Ekonomická revue. 2023, roč. 26

Permanent URI for this collectionhttp://hdl.handle.net/10084/151421

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Now showing 1 - 9 out of 9 results

The gender pay gap in the family business
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Poláková, Gabriela; Krestová, Terezie; Stanovská, Kateřina
The gender pay gap has persisted for a long time and women still face problems of lower wages regardless of qualification, experience, and expertise. This problem has an impact on their financial well-being, living standards of their families, and in the future also on their lower pensions. The aim of this paper is to find out whether there is a pay discrimination between women and men in the same positions in the family business. If so, what is the impact on real wages and what are the main factors influencing and related to earnings. We conducted research with employees in the same positions. Data on the gender pay gap was analysed, taking into consideration statistics from the family business and national ones. The multiple regres- sion analyse was performed to identify and quantify the main factors influencing earnings. We find that women's earnings are lower than expected based on their job title, personal experience, and qualifica- tions. But the result of gender pay gap in the family business proved to be far more favourable and the difference is lower than the Czech national GPG is. In addition to education and gender, the role of breadwinner also signifi- cantly affects earnings in the family business. Our findings will advance our understanding of main factors of gender pay gap and its effects on living standards of families and economics.
How has the Federal Reserve System been affecting the S&P 500’ performance?
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Branžovský, Jiří
The period of over 13 thousand daily observations of S&P 500 stock price index and changes in the official Federal fund rates, from 1971 to 2022, resulted in the division of the period into subcategories of the official 454 FOMC meetings, the two-week before the FOMC meetings and one-week afterward, and the outside of the sample period. Furthermore, the whole period was divided into non-transparent periods 1971-1994 and the Fed’ public-open trans- parent period afterwards. Additionally, every trading day was run via particular models of monetary shocks to iden- tify the anticipated and unanticipated part. The results of the daily returns of the S&P 500 stock index over different sub-periods were additionally supported by periods of economic boom and seven crises over time. The analysis reveals that the S&P 500 index generally yielded superior returns around the FOMC meetings, espe- cially if any FFR changed. The study further distinguishes the market's response to policy changes outside the offi- cial FOMC dates, highlighting the positive impact of expansionary monetary policy on average stock gains, and the specific response to restrictive policy measures during economic downturns. The transition from a non-transparent to a transparent period has significantly influenced stock return volatility and trading volumes. This research con- tributes to a deeper understanding of how the FOMC decisions impact equity markets and underscores the evolving nature of this relationship amidst increased policy transparency.
Heterogeneity in financial performance caused by the COVID-19 pandemic: Food producers in Czechia
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Heryán, Tomáš; Novotná, Martina; Gurný, Petr; Kresta, Aleš
This paper focuses on the heterogeneous impacts of COVID-19 on financial performance among middle-sized food product manufacturers in Czechia in dependence on ownership concentration. In particular, this work aims to esti- mate differences in these pandemic impacts among Czech companies with a major owner. The DuPont framework has partially revealed significant relations of return on assets depending on the return on sales, both reflecting earn- ings before interest and taxes. Neither is the only novelty in the use of heterogeneous difference-in-differences with cohorts of companies developed by Wooldridge (2021); however, 2018-2022 annual financial data from the Bureau van Dijk Orbis database for 480 companies have also been merged with epidemiological data, particularly the av- erage morbidity per 10,000 inhabitants within NUTS-3 regions based on the open source database from the Nature journal (Naqvi, 2021). The tests revealed a significant difference between middle-sized companies with high own- ership concentration and the rest of the market.
Creating factors of regional resilience of the Czech Republic
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Ostárková, Jana
This article focuses on analysing the indicators of resilience in the case of the Czech Republic, as this topic is currently the core subject of interest of many economic studies. Although there is no unified definition and under- standing of the concept, resilience is one of the basic criteria for assessing and comparing the development of economies. Moreover, the European Union has considered resilience one of its key objectives for rebuilding and enhancing a more resilient Europe. Therefore, the article aims – based on factor analysis – to create, define, and explain individual content factors for five partial dimensions of the resilience of NUTS 2 (Nomenclature of Units for Territorial Statistics) cohesion regions of the Czech Republic in the reference period 2000 to 2019. The main factors determining the resilience of the Czech NUTS 2 regions are identified in societal, economic, social, eco- logical, and innovative dimensions.
The portfolio strategy under the influence of market attention
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Xiong, Jialei
