Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2015 (vol. 63), issue 6
Human Capital Management in Banking Institutions in Connection with the Population Ageing Process, Age Management Philosophy and the Concept of Corporate Social Responsibility in the Czech Republic
Jiří Bejtkovský
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1815-1823 | DOI: 10.11118/actaun201563061815 
The aim of the article is, besides other things, to identify awareness of the Age Management philosophy in respect of the Corporate Social Responsibility concept in Czech banking institutions and further think about how to implement the philosophy in the process of human resource management so as to be targeted and efficient for all entities involved. From research methods, questionnaire survey and observation were used. These methods were further supplemented with a semi-structured interview with the employees of banking institutions. The obtained data were analyzed by statistical methods. In association with the conducted researches it can be generally...
European Sugar Market - Impact of Quota System
Irena Benešová, Helena Řezbová, Luboš Smutka, Karel Tomšík, Adriana Laputková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1825-1838 | DOI: 10.11118/actaun201563061825
The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market...
Determinants of Czech Inhabitants' Living Standards
Naďa Birčiaková, Jana Stávková, Jakub Straka
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1839-1845 | DOI: 10.11118/actaun201563061839
Living standards are influenced by several variables. In the submitted paper, they are divided into eight main groups based on analysing alternative indicators of living standards - public life, place of residence, economic area, educational area, health care, environment, interpersonal relationships and personality. The main source of the data is represented by the results of a questionnaire survey performed in 2013 and 2014 in the Czech Republic, focused on elicitation of inhabitants' opinions about how much 99 individual variables influence their living standards. Using Principal Component Analysis, there were seven factors created out of the assessed...
A Slacks-based Measure DEA Methodology for Identification of Returns to Scale in the Slovak Banking Sector
Martin Boďa
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1847-1858 | DOI: 10.11118/actaun201563061847
Taking into consideration that knowing the nature of scale of operations is important both to size optimization and to technical efficiency measurement, the paper aims to identify for individual commercial banks of the Slovak banking sector the scale of their operations as exhibited by their production activities during the period from 2000 and 2012. To this end, the DEA procedure of Tone and Sahoo utilizing the concept of the degree of scale elasticity is enhanced and combined with the framework of the SBM model. The analysis of scale is conducted for the major 11 Slovak commercial banks under the prism of the production approach to banking operations,...
Analysis of Possibilities of Detectnig the Manipulation of Financial Statements in Terms of the IFRS and Czech Accounting Standards
Zita Drábková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1859-1866 | DOI: 10.11118/actaun201563061859
The main objective of financial statements is to give information. The diversity of interests and objectives of individual groups of users and creators of financial statements presents the risk of manipulation of financial statements in the context of true and fair view as defined in the national accounting legislation. The paper is concerned with the different possibilities of detecting the manipulation of financial statements in terms of the Czech Accounting Standards and IFRS. The paper analyzes the selected risk detection models of the manipulation of financial statements using creative accounting methods, off-balance sheet financing methods and...
Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards
Jana Gláserová, Eva Vávrová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1867-1877 | DOI: 10.11118/actaun201563061867
The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in commercial insurance companies. Attention will be devoted also to the method of accounting for reinsurance operations and their specific reporting in various parts...
Entrepreneurial Characteristics of Students in Different Fields of Study: a View from Entrepreneurship Education Perspective
Marian Holienka, Jana Holienková, Peter Gál
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1879-1889 | DOI: 10.11118/actaun201563061879
The aim of our article is to examine the entrepreneurial characteristics of university students in different disciplines, and to develop implications and recommendations for entrepreneurship education programing according to the observed differences. The main research question is to identify whether students from different selected disciplines exhibit different rates of enterprising potential (i.e. tendency to start up and manage projects), and if so, which are the differentiating attributes. To answer this question we conducted a study using the General Enterprising Tendency v2 Test (GET2 test) and analysed the enterprising potential of 370 university...
