16 - Faculty of Business and Management | Conferences · 16th international scientific conference...

16TH INTERNATIONAL SCIENTIFIC CONFERENCE

PERSPECTIVES OF BUSINESS AND ENTREPRENEURSHIP

DEVELOPMENT IN DIGITAL AGE

ECONOMIC, MANAGEMENT, FINANCE AND SYSTEM ENGINEERING

FROM THE ACADEMIC AND PRACTIONERS VIEWS

COLLECTED ABSTRACTS AND PROGRAMME OF INTERNATIONAL

SCIENTIFIC CONFERENCE

SEPTEMBER 20-22, 2017

BRNO, CZECH REPUBLIC

ISBN 978-80-214-5531-3

International Conference at Brno University of Technology,

Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic

Perspectives of Business and Entrepreneurship Development in Digital Age

September 20-22, 2017 Brno, Czech Republic 3

INTRODUCTION

Dear conference participants,

I would like to take this opportunity to welcome you at the “international conference”

held on the occasion of the 25th anniversary of the Faculty of Business and Management

of the Brno University of Technology.

The history of the Faculty of Business and Management of the Brno University of

Technology dates back to September 1992, yet the beginnings of the faculty itself may

be found in the Department of Economy and Management at the Faculty of Engineering

of the Brno University of Technology.

At present, the Faculty of Business and Management provides education in economic,

management and ICT disciplines with an emphasis on the business sphere, achieving

top-level scientific performance and developing cooperation at the level of enterprises,

public administration and other stakeholder organisations and institutions, clearly

defining its position both in the Czech Republic and in the context of international

competition.

The primary goal of the conference is to provide a unique platform to facilitate the

exchange of leading ideas among academics and practitioners in the field for the

purposes of effective advancement of knowledge in the field of economic, management,

finance and system engineering from the perspective of challenges to business and

entrepreneurships in digital age. This will be achieved through multi-disciplinary panels,

roundtables and discussions of current issues and conditions of business and

entrepreneurships in Europe and around the world.

The conference will not only see the discussion over scientific papers or research issues

but it will also deepen old friendships or establish new friendships, as well. In addition,

this kind of conference serves as a good platform for networking.

More than 70 participants coming from more than 13 countries from Europe, North

Africa, USA and Asia will present their scientific papers. I am convinced that these

scientific papers could help to solve the challenges of mankind.

I wish you a pleasant stay at the conference.

Stanislav Škapa

Dean





CONTENT

About Conference ........................................................................................................... 6

Further Publication Opportunities .................................................................................. 7

Programme Committee .................................................................................................. 8

Reviewers ...................................................................................................................... 10

Organising Committee .................................................................................................. 11

Conference Programme ................................................................................................ 12

Panel Discussion ............................................................................................................ 14

Parallel Sessions ............................................................................................................ 17

Economics in Digital Age ........................................................................................... 17

Finance in Digital Age ................................................................................................ 19

Management in Digital Age ....................................................................................... 21

System in Digital Age ................................................................................................. 23

Abstracts & Contacts ..................................................................................................... 25





ABOUT CONFERENCE

The honorary patronage over the conference took the dean of the Faculty of Business

and Management, Brno University of Technology associate prof. Ing. et Ing. Stanislav

Škapa, Ph.D.

The 16th International Conference is associated with the celebration of the 25th

anniversary of the Faculty of Business and Management, whose research focus has

aimed, since its establishment, at contributing to developing the knowledge and

cultivating the business sphere, thus fulfilling its motto – Prosperity and Humanity.

Conference Theme: “Perspectives of Business and Entrepreneurship Development in

Digital Age „Economics, Management, Finance and System Engineering from the

Academic and Practitioners Views. The aim of this year’s conference is to provide an

expert platform for sharing ideas and discussing opinions between the academics and

practitioners in the sphere of new trends and perspectives of business development and

entrepreneurship influenced by the digital era. Conference Sections:

Section 1: Economic in Digital Age

Section 2: Management in Digital Age

Section 3: Finance in Digital Age

Section 4: System Engineering

The primary goal of the conference is to provide a unique platform to facilitate the

exchange of leading ideas among academics and practitioners in the field for effective

advancement of knowledge in the field of economic, management, finance and system

engineering from the perspective of challenges to business and entrepreneurships. This

will be achieved through multidisciplinary discussions of current problems and

conditions of business and entrepreneurships in the Europe and the World. Major

highlights of the conference would be creating of the platform for network and

communication with distinguished entrepreneurs, managers and traders.

