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INSTITUTIONAL INVESTOR, ECONOMIC POLICY UNCERTAINTY, AND INNOVATION INVESTMENT: EVIDENCE FROM CHINA

Zhenjiang Dou, Lei Wei, Jingyi Wang

Innovation-driven economic development is a global trend. Specifically, in the Sino-American trade war, the events, such as the suppression of Huawei 5G, knock the alarm bell of independent research and development (R&D) in all countries. Hence, the entire society is aware of the strategic signifikance of corporate innovation and key technologies to the companies and the entire country. Compared with traditional investments, such as fixed assets investment, the Innovation investment is featured by large capital demand, long recycling period, high risk, and others. The interruption of the capital supply chain will generate high adjustment costs and sunk costs (Ju et al., 2013; Gu et al., 2019). As important enterprise managers, institutional investors have become an important force that cannot be ignored in the current capital market.
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DEMOTIVATION OF MEDICAL STAFF IN THE SELECTED HEALTH FACILITY IN SLOVAKIA

Stanislav Szabo, Bohuslava Mihalčová, Jozef Lukáč, Peter Gallo, Veronika Čabinová, Iveta Vajdová

In the context of the research on human behaviour, the issue we deal with is the reason why a people’s message is precisely that, and not another one, what forces them to act as they do. Is it an external compulsion – e.g. to escape from danger, or that they want to achieve something – to satisfy some of their needs, interests in hobbies, or because they consider it right and moral? Can a person behave in a way that has no cause, or reason? Although we distinguish between involuntary and voluntary behaviour, human behaviour in the work process is largely influenced by the will, the desire that results from the impact of several motives. The concept of motivation is the internal process, the process of psychological causes of human behaviour. These causes are motives, internal presuppositions, and internal impulses leading to certain target behaviour. The process of motivation is thus the process of activating internal assumptions, guiding human action to a certain goal of their pursuit (Nakonečný, 1992). Motivation can be defined as processes that account for an individual’s intensity, direction and persistence of effort toward attaining a goal (Robbins, 2001).
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ANALYSIS OF GREEN ECONOMY DIMENSION IN THE CONTEXT OF CIRCULAR ECONOMY: THE CASE OF BALTIC SEA REGION

Jelena Stankevičienė, Marta Nikanorova, Gentjan Çera

Sustainability and sustainable economic development nowadays have become essential goals the world is challenged to achieve and a constant concern for policymakers (Garud & Gehman, 2012; Markard, Raven, & Truffer, 2012; Millar, McLaughlin, & Börger, 2019). Nowadays, the world is facing with the problém related to the inefficiently used resources and increased generated waste (D’Amato et al., 2017). The current economic model uses “takemake-waste” industrial model known as linear economy (make, use, dispose) (Kalmykova, Sadagopan, & Rosado, 2018). This paradigm does not take into account the fact that there is a limited amount of resources. Therefore, the world could face serious problems such as resource shortage due to the increasing economic volumes and amount of resources used to produce and offer goods and services.
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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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HOW CORPORATE GOVERNANCE AND CSR DISCLOSURE AFFECT FIRM PERFORMANCE?

Muhammad Suhaib Manzoor, Ramiz ur Rehman, Muhammad Islam Usman, Muhammad Ishfaq Ahmad

CSR (corporate social responsibility) disclosure evolved as a result of corporate reporting in response to changes in conditions in which companies operate. Gray, Owen and Adams (1996) describe CSR disclosure/reporting as „the process of communicating the social and environmental effects of the economic actions of organizations to particular interest groups within society and society at large“. Elkington (1997) states that the terms CSR reporting, Social Reporting, Corporate Citizenship, Sustainability Reporting and Triple Bottom Line Reporting have been employed in the studies interchangeably. To meet 21st century corporate challenges, the corporate reporting system has changed somehow with an inclusion of non-financial disclosure. Krasodomska and Cho (2017) explain the extent of non-financial reporting presented by the corporation regarding activities such as human resources, risk management, product innovation and quality, and impact of corporate decisions on environment and society.
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THE ROLE OF PERCEIVED RISK AND SECURITY LEVEL IN BUILDING TRUST IN E-GOVERNMENT SOLUTIONS