Overcoming the Uncertainty in the Du-Pont Graph of Profitability
Jan Hron, Tomáš Macák, Pavel Andres
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1891-1895 | DOI: 10.11118/actaun201563061891
Financial analysis of a company requires a wealth of information. There is so much information available and so much of the analysis can be computerized, that the task of the analyst is to select the appropriate tools, gather the pertinent information, and interpret the information. Analysis is becoming more important following the recent scandals as investors and financial managers are learning to become more sceptical of accounting information and look more closely at trends in data, comparisons with other firms, the relation between management compensation and earnings, and footnote disclosures.One of the best tools for predicting profit from...
Delta-gamma-theta Hedging of Crude Oil Asian Options
Juraj Hruška
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1897-1903 | DOI: 10.11118/actaun201563061897
Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine...
Influence of Printed Leaflets on Consumer Purchase Behavior
Jan Huml, Jiří Čerkasov, Klára Margarisová, Štěpán Kala, Lucie Vokáčová, Pavel Kulfánek
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1905-1911 | DOI: 10.11118/actaun201563061905
This article deals with the way customers perceive individual non-direct response printed leaflets and it is simultaneously focused on the question whether this material has any importance in general for customers during their purchase realization. The research is further concerned with the issue of the differences between customers living in family built-up areas and those who are living in residential housing. The research explores the differences related to preferences of various target groups. It identifies whether customers wish to receive printed advertising material into their letter boxes, what sort of media they read and what kinds of assortment...
Tax Competition and its Consequences for Tax Revenue Structure in Developed Countries: Empirical Evidence Using Panel Cointegration Approach
Ján Huňady, Marta Orviská
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1913-1921 | DOI: 10.11118/actaun201563061913
The paper examines the long run changes in the tax revenue structure in developed countries. We are particularly focused on the testing of a potential shift from taxation on mobile tax bases to less mobile ones, which could be seen as one of the results of rising tax competition. We assume that a decrease in corporate tax revenues is compensated for by higher tax revenues from taxing work and property. Our dataset consists of panel date from 22 OECD countries within the period 1965 to 2012. We tested the potential causalities within the tax mix using Granger causality tests as well as the DOLS and FMOLS panel cointegration techniques in order to reveal...
Benchmarks for Current Linear and Mixed Integer Optimization Solvers
Josef Jablonský
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1923-1928 | DOI: 10.11118/actaun201563061923
Linear programming (LP) and mixed integer linear programming (MILP) problems belong among very important class of problems that find their applications in various managerial consequences. The aim of the paper is to discuss computational performance of current optimization packages for solving large scale LP and MILP optimization problems. Current market with LP and MILP solvers is quite extensive. Probably among the most powerful solvers GUROBI 6.0, IBM ILOG CPLEX 12.6.1, and XPRESS Optimizer 27.01 belong. Their attractiveness for academic research is given, except their computational performance, by their free availability for academic purposes. The...
Marketing Management: Monitoring the International Environment Factors Using Global Maps
Štěpán Kala, Kateřina Kuralová, Klára Margarisová, Lucie Vokáčová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1929-1936 | DOI: 10.11118/actaun201563061929
The article discusses the issue of the global marketing environment in line with the factors determining its external conditions. The aim is to specify the marketing-environment indicators in the international context and interpret the use of geographical maps illustratively documenting the differences of particular parameters in various parts of the global market. The research-results help update the theoretical framework of global environment factors. These data are also important for practice. Many enterprises consider the question of optimising their sources and directing their goals towards the opportunities available thanks to global markets....
Key Sustainability Performance Indicator Analysis for Czech Breweries
Edward Kasem, Oldřich Trenz, Jiří Hřebíček, Oldřich Faldík
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1937-1944 | DOI: 10.11118/actaun201563061937
Sustainability performance can be said to be an ability of an organization to remain productive over time and hold on to its potential for maintaining long-term profitability. Since the brewery sector is one of the most important and leading markets in the foodstuff industry of the Czech Republic, this study depicts the Czech breweries' formal entry into sustainability reporting and performance. The purpose of this paper is to provide an efficiency level evaluation which would represent the level of corporate performance of Czech breweries. For this reason, Data Envelopment Analysis (DEA) is introduced. In order to apply it, we utilize a set of key...
