Template-Type: ReDIF-Article 1.0 Author-Name: Pavlína Balcarová Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Is competitiveness in the European Union converging? Abstract: The convergence process has for many decades captured the attention of economists and its importance has especially increased with deepening economic integration. A wide range of indicators is used in the professional literature to establish real and nominal convergence in the European Union, but national competitiveness is usually not among them, despite the fact that national competitiveness has in recent years been an important indicator of economic performance at the national level. Furthermore, converging competitiveness is a necessary precondition for further common development of the European Union. The aim of this contribution is to demonstrate whether the competitiveness of the EU countries is converging or not. Competitiveness is defined as the ability of a country to deliver beyond-GDP goals to its inhabitants and the indicator of outcome competitiveness is used for its evaluation. We apply methods of beta and sigma convergence and the results of both methods show that while the differences in competitiveness among the EU member states decreased in the period 2003-2012, it did so very slowly. Keywords: outcome competitiveness, composite indicator, European Union, beta convergence, sigma convergence, homogeneity, regression Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1835-1842 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061835 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061835.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061835.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0001.txt Handle: RePEc:mup:actaun:actaun_2016064061835 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, Prague 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, Prague 6 - Suchdol, Czech Republic Author-Name: Lenka Rumánková Author-Workplace-Name: Department of Economics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, Prague 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, Prague 6 - Suchdol, Czech Republic Author-Name: Zuzana Novotná Author-Workplace-Name: Department of statistics, Faculty of Economics and Managment, Czech University of Life Sciences in Prague, Kamýcká 129, Prague 6 - Suchdol, Czech Republic Title: Regional Cooperation of the Post-Soviet Countries - Can it Be Influenced by the Structure of the Economy? Abstract: In recent decades, economic development has largely been influenced by globalisation of the world economy. Regional cooperation represents a certain alternative for the ongoing globalisation and concerns establishment of geographically larger markets. Through regional integration, countries are better able to react to changes in the external environment and therefore a larger market scale enables better marketing opportunities.The conclusion of this research is the fact that despite significant differences between, for example, GDP per capita or the economic growth, there is still similarity in the business cycle or even GDP creation when private consumption and stockbuilding play the key role. In addition, most of the countries mentioned have a negative contribution of export to their GDP, which is closely related to the structure of export itself and its dependency on primary products. Keywords: Post-Soviet countries, GDP creation, regional cooperation, private consumption, stockbuilding Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1843-1856 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061843 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061843.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061843.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0002.txt Handle: RePEc:mup:actaun:actaun_2016064061843 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Bočková Author-Workplace-Name: Department of Economics, Faculty of Business and Management, BUT, Kolejní 2906/4, Brno 612 00, Czech Republic Author-Name: Tomáš Meluzín Author-Workplace-Name: Department of Economics, Faculty of Business and Management, BUT, Kolejní 2906/4, Brno 612 00, Czech Republic Title: R&D investments as Possible Factors of Company's Competitiveness Abstract: This article describes the impact of R&D investment to on the economic stability in the Czech electronics industry in the period 2007-2014. Increasing the competitiveness of companies is conditional on the systematic investments, development and stability of companies. Searching for competitive advantage through innovation may be one of the ways of how to obtaining a stab. market position in the industry. The aim of this article was is to determine whether there are relations between changes of economic indicators and the reporting process of research activities for innovative companies in the electronics industry. The research was conducted among 103 companies based in the Czech Republic, which invested in R&D in 2007-2013. The comparison was made between companies which invested in the 2007-2013 in the annual or occasional R&D. Two subgroups were established and companies in each subgroup were monitored companies according to their size. Spearman's rank correlation was used to assess if relationships among R&D Expenditure and Operating Revenue were preserved across periods. Two hypotheses were formulated and verified on the basis of statistical data processing of innovative companies. The results showed that innovative companies had the ability to better capitalize on their asset base, and they are better able to cover their needs from their own resources better than other companies of in the electronics industry. Their ability to provide a return on equity varies by according to company size. Innovative companies showed an ability to reach a positive outcome from operating activities. The coefficient of self-financing for SMEs is for SMEs constantly above the industry mean and increases with the length of period of time. This trend was not confirmed for micro-companies and large companies this trend was not confirmed. Keywords: electronic industry, efficiency of firm, profitability ratio, structure ratio, R& D Investment Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1857-1867 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061857 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061857.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061857.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0003.txt Handle: RePEc:mup:actaun:actaun_2016064061857 Template-Type: ReDIF-Article 1.0 Author-Name: Khatai Aliyev Author-Workplace-Name: Institute for Social Sciences and Humanities, Qafqaz University, Khirdalan, Azerbaijan; Institute of Control Systems, Azerbaijan National Academy of Sciences, Baku, Azerbaijan Author-Name: Bruce Dehning Author-Workplace-Name: Argyros School of Business and Economics, Chapman University, Orange, California, United States Author-Name: Orkhan Nadirov Author-Workplace-Name: Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic Title: Modelling the Impact of Fiscal Policy on Non-Oil Gdp in a Resource Rich Country: Evidence from Azerbaijan Abstract: This paper analyses the impact of public expenditures and tax revenues on non-oil economic growth in Azerbaijan for the period of 2000Q1-2015Q2 by employing OLS, ARDL, FMOLS, DOLS, CCR and Granger Causality techniques. Different cointegration methods result in consistent results. In this study, there is strong evidence of significant long-run positive contributions from public expenditures to non-oil sector output. Results also show that tax revenues significantly slow down non-oil economic growth in the long run. Granger Causality analysis finds the existence of a bidirectional short-run association between non-oil GDP and public expenditures, while tax revenues Granger Cause both variables. The research findings should be useful for Azerbaijan fiscal policy makers to consider now and in the future. Current plans in Azerbaijan for both public expenditure cuts and tax revenue increases are likely to cause contraction in the Azerbaijan's non-oil sector GDP. Keywords: Non-oil GDP, public expenditures, tax revenues, fiscal contraction, Azerbaijan Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1869-1878 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061869 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061869.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061869.