SciPap, Volume 23, Issue 1 (2015)

Open Access Article SciPap-744
Economic Activities of the Slovak Co-Operatives in the Years 2010 to 2014
by Elena Šúbertová

Abstract: On 9th February 2015, 170 years passed since the first co-operative enterprise had been established in Slovakia. Co-operatives were developing through many stages and their importance at present is different than it used to be in the past. However, the mission of co-operatives has not changed: it is a long- term everyday care of both their members and employees. Currently, over a quarter of million of the Slovak population are either members or workers in one or more co-operatives. The housing and consumers' co-operatives have the most numerous memberships while various small producer co-operatives have the fewest members. For a successful future of Slovak co-operatives, it is inevitable to propose such solutions in the economic and social areas, that will meet needs of their members while taking into consideration customers' requirements. In the current fierce competition, the international collaboration is even more important than it has been before, because local markets are too small for profitable co-operatives. This contribution pays attention to the assessment of economic activities of the Slovak co-operatives in years 2010 to 2014.
Keywords: Enterprises, Swot Analysis, Employees, Indicators, Entrepreneurship, Members, Co-Operatives
JEL classification: M13, M21

Open Access Article SciPap-746
Trends in the Changes on the International Art Market
by Ewelina Sokołowska

Abstract: The main goal of the article is to present investing in art as contemporary financial innovation. Investing in artifacts, compared to traditional forms of capital allocation, is an alternative form of investment. The art market is an attractive form of investment, because it combines economic aspects of capital allocation with aesthetic sensations. Enrichment of the society significantly stimulates development of the art market. For nearly a decade, international art market has been characterized by a dynamic growth rate. Up until the outbreak of the financial crisis in 2008, the growth rate ranged from 30% to 60% annually. The value of the global art market in 2013 was 63 billion dollars, while the sale of artifacts between the years 2009 and 2013 increased by 60%. It indicates the prospects for further development of this segment of the international alternative investments market. As such, analysis of the changing trends on the international art market seems to be of interest. To lead such analysis, the method of induction and deduction have been use.
Keywords: Financial Innovation, Art Investment, Alternative Investments, Analysis Of The Market, Wealth Management
JEL classification: Z11, G11, G19

Open Access Article SciPap-750
The Economic Integration as a Determinant of Intra-Industry Trade: The Case of Poland
by Justyna Łapińska

Abstract: The present study has investigated determinants of intra-industry trade between Poland and its European Union trading partners. The analysis of the factors determining Polish bilateral intra-industry trade employed an econometric model for panel data. This paper is focused on one of the most important factors in the development of this type of exchange, namely on economic integration. The survey results confirm that in the case of Poland, integration with the European Union turned out to be a factor influencing favourably the development of intra-industry turnover. The development of intra-industry trade was also facilitated by the fact that Poland's trade partners use a similar language, which belongs to the group of the Slavic languages as well as by a considerable intensity of trade with EU countries. The negative impact on the development of intra-industry trade was exerted by trade barriers and the degree of the imbalance of trade between Poland and its trading partners. The outcome of the research conducted confirms that the impact of all of the identified determinants of intra-industry trade is consistent with the assumptions of the theory.
Keywords: European Union, Poland, Intra-Industry Trade, Economic Integration
JEL classification: F14, F15

Open Access Article SciPap-751
Means a Separate Logistics Department, Other Emphasis on Reliability, Speed or Cost?
by Stanislav Koutný

Abstract: In preparation for the broader topic structure of logistics processes was research done. The dissertation describes the design of parameters of the logistic processes structure in a manufacturing company. Structure of logistic processes in a manufacturing company means the logistic processes and their relationships in a manufacturing company. The research for the dissertation was mixed one (quantitative and half-structured qualitative research) and was conducted in 70 manufacturing enterprises in the Czech Republic. The research was conducted in South and Pilsen region in May 2013. The research focused on finding the relationship of certain characteristics of the company (and its production) on the one hand and decision for centralized structure for managing logistics processes in the company on the second hand. One of the research questions was, if the choice of an independent central logistics department in a manufacturing company is in relation with emphasis on reliability, speed or cost. The aim of this paper is to present some results of this research. The result is: the decision for centralized structure for managing logistics processes in the company tends to be related to the effort of high reliability.
Keywords: Logistics, Logistics Processes, Logistics Design, Logistic Structures, Manufacturing
JEL classification: L22, L23

Open Access Article SciPap-753
An Empirical Analysis of Share Price Determinants in Nigeria: A Dividend and Net Asset Replica
by Edesiri Godsday Okoro, Edirin Jeroh

