Číslo 4
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- ItemAssessment of the impact of the international trade in agricultural products on the EU economic growth(Technická Univerzita v Liberci, ) Remeikiene, Rita; Rozsa, Zoltan; Gaspareniene, Ligita; Pěnčík, Jan; Ekonomická fakultaAlthough international trade is an incontestable driver of economic development, scientific literature still lacks the studies to assess the impact of the international trade in agricultural products on the EU economic growth. The agricultural sector is treated as specific in comparison to other economic sectors as the EU subsidisation policies causes distorted competition in both local and global agricultural markets. The main purpose of this article is to assess the impact of the international trade in agricultural products on the economic growth of EU28. The results of the correlation and regression analyses have revealed that the international trade in agricultural products (in particular, section I and III products) contributes only insignificant part, to the economic growth of EU28 through the following indicators: GDP in market prices, self-employment, employment in the agricultural sector, labour force rate, subsidies and other transfers. The results have also disclosed that while analysing the impact of the international trade in agricultural products on economic growth, there is no necessity to research export and import volumes in separate as agricultural export and import show nearly the same (only with insignificant value differences) determinants of economic growth promotion. Another important conclusion is that the international trade in agricultural products mainly comprises the trade in live animals and animal products (meat and edible meat offal, fish and crustaceans, molluscs and other aquatic invertebrates, dairy produce, birds' eggs, natural honey, edible products of animal origin, not elsewhere specified or included, and products of animal origin, not elsewhere specified or included) as well as animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes.
- ItemCross-border acquisitions in Central and Eastern Europe with focus on Russia versus Germany deals: an empirical analysis(Technická Univerzita v Liberci, ) Langenstein, Tim; Vojtková, Anna; Užík, Martin; Ruepp, Andreas; Ekonomická fakultaGlobalization, deregulation and the attendant liberalization of capital markets have made cross border mergers and acquisitions attractive to firms seeking to strategically position themselves within the global economy to take advantage of the opportunities that globalization offers. As a result, cross-border acquisition and merging activities have increased dramatically over the recent decades. Because of the fall of the “iron curtain” and the proceeds of European integration, mainly the European single market has created new possibilities. Moreover, one of the main results of globalization is a greater role of emerging markets in the global economy, especially in the area of foreign direct investment. The paper therefore analyses announced and completed cross border acquisitions between a public listed acquirer and target companies from Central and Eastern Europe and associated reactions of the capital markets. The analysis focuses, in particular, on cross-border Russia versus Germany deals. Examining the sample of 11 085 announced deals over the period from January 1990 through December 2014, the analysis points out some important trends in the global economy in the area of companies acquisition and merging activities. In summary, it can be emphasized that Central and Eastern Europe as the region is very attractive from the market’s perspective due to the expected growth rates and the framework conditions as well as from the perspective of Western European investors. Analysis results indicate that Russian market is better in the area of cross-border acquisitions than remaining Central and Eastern European markets. It allows us to suggest that it is worthier investing in Russia than in remaining Central and Eastern Europe.
- ItemDeflation and output across sectors: results for the Czech Republic(Technická Univerzita v Liberci, ) Ryska, Pavel; Sklenář, Petr; Ekonomická fakultaThe present paper looks into the relationship between deflation and economic output. Previous studies relied uniquely on annual macroeconomic data on GDP and prices, which caused lack of observations on deflation. This paper uses panel data on 86 sectors of the Czech economy in 1993-2015, which offer more variation in price changes and display frequent observations of deflation. Our goal is to test the hypothesis whether deflation negatively affects output growth – as is commonly thought – and whether central banks should counter all deflation that appears. The most common argument against deflation is that decreasing prices lead consumers and firms to postpone purchases, which in turn depresses output. We find that (1) sectors with output price deflation and below-average inflation have higher growth rate of output, and that (2) these sectors also tend to show quicker growth in gross value added. This evidence contradicts the often held notion that deflation is linked with recession or subpar growth. It also shows that firms with deflating output prices do not have trouble preserving their profits. Deflation observed in the Czech economy in 1993-2015 is likely to be the result of falling unit costs enabled by firms’ investment rather than the result of falling demand. This might have policy implications. Our results highlight that monetary policy should differentiate among sources of deflation and that deflation observed in the Czech Republic has been rather of the 'good' type. We believe that our approach using sector data is novel because it uncovers more variation in prices and output than the more common approach that uses macroeconomic aggregates.
