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1
Jurajda, Štěpán, and Juraj Stančík. "Organization and Firm Performance in the Czech Republic." Prague Economic Papers 22, no. 1 (January 1, 2013): 85–110. http://dx.doi.org/10.18267/j.pep.442.
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Koudelková, Petra, Wadim Strielkowski, and Denisa Hejlová. "Corruption and System Change in the Czech Republic: Firm-Level Evidence." DANUBE: Law and Economics Review 6, no. 1 (March 1, 2015): 25–46. http://dx.doi.org/10.1515/danb-2015-0002.
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Abstract Corruption is a widespread phenomenon in all countries undergoing market transition. However, the Czech Republic stands apart, with its incredible entanglement of corruption, politics and business. Although corruption on the firm level in the Czech Republic is heavily criticized, the results of our in-depth interviews conducted with Czech SMEs showed that almost every firm has encountered some form of corruption and even used corruption to either increase sales, help negotiations, or increase production. Most of our respondents admitted that corruption was useful for day-to-day business. This article aims to obtain information about the state of corruption in enterprises in the Czech Republic and map the behaviour of entrepreneurs in companies. Our results offer ways to fight corruption: apart from highlighting the negative traits of corruption, emphasis should be made on determining to what extent corruption would be acceptable for firms and their clients. This could be useful for designing various state policies that might influence system change and market development in CEECs and both directly and indirectly influence the volume of corruption.
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Fiala, Roman, and Veronika Hedija. "The Relationship Between Firm Size and Firm Growth: The Case of the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 5 (2015): 1639–44. http://dx.doi.org/10.11118/actaun201563051639.
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This paper deals with the investigation of the relationship between firm size and firm in the Czech Republic during 2007–2012. The study aims to examine to what extent the confirmation or rejection of Gibrat’s law depends on the indicator of firm size. For measuring firm size we use three indicators: revenues, number of employees and total assets. The study uses data collected from the database Albertina CZ Gold Edition. Final dataset includes the data about more than 35,000 firms. The validity of Gibrat’s law was tested with the help of linear regression model with first-order autoregressive process. Gibrat’s law is rejected for all three indicators of firm size. Hence, the selected indicator of firm size is not proved to be important factor in verification of Gibrat’s law validity. It is also found out that the small firms in profit industries (A-N according to CZ-NACE classification) grow faster than their larger counterparts in the Czech Republic.
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Zizlavsky, Ondrej, and Nikola Janickova. "The Role of Innovation in Small and Medium-Sized Family Firms: A Literature Review." Archives of Business Research 9, no. 5 (June 2, 2021): 102–20. http://dx.doi.org/10.14738/abr.95.10221.
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This article builds on existing family business research conducted worldwide and embeds the research results in the Czech context to portray the Czech Republic as a critically important context for extending our knowledge on important family firms’ topics. In this article, we present a systematic review and integration of 69 articles published in peer-reviewed journals by Elsevier, Emerald, Wiley and others from 2015 to 2021 in order to answer two research questions: what is the role of innovation in SME family firms and what drives the innovation in family firms? Specifically, the content of the article discusses the new definition of family firm in the Czech Republic; the relationship between innovation and family firm growth; and some contextual factors that might affect the innovations in the Czech SME family firms: ability and willingness paradox, socioemotional wealth, and familiness. The insights of this review are used to develop suggestions for future research in setting the value of family firm where innovation can play an essential role as one of the core value drivers.
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Lee, Mihye. "Determinants of Firm-Level Growth: Lessons from the Czech Republic, Hungary, and Poland." South East European Journal of Economics and Business 18, no. 1 (June 1, 2023): 46–57. http://dx.doi.org/10.2478/jeb-2023-0004.
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Abstract This paper examines the determinants of firm-level growth based on three eastern European countries – the Czech Republic, Hungary, and Poland. We investigate whether there exist common firm-level characteristics that play a significant role in determining firm-level performance across the three countries, and whether development in financial markets can facilitate the growth of individual firms, particularly for firms that require external financing (borrowing). Our empirical analysis shows that in the case of Poland, firm-level characteristics, such as firm age and firm size, turn out to be significant, and that the role of these factors on the sales growth of firms is quite consistent with the findings in the existing literature. The same firm-level characteristics do not appear to be significant in the cases of Czechia and Hungary, which suggests that these factors play a different role in the firm-level growth of these countries. However, a firm’s access to external financing matters for the determining the firm’s growth and its development of financial markets, which enables the firm to have easier access to external sources of financing, thereby especially facilitating the growth of the individual firm that might need external funds. Our findings provide additional empirical evidence on the existing literature that emphasizes the positive impact of financial development on the individual firms’ growth based on a cross-country analysis.
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Nestoroska, Ivanka. "Economic Policy Uncertainty and Firm Performance in the Czech Republic." Journal of Accounting, Business and Finance Research 10, no. 1 (2020): 10–16. http://dx.doi.org/10.20448/2002.101.10.16.
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Kajurová, Veronika, and Dagmar Linnertová. "Loose Monetary Policy and Corporate Investment of Manufacturing Firms in the Czech Republic." Review of Economic Perspectives 18, no. 4 (December 1, 2018): 371–85. http://dx.doi.org/10.2478/revecp-2018-0019.
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Abstract The aim of the paper is to evaluate the effects of loose monetary policy on corporate investment of manufacturing firms in the Czech Republic during the period between 2006 and 2015. The main focus of the paper is on the effect of low interest rates on investment activity of Czech firms; additionally, the effects of interactions between interest rate and other firm-specific variables are investigated. The results indicate that corporate investment is positively associated with firm size, investment opportunities, and long term debt. Also, a negative effect of the cash position is found. Further, the findings show that monetary policy is a significant determinant of firm investment activity: when the monetary policy is loose, investment is positively affected. Furthermore, differences in the determinants of investment between highly and low leveraged firms were revealed.
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Just, Petr, and Jakub Charvát. "Business‑Firm Parties and the Czech Party System after 2010." Politics in Central Europe 12, no. 3 (December 1, 2016): 83–110. http://dx.doi.org/10.1515/pce-2016-0018.
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Abstract The case study presented in this paper applies the business-firm party concept to two political entities active in the Czech party system after 2010: the Public Affairs Party (VV) and the Action of Dissatisfied Citizens (ANO 2011) movement. We assess whether these actors meet the criteria of the business-firm party model and, thus, whether they can be considered representatives of this type of political party in the Czech Republic. The study concludes with a comparison of VV and ANO 2011 as two possible variations on what is known as the business-firm party model.
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Činčalová, Simona, and Veronika Hedija. "Firm Characteristics and Corporate Social Responsibility: The Case of Czech Transportation and Storage Industry." Sustainability 12, no. 5 (March 5, 2020): 1992. http://dx.doi.org/10.3390/su12051992.
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Nowadays, corporate social responsibility is an important factor in sustainable growth. The paper aims to examine the relationship between selected characteristics of firms (firm age, firm size, firm performance, and gender diversity of boards) and the application of a corporate social responsibility concept in the Czech transportation and storage industry. Using the data from own survey, the Albertina database, and the Business Register, and applying the Pearson and Spearman correlation coefficients and regression analysis, it has been found that there is a statistically significant relationship between firm size, firm financial performance, and CSR practice of firms. On the other hand, firm age and gender diversity of boards are not the factors affecting the CSR practice. These findings have brought new insights in the area of CSR and its application in the Czech Republic.
