Open Access
Article
SciPap-904
The Strategic Importance of Human Resources Management and the Roles of Human Capital Investment and Education
by Marek Vokoun, Zdeněk Caha, Jarmila Straková, František Stellner, Jan Váchal
Abstract: The entry focuses on the issue of strategic importance of human resource (HR) management. The questionnaire survey was aimed at companies from the Region of South Bohemia. The approach to personnel agenda was analysed, as well as the connections to the branches in which the tested businesses were active, the size of the company, the education level of their HR officers, and their company level investments in human capital. A high level of heterogeneity in the data was found and no statistical differences were found in tested hypotheses. However, it was discovered that if the HR department employees have tertiary education, it is a sign of a higher standard and competence level of the department. The higher level of competency and HR planning independence was found in the service sector. This supports the claim that a vast variety of skills is needed in order to provide agenda of life-long learning and professional growth.
Keywords: Czech Republic, Region Of South Bohemia, Human Resources Management, Personnel Department, Human Resources Officer, Human Capital
JEL classification: I21, J24, O15
Open Access
Article
SciPap-905
Underlying Factors of Management Practices in Czech Companies
by Josef Veselý, Štěpán Veselý
Abstract: The main purpose of the present paper is to identify the factor structure of managerial approaches. Based on a survey performed in 241 Czech companies from various sectors (e.g. mechanical engineering, construction and consumer industry) we identify six factors underlying managerial practices in these companies: Strategic management, Leadership, Partners and customers, Human resources, Process management, and Knowledge and innovation. Therefore, the empirical factor structure is partially different from the theoretical five-dimensional structure assumed in the widespread EFQM model. The present paper thus improves our understanding of the interrelations among various aspects of management in Czech companies. This better understanding can in turn lead to more informed implementation of total quality management in the firms. Understanding the structure of managerial approaches typical for Czech companies can also contribute to smoother transitions when foreign managers are appointed to run Czech firms (because the structure of managerial approaches is culture-dependent, as has been shown by former research).
Keywords: Managerial Approaches, EFQM, Quality Management, Survey, Factor Analys
JEL classification: L20, M10, C38
Open Access
Article
SciPap-906
Does Economic Cycle Ingluence Twin Deficits in Europe? a Threshold Model
by Veronika Šuliková
Abstract: The aim of the paper is to test the impact of output gap on twin deficits existence in euro-area countries and three non-euro area countries (Sweden, Denmark and United Kingdom) over the time 1995 – 2015. The idea is motivated by the fact that certain European countries succeeded to adjust their current account deficits during recession and a principal motor of this adjustment was a decrease in their domestic demand. A panel data threshold model estimated two thresholds of output gap and divided the relation between budget balance and current account into three intervals. If an output gap is slightly negative or positive, the model confirms twin deficits, whereby a “twin relation” is stronger if an output is above its potential level. If an output is importantly below its potential level during recession, we conclude to twin divergence (e.g. in Greece, Portugal and Spain): even though a country increases its budget deficit during recession, it can succeed to adjust its current account deficit. We recommend taking into account an output gap when testing twin deficits as neglecting this effect could potentially lead to spurious rejection of twin deficit hypothesis.
Keywords: Current Account, Budget Balance, Threshold Model, Twin Deficits, Twin Divergence, Output Gap
JEL classification: E32, F32, F41, H62
Open Access
Article
SciPap-907
The Impact of Selected Financial Indicators Related to the Structure of Funding Sources on Corporate Liquidity in Energy Sector in the Czech Republic and Slovak Republic
by Markéta Šeligová
Abstract: The aim of this paper is to determine the impact of selected financial indicators related to the structure of funding sources on liquidity of companies in energy sector in the Czech Republic and Slovak Republic. With the purpose to fulfill the aim, we examine existence and character of relationship between selected financial factors (debt equity ratio, return on equity, share of fixed assets to total assets, share of earnings before interest and taxes to total assets, equity ratio) and liquidity of the companies in energy sector in the Czech Republic and Slovak Republic. The existence of relationship between financial factors and liquidity of companies is tested by correlation analysis and generalized method of moments called GMM method. We found that corporate liquidity was positively influenced by the equity ratio and return on equity in energy sector in the Czech Republic. We found that corporate liquidity was positively influenced by the equity ratio and share of earnings before interest and taxes to total assets in energy sector in the Slovak Republic. On the other hand, we found that corporate liquidity was negatively influenced by the share of earnings before interest and taxes to total assets, share of fixed assets to total assets in the Czech Republic. We found that corporate liquidity was negatively influenced by the share of fixed assets to total assets in energy sector in the Slovak Republic.
