Číslo 1
Permanent URI for this collection
Browse
Browsing Číslo 1 by Issue Date
Now showing 1 - 12 of 12
Results Per Page
Sort Options
- ItemINVESTMENT INCENTIVES IN THE ENVIRONMENT OF THE CZECH REPUBLIC(Technická Univerzita v Liberci, ) Blaschke, Petr; Ekonomická fakultaInvestment incentives were originally created particularly to support the inflow of foreign capital into transforming economies. Today, they are also available in the developed countries of Western Europe, where they no longer fulfil their primary function but have become a standard and popular economic policy tool allowing the government to emphasise its impact on the country’s positive economic development (e.g., falling unemployment and reductions in unemployment benefits or recovery of public finance). Like any comprehensive system, the system of investment incentives has its supporters and opponents who cannot agree on their justification. The question is, whether they are efficient from the point of view of the government, as their provider. This is even more prevalent if the given investment was realised without investment support. Using the data of investment incentives provided by CzechInvest and selected macroeconomic indicators (Czech Statistical Office), as well as regression analysis of time series dependences, the aim of this paper is to verify the impact of investment supported by incentives (independent variables) on the macroeconomic climate of the Czech Republic (dependent variables) from 1998 to 2019. Based on the research findings, investment incentives cannot be described as an effective economic policy tool that clearly leads to the regions’ economic development. They contribute to an inflow of investments into (not only) structurally problematic regions (i.e., with higher unemployment or a lower economic level), but the positive impact of these investments on the macroeconomic climate is statistically negligible – not only at the regional level (NUTS 3), but also at the level of the whole economy (NUTS 1). In addition, the question remains as to whether or not the supported investments in the given region would have been implemented without the possibility of using incentives.
- ItemFINANCIAL CAPABILITY AS A FUNCTION OF FINANCIAL LITERACY, FINANCIAL ADVICE, AND FINANCIAL SATISFACTION(Technická Univerzita v Liberci, ) Ajaz Khan, Khurram; Çera, Gentjan; Pinto Alves, Sandra Raquel; Ekonomická fakultaThere is no substantial evidence that exists in the literature to establish the link between financial advice and financial capability fully establishes, even though ‘getting help’ is identified as an important aspect of financial capability. This study sets out to fulfil a couple of objectives. Its primary goal is to investigate the effects that a combination of financial literacy elements (financial attitude, financial knowledge, and financial behaviour), financial advice as well as financial satisfaction have on individuals’ financial capability, and secondly, to test and prescribe the improved scale of financial capability measurement. This research has been administered in Spain at an individual level. Hierarchical regression method along with Z-test were used. Regressions’ outcomes reveal that financial constructs positively impact the individuals’ financial capability. From the viewpoint of policymakers, it is vital to fully comprehend the significant factors influencing financial capability to plan better strategies to empower the citizens with adequate skills, abilities, and behaviour so to succeed in dealing with financial matters in daily basis. The originality and value added to the present study is two-fold. Firstly, it comprehensively examines the wide-ranging financial indicators seen as critical in determining financial capability, which remain yet not quite covered in other studies. Second, both indicators used to measure the financial capability revealed no substantial differences, therefore an improved composite scale is prescribed as useful in measuring financial capability in future research.
