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: Disparity in Performance of the Czech Construction Sector: Evidence from the Markov-Switching Model
Abstract: Activities in the construction sector are assumed to be influenced by inflow of mortgage funding in the private housing sector and public finances targeted at large infrastructure projects, apart from climate variables. In this study, we modeled seasonal time series representing monthly output in the Czech construction sector in CZK mil. during 2000:1 through 2016:12 (T = 204) adjusted for calendar variations and seasonal movements via TRAMO-SEATS and then transformed to natural logarithms of gross returns. A Markov-Switching model with two states, no intercept, average monthly temperature, average monthly precipitation and parameters of first-order autoregression process was specified and estimated by the Expectation-Maximization. In State 1 of regular performance, the log-differenced returns were significantly and positively influenced by precipitation levels, but not by ambient outdoor temperature. In State 2 of non-standard operation of the construction sector, the transformed series was unaffected by precipitation levels, but instead by ambient outdoor temperatures. First-order autocorrelation dependency in both regimes was established. Changes in legal and macroeconomic environment pertinent to tax law amendments affecting VAT or corporate tax, country's accession to EU or large construction project deadlines were shown to induce nonstandard regime in the construction sector (State 2). The model classified 91 % observations in the first state, while only 9 % data belonged to the State 2. Transition probability matrix indicates that change from model State 1 to State 2 is difficult to attain. At the same time, once State 2 was established, it tends to persist or change to State 1 with near equal probability. Ability of the Markov-Switching model to identify both states is reasonably good.
Keywords: construction sector, TRAMO-SEATS, Markov-Switching model, Value Added Tax, corporate tax, transition probability, R-software
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1383-1391
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061383
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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: Promotion as a Variable of HR Marketing in Selected Corporations in the Czech Republic in the Context of Digitization
Abstract: Today's corporations want to differentiate themselves and be more attractive, popular and interesting for their current and potential employees. HR marketing can help corporations gain a competitive advantage and be different. The purpose of this paper was to determine the current state of use of social media platforms based on the biological age of the respondents and the highest level of education achieved of the respondents in selected corporations in the Czech Republic in the context of HR marketing. The primary data was obtained by a self-administered, structured questionnaire targeted at selected Czech corporations and their employees. The total number of respondents was 588 employees. One research question and two research hypotheses have been formulated. The verification or rejection of null research hypotheses was done through the statistical method of the Pearson's Chi-square test. The results came along with finding that there is a statistically significant relation between the active use of social media platforms and the biological age of the respondents and there is a statistically significant relation between the active use of social media platforms and the highest level of education achieved of the respondents in selected corporations in the Czech Republic.
Keywords: Czech Republic, digitalization, HR marketing, human resource management, marketing mix, promotion, recruitment, social media platforms
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1393-1405
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061393
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866061393.html
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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: Employee Voice: an Employee Satisfaction Level by Selected Healthcare Service Providers in the Czech Republic
Abstract: The employee satisfaction level is closely related to the performance and quality of work performed by an employee and, consequently, it translates into the competitiveness and success of a corporation, because a motivated and satisfied employee builds and participates in the success of any corporation (organization, firm, hospital, etc.). The aim of the article was to discover more about the current situation employee satisfaction level by selected healthcare service providers in the context of the gender of employees and the length of current employment of the employees by selected healthcare service providers in the Czech Republic. The overall employee satisfaction level was monitored through seven selected research areas. The research was carried out in 2017 from the sample of 608 respondents. Two research hypotheses and one research question have been formulated. The verification or rejection of null research hypotheses was done through the statistical method of the Pearson's Chi-square test. The results came along with the discovery that there is a statistically significant relation between the overall employee satisfaction level by selected healthcare service providers and the gender of employees and there is no statistically significant relation between the overall employee satisfaction level by selected healthcare service providers and the length of current employment of the employees by selected healthcare service providers.
Keywords: Czech Republic, employee satisfaction level, gender, healthcare service provider, human resource management, loyalty, satisfaction and importance factors, survey
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1407-1416
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061407
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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: What is the True Effect of Rebalancing - a Higher Return or a Lower Risk?
