LEF_ Liberec Economic Forum
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- ItemImpact of Monetary Policy Sustainability Indicators on Economic Growth in Transition to Inflation Targeting(Technická Univerzita v Liberci, ) Eshov, Mansur; Benetti, Karina; Ekonomická fakultaForeign 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.
- ItemPreferences 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 fakultaThe 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.
- ItemThe Turów Crisis: Economy vs Sustainability(Technická Univerzita v Liberci, ) Boháš, Artur; Böhm, Hynek; Ekonomická fakultaThe 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.
- ItemNon-Fungible Tokens and the Threat of Wash Trading(Technická Univerzita v Liberci, ) Tichý, Kryštof; Ekonomická fakultaNon-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.
- ItemSPension Fund Investment into Sustainable Assets: A Critical Review of Reporting Frameworks in Lithuania(Technická Univerzita v Liberci, ) Lakstutiene, Ausrine; Malakauskas, Aidas; Kopa, Milos; Sutiene, Kristina; Kabasinskas, Audrius; Ekonomická fakultaIn recent years, pension funds have experienced a noteworthy global shift towards integrating sustainability considerations into their investment strategies. This shift demonstrates the recognition of potential risks and opportunities associated with environmental, social, and governance (ESG) factors. This paper critically reviews pension fund sustainability metrics and reporting systems, focusing on the growing interest among pension funds worldwide in incorporating ESG factors into their investment strategies. It explores the motivations driving pension funds to invest in sustainable assets, the challenges they encounter, and the potential benefits associated with such investments. The findings indicate that pension fund investments in sustainable assets can significantly contribute to promoting sustainable development and responsible investment practices. By incorporating ESG factors into their investment strategies, pension funds can effectively manage risks, enhance long-term returns, and generate positive societal impact. However, to maximize the potential benefits of sustainable investing for pension funds and society at large, challenges related to measurement, limited investment diversity and expertise, as well as the standardization of metrics and reporting systems for sustainable investing, need to be addressed.
- ItemFairtrade Town Certification in the Czech Republic(Technická Univerzita v Liberci, ) Hommerová, Dita; Krylová, Marie; Ekonomická fakultaThis article presents the topic of Fairtrade Town certification, the conditions associated with obtaining it and the potential for its holders. Quantitative research was carried out on the example of a selected Czech town in order to determine the awareness of the town and its surrounding area about the Fairtrade label as such and the potential willingness and interest to support the town's application for Fairtrade Town certification. Furthermore, a benchmarking analysis of existing Czech Fairtrade towns was prepared. The results of the research were then used for suggestions that can help the selected town to become a successful applicant for Fairtrade Town certification and for other Czech towns as a possibility to steer their future, taking into account the implementation of sustainable development goals, where the Fairtrade issue clearly belongs. The results of the research have shown that the residents of the town, and in their perception the town as such, are not yet ready for the process of Fairtrade Town certification and its active implementation. However, due to the growing interest in this topic and the marketing and communication activities of various stakeholders, it can be expected that in the short or medium term the selected town will be able to apply for Fairtrade Town certification.
- ItemArtificial Intelligence in Business Centres: A Case Study of 3 Business Centres in Slovakia(Technická Univerzita v Liberci, ) Grachová, Dagmar; Ferencikova, Sonia; Ekonomická fakultaShared service centres and business centers are a technique that multinational organizations may use to boost the effectiveness of their company operations. Even business centers and Shared Service Centers are impacted by global developments and are continuously seeking new methods to develop, offer services more effectively, and maintain their competitiveness. Artificial intelligence is now having a big influence on how business centers operate and is becoming more integrated. This article's objective is to investigate the potential uses and existing status of artificial intelligence in business centres in Slovakia. A case study based on several cases was used as part of a qualitative approach to process the empirical portion of the paper. Based on the research, it can be concluded that in the case of business centers in Slovakia, it is not possible to determine a uniform state and level of implementation of artificial intelligence. The status and possibilities of implementation are largely influenced by the activities that the centers perform - or the service they provide. The centers provide various types of services, while in some services the human factor cannot be replaced by artificial intelligence (human resources, more serious decisions in the field of finances, etc.). The limitation of our research is the examination of selected three business centers operating in the Slovak market. In the future, this research can be expanded to other centers in Slovakia as well as in other countries.