- ItemCOMPARISON OF CREATIVE ACCOUNTING RISKS IN SMALL ENTERPRISES: THE DIFFERENT BRANCHES PERSPECTIVE(Technická Univerzita v Liberci, ) Drábková, Zita; Pech, Martin; Ekonomická fakultaSmall enterprises are exposed to new challenges in examining the impact of creative accounting on their financial statements, particularly when assessing ‘going concerned’ conditions and increasing the risk of fraud. The article aims to identify accounting errors and fraud risks made by accounting adjustments, thus distorting the true and fair presentation of financial statements. We aim to explore the risks of creative accounting based on the relationship between profit creation (EBT) and cash flow (CF) by applying the CFEBT risk triangle method. We analyze small enterprises operating mainly in the trade, processing, and construction industry to achieve this. The detected risks of accounting records were subsequently compared and evaluated in the selected branches of activities. Our research findings confirmed that M-score values were primarily negative for the monitored industries of small enterprises. The resulting values point to applying creative accounting methods – earning management, which pursues, in particular, tax optimization, and, on the other hand, the fulfilment of profitability criteria. A more profound analysis of selected accounting items and financial indicators confirmed more substantial differences between the trade and construction industries. Differences between the branches were found in one-half of the financial indicators and most of the 14 accounting items monitored. The accounting risks ascertained may be used as a tool for reducing the information asymmetry between authors of accounting records and users of reported accounting data and information. The detection and evaluation of risks of accounting errors and errors beyond the economic substance of reported data may considerably improve the quality of decision-making of internal and external users and is also used by persons authorized to conduct the administration and Corporate Governance for increasing the efficiency of enterprises’ internal control systems.
- ItemTALENT RETENTION IN SLOVAK COMPANIES: EXPLORATIVE STUDY(Technická Univerzita v Liberci, ) Savov, Radovan; Kozáková, Jana; Tlučhoř, Jan; Ekonomická fakultaThe success of talent management is based on keeping talented individuals in a company. Attractive work, suitable working environment, strong organizational culture, work flexibility, effective leadership, as well as financial or non-financial benefits are factors that a company can significantly influence in order to retain talent for future tasks. On the other hand, companies should avoid mistakes that complicate retention of talent, for example, extreme workload, conflicts with executives, lack of opportunities for self-development, as well as inadequate financial remuneration. The goal of presented study is to explore differences in talent retention in various types of companies according to several factors. Realized questionnaire study obtained data from 381 companies represented by managers. Data were analyzed quantitatively by ANOVA and results were completed and described by Focus groups qualitative research. The research model was set according to outcomes of previous researches with following most important factors: financial requirements, motivation system, communication and self-development. Also, the challenges from outside and specific procedures provided inside the company to retain talents were added. Obtained outcomes shows interesting differences between companies in successful retention of talents which can be found: in private companies, in companies with foreign capital, in companies with a HR unit, and companies with a better financial situation. Surprising findings were seen in the comparison of companies by size. Despite the better chances of retaining talents in larger companies, the talent retention process is more successful in small ones. Our study helps to understand the current situation in talent retention in different types of Slovak companies and find ways to improvement. Outcomes are significant for managers, researchers and education of future entrepreneurs. However, despite good knowledge of practical implementation of talent retention in Slovak companies there are still limited financial resources and regulations which impede the application of the results obtained.
- ItemTHE COMPETENCY-BASED TRAINING & ASSESSMENT, AND IMPROVEMENT OF TECHNICAL COMPETENCIES AND CHANGES IN PEDAGOGICAL BEHAVIOR(Technická Univerzita v Liberci, ) Khan, Saba; Ahmed, Rizwan Raheem; Streimikiene, Dalia; Streimikis, Justas; Jatoi, Munsif Ali; Ekonomická fakultaThis research aims to analyze the improvement of technical competencies and changes in pedagogical behavior on competency-based training and assessment. We developed a modified conceptual model with the help of previous literature. We examined the impact of competency-based training & assessment on traditional teaching methodologies, practical teaching strategies, technical knowledge, and pedagogical & technical components as outcome variables. We also incorporated behavior & psychological aspects of teachers as mediators in our modified conceptual model and examined the mediation between exogenous and endogenous variables. We have collected the data of 458 respondents using a modified structured questionnaire from public and private teachers of Sindh technical and vocational institutions online from different regions of Sindh, Pakistan. For the data analyses, we employed SEM-based multivariate techniques. The findings exhibit that the direct relationship between competency-based training & assessment (independent variable) has a significant and positive influence on traditional teaching methodologies, practical teaching strategies, technical knowledge, and pedagogical & technical components as outcome variables. Similarly, the findings further concluded that behavior & psychological aspects are potent mediators between competency-based training & assessment and traditional teaching methodologies, teaching-learning abilities, practical teaching strategies, technical knowledge, and pedagogical & technical components as outcome variables. Hence, the behavior & psychological aspects of teachers is a vital factor that accelerates the impact of competency-based training & assessment on the dependent variables. The outcomes of this research are imperative theoretical and practical implications, which may guide the direction of future researchers and policymakers of vocational training and education.
