Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Bejtkovský Author-Workplace-Name: Department of Management and Marketing, Faculty of Management and Economics, Tomas Bata University in Zlín, nám. T. G. Masaryka 5555, 760 01 Zlín, Czech Republic Title: Human Capital Management in Banking Institutions in Connection with the Population Ageing Process, Age Management Philosophy and the Concept of Corporate Social Responsibility in the Czech Republic Abstract: The aim of the article is, besides other things, to identify awareness of the Age Management philosophy in respect of the Corporate Social Responsibility concept in Czech banking institutions and further think about how to implement the philosophy in the process of human resource management so as to be targeted and efficient for all entities involved. From research methods, questionnaire survey and observation were used. These methods were further supplemented with a semi-structured interview with the employees of banking institutions. The obtained data were analyzed by statistical methods. In association with the conducted researches it can be generally stated that the addressed respondents agree with the statement that their banking institution does implement age diversity of employees in a certain form and Age Management principles - the idea of heterogeneous structure of employees, development of working conditions and environment for performance of required working conditions or cooperation on corporate projects. Keywords: age management, commercial banks, corporate social responsibility, employee 50+, human capital, population ageing process, satisfaction, stereotypes Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1815-1823 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061815 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061815.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061815.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0001.txt Handle: RePEc:mup:actaun:actaun_2015063061815 Template-Type: ReDIF-Article 1.0 Author-Name: Irena Benešová Author-Workplace-Name: Department of Economics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6-Suchdol, Czech Republic Author-Name: Helena Řezbová Author-Workplace-Name: Department of Economics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6-Suchdol, Czech Republic Author-Name: Luboš Smutka Author-Workplace-Name: Department of Economics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6-Suchdol, Czech Republic Author-Name: Karel Tomšík Author-Workplace-Name: Department of Economics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6-Suchdol, Czech Republic Author-Name: Adriana Laputková Author-Workplace-Name: Department of Languages, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6-Suchdol, Czech Republic Title: European Sugar Market - Impact of Quota System Abstract: The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one - nearly 75% (10 mil. tonnes) of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance's headquarters. The majority of production capacities are under (the) control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system. Keywords: sugar market, production quota, sugar, concentration, market leaders, profile, restructuralization Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1825-1838 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061825 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061825.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061825.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0002.txt Handle: RePEc:mup:actaun:actaun_2015063061825 Template-Type: ReDIF-Article 1.0 Author-Name: Naďa Birčiaková Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jana Stávková Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jakub Straka Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Determinants of Czech Inhabitants' Living Standards Abstract: Living standards are influenced by several variables. In the submitted paper, they are divided into eight main groups based on analysing alternative indicators of living standards - public life, place of residence, economic area, educational area, health care, environment, interpersonal relationships and personality. The main source of the data is represented by the results of a questionnaire survey performed in 2013 and 2014 in the Czech Republic, focused on elicitation of inhabitants' opinions about how much 99 individual variables influence their living standards. Using Principal Component Analysis, there were seven factors created out of the assessed variables. They should be reflected by a complex assessment of living standards. Keywords: standard of living, Czech inhabitants, factors, well-being, quality of life, perception, subjective opinion Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1839-1845 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061839 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061839.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061839.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0003.txt Handle: RePEc:mup:actaun:actaun_2015063061839 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Boďa Author-Workplace-Name: Department of Quantitative Methods and Information Systems, Faculty of Economics, Matej Bel University in Banská Bystrica, Národná 12, 974 01 Banská Bystrica, Slovak Republic Title: A Slacks-based Measure DEA Methodology for Identification of Returns to Scale in the Slovak Banking Sector Abstract: Taking into consideration that knowing the nature of scale of operations is important both to size optimization and to technical efficiency measurement, the paper aims to identify for individual commercial banks of the Slovak banking sector the scale of their operations as exhibited by their production activities during the period from 2000 and 2012. To this end, the DEA procedure of Tone and Sahoo utilizing the concept of the degree of scale elasticity is enhanced and combined with the framework of the SBM model. The analysis of scale is conducted for the major 11 Slovak commercial banks under the prism of the production approach to banking operations, in which the economic assumption that three solid phases can be singled out in the development of the Slovak banking sector is made. The results confirm that the largest Slovak commercial banks were in the investigated period already "too large" so as to gain potentially some benefit from expanding their depository and creditory services by increasing their inputs. Keywords: returns to scale, degree of scale elasticity, SBM model, production approach, Slovak banking sector Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1847-1858 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061847 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061847.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061847.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0004.txt Handle: RePEc:mup:actaun:actaun_2015063061847 Template-Type: ReDIF-Article 1.0 Author-Name: Zita Drábková Author-Workplace-Name: Department of Finance and Accounting, University of South Bohemia in České Budějovice, Branišovská 1645/31a, 370 05 České Budějovice, Czech Republic Title: Analysis of Possibilities of Detectnig the Manipulation of Financial Statements in Terms of the IFRS and Czech Accounting Standards Abstract: The main objective of financial statements is to give information. The diversity of interests and objectives of individual groups of users and creators of financial statements presents the risk of manipulation of financial statements in the context of true and fair view as defined in the national accounting legislation. The paper is concerned with the different possibilities of detecting the manipulation of financial statements in terms of the Czech Accounting Standards and IFRS. The paper analyzes the selected risk detection models of the manipulation of financial statements using creative accounting methods, off-balance sheet financing methods and accounting frauds in specific case studies of selected accounting unit in terms of Czech accounting standards. Based on the analysis and comparison of the results thereof, the paper presents and evaluates the alternatives of users of financial statements to evaluate the risk of manipulation of financial statements beyond the scope of a fair and true view. The evaluation further includes a comparison of uses of these models with respect to the International Financial Reporting Standards. Keywords: financial statements, detection of the risk of manipulating financial statements Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1859-1866 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061859 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061859.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061859.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0005.txt Handle: RePEc:mup:actaun:actaun_2015063061859 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Gláserová Author-Workplace-Name: Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Eva Vávrová Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards Abstract: The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in commercial insurance companies. Attention will be devoted also to the method of accounting for reinsurance operations and their specific reporting in various parts of the financial statements of commercial insurance companies. The partial aim of this paper is to identify significant differences in the area of accounting of commercial insurance companies, based on the comparison of accounting practices of the issues examined in accordance with IAS/IFRS. In the conclusion, the authors will address the latest development of necessary steps in adopting the concept of IFRS 4 Phase II and accomplishing the process of the application of IFRS 4 Phase II to the accounts of commercial insurance companies. Keywords: commercial insurance company, insurance, reinsurance operations, financial statements, result of operations, accounting legislation, IAS/IFRS, IFRS 4 Phase II Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1867-1877 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061867 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061867.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061867.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0006.txt Handle: RePEc:mup:actaun:actaun_2015063061867 Template-Type: ReDIF-Article 1.0 Author-Name: Marian Holienka Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovak Republic Author-Name: Jana Holienková Author-Workplace-Name: Department of Psychology, Faculty of Arts, University of Ss. Cyril and Methodius, Námestie J. Herdu 2, 917 01 Trnava, Slovak Republic Author-Name: Peter Gál Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovak Republic Title: Entrepreneurial Characteristics of Students in Different Fields of Study: a View from Entrepreneurship Education Perspective Abstract: The aim of our article is to examine the entrepreneurial characteristics of university students in different disciplines, and to develop implications and recommendations for entrepreneurship education programing according to the observed differences. The main research question is to identify whether students from different selected disciplines exhibit different rates of enterprising potential (i.e. tendency to start up and manage projects), and if so, which are the differentiating attributes. To answer this question we conducted a study using the General Enterprising Tendency v2 Test (GET2 test) and analysed the enterprising potential of 370 university students in four different majors (business administration, applied informatics, psychology and pedagogy). The findings of our analysis suggest that there are significant differences in the general enterprising tendency levels, as well as in levels of three out of five its components (namely need for achievement, calculated risk taking and internal locus of control) between the students in analysed majors. In other words, students in different disciplines exhibit different rates of entrepreneurial predispositions. In our article we present and further discuss these findings, especially from the entrepreneurship education perspective in its broadest sense. Keywords: enterprising potential, entrepreneurial characteristics, students, different disciplines, need for achievement, risk taking, locus of control Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1879-1889 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061879 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061879.