This conference will feature competitive papers, plenary session, panel discussion and

sections roundtable. Submissions will be subjected to a blind review process and will be

published in the refereed Conference Proceedings „Selected papers: Perspectives of

Business and Entrepreneurship Development in Digital Age: Economic, Management,

Finance and System Engineering from the Academic and Practioners views“, which will

be applied for covering by abstracting/indexing services: Thomson Reuters Conference

Proceedings Citation Index (ISI).





FURTHER PUBLICATION OPPORTUNITIES

On the basis of agreed cooperation with editors of the scientific journals there will be

offered an opportunity for the authors of high quality contributions to publish extended

versions of their contributions in journal indexed in reputable databases:

Trends Economics and Management Czech Republic

http://trendy.fbm.vutbr.cz/index.php/trends ISSN 1802-8527

Business: Theory and Practice Lithuania

http://www.btp.vgtu.lt/index.php/btp/index ISSN 1648-0627

Journal of Business Economics and Management Lithuania

http://www.tandfonline.com/toc/tbem20/current#.VIjGNv

3hb3g ISSN 1611-1699

Economics and Business Latvia

https://ortus.rtu.lv/science/en/series/3 ISSN 1407-7337

Engineering Economics Lithuania

http://www.inzeko.ktu.lt/index.php/EE ISSN 1392-2785

Business, Management and Education Lithuania

http://www.bme.vgtu.lt/index.php/bme ISSN 2029-7491

Equilibrium. Quarterly Journal of Economics and Economic

Policy Poland

http://www.equilibrium.umk.pl ISSN 1689-765X

Oeconomia Copernicana Poland

http://oeconomia.pl ISSN 2083-1277





PROGRAMME COMMITTEE

Chairperson: Stanislav Škapa

Programme Coordinator: Alena Kocmanová

Conference Coordinator: Iveta Šimberová

Members: Adam P. Balcerzak (Nicolaus Copernicus University, Poland)

Artur Bartosik (Kielce University of Technology, Poland)

Massimo Bianchi (Universita di Bologna, Italy)

Jerzy Boehlke (Nicolaus Copernicus University, Poland)

Jose Carlos Casillas Bueno (Universidad de Sevilla, Spain)

Mirko Dohnal (Brno University of Technology, Czech Republic)

Petr Dostál (Brno University of Technology, Czech Republic)

Elina Gaile-Sarkane (Riga University of Technology, Latvia)

Lidia Galabova (Technical University Sofia, Bulgaria)

Romualdas Ginevicius (Vinius Gediminas University, Lithuania

Michal Gregus (Comenius University in Bratislava, Slovak Republic)

Krzysztof Grysa (Kielce University of Technology, Poland)

Josef Hynek (Univerzity Hradec Kralove, Czech Republic)

Reiji Yamanaka, (Globis University, Japan)

Arvid C. Johnson (University of St. Francis, USA)

Jaroslav Kita (University of Economics Bratislava, Slovak Republic)

Jiří Kraft (University of Pardubice, Czech Republic)

Natalja Lace (Riga University of Technology, Latvia)

Justyna Łapińska (Nicolaus Copernicus University, Poland)

Hana Lošťáková (University of Pardubice, Czech Republic)

Augustin Muresan (Gheorghe Asachi Technical University Iasi, Romania)

Tomáš Meluzín (Brno University of Technology, Czech Republic)

Zdeněk Molnár ((The University of Economics, Czech Republic)

Jurgen Muhlbacher (Vienna University of Economics and Business, Austria)





Bronius Neverauskas (Kaunas University of Technology, Lithuania)

Michał Bernard Pietrzak (Nicolaus Copernicus University, Poland)

David J. Pollard (Leeds Metropolitan University, United Kingdom)

Tatjana Põlajeva (Tallinn University of Technology)

Jan Pour (The University of Economics, Czech Republic)

Maria Režňáková (Brno University of Technology, Czech Republic)

Žaneta Simanavičiene (Kaunas University of Technology, Lithuania)

