Číslo 2

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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.
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.
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.
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.
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).
Empirical research of users’ opinions on selected aspects in internet financial reporting
(Technical university of Liberec, Czech Republic, 2017-06-15) Ali, Mohd Noor Azli; Khan, Ismail Noor Azizi; Mardani, Abbas; Zavadskas, Edmundas Kazimieras; Kaklauskas, Arturas; Ekonomická fakulta
This study investigates the perceptions of users of corporate annual reports in relation to selected aspects of internet financial reporting. This study also analyzes Web analytics (Web usage and Web content analytics) to discover financial and non-financial usage and content patterns from company websites and other sources of World data. The case studies submitted in this article partly demonstrates the developed Web analytics systems. To serve this purpose, a questionnaire was distributed to five user groups (academics, students, managers, bank officers and auditors). From the survey, the analysis indicates that attracting’s foreign investors, promoting the company to a wider public, attract local investors and promote wider coverage are the four most important benefits of IFR to the company. The findings revealed that three main benefits to the users who collect financial information of companies via their website are: increases timeliness and efficiency in obtaining financial information, makes investment decision process easier and faster, and provides information about a company inexpensively. Preliminary findings suggested three factors that are perceived as important by responding firms to engage in IFR: enhance corporate image, company teller with the technology development, and competitors in the industry. The findings also revealed three factors that inhibit firms from engaging in IFR: required expertise from the company, need to keep information up to date to be of use and concern over security of information. The findings also suggested increased information and analysis, and global reach and mass communication as the most important advantages from financial reporting on the internet. On the other hand, security problems, and cost and expertise are the biggest disadvantages of placing financial information on the internet. Finally, plausible implications of the findings of the study are then presented and areas for future research are also proposed. Taken together, these research outcomes make an incremental contribution to the existing financial reporting literature by providing useful insights into our knowledge of IFR especially for emerging capital markets like Malaysia.
Engel’s approach as a tool for estimating consumer behaviour
(Technical university of Liberec, Czech Republic, 2017-06-15) Benda-Prokeinová, Renata; Dobeš, Kamil; Mura, Ladislav; Buleca, Ján; Ekonomická fakulta
Engel’s approach to consumption plays an important role in theoretical economics. There is thus strong empirical and theoretical interest to analyze the cross-section Engel function of real populations. A prerequisite of any economic interpretation is a reasonable estimation of these curves from given cross-section data containing households’ expenditures and income. In submitted paper the Engel curves computation was applied on the Slovak household’s income and expenditure. A double-log specification of the Engel’s function has been chosen in order to estimate the expenditure elasticity of households by using an economic status of households’ head at work for each household by children per person. The household Budget Survey of the Slovak Statistical office was used for the period 2004–2014. Analysis of income elasticity demonstrated negative correlation of food expenditure in Slovak households and the number of children in all food groups of the consumer basket classified as necessary goods. Examination of the households based on the economic activity of their head (employee, self-employed, retired, and others) showed differences in availability of various food groups for the households (inferior, necessary, luxury goods). Increased amount of food groups were included within the luxury category in following order: the households with self-employed head, employed household head, and retirees. Households without children have meat and fats & oils included in the category inferior goods, other types of households according to the number of children considered all types of food in the consumer basket as necessary goods. Results provide deeper knowledge about consumers’ behavior of Slovak households.
An estimation of the compliance costs of Slovak taxation
(Technical university of Liberec, Czech Republic, 2017-06-15) Nemec, Juraj; Čižmárik, Pavol; Šagát, Vladimir; Ekonomická fakulta
Most authors divide the costs of taxation into two subsets. The first subset “direct administrative costs” are the direct costs of the public sector. The second subset the “compliance costs of taxation” are the indirect expenses of the private sector connected with paying taxes. This paper focuses on the compliance costs of taxation with the goal to assess the level of compliance costs of the private sector for income taxation and compliance costs for employers connected with the administration of salaries and social contributions in Slovakia. The results, based on 2011 data show that Slovak businesses have very high costs connected with paying the taxes – compared to other developed countries and also to Slovakia’s neighbours. The estimates for physical persons are particularly high, even using the most cautious assumptions. The situation deserves attention and motivates a search for some explanations and reactions. We argue that both the low level of tax compliance, because of a large shadow economy, and a too complicated tax system are the key factors determining the situation. However, neither a simplification of the tax system or real measures to cut tax evasion are on the agenda of the current left wing government. One specific factor that may have had an impact on the government`s limited willingness to enact necessary radical changes, uncovered by our research, is tax illusion. The responses to our questionnaire were rather surprising – 8% of respondents felt that compliance costs were marginal and 31% felt that their level was fully acceptable. This situation provides one more – political – explanation for the current situation: if tax payers are not well informed their motivation to demand change is limited.
