Číslo 2
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- ItemThe Impact of Social Media on Sales Promotion in Entertainment Companies(Technická Univerzita v Liberci, ) Štreimikienė, Dalia; Mikalauskienė, Asta; Sturienė, Urtė; Kyriakopoulos, Grigorios L.; Ekonomická fakultaSocial networks including various social media are one of the main online marketing tools that help to achieve marketing aims of the company. Most of social media overlap and have more than one characteristic, aim or purpose. It should be noted that interaction, user-friendliness, openness, freedom and real time are the main features of all social media. When starting to discuss sales promotion of a company on social media, the concept of social commerce becomes inevitable. Taking into account current trend of expansion of internet marketing because it unites the biggest number of users and has the means to implement different aims of the companies, it is necessary explore the impact of social media on sales growth in specific sectors. The paper analyses the impact of social media for sales promotion in entertainment sector. During the quantitative research, 385 respondents were surveyed. The questionnaire of the quantitative research has been prepared based on the marketing communication model for social media used by entertainment companies. The questionnaire included closed type of questions, most of them are provided in Likert scale. The empirical study found that elements (promotion of sales increase; brand strengthening), maintaining connections with present and potential company’s clients that are used by the entertainment companies on social media help to promote sales with users’ engagement. Regular communication of entertainment companies on social media has a positive impact on sales, because users tend to follow such type of accounts actively. The study emphasised the main elements to be applied by the entertainment companies using social media. Therefore, the regular communication and use of influencers are highly recommended for sales promotion of companies. It is also important to stress that companies are advised to communicate regularly, as regularity in communication is one of the most important drivers of sales promotion.
- ItemInfluence of Logistics Competitiveness and Logistics Cost on Economic Development: An FsQCA Qualitative Approach(Technická Univerzita v Liberci, ) Saini, Mohan; Hrušecká, Denisa; Ekonomická fakultaLogistics is an important sector that determines a country’s economic strategy while attaining higher impetus in terms of globalization and competitiveness. Infrastructure along with trade friendly government policies are the key important parameters for a competitive logistics sector. One such method to evaluate competency is the logistics performance index (LPI) by the World Bank. This index evaluates the logistics performance of the economies of the world and rank them on the basis of six parameters (customs, infrastructure, timeliness, tracking & tracing, logistics competence and international shipments). This research study illustrates the impact of logistics costs (LC) and logistics competency parameters (LPI) on the economic development. The fuzzy set qualitative comparative analysis (fsQCA) methodology is applied to identify the causal configuration relations for higher values of economic development (GDP per capita). Eight major economies across Asia (China, India, Japan, Singapore), Europe (Germany, France), the UK and the USA have been studied for the analysis. The Czech Republic and Slovenia are also included to the list of countries to have a perspective of mid-sized economies. These mid-size economies are landlocked countries (Czech Republic) and a smaller port sector (Slovenia) for logistics. The results indicate two configurations of LPI and LC that lead to higher values of GDP per capita. The major contribution to the existing literature is in identifying the influence of LPI index parameters along with LC on the economic development. The associated results illustrate that logistics competence, infrastructure and tracking & tracing of LPI index are identified as the core parameters, resulting in the higher values of GDP per capita. The results offer various insights into future area of research for evaluating new parameters such a LC to be inducted in LPI for evaluating logistics performance.
- ItemPerceptions of Personalization in Company-consumer Interactions on Social Network: Experiment Conducted in the Czech Republic(Technická Univerzita v Liberci, ) Eger, Ludvík; Komárková, Lenka; Zákružná, Veronika; Ekonomická fakultaSocial media has revolutionized the way in which organizations communicate with their customers and stakeholders. Therefore, understanding the characteristics that influence the interactivity and the relationship between an organization and its page visitors is essential for the capability of an organization ability to respond to the current and potential customers on social networking sites in an appropriate manner. The research investigates how companies using brand communities on Facebook influence consumers’ intention to purchase through online interactivity, responsiveness, and personalization. In an online experiment, participants viewed selected records of communication with customers from companies on Facebook pages that differed as to whether and how specifically the companies responded to their consumers. The results were obtained using mediation analyses. These indicate that perceptions of company responsiveness and personalization, based on existing consumer interactions on a Facebook page, influence how participants rated the company, the quality of their own potential company interactions, and the likelihood of them purchasing products from the company in future. The findings of this research also support the assertion that social media has an impact on brand communities as a platform on which consumers interact. Additionally, eye tracking was used to collect data about customers’ activities that assist in understanding how people acquire information from web pages. The research provides a better understanding of which distinct components of a message meaningfully influence perceptions of interactivity. The findings show that marketers should focus on customer complaints as this component of the messages on social media influences the viewer’s visual search. To test other cultural contexts and for further validation of identified relationships, future research could be conducted globally.
