Rok 2023 (ročník 26)

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Exploring the relationship between failure-learning-based entrepreneurship education and youth entrepreneurial resilience: A mediated moderation model
(Technická Univerzita v Liberci, ) Wang, Pengju; Xiong, Zhuang; Zhao, Zhiquan; Ekonomická fakulta
Entrepreneurial failure exists objectively in the process of entrepreneurship, and the fear of entrepreneurship failure inhibits youth entrepreneurship activities to a certain extent. Thus, failure-learning-based entrepreneurship education is critical to cultivating youth entrepreneurial literacy. However, previous research on this topic has not provided a clear answer to how to improve youth entrepreneurial resilience. To explore the relationship between failure-learning-based entrepreneurship education and youth entrepreneurial resilience, using the questionnaire data of 399 youth recruited from China in October 2021 via the Credamo platform, the multiple regression analysis, and the Bootstrap method, we empirically analyzed the impact of failure-learning-based entrepreneurship education on youth entrepreneurial resilience, as well as the mediating effect of entrepreneurial cognition and the moderating effect of the fault-tolerant environment on the above relationship. The results show that failure-learning-based entrepreneurship education has a significant positive impact on youth entrepreneurial resilience. The two dimensions of willingness cognition and ability cognition in entrepreneurial cognition have a complete mediating effect on the impact of failure-learning-based entrepreneurship education on youth entrepreneurial resilience while the mediating effect of arrangements cognition is not significant. The fault-tolerant environment positively moderates the impact of failure-learning-based entrepreneurship education on entrepreneurial resilience, and its moderating effect is transmitted through the mediating effect of willingness cognition and ability cognition. A strong fault-tolerant environment enhances the impact of failure-learning-based entrepreneurship education on the formation of youth rational cognition, through the mediating effect of willing cognition and ability cognition, which further strengthens the positive impact on youth entrepreneurial resilience. The findings enrich the body of knowledge on entrepreneurship education and can improve youth entrepreneurial resilience.
Gamification in management: Positive and negative aspects
(Technická Univerzita v Liberci, ) Kačerauskas, Tomas; Sederevičiūtė-Pačiauskienė, Živilė; Šliogerienė, Jolita; Ekonomická fakulta
The phenomenon of gamification is analysed, identifying positive aspects of gamification, risks and problems. The paper adopts a method of systematic critical literature analysis in English, German, and Russian. We provide the most relevant gamification definitions classified into two main groups, fundamental and practical. The confusion of these groups or ignorance of one causes particular problems in understanding gamification. We face two levels of gamification in different areas of business management. It is the so-called meta- or macro-level and applied or micro-level. The paper aims to demonstrate the broader context of gamification in management by revealing the phenomenon’s positive and negative aspects. To reach the aim, five objectives were defined: i) to show the broader context of gamification in management; ii) to reveal the problems, risks, or even negative aspects of gamification in management; iii) to appeal to the practical issues how and in what areas to use gamification; iv) to show a broader cultural and philosophical context behind the manager interpretation of gamification; v) to introduce the discourse of gamification as an integrated theoretical approach that could reveal essential aspects of management. Gamification has both positive and negative aspects in all areas of management. On the one hand, gamification increases productivity and improves service, contributes to innovative participatory thinking and action, improves internal control, coordination, communication, collaboration, and creativity, increases motivation and pleasure at work, develops the soft skills of employees and reduces costs, as well as contributes to better acclimatisation. On the other hand, gamification commercialises human relations, causes novelty effects, elicits desired behaviour and predicts job performance, transforms organisational culture in unpredictable and counterintuitive ways, results in stress and anxiety, lowers self-esteem, causes exhaustion, conflict, and incomplete knowledge, serves as a means of domination and mobbing, and finally increases free-riding and work intimidation.