Abstract: In attempting to determine the factors that affect the prices of stocks generally in capital markets, two schools of thought exist. While a school of thought believes that accounting information are the major determinants of stock prices in capital markets, the other argues that the major determinants of stock prices are non-accounting information. This study therefore provides useful insights into resolving the contradicting arguments by analyzing some accounting measures (dividends and net assets) that Nigerian investors use in making investment decisions in order to take a standpoint whether or not, they significantly affect stock prices. Data obtained from the Nigerian Stock Exchange Fact Book and Annual Reports and Accounts of firms listed on the floor of the Nigerian Stock Exchange for the period 2001-2013 were obtained and analyzed using the Ordinary Least Square (OLS) technique. On the basis of the analyses, it was found among others that accounting information are the major determinants of stock prices in the Nigerian capital market. Based on the findings of this study, it was recommended among others that capital market regulators and accounting standard setters in Nigeria should properly educate investors on the attributes of accounting variables across the industries as these significantly have impact on the prices of stocks in the country.
Keywords: Stock Price, Stock Price Determinants, Dividends, Net Assets
JEL classification: D53, E43, E44

Open Access Article SciPap-756
The Czech Republic Science Park Critical Location Factor Analysis
by Petr Cizek

Abstract: The contribution is focused on the critical location factor analysis of science parks in the Czech Republic. The analysis investigates four major critical location factors – Proximity to international airport, Proximity to capital cities, Good road network and Good rail link to capital cities. These factors are applied to the science parks registered at the Science and Technology Parks Association. The results show the dominance of the science parks located near the biggest cities – Prague and Brno. It is mainly because of the excellent access to the highway and international airport for the tenants. However many science parks from other regions performed well, which is mostly consequence of the abovestandard access to the highway. On the other hand for the same reason science parks located apart from highways performed poorly. The contribution contains the results for the all science parks by individual factor or by overall score. The analysis is also focused on the data distribution of the results for better understanding the outcome.
Keywords: Critical Factors, Location Analysis, Science Parks, Startups
JEL classification: M21, M13

Open Access Article SciPap-747
Creating of a Competence Model of Small Enterprise Crisis Manager Using Saaty´S Method
by Marie Mikušová, Andrea Čopíková

Abstract: The article presents a model of crisis manager competencies. It was created in cooperation with the owners of small businesses. Based on brainwriting the competencies required for a crisis manager were generated. Decision-making method AHP was used for competencies decomposition into two levels. On the first level three groups were placed. The are called managerial competence, interpersonal and technical. At the second level, these groups were further decomposed, e.g. on competencies like leadership, strategic thinking, time management, financial management, resilience, independence in solving problems, team work etc. The respondents performed quantitative pairwise comparisons by Saaty's method. Respondents evaluated competencies at both levels. After evaluating Saaty's matrices modified on the basis of comprehensive results of all respondents the competency model of crisis manager was created. The authors do not claim the permanence of presented model and also accept the possibility of derogation of the competencies required for the function of a crisis manager for large enterprises.
Keywords: Ahp, Brainwriting, Competency Model, Crisis Manager, Saaty’s Method, Small Enterprise
JEL classification: C10, M12

Open Access Article SciPap-754
Source Aspects in the Reform of Local Self-Government in Slovak Republic
by Michal Imrovič, Martin Švikruha

Abstract: To the basic principles of democratic state administration belongs administration of public affairs, what underlines importance of public administration in the modern state. Functions of the state are performed by the public administration in all spheres of society life. It has an important role in application of laws, including adoption of legislation, organizational activities, and ensuring public services. It also provides broad institutional tools of citizen participation in administrative processes at the local, regional or central level. In Slovakia is applied dual model of public administration, which consists of state and self-governing element. In our article, we focus on self-government part of the public administration, local self-government and its specifics, which resulted from management system applied on this level. It is concerning the element, which is very close to citizens, because it is a part of public administration that generally deals with issues of local or regional importance.
Keywords: Public Administration, Local Self-Government, Regional Self-Government, Settlement Structure, Citizen Participation, Decentralization, Consolidation, Municipality Reform
JEL classification: H11, H76

Open Access Article SciPap-748
Quaternary Sector and Economic Development in Japan: A Causal Analysis
by Jagannath Mallick

Abstract: There is no study on the linkage between the quaternary sector and economic development. The present study contributes to the existing literature by analysing the patterns of development of quaternary sector and its implication to the economic development and growth in Japan over the periods 1970-2008. The study uses disaggregated data from Japanese Industrial Productivity database, and multivariate VAR method for the empirical analysis. The findings show a significant role of quaternary activities in the development of Japan economy. The evolution of development of quaternary sector is mainly due to the development of activities of security and care. Also there is bidirectional causality between the quaternary sector and the economic development in Japan. Quaternary sector is very crucial for the economic development and growth. Hence, the practicable measures should be taken to accelerate the development of quaternary sector.
Keywords: Economic Development, Quaternary Services, Causal Effect, Multivariate Var
JEL classification: C32, F63, O11

Open Access Article SciPap-749
The Performance Efficiency of the Virtual Hadoop Using Open Big Data
by Martin Lněnička, Jitka Komárková

