Číslo 2
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- ItemAsymmetric Effects of Trade Openness on Economic Growth in Selected ASEAN Countries(Technická Univerzita v Liberci, ) Sriyana, Jaka; Afandi, Akhsyim; Ekonomická fakultaIn the growing of economic integration and international relations, the effect of trade openness on economic growth has become an important issue across countries. Following the economic integration, the world trading system has become progressive and competitive in recent years. Many countries generated their economic growth by attracting both foreign and domestic investments and expanding export production. In response to current challenges posed by the implementation of economic integration in the ASEAN region, it is important to conduct a study focusing on the impact of trade openness as well as other economic factors on economic growth. This research examines the effects of trade openness and other economic variables such as foreign direct investment, gross capital formation and human capital on economic growth in selected ASEAN countries. Using long term annual data, the empirical NARDL models incorporate asymmetric effects of trade openness on economic growth in Indonesia, the Philippines, Thailand, and Singapore. While such effects for the case of Malaysia are symmetric both in the short and long-run models, the effects are asymmetric in the long run and symmetric in the short run for the Philippines, Thailand, and Singapore. The results are different for Indonesia where the impact of trade openness is asymmetric in the short run and symmetric in the long run. This paper highlights that trade openness has a net positive impact on economic growth only in the Philippines and Singapore. It implies that most of the other countries in that region have a challenge regarding the implementation of trade liberalization. This research also found that both foreign and domestic investments are important factors of economic growth in the ASEAN countries. Similarly, human capital is proven to be an important factor in economic growth. This paper contributes to the literature by providing a new insight that incorporates the asymmetric effects of trade openness on economic growth.
- ItemUnemployment Effects of Greenfield and Brownfield Investments in Post-transition European Union Members(Technická Univerzita v Liberci, ) Bayar, Yilmaz; Remeikienė, Rita; Žufan, Jan; Novotný, Miloslav; Ekonomická fakultaInternational direct and portfolio investments have gone up considerably as of mid-1980s. The foreign direct investments with characteristic of long term horizon may affect the economic variables through know-how and technology transfer, physical capital expansion, and new job creation. However, foreign direct investments may have potential to negatively affect the domestic competitors with insuffi cient competitiveness in the industry. So, the economic effects of FDI infl ows have been one of the much-debated and studied issues in the international economics. This study investigates the unemployment effects of greenfi eld and brownfi eld investments in 11 posttransition EU members over 2003–2017 period through panel cointegration and causality tests. The article fi lls the gap in the literature, because the relevant empirical literature has generally researched the impact of total FDI fl ows on the unemployment/employment. The empirical fi ndings revealed that brownfi eld investments raised the unemployment in overall panel in the long run, but greenfi eld investments had no signifi cant impacts on the unemployment in overall panel in the long run. However, greenfi eld investments decreased the unemployment in Croatia, Hungary, and Slovenia, and raised the unemployment in Poland and Slovakia, while brownfi eld investments raised the unemployment only in Czechia. Consequently, it is not very reasonable to compare our fi ndings with the results of other studies using total FDI infl ows as the independent variable. But, it is generally consistent with theoretical and empirical expectations.
- ItemImportance Sampling for Monte Carlo Simulation to Evaluate Collar Options under Stochastic Volatility Model(Technická Univerzita v Liberci, ) Li, Pengshi; Li, Wei; Chen, Haidong; Ekonomická fakultaThe collar option is one kind of exotic options which is useful when institutional investors wish to lock in the profi t they already have on the underlying asset. Under the constant volatility assumption, the pricing problem of collar options can be solved in the classical Black Scholes framework. However the smile-shaped pattern of the Black Scholes implied volatilities which extracted from options has provided evidence against the constant volatility assumption, so stochastic volatility model is introduced. Because of the complexity of the stochastic volatility model, a closed-form expression for the price of collar options may not be available. In such case, a suitable numerical method is needed for option pricing under stochastic volatility. Since the dimensions of state variable are usually more than two after the introduction of another volatility diffusion process, the classical fi nite difference method seems ineffi cient in the stochastic volatility scenario. For its easy and fl exible computation, Monte Carlo method is suitable for evaluating option under stochastic volatility. This paper presents a variance reduction method for Monte Carlo computation to estimate collar option under stochastic volatility model. The approximated price of the collar option under fast mean reverting stochastic volatility model is derived from the partial differential equation by singular perturbation technique. The importance sampling method based on the approximation price is used to reduce the variance of the Monte Carlo simulation. Numerical experiments are carried out under the context of different mean reverting rate. Numerical experiment results demonstrate that the importance sampling Monte Carlo simulation achieves better variance reduction effi ciency than the basic Monte Carlo simulation.
