Template-Type: ReDIF-Article 1.0
Author-Name: Piotr Bórawski
Author-Workplace-Name: Department of Agrotechnology, Agricultural Production Management and Agribusiness, University of Warmia and Mazury in Olsztyn, Oczapowskiego 8, 10-719 Olsztyn, Poland
Author-Name: Mariola Grzybowska-Brzezińska
Author-Workplace-Name: Department of Market Analysis and Marketing, University of Warmia and Mazury in Olsztyn, Oczapowskiego 1, 10-719 Olsztyn, Poland
Author-Name: James William Dunn
Author-Workplace-Name: Department of Agricultural Economics, Sociology and Extension, Pennsylvania State University-University Park, USA, 203 Armsby, University Park, PA 16802, USA
Author-Name: Spiro E. Stefanou
Author-Workplace-Name: Food and Resource Economics Department, 1169 McCarty A. PO Box 110240, Gainesville, FL 32611-0240, USA
Title: Factors Shaping Agri-food Product Trade in Poland
Abstract: The objective of the paper is to recognize the role of internal and external factors in the trade balance. The analysis of the trade balance is useful to help formulate goals and premises of economy policy to properly allocate production means to eliminate the negative effects of trade liberalization. The authors have studied data about trade of agricultural commodities in the years 2000-2010. To measure the impact of macroeconomic variables used a regression model. The macroeconomic factors included: X1 (inflation), X2 (investment in agriculture and hunting), X3 (GDP) and X4 (exchange rate) and X5 (FAO food price index). We wanted to recognize the impact of macroeconomic factors on: Y1 (total export), Y2 (total import), Y3 (trade balance).
Keywords: agri-food products, trade, macroeconomic factors, policy
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1221-1228
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041221
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Bukovina
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: The Impact of Economic Agents Perceptions on Stock Price Volatility
Abstract: This paper studies perceptions of economic subjects and its impact on stock prices. Perceptions are represented by stock market indexes and Facebook activity. The contribution of this paper is twofold. In the first place, this paper analyzes the unique data of Facebook activity and proposes the methodology for employment of social networks as a proxy variable which represents the perceptions of information in society related to the specific company. The second contribution is the proposal of potential link between social network principles and theories of behavioral economics. Overall, the author finds the negative impact of Facebook activity on stock prices and the positive impact of stock market indices. The author points the implications of findings to protection of company reputation and to investment strategy based on the existence of undervalued stocks.
Keywords: perceptions of economic subjects, Facebook activity, social networks, overreaction on negative news
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1229-1234
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041229
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041229.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Černý
Author-Workplace-Name: Za Prachárnou 10, 586 05 Jihlava, Czech Republic
Title: Calculation of Internal Debt on Road Network in the Vysočina Region
Abstract: The aim of this paper is to present the issue of financing the extent and quality of the road network, which is a necessary prerequisite for economic and social development of the Vysočina Region. The paper gives a methodological approach to the calculation of internal debt of the road network in the Vysočina Region, made its own calculation in the alternatives, whereas those alternatives reflect financing by the region through its own resources, as well as an alternative, which includes financing and the involvement of external resources (loans, fund state infrastructure and European sources). The calculation determines the size of internal debt, and therefore the extent of the problem. The definition of internal debt we can express as an annual expenditures which has to follow to the road infrastructure to ensure the sustainable quality of road network. The paper describes a potential process ensuring the increase of efficiency of public financing for the road network. In the contribution there is designed a potencial solution which deal with dividing regional roads into main three categories and in one of the category to introduce the system of road management.
