Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2017 (vol. 65), issue 6
The Values and Attitudes of Young People
Eva Abramuszkinová Pavlíková, Michaela Šmídová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1823-1832 | DOI: 10.11118/actaun201765061823 
This contribution presents the research conducted at Charles University in Prague in comparison with the Mendel University in Brno. The focus is on selected aspects of values which might correspond to future job market success and also presupposed value differences of students. This innovative approach is trying to show the characteristics of young students reflecting their values, socialization and attitudes. The main aim is to analyze the differences in these two student bodies' samples with the focus on values and attitudes of future managers and business experts. The questions under focus include topics such as 1. Are students different in values...
Selected Current Trends in Human Resource Management in Health Service Providers in the Czech Republic
Jiří Bejtkovský
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1833-1840 | DOI: 10.11118/actaun201765061833
The article focuses on selected current trends in human resource management in health service providers in the Czech Republic. Its goal was the mapping and evaluation of these trends in selected health service providers by staff management experts (HR managers) in the Czech Republic. The contribution presents a view of some of the results of quantitative and qualitative research conducted in selected health service providers in the Czech Republic. These researches were conducted in 2016 from a sample of 47 respondents (HR managers of selected health service providers in the Czech Republic), and the results were analyzed. One research hypothesis and...
Realtionships between Fiancial and Learning and Growth Perspectives in BSC
Ilona Berková, Markéta Adamová, Kristýna Nývltová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1841-1850 | DOI: 10.11118/actaun201765061841
Balanced Scorecard (BSC) is one of the methods for measuring of the company's performance, strategy formulation and subsequent management leading to improving competitiveness. Nowadays company performance has an important role because the competitive environment is much more changeable and more difficult to predict because of the influence of globalization.BSC is worldwide used both in large, medium and small businesses regardless of the field of business. According to Knápková, Homolka and Pavelková (2014), this model is used only by 13 % of the enterprises in the Czech Republic.BSC monitors business performance from four perspectives: Financial,...
Investment Style Preference and its Effect Upon Performance of Tracking Portfolios
Martin Boďa, Mária Kanderová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1851-1863 | DOI: 10.11118/actaun201765061851
Any task of portfolio creation requires that a suitable pre-selection of assets is made, out of which the resultant portfolio is to be formed. Several approaches in passive investing implemented through portfolio tracking are applied in practice, and assets are pre-selected frequently on the basis of their capitalization or value/growth potential. The paper studies to which extent the investment style practiced by a small investor affects the performance of the tracking portfolio. The design of the analysis is experimental and hinges on tracking the S & P 500 Index in three different periods with assets pre-selected by diverse investment styles....
Consumer's Attitudes to Corporate Social Responsibility and Green Marketing
Jiří Čerkasov, Jan Huml, Lucie Vokáčová, Klára Margarisová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1865-1872 | DOI: 10.11118/actaun201765061865
Article deals with consumer's attitudes to Corporate Social Responsibility and Green marketing. Main goal of attitude research was to discover what consumer understands under term corporate responsibility in following areas: Economic, Social, and Environmental. Primary data collection was done via quantitative polling. Closed questions - a selection of options, and the Likert scale were used. Results show that majority of consumers understand the term corporate social responsibility. In opposite side major of respondents misunderstand the term of Green Marketing. As responsible in economic area respondents consider such a firms which are profitable...
Corporate Governance, Social Responsibility and Financial Performance of European Insurers
Oleg Deev, Nino Khazalia
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1873-1888 | DOI: 10.11118/actaun201765061873
In this paper, we focus on corporate governance and corporate social responsibility in European insurance industry and test its effects on financial performance. Using a sample of European insurance companies releasing corporate governance and social responsibility information available in Bloomberg Environmental, Social, and Governance disclosure, we provide evidence of better financial performance of insurers with unbiased and objective boards, increased number of board members (indicating that investors trust independent directors as protectors of shareholder value), lower employee turnover and higher community spending. Compliance with UN Global...
Comparing Entropy and Beta as Measures of Risk in Asset Pricing
Galina Deeva
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1889-1894 | DOI: 10.11118/actaun201765061889
The paper establishes entropy as a measure of risk in asset pricing models by comparing its explanatory power with that of classic capital asset pricing model's beta to describe the diversity in expected risk premiums. Three different non-parametric estimation procedures are considered to evaluate financial entropy, namely kernel density estimated Shannon entropy, kernel density estimated Rényi entropy and maximum likelihood Miller-Madow estimated Shannon entropy. The comparison is provided based on the European stock market data, for which the basic risk-return trade-off is generally negative. Kernel density estimated Shannon entropy provides the...
