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    Practical Application of Forms and Tools of Marketing Communication in the SME Sector
    (Technická Univerzita v Liberci, ) Adamska, Małgorzata; Ekonomická fakulta
    This paper aims to investigate the application of different types of communication forms and tools (personal, audio/video, online, offl ine) in the context of client capital management and development of the client lifetime value in the sector of small and medium enterprises. Research survey made using computer-assisted telephone interviewing, over 383 small and medium enterprises from the Opole Voivodeship region, with correlation coeffi cients for the selected variables (company size, market segment, markets serviced). The research contributes to enrichment of literature by documenting activity of small and medium enterprises in the area of marketing communication. This research illustrates the use of diverse forms and tools by diverse members of the SME sector. More importantly, this research prepares conclusions for future development of communication as a main stimulator of increasing client lifetime value. The fi ndings show that the small and medium enterprises are aware of the need to use a variety of tools to communicate with clients. The tools are diverse and have a different degree of contact intensity, which effectively contributes to the involvement of clients in the relationship with the company’s offer. These contribute to the perceived value of client capital in the future. The fi ndings suggest that in the future SME sector will develop and diversify channels of communication with clients capital, regardless of whether it concerns B2B or B2C clients. For the enterprise, the most important thing will be constant development of the client’s lifetime value. The popularization of knowledge about currently used communication forms and tools will contribute to the implementation of benchmark-based solutions by other market participants. In the future, it may have a benefi cial effect on the client capital management process.
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    Importance Sampling for Monte Carlo Simulation to Evaluate Collar Options under Stochastic Volatility Model
    (Technická Univerzita v Liberci, ) Li, Pengshi; Li, Wei; Chen, Haidong; Ekonomická fakulta
    The collar option is one kind of exotic options which is useful when institutional investors wish to lock in the profi t they already have on the underlying asset. Under the constant volatility assumption, the pricing problem of collar options can be solved in the classical Black Scholes framework. However the smile-shaped pattern of the Black Scholes implied volatilities which extracted from options has provided evidence against the constant volatility assumption, so stochastic volatility model is introduced. Because of the complexity of the stochastic volatility model, a closed-form expression for the price of collar options may not be available. In such case, a suitable numerical method is needed for option pricing under stochastic volatility. Since the dimensions of state variable are usually more than two after the introduction of another volatility diffusion process, the classical fi nite difference method seems ineffi cient in the stochastic volatility scenario. For its easy and fl exible computation, Monte Carlo method is suitable for evaluating option under stochastic volatility. This paper presents a variance reduction method for Monte Carlo computation to estimate collar option under stochastic volatility model. The approximated price of the collar option under fast mean reverting stochastic volatility model is derived from the partial differential equation by singular perturbation technique. The importance sampling method based on the approximation price is used to reduce the variance of the Monte Carlo simulation. Numerical experiments are carried out under the context of different mean reverting rate. Numerical experiment results demonstrate that the importance sampling Monte Carlo simulation achieves better variance reduction effi ciency than the basic Monte Carlo simulation.
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    FINANCIAL CAPABILITY AND TECHNOLOGY IMPLICATIONS FOR ONLINE SHOPPING
    (Technická Univerzita v Liberci, ) Çera, Gentjan; Phan, Quyen Phu Thi; Androniceanu, Armenia; Çera, Edmond; Ekonomická fakulta
    To promote online shoppers’ long-term interest, consumers need to have the knowledge and ability to avoid problems with fi nancial issues. Financial capability helps to put consumers on the path to a sustainable fi nancial future. However, previous studies only focused on fi nancial capability in a fi nancial context. To handle personal fi nance systematically and successfully in an online setting, this study extends an enhanced understanding of how fi nancial capability on online consumer behaviour. Based on the data of 690 respondents collected by a face-to-face from eight main regions in Albania, this study employed principal components analysis and logistic regression in order to investigate the effect of consumers’ fi nancial capabilities and technology use on the decision to purchase online. The outcome of this study fi rstly identifi es six dimensions of fi nancial capabilities, namely, digital banking usage, fi nancial service risk, fi nancial advice, payment risk, risk tolerance, and fi nancial attitude. Secondly, the fi nding revealed that individuals who use smartphones and administrate a social media account, are more likely to involve in purchasing through online channels. Moreover, the decision to purchase online is more prone for those individuals who manifest high levels in digital banking usage, fi nancial advice, prior bank experience and technology usage, and low levels in attitude towards payment risk and attitude towards risk tolerance. This paper offers useful insights concerning the determinants of online purchasing by combining individuals’ fi nancial capability, technology and social media usage along with its demographic characteristics. In term of practical contribution, this study provides a useful model by incorporating for measuring and managing consumers’ fi nancial capability to enhance their involvement and to reduce their cognitive dissonance in the online shopping context. This study also contributes to the accumulated knowledge and encourages consumers to use digital banking and consult their fi nancial issues when purchasing online.
