A study undertaken in Japan investigated the degree to which students' use of English as a Second Language in journal writing outside of class corresponded to their performance on language tests. Specifically, the correct use of articles in the position and function of "a, an, and the" was examined. Subjects were students in a secondary school specializing in language training. The experimental group, 132 students in 6 second-semester classes, was instructed in the use of articles; the control group of 222 students in 6 first-semester classes, was not. Student journal extracts were randomly sampled to measure use of articles, and results were compared with quiz scores. It was found that neither group showed any significant improvement in use of articles in journal writing; however, the scores on quizzes in the experimental group consistently increased as they were given instruction on article use. Results suggest that while the students were gaining knowledge from instruction, they were not applying it in practice. (MSE)
The main aim of the paper is to identify price fluctuations on the secondary housing market in the years 1996-2008 in Poznań. The paper is divided into three parts. In the first part the time series components are analyzed. Then the methods of business cycles analysis are applied to house prices fluctuations on the local markets. The third part of the paper contains analysis of fluctuation of flats’ prices in Poznań in the years 1996-2008.
This article shows the results of multi-dimensional studies on enterprises subject to bankruptcy in 2013. This article discusses the structure of entities on the basis of the following criteria: legal and organizational form, ownership form, and the main profile of business activities indicating the industrial belonging of bankrupt and insolvent debtors. The studies were also oriented towards the evaluation of the analysed phenomenon on a regional basis, i.e. in the administrative division of Poland. The author evaluating the level of concentration of bankruptcy processes, particularly in provinces of Poland, applied the LQ coefficient used in economic geography to study the intensification level of selected spacious phenomena.
Suburbanisation is currently an essential characteristic of urban development in big European cities and their peripheral zones, both in the so called “Old Europe” and in most big cities in post-Communist countries. Suburbanisation is reflected mainly in changes within land use, intensification of development outside the city borders (especially along exit roads), and increased commuting. Land use structure is the outcome of decisions of bodies responsible for spatial management. It also depends on external factors (economic, technological, and social) and internal ones (e.g. current land development, attractiveness of land location within the city). The aim of the paper is to present changes in land use structure in Poland after the 90. with special focus on changes within suburban zone of Poznań city.
Turkey is still waiting to be one of the European Union’s members. More than 50 years ago Turkey‘s government first asked to join the European Union. During the time, other countries have joined, expanding the 6 members European club to 28. Unfortunately, even the most optimistic scenario says Turkey is unlikely to be part of the EU for at least another decade. While the European Union is working with Turkey to help it move toward being able to become a member of the European Union, there are some politicians and economists who are concerned about Turkey’s potential membership. Those opposed to Turkish membership in the EU point to several issues that Turkey isn’t in Europe geographically, culturally; Turkey isn’t a part of Europe. Besides Turkey has a large population, high unemployment rate and migration as a potential problem for the EU. Accession of Turkey to the Union would be challenging both for the EU and Turkey. If incorporating will be well managed, it would offer important opportunities for both parties. Referred to above this paper aims at providing a brief overview of the EU’s accession process and Turkey’s path to the EU membership. Main hypothesis assumes that the Turkey’s accession to the EU is not simply down to a failure to comply with the official membership criteria.
The paper deals to analyze the selected accounting aspects of the micro, small and medium-sized enterprises in the Czech Republic in the context of accounting harmonization. The aim of this paper is to identify and evaluate whether there are dependencies between accounting indicators in the context of domestic and international environment by using selected methods of correlation analysis as well as the methods of analysis, synthesis and comparison are used. The paper follows the research implemented at Moravian College Olomouc in the field of small and medium-sized enterprises (Sikorová et al., 2009-13 and 2016) and the authors´ own research. The evaluation of companies showed that a higher number and growth of enterprises is in enterprises with international activities. The number of companies which increasingly cooperate with foreign business entities is growing in connection with the reasons for processing financial statements according to the international form of accounting harmonization.
Considerable research has been conducted to analyze the effects of elements such as information technology, efficiency, and innovation on the performance of a company (Bhatt & Grover, 2005; Bowonder et al, 2010; Ogrean et al, 2009; Piccoli & Ives, 2005). However, company success is dependent on effective communication particularly in a multicultural and competitive global environment yet the types of effective communication that impact competitiveness have not been well explored. Although companies are aware of the importance of communication, far less attention is paid to promoting the use of effective communication within and outside the organization as compared to other factors. The Macondo oil spill crisis in the Gulf of Mexico provides a topical case study of how global companies can suffer performance losses due to ineffective communication. Traditional views of organizational competitive advantage have failed to directly address the importance of communication as a differentiator. This paper addresses the importance of effective communication in building and maintaining performance success (Tucker et al 1996) and explores three key types of effective communication in maintaining success through competitive advantage. These three types include the right combination of “soft” and “hard” information gathering, superior interpersonal communication and the appropriate use of information and communication technologies. We use the Macondo case study as a venue to test the successes and failures of communication on performance We find where there is a lack of effective communication an organization’s global competitive ability is severely impaired. Further, we address how communication impacts the other elements that contribute to competitive advantage such as efficiency, responsive public relations and innovation. We use the findings to present strategies and recommendations to help an organization use effective communication to achieve superior customer satisfaction, encourage innovation, motivate employees, and respond to crises more effectively.
