Browse
Recent Submissions
Now showing 1 - 5 of 14
- ItemProfitability determinants of cooperative Islamic insurance companies(Technická Univerzita v Liberci, ) Savai, Atila; Pjanic, Milos; Mitrasevic, Mirela; Milenkovic, Nada; Ekonomická fakultaThe aim of the paper is to investigate the profitability determinants of cooperative insurance companies in Saudi Arabia. The mentioned insurance companies conduct business activities on the largest Islamic insurance market in the world, which has a growing demand for insurance as an instrument of risk management and a meaningful potential for further growth. A particular motive for conducting this research was the fact that these companies have common characteristics with mutual insurance companies that represent one-third of the European insurance market. Taking into account the characteristics of cooperative insurance companies’ business operations and the special structure of financial reports of these insurers relying on and in accordance with the results of the latest research on this topic as profitability determinants, we use return on assets (ROA), return on equity (ROE) and earnings per share (EPS), while explanatory variables include microeconomic (company size, investment profitability, investment income ratio, operator’s fee, expense ratio, loss ratio, premium growth, risk exposure, capital adequacy, reinsurance dependence, specialization) and macroeconomic (interest rate and equity returns) variables. The data are collected on a quarterly basis for 28 companies from 2012 until the second quarter of 2020. We use first- and second-generation unit-root tests, heteroscedasticity test, cross-sectional dependence test, autocorrelation test, Hausman and Overid tests and multicollinearity test to determine model parameters. Due to the presence of heteroscedasticity and cross-sectional dependence, we analyze the data using Beck and Katz’s panel corrected standard errors (PCSE) method. The results suggest that the financial performance of cooperative insurance companies in Saudi Arabia is determined by expense ratio, loss ratio, specialization (general or life and composite insurer) and the value of the operator’s fee, which depends on the amount of the underwriting surplus. Taking into account the key characteristics of cooperative insurance companies, the results of our research can be used by decision makers of cooperative insurance companies in strategic and operational planning and can provide help for policymakers in other countries that use alternative insurance models.
- ItemSuccess drivers of equity crowdfunding campaign. Empirical evidence from Poland(Technická Univerzita v Liberci, ) Swacha-Lech, Magdalena; Kurek, Robert; Ekonomická fakultaThe success factors of equity crowdfunding are already well recognized in the literature but have not previously been studied in Poland. The aim of the paper is to fill the research gap by identifying the determinants of equity crowdfunding success in Poland based on empirical data. The article investigates whether and how entrepreneurs’ conscious use of the non-financial benefits linked to equity crowdfunding (ECF) influences the campaign’s success in Poland. We used data from a survey on the determinants of the success of equity crowdfunding. We conducted the survey using CAWI and CATI methods between September 2021 and January 2022 in collaboration with the Biostat Research and Development Centre as well as Beesfund, Crowdway and FindFunds platforms. Fifty-six companies accepted the invitation to participate in the study. Ultimately, the logistic regression model estimation was based on data obtained from 49 companies (28 of which had already succeeded in the equity crowdfunding campaign). Using the acquired data, we estimated a logistic regression model. As the results of our research show, the likelihood of campaign success is increased by the perception of equity crowdfunding as a tool enabling the acquisition of product and market knowledge, while using this form of financing mainly to obtain funds adversely affects the likelihood of campaign success. The results confirm that inPoland, as in other European countries, equity crowdfunding is no longer seen as a source of last-resort funding but is becoming more than just a fundraising tool. We recommend that entrepreneurs who plan to use this form of financing take advantage of the knowledge and experience of investors and treat equity crowdfunding as a strategic or first choice.
