Číslo 1

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https://dspace.tul.cz/handle/15240/176754

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Profitability determinants of cooperative Islamic insurance companies
(Technická Univerzita v Liberci, ) Savai, Atila; Pjanic, Milos; Mitrasevic, Mirela; Milenkovic, Nada; Ekonomická fakulta
The aim of the paper is to investigate the profitability determinants of cooperative insurance companies in Saudi Arabia. The mentioned insurance companies conduct business activities on the largest Islamic insurance market in the world, which has a growing demand for insurance as an instrument of risk management and a meaningful potential for further growth. A particular motive for conducting this research was the fact that these companies have common characteristics with mutual insurance companies that represent one-third of the European insurance market. Taking into account the characteristics of cooperative insurance companies’ business operations and the special structure of financial reports of these insurers relying on and in accordance with the results of the latest research on this topic as profitability determinants, we use return on assets (ROA), return on equity (ROE) and earnings per share (EPS), while explanatory variables include microeconomic (company size, investment profitability, investment income ratio, operator’s fee, expense ratio, loss ratio, premium growth, risk exposure, capital adequacy, reinsurance dependence, specialization) and macroeconomic (interest rate and equity returns) variables. The data are collected on a quarterly basis for 28 companies from 2012 until the second quarter of 2020. We use first- and second-generation unit-root tests, heteroscedasticity test, cross-sectional dependence test, autocorrelation test, Hausman and Overid tests and multicollinearity test to determine model parameters. Due to the presence of heteroscedasticity and cross-sectional dependence, we analyze the data using Beck and Katz’s panel corrected standard errors (PCSE) method. The results suggest that the financial performance of cooperative insurance companies in Saudi Arabia is determined by expense ratio, loss ratio, specialization (general or life and composite insurer) and the value of the operator’s fee, which depends on the amount of the underwriting surplus. Taking into account the key characteristics of cooperative insurance companies, the results of our research can be used by decision makers of cooperative insurance companies in strategic and operational planning and can provide help for policymakers in other countries that use alternative insurance models.
Success drivers of equity crowdfunding campaign. Empirical evidence from Poland
(Technická Univerzita v Liberci, ) Swacha-Lech, Magdalena; Kurek, Robert; Ekonomická fakulta
The success factors of equity crowdfunding are already well recognized in the literature but have not previously been studied in Poland. The aim of the paper is to fill the research gap by identifying the determinants of equity crowdfunding success in Poland based on empirical data. The article investigates whether and how entrepreneurs’ conscious use of the non-financial benefits linked to equity crowdfunding (ECF) influences the campaign’s success in Poland. We used data from a survey on the determinants of the success of equity crowdfunding. We conducted the survey using CAWI and CATI methods between September 2021 and January 2022 in collaboration with the Biostat Research and Development Centre as well as Beesfund, Crowdway and FindFunds platforms. Fifty-six companies accepted the invitation to participate in the study. Ultimately, the logistic regression model estimation was based on data obtained from 49 companies (28 of which had already succeeded in the equity crowdfunding campaign). Using the acquired data, we estimated a logistic regression model. As the results of our research show, the likelihood of campaign success is increased by the perception of equity crowdfunding as a tool enabling the acquisition of product and market knowledge, while using this form of financing mainly to obtain funds adversely affects the likelihood of campaign success. The results confirm that inPoland, as in other European countries, equity crowdfunding is no longer seen as a source of last-resort funding but is becoming more than just a fundraising tool. We recommend that entrepreneurs who plan to use this form of financing take advantage of the knowledge and experience of investors and treat equity crowdfunding as a strategic or first choice.
