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PERFORMANCE EVALUATION FRAMEWORK UNDER THE INFLUENCE OF INDUSTRY 4.0: THE CASE OF THE CZECH MANUFACTURING INDUSTRY

Martina Hedvičáková, Martin Král

The manufacturing industry is key to the Czech economy and has deep roots in its history. The manufacturing industry accounts for about 35% of the national economy. It also has a dominant position compared to other countries of the European Union. The manufacturing industry also contributed the most to the creation of the gross domestic product in 2018. It also plays a significant role in employment policy, with around 40% of the economically active population in the manufacturing industry. In the manufacturing industry, the largest employers are manufacture of transport equipment and manufacture of metal structures. The average wage in all sections of the manufacturing industry is also increasing year by year. The manufacturing industry also plays an important role in terms of innovation, new technologies and investments.
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SOVEREIGN CREDIT RATINGS AND ASIAN FINANCIAL MARKETS

Khansa Pervaiz, Zuzana Virglerová, Muhammad Asif Khan, Usman Akbar, József Popp

Sovereign credit rating (SCR) is an important utensil to judge the creditworthiness and competitiveness of an economy, which facilitates the potential investors to gain confidence in making investment decisions across the globe (Yang et al., 2019). It serves as a “credit passport” to investors to gain useful information about the financial markets in terms of dependable share prices, trim financial obstacles along with provocative effective investment (Mclean et al., 2012; Xu et al., 2019; Zhao et al., 2020). Higher SCR signals a relatively higher performance of companies/ economies (Cubas-Díaz et al., 2018). The efficient market hypothesis holds that financial markets are sensitive to new information, where a piece of information is translated into security prices, depending upon the development of such markets.
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THE USE OF INTERNATIONAL TAX PLANNING IN SUBSIDIARIES FROM THE FINANCIAL AND ICT SECTORS IN THE CZECH REPUBLIC

Vít Jedlička

the profitability of their company’s investments. They also encounter various types of costs – from the managerial perspective, these include paid taxes. Therefore, the management at multinational corporations takes advantage of the global digital economy and tries to plan tax liabilities in order to minimize them. Ignoring the opportunity to avoid taxes can result in a less competitive position. Tax planning has become an important tool for achieving better financial results. Within the global economy, the international aspect of tax planning is a key factor for multinational corporation management. The importance of tax burdens can also be seen in decision making on where to invest. Lower tax burdens can increase an investment’s profitability; therefore, managers incorporate rating tax legislation into their decision-making process for investment.
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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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QUANTIFYING THE ECONOMIC DEVELOPMENT DYNAMICS OF A COUNTRY BASED ON THE LORENZ CURVE

Romualdas Ginevičius, Joanicjusz Nazarko, Dainora Gedvilaitė, Zdzisława Dacko-Pikiewicz

Today market players at all levels, from business operators to countries, strive to be competitive. This aspiration is not passive, and is not only about maintaining current positions. As a result of the global economic development of the world, the growth of global markets forces particular countries to increase the economic scale of the economic growth, otherwise they will lose their positions. The pursuit of an increasing share of international markets becomes the basis for a country’s competitive capacity. Only by keeping pace with the growth of the single market warranty that they remain competitive. Therefore, development becomes a hallmark of competitiveness. In this context, it is important for both science and practice to fully analyse the phenomenon of economic development.
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KEY PERFORMANCE INDICATORS FOR ADOPTING SUSTAINABILITY PRACTICES IN FOOTWEAR SUPPLY CHAINS

Md. Abdul Moktadir, Yead Mahmud, Audrius Banaitis, Tusher Sarder, Mahabubur Rahman Khan

