Template-Type: ReDIF-Article 1.0 Author-Name: Eva Abramuszkinová Pavlíková Author-Workplace-Name: Department of Law and Social Sciences, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Michaela Šmídová Author-Workplace-Name: Centre for Higher Education Studies, U Dvou srpů 2/2024, 150 00 Praha 5, Czech Republic Title: The Values and Attitudes of Young People Abstract: This contribution presents the research conducted at Charles University in Prague in comparison with the Mendel University in Brno. The focus is on selected aspects of values which might correspond to future job market success and also presupposed value differences of students. This innovative approach is trying to show the characteristics of young students reflecting their values, socialization and attitudes. The main aim is to analyze the differences in these two student bodies' samples with the focus on values and attitudes of future managers and business experts. The questions under focus include topics such as 1. Are students different in values because they study different field of study or are they very similar because they belong to the same age cohort? 2. Is the group of economic students homogeneous or are there big differences in value orientation? 3. Can we use this knowledge to improve educational management and prepare students successfully for their future careers? The results showed that the students of the FBE in Brno are less liberal in comparison with students of the FH from Prague. These students come from families with similar level of educational background of parents but their opinion on ideal society, where they would like to live in, is different. It seems that economic students are more diversified as there are gender differences regarding the ideal society image. Keywords: educational management, values, attitudes, priorities, university students Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1823-1832 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061823 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061823.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061823.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0001.txt Handle: RePEc:mup:actaun:actaun_2017065061823 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Bejtkovský Author-Workplace-Name: Department of Management and Marketing, Faculty of Management and Economics, Tomas Bata University in Zlín, Mostní 5139, 760 01 Zlín, Czech Republic Title: Selected Current Trends in Human Resource Management in Health Service Providers in the Czech Republic Abstract: The article focuses on selected current trends in human resource management in health service providers in the Czech Republic. Its goal was the mapping and evaluation of these trends in selected health service providers by staff management experts (HR managers) in the Czech Republic. The contribution presents a view of some of the results of quantitative and qualitative research conducted in selected health service providers in the Czech Republic. These researches were conducted in 2016 from a sample of 47 respondents (HR managers of selected health service providers in the Czech Republic), and the results were analyzed. One research hypothesis and one research question have been formulated. The verification or rejection of the null research hypothesis was done through the statistical method of the Pearson's Chi-square test. The research results show differing levels of awareness and differentiations - primarily by owner, size as measured in number of beds and geographical segmentation of each health services provider among individual selected trends in human resource management in health service providers in the Czech Republic. Keywords: diversity management, employer brand, e-recruitment, health service providers, human resource management, knowledge management, work-life balance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1833-1840 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061833 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061833.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061833.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0002.txt Handle: RePEc:mup:actaun:actaun_2017065061833 Template-Type: ReDIF-Article 1.0 Author-Name: Ilona Berková Author-Workplace-Name: Department of Applied Mathematics and Informatics, FEK, University of South Bohemia in Ceske Budejovice, Studentska 13, 37005 Ceske Budejovice, Czech Republic Author-Name: Markéta Adamová Author-Workplace-Name: Department of Management, FEK, University of South Bohemia in Ceske Budejovice, Studentska 13, 37005 Ceske Budejovice, Czech Republic Author-Name: Kristýna Nývltová Author-Workplace-Name: Department of Accounting and Finances, FEK, University of South Bohemia in Ceske Budejovice, Studentska 13, 37005 Ceske Budejovice, Czech Republic Title: Realtionships between Fiancial and Learning and Growth Perspectives in BSC Abstract: Balanced Scorecard (BSC) is one of the methods for measuring of the company's performance, strategy formulation and subsequent management leading to improving competitiveness. Nowadays company performance has an important role because the competitive environment is much more changeable and more difficult to predict because of the influence of globalization.BSC is worldwide used both in large, medium and small businesses regardless of the field of business. According to Knápková, Homolka and Pavelková (2014), this model is used only by 13 % of the enterprises in the Czech Republic.BSC monitors business performance from four perspectives: Financial, Customer, Internal Process, Learning and Growth. The main aim of this paper is to verify whether there is a correlation between Learning and Growth and Financial perspective. Data were obtained from the database Albertina Gold and from quantitative research in companies in 2015. As sample small and medium enterprises in Czech Republic were chosen by random selection. Data were analysed by using regression analysis. Based on the analysis the dependence of some financial indicators on the attitude of the company to the risk and on long-term or short-term orientation was proved.BSC is spread in 30-50 % companies all over the word, in Australia this method is used even in 88 % companies (Al Sawalqa, Holloway and Alam, 2011). Due to proven dependence it would be appropriate to raise Czech companies' awareness of advantages of this method. Keywords: BSC, competitiveness, efficiency, SMEs, cultural dimensions Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1841-1850 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061841 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061841.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061841.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0003.txt Handle: RePEc:mup:actaun:actaun_2017065061841 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Boďa Author-Workplace-Name: Quantitative Methods and Information Systems Department, Faculty of Economics, Matej Bel University in Banská Bystrica, Národná 1, 974 01 Banská Bystrica, Slovak Republic Author-Name: Mária Kanderová Author-Workplace-Name: Quantitative Methods and Information Systems Department, Faculty of Economics, Matej Bel University in Banská Bystrica, Národná 1, 974 01 Banská Bystrica, Slovak Republic Title: Investment Style Preference and its Effect Upon Performance of Tracking Portfolios Abstract: Any task of portfolio creation requires that a suitable pre-selection of assets is made, out of which the resultant portfolio is to be formed. Several approaches in passive investing implemented through portfolio tracking are applied in practice, and assets are pre-selected frequently on the basis of their capitalization or value/growth potential. The paper studies to which extent the investment style practiced by a small investor affects the performance of the tracking portfolio. The design of the analysis is experimental and hinges on tracking the S & P 500 Index in three different periods with assets pre-selected by diverse investment styles. Taking the approach of with linear and quadratic tracking, two factors are analyzed on that occasion: the investment style (big vs. small market capitalization, value vs. growth assets, Fama-French stratas of assets) and the number of assets (10, 20, 30, 40, 50 assets). It is found that while small market capitalization portfolios were preferable in the first two parts of the investigated time frame, this pattern ceased to hold in the third last part with no guidance for a recommendable investment style. Keywords: investment style, market capitalization, value/growth, Fama-French classification, performance, linear tracking, quadratic tracking, transaction costs Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1851-1863 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061851 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061851.