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ALTER EGO ONLY FOUR TIMES? THE CASE STUDY OF BUSINESS PROFITS IN THE VISEGRAD GROUP

Katarína Valášková, Beáta Gavurová, Pavol Ďurana, Mária Kováčová

The paper studies a new point of view and the approach to profit as an inherent part of business finance as well as a symbol of every healthy economy. The fundamental function of the profit is a stimulus; it means initial motivator of the business activity. The profit provides core resources for survival at the business start and after the stabilization, it is the synonym for progress. The aim of this paper is to detect significant change-points in times series of EBITDA during the analysed period in every country of the Visegrad Group to recognize the progress years in the monotonic development. We use a method of homogeneity test of time series that delivers significant robust results. We observe the variable EBITDA to eliminate different tax, interest and depreciation policies of these emerging countries. The original research of this article is based on empirical results of business profits of the sample of 3,853 enterprises covered by the broad theoretical review. Firstly, we identify missing values; and detect the outliers by Z-score and Grubbs test. EBITDA of 1,058 Slovak enterprises, 688 Czech enterprises, 1,376 Polish enterprises and 731 Hungarian enterprises is analysed during the period from 2010 to 2018. We eliminate the inconsistent observations and construct average values of EBITDA. Secondly, we prove normality by Jarque-Bera test, and support it by Shapiro-Wilk test, Anderson-Darling test, Lilliefors test to deliver reliable results. Thirdly, we find an independency of distribution that confirm randomness by the Box-Pierce test. And finally, we identify the years that affect heterogeneity of EBITDA in the countries of the Visegrad Four. We uncover some really surprising results. For all countries in the Visegrad Four, the year 2013 is detected as a change-point at a significance level of 0.05. This significant year shifts EBITDA between two homogeneous series with corresponding central lines and recognizes the similar annual development within the groups. In addition, we discuss the results to the areas and factors affecting the business risk. The adjustable area represented by the business dynamism has no significant impact on the development of EBITDA. The uncontrollable macroeconomic factors such as a GDP, unemployment rate, inflation rate, average monthly gross wage, and Ease of doing business index demonstrate the same development of Slovak, Czech, Polish and Hungarian enterprises. We connect our gained results to the undisputed influence of these factors and its derived components on monotonic development of EBITDA. Despite the fact, that the countries are not economically interconnected as they used to be in the past, in has to be underlined that their mutual relations are still very narrow and close and that might be the reason, why identical results are achieved in the countries with divergent development.
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FACE-TO-FACE AND ELECTRONIC COMMUNICATION WITH CUSTOMERS IN RETAILING AND COMPANY PERFORMANCE: A CASE STUDY IN THE ELECTRONICS AND COMMUNICATION EQUIPMENT RETAIL INDUSTRY IN THE CZECH REPUBLIC

Ludvík Eger, Petr Suchánek

Customers today can find the same assortments in a number of retail stores and through the Internet, thus effective store management has become a critical basis for developing strategic advantages. The aim of this research is to identify whether customer satisfaction measured by means of mystery shopping and the results of communication with the public on a company’s Facebook profile assessed by quantitative analysis influence the performance of the selected companies. The evaluation of customer satisfaction and loyalty follows the older pilot study and is newly supplemented by an analysis of communication with customers using social media such as Facebook. The company’s performance is evaluated through the financial ratios (ROA, ROE and ATO) based on accounting data available in the Magnusweb database. The research is focused on selected companies from the electronics and communication equipment retail industry in the Czech Republic and is unique from that point of view because it analyses communication with customers not only in retail shops but concurrently on their profiles for Facebook. The findings show how it is possible to assess the level of customer-oriented communication in retail shops and also the level of communication with customers on the social network. Retailers are increasing their focus on customers’ experience in their shops and on social media sites. The research contributes to a better understanding of marketing in retail and on social media in the selected industry.
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YOUTH UNEMPLOYMENT AND SELF-EMPLOYMENT: TRENDS AND PERSPECTIVES

