Open Access
Article
SciPap-1011
Transparent Local Self-Government – Right of Public to Information as a Form of Direct Democracy
by Tomáš Alman, Jana Volochová
Abstract: The article is thematically focused on the issue of transparent performance of self-government, especially in the context of public´s position within the institute of the right to information. The aim of the article will be to evaluate the extent of provided information in selected municipalities in the Slovak Republic and the Czech Republic, to compare the legislation and practice and to specify differences. The research will focus on constitutional-legal and theoretical background and analysis of the rules of procedure of local councils in Bratislava, Košice and Prague. We will supplement the research with selected criteria - publishing and making audiovisual recordings or other recordings. General methods (analysis, synthesis, logical abstraction, induction and deduction), statistical methods and comparison will be used. The article is formally structured into the standard parts, the formulation of the issue is focused on theoretic-legal aspects, direct democracy, the right to information and especially the provision of information by selected self-governments. We found some shortcomings (municipalities not complying with legal obligations), the worst is Košice, the better condition is in Bratislava and the best situation is in Prague. The most serious mistakes are the absence of a website, unpublished rules of procedure or relevant records of meetings.
Keywords: Transparency, Local Self-Government, Direct Democracy, Right To Information, Administration, Public Control, Records
JEL classification: D73, D78, E6, H11
Open Access
Article
SciPap-1012
Selected Factors of Strategic Management in the SME Sector
by Jaroslav Belás
Abstract: The aim of the paper is to present significant factors of strategic management in the sector of small and medium-sized companies. Within the set goal, we quantify the weight of selected strategic management factors and compare trends in the Czech and Slovak Republics. An empirical research was carried out in 2020. In the Czech Republic, we obtained data from 454 micro, small and medium-sized enterprises and in Slovakia from 368 enterprises belonging to the segment of small and medium-sized enterprises. We used chi-square and Z-score to process the data. The basic conclusion of the research is that even though SMEs perceive the importance of strategic management in the enterprise very strongly, strategic management is not adequately implemented in the everyday life of the enterprise. Entrepreneurs in both countries are not too convinced that quality strategic management enhances the competitive ability of the enterprise. About half of the companies are involved in regular strategic management. There are statistically significant differences according to the size and age of the enterprise, or according to the education of entrepreneurs. Larger companies and more educated entrepreneurs better understand the importance of strategic aspects and the need for their application in corporate governance.
Keywords: Slovak Republic, Czech Republic, Strategic Management, Small And Medium-Sized Enterprises, Micro Enterprises, Strategy
JEL classification: L26
Open Access
Article
SciPap-1013
Brand Meaning for Consumers From Dissimilar Generations
by Veronika Braciníková, Kateřina Matušínská
Abstract: There are many generations of consumers on the market, who are still faced with more offerings of these companies. These generations of consumers are different with different perceptions of brands. Therefore, the aim of this paper is to investigate the consumers’ degree of identification with the brands in the relation with selected demographic factors. The selected demographic factors were tested among consumers from different generations. The questionnaire as the primary research technique was used. The analysis was based on the number of 840 respondents. The respondents were from generation Baby Boomers, Generation X and Generation Y. The brands do not mean for the Baby Boomers consumers or Generation X as much as they mean for the consumers belonging to the Generation Y. These consumers have different perceptions of the brands, what is caused by different opportunities to get the products and present themselves by them. The members of the cohorts Baby Boomers and Generation X do not need to build relationships with the brands or to present themselves by brands as much as the members of the cohort Generation Y. The members of Generation Y like building the relationships, presenting themselves by brands.
Keywords: Attitudes, Branding, Brand Equity, Degree Of Identification, Generation
JEL classification: M31
Open Access
Article
SciPap-1014
International Variations in Firm-Level Strategic Entrepreneurial Orientation of SMEs
by Mehmet Civelek, Ivo Formánek, Václav Nétek, Milan Robin Paták
Abstract: Since the executives of SMEs have a crucial part in decision and strategy making processes, their entrepreneurial attitudes related with Entrepreneurial Orientation (EO), might enable them to perform better in achieving their firms’ targets, growth and success. In this sense, this research purposes to determine and compare EO of executives of SMEs from various countries by concentrating their gender, age and education. To achieve this goal, the researchers separately collected data from 1620 executives of Czech and Turkish SMEs and Mann-Whitney U test was performed to make analyses for this study. The findings corroborate that Czech executives are more proactive and aggressive in competition than Turkish executives while Turkish executives are more autonomous. Except differences between younger Czech and Turkish executives, risk taking behaviours do not change among the executives. Lastly, Turkish male and older executives take more innovative actions than their Czech counterparts. The reasons for these findings might be clarified with cultural differences, market structure, level of corruption, propensity to apply patents, public spending on childcare and assertive behaviours of executives. Some policy implementations for policy makers and other organizations are also offered by the researchers to eliminate differences in EO of the executives and SMEs.
