Rok 2021 (ročník 24)
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- ItemADVERTISING STRATEGY ACCORDING TO THE CONCEPT OF THE FCB MODEL IN THE CONDITIONS OF THE VARIOUS GENERATIONS(Technická Univerzita v Liberci, ) Matušínská, Kateřina; Stoklasa, Michal; Ekonomická fakultaThe aims of the paper are: 1) to verify the validity of the traditional theoretical definition of the Foote, Cone & Belding (FCB) model based on the use of representative products concerning the age (generation) and gender of the selected target group in the conditions of the Czech Republic, and 2) to verify the validity of defined advertising strategies in the traditional theoretical conception of the Foote, Cone & Belding (FCB) model with the current level of acceptance and perception of advertising within the defined selected target group according to age (generation) and gender in the conditions of the Czech Republic. To meet both aims, both secondary and primary marketing research was implemented. The theoretical background of the paper is based on knowledge of marketing communication principles in general with emphasis on advertising theories. The greatest attention is focused on the traditional version of the FCB model which is based on a matrix of consumer thinking–feeling and high–low involvement behaviours and proposes four advertising strategies. Primary research data were obtained using a questionnaire, on the online panel of research agency Ipsos, on 1,100 Czech respondents. The methods used are positional maps for the FCB grid and chi-squared with a suitable post-hoc test. The outputs reveal the differences of the theoretical FCB model in comparison with its practical implementation. It is necessary to adapt (extend) the model according to specific conditions and identification features of different Czech generations and genders, then adjust recommendations for advertising strategies. In Czech conditions, the sextant grind should be used. There is a prevalence of representative product placement in quadrants 1 and 3, i.e., rational appeals even for products where this is not expected. The outcomes can be used for the choice of correct advertising strategy, advertising media, and types.
- 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.
- ItemAltman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises(Technická Univerzita v Liberci, ) Vavrek, Roman; Gundová, Petra; Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Ekonomická fakultaThe Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.
- ItemCASE STUDY: DESIGN VALUE MEASURING BY SYSTEM DYNAMICS(Technická Univerzita v Liberci, ) Šviráková, Eva; Kramoliš, Jan; Ekonomická fakultaThe aim of the article is to show a way to measure the economic value of design using system dynamic modeling of key processes in an organization. The article fully accepts the complexity of the concept of design and opens up the possibility for employing system dynamics in design value measuring. The definition of design is given as an integral concept for which it is difficult to find a benchmark. The sequential explanatory method was chosen to solve the research problem. Qualitative data is collected first and it is recorded and examined. After that the data is transformed into numeric values and taken for quantitative evaluation in a system dynamic model. The connection of qualitative research data in a tool for quantitative evaluation allows an original interpretation of relationships that have been obtained and are collected only as qualitative data. Qualitative data collection is based on the visualization of a new definition of design: Design is an integration of functional, distribution, emotional and social experience of the customer. The questionnaire is in the form of Design Value Canvas and is used to determine the initial Design Value Algorithm (DVA) coefficient. As an external parameter, the DVA coefficient influences the development of the number of customers and their willingness to order the company’s products in the system dynamic model. The main result is the finding that an investment in design, which is confronted with customer preferences, fundamentally changes the economic parameters of business. Economic benefits of a design change in a company are always influenced by a strategic decision made by the entrepreneur who has to know the behaviour of their customers and to correctly choose the field of design in which it pays to invest.
- 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.
- ItemCONVERGENCE CLUBS OF NUTS3 REGIONS OF THE V4 GROUP(Technická Univerzita v Liberci, ) Szakálné Kanó, Izabella; Lengyel, Imre; Ekonomická fakultaIn this study, we analyse economic growth and structural change between 2000 and 2016 in the NUTS3 regions of the four countries forming the Visegrad Group (V4) and joining the European Union in 2004, Czechia, Poland, Hungary, and Slovakia. Our examination considers whether convergence can be observed in the case of the regions in the V4 countries over about one and a half decades, i.e., whether less developed regions catch up with more developed ones. Whether the economic growth of the regions took place at a relatively steady pace similar to that of the countries, or if there is a divide between the groups of regions (convergence clubs), which converge to different steady states. If there are convergence clubs, are the economic structure and workforce base of the clubs similar or different. Our study has two steps; first, we divide the 115 NUTS3 regions into convergence clubs with Phillips and Sul’s 2007 logt-test method, presenting the characteristics of their economic growth. We then conducted entropy calculations to test the robustness of the clubs, which provided information on the disparities inside and between the clubs, as well as inside and between the countries. Next, we present the economic structure and urbanrural types of clubs, covering the main characteristics of their labour force base and what factors the transition from one club to another depends on. The main conclusion of our study is that the five convergence clubs are completely separate and their economic structure and labour force base are also different.