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061851.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0004.txt Handle: RePEc:mup:actaun:actaun_2017065061851 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Čerkasov Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Prague, Czech Republic Author-Name: Jan Huml Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Prague, Czech Republic Author-Name: Lucie Vokáčová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Prague, Czech Republic Author-Name: Klára Margarisová Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Kamýcká 129, 165 21 Prague, Czech Republic Title: Consumer's Attitudes to Corporate Social Responsibility and Green Marketing Abstract: Article deals with consumer's attitudes to Corporate Social Responsibility and Green marketing. Main goal of attitude research was to discover what consumer understands under term corporate responsibility in following areas: Economic, Social, and Environmental. Primary data collection was done via quantitative polling. Closed questions - a selection of options, and the Likert scale were used. Results show that majority of consumers understand the term corporate social responsibility. In opposite side major of respondents misunderstand the term of Green Marketing. As responsible in economic area respondents consider such a firms which are profitable for owners and via taxes bring benefit for all society. In term of social responsibility respondents reputed companies which are not uncaring to social problems and which are active in different social project through philanthropy. In term of environmental responsibility respondents mainly evaluated firms which invest to technology that produce less or non-waste and evince energetic efficiency. Keywords: Corporate social responsibility, consumer, green marketing, attitude, buying behavior Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1865-1872 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061865 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061865.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061865.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0005.txt Handle: RePEc:mup:actaun:actaun_2017065061865 Template-Type: ReDIF-Article 1.0 Author-Name: Oleg Deev Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Author-Name: Nino Khazalia Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: Corporate Governance, Social Responsibility and Financial Performance of European Insurers Abstract: In this paper, we focus on corporate governance and corporate social responsibility in European insurance industry and test its effects on financial performance. Using a sample of European insurance companies releasing corporate governance and social responsibility information available in Bloomberg Environmental, Social, and Governance disclosure, we provide evidence of better financial performance of insurers with unbiased and objective boards, increased number of board members (indicating that investors trust independent directors as protectors of shareholder value), lower employee turnover and higher community spending. Compliance with UN Global Compact signatory also contribute to better market performance. As a result, we show that insurance companies can be socially responsible and financially successful at the same time. Keywords: insurance, corporate governance, corporate social responsibility Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1873-1888 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061873 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061873.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061873.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0006.txt Handle: RePEc:mup:actaun:actaun_2017065061873 Template-Type: ReDIF-Article 1.0 Author-Name: Galina Deeva Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: Comparing Entropy and Beta as Measures of Risk in Asset Pricing Abstract: The paper establishes entropy as a measure of risk in asset pricing models by comparing its explanatory power with that of classic capital asset pricing model's beta to describe the diversity in expected risk premiums. Three different non-parametric estimation procedures are considered to evaluate financial entropy, namely kernel density estimated Shannon entropy, kernel density estimated Rényi entropy and maximum likelihood Miller-Madow estimated Shannon entropy. The comparison is provided based on the European stock market data, for which the basic risk-return trade-off is generally negative. Kernel density estimated Shannon entropy provides the most efficient results not dependent on the choice of the market benchmark and without imposing any prior model restrictions. Keywords: entropy, risk measure, beta, asset pricing Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1889-1894 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061889 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061889.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061889.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0007.txt Handle: RePEc:mup:actaun:actaun_2017065061889 Template-Type: ReDIF-Article 1.0 Author-Name: Denis Drexler 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: Stanislav Mokrý 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: Ondřej Dufek 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: Consumer Perception of Food-To-Go Products Abstract: This paper is focused on the perception of Czech consumers of food-to-go products. The popularity and consumption of these products are growing around the Europe except the Czech Republic. The data in this article were collected through focus groups (n = 32), eye-tracking and in-depth interviews (n = 54). Focus groups and in-depth interviews identified that food-to-go category is purchased only occasional and in case of necessity. The main reason is culture and preferences of Czech consumers. The eye-tracking data showed differences in consumer's attention by observing different layouts from point of purchase. The research was realized during November 2016 in the Eye-tracking Laboratory at the Mendel University in Brno. Keywords: food-to-go, eye-tracking, consumer perception, point of purchase Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1895-1900 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061895 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061895.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061895.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0008.txt Handle: RePEc:mup:actaun:actaun_2017065061895 Template-Type: ReDIF-Article 1.0 Author-Name: Sylvie Formánková Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Andrea Hrdličková Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Tomáš Grabec Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Corporate Social Responsibility of Public Administration through Eyes of Enterprises Abstract: The present paper focuses on corporate social responsibility in public administration. The subject of interest is the South Moravia Region and enterprises seated there. The subject of the present research includes overall awareness of the inquired enterprises about corporate social responsibility and activities of the South Moravian Region Authority related to corporate social responsibility of the institution. The research has brought conclusions testifying a certain level of knowledge of the CSR concept among enterprises, albeit on the basic level only. The awareness of socially responsible activities of the regional authority was very low and therefore further steps of this institution must be considered to improve communication of CSR activities and develop an environment for better cooperation of the public and the private sector in this area. The research was based on secondary data drawn from annual reports of the South Moravian Region Authority and on primary data obtained by questionnaire-based inquiry among 384 enterprises doing business in the South Moravia Region. Keywords: corporate social responsibility, public administration, South Moravian Region, enterprises, communication, sustainability, public sector Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1901-1909 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061901 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061901.