Our research deals with a comprehensive study of the management success factors of logistics service providers using a new approach, and examines the life of logistics service companies. The data were collected from 51 logistics service providers in Hungary. We searched for the proper enterprise scale – acquisitions – strategies (including the method of looking for the economies of scale in the LSP segment to be examined, and the role of strategy choice). Our research has found that among logistics companies those firms which followed the growth pattern has significantly higher sales revenue than the companies growing organically. Additionally, logistics companies – considering their pre-tax profits - work more efficiently when they have a growth strategy (regardless of its time lag). However, this claim is true only for those companies that did not have any (revenue) growth over the previous period. The results of our research can effectively help logistics service providers find their business success factors, which will enable them fulfil the expectations of their customers in the supply chain better.
This article aims to analyze the interbank lending adjustment during the period when Vietnamese commercial banks are compliant with some parts of the Basel regulation framework. A pilot regulation period has started in 2011 and full application will be effective by the end of 2018. Partial adjustment models and variance decomposition are used for the analyses. In the analysis of the quarterly released financial statements of Vietnamese commercial banks in the period from 2008/Q1 to 2015/Q4, the empirical evidence showed that throughout the period, lending to non-bank and high liquidity assets contributed to the adjustment in both long run and short run with a negative association. In addition, the loan loss allowance contributed to the adjustment in the post-regulation period only with a positive association. These highly contributing factors also show a potential shock after the adjustment of the interbank lending. The results imply there is a need for interbank lending portfolio report and an efficient control over the IRB of Vietnamese commercial banks.
The unexpected election of the Republican Donald J. Trump for the US presidency generated serious concerns as to the future of the multilateral negotiations on climate change. Indeed, the President Trump is a climate skeptic who is challenging the linkage between human activity and global warming. With the long-awaited Statement of 1st June 2017 on the US withdrawal from the Paris Agreement, he claimed the prevalence of domestic economic interests over common concerns, like climate. In fact, President Trump’s declaration – although void of any sort of rational, coherent explanation – constitutes the proclamation of the primacy of State sovereignty when it comes to environmental issues. In this regard, the words of President Trump are eloquent: “the withdrawal from the Paris Agreement represents a reassertion of America’s sovereignty”. In the present paper, the free-riding strategy that the Trump administration took regarding international climate commitments will be reviewed, focusing on the consequences of Trump’s declaration, whose twofold content will be highlighted (it lies not only in the expression of the will to exit the Agreement, but also in the immediate ceasing of its implementation). Finally, the potential countermeasures to steer the US action (tit-for-tat strategy) or other incentives for and implications of the US withdrawal will be analyzed, as well as some reflections on the next steps for the US in the climate change regime, claiming that Trump’s pursuit of short-term benefits would come at the risk of longer-term damages.
This paper main question is whether decisions of Slovak companies about cross-border financial restructuring are affected by taxes. Using a questionnaire survey we investigated the opinions of Slovak companies’ managers on the selected tax provisions related to cross-border transactions. The aim was to determine whether taxes represent a major obstacle for cross-border financial restructuring. We have extracted the factors by means of exploratory factor analysis, then we have verified the differences in the identified factors between the companies of different size and level of indebtedness, and by employing logistic regression we have investigated the dependence between performing cross-border restructuring and the identified tax factors. We concluded that Slovak companies perform cross-border restructurings that are currently also tax-motivated. The intended changes of tax provisions that facilitate international tax planning will have adverse impact on motivation to perform cross-border financial restructuring operations by Slovak companies.
The main aim of this study is to examine the relative efficiency of agriculture in the European Union using Data Envelopment Analysis for the period 2005-2015. We have examined the relative efficiency using non-radial and non-oriented slacks-based model (SBM) under the assumption of a variable return to scale. We have looked for causes of inefficiency and have come up with the recommendations how to change input and output variable to reach the efficiency frontier. The results show that, on average, the European Union agricultural sector has been performing efficiently, and its development could be considered as stable. After taking into account the size of the economies in form of gross domestic product in market prices, we can say, that the efficiency was positively affected mainly by the development in large countries. By examining the optimal values for the variables used in the SBM model, it has been found that on average for the movement on the efficiency frontier it is necessary to reduce both inputs (labour and utilised agricultural area) and simultaneously increase both outputs (animal and crop production).
