Template-Type: ReDIF-Article 1.0 Author-Name: Václav Adamec Author-Workplace-Name: Department of Statistics and Operations Research, School of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Synchronization of Economic Cycles in Countries of the Visegrad Group, Germany and Eurozone Abstract: Most countries of the Visegrad group presently undertake meticulous preparation for entry to the Eurozone, which makes the issue of business cycle synchronization contemporary. In this study, we identified business cycle in V4 member states, Germany and the Eurozone and investigated the degree of business cycle synchronization among V4 countries, with Germany and the Eurozone. Quarterly GDP data, season and calendar adjusted from 1995 : 1 through 2016 : 4 (T = 88) were broken down to trend and cyclical elements by the Hodrick-Prescott filter and used to obtain the relative output gap. Phases of the business cycle were identified through modified BBQ algorithm. Business cycle synchronization was quantified with Pearson correlation coefficient, concordance index and Mink similarity index calculated separately for time segments before EU accession in 2004 and after. Tests of statistical significance were carried out, where relevant. In the period before EU enlargement, few economic cycles were correlated weakly, but many were not synchronized at all or were even negatively correlated. After EU accession, the cycles became closely synchronized among V4 countries or between V4 state and Germany or Eurozone. Although the degree of correlation between V4 countries and Eurozone is not as strong, as for Germany and Eurozone, it is obvious that V4 countries are becoming increasingly prepared for adopting Euro, as their currency, with respect to the requisite of economic cycle synchronization. Keywords: business cycle, HP filter, output gap, correlation coefficient, concordance index, similarity index, synchronization, R-software Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 719-728 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030719 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030719.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030719.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0011.txt Handle: RePEc:mup:actaun:actaun_2018066030719 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Anarfi Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Author-Name: Danuše Nerudová Author-Workplace-Name: Department of Accounting and Taxation, Faculty of Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic Title: Profit Shifting and the Tax Response of Multinational Banks in Eastern Europe Abstract: The aim of the paper is to measure the amount of profit shifting within the banking sector in Eastern European countries. The paper uses firm-level bank data from the Bankscope database of multinational subsidiary banks operating in Eastern Europe for a period of 10 years (2006-2015). An empirical analysis is performed on the panel data to identify the profit-shifting activities of these banks. Focusing on the banking sector of Eastern European countries, which are a microcosm of the European Union, substantial evidence of profit shifting is found and confirms that banks have enhanced tax-planning opportunities similar to firms from different jurisdictions. The paper also seeks to contribute to recommendations on how fair and sustainable taxation and social policy reforms can increase the economic stability of the EU member states. Keywords: profit shifting, multinationals, subsidiary banks, Eastern Europe Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 729-736 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030729 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030729.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030729.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0012.txt Handle: RePEc:mup:actaun:actaun_2018066030729 Template-Type: ReDIF-Article 1.0 Author-Name: Radka Bauerová Author-Workplace-Name: Department of Business Economics and Management, Faculty of Business Administration, Silesian University in Karviná, Univerzitní náměstní 1934/3, 733 40 Karviná, Czech Republic Author-Name: Martin Klepek Author-Workplace-Name: Department of Business Economics and Management, Faculty of Business Administration, Silesian University in Karviná, Univerzitní náměstní 1934/3, 733 40 Karviná, Czech Republic Title: Technology Acceptance as a Determinant of Online Grocery Shopping Adoption Abstract: Online grocery shopping plays an important role in the current online market as the most evolving online shopping category. Despite that, consumers adopt this way of shopping quite differently across European countries. To explain such a difference, the Technology acceptance model (TAM) can be used for better understanding consumer behaviour toward habitual online shopping. This paper goes beyond and applies TAM in online grocery area based on the assumption that customers view online grocery shopping as an interaction with system respectively web page interface. The aim of the paper is to explain consumer behaviour in the domain of online grocery shopping. Structural equation modelling was chosen to determine factors influencing online grocery shopping and moreover, to find positive relationships between them. The online quantitative questionnaire was given to 480 respondents. Analysis showed a positive relationship between Perceived Usefulness (PU), Perceived Ease of Use (PEOU) and Behavioural Intention (BI). The final scheme has characteristics of simple path model with a sequence of latent constructs where PEOU has a positive effect on PU and PU consequently effects BI. Perceived Usefulness of online grocery shopping have a direct effect on Intention to buy, therefore plays a crucial role in awakening the interest in buying food online. Keywords: online grocery shopping, technology acceptance model, consumer's behaviour, structural equation modelling, consumer's technology acceptance Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 737-746 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030737 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030737.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030737.