- ItemEmpirical Analysis of Long Memory and Asymmetry Effects for the Effectiveness of Forecasting Volatility of Returns on the Commodity Market Based on the Example of Gold and Silver(Technická Univerzita v Liberci, ) Włodarczyk, Bogdan; Miciuła, Ireneusz; Ekonomická fakultaThis paper presents an empirical analysis of the signifi cance of the long memory and asymmetry effects for forecasting conditional volatility and market risk on the commodity market based on the example of gold and silver. The analysis involved testing a wide range of linear and non-linear GARCH-type models. The aim of studying dependencies between rates of return and volatility was to select the optimum model. In-sample and out-of-sample analysis indicated that volatility of returns on gold and silver is better described with non-linear volatility models accommodating long memory and asymmetry effects. In particular, the FIAPARCH model proved to be the best for estimating VaR forecasts for long and short trading positions. Also, this model generated the lowest number of violations of Basel II regulations at the confi dence level of 99%. Among the models studied, the FIAPARCH has the most elastic news impact curve, which translates into more possibilities to adjust to data. The results of the analyses suggest that within the period studied, the FIAPARCH model was the best predictive tool compared to the other models. This stems from the model’s ability to satisfactorily capture the effects accompanying price volatility of precious metals, i.e. asymmetry and long memory. The FIAPARCH model produced the lowest number of VaR violations (lowest risk of the model) for all series, which means that it seems to be the most advantageous predictive model with respect to gold and silver from the point of view of fi nancial institutions. Attention was also paid to the prevalence and signifi cance of long memory and asymmetry effects, which should be taken into account when using GARCH-class models.
- ItemThe Application of Data Envelopment Analysis for Evaluation of Efficiency of Healthcare Delivery for CVD Patients(Technická Univerzita v Liberci, ) Kočišová, Kristína; Cygańska, Małgorzata; Kludacz-Alessandri, Magdalena; Ekonomická fakultaThe focus placed on the effi ciency of the healthcare system can vary across the countries. This paper aims to analyse and compare the technical effi ciency of medical care for CVD patients across selected OECD countries using the data envelopment analysis (DEA) method according to two models. The fi rst model (TE) incorporates the quantitative outputs that are connected with the quantity of the hospital outcomes (the number of surgical operations and procedures related to disease of the circulatory system per 100,000 inhabitants; hospital discharge rates for in-patients with diseases of the circulatory system). The second model (QE) includes the quality outputs that are connected with the health outcomes (survival rates of patients with diseases of the circulatory system). A number of cardiologists and angiography equipment per 100,000 inhabitants and total healthcare costs of CVD patients per 100,000 inhabitants were considered as inputs in both models. Secondly, we analyse whether endogenous (institutional arrangements) and exogenous (population behaviour, economic determinants) factors are associated with the effi ciency of medical care. We utilise Data Envelopment Analysis (DEA) to calculate the effi ciency of medical care for CVD patients in selected OECD countries and establish healthcare systems’ rankings according to TE and effi cient healthcare delivery for CVD patients. The study found that the technically effi cient countries were not as far effi cient when the quality measure was used to calculation of effi ciency. On the other hand, some of the technically ineffi cient countries were performing well concerning effi ciency based on a quality measure.
