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FACTORS INFLUENCING CONSUMER BEHAVIOUR OF GENERATION Y ON THE CZECH WINE MARKET

Jana Němcová, Pavla Staňková

According to Tibor Nyitray, President of the Wine Growers’ Union of the Czech Republic, wine is not only a product of nature, but also pleasure and joy, work and entrepreneurship, the result of long-term education and practise, the reason for meetings and association, and finally science and trade. Wine and winegrowing has made considerable progress in the last twenty years. Legislation has improved, the quality of equipment has risen, modern technologies have been developed, and a significant number of wines have obtained remarkable achievements at international competitions. Everything now depends on winemakers. They should not ‘only’ sell the wine that produce, but they should seek to build a good reputation for their products, gain the permanent confidence of consumers, and offer interesting and attractive wines. It is important that they will be more interested in what wines customers want to receive from them, and their aim should be in the first instance to satisfy consumers, and only after sales (Bárta, 2013).
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PRICING EXOTIC OPTION UNDER STOCHASTIC VOLATILITY MODEL

Pengshi Li

Exotic options are called “customer tailored options” or “special purpose option” because they are flexible to be tailored to the specific needs of investors. Strategies based on exotic options are often employed to hedge the specific risk exposures from the financial markets. Because exotic options are more efficient and less expensive than their standard counterparts, they are playing a significant hedging role in cost effective ways. Unlike the vanilla call and put options, exotic options are either variation on the payoff patterns of plain vanilla options or they are totally different kinds of derivatives with other features. While simple vanilla call and put options are traded in the exchanges, most of the exotic options are traded in the over-the-counter markets. Supershare option and chooser option are two typical kinds of exotic options which suggest a broad range of usage and application in different financial market conditions. Supershare option is one type of Binary option. Unlike the binary option which has only one boundary, a supershare option has an upper and lower boundary.
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PREDICTION OF INSTITUTIONAL SECTOR DEVELOPMENT AND ANALYSIS OF ENTERPRISES ACTIVE IN AGRICULTURE

Vojtěch Stehel, Jakub Horák, Marek Vochozka

Owing to a special role of agriculture in the national economy, governments have become the main suppliers as well as the main users of agricultural predictions (forecasts). They require internal forecasts to implement policies that provide technical and market support to the agricultural sector (Hedtrich, Loy, & Mueller, 2012). Forecasts of agricultural production and prices ought to be helpful not only for the governments, but primarily for farmers and the entire agriculture industry. Thus, agriculture is an area where politicians, consumers, scientists and environmentalists encounter (Rivera-Ferre, 2008). Remeikiene, Rozsa, Gaspareniene and Pěnčík (2018) state that supportive political attitudes towards the agricultural sector along with employment of protectionist measures determine ignorance of the rules of supply and demand, distortion of the conditions of free market competition, closeness of the agricultural sector in comparison to other economic sectors, incomplete international agricultural price transmission, inkonsistence of long-term market prices for agricultural commodities and existence of agriculture in disfavoured areas.
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POTENTIAL OF THE CZECH BUSINESS ENVIRONMENT ASSUMES THE EFFECTS OF FOREIGN DIRECT INVESTMENT

Sylvie Kotíková

As a consequence of political changes, the process of transitioning a centrally controlled economy to a market economy has influenced the development processes of the states in which this transformation has occurred (Hlaváček & Bal-Domanska, 2016). It was expected that the entry of foreign investors would bring an inflow of capital, new investment, export potential, and technological transfer (Estrin et al., 2009; Rapacki & Prochniak, 2009). Foreign direct investment (FDI) is generally considered to be the contribution of holders of know-how, technology, new management methods and skills, initiators of innovation activities, strategic employers, and exporters. FDI can lead to economic growth, changes in the business or institutional environment, restructuring of the economy and, ideally, also to the increase of labour productivity in the host region and the improvement of macroeconomic indicators (Damborský, 2013). Moreover, for transition economies, FDI is the key indicator for evaluating their economic transformation (Starzyczná, 2010). FDI in the Czech Republic, and in transition economies in general, is regarded as a crucial criterion for a successful economic transformation (Hlaváček & Bal-Domanska, 2016).
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COMPETITIVENESS OF SLOVAK ENTERPRISES IN CENTRAL AND EASTERN EUROPEAN REGION

Milota Vetráková, Lukáš Smerek

Many changes occurred in the management of the economy in Slovakia caused by the transition from a centrally planned economy to a market economy at the turn of the 1980s and 1990s. The process of globalization into Slovak economic conditions was limited due to initial alertness. While the governments of Poland, Hungary and the Czech Republic presented themselves as pro-reform, the Slovak government preferred Slovak privatizers (Kosír, 2016). Nevertheless, the retail chain Billa entered Slovak market in 1990, followed by automobile giant Volkswagen in 1991, American retail chain Kmart in 1992, which took over the department stores Prior. Because of the reforms implemented, Slovakia gains confidence from foreign investors. Significant foreign capital inflows into the emerging business environment of the Slovak economy, such as Heineken, Coca-Cola, McDonald’s and others. A courtesy of Slovak government has also become reprivatisation of VSŽ Košice, which became part of the U.S. Steel, based in Pittsburgh in the USA.
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PAIRWISE JUDGMENTS CONSISTENCY IMPACT ON QUALITY OF MULTI-CRITERIA GROUP DECISION-MAKING WITH AHP