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Velinov, Emil, and Pavel Štrach. "Diversity and Inclusion Practices as a Booster for Firm Sustainability: Evidence from the Czech Automotive Sector." Review of Economic Perspectives 23, no. 1 (December 1, 2022): 71–88. http://dx.doi.org/10.2478/revecp-2023-0002.
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Abstract The paper investigates implemented diversity and inclusion practices’ effect on firm sustainability. The study covers a sample of small and middle-sized automotive firms in Czechia, where diversity and inclusion practices have been implemented in relation to firm sustainability. The paper’s methodology is based on theoretical models of diversity management and firm sustainability in the automotive sector. The paper provides evidence that a low number of firms in the Czech Republic in the automotive sector have been rolling out any diversity and inclusion measures but at the same time, the majority of the selected firms have been considering the development and implementation of human resource management practices in the area of diversity and inclusion as a vital part of attracting more investors and aligning with the global sustainable goals of the United Nations. Moreover, the paper brings evidence that the automotive firms in the Czech Republic are following global and regional trends on diversity and inclusion as an important step for a sustainable strategic development.
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Chandrapala, Pathirawasam, and Adriana Knápková. "Firm-specific factors and financial performance of firms in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 7 (2013): 2183–90. http://dx.doi.org/10.11118/actaun201361072183.
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The objective of this study is to investigate the role of internal factors in generating financial performance of firms in the Czech Republic. The paper examines the impact of firm specific factors on company financial performance of 974 firms in the Czech Republic over the period 2005 to 2008, using data in the Albertina database. Pooled and panel cross-sectional time series techniques are used for the data analysis. Return on Assets (ROA) is the dependent variable of the model and eight firm specific factors are introduced as the explanatory variables. Using Return on Assets as the dependent variable, it is established that the firm size, sales growth and capital turnover are having significant positive impact on financial performance of firms. At the same time, debt ratio and inventory reflect significant negative impact on financial performance of firms. Overall explanatory powers of the two models are low and further research is necessary to increase the statistical power of the model. The results from the present study may be very encouraging and useful for managers as well as investors to plan investment and operational activities to achieve profitability objectives more efficiently and effectively. The findings have important managerial implications.
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Procházka, David. "Tax-in or Tax-out? Evidence from the relation of financial performance and effective taxation of Czech subsidiaries under foreign control." Engineering Economics 30, no. 3 (June 27, 2019): 304–15. http://dx.doi.org/10.5755/j01.ee.30.3.20281.
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The paper evaluates the financial performance of Czech entities under control of companies listed in the EU and its relation to effective tax rates. Using individual corporate data, empirical evidence of 4,917 year-firm observations indicates a wide dispersion both in performance and taxation. The domicile of the parent has an impact on the subsidiary’s effective tax rate and the effective taxation of Czech subsidiaries under control of foreign listed parents is significantly lower than for other Czech companies. Despite exhibiting tax avoidance to some extent, the data reveal significant variability in relative tax rates suggesting that the majority of foreign parents from western and northern EU countries prefer to tax profits in the Czech Republic rather than elsewhere. Shifting profits to the Czech Republic results in superior reporting performance of the affected subsidiaries. In contrast, empirical evidence shows that parent companies from southern EU countries seek ways to avoid taxation. The unclear tax motives of both parent company groups hinder an appropriate assessment of the financial performance of subsidiaries from being conducted.
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Režňáková, Lucie, and Svatopluk Kapounek. "Is There a Credit Crunch in the Czech Republic?" Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 3 (2015): 995–1003. http://dx.doi.org/10.11118/actaun201563030995.
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We apply a disequilibrium model of credit demand and supply to test the credit crunch hypothesis. We suppose that firms face credit rationing and a realised outstanding loan will be the minimum desired level of commercial bank loans and bank limit for the firm. We adopted the disequilibrium model which consists of credit supply and credit demand equations. We suggest that actual observed credit growth rate at time t lies on the supply curve (excess demand), or on the demand curve (excess supply), or on both (equilibrium). Our model is estimated by the full-information maximum likelihood approach with a numerical maximization of the likelihood function. Our basic findings show that significant decrease in credits after the financial crisis in the year 2007 was caused by low economic and investment activity and reject the hypothesis that there is a credit crunch in the Czech Republic.
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Malinowska, A. P. "The state of the state – Economic property rights and firm profitability versus corruption. New evidence from the Czech Republic." Acta Oeconomica 71, no. 1 (March 30, 2021): 117–36. http://dx.doi.org/10.1556/032.2021.00006.
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AbstractDespite significant advances in economic literature on the relationship between graft and economic growth, the consensus in nowhere in sight. The current paper enriches the extant literature on the subject by: 1) extending econometric techniques in an attempt to quantify and model institutional development; and 2) providing novel results on the dynamics between non-standardised and standardised institutional metrics. Utilising a new dataset compiled for 423 publicly quoted Czech, non-financial companies with macroeconomic and institutional metrics, we fashion a dynamic model approximating the interactions between the country's institutional development and firm profits as well as examining the relationship between the Czech corruption and the national institutional framework in the years of 2007–2016. The economic property rights appear to contribute to firm accounting profits- and cash flow-based profitability metrics. As regards the anti-corruption policies, the study's outcomes indicate that improvement in economic property rights could have propelled the positive impact of lax anti-corruption government action and inefficient judiciary on firm profits.
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McDermott, Gerald A. "Institutional Change and Firm Creation in East-Central Europe." Comparative Political Studies 37, no. 2 (March 2004): 188–217. http://dx.doi.org/10.1177/0010414003260978.
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A central debate about the transformation of postcommunist countries is how political approaches to institution building affect firm restructuring and creation. This debate has largely been dominated by theories that emphasize either the depoliticization of institutional designs or the determining impact of preexisting social structures. By examining the relative economic performance of Poland and the Czech Republic in the 1990s, this article offers an alternative, embedded politicsanalysis that views firm and institutional creation as intertwined experiments. Czech attempts to implant a depoliticized model of reform impeded institutional development and the reorganization of sociopolitical networks, in which firms are embedded. Poland facilitated institutional experiments not only in the ways it promoted negotiated solutions to restructuring but also in the ways it empowered subnational governments. The study utilizes data on manufacturing networks, privatization, bankruptcy, and regional government reforms collected between 1993 and 2000.
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Žižková, Nikol, and Rostislav Drochytka. "Possibilities of Using Waste Diatomaceous Earth for Polymer-Modified Mortar." Advanced Materials Research 687 (April 2013): 266–73. http://dx.doi.org/10.4028/www.scientific.net/amr.687.266.
