Template-Type: ReDIF-Article 1.0 Author-Name: Marcela Basovníková Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Miloš Konečný 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: Roman Dubový 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: Andrea Masařová Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: The Use of the Altman Model in Evaluation of Economic Performance of a Corporation in the Crisis Period in the Building Sector in the Czech Republic Abstract: The article is focused on verification of the presumption of poor financial management in companies operating in the building sector. Many authors have written about a financial situation of enterprises in the building sector, especially after the economic crisis in the year 2008, when some of them claim and their results confirm that the main reason of bankruptcy of these companies was not the economic crisis but mainly poor financial management. Our results, which were obtained especially by the method of financial analysis and further by a mathematical and statistical method, support this statement. Within the mathematical and statistical methods, there was return on equity used as an explanatory variable, mainly because all variants of the Altman Z-Score are based on the calculation of ratio indicators, which do not include this type of return. Based on the conducted tests it is possible to state that it is highly desirable for the monitored enterprises in the building industry to reach positive values of return on equity. Keywords: building industry, bankruptcy, financial situation, Altman model, sales, economic performance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 409-421 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020409 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020409.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020409.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0008.txt Handle: RePEc:mup:actaun:actaun_2018066020409 Template-Type: ReDIF-Article 1.0 Author-Name: Luděk Benada Author-Workplace-Name: Department of Finance, Faculty of Economics and Administration, Masaryk University, Lipová 41a, 602 00 Brno, Czech Republic Title: Comparison of the Impact of Econometric Models on Hedging Performance by Crude Oil and Natural Gas Abstract: The paper examines the performance of hedging spot prices in crude oil and natural gas. The subject of the research are spot prices of West Texas Intermediate and Henry Hub. The risk protection is provided by the application of futures contracts of underlying assets. In our analysis three econometric models (OLS, Copula, GARCH) and a naive portfolio are applied to obtain the optimal hedge ratio. Afterwards, the calculated weights for futures are verified for the ability to reduce the spot price risk over twelve months. The success of each model in risk reduction is measured over the test period by a conventional tool and across the models by proper metric. The results of the analysis confirm high level of risk reduction by crude oil across models. On the contrary, the results of hedging in natural gas significantly lag in comparison to crude oil. In addition, the analysis confirms a strong variability over the tested period and models. Keywords: Risk, Hedging, Futures, Portfolio, Minimum variance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 423-429 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020423 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020423.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020423.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0009.txt Handle: RePEc:mup:actaun:actaun_2018066020423 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Bohušová Author-Workplace-Name: Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Patrik Svoboda Author-Workplace-Name: Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Intangible Assets Reporting: the Case of Chemical and Pharmaceutical Industry in the Czech Republic Abstract: The cost structure of business entities has been changing in the span of time. Costs associated with intangible assets such as software, patents, licenses, copyrights and goodwill became an important item of costs in the recent days. The paper is focused on the evaluation of the share of intangible assets in total assets and the costs associated with intangible assets in business companies operating in the chemical and pharmaceutical industry in the Czech Republic. The analyzed sample of companies represents two groups of business entities: entities preparing financial statements in accordance with IFRS and the entities preparing financial statement according to the Czech Accounting legislation (CAL). The sample covers period after the mandatory implementation of IFRS for listed companies - starting in 2005 and ending in 2015. The aim of this paper is to evaluate the impact of intangible assets reporting methodology using criteria as the share of this category in assets of companies, its structure and its changes over time and to identify possible reasons for this situation. The analysis revealed that there is an increasing tendency in volume of IAs in companies listed in Prague Stock Exchange. Keywords: Intangible Assets, Fixed Assets, GDP, Goodwill, IFRS, CAL Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 431-439 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020431 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020431.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020431.