Číslo 3
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- ItemAnalysing 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 fakultaIn 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.
- ItemDemographic, 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 fakultaThe 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.
- ItemThe 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 fakultaIn 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.
- ItemEconomic value of ecosystem services in the eastern Ore mountains(Technical university of Liberec, Czech Republic, 2017-10-02) Vojáček, Ondřej; Louda, Jiří; Ekonomická fakultaThe 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.
- ItemEffect 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 fakultaThe 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.
- ItemFactors affecting sensitivity of commercial banks to bank run in the Visegrad Countries(Technical university of Liberec, Czech Republic, 2017-10-02) Klepková Vodová, Pavla; Stavárek, Daniel; Ekonomická fakultaWhile managing liquidity, each bank should be prepared also for unexpected and exceptional events, such as bank runs. The aim of this paper is therefore to determine the maximum volume of deposits that can be withdrawn from individual banks operating in the Visegrad countries and to identify the determinants of their sensitivity to a bank run. The data cover the period from 2000 to 2014. Although bank liquidity, measured by the liquid asset ratio, decreased in all countries during the analyzed period, the level of liquidity differs among countries. We have simulated a bank run as a sudden withdrawal of 20% of client deposits. The ability of individual banks to survive this crisis scenario significantly differs. Nevertheless, as Czech and Hungarian banks were more liquid, they are better prepared for a potential bank run than Polish and Slovak banks. After that, using the panel data regression analysis, we tested seven bank-specific factors and seven macroeconomic factors. The sensitivity of commercial banks from the Visegrad countries to a possible bank run is determined mainly by different aspects of bank liquidity (not only the level of bank liquidity, but also connection to bank lending activity, the way of its financing and also activity on the interbank market). Among the other bank specific factors, profitability, capital adequacy and size of the banks are relevant in some countries. When it comes to macroeconomic factors, interest rate and unemployment rate are important. However, we can conclude that the most important factor is the level of bank liquidity: banks with a sufficient buffer of liquid assets are safer than other banks, particular during periods of financial distress.
- ItemHealthcare systems and performance evaluation: comparison of performance indicators in v4 countries using models of composite indicators(Technical university of Liberec, Czech Republic, 2017-10-02) Hejduková, Pavlína; Kureková, Lucie; Ekonomická fakultaHealthcare systems play a very important role in society and their role is becoming increasingly important in regard to the phenomenon of population ageing. The issue of the performance of healthcare systems should be at the forefront in terms of the interest of academic research studies and discussions among the scientific community. The proper functioning of the healthcare system should also be a priority in regard to public policy. These facts should encourage governments to regularly evaluate the performance of their healthcare systems and create international comparisons. Many indicators are used to measure and evaluate performance of healthcare systems – e.g. those created by the WHO, Eurostat, or OECD Health Statistics and OECD Health Policy Studies. For our paper, data from the OECD Health Policy Studies was used as a primary source. V4 states were chosen for the evaluation of the performance of healthcare systems. The reasons for this are as follows: V4 countries are transitive economies of the CEE with a poorer state of health of their populations than in more developed countries of the OECD or EU; the given systems have long been underfinanced; and reforms are focused exclusively on economic goals and lack a broader concept in terms of long-term sustainability. For the purposes of this paper, a composite indicator of the performance of healthcare systems was designed and includes ten variables for the studied ten-year period. In order to establish a comparison of the performance of healthcare systems, three methods were used to model them: (i) using the area of a radar chart, (ii) determining performance based on order, and (iii) determining performance based on distance from the reference unit. These three methods for determining the performance of healthcare systems allow us to compare the performance of healthcare systems in V4 countries specifically. The goals of this paper are as follows: compare and evaluate the performance of healthcare systems among V4 countries using selected indicators from the field of healthcare and establish what position the Czech Republic’s healthcare system holds in comparison with other V4 countries.