Keywords: Correlation, Debt Equity Ratio, Fixed Assets, Generalized Method Of Moments, Leverage Ratio, Liquidity, Return On Equity
JEL classification: G32, G34, G39
Open Access
Article
SciPap-908
The Social Return on Investmen: The Case Study of Community Cultural Centre
by Miriam Šebová
Abstract: The paper examines the method of the Social Return on Investment (SROI) which is increasingly drawn to evaluate the social impacts of programs or projects in nonprofit or public sector. SROI helps to understand the „social value“ generated by these activities and compares it with „the costs“. The conceptual framework of SROI is based on similar principles as CBA (cost-benefit analysis). It tries to quantify and monetise the social value into financial values, which result in an SROI coefficient. The most important phase of implementation of SROI is the application of „Theory of change“. It has to enable the understanding of the impacts of the analysed activities on the stakeholders. The paper is focused on the theoretical routes of SROI, there are described the main features of the method and also discussed its limitations. In the second part of the paper is introduced the case study – SROI Analysis of the community cultural centre in Košice. This case study is the first application of SROI analysis in Slovakia.
Keywords: Evaluation, Sroi Analysis, Impact Measurement, Social Impact, Culture
JEL classification: L3, R58
Open Access
Article
SciPap-909
Clustering Small and Medium Enterprises in the Transport Industry
by Stanislava Strelcová, Denisa Janasová
Abstract: Small and medium-sized enterprises are exposed to many risks which could threat their existence. One of possible way, how to reduce these risk is clustering. The cluster initiative represents a set of activities aimed at improving the economic level and competitiveness of small and medium-sized enterprises. Besides of it, cluster initiative helps organizations which interested in cooperation obtain the necessary information. The main goal of the article is identification and analysis of structure of clusters operating in Slovakia and creating the current list of clusters. Further, the article aims at closer examination of the clustering of transport companies in the cluster and other forms of cooperation in Slovakia. On the base of the fact that here does not exist an accurate list of clusters in the Slovak Republic, we decided to create it. We faced many problems which are described in the article. In spite that the list of clusters has certain restrictions we can state that it provides a general overview about the forms of cooperation in Slovakia. We discussed and depicted the structure of clusters according to different criteria in the third part of article. Particularly we focused on forms of cooperation between small and medium-sized transport enterprises.
Keywords: Cluster, Cluster Initiative, Transport Industry, Small And Medium Enterprises
JEL classification: M21, R12
Open Access
Article
SciPap-910
The Role of Mass Media in Crisis Communication
by Alice Reissová, Marta Žambochová, Vít Sláma
Abstract: The objective of our work was to identify the role mass media play in crisis communication. We chose the “methanol affair” as an example of a crisis situation which seriously affected the health and lives of people. We wanted to find out whether there are links between the number of published articles and the subsequent volume of spirits sold during the crisis situation in the Czech Republic such as the methanol affair. We used regression analysis and established that the number of articles related to the methanol affair significantly influenced the sales of spirits. The publication of each article was followed by a decrease in sales of spirits and vice versa, i.e., following a decline in the number of articles, sale volumes went up. Negative consequences have also been reported by producers whose annual sales have fallen in a year-to-year comparison. Last but not least, the government also suffered a loss by collecting significantly less money from excise duty as well as other taxes (VAT, income tax). The role of mass media is crucial in crisis communication, businesses should not underestimate the cooperation with mass media and they should be the first to promptly inform the mass media so that they can maintain the confidence of consumers.
Keywords: Crisis Situation, Crisis Communication, Influence Of Mass Media, Decline In Sales Volumes, Excise Duty
JEL classification: M37, M19
Open Access
Article
SciPap-911
Modelling Corporate Income Tax Revenues in Latvia
by Velga Ozoliņa, Astra Auzina-Emsina
Abstract: The article is devoted to the issues of modelling and forecasting corporate income tax revenues in Latvia. Analysis of legal aspects and data shows that it is necessary to distinguish between advance payments (usually monthly payments) and final tax payments made in March, April or May. Following the usual practice, both identities and econometric equations are estimated for forecasting the corporate income tax revenues. Such factors as profit, private consumption price index, exports, wages, private consumption and investment are used as the factors along the tax rate. It is possible to use estimated monthly econometric equation for the short-term forecasting as it provides reasonably precise results and demands less assumptions as the other proposed models, but forecasts should be evaluated together with the results of identities. Estimated equations have to be applied together with the reliable models of influencing factors. The research findings are valuable for other countries as corporate income tax is a standard tax in fiscal system in all EU and other countries.
