Rok 2017 (ročník 20)

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Access to finance: innovative firms’ perceptions in post-transition EU members
(Technical university of Liberec, Czech Republic, 2017-03-15) Botrić, Valerija; Božić, Ljiljana; Ekonomická fakulta
The post-transition EU member countries generally have to catch up with EU most developed economies in many aspects. Access to finance problems in these countries are potentially harmful to development of entrepreneurship, innovation performance and overall growth, leading to further lagging behind more advanced market economies. In this paper we analyse perceptions on access to finance in post-transition EU member countries. Special focus in the paper has been put on the differences between innovative and non-innovative firms. Furthermore, we seek to identify the characteristics of the firms that contribute to the gap formation. Empirical analysis in this paper relies on the latest available Business Environment Survey (BEEPS V), covering the 2012-2013 period. The sample in this study consists of 3,393 firms from eleven central and eastern European countries – EU members (Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia). The analysis expectedly revealed that innovative firms perceive financing constraints to be more important for their business, but somewhat unexpectedly the differences across countries are present. Although access to finance is more likely to be perceived as a problem by innovative firms, the firms that are either a segment of larger enterprise or established as joint venture, in general have less problems in financing their activities. When exploring the contributors to the perceptions in access to finance gap, only one variable proved to be important – female top management. It seems that if female top managers were more equally distributed between innovative and non-innovative firms, the perceptions on access to finance gap would be smaller.
Accessible tourism for all – current state in the czech business and non-business environment
(Technical university of Liberec, Czech Republic, 2017-12-20) Linderová, Ivica; Janeček, Petr; Ekonomická fakulta
Tourism is a sector of remarkable economic importance. Nowadays, new ways to develop tourism are being discovered. One of them is accessibility and social policy aspects. The aim of the paper is to map the possibilities for people with physical disabilities to participate in tourism in the Czech Republic. Following the aim, the article hypothesizes the existence of an interdependence between the number of visitors and the number of accessible accommodation establishments. At the same time, a hypothesis forms that in regions with a higher share of accommodation establishments of classes **** (First Class) and ****** (Luxury) there will be a higher number of barrier-free accommodation establishments available. It assesses the situation in all administrative regions while focusing on coverage of the territory with the capacity of accommodation establishments and restaurant & catering facilities, on the existence of accessible educational trails, tourist routes, and cycle routes. The article is also interested in possibilities to visit UNESCO world heritage sites. On the basis of the conducted analysis, it is possible to conclude that the situation in the Czech Republic in the area of accessible tourism is not particularly positive. The average share of barrier-free accommodation establishments in the country is 11% and 12% in restaurant&catering establishments. The most accessible routes, cycle routes, etc., are found in regions with national parks or attractive natural sites, such as Český ráj, Krkonoše, Šumava, and České Švýcarsko. The situation in the Czech Republic in the area of providing disabled people with tourism services is improving in comparison with the past.
Analysing larg supply chain management comoptitive strategies in iranian cement industries
(Technical university of Liberec, Czech Republic, 2017-10-02) Jamali, Gholamreza; Karimi Asl, Elham; Hashemkhani Zolfani, Sarfaraz; Šaparauskas, Jonas; Ekonomická fakulta
In the contemporary highly competitive international business environment companies have to exercise great care in devising entry strategies for foreign markets. Therefore, supply chain management (SCM) is considered a strategic factor for the better attainment of organizational goals such as enhanced competitiveness, improved customer service and increased profitability. Because the, Supply chain management as a vital challenge to the Cement industry and developing infrastructure as a whole has been posed by scholars. This article analyses Lean, Agile, Resilient, and Green (LARG) supply chain management competitive strategies in Iranian cement industries. The lean, agile, resilient and green SCM paradigms had been adopted to improve the SC performance. We used Step-wise Weight Assessment Ratio Analysis (SWARA) technique to weighting strengths, weaknesses, opportunities and threats (SWOT) based on LARG supply chain management practices for 11 Iranian cement companies. Then the Strategic Position and Action Evaluation (SPACE) matrix used to check if which strategy is appropriate. In the SPACE matrix we assessed Iranian cement industries across four dimensions include: Industry Attractiveness (IA), Environmental Stability (ES), Competitive Advantage (CA) and Financial Strength (FS). The results showed that Iranian cement industries can follow an aggressive strategy as it leverages its strengths into the opportunities. Iranian cement industries are also blessed because it has a good competitive advantage in an industry which is considered to be attractive. Among the strategic choices, develop new local markets strategy has the first priority, followed by the; Increase production capacity, Export markets development, Diversification in product with QSPM method. Finally, some actions recommended for Iranian cement industries in such a strong position.