Extended model of mobile shopping acceptance: An empirical study of consumer behaviour
(Technická Univerzita v Liberci, ) Stefko, Robert; Gavurova, Beata; Olearova, Maria; Bacik, Radovan; Nebesky, Lubomir; Ekonomická fakulta
Although the popularity of mobile commerce is on the rise, mobile shopping is still not widely accepted in Slovakia. Therefore, research and knowledge in this area is insufficient. Based on two research models which explain human behavior (theory of reasoned action) and how the user accepts new technologies (technology acceptance model), the presented study proposes and tests a conceptual model combining the mentioned models and new, stimulating factors (customized offers and price benefits) in order to design a holistic model for predicting consumer behavior with regard to the acceptance of mobile shopping. In the first step of the research, we used exploratory factor analysis (EFA) to extract the predicted factors and verify the validity and reliability of the research tool – a questionnaire. The main research was conducted on a sample of 627 students from Slovak universities (part-time study). Using the confirmatory factor analysis (CFA), we performed a measurement model evaluation, and then, using the structural equation modeling – partial least squares (SEM – PLS) method, we evaluated and quantified the expected effects of the investigated factors. These new, stimulating factors, integrated into the theoretical framework of existing models, have been shown to act as direct and indirect predictors of the intention to mobile shopping. However, perceived usefulness proved to be the strongest predictor. The intention to mobile shopping is also significantly influenced by the attitude to mobile shopping, which is also determined by the new factor customized offers. The results the research arrives at may be beneficial for businesses, as they may reduce the costs associated with the creation of mobile shopping channels from an economic point of view and may increase their market competitiveness.
Discovering the mindsets of the luxury recycling phenomenon
(Technická Univerzita v Liberci, ) Todri, Ardita; Papajorgji, Petraq; Ekonomická fakulta
This study focuses on two main luxury items recycling issues. First, understanding customers’ attitudes toward recycling luxury items via e-business and second, discovering e-platforms configurations used. This study considers as input parameters consumers’ age and gender. Thus, an online survey implementing a mind genomics experiment was delivered to 4,320 international consumers regardless of whether they have experienced or not recycling luxury items via e-commerce channels. Only 3,624 consumers participated in the study, indicating one of four reasons they recycle luxury items via e-commerce channels. These reasons are: to renew their wardrobe often, follow fashion without paying an exorbitant price, profit from selling clothes & accessories they do not use anymore, and be part of the luxury recycling business without significant investments. In addition, this study established as the main pillars of luxury recycling items via e-commerce channels the following aspects: the use of e-commerce to recycle luxury clothes & accessories; the configuration used in luxury recycling e-commerce sites; the sector benefiting the most from the luxury recycling business; the luxury recycling business approach more beneficial. The selection of the study pillars and the reasons for recycling help to achieve the main goal of the study, being understanding what fascinates consumers about luxury recycling. It unveils that configurations such as outlets and individual sales are preferred in the luxury items recycling business. Further, recommendations are provided to consolidate ethical luxury items recycling business, such as the development of more user-friendly technological e-commerce platforms, and decreasing intermediation charges.
Investigating self-efficacy and behavioural bias on investment decisions
(Technická Univerzita v Liberci, ) Srinivasan, Kuppusamy; Karthikeyan, Parthasarathy; Ekonomická fakulta
The determinants of irrational decisions on the stock market are found in numerous empirical studies. However, self-efficacy and behavioural biases have a sturdy influence on stock market investment decisions. Behavioural biases are formed with heuristics, prospect theory and herding effect concerning stock market investments. Self-efficacy is independent of behavioural biases but is closely connected with controlling behavioural intentions in decision-making. The research was conducted to find the influence of self-efficacy and behavioural biases in the decision of stock market investment. The study was conducted with 250 individual investors and applied the SEM technique. Findings indicated that heuristics had a positive relationship with behavioural biases, but behavioural biases reported a negative relationship with the herding effect and prospect theory. Heuristics were mostly developed on the intrinsic strength of individual investors; therefore, investors believe heuristics will be a better decision-making tool than prospect theory or the herding effect. Prospect theory is shaped and influenced by regret aversion, loss aversion, self-control and mental accounting. Financial literacy, risk tolerance, and peer support profoundly develop the self-efficacy of investors to make profitable investment decisions. Self-efficacy is formed by risk tolerance, financial literacy and peer support in the stock market investment decision and identified the evidence of individual investors not making rational decisions and facing one or more behavioural biases and self-efficacy factors. The study finds the combined effect of behavioural biases and self-efficacy in stock market investment decisions, which have significant implications among individual investors, particularly in emerging markets.