- ItemConsumer Behaviour Changes During Times of the COVID-19 Pandemic: An Empirical Study on Slovak Consumers(Technická Univerzita v Liberci, ) Veselovská, Lenka; Závadský, Ján; Bartková, Lucia; Ekonomická fakultaThe humankind finds itself facing unparalleled situation since the worldwide outbreak of the COVID-19 created significant changes in societies worldwide. This paper aims to assess the initial response of consumers in the Slovak Republic during the early stages of the outbreak and emerged challenges for entrepreneurships. Major pandemics were proven to be a catalyst of changes in societies and economies. The main aim of this research was to examine the impacts of COVID-19 outbreak on consumers’ behaviour and draw recommendations for entrepreneurs. A survey was conducted as a method to collect data from consumers creating a representative sample of the population of the Slovak Republic. The rate of consumption has significantly increased when compared before and after the COVID-19 outbreak. The findings show how people of different age, gender and income altered their shopping habits and how the factors influencing their consumers’ behaviour changed during this situation. This paper presents one of the first studies on consumer behaviour of Slovak consumers during the COVID-19 pandemic creating a unique image of new reality and emphasizing new trends that will become significant factors of success of entrepreneurs in the near future. It shares practical experiences which can enable organizations to understand consumer behaviour influenced by COVID-19 Pandemic, to investigate novel needs of their customers and to adapt their business to the situation. Some findings such as the increase in need for safety could had been expected, however changes in importance of some factor such as the drastic decrease in brand loyalty or the influence of colleagues, friends and previous experiences with products were surprising. Findings from this study provide useful information for all entrepreneurs that need to understand how their customers have changed and what new demands may arise in the aftermath of this crisis.
- ItemFinTech Services and Factors Determining the Expected Benefits of Users: Evidence in Romania for Millennials and Generation Z(Technická Univerzita v Liberci, ) Dospinescu, Octavian; Dospinescu, Nicoleta; Agheorghiesei, Daniela-Tatiana; Ekonomická fakultaThe purpose of this research is to define the level of significance for various indicators that influence the degree of consumer satisfaction regarding the use of FinTech technologies and services. The most important factors that influence the level of satisfaction when using FinTech services were considered: comfort and ease of use, legal regulations, ease of account opening, mobile payments features, crowdfunding options, international money transfers features, reduced costs associated with transactions, peer-to-peer lending, insurances options, online brokerage, cryptocoins options and exchange options. The study was conducted on a sample of 162 respondents, persons belonging to the Millennials and Generation Z generations. The values of the indicators for different categories of users of FinTech services and different categories of generations can be determined based on the statistical tests performed and the results obtained from the regression analysis. The values of the indicators are the basic elements for determining the regression model that will help the FinTech service vendors to make personalized decisions for each category of users so that the level of customer satisfaction is maximized. The study carried out within the present article is the first of its kind for Romania, because up to this moment in the specialized literature there are no such studies for Eastern Europe. The research we conducted aims to fill the gap existing in the literature and responds to the expectations and needs of stakeholders in the FinTechs’ business area. The results of the article are relevant to both stakeholders and the scientific community that is concerned about the impact of FinTech technologies.
