Číslo 3
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- ItemAnalysis of Factors Affecting the Benefits of Demand Information Sharing(Technická Univerzita v Liberci, ) Jin, Hyun-Woong; Ekonomická fakultaSharing customer demand information across the supply chain is known to be an effective approach to improve the performance of the whole supply chain. However, demand information sharing between companies requires a large amount of budget and leads to a change in the work process within the organization. Therefore, it is necessary to verify whether the sharing of customer demand information is beneficial to the company or not by considering their business environment. This paper aims to analyze the benefits of demand information sharing between companies in various business environments in order to provide managerial implications for the companies considering the adoption of a collaborative inventory management policy with external companies. This research uses a simulation approach based on system dynamics to model the considered supply chain and to explore its performance. For the simulation test, two types of simulation models were developed which represent a supply chain without information sharing and a supply chain with information sharing. Test results were analyzed in terms of the bullwhip effect, the inventory level and the stockout rate of the retailer. The results of this research may help practitioners to understand the dynamics of supply chain when the customer demand is shared. These understandings could help them to make a decision on adopting a collaborative inventory management policy based on the demand information sharing. The originality of this paper is that it deals with various business environments which are rarely considered in the previous researches. These include the length of ordering cycle, the maximum size of ordering quantity, backlog versus lost sales and the type of information shared.
- ItemAn Analysis of Factors Influencing Employee Job Satisfaction in a Public Sector(Technická Univerzita v Liberci, ) Lekić, Nemanja; Vapa–Tankosić, Jelena; Rajaković–Mijailović, Jasmina; Lekić, Snežana; Ekonomická fakultaPublic enterprises can only be successful when they base their business strategy and their organizational processes on the satisfaction of their employees. The subject of this research is an analysis of job satisfaction in public sector in Belgrade region in two independent time periods (in 2017 and 2010). The aim of the research was to analyse whether the salary, cooperation with closest associates, and possibility of promotion, remuneration policy, cooperation and good relationships with superiors and nature of the job are directly and positively associated with total job satisfaction. The recent study in 2017 was carried out on 508 public employees on lower positions of leading public sector enterpises. The data was analysed by correlation and regression analysis in the statistical software package SPSS. In the last seven years, the increase in job satisfaction in regard to satisfaction with salaries, the promotion on a hierarchical scale, remuneration policy and the nature of the job, has been observed. On the other hand, the results show that the employees’ satisfaction with cooperation with their closest associates or cooperation and relations with superiors has not been improved. Considering the results of the data, the researchers are able to draw a conclusion which is also consistent with the prevous research, that the analysed factors have a direct and positive influence on the job satisfaction. The conclusions point out that employee job satisfaction analysis can be a powerful tool to enhance organizational performance as well as guidance for the knowledgeable allocation of resources. This study contributes to the analysis of job satisfaction in public sector, which has not been investigated enough, as opposed to job satisfaction in private, for-profit corporations.
- ItemFirm Value and Corporate Cash Holdings. Empirical Evidence from the Polish Listed Firms(Technická Univerzita v Liberci, ) Anton, Sorin Gabriel; Afloarei Nucu, Anca Elena; Ekonomická fakultaIn the context of imperfect markets, it is important to understand the relationship between non-earning assets and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability. The aim of our paper is to assess the relationship between corporate cash holdings and firm value for a sample of 719 Polish listed firms over the period 2007-2016. The study reports an inverted U-shape relationship between cash holdings and firm value, irrespective of whether we use static regression methods or dynamic panel regression. Our results confirm the existence of an optimum level of cash holdings at 27.06% of total assets. Furthermore, the nonlinear relationship between firm value and corporate cash holdings is found for all Polish listed firms, financially and less financially constrained. We report two breakpoints of the cash-value relationship, in the context of financial constraints, and the results indicate that the optimum level of cash holdings is much higher for financially constrained firms than less financially constrained ones. Finally, we show that the financial crisis has no additional impact on the non-linear relationship between cash holdings and firm value. We validate the financial constraints as having a more pronounced effect on the relationship between corporate cash holdings and firm value, compared to the financial crisis, as intervening effects, in the context of the Polish economy. This study holds important microeconomics policy implications – firm-level financial policies should evaluate the tradeoff between cash holdings and market value in order to maintain the firm financial performance.