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061879.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0007.txt Handle: RePEc:mup:actaun:actaun_2015063061879 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hron Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6, Czech Republic Author-Name: Tomáš Macák Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6, Czech Republic Author-Name: Pavel Andres Author-Workplace-Name: Department of Engineering Pedagogy, Economics, Czech Technical University in Prague, The Masaryk Institute of Advanced Studies, Zikova 1903/4, 166 36 Praha 6, Czech Republic Title: Overcoming the Uncertainty in the Du-Pont Graph of Profitability Abstract: Financial analysis of a company requires a wealth of information. There is so much information available and so much of the analysis can be computerized, that the task of the analyst is to select the appropriate tools, gather the pertinent information, and interpret the information. Analysis is becoming more important following the recent scandals as investors and financial managers are learning to become more sceptical of accounting information and look more closely at trends in data, comparisons with other firms, the relation between management compensation and earnings, and footnote disclosures.One of the best tools for predicting profit from financial analysis is the use of Du-Pont graph of profitability. It sees a connection between profit and turnover of operating assets. Each company has, however, individual curve of this dependence, therefore, the determination of turnover for the planned profit vague matter (values create the array of values). The aim of this paper is to propose a method to resolve uncertainty in planning for asset turnover target profit. Will be used polynomial interpolation theory and posterior information. Keywords: Du-Pont Graph of profitability, asset turnover, polynomial interpolation, posterior information Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1891-1895 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061891 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061891.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061891.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0008.txt Handle: RePEc:mup:actaun:actaun_2015063061891 Template-Type: ReDIF-Article 1.0 Author-Name: Juraj Hruška Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 617/9, 601 77 Brno, Czech Republic Title: Delta-gamma-theta Hedging of Crude Oil Asian Options Abstract: Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine deltas, gammas and thetas of Asian options. Asian options are cheaper than vanilla options and therefore they are more suitable for precise portfolio creation. On the other hand their deltas are also smaller as well as profits. That means that they are also less risky and more suitable for hedging. Results, conducted on chosen commodity, confirm better feasibility of Asian options compering with vanilla options in sense of gamma hedging. Keywords: Asian option, delta, gamma, theta, hedging, investment decision making Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1897-1903 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061897 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061897.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061897.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0009.txt Handle: RePEc:mup:actaun:actaun_2015063061897 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Huml Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Jiří Čerkasov Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Klára Margarisová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Štěpán Kala Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Lucie Vokáčová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Pavel Kulfánek Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Praha, Czech Republic Title: Influence of Printed Leaflets on Consumer Purchase Behavior Abstract: This article deals with the way customers perceive individual non-direct response printed leaflets and it is simultaneously focused on the question whether this material has any importance in general for customers during their purchase realization. The research is further concerned with the issue of the differences between customers living in family built-up areas and those who are living in residential housing. The research explores the differences related to preferences of various target groups. It identifies whether customers wish to receive printed advertising material into their letter boxes, what sort of media they read and what kinds of assortment are most frequently requested to appear in this form of promotion by customers. Preferences are aggregated by means of data classification based on different criteria and they provide a clue for better orientation in customer thinking. Keywords: marketing management, customer behaviour, effective resource allocation, printed advertising materials, customer preferences, target group Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1905-1911 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061905 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061905.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061905.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0010.txt Handle: RePEc:mup:actaun:actaun_2015063061905 Template-Type: ReDIF-Article 1.0 Author-Name: Ján Huňady Author-Workplace-Name: Department of Finance and Accounting, Faculty of Economics, Matej Bel in University Banská Bystrica, Národná 12, 974 01 Banská Bystrica, Slovak Republic Author-Name: Marta Orviská Author-Workplace-Name: Department of Finance and Accounting, Faculty of Economics, Matej Bel in University Banská Bystrica, Národná 12, 974 01 Banská Bystrica, Slovak Republic Title: Tax Competition and its Consequences for Tax Revenue Structure in Developed Countries: Empirical Evidence Using Panel Cointegration Approach Abstract: The paper examines the long run changes in the tax revenue structure in developed countries. We are particularly focused on the testing of a potential shift from taxation on mobile tax bases to less mobile ones, which could be seen as one of the results of rising tax competition. We assume that a decrease in corporate tax revenues is compensated for by higher tax revenues from taxing work and property. Our dataset consists of panel date from 22 OECD countries within the period 1965 to 2012. We tested the potential causalities within the tax mix using Granger causality tests as well as the DOLS and FMOLS panel cointegration techniques in order to reveal possible long run causalities. As far as we know, these techniques have not before been used in this field. Long-run inverse causalities between corporate tax and personal tax revenue as well as corporate tax revenue and indirect taxes are found. Our results could have several important implications for the tax policies in developed countries. Keywords: tax revenue, tax competition, panel cointegration, DOLS, FMOLS, tax policy, tax mix Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1913-1921 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061913 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061913.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061913.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0011.txt Handle: RePEc:mup:actaun:actaun_2015063061913 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jablonský Author-Workplace-Name: Department of Econometrics, Faculty of Informatics and Statistics, University of Economics, Prague, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic Title: Benchmarks for Current Linear and Mixed Integer Optimization Solvers Abstract: Linear programming (LP) and mixed integer linear programming (MILP) problems belong among very important class of problems that find their applications in various managerial consequences. The aim of the paper is to discuss computational performance of current optimization packages for solving large scale LP and MILP optimization problems. Current market with LP and MILP solvers is quite extensive. Probably among the most powerful solvers GUROBI 6.0, IBM ILOG CPLEX 12.6.1, and XPRESS Optimizer 27.01 belong. Their attractiveness for academic research is given, except their computational performance, by their free availability for academic purposes. The solvers are tested on the set of selected problems from MIPLIB 2010 library that contains 361 test instances of different hardness (easy, hard, and not solved). Keywords: benchmark, linear programming, mixed integer linear programming, optimization, solver Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1923-1928 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061923 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061923.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061923.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0012.txt Handle: RePEc:mup:actaun:actaun_2015063061923 Template-Type: ReDIF-Article 1.0 Author-Name: Štěpán Kala Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Kateřina Kuralová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Klára Margarisová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Lucie Vokáčová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Praha, Czech Republic Title: Marketing Management: Monitoring the International Environment Factors Using Global Maps Abstract: The article discusses the issue of the global marketing environment in line with the factors determining its external conditions. The aim is to specify the marketing-environment indicators in the international context and interpret the use of geographical maps illustratively documenting the differences of particular parameters in various parts of the global market. The research-results help update the theoretical framework of global environment factors. These data are also important for practice. Many enterprises consider the question of optimising their sources and directing their goals towards the opportunities available thanks to global markets. The global environment mapping is thereby an important basis for the marketing activities whose implementation across national boundaries is going to be mainly influenced by peculiarities of the environment involving foreign markets and their changes. Keywords: marketing management, marketing environment, international environment, international marketing, marketing planning, marketing strategy, global maps Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1929-1936 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061929 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061929.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061929.