- ItemEvaluation of the financial and economic development of the European Union member states on basis of multiple indicators changed to multiple objectives(Technická Univerzita v Liberci, ) Li, Changxing; Ekonomická fakultaInnovation has received more and more attention in the European Union since adoption of the Lisbon Strategy in 2000. In 2010 the European Commission 2010; European Council adopted a new strategy, Europe 2020, which stressed again the importance of innovations. Therefore it is important to evaluate the current level of the European Union Member States’ technological and economic development as well as its innovations impact on it. Innovation impact on economic development was analyzed by correlating various composite indices with GDP per capita indicator. The author proposes a conceptual model for economic development evaluation according to a world-system approach. The level of economic development can thus be identified by a system of indicators rather than single one (e. g. GDP per capita). A new conceptual model for the European Union Member States’ technological and economic development according to the world-system approach is proposed in this article. The world-system approach describes structure, relations and dynamics of international systems encompassing separate entities such as states. Three main roles of the states can be defined: core, semi-periphery and periphery. Core states are the most technologically and economically developed ones and accumulate capital from peripheral states. The model consists of system of indicators, application of multi-criteria evaluation methods and summarized ranking. The system of indicators covers indicators describing technological, economic and social situation in the European Union treated as objectives. MULTIMOORA and TOPSIS methods were used together in order to improve robustness of the analysis. Summarized ranks resemble level of technological and economic development of certain European Union Member States and thus their roles in the European world-system. There were three groups of Member States defined, representing core, semi-periphery and periphery of the European world-system. These ranks can be used in further studies instead of single indicators representing economic development (e.g. GDP per capita). In addition, some theoretical issues regarding multi-criteria evaluation methods are discussed in the paper.
- ItemEvaluation of the usability of selected innovation concepts for managing innovation activities(Technická Univerzita v Liberci, ) Peterková, Jindra; Zapletalová, Šárka; Ekonomická fakultaA significant number of enterprise owners and managers realize an importance of innovations for the future existence of their business and its development. It appears that in theory and business practice a number of innovation concepts can be found, however for managers and business owners it is difficult to be knowledgeable in innovation concepts in order to use them in practice. Innovation concepts represent solutions outline, which react to the business ability to innovate. Each innovation concept is different in the area of focusing on innovation problem and way of detailization. Chosen innovation concepts can be applied when solving following problems: Identifying the innovation potential, organizational readiness for innovation and achieved levels of innovation climate, or the actual implementation of the innovation process and the evaluation of innovation. It is worth noting that concrete innovation concepts are not at the same level of usability in practice, some of them need to be better specified for application in business. A set of innovation concepts was created and evaluated the usability of individual concepts in the enterprise. The evaluation was carried out by qualitative analysis using selected criteria, which were determined by an expert group with the assistance of the researcher. Variants of usability of innovation concepts were defined subsequently. At the same time, decision-making model based on the Analytic Hierarchical Process was designed and applied in order to classify innovation concepts. Decision-making model can be used by managers for the purpose of innovations management while choosing the concept of innovation.
- ItemExploring the Gibson law in CEE countries using a time series approach(Technická Univerzita v Liberci, ) Škare, Marinko; Tomić, Daniel; Porada-Rochoń, Małgorzata; Ekonomická fakultaThis study investigates the presence of the Gibson paradox in the transitional countries. The Gibson law has been a source of widespread academic discussion on the dynamics of long-term interest rates and the price level. Today the Gibson law re-emerges on the economic science stage since historically low-interest rates and defl ationary pressures are present worldwide. This paper studies the correlation between cyclical components of interest rates and prices for CEE (Central and Eastern Europe) states over the 2000-2014 period. Empirical results show only a weak correlation between the cyclical components implying no long run (cointegrating) relationship between bond yields and prices. Evidence presented in the study shows Gibson law is not valid for the CEE states, advancing the possibility that fi xed exchange regimes, lack of the gold reserves, and monetary stabilisation policies are the forces driving the law outside the CEE area. The results show that Gibson paradox is not present in CEE states but also point to the possible non-linear nature of the paradox. In order to investigate the non-linear nature of the paradox in CEE, because of constant changes and adaptation of the monetary policies in CEE states, future studies should use a long memory approach. The paper shows limited theoretical explanation for the non-existent Gibson law in CEE economies but still advances an explanation – lack of gold reserves, fi xed exchange regimes and restrictive monetary policy. Policy makers should monitor the nature of the paradox in relation to the historically low levels of interest rates in order to avoid or at least alleviate future fi nancial crisis.