Analysis of high cost outliers in a Polish reference hospital
(Technical university of Liberec, Czech Republic, 2017-12-20) Cyganska, Malgorzata; Ekonomická fakulta
The growing financial problems of healthcare institutions contribute to the search of methods in properly distributing and clearly justifying resources. One of these is detecting outliers accounting for an important share of hospital costs. The aim of the study is to identify the factors facilitating identification of cost outliers in one of the Polish reference hospitals in northeast Poland. We have analyzed 4,570 patients. Cost analysis was done retrospectively using accountancy and statistical data from the hospital. To select the outliers, we used the interquartile method using the median and the interquartile distance. To evaluate the factors that influence the patient being a cost outlier, we considered: age, length of stay, gender, type of admission, reason of discharge, and type of department. Univariate analysis and multivariable logistic regression were used in the study. Our study revealed that the small percentage of the patients is responsible for the significant level of costs. The total cost outliers comprised 9% of the study sample. They accounted for almost 37% of total hospital costs, 40% of direct costs, and 34% of indirect costs. We discovered that age, gender, length of stay, reason of discharge, and type of department has a significant influence on being the cost outlier. The study revealed that the probability of being the CO increased more than 6 times for the surgical patients. This is consistent with the analysis of CO by ICD 10. The analysis revealed that almost all patients suffered from diseases related to high proportion of CO, required surgery treatment. It is concluded that identifying the cost outliers can contribute to better knowledge by managers about the nature of the costs outliers and can be especially valuable in the financing systems where high costs outliers are separately paid.
Behavioural economics of organization: employees and managers
(Technical university of Liberec, Czech Republic, 2017-03-15) Houdek, Petr; Koblovský, Petr; Ekonomická fakulta
This short perspective article presents an overview of empirical evidence on the behavioural organizational economics on the basis of the extended standard model of worker's behaviour. The advancements of behavioural economics theories, new detailed and structured data on actions of economic actors, and increasingly used fields experiments provide a strong basis for the creation of more precise and more robust models of the behaviour of employers and employees. In this article we analyse 4 stylized extensions of standard model of worker's behaviour. Firstly, we give several examples of worker's reference dependent decision-making. Secondly, we utilize Akerlof’s hypothesis on the relationship between an employer and an employee which is as predicted very reciprocal, similarly to the gifts exchange paradigm. We show that the more the employee thinks s/he is trusted by the employer, the harder and more efficiently s/he works. Thirdly, we show several instances of the importance of extrinsic and intrinsic motivation in employees and how those two motivations interfere with each other and crowd each other out in some situations. The research shows that meaningfulness of the work can be a significant driver of the employees’ efficiency as well. In the last section devoted to employees we provide evidence on the impacts of relative performance compensation on cooperation, reciprocity, and sabotage in firms. The last part is devoted to analysing behavioural regularities of managers in their day-to-day decision-making. The overview briefly expands particularly on their over-optimism and on their possibly undeserved remuneration resulting from random events and market changes rather than from the managerial skills. The article concludes by proposing possible directions for further field research.
Bootstrap testing of trading strategies in emerging balkan stock markets
(Technical university of Liberec, Czech Republic, 2017-12-20) Radovanov, Boris; Marcikić, Aleksandra; Ekonomická fakulta
Most lately, the attention of technical trading analysis has shifted to emerging stock markets which collectively bring a significant alternative source of opportunities to international investors. Accordingly, the aim of this paper is to investigate the effectiveness of four technical trading rules (moving average, filter, trading range breakout and channel breakout rule) in six stock market indices of the Balkan States. Also, the paper is providing resume evidence on the predictive power of four mentioned trading rules. We apply the Reality Check and the Superior Predictive Ability test using bootstrap methodology to evaluate the relative performance of those rules. Furthermore, presented tests provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. The original time series is resampled with random draw in two ways: a parametric residual-based method from the AR(1)-GARCH(1,1) model, and a nonparametric, the moving block bootstrap. After including data snooping biases, this study finds that the null hypothesis that trading rules do not outperform the benchmark can be rejected at the 5 percent significance level for five separate stock indices, excluding the MBI10 index. Similarly, such results show the rejection of the weak-form market efficiency hypothesis in case of mentioned stock markets. Applied technical trading rule algorithms in all six stock market indices mainly generate more losing trades then wining trades. Finally, transaction costs have relatively small effect on the overall performance of selected technical trading rules in case of indices BELEX15, CROBEX, SBITOP and MONEX20, but with some changes in choice of the best technical trading rule considering the effects of trading frequencies.
