Template-Type: ReDIF-Article 1.0 Author-Name: Patrik Abrahámek Author-Workplace-Name: Patrik Abrahámek, Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Importance of the Debt-Adjusted Real Exchange Rate in the Eurozone and V4 Abstract: The purpose of this paper is to determine a potential overvaluation and undervaluation of currencies of selected eurozone countries and of the Visegrád Four. The DARER (Debt-Adjusted Real Exchange Rate) model was used for an empirical analysis of the period between 2010-2014 in individual quarters. The advantage of this model is that it explicitly takes into consideration the development of the current account and the debt of the country in connection with the theory of purchasing power parity. The DARER model appears to be a suitable tool for the empirical analysis because, currently, there are many countries in the eurozone with a high debt. In the analysis, data on the current account, debt service payments, GDP, HICP USA and individual researched countries, the exchange rates EUR/USD and CZK/USD, PLN/USD, HUF/USD were used. According to the average overvaluation and undervaluation of currency in all observed states in the Eurozone, in total the overvaluation of the euro against the US dollar was 19.3 %. The overvaluation in individual countries varied from 6.3 % to 33.38 %. These differences in the overvaluation of states' currency against the US dollar were caused mainly by different development of the balance of payments of the country and the country's debt. This can indicate various levels of external imbalances among the states within the monetary union. According to the result of this research, the DARER model was able to identify varying overvaluation and undervaluation of currencies in individual eurozone states and the Visegrád Group, so it can be used by policy makers as one of the indicators of these external imbalances of individual countries in the monetary union. Keywords: DARER, debt-adjusted real exchange rate, eurozone, real exchange rate, Visegrád Group, exchange rate, nominal exchange rate Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1325-1337 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041325 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041325.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041325.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0025.txt Handle: RePEc:mup:actaun:actaun_2017065041325 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Coufalová Author-Workplace-Name: Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Author-Name: Libor Žídek Author-Workplace-Name: Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: Is Czech Export still Biased towards the Eastern Markets? Abstract: There were special relationships among the COMECON members during the period of the centrally planning system. Czechoslovak trade/export was naturally biased towards these countries. The goal of this paper is to find out if there still exists any export bias towards the Russian or the ex-COMECON markets. In our research approach we use gravity models. We revealed that taking into consideration growth in GDP, geographical distance and institutions there is no bias towards the Russian or the CIS markets. But we discovered a bias towards the ex-COMECON contemporary members of the EU. Keywords: Czech exports, COMECON, Russia, gravity model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1339-1347 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041339 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041339.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041339.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0026.txt Handle: RePEc:mup:actaun:actaun_2017065041339 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Hýblová Author-Workplace-Name: Masaryk University, Faculty of Economics and Administration, Department of Finance, Lipová 41a, Brno, Czech Republic Author-Name: Alena Kolčavová Author-Workplace-Name: Thomas Bata University in Zlín, Faculty of Management and Economics, Department of Statistic and Quantitative Methods, Mostní 5139, Zlín, Czech Republic Title: The Consequences of "Options" in the Directive 2013/34/EU of the European Parliament and of the Council on the Financial Statements Abstract: Directive 13/34/EC of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings is an instrument of the harmonisation of accounting in member states of the European Union. The Directive contains a number of various ways for recognition and measurement of financial statements, alternative forms of statements or simplifications for small and medium sized enterprises, worded as "permit or require". On the one hand, these differing ways can facilitate application of the Directive in national legislations; on the other hand, they can significantly reduce the comparability of information published in financial statements.The aim of the paper is to verify the relation between the options to be chosen and the variability of the resulting values of the financial statement items. Based on the findings, the results are evaluated in relation to the informative function of financial reporting. Keywords: accounting, harmonization of accounting, directive, financial statements, information Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1349-1357 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041349 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041349.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041349.