The Deep and Comprehensive Free Trade Area (DCFTA) Agreement between Ukraine and the EU has led to the following question: What new opportunities are unveiled for the agricultural sector? The aim of this article is to determine the promising trends in Ukrainian agriculture’s export potential considering the potential adverse effects from highly competitive markets. The authors’ gravity model is based on the research of the Ukraine-EU free trade area operating conditions. The paper provides a forecast on the volumes of trade flows of agricultural food products between the participants of the Agreement and determines advantages and disadvantages of trade and overall economic relationship liberalization. Finally, the ways to improve bilateral relations for Ukraine are proposed.
The fulfillment of the exchange rate stability criterion requires at least a two-year participation of the given currency in ERM II “without severe tensions”. The Czech koruna does not participate in ERM II, inter alia because of risks which are connected with fixed exchange rate. The aim of this paper is to find out how to simulate such participation. At the beginning of the paper, current methods of assessment of the criterion fulfillment by the Czech authorities, European authorities and other authors are analyzed. We conclude that these approaches are inappropriate. We offer our two own assessments which are different and reflect the change in the exchange rate regime since November 2013 (when massive interventions on the foreign exchange market took place). First, to evaluate only the period prior those interventions. Second, to determine the trend of the exchange rate development in 2010-2013 (i.e. the period from the reassuring of the sharp fluctuations of the exchange rate CZK/EUR to the start of interventions) and extrapolate it into present time. In both cases, we come to the same conclusion: the convergence criterion was fulfilled.
This paper investigates the effectiveness of recent measures undertaken by the governments of some European Union Member States such as the United Kingdom, Germany and Poland as well as of non-EU European countries such as Switzerland in order to face growing concerns in the public opinion with the increase of transnational migration flows on European continent. The authors analyse selected legislative, regulatory and administrative measures motivated by objectives of migration policy or affecting the mobility of workers, taken in the aftermath of the economic and financial crisis. They argue that, albeit political discourse unfavourable on immigration and migrant workers has become the mainstream in some countries, the measures taken by national governments and legislators seldom involve direct constraints on the free movement of workers which is safeguarded by EU treaty provisions. However, concrete examples illustrate that access of such workers to social security benefits has been restricted through making use of certain derogations from the principle of equal treatment allowed under EU law. In some cases national legislators had to abandon plans to limit directly the free movement of workers, because the envisaged provisions were incompatible with the EU Treaties. With regard to social security, regulatory measures and administrative actions may have effectively implemented national policy concerns with large-scale migration movements. In general, it could be concluded that the European Union, while struggling against multiple crises, has taken a not fully favourable approach to free movement and migration of EU citizens. The present political climate unfavourable to intra-European migration may be understood, from the perspective of historical analysis, as an expression of constitutional ambiguity underlying the European Union’s normative framework, consisting in a gap between its formally recognised noble values and the mentalities prevailing in the citizenry, which may place democratic forms of governance in a serious dilemma.
The aim of the paper is to identify the fundamental variables driving banks’ credit default swaps. Quarterly data from 2004 to 2015 for European and American banks have been used. The analysis has been prepared through static panel data models. The following hypothesis has been put forward: the earnings potential, and economic uncertainty significantly influence credit risk. The independent variables used are CAMELS factors – Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. The CDS spreads are most sensitive to the market risk factors whereas capital adequacy, earnings and liquidity indicators have weaker impact.
This study investigates the environmental consequences of economic growth. Global environmental problems tend to aggravate along with global economic development. A number of harmful chemical compounds are being emitted into the air every day. An econometric model describing the influence of GDP per capita growth, foreign trade intensity and the volume of primary energy consumption on NOx and NH3 emissions is estimated in the paper. The data on the 28 EU countries is analyzed. The main findings support the EKC hypothesis. The relationship between per capita income and emissions of both NOx and NH3 falls into the EKC pattern. The estimation results on international trade intensity influencing the emissions are insignificant. The growth of primary energy consumption increases the emissions of both gases. This effect is greater for NOx since power plants are among the most significant sources of its emission. Given that the primary energy consumption in the EU continues to grow, there is a risk of further emissions growth in the energy sector, which should be taken into account by policymakers.
The objective of this study is to determine the distribution of entrepreneurial orientation across districts, gender, education level, occupation, and experience levels in Kelantan, Malaysia. This study employs the cross-sectional approach and quantitative data were collected from 800 low-income household heads in Kelantan, Malaysia. It was found that the distribution of entrepreneurial orientation is the same across gender. However, findings reported a significant difference in the distribution of entrepreneurial orientation across districts, education level, occupation, and experience level. Policy makers should therefore focus on interactive programs in order to increase the level of entrepreneurial orientation among low-income household heads in the district of Jeli, those who never attended school, the unemployed, and those who reported to have no experience as they scored the lowest mean rank.