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0013.txt Handle: RePEc:mup:actaun:actaun_2015063061929 Template-Type: ReDIF-Article 1.0 Author-Name: Edward Kasem Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Oldřich Trenz 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 Hřebíček Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Oldřich Faldík Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Key Sustainability Performance Indicator Analysis for Czech Breweries Abstract: Sustainability performance can be said to be an ability of an organization to remain productive over time and hold on to its potential for maintaining long-term profitability. Since the brewery sector is one of the most important and leading markets in the foodstuff industry of the Czech Republic, this study depicts the Czech breweries' formal entry into sustainability reporting and performance. The purpose of this paper is to provide an efficiency level evaluation which would represent the level of corporate performance of Czech breweries. For this reason, Data Envelopment Analysis (DEA) is introduced. In order to apply it, we utilize a set of key performance indicators (KPIs) based on two international standard frameworks: the Global Reporting Initiative (GRI) and its GRI 4 guidelines, and the guideline KPIs for ESG 3.0, which was published by the DVFA Society. Four sustainability dimensions (economic, environmental, social and governance) are covered, making it thus possible to adequately evaluate sustainability performance in Czech breweries. The main output is not only the efficiency score of the company but also the input weights. These weights are used to determine the contribution of particular criteria to the breweries' achieved score. According to the achieved efficiency results for Czech breweries, the percentage of women supervising the company does not affect the sustainability performance. Keywords: brewery, DEA, DVFA, EFFAS, GRI, key performance indicators, sustainability performance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1937-1944 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061937 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061937.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061937.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0014.txt Handle: RePEc:mup:actaun:actaun_2015063061937 Template-Type: ReDIF-Article 1.0 Author-Name: Gerrit Kaufhold 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: Compatibility of the IFRS for Small and Medium-sized Entities and the new EU-Accounting Directive Abstract: The new EU-Accounting Directive of 26 June 2013 (DIRECTIVE 2013/34/EU) has the intention to harmonize the accounting and financial reporting of enterprises in the European Union. "Think small first" is the central principle in the new EU-Accounting Directive and the new regulations have to be adopted in the laws of European member states by 20 July 2015. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was published in 2009 by the International Accounting Standards Board (IASB). The IASB intended to create simplified international financial reporting standards for the special needs of smaller and medium-sized enterprise. The IASB completed in May 2015 a comprehensive review of the IFRS for SMEs and made amendments to the Standard. The revised version of the IFRS for SMEs will be issued in the last quarter of 2015.The aim of the paper is to analyze the compatibility of the IFRS for SMEs and the new EU-Accounting Directive and the problems in connection with the harmonization of the European accounting legislation especially in Germany. Based on the results of the research most of the former incompatibilities could be removed, but the remaining complexity of the IFRS for SMEs and the lack of an option for the member states to adopt the IFRS for SMEs as an accounting and reporting standard besides or instead their local accounting principles will prevent the wide use of the IFRS for SMEs in Germany and in other member states of the European Union. Keywords: EU-Accounting Directive, financial statements, IFRS for SMEs Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1945-1951 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061945 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061945.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061945.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0015.txt Handle: RePEc:mup:actaun:actaun_2015063061945 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Klepková Vodová Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: Banks Belonging to the Erste Group and their Sensitivity to the Confidence Crisis on the Interbank Market Abstract: The aim of this paper is to measure the sensitivity of commercial banks from the Erste Group to the confidence crisis on the interbank market and to compare their sensitivity with average sensitivity of banks in particular countries. We have used the methodology of scenario analysis for the liquid asset ratio. All banks belonging to the Erste Group should be able to withstand the confidence crisis on the interbank market. The group of the most vulnerable banks consists from Erste bank Hungary and Banca Comerciala Romana from Romania. In some cases, banks from the Erste Group are more sensitive; while in other cases are banks belonging to the Erste Group less vulnerable than corresponding banking sectors. Except of banks from Hungary, Romania and Slovakia, subsidiary banks are less sensitive to the confidence crisis than the parent bank. Banks (and banking sectors) who are net borrowers on the interbank market are much more sensitive to the confidence crisis on this market. Keywords: liquidity risk, liquid asset ratio, scenario analysis, confidence crisis, interbank market, Erste Group, financial conglomerate Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1953-1960 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061953 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061953.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061953.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0016.txt Handle: RePEc:mup:actaun:actaun_2015063061953 Template-Type: ReDIF-Article 1.0 Author-Name: Kateřina Krchnivá Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Danuše Nerudová 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 Influence of Allocation Formula on Generation of Profit in Different Economy Sectors Abstract: The mechanism for the distribution of the Common Consolidated Corporate Tax Base will be based on three macroeconomics factors which are considered to be the main indicators of generated profit/loss. The paper analyzes the explanatory power of proposed allocation formula for the distribution of the Common Consolidated Corporate Tax Base with respect to the sector of economic activity from the perspective of the Czech independent enterprises. The research is based on the comparison of the coefficients of determination indicating the proportion of explained variability of proposed multiple regression models. The paper concludes that the proportion of explained profitability by the allocation formula factors as are defined by the Common Consolidated Corporate Tax Base Draft Directive may differ up to 34% with regard to the sector of economic activity classified by NACE classification. Keywords: allocation formula, tax harmonization, common consolidated corporate tax base, corporate income tax, profit/loss, coefficients of determination, enterprises Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1961-1967 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061961 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061961.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061961.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0017.txt Handle: RePEc:mup:actaun:actaun_2015063061961 Template-Type: ReDIF-Article 1.0 Author-Name: Aleš Kresta Author-Workplace-Name: Department of Finance, Faculty of Economics, VŠB - Technical University of Ostrava, 17. listopadu 15/2172, 708 33 Ostrava-Poruba, Czech Republic Title: Application of Performance Ratios in Portfolio Optimization Abstract: The cornerstone of modern portfolio theory was established by pioneer work of Harry Markowitz. Based on his mean-variance framework, Sharpe formulated his well-known Sharpe ratio aiming to measure the performance of mutual funds. The contemporary development in computer's computational power allowed to apply more complex performance ratios, which take into account also higher moments of return probability distribution. Although these ratios were proposed to help the investors to improve the results of portfolio optimization, we empirically demonstrated in our paper that this may not necessarily be true. On the historical dataset of DJIA components we empirically showed that both Sharpe ratio and MAD ratio outperformed Rachev ratio. However, for Rachev ratio we assumed only one level of parameters value. Different set-ups of parameters may provide different results and thus further analysis is certainly required. Keywords: portfolio optimization, Sharpe ratio, mean absolute deviation ratio, Rachev ratio, efficient market hypothesis, time series modelling, GARCH model, copula function Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1969-1977 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061969 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061969.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061969.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0018.txt Handle: RePEc:mup:actaun:actaun_2015063061969 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Kučerová Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Renata Skýpalová Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Veronika Blašková Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Factors Influencing the Implementation of the CSR Concept in the Czech Republic Abstract: There is an increase of the companies' engagement in the concept of social responsibility in the Czech Republic. However, the engagement is still at a lower level when compared to other countries of Western Europe. The use and knowledge of the CSR concept in the companies in the Czech Republic was the subject of the research realized at the end of 2013 and in the first half of 2014. This paper deals with the question which factors influence the engagement of enterprises in the CSR in the Czech Republic. The statistical testing proved that the company size and the form of ownership have a significant influence on the company's engagement in the CSR activities. P-value is always < 0.001, Pearson coefficient is in the interval of 0.35 - 0.37 and Cramer coefficient is in the interval of 0.37-0.39. The dependence between the category of economic activity and the region of the headquarters was not proved as significant; p-value only < 0.05. Keywords: corporate responsibility, company size, foreign capital, category of economic activity, region Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1979-1985 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061979 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061979.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061979.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0019.txt Handle: RePEc:mup:actaun:actaun_2015063061979 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Kupčík Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Pavel Gottwald Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Influence of the Sharpe Ratio on Appreciation Savings Intended for the Payment of Lifetime Pensions Abstract: The paper focuses on the payment of lifetime pensions paid by pension companies based on the selected mortality table of the Czech Statistical Office. We assume different input values depending on the size of the Sharpe ratio pension companies from selected countries. This paper aims to identify and assess the impact of the Sharpe ratio on the payment of lifetime pensions in postproduction period. We used data of nominal appreciation of pension companies from the Visegrad countries and Sweden, Switzerland and the Netherlands in the period 2005-2013. In the empirical analysis we additionally distinguished between guaranteed and non-guaranteed pension funds. For the purpose of calculating lifetime pensions, we used the formula early paid pension by the pension company on the Czech market down in its her pension plan with an expected median payment period of r years. We found link between the value of the Sharpe ratio and the size of lifetime pensions. Conclusion of the paper shows the effects of low performance of pension funds on lifetime pension with a focus on the Czech Republic. The scientific paper describes partial results reached within the project no. 54/2014 of the Internal Grant Agency of the Faculty of Business and Economics of the Mendel University in Brno following the aims and methodology of the given project. Keywords: sharpe ratio, efficiency, pension fund, lifetime pensions Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1987-1993 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061987 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061987.