Open Access
Article
SciPap-952
On an Ethical Policy of Universities in the Czech Republic
by Marie Bohatá, Milan Žák
Abstract: The article presents principal features and three main pillars of an effective ethical policy, i.e. instruments, processes and structures. Under instruments, mainly ethical codes, risk management and whistleblowing are introduced. The part dealing with processes focuses on four areas: conceptualisation and design, communication and implementation, monitoring and assessment, and revision. Ethical commissions, ethics officers and ethics and compliance departments, as well as communication channels serve as examples of supporting structures. Through the experience of enlightened private and public organisations, some leading universities world-wide, as well as their own experience from the public administration, the authors provide recommendations how to develop a systemic approach to ethics management of universities in the Czech Republic. Some first elementary empirical findings on ethical codes and ethical commissions existing in the Czech Republic are also presented.
Keywords: Ethical Codes, Risk Management, Ethical Policy, Whistleblowing, Ethical Commissions, Universities And Colleges
JEL classification: I23, A13, D22, D73
Open Access
Article
SciPap-948
Student´s Key Competencies Required for Applicability in Practice – Students' Point of View
by Janka Vydrová
Abstract: The competence of university students is a key issue. Due to the situation on the labour market, it is necessary to respond already in the university education of future young professionals. The aim of each educational institution is to have highquality graduates who are on the job market and able to adapt to the current situation. The aim of the paper is to identify a new approach in the education of young professionals based on identification of key competencies. In total, 586 questionnaires were evaluated. The research began in February 2017. The first phase was conducted through controlled interviews with 19 student groups. In total, there were 148 respondents in qualitative research. The quantitative research followed in April 2017 and ended in January 2018. The key competences identified were ranked according to their importance from the student’s point of view, and in the article the author dealt with those that the respondents identified as most important for the preparation of their next vocation. These are communication skills, knowledge of foreign languages, creativity, responsibility, teamwork, flexibility, punctuality and work under stress. Three research hypotheses have been identified. Hypotheses were verified using the Two-sample t-Test statistic for equal means.
Keywords: Key Competencies, Universities, Education, Globalization, Young Professionals, Self-Education, Self-Reflection
JEL classification: J59, J89, M12, M20, M55
Open Access
Article
SciPap-950
Possible Solutions to Dual Quality of Products in the European Union
by Lucia Bartková, Lenka Veselovská, Katarína Zimermanová
Abstract: This paper focuses on the dual quality of daily consumption products sold in the European Union. The views and opinions of Slovak consumers on the existence of the dual quality of products on the European market are analyzed, moreover, their attitudes and personal experiences with this problem in Slovakia and other EU countries, especially in Western Europe are examined. As a conclusion, possible solutions to the problem are identified in order to prevent possible mistakes in purchases and even more importantly, to avoid the existence of dual quality of products produced by the same manufacturer assigned to different markets and selling them as identical - in the same package and without any notice of different composition or content.
Keywords: Dual Quality Of Products, Daily Consumption Goods
JEL classification: Q18, M31, M38
Open Access
Article
SciPap-954
Sectoral and International Diversities in the Perception of Bank Financing: Evidence From Slovak and Czech SMEs
by Mehmet Civelek, Aleksandr Ključnikov
Abstract: Banks’ approaches in SMEs financing, being aware of loan conditions and transparency of credit terms are significant facts to improve ability of SMEs to manage their financial and credit risks and to reduce obstacles in their bank credit access. In this context, the research not only aims to compare different sectors in country level but also purposes to make comparison between countries that SMEs’ operate in same sector, regarding their perceptions of these facts. 972 Slovakian and Czech SMEs are analysed by Chi-square and Z score statistics to find the differences between selected groups and individual responses. The results of the research confirm that more trade firms positively perceive the selected facts than service firms in Slovakia, however, aspects of Czech service and trade firms do not differ. Moreover, Slovakian trade firms are more agree that they have knowledge about loan conditions than Czech trade firms do. On the other hand, more Slovakian firms negatively perceive banks’ approach to them than Czech SMEs. Regarding to entrepreneurs’ knowledge about lending terms, no significant differences exists between the Czech and Slovakian service firms. Furthermore, loan conditions are not transparent for more Slovakian service firms than Czech service firms.