Keywords: Czech Republic, Smes, Gender, Education, Entrepreneurial Orientation, Age, Turkey
JEL classification: M21, L26, M12
Open Access
Article
SciPap-1015
Generational Subaccounts of Slovak Pension System
by Daniela Danková, Ivan Králik, Jan Šebo
Abstract: Implementation of the capping the retirement age in Slovakia will have negative impacts on the sustainability of the Slovak PAYG scheme. This has led us to the analyze whether the current generations will pass the financial burden onto next generations. Method of generational accounts allows us to estimate imbalance between various generations. We modified generational accounts into the generational pension subaccounts to analyse the imbalance between generations within the Slovak PAYG scheme. We also added education as a new parameter into generational pension subaccounts. Using this approach, we can estimate how much each ageeducational cohort pays into PAYG scheme and how much each age-educational cohort could receive in the form of pensions from PAYG scheme. Applying microsimulation model using stochastic moving block bootstrapping techniques and generational pension subaccounts, we estimate redistributional impacts of capping age at 64 years. We have shown, that capping the retirement age at 64 will leads to an increase in paid benefits from PAYG scheme, which will have negative impacts to the future generations.
Keywords: Payg Scheme. Generational Pension Subaccounts. Redistribution. Retirement Age
JEL classification: H55, J26, E24, G18
Open Access
Article
SciPap-1016
Financial Market Inclusion, Shadow Economy and Economic Growth Paradigm: A Less Developed Country Perspective
by Bernhard Ishioro
Abstract: This study used annual time series data in the examination of the relationship among shadow economy, financial market inclusion and economic growth in Nigeria both in the short and long-run periods for our econometric analysis. The time series data covered the period 1990 to 2017. The simple Ordinary Least Squares (OLS) regression and the Error Correction Mechanism (ECM) complemented with the unit root and cointegration tests were applied. The OLS results indicated that the shadow economy facilitates the growth performance of financial market inclusion process in Nigeria. However, the short-run results show that only the one past lagged value of the shadow market statistically explains the financial market inclusion development in Nigeria. The study recommends that short-run financial market inclusion policies should be avoided to prevent the adverse effects of the shadow economy on the inclusive finance development process.
Keywords: Economic Growth, Nigeria, Financial Market Inclusion, Financial Services, Shadow Economy
JEL classification: F43, G20, G21
Open Access
Article
SciPap-1017
The Models of Extreme Insured Losses Due to Natural Catastrophes
by Pavla Jindrová
Abstract: Special methods are used for modelling of extreme values. The aim of this article is application of the two most commonly used methods and demonstration of the use of these modelling for the insurance practice. These are the block maxima method and the peaks over threshold method. These methods are applied to real data of insured losses due to natural catastrophes. The analysed data were published by reinsurance company Swiss Re on their website. Data from 2014-2016, when 218 catastrophic events occurred due to natural influences, are used. According to the reinsurance company Swiss Re the event is classified as a catastrophic event, if the loss exceeds at least one of the limit of which relates to economic losses, the insured losses or limits on the number of casualties. The financial stability of insurance and reinsurance undertakings is affected by insured extreme losses. Therefore, the knowledge of probabilistic models of these extreme values is important. Based on the estimated parameters of these models, it is possible to estimate the amount of future insured losses due to natural catastrophic events. This information is important for the risk management of insurance and reinsurance undertakings to set and update premiums.
Keywords: Model, Catastrophic Events, Block Maxima Method, Peaks Over Threshold Method, Insured Losses, Natural Catastrophe
JEL classification: C15, G22
Open Access
Article
SciPap-1018
Social Factors´ Impact on the Quality of Business Environment in the SME Segment
by Ludmila Kozubíková, Ján Dvorský, Aleksandr Ključnikov
Abstract: The article aims to identify and quantify significant social factors that determine the quality of the business environment (QBE) of small and medium-sized enterprises (SMEs) in the Czech Republic and Slovakia. The case study was carried out through a questionnaire that was completed by 641 SMEs. To evaluate the questionnaire multiple linear regression models (MLRs) were applied. The results of the case study showed that the social factor, such as the family environment, has the greatest impact on the QBE in Slovakia. In the Czech Republic, the most important social factors are society, politicians, entrepreneurs and role models. Also, the influence of the media and communication environment is perceived by entrepreneurs as an important determining factor of QBE.
