Izabela Kudelska, Rafał Niedbał
In their response to the necessity to meet the demands of customers, the enterprises are forced to reduce the time of order delivery. Today, almost every enterprise has its own warehouse facilities or outsources warehouse processes. Therefore, the contemporary warehouses play a significant role in production and service networks. The maintenance of high efficiency of warehouse processes determines the competitive functioning of enterprises. Continuous progress in this area sets the pace for these changes. Nevertheless, despite of the desire to reduce costs while increasing the efficiency of the warehouse process, you cannot forget about employees. In addition to efficiency and the level of generated costs, a warehouse employee is one of the factors that not only affects the shape of the logistics system in an enterprise, but also affects all links in the supply chain. This study is intended to research the impact of technological and organizational innovation implemented in the warehousing process on the efficiency of picking processes and staff workload on picking stations. The research was performed with warehouse simulation models developed in FlexSlim 3D Simulation Software. The simulated warehouses represent the warehouses in B2C (Business to Customer) logistics. They are about the layout of bag-type warehouse and the size and shape of the assortment varies. The size of storage zone is the same for all three warehouses. In these warehouses the assortment is arranged randomly. For each model, several simulations have been performed. The conducted research has shown that the results of technological and organizational innovation implemented in the warehousing process should be in general evaluated positively. Both the warehouse productivity and the picking process efficiency increased. The staff workload decreased, which is reflected in greater work comfort for a man and which supports implementation of control activities. However, it should be noted that implementation of the technological and organizational innovation in the warehousing processes adopted in various enterprises changes the labor market, thus it is possible that some problems with maintaining current employment levels will occur.
Daniel Puciato, Michał Rozpara, Marek Bugdol, Piotr Oleśniewicz, Helena Jáčová
Unemployment has a number of negative, economic, social and psychological effects on unemployed people and their families. Lowered household income leads to a constrained fulfilment of individual and collective needs, which has a significant impact on the quality of life and perceived health condition of the unemployed. The aim of this study is the identification of relationships between the quality of life and socio-economic status of unemployed persons. The study was carried out among 403 registered unemployed persons (246 women, 157 men) from Wrocław, Poland. The main method used in the study was the diagnostic questionnaire survey. Respondents’ quality of life was assessed using the World Health Organization Quality of Life (WHOQOL-BREF) questionnaire, and their socio-economic status with author’s own S-ESQ questionnaire. Arithmetic means and standard deviation were calculated. Correlations between respondents’ quality of life and socio-economic status were checked with the Kruskal-Wallis oneway analysis of variance and Dunn’s post-hoc tests. The ex-ante level of statistical signifikance was set at α < 0.05. The mean health-related quality of life score of the unemployed respondents under study was higher than the mean perceived health condition score. As for the four quality of life domains, the respondents reported the highest scores in the social domain and psychological domain, followed by the physical and environmental domains. The analysis of mean scores of overall quality of life of the unemployed revealed statistically significant differences between groups of jobless Wrocław residents with regard to such factors as age, number of household members, and per capita income. Respondents’ age, education, marital status, persons per household, per capital income, and having savings were also significant differentiating factors of perceived health condition. The results of the study can be significant for public health policies in Poland and other countries at a similar level of economic development.
Sarfaraz Hashemkhani Zolfani, Morteza Yazdani, Edmundas Kazimieras Zavadskas, Hamidreza Hasheminasab
“Multiple Attribute Decision Making (MADM)” is an expert based field which is working based on real data and experts’ opinions. So many studies have been doing based on MADM methods which they usually use qualitative data based on experts’ ideas. Decisions based on the experts’ opinion shall be carefully designed to cope the real problems uncertainty. This uncertainty will be even more intricate if combining the problem with the ambiguity of the future study. Prospective MADM is a future based type of MADM field which is concentrating on decision making and policy making about the future. Prospective MADM (PMADM) can have both explorative and descriptive paradigms in the studies but it will more useful to be applied for strategic planning. In this regard, experts’ role would be even more challenging because one/some possible future/futures will be partially designed based on their opinions. Future and prediction always complicates the decision environment, especially methodologies founded on experts’ judgement. Considering experts’ preferences, attitude, and background, they may be a major source of inaccurate results. Causal Layered Analysis (CLA) is well-known “Futures Studies” method which is qualitative and usually is supporting other methods such as “Backcasting” and “Scenario Planning”. CLA has a deep point of view to the subjects to support a future with all those changes which are necessary for the main goal/goals. In this study, this idea will be proposed that CLA can be added to PMADM outline to decrease the risk of unsuitable decisions for the future and for this aim a case study about energy and CO2 consumption in policy making level proposed and a hybrid MADM method based on BWM-CoCoSo applied in the PMADM outline for the procedure.
Martin Boďa, Vladimír Úradníček
The paper notices troublesome aspects of compiling industry statistics for the purpose of inter-enterprise comparison in corporate financial analysis. Whilst making a caveat that this issue is unbeknownst to practitioners and underrated by theorists, the goal of the paper is two-fold. For one thing, the paper demonstrates that financial ratios are inclined to frequency distributions characteristic of power-law (fat) tails and their typical shape precludes a simple treatment. For the other, the paper explores different approaches to compiling industry statistics by considering trimming and winsorizing cleansing protocols, and by confronting trimmed, winsorized as well as quantile measures of central tendency. The issues are empirically illustrated on data for a great number of Slovak construction enterprises for two years, 2009 and 2018. The empirical distribution of eight financial ratios is studied for troublesome features such as asymmetry and power-law (fat) tails that hamper usefulness of traditional descriptive measures of location without considering different possibilities of handling atypical values (such as infinite and outlying values). The confrontation of diverse approaches suggests a plausible route to compiling industry statistics that consists in reporting a 25% trimmed mean alongside 25% and 75% quantiles, all applied to trimmed data (i.e. data after discarding infinite values). The paper also highlights the sorely unnoticed fact that the key ratio of financial analysis, return on equity, may easily attain non-sense values and these should be removed prior to compiling financial analysis; otherwise, industry statistics is biased upward regardless of what measure of central tendency is made use of.
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.
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.
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.
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).
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?
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).