Keywords: Czech Republic, Smes, Bank Financing, Slovakia, Loan Conditions
JEL classification: L26, O16, G21
Open Access
Article
SciPap-955
Budgeting and Czech Companies: Connected Concepts or Two Different Worlds?
by Jiří Dokulil, Ján Dvorský, Boris Popesko
Abstract: The presented article is focused on the traditional managerial accounting tool, budgeting, and its application into field of the Czech firms. The study examines the parameters of the budgets in the enterprises operating on the Czech market and investigates factors which influence the usage of the budgeting in these firms. While the first part of this paper summarizes the level of the knowledge in the particular field, the research process is defined in the following step. The main part of the article consists of questionnaire-survey results and hypotheses testing by P-value test.
Keywords: Budgeting, Planning, Perminology, Performance Measurement, Czech Firms
JEL classification: M19, M41
Open Access
Article
SciPap-961
Design Management: Does Collaboration With a Designer Bring Business Prosperity?
by Jan Kramoliš, Pavel Taraba
Abstract: Business prosperity is most often mentioned regarding economic results (for instance profit, sales, sales growth, brand value growth, high demand for products). One of the factors that can be used today in rival competitive struggles is design. The very perception of the role of design as an opportunity is an essential prerequisite for increasing business prosperity. It is, therefore, logical to look at who is the creator of quality design in companies. Companies can solve this problem internally or hire a designer. The question is, which of the variants increases businesses prosperity. The aim of the paper is to clarify this relationship, i.e. whether a company's cooperation with the designer brings business prosperity. Secondly, the strong belief among companies in the Czech Republic that the cooperation with the designer is very expensive is considered. For interpreting results basic statistics indicators and tests of hypotheses (p-value) were used. Results from tests confirmed that most companies that collaborate with a designer believe that design helps to achieve business prosperity. The results also indicate that reluctance to cooperate with a designer because it is too expensive is not confirmed.
Keywords: Designer, Design Management, Business Prosperity, Business Risk, Design Thinking, Collaboration With Designer
JEL classification: M21, O31
Open Access
Article
SciPap-953
What Encourages Households to Sort Waste: Externally Enabled Conditions, Internal Incentives or Economic Enforcement?
by Mindaugas Butkus, Vėjūnė Laurinavičiūtė, Kristina Matuzevičiūtė
Abstract: Municipal waste formation and management are contemporary issues in a modern world. Residents’ participation is very important trying to utilize and recycle it because municipal waste is mainly generated by households’. For this reason, waste collection and sorting at home becomes crucial starting point solving problems created by waste. Aiming to examine what encourages households to sort waste we analysed following: (i) is it enough to create waste sorting system to encourage households to sort waste or (ii) waste sorting habits depend on lifestyle, environmental awareness and socio-demographic characteristics, or (iii) there is a need to introduce economic incentives to stimulate waste sorting. Theoretical analysis revealed that the main factors potentially affecting sorting habits are infrastructure at municipal level, economic instruments, socio-demographic characteristics and individual motivation. Empirical survey of Siauliai city households grounded on chi-square statistics and estimations of logistic regression showed that internal incentives and externally enabled conditions highly impact households’ waste sorting behaviour. Moreover, results of the research clearly show that economic incentives embedded into existing waste management system are not strong enough to shape households’ behaviour.
Keywords: Logistic Regression, Municipal Waste, Waste Sorting Determinants, Infrastructure, Awareness, Motivation
JEL classification: C39, Q58, Q53
Open Access
Article
SciPap-967
Principle of Using Systemic Approach to Management Audit Implementation by Small and Medium-Sized Enterprises
by Romana Píchová, Daniel Raušer
Abstract: In connection with their earlier contributions, addressing the issue of systemic approach to implementing management audit with regard to small and medium-sized enterprises, the authors intend to further pursue their effort and interest in this specific area of research with the following paper. Its main objectives are to introduce own comprehensive concept, which involves the use of a systemic approach and is expressed in the form of a specific model of “Systemic approach to management audit“, and to propose both standardized and purposeful procedures related to such audit. In order to develop the concept, a questionnaire survey was conducted among a number of managers of small and medium-sized enterprises in the Czech Republic, along with structured interviews with auditors carrying out management audits in their professional practice as well. Based on their research, the authors found that the examined enterprises tend to perform management audits only on rare occasions and without using any systemic approach or particular procedures. This is mainly due to an absence of time schedules or lists of individual activities that are required in the audits according to a precisely and previously specified order, as suggested in this paper.