The purpose of this research was to examine the variables contributing to Thai legal practitioners’ knowledge management abilities. By means of simple random-sampling, the sample of 332 individuals was surveyed using the 72-item, 7-level, Likert type agreement scale questionnaire on the study’s four constructs. Confirmatory factor analysis was run prior to the structural equation model, with the analysis undertaken in LISREL 9.1. All causal factors in the model were shown to have a positive influence on knowledge management, with 92% variance of the factor affecting knowledge management (KM) (R2). Ranked in importance were communications skills (CSK), competency (COMP), and professionalism (PRO), with the total mean score of 0.96, 0.43, and 0.34, respectively.
The article explores various approaches to the development of cognitive process dimensions in financial literacy. It is based on the empirical research of the financial literacy levels among 1,207 fifteen-year-old Czech students compared with 18 countries worldwide (OECD, 2014a). Applying the regression model, the study has examined the strength of the relationship between the actual financial competence of 284 Czech students aged 17-18, studying economic disciplines, and their school performance. The research has produced the following conclusions: (a) a weak dependence of actual skills on school performance; (b) inherently associated consequence of school performance is not corresponding to the actual financial skills; (c) a low level of financial competence in the dimensions - Remember, Understand and Apply. Proceeding from the research results, it will be desirable to focus on the transfer of economic methods and foreign practice into the learning process, thereby contributing to the improvement of the current situation in Czech Republic.
Currently, cluster concept is one of the most important tools for governments to enhance competitiveness and innovations through sectoral specialization and cooperation. The paper focuses on applications of the cluster policy in the distinct territorial context of Europe and Asia so that to perform a comparison between different approaches to the cluster concept application in real practice. The paper introduces a comparative study of the cluster policy concepts based on the characteristics defined by the authors, such as scope, approach, targeting, autonomy, institutional coordination, policy instruments and evaluation system studied for the selected European and Asian countries such as Denmark, France, Germany, China, Japan, and South Korea. The research draws upon processing the secondary data obtained through content analysis of the related literature, government documents and strategies, and also cluster funding programmes. The findings demonstrate the diversity of cluster policies implemented in the context of European and Asian conditions at the current stage of their development.
The process of scientific outcomes’ evaluation used for the purposes of financing research institutions in Czech Republic is quite complicated and often unpredictable. The conditions under which scientific outcomes are evaluated often change ex post, thus causing significant problems to researchers. Therefore, the aim of this article is to propose a new methodology for evaluation of scientific outcomes in Czech Republic. The research compares two different methods of scientific outcomes’ assessment applied by Czech public universities – the methodology of the Section for Science, Research and Innovation (SSRI) of the Government of Czech Republic and the requirements of Czech accounting legislation. More specifically, the number of scientific outcomes evaluated according to the SSRI is compared with the amount of intangible assets disclosed in their financial statements for the years 2008-2015. For this purpose, the multiple regression analysis is used. The results of this research confirm that the methodology used by the SSRI may, under certain conditions, be replaced by the amount of intangible assets disclosed according to the requirements of Czech accounting legislation. Generally speaking, despite having some weaknesses, accounting requirements seem to provide more stable results when evaluating scientific outcomes than the methodology used by the SSRI.
Azerbaijan as almost all other post-soviet countries in the early 90th appeared cut-off from the global network of scientific knowledge distribution. Government of Azerbaijan in cooperation with local scientific community developed a State Action- Plan in order to change this situation. In the present article, the authors examined activities of the Central Scientific Library of Azerbaijan National Academy of Sciences, as one of the main components of such plan, focusing on the key problems faced by the library, especially in terms of international relations, and solutions developed, which allowed Azerbaijan to become a part of the global network of scientific knowledge distribution.
Abstract. Herein, we establish the most appropriate model of exchange rate dynamics using computer modeling, mean-error indicators of approximation, and the average quadratic divergence with the Fourier series approach and time-dependent behavior in a time series. This study was based on 360 daily observations of EUR/AZN currency exchanges covering the time period 03.02.2017–03.08.2018. Our main assumptions were: (1) the ability to describe the global dynamics of exchange rates by approximating the combinations of the linear trend and harmonic oscillations of various frequencies relative to this line; and (2) the possibility of developing a high-precision algorithm for short-term forecasting of changes in exchange rates. Harmonious oscillations were separated by using methods for the harmonic analysis of the table error in MS EXCEL. Eviews was used to calculate statistical estimates of the coefficients of factor variables with the types of sines and cosines that are suitable for all possible frequencies. Dynamic forecasting of exchange rates was enabled by setting up harmonious oscillatory models with straight-line trends. The necessary statistical procedures were implemented for authentication of the established models, evaluation of parameters, and verification of the algorithm’s adequacy.