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The paper focuses on results obtained in solving the research and development project of lightweight Polymer-Modified Mortars (PMM). With regard to the currently on-going repairs and reconstructions of panel houses in the Czech Republic approaching the end of their expected lifetime, attention is paid to PMM (Polymer-Modified Mortars) intended for surface treatment such as screed or adhesive materials. For the design of adhesive and screeding substances (recommended for ETICS – External Thermal Insulation Composite Systems) use the alternative raw material sources, waste diatomaceous earth is used from the production at the firm LB MINERALS, s.r.o. (Czech Republic). This raw material is delivered in moist, therefore, it is necessary to dry it before the use and consequently mill it so to be able to replace milled limestone by the modified diatomaceous earth in the original formula.
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Dufek, Luboš. "Measuring private transaction costs of public procurement: Case of the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 2 (2013): 317–25. http://dx.doi.org/10.11118/actaun201361020317.
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In the Czech Republic ca. 13% of the GDP, is spent every year on public procurement. More money each year has to be spent by the contracting authorities and private subjects for the public procurement to even work. This paper focuses on measuring private transaction cost of public procurement in the Czech Republic. In the first section of this paper, we present data used for our analysis and methods used for achieving our goals. In the second section, we summarise the results. Average transaction cost of one proposal is CZK 22 489. Weighted average relative transaction cost is 0.25% of the contract value. We estimate the total transaction cost of public procurement in the Czech Republic to be almost six billion CZK, further we estimate possible cost reductions of these cost in the case of increased effectiveness to be between 500 million and CZK 1.84 billion. The market sector, contract prices, size of the firm and different types of contracting authorities have all a significant influence on the transaction cost. A comparison of our results to other empirical studies have been made and some interesting facts found out during research have been explained at the end of the second section.
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Sein, Yeeyee, and Viktor Prokop. "The effects of Demand-side policy on firm innovation: The Mediating role of R&D activities." European Conference on Knowledge Management 24, no. 2 (September 5, 2023): 1211–18. http://dx.doi.org/10.34190/eckm.24.2.1444.
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Today, innovation is seen as the engine of economic growth. As a result, governments foster innovation activities in both the public and private sectors by using policy tools such as measures, regulations, and incentives. There are two main approaches in government innovation policy: supply-side policy and demand-side policy. Supply-side policy instruments primarily stimulate technological development and diffuse innovation capabilities. On the other hand, demand-side policy supports specific demand and minimizes technological and trade uncertainty at all stages of production. Moreover, a demand-driven procurement policy is one of the main drivers of high-tech industries. At the same time, in line with the growing importance of the knowledge economy and societal concepts, knowledge or technology has become the major determinant of innovation. In this way, companies are encouraged to undertake research and development activities in order to create innovation and advance their technologies. Moreover, the government’s support for investing in research and development (R&D) activities has become an effective solution for the firm’s innovation outputs. These R&D activities are of particular importance in transition and catch-up economies such as the Czech Republic. Therefore, this article aims to analyze the impact of demand-driven policy on business innovation through R&D activities in the Czech Republic. Data from the Community Innovation Survey and partial least squares structural equation modelling are used to achieve the purpose of this article. Our findings show that demand-driven policy (procurement for innovation) significantly and positively affects firm product and process innovation through R&D activities. The findings of our research also have practical implications for firms and policymakers in the Czech Republic. These results could also apply to Central and Eastern Europe, where we can observe similar characteristics of firms, for instance, because of their innovation performance.
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Metzker, Zdenko. "Selected demographic determinants of CSR, financial & environmental management and business ethics in SMEs." Journal of business sectors 2, no. 1 (June 30, 2024): 79–88. http://dx.doi.org/10.62222/fend1256.
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Research background: Small and medium-sized enterprises are at the heart of the business environment in every country. At the same time, emphasis is placed on the environmental aspect and, in many cases, corporate social responsibility. In this context, business ethics is also a widely discussed topic. At the same time, financial management is one of the critical areas of business management. These aspects can be influenced by various demographic factors related to the company, as well as by the business owners or managers. Purpose of the article: The objective of this paper is to examine the influence of selected demographic factors on Corporate Social Responsibility (CSR), financial management, environmental practices, and business ethics in small and medium-sized enterprises (SMEs) in Slovakia and the Czech Republic. Methods: The empirical research was carried out as part of a broad-based research that aimed to ascertain the attitudes of small and medium-sized firms. It was conducted in June 2022 in Slovakia and the Czech Republic using the CAWI Research Method. The questionnaire could be completed by the owner or the top manager of the SME. The questionnaire was secured against automatic computer completion. Descriptive statistical analysis was used to analyse the characteristics of the variable, and regression (LRM) and correlation analysis methods were applied to find statistically significant differences in the influence of each independent factor. Findings & Value added: The analysis suggests interesting differences in how demographic factors influence ethics, CSR, environment and financial management in the Czech and Slovak Republics. In general, the impacts of these factors on these areas are very weak. The results showed that firm size influences SMEs' attitudes towards the environment, financial management and CSR in all countries combined. The other independent variables of the sector, such as length of business and age, do not affect attitudes towards ethics, environment, CSR, or financial management. We can generalise that in the conditions of Slovakia and the Czech Republic, among demographic criteria, only firm size plays a significant role in determining the attitudes of SME managers.
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Soukopová, Jana, Juraj Nemec, Lenka Matějová, and Michal Struk. "Municipality Size and Local Public Services: Do Economies of Scale Exist ?" NISPAcee Journal of Public Administration and Policy 7, no. 2 (December 1, 2014): 151–71. http://dx.doi.org/10.2478/nispa-2014-0007.
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AbstractEconomies of scale are a standard topic in economic theory, frequently applied, for example, in the analysis of monopolies. They exist when a firm optimising its production costs while facing some fixed costs enjoys lower per-unit production costs as the production increases. Similarly to other production units municipalities have to be large enough to minimise average costs. We analysed the local public services in 205 municipalities with extended powers in the Czech Republic for the first time in this context, using regression analysis, a correlation diagram of local public services and statistical analysis. The paper examines this issue using data from 2008 to 2012. Our analysis showed that economies of scale cannot be clearly identified for local services in municipalities with extended powers in the Czech Republic and that the size of a municipality is not a key factor influencing the provision of local services.
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Kůdela, V., I. Šafránková, V. Krejzar, and J. Korba. "First report of Pseudomonas savastanoi pv. nerii on oleander in the Czech Republic." Plant Protection Science 41, No. 1 (February 8, 2010): 33–37. http://dx.doi.org/10.17221/2733-pps.
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The bacterium Pseudomonas savastanoi pv. nerii was identified as the causal agent of parenchymatous galls on leaves of potted oleander plants grown at Brno, Moravia, in 2004. The plants had originated from cuttings made from firm shoots of a supposedly asymptomatic plant grown in and introduced from the Mediterranean region. The Biolog GN microplate system was used to identify the isolated bacterial strains. Successful inoculation of Nerium oleander seedlings proved the pathogenicity of the isolates. This is the first record of P. savastanoi pv. nerii in the Czech Republic. :
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Vrchota, Jaroslav, Zuzana Frantíková, and Miroslava Vlčková. "Why Some SME’s in the Czech Republic Adopt Telework and Others Not?" European Countryside 11, no. 4 (December 1, 2019): 599–615. http://dx.doi.org/10.2478/euco-2019-0033.