Keywords: Small And Medium-Sized Enterprises (Sme), Management Audit, Systemic Approach, Objective Of Management Audit, Implementation Of Management Audit, Proposals And Measures, Feedback
JEL classification: M14, M21
Open Access
Article
SciPap-969
Interfunctional Coordination in Extended Conception and Offering of Services
by Eva Tomášková, Lucie Kaňovská
Abstract: The paper aims to investigate the relationship between interfunctional coordination (IFC) and offering of services. IFC is a crucial component of market orientation. Market orientation is one of the approaches, which is used for improving the business performance of companies and also for increasing their competitiveness. The conception of IFC was extended in this paper. IFC includes the following elements: Cooperative Arrangements, Company Culture, Expertise, Communications, Leadership Style, Ethic and Goodwill, Organizational Structure, Coordination (Fundamental Information Acquisition, Information Coordination and Coordination Activities) and Control. Current companies try to increase their service offering because of its positive influence on customers and company as well. The research was held in 60 electronic components manufactures and electric equipment manufacturers in the Czech Republic. The Spearman’s rank-order correlation test was performed to verify the relationship between IFC and service offering. The main finding shows that the relationship between IFC and service offering is independent. Positive relationship between IFC and service offering is detected especially at emphasis on innovation and emphasis on the next education of workers.
Keywords: Innovation, Interfunctional Coordination, Service Offering, Education Of Workers, Electronic Components Manufactures, Electric Equipment Manufacturers, The Czech Republic
JEL classification: M10, M31
Open Access
Article
SciPap-935
The Credibility of Fiscal Policy and Cost of Public Debt
by Haryo Kuncoro
Abstract: This paper investigates the potential relationship between the credibility of fiscal policy and the cost of public debt. We analyze how a key component of fiscal governance, the ability of governments to commit the planned budget, affects the government borrowing cost. To test the hypothesis, we take the case in Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the noncredible deficit rule tends to induce the interest rate. In contrast, the credible debt rule policy significantly reduces the borrowing cost for about 28 basis points. More interestingly, to reduce the interest cost burden of government debt, strengthening commitment to the fiscal rules is as effective as decreasing the size of debt. Those findings suggest that the credibility of fiscal policy matters to restore the fiscal burden in order to maintain fiscal sustainability in the long-run. Accordingly, improving the credibility of fiscal policy should be an integral part of the public sector reformation program in the country.
Keywords: Deficit Rule, Debt Rule, Credibility Of Fiscal Policy, Implicit Interest Rate, Fiscal Sustainability
JEL classification: E43, G12, H63
Open Access
Article
SciPap-933
What Determines the Fiscal Consolidation Process: The Analysis Within European Member Countries
by Lucia Mihóková, Lucia Sláviková, Oľga Kmeťová
Abstract: The fiscal consolidation process is determined by many factors of economic, monetary, political or fiscal environment. The paper is focused on analysis and assessment of selected determinants on the attributes of fiscal consolidation process within European Union member countries. The purpose of this paper is to study relations between macroeconomic, fiscal, political and other determinants using methods of quantitative economy. Analysis is focused on the duration, length and intensity of fiscal consolidation episodes and the quantification of their impact polarity. The paper identifies statistically significant determinants that can affect the success of a fiscal consolidation. The research results of performed panel regression analysis within time period 1995-2016 within EU member countries pointed out that macroeconomic and fiscal conditions are significant for the whole consolidation process and to all its attributes. The paper was developed within the project VEGA 1/0967/15.
Keywords: Duration, Length And Intensity Of Consolidation, Fiscal Consolidation Episodes, Determinants Of Consolidation, Panel Regression Model, EU Member Countries
JEL classification: H30, H81, H87
Open Access
Article
SciPap-960
Determinants of Customer Engagement on Facebook Brand Pages
by Martin Klepek
Abstract: Social media such as Facebook, Twitter, Youtube or Wikipedia have become an important element of the communication mix in a number of organizations. A subcategory of Social media is social networks where both customers and businesses can upload their own digital content. The massive amount of this content has to be filtered in some way. The usual and logical choice is the engagement of users as the decisive factor. Content that has the most interaction is also visible to other network members. Therefore, customer engagement on the social network has not only marketing but also technical benefits. This study aims to identify the determinants of customer engagement on Facebook brand pages using a questionnaire survey on a representative sample of 454 Czech Facebook users. The theoretical model was based on Functional, Hedonic and Social Values which were introduced as determinants of Customer engagement. Structural equation modelling methods were used to identify a possible relationship between latent constructs. The final verified model identified Hedonic and Social value as determinants of Customer engagement on social network Facebook.