- ItemDemotivation of Medical Staff in the Selected Health Facility in Slovakia(Technická Univerzita v Liberci, ) Szabo, Stanislav; Mihalčová, Bohuslava; Lukáč, Jozef; Gallo, Peter; Čabinová, Veronika; Vajdová, Iveta; Ekonomická fakultaThe biggest challenges for today’s businesses and facilities in ministries (health, education, defence, police, etc.) are to constantly increase their effectiveness. The quality and effi ciency of each business are above all quality employees. They should be as satisfi ed and motivated as possible to their work performance. This requires careful and funded leadership by properly prepared and carefully considered managers. Providing excellent employee work performance is benefi cial to the enterprise/organization and workers themselves. Nowadays, when employees are an integral part of a knowledge-based business/organization, there is a progress that cannot be achieved without development of the workforce. Although educated people work in the healthcare facility under investigation, it is not always possible to achieve a synergy effect based on excellent work performance and successful system management of the given healthcare facility. Managerial readiness and knowledge of factors affecting employee satisfaction and motivation enables them to prepare an appropriate incentive program that can infl uence the behaviour of individuals or workgroups towards to develop and effectively use the potential of employees, their responsible and quality work, considering their personal goals, and also the interest in the entire facility. Motivation/demotivation of healthcare personnel are frequently discussed issue in relation to healthcare policy making and overall health performance. The quality of health care and the performance of healthcare providers depend not only on the level of education, but also on the willingness and motivation of healthcare professionals. Even in a relatively stable environment, it is necessary to examine what contributes to the motivation of individual workers and what their behavioural patterns are. While motivation is generally paid great attention, in the healthcare system, research is mainly carried out on its performance and relatively few studies relate only to the fi eld of motivation of healthcare professionals. The authors’ ambition is to present research on this topic and to introduce some measures that could contribute to improving the motivation system of healthcare personnel in Slovakia. In a sense, we have tried to briefl y compare the similarity of the system of healthcare motivation in Slovakia to systems in selected, mainly developed countries.
- ItemFINANCIAL CAPABILITY AND TECHNOLOGY IMPLICATIONS FOR ONLINE SHOPPING(Technická Univerzita v Liberci, ) Çera, Gentjan; Phan, Quyen Phu Thi; Androniceanu, Armenia; Çera, Edmond; Ekonomická fakultaTo promote online shoppers’ long-term interest, consumers need to have the knowledge and ability to avoid problems with fi nancial issues. Financial capability helps to put consumers on the path to a sustainable fi nancial future. However, previous studies only focused on fi nancial capability in a fi nancial context. To handle personal fi nance systematically and successfully in an online setting, this study extends an enhanced understanding of how fi nancial capability on online consumer behaviour. Based on the data of 690 respondents collected by a face-to-face from eight main regions in Albania, this study employed principal components analysis and logistic regression in order to investigate the effect of consumers’ fi nancial capabilities and technology use on the decision to purchase online. The outcome of this study fi rstly identifi es six dimensions of fi nancial capabilities, namely, digital banking usage, fi nancial service risk, fi nancial advice, payment risk, risk tolerance, and fi nancial attitude. Secondly, the fi nding revealed that individuals who use smartphones and administrate a social media account, are more likely to involve in purchasing through online channels. Moreover, the decision to purchase online is more prone for those individuals who manifest high levels in digital banking usage, fi nancial advice, prior bank experience and technology usage, and low levels in attitude towards payment risk and attitude towards risk tolerance. This paper offers useful insights concerning the determinants of online purchasing by combining individuals’ fi nancial capability, technology and social media usage along with its demographic characteristics. In term of practical contribution, this study provides a useful model by incorporating for measuring and managing consumers’ fi nancial capability to enhance their involvement and to reduce their cognitive dissonance in the online shopping context. This study also contributes to the accumulated knowledge and encourages consumers to use digital banking and consult their fi nancial issues when purchasing online.
- ItemA Model of Internal Migration: An Extended Neo-classical Migration Model and Evaluation of Regional Migration Determinants in Poland(Technická Univerzita v Liberci, ) Hejduková, Pavlína; Kureková, Lucie; Ekonomická fakultaThe goal of this paper was to carry out an empirical verification of the theoretical model of internal migration and evaluate the influence of selected determinants on internal migration in Poland. In order to achieve this goal, an analysis of internal migration in Poland and an econometric analysis were carried out. The analysis was processed using data from 16 voivodeships (i.e. on the NUTS2 level); the analyzed period was from 2003 to 2017. Based on selected theoretical concepts of migration and present studies on internal migration, the theoretical model of internal migration was specified. A total of five models were estimated; first, four models were estimated for all voivodeships and subsequently a GLS estimate was carried out with the so-called “strong region”. Results of the econometric analysis show that regional wage differences together with differences in the unemployment rate determined internal migration, which is in agreement with the assumptions of neo- classical economy. The positive relationship was indicated between the degree of migration and its delayed variable last year, which points simultaneously to the validity of the assumption of the theory of cumulative causation. The test of the dummy variable has shown that the degree of regional migration increased in the period of crisis. From the perspective of push and pull factors, pull factors in the host region were the following determinants: wage, demand for work in the industrial sector of the economy, and foreign human capital; on the contrary, push factors included the increasing unemployment rate, housing costs and the degree of urbanization.