- ItemFACTORS HINDERING THE CONDUCT OF AUDITS OF CORPORATE SOCIAL RESPONSIBILITY REPORTS: EVIDENCE FROM POLAND(Technická Univerzita v Liberci, ) Bartoszewicz, Anna; Rutkowska-Ziarko, Anna; Ekonomická fakultaThis article presents the results of empirical research conducted among audit firms in Poland regarding the factors hindering the provision of non-financial information verification and attestation services. The rapidly developing practice of non-financial reporting among socially responsible entities in Poland does not translate into the number of reports that are subjected to external audits. Despite the unquestionable need to confirm the reliability of non-financial data, services of this type are not provided by the majority of audit firms. The primary aim of the article is to identify the factors hindering the performance of audits of non-financial reports in Poland. The article identifies the entities operating in the Polish audit market in terms of selected features. The authors provided answers to three main research questions: What percentage of audit firms in Poland carry out the verification of non-financial reports? What is the size and the level of employment of audit firms in Poland? What factors hinder, in the auditors’ practice, the performance of audits of non- financial reports? To achieve the objective, a survey research was conducted among audit firms under the supervision of the Polish Agency of Audit Oversight. The theoretical basis of the article included a literature study on the audit of non-financial reports as well as an analysis of regulations governing this subject matter in Poland. This study is the first such review of factors that condition the use of such an important tool as an audit in non-financial reporting. The obtained study results indicate that only 2.3% of audit firms perform audits of CSR reports. The main factor that limits audit firms in the performance of this type of services is the low demand in this regard. Moreover, the audits of non-financial reports are limited by insufficient staff.
- ItemDETERMINANTS OF CASH HOLDINGS: EVIDENCE FROM BALKAN COUNTRIES(Technická Univerzita v Liberci, ) Vuković, Bojana; Mijić, Kristina; Jakšić, Dejan; Saković, Dušan; Ekonomická fakultaThe purpose of this paper is to identify the determinants and indicate their impact on the company’s cash holdings in the wholesale industry in ten Balkan countries. Effective cash holdings management is key to any company’s healthy and smooth business operation, so comprehending and analyzing the relationship between the company’s internal determinants and cash holdings is vital. The sample used for this work included 106 companies, whose operations were studied over a four-year period (2014–2017), using the panel data model with fixed effects. The obtained results showed that three of the five observed variables (size, leverage, non-cash liquid assets, profitability and asset tangibility) have a statistically significant impact on the company’s cash holdings. It was determined that larger wholesale companies generally hold less cash, primarily due to more favorable external sources of financing, thus, financially stronger wholesale companies on the Balkans are likely to hold less cash. Only by practicing adequate inventory management and receivables collection policy can wholesale companies ensure effective working capital, leading to the fact that more profitable wholesale companies hold more cash. The realized profit of wholesale companies is used to increase liquidity as well as to stimulate business growth and development. The research results revealed that, in order to achieve an optimal cash holdings level, the observed wholesale companies in Balkan countries tend to constantly balance between profitability and liquidity. This paper contributes to improving the liquidity of wholesale companies in Balkan countries. It also offers wholesale companies assistance in establishing and maintaining an optimal cash holdings policy in order to reduce the potential risk of financial distress enable them to take advantage of all investment alternatives to maximize profit. All stakeholders will benefit from the developed model with significant determinants of the cash holdings policy along with the findings of this paper, especially when making decisions related to the cash holdings policy of wholesale companies and improving the overall business efficiency.