Twenty years of efficiency research in Czech and Slovak banking – A bibliometric analysis
(Technická Univerzita v Liberci, ) Boďa, Martin; Zimková, Emília; Karaka, Anton; Ekonomická fakulta
The article is a survey of 44 empirical studies that applied frontier techniques in analyzing efficiency of Czech and Slovak commercial banks in a hope to summarize the state of the art of efficiency research in Czech and Slovak banking. A sample of 44 journal articles was extracted from the Web of Science™ database, and a bibliometric analysis was conducted to identify the most active authors and most influential works to establish mutual relationships between them and to sketch the main research trajectories. The paper contributes to the extant literature by providing guidance for new researchers and identifying for efficiency research on Czech and Slovak banking: (i) the most productive authors as well as the works with the most impact; (ii) the network structure amongst the authors and works; and (iii) main paths of knowledge diffusion across the surveyed works. The findings indicate that efficiency research of Czech and Slovak banks grew out of global banking efficiency research and is thus its integral part. Lotka’s law applied to Czecho-Slovak banking efficiency research does not suggest that its productivity patterns are altogether different from its global counterpart. The first identifiable wave of research was represented by foreign authors who examined issues of economic transition and its impact on the performance of banks. This wave of research endured until about 2013, when the torch passed into the hands of authors of domestic provenience. The findings are useful in bridging the gap between the accumulated knowledge in the field and the new research directions.
Assessment of the development potential of the tourism industry in Czechia on the basis of smart specialization
(Technická Univerzita v Liberci, ) But, Tetiana; Pulina, Tetiana; Bielan, Olha; Zidova, Veronika; Ekonomická fakulta
The tourism industry is constantly evolving and requires the introduction of the latest technologies and development tools, such as smart specialization, which contributes to the economic development of countries, the welfare of the population, and an increase in foreign exchange earnings. The aim of the article is to assess the potential for the development of the Czech tourism industry on the basis of smart specialization using the integral indicator of smart specialization potential. The research methodology includes mathematical and economic, abstract and logical statistical, and expert analyses. The introductory part defines the content and components of smart specialization. At the next stage, the level of innovation, economic and investment, social and scientific components of Prague and other regions of Czechia was assessed, which determined the potential for the development of the Czech tourism industry on the basis of smart specialization using the integral indicator of smart specialization potential. The research results suggest ways to introduce smart specialization into the Czech tourism industry, including investment support for the implementation of smart strategies of the Czech regions; improvement of the regulatory framework for creating new business models for the development of tourism enterprises; ensuring the development of transport infrastructure, power grids, and digital networks; and improving social support for citizens; creating an environment in which it is possible to create and implement. The originality of the study is an approach to assessing the potential for the development of the Czech tourism industry on the basis of smart specialization using the proposed integral indicator of smart specialization potential. The practical significance is due to the possibility of using the integral indicator of smart specialization potential as a tool for allocating investment resources to ensure the development of the tourism industry of Czechia and its regions, which will be useful for the Czech government agencies to increase the potential of the country’s tourism industry
The lens of business model element activation
(Technická Univerzita v Liberci, ) Adamek, Pavel; Ekonomická fakulta
A business model is the foundation for understanding the functioning of a business entity and is a source of innovation and change. Therefore, developing a business model is necessary, and proactive activation can be a source of competitive advantage to meet the appropriate requirements in the composition of business model elements. The study aims to identify the key elements of activation in business models and to discover their significance. This study uses an expertbased approach based on the use of multi-criteria decision-making (MCDM) with the definition of the main elements. It also compares data from fuzzy analytical hierarchy process (AHP) and conduct primary research among small and medium-sized enterprises (SMEs) to determine the importance of various elements in their business models. It provides insight into determining the degree of significance of business model elements, with its expansion to the Delphi method and a panel of experts on 97 sub-criteria. Predominant factors such as value proposition, customer segments, and key partnerships have been identified as primarily critical for SMEs. The results obtained can then be used by businesses for subsequent concentration on a specific business element to achieve higher company performance and strengthen the competitive position. This study presents a fresh perspective on reimagining the classification of business models, their elements, and, above all, the determination of the meaning of individual business model criteria.