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0010.txt Handle: RePEc:mup:actaun:actaun_2018066020431 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Braciníková Author-Workplace-Name: Department of Business Economics and Management, School of Business Administration in Karvina, Silesian University in Opava, Na Rybníčku 626/1, 746 01 Opava, Czech Republic Author-Name: Kateřina Matušínskáą Author-Workplace-Name: Department of Business Economics and Management, School of Business Administration in Karvina, Silesian University in Opava, Na Rybníčku 626/1, 746 01 Opava, Czech Republic Title: Corporate Image of Banks from the Generation Y Perspective Abstract: The paper deals with corporate image of banks perceived by Czech Millennials (generation Y) with emphasis on financial services area. First, paper presents the theoretical framework of corporate image and identity, subsequently strategies of positioning are described in the first chapter. The major part of paper is devoted to primary marketing research. For purpose of collecting data, the method of questioning was chosen. The questionnaire was given to 236 respondents living in the Czech Republic. Because the survey was focused on Millennials, respondents had to be 23-40 years old. The survey was distributed in the spring 2017. The primary research dealt with the factors which are supposed to be important in building the image of the bank from the Generation Y perspective. The aim of the paper is to investigate the relations between educational attainment and perceptions of Czech Millennials (Generation Y) in chosen factors, which can create the image of the banks. Results mainly showed that educational attainment is not the significant element for determining the perceptions of these factors. Keywords: corporate identity, corporate image, financial services, generation Y, marketing, positioning, repositioning Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 441-451 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020441 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020441.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020441.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0011.txt Handle: RePEc:mup:actaun:actaun_2018066020441 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Čampulová Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00, Brno, Czech Republic Title: Comparison of Methods for Smoothing Environmental Data with an Application to Particulate Matter PM10 Abstract: Data smoothing is often required within the environmental data analysis. A number of methods and algorithms that can be applied for data smoothing have been proposed. This paper gives an overview and compares the performance of different smoothing procedures that estimate the trend in the data, based on the surrounding noisy observations that can be applied on environmental data.The considered methods include kernel regression with both global and local bandwidth, moving average, exponential smoothing, robust repeated median regression, trend filtering and approach based on discrete Fourier and discrete wavelet transform. The methods are applied to real data obtained by measurement of PM10 concentrations and compared in a simulation study. Keywords: data smoothing, trend filtering, environmental data, particulate matter PM10 Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 453-463 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020453 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020453.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020453.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0012.txt Handle: RePEc:mup:actaun:actaun_2018066020453 Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Částek Author-Workplace-Name: Department of Corporate Economy, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 9, 601 77 Brno, Czech Republic Author-Name: Linda Plaváková Author-Workplace-Name: Department of Corporate Economy, Faculty of Economics and Administration, Masaryk University, Žerotínovo nám. 9, 601 77 Brno, Czech Republic Title: Human Values as Determinants of Fairtrade Consumption in the Czech Republic Abstract: Ethical consumerism is a growing field. It attracts increasingly more attention not only from the supply and demand sides, but also from researchers. Numerous surveys are trying to describe consumers' behaviour; many studies are trying to identify and analyse what contributes to the higher ethical consumption. While this is also the case of the Czech Republic, empirical evidence focused on the effect of consumers' values on ethical consumerism in the Czech Republic is still missing. Therefore, our goal is to examine the effect of consumers' values on Fairtrade consumption in the Czech Republic. We measure the values through the Human Values Scale (developed by S. Schwartz) and use socio-demographic characteristics as control variables in a multivariate model. We find that Universalism and Power are values which can predict the frequency of Fairtrade purchases among Czech online Fairtrade shoppers. Along with Universalism, gender proves to be an important predictor too. While generalizing our results, we must bear in mind that our sample describes only those who do purchase Fair trade products on-line. Keywords: Ethical purchases, ethical consumer, fair trade, Fairtrade, empirical research, human values, gender Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 465-478 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020465 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020465.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020465.