Keywords: Brand, Customer Engagement, Facebook, Social Media, Social Networks
JEL classification: M31
Open Access
Article
SciPap-957
Effect of the Dependency Structure on the Market Risk Accuracy
by Tomáš Jeřábek
Abstract: Knowledge the dependence between risk factors is very importance in risk management. The failure of traditional approaches to market risk measure motivates to investigate the relationship between financial markets. The aim of this paper is to examine the dependence between stock index returns and foreign exchange rate returns for six selected economies. In this context, it is detected evidence of dynamic and asymmetric dependence. It is empirically demonstrated that application of asymmetric dynamic copula improves the Value at Riks as well as Expected Shortfall estimates. Overall, the results show that the dependence structure of international financial markets is more complicated than the structure predicted by the traditional approaches to market risk measure.
Keywords: Value At Risk, Copula, Risk Management, Asymmetric Dependence
JEL classification: C13, C32, G11
Open Access
Article
SciPap-962
Penetration of ICT Business Services Into the Economy – Comparison of V4 Countries
by Martina Kuncová, Petr Doucek, Ota Novotný
Abstract: The article focuses on the integration of funds and information and communication technology (ICT) services into the European countries’ economy and compares the level of penetration of ICT into their economy and society. We analyzed the penetration of ICT into economy in term of main area - the use of Internet economic services. This area is divided into two parts where we focus on Internet economic services in areas of e-commerce and e-business. For a comparison with the European countries with especial attention to V4 countries, we used public open data from 2010 – 2014 provided by Eurostat, the Office of the European Union, the World Bank and the Czech Statistical Office. We compared the results, using the multi-criteria decision analysis method TOPSIS. The overall comparison of the trend in Europe’s informatization between 2010 and 2014 for V4 countries is made for all analyzed indicators at the end of the article.
Keywords: Multi-Criteria Analysis, Impact Of Ict On Economy, Information Society, ICT Internet Services, E-Commerce Services, Ee-Business Services
JEL classification: L86, O52, C44, H11
Open Access
Article
SciPap-951
Supplier Evaluation: A Comparison of the Approach of Czech and German Industrial Companies
by Dagmar Benediktová, Miroslav Žižka
Abstract: The present article deals with supplier evaluation in Czech and German companies. It addresses the question of whether there are differences in evaluation criteria and methods between Czech and German companies. The article consists of three interconnected parts. The first part presents the results of a literature review that focused on the current trends in supplier evaluation. The subsequent part describes the research methodology. The research was conducted through a questionnaire survey of a sample of 180 Czech and 70 German companies operating in the automotive and related industries. The next part presents the results of the research. The research results have shown that the completeness and timeliness of deliveries is the most important criterion for companies in both countries. Compared to German companies, Czech companies put more emphasis on the price level, the openness of calculations and the supplier’s communication. German companies attach greater importance to quality, indemnity insurance and soft criteria such as an ethical approach. In terms of evaluation methods, it can be concluded that companies in both countries apply rather simpler approaches. In both countries, the same three evaluation methods are most commonly used – scoring model, ABC method and point evaluation.
Keywords: Supplier Evaluation, Evaluation Criteria, Evaluation Methods, Automotive Industry, Scoring Model
JEL classification: L23, L62
Open Access
Article
SciPap-956
Are Product Innovation-Oriented Firms Prepared for Effective Product Customization?
by Vít Chlebovský, David Schüller, Stanislav Škapa
Abstract: Growing demand for customized solution offers instead of standardized products is reality in many business sectors on both B2B and B2C markets. While this approach is well developed in some B2B sectors it is not that often in majority of B2C markets. Rapid technology development within past years gives more possibilities to increase production flexibility in wider range of production sectors. This will lead in increasing level of product customization shortly. Purpose of this article is to summarize the research on how the product innovation oriented companies are prepared in terms of their internal infrastructure for effective customized product solution development and delivery to their customers. Two interlinked researches were performed through Czech, Austrian, German and Swiss product innovation oriented manufacturing companies. Quantitative research compares whether and how customized product offer is communicated by companies to their market. Qualitative research was performed in form of five case studies to deeper observe and study internal technical and production infrastructure of the selected companies. Results of performed quantitative research were statistically evaluated and tested. Outcomes of qualitative research gives deeper knowledge of the infrastructure used in selected companies for development and production of customized products. The research proves increasing focus of the companies on offer individualization.