Consumer Perception of Food-To-Go Products
Denis Drexler, Stanislav Mokrý, Ondřej Dufek
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1895-1900 | DOI: 10.11118/actaun201765061895
This paper is focused on the perception of Czech consumers of food-to-go products. The popularity and consumption of these products are growing around the Europe except the Czech Republic. The data in this article were collected through focus groups (n = 32), eye-tracking and in-depth interviews (n = 54). Focus groups and in-depth interviews identified that food-to-go category is purchased only occasional and in case of necessity. The main reason is culture and preferences of Czech consumers. The eye-tracking data showed differences in consumer's attention by observing different layouts from point of purchase. The research was realized during November...
Corporate Social Responsibility of Public Administration through Eyes of Enterprises
Sylvie Formánková, Andrea Hrdličková, Tomáš Grabec
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1901-1909 | DOI: 10.11118/actaun201765061901
The present paper focuses on corporate social responsibility in public administration. The subject of interest is the South Moravia Region and enterprises seated there. The subject of the present research includes overall awareness of the inquired enterprises about corporate social responsibility and activities of the South Moravian Region Authority related to corporate social responsibility of the institution. The research has brought conclusions testifying a certain level of knowledge of the CSR concept among enterprises, albeit on the basic level only. The awareness of socially responsible activities of the regional authority was very low and therefore...
Valuation of Government Bonds: the Exchange Rate Is an Important Aspect
Blanka Francová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1911-1916 | DOI: 10.11118/actaun201765061911
Interest rates are currently very low in the countries. In these countries bonds are issued with low or negative yields. In this paper, I empirically investigate the factors that affect the price of bonds. I follow international arbitrage pricing theory to determine the relationship between factors and the price of bonds. The international arbitrage pricing theory applies a multi-linear regression model. The regression model is used for emerging markets and developing markets separately. I have a unique data set of 46 countries. The main data are the monthly returns on government bonds in the period 2010-2015. Exchange risk influences the bond prices....
Comparison of Deferred Tax Materiality Reporting in Accordance with Continental and Anglo-Saxon Reporting System
Petr Habanec, Hana Bohušová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1917-1924 | DOI: 10.11118/actaun201765061917
The paper is concerned with the influence of a financial reporting system on a deferred tax reporting. The continental and Anglo-Saxon reporting systems are compared. The materiality of the deferred tax item is used as a means for evaluation of the impact of deferred tax reporting. The category of deferred income tax is assessed on a sample of companies operating in the chemical industry (NACE 20.1) and reporting in accordance with the Czech accounting legislation (representative of continental reporting system) in the time series from 2005 to 2015. The results are compared with the results of author's previous study concerning the reporting of deferred...
Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment?
Tomáš Heryán
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1925-1933 | DOI: 10.11118/actaun201765061925
This paper has focused on the issue of foreign exchange markets in relation to tourism and hotel industry in the small open economy such as the Czech Republic. After more than three years when the Czech National Bank (CNB) intervened on the foreign exchange market, everybody look forward to development of exchange rates after the end of the exchange rate commitment. The aim of this study is to show how Czech hotels were been able to confront current appreciation of the Czech koruna before the CNB had ended the exchange rate commitment. According to this aim it was necessary to investigate relations between exchange rates and turnover of Czech hotels...
Understanding Student Entrepreneurs: Doers, Procrastinators, Dreamers, and Abstainers
Marian Holienka, Peter Gál, Zuzana Kovačičová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1935-1944 | DOI: 10.11118/actaun201765061935
Entrepreneurship as one of the potential career paths is an actual phenomenon among university students all around the world. However, as shown by recent GUESSS (Global University Entrepreneurial Spirit Students' Survey) findings, the action-intention patterns are rather varied. While a bunch of students already start their businesses (= "doers"), few of them declare their intention to start-up after completing their studies (= "procrastinators"), and even greater share of student population indicate a postponed intention to start a business in the mid-range future (= "dreamers"). Of course, a considerable proportion of students exhibit no inclination...