- ItemTransparent Internal Communication from Below and Above as a Part of the Total Quality Management Philosophy in Czech Organisations(Technická Univerzita v Liberci, ) Vrabcová, Pavla; Urbancová, Hana; Pacáková, Zuzana; Ekonomická fakultaThe authors examine organisations' approach to internal communication from below and above as part of the philosophical approach of total quality management (TQM). The main objective of the research is to evaluate the implementation of selected forms of communication from below and above as a part of the TQM philosophy in the context of selected identifying variables of Czech organizations. To meet the main objective, a questionnaire survey of Czech organizations (n = 183) was conducted. The data were evaluated using statistical methods (chi-square test, Fisher-Freeman-Halton Exact Test) at the 0.05 significance level. The results show that the use of most of the examined forms of communication from below and above depends on the size of the organisation, and the most frequent combination of used forms of communication is personal meetings and oral communication with employees. Setting up effective communication within each organisation fulfils the principles of total quality management.
- ItemKnowledge Management as a Necessity for the Digitalisation of Processes Among Tax Advisors– A Survey of German Tax Firms 2022(Technická Univerzita v Liberci, ) Krieger, Alexander; Hector, Heiko; Lange, Jürgen; Ekonomická fakultaDigitalisation requirements are the challenge for tax firms in the 21st century. Reserved tasks should become more automated, communications should expand to digital channels and core competences should be expanded to include more consulting. Since digitisation and the necessary technology and its application are not among the core competences of tax consultancies, the transformation of services is slow. A survey of tax firm owners shows that the digitalisation of services and processes has only been implemented to a limited extent in the firms. Furthermore, the data shows that due to the lack of digital transformation, the majority of tax consultants are unable to offer new services to clients. This is attributed to the fact that the lack of internal knowledge management does not allow the transformation to take place in a structured framework and therefore many tax consultants are still in the planning phase, even though client requirements have been tending to be offered digital options in tax advice for some time. This paper deals with the need for internal knowledge management, which forms the basis for the necessary transformation. For this purpose, the knowledge areas that are necessary for comprehensive knowledge management are presented. In addition, the model of Büren et al. provides a framework for the development of coordinated knowledge management that can be adapted by tax consultancies. For this purpose, basic requirements are presented in a self-created integrated management approach as an example in which tax firms can start a knowledge management for digitalisation.
- ItemPitfalls of Strategy Creation and Selection after COVID-19(Technická Univerzita v Liberci, ) Fitala, Patrik; Savov, Radovan; Waldhauserová, Gabriela; Ekonomická fakultaWe see a possibility for researching the issue of strategic processes as a whole in companies, as there are publications on individual strategic processes, but from the point of view of the complete picture in company, the view of the intervention of foreign capital is absent. We want to point out significant differences in individual management strategic processes, while pointing out the difference in the functioning of companies with and without the participation of foreign capital. The method of data collection was carried out on the basis of a questionnaire survey, which consisted of 5 parts of the strategic process, namely: Vision, mission, goals; Analysis of the external environment; Analysis of the internal environment; Choosing and creating a strategy; Strategy implementation and control. The factor Participation of foreign capital was selected for the purposes of the work. The participation of foreign capital in companies has a fundamental impact on strategic processes and companies’ sustainability and efficiency, as our results suggest. In our conclusion, investigating the issue of foreign capital participation has a fundamental impact on understanding the business environment. For the sustainability of a high-quality business, we consider updating and understanding the issue to be an important point for efficiency and sustainability.
- ItemThe Impact of Import and Export on the Domestic Trade of Fruit in the SR(Technická Univerzita v Liberci, ) Hošková, Elena; Zentková, Iveta; Ekonomická fakultaThe aim of the paper is to find out the impact of import and export of fruits on the domestic market through the trends of import and export of selected fruits in the Slovak Republic. The period under study is 2010-2022. The data are from the DataCube database (SUSR), Situational and Outlook Commodity Reports for Fruit and Vegetable Commodities (VUEPP) and Eurostat. Descriptive analysis and regression analysis are used in the paper. During the period under review, the consumption of southern fruits exceeded that of temperate fruits. The amount of fruit imported was higher than the amount exported. Twice as much southern fruit was imported into Slovakia as temperate fruit in the period under review. Bananas, apples, mandarins and oranges accounted for the largest share of fruit imports. Imports of all fruits are on an increasing trend. As far as fruit exports are concerned, exports of temperate and southern fruits from Slovakia were almost balanced during the period under review. Apples and bananas accounted for the largest share of fruit exports. Exports of all fruits, except plums and sloes, are on an increasing trend.
- ItemOptions for Measuring Legal and Financial Literacy(Technická Univerzita v Liberci, ) Zahrajová, Katarzyna; Krügerová, Martina; Kozieł, Michal; Bučková, Michaela; Štverková, Hana; Ekonomická fakultaThe definition of financial and legal literacy is still evolving. In today's uncertain times, it is particularly important to define and understand financial and legal literacy correctly. Their focus is seemingly different but they have much in common. Lack of legal literacy can affect financial behaviour and contribute to increasing financial insecurity. According to research, respondents with different levels of legal literacy exhibit different legal behaviours. A properly established measurement of these two areas is the basis for their awareness and proper use in future decision-making. However, we need to know whether and which methods can be used to examine the level of financial and legal literacy in society, and for what purpose they will be composed. The aim is to help quantitative research to find a method of investigation such that its measures assess the level of both financial and legal literacy. The methods are presented to highlight the possible shortcomings and limitations of these methods, and the interpretation of the indicators and results.
