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JODRIVERS OF ECONOMIC PERFORMANCE: WHAT CAN WE OBSERVE IN THE CZECH FOOD INDUSTRY?

Gabriela Trnková, Zdeňka Žáková Kroupová

The production of food products is one of the strategic branches of the manufacturing industry, as it supplies food to the market and thus ensures the diet of the population. In 2018, based on data from the Ministry of Industry and Trade (MPO, 2019), the food industry accounted for 5.4% of the total value added of the manufacturing industry. Furthermore, 7.6% of employees in the total number of manufacturing industry workers demonstrate social importance, however, with a significant wage disparity compared to other sectors of the manufacturing industry. The business structure of the Czech food industry is represented mainly by small and medium-sized enterprises and so the importance of this sector is also irreplaceable from rural development point of vies. However, in a strong competitive environment, more and more production concentration and at the same time specialization are manifested.
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DETERMINANTS OF HOUSEHOLD FINANCIAL VULNERABILITY: EVIDENCE FROM SELECTED EU COUNTRIES

Nikola Šubová, Ladislav Mura, Ján Buleca

The financial crisis of 2007/2008, known as the global financial crisis, caused by a combination of an asset price bubble in the real estate sector and a credit bubble leading to excessive leverage, highlighted the importance of the household sector for financial stability of the whole economy. Easy to get a loan and the belief that the house prices would appreciate encouraged more borrowers to get into debt. American households and financial institutions became deeply indebted. At the end of 2007, American households’ total loans and debt securities relative to the GDP was 98.55% (International Monetary Fund, 2020). Mortgage defaults caused by the financial crisis affected financial stability also in European countries. The household sector can influence the economy mainly due to its size and position on the financial markets, but on the other hand, the economic situation of households is also affected by various social, economic, and political changes.
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PERCEPTION OF BUSINESS ENTITIES TOWARDS DIGITIZATION OF TAX ADMINISTRATION IN THE CZECH REPUBLIC

Šárka Sobotovičová, Beata Blechová

One of the thematic objectives of the European Union cohesion policy for 2014–2020 is to improve access to information and communication technologies and increase usability thereof, including the applications for the digitization of government. The digitization of all government areas has been among the European Union’s priorities since 2014. The objective is to create a fully operational unified EU digital market. The European Commission has adopted the EU eGovernment Action Plan for 2016–2020. The aim of this action plan is the modernization of public administration, establishment of a unified digital market and increased involvement of citizens and businesses for the purposes of providing high quality services. The EU eGovernment Action Plan defines specific measures for the acceleration of implementation of the existing legislation and the transition to online public services.
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INTANGIBLE ASSETS AS FINANCIAL PERFORMANCE DRIVERS OF IT INDUSTRY: EVIDENCE FROM AN EMERGING MARKET

Milenko Radonić, Miloš Milosavljević, Snežana Knežević

Intellectual capital has been a widely discussed topic in the last few decades (Palaščáková et al., 2019). The early research was solely focused on human capital as a strategic resource of a company (Hermanson, 1964). Follow up studies included a myriad of different elements of intellectual capital, i.e. structural and relational capital (Edvinsson, 1997; Pulić, 1998; Sveiby, 1997). Even though these authors have presented the structure of the intellectual capital, the consensus on the classification still has not been clearly set. Some authors propose separating Innovation capital from structural capital in the IT industries (Wang & Chang, 2005). Therefore, this study has followed the overview and classification of intellectual capital into four categories: human capital, relational capital, structural capital and innovation capital.
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PERCEPTION OF INTELLECTUAL CAPITAL AND ITS IMPACT ON BUSINESS SUSTAINABILITY: EVIDENCE FROM SMALL, MEDIUM, AND LARGE ENTERPRISES

Elwira Gross-Gołacka, Marta Kusterka-Jefmańska, Paulina Spałek, Bartłomiej Jefmański

In the modern world, one of the key factors of success of an organization is intellectual capital. A dynamically changing external environment exerts pressure on enterprises to implement innovative solutions, products and services. The value created to a lesser degree depends on the possessed tangible assets, compared to the value of intangible ones. Intellectual capital resources are established as the basis for the level of competitiveness of an organization in the 21st century by among others Bounfour and Edvinsson (2005), Cabrita and Vaz (2006). Currently, competitive advantage is determined by unique recourses, which are difficult to reproduce by the competition. Intellectual capital is thus more and more often perceived as a key resource of an enterprise. It is also one of the most valuable resources of an enterprise, which enables its sustainable development. It is critical base of organization’s innovative and strategic sustainability (Bontis, 2002; Bontis et al., 2000). It is comprised of human capital, structural capital and relational capital.
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FINTECH SERVICES AND FACTORS DETERMINING THE EXPECTED BENEFITS OF USERS: EVIDENCE IN ROMANIA FOR MILLENNIALS AND GENERATION Z

