Číslo 4
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- ItemAnalysis of the significance of eWOM on social media for companies[S1](Technická Univerzita v Liberci, ) Prantl, David; Mičík, Michal; Ekonomická fakultaIn recent years, social media have changed online communication. People share their views on individual companies as well as reviews of various products, and actively engage in discussions. Communication that spreads in this way is referred to as eWOM. The question is how important eWOM on social media can be for companies and what we can conclude based on eWOM. This research study aims to evaluate the significance of eWOM for companies in terms of the connection between eWOM and stock prices. Further, we explore the impact of eWOM on company website traffic. The research was conducted using a sample of 1,420,000 posts on social media sites mentioning companies that make up the components of the US30 stock market index. The results show that companies in the B2C segment with a higher share of positive posts compared to negative ones have seen a greater increase in stock prices. However, posts on social media mentioning companies in the B2B segment are not connected to the movement of stock prices of these companies. The research also revealed that 3 % of the total traffic on companies’ websites comes from social media sites. Based on the findings of the research, we can consider eWOM to be of major significance for companies in the B2C segment. These conclusions can be useful in predicting stock prices of particular companies on stock markets based on eWOM.
- ItemCompetitiveness of Slovak enterprises in Central and Eastern European region(Technická Univerzita v Liberci, ) Vetráková, Milota; Smerek, Lukáš; Ekonomická fakultaThe position of Slovakia in the region of Central and Eastern Europe is analysed in this paper. In examining this, we build on the axiom of the dominant position of multinational companies, which are an important part of international business, international economy and trade. They affect global competitiveness on international markets, including the quality of life of people. The paper explains how globalization contributes to increasing Slovakia's competitiveness in CEE, how human resources management practices support successful companies located in the TOP 500 CEE ranking and what the management system prevails. We rely on the theoretical knowledge of well-known experts in human resources management in the international environment, confronting their theoretical knowledge with our own research conducted by structured interviews with human resources managers of selected companies in Slovakia placed in the TOP 500 CEE ranking. The purpose of these efforts is to both theoretically and practically support the importance of human resources management in achieving positive business results on an international scale. By applying mathematical-statistical methods, we have found that there is a statistically significant difference between enterprises in which different approaches are applied in relation to the application of convergence or divergence. We have found strong dependence, confirming the assumption that the convergence or divergence is the result of the company's approach to HRM activities. To verify the assumption of the difference in performance of HRM processes in MNCs and local enterprises, we used additional tests. The results confirmed the presumption that the performance of HRM processes in MNCs and local enterprises is different in more than half of the processes.
- ItemThe corporate social responsibility in the Romanian banking systém(Technická Univerzita v Liberci, ) Dinu, Vasile; Bunea, Mariana; Ekonomická fakultaFor the Romanian banking system, the corporate social responsibility (CSR) concept is not a new one, but its importance raises more and more awareness lately, the financial crisis of 2008 significantly bringing to surface the need to integrate the moral principles in the banking activity. The corporate social responsibility (CSR) takes into account the strategies that help companies to run their business in an ethical way, when talking about the relations to the other members of the society. The CSR can include a wide range of partnerships with the local communities, investments with a real social impact of the corporations (education, art, and environmental protection), developing relations between the firms and their clients, employees and their families. On one hand, the research aims at measuring the level of knowledge of the information regarding the corporate social responsibility of the banks in Romania in the timeframe 2015–2017 and on the other hand, to identify the possible relations between the CSR indexes and the financial performance, seen through the return on assets indicators (ROA) and return on equity indicators (ROE). In order to accomplish these objectives, the research methodology was based on the content analysis method, in order to identify the categories of corporate social responsibility that are included in the CSR index, obtained from the annual reports of the sustainability, published by the analyzed banks. To test the correlations of the dependent and independent variables, there were used correlation techniques and regression of the analyzed data, using the SPSS soft. Even with its limitations, this research can be a very strong source of information and reflection for the decision makers in the Romanian banking sector and more than that, can encourage an even bigger transparency of the information regarding the social and environment responsibility, as well as emphasizing of a performing management under all aspects that are related to the corporate social responsibility.