Legal and Economic Context of the Czech Civil Code Rules on Family Enterprises
Martin Janků
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1945-1951 | DOI: 10.11118/actaun201765061945
The family-run business model is in the Czech Republic not used in the scope, as it is the case of other EU Member States. Until recently one of the reasons was also the absence of a legislative framework that would give to the family business or its organization a comprehensive and systematic rules and a stable order. This has - from a part - changed since January 1st, 2014 with the entry into force of the new Czech Civil Code, Act No. 89/2012 Coll. The present paper aims at pointing out the ways, forms and the diversity of family business from business in general according to the legislation in the Civil Code introducing in its Sections...
A Note on Relationship between Economic Activity and Stock Market Development: a Case of Euro Area Countries
Veronika Kajurová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1953-1965 | DOI: 10.11118/actaun201765061953
The aim of the paper is to empirically examine if the causal relationship between economic activity and stock market development exists in the selected 11 EA countries. The existence of relationship is investigated with the use of cointegration, vector error correction model and Granger causality during three sub-periods between January 1993 and January 2017. The results show that the general conclusion on the relation between activity and stock market development cannot be stated and that country-specific development should be taken into account when making decisions either from the investors' or policy makers' perspective. It also seems that the...
Consumer Behaviour on Slovak Yoghurt and Fermented Milk Products Market
Ingrida Košičiarová, Ľudmila Nagyová, Mária Holienčinová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1967-1978 | DOI: 10.11118/actaun201765061967
Milk and dairy products present an important source of essential nutrients which should be a part of human beings nutrition. While the recommended consumption of milk and dairy products is set at the level of 220 kg/person/year, the current studies show that Slovaks consume only 160 kg/person/year. One of the possibilities how to reverse this negative trend is to raise the Slovak consumers awareness of the positive impacts of yoghurts and fermented milk products on their health, as well as to made from them a so-called trendy food. The aim of the presented paper was to determine the consumer behaviour in the purchase of yoghurts and fermented milk...
Simulation of Insolvency Proceedings Year II - Evidence of the Long Term Effect on Cognitive Learning
Martina Krásnická, Viktor Vojtko, Zdeněk Strnad, Rudolf Hrubý
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1979-1985 | DOI: 10.11118/actaun201765061979
The aim of this paper is to draw some conclusions from a long-term project inspired by the so-called Mock trials experienced in the USA and applied into the Czech system of law education of students at the Faculty of Economics of the University of South Bohemia.The project involves a simulation of insolvency proceedings in case of a company bankruptcy. The students play roles of the various participants in the insolvency proceedings and learn very relevant but rather complicated process of insolvency. The results of the second academic year involve re-testing of students included in the SIP 1.0 (Simulation of Insolvency Proceedings 2015/2016) in...
The Role of Small and Medium-Sized Enterprises in the Development of Rural Areas
Lea Kubíčková, Martina Morávková, Marcela Tuzová, Igor Nečas
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1987-1996 | DOI: 10.11118/actaun201765061987
Apart from the indisputable importance of SMEs to the national economy, they also provide social and economic benefits for regions they operate in. In this context, the rural areas seem to be interesting because currently there can be seen a reappraisal and emphasizing of their importance. Between 2015 and 2016 there were carried out surveys in two different regions (Hodonín and Holešov) in order to define the role of SMEs in rural areas. The aim of these surveys was to determine how the particular players of the regional development subjectively perceive the role of SMEs in rural areas, particularly how is the role subjectively perceived by SMEs themselves...
Factors Influencing Decisions about Crowdsourcing in the Public Sector: A Literature Review
Regina Lenart-Gansiniec
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 1997-2005 | DOI: 10.11118/actaun201765061997
The subject of the article is identification of the factors that influence making decisions about implementing crowdsourcing by public organisations in their activity, in particular municipal offices in Poland. These factors have been selected based on a literature review. A review of one of the initiatives realised by a municipal Office in Poland allows for formulating a conclusion that factors connected with the type of task and management may impact decisions on implementing crowdsourcing.
Mixed-frequency Drivers of Precious Metal Prices
Matěj Liberda
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2007-2015 | DOI: 10.11118/actaun201765062007
Lack of intrinsic value, hybrid nature of commodities and recent financialization of commodity markets make of understanding precious metals price moves complicated. Predicting future development of precious metals market can be more feasible if we discover what drives these markets and describe nature of the drivers. The aim of the paper is to explain metal price movements by assessing an impact of multiple economic and financial factors. Based on the literature review we study 8 possible macroeconomic and financial drivers. The data are collected from Bloomberg. We use mixed-data-sampling methodology that enables me to study drivers of various frequencies...