Abstract: The paper is motivated by the fact that rebalancing in portfolio management has an effect recognisable with both return and risk, although its purported ambition is to control (or decrease) portfolio risk. Focusing upon rebalancing strategies in quadratic tracking, the paper investigates whether rebalancing contributes to higher returns or lower risks. The investigation is conducted as a case study of tracking the S&P 500 Index by means of its constituents in four different time periods spanning from 2011 to 2017. Different approaches to stock pre-selection (according to investment styles induced by market capitalization and the P/B ratio), portfolio nominal sizes (ranging between 10 and 30 stocks) and rebalancing (including periodic, deviation or no rebalancing at all) are considered. The results suggest that the effect of rebalancing is generally more apparent with return and less with risk, and that risk may in times of turbulent markets be aggravated by rebalancing interventions.
Keywords: periodic rebalancing, deviation rebalancing, return, volatility, stock screening on size and multiples, quadratic tracking
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1417-1430
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061417
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866061417.html
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Template-Type: ReDIF-Article 1.0
Author-Name: František Dařena
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 61300 Brno, Czech Republic
Author-Name: Jan Přichystal
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 61300 Brno, Czech Republic
Title: Analysis of the Association between Topics in Online Documents and Stock Price Movements
Abstract: This paper aims at discovering the topics hidden in the newspaper articles that have an impact on movements of stock prices of the corresponding companies. Document topics are characterized by combinations of specific words in documents and are shared across a document collection. We describe the process of discovering the topics, the creation of a mapping of the topics to stock price movements, and quantifying and evaluating the results. As the method for finding and quantifying the association, we use machine learning-based classification. We achieved an accuracy of stock price movement predictions higher than 70 %. A feature selection procedure was applied to the features characterizing the topics in order to facilitate the process of assigning a label to the topic by a human expert.
Keywords: stock prices, topics in document collections, machine learning, classification, feature selection
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1431-1439
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061431
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Template-Type: ReDIF-Article 1.0
Author-Name: Radim Dušek
Author-Workplace-Name: Department of Trade and Tourism, Faculty of Economics, University of South Bohemia, Studentská 13, 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, Studentská 13, 370 05 České Budějovice, Czech Republic
Author-Name: Jan Šalamoun
Author-Workplace-Name: Department of Trade and Tourism, Faculty of Economics, University of South Bohemia, Studentská 13, 370 05 České Budějovice, Czech Republic
Title: Estimating Local Consumer Market Size for Marketing Decision-Making
Abstract: Marketing theory provides a lot of tools and methods for planning and analysis, but their practical use typically requires data that are not easily available, especially for small and medium enterprises (SMEs) operating on smaller local markets. In this study, we present a method that allows SMEs to simply estimate the size and growth trend of a local market in the Czech Republic defined by selected municipalities. The data about total consumer spending in 2011-2016 period were drawn from publicly available sources. We have created maps using the QGIS software with estimates of total consumer spending in all municipalities of the Czech Republic in 2016, total consumer spending in specific local market in 2016 and the average annual growth rate in consumer spending in 2011-2016 as well. It may serve as a guidance for SMEs about where the biggest opportunities and threats in the market size and growth are. The same method has been applied to part of South Bohemia region as a case study whose results could be used for estimation of the same figures about consumer spending.
Keywords: SMEs, consumer spending, QIS software, geomarketing, market share, decision-making
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1441-1449
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061441
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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: An Analysis of the Impact of Selected Factors on the Bond Market
Abstract: Exchange rate risk is important factor for the valuation of capital asset on international markets. According to the International Arbitrage Pricing Theory currency movements affect the prices of capital assets and associated risk premiums. The International Arbitrage Pricing Theory is based on total return of asset decomposition to non-currency return and currency return. The currency return is defined by exchange rate risk and the non-currency return is defined by factors affecting the price of capital assets. We propose an empirical model to apply this theory using corporate bonds. Using a rich dataset from Morningstar in the period 2001-2017 we employ the linear regression analysis method OLS with fixed effects. We apply the model for different bond yields and different time-series. The factors influence bond price differently for each yield and each time-series. Our results confirm that currency movements significantly affect the bond prices.
