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- ItemCost and reimbursement analysis of selected hospital diagnoses via activity-based costing(Technická Univerzita v Liberci, ) Popesko, Boris; Papadaki ,Šárka; Novák, Petr; Ekonomická fakultaAccurately estimating the cost and reimbursement of individual patients and groups of diagnoses has featured in numerous research studies in recent decades. The ever increasing cost of healthcare services, in contrast with the limited resources available, means hospitals have to utilize more advanced management and economics tools in order to boost their efficiency. Detailed and accurate cost-related information could result in superior decision-making and better resource utilization. The accuracy of calculating costs depends on the costing method used, with traditional methods often giving rise to inaccurate cost allocation. The study presents analysis of the costs and reimbursements of selected DRGs and patients within three particular departments at a Czech regional hospital (ENT, Dermatology and Neonatology). The costs of the given samples of patients were calculated by a custom Activity-Based Costing (ABC) application, comprising a more appropriate approach than a traditional costing method. The ABC methodology applied enables more accurate cost estimation for individual patients and DRGs, also generating a variety of additional cost-related information which could potentially inform any decision-making process. The study discusses the differences between the cost and reimbursement of individual diagnosis groups and cost variances between distinct patients within the each diagnosis, along with the managerial implications of the information obtained.
- ItemA debt sustainability analysis of the czech republic and the slovak republic: a non parametric approach(Technická Univerzita v Liberci, ) Farkašovský, Vlastimil; Lawson, Colin William; Zimková,Emília; Ekonomická fakultaSurging public debt since the Great Recession has focused increasing attention on the issue of debt sustainability. This paper provides debt sustainability analyses for the Czech Republic and Slovakia by estimating their public debt to GDP, and primary balance to GDP ratios up until 2022 under three different projections. The first, labelled the baseline projection, predicts their debt ratios to 2022, if neither their public debt to GDP ratios nor their primary balance to GDP ratios change. This projection uses the official forecasts of the key variables. The second projection answers the question of how much the two counties have to consolidate, measured by their primary balance to GDP ratios, if they want to hold their public debt to GDP ratios at their current levels. The third projection answers the question of how much the countries have to consolidate if they aim to re-attain their December 2008 pre-crisis public debt to GDP ratios. All three projections are made for the same five scenarios, which cover a status quo case, where official forecasts are realized, and both optimistic and pessimistic scenarios for growth and consolidation outcomes. The paper`s novelty lies in its development of an existing non-parametric methodology to encompass iterative numerical solution methods to assess public debt sustainability. This allows a richer set of results to be obtained, for example estimates for the required level of the public debt to GDP ratio, and the primary balance to GDP ratio, taking account of variables such as nominal interest rates, yields to maturity on public debt, inflation rates and average maturities of debt.
- ItemDependency of return on equity and use of finance sources in building companies in v4 countries(Technická Univerzita v Liberci, ) Růčková, Petra; Ekonomická fakultaThe aim of the paper is to evaluate whether there is a functional dependency between the used financial sources and reported rate of return on equity in the selected sample of companies from the area of building of the Visegrád Group, and to do such evaluation on the basis of a performed analysis. We will also examine the reverse relation, i.e. how the rate of use of external finance sources affects the return on equity. The research is performed at two levels. In the first level, the data are mutually compared on the basis of average values of ratio indicators in individual countries. From the methodological view, there are mainly two commonly-used ratio indicators used. The use of return on equity as well as debt/equity ratio comes from studies which are listed below in the text. The other level of research is focused on data of concrete companies, which is the basis for panel data regression processing. The attention is paid to the area of building. From this business branch, there were gained data for individual companies in categories: very large, large and middle-sized companies from the Amadeus database. From the view of the studied topic, the text will be focused on the dynamic theory of the capital structure – the pecking order theory. The reason for using just this theory is the fact that measurability of tax savings from the debt in context with financial distress costs, which is the core of static trade off theories, is problematic in conditions of the Czech Republic.
- ItemImpact of customer satisfaction on financial results of car servicing companies: findings from Slovenia(Technická Univerzita v Liberci, ) Novak , Aleš; Šparl,Petra; Ažman, Slavko; Ekonomická fakultaIn this study, we explore the applicability of a service profit chain concept for the authorized car servicing network of five European car brands in Slovenia. Under this concept, increased quality positively influences customer satisfaction, which in turn leads to better financial results through increased customer loyalty. We demonstrated that there are significant differences among the three size classes of car servicing companies. At the same average level of customer satisfaction, there is a strong negative dependence between increases of customer satisfaction and financial results for the small-sized car servicing companies, and a positive dependence between those two for the medium-sized and large-sized car servicing companies, which is moderate for the former and very strong for the latter. It seems that the relationship between the overall customer satisfaction and financial results is largely dependent on the level of competition in the local environment. Bigger car servicing companies are usually located in cities, where there are often other authorised same brand car servicing companies. Hence, it is not that difficult for customers to switch to a different car servicing company if they become dissatisfied with the services. In those circumstances it makes sense to invest more into high customer satisfaction, because it leads to high customer loyalty. Loyal customers are namely less likely to change a car servicing company and are less susceptible to higher hourly rates. The results also suggest that a certain optimal level of customer satisfaction exists and when this level of satisfaction is surpassed, the financial results actually do not improve any more. Moreover, they usually deteriorate.
