Template-Type: ReDIF-Article 1.0 Author-Name: Břetislav Andrlík Author-Workplace-Name: Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Measurement of Effectiveness of Personal Income Tax in the Tax System of the Czech Republic Abstract: This article deals with the issues of effectiveness of personal income tax in the Czech Republic. The personal income tax in the Czech Republic, referred to as the tax on income of natural persons, represents a significant part of the public budget revenue (23.35% of all tax revenues in 2012). One of the principles of a good tax system is the principle of its effectiveness. The effectiveness of a particular tax is measured by various methods. The theory distinguishes between two types of costs expended on the collection of taxes, i. e. administrative costs (direct or indirect) and excessive tax burden. In the case of direct administrative costs the measurement compares the total volume of a particular tax revenue with the costs of its collection. The amount of the tax levied is thus not a net income of the public budget, due to the fact that it must be reduced by the costs of the public sector which are necessary for obtaining such amount.In this contribution we shall focus on the measurement of direct administrative costs. The measurement of effectiveness of income tax on natural persons is performed with the use of the full-time equivalent (FTE) method, which is based on the classification of revenue authorities' staff according to their jobs and on the determination of conversion coefficients in order to identify costs related to the collection of a particular tax.A separate part of the article deals with measurements of tax system effectiveness in the international scope. We cite an important international study, "Paying Taxes 2013: The Global Picture", annually prepared by the World Bank and PricewaterhouseCoopers, which analyses demands of tax systems in different countries of the world. Keywords: tax on income of natural persons, income taxes, tax effectiveness, public budget Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 307-314 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020307 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020307.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020307.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0001.txt Handle: RePEc:mup:actaun:actaun_2014062020307 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Brázdil Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jiří Šťastný Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Universal Style Sheet Language Environment Modification for the Business Use Abstract: This paper deals with the description of USSL - Universal Style Sheet Language environment. USSL style sheet language is platform-independent and its primary focus is the declarative notation of the appearance of GUI libraries used by imperative programming languages. The implementation of the software support for wxWidgets library is made, because this library has no support for the separate declarative notation of the appearance via style sheet language. The separation of the appearance enables us to reuse and standardize the appearance notation and the independent development of the appearance. In this way it is possible to achieve consistent appearance of applications of specific set or even all of company software products. However, the first proposal of the USSL has several disadvantages which restrict the possibilities for practical use in business or other environment. These disadvantages are: the lack of @import rule for importing other style sheets, USSL only supports basic set of selectors compared with selectors of other style sheet languages for desktop environment such as Qt QSS and GTK+ GtkCssProvider, the lack of styling of the cursors, it is impossible to put down URL. The placement of widgets and its borders are not solved either. This paper contains suggestions for solving these issues. Keywords: CSS, declarative approach, styles, wxWidgets Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 315-320 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020315 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020315.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020315.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0002.txt Handle: RePEc:mup:actaun:actaun_2014062020315 Template-Type: ReDIF-Article 1.0 Author-Name: Samuel Antwi Darkwah Author-Workplace-Name: Department of Territorial Studies, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Nahanga Verter Author-Workplace-Name: Department of Regional and Business Economics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Determinants of International Migration: The Nigerian Experience Abstract: This paper examines some determinants of international migration in Nigeria using annual time series data spanning the period 1991-2011. Using ordinary least square regression method, the results indicate that the level of unemployment, migrants' remittances and population growth are the key determinants of emigration from Nigeria to other countries, statistically significant at 0.01 level.In a country where unemployment rate is very high, this movement is likely to help in reducing pressures on the labour market. Migrants' remittances might also help in alleviating poverty within households. Migrants' remittance to Nigeria has surpassed both Foreign Direct Investment and Net Official Development Assistance inflows, making it one amongst the major sources of foreign earnings to Nigeria. Nigerians will continue to migrate to other parts of the world so long as the reasons or causes for their movement are not fully addressed i.e. if political and socioeconomic issues in the country do not improve. The Nigerian government should as a matter of urgency, create better jobs and conducive environment in order to stop people from migrating while at the same time encouraging its skilled labour abroad to return home to help in national development. Keywords: cross-border migration, remittances, unemployment rate, poverty, population growth Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 321-327 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020321 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020321.