Keywords: pricing bonds, exchange rate, interest rate, inflation
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1451-1458
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061451
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Template-Type: ReDIF-Article 1.0
Author-Name: Pankaj Kumar Gupta
Author-Workplace-Name: Centre for Management Studies, JMI University, Centre for Management Studies Road, Jamia Millia Islamia, Jamia Nagar, Okhla, New Delhi, Delhi 110025, Indie
Author-Name: Shallu Singh
Author-Workplace-Name: Delhi College of Arts and Commerce, University of Delhi, Block E, Netaji Nagar, New Delhi, Delhi 110023, Indie
Title: Corporate Governance Structures in Transition Economies - Issues and Concerns for India
Abstract: Corporate Governance (CG) has become an important concern for transition economies like India worldwide economies with increasing dynamism of socio-economic environment. Sound system of governance is essential to the economic development of any nation that essentially requires a well-defined legislation, adoption of ethical standards and efficient market structures. Compared to developed economies, CG system in transition economies including BRICS nations is still an unbalanced one and evolving. The objective of this paper is to examine the present status of CG structure in India on certain selected CG parameters, legal and regulatory framework, and compare with the CG structures in other transition economies (BRICS). We use the sample of top 100 companies listed on National Stock Exchange to evaluate them on selected parameters. We examine the Indian corporate sector for transparency, compliances and ethics using reports of national and international agencies. We find that CG structure is weak, unreliable with concentration of controls and instances of growing corporate frauds with poor monitoring system fuelled by a variety of regulators. We suggest that an effective CG code must be developed to overcome these issues in the best interest of society and economy.
Keywords: corporate governance, board of directors, stakeholders, legal framework
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1459-1467
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061459
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Habanec
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: Relationship Between Deferred Tax Category and Stock Prices in Pharmacy
Abstract: The paper deals with relationship between stock prices and deferred tax category. Joos, Pratt and Young provided evidence that book-tax differences are correlated with earning management. In this paper is confirmed negative relationship between stock prices and deferred tax. The relationship is assessed on sample of companies making business in pharmacy (CZNACE-C-21). The relationship between deferred tax category and stock prices is assessed on a sample of companies in the time series from 2005 to 2015. Sample consists of companies listed on Frankfurt stock exchange and reporting in accordance with international accounting standards IAS/IFRS. The stock prices dataset is based on Morningstar database. The results are compared with the results of author 's previous study concerning the deferred tax materiality.
Keywords: deferred tax category, stock prices, pharmacy
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1469-1475
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061469
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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 in Opava, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic
Title: What Drives Liquidity of Tourism Companies? Microeconomic Evidence from Bulgaria, Czech Republic and Poland
Abstract: Current paper focuses on business economics of tourism industry. Liquidity of a company has the key role within financial management among all industries, including the tourism as well. However, the question still remains: What drives the liquidity among hotels and travel agencies? The aim of the paper is to investigate whether or not is the liquidity among tourism companies in Bulgaria, Czech Republic and Poland affected by other selected microeconomic variables. It is obtained financial data from annual reports of 1,892 tourism companies collected within Amadeus, the international statistical database. Estimated period is from 2006 till 2015. In particular it has been explored three variables (i) return on assets, (ii) share of stockholders' funds, and (iii) average length of loans from creditors. As the main estimation method is employed the Generalized Method of Moments (GMM) with panel data. A comparison is made between both, large as well as medium sized hotels and travel agencies in selected countries. Except of a few, it was proven that reinvestments of the decreasing profit supported liquidity among tourism companies during a period affected by the global financial crisis.