- ItemA Framework for Valuation and Prioritization of Patents Using a Combined MADM Approach. Case Study: Nanotechnology(Technická Univerzita v Liberci, ) Heidary Dahooie, Jalil; Mohammadi, Navid; Mohammadi, Mehdi; Shahmohammadi, Parisa; Turskis, Zenonas; Šaparauskas, Jonas; Ekonomická fakultaPatent valuation and prioritization is one of the main activities for the management of intellectual property assets in an organization. So far, numerous attempts have been made to determine the value of patents, some of which have not been efficient due to ignoring some effective dimensions or considering the same importance for all aspects. To overcome this challenge, this research aims to provide a framework for valuing and prioritizing patents using a combination of MADM methods. For this purpose, first, the indicators for patent valuation and prioritization were taken from the literature and aggregated and finalized based on opinions of experts of technology management as well as nanotechnology in the form of a Delphi method. Second, the indicators were weighted, and their importance specified based on expert opinions using the questionnaire tool and stepwise weight assessment ratio analysis (SWARA) method. Third, the additive ratio assessment (ARAS) method was used to value and prioritize the patents. For this reason, 12 nanotechnology patents, registered in 2016 at the Iranian Administration of Registration of Documents, were valued and ultimately prioritized. The results from the criteria weights indicate that commercial and market potential and the economic value should be selected as the most critical dimensions. Also, among the indicators, the project investment cost, the costs of production and commercialization and the economic relevance, were selected as the most critical indicators. Among the 12 patents examined, "Gelatin-Chitosan/Carbon Nanotube Composite Scaffolds for Bone Tissue Engineering Applications" was identified as the most valuable patent.
- ItemHow Corporate Governance and CSR disclosure affect Firm Performance?(Technická Univerzita v Liberci, ) Manzoor, Muhammad Suhaib; Rehman, Ramiz Ur; Usman, Muhammad Islam; Ahmad, Muhammad Ishfaq; Ekonomická fakultaThe study aims to provide empirical evidence of firm performance relation with board characteristics (Independent directors, Executive directors, and CEO duality), ownership structure (Managerial, State, and Foreign ownership) and CSR disclosure. The CSR disclosure by listed firms in developing countries has become a phenomenon during recent times. However, the type of CSR disclosure is still non-financial. However, it is an interesting topic for researchers to evaluate the performance of the firm in the presence of non-financial disclosure of CSR. Firm level panel data has collected for firms listed in KSE-100 index in Pakistan between 2012 and 2016. The study uses panel data analysis to estimate the models using firm size as a control variable. Results of the empirical research indicate that firms in the service industry are less disclosing the CSR, but such disclosure is positively related to firm performance. The authors find evidence that executive directors when engaging into CSR disclosure activities, it negatively and significantly impact the firm performance. The authors qualify the results regarding the CEO duality, independent directors, managerial ownership, state ownership and foreign ownership with impact on firm performance. Further, the results suggest that state ownership is influential in the service industry and negatively affect the firm performance. This study contributes to the existing body of knowledge in developing countries context that how CSR non-financial disclosure, especially in the service firms, affect the firm financial performance. Future research should use cross-country analysis for assessing the models and examining the results across countries, industry, and sectors. From a practical perspective, the results may guide firms how to engage in CSR disclosure activities without hampering the firm performance while considering the other firm level factors. This study is extensively novel in all of its contents and contributes mainly to the literature of CSR disclosure and firm performance.
- ItemHow Does a Retail Payment Account Consumer Changes over Time? Usage Rate Behavioral Segmentation from 2010 till 2016 in the Czech Republic(Technická Univerzita v Liberci, ) Soukal, Ivan; Draessler, Jan; Ekonomická fakultaThe paper is focused on retail payment account consumers with account access via e-banking. Firstly, the goal is to provide payment account usage profiles at the level of payment instruments. Secondly, to assess the development of identified profiles during the crisis and post-crisis year 2010-2016 in the Czech Republic. The two-step cluster analysis sample segmented 16,392 individual payment account usage records. Three clusters were identified: price-driven, active, and low balance/overdraft user. The clusters were mainly separated by an ATM usage and average balance. Payment instruments showed a less significant difference. The first cluster showed exclusive preference of own bank’s ATM network. The second cluster manifested the highest usage frequencies and the broadest range of services. The third cluster had average account balance below zero with most of the consumers declaring an average balance from €-925 to €370. A steady trend of change was found regarding the demand structure. The price-driven profile was a mainstream consumer segment till 2014. The active consumer segment became dominant in 2015 due to a steady trend of price-driven profile share loss. The third cluster’s share remained stable over the surveyed period. The next change in consumer typology was related to the usage rate. All clusters showed an increase in ATM usage over time. Price-driven cluster steadily increased ATM withdrawal abroad from technical zero to 0.4 per month. Active profile and low balance/overdraft user increased domestic ATM usage by almost one withdrawal per month. Direct payments showed an increase over time as well. Direct payments shared trend of increase in average by one payment per month, in a case of the price-driven profile by two.
