Číslo 2

Permanent URI for this collection

Browse

Recent Submissions

Now showing 1 - 5 of 12
  • Item
    The effect of psychological contract, employer branding and job satisfaction on turnover intention: Organizational commitment as moderating variable at start-up IT company
    (Technická Univerzita v Liberci, ) Azmy, Ahmad; Wiadi, Iyus; Risza, Handy; Ekonomická fakulta
    IT-startup is an organization that starts a business in the technology field. The problem that is often faced is high-turnover. The reality of business processes takes a long time to develop into large companies. One of the potential factors in business success is human resources. The present study analyzes the direct and indirect effects of the psychological contract, employer branding, and job environment on turnover intention in IT start-up companies. Organizational commitment was employed as the moderating variable. The study was conducted in several IT start-up companies in Jakarta, focusing on four business fields: educational technology, IT consulting, software and hardware, and IT infrastructure. Respondents were 182 employees of IT start-up companies, recruited using a purposive sampling technique. Applying Partial Least Square, this study found that psychological contract, employer branding, and job environment, directly and indirectly, affect turnover intention. Organizational commitment was found to have the most significant direct effect on turnover intention. Meanwhile, employer branding exhibited the most significant indirect effect on turnover intention. IT start-ups need to strengthen their psychological contracts, employer branding, and job environment to reduce high turnover. IT start-ups must provide a conducive job environment to support employee work processes. This strengthens the psychological aspect of employees to stay afloat in the long term. A sense of loyalty, high commitment, and professionalism must be instilled in all employees as part of efforts to strengthen the psychological contract. The business success of an IT start-up becomes a good branding employer so that it is able to recruit potential human resources candidates. IT start-up companies need to strengthen their psychological contract, employer branding, and job environment in order to minimize turnover intention. Employees are a long-term investment for a company’s business sustainability, and their ideas, creativities, and innovation are pivotal for the company.
  • Item
    How competitive is SRI in developing financial markets: The case of Central and Eastern Europe
    (Technická Univerzita v Liberci, ) Ivanisevic Hernaus, Ana; Zoricic, Davor; Dolinar, Denis; Ekonomická fakulta
    This study investigates the competitiveness of sustainable and responsible investment (SRI) in Central and Eastern European (CEE) financial markets. Specifically, we examined whether a statistically significant measurable difference in the return and volatility between an SRI index and two conventional benchmark indices in the CEE region exists. To test whether the market volatility may affect the results, we applied a Markov regime-switching model to examine the performance in high and low volatility environments. We also used the Fama-French three-factor model to analyse the potential sources of outperformance and verify the initial analysis results. The analysis covered an eleven-year period (January 2011–December 2021) and was based on monthly returns of indices available on the Vienna Stock Exchange: CECE SRI, CECE Composite and CECE MID. Our findings showed that the SRI phenomenon in developing financial markets of the CEE countries followed performance patterns similar to ones in developed financial markets. Sustainable and responsible investment is competitive with conventional investment in the CEE region. However, the differences in returns between the SRI index and conventional benchmarks were statistically insignificant. Although a statistically significant difference in volatility between the SRI index and the large-cap CECE Composite index was reported, we did not find any evidence of exposure to the SRI factor regarding the analysed returns of the CECE SRI index. Our analysis of SRI returns pointed to the statistical significance of the common risk factors, such as the market and the size, which is similar to the analysed conventional benchmarks, with alpha not being statistically significant.
  • Item
    How does the effect of external financing on profitability differ across tiers? Evidence from the automotive supply chain
    (Technická Univerzita v Liberci, ) Toušek, Zdeněk; Hinke, Jana; Gregor, Barbora; Prokop, Martin; Ekonomická fakulta