Keywords: public debt, economic model, financial costs, road infrastructure
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1235-1249
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041235
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041235.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Jajkowicz
Author-Workplace-Name: Department of National Economy, VŠB - Technical University of Ostrava, Faculty of Economics, Sokolská třída 33, 701 21 Ostrava 1, Czech Republic
Author-Name: Agata Drobiszová
Author-Workplace-Name: Department of National Economy, VŠB - Technical University of Ostrava, Faculty of Economics, Sokolská třída 33, 701 21 Ostrava 1, Czech Republic
Title: The Effect of Corruption on Government Expenditure Allocation in OECD Countries
Abstract: This paper empirically examines the effect of corruption on the allocation of government expenditures by function. Equations using pooled panel dataset for 21 OECD countries between 1998 and 2011 were tested, and the findings show that government expenditure on defense and general public services increase, while government expenditures on education, health, recreation, culture and religion decline with higher levels of corruption. This paper presents new results and new evidence on the link between corruption and allocation of government expenditures in OECD countries.
Keywords: effect, corruption, government, expenditure, allocation, growth, countries, equation, panel
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1251-1259
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041251
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041251.html
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File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041251.pdf
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Template-Type: ReDIF-Article 1.0
Author-Name: Bohdana Janotová
Author-Workplace-Name: Department of Agricultural Economics and Food Processing, Institute of Agricultural Economics and Information, Kotlářská 53, 602 00 Brno, Czech Republic
Author-Name: Vojtěch Tamáš
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: International Comparison of Wheat Cultivation Costs 2010-2012
Abstract: The report compares costs of wheat production in the European Union and selected world producers. International comparison of wheat production costs has been prepared on the basis of the results of an international network of Agri benchmark Cash Crop for the years 2010-2012, which is organized by Johan Heinrich von Thünen - Institute (VTi) in Germany. Czech Republic is since the year 2008 an official member this network and is represented by the Institute of Agricultural Economics and Information (hereinafter IAEI). The results for the Czech Republic, which are then shared with other participating countries (institutions), are based upon the special investigation of IAEI. International comparison is based on typical farms taking into account regional structure of produced crops, technological and operating procedures, utilization of inputs, size of a farm, and other specifications. The concept of international comparisons is based on the (so called) "typical farms", which take into account the typical size and structure, the area of market crops, technology and work practices, use of inputs and their quantity, production and other requirements of agricultural production characteristic of the given issues. Production costs are structured as direct and operating. Overall economy evaluations of wheat production also include effect of subventions. The position of the Czech Republic within the European Union is also discussed.
Keywords: agribusiness, competitiveness, direct cost, fertilizers, profitability, wheat, yield
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1261-1267
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041261
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041261.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Jeřábek
Author-Workplace-Name: Faculty of Economic Studies, University of Finance and Administration, Estonská 500, 101 00 Praha 10, Czech Republic
Author-Name: Radka Šperková
Author-Workplace-Name: Department of Economy and Management, College of Business and Hotel Management, Bosonožská 9, 625 00 Brno, Czech Republic
Title: A Predictive Likelihood Approach to Bayesian Averaging
Abstract: Multivariate time series forecasting is applied in a wide range of economic activities related to regional competitiveness and is the basis of almost all macroeconomic analysis. In this paper we combine multivariate density forecasts of GDP growth, inflation and real interest rates from four various models, two type of Bayesian vector autoregression (BVAR) models, a New Keynesian dynamic stochastic general equilibrium (DSGE) model of small open economy and DSGE-VAR model. The performance of models is identified using historical dates including domestic economy and foreign economy, which is represented by countries of the Eurozone. Because forecast accuracy of observed models are different, the weighting scheme based on the predictive likelihood, the trace of past MSE matrix, model ranks are used to combine the models. The equal-weight scheme is used as a simple combination scheme. The results show that optimally combined densities are comparable to the best individual models.