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0004.txt Handle: RePEc:mup:actaun:actaun_2016064061869 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Dunay Author-Workplace-Name: Department of Business Economics and Management, Faculty of Economics and Social Sciences, Szent István Egyetem, H-2100 Gödöllő, Páter Károly utca 1., Hungary Author-Name: Klára Vinkler-Rajcsányi Author-Workplace-Name: Budapesti Metropolitan Egyetem, H-1148 Budapest, Nagy Lajos király útja, 1-9. Hungary Title: Hungarian Pig Sector: Actual Problems and Prospects for the Future Development Abstract: Over the past decades, the Hungarian pig sector has undergone remarkable changes. In the 1980s, the Hungarian pig sector was the main pork product provider of the Eastern bloc, but after the political and economic transition, the sector lost its main markets and the size of pig herds decreased radically. The economic changes have brought negative impacts for all the players of the pork supply chain: the producers have been mostly affected, but slaughterhouses and the processing industry had to face new circumstances as well. The goal of this paper is to review the present situation and the current problems of the Hungarian pig-producing sector and to draw up the main prospects and favourable directions of the future by the findings of the SWOT analysis of the Hungarian pig sector and based on the proposed directions of the government's new pork strategy. As the pig sector is an important pillar of the Hungarian agriculture and the rural communities, it is worth to summarize the sector's present market position and to set those opportunities, which could give advantages for Hungary in the international competition. The paper concluded that the most prominent problems of the pig sector are caused by the economic and structural problems of the sector, based on the problem tree and sector's SWOT analysis the main external and internal factors were detected, and the results were compared to some measures of the government's pork strategy. Keywords: agriculture, pig sector, pork production, Hungary, SWOT analysis, development programs, competitiveness Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1879-1888 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061879 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061879.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061879.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0005.txt Handle: RePEc:mup:actaun:actaun_2016064061879 Template-Type: ReDIF-Article 1.0 Author-Name: Libor Grega Author-Workplace-Name: Department of Regional and Business Economics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Emmanuel Kofi Ankomah Author-Workplace-Name: Department of Regional Development and Public Administration, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Environmental Effect of Land Use in the Tenure Systems in Ghana Abstract: This paper examines the land tenure system in Ghana and its impact on the environment. The main forms of land tenure systems are explained and the positive and negative impacts of each of these forms on the environment analysed. Specific attention is devoted to deforestation and soil depletion. The complex problems of land acquisition in Ghana, and the inherent insecurity effects on farming, which is considered to be the most important economic activity in the rural areas are examined. The analyses and the result proved that the insecurity of land tenure system has a direct relationship with the environment. Cross-sectional data analyses establishes that traditional forms of land acquisitions, ownership and land use form part of the main causes of environmental degradation in Ghana. Keywords: land tenure, farming systems, deforestation, soil depletion, rural areas Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1889-1897 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061889 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061889.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061889.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0006.txt Handle: RePEc:mup:actaun:actaun_2016064061889 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: Zuzana Jančovičová Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovak Republic Author-Name: Zuzana Kovačičová Author-Workplace-Name: Department of Information Systems, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovak Republic Title: Women Entrepreneurship in Visegrad Region and its Drivers Abstract: The aim of our paper is to analyze the quantitative aspects of entrepreneurial activity among female population, and to investigate for drivers of women involvement in early-stage entrepreneurial activities in Visegrad countries (i.e. Czech Republic, Hungary, Slovakia and Poland). We employ Global Entrepreneurship Monitor national and individual level data for four consecutive years 2011-2014 (altogether 16,036 respondents). First, we analyze the main indicators of female entrepreneurial activity, including the inclusivity index, using the descriptive statistics methods. Second, we execute logistic regression analysis and look for the factors related to entering the entrepreneurial path among women in our region, while considering the opportunity and necessity motive dichotomy. Our results show that women in V4 region exhibit more sceptic attitudes towards entrepreneurship as well as low inclusion in entrepreneurial activity in all stages, compared to their male counterparts. Further in our analysis, we have identified the most important factors that act as women entrepreneurship drivers, considering its motivation. Our findings therefore unveil the problematic aspects of women entrepreneurship in Visegrad countries and point out the potential solutions. In our paper we further discuss these findings and their implications. Keywords: entrepreneurship, women, Visegrad countries, GEM, activity, drivers, opportunity, necessity Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1899-1910 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061899 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061899.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061899.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0007.txt Handle: RePEc:mup:actaun:actaun_2016064061899 Template-Type: ReDIF-Article 1.0 Author-Name: Juraj Hruška Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University in Brno, Lipová 41a, 602 00 Brno, Czech Republic Title: Aggressive and Defensive High-Frequency Trading and its Impact on Liquidity of German Stock Market Abstract: Algorithmic trading and especially high frequency trading is the concern of the current research studies as well as legislative authorities. It is also the subject of criticism mostly from low frequency traders and long-term institutional investors. This is due to several cases of market manipulation and flash crashes in the previous years. Advocates of this trading mechanism claim that it has large positive influence on the market, such as liquidity growth by lowering spreads and others. This paper is focused on testing the relationship between market liquidity of shares traded on Frankfurt Stock Exchange and HFT activity on European stock markets. Author proposes own methodology for measuring dynamics in HFT activity, without knowledge of original market messages. Liquidity is measured by various from of price spreads. Econometrical methods for panel regression are used to determine these relations. Results of this paper will reveal the relevance of the HFT trader's main argument about creating liquidity and hence reducing market risks related with high spreads and low number of limit orders. Keywords: high-frequency trading, liquidity, spread, effective spread, realized spread, weighted spread, relative spread Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1911-1918 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061911 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061911.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061911.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0008.txt Handle: RePEc:mup:actaun:actaun_2016064061911 Template-Type: ReDIF-Article 1.0 Author-Name: Kamila Ježovičová Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economy, Mendel University in Brno, Zemědelská 1, 613 00 Brno, Czech Republic Author-Name: Jana Turčínková Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economy, Mendel University in Brno, Zemědelská 1, 613 00 Brno, Czech Republic Author-Name: Denis Drexler Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economy, Mendel University in Brno, Zemědelská 1, 613 00 Brno, Czech Republic Title: The Influence of Package Attributes on Consumer Perception at the Market With Healthy Food Abstract: The paper provides findings about how packaging of healthy foods is perceived by consumers. The primary data were collected by eye-tracking using the SMI RED 250. This investigation analyzed 12 healthy products and it was completed by 50 respondents. This method was supplemented with in-depth interviews with the same respondents who participated in the eye-tracking research. A questionnaire survey (n = 261) was also a part of the research. Based on these two methods, real and declared consumer behavior can be recognized and the differences between these behaviors can be identified. The main interest was to determine which package attributes of healthy foods are the most interesting according to consumers. The research shows that the most attention in terms of information is devoted to nutritional value, food composition and also country of origin. Furthermore, the attention was focused on the most suitable packaging materials for various kinds of products as well as colors used on the packaging of these foods. The results provide valuable information to create an attractive and effective packaging of healthy products. Keywords: healthy foods, packaging, country of origin, nutrition value, food composition, consumer perception, eye-tracking, Czech consumers Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1919-1926 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061919 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061919.