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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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INFLUENCE OF SELECTED MACROECONOMIC INDICATORS ON EMPLOYEE MOTIVATION

Miloš Hitka, Jozef Ďurian, Silvia Lorincová, Bianka Dúbravská

In recent years, the importance of human resource management in companies has been growing unstoppably. It is related to the growth of modern technologies, the education of the population, dynamic movements in the market of goods and labour, the democratisation of society, etc. However, in the face of growing pressure, the complexity of change, and the competition they face on a daily basis, most executives have to cope with the growing conflict and divide between management and leadership requirements of organisations. Managers work under a lot of pressure and stress, so they do not have the time and sometimes the desire to be a leader, and conversely, leaders do not manage to be managers. Combining the two functions is extremely difficult. Because every company works first and foremost with people, there is always a large number of tasks that the company must successfully solve in order to exist. Since human resources are of strategic importance to everyone today, they are a prerequisite for the existence of the company and its further development.
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DETERMINANTS OF THE ADOPTION OF INNOVATIVE FINTECH SERVICES BY MILLENNIALS

Małgorzata Solarz, Magdalena Swacha-Lech

According to the study by Ernst & Young entitled: “Global FinTech Adoption Index 2019”, the level of users taking advantage of FinTech services, expressed as a percentage of the digitally active population for 27 selected countries in 2019 presented the level of 64%. It is worth pointing out that for China this figure amounted to 87%, Great Britain 71%, Switzerland 64% and the USA 46% (Ernst & Young, 2019). As highlighted by Anderson (2015), people of different generations and demographic backgrounds incorporate new technology into their lives at different rates. This paper is focused on Millennials alone, also referred to as Generation Y. This generation includes people born in the period from 1980 to 1995. Millennials, along with Generation Z (also known as iGen and referring to people born in the years 1996–2010), belong to the generations which currently generate highly significant changes in the environment of modern financial institutions (Swacha-Lech, 2019).
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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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IMPACT OF DIFFERENT LIFE-CYCLE SAVING STRATEGIES AND UNEMPLOYMENT ON INDIVIDUAL SAVINGS IN DEFINED CONTRIBUTION PENSION SCHEME IN SLOVAKIA

Michal Mešťan, Ivan Králik, Leoš Šafár, Ján Šebo

Individuals in mandatory pension saving (MPS) scheme in Slovakia have their savings allocated mostly in one of the pension funds – equity or bond funds. Saving in only one of these funds will be considered as benchmark strategies. In our article, our goal is to compare the profitability that can be achieved with benchmark strategies compared to life-cycle savings strategies. In their case, the ratio of savings between equity and bond components changes dynamically, depending on the age and remaining savings period of 40 years (480 months). We deal with 3 types of individuals with different education level. In addition to comparing the potentially achievable returns at the end of the saving horizon, we will also be interested in the volatility of achievable returns and their spread from the average with the selected savings strategies. Savers are trying to get the best value for money, but they should also take into account the fact that higher potential appreciation also entails higher risk.
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THE DETERMINATION OF FINANCIAL STRUCTURE IN AGRICULTURE, FORESTRY AND FISHING INDUSTRY IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE

Petra Růčková, Nicole Škuláňová

Every company needs financial resources for its business activities before its establishment and during its existence. For accounting purposes, these funds are arranged in the balance sheet, in which they form a part called the capital or financial structure, which, including both longterm and short-term sources of funding, is the subject of this research. In addition to the time structure, the financial structure is further divided into equity and debt sources of financing. The question that economists have been trying to answer for more than half a century is “what the right ratio of equity and debt sources of funding is?” We could find studies of various years, such as Modigliani and Miller (1963), Bradley et al. (1984), Bokpin (2009), Orlova et al. (2020), Růčková and Stavárek (2020) or Jin (2021). Unfortunately, even in such a long time, no answer has been found, because the balance of funding sources is influenced by a number of factors and therefore, countless studies dealing with this issue are still being published. In view of this fact, there is no general theory of capital structure, as stated by Myers (2001).
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DRIVERS 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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