- ItemTwenty years of efficiency research in Czech and Slovak banking – A bibliometric analysis(Technická Univerzita v Liberci, ) Boďa, Martin; Zimková, Emília; Karaka, Anton; Ekonomická fakultaThe article is a survey of 44 empirical studies that applied frontier techniques in analyzing efficiency of Czech and Slovak commercial banks in a hope to summarize the state of the art of efficiency research in Czech and Slovak banking. A sample of 44 journal articles was extracted from the Web of Science™ database, and a bibliometric analysis was conducted to identify the most active authors and most influential works to establish mutual relationships between them and to sketch the main research trajectories. The paper contributes to the extant literature by providing guidance for new researchers and identifying for efficiency research on Czech and Slovak banking: (i) the most productive authors as well as the works with the most impact; (ii) the network structure amongst the authors and works; and (iii) main paths of knowledge diffusion across the surveyed works. The findings indicate that efficiency research of Czech and Slovak banks grew out of global banking efficiency research and is thus its integral part. Lotka’s law applied to Czecho-Slovak banking efficiency research does not suggest that its productivity patterns are altogether different from its global counterpart. The first identifiable wave of research was represented by foreign authors who examined issues of economic transition and its impact on the performance of banks. This wave of research endured until about 2013, when the torch passed into the hands of authors of domestic provenience. The findings are useful in bridging the gap between the accumulated knowledge in the field and the new research directions.
- ItemAssessment of the development potential of the tourism industry in Czechia on the basis of smart specialization(Technická Univerzita v Liberci, ) But, Tetiana; Pulina, Tetiana; Bielan, Olha; Zidova, Veronika; Ekonomická fakultaThe tourism industry is constantly evolving and requires the introduction of the latest technologies and development tools, such as smart specialization, which contributes to the economic development of countries, the welfare of the population, and an increase in foreign exchange earnings. The aim of the article is to assess the potential for the development of the Czech tourism industry on the basis of smart specialization using the integral indicator of smart specialization potential. The research methodology includes mathematical and economic, abstract and logical statistical, and expert analyses. The introductory part defines the content and components of smart specialization. At the next stage, the level of innovation, economic and investment, social and scientific components of Prague and other regions of Czechia was assessed, which determined the potential for the development of the Czech tourism industry on the basis of smart specialization using the integral indicator of smart specialization potential. The research results suggest ways to introduce smart specialization into the Czech tourism industry, including investment support for the implementation of smart strategies of the Czech regions; improvement of the regulatory framework for creating new business models for the development of tourism enterprises; ensuring the development of transport infrastructure, power grids, and digital networks; and improving social support for citizens; creating an environment in which it is possible to create and implement. The originality of the study is an approach to assessing the potential for the development of the Czech tourism industry on the basis of smart specialization using the proposed integral indicator of smart specialization potential. The practical significance is due to the possibility of using the integral indicator of smart specialization potential as a tool for allocating investment resources to ensure the development of the tourism industry of Czechia and its regions, which will be useful for the Czech government agencies to increase the potential of the country’s tourism industry
- ItemThe lens of business model element activation(Technická Univerzita v Liberci, ) Adamek, Pavel; Ekonomická fakultaA business model is the foundation for understanding the functioning of a business entity and is a source of innovation and change. Therefore, developing a business model is necessary, and proactive activation can be a source of competitive advantage to meet the appropriate requirements in the composition of business model elements. The study aims to identify the key elements of activation in business models and to discover their significance. This study uses an expertbased approach based on the use of multi-criteria decision-making (MCDM) with the definition of the main elements. It also compares data from fuzzy analytical hierarchy process (AHP) and conduct primary research among small and medium-sized enterprises (SMEs) to determine the importance of various elements in their business models. It provides insight into determining the degree of significance of business model elements, with its expansion to the Delphi method and a panel of experts on 97 sub-criteria. Predominant factors such as value proposition, customer segments, and key partnerships have been identified as primarily critical for SMEs. The results obtained can then be used by businesses for subsequent concentration on a specific business element to achieve higher company performance and strengthen the competitive position. This study presents a fresh perspective on reimagining the classification of business models, their elements, and, above all, the determination of the meaning of individual business model criteria.
- «
- 1 (current)
- 2
- 3
- »