- ItemThe impact of sovereign wealth fund ownership on the financial performance of firms: the evidence from emerging markets(Technical university of Liberec, Czech Republic, 2017-10-02) Urban, Dariusz; Ekonomická fakultaSovereign Wealth Funds have been regarded as investment vehicles established in order to manage, in a rational and profit-oriented way, pools of national wealth for future generations. SWFs are among the most important financial institutions in global financial markets, and constitute a solid element in the architecture of the international financial safety net. Similarly to other institutional investors, Sovereign Wealth Funds possess huge amounts of capital. What distinguishes them the most from other financial institutions is the fact that they are owned, managed and controlled by sovereign states, have limited liquidity needs, a lower-than-market-average-level of redemption risk, a long-term, intergenerational investment horizon and relatively high risk tolerance. The question of whether investment from Sovereign Wealth Funds determines changes in corporate financial performance of a targeted firm is still unanswered question in the literature. This study tests empirically the impact of Sovereign Wealth Funds’ ownership on the financial performance of targeted companies. Using the data of companies listed on the Warsaw Stock Exchange, we employ regression to analyze the relationship between the funds’ investment and accounting, as well as the market outcomes of the firm. The empirical findings of this research suggest that Sovereign Wealth Funds’ ownership has a positive influence on the price to book value of the firm. This article contributes to ongoing research in the field of studies related to financial aspects of SWF’s investment behavior. The empirical findings of this research can also serve as a useful reference for companies and academics concerning themselves with investment decision making in emerging markets, as well as the role of institutional investors.
- ItemInnovations among people. How positive relationships at work can trigger innovation creation(Technical university of Liberec, Czech Republic, 2017-10-02) Glińska-Neweś, Aldona; Sudolska, Agata; Karwacki, Arkadiusz; Górka, Joanna; Ekonomická fakultaInnovations are the essence of the successful organization. The process of their creation is strongly based on individual and team commitment to create improvements in every organizational area. This commitment is triggered by innovation climate including employee positive relationships (PRW) and supporting internal communication facets. The aim of the paper is to define causal relations among the aforementioned variables. We hypothesize that positive relationships at work are a prerequisite of the innovation creation process, i.e. they stimulate employee commitment to innovation creation regardless of the employee position in an organization as well as influence internal communication facets that support innovativeness. Notably, among internal communication elements we analyze open communication of both good and bad information and employee informal meetings. The analyses are based on the quantitative survey conducted on the sample of 200 Polish companies representing various sectors and selected from rankings of the most dynamically developing organizations in Central Europe. In each company we obtained information from a person involved in leading a team creating innovations, i.e. representing different functional departments. In the course of data analyses we used the hierarchical regression and the linear regression analysis. The results support the hypotheses of PRW key role in the innovativeness process, and the effect appeared to be linear. Specifically, positive relationships at work stimulate both employee individual commitment to innovations and internal communication supporting innovativeness. These findings contribute to the research stream connected with the Positive Organizational Scholarship umbrella concept. Practical implications of the survey point to the need of positive relationships at work stimulation in organizations.
- ItemThe integrative management model for restructuring small and MEDIUM-SIZED enterprises (SME)(Technical university of Liberec, Czech Republic, 2017-10-02) Tamošiūnas, Andrius; Ekonomická fakultaThe article presents the integrative SME restructuring management model. The model is aimed at divergent and sustained competitive performance, specifying measures for improving strategic management, rationalizing management functions and assessing influence of its results on SME competitiveness. The respective technique is proposed for enterprise efficiency evaluation in terms of strategic and functional management. As to prepare the proper strategy for SME restructuring the author have determined and hence recommend the regularities for strategic decisions making towards restructuring as well as the ones for the rational selection of restructuring techniques. When executing SME restructuring author proposes to use the complex set of measures determined in order to ensure the reasonable efficiency of functions of the enterprise as well as its products. In order to ensure rational management of restructuring the respective technique is also proposed to evaluate the efficiency of SME restructuring. This let as to evaluate the benefit of the executed changes within the enterprise as to identify the directions and actions needed to continue increasing the efficiency of the enterprise activity. Based on the outcome of empirical investigations of SME restructuring in the EU over the last decade, underlining its specifics and complexity, the paper reveals the benefit of use of the proposed model specifying all its phases to relevant techniques and actions. Results of its application in practice also confirm the prevailing flexibility when applying the model while characteristics of the complex of measures set under the latter can be adjusted to the specifics of SME and its business environment. While leading to greater possibilities to rationalize restructuring process, the model created by the author also provides an SME with prerequisites to improve the use and development of human, material and financial potentials with pivotal contribution to its sustained competitiveness even in a changing business environment.
