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- ItemDoes the tax relief for homeownership have effect on household mortgage leverage?(Technická Univerzita v Liberci, 2018-03-29) Slintáková, Barbora; Klazar, Stanislav; Ekonomická fakultaThis article presents results of the analysis of the relationship between the tax relief for the homeownership and the household mortgage debt. The advantageous treatment of housing is provided especially by a personal income tax if owner-occupiers do not report imputed rents as income but can deduct mortgage interest costs. This preferred tax status is justified by the existence of positive externalities and a desire to enhance housing opportunities available to citizens. However, evidence that the housing policy via the taxation achieves its objectives is still weak. Moreover the tax provisions for the homeownership benefit rather higher-income households. Furthermore there are indications that the housing taxation encourages levered property purchases and thus contributes to the household debt growth. Since the household indebtedness can have adverse effects on households and macroeconomic performance we focused on the issue whether the income tax relief for homeowners that finance their dwellings via a mortgage does affect the household leverage. We constructed the variable capturing especially the mortgage interest payments deductibility. We employed the multiple regression and data for the former 15 EU member countries (except Greece) for the period 2004-2013. We estimated two models for two representative taxpayers who vary in a family status using the panel data analysis with fixed effects. From our results we inferred that the income tax relief for the homeownership might not have influenced the mortgage leverage significantly in the selected European countries in the given period. The mortgage debt was affected rather by the economic level, price of own housing, mortgage interest payments or demographic structure.
- ItemEconomic methods used in health technology assessment(Technická Univerzita v Liberci, 2018-03-29) Klímová, Blanka; Marešová, Petra; Ekonomická fakultaEarly decision-making process about the development of a new product is essential for any company in order to gain relevant financial returns and thus prosper. Therefore, managers need to have at their disposal appropriate assessment tools which assist them in their decisions about the development of the new product and guarantee that their product will generate a desirable profit. The purpose of this review focuses on the exploration of the methodology, commonly used in the economic evaluation as part of health technology assessment for medical devices. On the basis of the selected original studies, the authors summarize the main methods used in the decision-making processes about the development of new medical devices and discuss their benefits and limitations. The methods employed in this study include a method of literature search in the databases Web of Science, MEDLINE, and Embase, and a method of comparison and evaluation of the results. The findings of this study indicate that the most preferred methods used in the economic evaluations of medical device development are cost-utility analysis and cost-effectiveness analysis. In addition, the Headroom Method is recommended to be used in the early assessment of the medical device development since it uses broader estimates of potential by determining the maximum reimbursable price of the new device. Selection of each method then depends on the research question, the condition of interest, and the availability of data on outcomes. There is an urgent need to conduct the early assessment of the medical device development in order to avoid negatively high costs and prevent a failure rate at each stage of the development process.
- ItemGeneration X versus Millennials communication behaviour on social media when purchasing food versus tourist services(Technická Univerzita v Liberci, 2018-03-29) Dabija, Dan-Cristian; Bejan, Brîndușa Mariana; Tipi, Nicoleta; Ekonomická fakultaKnowledge and proper understanding of the needs, expectations, desires, demands, values or preferences of Generation X and Millennials is an essential goal of any company. The mission of marketers is increasingly difficult because they have to develop a marketing mix able to target efficiently all customers, invoking satisfaction and loyal behavior. Communication strategy therefore has a special role to play. While Millennials are easier to target, persuade even influence through social media, Gen Xers are more conservative, preferring to look for additional information about products and companies themselves, which makes the marketer’s job even more difficult. Nowadays, social media plays an increasingly important part in influencing consumers and their consumption behavior. Being able to expand beyond geographical borders, social media creates strong links between consumers in different states and social environments. Research conducted among Gen Xers and Millennials shows that whenever they choose food products and tourist services based on recommendations and the information available on social media, their purchasing behavior depends on their own personal desire to become informed, and the characteristics they expect from a piece of information and from the Internet as a general source of information. Given this, companies changed and adapted their communication strategies in order to be more present online. In addition, for those interested, companies create official pages that can represent a strong support for those interested in acquiring information. Quite often, consumers have the possibility to compare goods and services before buying, minimizing the risks attached to these acquisitions. The results reveal that Millennials have stronger affinity with, and place greater reliance upon online information than Gen Xers. From a managerial perspective, this paper provides retailers with the opportunity to better understand the behavior of customers of different ages, making their targeting more successful.