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0013.txt Handle: RePEc:mup:actaun:actaun_2018066020465 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Duda Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 313 00 Brno, Czech Republic Title: Requirements of University Students of Agricultural Focus on Employee Benefits Abstract: The aim of the paper is to identify the employee benefits that university students of agricultural field of study prefer and expect in the future employer's offer. The goal is also to identify potential gender influences on the students' preferences of the employee benefits.The survey was conducted in the years 1998-2015, with a total participation of 1,633 students. Based on an offer of potential employee benefits and personal preferences, students have identified the benefits that employers should offer to their employees. The most frequently required benefits include: Meal tickets; on-site parking; additional salary (extra wage); use of company car for private purposes; payment for language courses; extra week of holiday; contribution to pension insurance. At present, there also grows the popularity of the "flexible working hours" benefit. For the most preferred benefits, the influence of the student's gender on the employee benefit preference was not identified. One of the recommendations for prospective employers is also the use of a flexible employee benefits system - cafeteria system. Keywords: cafeteria system, employee benefits, employer, Mendel Universita in Brno, students Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 479-486 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020479 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020479.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020479.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0014.txt Handle: RePEc:mup:actaun:actaun_2018066020479 Template-Type: ReDIF-Article 1.0 Author-Name: Rahmat Fadhil Author-Workplace-Name: Department of Agricultural Engineering, University of Syiah Kuala (Unsyiah), Darussalam 23111, Banda Aceh, Indonesia Author-Name: M. Syamsul Maarif Author-Workplace-Name: Business School, Bogor Agricultural University (IPB), Bogor, Indonesia Author-Name: Tajuddin Bantacut Author-Workplace-Name: Department of Agroindustrial Technology, Faculty of Agricultural Engineering and Technology, Bogor Agricultural University (IPB), Bogor, Indonesia Author-Name: Aji Hermawan Author-Workplace-Name: Business School, Bogor Agricultural University (IPB), Bogor, Indonesia Title: Formulation for Development Strategy of Gayo Coffee Agroindustry Institution Using Interpretive Structural Modeling (ISM) Abstract: Institutional aspect is one of strategic aspect for an agroindustry development, including Gayo coffee agroindustry in Province of Aceh, Indonesia. Institution has important role as medium for innovation distribution, certification, and quality management of agroindustry, that the institution conduciveness is very much determining the development of the agroindustry itself. The purpose of the study was to formulate strategy of Gayo coffee agroindustry institution by using interpretive structural modeling (ISM). The study result showed that it was important to formulate strategy of each element in the development system of Gayo coffee agroindustry institution. For the element program goal, strategy that was necessary to be done was improvement in human resources and institutional performance. In element obstacles, the chosen strategy was to build cooperative relationship among agroindustry's actors that need to be optimized. For element activity, the main strategy was to enhance the human resources capacity of agroindustry's actors. In the element indicator of program success, the recommended strategy was the establishment of agroindustry institutional system that is conducive and continues to grow. The last element was actors, with strategy focused on developing farmers and farming group. Result from these strategies formulation became valuable reference for follow-up plan of Gayo coffee agroindustry institution development in Province of Aceh, Indonesia, and also could be a model for development of agroindustry institution of other commodities. Keywords: agroindustry, interpretive structural modeling, institution, Gayo coffee, strategy, Indonesia Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 487-495 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020487 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020487.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020487.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0015.txt Handle: RePEc:mup:actaun:actaun_2018066020487 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Hornungová Author-Workplace-Name: Brno University of Technology, Faculty of Business and Management, Kolejní 290614, 61200 Brno, Czech Republic Author-Name: František Milichovský Author-Workplace-Name: Brno University of Technology, Faculty of Business and Management, Kolejní 290614, 61200 Brno, Czech Republic Title: Agricultural Sector Performance Evaluation in Terms of Financial Indicators: A Comparison of Czech Republic, Slovakia and Western Balkan States Abstract: Agriculture and food industry have become part of strategic areas for each country and each region of Europe. Important condition on companies in group A (according NACE classification) is fulfilling requirements of management in performance of financial area. Traditional financial indicators (calculated from accounting data) are still used to evaluate performance level, what have been considered to be the most appropriate approach over a long period of time in spite of different accounting and financial indicators. The main objective is to find crucial factors in the field of financial performance for agriculture companies in chosen region. Data from 10438 agricultural companies have been get from Amadeus database and analysed. For purpose of the paper there were used factor analysis, Pearson chi-square test for independence, and correspondence analysis. By application of factor analysis has reduced the basic set, originally formed by seven key financial indicators, into seven indexes according analysed countries. All observed factors were put into Pearson's chi-square test to indicate the dependency between indexes and (1) company size and (2) NACE classification. Finally, there was applied correspondence analysis, by which were found out clusters of countries, industries and size. Keywords: financial performance indicators, agricultural companies, factor analysis, correspondence analysis Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 497-507 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020497 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020497.