The importance of Industry 4.0 technologies when selecting an ERP system – An empirical study
(Technická Univerzita v Liberci, ) Polívka, Martin; Dvořáková, Lilia; Ekonomická fakulta
The paper deals with the issue of the impact of the “Industry 4.0” concept on the process of selection of the enterprise resource planning (ERP) system. Firstly, review of the literature regarding the ERP system selection is presented, with the emphasis on the role of the new technologies in such selection. Secondly, the content of the term “Industry 4.0” is discussed, and put into context with the nature of ERP systems. The main part of the article then presents the results of the survey conducted among the medium and large industrial companies in the Czech Republic. Employees in the position of decision makers in the matter of selecting an ERP system were asked to participate. The survey used the form of questionnaire with close-ended questions with five-point scales, and investigated the attitude of the Czech manufacturing companies to the selected technologies of “Industry 4.0” and the importance of particular criteria for the selection of new ERP system. Investigated criteria were divided into 9 groups, where 5 of them were derived from previous research on the topic of ERP systems selections, and dealt with system price, portability, modularity, user experience and security. The remaining 4 groups were aimed at the selected technologies of “Industry 4.0” – big data, system integration, cloud computing and automatic identification and data capture. Kruskal-Wallis test and Neményi method of post-hoc analysis were used to compare the importance of particular criteria expressed by the respondents. The results show that although the companies are aware of the future challenges raised by the “Fourth Industrial Revolution,” in the selection of ERP systems they still emphasise mostly the previously used criteria such as price or modularity. As for the criteria connected to “Industry 4.0,” the ability of a system to deal with big data was assessed as the most important one.
The dark side of knowledge transfer: A visual analysis using VOSviewer
(Technická Univerzita v Liberci, ) Wang, Yijing; Wang, Changfeng; Ekonomická fakulta
Building the core competitiveness and improving the innovation performance of the team is becoming increasingly important to keep pace with changing economic environments and emerging technological opportunities. However, the dark side of knowledge transfer can lead to a series of harmful consequences which will destroy the core competitiveness and creativity of the team, even will reduce the innovation performance of the team. And the literature on the dark side knowledge transfer is very fragmented and lack of coherence, leading to more needs to systematically sort through studies on the dark sides of knowledge transfer. Therefore, this paper aims at reviewing the extant knowledge transfer and its dark side research field to understand the historical roots, its temporal progression, current state and potential future in a meaningful way. Data for this study were retrieved from the Web of Science database using a systematic literature search process. The bibliometric characteristics of 926 research documents were analyzed using bibliometric and knowledge mapping analysis. Based on a visual analysis tool VOSviewer, this paper provides a comprehensive review of the dark side of the knowledge transfer research field. The authors provide a quantitative review of these studies through the use of three bibliometric techniques: general description analysis, co-word analysis, and bibliographic coupling. This paper provides an overview of the annual publication trends, most productive and impactful countries, authors, and sources. The authors present an overview of historical progression, current status, and future directions of the dark side of knowledge transfer research based on an in-depth content analysis of these knowledge maps. This is a unique endeavor to accomplish a systematic bibliometric analysis of the dark side of knowledge transfer, offering an intellectual framework which reveals the antecedents and consequences of the dark side of knowledge transfer.
The competitive advantage of enterprises from the customer perspective
(Technická Univerzita v Liberci, ) Maráková, Vanda; Wolak-Tuzimek, Anna; Lament, Marzanna; Dzúriková, Lenka; Ekonomická fakulta
The ability to achieve and maintain a competitive advantage in the long term is one of the most valuable abilities of a company in the modern economy. Companies strive to achieve a competitive advantage in order to be recognised by customers, which is expected to lead to increased revenues and profits. It is important to choose factors serving to achieve a competitive advantage. More desirable are factors that are difficult to copy by competitors and adapted to the opinions and needs of consumers. The aim of the article is to identify the sources of competitive advantage of enterprises in the opinion of consumers from Slovakia and Poland. The article analyses the literature on the subject and uses the methods of descriptive statistics and exploratory factor analysis (EFA). The analysis of the results is based on surveys conducted on a group of consumers from Slovakia and Poland using statistical software. A questionnaire assesses the importance of competitive factors utilised by companies. The obtained results confirm that quality is an important source of competitive advantage and country is a variable differentiating the selection of sources of competitive advantage. The research contributes to the ongoing scientific discussion, more specifically taking into account the consumer focus. To summarise, gaining a competitive advantage is a complex task influenced by a number of factors. To a large extent, they are related to the capacity for innovation, to the resources possessed, including human capital, and to the ability to respond to market needs and the use of marketing tools. The research contributes to the development of theories in the field of enterprise competitiveness, and its results can serve as recommendations for enterprise managers to identify the key sources of enterprises’ competitive advantage.
