SciPap, Volume 23, Issue 2 (2015)

Open Access Article SciPap-759
Macroeconomic and Capital Market Determinants of Initial Public Offerings: A Time-Series Analysis in the Polish Capital Market
by Tomáš Meluzín, Marek Zinecker, Jana Meluzínová

Abstract: The main objective of this study is to indicate the influence of local macroeconomic and capital market factors on the values of IPOs in Poland over the period of 2003 to 2012. Our sample includes 330 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange after Polish EU accession. The models for which estimation results are presented in this paper reveal that the individual country regression analysis working with untransformed IPO values (Model 1) did not generate significant parameter estimates. On the other hand, a logarithmic transformation of IPO values leads to persistently significant estimates for our regressions. Based on the Model (2) the empirical evidence supported the hypothesis that Polish ten-year government bond yields (indicating the price of competing financing funds) have explanatory power for IPO values. However, our assumption that also other macroeconomic- and capital market indicators have explanatory power for IPO values in the Polish capital market could not be supported by empirical evidence.
Keywords: Macroeconomics, Going Public, Initial Public Offering, IPO, Capital Market, Determinants, Poland
JEL classification: E44, G23, G32

Open Access Article SciPap-764
Historical Aspect of the Individual-Focused Training of the Professional Tutorship in XXI Century
by Marina Dyuzheva

Abstract: The basic social significance of business - is to provide jobs for working-age population and to unite professional workers in the enterprise. Historical forms of training, such as coaching, tutorship, patronage etc. can be successfully used to solve these problems. Russian experience allows us to generalize and systematize the best tutorship movement in the state. Analysis of the history of tutorship helped to formulate the modern forms and learning tools, such as: training, specific situations solution, business games, etc. The author of this article offers the modern interpretation of the tutorship movement for business based on the historical analysis of tutorship movement in Russia and foreign experience. Tutorship in business in Russia is just starting to gain its force. Entrepreneurs begin to realize the benefits of this form of education. The economic component of business has always been and will always be apriority, so the financial investments in tutorship are small and the return of these investments for enterprise is enormous.
Keywords: Tutorship, Tutor, Supervisor, Professional Schools, Manpower Reserves
JEL classification: M53, I25

Open Access Article SciPap-767
Assessment of E-Government in EU Countries
by Eva Ardielli, Martina Halásková

Abstract: E-government is one of the priority trends of public administration modernization in the EU countries (28). The paper deals with the evaluation of the e-government state, because of the importance of e-government as a tool of progressive modernization of public administration. The presented research is specifically focused on the comparison of the current state of e-government in the European Union and the assessment of the position of the Czech Republic on the basis of e-government indicators. The attention is paid to e-government indicators monitored by international institutions (United Nations, European Union and Eurostat) using TOPSIS method. Evaluated data describe the state of e-government in EU countries in the year 2013. In the research, there was selected the final list of variants (monitored EU countries) and criteria (e-government indicators - User Centric Government, Transparent Government, Citizen Mobility, Business Mobility, Key Enablers, Online Service Index, E-Participation Index, Individuals Using Internet and Enterprises Using Internet). The results of the evaluation of the EU countries in terms of the state of e-government by TOPSIS method in the 2013 acknowledged, that the best ranking in this field obtained Estonia, then the Scandinavian countries (Finland, Sweden) and Malta. The worst state of e-government was reported in Romania, Bulgaria and Croatia. The Czech Republic then in the evaluation of e-government occupied the 24th position across all EU countries (28).
Keywords: EU Countries, Public Administration, Topsis, E-Government, Assessment
JEL classification: H11, H83

Open Access Article SciPap-758
Assessing the Degree of Balance Between Staff Dispositions and Their Job Positions Using Fuzzy Logic
by Renata Myskova