Keywords: Small And Medium-Sized Enterprises, Quality Of Business Environment, Social Factors
JEL classification: L26, M10, M20
Open Access
Article
SciPap-1019
Testing the Efficacy of Wagner’s Law on Public Expenditure in Nigeria
by Callistar Kidochukwu Obi, Victor Chukwunweike Ehiedu
Abstract: We tested the efficacy of Wagner’s public expenditure-growth model using Nigeria data. Wagner hypothesized that public expenditure is an endogenous variable in the expenditure-growth model, and is driven by rise in output growth of an economy. We placed emphasis on the signs and significance of the coefficients of the variables used, while adopting Pesaran and Shin bounds testing approach to determine the long run relationship of the variables, and Autoregressive Distributed Lag Model of Error Correction Mechanism and Wald Coefficient Test to determine the long run and short run causality of the model. We found Wagner’s hypothesis to be true in Nigerian situation. Economic growth caused total government expenditure to rise in the shortterm. We also found a downturn in current government spending at the fifth lagged value of RGDP which can be adjudged that economic growth impact on government spending lingers on till four years lag, beyond which its impacts become a constraint to growth. Changes in per capita income caused by population change increases government expenditure. We Concluded that Wagner’s growth-expenditure model is efficacious in Nigerian. We suggest an increased spending on infrastructures and other income generating capital projects for revenue sustainability in the face of rising expenditure.
Keywords: Economic Growth, Government Expenditure, Per Capita Income, Population, Wagner’s Law
JEL classification: H11, H50, O40
Open Access
Article
SciPap-1020
Technical Efficiency in the Nigerian Banking Sector: A Stochastic Production Frontier Approach
by Enoh Hilda Olele
Abstract: In recent times, the optimizing behavior of banking firms has come under intense scrutiny because it is believed that it has implications for firm’s overall efficiency. This is the reason why it became important in this study to evaluate the technical efficiency of banking firms in Nigeria. A stochastic production frontier analytical framework was adopted in analyzing the data obtained from the Nigerian Stock exchange factbooks for a period of 1993-2013 on ten of the consolidated banks. The variables used include investment security (output) and loans & advances, share capital and labour (inputs). Findings from this study revealed among others the existence of inefficiency in the production of investment security. Specifically, the technical efficiency associated with the production of investment security was 41 percent which indicates an underlying inefficiency of 51 percent. The study therefore recommends the adoption of diversified strategies by banking firms to improve the technical efficiency in the production of investment security.
Keywords: Technical Efficiency, Bank Surveillance, Portfolio Choice, Investment Security, Stochastic Production Frontier
JEL classification: C13, D24, G11, G24, G28
Open Access
Article
SciPap-1021
Accessible Tourism Development in the Postsoviet Country Context: A Case of KlaipėDa City, Lithuania
by Goda Sakalauskaitė, Diana Šaparnienė, Iveta Reinholde
Abstract: accessible tourism is one of the scientific tourism studies concern that has been gaining more academic attention due to global demographic changes related to drastically growing disability rates and ageing population. This research took a qualitative approach to investigate accessible tourism situation, trends, and development in a post-Soviet country context. The case of this research – the old-town of Klaipėda city in Lithuania – was chosen for its great tourism potential. Although in the context of strategic planning documents of the Klaipėda city, the old-town is identified as a priority urban development area, the Lithuanian Association of People with Disabilities states that the territory is hardly suitable for people with access needs. Referring to qualitative methodological triangulation (document analysis, observation method applying photography method and semi-structured interview) and data content analysis, the authors examined the situation of tourism accessibility using I. Ambrose’s accessible tourism supply chain model, based on analysis of transport, information, services and infrastructure dimensions.
Keywords: Accessible Tourism, Accessibility, Accessibility Needs, Disability, Klaipėda
JEL classification: Z32, Z39
Open Access
Article
SciPap-1022
Factors Affecting Talent Retention in Tech Start-Ups
by Kenia Salgado, Martin Flegl, Martina Fejfarová
Abstract: Nowadays, it is crucial for organisations to attract highly skilled employees due to the competitive environment, as well as due to the current structure of the workplace. To retain talented employees, it is necessary to care about their needs and satisfaction. As differences regarding gender and/or generations exist among employees, it is necessary to create new human resources policies that suit every employee. This is especially important for start-ups as they have limited funding and cannot compete with salaries and job security from bigger and more established organisations. The objective of this article is to evaluate employees’ preferences across 27 factors that influence employees’ retention in a tech start-up on a general level and then with a focus on the gender difference in such preferences to be able to propose adjustments in human resources policies. Results indicate that significant differences regarding gender exist in training and working environment preferences. On the other hand, there is consensus among employees over the importance and type of personal recognition and necessity of work-life balance. Identification of such differences creates an opportunity for human resource policies adjustments.