Keywords: Corporate Income Tax Revenues, Tax Revenues Modelling, Tax Revenues Forecasting, Factors, Latvia
JEL classification: H25, H68, C51, C52
Open Access
Article
SciPap-912
Customers of Common Fashion Brands Int the Czech Republic: Innovators and Opinion Leaders
by Jitka Novotová
Abstract: This article concentrates on the identification of special customer categories known as innovators and opinion leaders, also collectively called Fashion Leaders. The article focuses only on customers buying clothing of medium price and quality, known as Common Brands clothing. The categories of Innovators and Opinion Leaders in this article were measured on the basis of rating scales from renowned international authors. Confirmation factor analysis confirmed that the rating scales belong to latent variables and also sufficiently explain them. The result of the correlation analysis proved that the Innovator and Opinion Leader categories strongly correlate and therefore may be measured jointly in subsequent research, as one shared category of Fashion Leaders. Differences between demographic characteristics of Fashion Leaders and Fashion Non- Leaders were identified using the two-sample t-test. It was particularly found that women with lower education who shop very often are Fashion Leaders. The results of this research may be used as a basis for further customer surveys of Common Brands in the Czech Republic. The practical contribution of this article is the identification and description of the Fashion Leaders customer segment that can help fashion producers in promoting new collections or raising awareness in the fashion field.
Keywords: Fashion, Customer, Fashion Leaders, Innovators, Opinion Leader, Common Fashion Brands
JEL classification: C38, M31
Open Access
Article
SciPap-913
Benchmarking smart e-government development: insight from a national perspective
by Renata Máchová, Jitka Komárková, Hana Kopáčková, Martin Lněnička
Abstract: The concept of smartness has become a priority area for many governments, driven by the effort to enhance their ability to provide more attractive and user-focused public services. This approach has also influence on the set of indicators that are used to evaluate these efforts. In contrast to the previous studies to benchmark e-government development, the society is now more advanced in using ICT and consuming online public services. There is a need to reshape traditional view on e-government development and introduce a new set of indicators that would better capture the full range of smarter e-government. This paper provides insights on this issue from a national perspective. A two-step validation process was applied to evaluate the capabilities of the new set of indicators to assess and benchmark smart e-government development. The results indicate that the newly proposed index provides a robust measure to benchmark smart e-government development.
Keywords: E-Government Development, Smartness, Expert Panel, Benchmarking Framework, Composite Index
JEL classification: C43, H11, H83, L86
Open Access
Article
SciPap-914
Social Networks as a Tool for Job Search
by Silvia Lorincová, Lenka Ližbetinová, Zdeněk Brodský
Abstract: The information technology has caused an absolute revolution. Therefore, searching job through social networks is highlighted as it is perspective way how to find a job. At the global level, social networks are used by more than 90% of companies in process of recruitment. Nowadays, social networks are beginning to be applied by Czech and Slovak companies as well. The objective of the research is to identify the differences in the using of social networks in job search in Czech and Slovak Republic. Findings indicate that, only 2% of Czech respondents preferred social networks as a significant way of finding a job. Following the results, social networks were identified less credible by Slovak respondents, but on the other hand more then 4% of Slovak respondents preferred social networks as a toll for job search. Despite the fact that the employees in the Czech Republic and Slovakia do not really use social networks to find employment, this situation can change as respondents express the opinion acoording which social networks have potential for the future. If social networks are used more by employers as well as by potential candidates, both parties will be satisfied.
Keywords: Social Networks, HRM, Seeking Employment, Recruitment, Head Hunting
JEL classification: J20, O15
Open Access
Article
SciPap-915
What Macroeconomic Variables Drive the Stock Returns of Austrian Financial Institutions?
by Marie Ligocká, Daniel Stavárek
Abstract: The stock prices of companies are influenced by many variables; the predominant ones are macroeconomic factors. The objective of this paper is to analyze the existence of a relationship between select macroeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are CA Immobilien Anlagen, Erste Group Bank AG, Immofinanz AG, Raiffeisen Bank International AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on stock prices, stock returns and the indicators that influence them. A time series with a quarterly frequency is used to examine the occurrence of long term and short-term relationship links using the Johansen cointegration test and the Vector Error Correction Model (VECM). The empirical estimates are calculated for the 2005 – 2015 period, which includes the global financial crisis. Our main finding is that the macroeconomic factors used have a primarily negative impact on the stock returns of the select institutions.