- ItemThe Influence of Multi-Channel Advertising by the Pharmacy on Customers and Identification of Advertising Perceptions by Customers(Technická Univerzita v Liberci, ) Wick, Alexander; Strážovská, Ľubomíra; Koczian, Bernhard; Ekonomická fakultaEffective use of media channels in marketing requires a thorough understanding of the target audience and the channels they are most likely to use. Successful implementation of media channel strategies can increase brand awareness, customer loyalty and sales. Pharmacies are highly location-based and need to tailor their marketing efforts to specific regions to ensure maximum effectiveness. They need to tailor their marketing strategies to the specific preferences and behaviours of the target audience in each region. A company targeting a region (e.g. village regions) where many families live, for example, may need to tailor its marketing messages to required values. This includes highlighting families in advertising or emphasising how their products or services can add value to them. There needs to be a coordinated marketing strategy. In this paper, the objective is to find out whether customers are generally interested in advertising medical products and, if so, which media channels they prefer. From this it can be deduced whether a multi-channel strategy would be worthwhile for retail pharmacies. Based on the results of a customer survey, it can be said that medical product advertising is perceived on various channels, but that the proportion is low, with only about half as a target group.
- ItemFinancial Potential of Czech Employees from the Perspective of Gender Statistics(Technická Univerzita v Liberci, ) Bílková, Diana; Ekonomická fakultaIn the third quarter of 2022, the average gross monthly nominal wage rose by 6.1 percent compared to last year, but in real terms it fell by 9.8 percent due to inflation. The decline is the same as in the previous quarter. Inflation and a real drop in average wages have already forced three quarters of employees significantly to reduce some expenses. Considering the current situation, the biggest savings relate to holidays, eating out in restaurants, culture or sports activities. In general, people save by limiting purchases of better or better quality products or services, as well as branded products. The aim of this paper is to capture the situation regarding the development of the wages of Czech men and women since the last financial and subsequently economic crisis, through a period of significant economic conjuncture, which was followed by the coronavirus crisis, ensued by the current energy crisis, which is largely related, among other things, to the war conflict in Ukraine. For this purpose, not only statistics measuring the level of wages in the individual years 2009–2021 were calculated, but for this purpose models of the entire wage distribution were constructed and their development in the monitored period was captured. The three-parameter lognormal curves became the basis of these models, the parameters of which were estimated by the maximum likelihood method ensuring the minimum variance of the obtained estimates. Predictions of the entire wage distributions of men and women were constructed for the period 2022–2026 in order to specify the expected development of wage distributions. As part of these predictions, exponential smoothing of time series was applied, which assigns the highest weight to the most recent observations, and the weights of individual observations decrease exponentially towards the past.
- ItemInvestigating the Perceived Importance and Motivation of the Students of the EUBA Faculty of Commerce Towards the Deposit Refund System(Technická Univerzita v Liberci, ) Barilová, Barbara; Ekonomická fakultaThe article deals with ecological awareness and consumer behaviour. The aim of the article is to examine a cohort of students at the University of Economics in Bratislava, specifically students of the Faculty of Commerce, in the context of ecological behaviour. In the article, we focus on (1) identifying the perceived importance and motivation for Deposit Refund System (DRS) in the context of the student's gender and educational level. We also examine the connection between perceived importance and motivation for DRS. In our work, we use primary research, which we evaluate with the help of statistical methods. The results indicate that gender has a significant effect on the perceived importance of the DRS, but a university degree does not. Within the framework of perceived motivation, the investigated factors did not have a significant impact. It can be concluded that there is a link between the importance and motivation for DRS in the studied cohort. The results can be used to raise ecological awareness.
- ItemRelationship between Environmental, Social, and Governance Factors and Financial Performance in Central European Countries(Technická Univerzita v Liberci, ) Strýčková, Lenka; Brabec, Zdeněk; Matoušková, Michaela; Ekonomická fakultaMeasuring financial business performance is a key assumption for the responsible management of a company. Traditionally, financial measures were mainly used, but in recent years the importance of non-financial measures has increased pronouncedly. Currently, companies are encouraged to reflect on their business’s sustainability aspect. One way of measuring sustainability performance can be a company’s ESG score. This article aims to analyse the relationship between a traditional financial performance measure (return on sales) and a modern measure (ESG score) in Central European countries. The research sample consists of two groups. The first contains 74 companies from the Visegrad Group countries (V4), and the second consists of 214 companies from Germany and Austria. The relationship between those two measures was studied using the Spearman rank order correlation coefficient. Subsequently, the amount of the ESG score was analysed in both of the groups. The research findings indicate no or weak relationship between the ROS and ESG score. However, based on the Levene’s F-test, a statistically significant difference was also identified between the two country groups considering the amount of the ESG score.