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061901.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0009.txt Handle: RePEc:mup:actaun:actaun_2017065061901 Template-Type: ReDIF-Article 1.0 Author-Name: Blanka Francová Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Valuation of Government Bonds: the Exchange Rate Is an Important Aspect Abstract: Interest rates are currently very low in the countries. In these countries bonds are issued with low or negative yields. In this paper, I empirically investigate the factors that affect the price of bonds. I follow international arbitrage pricing theory to determine the relationship between factors and the price of bonds. The international arbitrage pricing theory applies a multi-linear regression model. The regression model is used for emerging markets and developing markets separately. I have a unique data set of 46 countries. The main data are the monthly returns on government bonds in the period 2010-2015. Exchange risk influences the bond prices. Currency movements can bring further yield for investors. Keywords: bonds, exchange rate, asset pricing, risk premium Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1911-1916 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061911 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061911.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061911.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0010.txt Handle: RePEc:mup:actaun:actaun_2017065061911 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Habanec Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Hana Bohušová Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Comparison of Deferred Tax Materiality Reporting in Accordance with Continental and Anglo-Saxon Reporting System Abstract: The paper is concerned with the influence of a financial reporting system on a deferred tax reporting. The continental and Anglo-Saxon reporting systems are compared. The materiality of the deferred tax item is used as a means for evaluation of the impact of deferred tax reporting. The category of deferred income tax is assessed on a sample of companies operating in the chemical industry (NACE 20.1) and reporting in accordance with the Czech accounting legislation (representative of continental reporting system) in the time series from 2005 to 2015. The results are compared with the results of author's previous study concerning the reporting of deferred tax according to IFRS (representative of Anglo-Saxon reporting system). Keywords: the category of deferred income tax, Czech Republic, the materiality level, Continental and Anglo-Saxon reporting systems Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1917-1924 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061917 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061917.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061917.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0011.txt Handle: RePEc:mup:actaun:actaun_2017065061917 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Heryán Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karviná, Silesian University, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic Title: Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment? Abstract: This paper has focused on the issue of foreign exchange markets in relation to tourism and hotel industry in the small open economy such as the Czech Republic. After more than three years when the Czech National Bank (CNB) intervened on the foreign exchange market, everybody look forward to development of exchange rates after the end of the exchange rate commitment. The aim of this study is to show how Czech hotels were been able to confront current appreciation of the Czech koruna before the CNB had ended the exchange rate commitment. According to this aim it was necessary to investigate relations between exchange rates and turnover of Czech hotels as the first. Therefore, it has been obtained time series of the hotels' profit and loss statements from Bureau van Dijk's Amadeus international statistical database as well as exchange rates from the CNB online database. Other data is from the Eurostat and the World Bank online statistical database. As the main estimation method it is used the GMM approach with panel data for period from 2007 till 2014. After the estimation of those statistical significant relations it is essential to describe the ways, how were the hotels been able to face the exchange rate risk before the end of the commitment. Furthermore, it has been differentiated between natural hedging for smaller hotels and the usage of the financial derivatives for these bigger. Three types of hedging are described: (i) natural hedging, (ii) usage of a currency forward, and (iii) taking a loan in foreign currency. Keywords: Czech Republic, FX interventions, tourism, hotel industry Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1925-1933 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061925 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061925.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061925.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0012.txt Handle: RePEc:mup:actaun:actaun_2017065061925 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, Slovakia Author-Name: Peter Gál Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia Author-Name: Zuzana Kovačičová Author-Workplace-Name: Department of Information Systems, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia Title: Understanding Student Entrepreneurs: Doers, Procrastinators, Dreamers, and Abstainers Abstract: Entrepreneurship as one of the potential career paths is an actual phenomenon among university students all around the world. However, as shown by recent GUESSS (Global University Entrepreneurial Spirit Students' Survey) findings, the action-intention patterns are rather varied. While a bunch of students already start their businesses (= "doers"), few of them declare their intention to start-up after completing their studies (= "procrastinators"), and even greater share of student population indicate a postponed intention to start a business in the mid-range future (= "dreamers"). Of course, a considerable proportion of students exhibit no inclination towards entrepreneurial career path (= "abstainers"). The aim of this exploratory study is to analyse differences between actual, would-be and "perhaps sometimes later" entrepreneurs, and entrepreneurial abstainers, among European university students. To do so, we utilize the 2016 GUESSS project individual-level data from 25 European countries (n = 68,828), search for similarities and differences between the above-mentioned groups of university students, and analyse robustness of our findings by investigating for drivers of individual involvement in entrepreneurial activity. Our study contributes to the body of knowledge on this under-researched perspective on youth and student entrepreneurship. Keywords: entrepreneurship, students, activity, intention, postponement, realization Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1935-1944 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061935 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061935.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061935.