Keywords: hotels and travel agencies, cash conversion cycle, panel GMM model
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1477-1484
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061477
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Template-Type: ReDIF-Article 1.0
Author-Name: Marian Holienka
Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovak Republic
Author-Name: Jana Holienková
Author-Workplace-Name: Department of Psychology, Faculty of Arts, University of SS. Cyril and Methodius in Trnava, Nám. J. Herdu 2, 917 01 Trnava, Slovak Republic
Author-Name: Miroslav Holienka
Author-Workplace-Name: Department of Sports Games, Faculty of Physical Education and Sports, Comenius University in Bratislava, Nábr. arm. gen. L. Svobodu 9, 814 69 Bratislava, Slovak Republic
Title: Sports as a Stepping-Stone for Entrepreneurship: Examining Sports University Students
Abstract: Sports and entrepreneurship have several common attributes. Therefore, when focusing on entrepreneurship among university students, sports students deserve special attention. The main aim of our exploratory study was to examine personality traits, enterprising tendencies and entrepreneurial propensity of sports students. Our study was based on data gathered through own data collection using a survey instrument comprising of established measures of enterprising tendencies and interpersonal aspect of personality, and items capturing individual's entrepreneurial propensity and other personal and environmental attributes. We have collected 254 responses from 130 sports and 124 pedagogy students, who served as a comparison group. Our findings show that sports students exhibit higher enterprising tendency, significant differences in four out of eight examined general personality traits, and higher entrepreneurial propensity compared to their pedagogy counterparts. In search of potential origins of these differences and high embeddedness of entrepreneurship among sports students, we explored selected individual attributes as well as environmental factors related to respondents' personal and university settings. Based on our findings, we develop implications for entrepreneurship encouragement and utilization of enterprising potential in sports student population.
Keywords: entrepreneurship, students, sports, enterprising tendency, personality traits, education
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1485-1496
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061485
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Huber
Author-Workplace-Name: Austrian Institute of Economic Research (WIFO) and Ekonomikos Fakultetas, Vilniaus Universitetas, Arsenal, Objekt 20, 1030 Wien, Austria
Title: The Role of Migration as Adjustment Mechanism in the Crisis and EMU
Abstract: Using ELFS data from 2004 to 2014 we analyse labour migration as an adjustment mechanism to asymmetric regional labour demand shocks shortly before, during and after the Great Recession in the EU. The results suggest that in this period migration was rather responsive to regional economic conditions, but also point to a substantial heterogeneity across demographic groups, periods and country groups. The mobility of high-skilled persons and foreign born contributed much more strongly to the adjustment of labour markets than the migration of less-skilled and natives. Furthermore, among the large integration steps from 2004 to 2014 (i.e., the accession of 12 countries to the EU and the successive liberalisation of immigration from the countries joining the EU after 2004 and Euro accession) mainly the EU-enlargements worked to improve the adjustment capability of European labour markets through migration.
Keywords: labour market adjustment, migration, EU-enlargement
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1497-1508
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061497
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Juríčková
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Slovak University of Agriculture, Tr. A. Hlinku 2, Nitra, Slovakia
Author-Name: Zuzana Kapsdorferová
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Slovak University of Agriculture, Tr. A. Hlinku 2, Nitra, Slovakia
Author-Name: Mária Kadlečíková
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Slovak University of Agriculture, Tr. A. Hlinku 2, Nitra, Slovakia
Title: The Recent Development Trends in Management of Agricultural Holdings
Abstract: The aim of this scientific paper is to present recent development trends in the management of agricultural holdings in the Slovak Republic. Furthermore, the objective is to identify new trends in managerial competencies, the factors that represent key conditions for the business success of agricultural holdings, respectively the obstacles to increased competitiveness, and identify new trends in the utilization of progressive methods, techniques, tools and approaches to management. Several research hypotheses and scientific assumptions were set related to the purpose of the scientific contribution. Mathematical and statistical methods were applied for the statistical testing of the hypothesis - nonparametric tests. The results of a questionnaire survey were used as a source of data and this involved 96 top managers employed in agricultural holdings in the Slovak Republic. Stemming up from the results of our survey, managers among the others tools apply outsourcing (46, 88 %), diversification (92, 71 %) and information technologies (56, 99 %). The results confirm that although managerial approaches and methods have changed significantly as a result of multiple socio-political and economic transformations, managers need to pay greater attention to environmental aspects, to transfer of innovations and to project management and knowledge management.