Octavian Dospinescu, Nicoleta Dospinescu, Daniela-Tatiana Agheorghiesei

The purpose of this article is to identify the factors that have a decisive influence on the level of satisfaction of users of FinTech services in Romania. To explain the variables that have an effect, we conducted this study both in the entire population of FinTech users, as well as differentiated into two distinct generations: Millennials and Generation Z. From the point of view of age ranges, consumers in the Millennials category are also known in the specialty literature (Aichner & Shaltoni, 2019) as Generation Y, that are people born between the 1980s and the mid-1990s. According to Bucovetchi et al. (2019), Generation Z is the demographic cohort following Millennials and is made up of those born between the second half of the 1990s and early 2000s. These two generations have different behaviors, priorities and preferences when it comes to the use of information technologies.
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LAND TENURE AND TECHNICAL EFFICIENCY OF SMALLHOLDER TEA PRODUCERS: THE CASE OF YA’AN CITY, CHINA

Abrham Tezera Gessesse1, Ge He2

Has been enjoyed for millennia, tea has a long and complex history in China. In recent times, more than 1,500 types of propagated clones of tea plants have been developed and cultivated in more than 36 countries as a cash crop plantation (Lighton et al., 2014). Smallholder farmers account for more than 70% of the world’s tea and 80% of China’s tea production (Chang, 2015). Although tea plantation and production has increased over the past three decades, its productivity per unit area has not significantly changed, which contrasts with other agricultural products across the globe and China in particular (Basu et al., 2010). This may be because smallholder farmers are confronted by many challenges that affect the quality and quantity of tea production. A number of contributions (Tan et al., 2006; Wang et al., 2010, 2014; Zhao, 2010,) identify the common challenges that confront smallholder farmers in China, which include a lack of modern agricultural machinery, fragmented and small farm plots, a lack of access to an irrigation and drainage system, labor shortages, poor soil quality, pests, diseases, drought and climate change.
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THE USEFULNESS OF MARKETING STRATEGIES IN A REGULATED MARKET: EVIDENCE FROM THE SPANISH TOBACCO MARKET

Alejandro Almeida, Aida Galiano, Antonio A. Golpe, Juan Manuel Martín Álvarez

In the current economy, there are some heavily regulated markets, such as the tobacco market, and others on the point of being regulated – markets using fossil combustibles, such as the combustion engine vehicles, as well as the gambling sector. Those markets operate with products or services in some way prejudicial to health and the environment. This fact justifies before the citizens the governmental intervention. Companies operating on those markets have very limited their marketing strategies to promote sells (Henriksen, 2012). In this article, we aim to investigate the options faced by companies for the implementation of marketing strategies that will permit them to scale their sales leadership position once the market is regulated. In the case of the tobacco market, the motivation to regulate emerges due to the causal link between tobacco consumption and several types of cancer, cardiovascular and respiratory diseases, reproductive disorders, Alzheimer’s disease (López-Arrieta & Sanz, 2001), and many other negative health consequences. In addition, it has an addictive nature (DHSS, 2004).
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DOES CORPORATE GOVERNANCE INFLUENCE FIRM VALUE IN BANGLADESH? A PANEL DATA ANALYSIS

Mohammed Nazim Uddin, Mosharrof Hosen, Mustafa Manir Chowdhury, Tanbina Tabassum, Manjurul Alam Mazumder

Corporate governance has been a critical issue focused by regulatory bodies, policymakers, and academicians to improve the economic and sustainability conditions in developing countries for over a decade (Brown et al., 2011; Wintoki et al., 2012; Claessens, 2006). Additionally, the collapse of corporate governance has compromised the government legally, financially, and economically, resulting in a lack of accountability in Bangladesh. An organised financial system includes proper asset allocation, fund abuse prevention, minority interest protection, and timely dividend payment to improve the corporate governance system and enable corporate laws to enhance firm value (La Porta, 2006). In a competitive global market, a robust regulatory framework is required to mandate organisational compliance involving policies and procedures to ensure accountability (Uddin et al., 2019).
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INFLUENCE OF LOGISTICS COMPETITIVENESS AND LOGISTICS COST ON ECONOMIC DEVELOPMENT: AN FSQCA QUALITATIVE APPROACH

Mohan Saini, Denisa Hrušecká

Logistics has become one of the key vertical in the organization and as an important industry for an economy as a whole. It plays an important role in the economic development of a country, including various infrastructure development to support and enhance manufacturing and other sectors. The economy has to perform efficiently in this sector for supporting a growth in all other sectors. To provide a visibility on the same, World Bank publishes index for providing visibility on the performance and scope for improvement in logistics sectors of economies. This index is known as logistics performance index and this has been included in this study for understanding the effect on economic development of the country along with the logistics cost.
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