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061919.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0009.txt Handle: RePEc:mup:actaun:actaun_2016064061919 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Kajurová Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Petr Rozmahel Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Stock Market Development and Economic Growth: Evidence from the European Union Abstract: The paper examines the causal relation between the stock markets development and economic growth in the EU countries. In particular, the nature and causality direction is investigated. Panel data techniques including cointegration tests, vector error correction models and Granger causality tests were applied to indicate the nature and direction of causality. Long-run effects of the economic growth upon stock market development was detected in the sample of the Euro area member countries. In addition, the short-run mutual relations between growth and stock markets were indicated in that country-sample. In the non-Euro area countries, only short-run impact of the stock market development upon economic growth was found. The empirical findings bring up implications for macroeconomic stabilization and development policies. The indicated relations also play a role in predicting economic growth and stock markets' development. Keywords: economic growth, European Union, panel causality, panel cointegration, stock market development Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1927-1936 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061927 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061927.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061927.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0010.txt Handle: RePEc:mup:actaun:actaun_2016064061927 Template-Type: ReDIF-Article 1.0 Author-Name: Ingrida Košičiarová Author-Workplace-Name: Slovak University of Agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Author-Name: Ľudmila Nagyová Author-Workplace-Name: Slovak University of Agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Author-Name: Mária Holienčinová Author-Workplace-Name: Slovak University of Agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Author-Name: Jana Rybanská Author-Workplace-Name: Slovak University of Agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Title: Quality Label as the Guarantee of Top Quality Agricultural and Food Products Produced in Slovak Republic - a Case Study of Slovak Food Market Abstract: The aim of the present paper was to determine the Slovak consumer's opinion about the purchase and quality level of agricultural and food products produced in the Slovak Republic, as well as to determine their knowledge and preference of the National Quality Label "Značka kvality SK". As research methods, there have been used the methods of survey and structured questionnaire consisting of 22 questions. The total number of respondents was 2.808 randomly selected respondents from all over the Slovak Republic. For a deeper analysis of the obtained results, there have been set out nine hypothesis, which have been tested with the use of Pearson's chi-square test, Fisher's exact test, Mann-Whitney U-Test and Cramer's contingency coefficient. The results of the present paper show, that the knowledge and preference of higher quality food is between Slovak consumers on a pretty high level - more than 44 % respondents think that they buy higher quality products, more than 49 % of respondents think that the agricultural and food products produced in Slovak Republic are rather higher and higher quality, more than 58 % of respondents know the Quality Label "Značka kvality SK", over 56 % of respondents could describe its logo, more than 60 % of them could spontaneously name five brands, respectively products labelled with this Quality Label and almost 50 % of respondents buy also the ecological products. Keywords: Quality label, Značka kvality SK, quality, consumer, knowledge, preference Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1937-1950 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061937 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061937.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061937.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0011.txt Handle: RePEc:mup:actaun:actaun_2016064061937 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Krásnická Author-Workplace-Name: Department of Law, Faculty of Economics, University of South Bohemia in České Budějovice, Branišovská 1645/31a, 370 05 České Budějovice, Czech Republic Author-Name: Viktor Vojtko Author-Workplace-Name: Department of Trade and Tourism, Faculty of Economics, University of South Bohemia in České Budějovice, Branišovská 1645/31a, 370 05 České Budějovice, Czech Republic Author-Name: Zdeněk Strnad Author-Workplace-Name: Department of Law, Faculty of Economics, University of South Bohemia in České Budějovice, Branišovská 1645/31a, 370 05 České Budějovice, Czech Republic Author-Name: Rudolf Hrubý Author-Workplace-Name: Department of Law, Faculty of Economics, University of South Bohemia in České Budějovice, Branišovská 1645/31a, 370 05 České Budějovice, Czech Republic Title: Learning Outcomes of Simulation of Insolvency Proceedings Inspired by the US Mock Trials Abstract: The main aim of this paper is to quantify students' learning outcomes from a pilot project inspired by Mock trials developed in the USA and applied into the Czech system of law education of students of business disciplines. The pilot project involved a simulation of insolvency proceedings where the students played roles of various participants. The learning outcomes were evaluated in accordance to Bloom's taxonomy of learning objectives and findings support previous studies on this topic.Our results generally confirm the findings of various studies saying that the teaching of basic concepts and terminology is more effective in the form of lectures and that main simulation as a pedagogy outcomes are in the affective and psychomotor domains. However, the differences in cognitive results of our students are very small as measured by an anonymous final test, which suggests that there are more factors to be considered and further studied.The results also show that the students prefer the simulation method to the traditional lectures and perceive it as an efficient learning experience with long-term impact on their learning as well as attitudes and skills.Such a study has not been done in the Czech environment and the findings enrich both business and law education theory and practice. Keywords: simulation, mock trial, insolvency proceedings, company bankruptcy, law pilot project, education Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1951-1959 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061951 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061951.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061951.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0012.txt Handle: RePEc:mup:actaun:actaun_2016064061951 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Krůtilová Author-Workplace-Name: Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Access to Health Care and the Out-of-Pocket Burden of the European Elderly Abstract: Provision of access to health care is a desirable feature of health care systems. Access to health care is caused to be restricted whether out-of-pocket burden is too high. The paper focuses on the European elderly with restricted access to health care and evaluates their health care burden and determines factors affecting the burden. The data from the Survey of Health, Ageing and Retirement in Europe from the fifth wave is used. The methods of descriptive and multivariate analysis are applied. A linear regression model with a bootstrapped method is used. The results showed that inequalities in access to health care exist. Unmet need is a critical issue in Estonia and Italy. The highest burden is found in Estonia, Italy and Belgium. Chronic diseases and limitation in activities significantly contributes to health care burden. Expenditure on drugs, outpatient and nursing care have a significant effect on the burden. The effect is found to be insignificant for inpatient care. Income and the employment status is a preventing factor. Keywords: elderly, unmet need, health care, out-of-pocket payments, access to health care, health care burden, SHARE Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1961-1970 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061961 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061961.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061961.