- ItemHow Does Work Pressure Moderate the Formation Mechanism of Revisit Intention of Leisure Tourism Destinations: A Test of Moderating Effect(Technická Univerzita v Liberci, ) Li, Huamin; Zhang, Xuejing; Streimikiene, Dalia; Hipters, Zinaida; Ekonomická fakultaTourism destination choosing intention is the key field of tourism behavior research and tourism marketing. Though previous studies confirm that tourist’s perceived value has a significant impact on tourism destination choosing intention, there has been little research to date the formation mechanism of tourism destination choosing intention. Especially for leisure tourism destination, because of the purpose of leisure, there must be some factors that play an important role in the formation mechanism. This paper, using the hierarchical regression analysis method to analyze the formation of leisure tourism destinations from the perspective of the Theory of Planned Behavior, constructs an extended model of formation mechanism, including leisure value, work pressure and attitude. Using random sampling survey method, the data have been collected in different types of leisure tourism destinations, and have been used to explore the differences in tourists’ revisit intention of leisure tourism destinations under different levels of work pressure. The results show that the perceived value and attitude of leisure tourists have a significant impact on their revisit intention. During the process of activating the impact, the work pressure has apparently negative moderating effects. Among them, the moderating effect on the perceived value is obviously stronger than on the attitude. This study shows that work pressure has a significant moderating effect on the relationship between attitude and revisit intention to leisure tourism destinations, and this moderating effect is also negative. What is more, we show that the moderating effect of work pressure is different on the process how perceived value and attitude of tourists affect their revisit intention to leisure tourism destinations. The moderating effect of work pressure on perceived value is significantly stronger than that on attitude.
- ItemThe Influence of Foreign Direct Investment and Public Incentives on the Socio-Economic Development of Regions: An Empirical Study from the Czech Republic(Technická Univerzita v Liberci, ) Hlaváček, Petr; Janáček, Julius; Ekonomická fakultaThis article investigates the impact of foreign direct investment, government financial incentives as well as science and research expenditures on different socio-economic development processes in the Czech Republic. These financial flows are important for economic growth of regions and constitute a substantial part of financial flows within national economies. We focus on the effect of these aspects on various indicators concerning the business environment, labor market, population growth and construction activity. The analysis is conducted using OLS regression models. Results indicate that it takes about two years for foreign direct investment to take effect and its influence is relevant for approximately 13 years. We found that foreign direct investment has a considerable influence on the number of small firms in the region, on the number of buildings permits in the region and on the value of residential estates. Our analysis further shows that government investment incentives have an impact on similar areas as foreign direct investment, which is in accordance with the general theory of the functioning of the economy. Science and research expenditures, on the other hand, seem not to have any effect in the first seven years after the expense has been realized. In this case, science and research expenditures show a longer time to respond as far as the studied indicators are concerned. The concrete effects of foreign direct investment and government financial incentives in terms of numerical values have been calculated using the structure of our models. The magnitude and reasons for these effects are discussed. The results of these calculations indicate that foreign direct investment and government investment incentives have significant positive effect on the development processes of regions but in specific areas only.