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0013.txt Handle: RePEc:mup:actaun:actaun_2018066030737 Template-Type: ReDIF-Article 1.0 Author-Name: Zita Drábková Author-Workplace-Name: Department of Finance and Accounting, Faculty of Economics, University of South Bohemia in České Budějovice, Studentská 13, 370 05 České Budějovice, Czech Republic Title: CFEBT Risk Triangle as a Tool for Detecting and Evaluating Risks of Accounting Records: a Case Study Abstract: The objective of the present contribution is to evaluate the risk of accounting errors and frauds in small companies predominantly operating in agriculture. It is based on an analysis of the CFEBT risk triangle for financial statements reported for the years 2012-2016.The CFEBT risk triangle is applied in form of a case study aimed at risk detection of occurrence of accounting errors and frauds for a selected sample of companies. A detailed analysis of a risk of impact of accounting errors and frauds is illustrated in the case study of an accounting unit chosen from the sample of companies evaluated. Results of the presented case study into the detection and evaluation of the risk based on interconnections between the reported profit (loss) and the generated cash flow during 5 accounting periods confirm the significance of having a complex view for decision-making of users based on reported accounting records and accounting data.Future research into the CFEBT risk triangle focuses on performance of complex analyses for individual types of business activities of small and middle-sized companies in the context of Czech accounting standards and IFRS. Keywords: creative accounting, CFEBT risk triangle of accounting errors and frauds, financial statements, risk of financial statements, fair and true view, frauds, accounting errors Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 747-754 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030747 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030747.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030747.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0014.txt Handle: RePEc:mup:actaun:actaun_2018066030747 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Halásková Author-Workplace-Name: Department of Public Economics, Faculty of Economics, VŠB - Technical University of Ostrava, Sokolská třída 33, 702 00 Ostrava, Czech Republic Author-Name: Renata Halásková Author-Workplace-Name: Department of Technology and Vocational Education, Faculty of Education, University of Ostrava, Fráni Šrámka 3, 709 00 Ostrava, Czech Republic Title: Evaluation Structure of Local Public Expenditures in the European Union Countries Abstract: The public sector plays a significant role in securing public needs in a number of countries. The paper aims to evaluate the local public sector by the structure of local public expenditures, emphasizing similarities and differences in EU countries. Attention is paid to the evaluation of local public expenditures by eight functions (general public services, public order and safety, economic affairs, housing and community amenities, recreation and culture, social protection, health, education) in years 2005 and 2015. Local public expenditures by function in the EU are evaluated in connection to lower government levels and fiscal decentralization of expenditures. The evaluation shows that no countries demonstrate similarity of local public expenditures by function, which is associated also with an identical size of fiscal decentralization of expenditures and the number of lower government levels. By contrast, both similarities and differences were proved with respect to the evaluated local public expenditures by the application of multidimensional scaling and cluster analysis. The results have shown that Scandinavian countries represent the most marked differences in the structure of local public expenditures, in comparison to Malta and Cyprus in terms of local public expenditures on social protection, health and education. Keywords: public finance, public expenditure, local public expenditure by function, evaluation, EU countries, multidimensional scaling, cluster analysis Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 755-766 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030755 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030755.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030755.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0015.txt Handle: RePEc:mup:actaun:actaun_2018066030755 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Harčariková Author-Workplace-Name: Department of Finance, Faculty of Economics, Technical University of Košice, Letná 9, 040 01 Košice, Slovak Republic Title: Managing Price Risk in the Corn Market Using Option Strategies Abstract: In today's economy, the agricultural sector faces a high degree of risk due to increasing commodity price volatility. Therefore, it is important to know how to manage the price risk effectively. The main contribution of the paper is to introduce and analyse the ways of the managing price risk in the corn market using option strategies. The purpose of the paper is to analyse three hedging option strategies, i.e. Strap, Long Strangle and Short Put Ladder strategy with the aim to prove how it is possible to hedge against falling prices. There is examined analytical expressions of vanilla options for the creation of selected hedging strategies in the corn market with the presentation of their pros and cons. General expressions of the corn selling price intervals are derived from various hedged scenarios of all variants. Based on derived theoretical hedging variants, the contribution of the approach is considered for the application to the corn market, where the corn options on futures contracts are traded on the Chicago Board of Trade. Also, the evaluation of the sellers' profitability is examined at the future trade date. Finally, a comparative analysis of the proposed hedging techniques with the various strike prices is displayed with the presentation of recommendations for potential corn sellers. The paper's aim is to extend the previous research based on different hedging tools and it may be widened in the scientific and the commercial area. Keywords: risk management, options, option strategy, agricultural market, corn futures, volatility, falling prices Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 767-779 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030767 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030767.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030767.