Anna Soulsby (Notingham University, United Kingdom)

Jelena Stankevičiene (Vilnius Gediminas University, Lithuania)

Grazina Startiene (Kaunas University of Technology, Lithuania)

Anna Svirina, (Kazan State Technical University, Russian Federation)

Iveta Šimberová (Brno University of Technology, Czech Republic)

Stanislav Škapa (Brno University of Technology, Czech Republic)

Tomáš Šubrt (Czech University of Life Sciences Prague, Czech Republic)

Janos Vecsenyi (Budapest University of Technology and Economics Hungaria)

Robert Zich (Brno University of Technology, Czech Republic)

Marek Zinecker (Brno University of Technology, Czech Republic)





REVIEWERS

Dastan Bamwesigye (Czech Republic)

Angela Belobrov (Moldova)

Veronika Bumberová (Czech Republic)

Lucie Kaňovská (Czech Republic)

Michal Karas (Czech Republic)

Zdeňka Konečná (Czech Republic)

Štěpán Konečný (Czech Republic)

Vojtěch Koráb (Czech Republic)

Petra Koudelková (Czech Republic)

Natalja Lace (Latvia)

Jan Luhan (Czech Republic)

Jiří Luňáček (Czech Republic)

Anita Maček (Austria)

Ingrid Majerová (Czech Republic)

Pavel Mráček (Czech Republic)

Bernard Neuwirth (Czech Republic)

Veronika Novotná (Czech Republic)

Mária Pomffyová (Slovakia)

Mária Režňáková (Czech Republic)

David Schüller (Czech Republic)

Martina Skalická (Czech Republic)

Iveta Šimberová (Czech Republic)

Štefan Štěpník (Czech Republic)

Eva Tomášková (Czech Republic)

Tatiana Zhilinskaya (Belarus)

Marek Zinecker (Czech Republic)

Ondřej Žižlavský (Czech Republic)





ORGANISING COMMITTEE

Chair

Iveta Šimberová, Brno University of Technology (Czech Republic)

Conference team:

Nina Bočková, Brno University of Technology (Czech Republic)

Veronika Bumberová, Brno University of Technology (Czech Republic)

Eliška Horová, Brno University of Technology (Czech Republic)

Vít Chlebovský, Brno University of Technology (Czech Republic)

Lucie Kaňovská, Brno University of Technology (Czech Republic)

Zdeňka Konečná, Brno University of Technology (Czech Republic)

Stanislav Kudelás, Brno University of Technology (Czech Republic)

Jan Luhan, Brno University of Technology (Czech Republic)

František Milichovský, Brno University of Technology (Czech Republic)

Pavel Mráček, Brno University of Technology (Czech Republic)

David Schüller, Brno University of Technology (Czech Republic)

Jiri Zámečník, Brno University of Technology (Czech Republic)

Ondřej Žižlavský, Brno University of Technology (Czech Republic)

Pavel Weirich, Brno University of Technology (Czech Republic)





CONFERENCE PROGRAMME

Thursday, 21 September

Faculty of Business and Management, Kolejní 2906/4, Brno

9:30 - 10:50 Registration

Plenary session Moderator: Marek Zinecker

11:00 - 11:15 Welcome speech (P381) dean Stanislav Škapa

11:15 - 12:30 Panel discussion (P381) Vít Chlebovský, Robert Zich

12:30 - 13:30 Lunch at the Faculty of Business and Management

Parallel sessions Place Moderators

13:30 - 16:30 Economic in Digital Age (P157)

Nina Bočková,

Marek Zinecker

Finance in Digital Age (P158) Ondřej Žižlavský,

Karel Brychta

Management in Digital

Age (P159)

Lucie Kaňovská,

David Schüller

System in Digital Age (P165) Jan Luhan,

Veronika Novotná

Important note: Program in Parallel sessions will be through roundtable discussion

managing by sections moderators.

