Open Access
Article
SciPap-819
Searching for Fiscal Decentralization Constraining Effect on Local Expenditure: Case of Visegrad Countries
by Lenka Maličká
Abstract: Process of fiscal decentralization was stepwise run almost in all European countries without exception of Visegrad countries as countries in transition. The main goal of the fiscal decentralization is to improve the governing process, fortify the local financial autonomy and finally to increase the effectiveness of local public good provisioning. This has brought changes in the revenue side, but also in the expenditure side of local budget, which is directly connected with public good provision. But what is the real impact of decentralization processes on localities? In this paper the influence of revenue and expenditure decentralization on local government expenditure is estimated by OLS regressions for each V4 country separately and after by a panel model for all V4 countries together. Results of estimated models reveal the significant positive impact of fiscal decentralization (the type does not matter) on local expenditure which does not support the assumption about the restrictive effect of fiscal decentralization on public expenditure, also on local level.
Keywords: Fiscal Decentralization, Local Government, Local Expenditure, Decentralization Hypothesis, OLS Model, Panel Model
JEL classification: H31, H32, H77
Open Access
Article
SciPap-820
The Influence of Human Resources on the Success of International Entrepreneurial Activities: A Comparative Study in Czech Family and Non-Family Businesses
by Šárka Zapletalová
Abstract: Human resources are a significant factor facilitating the implementation of international entrepreneurial activities. Human resources are one of the most important resources, both in family and non-family businesses. People are bearers of knowledge, skills and experience. Generally, it is assumed that there is a relationship between human resources and company performance on international markets. Although the literature suggests that the link between human resources and company performance is quite positive, it is nevertheless not necessarily a direct relationship. The objective of the paper is to investigate the difference in ensuring the management of international entrepreneurial activities by human resources in Czech family businesses and in non-family businesses. The paper is based on data collected in interviews with managers and founders of Czech businesses. The businesses included in the study are those that have already undertaken internationalization activities and are incorporated in the Czech Republic. Management of international entrepreneurial activities in the Czech businesses was researched using the method of questioning: the main primary data collection instrument was a questionnaire-driven interview.
Keywords: Human Resources, Knowledge, International Markets, Czech Businesses, Family Businesses, Non-Family Businesses, International Entrepreneurial Activities, Skills, Experience
JEL classification: M16, F23
Open Access
Article
SciPap-821
Process Management as a Part of Innovation Management in Selfgovernment
by Nataša Urbančíková, Jana Knežová
Abstract: Introduction of innovative practices in the management of self-government is conducted in order to increase the efficiency and quality of public goods and services. The paper deals with process management as part of the modernization processes in reform of public administration in Slovakia in terms of the concept of New Public Management. Empirical data are formed from the results of two surveys carried in municipal authorities within four years. The focus is on the level of implementation of process management, which is according to the findings at a relatively low level, although the knowledge of management on new approaches in the management rises. The city location with respect to large regional differences in Slovakia as a factor in the introduction of modern approaches was not confirmed. There is a particularly big interest in conclusions about the benefits and barriers of the implementation of process management in local government. Overall, there is demonstrated a higher level of agreement with the benefits of process management and selection methods in comparison with its shortcomings.
Keywords: Innovation, New Public Management, Process Management, Self-Government
JEL classification: M1, O31
Open Access
Article
SciPap-822
Public Procurement in Transport Infrasctucture of Slovakia Between 2010-2015
by Andrea Tkáčová, Jakub Danko, Andrej Zitrický
Abstract: Ensuring quality transport infrastructure requires considerable financial resources from the state which can be optimized through public procurement. Research studies of domestic and foreign authors identified several variables that affect the resulting savings in public procurement. In our contribution we focused on creating models that examine the impact of the number of offers, subcontractor participation and type of procurement procedure for this savings. We analyzed 178 public procurement contracts in the field of transport infrastructure in Slovakia in the years 2010-2015. For detection of relationship between these chosen variables and saving in public procurement were used method as second order polynomial regression and Wilcoxon signed-rank test in the program R.