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020497.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0016.txt Handle: RePEc:mup:actaun:actaun_2018066020497 Template-Type: ReDIF-Article 1.0 Author-Name: Helena Chládková Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Changes in the Czech Business Environment by the View of SME Managers Abstract: This article shows first of all opinions of SME managers on the changes in the quality of the Czech business environment. The article contains the views of managers identified in 2017 and 2015 and compares them with the detected results in 2010 and 2004. It is interesting that managers reported more opportunities than threats in all years. Because the most of respondents (SME managers) were active in a municipality of up to 2000 residents in villages in southern Moravia their views on the quality of the business environment can be used to assess the competitiveness of the region and to reflect on the relationship between small and medium-sized enterprises and regional development. The paper also documents the applicability of the situational analysis of the external environment in SMEs. But the quality of business environment is evaluated also based on the results of the World Bank and Transparency International for purposes of international comparison in this article. To assess the quality of the business environment was used Corruption Perceptions Index by Transparency International. Czech Republic ranked 37 place with the score 56 in 2015 (score 51 in 2014). Also, World Bank in its results "Doing business 2016" shows improve conditions for business in the Czech Republic. Keywords: business environment, corruption, opportunities, small and medium - sized enterprises, threats, regional development Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 509-519 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020509 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020509.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020509.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0017.txt Handle: RePEc:mup:actaun:actaun_2018066020509 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Kubová Author-Workplace-Name: University of Economics and Management Prague, Nárožní 2600/9a, 158 00 Praha 5, Czech Republic Author-Name: Helena Smolová Author-Workplace-Name: University of Economics and Management Prague, Nárožní 2600/9a, 158 00 Praha 5, Czech Republic Author-Name: Hana Urbancová Author-Workplace-Name: University of Economics and Management Prague, Nárožní 2600/9a, 158 00 Praha 5, Czech Republic Title: Adherence to Healthy Lifestyle Principles Among College Students: A Case Study Abstract: Dietary habits of every human impact her or his health. The society-wide situation with regard to the dietary habits is not positive according to the existent surveys, and the same applies to the college students. This paper goal is to identify the dietary habits frequented among the college students at a selected institution (a case study); evaluate the habits; and, propose actions for the institution under review, aimed to positively influence their students' dietary habits. The paper has been designed as a case study, while the data has been obtained from the evaluation of a quantitative survey (based on an executed questionnaire survey) including the total of n = 219 college students of the selected educational institution. As revealed by the results, there is a statistically significant difference in the students' dietary habits according to gender and age category. Keywords: Nutrition, students, diet Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 521-530 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020521 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020521.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020521.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0018.txt Handle: RePEc:mup:actaun:actaun_2018066020521 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Kučerová Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Tomáš Dania Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Renata Skýpalová Author-Workplace-Name: Department of Management, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Veronika Blašková Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Construction Industry in the Czech Republic: the Level of Involvement in Corporate Social Responsibility Abstract: This article introduces results of inquiry in corporate social responsibility conducted among construction companies in the Czech Republic in 2017. Its main themes include specifics of application of the CSR concept in the practice of the construction industry and effects of selected factors on the level of involvement of Czech construction companies in CSR activities. The results of the inquiry clearly indicate that despite the high level of knowledge of the CSR concept among the construction companies reaching 65 % the overall activities across the CSR pillars are scarce. The statistical test results show that large companies working with the concept of business ethics are more engaged in CSR activities. Growing size of the construction company is connected with activity increase in the social pillar. On the other hand, strategic planning hardly affects the company involvement in the CSR concept. Also the length of activity of the construction company on the market only affects CSR activity level within the environmental pillar. Keywords: construction industry, social responsibility, company size, strategic plan, business ethics Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 531-541 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020531 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020531.