- ItemHow do the National Tourism Organizations use the social media?(Technická Univerzita v Liberci, ) Hruška, Jan; Pásková, Martina; Ekonomická fakultaThe research was motivated by the growing importance of social media in the marketing of the National Tourism Organizations (NTO). The NTOs of the top ten most successful countries according to the number of international tourists in 2016 were selected as a research sample for analysis of the way, intensity and effectivity of the social media use in the destination marketing. The social media selected for above-mentioned analyses were Facebook, YouTube, Twitter, Flickr, Instagram, Pinterest, Google+ and Snapchat. The data collected for the analysis were publicly available data found on the NTO websites and in their social media accounts. The quantitative features of these NTO accounts (number of fans, number of their contributions, number of subscribers' responses), their management (especially the response to user contributions and inclusion of users of generated content) and the concept and focus of contributions generated by the NTO were evaluated and mutually compared. The analysis of the social media use by the NTOs of the ten selected countries has pointed out the importance of the social media role in their destination marketing. The selected NTOs use predominantly Facebook, YouTube, Twitter, and Instagram accounts, but only a few of them perform high quality management of these accounts. British, Italian and Mexican NTOs use the social media most, while Thailand and Turkey NTOs use them least. In addition to YouTube and Facebook, Instagram has shown a great potential for the systematic destination marketing exercised by the NTOs, as it has a significant advantage over still yet dominant Facebook in the posting view for all subscribers.
- ItemImportance of R&D expenditure for economic growth in selected CEE countries(Technická Univerzita v Liberci, ) Szarowská, Irena; Ekonomická fakultaThe goal of the article is to quantify the effect of R&D expenditure on economic growth in selected Central and Eastern European countries. From a methodological perspective, the research is based on Dumitrescu and Hurlin causality and the dynamic panel regression methodology, based on adapted growth model. The empirical evidence is performed on unbalanced annual panel data of eight selected countries (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Romania, Slovak Republic and Slovenia), during the period 1995-2016. The research confirms that there is a trend to combine direct and indirect public funding instruments. Because of limited financial resources, indirect support has become more important in recent years. Cash grants and tax deduction are the tools most often used for support and funding of R&D in the selected CEE countries. A dynamic panel analysis with fixed effects confirms a positive and statistically significant impact of R&D expenditure on economic growth. Government R&D expenditure is reported to be a key driver for economic performance followed by business R&D expenditure, a higher share of persons with tertiary education and/or employed in science and technology and country openness. On the contrary, investment and higher education R&D expenditure were found to have a positive but statistically insignificant impact. Hence, special care of policymakers should be given to investment mix. It is decisive to direct and support investment to growth-enhancing areas (e.g. infrastructure and communication, R&D, education and health care) and to improve the ratio between current and capital investment. Attention should also focus on higher education R&D support, and future development must be concentrate on its cooperation with business sector especially in the area of applied research. Finally, a crisis is reported to have a negative and statistically significant impact on economic growth.
- ItemInfluence of store characteristics on product availability in retail business(Technická Univerzita v Liberci, ) Avlijas, Goran; Milicevic, Nikola; Golijanin, Danilo; Ekonomická fakultaStock-out event in retail business represents a situation in which demanded item cannot be found by customer in the expected location or is not in a saleable condition. Frequent stock-outs remain one of the biggest issues in the retail business because they directly contribute to lost sales and reduced profits, and indirectly contribute to reduced loyalty and potential loss of customers. Although the stock-outs can occur anywhere in the entire supply chain, literature confirmed that the most of most of stock-outs occur at the store level. A number of researchers have tried to reveal the product and store related drivers and the factors that contribute to lower product availability. Identification of stock-outs was usually performed using the point-of-sale (POS) estimation method or manual audit method, so the results and conclusions were mostly based on a small number stores and products, and they were observed in a shorter period of time. In this research, probit regression was used to examine the relationship between various store-related drivers and product availability. The data sample included 115 SKUs and 98 stores and the data was provided by a large grocery retailer in Serbia. To identify stock-outs on a large data sample, a perpetual inventory (PI) aggregation method was selected. The store related variables that were determined to be the drivers of stock-out performance include distance from distribution center, average store sale and stock-keeping-unit density as the most the most prominent driver. Especially high probability of stock-out can be expected when stock-keeping-unit density and average store sale are high at the same time. On the other hand, it was observed that the income level of the population living in the store area does not have a significant influence on stock-out performance at store level.