This study focuses on the relatively absent link between market attention and portfolio optimization with a view to enhancing portfolio selection strategies. The motivation for this study stems from the recognized impact of market attention on predicting individual stock movements and the lack of exploration of its impact on portfolio manage- ment. Addressing this research gap, this study aims to reveal how incorporating market attention into traditional portfolio optimization models can significantly improve the efficiency and effectiveness of portfolio selection strat- egies. This study uses time-series data from Google Trends to quantify attention and integrate it into a portfolio optimization model. By comparing traditional portfolio optimization methods, such as the minimum CVaR method with a method that incorporates market attention, this study highlights the substantial enhancements that result from incorporating market attention into portfolio selection strategies. This exploration empirically demonstrates the ef- ficacy of portfolio optimization when considering market attention and bridges the gap in the existing literature.
COVID-19 crisis and the labour market in the Czech Republic - The recovery
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Pavlíček, Tomáš
In this paper, I focus on assessing the effects of the COVID-19 pandemic on the labour market in the Czech Repub- lic. The structural indicators of the labour market over the years 2020-2021 are observed and the persistence of these effects is evaluated with the data already available for 2022. An important part of the study is a review of studies concerned with labour markets abroad, especially in the European context. Throughout the pandemic in the Czech Republic, the long-term average unemployment rate rose steadily, but the highest point reached was only a modest 3.4% at the height of the epidemic, predominantly thanks to the extensive government spending policies to com- pensate for both the drop in demand and the restrictions imposed, and by the start of 2022 it had recovered. The employment rate dropped below the long-term average but recovered to the pre-crisis levels in 2022. In absolute numbers, the number of people actually working dropped by more than 100,000 between the end of 2019 and the end of 2020, but it had recovered by the end of 2021. After that, another drop, which can be attributed to other factors, occurred. I document that the employment effects were highly heterogeneous in terms of area of work and some of the changes will be permanent. There was a delayed drop in the self-employment rate. In terms of long- term effects, both the unemployment and employment rates as well as some structural indicators returned to the long-term average in 2022, but the self-employment in some segments in particular has not recovered since. The analysis of the permanency of some of the more subtle effects with longer recovery periods is difficult due to the coincidence of the onset of the newly emerging energy crisis and the COVID-19 recovery period in 2022.
Selection of an automated solution in logistics using DEA models
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Bordácsová, Dominika
Digitization and automation are much-discussed topics, mainly in the area of connecting industry and artificial intelligence, known as Industry 4.0. Currently, choosing a suitable automated solution is a big problem for many industrial companies and their customers. There are many methods for evaluating the efficiency of individual solutions. One of them is data envelopment analysis (DEA), which compares a set of admissible solutions formed by homogeneous production units, also referred to as “decision-making units” (DMUs). This paper aims to measure the efficiency of logistics solutions using DEA models assuming constant returns to scale (CCR). The application of CCR models to a specific case demonstrates the possibility of solving the problem of choosing the most suitable solution. The results of CCR models are compared, and based on the achieved results, the company's previous decision is also evaluated. In the end, the (in)appropriateness of using these models was pointed out due to the large number of effective DMUs, and the use of a different model was recommended for future logistics solutions evaluation.
Income taxes and the motivation to work: A review
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Nadirov, Orkhan; Dehning, Bruce
Research on the impact that income taxes have on the motivation to work has a rich history using a variety of methodologies. In this paper, we attempt to connect the various streams of research, showing how the conclusions are the same and where they differ to give researchers a starting point for future research. The literature review groups previous studies into (i) traditional theoretical and empirical archival approaches, (ii) survey and observa- tional studies, (iii) experimental evidence, (iv) general equilibrium models and cross-country research, and possi- bilities for future research. The present study concludes that the effect of income taxes on the motivation to work cannot be explained by elementary economic theory, such as income and substitution effects. It is argued that an individual’s preference for work and leisure can also be affected by how those effects are applied and described. It is not only income taxes but also the preference for work or the culture of leisure in the country of origin that substantially affect the motivation to work.
Off-budget operations in Czech cities: Extent and transparency
(Vysoká škola báňská - Technická univerzita Ostrava, 2023) Sedmihradská, Lucie
Entrepreneurial activities of municipalities, according to Czech budget rules for local budgets, are not a part of their budget. Their extent is significant as 53% of rental revenues, 28% of revenues from the sale of immovable property, and 14% of repair and maintenance costs were recorded off-budget in 2020. The purpose of this paper is to explore regulations related to municipal off-budget operations and the actual practice using a sample of the 27 Czech statutory cities. It finds that only ten cities reported some of their activities off-budget and that another four abolished this praxis in the last decade. The current praxis is caused by insufficient complementarity of valid regulation and it is not in line with the budget principles of comprehensiveness and universality.

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