- ItemTHE DEFENSE OF PRICE DISCRIMINATION IN NETWORK AND INFORMATION GOODS MARKETS(Technická Univerzita v Liberci, ) Soukal, Ivan; Ekonomická fakultaIt is not uncommon that articles focused on consumer-price interaction in the network and information goods market swiftly condemn price discrimination as an obfuscation, on-purpose price complexity, or market failure. The reason is a general neoclassical rule of an efficient market where prices are set at marginal cost with no price discrimination. However, the matter is more complicated. This review provides authors an overview of why, where, and which type of price discrimination should be viewed by different optics. Goods such as software, cell carrier services, electronic newspapers subscription, electric energy supply, payment accounts, books, copyrighted content streaming, etc, cannot be treated like manufactured goods. The reasons are specific conditions – substantial and/or repeated fixed/sunk cost, economies of scale, and demand heterogeneity. Recognized economist W. J. Baumol described marginal cost set prices under these conditions as an ‘economic suicide’. Reviewed articles showed that firms are forced to adopt price discrimination in order to recover their costs and to serve more consumer segments. Reviewed authors provided facts to support the use of multipart tariffs, dynamic pricing, versioning, bundling, and Ramsey pricing. These conclusions are used for suggestions on how several studies of information and network goods should be modified. Modifications are related mostly to model assumptions and pricing conclusions. I argue that, in the case of information and network goods, there is justified price discrimination. Hence, there is a certain justified level of price complexity that has to be accepted and not taken as automated evidence of inefficiency, market power, and consumer exploitation.
- ItemDETERMINANTS OF HOUSEHOLD FINANCIAL VULNERABILITY: EVIDENCE FROM SELECTED EU COUNTRIES(Technická Univerzita v Liberci, ) Šubová, Nikola; Mura, Ladislav; Buleca, Ján; Ekonomická fakultaHousehold debt has been increasing in the last decades, and it poses a threat not only to the financial stability of households but is a precursor of the economic and financial crisis. A downturn caused by the coronavirus pandemic is expected to deepening inequalities, mainly due to the inability of households to repay existing debts or finance basic living needs. Understanding the determinants of household indebtedness and financial vulnerability is crucial for policymakers who process measures to prevent increasing household indebtedness. This paper investigates the determinants of household financial vulnerability in euro area countries using the Household Finance and Consumption Survey micro-dataset collected by the European Central Bank. The quantitative approach was applied using ordinary least square and quantile estimation procedures. The difference between OLS and quantile estimations showed the appropriateness of using the quantile regression approach. Performance analysis proved that only the number of elderly and the value of wealth and existence of mortgage interest tax relief statistically significant affects the level of vulnerability in all three waves. While the increasing number of elderly and greater value of household wealth lowers the vulnerability, the effect of mortgage interest tax relief differs across individual waves. All other used factors are essential and statistically significant for the financial vulnerability of households as well, but the importance and significance could differ across the distribution and individual waves. The effect of financial assets, education, and employment were found to be negative in all observations of all waves. On the other hand, the number of children and the value of households’ real assets is associated with increased financial vulnerability indicators.
- ItemDETERMINANTS OF THE ADOPTION OF INNOVATIVE FINTECH SERVICES BY MILLENNIALS(Technická Univerzita v Liberci, ) Solarz, Małgorzata; Swacha-Lech, Magdalena; Ekonomická fakultaFinTech Adoption Index, expressed as a percentage of the digitally active population, for 27 countries of the world in 2019 reached the level of 64%. Millennials are the generation which, compared to others, is characterized by the highest level of FinTech adoptions. In Poland, in 2019, about 75% of the Millennials used the services of FinTech. This paper aims to analyse and evaluate the selected determinants of using the innovative FinTech services by Millennials in Poland. To investigate how users adopt FinTech services, we have applied our own set of determinants – selected from an extensive literature review – covering both demographic, economic and behavioural characteristics. This approach allowed for an in-depth analysis of the examined issue. The essential empirical data were obtained based on the research using the CAWI method in December 2019 on a representative sample of Poles aged 25–40 at that time. Ultimately, 1,236 correctly completed questionnaires were used for the research. To analyse and evaluate the impact of selected determinants of FinTech adoption, a logistic regression model was used. The results obtained can thus be extremely important for managers of financial institutions. They provide information that can be used for activities aimed at maintaining FinTech’s customer base and allow to adjust the offer to the expectations of this group. Millennials most open to innovative FinTech services in Poland are young men with high and very high net income and not driven by low costs of financial services. They appreciate technological novelties, including the possibility of using a smartwatch, and when deciding on the choice of a financial institution, they do not care about the direct opinions of their relatives and friends, but take into account the opinions in social media.