- ItemMarket orientation of business schools: a development opportunity for the business model of University Business Schools in transition countries(Technická Univerzita v Liberci, ) Rosi, Maja; Tuček, David; Potočan, Vojko; Jurše, Milan; Ekonomická fakultaThe adoption of market orientation practices at the Higher Education Institutions is a rising trend, since the challenges of changing the global higher education environment raise a growing issue for meeting the needs of the global market. Developing an appropriate strategy to cope with all of the requirements of the global education market changes and competitive pressures is especially challenging for University Business Schools in transition countries. The paper is based upon an identification of a variety of theoretical perspectives about the global education market, its trends and influences on those schools in the aspects of market orientation. Conceptual framework analysis was used to characterise the market orientation of Business Schools as an opportunity for the strategic business model of University Business Schools in transition countries. Key factors and indicators for understanding their environment were identified, structured and categorised within a theoretical framework. These factors reflect the evolving context of reformation of the existing business model of University Business Schools in transition countries in a comprehensive way, since the framework outlines the complexity of their adaptation, considering the linkages and dependencies of all the crucial global external in internal environment trends and aspects. The authors suggest that, in order to align their business model more adequately to the global market needs and develop a sustainable competitive position, University Business Schools from transition countries have to follow the market orientation principles, taking into account also the limitations and challenges from a wider social and institutional environment.
- ItemA nonlinear dynamic model to international tourism demand in Spanish Mediterranean coasts(Technická Univerzita v Liberci, ) Albaladejo, Isabel; González-Martínez, Maribel; Ekonomická fakultaSpanish Mediterranean coasts are a consolidated tourist destination and enjoy growing demand. These coasts receive the highest number of international arrivals in Spain. This paper has been developed to gain a better knowledge of the determinants of this international tourism demand. A nonlinear dynamic model that analyses how previous tourists can affect tourism demand decisions is proposed. This nonlinear dynamic specification extends the standard dynamic equation for tourism demand to include interaction effects between previous tourists and two destination characteristics: the quality of the tourism services and tourist congestion. Both characteristics are important to define the reputation or attractiveness of the destination. We test the model using panel data from the 11 provinces which make up the Spanish Mediterranean coasts, and the 7 European countries which are the main origin markets for the period 2005-2015. The system GMM procedure is applied to estimate the econometric model. The econometric results show evidence of strong persistence in international tourism demand. Previous tourists have an important positive and non-constant effect, and this effect is positively influenced by the quality of the tourism services, and negatively by tourist congestion. Therefore, the effect of previous tourists is not constant but varies across provinces and over time. This effect is stronger in provinces with high quality tourism services and lower congestion. Additionally, the impact of previous tourists has not remained constant over time, but has increased in the Mediterranean provinces since 2005. The investments realized in quality and quantity of hotel services during this period have enhanced their reputation.
- ItemPerceived corruption in business environment: exploring the underlying causes(Technická Univerzita v Liberci, ) Džunić, Marija; Golubović, Nataša; Ekonomická fakultaThis paper presents an empirical contribution to the literature that tends to explain variations in corruption perceptions. Drawing on theoretical assumptions about the impact of corruption on the quality of the business environment, we explore possible determinants of perceived corruption. We argue that explaining the determinants of corruption perceptions could be a valuable input for creating effective anti-corruption policies. In the paper, we perform a detailed analysis on the case of Serbia, a transition country with relatively widespread corruption in the business environment. Using the non-parametric analysis of variance test, we examine the significance of differences in the perceived spread of corruption across a number of independent variables (regions, size of locality, industry, size, and years of operation). Specifying an ordered logistic regression model, we estimate the relation between corruption perceptions and a number of potential causes: frequencies of unofficial payments or gifts for different purposes, the impact that unofficial payments to public officials have on the business operations of the respondents, as well as attitudes of the respondents about the quality of the judicial system and political stability. We find that perceptions of corruption as an obstacle to business operations can be linked to the frequency of unofficial payments to deal with customs and taxes, as well as the impact of unofficial payments to local or regional government officials on business performance of the respondents. The results provide useful insights into what policy measures are necessary to reduce the level of corruption, as well as how the effects of such measures can be assessed.