Logit and discriminant analyses have been used for corporate bankruptcy prediction in several studies since the last century. In recent years there have been dozens of studies comparing the several models available, including the ones mentioned above and also probit, artificial neural networks, support vector machines, among others. For the first time for Colombia, this paper presents a comparative analysis of the effectiveness of several models predicting corporate bankruptcy. Such models have previously been mostly used in relation to European and North American markets, whereas here they are applied to the financial ratios of three firms located in Colombia. The main objective is to corroborate the validity of these models in terms of their ability to predict firm failure in the Latin American context, specifically for two bankrupt Colombian firms and one healthy one. The analysis is conducted using bankruptcy forecasting models widely proposed in the literature and used systematically in developed countries: the multiple discriminant analysis Z-Altman model, Korol’s two-function model and Prusak’s P2 model. In addition, the logit and decision tree models developed by T. Korol are tested.
Stability of the financial system depends on the stability of its individual elements, banking system being the most important among them. In the today’s competitive environment, Slovak banking sector consists of a large number of banks offering a wide range of services. For the banks operating in such environment it is not enough to distinguish themselves only through the parameters of products which are bringing short-term effects, but it is essential for them to build competitive advantage with some long-term perspective. The key contribution to a long-term strategy of any bank is assessment of its activities from the perspective of performance and efficiency. When analysing the actual situation, banks are trying to assess realistically their strengths and weaknesses regarding products, pricing, distribution, communication policy, bank management, organization structure etc. They assess their efficiency relative to other banks. For this purpose, banks use various methods seeking to find the most suitable combination of financial and non-financial assessment indicators. There are parametric and non-parametric methods for efficiency assessment. The most common method in the banking sector is the non-parametric method – Data Envelopment Analysis (or DEA models). It allows analyzing the efficiency of transformation of multiple inputs into multiple outputs with the help of efficiency score. In the paper, DEA models were employed to assess the efficiency of Slovak banking sector. The three largest banks at Slovak national banking market were found to be efficient in both analysed years. Slovenská sporiteľňa, a.s. was efficient in all the models with different combinations of inputs and outputs.
This paper studies the capital regulation implementation by commercial banks. Specifically, the authors examine how commercial banks achieve the required capital regulation requirements in the context of the Basel regulation frameworks and whether this compliance promotes banks’ efficiency. The authors use partial adjustment models to analyse the banks’ quarterly financial statement releases in both pre-and post-regulation periods. On average, the empirical evidence shows that the commercial banks pursued credit growth at a higher priority than capital regulation requirements. Retained earnings and risk-weighted assets are permutations to account for the bulk of both higher risk-weighted capital ratio and capital-to-total-assets ratio, while the shares’ issuance played a lesser role. In the post-regulation period, the banks adjusted to the risk-weighted capital target faster than in the pre-regulation period. Adjustment to the capital-on-total-assets ratio was slower. The authors find that the manner of the adjustment by these commercial banks to the capital target led to a loss in efficiency. The result implies the need to tighten the capital regulation implementation and improve risk-weighted assets management.
Each market, same as the whole economy, is subject to business cycles. This rule can be applied also to real estate market [Gawron, 2006, p.69]. This paper presents three main topics: idea of business cycle on real estate market, survey of residential price cycles in chosen OECD countries and an analysis of dwelling’s price cycles in Poznań in the period 1996 – II Q. 2009.
Different philosophical frameworks between China and the West found their reflection in diverging concepts of managing relations with the outside world. China focused more on circumstances, managing situation and preventing conflicts, the West was resolution oriented, aimed at fighting opponents and looking for victory in conflicts. China has introduced the idea of harmony -hierarchy world, while the West, on the opposite, tends to freedom-conflict patterns of relations. On China’s side, thinking habits and old thought paradigms of statecraft are until now deeply ingrained in mentality, thus shaping China´s policy today. Understanding the background of Chinese traditional thinking modes and mind heritage helps better understanding of China´s rise in global affairs as well as of Sino-American relations as the key element in a search for global leadership.
The subject of this article is the role of clusters in increasing breakthrough innovation of their member enterprises. The aim of the article has been to investigate to what extent entering and operating within a cluster stimulates breakthrough innovation in enterprises. This aim has been achieved on the basis of comparative analysis of the number of patent applications of enterprises in 1990-2012, separately for the periods before and after the beginning of cooperation within the cluster. The study covered enterprises belonging to clusters in the Lower Silesia region (Poland). The results of the study suggest that there is no positive relationship between the enterprises being members of a cluster and their breakthrough innovation.
