Číslo 4

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https://dspace.tul.cz/handle/15240/19729

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Cognitive-affective model of acceptance of mobile phone advertising
(Technická Univerzita v Liberci, 2016-12-05) Olarte-Pascual, Cristina; Pelegrín-Borondo, Jorge; Reinares-Lara, Eva; Ekonomická fakulta
There are high expectations for mobile phone marketing and mobile advertising. In various European markets, such as the United Kingdom, Spain and Italy, mobile marketing campaigns have registered response rates of up to 47% among their target audience. The main aim of this paper is to validate a cognitive-affective model of acceptance of mobile phone advertising that integrates the utilitarian perspective through the technology acceptance model, the affective dimension through emotions, and the moderating role of the normative reference group (NRG). This model was tested with structural equation modelling in a sample of 612 individuals (R2 of 82.4%). To analyse the moderating effect of the NRG, a sequential cluster analysis was applied, generating two groups of users: independent and influenced. A multi-sample analysis was then performed. The results showed the advisability of considering attitudes towards mobile advertising to be a variable shaped by conceptually complementary cognitive (perceived usefulness and perceived ease of use) and affective dimensions (positive emotions and negative emotions). Positive emotions had the strongest effect on the formation of this attitude. Negative emotions and cognitive dimensions had a few effect for the acceptance of mobile advertising. With regard to the moderating role of the NRG, among independent users, positive emotions affected the attitude more intensely and a stronger positive relationship was found between this attitude and the intention to receive advertising. No differences were found between independent users and users influenced by their NRGs with regard to the formation of attitudes due to ease of use, perceived usefulness or negative emotions. The paper thus provides a comprehensive analysis of the acceptance of mobile advertising that integrates both cognitive-affective views and the moderating role of the NRG with implications for management.
Comparative assessment of external costs and pollution taxes in Baltic States, Czech Republic and Slovakia
(Technická Univerzita v Liberci, 2016-12-05) Štreimikienė, Dalia; Ališauskaitė-Šeškienė, Ilona; Ekonomická fakulta
External costs are the main market failure. Pollution taxes and other flexible market instruments are applied to internalise external costs of atmospheric emissions. Subsidies to renewable energy technologies in the form of Feed-in prices are also applied to internalize positive external benefits associated with use of renewable energy sources for energy generation as these technologies have lower life-cycle emissions of classical pollutants and GHG emissions in comparison with fossil fuel based energy generation technologies. The paper reviews and compares external costs of atmospheric pollution and pollution taxes in Baltic States, Czech Republic and Slovakia and assesses the level of internalization of external costs and their impact on atmospheric emissions of classical pollutants in these countries. The literature review allows generalizing results of external costs assessment and their internalization issues. The paper analyses and compares external costs of atmospheric pollution in Baltic States, Czech Republic and Slovakia together with atmospheric pollution taxes and other policy measures used to internalise external costs of atmospheric pollution in Baltic States and Czech Republic and Slovakia. The analysis of trends of atmospheric pollution by classical pollutants in Baltic States and Czech Republic and Slovakia is provided and policy recommendations based on the main findings of analysis conducted were developed.
Coverage of financing deficit in firms in financial distress under the pecking order theory
(Technická Univerzita v Liberci, 2016-12-05) Sanfilippo-Azofra, Sergio; López-Gutiérrez, Carlos; Torre-Olmo, Begoña; Ekonomická fakulta
The financing decisions adopted by firms in financial distress are very important because most of the strategy decisions such as investments, market entry, or product diversification are considerably affected by the financial constraints faced by them. However, these decisions are still not well known and empirical evidence about firms in financial distress is controversial. Previous studies do not find support for either the trade-off theory or the pecking order theory, which explain the financial decisions of healthy firms. Distressed firms frequently have to use all of their available financial resources to cover their financing deficit. This could give rise to a concave quadratic relationship between financing deficit and net debt issued, which might well explain the ambivalent results about the financial decisions of these firms. To analyze this quadratic relationship, which has not been studied previously, we perform an empirical analysis on a sample of 3,337 listed firms from Germany, Canada, the United States, France, Italy and the United Kingdom. Our results show that the pecking order theory does not appear to have a higher explanatory power in healthy firms. Moreover, the hierarchy suggested by the pecking order theory is not totally applicable in firms in financial distress. Our results show that as financing deficit grows, these firms use debt decreasingly, which gives rise to a concave quadratic relationship between financing deficit and net debt issued. This suggests that firms in financial distress have difficulty issuing new debt. Our results also show that firms in financial distress have a greater probability of issuing equity. Therefore, these firms can use equity financing as an alternative to debt issuance.
