Ekonomická revue. 2013, roč. 16

Permanent URI for this collectionhttp://hdl.handle.net/10084/96377

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Now showing 1 - 19 out of 19 results

Application of income valuation methods: value spread vs. net income
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Růžičková, Kamila
The issues preceding the process of company valuation via income valuation methods are explored in this paper. Income valuation methods are applicable only if particular requirements are fulfilled. The fulfilment of some of these requirements can be verified by the application of two selected variables: the value spread and the net income. The aim in this paper is to examine the dependence between these two variables in Czech agricultural companies using the chi-square test of independence. Based on empirical tests, it is proved that there is slightly positive dependence between these variables and that the value spread and net income are appropriate for the identification of suitable companies for the application of income valuation methods.
Funding agricultural holdings' investment projects: focus on subsidies
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Pechrová, Marie
The aim of the article is to compare the effects of different fixed asset funding options for agricultural holdings. Funding investment projects with subsidies (measure 1.1.1 Modernisation of agricultural holdings – axis I of the Rural Development Programme), bank loans and leases are simulated and compared in terms of the share of funding costs relative to the total amount of money received. This share in most cases enables the farmer to unambiguously choose the fixed asset funding option. However, in the case of older farmers in more favourable areas, the decision is not clear, as the share is the same for three-year bank loans and leases with a three-year payback period.
Convergence in the EU related to the Maastricht criteria
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Drastichová, Magdaléna
Regarding the entry into the euro area, the convergence of the EU economies can be monitored in several dimensions. One of them is the convergence represented by the Maastricht criteria, which are the only official conditions of joining the euro area for the EU countries. The aim of this paper is to detect the development of convergence related to these criteria in the EU and to draw mutual relations between the convergence criteria and the impact of compliance with these criteria on other kinds of convergence. Subsequently, some impacts of meeting these criteria on the economic growth of the EU economies joining the euro area are derived. Accordingly, some asymmetric transmission channels related to the convergence indicators embodied in the Maastricht criteria can work in the monetary union and can have impacts on the economic growth in the euro area. Attention is paid to the impact of convergence in terms of compliance with the Maastricht criteria in a broader meaning and in interaction with convergence according to other concepts. Moreover, the most recent economic crisis has had a significant impact on the development of convergence criteria in the EU and its countries.
Budget accuracy in Czech municipalities and the determinants of tax revenue forecasting errors
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Sedmihradská, Lucie; Čabla, Adam
This paper evaluates the accuracy of municipal budgets and their major components and explores the factors influencing tax revenue forecasting errors in municipalities with extended scope between 2002 and 2011 using the generalised method of moments. Tax forecasting errors are influenced by the economic situation and structure of tax revenue. Higher underestimation is observed in municipalities with incremental revenue forecasting. The impact of political factors is quite strong: municipalities with more fragmented municipal councils approve more optimistic tax revenue forecasts and forecasts are more optimistic in election years.
Estimation of the J-curve effect in the bilateral trade of Hungary
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Šimáková, Jana
Resulting in a J-curve pattern, the devaluation or depreciation of a currency worsens the trade balance before improving it. The aim of the paper is to investigate the J-curve effect in bilateral trade flows between Hungary and its major trading partners: Germany, Austria, Italy, France, the Netherlands, the United Kingdom, Poland and the Czech Republic. This paper explores the J-curve effect using quarterly data over the period 1997–2012. We include bilateral export and import flows, GDP and nominal bilateral exchange rates in the models. We employ a Johansen cointegration test to analyse the long run relationship between variables. The short run effects and related J-curve effect are explored by estimating an error correction model and by assessing impulse response functions. A typical J-curve effect is detected in bilateral trade flows with the United Kingdom. In trade flows with Austria and Italy, a partial J-curve can be observed. In bilateral trade with the Czech Republic, we explore an inverse J-curve. In other cases, the coefficient estimates follow any specific pattern.
Using the Balanced Scorecard concept for employee remuneration
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Botek, Marek; Pechačová, Eva
This article discusses the fairness of rewards and their motivational effects. It employs the idea that in order to drive higher productivity through the feeling of fair reward, it is advisable that employees are acquainted with the factors influencing the amount of the reward. Based on a survey performed in a major telecommunications com-pany, the article illustrates how to break down targets to those for specific employees. This breakdown is realised by means of the Balanced Scorecard concept and thus the acquired balanced set of criteria is used for personal bonus calculations. The benefits of the proposed solution are not only knowledge on individual staff contributions to the objectives of the company, but also the unusual use of metrics instead of objectives by breaking the compa-ny down into smaller scale levels.
