Ekonomická revue. 2015, roč. 18

Permanent URI for this collectionhttp://hdl.handle.net/10084/111321

Browse

Now showing 1 - 14 out of 14 results

Factors affecting users’ satisfaction with online group buying: A social exchange theory approach
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Pawlasová, Pavlína
The topic of this paper is a comparison of the factors that affect users’ satisfaction with online group buying. Social exchange theory was used to identify these factors. Reciprocity, reputation and trust, proposed by social exchange theory, along with the vendor’s creativity and customers’ satisfaction with the purchase can be included among these factors. The aim of this paper is to identify the factors affecting customers’ satisfaction with online group buying and to find the optimal factor model in the conditions of the Czech Republic. The methods of factor analysis and structural equation modelling are used. The optimal model for the Czech conditions is found. The results con-firm that trust, including trust in online group buying vendors and their trustworthy impression, the vendor’s crea-tivity, including new ways to meet consumer demands, new approaches to selling products and new ideas about how to promote products, and customers’ pleasure and contentment are the most important factors for Czech cus-tomers.
Perspectives on human resource management in organisations in the Czech Republic and the Slovak Republic
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Fejfarová, Martina; Urbancová, Hana
The article focuses on perspectives on human resource management in organisations in the Czech Republic and the Slovak Republic. The aim of the article is to compare the levels of human resource management in the Czech Republic and the Slovak Republic, to test the dependencies between selected qualitative features that relate to the issues examined, to compare the results obtained in the Czech Republic with the preliminary results from the next period and to make recommendations for Czech organisations in the area of human resource management. Based on the questionnaire survey (n1 = 109, n2 = 340), the levels of human resource management in seven areas are compared: (1) evaluation of the implementation of key strategic documents, (2) formation of labour potential, (3) employee development, (4) employee relationships and communication, (5) organisational culture, (6) innovation and (7) ensuring knowledge continuity. Within the scope of the areas observed, selected results are evaluated further according to more detailed criteria: the economic sector, the area in which organisations operate and the size of the market. The results of the survey show that in the Czech Republic and in the Slovak Republic there are no significant statistical differences in the level of human resource management.
Backtesting of portfolio optimization with and without risk-free asset
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Kresta, Aleš; Zelinková, Kateřina
A classical question in modern portfolio theory asks how the best portfolio composition can be chosen. Answering this question is definitely not easy and the general approach is to maximize the chosen risk-reward ratio. In our paper, however, we utilize the mean-variance framework introduced by Markowitz and maximize the (quadratic) utility function, which depends on the expected return (future mean return) and its variance. Simplification in terms of the applied utility function instead of the performance ratio allows portfolio backtesting over a relatively long period with a short computation time. The goal of the paper is to analyse how the risk-free asset investment possi-bility influences the ex post observed wealth path in the case of the selected period and data set. We find that the possibility of risk-free investments actually deteriorates the wealth path. Our explanation is that the simple portfolio optimization strategy proposed in the paper is unable to forecast market declines in time and reacts with a delay.
Fitting probability distributions to market risk and insurance risk
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Zelinková, Kateřina
Determining the parametric VaR approach is very important in establishing the probability distribution of a risk factor. We assume that a normal distribution is symmetric; however, it has some limitations. This distribution is used for modelling asymmetric data or data that have only positive values, such as insurance claims. The aim of the paper is to find the best probability distribution for stock exchange index returns and for insurance claims. The paper is structured as follows. Firstly, we describe the typical probability distributions used in finance, namely normal, Student, logistic, gamma, exponential and lognormal distribution, and the methods of verification. Subsequently, parameters of the distribution types are estimated via the maximum likelihood method, and after that we calculate the value at risk. The VaR is calculated even though the time series do not correspond to the stated types of proba-bility distribution; nevertheless, we calculate the value at risk for all the stated types of probability distribution because it is apparent that large mistake can arise if an incorrect type of probability distribution is used.
Evaluation of transparency in local decision-making through the information availability on Czech municipal websites
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Ardielli, Eva; Vavrek, Roman