- ItemTHE DETERMINATION OF FINANCIAL STRUCTURE IN AGRICULTURE, FORESTRY AND FISHING INDUSTRY IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE(Technická Univerzita v Liberci, ) Růčková, Petra; Škuláňová, Nicole; Ekonomická fakultaEvery economic sector, every single industry, every economy, and even every firm has its specific financial structure. Given that it is not possible to examine thousands of individual companies for scientific purposes, it is necessary to at least examine the differences between individual sectors, industries and countries. At the same time, the formation and optimization of the financial structure is influenced by a myriad of diverse factors that financial managers should take into account in their decisions. Thanks to these facts, more and more researches had been created for over half a century. This research expands knowledge in seven selected countries of Central and Eastern Europe – the Visegrád Group, Bulgaria, Slovenia and Romania. The aim of the research is to evaluate, based on the Generalized Method of Moments, the relationship between the six selected factors and the indebtedness level in companies belonging to the agricultural, forestry and fishing industry. The subject of the research is medium, large and very large companies during the years 2009 to 2016. The research deals with the influence of profitability, liquidity, asset structure, economic development, inflation and interest rates on the total, long-term and short-term indebtedness of companies. The main finding of the research is that companies are influenced by both internal and external determinants. However, even though the industry should be neutral, external determinants – GDP growth rates, inflation rates and interest rates – have a more significant impact on the debt level. The results of this research will not only extend current knowledge in the field of corporate finance, but at the same time, the results may be stimulating in setting support rules for public administration and even European institutions, as the selected industry is strongly linked to subsidy policies.
- ItemDEVELOPMENT AND STANDARDIZATION OF A TOOL TO MEASURE KNOWLEDGE OF LABOUR LAWS AMONG EMPLOYEES(Technická Univerzita v Liberci, ) Sulphey, M. M.; Alanzi, Awad Ali; Klepek, Martin; Ekonomická fakultaLabour legislations provide guidelines to prevent unfair labour practices and organizational injustice. All employment and labour laws propose standards regarding wages, wellbeing, safety, and equitable treatment, which reduces conflicts. However, informational imbalances between employers and employees prevent employees from having adequate knowledge about labour legislation. Consequently, some employers treat employees inconsistently and that could be detrimental to them. A practical solution to this problem is making employees aware of the provisions of labour laws. As an initial step towards this, there is a definite need to assess employees’ awareness regarding labour laws. Nevertheless, there is a lack of a standardized tool to measure the knowledge level of labour legislation, which has impaired empirical examinations. Using randomly collected 346 samples from two different types of industries, the present study constructed and validated a tool to measure labour law knowledge. The study has followed a simple scale development framework consisting of item generation, scale development, and psychometric evaluation. The measurement tool has been developed using exploratory and confirmatory factor analysis. The final questionnaire consists of 17 items under four factors, exhibited significant reliability and validity. The developed tool is expected to fill the gap in the literature and stimulate further empirical research. The study also examined the difference in the knowledge level based on the demographics of the sample. The results show a significant difference between the knowledge levels based on gender, citizenship, type of industry, and qualifications. Future research directions are proposed at the end of the paper, together with the limitations of this study.
- 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.
- ItemDRIVERS OF ECONOMIC PERFORMANCE: WHAT CAN WE OBSERVE IN THE CZECH FOOD INDUSTRY?(Technická Univerzita v Liberci, ) Trnková, Gabriela; Žáková Kroupová, Zdeňka; Ekonomická fakultaThis paper is focused on the investigation of the competitiveness drivers, namely technical and scale efficiency and technological change, and their relation to the profitability of the Czech food processing companies in the period 2016–2019. This investigation is based on the stochastic frontier modelling of an input distance function in the specification of the four-error-component model. The model is estimated with a multi-step procedure employing the generalized method of moments estimator addressing the potential endogeneity of netputs, and panel data gained from the Bisnode Albertina database. The results revealed (evaluated on the sample mean) that investigated food processing sectors were scale efficient in the analysed period, however, their production technologies exhibited prevailing technological regress. Moreover, the room for almost 17% cost reduction by the technical efficiency improvements was found out in all investigated sectors. Although inter-sectoral differences exist in the scale efficiency, technological change and technical efficiency dynamics, to increase the productivity and competitiveness of food processing companies, it is generally appropriate to focus on technical efficiency and technological change improvements. Both these competitiveness drivers connected with the cost reduction and minimizing of wastage of inputs are achievable through innovations. In general, the basic source of their financing is profit, the achievement of which is supported by cost minimization. However, it was found that sub-sectors, which are linked to sensitive sectors of agricultural production – that means sectors with the lowest national self-sufficiency, the highest level of imports and thus strong cost reduction pressure – have problem to translate the ability to produce efficiently into profitability. Although these food sectors, which have been also facing strong competition for a long time, which leads to significant pressure to reduce costs, achieved the highest technical efficiency, their profitability was lowest from the investigated sectors.