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020321.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0003.txt Handle: RePEc:mup:actaun:actaun_2014062020321 Template-Type: ReDIF-Article 1.0 Author-Name: David Ficbauer Author-Workplace-Name: Department of Finance, Faculty of Business and Management, Brno University of Technology, Kolejní 2906/4, 612 00 Brno, Czech Republic Author-Name: Mária Režňáková Author-Workplace-Name: Department of Finance, Faculty of Business and Management, Brno University of Technology, Kolejní 2906/4, 612 00 Brno, Czech Republic Title: Holding Company and Its Performance Abstract: Research projects on the performance of companies search for the relationships between the methods of managing a company and the results. This paper presents a research on holding companies. The aim is to analyse the reasons for and purposes of holding companies being established and the advantages they may bring to the owners trying to find out whether the level of association between the companies influences their performance. The research was carried out in two stages. First a questionnaire enquiry was made with interviews and, subsequently, financial ratios were quantified and their correlation investigated with the extent of efficient cash flow management. The correlation was expressed by Spearman's rank coefficient. The benefits of creating a holding company were mostly found in the owners' investment risk diversification, reduction of the capital invested, and improved negotiating position of a holding company. Also, a correlation was determined between the method of cash flow management and financing strategy (measured by net working capital - the value of Spearman's coefficient is 0.761849 in average and by ratio debt to assets - the value of Spearman's coefficient is 0.813525 in average), liquidity of companies (measured by cash liquidity the value of Spearman's coefficient is -0.800436 in average) and performance (measured by return on assets - the value of Spearman's coefficient is 0.474 in average). Keywords: holding company, reasons for creating a holding company, diversification of business risk, performance of holding companies, net working capital, efficient cash management, indebtedness Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 329-337 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020329 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020329.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020329.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0004.txt Handle: RePEc:mup:actaun:actaun_2014062020329 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Foret Author-Workplace-Name: Department of Regional Development and Public Administration, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Ondřej Konečný Author-Workplace-Name: Department of Regional Development and Public Administration, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Petr Klusáček Author-Workplace-Name: Department of Regional Development and Public Administration, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Viticulture - Challenge for Tourism Development (Znojmo Case Study Area) Abstract: The article, which deals with the issue whether the viticulture can be the challenge for tourism development, is based on research conducted in Znojmo case study area (the Czech Republic). It starts with general introduction of wine tourism concept based on the selected results of the previous scientific researches. The second part of the article brings description of the methods and brief characterisation of case study area. The third part pays attention to the analyses of the selected statistical data showing importance of viticulture for the case study area. The main fourth part is focused on selected activities which are connected with projects developing wine tourism (especially vineyards and vine festivals), where cooperation of different actors is necessary and continues by analysing of the potential of more intensive development of wine tourism on example of the important actor in case study area - wine producer Znovín Znojmo. The conducted research shows strong local embededness and association of company with the tourism industry. The article concludes with general recommendations, which emphasize the importance of effective partnership of the different actors by successful development of wine tourism. Keywords: tourism development, viticulture, wine tourism, Znojmo case study area Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 339-346 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020339 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020339.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020339.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0005.txt Handle: RePEc:mup:actaun:actaun_2014062020339 Template-Type: ReDIF-Article 1.0 Author-Name: Patrizia Gazzola Author-Workplace-Name: Department of Economics, Insubria University, Via Monte Generoso 71, 21100 Varese, Italy Author-Name: Stefano Amelio Author-Workplace-Name: Department of Management, Economics and Quantitative Methods, via Moroni 255, 24127 Bergamo, Italy Title: Roe in Turbulent Time Abstract: The aim of the paper is to compare the utility of the net income (NI) and of the comprehensive income for the evaluation of financial performance of the company and to verify whether the total comprehensive income (TCI) is more value relevant than the net income especially in times of crisis (IAS 1, par. 5).The Financial Accounting Standards Board (FASB) has continued to emphasize a financial measure called other comprehensive income (OCI) as a valuable financial analysis tool. The FASB's goal is to issue guidance to improve the comparability, the consistency and the transparency of financial reporting. Especially in the period of financial crises, OCI measure is also quite helpful to understand the company's situation.The methodology in the elaboration of this article comes from the author's previous research, which formed the main part of the overall research. The new research was based on the previous one but we have increased the number of financial statements analyzed by including companies of the free market for the year 2011.In the last part of the paper we show the results of empirical research on the income statement of the Czech companies, which adopted IAS/IFRS principles. Keywords: IFRS, net income, other comprehensive income, total comprehensive income Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 347-353 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020347 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020347.