Rita Remeikienė, Jan Žufan, Ligita Gasparėnienė, Romualdas Ginevičius

The main aim of this article is to research the relationship between youth unemployment and self-employment in the EU and categorise particular EU countries as the countries with youth self-employment driven by push factors or pull factors. It has been revealed that statistically significant relationships between unemployment and self-employment among young people from the 28 EU countries, in only 7 countries have been identified. Of these, Greece, Italy and Cyprus, the unemployment rate among young people would decrease if national governments were to reduce unemployment through self-employment support measures. In other countries such as Germany, Sweden, the Czech Republic and Malta, it would be inappropriate to reduce unemployment through support for self-employment. In other EU countries, fighting youth unemployment requires addressing other labor market issues, such as the reluctance of businesses to employ unqualified or low-skilled young people, reducing the chances of reducing the tax burden when hiring young people, making flexible use of education opportunities with employment. The fact was confirmed that is inappropriate for all countries (in this case EU countries) to apply universal strategies to combat unemployment, because by means of theories and pilot studies on the establishment of statistically significant relationships, it is possible to avoid mistakes by directing support to the needs of target groups.
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EMPIRICAL ANALYSIS OF LONG MEMORY AND ASYMMETRY EFFECTS FOR THE EFFECTIVENESS OF FORECASTING VOLATILITY OF RETURNS ON THE COMMODITY MARKET BASED ON THE EXAMPLE OF GOLD AND SILVER

Bogdan Włodarczyk, Ireneusz Miciuła

Risk management is one of the most dynamically developed areas in economic sciences. One of the main driving forces for this development has been the practical challenge resulting from increasing financial risk. Risk management is a process in which key role is played by risk measurement (Jajuga, 2016). Comparison of various forecasting models and selection of the best ones for particular markets is of key importance in many fields of economics and finance. Theoretic aspects concerning commodity markets very often concentrate on relations between changes in commodity prices and on the news impact on rates of return. However, up until now studies concerning conditional volatility of returns on commodity markets and market risk have been less comprehensive than those concerning conditions affecting prices and rates of return. Nevertheless, studies concerning market volatility are becoming increasingly popular due to the growth of market volatility itself and the significance of commodities as investment assets (Kang, 2013; Thuraisamy, 2013; Vivian, 2012). The growing interest also results from the fact that commodity rates of return have some empirically verifiable features such as non-normal distribution, asymmetry, structural breaks and fat tails (Aloui, 2010; Cheng, 2011).
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PRACTICAL APPLICATION OF FORMS AND TOOLS OF MARKETING COMMUNICATION IN THE SME SECTOR

Małgorzata Adamska

How can you imagine the future of marketing communication? The last several decades have brought the unexpected development of marketing concepts and tools (Keller, 2009), conditioned by changes in the economic environment: globalization processes, internationalization of enterprises, increase in competitiveness, social change, development of information technology, popularization of proinnovation culture and, finally, “acceleration” of processes. Against the background of these market conditions, presentation and analysis of currently used communication forms and tools in the sector of small and medium enterprises, in terms of types and forms of messages, seems to be a very interesting topic and will enable diagnosing existing status and drawing conclusions about future organizational behaviour in this area. The need for conducting this kind of research results from constant changes in the architecture of marketing communication. The aim of the study was to learn the approach of small and medium entrepreneurs to customer value management processes through the prism of: quantity, intensity, quality of communication forms and tools. The research problem is the answer to the question: what forms and tools of marketing communication find practical application in the SME sector?
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MODELLING THE DETERMINANTS OF FESTIVAL VISITORS’ BEHAVIOURAL INTENTIONS