- ItemThe role of country governance on value-added tax and inequality(Technická Univerzita v Liberci, ) Chan, Sok-Gee; Ramly, Zulkufly; Ekonomická fakultaIncome inequality is a growing concern for regulators because it brings adverse consequences towards social stability, institutional stability and economic performance. One of the popular ways to reduce income inequality is through the implementation of Value Added Tax (VAT) despite of many criticisms on its regressive nature. Hence, using a wide data range from 1984 to 2014, we study the impact of VAT on income inequality in both developed and developing countries. Besides, this is the first study that seeks to focus on the moderating role of country governance in enhancing the effect of VAT on income inequality. We use the Generalized Method of Moments (GMM) to overcome the endogeneity, autocorrelation and heteroscedasticity issues. The results suggest that the VAT reduces income inequality but the positive effect is contingent upon the existence of a set of good country governance. Countries that have higher quality of bureaucracy, greater democratic accountability, high government stability, effective law and order, low political risk and favourable socioeconomic conditions stand to benefit more from the VAT system in terms of narrowing the income inequality. Therefore, we conclude that better institutions improve the tax collection and public service delivery, which is a crucial element in achieving the economic objective of narrowing the income gap between the wealthy and the poor. This is particularly true in developing countries. Further, the governments in developing countries need to effectively manage the degree of socioeconomic pressure that could distract them from implementing social and economic policies to eradicate poverty and raise the income level of the poor segment of society.
- ItemSurvival and longevity of family businesses: a case of Eastern business culture(Technická Univerzita v Liberci, ) Kuruppuge, Ravindra Hewa; Gregar, Ales; Ekonomická fakultaThe main objective of this study is to understand how Sri Lankan family businesses’ survive over the long term, across generations. Even though previous studies on Western business culture have adequately conceptualized operations family businesses, a huge knowledge vacuum and/or several inconsistencies are shown in Eastern business culture in case of survival and longevity of family businesses. Studies from both cultures commonly affirm that family businesses outperform over non-family firms in the short run. Similarly, most studies from Western business culture assure that family businesses are suffering from business survival problem in the long run. Contradicting to this research finding emerged in Western business culture, most Sri Lankan family businesses are reported surviving over generation from the inception. As a result, a requirement of an academic analysis of Sri Lanka family businesses has emerged. Twenty two interviews from twelve family businesses (cases) facilitated an understanding of how family members become dedicated partners of the business and contribute to its survival. Respondents were either managers or owners. Purposive sampling techniques facilitated to select respondents from respective cases. Interviews indicated that education and business challenges motivate family members to remain strongly engaged in the business, as do familial bonds and the subsequent tacit knowledge. Further, respondents revealed the interdependence of business success and the personal success of family members. Therefore, family businesses in the context of Sri Lankan business culture have experienced above-average durations of business survival in comparison to Western business culture.
- ItemUse of the DEA method to verify the performance model for hospitals(Technická Univerzita v Liberci, ) Kocisova, Kristina; Hass-Symotiuk, Maria; Kludacz-Alessandri, Magdalena; Ekonomická fakultaThis paper employs the method of data envelopment analysis (DEA) to compare the relative efficiency of Polish hospitals in meso perspective. It means that the indicators selected to measure the performance of hospitals were aggregated at the regional level (a level of 16 Polish provinces). As the hospitals are a critical part of the healthcare system, they are increasingly the subject of analyses aimed at defining, measuring, and improving their performance. Therefore, in the methodology part, we present the DEA as the method for efficiency measurement together with its advantages and limitations. The study attempts to find out which provinces can be used as models and illustrated the areas where inefficient units need to be improved. The hospital input measures included are the Average time of hospitalisation (in days), Average costs of day hospital treatment. The output measures included are the Average number of patients per bed per year, the Share of accredited hospitals as a proportion of the number of all hospitals, net profit per physician. The DEA models are solved using the computer program Frontier Analyst, Version 4. We found that five provinces were efficient and eleven were not, where the efficiency score varied from 76.2% to 100%. Provinces such as Lower Silesia Province, Lublin Province, Lubuskie Province, Świętokrzyskie Province, and Warmia-Masuria Province were the best performers in that they maximised both quantitative and qualitative outcomes. The identification of the strongest and the weakest within provinces could be beneficial in improving the efficiency and performance of the hospitals. The result identifies the inefficient provinces that can improve their efficiency by making the efficient provinces as their role model. This paper is the first published study that benchmarks the performance of healthcare services in Poland.