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0013.txt Handle: RePEc:mup:actaun:actaun_2017065061935 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Janků Author-Workplace-Name: Department of Law and Social Sciences, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Legal and Economic Context of the Czech Civil Code Rules on Family Enterprises Abstract: The family-run business model is in the Czech Republic not used in the scope, as it is the case of other EU Member States. Until recently one of the reasons was also the absence of a legislative framework that would give to the family business or its organization a comprehensive and systematic rules and a stable order. This has - from a part - changed since January 1st, 2014 with the entry into force of the new Czech Civil Code, Act No. 89/2012 Coll. The present paper aims at pointing out the ways, forms and the diversity of family business from business in general according to the legislation in the Civil Code introducing in its Sections 700-707 the institute of family enterprise. In the context of economic-legal analysis undertaken some aspects related to the family enterprise are highlighted, in particular the sharing of profit gains, employment of family members in the operation of the family enterprise and the continuing of operation of the family business after the death of the family member being in the legal position of the entrepreneur. Keywords: family enterprise, business, ownership, gains from performance of family enterprise, family ties Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1945-1951 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061945 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061945.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061945.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0014.txt Handle: RePEc:mup:actaun:actaun_2017065061945 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 Title: A Note on Relationship between Economic Activity and Stock Market Development: a Case of Euro Area Countries Abstract: The aim of the paper is to empirically examine if the causal relationship between economic activity and stock market development exists in the selected 11 EA countries. The existence of relationship is investigated with the use of cointegration, vector error correction model and Granger causality during three sub-periods between January 1993 and January 2017. The results show that the general conclusion on the relation between activity and stock market development cannot be stated and that country-specific development should be taken into account when making decisions either from the investors' or policy makers' perspective. It also seems that the level of integration plays important role when studying the nature of relationship between variables during different time periods. Keywords: economic activity, causality, cointegration, stock market development Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1953-1965 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061953 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061953.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061953.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0015.txt Handle: RePEc:mup:actaun:actaun_2017065061953 Template-Type: ReDIF-Article 1.0 Author-Name: Ingrida Košičiarová Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak university of agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Author-Name: Ľudmila Nagyová Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak university of agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Author-Name: Mária Holienčinová Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak university of agriculture in Nitra, Tr. A. Hlinku 2, 949 76 Nitra, Slovak Republic Title: Consumer Behaviour on Slovak Yoghurt and Fermented Milk Products Market Abstract: Milk and dairy products present an important source of essential nutrients which should be a part of human beings nutrition. While the recommended consumption of milk and dairy products is set at the level of 220 kg/person/year, the current studies show that Slovaks consume only 160 kg/person/year. One of the possibilities how to reverse this negative trend is to raise the Slovak consumers awareness of the positive impacts of yoghurts and fermented milk products on their health, as well as to made from them a so-called trendy food. The aim of the presented paper was to determine the consumer behaviour in the purchase of yoghurts and fermented milk products produced in Slovak Republic. As the research methods were used the methods of survey and structured questionnaire consisting of 16 closed and 1 opened question (total number of respondents was 1,131 randomly selected respondents from all regions of the Slovak Republic). For a deeper analysis of the obtained results, there were set out six assumptions and ten hypotheses, which were tested with the use of Pearson's chi-square test, Fisher's exact test, Cramer's contingency coefficient and Phi coefficient. The results of the presented paper show, that despite the fact that almost 77 % of respondents said that they prefer in their purchase yoghurts and fermented milk products produced in the Slovak Republic, only 26.4 % of respondents said that they prefer the local producers of these products; exactly 44 % of respondents said that they always look for the information about the content of fat in the yoghurt they buy; more than 33 % said that they buy yoghurts and fermented milk products marked with the Quality Label "Značka kvality SK"; more than 62 % of respondents said that they purchase yoghurts and fermented milk products produced by ecological farming exclusively and rather and exactly 60.1 % of respondents said they prefer the plastic packages of yoghurts and fermented milk products. Up to the question aimed at determining which flavour consumers actually miss on the market, we have to conclude that these flavours are mostly kiwi, muesli with cranberries, chocolate with mint, coconut and banana. Keywords: yoghurt, fermented milk products, Slovak consumers, consumer behaviour Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1967-1978 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061967 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061967.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061967.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0016.txt Handle: RePEc:mup:actaun:actaun_2017065061967 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: Simulation of Insolvency Proceedings Year II - Evidence of the Long Term Effect on Cognitive Learning Abstract: The aim of this paper is to draw some conclusions from a long-term project inspired by the so-called Mock trials experienced in the USA and applied into the Czech system of law education of students at the Faculty of Economics of the University of South Bohemia.The project involves a simulation of insolvency proceedings in case of a company bankruptcy. The students play roles of the various participants in the insolvency proceedings and learn very relevant but rather complicated process of insolvency. The results of the second academic year involve re-testing of students included in the SIP 1.0 (Simulation of Insolvency Proceedings 2015/2016) in order to assess if the learning experience has the long-term impact and comparison with the new group of students that undergone the SIP 2.0 (Simulation of Insolvency Proceedings 2016/2017). Keywords: simulation, mock trial, insolvency proceedings, company bankruptcy, long-term cognitive learning, education Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1979-1985 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061979 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061979.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061979.