Keywords: predictive likelihood, density forecasts, Bayesian averaging, Bayesian VAR model, GDP growth, inflation, real interest rates
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1269-1276
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041269
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041269.html
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Template-Type: ReDIF-Article 1.0
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: A Comparison of Business Cycles Synchronization in the Euro Area and Some Potential Monetary Unions
Abstract: Synchronization of business cycle is one of the main criteria for creation of a monetary union. With increasing synchronization of business cycle, a probability of occurrence of demand and supply shocks, which are asymmetric, decreases. The aim of this contribution is to evaluate synchronicity of business cycle in the euro area and some potential monetary unions. There are MERCOSUR (i.e. Argentina, Brazil, Paraguay, Uruguay and Venezuela), NAFTA (Canada, Mexico and the United States of America). For this aim, correlation analysis and two indexes of cyclical components of GDP are used. The cyclical components of GDP are obtained due to the Hodrick-Prescott filter. The results indicate a high degree of business cycles synchronization among states of the euro area (especially in countries of so called core of the euro area) and states of NAFTA. In opposite, a lower degree of business cycles synchronization was reached among states of MERCOSUR. According to the criterion of business cycle synchronization, NAFTA is more appropriate candidate than MERCOSUR for creation monetary area.
Keywords: business cycle, monetary systems, monetary union, economic integration, monetary policy, the euro area, NAFTA, MERCOSUR
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1277-1285
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041277
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041277.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Václav Klepáč
Author-Workplace-Name: Department of Statistics and Operation Analysis, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: David Hampel
Author-Workplace-Name: Department of Statistics and Operation Analysis, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Assessing Efficiency of D-Vine Copula ARMA-GARCH Method in Value at Risk Forecasting: Evidence from PSE Listed Companies
Abstract: The article points out the possibilities of using static D-Vine copula ARMA-GARCH model for estimation of 1 day ahead market Value at Risk. For the illustration we use data of the four companies listed on Prague Stock Exchange in range from 2010 to 2014. Vine copula approach allows us to construct high-dimensional copula from both elliptical and Archimedean bivariate copulas, i.e. multivariate probability distribution, created from process innovations. Due to a deeper shortage of existing domestic results or comparison studies with advanced volatility governed VaR forecasts we backtested D-Vine copula ARMA-GARCH model against the VaR rolling out of sample forecast from October 2012 to April 2014 of chosen benchmark models, e.g. multivariate VAR-GO-GARCH, VAR-DCC-GARCH and univariate ARMA-GARCH type models. Common backtesting via Kupiec and Christoffersen procedures offer generalization that technological superiority of model supports accuracy only in case of an univariate modeling - working with non-basic GARCH models and innovations with leptokurtic distributions. Multivariate VAR governed type models and static Copula Vines performed in stated backtesting comparison worse than selected univariate ARMA-GARCH, i.e. it have overestimated the level of actual market risk, probably due to hardly tractable time-varying dependence structure.
Keywords: D-Vine copula, Christoffersen duration test, Kupiec test, Value at Risk, VAR-DCC-GARCH, ARMA-GARCH-GJR
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1287-1295
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041287
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Handle: RePEc:mup:actaun:actaun_2015063041287

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Koráb
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Jitka Poměnková
Author-Workplace-Name: Department of Radio Electronics, Faculty of Electrical Engineering and Communication, Brno University of Technology, Technická 3082/12, 616 00 Brno, Czech Republic
Title: Access to Credit of SMEs in the Czech Republic During the Financial Crisis and in the Post-crisis Period
Abstract: We investigate the impact of the financial crisis on the access of small and medium-sized enterprises in the Czech Republic to external financing. We apply the non-parametric kernel density estimation on a firm-level measure of financing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on financing constraints related to financial health of companies since they determine the commercial banks' lending behaviour. Our results reveal that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that enterprises were financially constrained during the crisis because of reduced cash-flow and cash holdings.
Keywords: financing constraints, KZ index, credit crunch, financial accelerator, nonparametric estimation, kernel density
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1297-1302
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041297
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Template-Type: ReDIF-Article 1.0
Author-Name: Lea Kubíčková
Author-Workplace-Name: Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Identification of the Key Risk Factors of the Internationalization Process of SMEs Operating in the Textile Industry
Abstract: The aim of this paper is to identify the key risk factors of the internationalization process of Czech SMEs operating in the textile industry. To reveal the key risk there was conducted the survey (2011-2012) among 803 Czech SMEs operating in the textile industry, 161 responses were processed. The obtained data were analyzed by statistical methods. Potential risks of entry into foreign market were rated according to their impact on businesses. The greatest influences on the process of successful internationalization have, according to obtained responces, following factors: shortage of capital, lack of the information on foreign markets and high transportation costs. Other factors that may impede the successful internationalization are language barriers, inexperience of management with the internationalization and high prices of products. Knowing the key risk it is easier for SMEs to manage it.