Keywords: agricultural holding, manager, managerial functions, management tools, management methods, managerial approaches
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1509-1516
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061509
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Template-Type: ReDIF-Article 1.0
Author-Name: Soňa Kukučková
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Pavel Žiaran
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Free-rider Problem in Classroom Games - Impact of Gender and Intergroup Conditions
Abstract: Behavioural experiments in the field of provision of public goods (including free rider problem) help to uncover the underlying processes and forces determining the nature of economy in the public sector. The objective of this paper is to determine the impact of gender and intergroup conditions on the extent of cooperation in standard linear public goods game using the voluntary contribution mechanism. Design of the teaching experiment is based on the methodology of Špalek (2011) with some modification. There were 80 undergraduate students of business participating in the classroom game, age range 20-22 years. Students were divided into three independent groups by 26 to 27 participants. Each group was playing independently, and individual strategies were recorded. We used the nonparametric tests (Mann-Whitney U test and Kruskal-Wallis Test) to analyse the differences between the gender and groups. Findings do not show statistically significant difference based on gender. On the other hand, the intergroup conditions determined by the social dynamics and discussion have significant influence on the distribution of goods. Results bring strong evidence on the importance of social and political factors influencing the pro-social behaviour in the society.
Keywords: public goods game, voluntary contribution mechanism, free-rider problem, cooperation, gender
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1517-1525
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061517
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Template-Type: ReDIF-Article 1.0
Author-Name: Dagmar Lesáková
Author-Workplace-Name: Department of Marketing, Faculty of Commerce, University of Economics in Bratislava, Dolnozemska 1, 852 35 Bratislava, Slovak Republic
Title: Health Perception and Food Choice Factors in Predicting Healthy Consumption Among Elderly
Abstract: The main objective of the paper is to explore the impact of health perception and food choice factors on healthy food consumption among elderly and to indicate how different food choice motives influence the eating behaviour of elderly population. In our research we explore six food choice factors and their manifestation in attitudes towards healthy consumption. The purpose of the exploration of health perception is to identify seniors beliefs about food and health-related aspects. Empirical research was conducted on a random sample of 400 elderly participants aged above 65 years and living in their own flats. Non-probability sampling in the form of convenience sampling was employed. The relationship between health beliefs and attitudes towards healthy eating behaviour was confirmed with employing multiple regression analysis. We conclude that both health beliefs and food choice factors investigated in the research are important determinants of seniors' healthy consumption, however with different effect on healthy eating behaviour.
Keywords: health beliefs, food choice motives, healthy eating behaviour, seniors
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1527-1534
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061527
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Template-Type: ReDIF-Article 1.0
Author-Name: Radka MacGregor Pelikánová
Author-Workplace-Name: Metropolitan University Prague, Dubečská 900/10, 100 31 Prague 10, Czech Republic
Author-Name: Eva Daniela Cvik
Author-Workplace-Name: Metropolitan University Prague, Dubečská 900/10, 100 31 Prague 10, Czech Republic
Title: Impact of GDPR Security Measures on the Intellectual Property and Unfair Competition
Abstract: The Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC ("GDPR") created a duty to implement appropriate technical and organizational measures to ensure a level of security to protect natural persons with regard to the processing of personal data. Infringement of this duty is severely punished. These GDPR security measures and their operation should effectively and efficiently reflect intellectual property ("IP") and unfair competition concerns. The theoretic teleological interpretation of the GDPR along with the critical study of the academic literature is complemented by a practical exploratory investigation via a micro-case study based on interviews of a well-balanced group of subjects of this GDRP duty - Czech SMEs. Although the yielded results are rather indicative than generally conclusive, they allow to suggest a partial confirmation of the proposed hypotheses that this GDPR duty will have a significant impact on IP and unfair competition. The semi-conclusions based on the primary and secondary data enlightens the status quo, offers recommendations and brings suggestions for further research.
Keywords: Europe 2020, GDPR, intellectual property, IT, unfair competition, security measures
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1535-1542
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061535
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Machay
Author-Workplace-Name: Department of Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Land Degradation in the Calorie Model: Dynamics of the Stationary State
Abstract: The environmental aspects play more and more important role in an economic life of the society. One aspect the Classics did not see clearly in the context of the stationary state. This paper explores implications of the introduction of the land degradation into the concept of the classical stationary state. The calorie model is used to model the dynamics of the stationary state. Several new theorems are derived in the paper. The variables of interest are interdependent. The dynamics of the stationary state is, hence, conditional. The stationary state is more sensitive to the land degradation under contemporary conditions than to the population growth. This explains its increasing role in economic policy and economic discussions.