Application of decision analysis in the context of VAT rate changes
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Randová, Kateřina; Krajňák, Michal
The paper is focused on the impact of the potential transfer of hairdressing services from the standard to the reduced value added tax rate. Owing to this legislative change, the suppliers of these services would gain available funds. The aim of this paper is to identify the optimal way of using these funds through the application of the decision analysis method. The relevant data were obtained by questionnaire research. During decision making, respondents took into account various criteria, the weights of which were determined by Saaty’s method. They also took into account the effect of the risk of the given alternatives. The selected alternative was using the availa-ble funds for human capital, especially increasing the wages of current employees, which showed the best combi-nation of the highest utility and the lowest risk level.
Optimisation of energy drink social page posts on Facebook
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Pawlasová, Pavlína
The topic of this paper is the optimisation of postings on Facebook through the energy drink SEMTEX social page. The research aim is to identify factors and analyse their impacts on the number of sharing, comments and likes. Analysis of dependence is carried out by using Mann–Whitney and Kruskal–Wallis tests. The degree of dependence is determined by coefficient η. The results confirm that general recommendations for posting on social pages cannot be applied to all products and services. It is better to carry out an analysis because some differences may be caused by differences in type of product or service or in target audience. The results also confirm that people use social networks to talk and meet with friends, because posts, which were better perceived by users, were posts about various competitions. Social pages on Facebook should provide added value to users through entertainment and competitions.
Trade among BRICS countries: Changes towards closer cooperation?
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) De Castro, Tereza
Recent developments in the world economy have led to a new concept of international relations where emerging markets, notably BRICS (Brazil, Russia, India, China and South Africa) economies, create a strong counterweight to the already existing world powers of the Triad (US, EU and Japan) in both economic and political areas. This results from the reallocation of global economic activities, global consumption to emerging and developing countries and hence import/export destination shifts. BRICS economies can be described today as being highly integrated into international trade, thus enhancing their engagement in the world economy. Even though the Triad remains among the most important trade partners for BRICS, their total share in BRICS’s trade is decreasing. This paper examines changing geographical trade patterns of BRICS’s exports in regard to significant changes in global trade shifts within the past decade. The aim of the paper is to identify product groups that are involved in BRICS’s trade relations development and show possible diversions. The assessment focuses on regional trade orientation among BRICS themselves and between BRICS and the Triad. The results are further tested on the consistency of the countries’ revealed comparative advantage together with the assessment of export trade intro-version, complementarity and trade barriers. The results indicate that BRICS’s exports to markets other than the Triad are increasing but consist of less significant product groups. The export intensity assessment provided rather independent evidence of BRICS’s current behaviour than BRICS as a group. The most significant trade diversion from the Triad to BRICS was identified for the Mineral fuels, oils, distillation products, etc. product group ex-ported by Brazil and South Africa to China and India.
Politicko-ekonomický cyklus v ČR
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Janků, Jan
One of the failures of the political market is the existence of the politically motivated cycle, which is driven by the tendency of politicians to maximise their profit in elections by influencing macroeconomic indicators. The purpose of this article is to prove or contradict the existence of the political business cycle and to define its type in the Czech Republic. Specific political business cycle models are tested by using estimates from linear regression models. With the addition of the tested political variable, the linear regression model has an autoregressive form. This article analyses data from the first quarter of 1993 to the fourth quarter of 2012. We conclude, based on our empiric analysis, that in the Czech Republic it is possible to influence macroeconomic indexes during the preelection period. Indexes are influenced in the sense of the Nordhaus model of the political business cycle, which assumes the adaptive expectations of electors and opportunistic behaviour by the political authorities.
Exits in the gasoline market: evidence from Austria
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Nikolic, Adriana; Weiss, Christoph
The retail gasoline market is going through a process of restructuring and consolidation in many developed economies. During the past decade, a large number of gasoline stations have been closed down. The present paper aims to investigate this process. One of the key characteristics of the retail gasoline market is that competition is localised, and this spatial dimension of competition has to be taken into account when investigating the (binary) decision of whether or not to exit from this business. The results of a probit model estimated on the Austrian retail gasoline sector suggest that the degree of spatial differentiation (distance between gasoline stations) as well as other station-specific and regional characteristics can explain parts of the actual exit behaviour observed between 2003 and 2011.
Political cycle and fiscal policy in the countries of the European Union
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Doležalová, Jitka
The efforts of politicians in power to affect the decisions of voters through expansive fiscal policies in pre-election periods are still topical. This article determines whether governments in European Union countries initiate the political-budget cycle. We analyse 23 EU member states in the period 1995–2008. We pay attention to four institutional factors that can contribute to the creation of the political-budget cycle: length of democracy, type of parliamentary election, term of election and ideology. We find that the political-budget cycle was present throughout European Union countries in this period. The factor of the length of democracy had a small impact on the statistical significance of the results. However, ideology turned out to be the most important factor in our analysis. Current revenues were used as a tool of fiscal policy in the years of elections predominantly by ideologically mixed governments. Left-wing governments used rather the expenditure side of the budget to win the favour of the electorate. The type of election (regular or early) became relevant only in specific cases and in combination with other institutional factors. Finally, the new EU member governments consider the spring or autumn term of the election as a criterion co-determining their pre-election fiscal policies.