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020531.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0019.txt Handle: RePEc:mup:actaun:actaun_2018066020531 Template-Type: ReDIF-Article 1.0 Author-Name: Vanda Maráková Author-Workplace-Name: Department of Tourism and Hospitality, Faculty of Economics, Matej Bel University in Banska Bystrica, Tajovskeho 10, 975 90 Banska Bystrica, Slovak Republic Author-Name: Jaroslav Ďaďo Author-Workplace-Name: Department of Corporate Economics and Management, Faculty of Economics, Matej Bel University in Banska Bystrica, Tajovskeho 10, 975 90 Banska Bystrica, Slovak Republic Author-Name: Janka Táborecká-Petrovičová Author-Workplace-Name: Department of Corporate Economics and Management, Faculty of Economics, Matej Bel University in Banska Bystrica, Tajovskeho 10, 975 90 Banska Bystrica, Slovak Republic Author-Name: Tamara Rajic Author-Workplace-Name: Economics Institute a.d. Belgrade, Kralja Milana 16, 11000 Belgrade, Republic of Serbia Title: Visitors' Motivation for Attending Traditional Cultural Events as the Basis for Market Segmentation: Evidence from Slovakia Abstract: In an increasingly competitive festival market, identifying visitors' motivation has been recognized as a key prerequisite for satisfaction, which is expected to lead to positive referrals and future visitations of an event. The objective of this study is to identify the main factors which motivate visitors to attend traditional cultural events in Slovakia and to examine their viability as the basis for festival market segmentation. Building upon previous research on festival attendees' motivation, a set of potential drivers of visitors' behavior has been identified and by the application of exploratory factor analysis further refined into the following six domains of visitors' motivation: new and different experience, friends and family togetherness, reconnection with culture and tradition, socialization, recover equilibrium and change from everyday life. The application of k-means clustering on the basis of motivational domains indicated four clusters of festival visitors and provided evidence in support of suitability of visitors' motivation as the basis for festival market segmentation. Findings of the study have been discussed, limitations are noted and directions for future research are highlighted. Keywords: visitors' motivation, market segmentation, traditional cultural events, factor analysis, cluster analysis, Slovakia Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 543-551 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020543 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020543.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020543.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0020.txt Handle: RePEc:mup:actaun:actaun_2018066020543 Template-Type: ReDIF-Article 1.0 Author-Name: Michaela Moučková Author-Workplace-Name: Department of Public Finance, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic Author-Name: Leoš Vítek Author-Workplace-Name: Department of Public Finance, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic Title: Tax Literacy Abstract: Presented paper focuses on measuring tax literacy among bachelor degree students at the University of Economics, Prague, along with analysis of the two factors that influence it. Based on the 150 collected questionnaires (63 % response rate), we measured tax literacy of students (personal income tax and VAT) and examined whether it depends on (i) previous passing of tax courses and (ii) previous practical experience with filing tax returns. More than half of the students were well to excellently-versed in tax matters, including those who have not completed any more advanced tax courses apart from the elementary tax course. For VAT, the results of statistical tests show that students' knowledge depends on passing a more advanced course on consumption taxation. On the other hand, the link between experience with tax returns and results of tax literacy tests cannot be unambiguously confirmed or rejected. Within the first statistical test (personal income tax), it was established that students' knowledge does not depend on previous filing of tax returns; the second test (value added tax) led to the opposite conclusion. Keywords: tax literacy, financial literacy, personal income tax, value added tax Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 553-559 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020553 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020553.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020553.