- ItemInnovative Supplier Partnership Assessment Model in a Polish Trading Enterprise(Technická Univerzita v Liberci, ) Tyszkiewicz, Rafał; Pawlak-Wolanin, Agnieszka; Markiewicz-Patkowska, Julita; Jandová, Soňa; Oleśniewicz, Piotr; Jáčová, Helena; Tyszkiewicz, Monika; Ekonomická fakultaThe relationship between a company and a supplier is a strategic resource for both parties. Therefore, the necessity to develop a mechanism of an integrated approach to cooperation with suppliers, which is based on partnership, is becoming more and more pronounced. Such an approach necessitates taking into consideration an abundance of factors accompanying cooperation within a mutual venture. These factors may include: compatibility of businesses – similar values, organizational cultures, and goals or the philosophy and management methods. The objective of the article is to present a supplier partnership assessment model as implemented in a Polish trading enterprise, as well as proposed assessment criteria and methods. Verification of the criteria applied to suppliers has been performed on the example of Centrum Projekcji Multimedialnych, which is a dealer of the following companies: inFocus, Sony, Sanyo, Toshiba, Epson, Panasonic, and 3M. Operational data of the company have been used for that purpose; in turn, the assessment and selection of the key suppliers took place through the use of the following methods: ABC analysis, scoring, the graphics method, and the Analytic Hierarchy Process method. Out of 18 suppliers that the company cooperates with on an ongoing basis, six key ones were selected. The results of supplier partnerships suggest that some criteria applicable to the company’s suppliers are more significant than others, and that they are the ones which ought to underlie the system of such assessment. The presented supplier partnership assessment model allows selecting suppliers that will be providing best quality goods at the lowest price.
- ItemIntercultural Competences in Slovak Business Environment(Technická Univerzita v Liberci, ) Benčiková, Dana; Malá, Denisa; Ďaďo, Jaroslav; Ekonomická fakultaThe paper highlights the importance of intercultural competence (IC) in business environment, and presents outcomes of a research into the level of IC among employees of Slovak enterprises. In the contemporary business world, intercultural competence and its individual components: affective, behavioral, and cognitive competences, become an inevitable asset for enterprises, due to high globalization of virtually all corporate processes and activities. Even though the available literature on research into this cultural phenomenon reports a rather high perception of one’s own IC, namely its affective component, as proved by our research, the main objective of which was to measure IC of Slovak employees, the actual level of overall IC, and especially its affective component, in Slovak enterprises is rather low. The research, the detailed description of which is the primary focus of this paper, was conducted in spring 2018 on a representative sample of Slovak employees in enterprises of all types, sizes, and fields of industry, and has proved that by increasing one of the three components of IC, the overall IC of an individual will increase. Therefore, it may be stated that training of intercultural competence has a high potential in corporate environment, and may produce great benefits for enterprises who deal with interculturality in their operations, and encounter people of other than their home culture, may it be their external or internal stakeholders. The outcomes of the research also suggest a need, and provide a platform for, both the assessment of IC of employees, and a targeted intercultural training in Slovak enterprises, which would be tailored according to the individual needs of each enterprise.
- ItemThe Role of Perceived Risk and Security Level in Building Trust in E-government Solutions(Technická Univerzita v Liberci, ) Ejdys, Joanna; Ginevicius, Romualdas; Rozsa, Zoltan; Janoskova, Katarina; Ekonomická fakultaIncreasingly, social and economic development is determined by the technologies, including ICT. Technologic development can be seen, on the one hand, as an opportunity and, on the other hand, as a threat to the socio-economic development. The substitution of human-to-human relationships with human-to-machine or machine-to-machine connections is becoming increasingly more controversial, thus providing a basis for scientific deliberations. Trust, which is the cornerstone of all interpersonal relationships, is frequently mentioned in the context of interactions between humans and technologies, becoming the object of scientific interest. One of the growing ICT areas is services provided by public administration (e-government) enabling citizens to deal with official matters via the Internet. Considering a relatively low level of e-government technology adoption in Poland, compared to other European countries, it is justified to search for reasons for such a state of affairs. Trust seems to have an important place among many factors determining the development of e-government technology. In technology acceptance models, among the determinants of trust in technology, especially in the context of personal data security, an important role is played by the perceived level of risk and security associated with the use of solutions. This article aimed to identify if the perceived risk and security of e-government technology determine the level of trust in the technology and future intentions of its adoption. Based on the literature review, the authors hypothesised that trust in e-government technology and the future intention of its use could be directly shaped by perceived risk and security. An electronic questionnaire was used to collect research data from Polish citizens. All in all, 1,067 forms were filled. Results received using the structural equation modelling confirmed that the most important factor shaping trust in technology was a perceived level of security. Results also confirmed a positive impact of trust on the future intended use.