Abstract: Public sector institutions nowadays maintain a large amount of data from various domains. This data represents a potential resource that businesses and citizens can use to enhance their own datasets or which can be used to develop new products and public services. Open data support the emergence and realization of the big data potential. While it enhances the volume and velocity of available data, its main impact is on the variety of data sources. This paper deals with the deployment of the Virtual Hadoop for the processing of the open big data idea in the public sector. The first part of this paper is based on the literature review of the cloud computing, the distributed processing of data, big / open / linked data and theirs sources on the web. The primary aim of the Virtual Hadoop deployment is to test the performance efficiency using open big data in order to obtain the direction of the future research. The last part then introduces the most important findings and recommendations.
Keywords: Public Sector, Open Big Data, Virtual Hadoop, Data Processing, Performance Efficiency, Cloud Computing
JEL classification: C55, C63, H83, L86

Open Access Article SciPap-755
The Case of the Czech Textile and Clothing Industry and Economic Security of Regions
by Michaela Glogarová, Ivana Kraftová

Abstract: Textile and clothing industry are two from the industries, which are affected by globalization processes extremely. In terms of historical development, these industries of the sectors of light industry belong to the major pillars of the Czech economy. The article focuses on assessing the impact of globalization on the economic security of the textile and clothing industry of the Czech Republic and the economic security of the regions where enterprises of mentioned industries operate, namely in the period of globalization. It shows that economic security of industry has absolute and relative dimensions, which are reflected on economic security of regions subsequently. To assess of the economic security are selected performance indicators (sales) and employment, the attention is paid to the period 1975-2012, with particular emphasis on the period 1995-2005.
Keywords: Performance, Globalization, Employment, Economic Security, Regions, Textile And Clothing Industry
JEL classification: L67, R39

Open Access Article SciPap-757
Comparison of Economic Development of the Slovak Republic and the Czech Republic Based Global Competitiveness Index
by Irina Bondareva, Róbert Tomčík

Abstract: The aim of this article is to analyze the competitiveness of the Slovak Republic expressed by the Global Competitiveness Index and compare its value with Czech Republic. The Czech Republic was chosen as a basis of comparison because of the similarity of its economy with the Slovak Republic. This article describes the methodology for assessing the competitiveness of countries according to the World Economic Forum. This article also describes pillars of competitiveness, which consist of the key factors affecting the competitiveness of any country. Classification of countries assessed into three main groups according to the sophistication of the economy can detect those factors that affect the level of competitiveness of the selected country the most. By analysis of the various pillars is also possible to recognize problematic factors, i.e. those pillars characterized by low values in the long period, which need attention. The article describes the most problematic areas of competitiveness of the Slovak Republic. These include mainly the low quality of public institutions, a significant level of corruption in the country and as another problematic factor is considered a low innovation activity of the country.
Keywords: Innovation, Corruption, Competitiveness, Global Competitiveness Index, Institutions
JEL classification: O11, O47

Open Access Article SciPap-745
The Possibilities of Determining Environmental Impacts of Economic Activities in a Region
by Karel Šatera, Ilona Obršálová

Abstract: The paper deals with the increasing demand for high-quality information for management decisions about the consequences of economic activities in the territory. Emphasis is placed on monitoring the environmental externalities in focus on the aspects of the polluter and the links with the consequences of economic activity. Analyzes current approaches to the creation of administrative units and functional regions and their advantages and disadvantages are included. It discussed the possibility of creating special-purpose regions to better identify the causes and consequences mainly for the purpose of monitoring the impact of the air pollution. The paper also deals in detail with the availability of regionally structured data and indication of the pollution impact. Advantages of this process can be seen in the generally greater awareness of the spatial impact of economic activities in the administrative region of origin and the impact on the quality of the environment. The combination of qualitative and quantitative estimation of the extent analysis of the relationship of economic activities and environmental quality of the region are looking to new strategies aimed at the region as a flexible, dynamic space that emphasizes cooperation between regions and individual actors.
Keywords: Region, Functional Region, Polluter, Environmental Impacts, Negative Externalities
JEL classification: R12, Q56

Open Access Article SciPap-752
Migration Between Regions in the Czech Republic
by Radka Knězáčková, Jolana Volejníková

Abstract: The interregional migration in the Czech Republic is not so massive in comparison with other states (the USA, Germany). The Czech citizens are not used to migrate for work. But we can notice that the number of moved people has been increasing in the last ten years. It is also caused by the increasing differences between regions. The aim of the article is determined whether interregional migration in the Czech Republic is related with the economic level of the region. Although the decision to move is the individual decision of each person, it is influence by phenomena from economic, social and cultural life and they affect the final decision. The article deals with the determinants of interregional migration in the Czech Republic. It is based on the findings of migration theories that were formed during 20th century. It defines the main causes of human migration and examines their impact in the Czech Republic.
Keywords: Determinants Of Migration, Interregional Migration, Theories Of Migration
JEL classification: O15, R23