Abstract: Management of many Czech enterprises, especially SMEs, is able to respond flexibly to the current changes in their surroundings while using mainly the quality of its employees to gain a competitive advantage. Ever increasing is thus the importance of personal dispositions, skills and knowledge of employees that affect their work performance. It is undisputed that staff of the enterprise strongly influences all business operations, however, the measurement of these impacts is problematic, as they are mostly the so called soft factors. In terms of supporting the overall economic results of the company as well as in terms of ensuring employee satisfaction, it is, inter alia, very important to ensure the balance between the dispositions of a worker and his/her job function. This need not occur only in employee recruitment but also in job redeployment or in determining the cause of unsatisfactory work performance. This paper describes and makes use of an indicator, which in mathematical terms allows companies to evaluate the level of balance between staff dispositions and their job functions, not only by assessing an individual, but also by assessing individuals in relation to a group of workers and a group of jobs. The aim is to achieve an optimal balance between the skills of employees and their job functions. The indicator Degree of balance between the staff dispositions and job positions was constructed using fuzzy logic. Its use is shown in a real example that draws on the practice of a small enterprise engaged in assembling and servicing of hardware devices.
Keywords: Personnel Economics, Fuzzy Sets, Balance Between Staff Dispositions And Their Jobs, Skills Of Staff, Job Performance, Management Of Human Resources
JEL classification: M12, M51, C63

Open Access Article SciPap-762
Effect of Controlling on the Economic Performance of SMEs in the Czech Republic
by Lukáš Kruml, Pavel Duspiva

Abstract: This paper deals with the use of controlling in the management of small and medium-sized enterprises in the Czech Republic and its influence on their economic performance. Data from primary research are presented, which determined the extent of implementation of controlling activities in the examined enterprises. The aim of the secondary research was to evaluate the economic performance of enterprises with and without controlling and to determine whether it is possible to confirm the hypothesis of better economic (financial) results of the enterprises that apply controlling in their management process. The two groups of enterprises are compared by using calculated arithmetic means and medians of selected economic indicators. The source of data is the corporate database MagnusWeb. The compared data are also subjected to statistical analysis. Nonparametric tests í. e. the Mann-Whitney U test and the Kolmogorov-Smirnov test to determine statistically significant differences between the financial results of the enterprises that use and do not apply controlling.
Keywords: Management, Small And Medium-Sized Enterprises (Sme), Controlling, Economic Performance, Financial Analysis
JEL classification: M21

Open Access Article SciPap-763
Production-Consumption Patterns of Behaviour of European Regions
by Ivana Kraftová, Zdeněk Matěja

Abstract: Cohesion policy belongs among the most important fields of EU interests. Its objectives are achieved by many ways with respect to diversity among the European regions at the level of NUTS 2. The aim of this paper is to analyse relevant indicators, and via the evaluation of EU regional policy effectiveness to rewiev difference in the production-consumption patterns of behaviour of European regions; focussing on convergence and variabiliness of these regions. With defined goal in mind, the regions have been classified. To classify the regions, the relational indicator has been created. The relational indicator has been developed as the relationship between the index of relative performance and index of relative consumption sources. The changes of relational indicator, as well as the GDP per capita criterion, have been evaluated in two periods.
Keywords: Cohesion Policy, Convergence, Variability, Production-Consumption Patterns, Classes Of EU Regions
JEL classification: R12, R58

Open Access Article SciPap-766
Selection of a Forecasting Method: Analytical Hierarchy Process Approach
by Terezie Bartusková, Marcela Papalová, Aleš Kresta

Abstract: Describing the future development of an organizational environment is crucial for the goal setting and strategy selection of an organization. In today's rapidly changing times it is not easy to predict how the internal and external surroundings of a company will change. Predicting the future development of an organization is not an easy task for managers but they must adopt it to succeed in market competition. Specifically managers must be familiar with forecasting methods which can help to predict the uncertain developments of the environment. There are many forecasting methods which are available, differing in their time requirements, financial demands, and in predictive accuracy. The goal of this paper is to characterize the most commonly used methods and to select the most appropriate one from the point of view of small and medium sized enterprises. These companies are usually limited in the finances that they can spend for strategy setting. They also do not employ a large number of experts, who can apply these methods. In this paper, a suitable forecasting method will be chosen by utilizing the Analytical Hierarchy Process (AHP) approach.
Keywords: Strategic Management, Forecasting, Strategic Planning, Forecasting Methods, Ahp Method
JEL classification: L10, C38

Open Access Article SciPap-765
Evaluating the Impact of Open Data Using Partial Least Squares Structural Equation Modeling
by Renáta Bílková, Martin Lněnička