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0021.txt Handle: RePEc:mup:actaun:actaun_2018066020553 Template-Type: ReDIF-Article 1.0 Author-Name: David Schüller Author-Workplace-Name: Department of Management, Faculty of Business and Management, Brno University of Technology, Kolejní 4, 61200 Brno, Czech Republic Author-Name: Jan Pekárek Author-Workplace-Name: Department of Informatics, Faculty of Business and Management, Brno University of Technology, Kolejní 4, 61200 Brno, Czech Republic Title: Customer Satisfaction Measurement - Clustering Approach Abstract: The paper deals with the issue of customer satisfaction measurement. The aim of this study is to determine the importance of the individual factors and their impact on total customer satisfaction for multiple segments by using linear regression and hierarchical clustering. This study is focused on the market of café establishment. We applied hierarchical clustering with Ward's criterion to partition customers into segments and then we developed linear regression models for each segment. Linear models for partitioned data showed higher coefficient of determination than the model for the whole market. The results revealed that there are quite significant differences in rankings of customer satisfaction factors among the segments. This is caused by the different preferences of customers. The clustered data allows to achieve a higher homogeneity of data within the segment, which is crucial both for marketing theory and practice. The approach i.e. partitioning the market into smaller more specific segments could become perspective for marketing use in different economic sectors. This attitude can allow marketers to target better on customer segments according to the importance of individual factors. Keywords: customer satisfaction, linear regression, hierarchical clustering, importance of factors Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 561-569 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020561 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020561.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020561.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0022.txt Handle: RePEc:mup:actaun:actaun_2018066020561 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Svobodová Author-Workplace-Name: Department of Statistics, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6 - Suchdol, Czech Republic Author-Name: Ludmila Dömeová Author-Workplace-Name: Department of Systems Engineering, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6 - Suchdol, Czech Republic Author-Name: Andrea Jindrová Author-Workplace-Name: Department of Statistics, Faculty of Economics and Management, Czech University of Life Sciences in Prague, Kamýcká 129, 165 21 Praha 6 - Suchdol, Czech Republic Title: Economic Differences of Border Regions in the Czech Republic Abstract: The article deals with the economically weak regions in the border areas of the Czech Republic (CR). The main goal is the selection and application of the most important variables, as the methodology of selection and evaluation of economically weak regions is not united. The following research question was formulated as whether the border regions are economically weaker when compared with the Czech Republic average of selected indicators. Two working hypotheses were set: whether the situation of the border regions is different from each other among the border regions and whether the economy of the neighbouring country impacts these disparities in border regions. The secondary goal of this article is to find homogenous clusters and describe these clusters of border regions. The result of the principal component analysis was determination of three components Labour market, Transnational commuters and Population migration. The variables that set up the component Labour Market was found to be the most important for economically weak border regions. The three components were used for cluster analysis and the territories were broken up into four clusters, none of which is above average of the CR with the result that the situation in the border region is dependent on the neighbouring country. Keywords: Border regions, cluster analysis, cross-border cooperation, Czech Republic, economically weak regions, principal component analysis, regional development, regional policy Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 571-582 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020571 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020571.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020571.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0023.txt Handle: RePEc:mup:actaun:actaun_2018066020571 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Szczeponková Author-Workplace-Name: Department of National Economy, Faculty of Economics, VŠB-TU Ostrava, 17. listopadu 15/2172, 708 33 Ostrava-Poruba, Czech Republic Title: Firm's Finance and Influence of Global Financial Crisis in the Selected European Countries Abstract: Small and medium enterprises (SME) are key in creation of new jobs and they significantly involved on GDP, innovations and economic growth. These firms very often rely on financial extraneous sources, but acces to these finance is significant business barrier. It means that SME face to financial constraint. This financial constraint is exacerbated by the financial crisis. The goal of this article is to clarify influence of the systemic banking crisis on use own and external sources of finance within small and medium enterprises in the selected european countries. The influence of global financial crisis on firm's finance in selected european countries is estimated by the method Difference-in-Difference (DiD) in combination with panel data. The results show, that companies in regions hit by the systemic banking crisis had a lower share of long-term investments funded by share issues in 2009 or 2012, compared with companies in regions not affected by this crisis in 2005, 2009 or 2012, and companies in regions affected by the systemic crisis in 2005 and higher share of long-term investments financed from ekvity capital. During the financial crisis the conditions for providing extraneous sources to private entities are diminishing, and especially small and medium-sized businesses are forced to use other sources of funds. Keywords: small and medium enterprises, acces to finance, global financial crisis, difference in difference, panel data, firm's finance, business barriers Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 583-593 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020583 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020583.