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0027.txt Handle: RePEc:mup:actaun:actaun_2017065041349 Template-Type: ReDIF-Article 1.0 Author-Name: Edward Kassem Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Oldřich Trenz Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Jiří Hřebíček Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Author-Name: Oldřich Faldík Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic Title: Sustainability Assessment and Reporting in Agriculture Sector Abstract: Sustainability assessment is a mainstream business activity that demonstrates the link between the organization's strategy and commitment to a sustainable global economy. Sustainability indicators describe the environmental, social, economic and governance performance of Small and Medium-sized Businesses/Enterprises (SMB/SME). Unfortunately, their implementations in the Czech Republic show a low level of engagement in sustainability assessment.The paper presents the results of the authors' research in sustainability assessment of SMB/SMEs in the agriculture sector of the Czech Republic. An appropriate set of key performance indicators (KPIs) in four dimensions (economy, environment, social and governance) was developed to suit the SMB/SMEs sustainability assessment in the agriculture sector. A set of KPIs is proposed to help SMB/SMEs to avoid the barriers of sustainability assessment. These indicators are based mainly on Sustainability Assessment of Food and Agriculture, Global Reporting Initiatives Frameworks and on current research state-of-the-art. They have been created following the analysis of a number of agricultural enterprises over the world, particularly within European countries. Keywords: sustainability indicators, key performance indicators, agriculture, ICT, reporting, SMB/SME, SAFA, GRI Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1359-1369 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041359 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041359.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041359.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0028.txt Handle: RePEc:mup:actaun:actaun_2017065041359 Template-Type: ReDIF-Article 1.0 Author-Name: Kristína Kočišová Author-Workplace-Name: Technical University of Košice, Faculty of Economics, Němcovej 32, 040 01 Košice, Slovak Republic Author-Name: Iveta Palečková Author-Workplace-Name: Silesian University, School of Business Administration, Univerzitní náměstí 1934/3, 733 40 Karviná, Czech Republic Title: The Super-efficiency Model and its Use for Ranking and Identification of Outliers Abstract: This paper employs non-radial and non-oriented super-efficiency SBM model under the assumption of a variable return to scale to analyse performance of twenty-two Czech and Slovak domestic commercial banks in 2015. The banks were ranked according to asset-oriented and profit-oriented intermediation approach. We pooled the cross-country data and used them to define a common best-practice efficiency frontier. This allowed us to focus on determining relative differences in efficiency across banks. The average efficiency was evaluated separately on the "national" and "international" level. Based on the results of analysis can be seen that in Slovak banking sector the level of super-efficiency was lower compared to Czech banks. Also, the number of super-efficient banks was lower in a case of Slovakia under both approaches. The boxplot analysis was used to determine the outliers in the dataset. The results suggest that the exclusion of outliers led to the better statistical characteristic of estimated efficiency. Keywords: super-efficiency, asset-oriented intermediation approach, profit-oriented intermediation approach, outliers, banking, Czech Republic and Slovakia Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1371-1382 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041371 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041371.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041371.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0029.txt Handle: RePEc:mup:actaun:actaun_2017065041371 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Maličká Author-Workplace-Name: Department of Finance, Faculty of Economics, Technical university of Košice, Letná 9, 040 01 Košice, Slovak Republic Title: The Role of Immovable Property Taxes in the EU Countries - Taxes on Land, Buildings and Other Structure in Sub-national Tax Revenues under the Conditions of Tax Decentralization Abstract: The literature concerned in fiscal federalism and fiscal decentralization promotes the sub-national responsibility for sub-national resources and spending. In this paper sub-national tax revenues are compared to total tax revenues expressing the tax decentralization for the sample of EU 28 countries. Beside it, the main part of sub-national taxes, the immovable property tax - tax on land building or other structure, is compared to total sub-national tax revenues. Using the GMM system estimation determinants of sub-national tax revenues, real estate tax revenues and tax decentralization are investigated on the sample of EU countries. Results show the significant negative relation between GDP per capita growth, population density and inflation rate and all variables in question. In the case of sub-national government real estate tax revenues the positive relation with public debt is observed. Keywords: Fiscal federalism, fiscal decentralization, tax decentralization, sub-national government, local tax, immovable property tax, GMM dynamic panel model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1383-1392 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041383 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041383.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041383.