The impact of Fintech on bank development: A meta-analysis investigation
(Technická Univerzita v Liberci, ) Wang, Wei; Guan, Songze; Li, Juan; Tang, Yuefei; He, Tianyu; Ekonomická fakulta
To test whether the results of the empirical literature on bank Fintech are affected by the characteristics of specific research, the paper selects existing high-quality empirical literature to conduct a meta-analysis. It finds that the empirical estimation results conducted across various studies are influenced significantly by factors such as sample interval, estimation methods, measurement indicators for Fintech and bank development, and the inverse of the model count. Specifically, the probability of obtaining significant estimation findings increases with earlier sample start-time and the use of risk or Fintech index data; however, the inverse is true for more models adopted, or the use of dynamic panel estimation methods. Meanwhile, the probability of obtaining significant positive estimation findings increases with the wider sample coverage. Furthermore, estimating methods, and measurement indices for Fintech or bank’s risk, all significantly contribute to the significant negative estimation results. Moreover, the funnel plot asymmetry analysis reveals the existence of publication biases in the sample research; the greater the significance of the empirical estimation results, the higher the probability of publication for the article. Therefore, it is vital to consider the heterogeneity and possible publishing biases among the extant empirical research when examining the impact of Fintech on bank development.
How does top management’s environmental awareness influence green innovation: The moderating role of absorptive capacity and slack resources
(Technická Univerzita v Liberci, ) Yang, Ying; Zhao, Jiaxin; Zhang, Xiu-e; Ekonomická fakulta
Based on the upper echelons theory, dynamic capability theory, and resource-based view, this study explores the impact of top management’s environmental awareness (TMEA) on green innovation (GI), the moderating role of absorptive capacity (AC) and slack resources (SR). Using the data of A-shared listed manufacturing firms in China from 2010–2023, this study finds that TMEA has a significant positive effect on GI. Furthermore, AC and unabsorbed slack resources (USR) strengthen the effect of TMEA on GI, whereas absorbed slack resources (ASR) weaken the effect of TMEA on GI. The results provide a more comprehensive understanding for enterprises to implement GI, expand boundary conditions between TMEA and GI, and contribute to the improvement of research on GI.
Energy companies’ readiness for the digital transformation of the purchasing process
(Technická Univerzita v Liberci, ) Kulikowska, Agata; Wszendybyl-Skulska, Ewa; Ekonomická fakulta
Social and economic developments, the dynamic geopolitical situation, and climate policy changes are exerting an increasingly significant influence on stakeholders in the energy sector. In recent years, the sector has undergone a period of dynamic change, during which there has been a notable increase in awareness of the potential for digital transformation within the sector. A specific process that ensures the security and stability of supply is the purchasing process. The objective of this article is to identify the mechanisms that facilitate and impede the digital transformation of the purchasing process in energy companies in Poland. The research employed a qualitative exploratory methodology based on interviews with procurement executives from Polish energy companies. The findings of the research, together with their subsequent analysis, enabled the identification of ten factors that act as impediments to the digital transformation of the purchasing process in energy companies in Poland. The article puts forward five mechanisms that could assist in overcoming the identified obstacles to transforming the purchasing process. The study emphasizes the significance of implementing effective change management and business digitalisation strategies to facilitate the digital transformation of purchasing process
Regional income convergence in Central Europe: Evidence from a pair-wise approach
(Technická Univerzita v Liberci, ) Zdrazil, Pavel; Ekonomická fakulta
Regional disparities are usually monitored in terms of economic performance. But as pointed out by many scholars, research has to look beyond GDP, investments, unemployment, and focus also on regional inequality in measures of well-being, for example, the disposable income of households. Therefore, this article examines the income disparities among the regions of Central European countries. We apply the probabilistic definition of convergence that is tested by the time series cointegration analysis. However, in our analysis, convergence criteria are tightened to increase robustness. In particular, we propose to require meeting of both criteria, i.e., stationary and absence of unit root, instead of one for the acceptance of the cointegration condition of regional convergence. Empirical analysis shows that despite the application of stricter conditions, the hypothesis of income convergence between Central European regions in 2003–2022 cannot be rejected. In particular, we found inner-country convergence in most countries. However, the involvement of individual regions in cross-country convergence varies widely. The results suggest that convergence intensity in the easternmost and westernmost regions is weak. However, we identified a “belt of convergence” along the border of the former Iron Curtain. These findings support the hypothesis of club convergence suggested by some scholars in the region of Central and Eastern Europe. On the other hand, our results significantly challenge previous research that claimed Central European transition economies are converging, especially towards German regions. Instead, our results indicate that convergence towards German regions is weak, while convergence towards Austrian regions is much more pronounced. Finally, uncovering how regions are converging at different rates and towards different steady-states can help to optimize the allocation of EU funding.