Business system as an equilibrium of intention and causality
(Technical university of Liberec, Czech Republic, 2017-12-20) Řepa, Václav; Ekonomická fakulta
The article is aimed to draw the attention to the essential features of the business processes and business systems in the context of their modeling. We follow the root ideas of cybernetics in order to explain the concept of intentionality and its consequences in business system modeling as well as its impact on the business process modeling methodology and language. Possible way of reflecting these ideas in the business processes modeling methodology is outlined using the example of the process meta-model and business process patterns from the MMABP methodology. Then the concept of causality in business systems is explained and relevant informatics theories and techniques for modeling the real world causality are introduced in this context. Particular attention is paid to the topic of relationships between both basic types of the business system models: intentional business process and causal ontology model. General rules and principles of the consistency of models are discussed together with their methodological consequences. Basic types of the consistency of models – completeness and correctness – are identified and also the specific topic of 'structural consistency' is introduced in this context. In the conclusions section the needed reflection of these essential features in the modeling languages and methodology is analyzed and the basic insufficiencies of the contemporary approaches to the business process modeling are pointed out together with the outline of possible ways of their overcoming. As the main challenges in the field of business process modeling methodology and languages we particularly identify the need for respecting all consequences of the fact that business process has to be always taken as a purposeful process as well as the need for implementing the self-perception of the process in order to allow it achieving the higher orders of prediction.
Comparative performance of the Visegrad group banks for the period 2009-2013
(Technical university of Liberec, Czech Republic, 2017-06-15) Černohorská, Liběna; Pilyavskyy, Anatoliy; Aaronson, William; Ekonomická fakulta
The article examines the comparative performance of Banks for the Visegrad group (V4) of four Central European States for the period 2009-2013. We study the technical efficiency as well as the total factor of productivity changes differences between countries by employing the Data Envelopment Analysis. The efficiency scores are calculated with an output-oriented model. Specification of inputs and outputs is one of the major problems for measurement of bank’s efficiency and productivity changes. To determine inputs and outputs, we made use of assets approach that treats banks as classical intermediators between depositors and borrowers. We have determined three inputs (personnel, physical capital, purchased funds) and two outputs: net loans, total securities. Our results showed that average technical efficiency (for all banks) trended upward during the study period. This increase efficiency is not common for all banks in the Czech Republic, Poland, Hungary and Slovak. We found that efficiency for Czech, Polish and Slovak banks increase during research time. Development of efficiency Hungarian banks has on the contrary a downward trend from 0.882 in 2009 to 0.856 in 2013. We also founded that the Total Factor of Productivity (TFP) changes across all countries was relatively stable in 3 of the 4 observation periods. However, there was a substantial decline in TFP in 2011-2012. Examination of the trends for each of the countries showed that Hungary overly influenced the sample mean. The TFP remained stable during this period for all Poland and Czech Republic, declined slightly for Slovakia, but declined precipitously for Hungary in 2011-2012.