Impact of motivation principles on employee turnover
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Vnoučková, Lucie; Klupáková, Hana
The article focuses on the analysis of motivation principles in human resource management and their further verification by factor analysis. The objective is to identify the main motivation principles and their impacts on employee turnover as well as formulate suggested practices to eliminate the negative impact of employee disaffection and turnover. The identification of motivation principles is based on a content analysis of professional and scientific publications aimed at motivation. The results and conclusions of this study were consequently verified by a quantitative survey, the data of which were statistically processed. As a suitable statistical analysis to assess the data from the survey, a factor analysis was chosen. The data for the factor analysis were collected and analysed based on two quantitative surveys focused on the causes of employee turnover. The results of both analyses proved and verified identical principles of employee management that affect job satisfaction and the decisions of employees to stay or leave their current job positions.
Comparison of the multivariate and bivariate analysis of corporate competitiveness factors synergy
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Částek, Ondřej; Blažek, Ladislav; Pudil, Pavel; Somol, Petr
The article focuses on the analysis of motivation principles in human resource management and their further verification by factor analysis. The objective is to identify the main motivation principles and their impacts on employee turnover as well as formulate suggested practices to eliminate the negative impact of employee disaffection and turnover. The identification of motivation principles is based on a content analysis of professional and scientific publications aimed at motivation. The results and conclusions of this study were consequently verified by a quantitative survey, the data of which were statistically processed. As a suitable statistical analysis to assess the data from the survey, a factor analysis was chosen. The data for the factor analysis were collected and analysed based on two quantitative surveys focused on the causes of employee turnover. The results of both analyses proved and verified identical principles of employee management that affect job satisfaction and the decisions of employees to stay or leave their current job positions.
Capturing rights and duties in a business process model
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Svatoš, Oleg
This paper focuses on the problem of the inclusion of important legal aspects into a process model, which are an undividable part of a process spanning several businesses. The discussed aspects are those duties and rights present in legal documents that regulate the places where one process crosses from one business into the other. We define an example scenario and on this basis analyse the capabilities of contemporary process modelling languages to capture rights and duties in a process model correctly. Upon unsatisfactory results, we analyse and formalise the concept of the duty and the right in order to be able to capture them properly. We also create an extension to the PSD modelling language, which allows an analyst to capture duties and rights explicitly, and demonstrate its capabilities using the example scenario.
Dopady znovuzavedení půdy do klidu na produkci a příjmy zemědělců v ČR
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Kolářová, Alena; Pechrová, Marie
The creation of the Common Agricultural Policy (CAP) reflected the situation after the Second World War, when the states of the European Community were unable to ensure a sufficient level of production. However, the mechanism of the CAP caused extreme overproduction. One of the regulatory measures was the set-aside of a stated percentage of agricultural land. This was accompanied by subsidies to compensate for the loss of the production. This measure – originally voluntary, but later obligatory – was cancelled during the Health Check of the CAP in 2008. Currently there is discussion of its restoration. The article analyses how set-aside and the distribution of subsidies are reflected in the economic situation of agricultural subjects in the Czech Republic. It focuses on the effects of reducing the area of agricultural land with the obligatory setting aside of 7% of such land. The opportunity costs (revenue which farmers would gain if they were able to farm the set-aside land and sell the products on the market) were compared with the benefits in the form of subsidies. The worst impact was proved to be on the largest farms. However, lost profit from their non-realized production is compensated by subsidies to these farms, too.
Metodická úskalí hodnocení regionální konkurenceschopnosti
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Žítek, Vladimír; Klímová, Viktorie; Horká, Lenka
Evaluation of Visegrad Four convergence in the context of EU cohesion
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Poledníková, Eva
Postavení zaměstnanců 50+ na trhu práce České republiky a Moravskoslezského kraje
(Vysoká škola báňská - Technická univerzita Ostrava, 2013) Balcar, Jiří; Gavenda, Marek
The ageing of the Czech population brings the problem of insufficient quantitative and qualitative reproduction of the labour force, which influences the competitiveness of the country. National strategic documents emphasize the necessity of using the work potential of older people through the realization of measures supporting their employment. The efficiency of these measures depends on the characteristics of the older people, the attitudes of other labour market subjects towards them, and regional differences. Therefore, the aim of this paper is the detailed description of older people’s characteristics and their situation , and the evaluation of its differences between national and regional levels. The paper did not identify any significant differences between the situation of older people on the national labour market and the labour market of the Moravian-Silesian region, which suggests the applicability of unified approach supporting the employability of 50+ people. However, a lack of interest in employing 50+ workers was identified in the case of small and medium enterprises, as well as insufficient activity by 50+ individuals themselves to lead to any improvement of their current situation.

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