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0030.txt Handle: RePEc:mup:actaun:actaun_2017065041383 Template-Type: ReDIF-Article 1.0 Author-Name: Lea Melnikovová Author-Workplace-Name: Department of International Business, Metropolitan University Prague, Prokopova 100/16, 130 00 Praha 3 - Žižkov, Czech Republic Title: Can Game Theory Help to Mitigate Water Conflicts in the Syrdarya Basin? Abstract: This paper focuses on methods to resolve the ongoing conflict between countries in the Syrdarya Basin, namely Kyrgyzstan and Uzbekistan, over water allocation. It addresses the problem by using the cooperative games framework. It identifies difficulties of choosing the most suitable solution to the Nash bargaining problem under the current circumstances and also reveals complications that may obstruct negotiations on water allocation. The latter is done by using a simplified model from a different subject field which explains why the negotiations have sequential character. The Kalai-Smorodinsky solution is recommended as optimal in the concrete situation because it takes into account efficiency of water use of the involved parties and its sequential use leads to a Pareto-optimal outcome. Also a compromise between the Kalai-Smorodinsky and dictator solutions can be considered for the current case. Keywords: water allocation problem, Syrdarya Basin, negotiations, game theory, cooperative games, Nash bargaining problem, Kalai-Smorodinsky solution Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1393-1401 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041393 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041393.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041393.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0031.txt Handle: RePEc:mup:actaun:actaun_2017065041393 Template-Type: ReDIF-Article 1.0 Author-Name: Olga Melnyk Author-Workplace-Name: Department of Foreign Economic and Customs Activity, Scientific and Educational Institute of Economics and Management, Lviv Polytechnic National University, S. Bandery, 12, 79013, Lviv, Ukraine Author-Name: Włodzimierz Sroka Author-Workplace-Name: Department of Management, Faculty of Applied Sciences, University of Dąbrowa Górnicza, Cieplaka 1C, 41-300 Dąbrowa Górnicza, Poland Author-Name: Marta Adamiv Author-Workplace-Name: Department of Foreign Economic and Customs Activity, Scientific and Educational Institute of Economics and Management, Lviv Polytechnic National University, S. Bandery, 12, 79013, Lviv, Ukraine Author-Name: Yurii Shpak Author-Workplace-Name: Department of Foreign Economic and Customs Activity, Scientific and Educational Institute of Economics and Management, Lviv Polytechnic National University, S. Bandery, 12, 79013, Lviv, Ukraine Title: Information Diagnostic Support of Enterprise Under the Conditions of Uncertainty Abstract: The dynamics and uncertainty of business environment greatly complicate the decision-making processes for the company's executives and managers. That's especially important if they do not possess high-quality and reliable information database on the state of internal and external environment. Thus, the purpose of this paper is the development of specialized probability diagnostic techniques for enterprise operating under the conditions of uncertainty. Two basic research methods were used in our research. Firstly, the study was conducted on the basis of review and analysis of specialized literature in the field of information diagnostic support of enterprises under the conditions of uncertainty. This allowed us to propose our own solution in this regard. Secondly, the developed diagnostic method was tested on one of the Ukrainian enterprises. The obtained results enabled us to determine the most probable threat to the functioning of the entity. We also conducted the quantitative assessment of its possible impact on the performance of the company. Therefore, suggested diagnostic techniques aim at forming the grounded information basis about different potential changes of business environment, as well as the enough time reserve, and can be recommended for the company's managers during the decision-making process under the conditions of uncertainty. Keywords: diagnostics, uncertainty, functioning environment, information, weak signals, opportunities, threats Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1403-1414 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041403 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041403.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041403.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0032.txt Handle: RePEc:mup:actaun:actaun_2017065041403 Template-Type: ReDIF-Article 1.0 Author-Name: Jarmila Rybová Author-Workplace-Name: Department of Public Finance, Faculty of Finance and Accounting, University of Economics in Prague. Us. Winston Churchill 4, 130 67 Prague 3, Czech Republic Title: Convergence of EU Member States in the Field of Excise Duties in the Period 2000-2015 Abstract: This article aims to determine the convergence of the 27 EU Member States in the field of excise duties in the period 2000-2015. However, more recent complete data for all states are not available yet. The development trend towards convergence or divergence of monitored indicators is detected by indicators that represent excise taxes in the tax systems of the Member States of the European Union from the Eurostat database. Excise taxes are collected as whole.The article should answer two questions that are derived from generally preferred trends in the EU in a given period, ie. the trend growth of the tax burden to consumption and a trend approximation (harmonization) taxing