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0013.txt Handle: RePEc:mup:actaun:actaun_2016064061961 Template-Type: ReDIF-Article 1.0 Author-Name: Ladislava Kuchynková Author-Workplace-Name: Masaryk University, Faculty of Economics and Administration, Department of Corporate Economy, Lipová 41a, 602 00 Brno, Czech Republic Title: Identification of Factors Associated with Leadership-style Efficiency of Managers Abstract: The position of a manager is always associated with the need for efficient management of subordinates. Successful managers lead their subordinates efficiently due to the fact that they can properly diagnose competence of subordinates for the desired performance. In this context, it can be assumed that in the case of these managers there are factors that can positively affect their ability to successfully identify the appropriate leadership style. The ambition of this paper is to identify just such factors based on the analysis of data obtained from primary research on a sample of 149 respondents. The analysis included five factors that showed a premise that they could have an impact on the efficiency of the leadership style of managers: sex, the level of management, management area, the nature of the economic activity of an organization, and the number of direct subordinates. The major finding of the testing is the proved significant correlation between the level of management of a manager and the efficiency of their management style. Keywords: leadership style, efficiency of leadership style, situational leadership style, preparedness level, directing, coaching, supporting, delegating Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1971-1979 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061971 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061971.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061971.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0014.txt Handle: RePEc:mup:actaun:actaun_2016064061971 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 Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System Abstract: This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005-2013. These countries were selected because they have many common features but Sweden, Switzerland and the Netherlands were added to the analysis because we wanted to show the differences between a developed and less developed fully funded system. The last part of this article presents the main causes of the differences in investment performance of pension funds. Conclusions of the paper are focused on a comparison of the results of the Sharpe ratio and the Sortino ratio of pension funds from selected countries and recommendations for the Czech pension system. The article proposes a mechanism for determining the order of the negative Sharpe ratio and the Sortino ratio. Keywords: Sharpe ratio, Sortino ratio, Performance, Pension funds, Lifetime pensions Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1981-1988 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061981 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061981.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061981.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0015.txt Handle: RePEc:mup:actaun:actaun_2016064061981 Template-Type: ReDIF-Article 1.0 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 Prague 6 - Suchdol, 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 Prague 6 - Suchdol, Czech Republic Title: Intellectual Capital Disclosure at Czech Public Universities in Relation to the Stakeholder Information Need Abstract: The purpose of this paper is to examine the extent and quality of intellectual capital disclosure at Czech public universities in relation to information need of identified stakeholders - students. This research is based on the theoretical framework for voluntary intellectual capital disclosure, the proposed intellectual capital disclosure index, the identification of stakeholders including their information need as well as the content analysis of the universities' annual reports has been applied. The quality of disclosed information on intangible resources in public universities in the Czech Republic is in the middle level. In the highest quality is disclosed relational capital, followed by structural and human capital. Information need of students is highest for information falling under the relational capital followed by structural capital and human capital. This study opens new approach regarding intellectual capital disclosure including suggested recommendations for Czech public universities, as there was no research related to the issue conducted in the past. Keywords: intellectual capital, human capital, structural capital, relational capital, stakeholders, public universities, students, annual reports, Czech Republic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1989-1998 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061989 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061989.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061989.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0016.txt Handle: RePEc:mup:actaun:actaun_2016064061989 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Laštůvková Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Liquidity Forms and Bank Size Abstract: The article deals with relationship between bank liquidity and variables representing the size of banks - such a total assets, gross volume of loans and clients deposits. For higher complexity, multiple dependent variables are used. The values are calculated based on a specific method of liquidity risk measurement - gross liquidity flows. To determine the possible relations the robust panel regression analysis together with the time series analysis are performed. The differences have been showed not just among different size groups but also among the same size groups in the different banking sectors. Keywords: liquidity forms, size of banks, size groups, banking sectors Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1999-2006 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664061999 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061999.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664061999.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0017.txt Handle: RePEc:mup:actaun:actaun_2016064061999 Template-Type: ReDIF-Article 1.0 Author-Name: Regina Lenart-Gansiniec Author-Workplace-Name: Jagiellonian University, Department of Management of Public and Civic Organizations, Institute of Public Affairs, ul. Prof. S. Lojasiewicza 4, 30-348 Krakow, Poland Title: Relational Capital and Open Innovation - in Search of Interdepencies Abstract: The article raises the matter of open innovation significance, with special stress put in the crowdsourcing concept in the context of relational capital. It is claimed that effective operation of an organization is decided by the ability of development and maintenance of relationships with the environment. It is expressed by various relationships, interdependencies and mutual influences exerted by entities. This becomes a basis for the relational capital, which arises from potential collected and generated from cooperation and resources of all involved parties. Creation and development of relational capital is considerably brought down to creation f conditions, which would enable to initiate, shape, develop and maintain relationships between members of a given organization, and between the organization and subjects from its surrounding. It is not present independently, but in relation to human (capital of managers, employees) and structural capital, as a component of the intellectual capital. The relational capital emerges as a result of well-thought actions - it depends on strategic decisions and organized actions. Literature of the subject shows on one hand that the relationships contribute to creation of innovations, but on the other they also support development of relational capital. Purpose of the article is to find out the interdependencies between the relational capital and open innovation. The starting point in the undertaken deliberations is a statement that emergence of relational capital should be initiated with proper actions. The performed literature review allowed not only to present more details about the previous works, but also to demonstrate the significance of actions related with open innovations in the context of the relational capital development. Keywords: open innovation, relational capital, crowdsourcing Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2007-2013 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062007 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062007.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062007.