- ItemPractical Application of Forms and Tools of Marketing Communication in the SME Sector(Technická Univerzita v Liberci, ) Adamska, Małgorzata; Ekonomická fakultaThis paper aims to investigate the application of different types of communication forms and tools (personal, audio/video, online, offl ine) in the context of client capital management and development of the client lifetime value in the sector of small and medium enterprises. Research survey made using computer-assisted telephone interviewing, over 383 small and medium enterprises from the Opole Voivodeship region, with correlation coeffi cients for the selected variables (company size, market segment, markets serviced). The research contributes to enrichment of literature by documenting activity of small and medium enterprises in the area of marketing communication. This research illustrates the use of diverse forms and tools by diverse members of the SME sector. More importantly, this research prepares conclusions for future development of communication as a main stimulator of increasing client lifetime value. The fi ndings show that the small and medium enterprises are aware of the need to use a variety of tools to communicate with clients. The tools are diverse and have a different degree of contact intensity, which effectively contributes to the involvement of clients in the relationship with the company’s offer. These contribute to the perceived value of client capital in the future. The fi ndings suggest that in the future SME sector will develop and diversify channels of communication with clients capital, regardless of whether it concerns B2B or B2C clients. For the enterprise, the most important thing will be constant development of the client’s lifetime value. The popularization of knowledge about currently used communication forms and tools will contribute to the implementation of benchmark-based solutions by other market participants. In the future, it may have a benefi cial effect on the client capital management process.
- ItemThe Evaluation of the Government Draft Lobbying Act in the Czech Republic beyond the Framework of RIA(Technická Univerzita v Liberci, ) Bednářová, Pavla; Ekonomická fakultaOn July 30, 2019 a draft Lobbying Act was approved by the government of the Czech Republic, which reflects growing tendencies to adopt at least minimum normative standards in this area. The aim of the article is to evaluate the lobbying regulatory system in the draft Lobbying Act and its comparison with regulation models in selected European countries through a quantitative cost- benefit analysis. To evaluate the regulatory system from the viewpoint of strength and transparency rate, the specialized Hired Guns methodology (CPI Index) is used. Costs which are needed to achieve, maintain and control a lobbying regulatory system are quantified by means of a methodology by Krsmanovic (CII Index). The CPI Index together with the CII Index (the Ninefold theory) provides comprehensive and robust assessment of specific regulatory models, but also improves comparative assessment of lobbying regulations in different jurisdictions of selected countries. The current situation in the Czech Republic can be characterized as the existence of non-transparent lobbying. The regulatory system represents a lowly regulated system (CPI = 0)/lowly burdensome system (CII = 0). The regulatory system in the government draft Lobbying Act intended to be achieved corresponds to the definition of a medium regulated system (CPI = 34*)/medium burdensome system (CII = 35*). When compared with selected EU countries – Slovakia, Poland, Hungary, Slovenia, Austria, it can be concluded that the proposed regulatory system meets the standard minimum regulation requirements related to lobbying regulation. It is the first evaluation of the lobbying regulatory system in the Czech Republic and in all other cases it is the first and completely unique use of the evaluation of costs connected with lobbying regulation.