- ItemThe Czech adaptation of Klein et al’s. Unidimensional Target-neutral Scale of Commitment(Technická Univerzita v Liberci, ) Procházka, Jakub; Židlická, Anna; Cígler, Hynek; Vaculík, Martin; Klein, Howard J.; Ekonomická fakultaThis study describes the process of translating, adapting and validating the Klein et al.’s Unidimensional Target-neutral Scale of Commitment (KUT) into Czech. The KUT scale is a self-report scale that consists of four items. The scale was adapted using three independent translations into Czech, one back-translation into English by a native speaker, assessment by experts, and piloting in cognitive interviews with 13 respondents. The study also provides evidence on the scale’s reliability and validity for measuring organizational commitment defined as a psychological bond with an organization. The analyses were based on data obtained from 811 Czech-speaking adults working for Czech organizations. Using ordinal structural equation models (SEM) estimated on the polychoric correlation matrices with the robust WLSMV estimator, the Czech adaptation of the KUT scale showed similar psychometric characteristics to the original English version. The Czech KUT scale is unidimensional and internally consistent. All items have high factor loadings. The scale is invariant across groups defined by gender, workload and the sector in which the organization operates. The convergent validity is supported by the fact that the organizational commitment measured by the Czech KUT scale relates positively to job satisfaction, self-rating of job performance, extra-role behaviour and negatively to turnover intention. The Czech KUT scale also proved incremental validity to job performance over job satisfaction measured by Job Descriptive Survey. Therefore, the scale is a valid instrument for measuring organizational commitment within the Czech-speaking population. It can be used for organizational surveys as well as for research within the organizations.
- ItemFactors influencing consumer behaviour of Generation Y on the Czech wine market(Technická Univerzita v Liberci, ) Němcová, Jana; Staňková, Pavla; Ekonomická fakultaConsumer behaviour of Generation Y on the wine market is currently a topical issue. Generation Y is considered to be the future loyal consumers of wine and is therefore the future of the wine market. Wine-growing has a long tradition in the Czech Republic and, in particular, Moravian wines reach world level, as evidenced by a number of different awards and successes at winemaking competitions. The main aim of this paper is to identify the factors that affect the consumers of Generation Y when buying wine in the Czech Republic. The target group consists of respondents aged 18–25 who drink or at least buy wines. Primary data collection took place between February and September 2017 and was realized by a questionnaire survey. In total, 648 responses were collected. The Two-sample t-Test and the Pearson’s chi-squared ?2 test were used for statistical methods. Research has shown that young consumers clearly prefer white wine and their knowledge of wine is general for the large majority of respondents. The most common places of purchase are wine shops and supermarkets, and most of the respondents buying wines for meeting with friends, quiet sitting at home or for celebrations. Information about wine is obtained by young consumers most often from their families or friends, or from the operator in the wine shop. The most important factors for wine selection are previous purchase experience and references from family and friends, and then the information on a label, recommendations of the wine shop operator, price and colour of wine. Based on a comparison of the examined foreign sources in this area, it can be stated that wine consumers of Generation Y are not a homogeneous segment and more attention should be paid to the preferences of these young people.
- ItemGreen GDP: an analysis for developing and developed countries(Technická Univerzita v Liberci, ) Stjepanović, Saša; Tomić, Daniel; Škare, Marinko; Ekonomická fakultaA frequently asked question lately is whether the traditional measures of a country’s level of economic activity and progress, such as gross domestic product or gross national product, fail to account for the environmental issues. While these measures are highly reliable indicators that reflect the economic performance of a country, they largely ignore the depreciation of assets, non-market economy and especially the damages to the environment caused by growth. There is a consensus that these indicators, (especially) according to the concepts of sustainable development and green growth, appear to be poor measurements. Measuring progress on a complex and multi-dimensional scale and identifying relevant indicators are challenging tasks. No agreement exists yet on an analytical framework or a set of indicators to sustainable economic growth. Building the research on the alternative Green GDP measurement our goal is to provide an alternative ranking scheme by comprehensively considering both quantitative (common methodological algorithm) and qualitative (opportunity costs) features of the so-called green growth. The analysis will be demonstrated by calculating the Green GDP indicator for the variety of developing and developed countries for the period 2008-2016. Namely, our results could serve to improve the level of debate on different green indicators and inform the wider public. We see this paper as a step forward for a growing academic platform on ‘green economy topics’, a step pointed towards improving, amending, evolving and promoting further development of green growth measurements and indicators.
- ItemImportance of innovative management practice: solution for challenges in business environment and organization performance(Technická Univerzita v Liberci, ) Leković, Božidar; Strugar Jelača, Maja; Marić, Slobodan; Ekonomická fakultaThe main research problem in this paper is the determination of the main causes of the existing gap between management practices and demands of business operations. The identified problem is the consequence of complex business circumstances constantly setting new tasks before managers. Managers are forced to abandon the established management practices and the existing business framework so as to enhance or merely maintain the attained level of organizational performance. The main research objective is to establish the degree of impact of innovative management practices on the attained organizational performance. The second segment of the research intention is reflected in the analysis of business environment as the determinants of innovative aspiration within the existing management activities. To this end, research methodology based on binary and multinomial logistic regression and Spearman’s rank correlation coefficient were applied. The sample comprises large enterprises on the territory of the Republic of Serbia. The obtained research results pointed to the sequential impact of innovative management activities on organization performance on the one hand and the connection between business environment and innovative management practices on the other. The scientific contribution of the paper is the choice of an insufficiently represented topic and research problem across all dimensions, which can be concluded observing the research results obtained so far. The scientific contribution of the paper is also emphasized by the complexity of defining and measuring the research variables of the set research problem. The fact that all business achievements are determined by the management’s abilities additionally points to the importance of the paper.