Keywords: Public Procurement, Transport Infrastructure, Public Contract, Saving, Second Order Polynomial Regression
JEL classification: H40, H54
Open Access
Article
SciPap-823
Does Self-Motivation to Start-Up Business Affect an Evaluation of Business Environment? Case Study From Moravian-Silesian Region
by Jarmila Šebestová
Abstract: The main goal of this paper is to compare and contrast relationship between self-motivation to start-up and evaluation of business environment in Moravian-Silesian region. There were used primary research data in comparison with socio economic indicators between districts of the region. Own analysis is divided into four steps, when causal based model is presented to describe differences between two main types of motivation – push and pull. New positive trends could be identified as a source of sustainability in the area of the connection between the motivation to start-up and business environment. Regional business environment represents the supportive infrastructure for entrepreneurship such as entrepreneurship-friendly laws and regulations in the area of establishing a business, the existence of supporting services for business founders as well as for established firms. Spatial analysis is needed to find deeper connections with the location of the company and their local business condition to evaluate regional business environment in Moravian-Silesian Region. The existence of regional entrepreneurship sub-environments is one theoretically plausible explanation for spatial variations in entrepreneurship activity within districts.
Keywords: Motivation, Moravian-Silesian Region, Entrepreneurship Environment, Small Business
JEL classification: L26, C14, R11
Open Access
Article
SciPap-824
Transparent Corporate Tax Paid by Companies in the Czech Republic as Tool in Their Public Relations
by Petr Svoboda
Abstract: The goal of this article is to examine marketing strategy of sample of chosen big companies in the Czech Republic, whether they use information about its corporate tax payments in their public relations in order to get more customer favour. As the research tool was chosen case study consisting of twenty companies awarded as top contributors to public budget in form of corporate tax in the Czech Republic by the Ministry of Finance of the Czech Republic. Their official websites, press releases and social networks were explored to find out, if they used in any way this award in their public relations. Results show that companies don’t consider this award beneficial for public relations. Possible reason for not publishing the tax award could be that large companies don’t want any publicity connected with tax topic at all and don’t see any advantages of publishing the award.
Keywords: Marketing, Corporate Tax, Public Relations, Marketing Strategy, Taxparency
JEL classification: M31, M37, H25
Open Access
Article
SciPap-825
Quality of Services in Transport Company Jihotrans
by Jaroslav Stuchlý, Ladislav Šolc
Abstract: Customers of transport company Jihotrans values in the survey five basic factors for the quality of its services. In total, these evaluations define a variable overall quality of services. In the article is first performed a descriptive analysis of this variable. Using basic statistical methods, the significant dependence of the overall quality of services provided by some other qualitative and quantitative variables included in the questionnaire was then explored. In addition to analysis of variance there were used models of correlation and regression analysis, including models with dummy variables. Using analysis of variance, it was shown that the overall quality of service depends considerably on the competitive advantages of the company. It was also derived linear regression model dependence of this variable on the evaluation of the development of enterprise competitiveness. As the best model, was derived regression model which expresses the dependence of overall service quality on a pair of variables assessment of the development of enterprise competitiveness and competitive advantage for enterprises. This model was described computationally and also was presented graphically.
Keywords: Competitiveness, Transport Company, Quality Of Services, Data Analyses, Advantages Of The Company Against The Competition, Descriptive And Inductive Statistics, Correlation And Regression Analysis
JEL classification: M3, N7, C1
Open Access
Article
SciPap-826
Assesment of Corporate Social Responsibility Using Fuzzy Analytic Hierarchy Process
by Štěpánka Staňková, František Zapletal
Abstract: Together with the managerial decision to run a business in accordance with Corporate Social Responsibility (CSR) principles, important steps dealing with the necessity of systematic CSR evaluation and measurement should be discussed. Organizations could choose from varied evaluation tools and procedures such as a special CSR audit, a certification, a quality mark, a non-financial report, a standard, or sustainability indices that differ in methodologies, complexity and scopes of their appropriate usage in various business sectors and organization structures. The main goal of this paper is focused on the application of the linear goal programming priority method together with fuzzy analytic hierarchy process (in short LGPPM-FAHP) in a complex CSR assessment of three major telecommunication organizations operating in the Czech Republic (T-Mobile Czech Republic, a.s., Vodafone Czech Republic, a.s. and O2 Czech Republic, a.s.). This paper proposes a systematic approach to evaluate CSR using linguistic scales that enable a decision maker to express his/her uncertainty in decision-making processes. It is described how the LGPPM-FAHP could be used as a helpful managerial tool providing reliable sources for a CSR assessment.