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    Management Practices in Area of Human Resources and Monitoring Results as Determinants of SME’s Success in Poland and the Czech Republic
    (Technická Univerzita v Liberci, ) Łobos, Krzysztof; Malátek, Vojtěch; Szewczyk, Mirosława; Ekonomická fakulta
    The main aim of the article is to identify specifi c management practices of small and medium-sized enterprises (SMEs), which determine processes of their growth and development, and then to determine the character and force of dependence between the identifi ed practices and the growth and development of SMEs. It occurred that the HR practices and the monitoring of results determine signifi cantly the growth and development of small and medium-sized enterprises in Poland and the Czech Republic. In order to accomplish the goal, the authors constructed a model of dependence and also made an evaluation of the signifi cance and force of its infl uence. The unit data obtained from 383 companies operating on the territory of Poland and 381 ones based in the Czech Republic were used for this purpose. The data were analyzed statistically using structural equation modeling. The results point to, fi rst of all, a substantial direct and indirect impact of HR practices on the growth and development of companies in the examined size class in both countries. We recognized four crucial factors of HR practices: (1) attracting talented people to the company, (2) rewarding well, (3) causing that employees know precisely their tasks, decision areas and responsibilities, (4) running an SME enterprise in such a way as to promote cooperation between employees and to create a good working climate. In addition to traditional human resource management practices, we observe in SMEs the need for introduction more humanistic management models focused on building commitment and employee satisfaction. The infl uence of HR practices on the growth and development of an enterprise is additionally strengthened by the monitoring of results. In the case of Polish enterprises, there is a direct impact of the monitoring of results on the development of a company. In the case of Czech enterprises, we have to do only with an indirect infl uence of monitoring practices on the company’s development. Among studied monitoring of results variables, three should be particularly stressed. It is essential that managers and leaders defi ne targets and measures of meeting the targets. The results obtained by the company should be also presented and discussed and monitored on a continuous basis. Results could allow SME’s practitioners a better understanding of crucial factors they ought to focus their management efforts.
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    Modelling the Determinants of Festival Visitors’ Behavioural Intentions
    (Technická Univerzita v Liberci, ) Ďaďo, Jaroslav; Maráková, Vanda; Táborecká-Petrovičová, Janka; Rajić, Tamara; Ekonomická fakulta
    Limited efforts have been made to date to examine the determinants of visitors’ behavioural intentions in the context of cultural festivals in Central Europe. The present study aims to fi ll this void in literature by proposing a conceptual model incorporating the festival setting that has thus far scantly examined perspective of the fulfi lment of motives and a subjective well-being as a consequence of a festival experience. The application of structural equation modelling (SEM) on a sample of 770 festival visitors in Slovakia provided support for the concept of visitors’ motivation as a higher-order construct and its direct relatedness to perceived value of a festival experience and visitors’ satisfaction. Both satisfaction and visitors’ subjective well-being emerged as direct antecedents to visitors’ behavioural intentions and mediators of the impact of perceived value on visitors’ behavioural intentions. Implications of the study are provided and limitations and directions for future research are highlighted.