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- ItemAGRICULTURAL OUTPUT EFFECT OF RURAL FINANCE: AN EXTENDED REGRESSION APPROACH(Technická Univerzita v Liberci, ) Jing, Xinxin; Jiang, Ruchuan; Chen, Zhiguo; Deng, Zhi; Ekonomická fakultaAgricultural output growth is an everlasting realistic problem in human society. Rural finance aims to relieve the financing constraint and pressure on the rural society with capital scarcity through credit aid and support agricultural output growth. However, credit funds cannot be adequately input into agricultural production and management, which adversely impacts agricultural output. To accurately investigate the agricultural output effect of rural finance, using the 2015 China Household Finance Survey’s large-sample micro-survey data, an extended regression model (ERM) was established that could effectively eliminate the endogeneity problem. Then, the agricultural output effect of rural finance was empirically estimated. Subsequently, the robustness of empirical results was tested using the propensity score matching (PSM) method and the Kernel density map. Agricultural technical guidance was introduced to explore its regulating effect on the relationship between rural finance and agricultural output. Furthermore, the robustness test was conducted for different groups, such as the eastern region, the western region, and the central region, to investigate the regional differences in the agricultural output effect of rural finance. The estimation results of ERM indicate that rural finance exerts a significantly positive influence on the agricultural output, and a large estimated coefficient manifests the considerable agricultural output effect of rural finance. The estimation results of the PSM method show that rural finance significantly increases the agricultural output of all peasant household samples averagely by 11,100 CNY. Agricultural technical guidance has a significantly positive regulating effect on the agricultural output effect of rural finance. According to the regional heterogeneity analysis, rural finance is significantly promoted in central and western regions, but it presents an insignificant crowding-out effect in the eastern region. Conclusions in this study can provide pertinent enlightenment for strengthening the productive functions of rural finance and lay a theoretical foundation for facilitating its healthy development.
- ItemCOVID-19 AND DIVIDENDS: EVIDENCE FROM POLAND(Technická Univerzita v Liberci, ) Gemra, Kamil; Kwestarz, Piotr; Rogowski, Waldemar; Lipski, Mariusz; Ekonomická fakultaThis paper aims to examine the impact of an unexpected change in the level of dividend caused by the coronavirus (COVID-19) pandemic on share prices on the Polish stock exchange. Our article analyses the period from 1 February 2020 to 5 June 2020, which was when companies listed on the primary market of the Warsaw Stock Exchange (WSE) published information about Boards of Directors’ dividend recommendations for 2019. The original group of companies included 140 firms. 56 companies (40%) fulfilled all the study criteria, and these were subsequently divided into 2 groups. The groups were defined by the recommendations on profit distribution. The first group consisting of 38 companies (68% of the surveyed) consisted of firms which unexpectedly announced plans to retain all profits in the company or a dividend payment but with a lower value than in the previous year (cancellation or reduction of the dividend amount). The second group of 18 companies (32% of the surveyed) comprised those which unexpectedly announced willingness to pay a dividend per share at a higher level (increase in dividend amount). The research confirmed that the announcement of a change in the level of the dividend or the cancellation of the payment of profit is essential price-creating information on the Polish securities market and has a significant impact on the share prices. In a situation of uncertainty caused by external factors, such as the coronavirus pandemic, the sensitivity of individual companies to lockdown and uncertainty as to the return to normality have a significant negative impact on the market. They cause a fall in the share prices higher than expected, especially when they are accompanied by a shortage of information from the companies and a recommendation to suspend or reduce dividend payment.