- ItemPairwise judgments consistency impact on quality of multi-criteria group decision-making with AHP[S1](Technická Univerzita v Liberci, ) Kazibudzki, Pawel Tadeusz; Křupka, Jiří; Ekonomická fakultaThe scope of this research encompasses issues associated with group decision making (GDM) as the most challenging process which entails various viewpoints and preferences of individuals that must be taken into consideration and somehow combined into one meaningful outcome. When GDM is taken into consideration, the AHP seems to be a particularly attractive methodology. From the perspective of its applications, an existing research gap has been identified and examined in this research paper. Thus, the inconsistency of judgments impact on priority vector quality has been examined from the perspective of group decision making. Examination results generalize to the synthesized pairwise comparison matrix that is obtained on the basis of individual pairwise comparison matrices for all group members. The examination process has proceeded with the application of Monte Carlo simulations coded and executed in Wolfram Mathematica Software. Having in mind that a consistency index for the PCM denoting group preferences cannot be greater than the consistency index of the most inconsistent individual PCM it became possible to designate the credibility of the priority vector for the group on the basis of the most inconsistent individual PCM. It is emphasized that thus far only a few papers have dealt with the problem concerning the relation between a level of the pairwise judgments inconsistency and the degree of possible estimation errors for established vector of priority ratios. This research paper overcomes limitations of other examinations which distinguishes it from other papers and emphasizes its novelty.
- ItemPotential of the Czech business environment assumes the effects of foreign direct investment(Technická Univerzita v Liberci, ) Kotíková, Sylvie; Ekonomická fakultaThe localisation of foreign capital affecting both the immediate and future situation of the host locality in a number of ways. The positive effects of the location of FDI are welcomed all over the world, and their emergence is supported by the granting of investment incentives. The question is how to correctly measure these effects, but also the potential of specific areas to accept them. The aim of this contribution is to determine the size of the technology gap between FDI supported by investment incentives and the business environments in a group of six regions of the Czech Republic as well as to determine the absorption capacity of the technology transfer of these regions. Based on shift-share analyses, an indicator quantifying the size of the technology gap at the regional level of NUTS 3 has been constructed. This indicator has been supplemented by an indicator of technology transfer intensity. The benchmarking method illustrates the absorption capacity of the Czech business environment in an interregional comparison reflecting the strong and weak sides of the Czech regions in terms of absorbing the benefits of locating multinational corporations in their territories. The calculations and analyses have proved the leading position of the Plzeň Region, which takes advantage of its geographical position as well as its historical industrial tradition. At the same time, the high absorption capacity of the Hradec Králové Region, a region with a high potential for intensive growth, has been identified. On the other hand, the Karlovy Vary Region has been an outsider in the examined set of regions. In the long run, this region has not been and will not be able to attract at least a satisfactory level of foreign presence from which the region could positively benefit and start its economic growth.
- ItemPrediction of institutional sector development and analysis of enterprises active in agriculture(Technická Univerzita v Liberci, ) Stehel, Vojtěch; Horák, Jakub; Vochozka, Marek; Ekonomická fakultaThe overall EU agricultural productivity growth has slowed down in recent years and has lagged behind leading global competitors, which is mainly due to decreasing number of employees in agriculture. Technical inefficiency is then an important phenomenon of the Czech agriculture and its individual sectors. Agriculture development should be established on scientific bases. One of the basic principles of sustainable agriculture is therefore forecasting its future development. In recent years, several agricultural economists have been engaged in comparing forecasts with various other methods and their conclusions generally correspond to commonly accepted beliefs. At present, artificial intelligence can be definitely recognized as a useful tool for business analyses and forecasting. The objective of the contribution is an analysis of companies active in agriculture of the Czech Republic using Kohonen network and the subsequent prediction of their development. A data set is created, which includes complete data from financial statements of 4,201 companies active in agriculture of the Czech Republic in 2016. The set of companies is generated from the Bisnode Albertina database. The data set is subsequently subjected to cluster analysis using Kohonen network. For cluster analysis, Dell´s Statistica software, version 12 is used. The set is divided into three parts: training data set, testing data set, validation data set. Topological length and width of Kohonen network are set at 10. The number of iterations is set at 10 000. Subsequently, the individual clusters are subjected to analysis of absolute and selected indicators (or more precisely, their mean values – arithmetic average) and the results are interpreted. It can be stated that the agriculture companies show very favorable values – optimal assets level, acceptable financing structure and adequate economic result. It can be even stated that the indicators show above-average values compared to other investment options.