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0017.txt Handle: RePEc:mup:actaun:actaun_2017065061979 Template-Type: ReDIF-Article 1.0 Author-Name: Lea Kubíčková 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: Martina Morávková 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 Author-Name: Igor Nečas 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: The Role of Small and Medium-Sized Enterprises in the Development of Rural Areas Abstract: Apart from the indisputable importance of SMEs to the national economy, they also provide social and economic benefits for regions they operate in. In this context, the rural areas seem to be interesting because currently there can be seen a reappraisal and emphasizing of their importance. Between 2015 and 2016 there were carried out surveys in two different regions (Hodonín and Holešov) in order to define the role of SMEs in rural areas. The aim of these surveys was to determine how the particular players of the regional development subjectively perceive the role of SMEs in rural areas, particularly how is the role subjectively perceived by SMEs themselves and also by local representatives in the given regions and how SMEs perceive doing business in such regions. The analysis of survey results together with the analysis of secondary data on the important characteristics of these two regions provided the basis for comparison of subjective perception of SMEs; economic and social benefits in these two different regions. According to our findings the role of SMEs in rural areas in the Czech Republic is determined by the creation of competitive environment, the deepening of ties between apprentices and practice, the use of local resources, the increase in rural area attractiveness, the financial benefits for municipalities, the creation of vacancies, the sustaining of positive relationships within the local community and the development of infrastructure. Keywords: rural development, the role of SMEs, local representatives, benefits and negatives, entrepreneurship in rural areas Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1987-1996 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061987 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061987.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061987.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0018.txt Handle: RePEc:mup:actaun:actaun_2017065061987 Template-Type: ReDIF-Article 1.0 Author-Name: Regina Lenart-Gansiniec Author-Workplace-Name: Institute of Public Affairs, Jagiellonian University, Łojasiewicza 4, 30-348 Kraków, Poland Title: Factors Influencing Decisions about Crowdsourcing in the Public Sector: A Literature Review Abstract: The subject of the article is identification of the factors that influence making decisions about implementing crowdsourcing by public organisations in their activity, in particular municipal offices in Poland. These factors have been selected based on a literature review. A review of one of the initiatives realised by a municipal Office in Poland allows for formulating a conclusion that factors connected with the type of task and management may impact decisions on implementing crowdsourcing. Keywords: crowdsourcing, crowdsourcing decision, factors, literature review Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 1997-2005 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765061997 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061997.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765061997.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0019.txt Handle: RePEc:mup:actaun:actaun_2017065061997 Template-Type: ReDIF-Article 1.0 Author-Name: Matěj Liberda Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University in Brno, Žerotínovo nám. 617/9, 601 77, Brno, Czech Republic Title: Mixed-frequency Drivers of Precious Metal Prices Abstract: Lack of intrinsic value, hybrid nature of commodities and recent financialization of commodity markets make of understanding precious metals price moves complicated. Predicting future development of precious metals market can be more feasible if we discover what drives these markets and describe nature of the drivers. The aim of the paper is to explain metal price movements by assessing an impact of multiple economic and financial factors. Based on the literature review we study 8 possible macroeconomic and financial drivers. The data are collected from Bloomberg. We use mixed-data-sampling methodology that enables me to study drivers of various frequencies (daily and monthly) simultaneously in a single model. Results show that the interest rate, the exchange rate, stock levels, stock index returns and crude oil returns are generally significant to drive precious metal markets. The stock index has the most significant impact on the metals returns that is negative. Furthermore, the results divide precious metals into two groups with gold and silver on the one hand and platinum and palladium on the other. The first group is worse explained by considered drivers. Moreover, the interest rate does not have any impact on the price development of gold and silver and crude oil returns influence the pair negatively, contrary to the second pair of platinum and palladium. Keywords: financial markets, MIDAS, precious metals, commodities, drivers Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2007-2015 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062007 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062007.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062007.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0020.txt Handle: RePEc:mup:actaun:actaun_2017065062007 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Linnertová Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: How Did Short Sale Ban Affect German Capital Market Risk? Abstract: The problem of short sale is a popular issue of stock trading and efficiency of pricing. Most regulatory authorities around the world adopted in the period 2007-2010 ad hoc bans on short selling. This paper provides an examination of an impact of the short sale regulation on the German capital market during crisis period 2008-2010. The purpose is to identify effects of the short sale regulation on level of systematic risk on German capital market and to investigate the discovery of stock prices of German blue chips at the period from May 2007 to April 2011 and three sub periods which demonstrate different regulatory approach to naked short sale regulation. The results suggest that short sale ban affects the level of systematic risk in the German market and prolongs a price reaction on new information. Further, short sale ban limits activities of investors with bearish view. After adoption of short sale ban the level of systematic risk increases and not only banned stocks are affected by the regulation. Finally, at the analyzed period the problem of negative information corporation in stock prices has arisen. Thereafter, the short sale ban is lifted the level of systematic risk decrease and there are not significant differences for banned and not banned stocks. Further, the price efficiency measured by autocorrelation also decreased after ban is lifted. Keywords: short sale, ban, Germany, price discovery, capital market Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2017-2024 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062017 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062017.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062017.