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020583.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0024.txt Handle: RePEc:mup:actaun:actaun_2018066020583 Template-Type: ReDIF-Article 1.0 Author-Name: Drahoš Vaněček Author-Workplace-Name: Department of Management, Faculty of Economics, University of South Bohemia in České Budějovice, Studentská 13, 370 05 České Budějovice, Czech Republic Author-Name: Martin Pech Author-Workplace-Name: Department of Management, Faculty of Economics, University of South Bohemia in České Budějovice, Studentská 13, 370 05 České Budějovice, Czech Republic Author-Name: Michael Rost Author-Workplace-Name: Department of Applied Mathematics and Informatics, Faculty of Economics, University of South Bohemia in České Budějovice, Studentská 13, 370 05 České Budějovice, Czech Republic Title: Innovation and Lean Production Abstract: Production has undergone historically through different changes, the essence of which is innovation. Innovations are either the introduction of new and more powerful machines and technologies, or just tiny, but everyday changes called Kaizen. The article focuses on the implementation of this second group of rationalization changes. 90 enterprises were surveyed and the results were evaluated mainly in terms of their size (small, medium, large), industry (engineering, electro-technical production, production of food, production of products for domestic use), and ownership of the company and by the importance in the supply chain.Regardless their size, the enterprises expect to continue the current trend with increasing demand and therefore they expect to expand the production employing more workers. New technology is supposed to be implemented to a lesser extent, but the situation is significantly better for the enterprises with a foreign owner. In small enterprises there is usually the absence of standards, which is a prerequisite for successful planning. Tailor-made production according to individual customer requirements exists mostly in greater enterprises. Regarding different types of waste reduction, defects are reported to be the most important issue, followed by motion, over-production and waiting. The research of 90 enterprises shoved, that most of them are not getting ready in a particular way for the future, although it might not be as favourable as it is now. Enterprises should increase the share of products with higher added value. Keywords: innovation, planning, lean production, standardization, kaizen, MUDA Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 595-603 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020595 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020595.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020595.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0025.txt Handle: RePEc:mup:actaun:actaun_2018066020595 Template-Type: ReDIF-Article 1.0 Author-Name: Ivo Zdráhal Author-Workplace-Name: Department of Regional and Business Economics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Věra Bečvářová Author-Workplace-Name: Department of Regional and Business Economics, Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Entry Into the Common Market of the European Union in Terms of Czech Republic's Foreign Trade with Dairy Products Abstract: The aim of the paper is to evaluate the development of the Czech foreign trade in milk and milk products and specify the typical features and consequences within its territorial and commodity structure using a specific system of indicators intended to show a relevant image on the topic. The analysis covers the period between 1999 and 2015 and are interpreted in the context of changes of the business environment that have occurred in the last two decades, particularly in relation to the Czech Republic's entry into the European Union. Throughout the studied period, the Czech Republic revealed a positive balance of trade in milk and dairy products, as well as favourable values of TC index (value of coverage of import by export). The dynamics of the territorial structure of export and import is embodied in the overall trade dynamics between the Czech Republic and countries of EU-28. The Czech Republic's entry into the EU common market, however, led to a change in the trading milk product structure. As a negative is regarded the fact that the structure of Czech export to the EU countries has changed and that is mainly concentrated on basic raw milk or dairy products of the first phase of processing with relatively low added value. Keywords: milk, dairy products, agri-food trade, EU enlargement, common market, competitiveness, Czech Republic, European Union Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 605-616 Volume: 66 Issue: 2 Year: 2018 DOI: 10.11118/actaun201866020605 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020605.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866020605.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201802-0026.txt Handle: RePEc:mup:actaun:actaun_2018066020605