- ItemPerception of Intellectual Capital and Its Impact on Business Sustainability: Evidence from Small, Medium, and Large Enterprises(Technická Univerzita v Liberci, ) Gross-Gołacka, Elwira; Kusterka-Jefmańska, Marta; Spałek, Paulina; Jefmański, Bartłomiej; Ekonomická fakultaThe main goal of this article is to analyze the level of differentiation of awareness and knowledge among managers of small, medium and large enterprises in the scope of the essence and meaning of intellectual capital as well as the influence of its elements on the sustainable development of enterprises in Poland. Intellectual capital is perceived as a key resource of an enterprise. It is also one of the most valuable resources of an enterprise, which enables its sustainable development. It is critical base of organization’s innovative and strategic sustainability. This article is based around the results of a survey conducted in 2019 among 1,067 enterprises operating in Poland. For the purposes of the verification of the statistical hypothesis, the classical chi-squared test of independence has been applied along with the analysis of variations for fuzzy numbers (FANOVA) with an assumed level of significance α = 0.05. The assessment of the influence of the elements of intellectual capital on the sustainable development of enterprises has been conducted with the application of fuzzy conversion scales. In fuzzy conversion scales, points are most often expressed as triangular or trapezoidal fuzzy numbers. The conducted research indicates a difference between theory and practice in the field of intellectual capital management among enterprises in Poland. On the one hand managers declare awareness of the importance of the influence of intellectual capital on the development of enterprises in Poland, whereas on the other hand, a significant majority of them state that they have not implemented an intellectual capital management strategy at their enterprises and neither identify nor measure this capital or its elements.
- ItemLand Tenure and Technical Efficiency of Smallholder Tea Producers: The Case of Ya’An City, China(Technická Univerzita v Liberci, ) Gessesse, Abrham Tezera; He, Ge; Ekonomická fakulta70 percent of the world and 80 percent of China’s tea production produced by smallholder farmers. However, the tea production per unit area significantly unchanged in the past decades. Understanding factors affecting the technical efficiency of smallholder tea producers is very important to maximize tea production. Aimed at examining the impact of land tenure security and land certification on smallholder tea producers’ technical efficiency, this paper employs the Cobb- Douglas Stochastic Production Frontier (CD-SPF) and Translog Stochastic Production Frontier (TL- SPF) methods for Maximum Likelihood Estimate (MLE) with cross-sectional data collected from 161 randomly selected tea farm plot households in Ya’an city, China. We found that an 1 mu (0.067 ha) increase in the tea farm size will produce a 1.086 tea yield advantage for smallholder tea farmers. We also found that the values of input-output elasticity of land size, household income and labor decrease in turn with 0.144, 0.105 and 0.010 respectively. The results show that farm size is a more crucial input for tea production than income and labor. Moreover, we identify the determinations which enhance the technical efficiency of smallholder tea producers such as land certification, land tenure security age, education, farming experience, total farm size holding, chemical fertilizer, plot steepness and plot distance from home and find that the elimination of land tenure insecurity through land registration and certification makes a clear difference in that. We therefore recommend that tea farmland need to expand and enlarge for better production through comprehensive land consolidation program. We also suggest endorsing the land certificates of all land holders as this will help improve land tenure security, enhance technical efficiency and promote the tea production of smallholder producers.
- ItemDoes Corporate Governance Influence the Firm Value in Bangladesh? A Panel Data Analysis(Technická Univerzita v Liberci, ) Uddin, Mohammed Nazim; Hosen, Mosharrof; Chowdhury, Shahnur Azad; Chowdhury, Mustafa Manir; Mazumder, Manjurul Alam; Ekonomická fakultaCorporate governance has been widely debated for over a decade with the collapse of the financial and capital market under the prejudicial roles of regulatory bodies. Therefore, the study examined the impact of corporate governance on firm value in Bangladesh. A total of 63 DSE-listed companies from 2005 to 2019 consisting of 8,505 observations on an average of 15 years were chosen. The subsequent tests for the given data were conducted to identify the appropriate panel data analysis method for adjusted diagnostic problems. In the specific panel data, the Panel Corrected Standard Error (PCSE) was utilised following the application of the random effects method to control econometric limitations. It was revealed that corporate governance lowered firm value when the board structure was familially and politically affiliated and led by CEO-duality. Moreover, the inclusion of dynamic professionals and independent members in the board structure increased the firm value. The use of the corporate governance code was proven to be highly challenging due to the participation of political and family leaders in corporate firms. Additionally, proper law enforcement was required to ensure transparency and accountability, thus reflecting firm value. As previous studies on corporate governance were conducted on a small scale and partial to the context of developing countries, this paper contributes a novel value in identifying and resolving the corporate governance crisis by reforming the board structure with diverse and professional directors. The regulatory bodies require improvement by including autonomous professional and independent members to exercise the corporate governance code.