The factors influencing the decision on the location of hotels depending on their size in Poland
(Technical university of Liberec, Czech Republic, 2017-06-15) Puciato, Daniel; Gawlik, Agnieszka; Goranczewski, Bolesław; Oleśniewicz, Piotr; Woś, Barbara; Jandová, Soňa; Markiewicz-Patkowska, Julita; Sołtysik, Mariusz; Ekonomická fakulta
The paper focuses on the relationship between a hotel location and its size in independent hotels operating in Poland. The aim of the article was to indicate the most important factors determining the location of newly built hotels in Poland, depending on their size. The spatial scope of the research included the area of south-western Poland, i.e. the provinces of Lower Silesia, Opole, and Silesia, diverse in terms of cultural, social, economic, and natural conditions, and characterized by different attractiveness as tourist destinations. The time range of the statistical data analysis covered the years of 2000-2009. In the initial phase, the authors applied the deductive method to perform literature analysis, and the diagnostic survey method with the questionnaire technique to identify the most important hotel location factors. Secondly, a quantitative analysis was performed to indicate the most significant factors determining the location of independent hotels in Poland, conditioned by the hotel size. The results of the study indicate clearly that there are differences in the location factors for independent hotels, conditioned by their size. The location of small hotels depends mostly on the communication availability, investment incentives, and tourist attractions. The location of medium and large hotels is mainly related to land prices and the presence of anthropogenic tourist attractions. The results can contribute to a better understanding of the motives of investors selecting a location and may have implications for economic policies, since they can focus local and regional authorities’ attention on important determinants of reception areas investment attractiveness. The research should be extended in the future to include other hotel features, such as the degree of integration with other business entities, standard, organizational form, or capital origin.
An integrated model of customer loyalty in the Macedonian mobile service market
(Technical university of Liberec, Czech Republic, 2017-06-15) Palamidovska-Sterjadovska, Nikolina; Ciunova-Shuleska, Anita; Ekonomická fakulta
The main objective of this paper is to develop and test an integrated model of customer loyalty in the Macedonian mobile service market, analysing its determinants and their interrelationships and effects on customer loyalty. The proposed research model integrates service quality, customer satisfaction, switching costs and switching barriers as the main determinants of customer loyalty, further analysing their different effects (direct/mediating/moderating) on customer loyalty. Confirmatory factor analysis (CFA) is used in order to assess the validity of the measurement model, and the developed structural model is tested with structural equation modelling (SEM). The reported results indicate that the proposed research model as a whole has a satisfactory level of adequacy and most of the hypothesized realtionships are confirmed. The results suggest that customer satisfaction partially mediates the relationship between service quality and customer loyalty and also service quality has a direct and positive effect on customer loyalty. The satisfaction-loyalty relationship is not mediated nor moderated by switching barriers, but switching barriers have a direct and positive effect on customer loyalty. The presented results would be of great importance for managers for the successful development of strategies for creating mobile service users’ loyalty. The empirical evidence obtained in this study suggest that Macedonian mobile operators should have in mind alternative strategies in creating customer loyalty, emphasising the fact that customer satisfaction has a stronger positive influence in creating customer loyalty than switching barriers. The present research provides an integrated approach in examining customer loyalty and explores the different roles of switching barriers in the relationship between customer satisfaction and loyalty. In order to further develop the integrated approach of customer loyalty modelling, some additional concepts should be incorporated and examined in the future.
Is consumer confidence index a suitable predictor of future economic growth? An evidence from the USA
(Technical university of Liberec, Czech Republic, 2017-06-15) Mazurek, Jiøí; Mielcová, Elena; Ekonomická fakulta
The problem of the prediction of business cycles, and economic recessions in particular, belongs among the most important topics of contemporary macroeconomics. However, economists were not considerably successful when dealing with the recession forecasting so far, notably, the Great Recession of the late 2000s and early 2010s emerged rather surprisingly. The aim of this paper is to examine the statistical relationship (in terms of Granger causality) between the Consumer Confidence Index (CCI) and real GDP growth in the USA from 1960 to 2015 in order to find whether the CCI can be a suitable predictor of the economic growth, or economic recessions respectively. Also the short-term dynamics of four periods covering US economic recessions (1967-1978, 1975-1985, 1995-2005, and 2005-2015) was examined. The main results are that the CCI Granger causes GDP in the long-run, with the lag of 6 months. As for shorter periods, the CCI Granger caused GDP in three out of four examined periods, including the Great Recession (with the lag of 3 months), and only for the so called dot-com bubble period Granger causality was reversed, with GDP causing the CCI with the lag of 6 months. These results indicate that the CCI can be considered a suitable predictor of GDP at least for the USA, but more complex and broader study, including other major economics such as the European Union, Germany, or Japan, is certainly needed.