Designing modern informatics education for future managers and advanced users according to their knowledge base
(Technická Univerzita v Liberci, 2016-12-05) Révészová, Libuša; Ekonomická fakulta
The main question we are dealing with is how to teach/educate the future managers – advanced users of business informatics, ICT and information systems. As a very important step in determining the content and method of teaching we consider an evaluation of the knowledge base of students who enter the first year at the Faculty of Economics Technical University of Košice. In the first seminar in subject called Informatics I students fill in questionnaires which are focused on their general knowledge of informatics/computer science and basic terms of IS. In the paper we present evaluation of our questionnaire survey in the period 2003-2014. Conclusions formulated in the paper are directly relevant for teaching realized on the Faculty of Economics, Technical University Kosice. In the process of questionnaire creation we drew from generally valid documents for secondary schools in Slovakia. In the sample of respondents there were mostly graduates from Eastern Slovakia Region therefore this allows us to assume that knowledge base and ICT competences on the other faculties especially in our region with non informatics focus would copy the described trends. We also present our innovative manner of informatics education based on modeling, simulation and on a well known opinion that “no kind of teaching can replace the personal experience". As a dominant form we use problem-oriented project teaching. Students find themselves in a position of a manager of a virtual company, at project of specifying users’ requirements The paper deals with the experience in teaching, we present recommended structure of the user requirements project and we also discuss the body of knowledge and methods which have been implemented into the subject Informatics II. In the proposed innovative way of teaching we are trying to transform solving problem process into an active process of cognition.
Do the data on municipal expenditures in the Czech Republic imply incorrectness in their management?
(Technická Univerzita v Liberci, 2016-12-05) Půček, Milan; Plaček, Michal; Ochrana, František; Ekonomická fakulta
Limited public resources confront public administration bodies with the question of how to handle them in an economically rational manner. Audit of public expenditures necessitates an ongoing creation and modification of an effective control system. Such a system is made up by subsystems of a formal (accounting and documentation) and economic control, responsible for monitoring the efficiency, effectiveness and economy of managing public expenditures. Significance of such interconnection rests in the fact that the formal control may signal possible improper management of public expenditures. This may become a stimulus for the economic control subsystem to verify the effectiveness, efficiency and economy of outlaid expenditures. For identification purposes related to potential accounting and record-keeping incorrectnesses in the management of public expenditures is proposed adoption of Benford’s Law (Benford’s test). Benford’s test is applied on municipal expenditure data for the year 2012. Data represent sums of public expenditures in the structure of the statement of budgetary execution and control specified by the Regulation of the Ministry of Finance of the Czech Republic No. 323/2002 Coll. For the data analysis there were used statistical methods, hypothesis testing, linear regressions and comparisons. Although the empirical analysis points at a limited use of Benford’s test in the conditions of municipal expenditures in the Czech Republic (mainly due to the instability of results and unavailability of suitable data), the analysis showed that Benford’s test can be adopted as a supporting tool, suitable for building into the control system of public expenditures. It is one of the ways to increase the effectiveness of a complex control of public expenditures.