Keywords: Customer Solutions, Relationship Marketing, Product Customization, Market Orientation, Product Management, Machine Building Sector, Solution Management
JEL classification: M11, M31
Open Access
Article
SciPap-966
Strategic Management and Performance of Enterprises Evaluated Using Chaid Decision Tree Analysis
by Adam Pawliczek, Roman Kozel, Šárka Vilamová
Abstract: The proposed paper deals with the relation of strategic planning and economic performance of Czech and Slovak industrial enterprises based on questionnaire research results processed by CHAID decision tree model. The relations between the selected parameters were focused and statistically tested on a sample of 254 industrial enterprises active in the Czech and Slovak Republic in the years 2009- 2011. The hypothesis was formulated and evaluated with the goal of clarifying the mutual relation between the strategic planning and performance of the examined enterprises. The chi-square analysis was used as the primary statistical method. The findings show that the “successful branch” of the decision tree based on the parameter “annual turnover” leads through “written strategic document”. We can also find the implementation of ISO 9001 quality management system on the “successful branch”. The results can be interpreted as empiric ex-post confirmation of reasonability of thorough strategic planning and continuous improvement. These management branches are crucially underestimated especially in micro and SMEs. The findings confirm our previous research publications on this topic as well as other studies.
Keywords: Strategic Management, Business Performance, Enterprises, Chi-Square, Decision Tree
JEL classification: L2, D22
Open Access
Article
SciPap-959
Business Model Research Proposal: Novel Business Model Concepts Based on Sustainable Multiple Customer Value Creation in a Selected Country
by Peter Kita, Iveta Šimberová
Abstract: The article’s objective is to propose a research framework that could describe an industry, structured by the industry’s specific performance indicators, through the lens of its business models as well as identify the specific features of novel business models. The approach is based on combining various approaches to business model research and propose a methodology which examines an selected industry, in this case a sector of the Czech chemical industry, through the lens of its business models and aims to provide novel business model concepts based on sustainable multiple customer value creation. The framework connects the theoretical concepts of business models, sustainable value added, and multiple customer value creation. The framework appropriates environmental and social aspects of the business model’s value proposition to the underlying strategy and gauges it by sustainable value added. The resulting business model concepts serve as an overview and incentive to further develop novel business model designs within the selected industry.
Keywords: Multiple Value, Sustainable Business Model Concept, Sustainable Value Added, Majority Business Model, Minority Business Model, Chemical Industry
JEL classification: M21
Open Access
Article
SciPap-927
Impact of Gender Segregation of Business University Graduates on Their Position on the Labour Market
by Markéta Šnýdrová, Lucie Vnoučková, Ivana Šnýdrová
Abstract: This article deals with the issue of the influence of the gender segregation of graduates on finding employment on the example of the University of Economics and Management. The aim of this article is to evaluate the influence of the higher education on the role of gender within selected factors influencing employment of graduates on the labour market on the example of the University of Economics and Management. The areas of the influence of employability of graduates have been analysed using the characteristics of a position level, persistence in a studied branch, perception of a financial reward as adequate and holding a position, for which the higher education is required. The theoretical frame of the article is made of a literary search based on an analysis of scientific articles and publications dealing with the influence of gender on employment of graduates and factors influencing it. The primary research was conducted as a questionnaire survey among graduates of the University of Economics and Management from the previous 5 years. We received back 206 questionnaires from the total of 805 graduates. The results show that, although the number of higher educated women is increasing, their position on the labour market is still different compared to men. The higher education does not lead to the elimination of the gender differences on the labour market and within the working environment. These differences show in a type of employment, working positions and also wages.
Keywords: Gender, Labour Market, Graduate, Employability, Job Position
JEL classification: I29, J21, M54
Open Access
Article
SciPap-941
Public Research and Development in European Union Countries - Evaluation Based on Selected Indicators
by Martina Halásková, Pavel Bednář
Abstract: Research, development and innovation hold a prominent position in national economies and the public sector. The aim of the paper is to evaluate the role of public research in EU countries with focus on selected indicators of research and development (R&D). The area in focus is total R&D expenditures and public R&D expenditures in years 2010 and 2015. The author also strives to analyze other R&D indicators in EU countries, pointing out the similarities and differences in the particular countries. The analysis concentrates on not only the selected indicators of public R&D, but also a comprehensive evaluation and role of public research in EU countries. EU countries are evaluated on the basis of indicators of public R&D by means of factor analysis, cluster analysis and box-plot, divided into four clusters depending on internal similarity in 2015. The most marked differences were observed in indicators of public research (R&D public expenditures as % of total R&D expenditures, researchers in public sector as % of total researchers, number of publications per 1000 researchers in the public sector, number of citable publications per 1000 researchers in the public sector) in the first cluster in comparison to the third cluster. In case of the indicator H-index (per 1000 researchers in the public sector) the most marked differences were observed in most countries of the second cluster in comparison to countries of the fourth cluster.
Keywords: EU Countries, Research And Development, Public R&D, R&D Public Expenditure, Indicators Of R&D
JEL classification: H54, H76, O32