- ItemExploring customer loyalty to fashion brands on facebook fan pages(Technická Univerzita v Liberci, 2018-03-29) Novotová, Jitka; Ekonomická fakultaThis article addresses the subject of building fan loyalty to company Facebook pages. Customer loyalty is a key prerequisite for a company's success in today's globalised world. Companies now use Facebook extensively to communicate with existing and potential customers. The aim of this article is to determine whether Facebook can be used to build customer loyalty to fan pages and whether this loyalty has an impact on loyalty to promoted brands. The research focused on the Facebook fan pages of high street fashion brands (e.g. H&M, C&A and Orsay) and their fans. Research of the literature was used to posit a theoretical model of fan loyalty to Facebook fan pages in connection with loyalty to clothing brands. This model was tested with the statistical method known as structural equations modelling (SEM). The research involved 292 respondents over the age of 18 who have liked at least one high street fashion fan page on Facebook. The results confirmed the validity of the proposed model. It was found that loyalty to the fan page is built through trust and satisfaction with the fan page. It was also demonstrated that loyalty to the fan page has a positive impact on loyalty to clothing brands. Both "loyalties" in this model were measured using the second-order method, which includes both behavioural and attitudinal loyalty. It can therefore be said that communication from companies builds a positive relationship with the fan page / clothing brands and also increases the future frequency of page visits and purchases of branded clothes. Hence, Facebook can be deemed an effective tool for building loyalty.
- ItemFinancial literacy of students in chosen universities – research platform for regulatory processes of educational system in Slovakia(Technická Univerzita v Liberci, 2018-03-29) Kubak, Matus; Tkacova, Andrea; Androniceanu, Armenia; Tvaronavičienė, Manuela; Huculova, Eva; Ekonomická fakultaThe main goal of this paper is to compare the level of financial literacy among the selected faculties of economics in Slovakia and to elaborate a comparison of financial literacy level at both input and output level, i.e. between the university students at the beginning of their Bachelor study and the university students who are in the final stage of their Master study. In addition, we want to analyze the level of financial literacy by means of practical tasks aimed at confirmation or rejection of the prospect theory principles. Concerning methods we statistically process our primary data which were collected through the survey 2015/2016 from Slovak University of economics in Košice, Prešov and Bratislava. Inter alia, we analyze correlative data dependence of selected variables. The survey is focused also on financial behavior of respondents and their skills in terms of financial literacy concept. Last but not least, we deal with features of respondents' financial decision making under the conditions of risk and uncertainty. At first, we show that statistically significant dependency of FL level on respondents’ sex does exist. Male respondents reached higher FL than female ones. Hypothesis of better high school education of economy at Business Secondary School was rejected, rate of financially literate respondents who attended Grammar School or Business Secondary School is comparable. Subsequently, students in their last year of studies at EKF TUKE and NHF EUBA have significantly higher level of FL than those students who are at the beginning of their studies. Contrary, at FM PU the rate of financially illiterate first-year students was lower than the rate of financially literate students in their last year of studies. We found out a correlation of FL with decision-making based on prospect theory. The results of the presented research provide important information for policy makers who should reflect on present status of this issue in Slovakia.