- ItemEffects of High-speed Rail Construction on the Evolution of Industrial Agglomeration: Evidence from Three Great Bay Areas in China(Technická Univerzita v Liberci, ) Fang, Lei; Zhang, Xuewei; Feng, Zihua; Cao, Ce; Ekonomická fakultaHigh-speed rail is an important transportation infrastructure that can promote regional economic growth and adjust industrial layout. To explore the impact of high-speed rail construction on the industrial spatial layout of China’s Bay Area, the effects of high-speed rail construction on industrial spatial layout of the Circum-Bohai Great Bay Area, the Circum-Yangtze Estuary Great Bay Area, and the Guangdong–Hong Kong–Macao Greater Bay Area in China were analyzed by using DID (difference-in-differences) model and quantile treatment effect based on the panel data obtained from 2005 to 2016. Results demonstrate that high-speed rail construction signifi cantly affects industrial spatial layout of urban areas. Due to high-speed rail construction, manufacturing and real estate industries in the Circum-Bohai Great Bay Area expand greatly and show a signifi cant diffusion effect. This diffusion promotes agglomeration of wholesale and retail, real estate, transportation, warehousing, and post industries in small cities. High-speed rail construction exhibits an agglomeration effect on fi nancial industry in the Circum-Yangtze Estuary Great Bay Area. High- speed rail construction facilitates clustering of manufacturing, fi nancial, and transportation industries in small cities. The impact of high-speed rail construction on manufacturing, accommodation and catering, fi nancial, transportation, warehousing, and post industries in Guangdong–Hong Kong– Macao Greater Bay Area shows a diffusion effect. In sum, high-speed rail construction causes an evolution of industrial agglomeration in three great bay areas in China. The conclusion provides decision references for optimization of industrial spatial layout in great bay areas.
- ItemModelling the Determinants of Festival Visitors’ Behavioural Intentions(Technická Univerzita v Liberci, ) Ďaďo, Jaroslav; Maráková, Vanda; Táborecká-Petrovičová, Janka; Rajić, Tamara; Ekonomická fakultaLimited efforts have been made to date to examine the determinants of visitors’ behavioural intentions in the context of cultural festivals in Central Europe. The present study aims to fi ll this void in literature by proposing a conceptual model incorporating the festival setting that has thus far scantly examined perspective of the fulfi lment of motives and a subjective well-being as a consequence of a festival experience. The application of structural equation modelling (SEM) on a sample of 770 festival visitors in Slovakia provided support for the concept of visitors’ motivation as a higher-order construct and its direct relatedness to perceived value of a festival experience and visitors’ satisfaction. Both satisfaction and visitors’ subjective well-being emerged as direct antecedents to visitors’ behavioural intentions and mediators of the impact of perceived value on visitors’ behavioural intentions. Implications of the study are provided and limitations and directions for future research are highlighted.
- ItemManagement Practices in Area of Human Resources and Monitoring Results as Determinants of SME’s Success in Poland and the Czech Republic(Technická Univerzita v Liberci, ) Łobos, Krzysztof; Malátek, Vojtěch; Szewczyk, Mirosława; Ekonomická fakultaThe main aim of the article is to identify specifi c management practices of small and medium-sized enterprises (SMEs), which determine processes of their growth and development, and then to determine the character and force of dependence between the identifi ed practices and the growth and development of SMEs. It occurred that the HR practices and the monitoring of results determine signifi cantly the growth and development of small and medium-sized enterprises in Poland and the Czech Republic. In order to accomplish the goal, the authors constructed a model of dependence and also made an evaluation of the signifi cance and force of its infl uence. The unit data obtained from 383 companies operating on the territory of Poland and 381 ones based in the Czech Republic were used for this purpose. The data were analyzed statistically using structural equation modeling. The results point to, fi rst of all, a substantial direct and indirect impact of HR practices on the growth and development of companies in the examined size class in both countries. We recognized four crucial factors of HR practices: (1) attracting talented people to the company, (2) rewarding well, (3) causing that employees know precisely their tasks, decision areas and responsibilities, (4) running an SME enterprise in such a way as to promote cooperation between employees and to create a good working climate. In addition to traditional human resource management practices, we observe in SMEs the need for introduction more humanistic management models focused on building commitment and employee satisfaction. The infl uence of HR practices on the growth and development of an enterprise is additionally strengthened by the monitoring of results. In the case of Polish enterprises, there is a direct impact of the monitoring of results on the development of a company. In the case of Czech enterprises, we have to do only with an indirect infl uence of monitoring practices on the company’s development. Among studied monitoring of results variables, three should be particularly stressed. It is essential that managers and leaders defi ne targets and measures of meeting the targets. The results obtained by the company should be also presented and discussed and monitored on a continuous basis. Results could allow SME’s practitioners a better understanding of crucial factors they ought to focus their management efforts.