Karachi inter-bank offered rate (kibor) forecasting: Box-jenkins (arima) testing approach
(Technical university of Liberec, Czech Republic, 2017-06-15) Ahmed, Rizwan Raheem; Vveinhardt, Jolita; Ahmad, Nawaz; Štreimikienė, Dalia; Ekonomická fakulta
The aim of this paper is to find out the forecasting model that is the one, which gives the best output of forecasting. So that policy makers can be benefited from this research. Thus, this research will also evaluate the performance of ARMA, and Box-Jenkins (ARIMA) forecasting models for KIBOR in case of Pakistan. Karachi Inter Bank Offer Rates (KIBOR) is the average interest rate at which banks want to lend money to other banks. KIBOR as a benchmark, to encourage transparency, to promote consistency in market based pricing and to improve management of the market risk undertaken by banks. Researchers have used 6-month rates of KIBOR; data is of 4 years from 2012 to 2015. Therefore, keeping in view of the importance of KIBOR, the objective of this research is to forecast, Karachi Inter Bank Offer Rates (KIBOR) using time series autoregressive moving average (ARMA), Box-Jenkins (ARIMA) model. The study is significant at 1%, the forecasting of rates shows that the rates are very close to the actual one and it further concluded that the applied model Box-Jenkins (ARIMA) is perfect for the forecasting. The results of AIC revealed that there is no evidence of autocorrelation and there is no sample error and the model is useful and robust. It is finally concluded that the forecasting of KIBOR rates by ARIMA (Box-Jenkins) model is very helpful for policy makers. The results extracted from this model are reliable for making any forecasting and also beneficial for government functionaries, financial experts and policy makers of financial institutions in order to device their future strategies.
Key determinants of the quality of business environment of SMEs in the Czech Republic
(Technical university of Liberec, Czech Republic, 2017-06-15) Virglerová, Zuzana; Homolka, Lubor; Smrčka, Luboš; Lazányi, Kornélia; Klieštik, Tomáš; Ekonomická fakulta
The business environment is determined by various obstacles the business owners have to deal with in the course of their work. This article aims to create a model of the quality of business environment, define the key determinants of this model, and quantify the correlations among the individual determinants in the area of small and medium-sized enterprises (SMEs) in the Czech Republic. Partial results of a survey carried out at the Tomas Bata University in Zlín in 2015 were used for the analysis. On the basis of previous surveys, four determinants were set that influence the quality of business environment (State, Public perception, Financial markets and banks, Business risks). From these four areas, questions were selected and asked to business owners in the Czech Republic in the abovementioned survey. Links were identified among selected questions asked to the owners. These links led to adjusting the business environment to four determinants: State and public perception, Banks and their approach to business, Knowledge of rules and principles, and financial risks and their increase in post-crisis time. Subsequently, correlations were identified among these determinants. It was ascertained that the knowledge of the conditions of the financial system leads to a positive perception of the banks’ approach in terms of external finance. Moreover, a positive influence of the banking sector on how the business owners perceive financial risks was identified. Another important result of the survey is the fact that business owners who have the necessary knowledge of the financial market perceive financial risks as less intense compared to those lacking such knowledge of the financial market.