- ItemGREEN MANAGEMENT IMPLEMENTATION: A CASE OF THE BULGARIAN HOTEL MARKET(Technická Univerzita v Liberci, ) Scholz, Petr; Červová, Lenka; Janeček, Petr; Linderová, Ivica; Ekonomická fakultaThis research article focuses on the ecological operation of accommodation services in Bulgaria. The aim of this article is to evaluate the application of various green management elements and measures in selected hotels in Bulgaria, namely in the cities of Sofia and Varna. The research will pay attention to the implementation of individual green measures in hotel operations as well as a comparison between hotel categories and hotels in the two cities in terms of the application of green measures. Running an environmentally friendly hotel can have several positive effects. It significantly manifests itself in the area of marketing – it creates an image, has an effect on current and prospective guests, and defines the positioning of the hotel. It also impacts the economic and operational aspects, with ecological elements having the potential to reduce hotels’ operating costs. The societal impact of running hotels in an environmentally friendly fashion lies in resource conservation and ensuring environmental sustainability. This research was carried out using mixed research methods, combining semi-structured interviews with hotel management staff in Varna (n = 90) and Sofia (n = 96). The total sample of participating hotels represented 81.6% of hotels in the two cities. The interviews were complemented with a questionnaire survey, which focused on the application of environmentally friendly solutions in hotel operations. In the data analysis stage, the methods of correspondence analysis, the ANOVA test and the Kruskal-Wallis test were used. The results suggest that the higher the hotel category, the stronger the trend to use environmentally friendly methods in running hotels. The research also found that there were differences between the level at which green measures were applied in hotel operations in the two cities. The research results are applicable in practice by national professional associations that support resource conservation and thus affect the entire hospitality industry.
- ItemDO LINKS TO TAX HAVENS AFFECT COMPANIES’ FINANCIAL PERFORMANCE? THE CASE OF SLOVAKIA(Technická Univerzita v Liberci, ) Elexa, Ľuboš; Ištok, Michal; Šlampiaková, Lea; Ekonomická fakultaThis paper aims to quantify the impact of direct equity ownership links between Slovak companies and tax havens. We distinguish between three types of tax haven: onshore, midshore and offshore. The financial impacts are measured by indicators of profitability (ROA); activity (total asset turnover); liquidity (current ratio); and bankruptcy (IN05). To measure the impacts, we link the Bisnode and Finstat databases. The first database lists those Slovak companies that had links with tax havens during 2005–2015. The second provides financial statements for all Slovak companies. It was found that: 1) There are statistically significant differences in all investigated indicators between Slovak companies with and without links to tax havens. Those with links to tax havens generally reported worse economic situations and levels of performance compared to those without such links. We conclude that having a parent company resident in a tax haven had a negative effect on financial performance. 2) There are statistically significant differences between the selected indicators of company performance, across the different categories of tax haven, and for companies with no links to tax havens. 3) Those with no such links show statistically significant correlations between all their examined performance indicators. But for those companies with links to tax havens, the only statistically significant correlation was between profitability and the remaining indicators. 4) Companies with ownership links to tax havens are clearly engaged in profit-shifting activities. The results suggest opportunities for follow-up projects, especially focusing on different industries and company size that could specify their heterogeneous approaches and variability in objectives.
- ItemAN EMPIRICAL STUDY TO INVESTIGATE THE COERCIVE MANAGEMENT BEHAVIOR: EVIDENCE FROM ACADEMIA(Technická Univerzita v Liberci, ) Eivazzadeh, Niusha; Nadiri, Halil; Ekonomická fakultaThe current study aimed to investigate the relationship between compulsory citizenship behavior and turnover intention of academics in Iranian universities. The effects of other components, such as the perception of organizational justice and psychological security, on this relationship were tested as mediators. Moreover, some demographic elements were considered as controlling factors. The nonprobability convenience sampling method used to collect the data, which were analyzed statistically by applying CFA and structural equation modeling (Path Diagram followed by the maximum likelihood estimation method). It was determined compulsory citizenship behavior increases the academics’ turnover intention in Iranian universities while mediation elements, such as organizational justice and psychological security, reduce this negative consequence. The result shows that reducing the negative influence of CCB in the organization causes less percentage of turnover intention. Rising the employees’ perception of organizational justice and their psychological security, is helpful for the administration to achieve this goal. Findings notify managers that (1) fairness in all work-related outcomes and (2) making the working environment psychologically secure decreases the academics’ intention to leave although they feel the pressure of doing extra-role duties. The most interesting finding is that psychological security held a substantially stronger effect on reducing the negative consequences of CCB than organizational justice. For organizations and managers, the emphasis should be on preparing work environments supportive of high organizational justice and employees’ psychological security to maintain turnover intention at its lowest levels. Regarding the compatibility of the study with the Journal focus, we can mention that results will allow HR practitioners a better understanding of essential factors they have to focus in their leadership style and management efforts to reduce the financial and spiritual costs of turnover intention.
