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    Understanding cosmopolitan consumers’ repeat purchasing in the emarketplace: contribution from a brand orientation theoretical perspective
    (Technická Univerzita v Liberci, 2016-12-05) Osakwe, Christian Nedu; Boateng, Henry; Popa, Simona; Chovancová, Miloslava; Soto-Acosta, Pedro; Ekonomická fakulta
    As this scientific paper is positioned under the relatively big umbrella of relationship marketing; it thus makes a fruitful attempt to bridge the gap between scholarship and practice. Our overriding objective of this study was to explore critically the contribution of customers’ brand orientation as well as other vital constructs such as social media engagement, (e)vendor reputation and (e)WoM on repeat purchasing intention amongst cosmopolitan consumers in eMarketplace context. Data were collected through a non-probabilistic sampling technique from cosmopolitan consumers in one of the EU-27 countries, Slovakia. Data was analysed using the Partial Least Squares structural equation modelling. This study modelled online consumers’ repeat purchasing decision using constructs such as brand orientation, vendor reputation, vendors’ social media site engagement. The study found that brand orientation leads to a higher perception of vendors’ reputation online. The findings showed that a positive and significant relationship exists between brand orientation and consumers engagement with vendors’ social media site. Furthermore, this study found that vendors’ reputation has a significant effect on (e)WoM. Importantly, this study confirmed the substantial effect of (e)WoM on repurchase intentions. These findings imply that online retail brands should ‘push’ their product offerings via some of the popular social networking sites (SNSs) and, importantly, endeavour to keep track of those online users in the social media community who most likely have affinity towards their brands and/or other similar brands. By and large, the paper has demonstrated that the studied constructs are key in consumers’ decision making online. Hopefully, the findings of the research will assist the online retail vendor in its execution of (robust) customer friendly policies.
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    Designing modern informatics education for future managers and advanced users according to their knowledge base
    (Technická Univerzita v Liberci, 2016-12-05) Révészová, Libuša; Ekonomická fakulta
    The main question we are dealing with is how to teach/educate the future managers – advanced users of business informatics, ICT and information systems. As a very important step in determining the content and method of teaching we consider an evaluation of the knowledge base of students who enter the first year at the Faculty of Economics Technical University of Košice. In the first seminar in subject called Informatics I students fill in questionnaires which are focused on their general knowledge of informatics/computer science and basic terms of IS. In the paper we present evaluation of our questionnaire survey in the period 2003-2014. Conclusions formulated in the paper are directly relevant for teaching realized on the Faculty of Economics, Technical University Kosice. In the process of questionnaire creation we drew from generally valid documents for secondary schools in Slovakia. In the sample of respondents there were mostly graduates from Eastern Slovakia Region therefore this allows us to assume that knowledge base and ICT competences on the other faculties especially in our region with non informatics focus would copy the described trends. We also present our innovative manner of informatics education based on modeling, simulation and on a well known opinion that “no kind of teaching can replace the personal experience". As a dominant form we use problem-oriented project teaching. Students find themselves in a position of a manager of a virtual company, at project of specifying users’ requirements The paper deals with the experience in teaching, we present recommended structure of the user requirements project and we also discuss the body of knowledge and methods which have been implemented into the subject Informatics II. In the proposed innovative way of teaching we are trying to transform solving problem process into an active process of cognition.
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    Coverage of financing deficit in firms in financial distress under the pecking order theory
    (Technická Univerzita v Liberci, 2016-12-05) Sanfilippo-Azofra, Sergio; López-Gutiérrez, Carlos; Torre-Olmo, Begoña; Ekonomická fakulta
    The financing decisions adopted by firms in financial distress are very important because most of the strategy decisions such as investments, market entry, or product diversification are considerably affected by the financial constraints faced by them. However, these decisions are still not well known and empirical evidence about firms in financial distress is controversial. Previous studies do not find support for either the trade-off theory or the pecking order theory, which explain the financial decisions of healthy firms. Distressed firms frequently have to use all of their available financial resources to cover their financing deficit. This could give rise to a concave quadratic relationship between financing deficit and net debt issued, which might well explain the ambivalent results about the financial decisions of these firms. To analyze this quadratic relationship, which has not been studied previously, we perform an empirical analysis on a sample of 3,337 listed firms from Germany, Canada, the United States, France, Italy and the United Kingdom. Our results show that the pecking order theory does not appear to have a higher explanatory power in healthy firms. Moreover, the hierarchy suggested by the pecking order theory is not totally applicable in firms in financial distress. Our results show that as financing deficit grows, these firms use debt decreasingly, which gives rise to a concave quadratic relationship between financing deficit and net debt issued. This suggests that firms in financial distress have difficulty issuing new debt. Our results also show that firms in financial distress have a greater probability of issuing equity. Therefore, these firms can use equity financing as an alternative to debt issuance.
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    Investment opportunities for family businesses in the field of use of biogas plants
    (Technická Univerzita v Liberci, 2016-12-05) Myšáková, Darina; Jáč, Ivan; Petrů, Michal; Ekonomická fakulta
    This article deals with the economic evaluation of biogas plants which are one of the most important renewable energy sources in the Czech Republic. They provide a stable supply of electricity and heat without polluting the environment by emissions. They significantly contribute to the environmental protection. For businesses, this renewable source of energy means financially a very profitable, safe and a fast repayable investment. These investments are a big opportunity mainly for a family type of business which especially in municipalities in rural areas performs a variety of other economic and non-economic objectives including the use of biomass. Opportunities of family businesses are in agreement between the parties, involvement of family members, knowledge of technology and know-how, flexibility in labor, time and money, long-term planning, stable corporate culture, speed in decision-making, proximity to local markets, pride and credibility, efficiency, productivity, focus on quality. In recent decades, corporate social responsibility has been at the forefront of marketing tools of businesses and is often associated only with the ethical standards that, among other things, seek to minimize negative impacts on the environment This article focuses on their basic characteristics, maps specific ways which the company can use for their financing and analyzes the profitability (yield) and return on these investment projects.This development can focus more on strengthening family businesses in municipalities of a rural type where many owners of forests or larger plots can take advantage of investment opportunities and stabilize the economy of their businesses. However, even more side effects such as new jobs and partial subcontracts from other family businesses or other companies can be noted.
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    Profitability of the food industry in Poland – an ordered logit model approac
    (Technická Univerzita v Liberci, 2016-12-05) Gołaś, Zbigniew; Kurzawa, Izabela; Ekonomická fakulta
    The article addresses the problem of financial determinants of return on equity (ROE) in the food industry in Poland. The analysis was conducted on the basis of the decomposition of the rate of return on sales and in conjunction with the system of indicators linking the return on sales to return on assets and equity. In addition, in order to identify the significance of individual components of the ROE system, ordered logit regression models were estimated. The proposed in the paper system of decomposition of the return on equity has allowed a multidimensional analysis of profitability determinants. Its implementation in the food industry sectors, using the logit regression models of ordered categories, has proven that the reasons for different ROE in the food industry sectors should be primarily sought in the ability to create value added, labour costs, rational management of financial expenses, efficient use of assets as well as in more aggressive shaping the capital structure, determining the level of financial leverage. In conclusion, the applied in the paper ordered logit model of the return on equity has proven to be a very good tool to assess the significance of the factors affecting the level of ROE rates in the food industry sectors. In addition, the proposed model apart from its applicability also possesses a practical value. It allows predicting probable scenarios of transition from a very low level of the return on equity to more favourable financial results measured with this profitability category.