- ItemThe Usefulness of Marketing Strategies in a Regulated Market: Evidence from the Spanish Tobacco Market(Technická Univerzita v Liberci, ) Almeida, Alejandro; Galiano, Aida; Golpe, Antonio A.; Martín Álvarez, Juan Manuel; Ekonomická fakultaThis paper outlines possible useful marketing strategies for companies to develop in a regulated market. The empirical analysis aims to highlight whether companies can use marketing strategies to create competitive advantages and scale positions in sales leadership once regulation policies are introduced. To this end, we apply two econometric approaches to sales variables for 138 best-selling cigarette brands: the Bass Model (1969) to estimate the parameters that determine the way clients adopt, and the methodology proposed by Hartigan and Wong (1979) for a further cluster analysis that groups brands. The empirical results suggest that restrictions on demand introduced to the Spanish tobacco market during the years 2005 and 2006, have generated a new scenario in which innovation parameters have no effect on the process of adoption. Therefore, the imitation coefficient is the parameter which makes discrimination between brands possible, which demonstrates the existence of heterogeneity among brands based only on recommendation. The results show the inability of direct marketing strategies to create advantages and scale positions in sales leadership after the introduction of regulation policies, however companies have other marketing options such as imitation among clients and these have proven to be effective since imitation shows heterogeneous behaviour among brands across the diffusion process. This has implications that should be taken into account in markets which are on the verge of being regulated, specifically the modification of marketing strategies if the intention is to lead and scale position in a regulated market. In particular, in the case of Spain, policymakers must acknowledge that the measures implemented in law 28/2005 have had an effect on marketing strategies by cancelling, in practical terms, the diffusion of brands based on innovation and homogenizing the diffusion process based on direct marketing.
- ItemIndirect Estimation of the Development of Capital Productivity in the Regions: The Case of Poland(Technická Univerzita v Liberci, ) Zdražil, Pavel; Kraftová, Ivana; Ekonomická fakultaThis study introduces a new (adopted) method of indirect estimation of the development of the productivity structure in the regions, which at the same time allows estimation of the contribution resulting from changes within the capital factor. Its theoretical background is built on the principles of growth accounting. Within this framework the study employs an arguable assumption of analogy in development of multifactor productivity of industry between the national and regional level. The literature review and empirical results shows, however, that such an assumption may be correct in some cases. Therefore, the article enhances the existing productivity analysis capabilities at the regional level. Within the aim, this study verifies the potential of applicability of proposed method on the regions of Poland. It uses the measure of symmetric mean absolute percentage error (SMAPE) to evaluate the accuracy of method proposed against actual values and the results of two other frequently used methods for disaggregation of capital among the regions in a country. The results indicate that the new method should be more accurate than the methods of regional decomposition of capital-based on value added, and flows investment accumulation. In fact, it seems to be quite correct especially in the industries of wholesale & retail trade, transport & storage, real estates, health & social work, and manufacturing. On the other hand, it is likely incorrect in the industries of information & communication activities, finance & insurance, and administrative & support activities. In general, the method seems to be more accurate for larger industries and vice versa. Higher precision is also observed for industries where capital demand is clearly increasing. Similarly, the method is more accurate in industries where none of the regions are more specialized and vice versa.