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Abstract The paper examines the SME’s in the Czech Republic from the perspective what makes them to adopt telework using the data from the research made in 2017. The research includes 1018 SME’ s. The purpose of the study was to try to find out alignment between telework and some organizational constraints. We hypothesized that employer adoption of telework would depend on the size of the firm, the duration of telework adoption, foreign owner, IT level, and on the implementation of project management. Our empirical evidence showed that telework correlated with the foreign owner participation and the duration of the adoption of telework, with the IT level and with the adoption of project management. It does not correlate with the size of the enterprise and the duration of the adoption of telework.
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Rahman, Ashiqur Rahman, Mehmet Civelek Civelek, and Ludmila Kozubikova Kozubikova. "Proactiveness, competitive aggressiveness and autonomy: a comparative study from the Czech Republic." Equilibrium 11, no. 3 (September 30, 2016): 631. http://dx.doi.org/10.12775/equil.2016.028.
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The purpose of this comparative study is to explore the differences in the entrepreneurial orientation (EO) between micro versus small and medium enterprises (SMEs). We have selected three dimensions of EO (proactiveness, competitive aggressiveness and autonomy) for our analysis. We have analyzed the data collected from 1141 respondents during the period of 2015 from 14 regions of the Czech Republic, which consists of 740 micro firms and 401 small and medium firms. Empirical results of our paper show significant differences between micro versus small and medium enterprises in terms of proactiveness and autonomy. However, we can only partially confirm that micro firms are statistically different from the SMEs in terms of competitive aggressiveness. Thus, our paper enables better understanding of the EO from the firm size perspective, when they have different levels of resources.
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Kubátová, Gabriela. "Alexander Shonert’s Contributions to Violin Methodology." Paedagogia Musica, no. 4 (2023): 55–69. http://dx.doi.org/10.24132/zcu.musica.2023.04.55-69.
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This article introduces violinist and pedagogue Alexander Shonert and his principles of violin teaching methods, which touch on the correct way of practicing the violin, a specific type of firm staccato, and stage fright. This research and description of Shonert’s teaching and practice method are inspired by a workshop that Alexander Shonert held at Základní umělecká škola Ilji Hurníka [Ilja Hurník Elementary Art School] in Prague, Czech Republic on December 7, 2018, and based on interviews that the author of this article conducted with him between 2018–2021. The structured interviews were conducted in Czech (translated into English by the author) in person and by electronic correspondence in the case of clarification of details. This study also follows up on two published author’s articles, “Alexander Shonert – Violinist and Pedagogue” and “Firm Staccato Is Born in the Mind, Not in the Hands.” Shonert’s methodo- logical principles are situated in the context of other prominent violinists from the nineteenth century until now.
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Chmelíková, Gabriela. "EVA measure and ability of the firm to create shareholder wealth." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 55, no. 6 (2007): 65–74. http://dx.doi.org/10.11118/actaun200755060065.
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This paper is devoted to the possibilities of Economic Value Added index usage in the conditions of Czech food-processing industry and is trying to provide independent empirical evidence on the indicator’s qualities. The EVA proponents attach to it a superiority compared to other common performance measures. The aim of this article is to investigate the relationship between Economic Value Added, traditional performance measures (ROA and ROE) and ability of creation of shareholder wealth for food-processing firms in the Czech Republic. The way of intended comparison is not dissimilar to the main world studies, which are quoted in this paper. A critical point of the EVA’s application in the conditions of Czech economy is a lack of good quality information from capital market, which at the same time, serve as an exogenous criterion for assessing the quality of the examined measures in the mentioned studies. In the absence of quality capital market information, a criterion for assessing the information content of performance measures suitable for conditions of Czech economy is developed in this paper. This also shows how to circumvent the handicap of the available data.The intent of this article is fulfilled by providing a simple regression test of the hypothesis, that the EVA measure is more associated with improved shareholder wealth than traditional performance measures ROA and ROE. The results of regression analysis show higher quality information content of EVA indicator in the relationship to the ability of shareholder wealth creation than traditional performance measures. This fact supports the tested hypothesis as well as the conclusions of corporate finance theory, that from the theoretical point of view EVA is seen as a superior performance metric.
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Dömeová, Ludmila, and Andrea Jindrová. "Rural tourism and its contribution to the development of countryside." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, no. 2 (2011): 59–64. http://dx.doi.org/10.11118/actaun201159020059.
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The Czech Republic does not have any central registry of rural tourism facilities; there is no information about the availability and quality of services or about their economic results. The goal of this contribution is to describe the current state of rural tourism in the Czech Republic, and to find the bottlenecks, problems and potential risks. The lack of information about this sector was the motivation for a survey which produced a great deal of information about the situation in the rural tourism business in the Czech Republic. We apply one-dimensional and multiple-dimensional statistical analyses to data from the completed questionnaires. The multiple-dimensional analysis is based on dependency tests and calculations of the intensity of the dependency between variables in contingency tables.The description and findings arise from the quantification and analysis of the information from the questionnaire survey. We find that most firms in the sector are small (so called micro firms) and usually have no links to the agricultural production. The income from tourism frequently represents only a supplementary part of the businesses’ whole revenues and the profitability is to a certain extent dependent on the services offered and how they are promoted. In general, the subjects providing special offers such as horse riding, local foods, firm tourism, etc., are more successful.
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Peev, Evgeni. "Ownership categories and investment patterns after mass privatization in Bulgaria and the Czech Republic." Corporate Ownership and Control 4, no. 3 (2007): 53–63. http://dx.doi.org/10.22495/cocv4i3p4.
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This paper studies the emerging ownership and investment patterns of listed companies during the first years after mass privatization (Bulgaria) and after around ten years after mass privatization (the Czech Republic). It explores firm-level data over the period 1998-2003. We apply accelerator-cash flow model and q-model to cash-flow investment sensitivity. In the Bulgarian sample, contrary to the expectations firms controlled by foreign firms are financially constrained. Firms controlled by stateowned holding company show financial re-allocation investment pattern, while firms under control of privatisation fund have inertial investment behaviour. In the Czech Republic, the estimates of the q-model show that companies controlled by foreign investors are less financially constrained and have profit-maximization behavior, firms controlled by the National Property Fund have insignificant financial re-allocation, and firms under control of other domestic firms are most financially constrained. However, the accelerator model does not confirm these results for the firms under control of other domestic firms
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Horváthová, Eva. "Why Do Firms Voluntarily Adopt Environmental Management Systems? The Case of the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 68, no. 1 (2020): 157–68. http://dx.doi.org/10.11118/actaun202068010157.
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We examine why firms voluntarily implement environmental management systems. Employing the ISO 14001 management system and using firm-level data for the Czech Republic, we find that environmental management systems are typically adopted by large firms and by those firms that initially pollute the environment more. These systems are more commonly implemented by firms operating in service industries. On the other hand, we find little support that the adoption of environmental management systems is influenced by the firm’s financial performance and labor costs.
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Kalouda, František. "Public funds in theory of financial structure a company in Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 2 (2013): 367–76. http://dx.doi.org/10.11118/actaun201361020367.
