Číslo 3
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- ItemPERCEPTION OF BUSINESS ENTITIES TOWARDS DIGITIZATION OF TAX ADMINISTRATION IN THE CZECH REPUBLIC(Technická Univerzita v Liberci, ) Sobotovičová, Šárka; Blechová, Beata; Ekonomická fakultaThe digital transformation of all areas of government is one of the European Union priorities. The motivation for our research was the fact that when it comes to the evaluation of Digital Public Services, the Czech Republic ranks below the EU countries average. This article discusses the development of electronic filings for the Financial Administration in the Czech Republic. It started with a critical literature review of relevant sources. Subsequently, a research was conducted with 644 respondents in the form of a questionnaire survey. Based on the primary research, opinions on the digitization of financial administration, including the benefits and disadvantages it brings to them, was verified with entrepreneurs. The survey data was evaluated using a non-parametric test in SPSS Statistics. Following an empirical survey, it was found that the majority of respondents perceive electronic filings in a positive way. The most common form of electronic filing is through data boxes, which have been in use in the Czech Republic since 2009. Less than half of the respondents had some problems related to the introduction of electronic filings. Some of the most common issues mentioned included the familiarization with the requirements associated with the electronic filings and learning to use the program in general. With the majority of respondents, accountants are responsible for interaction with the Financial Administration. Based on the respondents’ perception, the saving of time was identified as the most significant benefit, followed by the availability of information and error checks; saving of costs was the last. The respondents evaluate electronic communication as more flexible, practical and easier.
- ItemIMPACT OF DIFFERENT LIFE-CYCLE SAVING STRATEGIES AND UNEMPLOYMENT ON INDIVIDUAL SAVINGS IN DEFINED CONTRIBUTION PENSION SCHEME IN SLOVAKIA(Technická Univerzita v Liberci, ) Mešťan, Michal; Králik, Ivan; Šafár, Leoš; Šebo, Ján; Ekonomická fakultaSearching for the optimal saving strategy is often tied with the life-cycle strategies where only the age of a saver is considered for setting the allocation profile between equities and bonds. Our article contributes to the debate by looking at the performance and adequacy risks arising from applying age-based saving strategies for savers in funded pension schemes. As many studies have proven the shift of the risk onto savers in defined contribution pension schemes under various saving strategies, we contribute to the debate by providing simulations of expected accumulated savings via funded pension scheme under the various life-cycle income profiles and existence of unemployment risk. Using the resampling simulation technique, we compare the fixed and age-based strategies of three different agents with various life-cycle income paths and different unemployment risk. We compare the expected amount of savings and calculate relative indicators comparing the expected monthly benefits, income replacement rate. We look closely on the impact of unemployment on the value of savings and calculate the unemployment factor explaining the value of savings lost due to the periods of unemployment. By combining life-cycle income functions of individuals with different education level and unemployment risk, we show that decisions of implementing low risk saving strategies are suboptimal and lead to a substantial decrease in replacement ratios not only for higher income cohorts but especially for the lowest ones. At the same time, we prove that employing low risk saving strategy leads to the increase of adequacy risk especially driven by the unemployment risk that is higher for lower education individuals. We conclude that age-based life-cycle saving strategies, where the remaining saving horizon is the only factor defining the allocation profile is not the optimal saving strategy and other factors should be considered as well when searching for optimal saving strategy.
- ItemDETERMINANTS OF THE ADOPTION OF INNOVATIVE FINTECH SERVICES BY MILLENNIALS(Technická Univerzita v Liberci, ) Solarz, Małgorzata; Swacha-Lech, Magdalena; Ekonomická fakultaFinTech Adoption Index, expressed as a percentage of the digitally active population, for 27 countries of the world in 2019 reached the level of 64%. Millennials are the generation which, compared to others, is characterized by the highest level of FinTech adoptions. In Poland, in 2019, about 75% of the Millennials used the services of FinTech. This paper aims to analyse and evaluate the selected determinants of using the innovative FinTech services by Millennials in Poland. To investigate how users adopt FinTech services, we have applied our own set of determinants – selected from an extensive literature review – covering both demographic, economic and behavioural characteristics. This approach allowed for an in-depth analysis of the examined issue. The essential empirical data were obtained based on the research using the CAWI method in December 2019 on a representative sample of Poles aged 25–40 at that time. Ultimately, 1,236 correctly completed questionnaires were used for the research. To analyse and evaluate the impact of selected determinants of FinTech adoption, a logistic regression model was used. The results obtained can thus be extremely important for managers of financial institutions. They provide information that can be used for activities aimed at maintaining FinTech’s customer base and allow to adjust the offer to the expectations of this group. Millennials most open to innovative FinTech services in Poland are young men with high and very high net income and not driven by low costs of financial services. They appreciate technological novelties, including the possibility of using a smartwatch, and when deciding on the choice of a financial institution, they do not care about the direct opinions of their relatives and friends, but take into account the opinions in social media.
