Číslo 1
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- ItemThe contribution of innovation actors into business R&D funding – does the substitution effect of public support work in the EU?(Technická Univerzita v Liberci, ) Pisár, Peter; Ďurčeková, Ina; Stachová, Mária; Ekonomická fakultaInnovation and R&D are becoming a prominent part of policies of countries and transnational unions such as the European Union. This is shown in strategy “Europe 2020” established by EU which prompts member states to invest 3 % of their GDP in R&D. R&D expenditure is an important indicator of innovation performance of a country. However, it is not only important to look at R&D expenditure as one aggregate indicator, but to also consider the contributions of various innovation actors to R&D funding. Since firms are known to be the main innovation actor that creates the biggest amount of innovation in national innovation system, the paper is focused on financing of business R&D. The aim of the paper is to examine business R&D funding from resources of main innovation actors and to analyze the impact of public support of R&D on private R&D investment in EU member states. The research is based on descriptive statistics as well as panel regression and correlation analysis and cluster analysis of 28 EU member states. Our results suggest that the main source used to fund business R&D comes from business sector, followed by public support and resources from abroad. The cluster analysis resulted in four clusters based on the structure of business R&D financing in the EU countries. The analysis of substitution effect of public support of R&D suggests that public support has a positive effect on private investment in business R&D, with the raise of public support for business R&D of 0.1011 % GDP resulting in 1 % increase in business funded R&D expenditure.
- ItemNon-financial Indicators in the Valuation Process – Current Trends(Technická Univerzita v Liberci, ) Hálek, Vítězslav; Borkovcová, Anna; Hašek, František; Ekonomická fakultaThis article is motivated by the needs to make non-fi nancial indicators more accessible to and clearer for both general public and experts, especially because of the rapid expansion of nonfi nancial indicators and a complete absence of publications that would cover this topic. The main aim of this article is to emphasize the growing infl uence and contribution of the nonfi nancial indicators related to social and environmental changes in society, which has a signifi cant impact on individual companies. Furthermore, the purpose of this study is to defi ne the key terms and show how they relate to the non-fi nancial indicators. The article also aims to describe the importance and the use of the non-fi nancial indicators and defi ne the future development in the non-fi nancial indicators. Measuring the non-fi nancial indicators of a company is a new practice. The need to include the non-fi nancial aspects in the business’s evaluation has forced economic development, during which the environment has become highly unstable and characterized by global competition and rapid technological progress. The economy has turned into a very tough competitive environment. Even for the purpose of valuing an enterprise, it is not enough to compare its activities only from one point of view. The fi nancial indicators themselves seem insuffi cient, mainly because they are largely historical and may not be enough for the analysis of the future development. The contribution of this paper is primarily the determination of the non-fi nancial indicators and their infl uence on society and companies. Non-fi nancial indicators are compared to the fi nancial indicators, as it is so far insuffi ciently addressed topic. Systems of evaluating the performance of companies based on a combination of indicators (fi nancial and non-fi nancial) could become a tool for managing and enforcing a corporate strategy in the short term and especially long term.
- ItemMarketing tools in the era of digitization and their Use in Practice by Family and other Businesses(Technická Univerzita v Liberci, ) Petrů, Naděžda; Kramoliš, Jan; Stuchlik, Peter; Ekonomická fakultaThis article addresses Marketing 4.0 as an exceptionally dynamic field for company competitiveness that is evolving rapidly. The main goal of this article is to evaluate and compare the overall level of use of modern marketing tools in practice by family and non-family businesses, and subsequently to measure the dependence between the extent of Marketing 4.0 activities and number of employees, volume of sales, field of business, and year the company was established. Primary and secondary data was analyzed using basic and advanced statistical methodologies, including the testing of six hypotheses. The study showed that for both family and non-family businesses there has not been any significant increase in overall marketing vitality in the years studied. Indeed, the long-term focus of companies on values provided to customers and relationships with customers was confirmed. The results further showed that from the perspective of marketing vitality, one of the currently more significant weaknesses of smaller companies in particular of both family and non-family types is a missing or insufficient strategy for realization of marketing activities. This study confirms the dependence of the level of overall marketing vitality on sales volume and company size by number of employees, but on the other hand no dependence was proven between marketing vitality on field of business or year company established. This study evaluates the liminality and states that family businesses above all others address what is for them the more important strategic question, namely that of succession. The study is unique in that it compares the results of three studies carried out between 2016 and 2019. The context of this study is framed by an appeal to eliminate barriers to change and rapid response by companies to the needs, requirements, and expectations of customers operating in the online world.