Keywords: internationalization, small and medium-sized enterprises, crucial key factors, internationalization process, textile industry
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1303-1309
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041303
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041303.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Lena Malačka
Author-Workplace-Name: Department of Marketing and Management, Private College of Economic Studies Znojmo, Loucká 21, 669 02 Znojmo, Czech Republic
Title: Role of Marketing Communication in Applicants' Choice of University
Abstract: The article deals with the issue of identification of the main factors influencing potential study applicants' decision-making when choosing a university, regarding information sources necessary for the decision. The article particularly presents facts describing the contemporary situation in the tertiary education area, its latest development and the demographic development. The measurement itself is based on a primary research in the form of a questionnaire survey at the Gaudeamus trade fair in Brno and at secondary schools in the Czech Republic. The acquired data are evaluated by means of contingency tables and charts. The mutual dependence between examined characteristics is investigated within statistic research by means of chi-square test of independence, chi-square test of goodness of fit and factor analysis using dendrogram.
Keywords: marketing communication, university, decision making, study applicants, marketing research
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1311-1322
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041311
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041311.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Zdeněk Motlíček
Author-Workplace-Name: Department of Business Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Josef Polák
Author-Workplace-Name: Department of Business Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Appropriate Determination of Net Working Capital in Corporate Financial Management
Abstract: Liquidity and working capital management belongs to one of the fundamental tasks of short-term financial management. However, in the context of net working capital, the issue of management of current assets and liabilities significantly overlaps with long-term financial management, in which the effects of various decisions have long-term consequences, with considerable inertia and possibility of high losses. The present study is therefore focused on the determination of appropriate amount of working capital, as an important part of financial decision making process in the company. The paper presents an empirical research aiming to identify the appropriate approach to accurate calculations of net working capital and determining its needs. The main contribution of the study can be found in the verification of calculation method of net working capital needs, which, according to the authors, may be beneficial both for business practice and teaching of financial management at universities.
Keywords: net working capital, current assets, short-term funds, cash conversion cycle, production and sales costs, business, receivables, inventories, payables
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1323-1330
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041323
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041323.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Olga Pouperová
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Author-Name: Filip Dienstbier
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Author-Name: Ondřej Vícha
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Title: International Documents on Landscape Restoration
Abstract: In the theory and practice of cultural monuments protection, including garden art monuments and landscape protection, it has been often referred to international conventions and other international documents relating to this protection. Necessary condition for these documents to be adequately used in the practice is the precise understanding of their legal nature and a question arising therefrom, if and to what extent and to whom are those documents binding.The aim of this paper is to provide an analysis of the international documents relating to the landscape restoration. Following the analysis, the authors explore the scope and way of transposition of these documents and obligation arising therefrom into the Czech legal order.In the general part the authors analyse knowledge of the current jurisprudence on treaties and other international documents. They focus on the issue of the legal force of such documents, both on the international and national level. In the following part the authors deal with international documents on landscape restoration, explain legal nature of those documents and explicate whether the documents are formally legally binding or whether they may have other practical effects. The legally binding international treaties on the landscape protection include in particular the Convention on the Protection of the World Cultural and Natural Heritage (Paris, 1972) and the European Landscape Convention (Florence, 2000). As regard legally non-binding acts of international non-governmental organizations, the paper discusses the charters of the International Council on Monuments and Sites (ICOMOS), the Venice Charter of 1964 and the Florence Charter of 1981. Mentioned is also the Athens Charter (1933), respectively the New Athens Charter of 1998 dealing with the landscape in terms of the principles of urban planning.