- ItemThe marketing-entrepreneurship paradox: A frequency-domain analysis(Technical university of Liberec, Czech Republic, 2017-10-02) Nikolić, Slavka T.; Gradojević, Nikola; Đaković, Vladimir; Mladenović, Valentina; Stanković, Jelena; Ekonomická fakultaThe areas of overlap between the disciplines of marketing and entrepreneurship are substantial and they provide a wide variety of opportunities for multidisciplinary research. This paper lays out multidisciplinary foundations for the formal theoretical and practical treatment of the interaction between marketing, entrepreneurship and profitability in an organization. The focus of this research is on a company’s success as a function of organizational changes and the level of acceptable risk, measured by its profitability. The contribution to the literature on the relationship between entrepreneurship and marketing is reflected in a new approach that relies on the multi-scale (i.e., frequency-dependent) approach or the so-called “spiral of success”. In addition, this paper highlights the necessity for dynamic abilities and innovative character in an organization. More broadly, it explains an important theoretical paradox that organizations always face high risk, but, in order to survive in business, they need to enter new cycles of entrepreneurial activities (innovation and diversification) that involve even more risk. The novelty of this study lies in its application of the causality tests in the frequency domain for the bivariate system in order to demonstrate the marketing-entrepreneurship paradox. This is, to the authors’ best knowledge, the first paper that uses such a methodology in marketing and entrepreneurship. The paper’s principal hypothesis is tested on a well-diversified company (Amazon.com) where it is shown that marketing drives changes in net income at both medium and long horizons, but not vice-versa. The findings and related discussions can be useful to academics and practitioners, as well as to public policy-makers.
- ItemA Monte Carlo method simulation of the European funds that can be accessed by Romania in 2014-2020(Technical university of Liberec, Czech Republic, 2017-10-02) Săvoiu, Gheorghe; Burtescu, , Emil; Dinu, Vasile; Tudoroiu, Ligian; Ekonomická fakultaThe authors dealt with finding some relevant simulation solutions for the value of the European funds that can be accessed by Romania in the second budget cycle (2014-2020) of the European Union (EU), in which the national economy is participating after the 2007 accession. The article presents, in a brief conceptual introduction, the option for simulation, not only as economical and statistical alternative but also as conceptual and technical method, followed by an analysis section for the EU funds accessed by Romania in the 2007-2013 financial period and in the first three years of 2014-2020 financial period, with a role in generating hypotheses and scenarios of a type of modelling the process of accessing and specific absorption (including all types of rates, from the current absorption rate to the actual rate, with revenue in advance, etc.). A methodology section describes the rationale for selecting the method of simulation as Monte Carlo, and also the main hypotheses, detailed scenarios and integrated characteristic variables. The scenario-making eventually shaped three options by combining criteria of stability/instability, nuanced by optimistic/ pessimistic type scenarios. The analysis of the variables described by a probability distribution was conducted statistically on several types of samples simulated by the Monte Carlo method, from 100 draws to 200; 300; 400; and finally 500 and 1,000 draws. A presentation of the final simulation results and a number of major comments regarding their calibration, confrontation, clarity and statistical analysis, together with some final remarks as conclusions, limitations and perspectives, end the research approach.