Keywords: stationary state, food, population, calorie model, land degradation
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1543-1547
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061543
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Template-Type: ReDIF-Article 1.0
Author-Name: Klára Margarisová
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Lucie Vokáčová
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Kateřina Kuralová
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Tomáš Hlavsa
Author-Workplace-Name: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Title: Regional Branding: Customer's Experience with the Certified Products
Abstract: This article focuses on the experience of Czech customers with the purchase of products labelled by the Association of Regional Brands and Bohemian Paradise Association. The aim of this paper is to evaluate selected indicators associated with purchasing certified regional products. The studied characteristics focus on the knowledge and perception of several chosen microregional brands and on the purchase of a certified product itself. The article presents the results of research conducted through a questionnaire survey, whose 1390 respondents are residents as well as visitors of eight different micro-regions in the Czech Republic. Awareness of regional brands within the sample surveyed is around 46 %. The relationship between awareness of regional brand and respondents' age, education and status towards the region has been identified. The perception of consumers considered, a brand is most often associated with tangible products, namely food and agricultural produce. Consumers view brands chiefly as a guarantee of production in the given region and a certain tradition. Most often, the respondents take notice of brands on the packaging of a particular certified product.
Keywords: region, regional product, sustainable development, regional branding, purchasing behaviour, customer's experience, association of regional brands
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1549-1556
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061549
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Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Moravec
Author-Workplace-Name: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Gabriela Kukalová
Author-Workplace-Name: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Jakub Ječmínek
Author-Workplace-Name: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Author-Name: Luboš Žáček
Author-Workplace-Name: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, 165 21 Prague, Czech Republic
Title: Czech Household Tax Burden Estimation
Abstract: This paper solves the question of the Czech households' tax burden and its trend during the period from 2005 to 2015. Authors identified three groups of model Czech households based on the Czech Statistical Office data. The consumer basket structures, the median income, direct and indirect taxes rates were the parameters covered by the analyses. The weighted VAT tax rates were calculated for the consumer basket items valid for the year 2015. The year 2015 was used as the reference one for the rest of the period. The results show the estimated cumulative tax burden including direct and indirect taxation in 2015 and the previous years. The paper identified the changes and the trend of taxation level relating the Czech households.
Keywords: consumer basket, tax mix, tax burden, household, direct taxes, indirect taxes
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1557-1564
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061557
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikuláš Muroň
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
Title: Wi-Fi Indoor Localisation: a Deeper Insight Into Patterns in the Fingerprint Map Data
Abstract: Localisation via Wi-Fi networks is one of the possible techniques which can be used for positioning inside buildings or in other places without the GPS signal. The accurate indoor positioning system can help users with localisation or navigation within unfamiliar places. Almost all buildings are covered with the Wi-Fi signal. Using the currently existing infrastructure will minimise cost for construction other types of indoor positioning systems. Among other reasons, usage of Wi-Fi for positioning is also convenient because almost every mobile device has a Wi-Fi capability and therefore the system can be easily used by everyone. However, an important factor is the precision of such a solution. The article is focused on the evaluation of Wi-Fi localisation precision within the university grounds.
Keywords: Wi-Fi indoor localization, Wi-Fi navigation
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1565-1571
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061565
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Netolický
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Jonáš Petrovský
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: František Dařena
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Text-Mining in Streams of Textual Data Using Time Series Applied to Stock Market
Abstract: Each day, a lot of text data is generated. This data comes from various sources and may contain valuable information. In this article, we use text mining methods to discover if there is a connection between news articles and changes of the S&P 500 stock index. The index values and documents were divided into time windows according to the direction of the index value changes. We achieved a classification accuracy of 65-74 %.
Keywords: machine learning, text mining, stock market, data stream
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1573-1580
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061573
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Template-Type: ReDIF-Article 1.0
Author-Name: František Ostřížek
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Oldřich Trenz
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Data Measurements and its Uses for the Autonomous System
Abstract: This article describes the problematic area of UAV (Unmanned Aerial Vehicle). This device can be used to communicate with corporate IS and other devices, calculation of localisation, mapping of new places which covered with Wi-Fi technology and many others purposes. Nowadays, trends in the solution of driving and maintenance describe precise localisation. The fundamental error of GPS while using it inside buildings is enormous, and for this reason, we were trying to use infrastructure based on 802.11 a/b/g/n. It takes a focus on the part of measuring of signals and the ability of Wi-Fi signals processing. A limiting factor for this solution might be an environment with a weak or null signal and situations with a smaller amount of beacons. The primary aim of this article is providing an introduction to the problem of use drones and describe collected data for future use.