Demographic, social and organizational characteristics on the levels of mobbing and single cases of harassment: the multicomplex approach
(Technical university of Liberec, Czech Republic, 2017-10-02) Vveinhardt, Jolita; Štreimikienė, Dalia; Ekonomická fakulta
The article deals with demographic, social and organizational characteristics of mobbing and single cases of harassment. Many papers analyze these characteristics separately. However, according to the authors of this article, it is necessary to evaluate a wide context of workplace mobbing and single cases of harassment to determine the factors affecting the occurrence of the phenomenon. The multi-complex approach to the influencing conditions is necessary for corporate managers, making preventive and intervention decisions. The research was carried out using the validated questionnaire “The occurrence of mobbing and single cases of harassment in relations between employees” in the private and public sector organizations of Lithuania. 1,231 respondents, who experienced violence in mutual relations, were surveyed. 867 employees distinguished from the respondents experienced mobbing, and 364 employees experienced single cases of harassment. The results of this research explain the spread of mobbing and single cases of harassment in organizations of different sizes and types, its dynamism. They also allow showing that the unmanaged process has a tendency to intensify over time. Two largest risk zones of mobbing and single cases of harassment related to the age and length of service have been highlighted: the first and largest one is a start of professional career; the second is the pre-retirement age. Marital status doesn’t have any statistically significant influence on becoming a victim of mobbing and single cases of harassment, although a slightly higher number of victims, who are divorced or haven’t created a family, were found. The relationship between the size of the organization and the occurrence of mobbing and single cases of harassment was found. The position of the victim of harassment and mobbing in the organization is conditioned by systemic causes related to internal conditions determined by the organizational policy. The article presents only a part of the research results. This part of the research allows the formation of socio-demographic view of the victim of mobbing and single cases of harassment in the organization, distinguishing the influencing factors under individual characteristics. The research was conducted only in one country, so the data should be tested by the cases of other countries.
Determining factors of the benefits derived from the implementation of EN 9100 Standards
(Technická Univerzita v Liberci, 2017-03-15) del Castillo-Peces, Carlos; Mercado-Idoeta, Carmelo; Prado-Román, Camilo; Ekonomická fakulta
In Spain, as well as in the rest of the world, the aerospace sector is one of the most important. The EN 9100 Standards (AS 9100 in America and SIAC 9100 in Asia), are a quality management system for the aerospace industry derived from the ISO 9001 standard, that include the requirements derived from the ISO 9001 and 83 specific additional requirements for the aerospace industry. This research aims to begin covering the virtual lack of studies about the results arising from the implementation of quality assurance standards in this sector. In particular, the objective of the research involves analyzing whether the appearance of the various positive effects that may arise as a result of implementing EN 9100 Standards is influenced by the following factors: a) size of the company; b) implementation of EN 9100 seniority; c) prevailing type of motivation (external and/or internal) to adhere to such standards. To that end, the research was addressed to the Spanish aerospace sector, and the population subject to the investigation was defined by 317 companies. A questionnaire was sent by postal mail and e-mail to the directors of quality of all the selected companies, and a multiple linear regression model was applied to data from the 126 valid survey responses. The results show that EN 9100 adherence seniority, as well as the prevailing type of motivation (internal or external), are significant variables for the appearance of positive effects arising from the implementation of EN 9100, while the size of the company is non-significant for the emergence of such positive effects.
Digital transparency in the public sector – case study Czech republic
(Technical university of Liberec, Czech Republic, 2017-12-20) Mohelská, Hana; Sokolová, Marcela; Ekonomická fakulta
The subject of the paper is to carry out evaluation of the current information openness of municipalities through the structured observation method, via their web pages. The aim of the paper is to assess the transparency level of municipalities in the Czech Republic. It focuses on the lawful and voluntary publication of in-formation on the websites of randomly selected group of municipalities. The content analysis on the internet was used. The thesis focuses on qualitative and quantitative data acquisition as the most effective combination. The research sample consists of 100 municipalities, which were randomly selected from a set of all municipalities in the Czech Republic with populations ranging between 2,000 to 10,000 inhabitants. The paper’s introductory part defines the basic concepts and obligations, which are laid down to the municipalities by international and especially Czech legislation. It is followed by the analysis of selected municipalities on the Internet, which is divided into municipalities' management and documents regarding their activities, the office’s communication with its citizens and accessibility of the sites. A synthesis of findings presents the most transparent municipalities and regions. Czech municipalities have been heterogeneous in the analysis of digital transparency. Once the legislation precisely defines the scope and form of mandatory disclosure of information on municipalities' websites, there is a great deal of improvement and the efforts of municipalities to fulfil this obligation. The degree of disclosure is decreasing with the freedom for municipalities to publish information. The conclusion of the paper is devoted to the overall assessment and recommendations for the given situation in the Czech Republic.