Keywords: Financial Sector, Macroeconomic Variables, Austria, Cointegration, Global Financial Crisis
JEL classification: O52, C58, E00, F41, G01
Open Access
Article
SciPap-916
Early Warning in Traffic: Possibilities and User Perception in the Czech Republic
by David Kubát
Abstract: This paper focuses on the situation in traffic. It describes currently used telematics systems in traffic and suggests possible extensions and improvements with using both already used technologies and concepts. Firstly it introduces Radio-HELP system that could help to decrease reaction time in case of traffic accident even during blackout and secondly there is a concept of incorporating a social GPS navigation WAZE into the warning system. Both advantages and disadvantages of this connection compared to the current system are discussed in the paper. Results of a targeted survey are presented in the last part of the paper. The survey is aimed to find out how potential users perceive the new approach and if they are afraid of a potential misuse of their data. The paper concludes that people do not consider eCall and other telematics systems as sufficiently safe from personal data leaks. There are some more detailed findings too.
Keywords: Traffic, Radio-Help, ECall, Waze, Road Safety
JEL classification: D80, O33
Open Access
Article
SciPap-917
How Do Regions Use Indirect R&D Support for Their Innovation Activities?
by Viktorie Klímová
Abstract: It is broadly accepted that innovation is an important source of competitiveness in developed regions and that research and development brings new knowledge that can be utilized for the development of new innovations. This paper deals with indirect support for research and development that is used for promotion of innovation activities in the Czech Republic. The aim of the article is to provide new empirical evidence on using of indirect support of research development for financing of innovation activities in Czech regions. The statistical data are analysed through descriptive statistics, cluster analysis and correlation analysis. It was observed that indirect R&D support is strongly concentrated in Prague and the Central Bohemian Region. The situation in the South Moravian Region is different, although this region has many common features with the former regions. The cluster analysis also revealed a group of regions with quite a high level of indirect support. These regions are not the innovation leaders, but they can be characterized by a strong industrial base.
Keywords: Innovation, Research And Development, Indirect Support, Tax Incentives, Region
JEL classification: R12, H25
Open Access
Article
SciPap-918
The Role of Agglomeration Economies in the Employment Growth in the Knowledge Intensive Services
by Slávka Klasová
Abstract: The paper investigates the impact of agglomeration economies on the regional employment growth in the knowledge intensive services (KIS) in Slovakia over the period 1998 to 2014 by estimating spatial econometric models. Assuming that knowledge spillovers and externalities are stronger between industries with shared knowledge bases and complementarities, we analyse the role of different forms of sectoral variety at the district level in Slovakia. Results indicate that localization economies has a generally negative impact on the employment growth in the KIS sector, however the results show a strong evidence of the beneficial effect of related variety, while no role is played by unrelated variety. When looking at knowledge spillover between KIS and manufacturing, the KIS industry is affected by related variety in manufacturing industry, while no evidence of externalities is found from the tertiary sectors to manufacturing. The results question the merits of interventions promoting regional specialisation and emphasise that diversity into the related industries should be one of the policy issue areas.
Keywords: Slovakia, Agglomeration Economies, Employment Growth, Knowledge Intensive Services, Spatial Distribution
JEL classification: O18, O52, R12, D62
Open Access
Article
SciPap-919
The Conceptual Model of Collaborative Economy
by Lubor Hruška, Vladimír Krajčík, Ivo Formánek
Abstract: Sharing economy is a phenomenon which it is currently paid too much attention, both in positive and negative point of view. This concept is a relatively young in the economics, but the historical context of sharing principles can be observed from the beginning of the human community. The definition of a sharing economy requires a multidisciplinary approach for the complexity of the concept. The aim of the article is to introduce a new conceptual model of a sharing economy, which can be used in regulating of a part of sharing economy, which by its nature, causes unfair competition in the business environment, since traditional business models for the provision of the same services must bear the additional costs associated with the certification of services, safety training, etc.