consumption due to the functioning of internal market in the EU. The question is whether Member states and candidate countries are similar to each other in the field of excise duties and any similarity to the changes between the years 2000 and 2015. The second question is whether the differences are caused by tax policy states, ie. Changes in rates or absolute consumption.The indicators of individual member states are subjected to cluster analysis, and subsequently evaluated by means of selected factors that relate to tax policy and national economic aggregates, especially the consumption of taxed products. Results show growing differences (divergence) between most countries of the original EU-15 group and the group of countries which joined the European Union in 2004 and 2007. Keywords: European Union, excise duty, tax system, tax policy, tax harmonization Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1415-1424 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041415 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041415.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041415.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0033.txt Handle: RePEc:mup:actaun:actaun_2017065041415 Template-Type: ReDIF-Article 1.0 Author-Name: Daniela Špirková 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: Beata Stehlíková Author-Workplace-Name: Institute of Management, Slovak University of Technology in Bratislava, Vazovova 5, 812 43 Bratislava, Slovak Republic Author-Name: Mária Zúbková Author-Workplace-Name: Institute of Management, Slovak University of Technology in Bratislava, Vazovova 5, 812 43 Bratislava, Slovak Republic Title: The Impact of the Housing Quality on the Socio-Economic Standard of the EU Countries Abstract: The paper deals with the qualitative characteristics of the housing in the EU countries. On the one hand there is a problem with housing itself and on the other hand there is a problem with the housing quality with its significant impact on the quality of life. The housing quality is defined by the attributes mentioned in the EQLS survey. The examined characters are the dwelling stock, the space problem, the rot problem, the damp problem, the toilet problem, the bath problem, the garden problem, the rent problem, the utility problem and the heating problem. The housing quality is affected by the public expenses on the housing and the community amenities per capita. The relations between the qualitative characteristics mutually and the qualitative characteristics and the public expenditures on the housing and the community amenities are examined by the correlation and regression analysis. The aim of the article is to point out to the dependence between the expenses and the housing quality in the EU countries. The mentioned relation strongly implicates the socio-economic standard of these countries. Keywords: housing quality, qualitative characteristics, EU, correlation and regression analysis Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1425-1433 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041425 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041425.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041425.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0034.txt Handle: RePEc:mup:actaun:actaun_2017065041425 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Svatošová Author-Workplace-Name: Faculty of Regional Development and International Studies, Mendel University in Brno, Třída Generála Píky 2005/7, Brno - Černá Pole, 613 00, Czech Republic Title: Identification of Financial Strategy in Small and Medium-sized Entrepreneurship Abstract: This paper deals with the importance of financial strategy development of small and medium-sized enterprises (SMEs) in the winery industry. The main objective of the paper is to identify the current financial strategy of small and medium-sized enterprises and afterwards to propose changes that lead to new financial strategy. The research methods are the selected methods of financial analysis, collecting data about the research sample of SMEs, modelling the financial strategy with the help of Vensim program and further simulation of this model in business practice. The model derives from the previous research activities. The purpose of this paper is also to verify the usage of theoretically created model in small and medium-sized entrepreneurship and find the optimal financial strategy in the area examined. The results of this paper show the selected area of small and medium-sized entrepreneurship uses mainly the financial strategy of maximum liquidity (conservative strategy) in all observed years (2010-2014). This means the selected research sample of SMEs do not use progressive investment strategy with a further development. This result could highlight that SMEs in agricultural sector do not meet the financial strategy with corporate strategy focused on other business development. It is recommended to change this strategy into balancedfinancial strategy focused on higher profitability that could be used for the other expansion and development of the company. Keywords: financial analysis, financial strategy, financial strategy model, modelling, simulation, small and medium-sized enterprises, agricultural enterprises, Vensim program Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1435-1453 Volume: 65 Issue: 4 Year: 2017 DOI: 10.11118/actaun201765041435 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041435.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765041435.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201704-0035.txt Handle: RePEc:mup:actaun:actaun_2017065041435