- ItemRESEARCH ON THE MACRO NET FINANCIAL ASSETS VALUE EFFECT OF MONETARY POLICY(Technická Univerzita v Liberci, ) Wang, Xiaoting; Shen, Peilong; Palečková, Iveta; Ekonomická fakultaThis paper focuses on the impact of Chinese and US monetary policy on the net financial assets value of macro balance sheet from both theoretical and empirical aspects and reveals the sectoral solvency risk conduction path based on the balance sheet channel. In addition, the paper is focused on the effects of the interest rate as a target tool for monetary policy on the macro net financial assets. In the theoretical analysis, the net present value model of the economy is constructed, and a general equilibrium model representing the relationship between the real interest rate and net asset value of five sectors is derived (government, financial, resident, enterprise and central bank sector). This model explains the basic principle how interest rates affect net financial assets values. The dataset includes the central bank, commercial banks and shadow banks, and the stock and equity liabilities of the debtor are taken as the net asset of financial institutions during the period 2000–2016. The empirical results show that an increase in the real deposit interest rate improves the net financial assets value of the four sectors, and an increase in the real loan interest rate reduces the net financial assets value of the four sectors, while the effect of the real loan interest rate is greater than the real deposit interest rate. The effect ranking of interest rates on the four sectors is financial, enterprise, government, and resident sector. Overall, loose monetary policies can reduce macro-financial risks through the balance sheet channel, while the negative effects of long-term low-interest policies should be prevented; the macro-policies should hedge sectoral risks triggered by the exit of the easing policy via the macro balance sheet channel.
- ItemTRENDS IN THE CATERING AND ACCOMMODATION BUSINESS IN THE MORAVIAN SILESIAN REGION(Technická Univerzita v Liberci, ) Kostková, Miroslava; Pellešová, Pavlína; Kajzar, Patrik; Ekonomická fakultaThe development of tourism trends significantly influences the tourist attractiveness of the destination ad increases tourist attendance. The paper presents the results of the research Tourist Trends in the Moravian Silesian Region (MSR), which focused on examining trends in accommodation and catering facilities, as a significant part of tourism services. The research area included trends and innovations in the field of services and the reaction of the offer of these services due to the change in the preferences of customers and visitors to these facilities. The main goal of the paper was to identify new trends in the offer of accommodation and catering services and to determine factors affecting repeat visit or purchase. Quantitative research using a questionnaire survey and qualitative research using structured interviews with business representatives in 2017 and 2020 was used and the results were compared. The opinions of visitors and representatives of the business on service quality indicators were compared. The dependence of service quality indicators related to repeat visits or service purchases was examined using the chi-squared test of independence. Evaluations of some service quality indicators did not confirm their dependence on repeat visits/purchases. Representatives of accommodation and catering services have a common opinion on the importance of specific indicators of service quality for repeat guest visits. The survey showed changes in the offer and quality of services of accommodation and catering companies in the Moravian Silesian Region due to changing preferences of the customers. The formulation of new trends in this part of the offer of tourism can serve as an inspiration for local entrepreneurs in the region and lead them to develop new products and introduce new services, to increase their business success and also to increase tourist attendance in the region.