Keywords: landscaping, landscape restoration, international treaty, international organisation, UNESCO, ICOMOS
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1331-1344
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041331
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041331.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Olga Pouperová
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Author-Name: Ondřej Vícha
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Author-Name: Filip Dienstbier
Author-Workplace-Name: Department of Administrative Law and Financial Law, Faculty of Law, Palacký University Olomouc, Tř. 17. listopadu 8, 771 11 Olomouc, Czech Republic
Title: Specificities of the Garden Architecture Monuments from the Legal Point of View
Abstract: The article deals with legal specificity of garden art. First, it explains some specifics of garden art (namely historic gardens and parks), which arise from its character, as they are created by humans but consist of plants and woody plants interconnected with various ecosystems. The authors present legal regimes, within which garden art may be protected, and on the example of garden art monuments they focus on the issue of conflict of varied public interests, in particular heritage preservation interest and interests in the preservation of nature and landscape, waters and forest.
Keywords: garden art, historic garden, park, cultural heritage, cultural monument, garden architecture monument, nature and landscape protection, heritage preservation
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1345-1355
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041345
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041345.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Halina Starzyczná
Author-Workplace-Name: Department of Economics and Public Administration, School of Business Administration in Karviná, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic
Author-Name: Michal Stoklasa
Author-Workplace-Name: Department of Economics and Public Administration, School of Business Administration in Karviná, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic
Author-Name: Kateřina Matušínská
Author-Workplace-Name: Department of Economics and Public Administration, School of Business Administration in Karviná, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic
Title: Fluence of Product Leaflets on Purchasing Behaviour in Times of Crisis
Abstract: This paper presents partial results of primary research on consumer purchasing behaviour with regards to the utilization of product leaflets. It deals with the consumer reaction on the use of these leaflets. The main goal is to assess the impulse to purchase goods on the basis of promotional leaflets in mailboxes, depending on the personal characteristics of the consumer. Partial goals are a brief theoretical basis of the examined issues and selected results of secondary research on consumer behaviour based on available statistical data and information. Consumer behaviour changes drastically in times of crisis. Czech consumer is addressed daily by a specific communication media of store chains - the leaflets. These appear daily in mailboxes and are generally positively accepted. There are also negative opinions, both from consumers as well as the EU. Respondents were asked about their financial situation, to what extent they change their buying behaviour with respect to the income level of households. It turned out that the impulse to purchase goods on the basis of promotional leaflets in mailboxes does not depend on the age and sex of respondents, but depends on the income level and education. The largest proportion of respondents considers leaflets because of promotional discounts.
Keywords: communication tools, consumer personality, financial situation, purchasing behaviour, retail communication, promotional leaflets
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1357-1363
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041357
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041357.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Tereza Svatoňová
Author-Workplace-Name: Department of Mechanical Engineering, Faculty of Engineering, Czech University of Life Sciences Prague, Kamýcká 129, 165 00 Praha 6-Suchdol, Czech Republic
Author-Name: David Herák
Author-Workplace-Name: Department of Mechanical Engineering, Faculty of Engineering, Czech University of Life Sciences Prague, Kamýcká 129, 165 00 Praha 6-Suchdol, Czech Republic
Author-Name: Abraham Kabutey
Author-Workplace-Name: Department of Mechanical Engineering, Faculty of Engineering, Czech University of Life Sciences Prague, Kamýcká 129, 165 00 Praha 6-Suchdol, Czech Republic
Title: Financial Profitability and Sensitivity Analysis of Palm Oil Plantation in Indonesia
Abstract: Oil palm cultivation in Indonesia is increasing. This study investigates the financial and economic aspects of establishing an oil palm plantation using data collected in 2014. The financial case study is undertaken from the perspective of company in North Sumatra, Indonesia. A spreadsheet model was used to develop and calculate the net present value (NPV), return of investment (ROI), internal rate of return (IRR) and payback period (PP). Sensitivity analysis of the NPV to the default discount rate (10%) was included. A 8,000 ha plantation over 25 years was estimated to result in a positive NPV of USD 10,670 with a ROI 73.50% and an IRR at 14.83% and payback period of 6.75 years. Establishing an oil palm plantation seems to be very profitable investment on the basis of the assumptions made. System is tested on sensitivity in different capital and recurrent costs and in selling price of raw material, while change in selling price of FFB is more sensitive to NPV than change in investment and recurrent costs Discount rate is also one of the factors affecting NPV and system is tested between 5-15% change in discount rate.