- ItemEVALUATING ENERGY CONSUMPTION EFFICIENCY IN TOBACCO PRODUCTION: APPLYING DATA ENVELOPMENT ANALYSIS(Technická Univerzita v Liberci, ) Mushtaq, Zulqarnain; Wei, Wei; Sharif, Maimoona; Chandio, Abbas Ali; Ekonomická fakultaTobacco is considered as one of the most important industrial cash crop and source of livelihood to many families in Pakistan. Considering the contraction of land under tobacco cultivation, the present study is intended to evaluate the production efficiency of tobacco growers in southern Punjab, Pakistan. The Data Envelopment Analysis model was used to investigate energy usage efficiency of tobacco farmers based on seven energy inputs; human labour, farm machinery, irrigation, diesel, fertilizers, chemicals, seeds, and a single output. Moreover, the current study also used DEA – super efficiency to identify and rank efficient and inefficient tobacco producers; and to suggest optimum energy requirements and energy savings potentials. The primary data from 210 tobacco growers were collected in-person interviews by random sampling technique. The findings of the study revealed that average energy consumed in the form of inputs and yield obtained in tobacco production was 52,703.58 MJ/ha-1 and 3,096.98 MJ/ha-1, respectively. Average technical, pure technical, and scale efficiency score was calculated to be 0.902, 0.961, and 0.938, respectively. Likewise, the energy-saving ratio in tobacco production was estimated to be 13.83%, which implies that by adopting the proposed recommendations about 7,121.66 MJ/ha-1 energy could be saved without compromising the output. Also, fertilizers, chemicals, irrigation, and diesel had the highest share in the consumption of energy inputs. The findings of the study provides pinpoint options to the agricultural polices makers to launch the technical training programs for the tobacco farmers to adopt better management practices to optimize the application of energy inputs to reduce the cost of tobacco production. The agricultural extension department should also visit the tobacco fields to assist the farmers about timely application of inputs and with extension services.
- ItemA NEW LOOK AT BANKRUPTCY MODELS(Technická Univerzita v Liberci, ) Kuběnka, Michal; Čapek, Jan; Sejkora, František; Ekonomická fakultaNew models for bankruptcy prediction are constantly being formulated and tested against the current ones and current ones are tested to assess their current accuracy and to allow users to determine the reliability of the results when using the model. These models use accounting information as input data. Accounting systems, for example, US GAAP, or IFRS, contain rules that may be applied differently from one company to another without being breached. This leads to input data uncertainty. Likewise, uncertainties may arise due to errors in recording and transcribing input data or in translating the values of assets, equity or liabilities in foreign currencies. This research was focused on the effect of entry data uncertainty on models’ ability to accurately predict bankruptcy. The initial assumption was that raising the number of input values would increase the error rate probability in entry data, thus also heightening the uncertainty of the results in the given bankruptcy prediction model. The data set of tested companies contained 1,220 non-bankrupt and 285 bankrupt Czech companies. The tested models – Z’ score, Model 1, and Ycz – were applied to this sample, and in all cases, the resulting accuracy was lower than the accuracy declared by their authors. A procedure was created for the inclusion of entry data uncertainty in the practical application of a model. This procedure consists of changing the limit value of the model that separates bankrupt and non-bankrupt companies to an interval that “absorbs” such uncertainties. The model cannot classify the companies in this interval. The research shows that the inclusion of uncertainties in entry data further reduces their accuracy. However, the reduction in accuracy between the individual models varies significantly from 2.2% to 39.4% for bankrupt companies, and from 3.5% to 91.8% for non-bankrupt companies, respectively. The analysis of the entry data uncertainty effect shows the need to create models with high precision and minimum of input values because the model error rate grows the higher their number. The findings of this research can be applied in the creation of new models for predicting bankruptcy not only in the Central Europe but globally.