Failure prediction from the investors’ view by using financial ratios. Lesson from Romania
(Technická Univerzita v Liberci, 2016-12-05) Achim, Monica Violeta; Borlea, Sorin Nicolae; Găban, Lucian Vasile; Ekonomická fakulta
The purpose of our study is to identify which financial indicators have a significant impact on the probability of Romanian companies’ bankruptcy risk from the investors’ point of view by studying the impact on the probability of shares delisting from the stock exchange. The research is conducted on a sample of 16 failed and 21 non-failed non-financial companies listed on the Bucharest Stock Exchange between 2002 and 2012. The Logit analysis is used for identifying the variables that are significant and have predictive power on distress likelihood. By using 12 main financial ratios, we estimate three alternative Logit models for determining their signs, significance, predictive power, efficiency of fit tests. The first model provides the highest explanatory power. Three variables such as Flexibility ratio (FLEX), Assets turnover (ASTU) and Current assets turnover (CASTU) are found to be significant determinants for stock exchange delisting. These three variables provide 52.59% of correct prediction of bankruptcy risk. The percentage for correctly classified observations for the fitted Logit model is of 83.33%. Moreover, this research attempts to reveal the changes that may appear among bankruptcy predictors given that the bankruptcy risk model is developed from the investors’ point of view and not from that of a simple decision-making person. For a stock market investor, bankruptcy already starts at the stage of delisting the company because the investment was strongly compromised, whether or it continues its activity or not. Orientation towards investors when predicting bankruptcy risk is the main element of originality that our research adds to the scientific achievements in bankruptcy, until this moment.
Investment opportunities for family businesses in the field of use of biogas plants
(Technická Univerzita v Liberci, 2016-12-05) Myšáková, Darina; Jáč, Ivan; Petrů, Michal; Ekonomická fakulta
This article deals with the economic evaluation of biogas plants which are one of the most important renewable energy sources in the Czech Republic. They provide a stable supply of electricity and heat without polluting the environment by emissions. They significantly contribute to the environmental protection. For businesses, this renewable source of energy means financially a very profitable, safe and a fast repayable investment. These investments are a big opportunity mainly for a family type of business which especially in municipalities in rural areas performs a variety of other economic and non-economic objectives including the use of biomass. Opportunities of family businesses are in agreement between the parties, involvement of family members, knowledge of technology and know-how, flexibility in labor, time and money, long-term planning, stable corporate culture, speed in decision-making, proximity to local markets, pride and credibility, efficiency, productivity, focus on quality. In recent decades, corporate social responsibility has been at the forefront of marketing tools of businesses and is often associated only with the ethical standards that, among other things, seek to minimize negative impacts on the environment This article focuses on their basic characteristics, maps specific ways which the company can use for their financing and analyzes the profitability (yield) and return on these investment projects.This development can focus more on strengthening family businesses in municipalities of a rural type where many owners of forests or larger plots can take advantage of investment opportunities and stabilize the economy of their businesses. However, even more side effects such as new jobs and partial subcontracts from other family businesses or other companies can be noted.
The paradoxes of creativity management
(Technická Univerzita v Liberci, 2016-12-05) Kačerauskas, Tomas; Ekonomická fakulta
Creativity is a very important aspect of market economy. Creativity is an ambivalent and contradictory phenomenon that covers both positive and negative aspects. As a result, management of creativity faces some paradoxes. The paper deals with 10 paradoxes of creativity management including one grand paradox (GP) and nine minor paradoxes (MP). By stimulating creativity, the managers risk to provoke the disobedience for their instructions including an instruction to develop creativity (GP). Successful period of an organization is an obstacle to develop the creative ideas (MP1). A radical implementation of creative ideas threatens the identity of organization (MP2). Creativity provokes the conflicts in organization (MP3). Every inventor or innovator tries to negate his (her) social environment that has educated and stimulated him (her) (MP4). Although hard management kills creativity, the latter needs sometimes very hard decisions (MP5). The worse the results are, the more creative the decisions in organization are (MP6). Organizations should manage both quantity and quality (MP7). Organization needs not only management of knowledge but also management of ignorance and naiveté (MP8). The managers should forget the past success of organization and think about future end of it (MP9). The main aim of this paper is to describe these paradoxes. Another aim is to present the different approaches towards creativity management. Finally, the paper seeks to dethrone a naive attitude that creativity in economy solves all possible problems. The biggest challenge to the management is the very creativity.