The paper discusses the reasons for the establishment of BRICS, and the role of the BRICS countries in the global economy today. Special attention is paid to the analysis of the factors, which caused the "destruction" of BRICS. The BRICS group is now being replaced by a new grouping of fast-growing economies – TICKS in which Russia and Brazil are replaced by Taiwan and South Korea. The authors analyzed the macroeconomic indicators of the TICKS countries and proposed a new structure of the grouping - Thailand, India, China, Korea, Singapore. These countries have fast-developing high-tech industries, increasing foreign investments and GDP, as it is proved here by the respective calculations of the authors.
In recent decades, academics and practitioners started a deep discussion about the limitations and perspectives of enterprise budgeting systems. Traditional budgets are frequently criticized due to their inflexibility, weak connection to corporate performance and demand on manager’s time. Recently, we have observed more frequent examples of firms which have undertaken budgeting system transformation and the adoption of modern, flexible and performance-based budgets. In this study, we have studied some trends in the budgeting of Czech firms with a focus on the manager´s behaviour. This paper contributes to the existing knowledge in two fields: Firstly, it summarizes the existing state of the art regarding the budgeting transformation; secondly, it presents the survey results focused on the operational budget utilization and its impact on the manager’s behaviour. Overall, the study presents some findings regarding the impact of an operational budget on the manager’s behaviour. We have tested how frequently situations occur, more specifically those frequently discussed in literature, in a given Czech firm´s budgeting practices.
This paper investigates the determinants of loan maturity of small and medium enterprises (SMEs) in the context of Visegrad countries: Czech Republic, Slovak Republic, Poland, and Hungary. The data of instead of for this paper was obtained from the Business Environment and Enterprise Performance Survey (BEEPS), which is a joint project of the European Bank for Reconstruction and Development and the World Bank. By using a binary logistic model, we have found that loan maturity is shorter for older and mature firms, firms owned by female and firms experiencing a shortage of liquidity. At the same time, we have also found that firms having concentrated ownership structure and more tangible assets can borrow for a longer period. In addition to that, we have found evidence that loan maturity is longer for the firms located closer to a bank branch. We also provide empirical support for the assumption that bank low competition is associated with longer maturity. From the obtained results, we may recommend SMEs to borrow from banks that are within their vicinity since this may increase the maturity of loans. Policy makers are recommended to implement policies so that to alleviate gender-related discrimination and take initiatives to moderate the level of competition at this market.
Logistical modelling of business systems within the context of mathematical logistics, logistical management, operational research as well as rationalistic provision of logistics at an enterprise have been considered in the article. The research was carried out on the methodological basis which included the authors’ developments and implied conveying familiar knowledge on new objects within the field of linear programming. Scientific novelty concerns the development of categorical toolkit as well as the existing methodical approaches of rationalistic logistics to managerial decisions. Rational areas of using terms “logistical model” and “model of logistics” in business environment have been determined. The authors’ methodology of constructing logistical models in management of separate social and marketing systems of enterprises according to minimization and maximization criteria is presented. Ways of using modelling at not conventional objects of logistical support for managerial decisions have been suggested in the context of studying the moral psychological climate of staff and complex estimation of socioeconomic measures of staff management improvement. The procedure of logistical optimization in the system of distributing and advertising activity of the enterprise has been developed. Approbation of the developed models has been carried out and possibilities for further model’s complication by output data, variables, and limitations under specific practical conditions have been grounded.
The aim of this contribution is to reveal the general practice in corporate financing in the Czech Republic, capital structure choice in particular, by means of comparison with the global data. The comparative study is based on primary data from the Czech Republic obtained via a questionnaire survey, and comparison with the data from various countries in Europe and America published in empirical surveys since 2001. The crux of this comparison is the use of the same questions that were used by Graham and Harvey for the first time in 2001. Unlike the original study, which examined several aspects of corporate finance in a single country, this study is focused on the cross-country comparisons of views on determinants of capital structure. The study revealed both differences and similarities between Czech, American and European companies. As the most important factor affecting the choice of the appropriate amount of debt for Czech respondents was “Financial flexibility”, likewise in the other countries. Surprisingly, the tax advantages are not considered to be of a high importance to Czech firms and a striking proportion of respondents have no target debt ratio; such results weren’t found by any previous study.
The paper deals with a comprehensive range of hotel services for families with children at spa facilities of the Czech Republic, in line with current trends and requirements of this market segment. The main goal of this paper is to determine the preferences, needs and requirements of families with children in terms of amenities and services offer at spa hotels designated specifically for this target group. The secondary goal is to determine the current state of hotel services and facilities of Czech First Class hotels, which are the holders of the Baby Friendly Certificate. Subsequently, service offerings of these spa hotels are compared with the existing range of services for families with children in the selected Czech spas. In conclusion, based on the information obtained from the analyses and marketing research, a solution of the services portfolio intended for the market segment of families with children is recommended here using marketing mix as applied to tourism.