- ItemFactors Affecting the Cost of Service Trade: Empirical Evidence from China and the European Union(Technická Univerzita v Liberci, ) Chen, Ji; Fang, Qiang; Liu, Si; Balezentis, Tomas; Zhang, Chonghui; Ekonomická fakultaThis study examines the factors affecting the cost of service trade between China and the countries of the EU. The costs between China and EU member states from 2005 to 2017 are measured using the improved gravity model. On the basis of relevant theories, the influencing factors system of service trade cost is constructed, and a dynamic panel model is used to conduct empirical analysis. The empirical results can be summarized into four aspects. First, the costs of service trade between China and EU member states has shown a general trend of gradual decline and there is still room for further decline. Second, the costs of trade in services between China and developed EU countries are lower, while those between China and undeveloped EU countries are higher. Third, service restriction, economic development levels and infrastructure have a greater impact on the cost of bilateral trade in services. Lastly, there are differences in influencing factors of service trade cost among countries with different levels of economic development.
- ItemVULNERABILITY TO THE CONSEQUENCES OF BREXIT: EVIDENCE FOR POLISH AND SPANISH REGIONS(Technická Univerzita v Liberci, ) Nazarczuk, Jarosław M.; Umiński, Stanisław; Márquez-Ramos, Laura; Ekonomická fakultaAfter the announcement in June 2016 that the UK would leave the EU, studies analysing the consequences of this reversal in economic integration have proliferated, mostly presenting prospective consequences for the UK economy. But Brexit will necessarily also have consequences for non-UK European countries and their regions. Given the different character and intensity of regions’ interconnections with the British economy, we assess Polish and Spanish regions’ vulnerability to Brexit in the sphere of foreign trade. We rely on the conceptual framework originally presented by Turner et al. (2003) comprising: exposure, sensitivity and resilience, which together describe the overall vulnerability to a specifi c phenomenon. We fi ll the gap in the Brexit-related literature by applying the perspective of the regions of other EU countries, engaged in trade relations with the UK. We show that geography “still matters” and due to gravity, path dependency and FDI, some regions have developed relatively stronger commercial links with the British economy. We expected to obtain the taxonomy or Polish and Spanish regions ‘mixed’ within the identifi ed clusters of vulnerability. However, it is not the case, because clusters are mainly composed by Spanish or Polish regions, with a few exceptions, in which several Polish regions are accompanied by one or two Spanish regions. The results show greater vulnerability of Spanish (more exposed but better prepared) than Polish regions (more sensitive). While Brexit is rather perceived as a national problem, its asymmetrical impact on regions’ economy through the trade channel is a serious challenge for regional policy. It is therefore the role for regional institutions to monitor the vulnerability to the Brexit consequences and to facilitate adjustments to the exporting (and importing) companies that will be severely affected. They can be assisted in searching for the alternative export (import) markets.
- ItemInvestor Decision-making in the Context of the Effective Corporate Taxation(Technická Univerzita v Liberci, ) Konečná, Veronika; Andrejovská, Alena; Ekonomická fakultaMobility of capital and the efficiency of corporate taxation are important terms for investors who are deciding on the allocation of investment. At present, capital mobility is a modern phenomenon that cuts budgets for tax revenues and affects overall employment and economic growth. The corporate taxation principle means the profit is immediately taxed at the shareholders' level and the tax rate of the shareholders is used as a tax rate for investment profits. The aim of the article is quantifying the degree of dependence between the effective rate and the selected microeconomic determinants, which influence the investment decisions of foreign investors. To achieve the aim, we have selected and analyzed the microeconomic determinants that monitored the economic indicators in the companies. In the article, we focused on the leverage effect, the capital intensity, the company's profitability, the share of development and research spending that companies are willing to provide, and the nominal tax rate, which is the most generalized and primary information for investors. Data for the empirical research are from the financial statements of companies listed on stock exchanges, which lead the business activities in the Member States of the European Union. The data comes from the Amadeus database (2018). Through linear regression analysis, we research the impact of microeconomic determinants and effective tax rates over the period 2008 to 2016. The analysis has confirmed the established hypothesis. The results of the analysis pointed to the profitability of the company as the indicator that most influence the effective tax rate. Increasing it by 1% will bring down the effective tax rate by 2.451%. The results were confronted with the theoretical theories of many authors who evaluated this relationship.