- ItemChanges in industrial structure and potential: the case of Lithuania(Technická Univerzita v Liberci, 2018-03-29) Saboniene, Asta; Ekonomická fakultaThe core aim of the research paper is to analyze the changes in the structure and potential of Lithuanian manufacturing industry, affected by the long process of economic transformation experienced since 1991. The purpose of this paper is to disclose how Lithuanian industrial structure has been moving towards the level of advanced industries, to analyze which sectors have the potential to contribute to the development of the overall manufacturing industry, and to explore how the contribution of individual manufacturing industries has changed over the researched period. The study provides the analysis of several key indicators, which enable to estimate the potential of Lithuanian industrial structure in accordance with quantitative particulars and revise the alteration of the contribution of individual manufacturing industries to the overall potential of Lithuanian manufacturing industry. This paper intends to present the estimations of the changes in Lithuanian industrial structure and its potential during the period of 2000-2014 on the basis of the composite Index of the Long Run Income Potential of Industrial Structure. The empirical analysis has revealed the significance of medium-high and low-tech industries and disclosed the variance of the contribution of individual manufacturing industries to the overall potential of Lithuanian manufacturing industry. The empirical study has disclosed that Lithuanian industrial structure shows a very modest potential of growth and development, and the potential of Lithuanian industrial structure remains a controversial issue. The evident shift into high-value added manufacturing industries, where knowledge and technology intensive sectors play the central role, has not been confirmed.
- ItemA behavioral theory of the firm: specifics of Czech entrepreneurial behavior(Technická Univerzita v Liberci, 2018-03-29) Mandysová, Ivana; Ekonomická fakultaThe article attempts to present empirically relevant, process-oriented behavioral theory of the firm incorporating Czech specific characteristics of entrepreneurial behavior. It conceptually reconciles the reality by looking at the original ideas of ‘A Behavioral Theory of the Firm’ by Cyert and March. Study critically examines available theoretical models of firm’s rational behavior investigated in heuristic theories. These models offer an interpretation of entrepreneurial behavior as a product of personal preferences and characteristics. A theoretical re-orientation towards recognition of entrepreneurial behavior is developed and illustrated. Contemporary research outcomes coincide that the emerging, probably eclectic, paradigm strongly emphasizes the role and quality of human capital including the entrepreneur´s skills. Study is based on in-depth qualitative empirical research and subsequently it derives from statistically established theoretical patterns. It explores and explains the way entrepreneurs make economic decisions, their actions and counteractions with business environment, while, at the same time, focusing on Czech specifics. Firms have proved exceptional flexibility and have succeeded in counteracting and even manipulating the shortcomings and disadvantages of business environment. They have exploited chances and grasp opportunities in spite of additional expenditures that increased their costs. It has been proved that decisions are not made according to designed strategic plans aimed at the achievement of goals and permanent profit increase. Research has discovered that behavioral patterns further offer an access to specialized inputs, discovered relations proved to provide the entrepreneur with access to knowledge and information, even though bounded rationality and imperfect knowledge often lead to satisfactory solution and are typical for Czech firms. To create a dynamic economy, which ensures that entrepreneurs can start and develop their businesses, public policy should understand entrepreneurship, support it, provide relevant public goods and motivate it properly.
- ItemIs enterprise risk management a value added activity?(Technická Univerzita v Liberci, 2018-03-29) Marc, Mojca; Sprčić, Danijela Miloš; Mešin Žagar, Marina; Ekonomická fakultaEnterprise risk management (ERM) programs are advocated as the solution for the failures and weaknesses of the traditional silo-based risk management in creating and protecting stakeholders’ value. ERM encompasses activities and strategies which enable the company to systematically identify, measure, reduce or exploit, as well as to control and monitor the exposure to various types of corporate risks – strategic, financial, operational, reporting as well as compliance risks. By considering the interactive effects of different risk events, ERM offers a balance between the dual nature of risk – ensuring effective protection from threats and seizing the opportunities. This paper explores the association between ERM and a set of fundamental value determinants of S&P 500 non-financial companies over the period from 2003 to 2012. Contrary to arguments found in the existing ERM literature, ERM companies did not experience a positive effect on most of the value drivers. We find that ERM is associated with lower expected growth rates within one to two years after the ERM adoption, indicating that ERM could even have a negative effect on the company’s fundamental value. On the other hand, the study showed that ERM is associated with higher free cash flows after six years of its use. Our research thus found indicative evidence that ERM produces some positive effects over a longer term, as well as some negative immediate effects, which could be explained with the increased risk aversion of ERM companies. However, since the tested models are explorative in nature, more theoretical and empirical research is needed to establish how ERM really works within a company.