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0018.txt Handle: RePEc:mup:actaun:actaun_2016064062007 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Ligocká Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration, Silesian University, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic Author-Name: Tomáš Pražák Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration, Silesian University, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic Author-Name: Daniel Stavárek Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration, Silesian University, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic Title: The Effect of Macroeconomic Factors on Stock Prices of Swiss Real Estate Companies Abstract: Stock values of companies listed on stock exchanges could be influenced by many factors. The aim of this article is to examine existence and character of relationship between stock prices of selected Swiss real estate companies and macroeconomic fundamentals (GDP, interest rate, price level). The existence of long-run equilibrium relationship between stock prices and macroeconomic fundamentals is tested with the Johansen cointegration. The short run dynamics between the variables is examined by Vector Error Correction modelling and the Granger causality test. During the period 2005-2014 we revealed a long-run equilibrium for five of the six analyzed stocks. We also confirmed that macroeconomic variables and the interest rate in particular, can explain a long-run behavior of stock prices. By contrast, macroeconomic variables are usually short in explanation of short-run dynamics of stock prices. However, the results differ substantially among the stocks and, hence, they prevent us from drawing any general conclusion for the entire real estate sector in Switzerland. Keywords: Stock market, real estate sector, macroeconomic variables, cointegration, Granger causality Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2015-2024 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062015 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062015.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062015.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0019.txt Handle: RePEc:mup:actaun:actaun_2016064062015 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Linnertová Author-Workplace-Name: The Department of Finance, the Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: Testing of Short Sale Hypotheses on the U.S. Market in the Period from 1990 to 2015 Abstract: The purpose of this paper is to investigate the validity of short sale hypotheses the NYSE and NASDAQ in the period 1990-2015. Short has been regulated in the U.S. market since the 1930s by so-called up-tick rules and other legal acts. The aim of this regulation was to prevent short sellers from adding to the downward momentum when the price of an asset was already experiencing sharp declines. During the 1990s, short sale regulations changed several times. In this paper, panel regression is applied to investigate short sale determinants on the NYSE and NASDAQ. Short seller motivation and the results are compared with those for particular markets and sub periods that represent different legal regulations of short selling activities in the period from 1990 to 2015. Keywords: short sale hypotheses, panel regression, NYSE, NASDAQ, regulation, short sale, short interest, determinants Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2025-2038 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062025 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062025.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062025.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0020.txt Handle: RePEc:mup:actaun:actaun_2016064062025 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: Martin Machay Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Legal Regulations of Production Plans: Are They Unproductive? Abstract: Legal system forces every economic agent operating on the market to fulfil some amount of duties and it alternates their decision making. This regulation moves the equilibria of each individual subject including firms, which have to adjust their production plans in a way prescribed by the law. We develop a theoretical background of production under the legal regulation and compare alternate equilibria with different degrees of legal regulation, which is described as unproductive in economic literature. The model shows that regulated production plans and all used inputs are still productive but the level of satisfaction within the society is decreased. Keywords: unproductive activities, utility, regulation, law, production plans Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2039-2046 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062039 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062039.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062039.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0021.txt Handle: RePEc:mup:actaun:actaun_2016064062039 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Macák Author-Workplace-Name: Department of Managemt, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamycka 129, 16521 Prague 6, Czech Republic Author-Name: Jan Hron Author-Workplace-Name: Department of Managemt, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamycka 129, 16521 Prague 6, Czech Republic Title: Dynamic Planning of Experiments for the Optimisation of Managerial Scheduling Abstract: Time management has a crucial role in organizations and also in our personal lives. Managerial scheduling is an important tool for the time management, especially It can serve as a tool for the first phase, of time management - namely for effective planning. This paper focusses on finding the best possible setting for determining significant the best layout for activities according to the criteria of urgency and importance using a modified steepest ascent method, which can be referred as dynamic scheduling. This term indicates the nature of the method; wherein the experimental design space is changed to look for the best conditions for adjustment factors influencing a managerial process. Existing methods for layout optimization mentioned in the literature and conventionally implemented in practice have only shown local optima. Keywords: dynamic planning, steepest ascent, experimental space, managerial scheduling Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2047-2051 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062047 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062047.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062047.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0022.txt Handle: RePEc:mup:actaun:actaun_2016064062047 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Machay Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Death Rates in the Calorie Model Abstract: The Calorie model unifies the Classical demand and the supply in the food market. Hence, solves the major problem of Classical stationary state. It is, hence, formalization of the Classical theory of population. The model does not reflect the imperfections of reality mentioned by Malthus himself. It is the aim of this brief paper to relax some of the strong assumptions of the Calorie model to make it more realistic. As the results show the political economists were correct. The death resulting from malnutrition can occur way sooner than the stationary state itself. Moreover, progressive and retrograde movements can be easily described by the death rate derived in the paper.JEL Classification: J11, Q11, Q15, Q21, Y90. Keywords: stationary state, food, population, the calorie model, Malthus Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2053-2058 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062053 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062053.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062053.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0023.txt Handle: RePEc:mup:actaun:actaun_2016064062053 Template-Type: ReDIF-Article 1.0 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 Prague 6 - Suchdol, 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 Prague 6 - Suchdol, Czech Republic Title: Regional Branding: Building Brand Value Abstract: Regional branding is one of several ways to promote rural regions and support development of socially, culturally and environmentally oriented economies in areas that are interesting due to their natural and cultural heritage. The article attempts to review the conceptual and theoretical underpinnings of branding as conveyed by leading authors in the marketing field. The aim of this paper is to define brand as a broad complex of variables, which are used in building of its identity as a basis for creating value proposition and the position of a brand. Article briefly describes the most comprehensive labeling system for regional products at the micro-regional level is the one guaranteed by Association of Regional Brands (ARB). The main contribution of this article is a theoretical model of strategic management of a regional brand, which captures the interdependence of the individual steps of brand building as well as stakeholders. The starting point for building of brand value is a strategic analysis of the brand, including analysis of customer and competitors. The analysis of external factors is followed by analysis of the brand itself. The resulting relationship between the brand and the customer is based on value proposition representing benefits (functional, emotional, self-expression). The concept of total product is connected with the concept of total brand and it is offered to the customer as a regional product. Finally it suggests possibilities for further research. Keywords: marketing management, brand, regional branding, brand value, regional product, customer Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2059-2066 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062059 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062059.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062059.