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061987.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0020.txt Handle: RePEc:mup:actaun:actaun_2015063061987 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Linnertová Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 617/9, 601 77 Brno, Czech Republic Author-Name: Oleg Deev Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 617/9, 601 77 Brno, Czech Republic Title: Insider Trading Activities and Returns of German Blue Chips Abstract: The aim of this paper is to investigate the causality between stock returns and insider open market transactions. The Dumitrescu-Hurlin (2012) heterogeneous approach to panel Granger causality is chosen to examine the relationship. The investigation is conducted on the 30 most traded German blue chips during the period of 2006-2014. The strong causality is revealed in the one-month period. Thus, stock returns may be used to predict future insider trading activity. The strong causality between stock returns and future insider buying and selling transactions is further confirmed with three out of four employed insider trading indices. The fact of the legal insider trade (either buy or sell) is more important than its volume. The reverse relationship is weak and valid only for longer time horizon of twelve months. Our results indicate that insider traders do not degrade the market efficiency in the long run. Keywords: insider trading, panel Granger causality, DAX, market manipulation Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1995-2003 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563061995 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061995.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563061995.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0021.txt Handle: RePEc:mup:actaun:actaun_2015063061995 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Litzman Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Luděk Kouba Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: How the Legal Environment Affects the Structure of Employment Abstract: The quality of the institutional environment is considered a crucial determinant of economic growth. Low quality of the formal institutional environment can slow down economic development via various mechanisms described in the literature. The present paper will analyse formal institutional factors leading to the structure of employment that Murphy, Shleifer and Vishny (The Quarterly Journal of Economics, 1991) found to be associated with lower rate of economic growth. They assumed that a high proportion of lawyers in the country may be associated with slower economic development. Thus, the aim of the paper is to examine some of the parameters of institutional environment that can lead to such a distribution. Results show that quality of law measured by the World Bank (Doing Business database) and the Corruption Perception Index obtained from Transparency International may have some explanatory abilities regarding the structure of employment. Keywords: labour market, law, lawyers, education, Corruption Perception Index, doing business Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2005-2009 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062005 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062005.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062005.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0022.txt Handle: RePEc:mup:actaun:actaun_2015063062005 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Lőrinczy Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Sylvie Formánková Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Business Ethics and CSR in Pharmaceutical Industry in the Czech Republic and Hungary? Abstract: How do business ethics and CSR form part of pharmaceutical business in the Czech Republic and Hungary? The question was analyzed through empirical studies where surveys were the main tool. The research investigated business ethics, CSR, ethical code, ethical involvement of employees as factors that might be important to achieve ethical behaviour in the pharmaceutical industry. Results showed that, with 69.4% response rate, that Czech and Hungarian original companies are more towards ethical behaviour and the employees know more about the organization they work for. The data were compared with parametric statistical analysis based on Mann-Whitney U calculator. Keywords: business ethics, CSR, pharmaceutical industry Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2011-2015 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062011 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062011.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062011.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0023.txt Handle: RePEc:mup:actaun:actaun_2015063062011 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Mádr Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Luděk Kouba Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Does the Political Environment Affect Inflows of Foreign Direct Investment? Evidence from Emerging Markets Abstract: The main aim of the paper is to identify and quantify the influence of the political environment on the inflows of foreign direct investment in emerging markets. The paper defines emerging markets as Middle Income Countries according to the evaluation of the World Bank. Our sample of countries contains 78 states. The reference period focuses on the period of 1996-2012 due to data availability. The evaluation of the political environment is based on three dimensions: the quality of democracy, political instability and the level of corruption, which are related to three subcomponents of the concept, Governance Matters, provided by the World Bank. The paper distinguishes between two types of political instability omitted in thematic literature, elite and non-elite. The former represents non-violent instability (minority governments, tension related to the holding of elections) while the latter deals with violent forms of instability (civil wars, coups, ethnic and religious riots). The paper uses panel data regression analysis for the purpose of identification and quantification. The research uses fixed effects model with a cluster option. According to the results, the influence of the political environment on FDI is not entirely unequivocal in emerging markets; nevertheless, there is a statistically significant dimension - political instability (both parts). The quality of democracy and the level of corruption are significant only in some cases. The paper combines indicators frequently occurring in empirical literature (the Corruption Perception Index, Freedom in the World, Governance Matters) with alternative proxies (the Herfindahl Index Government, the Political Terror Scale, the State Fragility Index), which seem to be a perspective for a future research. Keywords: political environment, foreign direct investment, emerging markets, governance matters, quality of democracy, political instability, corruption Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2017-2026 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062017 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062017.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062017.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0024.txt Handle: RePEc:mup:actaun:actaun_2015063062017 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Montag Author-Workplace-Name: Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Marek Litzman Author-Workplace-Name: Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Bounds and Bunching: Distributions of Air Pollutants Produced by New Automobiles Abstract: Euro norms set limits on per-kilometer emissions of air pollutants produced by new cars. Satisfying these limits is always costly, the existing models generally assume that cars are produced as to just satisfy the norms. This theory predicts bunching of measured emissions below the limits. We find this not to be consistent with the data. In fact, medians of measured emissions are often at around one half or less of the respective limit and are supported by wide distributions. Implications for optimum tax policies are briefly discussed. Keywords: Euro norms, air pollutants, bunching, carbon monoxide, hydrocarbon, nitrogen oxide, particulate matter, diesel, petrol Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2027-2033 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062027 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062027.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062027.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0025.txt Handle: RePEc:mup:actaun:actaun_2015063062027 Template-Type: ReDIF-Article 1.0 Author-Name: Dennis Nchor Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Pavel Kolman Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Luboš Střelec Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Samuel Antwi Darkwah Author-Workplace-Name: Department of Territorial Studies, Faculty of Regional Development, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The New Oil Sector and the Dutch Disease: the Case of Ghana Abstract: This paper investigates the impact of the new oil sector on the economic performance of major traditional sectors of the Ghanaian economy. The discovery of resource booming sectors in most countries often comes with several opportunities as well as challenges. Ghana discovered oil in 2007 and started subsequent commercial production and export in 2010. The results from the study show that, there is no clear case of declining performance of sectors in terms of output, growth and export earnings as a result of the oil production. The study could also not establish a sustained appreciation in the real effective exchange rate since commercial oil production commenced which is an indicator of the presence of the Dutch Disease phenomenon. The real effective exchange rate was also found to be highly influenced by oil production, oil prices, total exports and remittances. The study applied an autoregressive distributed lag model due to differences in the level of integration of variables. The data was obtained from the Bank of Ghana, the Ministry of Finance in Ghana and the Energy Information Administration. Keywords: oil sector, dutch disease, real effective exchange rate, resource curse, agriculture, manufacturing, spending effect Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2035-2041 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062035 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062035.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062035.