- ItemEffect of mass layoffs on health insurance expenditures: the case of the Ostrava region(Technická Univerzita v Liberci, 2018-03-29) Louda, Jiří; Vojáček, Ondřej; Pechholdová, Markéta; Barták, Miroslav; Ekonomická fakultaThe objective of the paper is to make an analysis of the development of health insurance expenditures on healthcare for employees from the mass layoffs from ArcelorMittal Ostrava, a.s. The paper tests the hypothesis that closing down a large heavy industry plant in a structurally affected region will increase the risk of morbidity of the population being laid off, which will secondarily lead to increased healthcare expenditures in the form of ambulatory treatment or hospitalisation. The quantification of this hypothesis is based on a unique non-public data set provided by Česká průmyslová zdravotní pojišťovna, a. s., the chief insurance company for employees of ArcelorMittal Ostrava, a.s. The data set contains information about 2,265 insured persons. After some necessary methodological modifications, the analysed data set contained 1,408 insured persons. The relationship between unemployment and health, expressed here as morbidity by cause, is estimated using relative risk indicators. The calculation of the risk rates uses the person-year concept. The analysis carried out showed that the unemployed show 11% higher morbidity than the employed. We observed an increase in the morbidity of the unemployed by 21% for tumour diseases, 11% for mental illnesses, 23% for diseases related to alcohol, and 27% for other diseases. The annual costs per insured person at a productive age in the period 2008-2013 were CZK 15,081 without a differentiation by status. We found a significant difference between the annual costs of treatment of employed (CZK 13,420 a year) and unemployed persons (CZK 17,635 a year). The difference of CZK 4,215 means that the costs of treating the unemployed are 31% higher than those for treating the employed, being higher than the relative increase in the risk of disease. The conclusions confirm findings of published international studies.
- ItemEvaluation of knowledge synergy components(Technická Univerzita v Liberci, 2018-03-29) Skačkauskienė, Ilona; Hrušecká, Denisa; Katinienė, Aušra; Čepel, Martin; Ekonomická fakultaThere is no doubt that knowledge is a key asset of any organisation, enabling it to get a competitive advantage, implement innovation, deal with difficulties and improve its management processes. Requirements on employees´ knowledge have been rising in recent years, especially with regard to the new trends and currently the widely discussed fourth industrial revolution. In the emerging network economy and knowledge society, organisations must be ready for complex knowledge dissemination and management processes. Knowledge is collected, stored, assessed, and created by an organisation and shared by its members. In the course of knowledge dissemination, members of the organisation create synergy which generates unique knowledge. Managing organisational knowledge necessary for the creation of added value and the acquisition of a competitive advantage requires evaluating the knowledge synergy and its components. The paper aims at identifying knowledge synergy components and providing an evaluation method of employees’ knowledge synergy and its components to have a rational and objective evaluation of employees’ knowledge, relations among employees, and organisational knowledge synergy. To achieve this aim, knowledge synergy components are identified, evaluation issues are revealed, types of knowledge synergy relations are presented together with an evaluation formula for each of these relations, components of employees’ knowledge and factors reflecting knowledge content are specified, an evaluation formula for each component is provided, and an organisational knowledge synergy evaluation method is described. Due to its versatility, presented results are applicable in any industry or business area for measuring and improving intellectual capital as well as for benchmarking purposes. The research applies methods of analysis, synthesis, graph theory and combinatorics as well as a systematic approach.
- ItemPredicting bankruptcy of manufacturing companies in EU(Technická Univerzita v Liberci, 2018-03-29) Klepáč, Václav; Hampel, David; Ekonomická fakultaArticle focuses on the prediction of bankruptcy of the 1,000 medium-sized retail business companies in EU from which 170 companies gone bankrupt in 2014 with respect to lag of the used features. In recent times, bankruptcy of manufacturing companies rapidly increased due to the impact of the recession, which produces economic and social problems accordingly. Therefore, the need for bankruptcy prediction models is very high. From various types of classification models we chose Support vector machines method with spline, hyperbolic tangent and RBF ANOVA kernels, Decision trees, Random forests and Adaptive boosting to acquire best results. Pre-processing is enhanced with filter based feature selection like Gain ratio and Relief algorithm to acquire attributes with the best information value. As we can see both filtering methods offers different variables to be used in the classification and Decision trees wrapper algorithm chose less number than its competitors. Suitable attributes as ROA, Interest cover, Solvency ratio based on assets and Operating revenues were mostly used but it also changes across the time, which are probably very obtainable. It is apparent that inappropriate theoretical value of one variable does not necessarily lead to bankruptcy, so it is better to use combinations of these variables. From the results it is obvious that with the rising distance to the bankruptcy there drops precision of bankruptcy prediction. The last year (2013) with avaible financial data offers best total prediction accuracy, thus we also infer both the Error I and II types for better recognizance of misclassification rates. The Random forest and Decision trees offer better accuracy for bankruptcy prediction than SVM method, both method offers prediction accuracy which is comparable to previous empirical studies.
- ItemEmployer branding on social media and recruitment websites: symbolic traits of an ideal employer(Technická Univerzita v Liberci, 2018-03-29) Eger, Ludvík; Mičík, Michal; Řehoř, Petr; Ekonomická fakultaIn recent years, the employer brand has become an important source of a sustainable competitive advantage. There is increasing evidence that employers need to place greater emphasis on communication with talented young people. Jobseekers usually have only basic information and vague knowledge and experience about a job and organizational characteristics in the early stage of the recruitment process, and in this situation the symbolic functions of a brand are significant. Nowadays, prospective applicants search for information about future employers by using their recruitment websites and social media. The study identifies the significant factors (symbolic traits) which attract Czech university business students to choose their potential employers. The study also contains a survey which investigates the use of social media and recruitment websites in relation to the employer brand, including perceptions of an ideal employer. The study brings results about symbolic employer attributes, which are presented in semantic differentials and contribute to research on employer branding by presenting how young people use recruitment websites and company social media to search for a potential employer. The findings of the conducted study suggest that chosen symbolic traits of an ideal employer are similar in the respondents and are independent of gender and employment status. According to the findings regarding social media and recruitment websites, respondents that follow information about job offers on an organization´s social media profiles don´t find the organization´s profiles on social sites important, whereas respondents that follow information about job offers on an organization´s recruitment websites find the organization´s profiles on social sites important. The paper concludes with theoretical and practical implications followed by directions for future research.
- ItemComparative analysis of perception of advantages and disadvantages of integration of hospitals(Technická Univerzita v Liberci, 2018-03-29) Staňková, Pavla; Papadaki, Šárka; Dvorský, Ján; Ekonomická fakultaIntegration and strategic alliances of companies represent a rapidly growing phenomenon in all industries. Also the integration and consolidation of healthcare organizations are not unusual themes in professional resources. The specialists observe especially a vertical and horizontal integration of hospitals and its influence to the increase of an effectiveness of healthcare provision. The results of these studies, however, do not conclusively prove the impact of all kinds of integration of hospitals to their efficiency and effectiveness growth. The present article focuses on horizontal integrated hospitals in the Czech Republic and the perception of advantages and disadvantages of integration of the hospitals by hospital managers themselves. The main aim of the research was to answer following research questions: Does the perception of advantages and disadvantages of participation in integration depend on the length of integration´s lifetime? Does the perception of advantages and disadvantages of participation in integration depend on the kind of integration? Regarding the overall view of the trend of integration, hospital managers see integration as promising. Further, the research results revealed that based on the research sample, we cannot unequivocally confirm a statistically significant difference between the two studied types of integration (holding and mergers). A statistically significant difference in the perception of the overall view of the advantages of integration also cannot be confirmed given a length of involvement in holding or merger. Overall, the hospital sees as disadvantages particularly the reduction of autonomy, the increased difficulty of promotion of changes and communication problems. As for the benefits, 93% of hospitals evaluated that the integration gives them a better negotiating ability with suppliers, 80% of hospitals noticed better negotiating ability with health insurance companies and about 80% report that there has been a reduction in costs.