- ItemThe Effect of Sectoral Division on GDP per Capita in the Slovak Republic(Technická Univerzita v Liberci, ) Burger, Peter; Šlampiaková, Lea; Ekonomická fakultaThe paper aims to analyse the sectoral division of the national economy in the Slovak Republic from various points of view. The authors examine the developmental changes in the number of people employed in different economic sectors (primary, secondary, tertiary, and quaternary) from 1948 to 2018 reflecting the natural development of the economy over that time. In order to do this, they have used a logical and comparative study of theoretical knowledge in accordance with the analysis of empirical data. The descriptive statistics are based on a sample of aggregate data about sectoral division in the Slovak Republic for the period 1948–2018. A cluster analysis on the data of sectoral division in all EU member states in 2010 and in 2017 was carried out in order to obtain a basic overview and opportunity to compare. The main focus of this paper is to examine the impact of sectoral division of the national economy on the Slovak Republic’s real GDP per capita. The research is based on panel regression as well as Granger causality tests on a sample of all 8 Slovak regions between 2001 and 2018. The results of the Granger causality tests show that causality runs one-way from all four sectors to real GDP per capita. Based on this, it is appropriate to carry out panel regression analysis. The results of this analysis suggest that all given sectors in period t−1 have had a significant impact on GDP per capita. In particular, the primary and secondary sectors have both had a relatively significant negative impact while the tertiary and quaternary sectors have had a positive one. It is interesting that the tertiary sector has had a greater positive impact than the quaternary one in the Slovak Republic.
- ItemEmpirical Study on the Impact of Evaluation of Intangible Assets on the Market Value of the Listed Companies(Technická Univerzita v Liberci, ) Cosmulese, Cristina Gabriela; Socoliuc, Marian; Ciubotariu, Marius-Sorin; Grosu, Veronica; Mateş, Dorel; Ekonomická fakultaThe accelerated pace of economic development, the digital revolution and the internationalization of business has meant for some entities the creation or acquisition of intangible assets (IA), which have become increasingly important for the economic prosperity and for determining the global value of a company, also becoming an important incentive in creating added value. The aim of this paper is focused on analyzing the impact of internally generated intangible assets on the market value of the companies. In order to achieve this aim, we conducted an empirical study involving a sample of 180 NASDAQ and NYSE listed entities between 2007 and 2016. The sample has obtained by applying the inclusion and exclusion criteria on the 500 large-capitalization companies (S&P 500 Index). Making use of regressive techniques, the authors undertook an econometrical model to test whether the impact of intangible assets on the market value of the entities increases when are provided complete, clear and easy-to-understand accounting information about the intangible assets value, which aid business to properly estimate corporate value ratio and reduce implicit bias, due to mainly taking into account those reported values when measuring an entity’s value. The results revealed an impact of the value of the reported and unreported IA on the market value of the entities, for manufacturing companies relative to service companies, which generates an added value on the capital market and implicates a close linkage of disclosure compliance and the associated industry sector. The proposed model can be an inspiration for the legislator to change the structure of financial reporting, or anticipated a valuable informational source for increasing the quality of integrated reporting of economic entities.