Social program

19:00 - 21:00 City Guided Tour ended by Dinner

Meeting point at Moravské náměstí by the equestrian statue of

Margrave Jošt (GPS: 49.1976283N, 16.6075867E)





Friday, 22 September

CEITEC BUT

Purkyňova 656/123, 612 00 Brno

9:30 Meeting point at hall of Faculty of Business and Management

10:00 - 11:30 Central European Institute of Technology

(https://www.ceitec.eu/contact/t1288)

11:30 - 12:30 Lunch at the Faculty of Business and Management

SONO CENTER

Veveří 113, 616 00 Brno-Žabovřesky (GPS: 49.2094861N, 16.5886583E)

17:00 - 19:00 Festive Scientific Board

19:00 - 24:00 Gala evening





PANEL DISCUSSION

PLACE: P381

MODERATORS Vít Chlebovský, Brno University of Technology, Faculty of

Business and Management, Czech Republic

Robert Zich, Brno University of Technology, Faculty of


ING. LEOŠ DVOŘÁK

SIEMENS CZECH REPUBLIC

Head of Digitalization in Siemens Czech Republic since

2016 with responsibility in area of Industry 4.0, Smart

Cities, Smart Buildings, Smart Grid and its integrations.

Including coordination agendas related to building

standards and test beds for industry 4.0. Automation

Control Solution Engineering Director in Honeywell

Technology Solution Brno since 2006, leading research

and development efforts in areas of HW, SW and MD

development with primary focus on applications for homes,

buildings systems, water, gas and combustion processes

and large security systems.

Operations Director and variety of roles and responsibilities related to R&D and

production in AVX corp. Semiconductor industry, Tantalum division, Since 1994.

Experience from various global assignments in El Salvador, China, US and Europe

in area of Production, Engineering and R&D.

Education: MSc in 1989 from Czech Technical University Institute of Electrical

Engineering, in the field of Control Engineering.

Three patent granted, author or co-author of more than 10 technical publications

and engineering works. Member of the scientific board FEEC BUT, Member of the

industrial board FIT BUT, member Board of Governors IT4Innovation, Member

Executive Board of SIX.





ORLANDO GRIEGO, PHD

THE UNIVERSITY OF ST. FRANCIS IN JOLIET, COLLEGE OF BUSINESS & HEALTH

ADMINISTRATION

Orlando Griego, Ph.D., is currently the Dean of the College

of Business & Health Administration at the University of St.

Francis in Joliet, Illinois. He served as an Associate Dean at

Azusa Pacific University and Senior Faculty member at the

Federal Executive Institute in Charlottesville, VA. He was,

among other credits, winner of the Best Teach of the Year at

Azusa Pacific University and twice nominated as Best

Teacher of the Year while at Colorado State University. He

is the co-author of 4 books and over 40 publications and

conference proceedings.

Dr. Griego earned his doctorate in Human Resource Development at Colorado State

University in 1997 and his M.S. in Human Resource Management at Golden Gate

University in 1985.

ING. KAMIL ŠVÉDA, PH.D.

DATAMAR INTERNATIONAL

Director of Datamar International - provider of market

research, marketing analysis and consultancy for business

centre developers and FMCG companies. Additional

experience reached as an internal consultant in Catepilar

company (supplier of structural and mine machinery in

Africa, Middle East, and in central Russia as analytics for

market share measuring, segmentation and business models).

Kamil Švéda also led a consulting team for processing

technology and market analysis in Accenture.

He participated in process of commercialisation of new nanofiber and bioplastic

products in Nafigate corp. in Asia. Kamil Švéda is alumni of the Faculty of Business

and Management in Brno.





ING. PETR PIŠTĚLÁK

MANAGING PARTNER PROFIT BOOSTER, S.R.O.

Partner of a consultancy firm Profit Booster, providing

outsourcing of Marketing, Sales and Business Development.

Among its clients are international corporations including

Cisco Systems, Wrigley, Reiffeisenbank, as well as local

businesses, including Airbank or Bohemia Energy.

Formal Member of the board and Vice President for marketing

and sales in Czech Airlines. Till 2006 worked in an investment

company PPF, at first as the Deputy CEO and Executive

Director in eBanka, lately as a key member of a team

introducing Home Credit in Mainland China. Started his

career in Procter & Gamble, where he spent almost ten years

in marketing and sales positions.

An author of the book: The Profitbooster Method – a guide to build and grow any

business (Amazon, USA 2016). Happily married father of three children, amateur

athlete, HAM and occasional steam punker.