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0021.txt Handle: RePEc:mup:actaun:actaun_2017065062017 Template-Type: ReDIF-Article 1.0 Author-Name: Marina Malkina Author-Workplace-Name: Center of Macro and Microeconomics, Institute of Economics and Entrepreneurship, Lobachevsky State University of Nizhni Novgorod, 23 Prospekt Gagarina, 603950 Nizhni Novgorod, Russia Title: Influence of the Industrial Structure of Economy on the Risk Level of Russian Regions' Tax Systems Abstract: The paper is aimed at study of the influence of industrial structure of regional economy on its tax system risk level. The tax systems risk level of Russian regions in 2006-2014 was assessed applying the H. Markowitz portfolio approach under the assumption that regional "portfolio" consists of main economic activities. It allowed us to evaluate contribution of various economic activities to total tax system risk, to decompose it into internal and external by origin and to identify the critical zones of instability in Russian regions. The coefficients of variation of tax yield rate revealed different relative impact of the economic activities on instability of regional tax systems. Besides, we found mainly positive albeit changing in strength correlation between internal and total tax system risk level and tax yield rate in economic activities. The diversification level of regional economies was evaluated by means of standard deviation of regional industrial structure from country structure considered as a benchmark. Inclusion of this level along with the tax yield rate and a set of control variables into two developed regressions estimated with GRP-weighted least-square method allowed us to confirm positive influence of diversification on the tax systems stability. Our results may be applicable to management of tax system risks at the regional level. Keywords: region, industries, tax system, risk, portfolio, decomposition, diversification Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2025-2035 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062025 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062025.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062025.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0022.txt Handle: RePEc:mup:actaun:actaun_2017065062025 Template-Type: ReDIF-Article 1.0 Author-Name: Cathy-Austin Otekhile Author-Workplace-Name: Department of Management and Marketing, Faculty of Management and Economics, Tomas Bata University in Zlín, nám. T. G. Masaryka 5555, 760 01 Zlín, Czech Republic Author-Name: Nahanga Verter Author-Workplace-Name: Faculty of Regional Development and International Studies, Mendel University in Brno, Zemedelska 1, 613 00 Brno, Czech Republic Title: The Socioeconomic Characteristics of Rural Farmers and their Net Income in Ojo and Badagry Local Government Areas of Lagos State, Nigeria Abstract: Agriculture remains the primary source of livelihood for the rural dwellers in Nigeria. This primary research assesses the effects of farmers' socioeconomic characteristics and some infrastructure costs on farmers' income in two local government areas of Lagos State. The descriptive statistics show that the majority of farmers in the areas are educated and married. Farmers in the areas generate more income from the farming than non-farming activities. The OLS regression results show that the age of farmers, educational attainment and the presence of agricultural agencies positively influence farmers' income in the countryside. On the other hand, the findings show an inverse relationship between the cost of basic rural infrastructure (i.e. water and electricity) and farmers' income in the areas. For the income of the farmers in the countryside to be improved, the local councils should educate rural farmers on extension services for sustainable farming and best practices. Additionally, critical rural infrastructure, such as water and electricity should be provided at affordable rates. Arguably, this could not only improve farmers' earnings, but also make the communities attractive to the rural farmers and young people, and stabilize rural populations. Keywords: net income, Aiyedoto, infrastructure, rural areas, farmers Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2037-2043 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062037 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062037.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062037.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0023.txt Handle: RePEc:mup:actaun:actaun_2017065062037 Template-Type: ReDIF-Article 1.0 Author-Name: Pavlína Pawlasová Author-Workplace-Name: Department of Marketing and Business, Faculty of Economics, VŠB - Technical university of Ostrava, 17. listopadu 15/2172, 708 33 Ostrava, Czech Republic Author-Name: Vojtěch Klézl Author-Workplace-Name: Department of Marketing and Business, Faculty of Economics, VŠB - Technical university of Ostrava, 17. listopadu 15/2172, 708 33 Ostrava, Czech Republic Title: Factors affecting Generation Y Customers' Satisfaction with Online Group-Buying Purchases in South Korea Abstract: This paper focuses on the customers' satisfaction with online group-buying purchases on the South Korean market. The aim of the paper is to examine a model of Generation Y consumers' satisfaction and the repeat purchase intention applying the theory of Expectation - Confirmation Model and DeLone and McLean IS success model expanded with the customers' trust. The data were obtained through an online survey All online G-B users from Generation Y in South Korea created the population. The structure of respondents was controlled with variables gender, age and frequency of online G-B purchases. The aspects leading to consumers' repeat purchase intention are determined. The main focus of research within the paper is based on the perceived value of customers' interactions across the online group buying, website's quality, trust, customers' satisfaction and repeat purchase intention. This research is focused on online shopping behaviour of members of Generation Y that use online media in their lives frequently each day. The designed model of relations between determinants was tested by applying the method of Structural Equation Modelling. The results confirm that perceived value and website's quality are the important aspects for South Korean customers from Generation Y to repeat purchase in online group-buying. Keywords: customers' satisfaction, expectation confirmation model, online group-buying, repeat purchase intention, structural equation modelling, trust, website quality Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2045-2054 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062045 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062045.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062045.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0024.txt Handle: RePEc:mup:actaun:actaun_2017065062045 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Pilková Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia Author-Name: Marian Holienka Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia Author-Name: Zuzana Jančovičová Author-Workplace-Name: Department of Economy and Finance, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia Title: Investigating Youth Entrepreneurial intentions' Drivers in Visegrad Countries Abstract: Entrepreneurial intention is the first step in entrepreneurial process. It is seen as one of the strongest predictors of entrepreneurial behavior. Measurement of key factors that influence entrepreneurial intention is still great challenge for researchers. The aim of this paper is both to analyse the significance of selected individual-level factors in their effect on entrepreneurial intention among youth in Visegrad countries (Czech Republic, Hungary, Poland and Slovakia) and contribute to solve the methodological gap in intention analysis applying non-traditional methods for this field - decision tree algorithm method alongside logistic regression models that served as robustness check of our findings. Prior to this a univariate (using Weight of Evidence and Information value analysis) and multivariate analysis (using Pearson Chi-square test of good fitness and Cramer's V) was conducted. Based on Global Entrepreneurship Monitor (GEM) data we found out that out of four studied groups of factors only two (personality-traits and personal background related factors) are significant drivers of entrepreneurial intentions among youth in Visegrad countries. Keywords: entrepreneurship, entrepreneurial intentions, youth, young adults, Visegrad countries Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2055-2065 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062055 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062055.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062055.