Linkages between personality and knowledge sharing behavior in workplace: mediating role of affective states
(Technical university of Liberec, Czech Republic, 2017-06-15) Anwar, Ch. Mahmood; Ekonomická fakulta
The purpose of this study was to investigate the relationship between broad and select narrow personality traits and knowledge sharing behavior of employees in workplace. This study especially contributes to literature of personality by uncovering the unexplored affective states in the context of knowledge sharing behavior. Sample was drawn by using simple random sampling without replacement technique. To test the hypotheses, correlation, regression and bootstrap mediation procedures were applied to the sample data. Testing a sample of 274 university teachers, significant associations were found between big five traits, proactive personality, creative self-efficacy, and knowledge sharing behavior. Openness to experience, conscientiousness, agreeableness, extraversion, proactive personality and creative self-efficacy were positively related to knowledge sharing behavior, whereas, neuroticism was negatively related to knowledge sharing behavior in workplace. The relationship between extraversion, agreeableness and creative self-efficacy was partially mediated by positive affect and the relationship between neuroticism and knowledge sharing behavior was partially mediated by negative affect. In conclusion, members of organizations, at all levels, should be trained to manage their emotions and affective reactions intelligently to share knowledge effectively and gain maximum benefits from knowledge based assets. In addition, organizational tasks must be assigned to employees with suitable narrow or broad personality traits to maximize the performance level. All the sophisticated, scientific and technical works requiring high level of knowledge sharing should not be assigned to neurotic workers. However, agreeable, extrovert, conscientious and open individuals may handle all knowledge sharing activities effectively. It is also suggested that the works requiring scientific innovation and creativity could better be performed by people high in creative self-efficacy, whereas, knowledge works requiring manual dexterity like technology transfer, industry academia linkages and knowledge based networking can best be done by proactive people.
The stability of bankruptcy predictors in the construction and manufacturing industries at various times before bankruptcy
(Technical university of Liberec, Czech Republic, 2017-06-15) Karas, Michal; Režňáková, Mária; Ekonomická fakulta
This article focuses on the design of bankruptcy models, specifically the selection of suitable predictors. Previous research has drawn mainly on data concerning manufacturing companies one year before bankruptcy. Our research examines financial ratios that are suitable bankruptcy indicators in two different industries (the construction and manufacturing industries) over a period of five years prior to bankruptcy. Our main objective is to verify whether bankruptcy predictors are industry-specific. Another objective was to determine which indicators can detect signs of bankruptcy earlier than one period before bankruptcy. We presume that the application of industry-specific indicators can help increase the predictive accuracy of bankruptcy models when applied to a particular industry. Per analogiam, we assume that the inclusion of indicators capable of detecting signs of bankruptcy more than a year before its occurrence will increase their predictive capacity. Significant predictors were first identified on a linear basis using the parametric t-test or F-test; for the sake of comparison, a non-linear non-parametric Boosted Trees method was also applied. Data for a total of 34,229 active companies and 304 companies that went bankrupt during the relevant period was analyzed. The research confirmed our presumption that bankruptcy predictors are both industry and time specific. Four years before bankruptcy, the indicators return on assets, inventory turnover and asset structure are important predictors in both the manufacturing and construction industries. The net working capital to total assets ratio is a specific predictor for manufacturing companies in the third year before bankruptcy, as is the short-term indebtedness indicator. In the construction industry, specific predictors are the net working capital to sales ratio in the third and first years before bankruptcy, and the interest coverage indicator in all four years preceding bankruptcy. Were these indicators to be included in a model for an alternative industry, they would be likely to reduce its accuracy.
The visit fees and its influence on overalL health expenditureS – the case of the Czech Republic
(Technical university of Liberec, Czech Republic, 2017-06-15) Clark, J. Stephen; Dittrich, Ludwig O.; Stará, Dana; Barták, Miroslav; Ekonomická fakulta
The goal of the paper is to develop a simple demand model of health care services that can explain why the demand for health care services, and hence overall expenditures on health care, can rise with the introduction of visit fees based on real data available publicly in the Czech Republic. One of the most common problems with the costs of health care systems around the world is that they tend to increase expenditures at a rate that is greater than the rate of inflation. This has led to the introduction of visit fees by governments and/or public, private health care facilities and other health care providers. These fees are meant to rationalize the use of the health care system and slow the growth of health care expenditures. The Ministry of Health of the Czech Republic introduced from 1. January 2008 visit fees as a way to slow the growth of health care expenditures. On the contrary, total health care expenditures increased after the introduction of visit fees. A model of visits and visit intensity is developed, where visits and visit intensity are substitutes. The model shows that the demand for health care services will increase with an increase in the price of visits when the cross price elasticity of demand for visit intensity outweighs the own price elasticity of visits. The fees were abolished with the exception of fee for emergency room visit from 2015. The introduction of a visit fee is a counterproductive rationing device for health care services if it rations a component of overall health care services with a low own price elasticity of demand without rationing a substitute variable (visit intensity) with a higher cross elasticity of demand. Thus, the introduction of a visit fee may induce a sense of entitlement for further health care services per visit on the part of consumers, leading to an increase in overall health care expenditures.

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