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Mutually beneficial co-existence of the private and state sectors can be seen as proven in theory. The proof is the concept of a two-sector economy of A. Wagner (1835–1917), while, in Wagner’s view, the importance of the state sector should grow (Wagner’s law). State finance is understood in this context as a tool used to achieve social justice, and in general as a socially stabilizing element.In conditions of real Czech economy, the relationship between the state and private sectors is shown in the form of subsidies for businesses enterprises; although at first sight the available data do not demonstrate the key role of public finance. Another form of limited understanding of the importance of public funds is the concept of financial structure of a company understood by contemporary theory of finance of firm (in Czech context) as a set of sources for financing entrepreneurial activities – public funds are virtually not mentioned here.The aim of the paper is to contribute to correct this shift in understanding of the importance of public finance and to bring it nearer both to the original theoretical concept (A. Wagner) and to reality, both in quantitative and qualitative terms.Main focus of this paper is to the Czech Republic circumstances. For the comparison are here presented available data from other countries and global data as well.
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Šumpíková, Markéta, and Ina Ďurčeková. "Transaction Costs, Outsourcing, and the Public Procurement Review Process in the Czech Republic and Slovakia." NISPAcee Journal of Public Administration and Policy 12, no. 2 (December 1, 2019): 233–50. http://dx.doi.org/10.2478/nispa-2019-0021.
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AbstractPublic procurement is a crucial activity undertaken by the public sector. However, public procurement entails a wide range of transaction costs. While many papers focus on the ex-ante transaction costs, it is equally important to evaluate the types of ex-post transaction costs. The disputes stemming from conflicts between procuring authorities and proposers often bring additional costs to both parties. One of the ways to ensure that the procuring authority wins the dispute is using the services of an external law firm to represent the procuring authority in the review process. The aim of the paper is to examine the extent of the use of external law services in the public-procurement review process by procuring authorities and proposers in Slovakia and in the Czech Republic. The focus is also on the impact the use of external law firms in the review process may have on the length of the review process and the outcome of the dispute. Our results suggest that while the use of the external law firm may lead to a higher success rate of the review process on the side of a procuring authority, the same does not apply to proposers. There were no conclusive findings regarding the impact of the outsourcing on the length of the review process.
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Belas, Jaroslav, and Ashiqur Rahman. "Financial management of the company. Are there differences of opinion between owners and managers in the SME segment?" Journal of Business Sectors 01, no. 01 (December 31, 2023): 1–9. http://dx.doi.org/10.62222/uqah6943.
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Research background: Financial management of small and medium-sized enterprises is an important area of corporate governance. The quality of financial management has a significant impact on the sustainability and development of these enterprises. In this context, there is a scientific interest to investigate how aspects of financial management are perceived by business owners and how they are considered by business managers. Purpose of the article: The aim of the article is to define and quantify the important attitudes in the field of financial management and to make a comparison of the attitudes of owners and managers of SMEs in this area. Methods: In order to achieve this objective, an empirical research was conducted to investigate the attitudes of small and medium-sized firms in the area of financial management, was conducted in June 2022 in the Czech Republic and Slovakia. In the Czech Republic, the total number of respondents was 347, of which 170 (49.0%) were owners and 177 (51.0%) were managers in senior management positions. In the Slovak Republic, the total number of respondents was 322, of which 179 were owners and 143 were managers. Findings & Value added: The attitudes of owners and managers in understanding the most important aspects of financial management are relatively high in both countries, and these attitudes were similar. Perceptons of financial risk differ between owners and managers in the Czech Republic. Financial risk is better perceived in the category of managers than in the category of SMEs owners. The correct perception of financial risk in Slovakia is at a slightly higher level than in the Czech Republic, while the perception of owners and managers is very similar. Business owners in both countries confirmed that they are better able to manage financial risks in the firm than managers (however, these differences were not statistically significant). Managers in Czech firms were more positive about financial performance compared to owners (statistically significant difference). Similarly in Slovakia (however, this was a statistically insignificant difference). These findings may be inspiring for the scientific field and also for economic policy in these countries.
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Kliestik, Tomas, Lenka Hrosova, Katarina Valaskova, and Lucia Svabova. "Do Firm in the Tourism Sector Manage Earnings? The Case of the V4 Countries." Journal of Tourism and Services 13, no. 25 (December 20, 2022): 120–36. http://dx.doi.org/10.29036/jots.v13i25.376.
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We study whether the presence of earnings management in the period of 2016-2019 occurs in companies operating in the tourism sector in the V4 countries, as the issue of earnings management in the tourism sector is not developed in these countries. To identify the presence of earnings management, we apply the Jones model in each V4 country to assess the occurrence of earnings management and its direction, degree, and extent. We use regression analysis in our paper. The existence of earnings management is verified using a non-parametric Mann-Whitney test. The direction, degree, and extent are verified through discretionary accrual percentages and average discretionary accruals. The data are drawn from the Amadeus financial database. The selection of companies is based on a set criterion, where the value of total assets in the period 2016-2019 will reach at least one million euros. Our analysis shows that companies in the tourism sector in the V4 countries manipulate profits. Discretionary accrual analysis reveals different positive and negative discretionary accrual values in the V4 countries. Enterprises in Slovakia achieve lower values of positive discretionary accrual compared to negative discretionary accrual. On the contrary, in the Czech Republic, Poland, and Hungary, companies achieve higher values of positive discretionary accrual. We also found that companies in Slovakia manage their profits by decreasing compared to those in the Czech Republic, Poland, and Hungary, which in turn manage their profits by increasing.
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Kudová, D., and H. Chládková. "Barriers to the entry into the fruit producing industry in the Czech Republic." Agricultural Economics (Zemědělská ekonomika) 54, No. 9 (September 24, 2008): 413–18. http://dx.doi.org/10.17221/2700-agricecon.
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The contribution is focused on the analysis of barriers to the entry into fruit production. The branch is identified as a fruit growers branch and the threat to new entries in the branch will concern especially the establishment of a new firm or the expansion of an existing firm’s plant production by some fruit species production. The methodology is based on the Porter model of competitive forces in the industry. In fruit production, there have been analysed the following entry barriers: economies of scale, differentiations, capital intensity, transfer, access to distribution channels, cost disadvantage independent of scale, government policy, anticipated retaliatory measures from existing firms. The analysis proves that the barriers to enter the fruit production are rather high nowadays, which should discourage the potential new firms from entering this branch.
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Blažková, Ivana. "Profitability of Czech Food Enterprises in Relation to Their Size." Acta Universitatis Bohemiae Meridionalis 19, no. 2 (December 1, 2016): 59–66. http://dx.doi.org/10.1515/acta-2016-0011.
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Abstract The aim of the paper is to analyse profitability of enterprises in the food and beverages industry of the Czech Republic in time period of 2003-2013 and to evaluate the possible impact of the firm size on the firm profitability. First, the development of the average ROA of individual size groups of enterprises within ten food sub-sectors is analysed graphically. Second, the correlation between company size and the level of the ROA indicator is statistically validated by using parametric ANOVA. Based on the analysis it can be concluded that the level of profitability in the Czech food and beverages industry is relatively low, and moreover, there is a tendency to decrease during the observed period. The highest values of ROA are achieved by the largest companies (expressed by the number of employees) and on the contrary, the ROA values of the smallest companies are often negative and in the whole observed period there are significantly lower than ROA values of other size groups of enterprises, which is valid in almost all sub-sectors. The analysis has shown that the level of profitability is determined by the company size. Significant differences in the size of ROA in different size groups were also statistically verified with the use of ANOVA.