Compatibility of the IFRS for Small and Medium-sized Entities and the new EU-Accounting Directive
Gerrit Kaufhold
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1945-1951 | DOI: 10.11118/actaun201563061945
The new EU-Accounting Directive of 26 June 2013 (DIRECTIVE 2013/34/EU) has the intention to harmonize the accounting and financial reporting of enterprises in the European Union. "Think small first" is the central principle in the new EU-Accounting Directive and the new regulations have to be adopted in the laws of European member states by 20 July 2015. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was published in 2009 by the International Accounting Standards Board (IASB). The IASB intended to create simplified international financial reporting standards for the special needs of smaller and medium-sized...
Banks Belonging to the Erste Group and their Sensitivity to the Confidence Crisis on the Interbank Market
Pavla Klepková Vodová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1953-1960 | DOI: 10.11118/actaun201563061953
The aim of this paper is to measure the sensitivity of commercial banks from the Erste Group to the confidence crisis on the interbank market and to compare their sensitivity with average sensitivity of banks in particular countries. We have used the methodology of scenario analysis for the liquid asset ratio. All banks belonging to the Erste Group should be able to withstand the confidence crisis on the interbank market. The group of the most vulnerable banks consists from Erste bank Hungary and Banca Comerciala Romana from Romania. In some cases, banks from the Erste Group are more sensitive; while in other cases are banks belonging to the Erste...
The Influence of Allocation Formula on Generation of Profit in Different Economy Sectors
Kateřina Krchnivá, Danuše Nerudová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1961-1967 | DOI: 10.11118/actaun201563061961
The mechanism for the distribution of the Common Consolidated Corporate Tax Base will be based on three macroeconomics factors which are considered to be the main indicators of generated profit/loss. The paper analyzes the explanatory power of proposed allocation formula for the distribution of the Common Consolidated Corporate Tax Base with respect to the sector of economic activity from the perspective of the Czech independent enterprises. The research is based on the comparison of the coefficients of determination indicating the proportion of explained variability of proposed multiple regression models. The paper concludes that the proportion of...
Application of Performance Ratios in Portfolio Optimization
Aleš Kresta
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1969-1977 | DOI: 10.11118/actaun201563061969
The cornerstone of modern portfolio theory was established by pioneer work of Harry Markowitz. Based on his mean-variance framework, Sharpe formulated his well-known Sharpe ratio aiming to measure the performance of mutual funds. The contemporary development in computer's computational power allowed to apply more complex performance ratios, which take into account also higher moments of return probability distribution. Although these ratios were proposed to help the investors to improve the results of portfolio optimization, we empirically demonstrated in our paper that this may not necessarily be true. On the historical dataset of DJIA components...
Factors Influencing the Implementation of the CSR Concept in the Czech Republic
Renata Kučerová, Renata Skýpalová, Veronika Blašková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1979-1985 | DOI: 10.11118/actaun201563061979
There is an increase of the companies' engagement in the concept of social responsibility in the Czech Republic. However, the engagement is still at a lower level when compared to other countries of Western Europe. The use and knowledge of the CSR concept in the companies in the Czech Republic was the subject of the research realized at the end of 2013 and in the first half of 2014. This paper deals with the question which factors influence the engagement of enterprises in the CSR in the Czech Republic. The statistical testing proved that the company size and the form of ownership have a significant influence on the company's engagement in the CSR...
The Influence of the Sharpe Ratio on Appreciation Savings Intended for the Payment of Lifetime Pensions
Petr Kupčík, Pavel Gottwald
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1987-1993 | DOI: 10.11118/actaun201563061987
The paper focuses on the payment of lifetime pensions paid by pension companies based on the selected mortality table of the Czech Statistical Office. We assume different input values depending on the size of the Sharpe ratio pension companies from selected countries. This paper aims to identify and assess the impact of the Sharpe ratio on the payment of lifetime pensions in postproduction period. We used data of nominal appreciation of pension companies from the Visegrad countries and Sweden, Switzerland and the Netherlands in the period 2005-2013. In the empirical analysis we additionally distinguished between guaranteed and non-guaranteed pension...