Transparency is considered to be the fundamental element of well-functioning and effective public administration on the local level of government. Open and straightforward access to information considerably supports transparency with better public control as well as supporting compliance with the public interest. One suitable tool that allows better public access to information, greater transparency and citizen participation in decision making is the use of the Internet in the public sector and the development of e-government. This paper focuses on e-government on the local level, especially the disclosure of information on municipal websites. The research was conducted on selected Czech municipal websites. The main goal was to evaluate the availability of information about decision making in the Czech municipalities and the availability of participation tools for citizens. For this purpose, selected information published on the municipal websites in the Moravian-Silesian Region was analysed. The results of the research pointed out the shortcomings in the publishing of information on municipal websites. The low level of citizen participation on the local level of government was also stressed.
Anchoring in willingness-to-pay decisions: an experimental comparison of two research approaches
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Ďuriník, Michal
Businesses can increase customers’ willingness to pay by simply displaying multi-digit numbers, utilizing the anchoring effect. This paper compares two methodological approaches to test for the anchoring effect experimentally: a hypothetical one (subjects answering what-if questions) and a real situation (subjects making decisions involving their own real money). Although previous studies have examined anchoring in each of these settings separately, no direct comparison is available to date. In this paper, we conduct an experiment to compare anchoring in a hypothetical and a real-purchase setting. As hypothesized, the anchoring effect is more prevalent in the hypothetical than in the real-purchase condition. This produces some concerns regarding the suitability of the methods used to examine the anchoring effect.
The Czech evidence for the explanatory power of formula factors on profitability
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Krchnivá, Kateřina
The allocation formula for the distribution of the Common Consolidated Corporate Tax Base (CCCTB) should include the three equally weighted formula factors that are considered to have the largest impact on the generation of profit/loss. The objective of the paper is to analyse the explanatory power of the proposed formula factors from the perspective of Czech independent enterprises. The analysis is based on the comparison of coefficients of determination as the indicators of explained variability of a regression model. The paper concludes that the proposed formula factors, as defined by the CCCTB Draft Directive, are able to explain almost 35% of the variance in profit/loss but also indicates that the other balance sheet items can have a higher explanatory power.
Solution to the unavailability of old cars’ emission values for the purpose of an environmental road tax base
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) David, Petr; Křápek, Milan
The article deals with the issue of the assessment of emission values of personal road motor vehicles that are usable for the introduction or change of an environmental road tax base. It searches for options for theoretical emission assessment in the case of unavailability of this figure to avoid the duality and consequent deformation of the existing or introduced road tax. During the calculation of the particulate emission value of old diesel and petrol engine vehicles, it is advisable to include only the available figures for the engine capacity and the year of initial registration of the car make and type. Including the square-root relationship between engine capacity and emissions corresponds better to reality, improving the results. The application of these processes leads to the formulation of equations enabling the determination of unknown emission values of vehicles registered since 2000, which describe these vehicles’ production of emissions quite accurately. Including the frequency of vehicle registration in the model proved to be unsuitable; therefore, the model is applicable in general.
The relevance of financial frictions in V4 countries from the DSGE perspective
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Tvrz, Stanislav
In this paper, the importance of the financial frictions in the countries of the Visegrád Group is compared using a set of estimated DSGE models with a financial accelerator. The results of the Bayesian estimation confirm the overall similarity of the V4 economies, with some notable differences. The estimates of the financial friction parameters are very similar across the V4 economies, which may be explained by the fact that most commercial banks operating in these economies are subsidiaries of large international groups, which treat the V4 markets in similar ways. According to the historical shock decomposition, the importance of the net worth shock for the development of real output is comparable to that of the domestic productivity shock or the total of foreign shocks. In the case of the inflation rate, the importance of the net worth shock is comparable to the sum of the foreign shocks. Since the net worth shock directly affects the development of the interest rate spread between the policy interest rate and the client interest rates, the financial frictions can have important implications for the monetary policy. Thus, the monetary authority should take into account the factors that can affect the development of the interest rate spread in the economy and potentially reduce the efficiency of the monetary transmission.