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0026.txt Handle: RePEc:mup:actaun:actaun_2015063062035 Template-Type: ReDIF-Article 1.0 Author-Name: Dennis Nchor Author-Workplace-Name: Department of Statistics and Operations Research, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Václav Adamec Author-Workplace-Name: Department of Statistics and Operations Research, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Unofficial Economy Estimation by the MIMIC Model: the Case of Kenya, Namibia, Ghana and Nigeria Abstract: This study investigates the size and trend of the underground economies in selected African countries. Underground economies are present in all countries, but they are endemic in developing economies. Their presence is not necessarily bad for the economies, in which they prevail. It could however cause huge losses to government revenue and could also constitute serious violation of Labor regulations. The study uses the Multiple Indicators and Multiple Causes model (MIMIC), a variant of Simultaneous Equations Model (SEM). It involves two sets of variables: the observed variables and the indicator variables. The former include size of government, indirect tax rates, total tax rates, business regulation, interest rate on deposits, unemployment rate, quality of public services, and GDP per capita. The indicator variables were Labor participation rate in the official economy, the amount of cash held outside the banking system and growth in GDP per capita. This study found the average level of underground economies in Kenya, Namibia, Ghana and Nigeria as 33.7%, 29.1%, 36% and 47%, respectively. The estimated results show that the causes of shadow economic activities vary among the countries. The data was obtained from the World Bank country indicators and the International Financial Statistics. Keywords: underground economy, SEM model, trend, revenues, tax evasion, underground Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2043-2049 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062043 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062043.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062043.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0027.txt Handle: RePEc:mup:actaun:actaun_2015063062043 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Novotná Author-Workplace-Name: Department of Informatics, Faculty of Business and Management, Brno University of Technology, Antonínská 548/1, 601 90 Brno, Czech Republic Author-Name: Vladěna Štěpánková Author-Workplace-Name: Department of Informatics, Faculty of Business and Management, Brno University of Technology, Antonínská 548/1, 601 90 Brno, Czech Republic Title: Parameter Estimation for Dynamic Model of the Financial System Abstract: Economy can be considered a large, open system which is influenced by fluctuations, both internal and external. Based on non-linear dynamics theory, the dynamic models of a financial system try to provide a new perspective by explaining the complicated behaviour of the system not as a result of external influences or random behaviour, but as a result of the behaviour and trends of the system's internal structures. The present article analyses a chaotic financial system from the point of view of determining the time delay of the model variables - the interest rate, investment demand, and price index. The theory is briefly explained in the first chapters of the paper and serves as a basis for formulating the relations. This article aims to determine the appropriate length of time delay variables in a dynamic model of the financial system in order to express the real economic situation and respect the effect of the history of factors under consideration. The determination of the delay length is carried out for the time series representing Euro area. The methodology for the determination of the time delay is illustrated by a concrete example. Keywords: financial system, dynamic system, time delay, investment demand, interest rate, price index Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2051-2055 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062051 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062051.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062051.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0028.txt Handle: RePEc:mup:actaun:actaun_2015063062051 Template-Type: ReDIF-Article 1.0 Author-Name: František Ochrana Author-Workplace-Name: Center for Social and Economic Strategy, Faculty of Social Sciences Charles University in Prague, Ovocný trh 3-5, 116 36 Praha 1, Czech Republic Author-Name: Kristýna Hrnčířová Author-Workplace-Name: Center for Social and Economic Strategy, Faculty of Social Sciences Charles University in Prague, Ovocný trh 3-5, 116 36 Praha 1, Czech Republic Author-Name: Michal Plaček Author-Workplace-Name: Center for Social and Economic Strategy, Faculty of Social Sciences Charles University in Prague, Ovocný trh 3-5, 116 36 Praha 1, Czech Republic Author-Name: Milan Půček Author-Workplace-Name: Center for Social and Economic Strategy, Faculty of Social Sciences Charles University in Prague, Ovocný trh 3-5, 116 36 Praha 1, Czech Republic Title: The Impact of the Choice of Evaluation Criteria and the Type of Tender on the Awarding Public Contracts (in the Case of Construction Contracts at the Local Level in the Czech Republic) Abstract: Public procurement may be examined from different perspectives. Using the Czech Republic as an example, this study is devoted to examining the impact of decisions made by the contracting authority regarding a public tender on the tender process itself and on the outcomes of the tender. The contracting authority addresses a number of decision-making issues regarding public procurements. For example, it needs to decide between two types of criteria (choosing between a single-criterion evaluation or rather opting for several evaluation criteria). At the same time, the authority is free to choose among different types of award procedures while adhering to certain restrictions imposed by the Act on Public Contracts. Using a sample of 1,027 construction work contracts awarded in the Czech Republic, the study examines, in more detail, the impacts of individual choices made by the contracting authority (namely the type of evaluation criteria chosen and the type of procedure for awarding contracts) on the estimated and final price of public contracts. Recommendations on how to streamline the process of public procurement can be drawn from conclusions from the empirical analysis. Keywords: contracting authority as a rational partaker, selection of an evaluation criterion, estimated value of a public contract, final price of a public contract, public procurement in the Czech Republic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2057-2065 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062057 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062057.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062057.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0029.txt Handle: RePEc:mup:actaun:actaun_2015063062057 Template-Type: ReDIF-Article 1.0 Author-Name: Olena Oliynyk Author-Workplace-Name: Department of Finance and Credit, Faculty of Economics, National University of Life and Environmental Sciences of Ukraine, Heroyiv Oborony str., 11, Kyiv, 03041, Ukraine Author-Name: Viktor Adamenko Author-Workplace-Name: Department of Economy and Finance Company, Faculty of Economics, management and law, Kyiv National University of Trade and Economics, Kyoto str., 19, Kyiv, 02156, Ukraine Author-Name: Ludmila Oliynyk Author-Workplace-Name: Department of Geodesy and Cartography, Faculty of Land Management, National University of Life and Environmental Sciences of Ukraine, Heroyiv Oborony str., 11, Kyiv, 03041, Ukraine Title: The Comparative Analysis of Financial System of Czech Republic, Poland and Ukraine Abstract: We create the simplified model of integral indicator - the model "3 + 3", which allows simplicity and affordability, but quite adequate, provide a comparative analysis of financial systems of individual countries and identify their type (bank-based or market-based). The results of comparative analysis demonstrate that the financial system of Ukraine in comparison with two leading members of the CEE countries - the Czech Republic and Poland - showed its viability as an independent integrated system and the possibility to develop in the terms of normal political situation. Keywords: financial systems, bank-based system, market-based system, model "3 + 3", the integral indicator of the relative level of the financial system development Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2067-2076 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062067 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062067.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062067.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0030.txt Handle: RePEc:mup:actaun:actaun_2015063062067 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Nedu Osakwe Author-Workplace-Name: Faculty of Economics and Management, Tomas Bata University in Zlín, nám. T. G. Masaryka 5555, 760 01 Zlín, Czech Republic Author-Name: Nahanga Verter Author-Workplace-Name: Department of Regional and Business Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Věra Bečvářová Author-Workplace-Name: Department of Regional and Business Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Miloslava Chovancová Author-Workplace-Name: Faculty of Economics and Management, Tomas Bata University in Zlín, nám. T. G. Masaryka 5555, 760 01 Zlín, Czech Republic Title: SMEs Growth in the Czech Republic: Some Macroeconomic Perspectives Abstract: Small and medium enterprises (SMEs) are seen as a vehicle for employment generation, wealth creation, economic growth and development in countries that have a sound investment climate. SMEs, account for approximately one-third of GDP, over 50% of the value added, 99% of the share of total registered enterprises, and represent 60% of total employment in the Czech Republic. In the light of this background, the paper explores the influence of some macroeconomic variables on SMEs growth in the Czech Republic for the period 1995-2013. In order to assess the impacts of these critical macroeconomic variables (e.g., rate of unemployment, economic growth, credit provided by the financial sector) on SMEs growth, we employed an econometric technique. Our findings suggest a concave relationship between unemployment and SMEs growth in the Czech Republic. More precisely, it signifies that beyond a turning point, unemployment is likely to slow down SMEs growth in the country. Our results further hint at a positive relationship between economic growth and SMEs growth. However, our empirical estimates showed an insignificant relationship between domestic credit provided by the financial sector and SMEs growth in the country. The government of the Czech Republic should continue to provide an enabling investment climate and support for bolstering a sustainable SMEs development within the country. Similar to the extant literature, we have also implored the Czech government to do more with regard to the provision of easier access and affordable credits/loans to SMEs. We have also called for the reduction of bureaucratic bottlenecks that might have to do with SMEs legislations in the country. Keywords: SMEs growth, unemployment, economic growth, finance, enterprises Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2077-2084 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062077 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062077.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062077.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0031.txt Handle: RePEc:mup:actaun:actaun_2015063062077 Template-Type: ReDIF-Article 1.0 Author-Name: Iveta Palečková Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: Banking Efficiency in Visegrad Countries: A Dynamic Data Envelopment Analysis Abstract: The aim of the paper is to examine the efficiency of the banking sectors in Visegrad countries during the period 2009-2013. The group of Visegrad countries includes the Czech Republic, Hungary, Poland and Slovakia. We apply Dynamic Data Envelopment Analysis (DEA) to data on commercial banks in the group of Viserad countries. Next, we calculated average efficiency of the groups of banks according the total assets. Average efficiency was slightly decreased during the period 2010-2011 and significantly decreased in 2012 which was probably as a result of financial crisis. In 2013 average efficiency increased. The Czech and Hungarian banking sector was the highest efficient. Considering the group of banks according total assets, the group of small banks was the most efficient in CCR model and the group of medium-sized banks was the most efficient in BCC model. Keywords: banking sector, commercial banks, Dynamic Data Envelopment Analysis, efficiency, Visegrad countries, constant return to scale, variable return to scale Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2085-2091 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062085 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062085.