Insider Trading Activities and Returns of German Blue Chips
Dagmar Linnertová, Oleg Deev
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 1995-2003 | DOI: 10.11118/actaun201563061995
The aim of this paper is to investigate the causality between stock returns and insider open market transactions. The Dumitrescu-Hurlin (2012) heterogeneous approach to panel Granger causality is chosen to examine the relationship. The investigation is conducted on the 30 most traded German blue chips during the period of 2006-2014. The strong causality is revealed in the one-month period. Thus, stock returns may be used to predict future insider trading activity. The strong causality between stock returns and future insider buying and selling transactions is further confirmed with three out of four employed insider trading indices. The fact of the...
How the Legal Environment Affects the Structure of Employment
Marek Litzman, Luděk Kouba
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2005-2009 | DOI: 10.11118/actaun201563062005
The quality of the institutional environment is considered a crucial determinant of economic growth. Low quality of the formal institutional environment can slow down economic development via various mechanisms described in the literature. The present paper will analyse formal institutional factors leading to the structure of employment that Murphy, Shleifer and Vishny (The Quarterly Journal of Economics, 1991) found to be associated with lower rate of economic growth. They assumed that a high proportion of lawyers in the country may be associated with slower economic development. Thus, the aim of the paper is to examine some of the parameters of institutional...
Business Ethics and CSR in Pharmaceutical Industry in the Czech Republic and Hungary?
Markéta Lőrinczy, Sylvie Formánková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2011-2015 | DOI: 10.11118/actaun201563062011
How do business ethics and CSR form part of pharmaceutical business in the Czech Republic and Hungary? The question was analyzed through empirical studies where surveys were the main tool. The research investigated business ethics, CSR, ethical code, ethical involvement of employees as factors that might be important to achieve ethical behaviour in the pharmaceutical industry. Results showed that, with 69.4% response rate, that Czech and Hungarian original companies are more towards ethical behaviour and the employees know more about the organization they work for. The data were compared with parametric statistical analysis based on Mann-Whitney U...
Does the Political Environment Affect Inflows of Foreign Direct Investment? Evidence from Emerging Markets
Michal Mádr, Luděk Kouba
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2017-2026 | DOI: 10.11118/actaun201563062017
The main aim of the paper is to identify and quantify the influence of the political environment on the inflows of foreign direct investment in emerging markets. The paper defines emerging markets as Middle Income Countries according to the evaluation of the World Bank. Our sample of countries contains 78 states. The reference period focuses on the period of 1996-2012 due to data availability. The evaluation of the political environment is based on three dimensions: the quality of democracy, political instability and the level of corruption, which are related to three subcomponents of the concept, Governance Matters, provided by the World Bank. The...
Bounds and Bunching: Distributions of Air Pollutants Produced by New Automobiles
Josef Montag, Marek Litzman
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2027-2033 | DOI: 10.11118/actaun201563062027
Euro norms set limits on per-kilometer emissions of air pollutants produced by new cars. Satisfying these limits is always costly, the existing models generally assume that cars are produced as to just satisfy the norms. This theory predicts bunching of measured emissions below the limits. We find this not to be consistent with the data. In fact, medians of measured emissions are often at around one half or less of the respective limit and are supported by wide distributions. Implications for optimum tax policies are briefly discussed.
The New Oil Sector and the Dutch Disease: the Case of Ghana
Dennis Nchor, Pavel Kolman, Luboš Střelec, Samuel Antwi Darkwah
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2035-2041 | DOI: 10.11118/actaun201563062035
This paper investigates the impact of the new oil sector on the economic performance of major traditional sectors of the Ghanaian economy. The discovery of resource booming sectors in most countries often comes with several opportunities as well as challenges. Ghana discovered oil in 2007 and started subsequent commercial production and export in 2010. The results from the study show that, there is no clear case of declining performance of sectors in terms of output, growth and export earnings as a result of the oil production. The study could also not establish a sustained appreciation in the real effective exchange rate since commercial oil production...
