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    Influence of employees evaluation on organisational learning at leisure & sports clubs
    (Technická Univerzita v Liberci, ) Jasinskas, Edmundas; Štreimikienė, Dalia; Simanavičius, Biruta; Švagždienė, Artūras; Ekonomická fakulta
    Every organisation including leisure & sports clubs reach for their goals. People working at the organisation have to ensure the goals set were reached, and in order to control this process properly the evaluation of employees’ activity is necessary.The importance of employees’ evaluation function for welfare of organisation is evident, however it would be much more important, if together with evaluation of employees, the purposeful learning of both individual employees and entire organisation would also be increased. Evaluation of employees is significant for the results of organisation, for evaluation of knowledge available and for learning from the experience, undoubtedly, the motivation of learning is related to incentive of employees’ evaluation too. Thus it may be stated, that evaluation of employees is an important incentive instrument for learning of employee as well as organisation. This instrument must be constantly improved since only in such a case the evaluation of employees’ activity will be useful for the employee and organisation itself in enhancement of different level learning and competitive ability.It is assumed in the article that team methods of employees’ evaluation at leisure & sports clubs of Alytus city more affect the characteristics of learning organisation features than individual methods of employees’ evaluation. Such tendency indicates that applying only individual evaluation methods the organisation does not initiate the employees to share their knowledge with other organisation members, thereby decreases common learning of whole organisation.
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    International financial reporting standards applied in the Czech Republic
    (Technická Univerzita v Liberci, ) Honková, Irena; Ekonomická fakulta
    This article provides an extensive analysis of application of International Financial Reporting Standards companies with publicly traded shares in the Czech Republic for 2013. At first the attention is paid to the basic requirements of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and to evaluation of proposed method. Then followed research results, based on an answer to the question of whether the companies are preparing their financial statements in accordance with IAS / IFRS, i.e. whether they serve plenty of mandatory information, and further whether individual companies act similarly. The object of the research consists in further observations regarding the implementation of the new IFRS 9 Financial Instruments, which is designed to replace IAS 39 Financial instruments: recognition and measurement. The level of the information presented was evaluated using a signed test. Using this statistical method we can conclude that companies submit their financial statements in accordance with IAS / IFRS. Using the Friedman test, it was found that the group of companies proceeds with the application of individual IAS / IFRS alike. Only two of seven respondents have already implemented IFRS9. Statistical analysis confirmed that companies reported, in their financial statements, all mandatory information that is relevant to stakeholders. On the other hand, there are also signs pointing to the contrary, but these are not statistically significant. This analysis was provided with detailed knowledge about this phenomenon.
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    Testing the efficacy of information transmission: is equity style index better than stock market index?
    (Technická Univerzita v Liberci, ) Lau, Wee-Yeap; Lee, Chin; Ekonomická fakulta
    This paper examines the ability of equity style to predict future movement of composite leading economic index in a multivariate Granger causality framework. By comparing the efficacy of information transmission between equity style index and Bursa Malaysia Industrial Index, our results show that there is unidirectional causality from growth style to leading economic index. Second, there is also unidirectional flow from growth style to Bursa Malaysia Industrial Index. Third, there is a bidirectional relationship between growth style and KLCI broad market index. Finally, there is bidirectional causality between both growth style and value style. Further analysis from cross-correlation function reveals that growth style index is better than Bursa Malaysia Industrial Index. The former provides accurate and stronger cross-correlation with leading economic index. From these empirical evidences, it can be concluded that growth style index is a leading indicator which has more economic content than stock market index. It is better than stock market index in its efficacy of information transmission. The study brings to the awareness to policy makers and practitioners of the usefulness of equity style in constructing future leading economic index and early warning system of financial crisis.
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    A debt sustainability analysis of the czech republic and the slovak republic: a non parametric approach
    (Technická Univerzita v Liberci, ) Farkašovský, Vlastimil; Lawson, Colin William; Zimková,Emília; Ekonomická fakulta
    Surging public debt since the Great Recession has focused increasing attention on the issue of debt sustainability. This paper provides debt sustainability analyses for the Czech Republic and Slovakia by estimating their public debt to GDP, and primary balance to GDP ratios up until 2022 under three different projections. The first, labelled the baseline projection, predicts their debt ratios to 2022, if neither their public debt to GDP ratios nor their primary balance to GDP ratios change. This projection uses the official forecasts of the key variables. The second projection answers the question of how much the two counties have to consolidate, measured by their primary balance to GDP ratios, if they want to hold their public debt to GDP ratios at their current levels. The third projection answers the question of how much the countries have to consolidate if they aim to re-attain their December 2008 pre-crisis public debt to GDP ratios. All three projections are made for the same five scenarios, which cover a status quo case, where official forecasts are realized, and both optimistic and pessimistic scenarios for growth and consolidation outcomes. The paper`s novelty lies in its development of an existing non-parametric methodology to encompass iterative numerical solution methods to assess public debt sustainability. This allows a richer set of results to be obtained, for example estimates for the required level of the public debt to GDP ratio, and the primary balance to GDP ratio, taking account of variables such as nominal interest rates, yields to maturity on public debt, inflation rates and average maturities of debt.
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    Stock market reaction to ict implementation: model based on comparison of developed and transition economies
    (Technická Univerzita v Liberci, ) Janke, František; Packová,Miroslava; Prídavok, Mojmír; Ekonomická fakulta
    Companies are more productive, grow faster, invest more, and are more profitable when using Information and Communication Technology (ICT) more intensively. Several studies provided evidence that implementation of ICT into companies’ processes contributes to economic growth both on companies’ and macroeconomic level. In spite of wide range of studies in this area, only few studies focused on how the ICT implementation is perceived by investors at stock market and whether this information make movements in companies’ shares prices. Hence, the purpose of this paper is to provide literature overview related to the area of the impact of ICT implementation on company´s stock price, comparing results from developed (US) and transition economies (Czech Republic, Hungary, Poland and Slovakia) and using the results from relevant literature to provide a comparison of incidence of particular factors´ influence on the impact of ICT implementation on company’s stock prices. Based on the previous researches, a model describing factors that influence company’s stock price movement after ICT solution implementation and announcement, has been created.