- ItemThe perception of selected aspects of investment attractiveness by businesses making investments in the Czech Republic(Technical university of Liberec, Czech Republic, 2017-10-02) Jáč, Ivan; Vondráčková, Marie; Ekonomická fakultaInvestment attractiveness refers to the interest of the territory, area and region. Investment attractiveness refers to the competitiveness of a country within the investment environment, and investment decisions that are made by a business regarding the localization of its investments. Investment attractiveness may be defined as the set of factors that influence a business entity when making its investment decisions. Investment attractiveness reflects how interesting the relevant territory, area or region is to businesses. The set of factors influencing the level of investment attractiveness are both factors that are fixed (geographic location, deposits of iron ore, large water flows) and, secondly, the factors that from the perspective of state policy influenced (educated population, a policy of investment incentives, labor costs, tax rate, macroeconomic indicators – inflation, GDP and labor productivity). There are many indicators showing the strengths and weaknesses of a country and its economy, and whether the business environment is suitable for investors or if the business environment is risky and problematic. This issue is dealt with using the theory of localization. This article interprets the results of a survey carried out that looked at the effects of selected investment factors on decisions taken by businesses making FDI – which means on the investment attractiveness of countries striving for FDI. First, based on a theoretical search, we selected specific factors for the inquiry that have an impact on investment decisions taken by businesses. The factors were subsequently verified through a questionnaire sent to the investors. They were further verified through a regression analysis.
- ItemThe present status of sustainability concept implementation by businesses in selected industries in the Slovak Republic(Technical university of Liberec, Czech Republic, 2017-10-02) Marková, Viera; Lesníková, Petra; Kaščáková, Alena; Vinczeová, Miroslava; Ekonomická fakultaOn a macro level, a concept of sustainable development was first known in context of the larger societal development and the assurance of future generational needs. Nowadays many of individuals, companies, and other organizations are becoming aware of a need of another specific approach to living, manufacturing and doing business. The term of sustainable development has also increasingly been used on a micro level. For a business, these practices imply an effort to incorporate the social and environmental issues into the business model while simultaneously achieving long-term business growth and efficiency. The aim of the paper is, based on the analysis of sustainability concept implementation by businesses in selected industries, to identify the underlying motives and barriers to concept implementation in practice. The motives leading to sustainability concept implementation were found by means of comparison with foreign research. Another objective was to underline the most frequently used tools supporting business sustainability in particular areas and as a whole. By means of a hierarchical cluster analysis we provide a more comprehensive view of businesses´ approach to a sustainability concept. Through the objectives of this paper we have formulated six hypotheses. To verify the hypotheses we used the statistical method of analysis. By use of a questionnaire survey, we analyzed 455 businesses belonging to selected industries. The results indicated several options to improve the current state of sustainability implementation which would be beneficial for both businesses as well as the wider environment. The solution for the indicated problems, however, requires not only participation of the business sector but also the interaction of the state.
- ItemWhy do some municipalities apply accrual-based rules more than others? Evidence from Turkey(Technical university of Liberec, Czech Republic, 2017-10-02) Ada, Selver Seda; Christiaens, Johan; Ekonomická fakultaIn the last decades, public sector has been influenced by New Public Management emphasizing incentives, competition, and performance. With the effect of New Public Management, implementation of accrual accounting based rules in the local government level has been studied from different aspects and within different contexts. In this study, we seek to further delineate factors affecting the level of compliance to accrual based accounting rules in the local government level in an emerging country – Turkey. We shed lights on two new emerging country-like variables: implementation of European Union funded projects and newly founded municipalities with six control variables including municipal size, municipal wealth, citizen education level, staff education level, debt ratio and external audit. Data, to be analyzed, is gathered from 102 Turkish municipalities. We use compliance index, consisting of 39 items, in order to assess the level of compliance of the municipalities. Institutional theory and resource dependence theory have been employed in order to increase our understanding on the factors affecting the level of compliance to the accrual based rules. The results show moderate compliance, 61.2%, with the accrual based rules. Predictors that have clearly significant effect on the level of compliance are respectively, the external audit (b = .123, β = .450, p = .000), implementation of EU funded projects (b = .074, β = .267, p = .002) and being a newly founded municipality (b = .071, β = .155, p = .031). Moreover, we found that coercive institutional pressure to implement accrual-based rules may become a potent force when a supreme audit institution has control and there is resource dependence on an international body.