SUSTAINABLE BANKING, FINANCIAL STRENGTH AND THE BANK LENDING CHANNEL OF MONETARY POLICY
(Technická Univerzita v Liberci, ) Cantero-Saiz, María; Torre-Olmo, Begoña; Sanfilippo-Azofra, Sergio; Ekonomická fakulta
The aim of this article is to analyse how sustainable banking affects the transmission of monetary policy through the bank lending channel. We also quantify how these effects are determined by the financial strength of each bank. These objectives, which have not been studied previously, represent an important contribution because real sustainable concerns in banking did not emerged until recently, mainly with the adoption of the Sustainable Development Goals that should be reached by 2030. Since then, some studies have focused on the effects of sustainability on aspects such as bank profitability, risk or efficiency, but none has considered the effects on the bank lending channel of monetary policy. In fact, central banks have incorporated sustainability criteria into their agenda and are analyzing how to include these criteria in the monetary policy framework, so we contribute even more by shedding some light on these aspects and how they depend on the financial strength of the banking sector. We used quarterly data from 79 listed banks from the OECD between 2016 and 2019 (947 observations) and we found that the bank lending channel is operative either for banks with very low sustainability ratings or a weak financial position. When sustainability ratings increase and financial strength becomes moderate, the bank lending channel is ineffective and monetary shocks do not affect lending. For banks with certain sustainable compromises and a strong financial position, the impact of monetary shocks on lending is the opposite of the one that the bank lending channel proposes, and this impact is more intense as sustainability ratings increase. Finally, our results also show that increases in central bank assets boost lending only for banks with low or moderate sustainability ratings, regardless of their financial strength. Overall, these results suggest that more sustainable banks are less dependent on monetary policy decisions.
Is banking and finance education producing sector-relevant personnel? Stakeholders’ psychological perceptions toward employment
(Technická Univerzita v Liberci, ) El Sayed, Ranim; Özgit, Hale; Ekonomická fakulta
While many studies have examined factors affecting graduate employability, few have examined the effects of stakeholders’ psychological perceptions. Uncovering the moderating effects of employability skills and experience becomes critical. This study examines the psychological perceptions of graduate programs, graduate employability modelling, interpersonal competencies, and the employability skills and experience required to produce sector-relevant personnel for the banking sector. Using structural equation modelling, we examine the relationships between the subject variables. 453 students and 33 lecturers were surveyed, and data sheets from a skills inventory were given to a random sample of 23 bank human resource managers in North Lebanon. The findings support the theory of beneficial interaction effects between interpersonal competencies and graduate employability.
Managing intellectuals: Reaping the most and the best of knowledge workers in the post-COVID world
(Technická Univerzita v Liberci, ) Atan, Arzu; Atan, Tarik; Ekonomická fakulta
The COVID-19 crisis forced massive changes in work practices, channeling most of the activities to digital/remote work paradigms almost overnight. In this post-COVID locked-in world, traditional top-down control and command mechanisms simply ceased to exist. Profoundly different approaches and understandings became necessary to reap the most and the best outcomes from workers. In this new paradigm, cultivating organisational citizenship behaviors might be the most – if not only – viable way to ensure comprehensive results and sustained success. That necessitates a highly rooted insight into the influences of leadership styles. This article discusses the constructs of transactional leadership and transformational leadership styles. Contextualisation of the data patterns investigates the interrelationships between these two styles by comparing and contradicting their effects on organisational citizenship behaviors. It explains how these two approaches work in tandem for better results, mutually enabling each other, like the two legs of an athlete, where the lack of one profoundly cripples the outcomes, making the other ineffective as well. Using a survey inquiring about the perceptions of online knowledge workers, a three-step analysis was conducted and, as a result, established a robust argument that these two leadership styles are not paradoxical; they need not be mutually exclusive or contradicting can enable and complement each other. This finding is crucial for managing knowledge workers and knowledge workers as managers.