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062085.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0032.txt Handle: RePEc:mup:actaun:actaun_2015063062085 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Pokorný Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Petr Zach Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: First Educational Steps in SDN Application Development Abstract: Software Defined Networking (SDN) is a new approach in design, implementation and maintenance of computer networks. With SDN, it is possible to dramatically reduce business costs because the whole network can be maintained in a centralized fashion which leads to a simplified and effective network management. This paper is concerned with SDN from educational point of view. The paper's primary goal is to present beginning of a learning path to start experimenting with SDN programming and traffic path definition based on Hewlett-Packard (HP) SDN solution. Useful sources of documentation were selected and two experiments were performed: firstly an already existing HP SDN application was extended in the area of network visualization, secondly and experiment of traffic path definition with real network switches was performed. Keywords: computer network, software defined networking, openflow, Hewlett-Packard Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2093-2099 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062093 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062093.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062093.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0033.txt Handle: RePEc:mup:actaun:actaun_2015063062093 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Poláková Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Gabriela Koláčková Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha, Czech Republic Author-Name: Ivana Tichá Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha, Czech Republic Title: Performance Implications of Business Model Change: A Case Study Abstract: The paper deals with changes in performance level introduced by the change of business model. The selected case is a small family business undergoing through substantial changes in reflection of structural changes of its markets. The authors used the concept of business model to describe value creation processes within the selected family business and by contrasting the differences between value creation processes before and after the change introduced they prove the role of business model as the performance differentiator. This is illustrated with the use of business model canvas constructed on the basis interviews, observations and document analysis. The two business model canvases allow for explanation of cause-and-effect relationships within the business leading to change in performance. The change in the performance is assessed by financial analysis of the business conducted over the period of 2006-2012 demonstrates changes in performance (comparing development of ROA, ROE and ROS having their lowest levels before the change of business model was introduced, growing after the introduction of the change, as well as the activity indicators with similar developments) of the family business. The described case study contributes to the concept of business modeling with the arguments supporting its value as strategic tool facilitating decisions related to value creation within the business. Keywords: business model, value creation, performance indicators, structural market changes, small agricultural enterprise Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2101-2107 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062101 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062101.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062101.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0034.txt Handle: RePEc:mup:actaun:actaun_2015063062101 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislav Sendek Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Zuzana Svitálková Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Katarína Angelovičová Author-Workplace-Name: St. Elisabeth University of Health and Social Sciences in Bratislava, Palackého č. 1, P.O. Box 104, 810 00 Bratislava, Slovak Republic Title: Efficiency Evaluation of Hospitals in the Environment of the Czech and Slovak Republic Abstract: The paper applies the Data Envelopment Analysis as a deterministic non-parametric method based on the linear programming, to measure the efficiency of Czech and Slovak hospitals based on input and output performance. Managing physician or hospital practice patterns is an important tool to reduce health care costs. State-run hospitals, as decision-making units working in an operating healthcare system, might have some excess resources in the process of providing care. Ehealth tools are expected to contribute to the cost containment in them, enhancing finally the quality of patient care in the overall assessment. Keywords: Data Envelopment Analysis, radial BCC model, e-health, input-output analysis, hospital efficiency assessment, decreasing returns to scale Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2109-2118 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062109 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062109.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062109.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0035.txt Handle: RePEc:mup:actaun:actaun_2015063062109 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Syrovátka Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Helena Chládková Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Pavel Žufan Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Consumer Demand for Wine and Beer in the Czech Republic, and Their Mutual Influences Abstract: The paper analyses consumer demand for wine and beer in the Czech Republic in the period of 1991-2013. The objective of this research was to evaluate the elasticity of consumption of wine and beer in reaction to a change of prices and further to a change in the level of a household income. Based on the dynamic models of the gross demand for wine and beer there were determined the coefficients of direct and cross price elasticity, and income elasticity coefficients. In accordance with the identified sizes, respectively, after evaluating their statistical significance, there was carried out the economic analysis of observed demand functions. Analysis of demand functions has shown that the consumptions of wine and beer by the Czech households were not linked on a statistically significant level, in the examined period. Dynamic model of the gross demand for wine showed a statistically insignificant sensitivity of wine consumption to a change of the household income. Wine consumption of Czech households was significantly formed only by its price. Dynamic model of the gross demand for beer has shown that beer consumption by the Czech households responded significantly only to change in household income. Whereas in the case of wine, there was identified an influence of previous consumption on the current one, this was not confirmed in the case of beer. Keywords: consumption of wine, beer consumption, gross consumer demand, price elasticity of demand, income elasticity of demand Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2119-2125 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062119 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062119.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062119.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0036.txt Handle: RePEc:mup:actaun:actaun_2015063062119 Template-Type: ReDIF-Article 1.0 Author-Name: Irena Szarowská Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: Tax Shift by Economic Functions and Its Effect on Economic Growth in the European Union Abstract: The aim of the paper is to examine effects of tax shift on economic growth and provide a direct empirical evidence in the European Union (EU). It is used the Eurostat's definition to categorize tax burden by economic functions and implicit tax rates of consumption, labour and capital are investigated. First, paper summarizes main development of tax shift in a whole EU till 2014 and followed empirical analysis is based on annual panel data of 22 EU Member States in years 1995-2012 (time span is divided into a pre-crisis and a post-crisis period). Explanatory variables are not examined in individual regressions, but the study uses Generalized Method of Moments applied on dynamic panel data and estimations are based on Arellan-Bond estimator (1991). Results confirm positive and statistically significant impact of consumption taxes and weaker but negative effect of labour taxation on economic growth. In a post-crisis period, findings report raising labour taxes as the strongest and the only significant variable. It suggests that harmful effect of labour taxation is enlarging in a time of unfavorable economic conditions. A tax shift on capital taxation has negative but often statistically insignificant impact on economic growth. Keywords: tax, tax burden, tax shift, implicit tax rates, growth conductive system, economic growth Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2127-2135 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062127 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062127.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062127.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0037.txt Handle: RePEc:mup:actaun:actaun_2015063062127 Template-Type: ReDIF-Article 1.0 Author-Name: Jarmila Šebestová Author-Workplace-Name: Department of Business Economics and Management, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Author-Name: Martin Klepek Author-Workplace-Name: Institute of Interdisciplinary Research, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Author-Name: Šárka Čemerková Author-Workplace-Name: Department of Business Economics and Management, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Author-Name: Pavel Adámek Author-Workplace-Name: Department of Business Economics and Management, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: Regional Entrepreneurship Culture and the Business Lifecycle: Patterns from the Moravian-Silesian Region Abstract: The main goal of the paper is to focus on relationship between business cycle under regional entrepreneurial culture. Many of the trends found were less than positive, although there were some new positive trends that could be identified as a source of sustainability in the area of the connection between the sector of small and medium sized enterprises and the local entrepreneurship environment as well as a source of entrepreneurial culture. Moreover, the frequency of co-operational activities with local government was investigated. Questionnaire-based research was undertaken within 194 organizations of various legal forms operating in the area of the Moravian-Silesian Region. The main factors, which had an influence on their current business stage (49.5% in the growth stage, 9.8% in stagnation, 31.96% in decline and the other 0.52% in crisis), were the locality in the region, the quality of the labour force, cooperation with local public bodies and the business relationships between suppliers. Finally, we have defined the current stage of the entrepreneurial culture as the "Sandbox". Keywords: business culture, business stage, cooperation, entrepreneurship, Moravian-Silesian region, local government, policy layer Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2137-2144 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062137 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062137.