Performance management systems in Czech companies: findings from a questionnaire survey
(Technická Univerzita v Liberci, 2016-12-05) Stříteská, Michaela; Zapletal, David; Jelínková, Lucie; Ekonomická fakulta
Measuring and managing performance is an integral part of contemporary management systems, which are focused on achieving outstanding business results. This is based on a systematic, comprehensive review of a company's activities and results with the goal of identifying weaknesses and opportunities for improvement. Therefore, it is put more emphasis on the development of an effective performance measurement and management system as a tool for enhancing business competitiveness. Given the importance and urgency of this issue the revolutionary developments in this area can be observed over the last 20 years. Researchers and managers are constantly trying to understand all the variables affecting the performance of the company. They are looking for an answer to the question of how best to use the lessons learned from performance measurement to its management. They design and develop various concepts, frameworks and methods for measuring and managing performance in the current business practice. They are constantly trying to eliminate the drawbacks of contemporary systems in order to increase their effectiveness. Cognition of these systems, their characteristics and identification of weaknesses can be seen as challenges for performance measurement and management in the future, for which solutions must be found. Therefore, the primary goal of this paper is to investigate the level of development of current performance management systems in Czech companies. The level of development is determined by fulfilment of the characteristics of an effective performance management system based on literature review. Attention is also paid to determination whether the level of a performance management system's development is dependent on company size. The method of an electronic questionnaire was selected for acquiring data.
Profitability of the food industry in Poland – an ordered logit model approac
(Technická Univerzita v Liberci, 2016-12-05) Gołaś, Zbigniew; Kurzawa, Izabela; Ekonomická fakulta
The article addresses the problem of financial determinants of return on equity (ROE) in the food industry in Poland. The analysis was conducted on the basis of the decomposition of the rate of return on sales and in conjunction with the system of indicators linking the return on sales to return on assets and equity. In addition, in order to identify the significance of individual components of the ROE system, ordered logit regression models were estimated. The proposed in the paper system of decomposition of the return on equity has allowed a multidimensional analysis of profitability determinants. Its implementation in the food industry sectors, using the logit regression models of ordered categories, has proven that the reasons for different ROE in the food industry sectors should be primarily sought in the ability to create value added, labour costs, rational management of financial expenses, efficient use of assets as well as in more aggressive shaping the capital structure, determining the level of financial leverage. In conclusion, the applied in the paper ordered logit model of the return on equity has proven to be a very good tool to assess the significance of the factors affecting the level of ROE rates in the food industry sectors. In addition, the proposed model apart from its applicability also possesses a practical value. It allows predicting probable scenarios of transition from a very low level of the return on equity to more favourable financial results measured with this profitability category.
Significance of strategic planning for results of sport organization
(Technická Univerzita v Liberci, 2016-12-05) Petkovic, Jovica; Jasinskas, Edmundas; Jesevičiūtė-Ufartienė, Laima; Ekonomická fakulta
The article focuses on the application of strategic planning activities in a sport organization. Firstly, strategic planning activities are distinguished and their significance for organizations analyzed. The following activities are emphasized – setting of strategic goals, analysis, and prognostication, the choice of strategy and its implementation, as well as the feedback. The research deals individually with the issue of management participation in the strategic planning activities and raises the question of their documentation. The significance of strategic planning activities can be identified through the achieved strategic results, i.e. innovativeness and development. The article presents an empiric research with Kaunas city sport clubs as its participants. Though the analysis showed that strategic planning activities are itemized, the process of their analysis should include distinguishing the main activities that would cover other more detailed ones. Strategy results reflected in service innovativeness, network, client scope, and workplace development, could be signified as an individual strategic planning element showing the significance of planning activities. When researching the strategic planning and management aspects of sport organizations, it was discovered that the importance of strategic activities for the results of these organizations is statistically significant. Sport organizations are oriented towards all strategic management activities and are striving to create results directed to development. The following strategic activity aspects are appropriately evaluated – organizations give sufficient attention to the process of strategic management, its formalization and documentation and innovative results are achieved. The insufficient understanding of connection between goal setting and strategic planning and management activities carried out in an organization could be distinguished as a negative aspect.
