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- ItemQuantitative easing effects on equity markets – event study evidence from the US(Technická Univerzita v Liberci, ) Šafár, Leoš; Siničáková, Marianna; Ekonomická fakultaIn this paper we examine effects of the QE related statements made by the FED on major equity indices in the US. We consider days, when announcements had been made, as events for the event-study. We approach this methodology with aim to calculate excess returns on particular announcement day for Dow Jones Industrial Average, Standard´s & Poor´s 500, NASDAQ and Russell2000. Admitting complexity of those statements, and difficulty to isolate effects linked only to QE related information, we analysed statements individually, to be able to extrapolate deviations more accurately. Results indicate positive excess returns (above average performance over previous 60 days) on each index from 2008 to 2017 in average, while on some specific announcements, excess returns fell to negative range, which could be explained as misunderstanding of reaction function or active portfolio rebalancing towards assets directly influenced by the programme mentioned in the particular announcement. Considering also multiplicity, for DJIA, NASDAQ and S&P500 we conclude, that positive reactions follow especially information linked to prolongation or expansion of existing QE programme, while on the other hand initial information about QE cause mentioned portfolio rebalancing from equities towards other assets (RUSSEL2000 did not signal particular direction in line with announcement days´ information). We can also conclude that even if tapering linked information are considered as a part of the QE programmes, we did not find significant evidence of neither positive nor negative reaction on particular tapering-linked announcements. We add on, that the tapering and balance sheet unwinding are unprecedented to some extent, and therefore require further research, especially in current environment where such policy normalization is widely discussed.
- ItemCountry-specific determinants of intra-industry trade in pharmaceuticals: the case of Poland and its European Union partners(Technická Univerzita v Liberci, ) Łapińska, Justyna; Meluzínová, Jana; Uhman, Jiří; Ekonomická fakultaTrade cooperation between European Union countries is based mainly on intra-industry trade, consisting in the simultaneous import and export of similar products belonging to the same industry (commodity group).
- ItemCritical success factors in ERP system adoption: comparative analysis of the private and the public sector(Technická Univerzita v Liberci, ) Seres, Laslo; Tumbas, Pere; Matkovic, Predrag; Sakal, Marton; Ekonomická fakultaThis research provides useful insight into differences in the perception of significance and the degree of fulfillment of Critical Success Factors (CSFs) of Enterprise Resource Planning (ERP) adoption between private and public sector organizations. The survey was conducted on a sample of 77 Serbian organizations, with approximately equal representation of those from the private and the public sector. A comprehensive list of CSFs, compiled as a result of an extensive literature review, was included in the questionnaire. The collected data and statistical procedures applied revealed the CSFs that differentiate the organizations from the two observed sectors. Involvement of end users in ERP adoption and implementation activities has proven to be the CSF in relation to which the assessments and attitudes of organizations from the two sectors differ the most. Results of this research indicate that differences between private and public sector organizations are more distinct in terms of their level of fulfillment of ERP adoption CSFs than they are in terms of their assessment of CSFs’ significance. This points to a conclusion that differences in the way of functioning and governance of organizations from these two sectors influence their ability to tackle the problems much more than their ability to recognize them. The practical contribution of this research is in providing some useful findings that can greatly assist relevant stakeholders to achieve a higher success rate in an ERP adoption. In addition to responding to the initial research questions, this paper has also revealed new issues, suggesting the need for further research.
- ItemTop management team composition and financial performance: examining the role of gender diversity(Technická Univerzita v Liberci, ) Egerová, Dana; Nosková, Marta; Ekonomická fakultaDespite the growing research on the effect of top management team gender diversity on company financial performance, the results remain inconclusive. The theoretical framework guiding this study includes the upper echelons theory and critical mass theory. Under the upper echelons theory framework, the study investigates whether female participation in top management teams positively influences company financial performance. Based on critical mass theory, the study attempts to determine what percentage of women in a top management team constitutes a critical mass. Unlike most previous studies, both theories are applied to only the context of 823 small- and medium-sized enterprises (SMEs) with a workforce between 50 to 250 employees in the manufacturing sector in the Czech Republic. The findings indicate that the premises of the upper echelons theory are also applicable to SMEs. At the same time, the findings show limited support for critical mass theory. More specifically, this study does not support a linear relationship between the number of women in top management team and financial performance and only partially supports a U-shaped curvilinear relationship. The implications of the findings and suggestions for future research are also discussed. In sum, this study brings new insight to the area of gender diversity in top management and advances the gender diversity literature’s understanding of the relationship between top management team composition and company financial performance. Moreover, the study provides a better understanding of the key role of a critical mass in top management teams.
- ItemBenefits of KPIs for industry sector evaluation: the case study from the Czech Republic(Technická Univerzita v Liberci, ) Hedvičáková, Martina; Král, Martin; Ekonomická fakultaCurrently, there is a fourth Industrial Revolution known as Industry 4.0. This industrialization is characterized by structural changes in the substitution of labour by new technologies and capital. The paper focuses on the industrial sector, which is dominant in the Czech Republic and has a significant contribution to GDP and value added. It describes the current economic situation in Czech Republic and in European Union.
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