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Pun, Ngai, Rutvica Andrijasevic, and Devi Sacchetto. "Transgressing North–South Divide: Foxconn Production Regimes in China and the Czech Republic." Critical Sociology 46, no. 2 (February 15, 2019): 307–22. http://dx.doi.org/10.1177/0896920518823881.
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In Europe, as elsewhere in the global North, the label “Made in China” has become synonymous with low wages, excessive overtime, and exploitative working conditions. Conventional literature on the international division of labor reifies the North–South divide in particular with respect to class formation and labor agency. Contrasting the working conditions in China to those in Europe sets these up as opposites in their managerial practices and treatment of the workforce. This article challenges such dualism and makes visible the commonalities of contemporary global capitalism. It does so by examining Foxconn’s production regimes in China and the Czech Republic and identifying a specific set of strategies on the part of the firm that enable its global organization of production. In indicating which practices Foxconn imported from China and which are an outcome of global extended production, the article challenges the Chinese political economy literature that posits the “Chinese model” as warranted when production is globally organized.
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Farooq, Omar. "Corporate Reputation And Analyst Coverage: Evidence From Europe." Journal of Applied Business Research (JABR) 32, no. 5 (September 1, 2016): 1301. http://dx.doi.org/10.19030/jabr.v32i5.9759.
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Does corporate reputation affect analyst’s decision to cover a firm? This paper uses the data from Europe (Czech Republic, Denmark, Finland, France, Germany, Greece, Italy, Norway, Poland, Russia, Spain, Sweden, and Turkey) to show that analyst coverage is an increasing function of corporate reputation during the period between 2008 and 2013. Our results are consistent with Gabbioneta et al. (2007) who show that corporate reputation increases the emotional appeal of a firm in the eyes of analysts. Furthermore, we also argue that investors are interested in firms with better reputation. It is, therefore, possible that investors demand analyst research for more these firms, thereby resulting in higher analyst coverage for these firms. Our results are robust in different sub-samples and in different estimation procedures.
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Žufan, Jan, Mehmet Civelek, Iveta Hamarneh, and Ľubomír Kmeco. "THE IMPACTS OF FIRM CHARACTERISTICS ON SOCIAL MEDIA USAGE OF SMEs: EVIDENCE FROM THE CZECH REPUBLIC." International Journal of Entrepreneurial Knowledge 8, no. 1 (June 30, 2020): 102–13. http://dx.doi.org/10.37335/ijek.v8i1.111.
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Comparing to larger businesses, SMEs face more barriers in their marketing operations since they have a lower amount of financial resources and assets. But the emergence of social media platforms has provided many chances for them to overcome these barriers by enabling them to do marketing and promotion activities. Although these social media channels are easy to access by each of their users, awareness, perceptions, capabilities of SMEs might differ when using these platforms. In this regard, this research aims to analyze and find out whether social media usage differs among SMEs regarding their age and size. In parallel with this purpose, the researchers used an online questionnaire to collect data from 454 Czech SMEs. These SMEs were selected by applying a random sampling method and then an online questionnaire was directed to the respondents who were owners and managers of these enterprises. To analyze the data, the researchers performed an Independent T-test in SPSS statistical program. According to the results, social media usage does not differ between smaller-larger and younger-older SMEs. The reasons for these similarities among SMEs might stem from the industry that they operate, the cost of social media usage, and the age of younger firms’ executives. Nonexistence of the differences among analyzed Czech SMEs makes this paper differ from other studies. Some policy implementations are also offered by the researchers to increase awareness, skills, and usage of social media platforms by SMEs.
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Blažková, Ivana, and Ondřej Dvouletý. "Investigating the differences in entrepreneurial success through the firm-specific factors." Journal of Entrepreneurship in Emerging Economies 11, no. 2 (June 3, 2019): 154–76. http://dx.doi.org/10.1108/jeee-11-2017-0093.
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Purpose This paper aims to investigate the effect of firm-specific determinants on the entrepreneurial success (measured through the objective financial performance) of the Czech food processing firms over 2003-2014 and with the main particular focus on capital structure and productivity as the tough challenges of the firms in transition and emerging economies. Design/methodology/approach Determinants of profitability are tested econometrically, as for the estimation technique, both-way fixed effects controlling for variety over the time and across enterprises were applied. The collected micro-panel data set consists of 10,509 observations and includes 1,804 firms. Estimated regression models with fixed effects are used to quantify the determinants of the financial performance, operationalized through three key performance indicators – price–cost margin, return on assets and return on equity. Findings Estimated econometric models supported hypothesis assuming a positive relationship between the labour productivity and profitability. In line with the assumptions based on the development of the Czech food market, high leverage of firms led to the decrease of profitability, which can be explained by the high financial distress costs and worsened market position of firms in the competitive environment. Ageing of firms and firm size were associated with the increase of profitability indicators. Practical implications The findings of the presented research are important for investors considering agribusiness as a part of their investment portfolios and for policymakers to enhance the economic efficiency of the food industry through regulations and public support, and particularly, from the firm management viewpoint, e.g. to pay attention to the debt policy due to the negative impact of high indebtedness on firm profitability, and to the productivity factors, which proved to be important drivers of entrepreneurial success. Originality/value Although the firm-specific factors responsible for firm performance have already been studied, the food processing industry has received limited interest from the empirical analysts, and the results are not always unequivocal. This study is expected to contribute to the literature on this subject, both empirically and methodologically, as to the best of the authors’ knowledge, no study has been encountered yet where the factors determining the profitability of the Czech food processing industry have been the focus. With regards to the collected micro-data set and the estimation technique, the study can be considered as extensive not only from the perspective of the research in the Czech Republic but also from the international perspective.
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Gurská, Sylvie. "Corporate social responsibility as a challenge for Czech companies." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 2 (2012): 73–78. http://dx.doi.org/10.11118/actaun201260020073.
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The term „Corporate social responsibility“ is an umbrella term embracing theories and practises relating to how business manages its relationship with society. In the last decades the development of companies responsible behaviour has been influenced by several facts. One of them is the existence of multinational enterprises. They have an elaborated firm strategy, a value system and bring the CSR concept in partial divisions. CSR enterprises also take the advantage of differentiation from the competitors and want to be successful on unified markets. Generally there is an effort to improve unfavourable situation in the environment and the society (global warming, corruption, insufficient community support, bad working conditions). The corporate responsibility has been supported by many foundation projects in the Czech Republic, e.g. two month’s employment support campaign “JSOU ZDRAVÍ?” for disabled people (NFOZP) created by the foundation Nadační fond. Czech firms have a possibility to use several portals like educating portal Boussole CSR, its aim is to approximate the responsible business mostly to small and medium sized enterprises. Currently there exist many publications regarding this topic and the companies have a big chance to get into customers’ awareness as a corporate responsible firm, like the attendance at national/international competitions. However, the firms are using other possibilities too. They participate on project creation (e.g. „Stáže manažerů bez bariér“), they establish a fair-trade stand directly in their companies or try to add an value to their business (cleaning company with a respect to the environment).