A composite index to measure sustainability of supply chain management in construction companies
(Technická Univerzita v Liberci, ) Cataldo, Ieva; Banaitiene, Nerija; Banaitis, Audrius; Ekonomická fakulta
Companies in the construction sector are increasingly aware of the importance and challenges of sustainability. In recent years, construction companies have introduced some sustainability initiatives and have embraced the concept of sustainability indicators. However, measuring a company’s performance on a wide range of sustainability indicators is challenging. Integration of supply chain sustainability indicators is required. This article presents a methodology for easily consolidating existing supply chain indicators into a single analysis that requires minimal resources. First, the list of 38 sustainability indicators of the supply chain was defined and divided into 7 sustainability groups. The experts were then asked to rank the sustainability groups and the supply chain sustainability indicators within each group according to their importance using the rank sum weighting method. The survey questionnaire was distributed to the respondents via paper or email to 24 academics and top/middle managers of construction companies. Global normalized weights were employed to determine the final indicator rankings. For normalization, target values were suggested for each indicator. Finally, a composite sustainability index for a construction company’s supply chain was developed. The developed composite sustainability index provides a global view of sustainable supply chain management in construction companies, allowing supply chain indicators to be related to their objectives. The developed composite index can be used by supply chain managers in construction companies to assess their organization’s contribution to supply chain sustainability.
Identification of consumers willing to buy green products – A case study in the Czech Republic
(Technická Univerzita v Liberci, ) Janska, Michaela; Zambochova, Marta; Fialova, Bara; Ekonomická fakulta
Green products are one way to protect the environment and eliminate the negative impact of human activity on the environment. However, the expansion of the sale of these products faces many challenges. One of the most significant obstacles is often cited as higher prices. The aim of this paper was to identify consumers willing to buy green products. The primary factors analysed were the social background of consumers, price and the premium for green products. Secondary data in the form of other research on the issue was used to meet the objective. The theoretical aspect of green product purchasing behaviour was supplemented with information from the processing of primary data from a questionnaire survey. The target group was the working-age population with at least a secondary education in the northwest of the Czech Republic. The survey was conducted between May and September 2023 on a sample of 267 respondents. A factor analysis was used in the data analysis to identify the relationships between the factors under study and to reduce the dimensionality of the data, as was segmentation using cluster analysis and classification using decision trees. The results provide information on the green purchasing behaviour of consumers in the study region. Two segments of marketing interest for green product purchasing were identified. One is the segment of ordinary consumers, mostly well-off women with children, who are willing to pay more for green products than other groups of people. The other interesting segment was mostly single women, influenced by opinions on their environment, who do not buy green products regularly and are willing to pay extra for green products, but not a significant amount. The findings of the study may provide useful information for marketers when planning and implementing activities related to green products.