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0024.txt Handle: RePEc:mup:actaun:actaun_2016064062059 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Milovanovic Author-Workplace-Name: Department of Economics and Management, FEM, Czech University of Life Sciences Prague, Kamýcká 961/129, 165 21 Prague, Czech Republic Author-Name: Luboš Smutka Author-Workplace-Name: Department of Economics and Management, FEM, Czech University of Life Sciences Prague, Kamýcká 961/129, 165 21 Prague, Czech Republic Author-Name: Gent Jusufi Author-Workplace-Name: Department of Economics and Management, FEM, Czech University of Life Sciences Prague, Kamýcká 961/129, 165 21 Prague, Czech Republic Title: Cooperative Farming Potential for Establishing Food Security within Rural Bangladesh Abstract: Cooperative farming led by smallholder farmers might be the future of Bangladesh's agriculture. The paper examines rice-farming surveys from Kurigram Sadar, Bangladesh, and explores the potential of cooperative farming and mechanization. It reveals that a number of informal, community-supported cooperative practices are already in place, although rice farming is still labor intensive and inefficient. The paper argues that mechanization of key activities and institutionalization of cooperative farming may reverse the situation and improve food security. Kurigram Sadar rice farming is relevant to other parts of rural Bangladesh as well, as most of the country is employing similar agricultural practices. Keywords: smallholder cooperatives, food security, rice farming, farm mechanization Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2067-2074 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062067 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062067.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062067.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0025.txt Handle: RePEc:mup:actaun:actaun_2016064062067 Template-Type: ReDIF-Article 1.0 Author-Name: Dennis Nchor Author-Workplace-Name: Department of Statistics and Operations Analysis, 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 Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Investigating the Stability of Money Demand in Ghana Abstract: The study examined the demand for broad money and its stability in Ghana. Johansen's cointegration approach reveals that the variables were non stationary and cointegrated, therefore, an error correction model, ECM was used to determine the factors that influence real money aggregate in Ghana from 1990 to 2014. The study estimated the results using two set of variables for real demand for money: M1 and M2+. This was done given the assumption that the demand for money was equal to the supply of money. The results show that, GDP affects the level of demand for money in the long run while the interest rate affects it in the short run. The error correction term in each of the cases shows that, 18 % of deviations in the real demand for money is corrected annually. The CUSUM tests of parameter stability showed that, the money demand function was stable over the period and the Chow test indicated that there were no structural breaks. Keywords: money demand, cointegration, error correction model, stability, money supply Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2075-2079 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062075 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062075.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062075.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0026.txt Handle: RePEc:mup:actaun:actaun_2016064062075 Template-Type: ReDIF-Article 1.0 Author-Name: Dennis Nchor Author-Workplace-Name: Department of Statistics and Operations Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Tomáš Konderla Author-Workplace-Name: Department of Statistics and Operations Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Shadow Economy of Czech Republic and Tax Evasion: The Currency Demand Approach Abstract: This study investigates the shadow economy of Czech Republic and the associated losses in tax revenue. The presence of a shadow economy may not necessarily be bad for the economies in which they prevail but they could cause huge losses to government revenue and could also constitute serious violation of labour regulations. The study uses the Currency Demand Approach. It measures the size of the shadow economy in two stages: a) the econometric estimation of an aggregate money demand equation b) the calculation of the value of the shadow economy through the quantity theory of money. The key variables in the study include: the total currency held outside the banking system, the number of automatic teller machines, the deposit interest rate, GDP deflator, the average tax, velocity of money, nominal GDP and nominal money supply. The results from the study show that the shadow economy of Czech Republic on the average is about 20.9 % as at the end of 2013 and the country loses an average tax revenue of about 7.2 % of GDP yearly. The data was obtained from the World Bank country indicators and the International Financial Statistics. Keywords: shadow economy, currency demand, quantity theory of money, tax evasion Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2081-2086 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062081 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062081.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062081.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0027.txt Handle: RePEc:mup:actaun:actaun_2016064062081 Template-Type: ReDIF-Article 1.0 Author-Name: Vojtěch Olbrecht Author-Workplace-Name: Faculty of Business and Economics, Mendel university in Brno, Zemědělská 1, 602 00 Brno, Czech Republic Title: Multilevel Modeling in Exploring Institutional Effects on Performance Abstract: The article engages in exploring the differences between standard panel regression model and multilevel panel model while estimating growth models on a sample of European food manufacturing companies for period 2004-2013. The article provides an overview of both approaches, critically identifies their strengths and weaknesses and concludes by recommendation on specifics of usage of each of those. Results of models suggest positive impact of political and legal framework and openness of economy and negative impact of government expenditures and economic conditions on firm performance. Comparison of approaches shows that similar results are obtained, though with relative higher significance of multilevel model's coefficient. Theoretical background of Growth Theory and statistical methods suggest preference of multilevel model with a constrain of data availability. Keywords: multilevel model, institutions, growth model, panel regression, microeconomy, European Union, Solow model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2087-2094 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062087 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062087.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062087.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0028.txt Handle: RePEc:mup:actaun:actaun_2016064062087 Template-Type: ReDIF-Article 1.0 Author-Name: Ladislav Pilař Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic Author-Name: Tereza Balcarová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic Author-Name: Stanislav Rojík Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic Title: Farmers' Markets: Positive Feelings of Instagram Posts Abstract: With increasing consumer requirements, farmers and vendors see the importance of social media as a marketing tool to engage with consumers. In particular, on a more personal level for reasons of brand management. Instagram is becoming increasingly popular as a marketing communication tool. The aim of this paper is to identify areas that users evaluate in terms of positive feelings in connection with farmers' markets. The results are based on the analysis of the worldwide, and Czech, instagram social network. Instagram posts were identified on the basis of keywords, such as #farmarsketrhy and #farmersmarkets. The results of the study are based on 100,000 contributions on Instagram made by 55,632 users. The analysis contains 1,357,812 'unique' words. The results identified six major areas (1) Healthy (2) Good (3) Great (4) Happy (5) Nice (6) Perfect. An appropriately posted hashtag indicated the positive feelings that were evoked and then assigned to a matching category. The research results are used to identify group characteristics that exert these positive feelings while visiting farmers' markets. These results can be used to build communications campaigns for farmers' markets. They can also be used as a basis for further research in defining the behaviour of farmers' markets visitors, based on cultural differences arising from geographic location. Keywords: farmers' market, social media, instagram, positive feelings, healthy, local, organic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2095-2100 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062095 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062095.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062095.