Keywords: capital cost, fresh fruit bunch (FFB), labour need, plantation, recurrent cost and sensitivity analysis
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1365-1373
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041365
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041365.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Širůček
Author-Workplace-Name: Department of Finance, Faculty for Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Lukáš Křen
Author-Workplace-Name: Department of Finance, Faculty for Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market
Abstract: This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA) index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor's portfolio.
Keywords: Markowitz Portfolio Theory, Modern Portfolio Theory, Capital Asset Pricing Model, CAPM, diversification, stock portfolio
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1375-1386
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041375
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041375.html
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Handle: RePEc:mup:actaun:actaun_2015063041375

Template-Type: ReDIF-Article 1.0
Author-Name: Vojtěch Tamáš
Author-Workplace-Name: Department of Regional and Business Economy, Faculty od Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Jana Peterková
Author-Workplace-Name: Institute of Agricultural Economics and Information, Kotlářská 902/53, 613 00 Brno, Czech Republic
Title: Changes in the Cost Structure of Hogs Feeding in the Czech Republic
Abstract: Modern hog breeding has a long tradition in the Czech Republic it is the stable branch of livestock production. Its main task is to produce high quality pork meat, which must meet all requirements of the processors and the final consumer. Pork meat occupies for decades in Czech Republic first place in consumption per one inhabitant (per year) and it forms more than 50% of the total annual meat consumption. This branch also plays an important role for producers of cereals, which largely contributes to the overall size and stability of the agricultural sector. The increasing imports were the main reason why many Czech hog breeding farms has been reduced or completely eliminated. Reducing numbers of pigs in the last decade is a reflection of supply and demand for pigs. The objecvive of this paper is to evaluate the changes in the cost structure for fattening of hogs and indicate how these changes are reflected in the competitiveness of Czech agriculture enterprises. Choice of optimal strategy of breeding and hog feeding already affects not only the requirements of food security, requirements of quality and affordability. Currently are also very important requirements for animal welfare and environmental protection with an emphasis on the sustainability of production and high hygiene standards. These measures require high investmens and operational costs are reflected in the worsening economy of pork meat production.
Keywords: agribusiness, agriculture, efficiency, feeds, costs, hogs, prices
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1387-1393
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041387
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563041387.html
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Handle: RePEc:mup:actaun:actaun_2015063041387

Template-Type: ReDIF-Article 1.0
Author-Name: Antonín Vaishar
Author-Workplace-Name: Department of Applied and Landscape Ecology, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Milada Šťastná
Author-Workplace-Name: Department of Applied and Landscape Ecology, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Kateřina Stonawská
Author-Workplace-Name: Department of Applied and Landscape Ecology, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Small Towns - Engines of Rural Development in the South-Moravian Region (Czechia): An Analysis of the Demographic Development
Abstract: Small towns as a specific sector of the settlement system are observed from the demographical viewpoint on the territory of the South-Moravian Region (Czechia). Altogether 23 towns with 4,000 to 12,000 inhabitants were analysed. A long-term analysis (1869-2011; population censes) as well as the last development (2008-2012; population balances) are taken into account. A relatively stable role of small towns in the regional settlement system throughout the period when population censes has taken place and population increases in the contemporary period were stated. The first statement can be related to the rural character of the region where small towns play irreplaceable role. The last development shows that the population increase is directly proportional to the distance from the regional metropolis and inverse to the size of small towns. This corresponds to the concept centre - periphery and to current counter-urbanization trends. Recent demographic development supports the role of small towns in local and micro-regional identity and landscape memory in the era of globalization. Small towns seem to be attractive residential place - although not innovators but residences of many creative people.