Unofficial Economy Estimation by the MIMIC Model: the Case of Kenya, Namibia, Ghana and Nigeria
Dennis Nchor, Václav Adamec
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2043-2049 | DOI: 10.11118/actaun201563062043
This study investigates the size and trend of the underground economies in selected African countries. Underground economies are present in all countries, but they are endemic in developing economies. Their presence is not necessarily bad for the economies, in which they prevail. It could however cause huge losses to government revenue and could also constitute serious violation of Labor regulations. The study uses the Multiple Indicators and Multiple Causes model (MIMIC), a variant of Simultaneous Equations Model (SEM). It involves two sets of variables: the observed variables and the indicator variables. The former include size of government, indirect...
Parameter Estimation for Dynamic Model of the Financial System
Veronika Novotná, Vladěna Štěpánková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2051-2055 | DOI: 10.11118/actaun201563062051
Economy can be considered a large, open system which is influenced by fluctuations, both internal and external. Based on non-linear dynamics theory, the dynamic models of a financial system try to provide a new perspective by explaining the complicated behaviour of the system not as a result of external influences or random behaviour, but as a result of the behaviour and trends of the system's internal structures. The present article analyses a chaotic financial system from the point of view of determining the time delay of the model variables - the interest rate, investment demand, and price index. The theory is briefly explained in the first chapters...
The Impact of the Choice of Evaluation Criteria and the Type of Tender on the Awarding Public Contracts (in the Case of Construction Contracts at the Local Level in the Czech Republic)
František Ochrana, Kristýna Hrnčířová, Michal Plaček, Milan Půček
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2057-2065 | DOI: 10.11118/actaun201563062057
Public procurement may be examined from different perspectives. Using the Czech Republic as an example, this study is devoted to examining the impact of decisions made by the contracting authority regarding a public tender on the tender process itself and on the outcomes of the tender. The contracting authority addresses a number of decision-making issues regarding public procurements. For example, it needs to decide between two types of criteria (choosing between a single-criterion evaluation or rather opting for several evaluation criteria). At the same time, the authority is free to choose among different types of award procedures while adhering...
The Comparative Analysis of Financial System of Czech Republic, Poland and Ukraine
Olena Oliynyk, Viktor Adamenko, Ludmila Oliynyk
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2067-2076 | DOI: 10.11118/actaun201563062067
We create the simplified model of integral indicator - the model "3 + 3", which allows simplicity and affordability, but quite adequate, provide a comparative analysis of financial systems of individual countries and identify their type (bank-based or market-based). The results of comparative analysis demonstrate that the financial system of Ukraine in comparison with two leading members of the CEE countries - the Czech Republic and Poland - showed its viability as an independent integrated system and the possibility to develop in the terms of normal political situation.
SMEs Growth in the Czech Republic: Some Macroeconomic Perspectives
Christian Nedu Osakwe, Nahanga Verter, Věra Bečvářová, Miloslava Chovancová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2077-2084 | DOI: 10.11118/actaun201563062077
Small and medium enterprises (SMEs) are seen as a vehicle for employment generation, wealth creation, economic growth and development in countries that have a sound investment climate. SMEs, account for approximately one-third of GDP, over 50% of the value added, 99% of the share of total registered enterprises, and represent 60% of total employment in the Czech Republic. In the light of this background, the paper explores the influence of some macroeconomic variables on SMEs growth in the Czech Republic for the period 1995-2013. In order to assess the impacts of these critical macroeconomic variables (e.g., rate of unemployment, economic growth, credit...
Banking Efficiency in Visegrad Countries: A Dynamic Data Envelopment Analysis
Iveta Palečková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2085-2091 | DOI: 10.11118/actaun201563062085
The aim of the paper is to examine the efficiency of the banking sectors in Visegrad countries during the period 2009-2013. The group of Visegrad countries includes the Czech Republic, Hungary, Poland and Slovakia. We apply Dynamic Data Envelopment Analysis (DEA) to data on commercial banks in the group of Viserad countries. Next, we calculated average efficiency of the groups of banks according the total assets. Average efficiency was slightly decreased during the period 2010-2011 and significantly decreased in 2012 which was probably as a result of financial crisis. In 2013 average efficiency increased. The Czech and Hungarian banking sector was...