- ItemImpact of economic indicators on development of capital market(Technická Univerzita v Liberci, ) Plachý, Rudolf; Rašovec, Tomáš; Ekonomická fakultaThe capital market is one of the most important elements of any healthy, well-functioning economy. The volume and value of executed capital market transactions are affected not only by the number of issuers and investor’s willingness to buy, but also by economic development in the broadest sense. This article discusses the relationship between macroeconomic indicators and development of stock market index in different countries. It assesses the direction and intensity of relationships between macroeconomic indicators and stock market index and explains possible causes of these conditions. Analysis of the relationship is carried out in different countries with different levels of economic development, both in Europe and overseas. Emphasis was put on the selection of those countries, which were significantly affected by the economic recession. The indicators that affect value of stock market index were selected based on economic theory. Among them belong: gross domestic product, inflation, interest rate, export, and import and unemployment rate. After determining the degree of dependence between macroeconomic indicators and value of stock market index, countries were grouped together in clusters. Clustering was therefore not conducted on the basis of the values of macroeconomic indicators of a country, but on the basis of these indicators having a similar effect on the value of the stock market index. Before cluster analysis, input matrix of variables was subjected to factor analysis to reduce the original number of variables.
- ItemInfluence of employees evaluation on organisational learning at leisure & sports clubs(Technická Univerzita v Liberci, ) Jasinskas, Edmundas; Štreimikienė, Dalia; Simanavičius, Biruta; Švagždienė, Artūras; Ekonomická fakultaEvery organisation including leisure & sports clubs reach for their goals. People working at the organisation have to ensure the goals set were reached, and in order to control this process properly the evaluation of employees’ activity is necessary.The importance of employees’ evaluation function for welfare of organisation is evident, however it would be much more important, if together with evaluation of employees, the purposeful learning of both individual employees and entire organisation would also be increased. Evaluation of employees is significant for the results of organisation, for evaluation of knowledge available and for learning from the experience, undoubtedly, the motivation of learning is related to incentive of employees’ evaluation too. Thus it may be stated, that evaluation of employees is an important incentive instrument for learning of employee as well as organisation. This instrument must be constantly improved since only in such a case the evaluation of employees’ activity will be useful for the employee and organisation itself in enhancement of different level learning and competitive ability.It is assumed in the article that team methods of employees’ evaluation at leisure & sports clubs of Alytus city more affect the characteristics of learning organisation features than individual methods of employees’ evaluation. Such tendency indicates that applying only individual evaluation methods the organisation does not initiate the employees to share their knowledge with other organisation members, thereby decreases common learning of whole organisation.
- ItemInfluence of ratio of auxiliary pages on the pre-processing phase of web usage mining(Technická Univerzita v Liberci, ) Munk, Michal; Benko, Ľubomír; Gangur, Mikuláš; Turčáni, Milan; Ekonomická fakultaData mining belongs to the one of the important tools for Business Intelligence. It is a means to increase competitiveness of a company. Web usage mining is engaged in data mining of web server log file and it analyzes the user´s behavior on the web site. The first step of web usage mining process is data pre-processing obtained from a web log file. Data pre-processing is an important part of web usage mining. Discovering patterns of behavior of web visitors depends on the quality of pre-processing phase. Therefore it is important to understand the used methods. This paper summarizes the pre-processing phases and especially the phases of session identification. There are introduced two algorithms for data cleaning and session identification using the reference length method. The main aim of this paper is to compare a calculation of cutoff time and its influence on discovered useful, trivial and inexplicable rules. Cutoff time is an important part of the session identification using the Reference Length method. The influence of ratio of auxiliary pages on the calculation based on a sitemap and subjective estimation was compared. Statistical methods were used to determine the difference between these two approaches. In this paper was examined the portion of found rules based on quantity and quality. The ratio of auxiliary pages has only an impact on quantity of extracted rules in the files with path completion. It has no impact on portion of extracted useful rules, on the other hand, inappropriate estimation of the ratio of auxiliary pages may cause increasing of trivial and inexplicable rules.