Keywords: small towns, demographic development, South Moravian Region
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1395-1405
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041395
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Template-Type: ReDIF-Article 1.0
Author-Name: Miroslava Palíková
Author-Workplace-Name: Department of Ecology and Diseases of Game, Fish and Bees, Faculty of Veterinary Hygiene and Ecology, University of Veterinary and Pharmaceutical Sciences Brno, Palackého 1/3, 612 42 Brno, Czech Republic
Author-Name: Stanislav Navrátil
Author-Workplace-Name: Department of Ecology and Diseases of Game, Fish and Bees, Faculty of Veterinary Hygiene and Ecology, University of Veterinary and Pharmaceutical Sciences Brno, Palackého 1/3, 612 42 Brno, Czech Republic
Author-Name: Lukáš Navrátil
Author-Workplace-Name: Department of Ecology and Diseases of Game, Fish and Bees, Faculty of Veterinary Hygiene and Ecology, University of Veterinary and Pharmaceutical Sciences Brno, Palackého 1/3, 612 42 Brno, Czech Republic
Author-Name: Jan Mareš
Author-Workplace-Name: Department of Zoology, Fisheries, Hydrobiology and Apiculture, Faculty of Agronomy, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Preventive and Prophylactic Measures in Intensive Salmonid Fish Breeding - a Review
Abstract: Aquaculture represents the fastest growing animal husbandry in many countries word-wide. Intensive fish production has increased the risk of infectious diseases all over the world. Bacterial pathogens probably cause most disease problems in aquaculture. Most infectious bacterial diseases in commercial fish species continue to be controlled by treatment with chemotherapeutic agents although they represent a potential environmental hazard and could also have negative effects on the quality of the final product. The most important problem of antibiotic treatment is the increase in resistant bacteria, the presence of their residues in aquaculture products and the resulting threat to human health. Therefore, it is most effective to prevent the introduction or onset of the disease. Beside preventing the introduction of pathogens, good water quality, reduction of environmental stressors, adequate nutrition and immunization, many substances improving the health status of fish, such as immunostimulants, probiotics, prebiotics, symbiotics and so on, are used in fish breeding. The present review gives an overview of preventive and prophylactic substances which can be used in salmonid fish breeding to improve the health status of fish.
Keywords: vaccination, immunostimulants, probiotics, prebiotics
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1409-1416
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041409
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Handle: RePEc:mup:actaun:actaun_2015063041409

Template-Type: ReDIF-Article 1.0
Author-Name: Valerie Vranová
Author-Workplace-Name: Department of Geology and Soil Science, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Theodore Danso Marfo
Author-Workplace-Name: Department of Geology and Soil Science, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Klement Rejšek
Author-Workplace-Name: Department of Geology and Soil Science, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Soil Scientific Research Methods Used in Archaeology - Promising Soil Biochemistry: a Mini-review
Abstract: This work seeks to review soil scientific methods that have been used and are still being used in archaeology. This review paper aims at emphasising the importance of soil science practice to archaeology thus adding a scientific analytical nature to the cultural nature of archaeology. Common methods (physical, chemical and biochemical) used to analyse archaeological soils and artefacts is touched on and their strengths and shortcomings duly noted to become the base for future research. Furthermore, the authors made emphasis on distinctive excavating/sampling methods, biochemical analyses focused on distinctive features of plough-land and soil organic matter mineralization, Counter Immunoelectrophoresis (CEIP) method by the presence of proteins testing, carbon analyses such as carbon-14 dating techniques, soil phosphorus studies and geochemical analyses of hematite Fe2O3 and cinnabaryte HgS contents. It is obvious that, the future of archaeology is in the soil because the soil harbours information of the past hence the synergy between soil and archaeological research has to be strengthened and archaeology made a prime agenda by soil scientists by expanding the analyses scope of total phosphorus extraction and giving attention to soil magnetism.
Keywords: soil properties, soil biochemistry, phosphorus starch, lipid, protein
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1417-1426
Volume: 63
Issue: 4
Year: 2015
DOI: 10.11118/actaun201563041417
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