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062137.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0038.txt Handle: RePEc:mup:actaun:actaun_2015063062137 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Šimáková Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Author-Name: Daniel Stavárek Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karvina, Silesian University in Opava, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: An Empirical Sector-Specific Gravity Model for Hungarian International Trade Abstract: This paper contributes to the economic literature on the impact of exchange rate volatility on Hungary's foreign trade. Basic gravity model shows that trade volume between a pair of countries is an increasing function of their sizes (GDP) and a decreasing function of the distance between them. Additional factors included in extended model are population, dummy for common border and proxy for exchange rate volatility. The measure of exchange rate volatility is estimated by GARCH model. This paper explores relationship between trade and exchange rate uncertainty using quarterly data over the period 1999:1 - 2014:3. In order to obtain the objective result, we use the panel data regression for 10 sectors of Hungarian international trade based on SITC classification and six major trading partners (Austria, Germany, France, United Kingdom, Italy and Poland). The significant parameters obtained from panel regression demonstrate that bilateral exchange rate volatility leads to a decrease in Hungary's foreign trade. Keywords: exchange rate volatility, international trade, gravity model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2145-2150 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062145 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062145.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062145.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0039.txt Handle: RePEc:mup:actaun:actaun_2015063062145 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: Ivana Škatuĺárová 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 the Value Averaging Investment Method on the US Stock Market Abstract: The paper focuses on empirical testing and the use of the regular investment, particularly on the value averaging investment method on real data from the US stock market in the years 1990-2013. The 23-year period was chosen because of a consistently interesting situation in the market and so this regular investment method could be tested to see how it works in a bull (expansion) period and a bear (recession) period. The analysis is focused on results obtained by using this investment method from the viewpoint of return and risk on selected investment horizons (short-term 1 year, medium-term 5 years and long-term 10 years). The selected aim is reached by using the ratio between profit and risk. The revenue-risk profile is the ratio of the average annual profit rate measured for each investment by the internal rate of return and average annual risk expressed by selective standard deviation. The obtained results show that regular investment is suitable for a long investment horizon or the longer the investment horizon, the better the revenue-risk ratio (Sharpe ratio). According to the results obtained, specific investment recommendations are presented in the conclusion, e.g. if this investment method is suitable for a long investment period, if it is better to use value averaging for a growing, sinking or sluggish market, etc. Keywords: regular investment, value averaging, risk and profit profile, standard deviation, crisis period, US market, S & P 500 Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2151-2160 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062151 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062151.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062151.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0040.txt Handle: RePEc:mup:actaun:actaun_2015063062151 Template-Type: ReDIF-Article 1.0 Author-Name: Mihaela Turturea Author-Workplace-Name: Department of Accounting and Audit, Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies, 010374 Bucharest, Romania Title: Social and Environmental Reporting as a Part of the Integrated Reporting Abstract: Social and environmental aspects, considered valuable factors in decision making process, play an important role within the nowadays complex business environment. Recent accounting literature reveals that the need for disclosing non-financial information is widely debated based on the fact that considerable decisions cannot be supported only by referring to past financial performances. This paper, organized as an empirical study, aims to provide an overall image upon social and environmental disclosures inside the integrated reports of the companies which have taken part for three consecutive years in the International Integrated Reporting Council (IIRC) Pilot Programme Business Network. The research is conducted among the integrated reports issued by companies belonging to various industries, coming from France, Germany and United Kingdom. The results achieved show that companies fail to present a complete picture regarding their social and environmental performances and implicitly fail to achieve the intended purpose of the IIRC in promoting the accounting for sustainability. An overall result shows that companies coming from Germany disclose the least social and environmental aspects within integrated reports as compared to British and French organizations. Keywords: integrated reporting, sustainability, social reporting, environmental reporting, complexity, IR Framework, information disclosure, ESG disclosure score Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2161-2170 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062161 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062161.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062161.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0041.txt Handle: RePEc:mup:actaun:actaun_2015063062161 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Vavřina Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Marcela Basovníková Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Competitiveness of Family Farms in the Czech Republic in the Context of EU Common Agricultural Policy 2014+ Abstract: Highly regulated EU agricultural sector via Common Agricultural Policy (CAP) creates conditions for encouraging the competitiveness of farmers not only within the European single market. Farmers in the Czech Republic face not only the challenges of globalization, nevertheless the problem of aging the farmers' population. Under provided major assumptions, there is therefore necessary to implement such instruments of the CAP to ensure sustainable competitiveness of Czech agricultural enterprises and specifically family farms by government authorities, which are considered to be the economically smallest agricultural business entities. There is introduced a specific approach to a more efficient CAP in the current EU programming period till year 2020 through efforts to increase the competitiveness of European farmers as well in the term of the sustainable development within rural areas. The objective of the article is to identify usable financial and nonfinancial instruments to increase the competitiveness of domestic family farms in the context of EU CAP 2020 not only in terms of the Czech agrarian sector, but within the EU single market. Complementarily, there is provided evidence to economic performance of the smallest farmers in comparison with other size categories of agricultural businesses in the EU member countries. Keywords: family farms, EU Common Agricultural Policy, economic performance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2171-2178 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062171 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062171.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062171.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0042.txt Handle: RePEc:mup:actaun:actaun_2015063062171 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Zach Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Martin Pokorný Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jiří Balej Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Voice Quality Estimation in Wireless Networks Abstract: This article deals with the impact of Wireless (Wi-Fi) networks on the perceived quality of voice services. The Quality of Service (QoS) metrics must be monitored in the computer network during the voice data transmission to ensure proper voice service quality the end-user has paid for, especially in the wireless networks. In addition to the QoS, research area called Quality of Experience (QoE) provides metrics and methods for quality evaluation from the end-user's perspective. This article focuses on a QoE estimation of Voice over IP (VoIP) calls in the wireless networks using network simulator. Results contribute to voice quality estimation based on characteristics of the wireless network and location of a wireless client. Keywords: QoE, voice, VoIP, wireless, estimation Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2179-2185 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062179 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062179.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062179.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0043.txt Handle: RePEc:mup:actaun:actaun_2015063062179 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Zámková Author-Workplace-Name: Department of Mathematics, College of Polytechnics Jihlava, Tolstého 16, 586 01 Jihlava, Czech Republic Author-Name: Martin Prokop Author-Workplace-Name: Department of Mathematics, College of Polytechnics Jihlava, Tolstého 16, 586 01 Jihlava, Czech Republic Title: The Evaluation of Factors Influencing Flights Delay at Czech International Airports Abstract: The main goal of this article was examination of factors influencing flights delay at three most important international airports in Czech Republic. Data of selected Airlines operating in Czech Republic, whose flights are mainly oriented to international airports in Prague, Brno and Ostrava, were used for needs of this article. Analysis of contingency tables including Pearson chi-squared test was used for data processing. Dependences were presented in graphical form by correspondence analysis.Results from analysis showed that delay caused by technical reasons and maintenance is the most frequent in Prague as well as delay caused by high concentration of airspace, operational management and crew duty norms. Problems caused by departure delay from previous destination are significantly more frequent in Brno and Ostrava by reason of small number of alternative available aircraft. Delays caused by supplier (handling, catering, ...) are mostly short, in particular by reason of potential penalty. Delays caused by technical problems and necessary maintenance service last mostly longer time and are more frequently on aircraft of type Boeing. Delays of borrowed aircraft of type Airbus are more frequently caused by rental and control of this aircraft by other companies which causes communication and planning difficulties. Keywords: flights delay, airlines delay codes, international airports, Czech Republic, correspondence analysis, contingency tables, pearson chi-squared test Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2187-2196 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062187 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062187.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062187.