- ItemINFLUENCE OF SELECTED MACROECONOMIC INDICATORS ON EMPLOYEE MOTIVATION(Technická Univerzita v Liberci, ) Hitka, Miloš; Ďurian, Jozef; Lorincová, Silvia; Dúbravská, Bianka; Ekonomická fakultaMotivation is considered one of the most important prerequisites for the success and effectiveness of the resulting performances. Usually, we meet only with a perspective of employee motivation from inside the company. However, the external environment, i.e. macro-environment, also influences the motivation of employees. We decided to focus on exploring how macroeconomic indicators evolution affects employee motivation. By means of the research conducted in Slovakia during the period from 2008 to 2019 on a sample of more than 30,000 respondents, we define the dependence of selected macroeconomic indicators and employee motivation. The research focuses on the analysis of average annual wage and household debt influence on the most important employees’ motivational factors. Based on our findings, we can state that macroeconomic indicators affect the importance of motivational factors in Slovakia. Especially, the average annual wage strongly influences the six motivational factors (communication at the workplace, duties and type of work, working hours, working environment, superior approach, psychological burden). The results of the research also show that the seven motivational factors (atmosphere at the workplace, good team, communication at the workplace, working hours, working environment, superior approach, psychological burden) strongly depend on the macroeconomic indicator of household debt. Therefore, when creating incentive programs, business managers in Slovakia should take into account not only the effects of the company’s microenvironment on motivation but also the effects of the macro-environment and thus macroeconomic changes in the state. The role of a manager is to keep balance between external environment influence on employee motivation and internal actions. The paper presents inspiring ideas in a field of employee motivation and the influence of external environment on motivation.
- ItemCASE STUDY: DESIGN VALUE MEASURING BY SYSTEM DYNAMICS(Technická Univerzita v Liberci, ) Šviráková, Eva; Kramoliš, Jan; Ekonomická fakultaThe aim of the article is to show a way to measure the economic value of design using system dynamic modeling of key processes in an organization. The article fully accepts the complexity of the concept of design and opens up the possibility for employing system dynamics in design value measuring. The definition of design is given as an integral concept for which it is difficult to find a benchmark. The sequential explanatory method was chosen to solve the research problem. Qualitative data is collected first and it is recorded and examined. After that the data is transformed into numeric values and taken for quantitative evaluation in a system dynamic model. The connection of qualitative research data in a tool for quantitative evaluation allows an original interpretation of relationships that have been obtained and are collected only as qualitative data. Qualitative data collection is based on the visualization of a new definition of design: Design is an integration of functional, distribution, emotional and social experience of the customer. The questionnaire is in the form of Design Value Canvas and is used to determine the initial Design Value Algorithm (DVA) coefficient. As an external parameter, the DVA coefficient influences the development of the number of customers and their willingness to order the company’s products in the system dynamic model. The main result is the finding that an investment in design, which is confronted with customer preferences, fundamentally changes the economic parameters of business. Economic benefits of a design change in a company are always influenced by a strategic decision made by the entrepreneur who has to know the behaviour of their customers and to correctly choose the field of design in which it pays to invest.
- ItemDETERMINANTS OF HOUSEHOLD FINANCIAL VULNERABILITY: EVIDENCE FROM SELECTED EU COUNTRIES(Technická Univerzita v Liberci, ) Šubová, Nikola; Mura, Ladislav; Buleca, Ján; Ekonomická fakultaHousehold debt has been increasing in the last decades, and it poses a threat not only to the financial stability of households but is a precursor of the economic and financial crisis. A downturn caused by the coronavirus pandemic is expected to deepening inequalities, mainly due to the inability of households to repay existing debts or finance basic living needs. Understanding the determinants of household indebtedness and financial vulnerability is crucial for policymakers who process measures to prevent increasing household indebtedness. This paper investigates the determinants of household financial vulnerability in euro area countries using the Household Finance and Consumption Survey micro-dataset collected by the European Central Bank. The quantitative approach was applied using ordinary least square and quantile estimation procedures. The difference between OLS and quantile estimations showed the appropriateness of using the quantile regression approach. Performance analysis proved that only the number of elderly and the value of wealth and existence of mortgage interest tax relief statistically significant affects the level of vulnerability in all three waves. While the increasing number of elderly and greater value of household wealth lowers the vulnerability, the effect of mortgage interest tax relief differs across individual waves. All other used factors are essential and statistically significant for the financial vulnerability of households as well, but the importance and significance could differ across the distribution and individual waves. The effect of financial assets, education, and employment were found to be negative in all observations of all waves. On the other hand, the number of children and the value of households’ real assets is associated with increased financial vulnerability indicators.