Keywords: Corporate Social Responsibility, Business Ethics, Fuzzy Analytic Hierarchy Process, Group Decision Making, Linear Goal Programming Priority Method
JEL classification: L14, M21
Open Access
Article
SciPap-827
Rethinking Mission on the Basis of Deeper Understanding of Firm´S Purpose
by Karel Slinták
Abstract: Economy divided into a profitable and non-profit sector comes from the basic assumption that there are two types of organizations. Non-profit sector consists of organizations whose purpose is to solute social problems, while profitable sector is formed by enterprises whose purpose is to make money. The roots of this assumption lie in economic theories. In management theory there are also alternative views on the purpose of enterprises. The most famous is the hypothesis regarding the maximization of market value which reflects the economic model. Nowadays, however, it is growing interest in the social model that defines enterprises as social systems whose purpose is to serve society. The analysis of the theoretical attitudes revealed that profit or market value is not a sufficient response to what is the purpose of business organizations. Enterprises are instruments of society that satisfy different stakeholders. They are, like other organizations, set up in order to bring benefit to their environment. This benefit is formulated into a mission that represents the identity of the companies to all stakeholders. The mission is the intersection of society's needs and abilities of the company. Responsible companies therefore fulfilled their mission so that satisfy the needs of the market based on their competencies.
Keywords: Profit, Market Value, Mission, Purpose, Service To Society, Theory Of The Business
JEL classification: M21, L21
Open Access
Article
SciPap-828
Economic Value Added in Managerial Economics
by Žaneta Rylková
Abstract: Whether a company creates value for shareholders that is one of criteria for business performance evaluating. The paper evaluates the performance of a chosen business sector on the basis of actual business success identification in the area of enterprise value creation. The aim of this paper is to analyse and to evaluate unnamed company which operates in section CZ-NACE 25 (Manufacture of fabricated metal products, except machinery and equipment) based on the calculated values of economic value added (EVA) and to compare the results of the company with those results achieved in the whole CZ-NACE 25 sector. EVA indicator has high explanatory power since it includes the size and internal structure of invested capital, return on invested capital and the overall effect achieved by the use of capital. In order to not to transform accounting data on the economic model it has been used EVA formula based on the narrow value range calculation. The goal of the paper is to analyse and to evaluate the return on equity and the cost of equity used in the calculation of the EVA-Equity indicator both the company and the section CZ-NACE 25.
Keywords: Business Performance, EVA, EVA-Equity, Business Sector, Measurement
JEL classification: G32, L61, M21
Open Access
Article
SciPap-829
Tax Yields of Excise Duties Applied to Tobacco Products and Alcoholic Beverages
by Lukáš Moravec, Gabriela Kukalová, Olga Regnerová, Martin Ptáček
Abstract: This paper describes the trend of tax yields of food related Czech excise duties since 1993. The goal of the article consists of the relationship between the selected Czech excises duties revenues and their tax rates evaluation. The article covers the tobacco tax, tax on alcohol, duty on wine and tax on beer. Input data will be obtained from the official statistical sources as the Customs Administration of the Czech Republic, the Czech Statistical Office and the Czech Ministry of Finance. The correlation analysis will be used. The outputs of the analysis identify the strength of the boundary between the food related consumption taxes yields and their tax rates. The results potentially enable to make evaluation of the applied Czech tax policy and enable to create the current tax policy corrections proposals in the field of the food related consumption taxes and potential estimate the tax yields of selected consumption taxes in the current economy condition.
Keywords: Consumption Taxes, Tax Yield, Tax Rate, Alcohol, Beer, Wine, Tobacco
JEL classification: H20, H21, H26, H29
Open Access
Article
SciPap-830
Business and Sustainable Development. Research Outcomes
by Všb-Tuo Mikušová
Abstract: The objective of this article is to identify the attitude of the managers and owners of small Czech businesses to sustainable development. The empirical research among managers was done. Three alternatives about the benefits to be a business what is interested in sustainability development were formulated. It was identified that alternative “it is advantageous to be business interesting in sustainability development” is the most preferred one. It was also found that managers are willing to deal with the sustainability of development but prefer short-term benefits. For finding this result Saaty´s method and the method of multi-criteria decision (AHP) were used. BOCR approach was applied for the structuring of elements. This article contributes to the fulfilment of research gap in the field of research related to small business and its surroundings. Identified impacts can be used for practical creation of conditions which would further encourage small businesses to take a proactive approach to sustainability development.