Keywords: Collaborative Economy, Sharing Economy, New Business Models
JEL classification: J46, K20, O17, O33, O35, O38, P41, R21
Open Access
Article
SciPap-920
Financial Dependency of Territorial Self-Government in Slovakia
by Peter Horváth, Lukáš Cíbik, Martin Švikruha
Abstract: The aim of the paper is to find out the degree of financial dependence of local and regional self-government from the state in Slovakia in years 2005-2016. Financial dependency will be analyzed for eight regional capital cities (local level) and eight self-governing regions (regional level). This type of research conveys a number of important results, it also provides the scope for analyzing and comparing the partial results of individual self-governing units and their average rates over a twelve-year period. Here is also an option to monitor the value development of the financial dependency of regional and local self-government budgets for the years 2005-2016. In the processing of this issue, we arose from a modified formula for calculation the financial independence. We determined the dependence of a selected sample of territorial self-governments on foreign/transfer revenues. They cannot directly affect the amount of these revenues. We have clearly presented the results in the tables and the graph on the basis of the analysis, comparison and synthesis of the obtained information. In the end, we have summarized the knowledge about the financial dependence of the territorial self-government in Slovakia in the time period under review.
Keywords: Slovakia, Financial Dependence, Territorial Self-Government, Budget, City, Self-Governing Region, Budget Revenue
JEL classification: H27, H71, L38
Open Access
Article
SciPap-921
Assessment of the Financial Health of the Czech Tour Operators
by Veronika Hedija, Martina Kuncová
Abstract: Tourism industry belongs to the relatively young and dynamically expanding sector of economy in post-communist countries. According to the Tourism Satellite Account data, tourism industry created on average 3 percent of gross domestic product in last ten years in the Czech Republic. The study is focused on travel agents whose main task is to mediate tourism services. The paper aims to assess the financial health of tour operators in the Czech Republic using different methods which are suitable for financial health evaluation and compare the results of these methods. The multiple criteria decision making methods (TOPSIS and WSA) based on selected financial ratios and bankruptcy models, specifically Altman Z´-Score, Z´´-Score models and index IN05 were applied. The data were taken from database Albertina CZ Gold Edition. The final sample covered data about 232 tour operators (group 79.12 according to the Statistical Classification of Economic Activities in the European Community Rev.2) for the years 2014. The findings of all applied methods show that not all companies are in good financial health and it is expected that the market of tour operators will evolve towards a reduction of the number of market players.
Keywords: Bancruptcy Models, Altman Z-Score, In05, Multiple Criteria Decision Making Methods, Tour Operators
JEL classification: G33, C44, Z33
Open Access
Article
SciPap-922
Use of the Location Quotients for Regional I-O Tables Creation and Estimation of Regional Multipliers
by Peter Džupka
Abstract: The main purpose of this paper is to present the possibilities of using economic impact analysis on regional level with use of regional multipliers. The main limitation of economic impact analysis use on regional level is unavailability of regional multiplier in most of the EU countries. This article presents the possibility of the regional I-O table’s derivation using local quotients. Different types of local quotients are critically analysed within the article with aim to find most suitable for derivation of regional I-O matrix in Slovakia. With the use of Flegg´s local quotient (FLQ) the derivation of selected regional I-O matrixes is described. The next part of the paper describes full set of regional multipliers which can be derived from regional I-O matrix and presents results for several sectors in Košice region. The last part of the paper discuss some special peculiarity of regional multipliers use in economic impact analysis and presents results of estimated regional multiplies for selected economic sectors in five Slovak regions.
Keywords: Economic Impact Analysis, Input-Output Analysis, Regional Multipliers, Flegg´s Local Quotient (Flq)
JEL classification: R15
Open Access
Article
SciPap-923
The Influence of (Un)Conventional Monetary Policy on the GDP and Inflation
by Liběna Černohorská, Vladimír Klejzar
Abstract: The aim of this paper is to analyze the influence of monetary policy on economic indicators – if monetary aggregate M3 has influence on consumer price index (CPI) and gross domestic product (GDP) in the Czech Republic, the USA, the Eurozone and Switzerland. Cointegration this selected indicator M3 is demonstrated in relation to the development of CPI and GDP using the Engle - Granger cointegration test. Data from the years 2007–2016 are included in the analysis. We determine the optimum delay using inforamtion criterion for all-time series analyzed. Then we analyzed the presence of a unit root using the Dickey - Fuller test and we excluded time series which appear to be stationary. If the conditions are met, testing then continued with the Engle - Granger test to detect cointegration relations, which would determine a relationship between selected indicators. Based on Engle-Granger test, we found that doesn´t exist cointegration relationship between M3 and CPI and GDP in the Czech Republic and the Eurozene ((un)conventional monetary policies are ineffective). On the contrary, in the case of the USA and Switzerland, the impact of the M3 monetary aggregate on GDP and CPI was confirmed ((un)conventional monetary policies are effective).
Keywords: M3, Central Bank, Cointegration Test, Unconventional Monetary Policy
JEL classification: C32, E47, E51
