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    Strategic management, scenario analysis and competitive advantage analysis: New opportunities for anti-money laundering system reform
    (Technická Univerzita v Liberci, ) Lyeonov, Serhiy; Bilan, Yurii; Kuzmenko, Olha; Krukhmal, Olena; Vasa, László; Ekonomická fakulta
    The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external and internal factors for activation of money laundering process are formed. The relationship between the key internal and external factors of money laundering intensification and competitive advantages by building a binary characteristic matrix is formed. The synergy effect made by the mutual influence of simultaneously acting internal and external factors – a quantitative feature of the further strategy of the financial monitoring system reforming in terms of cross-country analysis is calculated. An economic-mathematical model for evaluating and interpreting strategy for improving the financial monitoring system in terms of cross-country context based on integer optimization is developed. In the article, there is calculation of the number of competitive advantages received by each observed country, without considering the possible synergy effect of mutual influence of simultaneously acting internal and external factors on each other. Moreover, there is quantitative assessment of the synergy effect made by the emergence of additional competitive advantages due to a certain combination of simultaneous influence made by external and internal factors of the money laundering intensification. The “ideal” situation of the possibility of gaining all possible competitive advantages in reforming the financial monitoring system in terms of cross-country context by overcoming internal and external factors stimulating the money laundering is studied. The results of the cross-country analysis form a basis for the further formalization of the limits for quantitative evaluation of the developed strategies through a uniform distribution.
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    Investors’ reactions on the publication of integrated reports. Evidence from European stock markets
    (Technická Univerzita v Liberci, ) Raluca Bădițoiu, Bianca; Ioan, Roxana; Partenie Munteanu, Valentin; Buglea, Alexandru; Ekonomická fakulta
    The last decades brought to stock market investors’ attention several key issues regarding companies’ activity, besides the financial statements. These issues, such as environmental, social, or corporate governance policies are nowadays included in integrated reports issued by many listed companies worldwide. Although these topics seem to currently attract a high interest in the media, our study’s aim is to determine whether the listed firms’ release of Integrated Reports has any bearing on the issuers’ performance on the capital market as assessed by market value, return, and risk. In this respect, we analysed three different stock market time series’ reactions – daily close prices, daily logarithmic returns, and risk measured by the Expected Shortfall – to the publication of integrated reports, for a sample of 48 companies, listed on various European stock markets. In order to identify any sudden changes in the analysed time series behaviour, immediately after the publication date, we used the Bai-Perron multiple structural breaks test. Our results show that no consistent, significant reactions occur within the analysed time series immediately after the publication of integrated reports, but only isolated, circumstantial reactions seem to appear. Moreover, it seems that the markets show common significant reactions to certain events, marked by major structural breaks, but none of these events could be related to the publication of integrated reports. Within this context, our paper manages to prove that although it currently constitutes a hot topic worldwide, integrated reporting is not a key feature in the investors’ short-term decisionmaking process.
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    The effects of private sector companies’ research and development investments on the adoption of cloud computing services in the European Union
    (Technická Univerzita v Liberci, ) Toader, Liviu; Paraschiv, Dorel; Dinu, Vasile; Manea, Daniela; Mihai, Mihaela; Ekonomická fakulta
    As European economies rely more and more on know-how and technology, the importance of investment in research and development, especially from the private sector, is increasing. Private investment in research and development leads to innovation and the creation of know-how and technologies that can increase productivity, competitiveness and contribute to economic growth. Private investment in research and development is particularly important in dynamic sectors with high added value, such as the IT&C sector. Cloud computing is one of the most popular IT&C technologies in recent years, particularly because it bridges the gap between large and small and medium-sized companies in terms of IT&C infrastructure investment needs. Due to cloud computing, small companies can benefit from the same technology and infrastructure as the bigger ones, but at lower costs, without having to make large-scale investments in IT&C infrastructure elements such as: computing power, networks, data storage, specialized software products, etc. This paper analyzes the link between the intensity of investments in research and development (R&D), calculated as the share of research and development expenses made by companies in the business environment (business enterprise sector) in GDP or as a percentage of total research and development expenses, in relation to the adoption of cloud computing technology within companies in the Member States of the European Union. The research results indicate a direct and moderate relationship between the intensity of private R&D spending and the adoption of cloud computing technologies among companies in the Member States. This result can be attributed to both the increase in the overall digitization of the countries most active in terms of private R&D investment, as well as the need for affordable and strong IT&C infrastructure to maximize future returns and drive economic growth.