Jaroslav Ďaďo, Vanda Maráková, Janka Táborecká-Petrovičová, Tamara Rajić

Over the previous two decades, festivals have gained a prominent position within the world’s tourism and leisure industry. Festivals are regarded as an effective strategy for the promotion of the tourism industry and the local economy. Hosting a festival may attract tourists who otherwise would not choose to visit the destination and whose expenditures contribute to income and tax revenues in host communities (Getz & Page, 2016). Festivals and events facilitate the positioning of a locality as a tourism destination (Hudson et al., 2015) and can be effective tools in combating the seasonality of tourism demand (Tkaczynski & Rundle-Thiele, 2011; Yolal et al., 2016). Festivals play an important role in preserving cultural heritage and reinforce residents’ pride of being members of host community (Yolal et al., 2016; Yoon, Lee, & Lee, 2010). Due to a number of benefi ts brought by hosting festivals, signifi cant attention has been paid to festival studies over previous years. The vast majority of previous studies focused on the importance of visitors’ motives, dimensions of motivation and differences in the importance of motivational domains based on visitors’ socio-demographic characteristics, previous visitations, types of event being studied, etc. (Crompton & McKay, 1997; Kang et al., 2014; Lee, 2000).
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MANAGEMENT PRACTICES IN AREA OF HUMAN RESOURCES AND MONITORING RESULTS AS DETERMINANTS OF SME’S SUCCESS IN POLAND AND THE CZECH REPUBLIC

Krzysztof Łobos, Vojtěch Malátek, Mirosława Szewczyk

Towards the end of the 1980s, all the countries of the former socialist bloc had to wrestle with structural and systemic problems. At the moment of entering the period of transformations, Poland and Czechoslovakia were characterized by different conditions, among others, GDP per capita, the range of macroeconomic imbalance, inflation rate, indebtedness, or the share of the private sector. In Poland, private ownership dominated in agriculture, while in trade and service its share was significant. On the other hand, as regards Czechoslovakia, private ownership was scarce. The 1990s saw far-reaching systemic changes going on both in Poland and Czechoslovakia (and following the split of the latter – the Czech Republic). Privatization of enterprises was the fundamental part of the economic reforms program implemented in both countries. The introduction of free market principles, the influx of foreign investment and restructuring actions, undoubtedly influenced the change in the way enterprises functioned in the market. At present, small and mediumsized enterprises are of the key importance to the economic development of Poland and the Czech Republic.
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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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ASYMMETRIC EFFECTS OF TRADE OPENNESS ON ECONOMIC GROWTH IN SELECTED ASEAN COUNTRIES

Jaka Sriyana, Akhsyim Afandi

International trade has played the role of engine of growth in many countries around the world. Export-import activities may affect the economy through some channels. First, it makes easier to access many commodities and services that lead to higher levels of income per capita and better living standards (Butkiewicz & Yanikkaya, 2011). Second, international trade among countries might also generate capital formation as an important step to the production process in the economy. The effect of international trade on income and economic growth has been intensively discussed in some papers (Altaee & Al-Jafari, 2014; Bajwa & Siddiqi, 2011; Das & Paul, 2011; Hassen, Anis, Taha, & Yosra, 2013; Hye, Wizarat, & Lau, 2016; Malefane, 2018). The vector error correction model (VECM. Over 100 developed and developing nations in Asia, Africa, and Latin America experienced the positive impact of international trade on the increase of their income per capita (Butkiewicz & Yanikkaya, 2011). Therefore, eliminating trade barriers as an implementation of liberalization agreements is likely to boost the volume of international trade and promote economic growth rates.
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IMPORTANCE SAMPLING FOR MONTE CARLO SIMULATION TO EVALUATE COLLAR OPTIONS UNDER STOCHASTIC VOLATILITY MODEL

Pengshi Li, Wei Li, Haidong Chen

The collar option is one kind of exotic options which is useful when institutional investors wish to lock in the profit they already have on the underlying asset. Collar options can be implemented by investors on the stock they have already own. Usually investors will obtain the collar when they have enjoyed a decent gain on their investment but they want to hedge against potential downside in their shares. Collar options are very useful and practical instruments in revenue management and project management. Shan et al. (2010) study the use of collar options to manage revenue risks in real toll public-private partnership transportation projects, in particular how to redistribute the profit and losses in order to improve the effectiveness of risk management and fulfill the stakeholder’s needs. Under the constant volatility assumption, the pricing problem of collar option can be solved in the classical Black Scholes framework. However, the smile-shaped pattern of the Black Scholes implied volatilities which extracted from options has provided evidence against the constant volatility assumption in the Black Scholes model.
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