Dimensions of liquidity and their factors in the Slovenian banking sector
(Technical university of Liberec, Czech Republic, 2017-06-15) Laštůvková, Jana; Ekonomická fakulta
The present article focuses on the internal factors which have potential influence on the liquidity of the Slovenian banking sector. Unlike other studies, this paper uses multiple dependent variables, encompassing different views on liquidity and leading to higher complexity. These include the creation of liquidity, its outflow, net change and total reallocation, determined on the basis of a specific method of liquidity measurement – the gross liquidity flows. The chosen independent variables include various items of internal character such as loans, deposits, profit, capital and the size of the bank. Robust regression analyses are performed. The results indicate that internal factors have the greatest influence on the creation of liquidity, where almost all the variables considered were significant. Used factors do not only affect liquidity creation, often investigated by authors, but affect other dimensions of liquidity as well. A significant item which played a role in multiple dimensions of liquidity was the value of loans and the size of the bank (total assets). The models have shown that any given factor only has an influence on the creation of liquidity without influencing its outflow and vice versa. Thus, when looking for determinants only for the creation or only for the outflow of liquidity, the results need not necessarily comprehensively show the influence of the given factors, and can lead to erroneous conclusions. It is therefore suitable to include multiple views on the value of liquidity, since the influence of a factor can be more dominant in a different dimension of liquidity and affect the final value.
The downside risk approach to cost of equity determination for Slovenian, Croatian and Serbian capital markets
(Technical university of Liberec, Czech Republic, 2017-10-02) Momcilovic, Mirela; Zivkov, Dejan; Begovic, Sanja Vlaovic; Ekonomická fakulta
In developed countries Capital Asset Pricing Model (CAPM) is the most frequently used model for determination of the cost of equity. On the other hand, there is no consensus about which model would be the most appropriate and easy to use for the estimation of cost of equity in emerging markets. The aim of this research is to analyze on the basis of Estrada’s work (2000; 2007) four different risk measures based on standard deviation, beta, downside risk and downside beta, as well as corresponding asset pricing models for capital markets of Slovenia, Croatia and Serbia in order to determine the most appropriate asset pricing model and to estimate the costs of equity for selected markets. It should be pointed out that asset pricing research in general is scarce for selected markets and that similar research was not done for them. Results of the research show that for total selected market the most appropriate risk measure out of four proposed is downside risk, while the model that best explains full sample mean returns contains combination of downside risk and downside beta. Results of the research favor downside risk measure for each selected market. When considering multiple regressions with the highest explanatory power for each selected market, results show that all multiple regressions contain downside risk as a risk variable and beta or downside beta as additional systematic risk variable, indicating one more time importance of downside risk for Slovenian, Croatian and Serbian capital markets. The results show that the average cost of equity estimated on the basis of asset pricing model with downside risk as a risk measure amounts to 20.16% for full sample. The results also indicate that Serbia has the highest cost of equity and that the cost of equity for Slovenian and Croatian capital markets is lower and rather similar.
Economic context of european subsidies and their impact on regional economic disparities on the example of the Czech republic
(Technical university of Liberec, Czech Republic, 2017-06-15) Brzáková, Kristýna; Kraft, Jiří; Ekonomická fakulta
This paper presents the theoretical perspectives of economic trends in view on subsidies to investment and ask whether the allocated subsidy of ESI, specifically in the Czech Republic, are substantiated in these economic theories. This article aims to show the relationship between the amounts drawn from the selected operational program of ESI funds and per capita income level in various regions NUTS 3 during 2007-2015 in the Czech Republic. For the purpose of achieving the set goals time series analysis of variables and correlation analysis using Pearson correlation coefficient have been used. Time series data has been controlled by Durbin-Watson test of autocorrelation. Results of theoretical research brought a positive response that subsidies should positively affect the economic level of the population and should help lagging EU Member States and regions within those Member States in their economic growth. The results of empirical research showed that the correlation relationship of the amount of EU subsidies paid to the regions in the Czech Republic and the level of income cannot be clearly demonstrated. Significant correlation has been found in few of regions. However, in most cases dependence has not been demonstrated, thus, correlation between income level and amount of ESI funds from EU is not submitted. It can be concluded that in the short term, the level of per capita income in the region is getting closer to the most developed region of the City of Prague and therefore lagging regions of the country get economically closer. However, this fact cannot be clearly attributed to the amounts allocated through ESI subsidies in various regions of the Czech Republic.