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0025.txt Handle: RePEc:mup:actaun:actaun_2017065062055 Template-Type: ReDIF-Article 1.0 Author-Name: Ivo Pisařovic Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: David Procházka Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jaromír Landa Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Jan Kolomazník Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Karel Zídek Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Lukáš Franěk Author-Workplace-Name: Envipartner, s.r.o., Vídeňská 546/55, 639 00 Brno, Czech Republic Title: Effective Collaborative Mapping Based on Mobile Devices Abstract: There are numerous situations when it is utmost important to share efficiently some spatial data among a group of people. Floods can be taken as an obvious example. Many stakeholders including mayor or rescue service workers must have actual information about the conditions in the terrain. And most importantly, all of these can contribute to the information. Among these situations involving the crisis management, we dare to mention especially the inventory process. Traffic signs, road lanes, trees, lights and many other different object must be regularly maintained. Most of the organizations use some kind of geographical information system to keep the information about the maintained property. Our article is focused on development of mobile application that allows to acquire spatial data that are later used in these information systems. Thanks to real-time data synchronization between multiple devices, field workers can cooperate and share data immediately to an operating center or with the other workers. We describe the design of our mobile mapping application, comparison with other existing solutions and problems of real-time synchronization between different devices. Finally, we provide details about application usage in different municipalities. Keywords: mobile application, inventory, synchronization, mobile mapping, GIS, crisis management Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2067-2072 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062067 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062067.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062067.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0026.txt Handle: RePEc:mup:actaun:actaun_2017065062067 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Řehoř Author-Workplace-Name: Department of Management, Faculty of Economics, University of South Bohemia in Č. Budějovice, Studentská 13, 370 05, České Budějovice, Czech Republic Author-Name: Jaroslav Vrchota Author-Workplace-Name: Department of Management, Faculty of Economics, University of South Bohemia in Č. Budějovice, Studentská 13, 370 05, České Budějovice, Czech Republic Title: Strategic and Crisis Management in Agricultural Enterprises in the Czech Republic Abstract: Agricultural enterprises should constantly try to improve themselves. They need strategic management to manage their innovativeness in a focused manner, and to achieve growth and satisfy their strategic objectives in a way that minimizes the high-inherent risks or crises. The paper deals with a sub-research of the management of small and medium-sized enterprises in the Czech Republic. It is focused on the use of strategies in SMEs (especially for agriculture) management and the assessment of the significance of crises. Data were gathered as questionnaires and interviews from 183 (thereof 34 agricultural) enterprises operating in the Czech Republic. The research was done in 2015. Only about 15 % of the agricultural enterprises have formulated a strategy for the future direction of their enterprise. The crises did occur in all organizations, in varying degrees and intensity. The significance of this crises was assessed by an average mark of 3.5 (where 5 was the highest). Subsequently they analysed relationships among 17 major crises and compared the relations in other sectors. Keywords: agricultural enterprises, crisis, Czech Republic, hypothesis, importance, management, strategy Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2073-2081 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062073 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062073.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062073.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0027.txt Handle: RePEc:mup:actaun:actaun_2017065062073 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Šánová Author-Workplace-Name: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, Prague 6 - Suchdol, Czech Republic Author-Name: Jitka Svobodová Author-Workplace-Name: Department of Statistics, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, Prague 6 - Suchdol, Czech Republic Author-Name: Adriana Laputková Author-Workplace-Name: Department of Languages, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, Prague 6 - Suchdol, Czech Republic Title: Using Multiple Correspondence Analysis to Evaluate Selected Aspects of Behaviour of Consumers Purchasing Local Food Products Abstract: The paper compares selected aspects of behaviour of consumers when purchasing local food products in the Czech Republic or food products labelled as local or regional using correspondence analysis vis-à-vis customer gender. Its purpose is to identify aspects which each group of the consumers (that is men vs. women) consider important when purchasing local food products. Information about the preferences of customers purchasing local food is important for marketing activities of retailers and producers. Data from 269 respondents have been processed in total according to gender and purchasing frequency. Correspondence analysis was used in order to evaluate consumer preferences and to identify their behaviour. MCA is an exploratory multivariate statistical analysis that allows investigation of several qualitative parameters. Appearance and information on the packaging, qualitative parameters (visually declared), anticipated health benefits and declared nutritional values were the focus of the research. This paper is significant in terms of using sign schemes, correlation and correspondence analysis, therefore the analysis demonstrates differences in these aspects between men's and women's behaviour when purchasing local food products inter alia, according to their purchasing frequency, which previous papers have not considered while using multivariate statistical methods. Keywords: Local food, regional food, correspondence analysis, behaviour, gender, perceptual map, Czech Republic Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2083-2093 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062083 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062083.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062083.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0028.txt Handle: RePEc:mup:actaun:actaun_2017065062083 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Šeligová 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 Selected Financial Indicators on Liquidity of Companies in Selected Sectors in the Czech Republic Abstract: The aim of this paper is to determine the effect of selected financial indicators related to the structure of funding sources on liquidity of companies in selected sectors in the Czech Republic from 2000 to 2015. With the purpose to fulfill the aim, we examine existence and character of relationship between selected financial factors related to the structure of funding sources (debt equity ratio, return on equity, share of fixed assets to total assets, share of earnings before interest and taxes to total assets) and liquidity of the companies in sectors such as mining and quarrying, manufacturing, construction, service sector and energy sector. The existence of relationship between financial indicators related to the structure of funding sources and liquidity of companies is tested by correlation analysis and regression analysis. The results show that there is the negative impact of share of fixed assets to total assets on liquidity of companies in service sector in the Czech Republic. The liquidity of companies was positively influenced by the return on equity and negatively influenced by debt equity ratio in energy sector in the Czech Republic. Keywords: correlation, debt equity ratio, fixed assets, leverage ratio, liquidity of companies, regression analysis, return on equity Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2095-2104 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062095 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062095.