- ItemCooperation and Competition in Manufacturer–Key Retailer Relationships: a Business Model Perspective(Technická Univerzita v Liberci, ) Witek-Hajduk, Marzanna Katarzyna; Zaborek, Piotr; Ekonomická fakultaThe study investigates relationships between manufacturers and their key retailers in the Polish durable consumer goods industry from the manufacturer’s perspective. The importance of this topic has been growing with such global phenomena in retailing as concentration and internationalization, the emergence of mega-retailers, the growth of private brands and the rise of the Internet. The balance of this factors has led to a shift in bargaining power towards retailers. On this backdrop, the goal of this study is to examine how a manufacturer’s dependence on the key retailer shapes this relationship in terms of its cooperative/competitive dimensions, scope and outcomes, and if the dominant business models of manufacturers are moderating the focal relationship. The three types of business models include: Traditionalists (unwilling to enter into long-term partnerships despite lacking unique assets), Market Players (the most flexible of the three in choosing their partners and deciding on the scope of cooperation due to their unique assets) and Contractors (the most dependent on their business partners due to their lack of well-developed marketing functions). Data for the study were collected through a representative CATI survey of 580 manufacturers and analyzed with PLS structural equation modeling. The findings indicate that high manufacturer dependence on the key retailer can have positive impacts on manufacturers by inducing greater benefits from cooperation. This effect is the most pronounced among Traditionalists and is the least visible in Market Players, with Contractors showing intermediate effects. Some likely reasons for these positive effects include know-how transfers, extension of the distribution network, manufacturing contracts for private labels and marketing support from the key retailer.
- ItemComparison of Grocery Shopping Behaviour of Slovak Residents on the Slovak-Austrian Border: an Empirical Study – Hainburg an der Donau(Technická Univerzita v Liberci, ) Kita, Pavol; Križan, František; Bilková, Kristína; Zeman, Milan; Siviček, Tomáš; Ekonomická fakultaFood is a part of human life, forming its existential and cultural basis. It also has become the basis of trade and a measure of the level of one or another culture, the engine of economic development. All these themes resonate more and more in debates in Slovakia as well. There are several reasons why. Slovaks still pay relatively more for food in comparison to neighbouring Austrians, who benefit from a rich offer of food at an affordable price. This might be related to an organized agricultural landscape, which is the product of economically prosperous food production. Bratislava residents’ dissatisfaction with shopping experiences and products on offer in the current retail network in Bratislava forces them to travel to shop in the town of Hainburg an der Donau. The article states the types of Slovak consumers and their identities. An empirical study was conducted on a sample of 909 Slovak consumers shopping in Austrian grocery stores located in Hainburg an der Donau on the Slovak-Austrian border. The respondents rated their shopping experience and products on offer in the town. The study compares Slovak and Austrian stores based on the consumers’ reasoning behind purchasing food in Austria and consumer satisfaction with the stores in both countries. Multidimensional scaling was used to present the results of the study. The results of the study represent a comparison of shopping behaviour of Slovak residents when considering shopping in Austria. Constructed perception maps identify the main types of consumers indicating the largest discrepancy in purchasing groceries in Austrian and Slovak stores.
- ItemThe impact of Supply Chain Leadership and Followership on CSR: An empirical study about a Portuguese energy supplier(Technická Univerzita v Liberci, ) Fontoura, Pedro; Coelho, Arnaldo; Ekonomická fakultaPurpose: The aim of this investigation is to identify the impact of the supply chain leadership (SCL) and followership (SCF) on corporate social responsibility (CSR), considering the moderator role of the supply chain leadership dependency (SCLD). Additionally, we considered the mediating effects of information sharing (IS), shared values (SV) and purchasing social responsibility (PSR), since these variables may help understand the chain of effects that leads to a sustainable supply chain. Methodology: This study uses a structured questionnaire to gather data from a cross-sectional sample of 425 supply chain partners from the biggest Portuguese’s energy supplier. Structural Equation Modelling is used to test the proposed hypotheses, and a multi-group analysis is conducted to find how suppliers’ dependency can impact on the suggested relationships. Findings: SCL has a positive impact on IS, SV and PSR while SCF has a positive impact on IS and SV. IS, PSR and SV have a positive impact on CSR. SCF has a direct impact on CSR, while SCL only shows indirect effects throughout the effects of the mediating variables. Dependency appears to moderate some of the proposed relationships. Implications/Originality: Better understanding the impacts and the chain of effects between supply chain leadership and CSR, also considering the role of dependency as moderating variable. The overall results may support the importance of a truly sustainable business leadership capable to promote social responsibly along the entire supply chain. It is a new approach of supply chain management, identifying how a social responsible company may lead their suppliers to adopt and develop a true and committed social responsible behaviour, and contribute to a better world. Limitations: The research considers only one company suppliers. The relationships between variables need to be explored in other practical case studies and longitudinal investigations to improve the possibility of generalisations.
