Číslo 1
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- ItemAlternative measures of macroeconomic imbalances in the EU – design and verification(Technická Univerzita v Liberci, 2019-03-15) Kološta, Stanislav; Kráľ, Pavol; Flaška, Filip; Ekonomická fakultaAs a consequence of financial and economic crisis in the EU the macroeconomic imbalances (MI) have been monitored since 2012. Annual Alarm Mechanism Report (AMR) focused on assessment of MI contains the interlinkages between the real economy and the financial sector. From AMR data, we can get picture about the evolution of different MI indicators in the EU, but complete picture about the overall situation of individual countries in the field of MI is missing. Therefore, we focused on design and verification of suitable alternative evaluation tool which AMR lacks, and which could be usable for decision making processes within European Commission. The main aim of the article is to propose aggregated and partial indices of MI using constrained PCA which can: i) provide a complex evaluation of each EU country on its global position in headline indicators; ii) make MI indicators more comprehensible for wider use; iii) design simple alternative assessment tool useful for monitoring whether measures taken by the EU and the member states are directed towards improving the macroeconomic balance. The proposed MI indices are verified from a quantitative as well as qualitative point of view. Results of proposed assessment tools showed that: Luxembourg, Germany, Netherland and Sweden can be considered for the most stable EU countries from MI point of view; Post-Communist countries dealt with economic crisis better than some countries from south of the EU; after first crisis years the best improvement in MI index reached Baltic and Visegrad countries together with Luxembourg and Netherland; other EU countries in 2012 did not reach MI index values from pre-crisis period. This study indicates that positive and stable values of current account balance and net international investment position as % of GDP have high weight on macroeconomic stability of EU countries.
- ItemChange equation effectiveness: empirical evidence from South-East Europe(Technická Univerzita v Liberci, 2019-03-15) Čudanov, Mladen; Tornjanski, Vesna; Jaško, Ondrej; Ekonomická fakultaThis study was developed with the aim to propose quantitative decision-making model in organizational change management, which is based on change equation application in real time, as an emerging ecosystem that should be further adopted in change management practice to create value in complex decision making and at the same time to increase change success. The paper opted for an integrated qualitative and quantitative research methods, based on empirical data collection. Sampling frame includes respondents from fourteen different industries in South-East Europe. Data analyses were carried out in three main phases using proven statistical methods. Based on the results, general hypothesis introduced in the study is supported. In other words, successful change occurs when the product of all three variables, i.e. D, V and F is higher than resistance to change, and vice versa. Also, research results show that change equation can successfully predict change outcome and explain a portion of change success variability. Finally, research findings indicate that the model should be revised and further developed. Research limitations are determined by significant variance in the model that may result of situational factors. Also, the research was based on a relatively limited sample and focused only on data collection from South-East Europe. Despite its limitations, this study can contribute both to theorists and practitioners. First, the paper contributes to the change management theory, business decision-making theory, organizational development theory and the behavioral theory. Second, the paper can contribute to strategic managers, change leaders, change agents and consultants who deal with change management by adopting the upgraded change model that can be applied in all phases of change process, including measurement of the change outcome.