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0044.txt Handle: RePEc:mup:actaun:actaun_2015063062187 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Zídek Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Tomáš Koubek Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: David Procházka Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Marcel Vytečka Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Assistance System for Traffic Signs Inventory Abstract: We can see arising trend in the automotive industry in last years - autonomous cars that are driven just by on-board computers. The traffic signs tracking system must deal with real conditions with data that are frequently obtained in poor light conditions, fog, heavy rain or are otherwise disturbed. Completely same problem is solved by mapping companies that are producing geospatial data for different information systems, navigations, etc. They are frequently using cars equipped with a wide range of measuring instruments including panoramic cameras. These measurements are frequently done during early morning hours when the traffic conditions are acceptable. However, in this time, the sun position is usually not optimal for the photography. Most of the traffic signs and other street objects are heavily underexposed. Hence, it is difficult to find an automatic approach that can identify them reliably. In this article, we focus on methods designed to deal with the described conditions. An overview of the state-of-the-art methods is outlined. Further, where it is possible, we outline an implementation of the described methods using well-known Open Computer Vision library. Finally, emphasis is placed on the methods that can deal with low light conditions, fog or other situations that complicate the detection process. Keywords: OpenCV, traffic signs, image processing, object recognition, road inventory, machine learning, Viola-Jones detector, support vector machines Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2197-2204 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062197 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062197.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062197.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0045.txt Handle: RePEc:mup:actaun:actaun_2015063062197 Template-Type: ReDIF-Article 1.0 Author-Name: Emília Zimková Author-Workplace-Name: Department of Finance and Accounting, Faculty of Economics, Matej Bel University in Banská Bystrica, Národná 12, 974 01 Banská Bystrica, Slovak Republic Title: Technical Efficiency and Super-efficiency of the Insurance Sector in Slovakia Abstract: In this paper, the technical efficiency and the super-efficiency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper differs from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-efficiency model. The supper-efficiency can be used either to rank efficient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among 13 Slovak insurance companies under evaluation, the AXA poisťovňa, a. s. was the super-efficient insurance company. The implications of gained results are then drawn for managerial and regulatory purposes. Firstly, it is shown how the management of the insurance institutions with the poorest performances should change their managerial procedures and adopt enhanced-incentive policy. Secondly, the regulatory body of the insurance institutions should utilize the gained technical efficiency of the analyzed institutions for the prediction of their competitiveness in the long run. Keywords: insurance, DEA, SBM model, super-efficiency model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2205-2211 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062205 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062205.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062205.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0046.txt Handle: RePEc:mup:actaun:actaun_2015063062205 Template-Type: ReDIF-Article 1.0 Author-Name: Jarmila Zimmermannová Author-Workplace-Name: Department of Economics, Moravian University College Olomouc, tř. Kosmonautů 1288/1, 779 00 Olomouc, Czech Republic Title: Pilot Analysis of the Behaviour of Companies Within the 3rd Trading Period of the EU ETS in the Czech Republic Abstract: This paper is focused on the first ex-post analysis of the EU ETS in its 3rd trading period in the Czech Republic, based on the analysis of the behaviour of the key EU ETS sector - combustion processes - and the decision making of Czech electricity and heat producers within the EU ETS. Firstly, the general overview of the EU ETS is presented, including the important scientific studies in this area. The characteristics of the EU ETS in the Czech Republic are described. The second chapter, methodology and data, describes the method, the questionnaire survey. The key chapter, results, focuses on the most important outputs obtained from the questionnaire survey. The discussion part deals with particular characteristics of the EU ETS in the 3rd trading period in the Czech Republic. Focusing on the behaviour of Czech companies in the analyzed period, it is obvious, that the companies within the combustion processes group understood the EU ETS much more as an additional environmental tax or fee, instead of commodity, which can be traded on the exchange. Moreover, the EU ETS had no impact on their environmental investments planning in years 2013 and 2014. Keywords: EU ETS, 3rd trading period, decision making, combustion processes, ex post analysis, questionnaire survey, Czech Republic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2213-2220 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062213 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062213.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062213.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0047.txt Handle: RePEc:mup:actaun:actaun_2015063062213 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Žiaran Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Renata Kučerová Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Katarína Melasová Author-Workplace-Name: Faculty of Management, Comenius University in Bratislava, Vajanského nábrežie, Staré Mesto, 811 02 Bratislava, Slovak Republic Author-Name: Hana Pokorná Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Humility and Modesty in Leadership - a Bibliometric Perspective Abstract: Objective: 1) To provide a bibliometric picture of humility as presented in current academic management journals and 2) to identify new research trends. Method: A survey of specialized publications, citations, H-index, etc. Findings: Humility research in management, in terms of number of publications and citations, has a comparable position to other areas. However, when compared to the entire volume of management research, humility represents only 0.025%. A similar research in psychology shows a dramatic growth, with the amount of publications and citations having doubled since 2010, and we consider this a trend. Keywords: humility, modesty, leadership, citation reports Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2221-2228 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062221 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062221.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062221.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0048.txt Handle: RePEc:mup:actaun:actaun_2015063062221 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Žižka Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Arnošt Svoboda Author-Workplace-Name: Department of Applied Mathematics and Computer Science, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 617/9, 601 77 Brno, Czech Republic Title: Customers' Opinion Mining from Extensive Amount of Textual Reviews in Relation to Induced Knowledge Growth Abstract: Customers of various services are often invited to type a summarizing review via an Internet portal. Such reviews, written in natural languages, are typically unstructured, giving also a numeric evaluation within the scale "good" and "bad." The more reviews, the better feedback can be acquired for improving the service. However, after accumulating massive data, the non-linearly growing processing complexity may exceed the computational abilities to analyze the text contents. Decision tree inducers like c5 can reveal understandable knowledge from data but they need the data as a whole. This article describes an application of windowing, which is a technique for generating dataset subsamples that provide enough information for an inducer to train a classifier and get results similar to those achieved by training a model from the entire dataset. The windowing results, significantly reducing the complexity of the learning problem, are demonstrated using hundreds of thousands reviews written in English by hotel-service customers. A user obtains knowledge represented by significant words. The results show classification accuracy errors, training and testing time, tree sizes, and words relevant for the review meaning in dependence on the training subsample size. Finally, a method of suitable training-set size estimation is suggested. Keywords: text mining, customer opinion analysis, decision trees, decision rules, windowing, large data volumes, machine learning, computational complexity, training-set size Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2229-2237 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062229 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062229.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062229.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0049.txt Handle: RePEc:mup:actaun:actaun_2015063062229 Template-Type: ReDIF-Article 1.0 Author-Name: Jindřich Figala Author-Workplace-Name: Department of Geology and Soil Science, Faculty of Forestry and Wood Production, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Valerie Vranová Author-Workplace-Name: Department of Geology and Soil Science, Faculty of Forestry and Wood Production, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Klement Rejšek Author-Workplace-Name: Department of Geology and Soil Science, Faculty of Forestry and Wood Production, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Pavel Formánek Author-Workplace-Name: Department of Geology and Soil Science, Faculty of Forestry and Wood Production, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Giant miscanthus (Miscantus × Giganteus Greef Et Deu.) - A Promising Plant for Soil Remediation: A Mini Review Abstract: Giant miscanthus (Miscanthus × giganteus Greef et Deu.) is a perennial rhizomatous grass with C4 type photosynthesis, which is distinctive by its resistance to cold temperatures when maintaining a sufficient photosynthesis rate. We revised potential of Miscanhus for use in soil bioremediation, especially from biological point of view. Translocation rate from roots to aerial part is low in general, but Miscanthus is able to grow even on highly contaminated soils without artificial fertilization. We also discussed the role of root exudates in pollutant immobilization, chelation and uptake. Commetabolism of polycyclic aromatic hydrocarbons with assistance of soil microbes shows promising results and significant reduction of tetracyclic PAHs in soil. Miscanthus is therefore suitable for immobilization of inorganic pollutants in soil and removal of organic pollutants, which makes it suitable to create buffer zones for surface waterway protection, stabilization of heavily contaminated substrates (e.g. reclaimed burrows of mining industry and sedimentation pools). According to low content of pollutants in aerial biomass the harvested plant material is deemed safe for further agricultural or industrial use. Keywords: Miscanthus × giganteus, phytoremediation, phytoextraction, root exudates, contamination, soil, heavy metals Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2241-2246 Volume: 63 Issue: 6 Year: 2015 DOI: 10.11118/actaun201563062241 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062241.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201563062241.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201506-0050.txt Handle: RePEc:mup:actaun:actaun_2015063062241