Keywords: drone, Wi-Fi, localization, connectivity
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1581-1587
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061581
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Peráček
Author-Workplace-Name: Department of Information Systems, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Boris Mucha
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Patrícia Brestovanská
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Jana Kajanová
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Title: Selected Ways of Acquiring Securities in the Conditions of the Slovak Republic
Abstract: One of the basic tools of the capital market are securities. Under the currently valid and effective legislation, ownership of securities can be acquired through three types of scrambling contracts. It is a contract for the purchase of securities, a contract for the donation of securities and a contract for the loan of a security. These contract types are primarily regulated in the Securities Act as the "lex specialis" of securities law, with subsequent reference to the legal regulation contained in the Civil Code and the Commercial Code. The authors are focused on a donation of securities lending of securities, which are used in practice only a little, or even at all. For this reason, no attention is paid to them either by legal theorists. The authors, through scientific and doctrinal interpretation, examine the selected provisions of the Securities Act, the Civil Code and the Commercial Code relating to the issues of these agreements. Through professional literature and court decisions, they are looking for answers to practical application problems. Last but not least, they compare legal regulations in Slovakia and the Czech Republic and point to the differences. The study of the selected issues related to the acquisition of securities in the conditions of the Slovak Republic represents the main objective of this contribution, which affects also the area of economics or financial management. Priority, however, is in the area of financial law with significant transitions to civil and commercial law.
Keywords: agreements, donation, loan, securities
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1589-1599
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061589
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Peráček
Author-Workplace-Name: Department of Information Systems, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Boris Mucha
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Patricia Brestovanská
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Author-Name: Jana Kajanová
Author-Workplace-Name: Department of Economics and Finance, Faculty of Management, Comenius University in Bratislava, Šafárikovo námestie 6, 814 99 Bratislava, Slovak Republic
Title: Simple Company on Shares as Startup Support Tool
Abstract: On January 1st 2017, the amendment to the Commercial Code implementing the Capital Market Concept. This is a measure of the implementation which is the part of the Startup Support Concept and the Development of the Startup Ecosystem in the Slovak Republic. A new form of capital trading company has been created to offer a comprehensive solution for capital investments in companies. An example of such an investment is start-up investment as business initiatives with high innovation and growth potential that can not provide funding through banks. When investing capital, it is necessary to flexibly set the investor's entry, coexistence and output beyond what is currently possible in the form of trading companies in the conditions of the Slovak Republic. Until now, it has been a limited liability company, which has been mainly used for investing capital of start-ups. Later was used the joint stock company as the capital-intensive type of business. A public limited company and a limited partnership belonging to a group of private partnerships were not and are not used as startups, because of unlimited liability of the partners for the company's obligations. The main obstacle for a joint-stock company, as support for startups until their advanced stages of life cycle, is relatively high statutory minimum capital requirement of EUR 25,000. Another issue may be legal regulation aimed at medium and large businesses allowing them to trade their shares on the stock Exchange market, with the associated increased demands to ensure the functioning of the company. However, the Simple company, representing the hybrid form of a capital company, also has its serious shortcomings and is not a boon to support startups. Since it is a "young" type of business company that has not yet been the subject of research, it is the intention of the contributors to analyse a Simple company on shares and, by means of a number of scientific research methods, to provide a critical view of its shortcomings. Despite the fact that the reason for the establishment of this business company was mostly economic, research is mainly directed at the area of commercial law.
