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- ItemEffect of integration of green constructs and traditional constructs of brand on green purchase intention of customers(Technical university of Liberec, Czech Republic, 2017-10-02) Esmaeili, Ahmad; Sepahvand, Akbar; Rostamzadeh, Reza; Joksiene, Izolda; Antucheviciene, Jurgita; Ekonomická fakultaThe urgent concerns for environmental issues and growing demand for green products have made companies pay much more attention to green marketing. Although, many companies invest in green marketing, but not all of them gain as much as they invest. Most of failures of investments in green marketing are rooted in the fact that customers doubt both the real green performance of these products and the real intention of companies regarding green products. This research, being quantitative in nature, attempts to investigate the impact of traditional branding constructs (perceived quality of the brand, credibility of the brand) and green branding constructs (perceived value of a green brand, the green brand image, and brand equity) on the green purchase intention of customers. The hypotheses have been developed in the form of a conceptual model to investigate the relationship of these constructs. The research focuses on consumers of certain liquid washing detergent products. All the data were collected using questionnaires and the analysis of the data was conducted utilizing LISREL 8 and SPSS 16. The results indicate that perceived brand quality has a positive impact on the perceived value of a green brand, brand credibility, and brand image. In addition, green brand value and green brand image have a positive impact on brand equity. This research can serve as validation of the constructs to fill the gap in the investigation of green brand dimensions. Further analysis shows that green brand equity has a meaningful impact on the green purchase intention of the customers, however the impact of brand credibility on brand equity has not been proved.
- ItemThe integrative management model for restructuring small and MEDIUM-SIZED enterprises (SME)(Technical university of Liberec, Czech Republic, 2017-10-02) Tamošiūnas, Andrius; Ekonomická fakultaThe article presents the integrative SME restructuring management model. The model is aimed at divergent and sustained competitive performance, specifying measures for improving strategic management, rationalizing management functions and assessing influence of its results on SME competitiveness. The respective technique is proposed for enterprise efficiency evaluation in terms of strategic and functional management. As to prepare the proper strategy for SME restructuring the author have determined and hence recommend the regularities for strategic decisions making towards restructuring as well as the ones for the rational selection of restructuring techniques. When executing SME restructuring author proposes to use the complex set of measures determined in order to ensure the reasonable efficiency of functions of the enterprise as well as its products. In order to ensure rational management of restructuring the respective technique is also proposed to evaluate the efficiency of SME restructuring. This let as to evaluate the benefit of the executed changes within the enterprise as to identify the directions and actions needed to continue increasing the efficiency of the enterprise activity. Based on the outcome of empirical investigations of SME restructuring in the EU over the last decade, underlining its specifics and complexity, the paper reveals the benefit of use of the proposed model specifying all its phases to relevant techniques and actions. Results of its application in practice also confirm the prevailing flexibility when applying the model while characteristics of the complex of measures set under the latter can be adjusted to the specifics of SME and its business environment. While leading to greater possibilities to rationalize restructuring process, the model created by the author also provides an SME with prerequisites to improve the use and development of human, material and financial potentials with pivotal contribution to its sustained competitiveness even in a changing business environment.