- ItemDEMAND FOR EMPLOYEES’ DIGITAL SKILLS IN THE CONTEXT OF BANKING 4.0(Technická Univerzita v Liberci, ) Mazurchenko, Anastasiia; Zelenka, Martin; Maršíková, Kateřina; Ekonomická fakultaDigitalisation and technical development in the financial service sector have aimed to secure, increase the quality, and satisfy the interests of both customers and financial institutions in the current turbulent era. Together with this situation, there is a need to develop digital employees’ competencies in the financial sector. This paper aims to analyse the topical issue of digitalisation and demand for employees’ digital skills in connection with the COVID-19 pandemic situation based on global secondary data and primary data collected by the authors in the Czech Republic. The main research objective of the paper is to provide a theoretical framework for digitalisation and its drivers in the financial sector, introduce the phenomenon of Banking 4.0 concerning the required competencies, and identify gaps and barriers for faster and more effective development based on the literature review and selected primary and secondary and data analysis. Descriptive statistics and Spearman’s rank correlation coefficient have been used to fulfil this goal. A semi-structured in-depth interview with three human resources (HR) specialists of a selected Czech bank also has been conducted. The paper brings an overview of the latest research studies in the field of digital competencies in general and specifically in the financial sector. Although the primary data is limited in scope (i.e. ten middle-sized and large financial and insurance companies), it provides a unique view of the situation with digitalisation in financial institutions. It shows current developments, trends and barriers within the example of a bank case study. The paper is motivated by the current situation in the banking sector in connection with digitalisation. It aims to emphasise the growing influence of digital technologies on employees, managers and companies, and the importance of systematically implementing digital skills development approaches on the companies’ strategic level.
- ItemDO SERVICE QUALITY AND SOCIAL MEDIA MARKETING IMPROVE CUSTOMER RETENTION IN HOTELS? TESTING THE MEDIATION EFFECT(Technická Univerzita v Liberci, ) Cheraghalizadeh, Romina; Dědková, Jaroslava; Ekonomická fakultaCustomer retention is a critical factor in companies’ survival, and both service quality and social media are important means of retaining customers. However, despite this importance of these antecedents, only a few studies considered the effects of these factors in the hotel industry literature. With the application of social exchange theory, the current research aims to evaluate the effect of service quality and social media marketing on customer retention in hotels, and evaluates how customer satisfaction, brand awareness and brand image mediate this association. After pre-testing the questionnaire, data of this research was collected from 4- and 5-star hotel customers in various cities of the Czech Republic. Before testing the hypotheses, data have been tested in term of checking reliability and validity. Moreover, the probability of common-method bias was also tested in order to ensure there is no variation caused by study method or instrument. Testing the hypotheses was done using correlation and regression analysis afterwards. Findings of this research indicated that service quality and social media marketing improve customer satisfaction, brand awareness, and brand image. Moreover, customer satisfaction, brand awareness, and brand image are also antecedents of customer retention. Findings also confirmed that these three factors (customer satisfaction, brand awareness, and brand image) play the mediation roles between Service quality and revisit intention, and also between social media marketing and revisit intention. Results of this research showed the importance of both service quality and social media marketing in order to achieve better customer outcomes and encourage clients to revisit the hotel. The findings can provide important managerial and practical implications to the hotel industry.
- ItemESSENTIAL FACTORS FOR BUILDING CUSTOMER RELATIONSHIPS ON FACEBOOK: EVIDENCE FROM THE CZECH REPUBLIC(Technická Univerzita v Liberci, ) Bartók, Ottó; Matošková, Jana; Ekonomická fakultaE-commerce has become an integral part of the modern age. The behaviour of e-commerce customers has some specifics, which is useful for firms to understand. As customers’ trust and willingness to accept risk influence the decision to buy a product in e-commerce, it is evident that some unique factors must be in e-commerce which is needed to pay attention to be a successful seller. One of the trends affecting how to manage relations with customers is the use of firm profiles on social networks. This paper identifies factors related to the company’s Facebook profile that influence customer Satisfaction and Loyalty in e-commerce. Furthermore, non-traditional factors such as Self-efficacy or Data security are used. The study provides a primary basis for further research in this area. Data collection was done among e-commerce customers using a questionnaire survey (n = 602). For data analysis, structural equation modelling (SEM) was used. The determined construct contained a total of 9 variables. The findings confirmed that the following factors affect customer satisfaction and loyalty: the perceived usefulness and the amount of information on the Facebook company profile, the perceived Credibility of information given on this profile, the Data security offered by the social network, customer Self-efficacy and Ease of use of the given social network. The results supported the idea that it is possible to build relationships with customers in e-commerce via social networks. To offer credible information in an adequate frequency on the company profile is essential. Furthermore, it is helpful to consider customers’ perceived safety and Self-efficacy, which have also proven to be important in the online environment. These results can serve business practice.