- ItemSpace in Organisation and Management. Interdisciplinary Perspective in Modelling towards New Managerial Roles(Technická Univerzita v Liberci, ) Pachura, Piotr; Ekonomická fakultaThe concept of space is a category that has been present in science since antiquity. Experiencing “spatiality” of the world was one of key experiences of human being throughout the development of Civilisation. Space was of primary concern to physicists, mathematicians, and philosophers of nature. Socio-economic sciences treated the issue of space primarily in terms of distance, possibly as a configuration of material objects. To a great extent, modernist interpretations of organisation and management processes have been limited to the relationship between “an organisation and its environment”. The concept of space is trapped in metaphor. It was assumed that if organisation by definition may be described without references to space, however the way organisation is functioning has always a reference to space. Simultaneously, organisations are increasingly struggling with different spaces, especially in the face of the “localness-globalness” dichotomy, or virtual and network spaces. This paper attempts to achieve an interdisciplinary conceptualisation of space issues in the context of organisation and management sciences. A conceptual innovative model of space dimensions for organizations was developed, identifying: (1) Organisational space; (2) Glocal space (between locality and globality); (3) Topical (contextual) space and (4) Cyberspace, so-called “Space Organisation Model” (SOM). In the latter part of the paper, a theoretical experiment based on deductive substantiation is presented which focuses on the meso-level, with a view to proposing new “spatial” managerial roles in organisations. The research logic presented in this paper, leading from wide interdisciplinary studies through construction of a conceptual model as the meta-level (SOM), to theoretical experiments at the micro-level (New Managerial Roles).
- ItemStandardization in Services: Assessing the Impact on Customer Satisfaction(Technická Univerzita v Liberci, ) Koval, Oksana; Nabareseh, Stephen; Chromjaková, Felicita; Ekonomická fakultaTo achieve high competitiveness, the companies need to satisfy varying customer needs. The changing nature of customer preferences leads to the increased complexity of the processes in service companies. In order to deliver the services of the high quality at the accepted costs, the companies resort to the process standardization. However, excessive process standardization may lead to company’s inability to cater to the different customer needs, and hinder firm competitiveness over time. The goal of the present study, thus, is to evaluate the impact of standardization on customer satisfaction, and identify factors that can further foster this relationship. We identify the factors that impact the standardization-customer satisfaction relationship through exploratory and confirmatory factor analysis, and then perform a structural equation model linking standardization to customer satisfaction in the system of multiple mediating factors. The analysis of 304 firms reveals the positive impact of standardization on customer satisfaction. We further evaluate the effect of employee rewards and recognition system, quality-oriented culture, management commitment, training and development as well as goal setting and project management on standardization-customer satisfaction relationship. The analysis reveals the triad of the factors that are cardinal to improvement of customer satisfaction through standardization: training on improvement methods, rewards and recognition of employees to stimulate their participation in improvement initiatives, as well as management commitment. Further analysis reveals certain regional differences in the prevailing factors contributing to standardization across studied countries. The study contributes to the scarce field of knowledge of standardization application in services domain as well as provide directions for the further scholarly work in the field of process improvement and standardization as well as guidelines for the practitioners conducting process improvement in their organizations.
- ItemThe Technological Advancement of New Products, Product Newness and Market Information(Technická Univerzita v Liberci, ) Dabrowski, Dariusz; Ekonomická fakultaThe purpose of this study is to propose product newness and obtaining market information as mediators of the relationship between the technological advancement of a new product and its commercial success. So far, little is known about the mediators of this relationship but knowledge about the factors that strengthen or weaken it is valid, both for the theory and practice of new product management. On the one hand, product newness – those elements that constitute its novelty to the company and to the market – is hypothesized as a factor that weakens the relationship while, on the other hand, obtaining market information – information gathered from customers, competitors and other sources – is expected to strengthen it. This research is based on data regarding 287 new products developed by Polish high-tech and medium high-tech companies. Confirmatory factor analysis and structural equation modelling were applied to test the parallel multiple mediator model. The results of this research show that the positive effect of the technological advancement of a new product on its commercial performance is mediated, on the one hand, negatively by product newness to the company and, on the other hand, positively by gathering market information from customers. Neither product newness to the market nor obtaining market information from competitors or from other entities cause any indirect effects. While developing technologically advanced products, it is recommend to train new product development staff in ways of dealing with new tasks and situations that arise during such developments, and also to focus more on gathering market information from customers than from competitors or other entities because this will positively influence the new products’ success.