Different modelling approaches of tax revenue performance: The case of Baltic countries
(Technická Univerzita v Liberci, ) Mirović, Vera; Kalaš, Branimir; Milenković, Nada; Andrašić, Jelena; Ekonomická fakulta
Tax revenue performance represents one of the most essential issues to every government when creating and profiling fiscal policy according to the macroeconomic framework of each country. In particular, this issue comes to the fore in extraordinary circumstances and unstable trends when governments are exposed to greater costs of financing budget deficits and public debts. Tax revenue mobilization shows the government’s ability to collect sufficient revenue to finance government expenditures, as well as cover public needs. By using static and dynamic panel approaches, this research investigates the effect of tax revenue performance in Baltic countries (Estonia, Latvia and Lithuania) for the period 1995–2020. The main objective of this paper is to identify which determinants are crucial for improving tax revenue performance in the Baltic region. Namely, this research identifies how the main macroeconomic determinants affect the tax revenue performance in Baltic countries, which enables these economies to adjust to their favorable and unfavorable effects from the aspect of tax revenue mobilization. The empirical results show that gross domestic product per capita, industry value added, trade, and government expenditures have positive effects on tax revenue performance, while inflation, gross government debt, and exchange rate volatility negatively affect the tax revenue performance in these economies. Furthermore, the joining of Baltic countries to the European Union upgraded the tax revenue performance of this region in the short-run and long-run. Precisely, Baltic countries should focus on a higher level of economic growth, greater industry share and trade of GDP, as well as lower inflation rate, lesser exchange rate volatility, and smaller government gross debt.
On competition and transparency in public procurement during the COVID-19 pandemic in the European Union
(Technická Univerzita v Liberci, ) Kubak, Matus; Nemec, Peter; Stefko, Robert; Volosin, Marcel; Ekonomická fakulta
Government expenditures on acquiring services, goods, and work through public procurement represent a substantial proportion of the EU’s GDP. Competitive and transparent tendering procedures are generally believed to promote achieving the primary goals of public procurement: maximising value for money and reducing corruption. However, during the crisis, procurement rules allow a temporary departure from transparency standards toward fast and more discretionary procurement procedures justified by force majeure, possibly restricting competitiveness and information availability in the whole procurement process. The presented paper examines emergency response procurement measures by EU countries in the aftermath of the COVID-19 outbreak in the spring of 2020 and their impact on competition. Using an extensive dataset of contracts for medical supplies and PPE obtained from Tenders Electronic Daily, we document the rapid increase of direct and negotiated contracts in the first two months of the pandemic outbreak. We found that firms, in general, were more likely to participate in procurement procedures with a prior call for tenders, such as open procedure and restricted procedure. On the other hand, the significant share of contracts obtained by small and medium enterprises without competition, hence by single bid procurement, suggests that public authorities tend to use their discretion in favour of SMEs. Moreover, overall emergency procurement setting and its effects on competition vary across countries regardless of how intensely the pandemic hit, indicating an institutional context for the increased discretion effects on procurement outcome.
Defending the nation, securing the economy
(Technická Univerzita v Liberci, ) Iuga, Iulia-Cristina; Socol, Adela; Ekonomická fakulta
Literature on the effects of military expenses and GDP is mixed, although a significant body of research supports the hypothesis that military expenses positively impact GDP. To contribute to the literature, this article analyses whether military expenditures influenced GDP in 27 European Union member countries from 1998 to 2021 by studying two clusters specific to the analysed countries: NATO and non-NATO countries. The way in which military expenditures affect GDP has been analysed using both the classic static models for panel data (pooled OLS, fixed effects, random effects, feasible generalized least squares, panel corrected standard errors, Poisson pseudomaximum likelihood regression) as well as by applying dynamic panel model system GMM, reverse causality, and half-panel jackknife regression models, with unemployment and inflation selected as control variables. The findings indicate that the current values of military expenditures positively influence GDP in both clusters, while past values of military expenditures positively influence GDP in the NATO EU countries and negatively affect GDP in the non-NATO EU countries. There are several key differences between NATO EU members and non-NATO EU members, particularly in regard to their security commitments and defence spending. NATO members are part of a mutual defence pact, agreeing to the principle of collective defence, which also impacts public defence policies and public budgets. This paper offers practical value to policymakers, stakeholders, and academicians. In addition, it has two significant political implications. First, it highlights the role of military expenditures as a catalyst for economic growth but does not underestimate the dangers of using military spending as a pretext to stimulate employment. Second, it establishes the optimal proportion of military expenditures required to fulfil two essential targets of national and European policies – security and welfare.
