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- ItemThe impact of sovereign wealth fund ownership on the financial performance of firms: the evidence from emerging markets(Technical university of Liberec, Czech Republic, 2017-10-02) Urban, Dariusz; Ekonomická fakultaSovereign Wealth Funds have been regarded as investment vehicles established in order to manage, in a rational and profit-oriented way, pools of national wealth for future generations. SWFs are among the most important financial institutions in global financial markets, and constitute a solid element in the architecture of the international financial safety net. Similarly to other institutional investors, Sovereign Wealth Funds possess huge amounts of capital. What distinguishes them the most from other financial institutions is the fact that they are owned, managed and controlled by sovereign states, have limited liquidity needs, a lower-than-market-average-level of redemption risk, a long-term, intergenerational investment horizon and relatively high risk tolerance. The question of whether investment from Sovereign Wealth Funds determines changes in corporate financial performance of a targeted firm is still unanswered question in the literature. This study tests empirically the impact of Sovereign Wealth Funds’ ownership on the financial performance of targeted companies. Using the data of companies listed on the Warsaw Stock Exchange, we employ regression to analyze the relationship between the funds’ investment and accounting, as well as the market outcomes of the firm. The empirical findings of this research suggest that Sovereign Wealth Funds’ ownership has a positive influence on the price to book value of the firm. This article contributes to ongoing research in the field of studies related to financial aspects of SWF’s investment behavior. The empirical findings of this research can also serve as a useful reference for companies and academics concerning themselves with investment decision making in emerging markets, as well as the role of institutional investors.
- ItemThe perception of selected aspects of investment attractiveness by businesses making investments in the Czech Republic(Technical university of Liberec, Czech Republic, 2017-10-02) Jáč, Ivan; Vondráčková, Marie; Ekonomická fakultaInvestment attractiveness refers to the interest of the territory, area and region. Investment attractiveness refers to the competitiveness of a country within the investment environment, and investment decisions that are made by a business regarding the localization of its investments. Investment attractiveness may be defined as the set of factors that influence a business entity when making its investment decisions. Investment attractiveness reflects how interesting the relevant territory, area or region is to businesses. The set of factors influencing the level of investment attractiveness are both factors that are fixed (geographic location, deposits of iron ore, large water flows) and, secondly, the factors that from the perspective of state policy influenced (educated population, a policy of investment incentives, labor costs, tax rate, macroeconomic indicators – inflation, GDP and labor productivity). There are many indicators showing the strengths and weaknesses of a country and its economy, and whether the business environment is suitable for investors or if the business environment is risky and problematic. This issue is dealt with using the theory of localization. This article interprets the results of a survey carried out that looked at the effects of selected investment factors on decisions taken by businesses making FDI – which means on the investment attractiveness of countries striving for FDI. First, based on a theoretical search, we selected specific factors for the inquiry that have an impact on investment decisions taken by businesses. The factors were subsequently verified through a questionnaire sent to the investors. They were further verified through a regression analysis.
- ItemInnovations among people. How positive relationships at work can trigger innovation creation(Technical university of Liberec, Czech Republic, 2017-10-02) Glińska-Neweś, Aldona; Sudolska, Agata; Karwacki, Arkadiusz; Górka, Joanna; Ekonomická fakultaInnovations are the essence of the successful organization. The process of their creation is strongly based on individual and team commitment to create improvements in every organizational area. This commitment is triggered by innovation climate including employee positive relationships (PRW) and supporting internal communication facets. The aim of the paper is to define causal relations among the aforementioned variables. We hypothesize that positive relationships at work are a prerequisite of the innovation creation process, i.e. they stimulate employee commitment to innovation creation regardless of the employee position in an organization as well as influence internal communication facets that support innovativeness. Notably, among internal communication elements we analyze open communication of both good and bad information and employee informal meetings. The analyses are based on the quantitative survey conducted on the sample of 200 Polish companies representing various sectors and selected from rankings of the most dynamically developing organizations in Central Europe. In each company we obtained information from a person involved in leading a team creating innovations, i.e. representing different functional departments. In the course of data analyses we used the hierarchical regression and the linear regression analysis. The results support the hypotheses of PRW key role in the innovativeness process, and the effect appeared to be linear. Specifically, positive relationships at work stimulate both employee individual commitment to innovations and internal communication supporting innovativeness. These findings contribute to the research stream connected with the Positive Organizational Scholarship umbrella concept. Practical implications of the survey point to the need of positive relationships at work stimulation in organizations.
- ItemA Monte Carlo method simulation of the European funds that can be accessed by Romania in 2014-2020(Technical university of Liberec, Czech Republic, 2017-10-02) Săvoiu, Gheorghe; Burtescu, , Emil; Dinu, Vasile; Tudoroiu, Ligian; Ekonomická fakultaThe authors dealt with finding some relevant simulation solutions for the value of the European funds that can be accessed by Romania in the second budget cycle (2014-2020) of the European Union (EU), in which the national economy is participating after the 2007 accession. The article presents, in a brief conceptual introduction, the option for simulation, not only as economical and statistical alternative but also as conceptual and technical method, followed by an analysis section for the EU funds accessed by Romania in the 2007-2013 financial period and in the first three years of 2014-2020 financial period, with a role in generating hypotheses and scenarios of a type of modelling the process of accessing and specific absorption (including all types of rates, from the current absorption rate to the actual rate, with revenue in advance, etc.). A methodology section describes the rationale for selecting the method of simulation as Monte Carlo, and also the main hypotheses, detailed scenarios and integrated characteristic variables. The scenario-making eventually shaped three options by combining criteria of stability/instability, nuanced by optimistic/ pessimistic type scenarios. The analysis of the variables described by a probability distribution was conducted statistically on several types of samples simulated by the Monte Carlo method, from 100 draws to 200; 300; 400; and finally 500 and 1,000 draws. A presentation of the final simulation results and a number of major comments regarding their calibration, confrontation, clarity and statistical analysis, together with some final remarks as conclusions, limitations and perspectives, end the research approach.
- ItemThe marketing-entrepreneurship paradox: A frequency-domain analysis(Technical university of Liberec, Czech Republic, 2017-10-02) Nikolić, Slavka T.; Gradojević, Nikola; Đaković, Vladimir; Mladenović, Valentina; Stanković, Jelena; Ekonomická fakultaThe areas of overlap between the disciplines of marketing and entrepreneurship are substantial and they provide a wide variety of opportunities for multidisciplinary research. This paper lays out multidisciplinary foundations for the formal theoretical and practical treatment of the interaction between marketing, entrepreneurship and profitability in an organization. The focus of this research is on a company’s success as a function of organizational changes and the level of acceptable risk, measured by its profitability. The contribution to the literature on the relationship between entrepreneurship and marketing is reflected in a new approach that relies on the multi-scale (i.e., frequency-dependent) approach or the so-called “spiral of success”. In addition, this paper highlights the necessity for dynamic abilities and innovative character in an organization. More broadly, it explains an important theoretical paradox that organizations always face high risk, but, in order to survive in business, they need to enter new cycles of entrepreneurial activities (innovation and diversification) that involve even more risk. The novelty of this study lies in its application of the causality tests in the frequency domain for the bivariate system in order to demonstrate the marketing-entrepreneurship paradox. This is, to the authors’ best knowledge, the first paper that uses such a methodology in marketing and entrepreneurship. The paper’s principal hypothesis is tested on a well-diversified company (Amazon.com) where it is shown that marketing drives changes in net income at both medium and long horizons, but not vice-versa. The findings and related discussions can be useful to academics and practitioners, as well as to public policy-makers.
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