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062095.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0029.txt Handle: RePEc:mup:actaun:actaun_2017065062095 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Šimáková Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration in Karviná, Silesian University in Opava, Univerzitní nám. 1934/3, 734 01 Karviná, Czech Republic Title: The Impact of Exchange Rate Movements on Firm Value in Visegrad Countries Abstract: Company's involvement in global activities through international trade is the primary source of their foreign exchange exposure. Many empirical studies suggest the negative impact of uncertainty about the development of the exchange rate on cash flow and profitability of companies, and thus their market values. Some economic studies show that foreign revenues are positively correlated with the exchange rate exposure and in a short period, currency depreciation negatively affects the market value of listed companies. On the other hand, there are studies that show no statistically significant links between the value of the companies and exchange rates. The aim of this paper is to evaluate the effect of exchange rates on the value of companies listed on stock exchanges in the Visegrad countries. Paper applies Jorion's model and panel data regression for the sample period 2002-2016. Estimations for the whole period revealed negative relationship between exchange rate and value of stock companies. The highest exposure is observed in case of Hungary and Czechia. Positive tendency can be seen in comparison of pre-crisis and post-crisis period. Except the case of Hungary, all markets showed decreased exchange rate exposure in time. Keywords: exchange rate, firm value, currency exposure, Jorion's model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2105-2111 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062105 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062105.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062105.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0030.txt Handle: RePEc:mup:actaun:actaun_2017065062105 Template-Type: ReDIF-Article 1.0 Author-Name: Jolana Stejskalová Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Impact of Attention to News about Tax Changes on the Stock Market Abstract: We approach to point out new direction of measurement the attention of the news related to changes in taxes by using the application Google Trends. The objective of the study is to extend literature that investigates the impact of the information's search intensity provided by Google Trends on capital market. We show that increasing attention on tax changes measured by Google search decrease stock prices of the US companies listed on NASDAQ.Moreover, we focus on abnormal Google searches related to particular shocks. The study investigates the positive relationship between attention to news about tax changes and stock prices in a specific year. The cross-sectional analysis employs data from 2004 and 2005. At that time, President George Bush enacted tax breaks for overseas corporate profits, which had a great impact on search intensity within the period.Additionally, we differentiate between market capitalisation by using the dummy variables to put on the role changes of probability on selected datasets. The results confirmed higher impact of attention on large cap companies and point out the importance of sentiment analysis at liquid markets. Keywords: Google trends, corporate tax, sentiment, stock price, search intensity, capitalisation, tax burden Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2113-2121 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062113 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062113.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062113.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0031.txt Handle: RePEc:mup:actaun:actaun_2017065062113 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Veselá Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Factors Affecting the Adoption of Electronic Data Interchange Abstract: Implementation of electronic data interchange (EDI) is thus more desirable and will be one of the major determinants of business success of a company. Despite the current pressure of the public sphere and all the benefits that the adoption of EDI provides, the expansion of this technology is still a minority in the Czech Republic. The aim of this paper is to identify the specifics of EDI adoption, quantify their significance, mutual conditionality and propose a new general model of EDI adoption in businesses. The conclusions of this document are based on the primary data collected through a questionnaire survey in 2015. There were the key factors influencing the likelihood of EDI adoption and their interconnectedness identified. This model reflects the main determinants of the adoption of exchange structured messages for businesses as perceived benefits, external pressure, readiness, attitude of CEO, type of product, participation of trading partners, character of company etc. This study provides a comprehensive survey of motives and barriers of EDI adoption for enterprises, which are aware of the necessary interoperability within the single European market and its highly competitive environment. Keywords: EDI, electronic data interchange, EDI adoption, model Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2123-2130 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062123 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062123.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062123.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0032.txt Handle: RePEc:mup:actaun:actaun_2017065062123 Template-Type: ReDIF-Article 1.0 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 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: Jan Huml 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: Jiří Čerkasov 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 Brands as an Attribute of Product Quality Abstract: Labelling of product origin arose spontaneously tradition and consumers automatically associated high quality or specific characteristics with such designations. Systems for labelling regional products have developed over time as third party activity, which assesses relevant criteria and guarantee their fulfilment by awarding a certificate. The aim of this paper is to define competitive environment in the designation of regional products in the Czech Republic and to demonstrate the link between regional product and quality. Part of the paper is identification of parameters determining the quality of products (in general) and the assessment of quality perception as one of the basic attributes of regional products. The article used secondary data from publicly available sources in the form of official web presentation of guarantors and coordinators of individual designation systems, methodological guidelines for granting and using brands, catalogues of certified products, etc. and presents partial results of research conducted via questionnaire survey, whose respondents are residents/visitors of various micro-regions in the Czech Republic. The research shows that the perception of quality of products by a customer are not overly influenced by quality label, local origin (Czech product), or by labels in general. Doubts are also raised by the number of different certification systems. Regional brands provide space for differentiation from competitors, but only if they reach a unique position. Keywords: regional branding, marketing management, consumer, quality, positioning Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 2131-2140 Volume: 65 Issue: 6 Year: 2017 DOI: 10.11118/actaun201765062131 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062131.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201765062131.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201706-0033.txt Handle: RePEc:mup:actaun:actaun_2017065062131