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- ItemKey Performance Indicators for Adopting Sustainability Practices in Footwear Supply Chains(Technická Univerzita v Liberci, ) Moktadir, Md. Abdul; Mahmud, Yead; Banaitis, Audrius; Sarder, Tusher; Khan, Mahabubur Rahman; Ekonomická fakultaThe footwear industry has contributed notably to different countries’ economic development. Therefore, it needs to focus on operational excellence in order to achieve a sustainable level of development. Achieving sustainability in the footwear industry, however, is a complex task since various issues are involved in the footwear manufacturing process. Currently, in order to see how firms can sustain their place in the competitive global business environment, researchers and practitioners are giving special attention to operational excellence in the footwear manufacturing industry. Operational excellence is a business term that indicates the actual performance of an organization. To make the supply chain agile, resilient, and sustainable, it is imperative that firms incorporate sustainable practices in the footwear industry, and operational excellence can help in this regard. The sustainability of the footwear industry can be examined by using a set of key performance indicators (KPIs). Therefore, identifying and examining the KPIs for adopting sustainable practices in the footwear supply chain is a very important task. There is still a knowledge gap in research on the KPIs for attaining sustainability in the footwear industry. To fill in this knowledge gap, this study contributes to the existing literature by identifying and assessing the KPIs by using a novel multi-criteria decision-making (MCDM) method named the best-worst method (BWM). This study uses a previous study to identify some relevant KPIs, some of which were included in the assessment process based on footwear industry experts’ feedback. After finalizing the relevant KPIs, BWM was utilized to find the most important KPIs for adopting sustainability practices in the footwear industry’s supply chains. The findings of this study reveal that the KPIs “quality production”, “timely order processing” and “accuracy of moulding” received the first three positions in the rankings we performed. The results of this study will help practitioners, industry experts, and decision-makers to find out a pathway for easily adopting sustainability practices in the footwear supply chains.
- ItemThe Use of International Tax Planning in Subsidiaries from the Financial and ICT Sectors in the Czech Republic(Technická Univerzita v Liberci, ) Jedlička, Vít; Ekonomická fakultaTax avoidance is an important element of management in the global economy. Managers use tax havens for reducing a company’s effective tax rate. The most common practices in international tax planning can be divided into three groups: loans and their related interest, royalties, and transfer pricing. The aim of this article is to find the determinants of the tax burden faced by foreign-owned subsidiaries. Therefore, a model was created for the tax burden, focusing on the special position of subsidiaries within international tax planning. For this purpose, taxes/outcomes was established as a new dependent variable. The panel data used include Czech companies that are owned by parent companies located in other EU countries. The model distinguishes EU tax havens from regular member states; sector dummy variables are also included. The regression model that was created did not confirm the assumed dependencies. Rather, it indicated other important determinants: profitability, the share of intangible assets, size, and the dummy variable for the ICT sector. Based on the regression results, the independent variables connected with known tax planning schemes have relatively low importance. The significance of these results can be seen in the subsequent conclusions. First of all, there is no difference between the subsidiaries’ tax burdens based on the parent company’s location. Corporations use international tax planning whether or not they are owned from a tax haven. The second significant conclusion indicates the importance of certain sectors and their attributes concerning the tax burden. Companies from the ICT sector are linked to a lower tax burden. On the other hand, the dependencies within the financial sector are not statistically significant. From the perspective of further research, it would be constructive to incorporate the subsidiary’s position within the group.
- ItemAltman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises(Technická Univerzita v Liberci, ) Vavrek, Roman; Gundová, Petra; Kravčáková Vozárová, Ivana; Kotulič, Rastislav; Ekonomická fakultaThe Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.
- ItemPerformance Evaluation Framework under the Influence of Industry 4.0: The Case of the Czech Manufacturing Industry(Technická Univerzita v Liberci, ) Hedvičáková, Martina; Král, Martin; Ekonomická fakultaThe current economic situation creates general pressure to increase performance. Any inefficient use of production factors will lead to problems and long-term economic unsustainability in many industries. The effects of the Covid-19 pandemic will also have a negative impact on all sectors of the economy and the faster onset of the fourth industrial revolution. The article, therefore, proposes a new framework for the performance evaluation of the manufacturing industry, which is based on the composite performance indicator. This indicator is obtained by a cross-sectoral comparison of all sub-key performance indicators. Using cluster analysis and analysis of variance, a total of 6 indicators to evaluate performance in the manufacturing industry were selected as statistically significant. The added value of the whole concept is its direct independence on the economic situation, which eliminates short-term economic oscillations that would be reflected in classical methods of performance evaluation otherwise. The results show that some industries are more efficient in the long run due to their effective investments in the capital, which replaces the labour factor and creates room for the realization of relatively higher profits. By contrast, some sectors, despite high investments, do not achieve the desired level of performance – these investments are not efficient or they are complementary to the labour factor, thus denying the principles of Industry 4.0. It thus creates preconditions for increasing dependence on external factors and, at the same time, makes the given sectors in a freely competitive environment economically unsustainable in the long run.
- ItemSovereign Credit Ratings and Asian Financial Markets(Technická Univerzita v Liberci, ) Pervaiz, Khansa; Virglerová, Zuzana; Khan, Muhammad Asif; Akbar, Usman; Popp, József; Ekonomická fakultaEach region/country seeks to become more efficient to gain the confidence of potential investors. Most of the Asian economies are categorized as emerging markets, where the role of financial markets has even become more intensified to provide financial services to increasing economic and financial activities. Asian financial market has momentously suffered during the Asian, and global financial crisis. The mass destruction was mainly caused due to the mounting uncertainty, which spillover throughout the region, where investors lost their confidence. Considering the pivotal economic role of financial markets, and implications evolve due to sovereign credit rating announcements, this study aims to model the role of sovereign credit rating announcements by Standard and Poor’s, and Moody’s on financial market development of the Asian region. For 24 Asian countries/regions, we perform a regression analysis on sovereign credit rating changes based on financial market development index and its factors. The findings of Driscoll Kraay’s robust estimator reveals that improvement in sovereign credit rating score enhances the financial market development in the region. Moreover, we applied several robustness checks, such as alternative estimators, alternative measures, and three sub-dimensions of financial market development. According to the findings from these robustness checks, the positive impact of sovereign credit ratings on financial market development in the region is robust. Unlike prior literature (which is confined to the event study approach), this study utilizes the historical grades to establish the relationship under the standard error clustering approach. Due to the diversity of investors’ speculations, we propose a micro-level extension of the present model to overcome a difference in country policy.
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