A supply chain is the integrated part of an organization in which the suppliers, manufacturers, distributors, and consumers are involved and the information flow is linked through networks (Towill et al., 1992). Sustainability requires having sustainable business practices (Lai et al., 2020). From a practical point of view, sustainability focuses on minimizing the harmful impact of a firm on the environment, on enhancing good social relations, and on increasing the economic benefits of the firm, at the same time (Hendiani et al., 2020). The sustainability of the supply chain is therefore an important issue for the business organizations that are looking to attain a sustainable level in the global market (Kumar et al., 2019). To make the supply chain sustainable and resilient, it is essential to identify the basic performance indicators. By investigating the existing performance of an organization, a firm can take action against the problems that exist.
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TARGETING OF ONLINE ADVERTISING USING LOGISTIC REGRESSION

Erik Šoltés, Janka Táborecká-Petrovičová, Romana Šipoldová

In the era of big data and digital technologies, marketing and especially digital marketing are rapidly developing. This development is significantly supported by utilisation of various quantitative methods allowing for a lot of useful information from different marketing fields. Digital marketing brings access to mass market for a reasonable price and unlike advertisement in traditional media (TV commercials, print), it enables personalized marketing. Digital marketing applies digital channels, devices and platforms to develop or implement a marketing strategy. One subset of digital marketing is online marketing usually defined as internet marketing. Expansion of internet marketing is considerable and evident by the increase of expenditures into internet advertisement. In the year 2018, 68% of Slovaks and 75% of Czechs had daily access to internet, whereas in 2012 it was 60% and 44%, respectively.
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AN ANALYSIS OF BOND MARKET LIQUIDITY AND REAL SECTOR OUTPUT IN SELECTED AFRICAN ECONOMIES

Patrick O. Eke, Kehinde A Adetiloye, Esther O Adegbite

The debate on development of the bond market as major channel of industrial finance is gaining traction in many African economies. The secondary arm of the market, aside from the liquidity window it provides for investors in the primary market, additionally creates information linkage by fostering capital formation for prospective investors and producers that require capital to meet their investment opportunities, assisting in the allocation and operational efficiency of the capital market. Except if the market remains thin, overtime, liquidity in the market becomes more visible in the economy’s financial architecture, as it ignites market dynamism in the financial services linkage with other sectors of the economy. Liquidity is a pre-requisite to deepening the bond market, conditioned on information availability to ease asset valuation. The rapidity and randomness of information is what actually distinguishes capital market functionality and efficiency (Wijst, 2013).
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TRANSMISSION OF FINANCIAL STRESS SHOCKS BETWEEN THE USA AND THE EURO AREA DURING DIFFERENT BUSINESS CYCLE PHASES

Silvo Dajčman, Alenka Kavkler, Peter Mikek, Dejan Romih

After the global financial crisis and the Great Recession, a large and growing body of literature has examined real business-financial cycle linkages. To this end, Claessens et al. (2012) examined a large database of business and financial stress periods, corroborating that financial crisis periods are often longer and deeper than economic recessions and tend to amplify and prolong the latter. Our research aims to contribute to an understanding of the financial stress-macroeconomy nexus by studying the spillovers of US (euro area) financial stress shocks and their macroeconomic effects (i.e. effects on industrial production, inflation and unemployment) into the euro area (USA). This paper asks whether these effects are contingent on the phase of the business cycle. Traditionally, domestic and international financial stress-business cycle linkages have been investigated within the linear modelling framework.
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E-COMMERCE DEVELOPMENT IN EUROPE: A PANEL DATA ANALYSIS 2003–2017

Alma Lucero Ortiz, José Carlos Rodríguez, Mario Gómez

In addition to economic factors, other cultural and political influences have been critical drivers of economic growth. Technology issues have begun to feature as a central component of the growth process (Helpman, 1998). For example, technological advances can contribute to humanity’s well-being by facilitating a dynamic change, thereby allowing humankind to perform more efficiently (OECD, 1998). The adoption of information technologies, communication infrastructure, and the Internet in multiple social and productive sectors offers tangible advantages to countries. This process has improved several aspects of societies, such as business, technology, education, and the global economy (Ejiaku, 2014). The importance of information and communication technologies (ICTs) as an asset to the economy’s growth has been highlighted (Schreyer, 2000). The way of doing business has been modified using ICTs through different processes and tools that allow companies to use Internet-based information technologies.
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