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020347.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0006.txt Handle: RePEc:mup:actaun:actaun_2014062020347 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Hodinka Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Michael Štencl Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Jiří Hřebíček Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Oldřich Trenz Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Title: Business Intelligence in Environmental Reporting Powered by XBRL Abstract: Today, companies are handling increasing amounts of transactional data. This phenomenon commonly named as "Big Data", has transformed from a vague description of massive corporate data to a household term that refers to not just volume but the diversity of data and velocity of change. Commonly used approach leads to usage of Business Intelligence (BI) technologies used not only to environmental reporting purposes, but also used for a data discovery discipline. The critical issue in general data processing tasks is to get the right information quickly, near to real time, targeted, and effectively.This article aims on several critical points of the whole concept of BI environmental reporting powered by XBRL. First, and most important, is the usage of structured data delivered via XBRL. The main profit on usage of XBRL is the optimization of the ETL process and its combination commonly used best practices on data warehouse models. The whole BI workflow could be moved further by additional data quality health checks, extended mathematical and logical data test, basics of data discovery and drill-down techniques.First part of the article review the state of the art on the XBRL level and also review current trends in environmental reporting. We also analyse the basics of Business Intelligence regarding to the application domain on environmental reporting. The methodology reflects today's technical standards of XBRL accordingly to the application via ETL process. In results we describe concept for standardized data warehouse model for the environmental reporting based on the specific XBRL taxonomy and known dimensions. In discussion we explain our next approach and all the pros and cons of the selected approach. Keywords: corporate reporting, environmental reporting, XBRL, business intelligence, performance evaluation, key performance indicators Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 355-362 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020355 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020355.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020355.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0007.txt Handle: RePEc:mup:actaun:actaun_2014062020355 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriela Chmelíková Author-Workplace-Name: Department of Regional and Business Economics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Kristina Somerlíková Author-Workplace-Name: Department of Demography and Applied Statistics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Capital Structure in Start-up Firms in the Conditions of the Czech Economy Abstract: The aim of this article is to characterise the form of capital structures in start-up companies in the Czech economy and to identify what determines them. The choice of theme for this research was motivated by the important role that start-up companies have played in the development of economies especially in its contribution to employment, while having a low empirical understanding of the structure of capital resources of the firms. In this contribution, we have managed to identify the average form of the capital structures of start-up companies in the Czech economy. Moreover, they were in keeping with the Trade-Off Theory of Capital Structure testing the factors determining the composition of the capital resources of the firms. However it was only possible to empirically support the conclusions in part. Keywords: start-up firms, employment, capital structure, trade-off theory, determinants of capital structure Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 363-372 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020363 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020363.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020363.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0008.txt Handle: RePEc:mup:actaun:actaun_2014062020363 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Janků Author-Workplace-Name: Department of National Economy, Faculty of Economics, VŠB - Technical University of Ostrava, Sokolská tř. 33, 701 21 Ostrava 1, Czech Republic Author-Name: Stanislav Kappel Author-Workplace-Name: Department of National Economy, Faculty of Economics, VŠB - Technical University of Ostrava, Sokolská tř. 33, 701 21 Ostrava 1, Czech Republic Title: The Interaction of Monetary and Fiscal Policy in the Countries of the Visegrad Group Abstract: Coordination of or at least absence of conflict between monetary and fiscal policies are key to the successful implementation of economic policy. The article aims to use reaction functions to assess whether the monetary and fiscal policies in the countries of the Visegrad Group are in coordination or in conflict and which variables influence their decisions. The central bank is the representative of monetary policy, which has interest rates as its instrument, and the government as the representative of the fiscal policy which has change revenue or spending as a share of GDP as instrument. To obtain the