- ItemHARNESSING THE PREDICTIVE VALUE OF ONLINE WORD-OF-MOUTH FOR IDENTIFYING MARKET SUCCESS OF NEW AUTOMOBILES: INPUT VERSUS OUTPUT WORD-OF-MOUTH PERSPECTIVES(Technická Univerzita v Liberci, ) Choi, Jaewon; Lee, Hong Joo; Choeh, Joon Yeon; Ekonomická fakultaThe automotive industry evaluates various success factors to achieve competitive advantage in selling products. Existing studies have predicted the success of newly launched automobiles based on an economic perspective. However, factors such as dynamic changes in consumer preferences and the emergence of numerous automobile brands pose difficulty in understanding product quality. This study proposes a method of understanding the automotive market using text mining techniques and online user opinions for newly launched cars. By analyzing customer experiences and expectations through their opinions, we can anticipate automobile demand in the market more easily. The proposed method is based on online reviews from an online portal for automobiles. Based on a literature review, this study presents a framework for analyzing input versus output word-of-mouth (WOM). It also integrates the success factors from existing automobile studies and derives functional categories and relevant keywords. The analysis identifies differences in consumer-interest factors that lead to short-term success or normal results in automobile sales. In addition, it confirms that the elements of WOM produces varying results depending on the timing these are employed in relation to the product launch (i.e., before or after a product’s launch). It revealed which dimensions of automobile characteristics are important factors in identifying sales volume and market share for specific types and brands of automobile models. The results of this study provide theoretical advantage in predicting market success in the automobile industry. In addition, the study derives practical insights into characteristics of classification information for market forecasts in the automotive industry. The paper provides empirical insights about how input WOM and output WOM which are analyzed differently can have predictive power in forecasting market share and sales volume for automobiles.
- ItemINNOVATIVE ACTIVITY OF RESTAURANTS OPERATING IN THE LARGEST POLISH CITIES(Technická Univerzita v Liberci, ) Rapacz, Andrzej; Gryszel,Piotr; Walesiak, Marek; Dudek, Andrzej; Ekonomická fakultaThe skills of acquiring and processing information as well as creating innovations remain the key factor responsible for the market success of enterprises, one of the most important factors in gaining a competitive advantage on the market. It is also true for the tourism market of which catering services make an essential part. Hotel industry has been the subject of intensive research in this area for over 2 decades. Much less scientific attention has been paid to innovation in the restaurant sector. Therefore, the intention of the authors of this study was to analyse the process of creating innovations in restaurants operating in the largest Polish cities. The study identifies the factors responsible for the innovative activity of restaurants, perceived from the perspective of their managers. For this purpose, a multivariate method, in the form of classification trees, was used. The research material was collected in the course of a survey carried out in 250 restaurants. As a result of the applied research methods, the innovation factors were specified and 4 segments of innovative restaurants in Poland were identified. These segments are made up of 75% of restaurants applying pro-innovative activities, which for them represent an important aspect of market success. Pro-innovative activities are implemented more often by chain restaurants as well as the ones operating in hotel facilities. Small, family-run restaurants use innovations on a smaller scale. They refer to selected restaurants operating in the 6 largest Polish cities, which limits the possibility of making generalizations regarding other forms of catering establishments functioning in other geographical locations. Future research should cover a wider group of catering establishments, in various locations.