First Educational Steps in SDN Application Development
Martin Pokorný, Petr Zach
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2093-2099 | DOI: 10.11118/actaun201563062093
Software Defined Networking (SDN) is a new approach in design, implementation and maintenance of computer networks. With SDN, it is possible to dramatically reduce business costs because the whole network can be maintained in a centralized fashion which leads to a simplified and effective network management. This paper is concerned with SDN from educational point of view. The paper's primary goal is to present beginning of a learning path to start experimenting with SDN programming and traffic path definition based on Hewlett-Packard (HP) SDN solution. Useful sources of documentation were selected and two experiments were performed: firstly an already...
Performance Implications of Business Model Change: A Case Study
Jana Poláková, Gabriela Koláčková, Ivana Tichá
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2101-2107 | DOI: 10.11118/actaun201563062101
The paper deals with changes in performance level introduced by the change of business model. The selected case is a small family business undergoing through substantial changes in reflection of structural changes of its markets. The authors used the concept of business model to describe value creation processes within the selected family business and by contrasting the differences between value creation processes before and after the change introduced they prove the role of business model as the performance differentiator. This is illustrated with the use of business model canvas constructed on the basis interviews, observations and document analysis....
Efficiency Evaluation of Hospitals in the Environment of the Czech and Slovak Republic
Stanislav Sendek, Zuzana Svitálková, Katarína Angelovičová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2109-2118 | DOI: 10.11118/actaun201563062109
The paper applies the Data Envelopment Analysis as a deterministic non-parametric method based on the linear programming, to measure the efficiency of Czech and Slovak hospitals based on input and output performance. Managing physician or hospital practice patterns is an important tool to reduce health care costs. State-run hospitals, as decision-making units working in an operating healthcare system, might have some excess resources in the process of providing care. Ehealth tools are expected to contribute to the cost containment in them, enhancing finally the quality of patient care in the overall assessment.
Consumer Demand for Wine and Beer in the Czech Republic, and Their Mutual Influences
Pavel Syrovátka, Helena Chládková, Pavel Žufan
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2119-2125 | DOI: 10.11118/actaun201563062119
The paper analyses consumer demand for wine and beer in the Czech Republic in the period of 1991-2013. The objective of this research was to evaluate the elasticity of consumption of wine and beer in reaction to a change of prices and further to a change in the level of a household income. Based on the dynamic models of the gross demand for wine and beer there were determined the coefficients of direct and cross price elasticity, and income elasticity coefficients. In accordance with the identified sizes, respectively, after evaluating their statistical significance, there was carried out the economic analysis of observed demand functions. Analysis...
Tax Shift by Economic Functions and Its Effect on Economic Growth in the European Union
Irena Szarowská
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2127-2135 | DOI: 10.11118/actaun201563062127
The aim of the paper is to examine effects of tax shift on economic growth and provide a direct empirical evidence in the European Union (EU). It is used the Eurostat's definition to categorize tax burden by economic functions and implicit tax rates of consumption, labour and capital are investigated. First, paper summarizes main development of tax shift in a whole EU till 2014 and followed empirical analysis is based on annual panel data of 22 EU Member States in years 1995-2012 (time span is divided into a pre-crisis and a post-crisis period). Explanatory variables are not examined in individual regressions, but the study uses Generalized Method...
Regional Entrepreneurship Culture and the Business Lifecycle: Patterns from the Moravian-Silesian Region
Jarmila Šebestová, Martin Klepek, Šárka Čemerková, Pavel Adámek
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2137-2144 | DOI: 10.11118/actaun201563062137
The main goal of the paper is to focus on relationship between business cycle under regional entrepreneurial culture. Many of the trends found were less than positive, although there were some new positive trends that could be identified as a source of sustainability in the area of the connection between the sector of small and medium sized enterprises and the local entrepreneurship environment as well as a source of entrepreneurial culture. Moreover, the frequency of co-operational activities with local government was investigated. Questionnaire-based research was undertaken within 194 organizations of various legal forms operating in the area of...