How Did Short Sale Ban Affect German Capital Market Risk?
Dagmar Linnertová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2017-2024 | DOI: 10.11118/actaun201765062017
The problem of short sale is a popular issue of stock trading and efficiency of pricing. Most regulatory authorities around the world adopted in the period 2007-2010 ad hoc bans on short selling. This paper provides an examination of an impact of the short sale regulation on the German capital market during crisis period 2008-2010. The purpose is to identify effects of the short sale regulation on level of systematic risk on German capital market and to investigate the discovery of stock prices of German blue chips at the period from May 2007 to April 2011 and three sub periods which demonstrate different regulatory approach to naked short sale regulation....
Influence of the Industrial Structure of Economy on the Risk Level of Russian Regions' Tax Systems
Marina Malkina
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2025-2035 | DOI: 10.11118/actaun201765062025
The paper is aimed at study of the influence of industrial structure of regional economy on its tax system risk level. The tax systems risk level of Russian regions in 2006-2014 was assessed applying the H. Markowitz portfolio approach under the assumption that regional "portfolio" consists of main economic activities. It allowed us to evaluate contribution of various economic activities to total tax system risk, to decompose it into internal and external by origin and to identify the critical zones of instability in Russian regions. The coefficients of variation of tax yield rate revealed different relative impact of the economic activities on instability...
The Socioeconomic Characteristics of Rural Farmers and their Net Income in Ojo and Badagry Local Government Areas of Lagos State, Nigeria
Cathy-Austin Otekhile, Nahanga Verter
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2037-2043 | DOI: 10.11118/actaun201765062037
Agriculture remains the primary source of livelihood for the rural dwellers in Nigeria. This primary research assesses the effects of farmers' socioeconomic characteristics and some infrastructure costs on farmers' income in two local government areas of Lagos State. The descriptive statistics show that the majority of farmers in the areas are educated and married. Farmers in the areas generate more income from the farming than non-farming activities. The OLS regression results show that the age of farmers, educational attainment and the presence of agricultural agencies positively influence farmers' income in the countryside. On the other hand, the...
Factors affecting Generation Y Customers' Satisfaction with Online Group-Buying Purchases in South Korea
Pavlína Pawlasová, Vojtěch Klézl
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2045-2054 | DOI: 10.11118/actaun201765062045
This paper focuses on the customers' satisfaction with online group-buying purchases on the South Korean market. The aim of the paper is to examine a model of Generation Y consumers' satisfaction and the repeat purchase intention applying the theory of Expectation - Confirmation Model and DeLone and McLean IS success model expanded with the customers' trust. The data were obtained through an online survey All online G-B users from Generation Y in South Korea created the population. The structure of respondents was controlled with variables gender, age and frequency of online G-B purchases. The aspects leading to consumers' repeat purchase intention...
Investigating Youth Entrepreneurial intentions' Drivers in Visegrad Countries
Anna Pilková, Marian Holienka, Zuzana Jančovičová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2055-2065 | DOI: 10.11118/actaun201765062055
Entrepreneurial intention is the first step in entrepreneurial process. It is seen as one of the strongest predictors of entrepreneurial behavior. Measurement of key factors that influence entrepreneurial intention is still great challenge for researchers. The aim of this paper is both to analyse the significance of selected individual-level factors in their effect on entrepreneurial intention among youth in Visegrad countries (Czech Republic, Hungary, Poland and Slovakia) and contribute to solve the methodological gap in intention analysis applying non-traditional methods for this field - decision tree algorithm method alongside logistic regression...
Effective Collaborative Mapping Based on Mobile Devices
Ivo Pisařovic, David Procházka, Jaromír Landa, Jan Kolomazník, Karel Zídek, Lukáš Franěk
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2067-2072 | DOI: 10.11118/actaun201765062067
There are numerous situations when it is utmost important to share efficiently some spatial data among a group of people. Floods can be taken as an obvious example. Many stakeholders including mayor or rescue service workers must have actual information about the conditions in the terrain. And most importantly, all of these can contribute to the information. Among these situations involving the crisis management, we dare to mention especially the inventory process. Traffic signs, road lanes, trees, lights and many other different object must be regularly maintained. Most of the organizations use some kind of geographical information system to keep...