Abstract: Governments around the world are opening up their data to the public. This paper develops the issue of open data and their impact. More precisely, it evaluates how can be open data as a resource transformed to generate the impact and added value for the public sector. The main aim is to propose a new model, which uses attributes of open data in the context of the e-government development. The model consists of five enabling factors and five generating mechanisms (collaboration, efficiency, participation, transparency and innovation). To show the causal relationships between these constructs, the method of partial least squares structural equation modeling was chosen. By understanding the relationships, governments can improve their actions and investments in the context of e-government and related open data initiatives. The results suggest that the focus should be on the support of collaboration, participation and innovation processes in the public sector.
Keywords: Public Sector, E-Government, Open Data, Initiatives, Partial Least Squares, Structural Equation Modeling
JEL classification: C39, C52, H83, L86, O38

Open Access Article SciPap-768
Is Czech Health Care Going to Be Lean?
by Edita Vitásková

Abstract: There is a growing interest in applying lean in healthcare. Healthcare services around the world have adopted industrial engineering methods and process improvement methodologies from the manufacturing sector, known as lean production. The aim of this paper is to provide a review of the existing literature on lean healthcare and to publish basic results of survey focused on Czech medical staff's knowledge of lean healthcare philosophy. Focus of this article is not to detail lean principles and concepts. The article explores challenges and opportunities faced by organizations that intend incorporating lean management principles and presents the specific context of the healthcare industry. Though there seems to exist an agreement about the potential of lean healthcare, it remains a challenge for academics and practisioners to evaluate lean healthcare under a more critical perspective. This paper aims to describe how the lean healthcare philosophy has being applied and to asses how trends and methods of approach in lean healthcare have evolved over the years.
Keywords: Customer Value, Healthcare, Lean Management, Quality, Continuous Improvement
JEL classification: I19

Open Access Article SciPap-769
LEAN: 4W & 1H of Lean in Medical Facilities
by Veronika Vavrušová

Abstract: The academic literature offers many examples of firms which have achieved significant improvement via lean management implementation. These firms usually apply well-defined lean tools. The impact of its implementation is well established in the literature, which means they can use it as a guidebook. The essence of lean management is the creation of a culture that encourages learning and thus continuous process improvement through simplifying and standardizing the way work is performed and systematically attacking problems as they occur. This paper is divided into two parts. The first part summarizes available relevant materials about lean healthcare and its methods, applications, results (academic or practitioner literature, case studies, etc.) and creates a complex study of this very current topic. The second part introduces the results of a survey focused on medical staffs' knowledge of lean methods which was carried out in 2013 in various Czech medical facilities. Both parts point out the ergonomic principles in lean healthcare and its benefits.
Keywords: Lean Management, Lean Healthcare, Lean Methods, Ergonomics Principles, Medical Errors
JEL classification: I15, J32, O14, P46

Open Access Article SciPap-760
An Analytical Hierarchy Process Model for the Evaluation of the E-Government Development
by Renata Máchová

Abstract: With the increasing number, variety and effects of modern technologies, e-government needs to define a new evaluation model that fits their requirements and operations. Therefore, this paper presents an example on solving the e-government development evaluation problem using the Analytical Hierarchy Process method. The proposed model consists of criteria identified through the comparison of the selected e-government indices, including the new approaches such as cloud computing, open data, social media, etc. A case study is presented to demonstrate the usefulness of this model to solve multiple criteria decision making problems.
Keywords: Ahp, Decision Making, E-Government Evaluation, E-Government Indices
JEL classification: C43, C44, H11, H83, L86

Open Access Article SciPap-761
E-Government Development Index and Its Comparison in the EU Member States
by Martin Lněnička

Abstract: This paper deals with a comparison of the e-Government development index, which is presented by the United Nations since 2003, usually every two years. It compares and describes the progress of this index between the years 2008 and 2014 in the European Union Member States in the context of the economic decline and the global recession. It also considers factors contributing to successful e-Government implementation, such as unemployment or inflation rate. The purpose of the submitted research study is to identify the influence of the selected macroeconomic indicators on the e-Government development index. The methodology of this research study comprised bibliographic studies, analysis of specialised reports, statistical analyses and evaluations. The main methods used were descriptive, correlation and the cluster analysis, which was in this case represented by the connectivity model (hierarchical clustering) as well as the centroid model (K-means clustering). The findings confirmed that the global recession and the Eurozone crisis have influenced the progress of the e-Government in the evaluated years. This research study provides insights that may be useful in improving the implementation of e-Government services.
Keywords: European Union, Public Sector, Cluster Analysis, E-Government
JEL classification: L86, C38, H11, H83