Pawel Tadeusz Kazibudzki, Jiří Křupka

Presumably complex systems can be better understood when they are broken down into their constituent elements and structured hierarchically. Then, judgments about these elements can be synthesized on the basis of their relative importance at each level of the hierarchy into a set of overall priorities. By breaking down a reality into homogenous clusters and subdividing them into smaller ones, it is possible to integrate large amounts of information into the structure of a problém and form a more comprehensive picture of the whole system. There is a decision support methodology (DSM) which conforms to the above prescription. It is called the Analytic Hierarchy Process (AHP) and was devised at the Wharton School of Business by Thomas Saaty (1980). Its contemporary applications can be found, for example in Lidinska and Jablonsky (2018), Abdelmaguid and Elrashidy (2016), Kramulová and Jablonský (2016), and Ponis et al. (2015).
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TRADEMARK INFRINGEMENTS IN THE DOMAIN “.CZ”

Tomáš Gongol

This article deals with finding and evaluating the extent of trademark infringements in the field of domain “.cz” (further referred to as Czech domain). Not only in the Czech legal environment, the question of disputes between intellectual property rights (esp. trademarks) and domain names has traditionally been included in the interpretation of information technology law (Polčák et al., 2018; Lloyd, 2011) or internet law (Jansa et al., 2016; Edwards & Waelde, 2009). Trademarks have a number of functions in the market economy that are described in a number of professional publications (e.g. Horáček et al., 2017) and also extended by follow-up judicial practice. The trademark is an important business identifier for entrepreneurs. It reinforces sales of goods and services on the market, therefore, the entrepreneurs invest considerable financial resources into promoting it (see, for example, Crass et al., 2019). Its basic function is to distinguish the products or services of one trader from the products and services of another and it protects consumers from misleading (Lukose, 2013).
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ANALYSIS OF THE SIGNIFICANCE OF EWOM ON SOCIAL MEDIA FOR COMPANIES

David Prantl, Michal Mičík

The importance of social media has risen significantly in recent years. The use of social media results in a competitive advantage for companies, thanks to which they can strengthen their relationship with customers (Vendemia 2017; Nacimento & Silveria, 2017; Eger, Mičík, & Řehoř, 2018). Social media can be defined as on-line applications that allow people to share information and learn from others (Wilson, 2010). Companies are very active on social media. They manage their profiles, invest in advertising and communicate with customers. However, only a small part of online communication about the company is in the hands of the particular company (Huete-Alcocer, 2017). A large percentage of online posts about companies is created directly by users and spread by electronic word of mouth – eWOM (Brown et al., 2007). Such content is referred to as usergenerated content.
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GREEN GDP: AN ANALYSES FOR DEVELOPING AND DEVELOPED COUNTRIES

Saša Stjepanović, Daniel Tomić, Marinko Škare

In the push for more sustainable and greener progress, faster economic growth is no longer a priority. Is this true? There is a broad agreement that global society should strive for a higher standard of human wellbeing that is equitably shared and sustainable. Motivations for such plight are numerous; from economic (GDP measure is dangerously inadequate measure of quality of life since it counts what we produce and consume, but ignores social costs, environmental outcomes and income inequality), ecological (public is getting increasingly concerned with depleted natural resources and polluted environment, and other ecological issues), philosophical (human appetites and the population growth render non-market wellbeing measures to confront it with the society’s material standard of living), political (the concept of so-called green growth is generating diversity in positions, from enthusiastic to cautious, for it can be an opportunity, but also a risk that disfavours one country on international level) to even methodological questions (the lack of recognized methodological principles that would be the basis for reliable statistical data, thus an accurate accounting and valuation system of economic growth and development).
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THE CZECH ADAPTATION OF THE KLEIN ET AL.’S UNIDIMENSIONAL TARGET-NEUTRAL SCALE OF COMMITMENT

Jakub Procházka, Anna Židlická, Hynek Cígler, Martin Vaculík, Howard J. Klein

Organizational commitment, along with job satisfaction, is one of the two most often researched work attitudes (Riketta, 2008). It is the center of attention because it affects key variables in organizations such as the wellbeing of employees (e.g. Sui, 2002), absence due to illness (e.g. Meyer & Maltin, 2010), length of stay in an organization (e.g. Porter, Steers, Mowday, & Boulian, 1974), turnover intentions (e.g. Vandenberghe & Trembla, 2008), job satisfaction (Ulbegi & Yalcin, 2016) and job performance (Riketta, 2002). Despite being a key construct in management, we are not aware of any published studies on a validated scale of organizational commitment in Czech. Such a situation is a limitation for researchers intending to examine organizational commitment, or at least monitor its influence when examining other variables. There is also a lack of a reliable scale which could be used when surveying employee attitudes within an organization. In this study, we address this gap and adapt an internationally used organizational commitment scale into Czech. The adapted scale will allow professionals and researchers to measure organizational commitment in Czech organizations reliably and to compare the commitment of Czech employees with foreign samples.
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