- ItemInternational financial reporting standards applied in the Czech Republic(Technická Univerzita v Liberci, ) Honková, Irena; Ekonomická fakultaThis article provides an extensive analysis of application of International Financial Reporting Standards companies with publicly traded shares in the Czech Republic for 2013. At first the attention is paid to the basic requirements of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and to evaluation of proposed method. Then followed research results, based on an answer to the question of whether the companies are preparing their financial statements in accordance with IAS / IFRS, i.e. whether they serve plenty of mandatory information, and further whether individual companies act similarly. The object of the research consists in further observations regarding the implementation of the new IFRS 9 Financial Instruments, which is designed to replace IAS 39 Financial instruments: recognition and measurement. The level of the information presented was evaluated using a signed test. Using this statistical method we can conclude that companies submit their financial statements in accordance with IAS / IFRS. Using the Friedman test, it was found that the group of companies proceeds with the application of individual IAS / IFRS alike. Only two of seven respondents have already implemented IFRS9. Statistical analysis confirmed that companies reported, in their financial statements, all mandatory information that is relevant to stakeholders. On the other hand, there are also signs pointing to the contrary, but these are not statistically significant. This analysis was provided with detailed knowledge about this phenomenon.
- ItemLoad balancing location of emergency medical service stations(Technická Univerzita v Liberci, ) Jánošíková, Ľudmila; Gábrišová, Lýdia; Ježek, Bruno; Ekonomická fakultaWhen we want to design a successful and efficient emergency medical system, the crucial task is to determine the number of ambulances operating in a given region and the deployment of stations where the ambulances are kept. In the Slovak Republic, the number and locations of stations are specified by the Ministry of Health for the whole state territory. In the Czech Republic, the network of stations is established by the local authority for each administrative region. Due to geographical and population diversity, there are significant differences in population served by individual ambulances. Assuming that the number of ambulances is given, we want to investigate whether a different location of the ambulances might result in a more even distribution of their workload and, consequently, shorter response time. The problem is modelled as a capacitated p-median problem and solved using mathematical programming. The capacitated p-median problem is known to be NP-complete. As a consequence, it cannot be solved to optimality even for moderate-sized problem instances. However, we face a large-scale problem instance consisting of almost 3,000 demand nodes. Therefore heuristic approaches need to be used to get a sufficiently good solution in an acceptable time. Two decomposition mathematical heuristics are described in the paper and a new heuristic method based on previously developed approaches is presented. A redeployment of existing EMS stations in the Slovak Republic is calculated using these methods. The results are compared mutually and with the current deployment. The benefits and limitations of the presented methodology are discussed.
- ItemManagement of business informatics model – principles and practices(Technická Univerzita v Liberci, ) Voříšek, Jiří; Pour, Jan; Buchalcevová, Alena; Ekonomická fakultaIncreasing requirements on the extent and quality of business informatics management have resulted in a development of various methodologies, models, frameworks and standards (e.g. ITIL, COBIT, ISO 20000, etc.). These methodological sources represent current best practices and include recommendations addressing various IT management issues encountered in practice. However, their application in practice brings along numerous problems as showed by the results of recent surveys conducted among Czech organizations. Moreover, their use, in particular in small and medium sized enterprises, is still very limited. In this paper we discuss existing IT management approaches and their limitations with a particular focus on Czech organizations. We base our discussion on available literature, our surveys of Czech organizations and our experiences gained from practical assignments. The MBI (Management of Business Informatics) model developed at the Department of Information Technologies, University of Economics in Prague attempts to overcome such limitations of existing methodologies and models. We describe the basic concepts and features of the MBI model. The MBI model represents an original solution that brings along essential advantages over existing business informatics management methodologies. To such advantages primarily belong monitoring links between individual objects and the possibility to utilize these links as search criteria. Furthermore, the model captures an influence of various business informatics factors on the MBI tasks and enables to adjust its context according to these factors. In addition, the MBI model metrics and analytical applications monitor IT investment effectiveness. The MBI model is available as a web application (at website mbi.vse.cz) and the MBI community participates on its further development.
