Ondřej Vojáček, Jiří Louda
The Eastern Ore Mountains landscape has its speciﬁc and unique character. In particular, it is due to several speciﬁc landscape elements and biotopes, which either do not exist in other locations or are not as frequent. These locally speciﬁc ecosystems include notably montane meadows, clearance cairns and natural streams.
Mirela Momcilovic, Dejan Zivkov, Sanja Vlaovic Begovic
The cost of equity represents signiﬁcant input in the investment process evaluation, company valuation or in the process of an acquisition. In developed countries, the cost of equity is usually determined on the basis of Capital Asset Pricing Model – CAPM (Sharpe, 1964; Litner, 1965) according to which in the state of market equilibrium investors expect return from the security proportional to its systematic risk. The model uses beta coefﬁcient of secutity as a measure of systematic risk. The CAPM disregards unsystematic risk, because the model assumes that investors hold highly diversiﬁed portfolios, which enable investors to eliminate unsystematic risk (see Wagner & Lau, 1971; Klemosky & Martin, 1975). Investors at developed markets, besides CAPM often use some other asset pricing models, like Arbitrage Pricing Model (Ross, 1976) or Fama-French Three-Factor Model (Fama & French, 1992; 1993).
Slavka T. Nikolić, Nikola Gradojević, Vladimir Đaković, Valentina Mladenović, Jelena Stanković
The notion of entrepreneurship is not new, but entrepreneurship is continuously searching for new ideas while increasing their applications (Morris & Trotter, 1990; Morris, Lewis, & Sexton, 1994). Marketing and entrepreneurship are broadening their ﬁeld of synergic activity, but some gaps in this interaction still remain (Bhuian, Menguc, & Bell, 2005). Numerous studies have indicated the link between marketing and entrepreneurship (Murray, 1981; Morris & Paul, 1987; Herron, Sapienza, & Smith-Cook, 1992; Hills & LaForge, 1992; Becherer & Maurer, 1998; Morris, Schindehutte & LaForge, 2002; Kraus, Harms, & Fink, 2010; Gilmore, 2011, Hills & Hultman, 2011; Hultman & Hills 2011; Kurgun, Bagiran, Ozeren, & Maral, 2011; Morrish, 2011; Busenitz, Plummer, Klotz, Shahzad, & Rhoads, 2014), but a number of research question have remained underexplored.
Selver Seda Ada, Johan Christiaens
In recent decades, public sector accounting reforms have been one of the most striking aspects of the adoption of New Public Management (NPM) (Lapsley & Pallot, 2000; Christensen, 2007; Christensen & Parker, 2010; Ball & Craig, 2010; Pollanen & LoiselleLappointe, 2012). Accrual accounting, which is closely related to public-sector accounting reforms, has been studied in various contexts from various perspectives (Pallot, 1994; Shand, 1990; English, Guthrie, & Carlin, 2000; Ryan, 1998; Carnegie & Wolnizer, 1995; Barton, 1999; Carnegie & Wolnizer, 1999; Salinas, 2002; Carlin, 2005).
Restructuring processes are continuous in market economies. Technological progress, diffusion of innovations results in market disruptions and convergences. The latter create new markets and value networks, impact the scope and scale of consumption and related businesses changing the nature of competition and market dynamics. Such evolution affects all sectors of economic systems including processes of integration and globalization, causing enterprises to restructure in order to maintain or strengthen their market position.
Aldona Glińska-Neweś, Agata Sudolska, Arkadiusz Karwacki, Joanna Górka
Nowadays it is more and more frequently emphasized that organization’s ability to innovate is an explanatory factor in determining its competitiveness. It refers to the fact that contemporary organizations act under permanent pressure of economic, technological, political and social changes. Taking into account such an unstable environment, the issue that becomes signiﬁcant is enhancing organizational capacity to respond to external changes with some novel products, processes, ideas etc. (Nonaka & Takeuchi, 1995; Bessant, Lamming, Noke, & Philips, 2005; Bessant & Tidd, 2007; Ellonen, Blomqvist, & Puumalainen, 2008; Pietrzak & Łapińska, 2015).
Sovereign Wealth Funds (SWFs) are still considered to be new-born institutional investors, in international ﬁnancial markets, as well as innovative investment vehicles, despite their relatively long history. Several funds have been operating at a global level for more than ﬁfty years, however the number of those created after the year 2000 represents the majority of the total in existence. For many years, these state-run funds have been almost anonymous investors, existing in the shadows, maintaining a low proﬁle in the public eye. SWFs have been regarded as investment vehicles established in order to manage, in a rational and proﬁtoriented way, pools of national wealth for future generations.
Viera Marková, Petra Lesníková, Alena Kaščáková, Miroslava Vinczeová
The signiﬁcance of the business sustainability concept has been increasing not only abroad where it has been pursued by professionals as well as the general public for a longer time, but also here in Slovakia. It has evolved from the understood universal concept of sustainable development centred on bringing solutions to global problems and issues. It is mainly concerned with the use of limited natural resources, environmental exploitation, a ﬁght against poverty, society polarization, etc. In a more comprehensive understanding, it involves the change and replacement of current production and consumption models with future, more sustainable ones. Looking at the complex and sectional issues of sustainable development, a positive relationship with the business sector can be observed.
Pavlína Hejduková, Lucie Kureková
Healthcare systems have been providing clients with services of an increasingly higher quality thanks to many positive developments in healthcare, primarily the high level of expertise of healthcare personnel, improvements in technology, and speedier approaches to treating illnesses. However, the healthcare system has struggled with other various negative aspects: inappropriate structuring, poor management, or ineffective ﬁnancing. In light of these negative aspects and the support and development of the positive, these systems should be managed properly and their performance should be evaluated (Hejduková & Kureková, 2016b).
Pavla Klepková Vodová, Daniel Stavárek
The recent ﬁnancial crisis has shown that liquidity risk plays an important role in the contemporary ﬁnancial system. This is especially true for economies that are traditionally based on banks and credit markets. A liquidity shock may propagate through a real channel or an information channel and then affect the entire ﬁnancial system (Frait & Komárková, 2011). As a systemic banking crisis can have costly consequences such as declines in gross domestic product growth, real house prices and real equity prices and increases in unemployment rate, real public debt, among other effects (Reinhart and Rogoff, 2009), it is not surprising that most regulators, policymakers and academics devote signiﬁcant attention to various aspects of liquidity risk measurement and management.