- ItemINSIGHTS INTO PLATFORM TOURISM SERVICES: FUTURE DEMAND PERSPECTIVES IN SLOVAKIA(Technická Univerzita v Liberci, ) Pompurová, Kristína; Marčeková, Radka; Ekonomická fakultaA model based on digital sharing has brought a new wind to the business world. Its growth was abruptly disrupted by the COVID-19 pandemic. As anti-epidemiological measures have most significantly affected the tourism sector, this paper attempts to outline the development perspective of platform tourism services. The aim of the paper is to examine the plans of the Slovak population related to the use of platform tourism services after the end of the COVID-19 pandemic. Based on the results of focus groups and questionnaire survey, the paper predicts, that the current crisis will not weaken the development of the tourism platform economy, while demand will be price-driven. As the economy of platform tourism services will be an integral part of our lives for many years to come, it is possible to assume a relentless interest not only of practice, but also of scholars. The research confirms that the accommodation and the transport are the most important paid platform tourism services. They are popular mainly because of the price, not because of the environmental friendliness which denote rather a positive externality of their use. Platform tourism services should be seen as a whole, not as fragments through the prism of selected platforms. The paper highlights information as a key segment and draws attention to the shortcomings of measuring platform services, especially transport ones. Platform tourism services will continue to transform the business. Therefore, it is necessary to better understand it and look for opportunities for its sustainable development. The uniqueness of the current study lies, among others, in the use of mixed methods which help to comprehensively understand the problem in depth and breadth.
- ItemMANAGING COMMUNICATION AND PARTICIPATION IN CANARY ISLAND FIRMS(Technická Univerzita v Liberci, ) Acosta Rubio, Zamira; Febles Acosta, Jaime; Banaitis, Audrius; Ferreira, Fernando A. F.; Ekonomická fakultaBusiness organizations and management encompass a wide range of aspects requiring research and analysis. Two key issues are communications management and employee participation promotion within firms. This study focused on the variables of communication and participation in organizational structure, business decision making, transmission of orders, supervision, and control in small and micro-enterprises in the Canary Islands, Spain. The research examined the two variables’ ability to generate increased involvement in and employee identification with their firm. The analytical framework applied sought to investigate Canarian managers’ criteria and priorities regarding using communication and participation as management tools. The methodology included the Rasch analysis technique. The study analyses seven variables considered relevant in relation to communication that are communication between management and workers, fluid and informal communication, use of information technology in internal communication, access of all workers to new information technology, linking/relationship systems between units of the same level, linking/relationship systems between units of different levels and the existence of information disseminated as a tool. Likewise, among the variables related to participation, twelve variables recognized as relevant in the literature are analysed. These variables are setting specific objectives for workers, individual initiative, cooperation, decentralization of decision making, control, participation in decision making, participation in setting objectives, workers' autonomy in decision making when carrying out their work, initiative in their work, control of their work, commitment and involvement of managers in daily work and delegation of authority to lower levels. The predominance of small businesses, in many cases managed by their owners, allows us to appreciate a vertical communication based on direct supervision, from top to bottom. The results reveal a poorly balanced combination of communication and participation systems in Canarian firms. These marked imbalances have consequences for managers’ coordination mechanisms and potential for effectively managing their firms.
- ItemNONLINEAR ANALYSIS AND PREDICTION OF BITCOIN RETURN’S VOLATILITY(Technická Univerzita v Liberci, ) Yin, Tao; Wang, Yiming; Ekonomická fakultaThis paper mainly studies the market nonlinearity and the prediction model based on the intrinsic generation mechanism (chaos) of Bitcoin’s daily return’s volatility from June 27, 2013 to November 7, 2019 with an econophysics perspective, so as to avoid the forecasting model misspecification. Firstly, this paper studies the multifractal and chaotic nonlinear characteristics of Bitcoin volatility by using multifractal detrended fluctuation analysis (MFDFA) and largest Lyapunov exponent (LLE) methods. Then, from the perspective of nonlinearity, the measured values of multifractal and chaos show that the volatility of Bitcoin has short-term predictability. The study of chaos and multifractal dynamics in nonlinear systems is very important in terms of their predictability. The chaos signals may have short-term predictability, while multifractals and self-similarity can increase the likelihood of accurately predicting future sequences of these signals. Finally, we constructed a number of chaotic artificial neural network models to forecast the Bitcoin return’s volatility avoiding the model misspecification. The results show that chaotic artificial neural network models have good prediction effect by comparing these models with the existing Artificial Neural Network (ANN) models. This is because the chaotic artificial neural network models can extract hidden patterns and accurately model time series from potential signals, while the benchmark ANN models are based on Gaussian kernel local approximation of non-stationary signals, so they cannot approach the global model with chaotic characteristics. At the same time, the multifractal parameters are further mined to obtain more market information to guide financial practice. These above findings matter for investors (especially for investors in quantitative trading) as well as effective supervision of financial institutions by government.