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Hedija, Veronika, Roman Fiala, and Martina Kuncová. "Is profitability a good proxy for efficiency? Evidence from the subsector of tour operators." Review of Economic Perspectives 17, no. 4 (December 20, 2017): 425–40. http://dx.doi.org/10.1515/revecp-2017-0022.
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Abstract The goal of the paper is to evaluate the economic efficiency of tour operators in the Czech Republic in the period 2007-2014 using data envelopment analysis (DEA) models and prove the link between economic efficiency and profitability and to find out if profitability is a good proxy for economic efficiency. Data was exported from the database Albertina CZ Gold Edition. We calculated the efficiency score using CCR (Charnes, Cooper and Rhodes) and BCC (Banker, Charnes and Cooper) models based on 3 inputs and 1 output. In the years 2007 to 2010, the efficiency score of almost all the companies was higher than 0.5; however, in years since 2011, we revealed significant differences in the efficiency of individual firms and only about 40 percent of tour operators achieved an efficiency score higher than 0.5. Using Pearson and Spearman correlation coefficients, our findings show that, in the case of the Czech tour operator market, profitability ratios do not correspond with firm efficiency. Profitability ratios are not a good proxy for economic efficiency and should not be used as the only firm criterion of performance.
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Bumberová, Veronika, and František Milichovský. "Influence of Determinants on Innovations in Small KIBS Firms in the Czech Republic before COVID-19." Sustainability 12, no. 19 (September 23, 2020): 7856. http://dx.doi.org/10.3390/su12197856.
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There is still a lack of empirical evidence prevalent about innovation in knowledge-intensive business services (KIBS), and more particular, about determinants of innovations in small firms to sustain their future development. Studies in this area suggest that different determinants will affect different forms of innovation outputs of KIBS. This paper investigates the direction and the significance of these influences on propensity to innovate. The empirical evidence is based on quantitative and firm-level data gathered through an email questionnaire, which yielded 128 qualified responses from small KIBS in the Czech Republic. The analysis is based on binary logistic regression to identify the effects of determinants on the propensity to innovate. In addition to the consistent results produced by studies in this area, we found reverse relationships between innovation and selected determinants. Negatively evolving knowledge (especially lack of qualified employees) and market determinants (lack of information about the market), positively stimulated small KIBS towards the propensity to introduce organizational innovations (structural and human resources practices), followed by increasing intensity of competition positively related to introducing a new service to the firm (especially t-KIBS) and insufficient availability of business partners increasing the marketing efforts. It’s evident that some negatively evolving determinants perform as incentives or driving forces to specific types of innovations. The results of this study could also be useful for owners and managers in KIBS firms engaging in innovation activities and government support, or incentivize the propensity to innovate.
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Drábková, Zita, and Jindřiška Kouřilová. "The financial health of firm in terms of using the creative accounting in the Czech Republic." Acta Universitatis Bohemiae Meridionalis 11, no. 1 (September 19, 2012): 61–65. http://dx.doi.org/10.32725/acta.2008.010.
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Vacík, Emil, and Miroslav Špaček. "THE FACTORS INFLUENCING OPEN INNOVATION ADOPTION." Trendy v podnikání 13, no. 2 (2023): 17–26. http://dx.doi.org/10.24132/jbt.2023.13.2.17_26.
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Open innovation which has become popular concept over past two decades creates the tool enabling not only speeder development of innovation but also creation of higher quality innovation. On the other hand, the companies suffer from prejudices towards opening up internal company know-how, technology platforms or company competences to external subjects. The factors hindering the adoption of open innovation refer to both business environment factors and internal company context like firm size, company maturity, company readiness for open innovation (OI) adoption or corporate culture. This study aims to examine the factors that influence open innovation penetration in Germany and the Czech Republic. In addition, it examines potential differences or similarities in the approach to innovation in both countries. The research is based on quantitative questionnaire survey conducted in selected countries. The main findings show that open innovation adoption proceeds in a slower way in the Czech Republic as compared to Germany but other important innovation parameters as success of radically new or significantly improved products and services development, new product and service development time or market acceptance of innovative products and services are executed in rather similar way in both countries.
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Vlckova, Jana, and Bublu Sarbani Thakur-Weigold. "Global value chains in the MedTech industry." International Journal of Emerging Markets 15, no. 1 (February 6, 2019): 70–92. http://dx.doi.org/10.1108/ijoem-05-2017-0179.
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Purpose Medical technology (MedTech) is a growth industry, which like other manufacturing sectors has undergone fragmentation of production and emergence of Global Value Chains (GVCs). The purpose of this paper is to compare how two open European economies position themselves competitively within MedTech GVCs: highly developed Switzerland and the emerging Czech Republic. Design/methodology/approach The research applies a mixed methodology to analyze the performance of each location in the MedTech GVCs. It draws on macroeconomic, industry, trade and a proprietary sample of firm data, combined with onsite interviews. Findings The economic outcomes and GVC positions differ in both cases, whereas Switzerland focuses on high value-added activities such as R&D and after-sales service. Specialized manufacturing is also located here in spite of high costs. By contrast, the Czech Republic focuses mostly on low value-added activities, like manufacturing disposables, although some domestic innovative companies are notable. The authors generalize four types of firms in the industry, comparing their presence in both locations. Practical implications The competitive positions and challenges faced by each location when engaging in MedTech GVCs are summarized and related to economic outcomes. In the Czech Republic, the barriers to upgrading include its business environment, and weak links between education institutions and industry. Switzerland’s high cost structure is offset by adding high value in core competencies. Both countries should protect the inherent advantage their locations offer within responsive European supply chains. Originality/value GVC research in the MedTech sector has been limited. There is no comparison of two European countries, and their position in MedTech GVCs, nor of how firms, participate successfully in them.
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Civelek, Mehmet, Jiří Polách, Ilona Švihlíková, and Milan Paták. "International Differences in the Perceptions of Export Obstacles By SMEs in the Same Firm-Level Characteristics: Evidence from European Countries." Folia Oeconomica Stetinensia 22, no. 1 (June 1, 2022): 18–45. http://dx.doi.org/10.2478/foli-2022-0002.
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Abstract Research background: Most of SMEs encounter many impediments when performing direct exporting activities. This is because various countries have different legislative and tax burdens and cultural-linguistic diversities that create export barriers for SMEs from other countries. Even SMEs that are the same size, age, from the same sector or legal form, their perceptions of export obstacles might differ depending on countries where they are located. Purpose: This research investigates the differences between the export obstacle perceptions of SMEs from different countries but with the same firm-level characteristics Research methodology: To achieve this aim, the researchers apply a random sampling method to determine the research sample. Moreover, the researchers created an online questionnaire to gather the research data. Finally, 408 SMEs from the Czech Republic, Slovakia and Hungary have been analyzed by performing a Kruskal-Wallis analyses with the Dunnett T3 Post Hoc Test to achieve the aims of the research. Results: The empirical results express the differences and the similarities between the perceptions of export obstacles by SMEs. While the perceptions of Czech-Hungarian and Slovak-Hungarian SMEs do not differ in any same firm-level characteristics, the differences exist between Czech and Slovak SMEs that are smaller in size, older and, that have limited liability and sector categories. Compare with their Czech counterparts in these categories, Slovak SMEs perceive export obstacles less intensively. The approaches of a government on SMEs and investment freedom in a nation and the exporting patterns of SMEs might be the reasons for these similarities and differences among SMEs in various countries which are in the same age, size, sector and legal form categories. Novelty: The significant results that this research proves in same firm-level characteristics and an international context makes this paper unique research in the literature. Therefore, policy makers, academicians, SMEs, and financing institutions might gain many benefits from the findings of this study.