Keywords: Ahp, Business, Alternative, Bocr, Sustainable Development
JEL classification: L26, M00, C10
Open Access
Article
SciPap-831
A Firm and Its Environment – Managerial and Regional Theories Matching
by Ivana Mandysová
Abstract: The aim of the article is to examine the nature and forms of different scientific approaches towards “firm” and its “environment” in order to match managerial and regional theories. The theoretical framework has been challenged by ideas derived from research studies of regional economists, as well as managerial and behavioral theorists. The article consists of two parts; the first builds the theoretical framework for matching managerial and regional sciences. By conceptualizing different theoretical approaches the critical approach has been generated. The mutual interaction between manager and environment is tested and modeled in the second half of this article. It creates framework through empirical research of firms in the regional environment. Qualitative study has generated hypotheses during the research. Firm´ environment has been divided into fragments (customers, suppliers, human resources, state and legislation and financial resources). By examining relationship between the firm and the environment article identifies possible underlying pro-growth sources, summarizes the analysis results and provides implications for the further research.
Keywords: Firm, Environment, Regional Theories, Managerial Theories, Behavioral Theories
JEL classification: D2, D21, D22, R1
Open Access
Article
SciPap-832
Categorisation of European Union Mmember Countries: The Relation Between Tax Evasion and Short-Term Fiscal Imbalance
by Andrea Kralik, Lucia Mihóková, Viliam Kováč
Abstract: The fiscal imbalance can be determined by many factors of economic, monetary or fiscal environment. The main goal of the paper is to create, choose and assess a meaningful categorisation of the European Union member countries that show homogeneity in the fiscal balance and the level of tax evasion. The purpose of the research by using hierarchical methods is to study relations between tax evasion (expressed as shadow economy) and short-term fiscal imbalance (expressed as primary balance) and to verify an assumption that the European Union countries with high values of the tax evasion report negative values of primary balance and vice versa. The research results point to significant differences between four identified clusters of multidimensional objects. The provided cluster analysis does not prove the preliminary assumption about the negative relation between tax evasion and primary balance. The analysis represents a background for further analysis of the effect of tax evasion on fiscal imbalance.
Keywords: Tax Evasion, Hierarchical Cluster Analysis, Primary Balance, Short-Term Fiscal Homogeneity, The European Union
JEL classification: H26, H62
Open Access
Article
SciPap-833
Corporate Social Responsibility Issues in the Slovak E-Commerce Companies
by Miriam Jankalová, Lukáš Vartiak
Abstract: Present time is marked by the expansion of online shopping. However, E-commerce companies, which are providers of online shops, are expected not only to meet the needs of online customers but also to take responsibility for their actions. In Slovakia, there are numbers of E-commerce companies but only a small part of them follows the principles of Corporate Social Responsibility (CSR). The aim of the paper is to identify CSR issues in the Slovak E-commerce companies. The main conclusion of the paper are: The CSR concept should be natural to every E-commerce company and should focus on CSR activities listed in the paper. The paper is based on primary and secondary information gathered through extensive literature review using internet, research databases and the author's own experience. The paper is organised as follows: section 1 aims at approaches to define the CSR notion; section 2 describes the methodology approach; section 3 comparatively review the primary data on CSR issues from the point of view of customers and the secondary data on CSR strategies of selected Slovak socially responsible E-commerce companies; section 4 discusses the results of primary and secondary research.
Keywords: E-Commerce, Corporate Social Responsibility, Customer, Stakeholder, Activity
JEL classification: L81, M14
Open Access
Article
SciPap-834
Investing in Gold Using Reverse Bonus Sprint Certificates
by Monika Harčariková
Abstract: This paper performs an analysis of reverse bonus sprint certificate, the value of which is derived from an underlying asset. These certificates are designed with the aim to make a disproportionately higher profit in bear market. A replicating portfolio is created using option pricing formula for price the reverse bonus sprint certificate. Profit of the replicating portfolio is identical to profit from a combination of an underlying asset and financial derivative, i.e. vanilla and barrier option as it is proved in paper. Based upon a theoretical option pricing models, the replicating portfolio for reverse bonus sprint certificate in an analytical form on SPDR Gold Shares is engineered. There is created reverse bonus sprint certificate with various parameters and calculated the issue prices at the spot market. The profitability for potential investors at the expiration period are provided. Also, the relation between the investor´s profit change and parameters are detected. There are identified the best reverse bonus sprint certificate for every estimated development of the shares with the recommendation for investors. The main aim of the paper is to demonstrate the nature of the given certificate´s creation using option strategies with the increasing of the intellectualization of all potential investors.
Keywords: Reverse Bonus Sprint Certificate, Replicating Portfolio, Vanilla Option, Barrier Option, Option Pricing, Spdr Gold Shares
JEL classification: G11, G13
Open Access
Article
SciPap-835
Employee Development by Talent Management
by Adéla Fajčíková, Martina Fejfarová, Hana Urbancová
Abstract: Employee development is an important part of the modern concept of human resource management based on the development of potential and competencies of employees to achieve a competitive advantage. Therefore, talent management is becoming a crucial part of the personnel strategy of organisations not only in the Czech Republic but also globally. The aim of this article is to evaluate the approach of organisations in the Czech Republic towards employee training and development and the extent of talent management implementation. A partial aim is to examine relationships between the selected qualitative variables. Results were obtained through a questionnaire survey (n = 389) among organisations conducting business in the Czech Republic. Results of the research showed that 54.8% of the organisations do not implement talent management. Only 11.5% of the organisations have a talent management strategy. An alarming fact is in particular one that most of the organisations not implementing talent management do not find it important (46.5%). Significant factors influencing the implementation of activities related to talent management in an organisation include the size of the organisation and the market in which the organisation operates. The significance of the sector and the area of operation has not been proved.
Keywords: Human Resource Management, Employee, Survey, Development, Organisation, Talent Management, Training
JEL classification: D83, O15, M12
Open Access
Article
SciPap-836
Motives for Entrepreneurship: Case Study From the World of SMEs
by Jaroslav Belás, Aleksandr Ključnikov, Luboš Smrčka
Abstract: The paper's aim is to define and quantify the most important motives for starting a business, compare differences among individual motives, respectively between positive and negative motivation of entrepreneurs depending on their gender, education and age. Research was conducted in 2015 on a sample containing 1,141 respondents, entrepreneurs in the small and medium-sized enterprises. Results of our research show that the most important incentive for starting a business is a money motive, then follow issues as business as mission, I have wanted to work, I did not have another option and other reasons. In our research, we have found that positive motives dominate for starting a business in the business environment of Czech SMEs. The results also indicate that there are significant differences among defined social groups, e.g. money motive is more important for younger entrepreneurs. The results may be interpreted that there are differences in entrepreneurial motives depending on the age and education of entrepreneurs. On the other hand we have found that gender does not affect the intensity of entrepreneurial motives.
Keywords: Gender, Small And Medium-Sized Enterprises, Motives For Entrepreneurship, Education And Age Of Entrepreneurs
JEL classification: L26, O16
Open Access
Article
SciPap-802
Process of Consignment Stock Implementation
by Petra Vrbová, Jiří Alina, Václav Cempírek
Abstract: Consignment stock concept is very important in case of short-term assets management in terms of completely innovative approach helping to manage inventories in which the supplier supplies his inventory and maintains a stock of material at the buyer´s stock. This article deals mainly with the process of Consignment stock implementation itself and considers the approach of Battini, Grassi, Persona, Sgarbossa (2010) by filling new phases and particularizes each separate phase and step. This paper focuses mainly on an analysis finding out possible obstacles while the Consignment stock implementation. Main goal of this paper is to propose a new methodology for the process of the Consignment stock concept implementation. The analysis is based on both quantitative and qualitative surveys held in the Czech Republic.
Keywords: Consignment Stock Concept, Implementation, Just-In-Time, Supply Chain, Inventory Policy, Vendor Managed Inventory
JEL classification: E21, E23, R41
Open Access
Article
SciPap-803
Regional Disaggregation of Industrial Investment: The Case of Czech Regions
by Pavel Zdražil, Ivana Kraftová
Abstract: Properly structuring of industrial investment can increase the competitiveness and innovation potential of each region markedly; and results in welfare increasing. The intention of this study wasn’t evaluating the allocation of investment but develops the method of gaining the regional disaggregated data of industrial investment. Such data are valuable for further regional development analysis, nevertheless the two dimensional matrix of regional investment in industrial structure for many regions, i.e. Czech NUTS III regions is not available at the moment. The aim of this paper is to present the developed methodology of values estimation within the industrial structure at regional level; to verify this principle on the sample of Slovak regions and to apply the methodology on Czech regions over sixteen years period between 1995 and 2010. Due to many limitations and accuracy requirements of such an approach, the presented method cannot be applied to reliably disaggregation of whole regional industrial investment structure. Still we found an evidence to believe, that the method is applicable on the industries and industrial groups of construction; financial and insurance activities; trade, transportation, accommodation and food services; and public sector services.
Keywords: Industrial Structure, Czech Nuts Iii Regions, Slovak Nuts Iii Regions, Investment Allocation, Regional Disaggregation, Employment
JEL classification: R11, E22