Success evaluation model for project management
(Technická Univerzita v Liberci, 2016-12-05) Doskočil, Radek; Škapa, Stanislav; Olšová, Petra; Ekonomická fakulta
The article presents an expert fuzzy model for evaluation of the project success rate. The model is implemented with the use of fuzzy logic. First, fundamental theoretical principles related to the problems of project success rate, fuzzy sets and fuzzy logic are introduced, after which a fuzzy model for project success rate evaluation, including partial sub-models, is presented in the form of a case study which represents the main goal of the article. The fuzzy model is implemented in the MATLAB software environment with the use of the Fuzzy Logic Toolbox application, where it is also verified and further specified. The fuzzy model consists of six input variables which are divided according to their character into three categories in each block (RB1, RB2, RB3) and are separately evaluated. Partial outputs from the blocks (RB1, RB2, RB3) are simultaneously inputs for block RB4, from which there is a single output variable – project success (PS). The RB1 rule block evaluates the situation from the point of view of the state of the project. The RB2 rule block evaluates the total value of project risk. The RB3 rule block evaluates project quality. The RB4 rule block evaluates the total project success rate. Experimenting with the fuzzy model allows simulation of the uncertainty that is always involved in projects. The case study introduces an overall diagram of the fuzzy model, the input and output variables, including their attributes, and the evaluation rules of the four rule blocks. The proposed fuzzy model is used to evaluate project success primarily in the implementation phase, then repeatedly after each phase of the project is completed. This provides project managers with a tool that allows relatively rapid evaluation of the success of the project and the opportunity of applying appropriate measures in good time if necessary.
Understanding cosmopolitan consumers’ repeat purchasing in the emarketplace: contribution from a brand orientation theoretical perspective
(Technická Univerzita v Liberci, 2016-12-05) Osakwe, Christian Nedu; Boateng, Henry; Popa, Simona; Chovancová, Miloslava; Soto-Acosta, Pedro; Ekonomická fakulta
As this scientific paper is positioned under the relatively big umbrella of relationship marketing; it thus makes a fruitful attempt to bridge the gap between scholarship and practice. Our overriding objective of this study was to explore critically the contribution of customers’ brand orientation as well as other vital constructs such as social media engagement, (e)vendor reputation and (e)WoM on repeat purchasing intention amongst cosmopolitan consumers in eMarketplace context. Data were collected through a non-probabilistic sampling technique from cosmopolitan consumers in one of the EU-27 countries, Slovakia. Data was analysed using the Partial Least Squares structural equation modelling. This study modelled online consumers’ repeat purchasing decision using constructs such as brand orientation, vendor reputation, vendors’ social media site engagement. The study found that brand orientation leads to a higher perception of vendors’ reputation online. The findings showed that a positive and significant relationship exists between brand orientation and consumers engagement with vendors’ social media site. Furthermore, this study found that vendors’ reputation has a significant effect on (e)WoM. Importantly, this study confirmed the substantial effect of (e)WoM on repurchase intentions. These findings imply that online retail brands should ‘push’ their product offerings via some of the popular social networking sites (SNSs) and, importantly, endeavour to keep track of those online users in the social media community who most likely have affinity towards their brands and/or other similar brands. By and large, the paper has demonstrated that the studied constructs are key in consumers’ decision making online. Hopefully, the findings of the research will assist the online retail vendor in its execution of (robust) customer friendly policies.

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