Th e main reason of this study is to test the interest rate impact on investment in Jiangsu Province of China. Jiangsu has the largest quantity of investment in China. For long run, nexus Johansen Co-integration test is employed. Whereas, vector er- ror correction model (VECM) is used to fi nd short run association over the period of 2003-2012. Th e results indicate that there is a long-term relationship association among variables. It has negative relation in the long run but positive in short run. Th is research also produces suggestions that will help in terms of interest rate policy as well as improving investment that promotes economic growth in Jiangsu Province.
Participation in the exchange rate mechanism ERM II (one of the Maastricht criteria – exchange rate stability) is compatible with certain exchange rate regimes only. The aim of this paper is to find arguments for choosing one of these regimes. The starting point is the current strategy of the euro introduction in the Czech Republic, and the expressed concerns about the risks associated with fixing of the exchange rate. The used method is analysis of data on the currency participation in ERM II and searching for analogies of Czech koruna. The analysis consists of the identification of exchange rate regimes used before and after ERM II so that to determine the duration of ERM II involvement. Fixing of the exchange rate in the regime peg with a band of oscillation of 15% in both directions is the working hypothesis. Criteria of the so-called normal fluctuations margins and the so-called severe tension are also discussed. Development trend of the CZK/EUR exchange rate is examined. The outcome of the research is finding the risks associated with this exchange rate regime. It is the risk of a narrow fluctuation band (2.25%) in depreciation direction and the risk in the form of foreign exchange intervention or interest rate differential at excessive appreciation of the exchange rate.
The Human Development Index is one of the methods how to measure human development. It measures the level of human development both in the economic and social field. Human development is studied at the national level in most cases, yet it might be used at the regional level of a country, too. The objective of the article is to describe the potential for human development in the NUTS II regions of the Visegrad Group Plus countries (the Czech Republic, Poland, Hungary, Slovakia, and Austria and Slovenia) using the cluster analysis. The research was carried out in the period from 2004 to 2013. Initially, a research hypothesis regarding the dynamization of the human development processes in most of the regions was set, moving from a lower to a higher development potential within three groups. This hypothesis was verified by a hierarchy cluster analysis in the Ward method and was not confirmed.
The article discusses relations occurring between an form of employment and the place of provision of work by employees. Empirical studies were conducted in the sample of 397 workers employed based on different employment forms and within the framework of diverse work organization forms. They focused on investigating whether flexible place of work provision results in the solutions related to flexible employment forms. The problem was operationalized by verifying research hypotheses based on the analysis of correlation and regression. The conducted studies confirm that flexible solutions, referring to a working place, influence the application of flexible (nonstandard) employment forms.
This study investigates the relative efficiency of the 28 EU countries when transforming employment in four different sectors into socioeconomic cohesion. It evaluates the cohesive effects from modernization processes into a service and knowledge-based economy basing on the most recent data (generally describing the 2015 year). Results for the economies are derived from the usage of DEA method assuming non-radial transformations in an input-oriented model (CCR-NR). Socioeconomic cohesion is researched in its two dimensions: wealth distribution and social networks. Thus, a classical area of research on efficiency with productive results is browsed into a social field. It is of special importance in the post-crisis period when economic divergence, growing social tensions as well as strong diversification in public social support within the EU countries is observed. The main findings support the view that modern changes in employment structures are favourable for socioeconomic cohesion, as the highest efficiency is typical for knowledge-intensive services and consecutively for less knowledge-intensive services. The poorest results are gained in low and medium-low technology manufacturing and just a little better – in high and medium-high technology manufacturing. The study provides some arguments into the discussion about de- and reindustrialization. We have found that the EU policy enhancing cohesiveness should mainly support the processes of KIS development as well as human capital creation and its economic engagement.
Properties are one of the components of communal assets, and as such they play various roles in the local government’s tasks. Property management types are therefore dependent on the classification of properties according to the functions they serve. The aim of the study is to present the reasons for choosing certain forms of municipal property management. Furthermore, the author seeks to describe communes’ revenues from sublicensing the rights to properties to other entities.
