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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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THE LEVEL OF ORGANIZATIONAL CULTURE AS A CONSTANT CHALLENGE FOR COMPANY MANAGEMENT – AN EMPIRICAL RESEARCH IN THE CZECH REPUBLIC AND POLAND

Marcela Sokolova, Vaclav Zubr, Anna Cierniak-Emerych, Szymon T. Dziuba

Due to the pressure of global competition, shortened product-life cycles and the increasing opportunity to imitate product designs or their elements, companies continuously focus on innovations as one of their main agenda in order to maintain their global or national competitiveness. Besides, these innovations are considered as an ultimate source of productivity improvement, the growth in sales volume, and the capability of a company in question to stay competitive on the global market (Liao, Hu, Chen, & Lin, 2015). Companies perceive the need to continuously adapt, develop, and innovate as an economic necessity that results from global market pressures. The enhancement of product design and quality, accessorial technological services, their accessibility and reliability are no longer only seen as a benefit but rather an ultimate condition for the sustainability of company competitiveness.
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MEDIATING EFFECT OF PSYCHOLOGICAL CAPITAL ON THE RELATIONSHIP BETWEEN SPIRITUAL LEADERSHIP AND PERFORMANCE

Elif Baykal, Cemal Zehir

The challenging work environment of the 21st century has resulted in a great deal of global, societal and organizational change (Fry, 2003). We are experiencing a global crisis of confidence that has spread among many people and organizations (Parameshwar, 2005). Corporate fraud (Schroth & Elliot, 2002), negativity stemming from the downsizing of companies, anxieties resulting from emerging technologies (Giacalone & Jurkiewicz, 2003), and the financial crisis have affected the way employers see their organizations and leaders. Congruent with that reality, organizations have started to give more importance to positivity and developing strong characteristics of employees, rather than focusing on negativity and weaknesses (Avey, Luthans, & Jensen, 2009). Similarly, academics and organizational behaviour experts started to focus on positivity and positive sides of organizational life. This change in mentality brought about the need for a more holistic leadership style that can integrate minds and souls of people: namely, spiritual leadership.
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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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DEMOGRAPHIC, SOCIAL AND ORGANIZATIONAL CHARACTERISTICS ON THE LEVELS OF MOBBING AND SINGLE CASES OF HARASSMENT: THE MULTICOMPLEX APPROACH

Jolita Vveinhardt, Dalia Štreimikienė

Understanding of the reasons of destructive relationships in work environment is a big step towards the solution of the problem. In recent years, there are a growing number of studies which analyse various aspects of such relations in the work environment. Mobbing and harassment take a significant place. However, when analysing academic literature, there is a dual problem: in many studies mobbing and single cases of harassment are researched separately.
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KEY DETERMINANTS OF THE QUALITY OF BUSINESS ENVIRONMENT OF SMES IN THE CZECH REPUBLIC

Zuzana Virglerová, Lubor Homolka, Luboš Smrčka, Kornélia Lazányi, Tomáš Klieštik

The business activity of small and midsize enterprises plays an important role in the individual economies of the European Union. In this regard, Cumming, Johan, and Zhang (2014) and Gawel (2010) indicate that entrepreneurship has a significantly positive impact on GDP/capita, exports/GDP, and patents per population, and a negative impact on unemployment.
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COMPARATIVE PERFORMANCE OF THE VISEGRAD GROUP BANKS FOR THE PERIOD 2009-2013

Liběna Černohorská, Anatoliy Pilyavskyy, William Aaronson

Banks are fi nancial institutions that mediate payments, provide loans and take deposits from clients. The banking system has become an important component in the economic sector of each country. Like other industries, the banking industry has its own unique characteristics and specifi cs that adapt to internal and external influences economic sector. Each country requires a reliable and stable banking system to assure the proper functioning of the economy. The problems in the banking sector will likely have an impact on the entire financial sector.
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TWIN DEFICITS THREAT IN THE EUROPEAN UNION

Marianna Sinicakova, Veronika Sulikova, Beata Gavurova

In the 1980´s the US economy was marked by until then rather unusual external and internal deficits. Similar situation gradually appeared in other countries. During last decade it was analysed in the case of so called PIIGS countries (Portugal, Ireland, Italy, Greece, and Spain) in the European Union. This co-movement draws interest of many researchers. Generally it is believed that internal deficit (fiscal budget deficit) causes external one (external balance deficit). External balance deficit is usually measured via trade or current account deficit. This phenomenon is called „twin deficit“. Twin deficit problem can be perceived as a vicious circle. High budget deficit generates important current account deficit and this in turn leads to higher budget deficit. Therefore twin deficit threat should be in the centre of attention of policy makers.
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