    Due to the importance of automotive industry for the Czech Republic (in a broader sense for European countries) and due to the unprecedented development of both national and European economies caused by the COVID-19 outbreak, also having implications on the financial sector, we aim to explore the main determinants of operating performance within the automotive supply chain. This study is based on the data sample composed of complete individual financial statements (audited if available) of firms conducting their business in the Czech Republic from 2011 to 2018 and belonging to the automotive supply chain. This supply chain is defined as (sub) deliveries of the Czech automotive industry represented mainly by companies classified under NACE 22, 27, 25, 24. The hypothesis claiming that the investment and leverage-based variables are the important drivers of operating profitability was only partly confirmed (valid predominantly for Tier 3), which shows that the supply chain organization also plays a crucial role as well as (valid for Tier 1). Also, we have shown (illustrated) that the assumption of different capital structures among tiers is valid. The average overall indebtedness of Tier 3 is higher by approximately 50% (altogether, the short- and long-term leverage are higher by 40% and 62% respectively) than Tier 1 firms. The need for relatively high capital expenditures (applicable to Tier 1) and working capital investments (applicable to Tier 3) is partly facilitated by external funds reflected in the indebtedness, which is associated with the costs reducing overall low profits from these investments. The leverageprofitability relationship seems to be nonlinear for long-term debts contrary to short-term debts where the linear relationship prevails.
  • Item
    Strategic management, scenario analysis and competitive advantage analysis: New opportunities for anti-money laundering system reform
    (Technická Univerzita v Liberci, ) Lyeonov, Serhiy; Bilan, Yurii; Kuzmenko, Olha; Krukhmal, Olena; Vasa, László; Ekonomická fakulta
    The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external and internal factors for activation of money laundering process are formed. The relationship between the key internal and external factors of money laundering intensification and competitive advantages by building a binary characteristic matrix is formed. The synergy effect made by the mutual influence of simultaneously acting internal and external factors – a quantitative feature of the further strategy of the financial monitoring system reforming in terms of cross-country analysis is calculated. An economic-mathematical model for evaluating and interpreting strategy for improving the financial monitoring system in terms of cross-country context based on integer optimization is developed. In the article, there is calculation of the number of competitive advantages received by each observed country, without considering the possible synergy effect of mutual influence of simultaneously acting internal and external factors on each other. Moreover, there is quantitative assessment of the synergy effect made by the emergence of additional competitive advantages due to a certain combination of simultaneous influence made by external and internal factors of the money laundering intensification. The “ideal” situation of the possibility of gaining all possible competitive advantages in reforming the financial monitoring system in terms of cross-country context by overcoming internal and external factors stimulating the money laundering is studied. The results of the cross-country analysis form a basis for the further formalization of the limits for quantitative evaluation of the developed strategies through a uniform distribution.
  • Item
    The role of executive characteristics in their evaluation of financial conditions of European SMEs
    (Technická Univerzita v Liberci, ) Ključnikov, Aleksandr; Civelek, Mehmet; Durda, Lukáš; Fialová, Vendula; Folvarčná, Andrea; Ekonomická fakulta
    The majority of SMEs (small and medium-sized enterprises) have a lower amount of financial assets and earnings compared to their larger counterparts. Therefore, their probability of encountering financial troubles is greater. However, the obstacles they face and perceive might differ depending on their executives’ characteristics. In this regard, this research targets to indicate similarities or differences in the perception of financial conditions by companies’ executives who are of various gender, age, and educational status. Moreover, this paper analyzes SMEs from different countries. By doing so, this research also aims to examine international differences in executives’ characteristics and their perceptions of financial conditions. In line with those targets, the researchers create an internet-mediated questionnaire and direct it to the randomly selected respondents who are owners or executives of 1,156 Czech, Slovakian and Hungarian firms. The researchers also use independent samples T-test and ANOVA tests for analysis purposes. According to the results, while the educational status of executives does not play a determining role in the perceptions of financial issues in all research samples, the perceptions of financial conditions differ depending on Hungarian executives’ gender. Moreover, there are significant differences in the perceptions of older and younger Czech executives regarding the financial performance of their companies. Although some studies investigate firms’ or executives’ resource-based view characteristics, they are limited in investigating a single relationship and a research sample (firm characteristics and bankruptcy of a country’s SMEs, etc.). Since this paper sets and investigates differences in various executive-level characteristics and financial issues of different countries’ SMEs, it might draw prospective readers’ attentions, who might be firm executives, policymakers, financing institutions, and academicians. Moreover, comparing various samples from different countries’ SMEs in analyzed relationships is another crucial value addition that this research creates when filling the literature gap.