INTELLECTUAL CAPITAL AND FIRM PERFORMANCE WITHIN TELECOMMUNICATIONS INDUSTRY DURING THE NEW NORMAL ERA
(Technická Univerzita v Liberci, ) Muftiasa, Afdol; Wibowo, Lili Adi; Hurriyati, Ratih; Rahayu, Agus; Ekonomická fakulta
In the post COVID-2019 era, companies are making a variety of changes to boost their performance. Companies need to understand that rivalry is for physical and intangible assets, such as intellectual capital, when they want to thrive and succeed in the market. Research on the relationship between intellectual capital and firm performance has become a study that has received wide attention from researchers from various disciplines. The purpose of this research was to analyze how intellectual capital, comprising human, structural and relational capital, affected firm performance in the telecommunications sector during post COVID-2019 era. Quantitative research using a questionnaire survey was used in this study. A valid research instrument was utilized to survey 115 employees from all telecommunications companies in Indonesia listed on the Indonesia Stock Exchange in 2019–2021. Human, structural, and relational capital were hypothesized to have a positive effect on company performance, and their relationship was investigated. Intellectual capital was found to have a statistically significant and positively impacting relationship with firm performance. Recommendations are then made for researchers and practitioners. This research has implications for practitioners. Practitioners can concentrate efforts on the three main components of intellectual capital management. Furthermore, managers in companies, especially telecommunications companies, understand how intellectual resources evolve following current developments and will ultimately positively impact performance. This is one of the very few studies examining the relationship between intellectual capital and firm performance in the Indonesian telecommunications industry and the first to investigate this relationship with perceptual measures in Indonesia.
Foreign direct investments and participation in global value chains: New evidence from advanced manufacturing industries in Central and Eastern Europe
(Technická Univerzita v Liberci, ) Kersan-Skabic, Ines; Barisic, Antea; Ekonomická fakulta
Foreign direct investments (FDIs) and trade within global value chains (GVC) have been considered one of the most important vehicles of economic development and competitiveness, especially for countries in transition. The countries of Central and Eastern Europe are competing to attract not only high amounts of FDI inflows but they also put emphasis on the FDIs’ sectoral structure. FDI inflows into advanced industries can represent the basis of technological development that will lead to the creation of a greater number of high-skill jobs and a higher level of innovation, thereby influencing the reduction of the economic gap in relation to developed countries. This study aims to explore the importance of FDI inward stock for GVC participation in the advanced manufacturing industries in eleven EU member states that transferred to market economies in the 1990s and attracted vast amounts of FDI inflows since then. The dynamic panel data analysis results indicate the importance of FDI inward stock in the manufacturing industry for the GVC participation in advanced manufacturing industries across this set of countries while also stressing the important implications of manufacturing share in GDP changes for these industries’ backward GVC participation. The findings confirm a positive association between attracting FDI in the manufacturing sector and GVC integration in advanced manufacturing industries. Such FDI targeting can be a vehicle for internationalization and development of high-tech and knowledge-based industries.
Nexus between corporate governance and earnings management in family and non-family firms
(Technická Univerzita v Liberci, ) Naz, Aziza; Naďová Krošláková, Monika; Farheen, Iqra; Čvirik, Marián; Michálková, Anna; Ekonomická fakulta
This study explores the relationship between internal corporate governance mechanism and accruals and real earnings management (EM), following Pakistan’s 2012 amended Code of Corporate Governance. It also examines the moderating role of family firms on the relationship among corporate governance mechanisms and accruals and real earnings management. For this purpose, we used a sample of 172 firms listed on the Pakistan Stock Exchange (PSX) for 2012–2019. The dependent variables were estimated by utilizing the generalized method of moments (GMM), fixed random effects and moderation analysis were estimated through Stata. Hausman specification test was used to choose among random and fixed effects. Results report that board size showed a significant positive impact on abnormal discretionary expenses and overall real earnings management. Board independence led to a substantial and negative impact with accruals EM. Managers of familyowned firms are also opportunistically altering the reported earnings. Results illustrate to the users of financial statements that the reliability of financial information depends on the effectiveness of corporate governance. Also, highlight the efficiency of monitory mechanisms and suggest that board independence is one of the practical approaches for an emerging market to restrain the EM practices. Findings are helpful for regulators, policymakers, and investors to regulate and make policies to improve the financial reporting quality in Pakistan. As per the authors’ knowledge, this study adds the novelty by focusing on two critical internal monitoring mechanisms (board independence and board size) in mitigating earnings management, following the 2012 amended Code of Corporate Governance in Pakistan. It will add uniqueness by studying the moderating role of family ownership, as the literature is scarce. The findings of this study highlighted the impact of the internal monitoring mechanisms on earning management practices in Pakistan.
