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- ItemOptimising public transport to increase tourist flows(Technická Univerzita v Liberci, ) Burda, Tomas; Zidova, Veronika; But, Tetiana; Ekonomická fakultaThe paper proposes ways to optimise public transport in order to increase tourist flows to four well-known tourist destinations in the Czech Republic, namely Český Krumlov, Jánské Lázně, Lednice and Macocha, during the spring and autumn seasons. It was found that the quality of public transport infrastructure needed to be improved if tourist flows were to increase. It has been found that tourism development is entirely dependent on the quality of transport infrastructure in order to achieve an increase in tourist flows. A long-term marketing study was carried out in the destinations above with the aim of gathering data on the number of tourists in each of them, the availability of public transport and its timetables, and the needs of tourists in order to improve public transport service. Research has shown that most tourists use secondary transport. This is due to convenience, lack of time, increased comfort, personal requirements and lack of provision of public transport. In addition, there are problems with rail service to some tourist destinations, and the intensity of the bus network varies, which is not convenient for tourists from different population groups. It was found that the capacity of the bus service to the selected destinations is sufficient and can positively influence the growth of tourist flows without increasing logistics costs just by changing the organisation of public transport. Based on the competitive advantage analysis results for the four destinations studied, the weaknesses and strengths of rail and bus transports were identified. Most tourists report that rail transport is more convenient mainly because of its well-connected transport service and affordable prices compared to aeroplanes or cars. It was found that the number of passengers is influenced by the geographic component of the terrain; two destinations (Jánské Lázně and Macocha) are located in the mountains and have a limited infrastructure network due to the undulating terrain, and thus not all means of public transport reach these destinations. It is verified that Český Krumlov is the most optimal of the destinations studied. The study revealed a relationship between the quality of transport infrastructure and the increase in tourist flows to the tourist destinations studied. We propose to develop a model to optimise the transport service in cooperation with a network of tourist information centres. To refine it, further surveys need to be carried out in different directions during the summer and winter seasons.
- ItemExtended model of mobile shopping acceptance: An empirical study of consumer behaviour(Technická Univerzita v Liberci, ) Stefko, Robert; Gavurova, Beata; Olearova, Maria; Bacik, Radovan; Nebesky, Lubomir; Ekonomická fakultaAlthough the popularity of mobile commerce is on the rise, mobile shopping is still not widely accepted in Slovakia. Therefore, research and knowledge in this area is insufficient. Based on two research models which explain human behavior (theory of reasoned action) and how the user accepts new technologies (technology acceptance model), the presented study proposes and tests a conceptual model combining the mentioned models and new, stimulating factors (customized offers and price benefits) in order to design a holistic model for predicting consumer behavior with regard to the acceptance of mobile shopping. In the first step of the research, we used exploratory factor analysis (EFA) to extract the predicted factors and verify the validity and reliability of the research tool – a questionnaire. The main research was conducted on a sample of 627 students from Slovak universities (part-time study). Using the confirmatory factor analysis (CFA), we performed a measurement model evaluation, and then, using the structural equation modeling – partial least squares (SEM – PLS) method, we evaluated and quantified the expected effects of the investigated factors. These new, stimulating factors, integrated into the theoretical framework of existing models, have been shown to act as direct and indirect predictors of the intention to mobile shopping. However, perceived usefulness proved to be the strongest predictor. The intention to mobile shopping is also significantly influenced by the attitude to mobile shopping, which is also determined by the new factor customized offers. The results the research arrives at may be beneficial for businesses, as they may reduce the costs associated with the creation of mobile shopping channels from an economic point of view and may increase their market competitiveness.