- ItemDušan Pavlů, REKLUB 1927-1949. Chapters from the History of Czechoslovak Advertising, Professional Publishing, 2017(Technická Univerzita v Liberci, 2018-03-29) Hes, Aleš; Ekonomická fakulta
- ItemSectoral analysis of the differences in profitability of Czech and German business ventures – an empirical benchmark study(Technická Univerzita v Liberci, 2018-03-29) Beyer, Dirk; Hinke, Jana; Ekonomická fakultaProfitability measures are a lens through which business can be viewed and they form a common basis for investment decisions. Especially in areas close to national borders, these decisions could be linked to the question on which side of the border a venture should be located in order to realise country-specific comparative advantages that make the investment more profitable. Differences in profitability between countries are driven by manifold aspects, including specific cost or revenue structures, financing patterns and conditions, as well as taxation. The aim of this study is to identify the driving factors behind differences in profitability of Czech and German firms on the basis of a comparative analysis. In this article, a two-step variance analysis is conducted. The first step focuses on the operational differences in RoA between Czech and German ventures, which is based on deeper analyses of the asset turnover and the profit margin. In the second step, the differences in RoE are analysed, considering influences from national taxation, conditions and patterns of financing and operations of the ventures. A model-based cumulative variance analysis quantifies the impacts of these underlying drivers of profitability with a comparative focus. For this reason, the average measures of these drivers from 2002 to 2014 – the longest time series available for both countries are extracted from the BACH database, which provides harmonised accounting information. This paper confirms the hypothesis that specific drivers of profitability differ significantly between the two countries in certain business sectors and would cause substantial differences in profitability. Due to the overlapping nature of these individual effects, they compensate each other to a great extent. The results provide useful benchmarks that a company´s management can use to increase its profitability tackling specific comparative (dis-)advantages between the Czech Republic and Germany.
- ItemMandatory CCCTB implementation in the Eurozone and its impact on corporate tax revenues in the Czech Republic(Technická Univerzita v Liberci, 2018-03-29) Nerudová, Danuše; Solilová, Veronika; Ekonomická fakultaThe European Commission has been attempting to coordinate the corporate taxation systems of the EU Member States since 1962. One of the most ambitious projects in the history of the harmonization effort was introduced on 16 March 2011, when the European Commission published, after more than ten years of work, the text of the CCCTB Directive proposal. The directive proposal suggests the consolidation regime and the allocation formula with three equally weighted factors – sales, labour and assets, i.e. the consolidated tax base should be shared among the members of the group based on those micro factors. That tax-sharing mechanism as a new allocation rule has raised much discussion and will definitely have an impact on EU Member States’ budgets. The aim of the paper is to research the impact of mandatory CCCTB implementation in the Eurozone on tax bases in the Czech Republic and consequently on Czech corporate tax revenues, and to identify whether the implementation of the system in the Eurozone will result in the outflow or inflow of tax bases from/to the Czech Republic. The research is based on empirical data from the Amadeus and Bankscope databases covering 2,424 parent companies with 3,860 Czech subsidiaries. In order to verify the results of the research, a sensitivity analysis was also performed. The research revealed that mandatory implementation of the CCCTB system in the Eurozone would have negative impact on the tax bases currently generated and located in the Czech Republic. As a result of this fact, the Czech Republic would lose between 0.87% and 8.84% of the corporate tax liability recorded in 2011.