The objective of this paper is to assess financial performance of Czech, Hungarian, Polish, and Slovak unlisted companies. The sample retrieved from the Amadeus database contains 171,095 firm-year observations for the period of 2010-2014. A linear regression model (weighted least squares with robust correction for standard errors) is run to regress Return on Assets (ROA) as the dependent variable against selected entity-specific factors, including ownership characteristics. Empirical evidence uncovers several findings. Firstly, the performance of V4 companies is comparable except for Hungary, where companies report lower ROA on average. Secondly, firms established after the failure of communist regimes outperform the privatised companies. Thirdly, the ownership characteristics do matter. Having domestic owners is not a disadvantage, as only the companies with controlling shareholders from the Anglo-Saxon countries perform better. Other jurisdictions of parents lead either to comparable (e.g., old EU members, developed Asian countries) or even worse (e.g., new EU members, post-Soviet bloc) performance as compared to domestic ownership. Similarly, family firms perform significantly better than the companies controlled by institutional owners or by public sector, but worse than the firms controlled by financial institutions. The listing status of a parent is not an influential factor of performance. Fourthly, the size of a company also matters, as small enterprises report better performance in their financial statements than medium and large undertakings. Fifthly, higher leverage undermines performance. Finally, there is a wide dispersion in average performance across the industries. The study results might be relevant for policy makers while choosing between direct and indirect support for diverse types of businesses.
The aim of this paper is to determine the relationship between technical efficiency and profitability of insurance companies. The profitability of insurance companies was expressed by such indicators as ROA, ROE and the size of assets. We analysed 15 commercial insurance companies in Slovakia in the period of 2013-2015. Technical efficiency scores were expressed using DEA models. The relationship between the technical efficiency score and the indicators of profitability was expressed using censored regression, i.e. the Tobit regression model and the Mann-Whitney U-test. The relationship between the technical efficiency score in the CCR and BCC models and all the groups formed on the basis of the return on assets and the group formed basing on the return on equity was not confirmed. Statistically significant difference between average technical efficiency score in the CCR model in the group of insurance companies with ROA <1%,2%) and technical efficiency score in the CCR model in the group of insurance companies with ROA equal or higher than 2 was confirmed. Insurance companies with ROA equal or higher than 2 achieved greater average efficiency score in the CCR model than the group of insurance companies with ROA <1%,2%).
Political transformations that took place up to the middle 1990s caused dynamic growth of the Polish mortgage market. From that time dynamics of mortgage debts is much higher. Mortgage loans are the best developed area of both commercial and mortgage banks.
The article analyzes the key issues of bilateral cooperation between the EU and Ukraine in the framework of the Eastern Partnership initiative. Special attention is paid to political and economic components of this interaction, and in particular – good governance, signing of association agreements and formation of Deep and Comprehensive Free Trade Area (DCFTA). The results of the research show that even despite the pressure from Russia’s side and EU’s high dependence on energy import from Russia, the EU has demonstrated its wiliness to support Ukraine in stabilizing its economy, encouraging judicial, political and economic reforms and further economic integration with the EU. Ukraine, in its turn, has also demonstrated its interest in intensifying cooperation with the EU and, comparing to other EaP countries, has demonstrated the highest results in the areas of political dialogue, trade and economic integration. However, turbulent and unpredictable political situation in Ukraine is negatively affecting the cooperation between Ukraine and the EU: Ukraine’s trade performance and signing DCFTA with the EU has been negatively affected by war conflict with Russia, which caused not only economic slowdown, falling commodity prices, high inflation, but has also negatively affected Ukrainian exporters’ ambitions and innovation development due to worsening investment climate in the country.
The importance of involving diverse stakeholders in tourism planning is receiving growing recognition. Tourism destination planning is a complex process, due to the existence of a wide variety of stakeholders with a wide range of opinions, multiple problem visions and different interests. Despite the complexity of the planning process one feature acknowledged for successful destination management planning is high level of stakeholder cooperation. The paper examines the level of stakeholder cooperation on the specific exampl e of the sustainable development concept implementation in Montenegrin tourism. It starts with two hypotheses: first, the development level of instruments for managing tourist destination depends on stakeholder cooperation level in a particular destination, and second, implementation of the sustainable development concept is positively correlated with the development of instruments for managing tourist destination. The results have indicated poor implementation of tourism development plans and low level of stakeholder cooperation.
Objectives: The current research aimed to gain an understanding of women’s experiences of FGM to develop an evidence based holistic conceptual framework for professionals dealing with the impact of FGM and responses required for survivors and their children. Method: Using a grounded theory approach, qualitative semi-structured interviews were carried out with 20 women survivors of FGM. Results: Participant’s related culture, religion, role of men, lack of education, female identity and deception as the major factors influencing their understanding and the impact of FGM. Their experiences of FGM, as well as being influenced by their conceptualisation of the practice, led to effects on their emotional life, relationships, identity, and physical body. The fear resulting from FGM that women described affected their ability to enhance their resilience. All the core categories of emotional, relational, identity, and physical impact, as well as resilience, were further influenced by the key stages of womanhood; including menstruation, marriage and childbirth. Women voiced their views that all the above issues were compounded by their needs not being met and the lack of meaningful and effective service responses. Conclusions: There are complex systems and relationships that influence the psychological and social impact of FGM. These have core implications for clinical and policy in relation to maternity and healthcare services.