- ItemThe mediating role of person-organization fit in the supportive leadership-outcome relationships(Technická Univerzita v Liberci, ) Sökmen, Alptekin; Bitmiş, M. Gökhan; Üner, M. Mithat; Ekonomická fakultaThis study examines whether person-organization fit (P-O fit) would mediate the relationships of supportive leadership with the outcome variables of turnover intentions and job satisfaction. We collected data from a survey of 310 telecommunication employees in Turkey. Our results show that P-O fit fully mediates the relationship between supportive leadership and turnover intentions, while P-O fit partially mediates the relationship between supportive leadership and job satisfaction. Therefore, person-organization fit is an intermediary mechanism that explains the supportive leadership-outcome relationships. In other words, supportive leadership behavior influences job satisfaction and turnover intentions through the person-organization fit. Specifically, higher levels of supportive leadership behavior predicts greater P-O fit, which in turn is a significant predictor of higher levels of job satisfaction and lower levels of turnover intentions. We evaluated both Baron & Kenny’s approach and Sobel test together in order to achieve more powerful strategy when testing mediation (P-O fit). Both approaches provide evidence for the mediation effect of person-organization fit in this study. Age, gender, and tenure were controlled in order to eliminate spurious relationships. Further, we also examined a series of confirmatory factor analyses, which includes our hypothesized four factor model and three alternative models in order to provide additional evidence for the discriminant validity. Results reveal that hypothesized four factor model fit the data better than any of the three alternative models. The findings of the study suggest important implications for management theory and practice. For instance, when managers provide support and create friendly and psychologically supportive work environments, this promotes employees’ perceived value congruence with their organization and employees probably perceive that they will fit better to such organization, which in turn results with increased level of job satisfaction and decreased level of turnover intentions.
- ItemRelationship quality and exhibitor's performance in leisure trade shows(Technická Univerzita v Liberci, ) Rodríguez, Ainhoa; Reina, María Dolores; Rufín, Ramón; Ekonomická fakultaThis paper analyzes the roll of complaint management as a factor that may influence the quality of the relationship between the participants at leisure trade shows, the quality of these relationships being a relevant factor on business performance. Therefore, we study the quality of relationship between the leisure trade show organizer and the exhibitor as well as between the latter and their end customers in order to determine whether influences exist between both relationships, and the effect that the relationship quality could have on the performance the exhibitor achieves at the trade show. This established four initial hypotheses and analysis was performed through the development of a Structural Equations Model (SEM). We applied the Partial Least Squares (PLS) method to establish the relationships between the constructs as well as the predictive power of the structural model. The posited model we analyzed enabled us to confirm the existence of a positive effect between the two relationships studied (relationship between leisure trade fair venue and exhibitor; and relationship between exhibitor and customer). This means that the quality of the relationship between the leisure trade fair venue and the exhibitors influences both the way in which exhibitors approach and develop their relationships with their customers. In addition, our results show the existence of a relevant impact of the relationship quality between organizations on the performance obtained by the exhibitor of leisure products and services at the end of the show. This in turn is an indication of the important role of complaint management as a key tool for achieving a good business performance and ensuring the future of trade shows.
- ItemStock market reaction to ict implementation: model based on comparison of developed and transition economies(Technická Univerzita v Liberci, ) Janke, František; Packová,Miroslava; Prídavok, Mojmír; Ekonomická fakultaCompanies are more productive, grow faster, invest more, and are more profitable when using Information and Communication Technology (ICT) more intensively. Several studies provided evidence that implementation of ICT into companies’ processes contributes to economic growth both on companies’ and macroeconomic level. In spite of wide range of studies in this area, only few studies focused on how the ICT implementation is perceived by investors at stock market and whether this information make movements in companies’ shares prices. Hence, the purpose of this paper is to provide literature overview related to the area of the impact of ICT implementation on company´s stock price, comparing results from developed (US) and transition economies (Czech Republic, Hungary, Poland and Slovakia) and using the results from relevant literature to provide a comparison of incidence of particular factors´ influence on the impact of ICT implementation on company’s stock prices. Based on the previous researches, a model describing factors that influence company’s stock price movement after ICT solution implementation and announcement, has been created.
- ItemTesting the efficacy of information transmission: is equity style index better than stock market index?(Technická Univerzita v Liberci, ) Lau, Wee-Yeap; Lee, Chin; Ekonomická fakultaThis paper examines the ability of equity style to predict future movement of composite leading economic index in a multivariate Granger causality framework. By comparing the efficacy of information transmission between equity style index and Bursa Malaysia Industrial Index, our results show that there is unidirectional causality from growth style to leading economic index. Second, there is also unidirectional flow from growth style to Bursa Malaysia Industrial Index. Third, there is a bidirectional relationship between growth style and KLCI broad market index. Finally, there is bidirectional causality between both growth style and value style. Further analysis from cross-correlation function reveals that growth style index is better than Bursa Malaysia Industrial Index. The former provides accurate and stronger cross-correlation with leading economic index. From these empirical evidences, it can be concluded that growth style index is a leading indicator which has more economic content than stock market index. It is better than stock market index in its efficacy of information transmission. The study brings to the awareness to policy makers and practitioners of the usefulness of equity style in constructing future leading economic index and early warning system of financial crisis.