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    How does the effect of external financing on profitability differ across tiers? Evidence from the automotive supply chain
    (Technická Univerzita v Liberci, ) Toušek, Zdeněk; Hinke, Jana; Gregor, Barbora; Prokop, Martin; Ekonomická fakulta
    Due to the importance of automotive industry for the Czech Republic (in a broader sense for European countries) and due to the unprecedented development of both national and European economies caused by the COVID-19 outbreak, also having implications on the financial sector, we aim to explore the main determinants of operating performance within the automotive supply chain. This study is based on the data sample composed of complete individual financial statements (audited if available) of firms conducting their business in the Czech Republic from 2011 to 2018 and belonging to the automotive supply chain. This supply chain is defined as (sub) deliveries of the Czech automotive industry represented mainly by companies classified under NACE 22, 27, 25, 24. The hypothesis claiming that the investment and leverage-based variables are the important drivers of operating profitability was only partly confirmed (valid predominantly for Tier 3), which shows that the supply chain organization also plays a crucial role as well as (valid for Tier 1). Also, we have shown (illustrated) that the assumption of different capital structures among tiers is valid. The average overall indebtedness of Tier 3 is higher by approximately 50% (altogether, the short- and long-term leverage are higher by 40% and 62% respectively) than Tier 1 firms. The need for relatively high capital expenditures (applicable to Tier 1) and working capital investments (applicable to Tier 3) is partly facilitated by external funds reflected in the indebtedness, which is associated with the costs reducing overall low profits from these investments. The leverageprofitability relationship seems to be nonlinear for long-term debts contrary to short-term debts where the linear relationship prevails.
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    The role of executive characteristics in their evaluation of financial conditions of European SMEs
    (Technická Univerzita v Liberci, ) Ključnikov, Aleksandr; Civelek, Mehmet; Durda, Lukáš; Fialová, Vendula; Folvarčná, Andrea; Ekonomická fakulta
    The majority of SMEs (small and medium-sized enterprises) have a lower amount of financial assets and earnings compared to their larger counterparts. Therefore, their probability of encountering financial troubles is greater. However, the obstacles they face and perceive might differ depending on their executives’ characteristics. In this regard, this research targets to indicate similarities or differences in the perception of financial conditions by companies’ executives who are of various gender, age, and educational status. Moreover, this paper analyzes SMEs from different countries. By doing so, this research also aims to examine international differences in executives’ characteristics and their perceptions of financial conditions. In line with those targets, the researchers create an internet-mediated questionnaire and direct it to the randomly selected respondents who are owners or executives of 1,156 Czech, Slovakian and Hungarian firms. The researchers also use independent samples T-test and ANOVA tests for analysis purposes. According to the results, while the educational status of executives does not play a determining role in the perceptions of financial issues in all research samples, the perceptions of financial conditions differ depending on Hungarian executives’ gender. Moreover, there are significant differences in the perceptions of older and younger Czech executives regarding the financial performance of their companies. Although some studies investigate firms’ or executives’ resource-based view characteristics, they are limited in investigating a single relationship and a research sample (firm characteristics and bankruptcy of a country’s SMEs, etc.). Since this paper sets and investigates differences in various executive-level characteristics and financial issues of different countries’ SMEs, it might draw prospective readers’ attentions, who might be firm executives, policymakers, financing institutions, and academicians. Moreover, comparing various samples from different countries’ SMEs in analyzed relationships is another crucial value addition that this research creates when filling the literature gap.