Economic value of ecosystem services in the eastern Ore mountains
(Technical university of Liberec, Czech Republic, 2017-10-02) Vojáček, Ondřej; Louda, Jiří; Ekonomická fakulta
The paper presents the results of a research project aiming at determining the economic value of selected ecosystem services in the Eastern Ore Mountains. The use of the dynamically evolving concept of economic services, used to identify economically utilisable services provided by undamaged ecosystems, can thus contribute to dealing with the issues of optimum landscape management. The primary data collection took place in the summer of 2013; a total of 216 questionnaires were collected. The research focused on three ecosystems, namely montane meadows, clearance cairns and quasi-natural mountain streams. The paper presents and discusses primarily the results of a choice experiment that was used to determine the willingness to pay for defined changes in the ecosystems examined. The research showed that visitors to the Eastern Ore Mountains unambiguously prefer a natural (authentic) or quasi-natural condition of the landscape and that people are able to distinguish among the different situations well (e.g., different appearance of montane meadows, mountain streams, clearance cairns, etc.). People prefer montane meadows scythed without farm animals, clearance cairns not overgrown, and streams with a quasi-natural character. The authors point out the finding that the research results indicate a strong connection of the local population to the local landscape and ecosystems, the potential of which in relation to nature protection and landscape management is totally unutilised at the moment. Special attention is paid to a specific ecosystem, not studied yet in the Czech Republic – the clearance cairns, which showed (contrary to expectations) a noticeably higher willingness to pay for their good management compared to the other ecosystems examined.
Effect of integration of green constructs and traditional constructs of brand on green purchase intention of customers
(Technical university of Liberec, Czech Republic, 2017-10-02) Esmaeili, Ahmad; Sepahvand, Akbar; Rostamzadeh, Reza; Joksiene, Izolda; Antucheviciene, Jurgita; Ekonomická fakulta
The urgent concerns for environmental issues and growing demand for green products have made companies pay much more attention to green marketing. Although, many companies invest in green marketing, but not all of them gain as much as they invest. Most of failures of investments in green marketing are rooted in the fact that customers doubt both the real green performance of these products and the real intention of companies regarding green products. This research, being quantitative in nature, attempts to investigate the impact of traditional branding constructs (perceived quality of the brand, credibility of the brand) and green branding constructs (perceived value of a green brand, the green brand image, and brand equity) on the green purchase intention of customers. The hypotheses have been developed in the form of a conceptual model to investigate the relationship of these constructs. The research focuses on consumers of certain liquid washing detergent products. All the data were collected using questionnaires and the analysis of the data was conducted utilizing LISREL 8 and SPSS 16. The results indicate that perceived brand quality has a positive impact on the perceived value of a green brand, brand credibility, and brand image. In addition, green brand value and green brand image have a positive impact on brand equity. This research can serve as validation of the constructs to fill the gap in the investigation of green brand dimensions. Further analysis shows that green brand equity has a meaningful impact on the green purchase intention of the customers, however the impact of brand credibility on brand equity has not been proved.
Effective evaluation of cloud computing investment – application of cost benefit method analysis
(Technical university of Liberec, Czech Republic, 2017-06-15) Marešová, Petra; Soběslav, Vladimír; Ekonomická fakulta
Use of information and communication technologies both into enterprises and state administration is a great step towards increasing productivity and therefore, economic competitiveness. One of currently ever-spreading technologies is cloud computing. Transfer from the current infrastructure to cloud computing one is risky and expensive matter. The main question when considering cloud computing employment is the investment's effectiveness and return on investment. The aim of this contribution is to present a model and web application for cloud computing investments evaluation, which will allow customers to answer the main question whether migration from current IT infrastructure to cloud method is suitable or not. The model specifies return on investment based on chosen economic indicators as well as suitability of the solution in regard to characteristics and chosen aspects of company management. Among the main methods used during the model development are multi-criteria variant analysis, quantitative analysis by professional discussions while assembling the model, verification of the initial model with companies, its modification, and application development. The model is based on Cost Benefit Analysis method, and therefore it allows for considering qualitative variables, by which it significantly differs from the existing web calculators for cloud method cost calculations. Furthermore, the developed application is vendor independent and it is based on the following principles: requirement of inputs that take into account the specifics of companies, scalability and complexity in the form of static and dynamic economic indicators and includes sensitivity analysis and thus enables recalculate the result and based on a certain % change of input parameters.