- ItemAnalysis of Green Economy Dimension in the Context of Circular Economy: The Case of Baltic Sea Region(Technická Univerzita v Liberci, ) Stankevičienė, Jelena; Nikanorova, Marta; Çera, Gentjan; Ekonomická fakultaThe circular economy is based on the synergy of economic, environmental and social dimensions on -micro, -meso and -macro levels. Integration of circular economy would help to shift from a linear economy, which promotes “take-make-waste” industrial model to a more effective economic system that is based on business models, which replace the “end-of-life” concept with reducing, alternatively reusing, recycling and recovering materials in production/distribution and consumption processes. This alternative model would encourage producers to develop innovative solutions to reduce production waste, be in the line of “green” production and resource-efficient usage. A circular economy would help to solve problems of resource shortage, negative environmental impact, production and consumption waste by developing closer relationships between suppliers, manufacturers, retailers and consumers. Regulation and policy determents may influence consumer behaviour by promoting investment into environmental and social drivers, subsidiaries for eco-innovation and eco-technology development, and supporting inefficient consumption taxes and production pollution taxes. The purpose of the article is to propose a way of analysing of green economy dimension in the context of circular economy, by providing empirical tests on economic data of Baltic Sea Region countries. The current paper includes the observation of green economy dimension in the context of circular economy in Baltic Sea Region including Green investment, Green fiscal policy, and Technological development. A multi-criteria decision analysis methods TOPSIS and MULTIMOORA were used to compare the set of indicators by identifying weights for each criterion. TOPSIS and MULTIMOORA are quite useful methods to rank and make selection of several indicators.
- ItemLearning from the sales conversion rate throughout its Product Life Cycle analysis: a case of study for the Spanish Automotive sector(Technická Univerzita v Liberci, ) Saco, Manuela; Galiano, Aida; Rodríguez, Vincente; Ekonomická fakultaThe scientific literature has not considered that the conversion rate in sales could have an irregular behaviour throughout the Product Life Cycle (PLC). The main contribution of this article is to reveal this unequal behaviour of the conversion rate in each of the phases of the PLC and highlight the advantages that the knowledge of this behaviour brings to Marketing and sales departments. In the empirical analysis carried out 157,960 clients have acquired 27,831 vehicles during 42 months considering a national network of car dealerships. We use ARIMA methodology to study the evolution of the time series considered. The results show a countercyclical behaviour of the conversion rate variable and an evolution pattern that fluctuates with the cycle in the case of the analysis of the clients assisted variable. Contrary to what might be expected, the conversion rate variable increases significantly in the launch phase and decreases significantly in the growth phase. This unknown performance of the conversion rate can be used in business decisions by the Marketing and sales departments to improve their efficiency. The conclusions obtained in this investigation can be an advance in the use of the PLC in analysing the evolution of the company, promoting a development of knowledge in both the academic field and in the business world. This work has theoretical and practical implications that can help business management. This research is an exciting scientific challenge that aims to develop numerous and important practical applications, with the aim of combining the management of the PLC with the conversion rate in sales, aspects that are closely related in the business field.
- ItemAntecedents of turnover intention: A meta-analysis study in the United States(Technická Univerzita v Liberci, ) Özkan, Ahmet Hakan; Elci, Meral; Erdilek Karabay, Melisa; Kitapci, Hakan; Garip, Cinar; Ekonomická fakultaThe purpose of this paper was to determine the direction and effect size of the relationships between turnover intention and its main antecedents in the United States. The main predictors of turnover intention are chosen as job satisfaction, organizational commitment and empowerment. The studies which are published between 1998 and 2018 are reviewed. ScienceDirect, Scopus, and ProQuest databases were searched and 2.356 studies are screened. The meta-analysis software package, Comprehensive Meta-analysis Software (CMA), was used for the meta-analysis. 101 studies were suitable and the three data sets are formed: first set included 312,261 subjects and 91 studies relating job satisfaction to turnover intention, the second set included 13,502 subjects and 29 studies relating organizational commitment to turnover intention, and the third set included 997 subjects and 5 studies relating empowerment to turnover intention. Each data was heterogeneous significantly and the random effects model was used. Publication bias is analyzed for each data set and no evidence of publication bias was detected. The results revealed that the overall relationship between turnover intention and the selected three constructs was negative and significant: the power of the job satisfaction’s effect and organizational commitment’s effect are almost the same (-.52), and the power of the empowerment’s effect is weaker (-.22). Job satisfaction and organizational commitment have a large impact and empowerment has a small effect on turnover intention. The moderator analysis determined that type of industry and region are the moderators affecting the relationship between job satisfaction and turnover intention. The findings also provide guidance for the managers working in the United States who need to keep turnover under control.