- ItemTHE DETERMINATION OF FINANCIAL STRUCTURE IN AGRICULTURE, FORESTRY AND FISHING INDUSTRY IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE(Technická Univerzita v Liberci, ) Růčková, Petra; Škuláňová, Nicole; Ekonomická fakultaEvery economic sector, every single industry, every economy, and even every firm has its specific financial structure. Given that it is not possible to examine thousands of individual companies for scientific purposes, it is necessary to at least examine the differences between individual sectors, industries and countries. At the same time, the formation and optimization of the financial structure is influenced by a myriad of diverse factors that financial managers should take into account in their decisions. Thanks to these facts, more and more researches had been created for over half a century. This research expands knowledge in seven selected countries of Central and Eastern Europe – the Visegrád Group, Bulgaria, Slovenia and Romania. The aim of the research is to evaluate, based on the Generalized Method of Moments, the relationship between the six selected factors and the indebtedness level in companies belonging to the agricultural, forestry and fishing industry. The subject of the research is medium, large and very large companies during the years 2009 to 2016. The research deals with the influence of profitability, liquidity, asset structure, economic development, inflation and interest rates on the total, long-term and short-term indebtedness of companies. The main finding of the research is that companies are influenced by both internal and external determinants. However, even though the industry should be neutral, external determinants – GDP growth rates, inflation rates and interest rates – have a more significant impact on the debt level. The results of this research will not only extend current knowledge in the field of corporate finance, but at the same time, the results may be stimulating in setting support rules for public administration and even European institutions, as the selected industry is strongly linked to subsidy policies.
- ItemDRIVERS OF ECONOMIC PERFORMANCE: WHAT CAN WE OBSERVE IN THE CZECH FOOD INDUSTRY?(Technická Univerzita v Liberci, ) Trnková, Gabriela; Žáková Kroupová, Zdeňka; Ekonomická fakultaThis paper is focused on the investigation of the competitiveness drivers, namely technical and scale efficiency and technological change, and their relation to the profitability of the Czech food processing companies in the period 2016–2019. This investigation is based on the stochastic frontier modelling of an input distance function in the specification of the four-error-component model. The model is estimated with a multi-step procedure employing the generalized method of moments estimator addressing the potential endogeneity of netputs, and panel data gained from the Bisnode Albertina database. The results revealed (evaluated on the sample mean) that investigated food processing sectors were scale efficient in the analysed period, however, their production technologies exhibited prevailing technological regress. Moreover, the room for almost 17% cost reduction by the technical efficiency improvements was found out in all investigated sectors. Although inter-sectoral differences exist in the scale efficiency, technological change and technical efficiency dynamics, to increase the productivity and competitiveness of food processing companies, it is generally appropriate to focus on technical efficiency and technological change improvements. Both these competitiveness drivers connected with the cost reduction and minimizing of wastage of inputs are achievable through innovations. In general, the basic source of their financing is profit, the achievement of which is supported by cost minimization. However, it was found that sub-sectors, which are linked to sensitive sectors of agricultural production – that means sectors with the lowest national self-sufficiency, the highest level of imports and thus strong cost reduction pressure – have problem to translate the ability to produce efficiently into profitability. Although these food sectors, which have been also facing strong competition for a long time, which leads to significant pressure to reduce costs, achieved the highest technical efficiency, their profitability was lowest from the investigated sectors.