Analysis of export diversification development of the European Union and BRICS countries
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Vahalík, Bohdan
Export diversification theory came to the fore in the second half of the twentieth century, in opposition to the classical and neoclassical theories of foreign trade. It defends the positive impact of trade diversification on the economic performance of a country. The question of how much big economies diversify their exports in the case of product groups and export destinations is answered in this paper. Three different indices are used, describing various features of export diversification in two dimensions using the unweighted and the study’s own weighted approach to values. It is shown by the analysis that the EU has achieved the greatest long-term export diversification for both product and territorial diversification. The BRICS countries have increased their export position in the world economy through the intensive and extensive margin, but from the perspective of the Herfindahl–Hirschman index of diversification, they have experienced very different developments of product and territorial diversification.
Public administration in EU countries: selected comparative approaches
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Halásková, Martina
The focus of the paper is on selected comparative models in public administration (human research system, model based on the system of government and models of local government and territorial organization). The aim of this paper is to provide a more thorough view on public administration in the EU-28 countries and to assess the selected comparative approaches and the financial dimension according to the levels of public administration. Evaluation of the selected indicators of financial dimension of public administration was carried out using the method of analysis, whose outcomes confirmed the most notable differences between the EU-28 countries in the first and third cluster in fiscal decentralization of expenditure and in total general government expenditure.
Specific traits of Islamic law in relation to economic and financial systems
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Krügerová, Martina; Závada, Václav; Czudek, Damian; Kozieł, Michal; Dvořáková, Petra; Kubica, Jan
Islamic law is a legal system with a number of specific traits, which determine the path to the Islamic economic system. The Islamic banking system has been overlooked as an alternative to our financial system for years. The lack of interest to which it was exposed in the past clearly left a trace of misconceptions, with which we are accustomed to view it. It does not just concern the concept of our Western world banking in an Islamic environment. It is a system based on pillars, which are based on a very different historical context. The goal of the paper is to describe and explain the principles of the Islamic laws and the actual behaviour of the economy, as well as the economic entities formally operating under Islamic principles (mainly banks). Based on an understanding of the principles of Islamic law and the principles on which Islamic banks work and on an explanation of the banks’ main characteristics, in particular the relationship with interest, loan usury and clarification of the method of profit gain, the paper aims to evaluate the effect of Islamic finance and outline the current practice in the light of compliance with the fundamentals of Islamic financial law.
The effect of subsidies on the efficiency of farms in the Liberecký region
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Pechrová, Marie
The aim of the paper is to assess the impact of subsidies on the technical efficiency of agricultural holdings in the Liberecký region. A parametric method – stochastic frontier analysis – was used. A true fixed effects model was estimated, assuming a Cobb-Douglas production function with variance of inefficiency explained by explanatory variables. The results reveal that direct payments and agri-environmental payments tend to increase inefficiency, whereas subsidies for Least Favourable Areas have a positive effect on the efficiency of agricultural holdings. The effect of Rural Development Programme subsidies is not statistically significant. Based on our results, we suggest lowering the entitlements (direct payments and agro-environmental measures) as they seem to lower farmers’ motivation to engage in efficient production.
Risk assessment of VAT entities using selected data mining models
(Vysoká škola báňská - Technická univerzita Ostrava, 2015) Cút, Stanislav
The goal of the paper was to evaluate the classification ability of selected types of data mining methods, focusing on neural networks, decision trees and random forests, within the risk assessment of VAT entities. The data set used for the testing contained information on the risk of taxpayers who were obliged to file VAT returns in the calendar year 2012. The highest classification ability among the constructed models was achieved by the multilayer perceptron model. The lowest classification ability was demonstrated by the decision tree method, using the default growth exhaustive CHAID algorithm.

Browse

Recent Submissions