An Empirical Sector-Specific Gravity Model for Hungarian International Trade
Jana Šimáková, Daniel Stavárek
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2145-2150 | DOI: 10.11118/actaun201563062145
This paper contributes to the economic literature on the impact of exchange rate volatility on Hungary's foreign trade. Basic gravity model shows that trade volume between a pair of countries is an increasing function of their sizes (GDP) and a decreasing function of the distance between them. Additional factors included in extended model are population, dummy for common border and proxy for exchange rate volatility. The measure of exchange rate volatility is estimated by GARCH model. This paper explores relationship between trade and exchange rate uncertainty using quarterly data over the period 1999:1 - 2014:3. In order to obtain the objective result,...
Application of the Value Averaging Investment Method on the US Stock Market
Martin Širůček, Ivana Škatuĺárová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2151-2160 | DOI: 10.11118/actaun201563062151
The paper focuses on empirical testing and the use of the regular investment, particularly on the value averaging investment method on real data from the US stock market in the years 1990-2013. The 23-year period was chosen because of a consistently interesting situation in the market and so this regular investment method could be tested to see how it works in a bull (expansion) period and a bear (recession) period. The analysis is focused on results obtained by using this investment method from the viewpoint of return and risk on selected investment horizons (short-term 1 year, medium-term 5 years and long-term 10 years). The selected aim is reached...
Social and Environmental Reporting as a Part of the Integrated Reporting
Mihaela Turturea
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2161-2170 | DOI: 10.11118/actaun201563062161
Social and environmental aspects, considered valuable factors in decision making process, play an important role within the nowadays complex business environment. Recent accounting literature reveals that the need for disclosing non-financial information is widely debated based on the fact that considerable decisions cannot be supported only by referring to past financial performances. This paper, organized as an empirical study, aims to provide an overall image upon social and environmental disclosures inside the integrated reports of the companies which have taken part for three consecutive years in the International Integrated Reporting Council...
Competitiveness of Family Farms in the Czech Republic in the Context of EU Common Agricultural Policy 2014+
Jan Vavřina, Marcela Basovníková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2171-2178 | DOI: 10.11118/actaun201563062171
Highly regulated EU agricultural sector via Common Agricultural Policy (CAP) creates conditions for encouraging the competitiveness of farmers not only within the European single market. Farmers in the Czech Republic face not only the challenges of globalization, nevertheless the problem of aging the farmers' population. Under provided major assumptions, there is therefore necessary to implement such instruments of the CAP to ensure sustainable competitiveness of Czech agricultural enterprises and specifically family farms by government authorities, which are considered to be the economically smallest agricultural business entities. There is introduced...
Voice Quality Estimation in Wireless Networks
Petr Zach, Martin Pokorný, Jiří Balej
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2179-2185 | DOI: 10.11118/actaun201563062179
This article deals with the impact of Wireless (Wi-Fi) networks on the perceived quality of voice services. The Quality of Service (QoS) metrics must be monitored in the computer network during the voice data transmission to ensure proper voice service quality the end-user has paid for, especially in the wireless networks. In addition to the QoS, research area called Quality of Experience (QoE) provides metrics and methods for quality evaluation from the end-user's perspective. This article focuses on a QoE estimation of Voice over IP (VoIP) calls in the wireless networks using network simulator. Results contribute to voice quality estimation based...
The Evaluation of Factors Influencing Flights Delay at Czech International Airports
Martina Zámková, Martin Prokop
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2187-2196 | DOI: 10.11118/actaun201563062187
The main goal of this article was examination of factors influencing flights delay at three most important international airports in Czech Republic. Data of selected Airlines operating in Czech Republic, whose flights are mainly oriented to international airports in Prague, Brno and Ostrava, were used for needs of this article. Analysis of contingency tables including Pearson chi-squared test was used for data processing. Dependences were presented in graphical form by correspondence analysis.Results from analysis showed that delay caused by technical reasons and maintenance is the most frequent in Prague as well as delay caused by high concentration...