- ItemGENERATION Y AND GENERATION Z EMPLOYMENT EXPECTATIONS: A GENERATIONAL COHORT COMPARATIVE STUDY FROM TWO COUNTRIES(Technická Univerzita v Liberci, ) Egerová, Dana; Komárková, Lenka; Kutlák, Jiří; Ekonomická fakultaGenerational differences in work values and workplace expectations have become a widely discussed research and intervention topic in recent years. However, little is known about Generation Z, who are now entering the labour market, and this presents challenges to both researchers and companies. Therefore, the primary purpose of the present study is to extend generation research by examining generational cohort differences in workplace expectations, specifically between Generation Z and the previous closest generation, Generation Y. The study is also intended to add to the limited empirical evidence of the workplace expectations of the most recent Generation Z. The theoretical framework guiding this study includes generational cohort theory and anticipatory psychological contract dimensions: job content, career development, social atmosphere, the fairness of organisational policies and rewards. The study was based on an online questionnaire survey. Data was collected from a sample of 1,000 respondents for the Czech Republic and 600 for the Slovak Republic including Generations Y and Z in the ratio 1:1. The generational differences in the workplace expectations, controlling the effects of gender and country, were investigated using multiple linear regression. The overall findings of the study indicate that both generations are more similar than different regarding their future employment expectations. We also find that those preferences may be more heterogeneous within a homogeneous group than across generational cohorts. The findings specifically indicate that some characteristics, such as geographical environment, professional experience and gender may shape employment expectations more than generational difference. The study suggests that companies also need to appreciate heterogeneity within a homogeneous generational group instead of treating current or prospective potential employees simply as members of one generation. The directions of future research, as well as the limitations of the study, are discussed.
- ItemTRENDS IN CULTURAL INTELLIGENCE RESEARCH IN THE CONTEXT OF INTERCULTURAL MANAGEMENT(Technická Univerzita v Liberci, ) Jurásek, Miroslav; Wawrosz, Petr; Ekonomická fakultaCultural intelligence (CQ), expressing a capacity to effectively function in a cultural or culturally diverse environment (professional and otherwise), has great importance not only for the success of individuals who operate professionally in a intercultural environment, but also for the competitiveness of companies or organizations operating in international markets. For this reason research about CQ abroad is given the high level of attention, however this is not the case in the Czech Republic. This review uses the relatively new method of systematic quantitative literature review to provide a detailed mapping of cultural intelligence research in the years 2015–2019. The results of the analysis indicate that CQ is a global multidisciplinary phenomenon that has become established in intercultural management as a compelling area of research. The concept of CQ is well conceptualized and operationalized; the research at present is focused on the known relationships of new mediators or moderators and other correlations between CQ and new variables are being sought at the level of international economies and management. From the number of published research outcomes it can be seen that interest in CQ is growing, primarily among authors from multicultural countries. Researchers in the years 2015–2019 tested (predominantly in empirical studies) far more hypotheses related to CQ than they did in a comparable previous period; the studies took place in 33 countries, however mostly in the USA. European countries nonetheless fall somewhat behind in this area. Building on previous literature reviews, the nomological network of CQ has been supplemented for the years 2018 and 2019. From the classification of research outcomes it is evident that researchers are most interested in topics oriented on psychology of work. Our study brings entirely new information about CQ research pertaining to the methods used in quantitative analysis and the characteristics of respondents and localization of research.
- ItemAN EXPLANATORY MODEL OF THE ECOTOURISTS BEHAVIOUR: MANAGEMENT STRATEGIES FOR TOURISM SECTOR(Technická Univerzita v Liberci, ) Lorenzo-Romero, Carlota; Alarcón-del-Amo, María-del-Carmen; Crespo-Jareño, José Alberto; Ekonomická fakultaConcern for the environment, which is of interest to academia, the business world and society in general, has meant the development of green marketing in the last half century. Environment can influence consumer behaviour and specifically the way tourists consume. The promotion of ecotourism, through information and communication, must be based on the identification of the different behaviour models to which marketing strategies are directed, according to needs, motivations, interests, expectations, behaviours and attitudes. The main research goal of this study is to determine the internal and external factors that influence the consumer behaviours identified as ecotourists, as well as the factors that shape their purchasing intentions. The theory of planned behaviour has shown its usefulness because its object (i.e., intention to perform a behaviour, taking into account that in the intentions are the factors that motivate the behaviour), through attitudes and beliefs, is the prediction and understanding of the way individuals behave. A model that facilitates the understanding of the ecological behaviour of ecotourists has been developed, starting from the value-belief-norm model towards the environment, to which a construct related to the theory of planned behaviour has been incorporated, in order to better understand the behaviour of ecotourists. The method used to analyse the causal model has been the structural equation modelling, and the sample used amounts to 403 ecotourists within a country characterized by the importance of tourism sector in its economic growing: Spain. The main result obtained indicates that the proposed model is useful to know the ecological behaviour of ecotourists. Specifically, it has been facilitated the knowledge of the factors that affect the intention to do ecotourism and to pay more to consume this type of activities. It could be useful for professionals of tourism sector to analyse and improve their ecological marketing strategies.