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0016.txt Handle: RePEc:mup:actaun:actaun_2018066030767 Template-Type: ReDIF-Article 1.0 Author-Name: Amurtiya Michael Author-Workplace-Name: Department of Agricultural Economics and Extension, Modibbo Adama University of Technology, Yola, PMB 2076, Yola, Nigeria Author-Name: Abdu Karniliyus Tashikalma Author-Workplace-Name: Department of Agricultural Economics and Extension, Modibbo Adama University of Technology, Yola, PMB 2076, Yola, Nigeria Author-Name: David Chinda Maurice Author-Workplace-Name: Department of Agricultural Economics and Extension, Modibbo Adama University of Technology, Yola, PMB 2076, Yola, Nigeria Title: Agricultural Inputs Subsidy in Nigeria: an Overview of the Growth Enhancement Support Scheme (GESS) Abstract: The Growth Enhancement Support Scheme (GESS) was initiated by the Nigerian government to boost agricultural production through the provision of 'smart subsidies' on some farm inputs to small-scale farmers. This review highlights the successes and challenges of the Scheme's implementation process across the country. The study reviewed scholarly articles and other secondary data from government sources on the scheme. Findings from the study revealed that the Scheme was able to deliver subsidised agricultural inputs to small-scale farmers with relative ease and at affordable rate which was able to boost farm output. However, the scheme is affected majorly by its politicization, the inability of the governments to release funds to agro-dealers leading to late delivery of inputs and the lack of support service (extension) to farmers. Based on these findings, it is therefore recommended that, adequate synergy should be established between all collaborating agencies of the government participating in the scheme to ensure adequate release of funds, timely disbursement of farm inputs and the provision of suitable support services to farmers. Keywords: agricultural input, subsidy, growth enhancement support scheme, Nigeria Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 781-789 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030781 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030781.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030781.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0017.txt Handle: RePEc:mup:actaun:actaun_2018066030781 Template-Type: ReDIF-Article 1.0 Author-Name: Helena Smolová Author-Workplace-Name: University of Economics and Management Prague, Nárožní 2600/9a, 158 00 Praha 5, Czech Republic Author-Name: Pavla Kubová 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: Department of Territorial Development of Agriculture and Rural Areas, Division Research - Rural Development, Institute of Agricultural Economics and Information, Mánesova 1453/75, 120 00 Prague 2, Czech Republic Title: Success Factors for Start-ups Related to Agriculture, Food and Nutrition and Their Relevance to Education Abstract: Continuous formation of new businesses, start-ups, which could establish themselves on the market and be successful, should be supported in all economic areas, and the area of agriculture is no exception. Thus the main aim of this paper is to formulate a recommendation for educational institutions which prepare future generations, among others, to establish start-ups in agriculture that reflect fundamental success factors. The data were acquired with the aid of structured interviews (n = 6), which were carried out in electronic form. The respondents agreed that they considered the greatest obstacle, and at the same time challenge, to be the entry into the unknown, and that fear of failure in the context of an enterprise in the area of agriculture, food and nutrition has arrived only in the last few years, when loans, employees and obligations are on the rise. Keywords: agriculture, food, nutrition, start-up, success factors Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 791-801 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030791 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030791.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030791.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0018.txt Handle: RePEc:mup:actaun:actaun_2018066030791 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Urbancová Author-Workplace-Name: Department of Territorial Development of Agriculture and Rural Areas, Division Research - Rural Development, Institute of Agricultural Economics and Information, Mánesova 1453/75, 120 00 Prague 2, Czech Republic Author-Name: Lucie Vnoučková Author-Workplace-Name: Department of Management, University of Economics and Management, Nárožní 2600/9a, 158 00 Prague 5, Czech Republic Title: Impact of Employee Development in Agricultural Companies on Commitment, Loyalty and Performance Abstract: Employees in agricultural companies are aware of the necessity to learn and develop; hence it is essentially easier for the agricultural companies to encourage their employees to engage in these processes. Regardless the awareness of the employees concerning the development, the organisational features of the agricultural companies, which influence the development of the employees, needs to be taken into account. The aim of the paper is to identify the attitude of surveyed agriculture organisations towards employee development and to evaluate possible use of employee development strategies impacting employee commitment, loyalty and performance. Data were collected by means of quantitative research in selected number of agricultural companies (n=101) in the Czech Republic, while the data were evaluated by descriptive (correlation) analysis and multidimensional statistics (factor analysis). Results show that employee development foster commitment, loyalty and performance. The results were able to classify the HR systems of the case organisations into six types according to factor analysis: external HR marketing, internal development, investments into development, increased loyalty and competitiveness, increased understanding and finally, increased retention based on loyalty and commitment. Furthermore, smaller companies often lack formal development. On the contrary, large and micro companies have exact practices and outputs related to it. Keywords: agriculture, employee development, talent, skill, commitment Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Pages: 803-811 Volume: 66 Issue: 3 Year: 2018 DOI: 10.11118/actaun201866030803 File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030803.html File-Format: text/html File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866030803.pdf File-Format: Application/pdf X-File-Ref: http://acta.mendelu.cz/RePEc/mup/references/acu-201803-0019.txt Handle: RePEc:mup:actaun:actaun_2018066030803