Strategic and Crisis Management in Agricultural Enterprises in the Czech Republic
Petr Řehoř, Jaroslav Vrchota
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2073-2081 | DOI: 10.11118/actaun201765062073
Agricultural enterprises should constantly try to improve themselves. They need strategic management to manage their innovativeness in a focused manner, and to achieve growth and satisfy their strategic objectives in a way that minimizes the high-inherent risks or crises. The paper deals with a sub-research of the management of small and medium-sized enterprises in the Czech Republic. It is focused on the use of strategies in SMEs (especially for agriculture) management and the assessment of the significance of crises. Data were gathered as questionnaires and interviews from 183 (thereof 34 agricultural) enterprises operating in the Czech Republic....
Using Multiple Correspondence Analysis to Evaluate Selected Aspects of Behaviour of Consumers Purchasing Local Food Products
Petra Šánová, Jitka Svobodová, Adriana Laputková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2083-2093 | DOI: 10.11118/actaun201765062083
The paper compares selected aspects of behaviour of consumers when purchasing local food products in the Czech Republic or food products labelled as local or regional using correspondence analysis vis-à-vis customer gender. Its purpose is to identify aspects which each group of the consumers (that is men vs. women) consider important when purchasing local food products. Information about the preferences of customers purchasing local food is important for marketing activities of retailers and producers. Data from 269 respondents have been processed in total according to gender and purchasing frequency. Correspondence analysis was used in order...
The Effect of Selected Financial Indicators on Liquidity of Companies in Selected Sectors in the Czech Republic
Markéta Šeligová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2095-2104 | DOI: 10.11118/actaun201765062095
The aim of this paper is to determine the effect of selected financial indicators related to the structure of funding sources on liquidity of companies in selected sectors in the Czech Republic from 2000 to 2015. With the purpose to fulfill the aim, we examine existence and character of relationship between selected financial factors related to the structure of funding sources (debt equity ratio, return on equity, share of fixed assets to total assets, share of earnings before interest and taxes to total assets) and liquidity of the companies in sectors such as mining and quarrying, manufacturing, construction, service sector and energy sector. The...
The Impact of Exchange Rate Movements on Firm Value in Visegrad Countries
Jana Šimáková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2105-2111 | DOI: 10.11118/actaun201765062105
Company's involvement in global activities through international trade is the primary source of their foreign exchange exposure. Many empirical studies suggest the negative impact of uncertainty about the development of the exchange rate on cash flow and profitability of companies, and thus their market values. Some economic studies show that foreign revenues are positively correlated with the exchange rate exposure and in a short period, currency depreciation negatively affects the market value of listed companies. On the other hand, there are studies that show no statistically significant links between the value of the companies and exchange rates....
The Impact of Attention to News about Tax Changes on the Stock Market
Jolana Stejskalová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2113-2121 | DOI: 10.11118/actaun201765062113
We approach to point out new direction of measurement the attention of the news related to changes in taxes by using the application Google Trends. The objective of the study is to extend literature that investigates the impact of the information's search intensity provided by Google Trends on capital market. We show that increasing attention on tax changes measured by Google search decrease stock prices of the US companies listed on NASDAQ.Moreover, we focus on abnormal Google searches related to particular shocks. The study investigates the positive relationship between attention to news about tax changes and stock prices in a specific year....
Factors Affecting the Adoption of Electronic Data Interchange
Lucie Veselá
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2123-2130 | DOI: 10.11118/actaun201765062123
Implementation of electronic data interchange (EDI) is thus more desirable and will be one of the major determinants of business success of a company. Despite the current pressure of the public sphere and all the benefits that the adoption of EDI provides, the expansion of this technology is still a minority in the Czech Republic. The aim of this paper is to identify the specifics of EDI adoption, quantify their significance, mutual conditionality and propose a new general model of EDI adoption in businesses. The conclusions of this document are based on the primary data collected through a questionnaire survey in 2015. There were the key factors influencing...
Regional Brands as an Attribute of Product Quality
Lucie Vokáčová, Klára Margarisová, Jan Huml, Jiří Čerkasov
Acta Univ. Agric. Silvic. Mendelianae Brun. 2017, 65(6), 2131-2140 | DOI: 10.11118/actaun201765062131
Labelling of product origin arose spontaneously tradition and consumers automatically associated high quality or specific characteristics with such designations. Systems for labelling regional products have developed over time as third party activity, which assesses relevant criteria and guarantee their fulfilment by awarding a certificate. The aim of this paper is to define competitive environment in the designation of regional products in the Czech Republic and to demonstrate the link between regional product and quality. Part of the paper is identification of parameters determining the quality of products (in general) and the assessment of quality...