Strategic management, scenario analysis and competitive advantage analysis: New opportunities for anti-money laundering system reform
(Technická Univerzita v Liberci, ) Lyeonov, Serhiy; Bilan, Yurii; Kuzmenko, Olha; Krukhmal, Olena; Vasa, László; Ekonomická fakulta
The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external and internal factors for activation of money laundering process are formed. The relationship between the key internal and external factors of money laundering intensification and competitive advantages by building a binary characteristic matrix is formed. The synergy effect made by the mutual influence of simultaneously acting internal and external factors – a quantitative feature of the further strategy of the financial monitoring system reforming in terms of cross-country analysis is calculated. An economic-mathematical model for evaluating and interpreting strategy for improving the financial monitoring system in terms of cross-country context based on integer optimization is developed. In the article, there is calculation of the number of competitive advantages received by each observed country, without considering the possible synergy effect of mutual influence of simultaneously acting internal and external factors on each other. Moreover, there is quantitative assessment of the synergy effect made by the emergence of additional competitive advantages due to a certain combination of simultaneous influence made by external and internal factors of the money laundering intensification. The “ideal” situation of the possibility of gaining all possible competitive advantages in reforming the financial monitoring system in terms of cross-country context by overcoming internal and external factors stimulating the money laundering is studied. The results of the cross-country analysis form a basis for the further formalization of the limits for quantitative evaluation of the developed strategies through a uniform distribution.
Perception regarding European Green Deal challenges: From environment to competition and economic costs
(Technická Univerzita v Liberci, ) Stoian (Bobalca), Iuliana Claudia; Clipa, Raluca Irina; Ifrim, Mihaela; Lungu, Anca Elena; Ekonomická fakulta
The objective of sustainable development cannot leave aside the relevance of short-term benefits, long-term negative externalities, and opportunity costs of actions implied by the complex relation economy-society-environment. The transition to a green economy cannot be based exclusively on win-win solutions for all involved parties but requires taking into consideration potential trade-offs between several objectives. The EU strategy for achieving sustainable development and energy security is materialised in the project European Green Deal, which sets courageous goals. Our paper groups the advantages and disadvantages of EGD policies, using exploratory and descriptive research. In this context, we analyse, based on interviews and a questionnaire, the perception of students who have taken Economics courses and are familiar with the topics of externalities and economic policies in relation to the challenges posed by the European Green Deal. While the initiators of this project expect the increase of energy efficiency of the EU states, the encouragement of cleaner industrial activities, the reduction of pollution and of other threats related to global warming, and assuring a more sustainable future for the European economy, the main concerns are related to social costs and loss of European companies’ competitiveness. Our findings identified some costs regarding international transactions’ financial aspects and competition, while the main benefits were related to environmental protection. Policy implications of this study refer to a more rigorous configuration of policy measures, through expanding the studies regarding the perception of the energy policy, for a wider and better public understanding and acceptance of its benefits and implications.
TWENTY-FIVE YEARS OF “E&M ECONOMICS AND MANAGEMENT”: A BIBLIOMETRIC ANALYSIS
(Technická Univerzita v Liberci, ) Yao, Xuan; Xu, Zeshui; Žižka, Miroslav; Ekonomická fakulta
E&M Economics and Management (E&M), originally founded in 1998, is dedicated to promoting advancements in the fields of Economics and Management based on theoretical and empirical analyses. Motivated by its 25th anniversary in 2023, this paper utilizes bibliometrics to make a comprehensive analysis of publications of the E&M that are included in Social Sciences Edition of the Web of Science (WoS). First, we make a performance analysis of the related publications to present the development and distribution of the E&M publications between January 2008 and April 2022 from the aspects of publication and citation structure. Second, a visual analysis of the literature called science-mapping analysis is implemented to display the structural and dynamic organization of knowledge of the E&M publications with the help of bibliometric tools VOSviewer and Bibliometrix. Finally, the paper discusses the evolution of E&M and some of the limitations and prospects to help editors and researchers understand how E&M has evolved over time and where it can be improved. This paper also provides a model of future effective analytical methods for assessing the data from a particular journal. According to the findings, researchers throughout the world publish in this journal on a regular basis. E&M is growing significantly during twenty-five years, and is becoming one of the influential journals in the fields of Economics and Management.

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