The effects of european economic integration and the impact of Brexit on the uk immigrants from the CEE countries
(Technical university of Liberec, Czech Republic, 2017-03-15) Simionescu, Mihaela; Bilan, Yuriy; Smrčka, Luboš; Vincúrová, Zuzana; Ekonomická fakulta
Considering the debates regarding lower increase in the economic growth after Brexit, the main objective of this paper is to measure the positive impact of economic integration of Central and Eastern European (CEE) countries on the UK economy and the effect of Brexit on the immigration from these countries to the UK. The European Union membership of some CEE countries increased, in average, the number of the UK immigrants by 12 times in the period 2004-2014 compared to the group of countries formed by Russia and Ukraine. The empirical findings show positive economic effects of immigration on the UK’s economy, even if the pro Brexit group claimed that a control of immigration is necessary. CEE countries emigrants stimulated the UK economic growth, price stability and reduced the homicide rate. The effects of immigration on the unemployment rate, health and education spending were positive, but very low. According to mixed-effects Poisson models estimations, after Brexit the number of the UK immigrants from the CEE countries that are member of the EU might decrease by 2 times. This significant decline in immigration might impose austerity measures, because of the fall in the economic growth trend with negative impact on the UK economy. Therefore, we recommend policies that focus more on high-skilled labour force than on the reduction of the number of immigrants. The UK should propose measures to slow the expected immigration decline in order to alleviate economic issues like decline in economic growth, decrease in labour productivity, cutting backs on public services.
Effects of fiscal policy Shocks in CE3 countries (TVAR Approach)
(Technická Univerzita v Liberci, 2017-06-15) Mirdala, Rajmund; Kameník, Martin; Ekonomická fakulta
The real output deterioration, high fiscal deficits and increased sovereign debt burden represents key phenomena that affected the maneuverability of fiscal authorities in the early crisis years. Controversy between fiscal sustainability and fiscally driven economic recovery fueled a large number of academic and policy discussions about the appropriate response of governments to the crisis challenges. Empirical literature provides mixed evidence about the effects of fiscal policy adjustments on the macroeconomic performance. Moreover, pro-cyclical patterns in fiscal policies of many countries during the pre-crisis period did not reveal clear lessons learned that would be beneficial for fiscal authorities during the crisis years. In the paper we examine effects of the fiscal policy shocks in CE3 (the Slovak Republic, the Czech Republic and Hungary) within different stages of the business cycle by employing threshold vector autoregression (TVAR) model. We calculate fiscal multipliers and generalized impulse-response functions to assess the responsiveness of the real output to the fiscal policy adjustments. The main objective is to determine whether effects of the fiscal policy shocks differ during expansion and recession. Our results indicate that the size of fiscal multipliers and responsiveness of the real output are generally higher for spending fiscal shocks while effects of revenue fiscal shocks are much less dynamic in all three countries. While the effects of the fiscal spending shocks are more dynamic during recession in the Czech Republic and Hungary, fiscal spending multipliers in the Slovak Republic are generally high during the recession as well though higher during expansion. Moreover, differences in the responsiveness of the real output are slightly higher in case of the expenditure based fiscal adjustments in all three countries (in terms of both, regimes and sub-periods).
The effects of perceived satisfaction with service recovery efforts: a study in a hotel setting
(Technical university of Liberec, Czech Republic, 2017-12-20) Díaz, Estrella; Gómez, Mar; Martín-Consuegra, David; Molina, Arturo; Ekonomická fakulta
In the service industry, the importance of achieving the satisfaction of all involved agents is widely recognized. It is important to note that within the service sector, the hospitality sector involves a high degree of personal contact between hotel staff and customers, during which various misunderstandings can result in service failures. Therefore, instruments that enable learning about and solving problems emerging from customers now serve as one of the most important elements of the hospitality industry. In this context, the objective of answering the call for more studies investigating the effectiveness of recovery efforts and discovering their effects to perceived customer satisfaction, following a service recovery process, and customer behavior outcomes towards a hotel which had dropped the ball but later offered a solution. A structural equation model using a sample of 274 valid questionnaires, obtained from hotel establishment customers who had experienced failed service provisions and who had shown their discontent with these services, was used to examine these issues. The results confirm a significant and positive effect between the analyzed relations and also reinforce the importance of recovery efforts on satisfaction in service recovery and also determine the impact of that perceived satisfaction on behavioral outcomes of the affected consumers. Additionally, the empirical results show that communication and explanation are the dimensions of importance to consumers when they report a service failure to a service firm. Based on these results, this study recommends designing recovery process in such a way to get maximum advantage of this phenomenon. Therefore, organizations should offer dissatisfied customers with the option to choose among various recovery options.

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