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0029.txt Handle: RePEc:mup:actaun:actaun_2016064062095 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Plíhal Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 617/9, 601 77 Brno, Czech Republic Title: Granger Causality between Stock Market and Macroeconomic Indicators: Evidence from Germany Abstract: The aim of this paper is to investigate informational efficiency of the stock market in Germany. Granger causality between the stock market and the selected macroeconomic variables is investigated by bivariate analysis using Toda-Yamamoto (1995) approach. This study focuses on monthly data from January 1999 to September 2015, and the stock market is represented by blue chip stock market index DAX. Investigated macroeconomic indicators include industrial production, inflation, money supply, interest rate, trade balance and exchange rate. Stock market Granger-causes industrial production and interest rate, and is therefore leading indicator of these variables. Between money supply and stock prices is Granger causality in both directions. Other variables seem to be independent on development of the stock market. We do not find any violation of Efficient market hypothesis which indicates that the stock market in Germany is informational efficient. Keywords: Granger causality, Efficient market hypothesis, DAX, stock market, macroeconomic indicators, Germany Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2101-2108 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062101 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062101.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062101.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0030.txt Handle: RePEc:mup:actaun:actaun_2016064062101 Template-Type: ReDIF-Article 1.0 Author-Name: David Procházka Author-Workplace-Name: Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Martin Chodúr Author-Workplace-Name: Seznam.cz, a.s., Londýnské náměstí 856/2, 639 00 Brno, Czech Republic Title: User Friendly Interaction with Natural Objects in Web Map Applications Based on Object Recognition Abstract: The maps become a common tool for many users. We can find a wide range of solutions from simple search applications to advanced location intelligence tools. In most cases, aerial or satellite images are used as a background. Above this background, other map layers are presented and used for the actual interaction. Our approach is focused on the mentioned background. Aerial and satellite images comprise a huge amount of objects, but it is virtually impossible to interact with them. This paper proposes a new kind of user interface that allows to interact with these natural objects. Keywords: map, user interface, user experience, object recognition, remote sensing, web map application Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2109-2116 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062109 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062109.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062109.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0031.txt Handle: RePEc:mup:actaun:actaun_2016064062109 Template-Type: ReDIF-Article 1.0 Author-Name: Marcel Ševela Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Foreign Direct Investment Stock and Business Cycle Synchronization: the Case of Central European Economies Abstract: The business cycle synchronization was widely discussed before the last economic crisis and now the interest in this topic revives. The majority of literature about business cycle synchronization evaluates the role of mutual trade and similarities among the economies, while the investment links, mainly foreign direct investment flows and stocks are very often completely ignored or at least marginalized. The paper aims to discuss and then estimate the importance of continually increasing stock of foreign direct investment in synchronization of business cycles. It focuses to selected Central European economies after economic transition and their business cycle co-movements with their most important trade partners - France, Germany and Italy. The extent of trade flows, industrial structure similarity and selected trade environment variables are used to extend the standardly employed regression formula. Keywords: business cycle synchronisation, foreign direct investment stock, foreign trade, product structure, transition countries, trade distance, panel data Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2117-2122 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062117 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062117.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062117.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0032.txt Handle: RePEc:mup:actaun:actaun_2016064062117 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: Karel Šíma Author-Workplace-Name: Faculty for Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Optimized Indicators of Technical Analysis on the New York Stock Exchange Abstract: The article is focused on the use of technical analysis and it's indicators. The main aim is the evaluation of technical analysis for selected index instruments which are traded on NYSE. The secondary objective is the optimization of indicator's parameters of technical analysis and subsequent comparison of profitability of business strategies based on these optimized parameters. The empirical analysis includes the backtesting of optimized indicators and comparison with the default settings of these indicators. The optimization and backtesting were performed on cyclical stocks, represented by stock index S&P 500 Financial from 11/1/2014 to 10/31/2015. Keywords: technical analysis, indicators, optimization, S& P 500, relative strength, moving average Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2123-2131 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062123 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062123.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062123.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0033.txt Handle: RePEc:mup:actaun:actaun_2016064062123 Template-Type: ReDIF-Article 1.0 Author-Name: Tereza Slováčková 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: 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 Title: Forecasting Alcohol Consumption in the Czech Republic Abstract: The paper deals with a forecast of developments in alcohol consumption based on current alcohol consumption per capita (expressed in litres of pure alcohol), and time series extrapolations. Alcohol consumption is to be considered from the vantage point of knowing the specifics of the product and the consequences of its excessive consumption. The predictive methodology makes use of the Box-Jenkins method; the ARIMA model, taking into account the autocorrelation and partial autocorrelation process, which is a prerequisite for the successful identification of a time series model; model parameter estimation; appropriate transformations of time series; determining the order of differentiation and subsequent verification of the model. The chosen methodology for future trends in alcohol consumptions is a prerequisite for the proposed optional measures to control alcohol consumption in the Czech Republic. Due to the long term nature of the process to draw up and implement alcohol consumption regulation measures, the forecast covers the forthcoming 10 years. Keywords: alcohol consumption, pure alcohol, trend forecast prediction, the ARIMA model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2133-2140 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062133 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062133.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062133.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0034.txt Handle: RePEc:mup:actaun:actaun_2016064062133 Template-Type: ReDIF-Article 1.0 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 Author-Name: Marcela Tuzová 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: Factors Affecting Development of Rural Areas in the Czech Republic: a Literature Review Abstract: Rural development is a topic that is frequently discussed, but there is no consensus on how to measure it. Various criteria exist such as economic, social, cultural or environmental, which can be used to assess rural development. Therefore the main question addressed in this paper is to identify what factors and indicators are suitable for scrutinizing development of rural areas under the conditions of the Czech Republic. For this purpose, articles focused on Czech rural regions were analysed. Fourteen most frequently used indicators were identified based on the comprehensive analysis of the selected Czech studies. Keywords: rural areas, rural development, regional development, factors of rural development, indicators of rural development Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2141-2150 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062141 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062141.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062141.