Joanna Ejdys, Romualdas Ginevicius, Zoltan Rozsa, Katarina Janoskova

One of the factors determining the current and future social and economic advance is the level of society’s digitisation, which is applicable to each sphere of human life (Ejdys & Halicka, 2018; Polak-Sopinska & Wisniewski, 2009). This level is measured by the scale and scope of the phenomenon, i.e. subjective, geographical dynamics of change and the scale of effects caused (Chodakowska & Nazarko, 2017). Digitalisation processes gave rise to a new type of society referred to as the information society. E-government is one of the areas of ICT application in the information society. The term e-government, i.e. electronic public administration, refers to a systém (organisational and legal, institutional, and IT) which enables to deal with administrative matters by electronic means. According to the definition proposed by the European Commission, e-government is the use of ICT tools and systems to provide better public services to citizens and businesses (Digital Single Market: Glossary).
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MODELLING INTERNATIONALIZATION OF HIGH GROWTH FIRMS: MICRO LEVEL APPROACH

Renata Korsakienė, Vratislav Kozak, Svajonė Bekešienė, Rasa Smaliukienė

High-g rowth firms (HGFs) make a significant impact on the development of countries’ economies and micro, or firm level, factors are vital in understanding this phenomenon. Indeed, HGFs are unique engine of national economies that contribute essentially to economic growth which is much sought after in internationally open economic environment. More specifically, HGFs internationalization is perceived as a source of productivity, export and employment growth in the country. Economic policies of countries, as a macro level stimulus, aim to provide impetus for HGFs development, however understanding micro level factors of HGFs creation, development and internationalization are the basis for macro level decisions. Studying and modelling of micro level factors not only provides an opportunity to understand the phenomenon of HGFs but also develops the basis for policy decisions especially in the field of business internationalization.
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ECONOMIC PROJECTION AND EVALUATION OF MINING VENTURE

Jozef Čech, Marian Šofranko

Traditional methods of economic evaluation by techniques of investment and financial analysis with regards to the specifics of business, engineering and project economics are well known, e.g. (Gillespie, 2013; Newnan et al., 2013; Mian, 2011). Their use in mining evaluation is well adopted. The groundwork in the given field was done and provided in (Gentry & O’Neil, 1984) with following (Runge, 1998). More sophisticated math approach is represented by application of option value paradigm added to classical investment analysis, taking into account managerial aspect of decision flexibility during the project’s life. One of the first application to mining appeared within (Xiaoli & Elbrond, 1996) and to take a more recent, e.g. within (Hall & Nicholls, 2008) and (Saluga, 2011).
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THE METHODOLOGY OF DIGITAL SHADOW ECONOMY ESTIMATION

Ligita Gasparėnienė, Yuriy Bilan, Rita Remeikienė, Romualdas Ginevičius, Martin Čepel

Although following the Regulation No. 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (EU Commission, 2013), EU Member States are not obliged to measure the scopes of non-observed economy in the European system of national accounts, the economists and statisticians stress the need to estimate the scopes of this phenomenon to have reliable and comparable data on the structure and trends of both national and regional economies.
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TYPES OF BANK LOANS AND THEIR IMPACT ON ECONOMIC DEVELOPMENT: A CASE STUDY OF THE CZECH REPUBLIC

Jan Černohorský

In this article, we discuss the relationship of banks, or loans provided by them, and economic development. We decided to investigate this relationship as banks in today’s economies play a significant role as a vital institution in the financial markets, where there is a distribution of monetary funds from surplus entities to deficit entities. A necessary precondition of a functioning economy, in its present mostly mixed form, is a functioning and stable banking system. Currently, uncovered money is to a great extent the money generated by private banks, mainly in the form of loans.
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