results, multivariate regression analysis is used. The research period is based on quarterly observations from first quarter of 2000 to the fourth quarter of 2012. Stabilizing role of monetary policy and in some countries also partially stabilizing role of fiscal policy has been found. Another result was that in the case of the Czech Republic, Slovakia and Poland, monetary policy appears to play the dominant role, whereas fiscal policy plays dominant role in Hungary. In the case of Slovakia, some different results may be due to Slovakia's participation in ERM II, which led to the monetary policy, in addition to maintaining price stability, also aiming to maintain a fixed exchange rate and the subsequent entry of Slovakia into the Eurozone and the de facto loss of autonomous monetary policy. Keywords: fiscal policy, interactions, monetary policy, policy coordination, policy objectives Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 373-381 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020373 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020373.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020373.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0009.txt Handle: RePEc:mup:actaun:actaun_2014062020373 Template-Type: ReDIF-Article 1.0 Author-Name: Silvie Kafková Author-Workplace-Name: Masaryk University, Faculty of Economics and Administration, Lipová 41a, 602 00 Brno, Czech Republic Author-Name: Lenka Křivánková Author-Workplace-Name: Masaryk University, Faculty of Science, Kotlářská 2, 611 37 Brno, Czech Republic Title: Generalized Linear Models in Vehicle Insurance Abstract: Actuaries in insurance companies try to find the best model for an estimation of insurance premium. It depends on many risk factors, e.g. the car characteristics and the profile of the driver. In this paper, an analysis of the portfolio of vehicle insurance data using a generalized linear model (GLM) is performed. The main advantage of the approach presented in this article is that the GLMs are not limited by inflexible preconditions. Our aim is to predict the relation of annual claim frequency on given risk factors. Based on a large real-world sample of data from 57 410 vehicles, the present study proposed a classification analysis approach that addresses the selection of predictor variables. The models with different predictor variables are compared by analysis of deviance and Akaike information criterion (AIC). Based on this comparison, the model for the best estimate of annual claim frequency is chosen. All statistical calculations are computed in R environment, which contains stats package with the function for the estimation of parameters of GLM and the function for analysis of deviation. Keywords: vehicle insurance, generalized linear model, poisson distribution, link function, analysis of deviance, Akaike information criterion Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 383-388 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020383 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020383.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020383.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0010.txt Handle: RePEc:mup:actaun:actaun_2014062020383 Template-Type: ReDIF-Article 1.0 Author-Name: Milena Otavová Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Proposal of the Changes in the Taxation of Income of the Non-profit Organizations Abstract: The paper is focused on the issue of the taxation of incomes of the non-governmental non-profit organizations, especially the civic associations in the conditions of the Czech Republic and in the selected countries of the European Union (Austria, Slovakia, Germany). The main emphasis is put on the comparison of the corporate income tax of the studied countries. Particularly the tax benefits that are provided to the non-profit organizations in the individual countries are compared here. This paper points to the current situation in the Czech Republic, where there is no clear legislation that would regulate the activities by the studied organizations. Changes in the taxation of the incomes of non-profit organizations are designed to eliminate absences with regard to the simplicity and clarity of the individual provisions, and also to prevent misuse of the benefits and to the speculative behavior of tax entities. Keywords: non-profit organization, corporate income tax, civic association Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 389-396 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020389 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020389.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020389.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0011.txt Handle: RePEc:mup:actaun:actaun_2014062020389 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Solilová Author-Workplace-Name: Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Practical Application of Art. 9 OECD Model Convention: the Czech Republic Abstract: All transfer prices determined between the associated enterprises must comply with the arm's length principle. The arm's length principle for associated enterprises is mentioned in Art. 9(1) of the OECD Model Convention, which was also adopted by the OECD Member states into their national law. However, not all OECD Member states adopted the next part of Art. 9, namely Art. 9(2), with the same way, some of them, like the Czech Republic, entered a reservation on Art. 9 (2) OECD Model Convention. In this paper the practical application of Art. 9 is analyzed from the point of view of the Czech Ministry of Finance, where the corresponding adjustment and time-limit issue are highlighted. On the basis of the results of analysis, where the history, context and purpose of Art. 9 OECD Model Convention have to be taken into account, are made some recommendations. Keywords: transfer pricing, arm's length principle, corresponding adjustment, article 9, OECD Model Tax Convention Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 397-403 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020397 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020397.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020397.