- ItemEVALUATING ENERGY CONSUMPTION EFFICIENCY IN TOBACCO PRODUCTION: APPLYING DATA ENVELOPMENT ANALYSIS(Technická Univerzita v Liberci, ) Mushtaq, Zulqarnain; Wei, Wei; Sharif, Maimoona; Chandio, Abbas Ali; Ekonomická fakultaTobacco is considered as one of the most important industrial cash crop and source of livelihood to many families in Pakistan. Considering the contraction of land under tobacco cultivation, the present study is intended to evaluate the production efficiency of tobacco growers in southern Punjab, Pakistan. The Data Envelopment Analysis model was used to investigate energy usage efficiency of tobacco farmers based on seven energy inputs; human labour, farm machinery, irrigation, diesel, fertilizers, chemicals, seeds, and a single output. Moreover, the current study also used DEA – super efficiency to identify and rank efficient and inefficient tobacco producers; and to suggest optimum energy requirements and energy savings potentials. The primary data from 210 tobacco growers were collected in-person interviews by random sampling technique. The findings of the study revealed that average energy consumed in the form of inputs and yield obtained in tobacco production was 52,703.58 MJ/ha-1 and 3,096.98 MJ/ha-1, respectively. Average technical, pure technical, and scale efficiency score was calculated to be 0.902, 0.961, and 0.938, respectively. Likewise, the energy-saving ratio in tobacco production was estimated to be 13.83%, which implies that by adopting the proposed recommendations about 7,121.66 MJ/ha-1 energy could be saved without compromising the output. Also, fertilizers, chemicals, irrigation, and diesel had the highest share in the consumption of energy inputs. The findings of the study provides pinpoint options to the agricultural polices makers to launch the technical training programs for the tobacco farmers to adopt better management practices to optimize the application of energy inputs to reduce the cost of tobacco production. The agricultural extension department should also visit the tobacco fields to assist the farmers about timely application of inputs and with extension services.
- ItemAN EXPLANATORY MODEL OF THE ECOTOURISTS BEHAVIOUR: MANAGEMENT STRATEGIES FOR TOURISM SECTOR(Technická Univerzita v Liberci, ) Lorenzo-Romero, Carlota; Alarcón-del-Amo, María-del-Carmen; Crespo-Jareño, José Alberto; Ekonomická fakultaConcern for the environment, which is of interest to academia, the business world and society in general, has meant the development of green marketing in the last half century. Environment can influence consumer behaviour and specifically the way tourists consume. The promotion of ecotourism, through information and communication, must be based on the identification of the different behaviour models to which marketing strategies are directed, according to needs, motivations, interests, expectations, behaviours and attitudes. The main research goal of this study is to determine the internal and external factors that influence the consumer behaviours identified as ecotourists, as well as the factors that shape their purchasing intentions. The theory of planned behaviour has shown its usefulness because its object (i.e., intention to perform a behaviour, taking into account that in the intentions are the factors that motivate the behaviour), through attitudes and beliefs, is the prediction and understanding of the way individuals behave. A model that facilitates the understanding of the ecological behaviour of ecotourists has been developed, starting from the value-belief-norm model towards the environment, to which a construct related to the theory of planned behaviour has been incorporated, in order to better understand the behaviour of ecotourists. The method used to analyse the causal model has been the structural equation modelling, and the sample used amounts to 403 ecotourists within a country characterized by the importance of tourism sector in its economic growing: Spain. The main result obtained indicates that the proposed model is useful to know the ecological behaviour of ecotourists. Specifically, it has been facilitated the knowledge of the factors that affect the intention to do ecotourism and to pay more to consume this type of activities. It could be useful for professionals of tourism sector to analyse and improve their ecological marketing strategies.
- ItemFINANCIAL ADVICE, LITERACY, INCLUSION AND RISK TOLERANCE: THE MODERATING EFFECT OF UNCERTAINTY AVOIDANCE(Technická Univerzita v Liberci, ) Çera, Gentjan; Ajaz Khan, Khurram; Rowland, Zuzana; Ribeiro, Humberto Nuno Rito; Ekonomická fakultaThe aim of this paper is to investigate the determinants of financial advice with a special focus on the cultural role in the influence of risk tolerance on seeking advice for financial issues. Financial literacy is covered by financial attitude, behaviour and knowledge. Financial inclusion is the other factor considered in the conceptual framework, as an indicator which can enhance both financial behaviour and financial advice. The research is based on primary data collected in two European nations, manifesting differences in culture, which gives the possibility to test the uncertainty avoidance role in the above relationship. This particular focus is the novelty of this work, as it sheds light on the importance of culture while designing policies with the aim to enhance individuals’ financial literacy and advice. The hypotheses are tested by using Partial Least Square- Structural Equation Modelling (PLS-SEM) method. It was found that financial behaviour improves as financial inclusion gets better, along with financial attitude and knowledge. Furthermore, financial advice is positively influenced by financial inclusion and risk tolerance and partly by financial literacy. Additionally, findings demonstrate that culture does matter in explaining differences between countries. Culture in this paper is represented by uncertainty avoidance, as one of the Hofstede’s culture dimension. Individuals from countries that manifest a very high preference for avoiding uncertainty reflect a negative relationship between risk tolerance and financial advice. The paper offers useful insights for policymakers and industry leaders in understanding the most influential factors on financial advice. This enables them to scheme policies and services aimed at equipping citizens with knowledge and skills to make the best use of their financial resources.
- 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.
- 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.
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