- ItemDefending the nation, securing the economy(Technická Univerzita v Liberci, ) Iuga, Iulia-Cristina; Socol, Adela; Ekonomická fakultaLiterature on the effects of military expenses and GDP is mixed, although a significant body of research supports the hypothesis that military expenses positively impact GDP. To contribute to the literature, this article analyses whether military expenditures influenced GDP in 27 European Union member countries from 1998 to 2021 by studying two clusters specific to the analysed countries: NATO and non-NATO countries. The way in which military expenditures affect GDP has been analysed using both the classic static models for panel data (pooled OLS, fixed effects, random effects, feasible generalized least squares, panel corrected standard errors, Poisson pseudomaximum likelihood regression) as well as by applying dynamic panel model system GMM, reverse causality, and half-panel jackknife regression models, with unemployment and inflation selected as control variables. The findings indicate that the current values of military expenditures positively influence GDP in both clusters, while past values of military expenditures positively influence GDP in the NATO EU countries and negatively affect GDP in the non-NATO EU countries. There are several key differences between NATO EU members and non-NATO EU members, particularly in regard to their security commitments and defence spending. NATO members are part of a mutual defence pact, agreeing to the principle of collective defence, which also impacts public defence policies and public budgets. This paper offers practical value to policymakers, stakeholders, and academicians. In addition, it has two significant political implications. First, it highlights the role of military expenditures as a catalyst for economic growth but does not underestimate the dangers of using military spending as a pretext to stimulate employment. Second, it establishes the optimal proportion of military expenditures required to fulfil two essential targets of national and European policies – security and welfare.
- ItemThe CEO characteristics and Romanian banks performance(Technická Univerzita v Liberci, ) Bunea, Mariana; Ionescu Feleaga, Liliana; Ionescu, Bogdan Stefan; Ekonomická fakultaThe main objective of this research is to identify to what extent the characteristics of the CEO (chief executive officer) influence the financial performance of banks within the Romanian banking system. The sample under investigation includes all 21 Romanian banks, and the analyzed period included the financial years related to the last 5 financial years (2018–2022). Regarding these characteristics, aspects such as age, gender diversity, education, nationality, and duality were included in the research, the financial performance of the banking system being measured through the ROA (return on assets) and ROE (return on equity) indicators, which are often used in the literature, including control variables such as the size of the bank, assessed by the total value of bank assets, the share of debts in total assets and the share of capital in total assets. Regarding the duality of the CEO, this is the practice of the same person holding both the position of chairman of the board of directors and that of executive manager. The authors tried to find the answer to the question: Is there a correlation between CEO characteristics and the financial performance of the banks, and if the answer is yes, to what extent are these correlations significant? To carry out this research, the authors used the SPSS software, the research methodology being predominantly quantitative, including descriptive methods, correlation analyses and regression models. The results of the research indicate that the financial performance of the banks operating within the banking system in Romania (measured by the ROA and ROE indicators) is influenced by the nationality and education of the persons holding the position of CEO but also by the size of the banks, appreciated by the value of their total banking assets.
- ItemA critique of quantitative easing by the Federal Reserve System and the European Central Bank(Technická Univerzita v Liberci, ) Pichova, Simona; Cernohorsky, Jan; Kacerova, Marketa; Zila, Jan; Ekonomická fakultaThe application of quantitative easing tools by certain central banks has been and continues to be the subject of professional debate. Therefore, this paper aims to assess an alternative scenario to the use of quantitative easing. We have used counterfactual analysis to estimate GDP growth in the US and in the Eurozone for the period during which quantitative easing was implemented, i.e., since 2009 in the US and since 2015 in the Eurozone. We used a vector autoregression (VAR) model for the analysis. We concluded that, in retrospect, the use of quantitative easing appears to be unwarranted. While there was slightly higher GDP growth in the Eurozone than there would have been without quantitative easing, there was no smoothing of the economic cycle. At the same time, returning to the inflation target took a relatively long time. In the US, quantitative easing prevented an initial slide into a deep recession and smoothed the economic cycle over the medium term. Overall, however, quantitative easing has mostly had a negative effect. One major negative is that when this instrument is used over a long time period, economic subjects gradually come to see it as a standard tool. Furthermore, inflation, central banks’ main objective, did not rise rapidly over the period in question; on the contrary, over the long term, quantitative easing has become one of the factors behind today’s higher inflation rates. An excessive monetary supply has created imbalances in the financial markets and has been a factor in price bubbles in the stock, bond, and property markets. Last but not least, it has increased moral hazard for governments, which have gone further into debt without difficulty. At the same time, central bank independence was violated, which has caused an abnormal increase in the central banks’ balance sheets. We, therefore, recommend that this unconventional monetary policy instrument should only be used in the short term for emergency situations as a clear central bank response to stabilize the economy.
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