Cybersecurity management system of large enterprises: Probabilistic behavioural model
(Technická Univerzita v Liberci, ) Svadlenka, Radek; Ekonomická fakulta
This article presents an in-depth examination of the behaviours of large enterprises in managing information security, aiming to develop a model that illustrates the relationships between various cybersecurity variables. Conducted between 2022 and the first half of 2023, the study involved 52 significant organizations in the Czech Republic, offering insights applicable across the European Union. Amidst rising cyber threats, the research evaluates the current cybersecurity landscape within commercial and public institutions, analysing vulnerabilities, defence strategies, and compliance across different sectors. Utilizing interviews with security and IT managers, the study employs frameworks and methodologies including the Center for Internet Security controls and Bloom’s taxonomy, to propose a probabilistic model that clarifies the marginal and conditional probabilities of cybersecurity variables. This model aims to support EU regulatory bodies and organizations specializing in cybersecurity services and training. Additionally, the study explores the impact of top management’s cybersecurity education on organizational security levels and the economic aspects of information security management. Despite limitations related to sample size and potential respondent bias, this research contributes to the cybersecurity discourse by offering a comprehensive model that facilitates understanding of the complex interplay of factors affecting information security management in large organizations.
Soft total quality management and employee performance: The resonant effect of leader narcissism
(Technická Univerzita v Liberci, ) Nguyen, Ha Thu; Le, Anh Thi Tu; Phan, Anh Chi; Ekonomická fakulta
Stemming from the purpose of exploring the changes made by narcissism in the context of hospitality enterprises with total quality management (TQM) implementation, this study proposes a multi-level analytical framework taking into account the moderating effect of leader narcissism on the relationship between soft TQM practices and employee performance on the basis of the abilities, motivations, opportunities framework and the social information processing theory. The analysis of survey data from 1,155 employees from mid- to high-end hotels in two famous tourist cities in Vietnam allowed us to empirically test the relationship between these constructs. The findings showed that communication, teamwork, training and development create significant improvements inemployee performances. More importantly, themoderating role for leader narcissism is confirmed in the relationship between training and development and employee performance. Therefore, the study highlighted theoretical implications related to a holistic approach to narcissism – the controversial psychological characteristics of leaders in the workplace. In addition, a number of managerial implications have been provided for hotel managers in enhancing the effectiveness of TQM implementation for improved performance through promoting the role of narcissistic leaders.
The relationship between implicit moral hazard, corporate governance, and bank lending behavior
(Technická Univerzita v Liberci, ) Li, Chiao-Ming; Wang, Hsu Chi; Chou, Chun-Hsin; Lee, Joe-Ming; Ekonomická fakulta
Environmental, social, and governance (ESG) development has indeed changed the original economic operation status through diversified methods. The banking industry, especially under the guidance of ESG, reminds the banking industry that it should focus on regulatory conditions such as lending objects with ESG operating characteristics. In terms of corporate governance, the banking industry needs to adopt high self-management standards for business development. This paper uses the panel threshold model to measure the regional moral hazard of 30 firms in the Taiwan bank industry from 2007 to 2018. The research shows that banks with high regional loan concentration ratios have evidence of moral hazard and a significant asymmetric effect in the regional loan concentration ratio in the bank industry. Based on this, the bank’s high regional (NPL ratio) is used to measure the level of the bank’s credit risk and quality of outstanding loans, which requires strengthening loan quality, the optimum concentration of loan weight, promoting the establishment of the effectiveness of the ownership structure and enhancing the development of management ability. Due to Taiwan’s banking industry’s overly competitive business environment, loan concentration and moral hazard lending practices have emerged. There is an apparent correlation between the development of the banking industry and an extremely competitive business environment. Therefore, how to have healthy competition in the banking industry instead of vicious competition is worth learning from other countries. This paper argues that creating a competitive banking environment is crucial. To target loan recipients, the banking industry should leverage its business expertise, integrity, and business ethos in line with international trends, such as ESG development trends. Regarding corporate governance, banks should be able to use equity structures, compensation system management, and internal management measures to establish more competitive professional banks

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