Assistance System for Traffic Signs Inventory
Karel Zídek, Tomáš Koubek, David Procházka, Marcel Vytečka
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2197-2204 | DOI: 10.11118/actaun201563062197
We can see arising trend in the automotive industry in last years - autonomous cars that are driven just by on-board computers. The traffic signs tracking system must deal with real conditions with data that are frequently obtained in poor light conditions, fog, heavy rain or are otherwise disturbed. Completely same problem is solved by mapping companies that are producing geospatial data for different information systems, navigations, etc. They are frequently using cars equipped with a wide range of measuring instruments including panoramic cameras. These measurements are frequently done during early morning hours when the traffic conditions are acceptable....
Technical Efficiency and Super-efficiency of the Insurance Sector in Slovakia
Emília Zimková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2205-2211 | DOI: 10.11118/actaun201563062205
In this paper, the technical efficiency and the super-efficiency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper differs from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-efficiency model. The supper-efficiency can be used either to rank efficient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among...
Pilot Analysis of the Behaviour of Companies Within the 3rd Trading Period of the EU ETS in the Czech Republic
Jarmila Zimmermannová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2213-2220 | DOI: 10.11118/actaun201563062213
This paper is focused on the first ex-post analysis of the EU ETS in its 3rd trading period in the Czech Republic, based on the analysis of the behaviour of the key EU ETS sector - combustion processes - and the decision making of Czech electricity and heat producers within the EU ETS. Firstly, the general overview of the EU ETS is presented, including the important scientific studies in this area. The characteristics of the EU ETS in the Czech Republic are described. The second chapter, methodology and data, describes the method, the questionnaire survey. The key chapter, results, focuses on the most important outputs obtained from the...
Humility and Modesty in Leadership - a Bibliometric Perspective
Pavel Žiaran, Renata Kučerová, Katarína Melasová, Hana Pokorná
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2221-2228 | DOI: 10.11118/actaun201563062221
Objective: 1) To provide a bibliometric picture of humility as presented in current academic management journals and 2) to identify new research trends. Method: A survey of specialized publications, citations, H-index, etc. Findings: Humility research in management, in terms of number of publications and citations, has a comparable position to other areas. However, when compared to the entire volume of management research, humility represents only 0.025%. A similar research in psychology shows a dramatic growth, with the amount of publications and citations having doubled since 2010, and we consider this a trend.
Customers' Opinion Mining from Extensive Amount of Textual Reviews in Relation to Induced Knowledge Growth
Jan Žižka, Arnošt Svoboda
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2229-2237 | DOI: 10.11118/actaun201563062229
Customers of various services are often invited to type a summarizing review via an Internet portal. Such reviews, written in natural languages, are typically unstructured, giving also a numeric evaluation within the scale "good" and "bad." The more reviews, the better feedback can be acquired for improving the service. However, after accumulating massive data, the non-linearly growing processing complexity may exceed the computational abilities to analyze the text contents. Decision tree inducers like c5 can reveal understandable knowledge from data but they need the data as a whole. This article describes an application of windowing, which...
Giant miscanthus (Miscantus × Giganteus Greef Et Deu.) - A Promising Plant for Soil Remediation: A Mini Review
Jindřich Figala, Valerie Vranová, Klement Rejšek, Pavel Formánek
Acta Univ. Agric. Silvic. Mendelianae Brun. 2015, 63(6), 2241-2246 | DOI: 10.11118/actaun201563062241
Giant miscanthus (Miscanthus × giganteus Greef et Deu.) is a perennial rhizomatous grass with C4 type photosynthesis, which is distinctive by its resistance to cold temperatures when maintaining a sufficient photosynthesis rate. We revised potential of Miscanhus for use in soil bioremediation, especially from biological point of view. Translocation rate from roots to aerial part is low in general, but Miscanthus is able to grow even on highly contaminated soils without artificial fertilization. We also discussed the role of root exudates in pollutant immobilization, chelation and uptake. Commetabolism of polycyclic aromatic...