- ItemIntangible Assets as Financial Performance Drivers of IT Industry: Evidence from an Emerging Market(Technická Univerzita v Liberci, ) Radonić, Milenko; Milosavljević, Miloš; Knežević, Snežana; Ekonomická fakultaIn the past few decades, IC has been viewed as a crucial factor for improved financial performance of IT companies. Globally, the IT industry has shown positive trendlines and the tremendous importance of intangible resources as part of intellectual capital. Intellectual capital per se may not be a novel topic in the IT industry. Nonetheless, this paper focuses on determining which type of intellectual capital is paramount for financial success, which has remained an open puzzle. The aim of this paper is to analyse the human, relational, structural and innovation capital of IT companies and to measure their impact on financial performance. Moreover, the authors have analysed the impact of the intellectual capital elements on several key performance indicators as the most frequently used in these kinds of studies. In order to address this aim, the study collected primary data from 101 respondents – business owners, managers and experts from a rapidly growing IT ecosystem in South-East Europe. Most research has focused on developed countries for addressing similar topics. Therefore, the authors call out for additional research of this topic in other emerging and developing environments. The findings of this study indicate a positive effect of intellectual capital on business performance. This study raises awareness among business experts in the field of intellectual capital, and supports decision-making through the concept of identifying, managing and analysing intellectual capital and its effect on overall business results. Even though the IT industry has become global, this study draws exceptional attention to the interplay between IC and financial performance in a developing IT ecosystem setting.
- ItemAgile Approach in Human Resource Management: Focus on Generation Y(Technická Univerzita v Liberci, ) Revutska, Olga; Maršíková, Kateřina; Ekonomická fakultaThe paper aims to provide an overview of human resource management’s characteristic features in agile companies and identify the attributes preferred by Generation Y representatives in everyday work life. Detailed literature review of general agile attributes and specifics of agile HR management has shown that the phenomenon is not sufficiently examined. There is a gap in the literature research related to the agile approach applied to Generation Y. Based on a literature review and primary data analysis, the authors identified the attributes of agile organisations that correspond to Generation Y preferences in the field of working conditions. In this way, the authors have opened a discussion on the possibilities of applying the preferred agile approaches to attract Generation Y representatives, increase their work motivation and satisfaction. The paper’s findings support the information base used by HR professionals and companies to ensure that factors such as flexibility, informality, continuous learning, etc, are known by managers and companies. It realises the importance of agile principles in the working environment created for Generation Y to produce a greater added value. The literary part of the paper provides an introduction to the general agile management approach, specifics of agile HR practices and indicates key factors influencing work and supporting effective cooperation with Generation Y. Key findings of the detailed literature review were applied to empirical findings of the sample of Generation Y representatives in the Czech Republic and used for discussion and recommendations. This article aims to contribute to the debate on agile management approaches with regard to Generation Y and its leadership. The paper contributes to a gap in the literature, as key findings confirm that Generation Y is open to adopting an agile approach and prefers some of the agile factors in corporate and human resource management over traditional systems.
- ItemThe GDPR at the Organizational Level: A Comparative Study of Eight European Countries(Technická Univerzita v Liberci, ) Zanker, Marek; Bureš, Vladimír; Cierniak-Emerych, Anna; Nehéz, Martin; Ekonomická fakultaThe General Data Protection Regulation, also known as the ‘gold standard’ or the ‘Magna Carta’ of cyber laws, is a European regulation that deals with rights in the area of privacy and focuses on data collection, storage and data processing. This manuscript presents the results of investigation in the business sphere from eight countries of the European Union. The research focused on awareness of the GDPR, costs associated with the GDPR, number of trainings, how data are secured and subjective evaluation. The questionnaire was used for data collection. The results show that the majority of employees concerned about the GDPR are able to define the GDPR correctly (64%). The correct identification of personal data is in 95% of cases. The vast majority of respondents (94%) assign the right to personal data protection to the GDPR. Most employees are trained in the GDPR once (46%) or twice (45%). Subsequently, the differences between these countries in some areas of the questionnaire survey were examined. For this purpose, Welch ANOVA with post-test Tukey HSD or Kruskal-Wallis test were used. As a result, knowledge about the personal data do not vary significantly between the countries. In the area of rights, the countries are not again statistically different. As for the number of security countries, statistics do not differ significantly. The subjective assessment of the GDPR is different across the countries. The GDPR is rated worst by companies in the Czech Republic and Slovakia. On the contrary, the GDPR is best perceived by companies in France and the United Kingdom.