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CASE STUDY: DESIGN VALUE MEASURING BY SYSTEM DYNAMICS

Eva Šviráková, Jan Kramoliš

Design is an important factor that contributes to the business success thanks to its potential to strengthen their competitiveness (D’Ippolito, 2014). There is a correlation between the use of design and business performance and subsequent macroeconomic growth (Denmark National Agency for Enterprise and Housing, 2003). An example of an economy significantly influenced by design is Great Britain’s economy. Design Economy created a gross value added of 85.2 billion GBP in the United Kingdom in 2016, corresponding to 7% of British gross value added. In a longterm perspective, between 2009 and 2016 the economy influenced by design grew by 52% and expanded far beyond fields that are part of creative industries (Benton et al., 2018). Design is a specific subtype of Innovation (OECD/Eurostat, 2018); it is an important business factor and it is integrated into many aspects of production and deliveries of products. The use of design helps companies to innovate, it increases companies’ productivity and turnover (Benton et al., 2018).
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A NEW LOOK AT BANKRUPTCY MODELS

Michal Kuběnka, Jan Čapek, František Sejkora

Managers need to know the situation of companies they manage and what their prospects are in the market. That is why the financial analysis has become a necessary part of the managerial decision-making of any company that intends to succeed in today’s competitive environment. It represents an assessment of the past, the present and the future of the company’s financial health. One of the tools of financial analysis is the bankruptcy prediction model. The great advantage of such models is that their primary source of input data is based on internal information from the company, internal accounting statements, included in the final accounts, that is, their balance, profit and loss statement, cash flow. Accounting units are obliged to prepare their final accounts according to legal requirements. For example, in the Czech Republic, under Act No. 563/1991 Coll., on Accounting, there is an exemption for micro and small accounting units that do not need to prepare cash flow statement if their turnover is up to CZK 200 mill. and their assets are not greater than CZK 100 mill.
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TRENDS IN CULTURAL INTELLIGENCE RESEARCH IN THE CONTEXT OF INTERCULTURAL MANAGEMENT

Miroslav Jurásek, Petr Wawrosz

Cultural intelligence (CQ) is the ability to effectively function in a culturally diverse environment and succeed in such environment (Ang et al., 2007). CQ gives people and organizations a competitive advantage in international markets (Ang & Inkpen, 2008; Groves & Feyerherm, 2011) and is seen as a prerequisite for the success of any subject in an international environment (Elenkov & Manev, 2009; Creque & Gooden, 2011; Groves & Feyerherm, 2011; Livermore, 2015). Present success or failure in an international and intercultural environment is strongly affected by intercultural sensitivity, cultural intelligence, and ‘cross-cultural competencies’ as an overarching way of thinking (Johnson et al., 2006). These competencies make people more capable of making important global strategic decisions and communicating better on an intercultural level.
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CONSUMER BEHAVIOUR CHANGES DURING TIMES OF THE COVID-19 PANDEMIC: AN EMPIRICAL STUDY ON SLOVAK CONSUMERS

Lenka Veselovská, Ján Závadský, Lucia Bartková

Humankind finds itself facing unparalleled circumstances since the worldwide outbreak of COVID-19 created significant changes in societies worldwide. Societies were surprised at the rapid spread of the virus and the ensuing global crisis. Due to the worldwide effects of the crises many authors compare it to natural disasters (Anderson et al., 2020; Sarkis et al., 2020; De Vito & Gómez, 2020; Haghani et al., 2020; Haroon & Rizvi, 2020). The scope of COVID-19 crisis caused significant disruptions in economic, social and health systems, thus creating a challenge for societies. For entrepreneurs, this crisis brought both problems and opportunities. These conditions laid bare their vulnerabilities and critical points. Consumers were forced to adapt their needs and shopping habits to extreme conditions influenced by both implemented and enforced government measures to stop the spread of the virus.
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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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MACROECONOMIC TIME SERIES AFFECTING THE MINIMUM AND AVERAGE WAGES OF V4 COUNTRIES