- ItemThe downside risk approach to cost of equity determination for Slovenian, Croatian and Serbian capital markets(Technical university of Liberec, Czech Republic, 2017-10-02) Momcilovic, Mirela; Zivkov, Dejan; Begovic, Sanja Vlaovic; Ekonomická fakultaIn developed countries Capital Asset Pricing Model (CAPM) is the most frequently used model for determination of the cost of equity. On the other hand, there is no consensus about which model would be the most appropriate and easy to use for the estimation of cost of equity in emerging markets. The aim of this research is to analyze on the basis of Estrada’s work (2000; 2007) four different risk measures based on standard deviation, beta, downside risk and downside beta, as well as corresponding asset pricing models for capital markets of Slovenia, Croatia and Serbia in order to determine the most appropriate asset pricing model and to estimate the costs of equity for selected markets. It should be pointed out that asset pricing research in general is scarce for selected markets and that similar research was not done for them. Results of the research show that for total selected market the most appropriate risk measure out of four proposed is downside risk, while the model that best explains full sample mean returns contains combination of downside risk and downside beta. Results of the research favor downside risk measure for each selected market. When considering multiple regressions with the highest explanatory power for each selected market, results show that all multiple regressions contain downside risk as a risk variable and beta or downside beta as additional systematic risk variable, indicating one more time importance of downside risk for Slovenian, Croatian and Serbian capital markets. The results show that the average cost of equity estimated on the basis of asset pricing model with downside risk as a risk measure amounts to 20.16% for full sample. The results also indicate that Serbia has the highest cost of equity and that the cost of equity for Slovenian and Croatian capital markets is lower and rather similar.
- ItemFactors affecting sensitivity of commercial banks to bank run in the Visegrad Countries(Technical university of Liberec, Czech Republic, 2017-10-02) Klepková Vodová, Pavla; Stavárek, Daniel; Ekonomická fakultaWhile managing liquidity, each bank should be prepared also for unexpected and exceptional events, such as bank runs. The aim of this paper is therefore to determine the maximum volume of deposits that can be withdrawn from individual banks operating in the Visegrad countries and to identify the determinants of their sensitivity to a bank run. The data cover the period from 2000 to 2014. Although bank liquidity, measured by the liquid asset ratio, decreased in all countries during the analyzed period, the level of liquidity differs among countries. We have simulated a bank run as a sudden withdrawal of 20% of client deposits. The ability of individual banks to survive this crisis scenario significantly differs. Nevertheless, as Czech and Hungarian banks were more liquid, they are better prepared for a potential bank run than Polish and Slovak banks. After that, using the panel data regression analysis, we tested seven bank-specific factors and seven macroeconomic factors. The sensitivity of commercial banks from the Visegrad countries to a possible bank run is determined mainly by different aspects of bank liquidity (not only the level of bank liquidity, but also connection to bank lending activity, the way of its financing and also activity on the interbank market). Among the other bank specific factors, profitability, capital adequacy and size of the banks are relevant in some countries. When it comes to macroeconomic factors, interest rate and unemployment rate are important. However, we can conclude that the most important factor is the level of bank liquidity: banks with a sufficient buffer of liquid assets are safer than other banks, particular during periods of financial distress.
- ItemWhy do some municipalities apply accrual-based rules more than others? Evidence from Turkey(Technical university of Liberec, Czech Republic, 2017-10-02) Ada, Selver Seda; Christiaens, Johan; Ekonomická fakultaIn the last decades, public sector has been influenced by New Public Management emphasizing incentives, competition, and performance. With the effect of New Public Management, implementation of accrual accounting based rules in the local government level has been studied from different aspects and within different contexts. In this study, we seek to further delineate factors affecting the level of compliance to accrual based accounting rules in the local government level in an emerging country – Turkey. We shed lights on two new emerging country-like variables: implementation of European Union funded projects and newly founded municipalities with six control variables including municipal size, municipal wealth, citizen education level, staff education level, debt ratio and external audit. Data, to be analyzed, is gathered from 102 Turkish municipalities. We use compliance index, consisting of 39 items, in order to assess the level of compliance of the municipalities. Institutional theory and resource dependence theory have been employed in order to increase our understanding on the factors affecting the level of compliance to the accrual based rules. The results show moderate compliance, 61.2%, with the accrual based rules. Predictors that have clearly significant effect on the level of compliance are respectively, the external audit (b = .123, β = .450, p = .000), implementation of EU funded projects (b = .074, β = .267, p = .002) and being a newly founded municipality (b = .071, β = .155, p = .031). Moreover, we found that coercive institutional pressure to implement accrual-based rules may become a potent force when a supreme audit institution has control and there is resource dependence on an international body.
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