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- ItemImportance of R&D expenditure for economic growth in selected CEE countries(Technická Univerzita v Liberci, ) Szarowská, Irena; Ekonomická fakultaThe goal of the article is to quantify the effect of R&D expenditure on economic growth in selected Central and Eastern European countries. From a methodological perspective, the research is based on Dumitrescu and Hurlin causality and the dynamic panel regression methodology, based on adapted growth model. The empirical evidence is performed on unbalanced annual panel data of eight selected countries (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Romania, Slovak Republic and Slovenia), during the period 1995-2016. The research confirms that there is a trend to combine direct and indirect public funding instruments. Because of limited financial resources, indirect support has become more important in recent years. Cash grants and tax deduction are the tools most often used for support and funding of R&D in the selected CEE countries. A dynamic panel analysis with fixed effects confirms a positive and statistically significant impact of R&D expenditure on economic growth. Government R&D expenditure is reported to be a key driver for economic performance followed by business R&D expenditure, a higher share of persons with tertiary education and/or employed in science and technology and country openness. On the contrary, investment and higher education R&D expenditure were found to have a positive but statistically insignificant impact. Hence, special care of policymakers should be given to investment mix. It is decisive to direct and support investment to growth-enhancing areas (e.g. infrastructure and communication, R&D, education and health care) and to improve the ratio between current and capital investment. Attention should also focus on higher education R&D support, and future development must be concentrate on its cooperation with business sector especially in the area of applied research. Finally, a crisis is reported to have a negative and statistically significant impact on economic growth.
- ItemSurvival and longevity of family businesses: a case of Eastern business culture(Technická Univerzita v Liberci, ) Kuruppuge, Ravindra Hewa; Gregar, Ales; Ekonomická fakultaThe main objective of this study is to understand how Sri Lankan family businesses’ survive over the long term, across generations. Even though previous studies on Western business culture have adequately conceptualized operations family businesses, a huge knowledge vacuum and/or several inconsistencies are shown in Eastern business culture in case of survival and longevity of family businesses. Studies from both cultures commonly affirm that family businesses outperform over non-family firms in the short run. Similarly, most studies from Western business culture assure that family businesses are suffering from business survival problem in the long run. Contradicting to this research finding emerged in Western business culture, most Sri Lankan family businesses are reported surviving over generation from the inception. As a result, a requirement of an academic analysis of Sri Lanka family businesses has emerged. Twenty two interviews from twelve family businesses (cases) facilitated an understanding of how family members become dedicated partners of the business and contribute to its survival. Respondents were either managers or owners. Purposive sampling techniques facilitated to select respondents from respective cases. Interviews indicated that education and business challenges motivate family members to remain strongly engaged in the business, as do familial bonds and the subsequent tacit knowledge. Further, respondents revealed the interdependence of business success and the personal success of family members. Therefore, family businesses in the context of Sri Lankan business culture have experienced above-average durations of business survival in comparison to Western business culture.
- ItemCross-border acquisitions in Central and Eastern Europe with focus on Russia versus Germany deals: an empirical analysis(Technická Univerzita v Liberci, ) Langenstein, Tim; Vojtková, Anna; Užík, Martin; Ruepp, Andreas; Ekonomická fakultaGlobalization, deregulation and the attendant liberalization of capital markets have made cross border mergers and acquisitions attractive to firms seeking to strategically position themselves within the global economy to take advantage of the opportunities that globalization offers. As a result, cross-border acquisition and merging activities have increased dramatically over the recent decades. Because of the fall of the “iron curtain” and the proceeds of European integration, mainly the European single market has created new possibilities. Moreover, one of the main results of globalization is a greater role of emerging markets in the global economy, especially in the area of foreign direct investment. The paper therefore analyses announced and completed cross border acquisitions between a public listed acquirer and target companies from Central and Eastern Europe and associated reactions of the capital markets. The analysis focuses, in particular, on cross-border Russia versus Germany deals. Examining the sample of 11 085 announced deals over the period from January 1990 through December 2014, the analysis points out some important trends in the global economy in the area of companies acquisition and merging activities. In summary, it can be emphasized that Central and Eastern Europe as the region is very attractive from the market’s perspective due to the expected growth rates and the framework conditions as well as from the perspective of Western European investors. Analysis results indicate that Russian market is better in the area of cross-border acquisitions than remaining Central and Eastern European markets. It allows us to suggest that it is worthier investing in Russia than in remaining Central and Eastern Europe.
- ItemHow do the National Tourism Organizations use the social media?(Technická Univerzita v Liberci, ) Hruška, Jan; Pásková, Martina; Ekonomická fakultaThe research was motivated by the growing importance of social media in the marketing of the National Tourism Organizations (NTO). The NTOs of the top ten most successful countries according to the number of international tourists in 2016 were selected as a research sample for analysis of the way, intensity and effectivity of the social media use in the destination marketing. The social media selected for above-mentioned analyses were Facebook, YouTube, Twitter, Flickr, Instagram, Pinterest, Google+ and Snapchat. The data collected for the analysis were publicly available data found on the NTO websites and in their social media accounts. The quantitative features of these NTO accounts (number of fans, number of their contributions, number of subscribers' responses), their management (especially the response to user contributions and inclusion of users of generated content) and the concept and focus of contributions generated by the NTO were evaluated and mutually compared. The analysis of the social media use by the NTOs of the ten selected countries has pointed out the importance of the social media role in their destination marketing. The selected NTOs use predominantly Facebook, YouTube, Twitter, and Instagram accounts, but only a few of them perform high quality management of these accounts. British, Italian and Mexican NTOs use the social media most, while Thailand and Turkey NTOs use them least. In addition to YouTube and Facebook, Instagram has shown a great potential for the systematic destination marketing exercised by the NTOs, as it has a significant advantage over still yet dominant Facebook in the posting view for all subscribers.
- ItemAssessment of the impact of the international trade in agricultural products on the EU economic growth(Technická Univerzita v Liberci, ) Remeikiene, Rita; Rozsa, Zoltan; Gaspareniene, Ligita; Pěnčík, Jan; Ekonomická fakultaAlthough international trade is an incontestable driver of economic development, scientific literature still lacks the studies to assess the impact of the international trade in agricultural products on the EU economic growth. The agricultural sector is treated as specific in comparison to other economic sectors as the EU subsidisation policies causes distorted competition in both local and global agricultural markets. The main purpose of this article is to assess the impact of the international trade in agricultural products on the economic growth of EU28. The results of the correlation and regression analyses have revealed that the international trade in agricultural products (in particular, section I and III products) contributes only insignificant part, to the economic growth of EU28 through the following indicators: GDP in market prices, self-employment, employment in the agricultural sector, labour force rate, subsidies and other transfers. The results have also disclosed that while analysing the impact of the international trade in agricultural products on economic growth, there is no necessity to research export and import volumes in separate as agricultural export and import show nearly the same (only with insignificant value differences) determinants of economic growth promotion. Another important conclusion is that the international trade in agricultural products mainly comprises the trade in live animals and animal products (meat and edible meat offal, fish and crustaceans, molluscs and other aquatic invertebrates, dairy produce, birds' eggs, natural honey, edible products of animal origin, not elsewhere specified or included, and products of animal origin, not elsewhere specified or included) as well as animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes.