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: R41, E21, E23
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: E22, R11
Open Access
Article
SciPap-804
Alternatives for Evaluating a Country’s Economic Development
by Jolana Volejníková, Jan Řezníček
Abstract: Although real GDP is considered a key macroeconomic indicator for a nation’s economic development, various criticisms of its method of measurement and interpretation have been appearing increasingly more often. In the previous century, Simon Kuznets already expressed certain doubts. There are a number of alternative methods and proposals (or additions) to GDP for assessing the current level of societal development. This paper deals with comparing these alternatives. Attention is also devoted to analyzing empirical data concerning the development of real GDP and the Human Development Index (HDI). Data will be compared for the Czech Republic and the other countries that jointly entered the EU together with the Czech Republic in 2004 (the EU-10). The reason for this double comparison is to judge the development of this group of countries through the lens of the double comparison method. From the analysis we conducted, it follows that a country’s economic development judged on the basis of real GDP shows different characteristics than economic development perceived as satisfaction with a fuller quality of human life.
Keywords: Economic Growth, European Union, Human Development Index, Gross Domestic Product, Quality Of Life
JEL classification: A13, E01
Open Access
Article
SciPap-805
Enterprise Social Networks as a Meeting Tool in the Czech Republic
by Jana Moravcová
Abstract: Meetings are an essential prerequisite for successfully communicating and transferring internal information. The question is whether or not businesses in the present day are organizing and leading meetings effectively. The goal of this paper is to conduct a comparison of the requirements for effective meeting leadership with the current state of businesses in the Czech Republic. Furthermore, the paper aims to answer a research question relating to the feasibility of using enterprise social networks for conducting company meetings. The goal of the survey research was to map the current state of the investigated problematic and its trends. The paper's methodology is based on managed interviews conducted in 2014. An overall comparison of the data that was acquired shows the current trends and points to a discrepancy between the requirements for conducting meetings and reality. The results indicate the possible use of modern technologies for more effectively conducting meetings within businesses in the form of enterprise social networks. The paper discusses the use of the latest trends and innovations concerning technologies that help managers effectively transfer internal information; it also outlines a concept for further research directions. The paper attempts to emphasize the fact that it is necessary to pay attention to modern technologies and embrace new, sophisticated tools for ensuring effective meeting leadership.
Keywords: Management, Human Resource Management, Organization, Enterprise Social Network, Information Technology, Meeting
JEL classification: M12, M15, M19
Open Access
Article
SciPap-806
Alternative Sources of Business Development: Mezzanine Financing
by Sergey Petrovich Sazonov, Irina Alexandrovna Ezangina, Natalia Valerievna Gorshkova, Elena Anatolievna Makarova, Konstantin Dmitrievich Vaysbeyn
Abstract: The purpose of the study is to conduct a comprehensive analysis of the nature of mezzanine financing, its pros and cons, role in the system of investment activity in the world practice, as well as to assess the degree of adoption of the tool at the national capital market in Russia. The study lists multiple options of realization and tools of mezzanine financing with private placement. The characteristic features of this type of financial product are listed. Belonging to the mezzanine area of bridge financing is proved, as well as a new mortgage refinancing tool – "factory of mortgage-backed securities." The significance of the use of the mezzanine product in the state support programs abroad, as well as in Russia in the field of residential mortgage lending and co-financing of international transactions, was emphasized. The admissibility of various structures of the transaction and therefore its universality were determined as the basic advantage of mezzanine financing. The subjects of mezzanine capital were described, acting both as a lender and investor due to its specifics. The conclusion emphasized the limited possibilities of the development of mezzanine financing practice in Russia, mediated by the passivity of credit institutions, as well as the imperfection of the legislation regulating loan subordination and mortgage loan securitization.
Keywords: Mezzanine Financing, Mezzanine Loan, Option, Bridge Financing, Mezzanine Financing Fund, Mortgage Security, Convertible Debt Note
JEL classification: O16, E52, F21, G11
Open Access
Article
SciPap-807
Collective Risk Model in Heterogeneous Portfolios of Policies
by Viera Pacáková, David Zapletal
Abstract: The total amount of claims in a particular time period, in actuarial literature named as collective risk, is a quantity of fundamental importance to the proper management of an insurance company. The article aimed to present the possibility and procedure to approximate the collective risk model in a heterogeneous portfolio of policies. The key assumption in all models for aggregate claim amount is that the occurrence of a claim and the amount of a claim can be studied separately. We will show that mixture distributions are convenient as the probability models for claim numbers and for claim amounts in heterogeneous portfolios of policies. We have derived that the negative binomial distribution can be used as a model for claim frequency and the Pareto distribution as a loss distribution model when the portfolios of policies are not homogeneous. The concept of mixture distributions is an important one in insurance, since insurance companies generally deal with heterogeneous risks. The motor compulsory third party liability insurance is an important branch of non-life insurance in many countries; therefore application of the theoretical results is performed on data from this field.
Keywords: Collective Risk Model, Heterogeneous Portfolio Of Policies, Mixture Distributions, Negative Binomial Distribution, Pareto Distribution
JEL classification: C1, C6, C8, G0
Open Access
Article
SciPap-808
Regional Motivation Differences of Service Sector Employees in Urban and Rural Areas in Slovakia
by Renata Myskova, Miloš Hitka, Silvia Lorincová, Žaneta Balážová
Abstract: Effective motivation programme should be consistent with all facts affecting employee work performance. Well-motivated staff help the organisation fulfil its goals and lead to long-term prosperity. The objective of the research is to determine the level of employee motivation in urban and rural areas in COOP Jednota Slovakia. A questionnaire is used to collect research data. We supposed that differences in people values living in urban and rural areas do not change despite the increased urbanization of Slovakia in the 21st century. Moreover, we supposed that significant differences in desired level of motivation of people working in urban and rural areas still exist. Following the obtained results we determine the order of 10 most important motivation factors of employees in urban and rural areas and we suggest that the organisation focuses on mentioned motivation factors when creating tailored motivation programme. Findings indicate that, regardless of the operation-related issues, the motivation factors associated with interpersonal relationships in the workplace are the most important. Other important motivation factors are associated with finances and stability, but the level of preferences varies.
Keywords: Employee Motivation, Regional Differences In Slovakia, Motivation Programme, T-Test, Urban And Rural Areas In Slovakia
JEL classification: R11, M12
Open Access
Article
SciPap-809
Scenarios Method Instrumentation Modeling
by Erika Meskiene
Abstract: Rapidly changing market conditions are strongly influenced by organizations development mechanism which are caused by economic, technological, social permanent changes. There is a need to investigate the strategic decision-making efficiency which determines the ability of organizations to adapt to different business situations formed by uncertain environmental changes. Flexible strategic business decisions is a prerequisite for the organizations that are seeking to successful operations and to remain competitive in the business market. Anticipation of different scenarios of the future events enables prompt provision of its adaptation to different situations in the future and at the same time it allows to prepare for possible changes in advance. Scenario method as potential future events synthesis sequence identification enables more a more flexible organization functioning and more mobile human resources management of the organization's management process. The article analyzes the scenario method conception and characterization, performed scenario method advantages and disadvantages analysis as well the scenario method is analysed as a research tool. The article ends with scenario method instrumentation modelation and its development process in stages.
Keywords: Scenario Method, Research Instrument, Strategic Decisions, The Importance Of Scenario Method, Scenario Method Modeling
JEL classification: C18
Open Access
Article
SciPap-810
The Fiscal Dimension of Czech Health System in the Macroeconomic Context
by Jan Mertl
Abstract: The article focuses on the fiscal aspects of health care financing in recent socio-economic development, which has been difficult for public finance. This is justified by the size of health budget and the importance of health care for economic performance and social well-being. Together with absolute and relative increase of health expenditure, the significance of health expenditure is rising and the public policy must be adjusted accordingly. The significant socio-economic characteristics of health care that influence the behavior of health system stakeholders are taken into account. The models of health care financing are discussed and the significant characteristics of health care are described. Then the Czech health system of multiple public health insurance companies is analyzed with special focus on “state insured persons” social group. The article brings an overview of the fiscal aspects of current health systems and discusses possible configurations in this area.
Keywords: Health Insurance, Fiscal Policy, Health Expenditure, Health Care
JEL classification: H51, I13, I18
Open Access
Article
SciPap-811
The Impact of Corruption on Economic Growth on OECD Countries
by Veronika Linhartová, Eva Židová
Abstract: The question if and how corruption can influence economic growth of countries is not answered by literature without controversies. One may thus encounter the view that corruption is "sand in the wheels" of the economy, which impedes economic transactions, as it reduces the security of property rights and contributes to inefficient allocation of resources. On the other hand, there are authors who believe that corruption is precisely what "greases the wheels" of the economy, because it allows individuals to avoid administrative and bureaucratic delays. Based on the searches results of the theoretical literature and empirical studies, this contribution verificates the validity of hypotheses about the negative impact of corruption on economic growth on a sample member states of the OECD in the period 1999 - 2014. Through information from the professional literature is for this purpose derived econometric model that provides a comprehensive overview of how corruption function in a selected sample of countries on economic growth. Econometric model proved that corruption negatively influences the economic growth, not only directly but also indirectly in selected group of countries. As the transmission channels through which corruption affects economic growth were confirmed household expenditures and net exports.
Keywords: Economic Growth, Corruption, Econometric Analysis, Transmission Channel, Organization For Economic Cooperation And Development
JEL classification: H11, D73
Open Access
Article
SciPap-812
The Potencial Effect of Non-Transparent Lobbying on Competitiveness Through Economic Freedom in the EU – An Empirical Survey
by Šárka Laboutková, Lucie Staňková
Abstract: The competitive strength of individual countries is not only affected by their economic efficiency and productiveness, there is also a broad range of other socio-economic and political factors that includes institutional quality. Crucial factors influencing institutional quality are transparency and the scope of civil and economic liberties. It should be easy to scrutinize how decisions are made, the influences behind them and how taxpayer’s money is allocated. On the other side the plurality of interests is a necessary prerequisite and starting point for a free and open society. The lobbying and consultancy industry is a natural, important and legitimate part of the democratic decision-making process, however sometimes lobbying practices go beyond the legitimate representation of interests, and methods are deceptive. This kind of behavior is usually non-transparent and unfairly influences political processes, generating the potential for corrupt practices and excessive regulation of economic activities negatively influencing economic freedom and thus the competitiveness. The aim of the article is to prove the significant effect between economic freedom and competitiveness within the European Union countries based on an analysis of two indexes – the Economic Freedom Index and the Global Competitiveness Index. A direct and fairly strong dependence was proved.
Keywords: European Union, Competitiveness, Transparency, Regulation, Economic Freedom, Lobbying
JEL classification: E61, K40, O17, P48
Open Access
Article
SciPap-813
Data Analysis From Area of Strategic Planning
by Miloslava Kašparová, Marek Pilc
Abstract: The text deals with the data analysis from an area of the strategic planning. It focuses on a searching of association rules by the Apriori algorithm. The administrative district of municipalities with extended powers in the Czech Republic were chosen as objects and were described by indicators based on the strategic planning. In the data pre-processing, selected rates of dynamics of the monitored indicators were calculated. Values of the average absolute increase of indicators were converted and were used to the searching of the association rules. Achieved results of three models were compared (e.g. by the support, confidence, rule support, and lift) and described. These models were differed in the way of the association rules searching (i.e. measure of the rule confidence; measure of the confidence difference; and measure of the confidence ratio). The association rules can serve as a support for a preparation of new strategic plans for e.g. municipality, region. Problem areas of the mentioned units could be selected on the basis of the achieved association rules.
Keywords: Analysis, Strategic Planning, Data, Apriori, Association Rules
JEL classification: R58, C39
Open Access
Article
SciPap-814
Comparison of Bayesian Estimates of Health Care Costs Fot Czech and Sovakian Insurance Companies
by Pavla Jindrová, Kateřina Seinerová
Abstract: This paper presents an application of the Bayesian inference to estimate health care expenses by health insurance companies in the Czech Republic and Slovakia. In particular, the Buhlmann-Straub model is applied onto real data, covering time period 2010-2015, from all seven Czech and three Slovakian health insurance companies in order to calculate the credible health care costs per person and the corresponding credibility factors for each company. Computed credible health care costs per person are compared with the real estimations of health care costs per person quoted by analyzed health insurance companies. These real estimates are not available for all the Slovakian health insurance companies and two Czech health insurance companies. The results of Buhlmann-Straub model show that while the largest insurance companies can reliably predict the health care costs for the subsequent time period based on its own statistical data, the smaller companies can find out credible estimation of health care costs per person, taking into account data from all comparable healthcare insurance companies.
Keywords: Health Insurance, Bayesian Estimation, Credibility Model, Bühlmann-Straub Model, Health Insurance Companies
JEL classification: C11, C22, G22
Open Access
Article
SciPap-815
Comparision of Usability Evaluation of Public Administration Webpages by User Testing and by Analytical Models
by Miloslav Hub, Barbora Musilová
Abstract: The usability of user interfaces especially of webpages is currently a very hot topic. The existing scientific literature contains various methods for testing and evaluation of the usability of various user interfaces. The benefit of various usability evaluation methods is described in this article, especially evaluation of usability by models and user testing. The most commonly used methods for these purposes are usability testing and heuristic evaluation. However, there are also suggestions of usability evaluation through analytical models that allow us to evaluate usability without having to involve end-users or experts in this evaluation process. These methods and their applicability are described in the article as well. For the purposes of the research as representative websites of public administration were chosen websites of selected municipalities. Next, the paper deals with evaluation of the web pages of selected statutory cities usability where the usability is evaluated by both suggested and validated analytical model and usability testing. The main goal is to compare the results of usability evaluation by analytical models and usability testing that use real end users and to check the analytical model’s ability to act like in a real situation.
Keywords: Analytical Models, Usability, Usability Engineering, Usability Evaluation, User Interfaces, User Testing
JEL classification: C88, H83, L86
Open Access
Article
SciPap-816
Financial Performance Evaluation of the Czech Agricultural Companies With Factor Analysis
by Jana Hornungová, František Milichovský
Abstract: The article is focused on determination of the financial indicators influencing corporate performance of agricultural companies. Traditional financial indicators (calculated from accounting data) are still used to evaluate performance level; this approach to evaluation and comparison of performance has been considered to be the most appropriate approach over a long period of time in spite of different accounting and financial indicators. Data from 1985 agricultural companies have been analysed. Correlation analysis and factor analysis have been employed to eliminate information duplication and reduce dimensionality. Application of these methods has reduced the basic set, originally formed by thirteen key financial indicators, into three key groups (indexes): operational factor, profit factor and return factor. At the same time, Pearson’s chi-square test has indicated the dependency between the above mentioned factors (indices) and company size; the most significant factor being the “operational factor” with the strongest power in relation to the company size.
Keywords: Factor Analysis, Financial Performance, Indicators, Factor Indexes, Agricultural Companies
JEL classification: L21, L25, Q14
Open Access
Article
SciPap-817
Economic Aspects of Social Services Development in Slovakia in the Context of Demographic Changes
by Beata Gavurova, Michal Šoltés
Abstract: At present, the global aging process of inhabitants represents a serious social challenge that is related to those countries whose size or economic power is not that significant aspect. Rapid increase of older population results in an increasing inquiry of long-term health care services (long-term care – LTC). As a result of a progress in research as well as investments in health care services, health care constantly improves, but there are increasing inequalities in health of vulnerable groups of inhabitants, such as elderly. The given article focuses on the above mentioned facts and its primary aim is to emphasize the importance of multi-dimensional analyses of available social services in the process of population global aging. In the presented partial results, the research focused on the analysis of social services providers in Slovakia from the point of view of their form, structure, capacity and regional differences. The secondary aim of the article is concentrated on an urgent need to resolve the issue of the Slovak population aging by means of chosen demographic indicators, as well as it focuses on a significance of legal framework formation that would provide long-term health care in Slovakia via social and health care services development.
Keywords: Long-Term Care, Ageing Population, Social System, Health System, Social Service Providers
JEL classification: I10, I15, I18
Open Access
Article
SciPap-818
Elections and the Tax Structure in the Post-Socialist EU Member States
by Lucie Formanová, Michal Mádr
Abstract: The article deals with the political business cycle theory, especially with effects of the term of parliamentary elections on the tax composition (direct versus indirect taxes). It includes a traditional political business cycle analysis evaluating the effects of elections on overall revenues. We use panel data regression analysis, namely fixed effects method with robust option and GMM dynamic panel data estimator to analyse the relationship between tax structure and elections. The analysis includes panel data of tax revenues divided to GDP from 11 post-socialist EU member States in time-period from 1996 to 2014, our models contain 209 observations. Using this data, we found out that political business cycle does not have any effect on direct tax revenues, however there is a minimal impact on indirect tax revenues (0.25% GPD). In election years, there is a decrease of indirect revenues by less than 2 per cent. Furthermore, our models did not identify the influence of post-election effects in observed timeline.
Keywords: Direct Taxes, Indirect Taxes, Tax Structure, Parliamentary Elections
JEL classification: H20, D72, E62