Keywords: Decision-Making, Factors, Analytical Hierarchy Process, Employee Retention, Start-Up, Talent
JEL classification: J63, M12, D81
Open Access
Article
SciPap-1023
Are Financial Statements (Less) Fundamental to Investor’s Decisions?: Study of Indonesian Stock Exchange
by Yulita Setiawanta, Imam Ghozali, Abdul Rohman, Agus Purwanto
Abstract: This study aims to determine whether financial performance information companies listing on PT. IDX to investors through stock prices is still fundamental or not and also to find out whether investors need information other than financial data. Information on the financial performance in this study was proxied by profitability measured by ROA and ROE, CR and solvency measured DER measured liquidity, and closing stock prices measured investor reaction. The object of this research was the LQ45 company, which topped the list consecutively from 2008 to 2017. This type of research object was intentionally sought, which stood in the top list of companies whose shares are most sought after by investors for ten consecutive years, and obtained 110 data samples for processing. The results showed that solvency (DER) and liquidity (CR) influenced investor reactions at the 5% significance level, while profitability (ROA) and ROE did not affect. Thus explains that information about Solvency and Liquidity is financial information that is still relevant or fundamentally needed by investors. At the same time, it found that profitability was less suiTab. as a signal which had a significant impact on investors' investment decisions.
Keywords: Financial Statements, Return On Equity, Return On Assets, Current Ratios, Debt To Equity Ratios
JEL classification: G10, G20, G32, G41
Open Access
Article
SciPap-1024
Application of Management and Human Resources Principles for a New Business Entity’s Entry Into the Viniculture Branch
by Radka Šperková, Renata Skýpalová
Abstract: The paper explores the issue of a new business entity’s entry into the agricultural sector, dealing specifically with the viniculture industry. A new entering company has to confront itself with high capital costs and has to ensure appropriate access to all sources and distribution channels. Very significant barrier makes also government policy and legislation. The other barriers are variability of the labour market. It highlights current market trends towards increased labour demand, while unemployment remains low. Employees, those born in the 1980-90s (the Y Generation) in particular, have begun to require more employer activity in the field of corporate social responsibility (CSR). The study is based on a survey of selected agricultural and vinicultural holdings in the Czech Republic, focusing on their engagement in CSR activities pursued within the HR scope. Despite the awareness of the CSR concept among respondents reaching 55 %, survey outcomes suggest that the overall participation in most of the CSR activities is below 40 %. Firms are not particularly concerned with the activities that the Y Generation tends to lay emphasis on, such as those associated with the work-life balance. Overall it is possible to state that existing barriers of entrance discourage potential now companies.
Keywords: Human Resources, Corporate Social Responsibility, Competition, New Entrants, Wine Sector, Porter ‘S Five Forces Model, Work-Life-Balance
JEL classification: M11, M12
Open Access
Article
SciPap-1025
The Sustainability of the Existing Cost Management System With an Emphasis on the Public Sector
by Lenka Výstupová, Roman Zámečník, Ludmila Kozubíková
Abstract: The aim of the paper is to compare the cost management approaches in the public and private sectors, with an emphasis on the public sector. The data was collected in 2017 and 2018 in the Czech Republic. The main results showed that most respondents do not use Activity Based Costing and that there are no statistically significant differences between the public and private sector. Both public and private sectors, if keeping records of management accounting, charge costs in such a way so as to be able to determine the total costs of their activities at any time. Not even the fact that an organization uses public funds increases the chance of the given organization to look for the information about its full costs. Most of the respondents in both groups make important financial decisions based on knowledge of full costs of their activities. The research thus has not proved that the public sector subjects would have a different approach to finding out about full costs than the private sector units.
Keywords: Public Sector, Activity Based Costing, Cost Allocation, Cost Management, Private Sector
JEL classification: M21, M40
Open Access
Article
SciPap-1026
The Employment Support of Disadvantaged Population in the Open Labor Market With an Emphasis on Disabled People in Slovakia
by Alena Zubaľová, Jakub Zeman
Abstract: Currently, the labour market is in a good shape in many EU‘s counties. After the financial crisis, due to repeatedly start of economies of individual countries, there has started to raise also an employment rate. However, the employment of the marginalized groups still remains a problem for many countries, including Slovakia. Due to this fact, there should strengthen the respective measures, in order to improve the conditions of vulnerable groups of people in the open labour market. In particular, we see the targeted measures as incentives for employers in order to increase their "willingness" to employ disadvantaged jobseekers. This paper discuss about the increased attention to the disabled people and the possibilities of their participation in the open labour market. The aim of this article is to assess the impact of tax- oriented instruments that could improve, currently not very favourable, the position of disabled people in the open labour market in Slovakia. The proposed tax and other contributions instruments could also be applicable to other vulnerable groups of the population who need to be more competitive because of their disadvantage position.
Keywords: Tax-Contribution Benefits, Disadvanataged (Vulnerable) Person, Disabled Person, Open Labor Market
JEL classification: G38, H24, I14