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Basu, Swati, Saul Estrin, and Jan Svejnar. "Employment Determination in Enterprises under Communism and in Transition: Evidence from Central Europe." ILR Review 58, no. 3 (April 2005): 353–69. http://dx.doi.org/10.1177/001979390505800303.
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The authors present a comparative analysis of employment determination in four transition economies as they moved from central planning to a market economy in the early 1990s. They use firm-level panel data sets from the Czech Republic, Hungary, Poland, and Slovakia to estimate dynamic employment equations for the period from immediately before to immediately after the start of transition. For the most part, firms appear to have been quick to adjust employment to wage levels, and there is little evidence of labor hoarding. There were important cross-country variations in the determinants of employment during the reform process, however. Hungarian and Polish firms started the transition already substantially reformed, and became even more responsive to market signals as transition proceeded. In contrast, firms in the Czech and Slovak Republics started in the completely unresponsive mode characteristic of central planning, but rapidly caught up with their counterparts in Hungary and Poland.
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Drábek, Michal. "ON EFFICIENT OPERATIONAL CONCEPT OF FUTURE HIGH-SPEED RAILWAY IN THE CZECH REPUBLIC." Acta Polytechnica CTU Proceedings 5 (September 15, 2016): 4. http://dx.doi.org/10.14311/app.2016.5.0004.
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The aim of this paper is to elaborate a layout of the first operational concept of Rapid Services with 1 hour system travel time between Praha and Brno. Two basic methods are used – Integrated Periodic Timetable (periodic rendezvous of all services in IPT-nodes) and Operational Concept Economy Approach, as defined below by the author. In this paper, three recent high-speed railway concepts for the future so-called Rapid Services network of the Czech Republic are followed-up. The first one is an operational traffic planning study by Kalcík, Janoš et al. on behalf of Czech Ministry of Transport from 2010. The second one is the high-speed railway promoting book High Speed Rail Even in the Czech Republic by Šlegr et al. from 2012, with likely the most detailed concept of Rapid Services network. The third one is a paper on progress of the official spatial-technical studies for some future Czech high-speed lines by Šulc from 2014. The importance of achievement of 1 hour travel time between the largest agglomerations is briefly presented. The presented methodological approach, although soft and manager-oriented, comprises some firm principles: segmentation of high-speed train offer, so that more expensive rolling stock is not wasted by operation on long conventional line sections, consideration of system travel times for efficient rolling stock circuit, restriction of need for links from high-speed to conventional lines, and utilization of high-speed lines as a "rail highway". This approach is intended to be particularized iteratively, with every application. So, in this paper, first version of Operational Concept Economy Approach is introduced. The key idea is that passengers should be offered such travel times and service intervals (headways) and such number of direct services, which are adequate to their potential demand, but as much synergistic effect as possible should be strived to be achieved for every proposed construction (new or modernized one). Such approach goes towards economic efficiency, which is crucial indicator for political decision necessary for building, let alone EU co-funding of the construction. Experience shows that in many Czech feasibility studies, achievement of sufficient economic efficiency was the most complicated part of the study. Results show that an efficient operational concept can be designed not at the expense of runtimes between the largest cities.
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Belas, Jaroslav, Jan Kubalek, Roman Hlawiczka, Andrea Bencsik, and Zdenko Metzker. "The impact of selected financial factors on business ethics in the SMEs segment in the V4 countries." Economics & Sociology 17, no. 2 (June 2024): 173–93. http://dx.doi.org/10.14254/2071-789x.2024/17-2/8.
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This paper aimed to quantify the impact of selected financial management factors on business ethics in the segment of small and medium-sized enterprises (SMEs) in the Visegrad Four countries (Czech Republic, Slovakia, Poland, and Hungary). The empirical research, which was aimed at ascertaining the attitudes of SMEs, was conducted in June 2022 in the Visegrad Four countries. The selection of respondents was carried out by random sampling using the CAWI method. In the Czech Republic, the total number of respondents was 347, in the Slovak Republic, the total number of respondents was 322, in Poland, the total number of respondents was 381 and in Hungary, the total number of respondents was 348. The scientific hypotheses were verified through regression and correlation analysis. The empirical research yielded a number of interesting and stimulating scientific findings. The results showed that the selected factors in the financial management of SMEs have a significant impact on the formation of entrepreneurs' attitudes in the field of business ethics. Knowledge of the most important aspects of the firm’s financial management represents the most significant factor influencing the implementation of ethical aspects in the management process of SMEs and positive perceptions of business ethics in the context of financial performance. Other financial factors, namely entrepreneurs' belief that they can appropriately manage financial risks in the firm, a correct understanding of financial risk, and belief in the firm's survival in the medium term, have also shown a significant impact on business ethics. A surprising finding was that a positive assessment of a firm's current financial performance does not have any impact on the formation of attitudes towards business ethics. The representation and intensity of the effect of financial management factors on business ethics varies across the V4 countries. While the attitudes of SMEs in the Czech Republic, Slovakia and Poland have similar characteristics, Hungarian SMEs differ significantly from them.
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Hanousek, Jan, and Filip Palda. "Is there a displacement deadweight loss from tax evasion? Estimates using firm surveys from the Czech Republic." Economic Change and Restructuring 42, no. 3 (October 11, 2008): 139–58. http://dx.doi.org/10.1007/s10644-008-9056-2.
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Odehnalová, Pavla, and Petr Pirožek. "Family Businesses in the Corporate Governance of MNCs." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 3 (2015): 979–84. http://dx.doi.org/10.11118/actaun201563030979.
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The issue of family businesses is currently a very topical theme in the academic world. The importance of family businesses increases with internationalization and is associated with business success in global market conditions. A fundamental part of business activities abroad is the correct application of the corporate governance of subsidiaries of multinational family businesses. The available findings do not cover this area sufficiently, especially in the context of transformed economies in CEE. In view of the nature of foreign business activities, the degree of centralization of competences transferred between subsidiaries and headquarters and the presence of expatriates from the headquarters of multinational companies represented by the family firm in statutory bodies can be regarded as important variables. The main aim of the present paper is, based on research carried out, to describe and analyze the degree of centralization and presence of expatriates in the corporate governance of subsidiaries of multinational family businesses operating in the Czech Republic. The paper presents the results of an empirical investigation with a description of the presence of expatriates in the statutory bodies of subsidiaries of multinational companies in the Czech Republic. The results obtained present the number of subsidiaries corresponding to the definition of a family business with an emphasis on SMEs of up to 250 employees and the degree of centralization and presence of expatriates in administrative or executive authority, or in other positions. The sample which was used to research the family business comprised 214 subsidiaries of multinational companies from the most important sectors of the Czech economy.