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0035.txt Handle: RePEc:mup:actaun:actaun_2016064062141 Template-Type: ReDIF-Article 1.0 Author-Name: Baiba Tjarve Author-Workplace-Name: Latvian Academy of Culture, Ludzas 24, Riga, LV 1003, Latvia Author-Name: Ieva Zemīte Author-Workplace-Name: Latvian Academy of Culture, Ludzas 24, Riga, LV 1003, Latvia Title: The Role of Cultural Activities in Community Development Abstract: Culture has a critical role in transforming localities into more attractive places to work and invest. Cultural activities and facilities significantly affect the development of the physical environment of cities. But what does it all mean for the local residents of the neighbourhoods? How do they feel or participate in cultural activities organized for them?The overall aim of this study has been to evaluate participation effect on the development of Riga's neighbourhoods during the year of The European Capital of Culture.During the research, the authors have used the mixed research methodology. The qualitative analysis of the Riga 2014 programme has been done based on the qualitative interviews with the artistic team, project managers and entrepreneurs from Riga's neighbourhoods; besides, a detailed analysis of Riga 2014 programme events has been performed.The main findings show that cultural life in the neighbourhoods is among the most important factors determining the satisfaction with life by the neighbourhoods' inhabitants. Personalities, not infrastructure have a crucial importance in the development of neighbourhood cultural life. Cultural activities in neighbourhood should be carried out in close cooperation with the stakeholders from different sectors. This can bring to sustainable and long-term effects. Keywords: urban regeneration, development of neighbourhoods, cultural participation Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2151-2160 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062151 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062151.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062151.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0036.txt Handle: RePEc:mup:actaun:actaun_2016064062151 Template-Type: ReDIF-Article 1.0 Author-Name: Nahanga Verter Author-Workplace-Name: Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Heckscher-Ohlin Model and the Performance of Cocoa Products in Nigeria Abstract: The Heckscher-Ohlin model based on Ricardo's theory of comparative advantage maintains that countries should specialize in the production and exportation of products that they have relative factor endowments. Therefore, Nigeria has taken advantage of its favourable climatic condition to become among the largest producers and exporters of cocoa products in the world. Given that cocoa is also the topmost non-oil export product and earnings in Nigeria, this paper assesses its performance and determines the effects of external factors on production in the country. Nigeria's performance in the global cocoa market has been somewhat below expectations. Using OLS and Granger causality, the OLS regression results reveal that exports, trade openness, area harvested and domestic consumption have a positive influence on cocoa production in Nigeria. The Granger test shows that there exists bidirectional causality between the world price, trade openness and yield per hectare to cocoa production in the country. The results further confirmed a unidirectional causality running from cocoa output to exports. The government of Nigeria and trading partners should create a sound environment and some incentives to stimulate cocoa producers and exporters to increase production for export performance and revenue generation in the country. Keywords: comparative advantage, export, H-O model, performance, processed, Nigeria Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2161-2172 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062161 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062161.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062161.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0037.txt Handle: RePEc:mup:actaun:actaun_2016064062161 Template-Type: ReDIF-Article 1.0 Author-Name: Lucyna Witek Author-Workplace-Name: Rzeszow University of Technology, The Faculty of Management, Department of Marketing, ul. Powstańców Warszawy 8, 35-959 Rzeszów, Poland Title: Influence of Socio-demographic Characteristics of Consumers on Attitudes Towards Cause Related Marketing Abstract: It is the objective of this paper to analyse the attitudes of consumers towards CRM in terms of age, sex and education, and also in those of their financial situation. The research was conducted with the application of a direct survey in the period since 1st December, 2015, until 31st January, 2016. For the purpose of the analysis, 390 surveys, which had been completed in a correct way, were accepted. Those were presented to the respondents with the application of the five-point Likert scale in order to determine the degree of the acceptance of every single statement. This study leads to the conclusion that consumers have positive attitudes towards CRM programs. As many as 46.9 % of respondents buy products related to CRM, while 36.3 % do it impulsively. Consumers are aware of the marketing motives of running CRM (72.3 %). Only 27.7 % of respondents are willing to pay a higher price for CRM products. Young, educated women who are residents of large cities have the most favorable attitudes toward CRM. Cause Related Marketing is positively received by consumers and particularly expected in the sector of food products and products for children. The results of the research contribute to perfecting the hitherto-applied marketing activities, and also make it possible for the development of solutions within the scope of the effectiveness of CRM to take place. Keywords: sustainable development, Cause Related Marketing, cause, consumer, attitudes, marketing, survey Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2173-2182 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062173 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062173.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062173.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0038.txt Handle: RePEc:mup:actaun:actaun_2016064062173 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, Slovakia Title: Technical Efficiency and Profitability of Services in Banking: an Application of Managerial Decision-Making Matrix Abstract: The paper is a part of an on-going study of the performance assessment of Slovak bank branches. With aim to assess better the performance of the bank branches from different angles, the efficiency-profitability managerial decision-making matrices is used. The efficiency analysis adopts the SBM non-oriented model under the standpoint of production approach. Efficiency scores together with the profit indicators of each bank branch enable to gain a comprehensive picture of network performance. DEA results suggest that there is considerable space for an improvement of the bank branches efficiency. Moreover, between the efficiency and the profitability a medium correlation was found. Keywords: DEA, SBM, bank branches, production approach, efficiency-profitability matrix Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2183-2190 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062183 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062183.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062183.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0039.txt Handle: RePEc:mup:actaun:actaun_2016064062183 Template-Type: ReDIF-Article 1.0 Author-Name: Jarmila Zimmermannová Author-Workplace-Name: Department of Economics, Moravian University College Olomouc, tr. Kosmonautů 1288/1, Hodolany, 779 00 Olomouc, Czech Republic Author-Name: Jan Široký Author-Workplace-Name: Department of Accounting, Faculty of Economics, VŠB - Technical University of Ostrava, Sokolská 33, 701 21 Ostrava, Czech Republic Title: Economic Impacts of Cigarette Taxation Development in the Czech Republic and the Slovak Republic Abstract: This paper presents the analysis of economic impacts of cigarette taxation development in the Czech Republic and the Slovak Republic in the period corresponding with the membership of both countries in the European Union, precisely from May 2004 until January 2016. After introduction focusing on the issue of cigarette taxation and the overview of the international scientific research in this area, the authors focus on the analysis of cigarette taxation increase in both of the countries. Then the analysis of cigarette taxation impacts on expenses of selected types of households on consumption of tobacco products in the analyzed period is provided, using the methods of correlation and regression analysis. Finally, the results from the Czech Republic and the Slovak Republic are compared. Dealing with tax rates in EURO, it is obvious, that the increase of cigarette taxation was higher in the Czech Republic than in the Slovak Republic in the period 2004-2016. However, the expenditures of households on tobacco products consumption in both of the countries have not been decreasing. Keywords: Excise taxation, Cigarettes, Incidence, State budget, Expenses of Households, Czech Republic, Slovak Republic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2191-2200 Volume: 64 Issue: 6 Year: 2016 DOI: 10.11118/actaun201664062191 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062191.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201664062191.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201606-0040.txt Handle: RePEc:mup:actaun:actaun_2016064062191