- ItemPREDICTING JOB SATISFACTION AND WORK ENGAGEMENT BEHAVIOR IN THE COVID-19 PANDEMIC: A CONSERVATION OF RESOURCES THEORY APPROACH(Technická Univerzita v Liberci, ) Nemțeanu, Marcela-Sefora; Dinu, Vasile; Pop, Rebeka-Anna; Dabija, Dan-Cristian; Ekonomická fakultaThe rapid spread of the COVID-19 pandemic has forced organizations to impose physical distancing restrictions on employees and to practice teleworking on a large scale. Adapting to the new context has generated an increase in job insecurity, and a decrease in employee productivity concerning task completion, boosting stress and counterproductive work behavior. Although the challenges employees face when carrying out their activities and work-related responsibilities, together with an understanding of the factors generating counterproductive work behaviors and job insecurity have been intensely studied in the literature, their manifestation and impact within organizations in the context of the COVID-19 pandemic is barely covered. This paper aims to fill this research gap by evaluating the way internal vision communication, employee reward systems, knowledge, and skills capitalization, and the maintaining of task performance can diminish counterproductive work behaviors and job insecurity generated by the COVID-19 pandemic, influencing employee satisfaction and behavior in this stress-inducing context. The responses collected from 863 Romanian employees are modelled with the help of structural equations in SmartPLS. The results show that in the case of counterproductive work behavior, employee satisfaction diminishes, while efficient performance of tasks and responsibilities, knowledge and skills capitalization, internal vision communication, and the existence of an employee reward system for employee input can all generate greater organizational attachment. Job satisfaction mediates the influence of performance, internal marketing, and counterproductive work behavior in employees’ attachment towards their respective organizations. The paper contributes to the development of the Conservation of Resources Theory, highlighting, in the context of the COVID-19 pandemic, ways in which employee satisfaction and work engagement behavior can be enhanced, thus contributing to diminishing counterproductive work behaviors, and fostering a pleasant and safe work environment.
- ItemWHAT DO MEMBERS EXPECT FROM CLUSTER MEMBERSHIP? THE CASE OF THE CROATIAN WOOD CLUSTER(Technická Univerzita v Liberci, ) Anić, Ivan-Damir; Rašić, Ivana; Aralica, Zoran; Ekonomická fakultaThe purpose of this paper is to investigate the composition of services and firms in a wood industrial cluster based on members’ interests and examine the differences among the groups. Since firms have very different interests when joining the cluster, this paper develops the taxonomy of cluster members based on their expectations regarding services and investigates the differences and similarities among groups in firms’ characteristics, their resources, innovative activities, the performance of firms, and perceived cluster performance. The data collected from members of the Croatian wood cluster were explored using factor and cluster analyses. The results revealed three categories of services that the cluster should provide: 1) lobbying; 2) facilitation of networking and cooperation; and 3) supporting joint logistics and joint access to the market. Four groups of members were identified, named as 1) cooperation and lobbying-oriented; 2) market-oriented; 3) purely lobbying-oriented; 4) purely networking and cooperation-oriented. Group 1 (44% of the sample) scores high on all categories of services. It contains more firms that innovate and more high-growth firms. Members in this group evaluate the effects of the cluster better than the other two groups. The study offers new evidence on the alignment of cluster services with the interests of cluster members, indicating different levels of performance among groups in a small cluster in traditional forest-based industries. The findings can help managers not only in the Croatian wood cluster but also in other similar small cluster organisations in Central Eastern and South-Eastern Europe to use their limited resources more efficiently and enhance the competitiveness and performance of the firms/sector.