- ItemPricing exotic option under stochastic volatility model(Technická Univerzita v Liberci, ) Li, Pengshi; Ekonomická fakultaThis paper studies supershare and chooser options in a stochastic volatility economy. These two options are typical exotic options which suggest a broad range of usage and application in different financial market conditions. Despite the popularity and longevity of the Black-Scholes model, the assumption of constant volatility in the Black-Scholes model contradicts to the existence of the non-flat implied volatility surface observed in empirical studies. Although many studies are devoted to option pricing under stochastic volatility model in recent years, to the best of our knowledge, research on exotic option such as supershare and chooser option pricing have not been carried out in the stochastic volatility case. Supershare and chooser options are both important financial instruments, research on these two exotic options in stochastic volatility model may give more insights on the pricing of supershare and chooser options. By extending the constant volatility in the Black-Scholes model, this paper studies the pricing problem of the supershare option and chooser options in a fast mean-reverting stochastic volatility scenario. Analytic approximation formulae for these two exotic options in fast mean-reverting stochastic volatility model are derived according to the method of asymptotic expansion which shows the approximation option price can be expressed as the combination of the zero-order and first-order approximations. By incorporating the stochastic volatility effect, the numerical analysis in our model shows that stochastic volatility of underlying asset underprices the supershare options, while in the case of the chooser options its price in stochastic volatility model is higher than the price in the constant volatility model.
- ItemThe role of education, individual and environmental factors in entrepreneurial initiatives: a microeconomic approach for Czech Republic, Slovakia and Poland(Technická Univerzita v Liberci, ) Bilan,Yuriy; Simionescu, Mihaela; Mentel, Grzegorz; Rozsa, Zoltan; Ekonomická fakultaConsidering the role of entrepreneurial initiatives in supporting national economies, the main purpose of this paper is the assessment of various factors’ impact on entrepreneurial initiatives in the Czech Republic, Poland and Slovakia. Using the data collected via surveys of students in Economics and Business, the association between entrepreneurial initiatives (deep interest in business, intention to start a business after graduation) and quality of higher education, individual traits and economic factors is investigated. The results based on Kendall’s coefficients, Kruskall-Wallis test and multinomial logistic regression indicated that all the students present a certain aversion to risk due to a high number of business disadvantages. Less time left to be spent with family due to business activities and the irregularity of incomes discourage the Poles and the Slovaks to start a business. Unlike Polish students, the Czechs and the Slovaks consider that the quality of higher education motivate them to have entrepreneurial initiatives. Polish and Slovak students decision to start a business depends on the media information about business environment, while for Czech students the knowledge acquired during the studies about starting a business are enough determine them to have own affairs. Some recommendations could be made based on these results: Polish and Slovak higher education in Economics and Business fields needs improvement as to determine the graduates to start and do business of their own. In this context, the organization of more traineeship during the studies to explain them how to be a successful businessperson could have a positive impact on the decision to become entrepreneur. Professors could inform their students that media information is not always the most reliable source, while the experience of successful businessmen shared with students and some lectures taught by experts coming directly from the business environment could be more useful for them.
- ItemTrademark infringements in the domain .cz(Technická Univerzita v Liberci, ) Gongol, Tomáš; Ekonomická fakultaThe aim of this article is to fill a gap in an area that has not yet been closely examined in the Czech Republic and the world: examining the level of trademark infringement in relation to the basic elements of the logical architecture of the Internet, namely domain names, resp. Websites that are published on them. The article aims to determine the actual state and create a methodology of rapid, and to some extent automated detection of the collision of rights connected to trademarks with domain names. Not only for the large scope of the investigated subject has it focused on the sector of the automotive industry in particular. Given the aim of the work, it answers questions whether the phenomenon of trademark infringement on the Internet is rather a minor issue, which concerns only a fraction of domain names and websites; whether the domains names, resp. websites violating the trademark rights share any similar characters; whether it is possible to automate the search process of finding trademark infringements or if there is a way of finding general rules that can be a valuable help in this process. The first part of the article describes the used methodology, sources of available data and the way the data were worked with. The next part deals in detail with input data that are relevant for this article. It describes the ways the data were obtained and the constraints that needed to be overcome doing so. Basic statistical parameters of the input data are also mentioned. The third part is focused on the important findings found in input data relating to Czech domain names and trademarks used on the Internet followed by detail examination of the Czech domain names for the sector of the automotive industry. By using the defined indicators of a collision (the characters) the results of the article show that the domain names on which the trademark infringement has been committed, share the same set of characters that can be tested automatically by a computer program.