Keywords: investment, simple company on shares, startup, support
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1601-1611
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061601
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Pražák
Author-Workplace-Name: Department of Finance and Accounting, School of Business Administration, Silesian University, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic
Title: The Effect of Economic Factors on Performance of the Stock Market in the Czech Republic
Abstract: History has shown that the stock prices and other financial assets are important aspects of the dynamics of economic activity. Stock prices can be an indicator of social mood and are used as a leading factor in the economic activity and financial stability. This paper investigates the relationship between selected macroeconomic and microeconomic factors and stock prices of companies listed on the Prague Stock Exchange. The portfolio theory and Capital Asset Pricing Model for specification of stock market are used. Johansen and Juselius (1990) and Hansen (1982) approaches are applied to test for causal relationship. In addition, the Vector error correction model for equilibration of a potential long-run relationship between variables is used. Selected macroeconomic and microeconomic factors provide a statistically significant relationship on stock prices during the observed period from 2006 to 2016. However, the results differ substantially among the sectors of economic activity, the industrial production, the gros domestic product and profitability ratios in particular, can explain a long-run behavior of stock prices.
Keywords: stock prices, macroeconomic factors, microeconomic factors, cointegration, CAPM
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1613-1626
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061613
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Template-Type: ReDIF-Article 1.0
Author-Name: Isah Serwadda
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Impact of Credit Risk Management Systems on the Financial Performance of Commercial Banks in Uganda
Abstract: The paper is set to analyse the impact of credit risk management on the financial performance of commercial banks in Uganda for a period of 2006-2015 using panel data for a sample of 20 commercial banks. The study employs return on assets as a dependent variable and non-performing loans, growth in interest earnings and loan loss provisions to total loans as credit risk measures. Secondary data is sourced from the Bank scope database, African development bank and the central bank of Uganda. The study employs descriptive statistics, regressions and correlation analysis. Regression models are to estimate the magnitude of significance of credit risk management on the performance of commercial banks in Uganda.The study revealed that credit risk management impacts on the performance of Ugandan commercial banks. The results portrayed that banks' performance was inversely influenced by non-performing loans which may expose them to large magnitudes of illiquidity and financial crisis. Thus given such results, the researcher recommends that banks need to enhance their credit risk management techniques not only to earn more profits but also to maintain a qualitative asset portfolio and attention be given to non-performing loans, loan loss provision to total loans and growth in interest earnings that were found to be significant.Banks need to design appropriate credit policies that must handle all necessary conditions before advancing credit to their customers and also develop strong credit administration committees and teams that must conduct appropriate and sound loan appraisal evaluations and which must also monitor the loans throughout the required processes right from extending a loan to a customer up to the completion of loan repayments so as to mitigate credit risks.
Keywords: loan provisions, non-performing loans, credit risk
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1627-1635
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061627
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Template-Type: ReDIF-Article 1.0
Author-Name: Gintarė Vaznonienė
Author-Workplace-Name: Business and Rural Development Management Institute, Faculty of Economics and Management, Aleksandras Stulginskis University, Universitetas str. 10 - 408, LT-53361 Akademija, Kaunas distr., Lithuania
Author-Name: Ilona Kiaušienė
Author-Workplace-Name: Business and Rural Development Management Institute, Faculty of Economics and Management, Aleksandras Stulginskis University, Universitetas str. 10 - 408, LT-53361 Akademija, Kaunas distr., Lithuania
Title: Opportunities of Different Generations Participation in Rural Community Activities
Abstract: The success of rural community vitality and development is based on communication, participation and collaboration among different generations. Theoretical and empirical findings disclose that there is a lack of systematic approach characterising different generations (in this article young and elderly social groups) participation in local activities, not much attention is given to activities which join young and elderly groups whether to maintain young people in rural area or actively include elderly to common activities. Accordingly this article aims to explore participation forms and methods of different generations (youth and elderly) participation in rural community activities. The methodological background of this research is based on theoretical research methods, statistical data analysis and analysis of case of different generations' participation in Šiauliai district municipality rural community activities. The research results disclose that different generations participation in rural community activities are various, but depends on rural areas and rural community's specific features. The suggested scheme based on evaluation of different generations' participation in rural community activities can be adopted to any rural area and rural community, but being aware about the current situation of youth and elderly, also activities which are possible to be implemented in particular rural community.
Keywords: different generations, youth, elderly, participation, rural community activities
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1637-1646
Volume: 66
Issue: 6
Year: 2018
DOI: 10.11118/actaun201866061637
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