals, cultural events, food delivery and sports equipment. The average purchase amount spent corresponded to 41% of their income. Respondents browsing the range and possibly buying online preferred websites over mobile apps, while the increase in modern forms of payment was confirmed.
The Turów Crisis: Economy vs Sustainability
(Technická Univerzita v Liberci, ) Boháš, Artur; Böhm, Hynek; Ekonomická fakulta
The text focus on a sensitive topic within the EU, the crisis around the operation of the Turów coal mine in Poland. The mine is located in the Turószow Spur on the borders of Czechia and Germany. The whole Three-border Region belongs to the economic periphery or semiperiphery, although the particular states have visible economic differences. The mine's operation violates many ecological norms, and its location brings adverse cross-border environmental effects. Polish authorities insist on the mine operation despite foreign complaints and international criticism. They are pretty successful with their diplomacy mixed with ignorance. Polish officials promote economy and energy; meanwhile, the neighboring states and the EU prefer ecologically sustainable development and fair neighbor relations. As human geographers, the authors use various methods: desk research of economic, geographical, political, and ecological sources connected to the Turów Mine and Tree-border Region, analyzing available statistical data, media analysis, survey, and expert interviews. The main focus is on Czech-Polish affairs, but some overlaps are inevitable. The study reveals differences in priorities between Poland and its neigbors, leading to conflicting narratives. Together with economic and developmental asymmetries, they determine the status quo mostly regardless of the environment and related pressure from the EU, promoting the struggle against climate change.
Non-Fungible Tokens and the Threat of Wash Trading
(Technická Univerzita v Liberci, ) Tichý, Kryštof; Ekonomická fakulta
Non-fungible tokens are a revolutionary concept that combines art, authenticity, proof of ownership and enables large-scale commerce. Their value does not come from their use in financial transactions, but from the fact that they are linked to specific assets, whether digital or real. Non-fungible tokens thus represent a new driving force in the areas of digital ownership. Owners of these tokens can earn huge sums at a time when the art market is on the verge of revolution. The non-fungible token market experienced enormous growth in 2021 with traders investing a huge amounts of billions of dollars worth of cryptocurrencies into digital collectibles. Since 2021 the transaction activity in this area cooled, although the number of active investors continued to grow in 2022. While the popularity of certain non-fungible token collectibles can fluctuate depending on market conditions, some traders may try to manipulate the prices of certain non-fungible tokens to make them appear more valuable. The token will be sold at a higher price to a new wallet, which is also controlled by the original owner. Transactions between wallet addresses are saved on a blockchain and can be accessed publicly, so that anyone can see when the token was traded and for how much it was sold. However, wallet addresses contain no identifying information making it very difficult to discern who is behind a transaction and whether two addresses are owned by the same individual. This process is called wash trading and its analysis is a goal of this contribution.

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