- ItemCircular Economy Implementation from the Perspective of Benefits and Barriers(Technická Univerzita v Liberci, ) Zemanová, Veronika; Ekonomická fakultaThe circular economy is an economic model focused on reducing waste generation and promoting resource reuse. It has gained popularity as a sustainable solution to the linear economy's negative impact on the planet and socio-economic conditions. Implementing the circular economy involves replacing the concept of "end of life" with reduction, reuse, recycling, and restoring materials at various levels, from micro to macro. To explore the benefits and barriers of implementing the circular economy in the business environment, a literature review was conducted using the Web of Science Core Collection database. Among the 1,510 initial search results, 17 relevant articles were selected for analysis with application of snowball method. These articles represent contributions from various countries, with a majority from outside Europe. The analysis of the selected articles revealed six basic groups of benefits and barriers associated with the circular economy. Benefits include improved public relations, cost savings, competitive advantage, economic growth, environmental restoration, and job creation. However, barriers such as organizational culture, lack of information, financial constraints, inadequate legislation, low awareness, and limited customer interest pose challenges for implementation. While the circular economy offers numerous benefits, its successful implementation starts at the micro level, requiring businesses to overcome internal barriers. Companies must innovate their business models, consider future directions, and navigate financial challenges. Despite obstacles, the circular economy presents an opportunity for cost savings, improved company image, and positive environmental and societal impact. By embracing this model, businesses can contribute to a sustainable and prosperous future.
- ItemCriminality vs. Development and International Trade, Case of Latin America(Technická Univerzita v Liberci, ) Zubaľová, Ľubica; Drieniková, Kristína; Smolková, Sára; Ekonomická fakultaLatin America as a developing region is facing various developing problems, however one of them is the most convex - the high crime rates. High inequality of the region only deepens the negative effect of criminality. Several authors deal with psychological, sociological, historical, legal, political impacts of crime, less attention is paid to the impact of crime on development and international trade involvement. Therefore, we decided to explore whether increased crime is precisely connected to countries with low economic development, and whether countries with an important level of crime have low involvement in the international trade. To confirm this hypothesis, we used econometric regression OLS models. We concluded that development and international trade are complex phenomena, and even in economies with higher development, an increase in crime can occur. We can conclude that crime is not the main factor leading to a decline in economic growth and international trade involvement.
- ItemFamily Business Innovativeness: A Tool for Successful Succession?(Technická Univerzita v Liberci, ) Skrbková, Denisa; Rydvalová, Petra; Linhart, Ondřej; Ekonomická fakultaFamily businesses are founded with a vision of long-term sustainability and longevity over generations. Therefore, succession in a family business is an important prerequisite for achieving this goal, representing one of the greatest challenges for contemporary family businesses. We are now in an era in which the millennial generation, which is known for their interest in innovation and technology, is among the potential successors. However, the relationship between family business innovation as a potential motivating factor and the next generation’s intention to take over the family business has not been sufficiently investigated. This study examines the relationship between family businesses’ innovativeness and potential successors’ intention to take over the family business. On a sample of 18,000 responses from university students in the role of a potential successor to a family business, we demonstrate a positive correlation between the intention to take over a family business and the innovativeness of that business. Although the Cramér’s V coefficient indicates weak association, it is evident that the relative number of potential successors of family businesses increases with a higher rating of innovativeness. We also show that this trend has not changed over the last five years. The innovativeness of the family business plays an important role in the next generation's decision whether to continue with the business and ensure the longevity of the family business over generations. Our findings may therefore be relevant for owners of family businesses in addressing potential succession issues.
- ItemCorrelation Between GDP per Capita and Vehicle Sales in the Context of COVID-19 Pandemics(Technická Univerzita v Liberci, ) Dzuro, Matus; Ekonomická fakultaThe wealth of the country can be measured by the GDP per capita. The sales of passanger cars and light utility vehicles are of major economic importance for the EU countries. The present parper studies if there is a correlation between the GDP per capita and the car sales in selected central European countries. This potential correlation is further studied in the context of the negative impact of the COVID-19 pandemics that occured in 2020 in the EU. The focus region for this study is the central European Union countries. They have different economical strength and react differently to external influences. In Austria the correlation measured on combined sales of passenger cars and LCVs strengthened with the start of pandemics, in Hungary there was no impact and the correlation weakened in Slovakia.