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    (Technická Univerzita v Liberci, ) Šubová, Nikola; Mura, Ladislav; Buleca, Ján; Ekonomická fakulta
    Household debt has been increasing in the last decades, and it poses a threat not only to the financial stability of households but is a precursor of the economic and financial crisis. A downturn caused by the coronavirus pandemic is expected to deepening inequalities, mainly due to the inability of households to repay existing debts or finance basic living needs. Understanding the determinants of household indebtedness and financial vulnerability is crucial for policymakers who process measures to prevent increasing household indebtedness. This paper investigates the determinants of household financial vulnerability in euro area countries using the Household Finance and Consumption Survey micro-dataset collected by the European Central Bank. The quantitative approach was applied using ordinary least square and quantile estimation procedures. The difference between OLS and quantile estimations showed the appropriateness of using the quantile regression approach. Performance analysis proved that only the number of elderly and the value of wealth and existence of mortgage interest tax relief statistically significant affects the level of vulnerability in all three waves. While the increasing number of elderly and greater value of household wealth lowers the vulnerability, the effect of mortgage interest tax relief differs across individual waves. All other used factors are essential and statistically significant for the financial vulnerability of households as well, but the importance and significance could differ across the distribution and individual waves. The effect of financial assets, education, and employment were found to be negative in all observations of all waves. On the other hand, the number of children and the value of households’ real assets is associated with increased financial vulnerability indicators.
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    (Technická Univerzita v Liberci, ) Lorenzo-Romero, Carlota; Alarcón-del-Amo, María-del-Carmen; Crespo-Jareño, José Alberto; Ekonomická fakulta
    Concern for the environment, which is of interest to academia, the business world and society in general, has meant the development of green marketing in the last half century. Environment can influence consumer behaviour and specifically the way tourists consume. The promotion of ecotourism, through information and communication, must be based on the identification of the different behaviour models to which marketing strategies are directed, according to needs, motivations, interests, expectations, behaviours and attitudes. The main research goal of this study is to determine the internal and external factors that influence the consumer behaviours identified as ecotourists, as well as the factors that shape their purchasing intentions. The theory of planned behaviour has shown its usefulness because its object (i.e., intention to perform a behaviour, taking into account that in the intentions are the factors that motivate the behaviour), through attitudes and beliefs, is the prediction and understanding of the way individuals behave. A model that facilitates the understanding of the ecological behaviour of ecotourists has been developed, starting from the value-belief-norm model towards the environment, to which a construct related to the theory of planned behaviour has been incorporated, in order to better understand the behaviour of ecotourists. The method used to analyse the causal model has been the structural equation modelling, and the sample used amounts to 403 ecotourists within a country characterized by the importance of tourism sector in its economic growing: Spain. The main result obtained indicates that the proposed model is useful to know the ecological behaviour of ecotourists. Specifically, it has been facilitated the knowledge of the factors that affect the intention to do ecotourism and to pay more to consume this type of activities. It could be useful for professionals of tourism sector to analyse and improve their ecological marketing strategies.
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    (Technická Univerzita v Liberci, ) Sobotovičová, Šárka; Blechová, Beata; Ekonomická fakulta
    The digital transformation of all areas of government is one of the European Union priorities. The motivation for our research was the fact that when it comes to the evaluation of Digital Public Services, the Czech Republic ranks below the EU countries average. This article discusses the development of electronic filings for the Financial Administration in the Czech Republic. It started with a critical literature review of relevant sources. Subsequently, a research was conducted with 644 respondents in the form of a questionnaire survey. Based on the primary research, opinions on the digitization of financial administration, including the benefits and disadvantages it brings to them, was verified with entrepreneurs. The survey data was evaluated using a non-parametric test in SPSS Statistics. Following an empirical survey, it was found that the majority of respondents perceive electronic filings in a positive way. The most common form of electronic filing is through data boxes, which have been in use in the Czech Republic since 2009. Less than half of the respondents had some problems related to the introduction of electronic filings. Some of the most common issues mentioned included the familiarization with the requirements associated with the electronic filings and learning to use the program in general. With the majority of respondents, accountants are responsible for interaction with the Financial Administration. Based on the respondents’ perception, the saving of time was identified as the most significant benefit, followed by the availability of information and error checks; saving of costs was the last. The respondents evaluate electronic communication as more flexible, practical and easier.
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    (Technická Univerzita v Liberci, ) Trnková, Gabriela; Žáková Kroupová, Zdeňka; Ekonomická fakulta
    This paper is focused on the investigation of the competitiveness drivers, namely technical and scale efficiency and technological change, and their relation to the profitability of the Czech food processing companies in the period 2016–2019. This investigation is based on the stochastic frontier modelling of an input distance function in the specification of the four-error-component model. The model is estimated with a multi-step procedure employing the generalized method of moments estimator addressing the potential endogeneity of netputs, and panel data gained from the Bisnode Albertina database. The results revealed (evaluated on the sample mean) that investigated food processing sectors were scale efficient in the analysed period, however, their production technologies exhibited prevailing technological regress. Moreover, the room for almost 17% cost reduction by the technical efficiency improvements was found out in all investigated sectors. Although inter-sectoral differences exist in the scale efficiency, technological change and technical efficiency dynamics, to increase the productivity and competitiveness of food processing companies, it is generally appropriate to focus on technical efficiency and technological change improvements. Both these competitiveness drivers connected with the cost reduction and minimizing of wastage of inputs are achievable through innovations. In general, the basic source of their financing is profit, the achievement of which is supported by cost minimization. However, it was found that sub-sectors, which are linked to sensitive sectors of agricultural production – that means sectors with the lowest national self-sufficiency, the highest level of imports and thus strong cost reduction pressure – have problem to translate the ability to produce efficiently into profitability. Although these food sectors, which have been also facing strong competition for a long time, which leads to significant pressure to reduce costs, achieved the highest technical efficiency, their profitability was lowest from the investigated sectors.
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    (Technická Univerzita v Liberci, ) Mešťan, Michal; Králik, Ivan; Šafár, Leoš; Šebo, Ján; Ekonomická fakulta
    Searching for the optimal saving strategy is often tied with the life-cycle strategies where only the age of a saver is considered for setting the allocation profile between equities and bonds. Our article contributes to the debate by looking at the performance and adequacy risks arising from applying age-based saving strategies for savers in funded pension schemes. As many studies have proven the shift of the risk onto savers in defined contribution pension schemes under various saving strategies, we contribute to the debate by providing simulations of expected accumulated savings via funded pension scheme under the various life-cycle income profiles and existence of unemployment risk. Using the resampling simulation technique, we compare the fixed and age-based strategies of three different agents with various life-cycle income paths and different unemployment risk. We compare the expected amount of savings and calculate relative indicators comparing the expected monthly benefits, income replacement rate. We look closely on the impact of unemployment on the value of savings and calculate the unemployment factor explaining the value of savings lost due to the periods of unemployment. By combining life-cycle income functions of individuals with different education level and unemployment risk, we show that decisions of implementing low risk saving strategies are suboptimal and lead to a substantial decrease in replacement ratios not only for higher income cohorts but especially for the lowest ones. At the same time, we prove that employing low risk saving strategy leads to the increase of adequacy risk especially driven by the unemployment risk that is higher for lower education individuals. We conclude that age-based life-cycle saving strategies, where the remaining saving horizon is the only factor defining the allocation profile is not the optimal saving strategy and other factors should be considered as well when searching for optimal saving strategy.