- ItemManagers of tourism companies can no longer expect any financial support from company owners: Different working capital management due to the global financial crisis(Technická Univerzita v Liberci, ) Heryán, Tomáš; Ekonomická fakultaTourism evidence is more and more often among the research literature because of its importance for the economy. Nonetheless, there is still a huge gap in recent literature related to its financial issues, the microeconomics of tourism in other words. This particular paper focuses neither on economic growth, nor the number of arrivals, which is both the most common fields in literature. It focuses on the financial management of middle-sized hotels and travel agencies. The aim of the study is to estimate the relationship between profitability and both, working capital management and reinvestments of companies’ owners of medium-sized hotels and travel agencies in the period affected by the global financial crisis. Annual data from two international databases, Amadeus and Orbis, are used to compare differences caused by the global financial crisis and later on, the Euro crisis. Both of these economic events affected even tourism without any doubts. According to a character of variables the General Method of Moments (GMM) with panel data is deployed as the main estimation method. There is an effort made to explain this particular regression method and all reasons for its usage, more importantly, to explain that a reader in a clear way. The results of this study have proven that managers cannot expect any financial support from owners of tourism companies. Even though the owners were obviously distributing the earnings during the crisis period, managers were able to increase the net working capital apparently. Therefore, on the contrary, owners would put the pressure on managers to employ a riskier payment policy of middle-sized hotels and travel agencies after the crisis.
- ItemDeterminants of the Selection of Travel Agencies on Polish Tourist Services Market(Technická Univerzita v Liberci, ) Mazurek-Kusiak, Anna; Ekonomická fakultaThe aim of the paper is to present differences regarding the sources of searching for information about the travel agency, the determinants which the respondents follow when purchasing tourist events in a given travel agency and the main purposes of the journey, taking into account the respondents’ place of residence. The research used the method of a diagnostic survey using the direct questionnaire technique. The research was carried out in 2017 in various regions of Poland among residents using off-line services of travel agencies (tourism organizers). A five-point Likert scale was used to measure attitudes. The size of the research sample was based on the size of the adult population of Poland. A layered selection was used, in which respondents were selected on the basis of availability, taking into account the criteria related to adulthood, gender and age. Statistica 13.1 PL was used for statistical calculations. The discriminant function analysis was used. The tourist services market is a very variable and difficult to predict market. Research of the author of the paper indicates that for people living in villages and small towns the most important thing is the recommendation of a travel agency by friends, a well-known brand to which tourists are convinced and a price. For people from medium-sized cities, location of travel agency is very important, and the inhabitants of large cities pay particular attention to the rich offer of travel agencies and adjustment of the tourist event to individual needs of clients. The least important is the equipment and decoration of the office.
- ItemMicro-specific Profitability Factors of the Serbian Insurance Industry: A Panel Data Estimation(Technická Univerzita v Liberci, ) Vojinović, Željko; Milutinović, Sunčica; Leković, Bojan; Ekonomická fakultaThe paper investigates the main micro-specific profitability determinants of the insurance industry in Serbia, covering the period 2008–2016. Data set includes accounting ratios for 19 universal insurers, officially reported by the National Bank of Serbia (NBS). We have estimated the fixed effects model using the OLS and GLM estimation procedures, with return on asset (ROA), return on equity (ROE) and return on total premium (ROTP) as the response variables. The estimated results from different models are quite consistent, with some minor deviations related mainly to the magnitude of the effects. Specifically, there is a trade-off between liquidity and profitability, and the insurance companies exploit economies of scale extensively. Loss and risk exposure have significant adverse effect on profitability, while productivity proved to be not significant. In addition, the relative market power (market position) and size have significant positive impact on profitability, while business specialization favors insurance over reinsurance, particularly the life-insurance business, as well as the business specialization dummies (insurance vs. reinsurance, life vs. non-life insurance). Consequently, an optimal profitability strategy should be based on mergers and acquisitions, appropriate risk-taking and risk-management practices, and business sophistication through specialization. In addition, the companies should weight costs and benefits of keeping an excess of liquid reserves. The results also indicate further market concentration due to the size effects, and it could result in higher prices and lower quality of the services. This in turn imposes the new regulatory challenges in terms of the optimal antitrust strategy and appropriate quality control. The implications of these findings are applicable to other Western Balkan countries, especially to Bosnia and Herzegovina and Macedonia.