Lucie Meixnerová, Michal Krajňák

The minimum wage institute was established at the turn of the 19th and 20th century in the Anglo-Saxon countries. Its purpose was to ensure the protection of the workforce. The minimum wage ensures that the labour market wage cannot fall below the determined level, which takes the form in accordance with the economic and political conditions of the country concerned (Dube et al., 2010). The determined level of the minimum wage results either from the tripartite act, which is made up of representatives of government, employers and trade unions or is enacted in relation to a percentage of the average wage level. Lopresti and Mumford (2016) mention that setting a minimum wage is a very complex problem, as its value is related to the price of labour that affects employers’ competitiveness. The minimum wage affects not only the part of the employer but also the employee, as employees want to receive fair remuneration for their work that will ensure them the required standard of living.
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ASSESSMENT OF LOGISTICS PLATFORM EFFICIENCY USING AN INTEGRATED DELPHI ANALYTIC HIERARCHY PROCESS – DATA ENVELOPMENT ANALYSIS APPROACH: A N OVEL METHODOLOGICAL APPROACH INCLUDING A CASE STUDY IN SLOVENIA

Patricija Bajec, Monika Kontelj, Aleš Groznik

The objective of this study is to propose a trustworthy, valid and consistent methodological approach for measuring the efficiency of a logistics platform, where an entire country constitutes a logistic platform. Traditional Data Envelopment Analysis (DEA) is found to be an appropriate tool – if its weaknesses are eliminated. DEA results are highly influenced by the choice of appropriate inputs and outputs variables, but the method itself does not provide guidance for their identification. The authors therefore propose to integrate traditional DEA by combining the Delphi technique with the Analytical Hierarchy Process (AHP) method, which will assist in identifying proper, consistent input/output variables, evaluated by their relevance. The proposed framework allows the performance evaluation of the selected platform’s element or elements. It is thus a useful decision support tool for enterprises (private, public, both) that are managing logistics platforms and trying to improve their productivity in order to sustain or improve their position on the competitive market. This methodology allows comparative efficiency analyses to be estimated for similar countries. The presented methodology on one hand enables tailor-made solutions, but on the other hand is very general, and, with minor adjustments, can be applied by a variety of firms and industries. It can be applied in private sector firms in production and service industries, to analyse the relative performance of diverse logistics and non-logistics services, and in public profit or non-profit organisations.
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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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COOPERATION AND COMPETITION IN MANUFACTURER-KEY RETAILER RELATIONSHIPS: A BUSINESS MODEL PERSPECTIVE

Marzanna Katarzyna Witek-Hajduk, Piotr Zaborek

Relationships in the supply chain have been a longstanding theme of research (e.g. Ailawadi et al., 2010; Corsten & Kumar, 2005; Vlachos et al., 2008). Manufacturer-retailer relationships have changed in recent decades due to the growing power of retailers (Amato & Amato, 2009) reinforced by concentration processes in retailing (Burt & Sparks, 2003), the emergence of mega-retailers and their internationalization, and the rise of the Internet. The shift in bargaining power toward retailers is manifested by the growing market shares of private brands (Chimhundu, 2011). On the heels of these trends, changes have come in business models of both retailers and producers (e.g. Ritala et al., 2014; Witek-Hajduk, 2017). The role of retailers has evolved “from mere service providers to market makers” (Hamilton & Petrovic, 2011). The growing power of retailers has prompted many manufacturers of consumer goods to establish their own or controlled retail channels and/or to produce goods under retailers’ private labels often competing with their own brands. Consequently, various forms of cooperation and competition have developed giving rise to the phenomenon of coopetition (Kim et al., 2013).
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IMPORTANCE OF INNOVATIVE MANAGEMENT PRACTICE: SOLUTION FOR CHALLENGES IN BUSINESS ENVIRONMENT AND PERFORMANCE IN LARGE ORGANIZATIONS IN SERBIA

Božidar Leković, Maja Strugar Jelača, Slobodan Marić

In the contemporary business setting, the implementation of innovative management practices is recognized as a crucial factor (Damanpour, 2014) for strategic change, organizational renewal and achieving longterm competitive advantage (Walker, Chen, & Aravind, 2015). Still, it is surprising how little research is conducted on largescale surveys according to possible approaches to measure innovative management practice which will lead to organizational innovations (Armbruster, Bikfalvi, Kinkel, & Lay, 2008). The proportion of this research topic amounts to only 8% among the innovation research process, while only 3% of research studies analyze this subject (Mihalache, 2012, p. 2). In the paper, the basic research objective is reflected in the analysis of the degree of innovative management practice impact on organization’s performance, and the analysis of the relationship between implementation of innovative management practice and dynamic business environment.
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