Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2018 (vol. 66), issue 6
Disparity in Performance of the Czech Construction Sector: Evidence from the Markov-Switching Model
Václav Adamec
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1383-1391 | DOI: 10.11118/actaun201866061383 
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...
Promotion as a Variable of HR Marketing in Selected Corporations in the Czech Republic in the Context of Digitization
Jiří Bejtkovský
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1393-1405 | DOI: 10.11118/actaun201866061393
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...
Employee Voice: an Employee Satisfaction Level by Selected Healthcare Service Providers in the Czech Republic
Jiří Bejtkovský
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1407-1416 | DOI: 10.11118/actaun201866061407
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...
What is the True Effect of Rebalancing - a Higher Return or a Lower Risk?
Martin Boďa, Mária Kanderová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1417-1430 | DOI: 10.11118/actaun201866061417
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...
Analysis of the Association between Topics in Online Documents and Stock Price Movements
František Dařena, Jan Přichystal
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1431-1439 | DOI: 10.11118/actaun201866061431
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...
Estimating Local Consumer Market Size for Marketing Decision-Making
Radim Dušek, Viktor Vojtko, Jan Šalamoun
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1441-1449 | DOI: 10.11118/actaun201866061441
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...
An Analysis of the Impact of Selected Factors on the Bond Market
Blanka Francová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1451-1458 | DOI: 10.11118/actaun201866061451
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...
Corporate Governance Structures in Transition Economies - Issues and Concerns for India
Pankaj Kumar Gupta, Shallu Singh
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1459-1467 | DOI: 10.11118/actaun201866061459
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...
Relationship Between Deferred Tax Category and Stock Prices in Pharmacy
Petr Habanec
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1469-1475 | DOI: 10.11118/actaun201866061469
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...
What Drives Liquidity of Tourism Companies? Microeconomic Evidence from Bulgaria, Czech Republic and Poland
Tomáš Heryán
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1477-1484 | DOI: 10.11118/actaun201866061477
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...
Sports as a Stepping-Stone for Entrepreneurship: Examining Sports University Students
Marian Holienka, Jana Holienková, Miroslav Holienka
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1485-1496 | DOI: 10.11118/actaun201866061485
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...
The Role of Migration as Adjustment Mechanism in the Crisis and EMU
Peter Huber
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1497-1508 | DOI: 10.11118/actaun201866061497
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...
The Recent Development Trends in Management of Agricultural Holdings
Zuzana Juríčková, Zuzana Kapsdorferová, Mária Kadlečíková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1509-1516 | DOI: 10.11118/actaun201866061509
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...
Free-rider Problem in Classroom Games - Impact of Gender and Intergroup Conditions
Soňa Kukučková, Pavel Žiaran
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1517-1525 | DOI: 10.11118/actaun201866061517
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...
Health Perception and Food Choice Factors in Predicting Healthy Consumption Among Elderly
Dagmar Lesáková
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1527-1534 | DOI: 10.11118/actaun201866061527
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...
Impact of GDPR Security Measures on the Intellectual Property and Unfair Competition
Radka MacGregor Pelikánová, Eva Daniela Cvik
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1535-1542 | DOI: 10.11118/actaun201866061535
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...
Land Degradation in the Calorie Model: Dynamics of the Stationary State
Martin Machay
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1543-1547 | DOI: 10.11118/actaun201866061543
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....
Regional Branding: Customer's Experience with the Certified Products
Klára Margarisová, Lucie Vokáčová, Kateřina Kuralová, Tomáš Hlavsa
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1549-1556 | DOI: 10.11118/actaun201866061549
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...
Czech Household Tax Burden Estimation
Lukáš Moravec, Gabriela Kukalová, Jakub Ječmínek, Luboš Žáček
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1557-1564 | DOI: 10.11118/actaun201866061557
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...
Wi-Fi Indoor Localisation: a Deeper Insight Into Patterns in the Fingerprint Map Data
Mikuláš Muroň, David Procházka
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1565-1571 | DOI: 10.11118/actaun201866061565
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...
Text-Mining in Streams of Textual Data Using Time Series Applied to Stock Market
Pavel Netolický, Jonáš Petrovský, František Dařena
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1573-1580 | DOI: 10.11118/actaun201866061573
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 %.
Data Measurements and its Uses for the Autonomous System
František Ostřížek, Oldřich Trenz
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1581-1587 | DOI: 10.11118/actaun201866061581
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...
Selected Ways of Acquiring Securities in the Conditions of the Slovak Republic
Tomáš Peráček, Boris Mucha, Patrícia Brestovanská, Jana Kajanová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1589-1599 | DOI: 10.11118/actaun201866061589
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,...
Simple Company on Shares as Startup Support Tool
Tomáš Peráček, Boris Mucha, Patricia Brestovanská, Jana Kajanová
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1601-1611 | DOI: 10.11118/actaun201866061601
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...
The Effect of Economic Factors on Performance of the Stock Market in the Czech Republic
Tomáš Pražák
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1613-1626 | DOI: 10.11118/actaun201866061613
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...
Impact of Credit Risk Management Systems on the Financial Performance of Commercial Banks in Uganda
Isah Serwadda
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1627-1635 | DOI: 10.11118/actaun201866061627
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...
Opportunities of Different Generations Participation in Rural Community Activities
Gintarė Vaznonienė, Ilona Kiaušienė
Acta Univ. Agric. Silvic. Mendelianae Brun. 2018, 66(6), 1637-1646 | DOI: 10.11118/actaun201866061637
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...