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0012.txt Handle: RePEc:mup:actaun:actaun_2014062020397 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Thijs Author-Workplace-Name: Business Management, Management, Thomas More Kempen, Kleinhoefstraat 4, 2440 Geel, Belgium Title: Economic and Social Potential of Family-supporting Services, Limits and Challenges Abstract: Due to the increase of the economic pressure on households, it is increasingly more difficult to balance family life and economic activity. Reasons for this evolution can be the increased labour market participation of women, the ageing of the population to name a few. Within the EU, different systems to offer assistance in creating a balanced social and economically active life have been established in numerous countries. However, the aims, results and general scope of these national policies differ.The main focus of this paper will be the Belgian situation, i.e. the voucher system (services cheques). Starting with a general view of the reasons of existence of family-support services, followed by the different support services policies offered in various European countries, the Belgian situation will be discussed.The voucher system in Belgium has encountered an explosive boom which brings unexpected results and side effects. These affect the country's social economical system. The paper discusses the evolution of the system. What are the reasons for the unexpected success? What are the economic and social consequences for a modern active welfare state, can growth be limitless? The paper will attempt to provide answers on these questions raised. Keywords: domestic services, vouchers, tax credit, care Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 405-412 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020405 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020405.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020405.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0013.txt Handle: RePEc:mup:actaun:actaun_2014062020405 Template-Type: ReDIF-Article 1.0 Author-Name: Jindřiška Šedová Author-Workplace-Name: Masaryk University, Department of Law, Faculty of Economics and Administration, Lipová 41a, 602 00 Brno, Czech Republic Title: Transparency of Shareholders in the Czech Republic Abstract: The recodification of commercial and civil law in the Czech Republic has resulted in a new concept for the legislation relating to securities. Significant changes have also been made to the legislation covering shares. The new legislation concerns not only the actual form of shares, but also their circulation. The aim of this article is to highlight the most important changes in the legislation relating to bearer shares, especially bearer shares in paper form, and to assess these changes from the viewpoint of their impact on the transparency of joint stock companies and uncontrolled circulation of shares. This assessment will be based on an appraisal of the importance of bearer shares for capital business in the Czech Republic and the effects the new legislation is expected to bring about. The article will also consider possible alternatives in the behavior of shareholders (investors) who prefer to remain anonymous. Keywords: Civil Code, securities, bearer shares, transparency of joint stock companies, the identity of shareholders Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 415-426 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020415 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020415.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020415.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0014.txt Handle: RePEc:mup:actaun:actaun_2014062020415 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Vodová Author-Workplace-Name: Department of Finance, School of Business Administration in Karviná, Silesian University in Opava, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic Title: Liquidity Risk Sensitivity of Czech Commercial Banks Abstract: The recent financial crisis has shown that a liquidity risk plays an important role in the current developed financial system. One of the efficient tools of liquidity risk management is stress testing which can show banks their potential vulnerability to liquidity shocks. The aim of this paper is therefore to measure the liquidity risk sensitivity of Czech commercial banks and to find out the most severe scenario and the most vulnerable bank. Our sample included significant part of the Czech banking sector; we used unconsolidated balance sheet data over the period from 2000 to 2011 which were obtained from annual reports of Czech banks. We have evaluated liquidity risk of each bank in the sample via six different liquidity ratios. Then we stressed these baseline values in three stress scenarios: run on a bank (simulated by a 20% withdrawal of deposits), confidence crisis on the interbank market (simulated by a withdrawal of 20% of interbank deposits) and use of committed loans by counterparties (simulated by a 5% increase of loans provided to nonbank clients). We measured the impact of all scenarios by relative change of liquidity ratios. The impact of modelled liquidity shocks differs among scenarios. The most serious liquidity problems would be caused by the first scenario - run on a bank. The negative influence of third scenario (use of committed loans) is less severe. The confidence crisis on the interbank market would not affect bank liquidity at all. The results also show that the severity of the impact of all scenarios worsens in periods of financial distress. We have also found that large and medium sized banks are most vulnerable to liquidity shocks, mainly to massive deposit withdrawals. Keywords: liquidity risk, sensitivity analysis, Czech commercial banks Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 427-436 Volume: 62 Issue: 2 Year: 2014 DOI: 10.11118/actaun201462020427 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020427.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201462020427.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201402-0015.txt Handle: RePEc:mup:actaun:actaun_2014062020427