ING. TOMÁŠ MEJZLÍK

FABLAB BRNO

Since I have been accepted at Brno University of

Technology, I was seeking for opportuinities to improve

myself and for various self-realisation experience. I have

taken an active part in non-university activities and I have

completed variety of self-effectiveness courses. All of that

helped me to be an chief editor in a faculty magazine,

president of student organization, Dean's and Rector's

adviser for students affairs.

After graduating I have been accepted to JIC as a FabLab Manager and I was in

charge of preparing, planning and running the first FabLab in the Czech Republic.

FabLab Brno is a place of 182 m2 equipped with digital manufacturing devices like

3D printers, CNC router, laser cutter, vinyl cutter. The aim of this place is to

provide easy access to the digital fabrication. It works as a fit center for makers.

For a little amount of monthly fee, people are getting access to machines worth

millions of CZK and to big group of enthusiastic makers.





PARALLEL SESSIONS

ECONOMICS IN DIGITAL AGE

PLACE: P157

MODERATORS Nina Bočková, Brno University of Technology, Faculty of Business

and Management, Czech Republic

Marek Zinecker, Brno University of Technology, Faculty of


ANALYSIS OF PROPERTY RIGHTS ON NATURAL RESOURCES: OIL EXPLORATION IN

UGANDA

DASTAN BAMWESIGYE, PETRA HLAVÁČKOVÁ, SAMUEL ANTWI DARKWAH

R&D: CZECH REPUBLIC AND SLOVAKIA REACH EU TARGETS?

NINA BOČKOVÁ, TOMÁŠ MELUZÍN

SELECTED ASPECTS OF OTC SALES IN A PHARMACY AND BY SELLER OF RESERVED

DRUGS

LENKA ČUPEROVÁ ŠEBKOVÁ, MARTIN PERNICA

CONSTRUCTION OF A FUZZY MODEL FOR THE SUCCESS PREDICTION OF HI-TECH

COMPANIES WITH A SHORT HISTORY

MARIE JEDLIČKOVÁ, PETR KUTNAR

IMPACT OF SELECTED SOCIO-ECONOMIC INDICATORS ON HEALTH PERSONNEL IN

COUNTRIES OF VISEGRAD GROUP PLUS

INGRID MAJEROVÁ, TOMÁŠ HERYÁN

QUALITATIVE MODELS OF BANKRUPTCY PROCEEDINGS USING MULTI-EXPERT COMPLEX

DECISION MAKING

TOMÁŠ POLÁČEK, MIRKO DOHNAL

THE CURRENT PROBLEMS OF THE EUROZONE AND THE FUTURE TRANSFORMATION OF

THE EUROPEAN UNION

OLDŘICH REJNUŠ





SELECTED MICROECONOMIC EFFECTS OF ICT FIRMS IN CONTEXT OF LEVEL OF

SECTORAL CONCENTRATION: CASE STUDY IN SELECTED REGIONS OF THE CZECH

REPUBLIC

KAMILA TUREČKOVÁ





FINANCE IN DIGITAL AGE

PLACE: P158

MODERATORS Ondřej Žižlavský, Brno University of Technology, Faculty of


Karel Brychta, Brno University of Technology, Faculty of Business


THE ASSESSMENT OF IMPACT OF FOREIGN DIRECT INVESTMENT ON A COMPANY’S

PERFORMANCE IN BALTIC COUNTRIES

EKATERINA AZARKEVICH, JULIJA BISTROVA, NATALJA LACE

ANALYSIS OF THE CHINA MARKET: EVIDENCE FROM QUANTILE REGRESSION APPROACH

MÁRIA BOHDALOVÁ, MICHAL GREGUŠ

COMPARISON OF BANKRUPTCY MODELS FOR PREDICTION OF THE FINANCIAL HEALTH

OF THE SLOVAK CIVIL ENGINEERING COMPANIES

MÁRIA BOHDALOVÁ, NATÁLIA KLEMPAIOVÁ

DECISION MAKING UNDER UNCERTAINTY: MANAGING REAL ESTATE PROJECT WITH

REAL OPTION THEORY

ANDREJS ČIRJEVSKIS, ERNESTS TATEVOSJANS

COMPARISON OF LEGAL REGULATION OF IPO IN CZECH REPUBLIC AND POLAND

KLÁRA KOVANDOVÁ

INTEREST IN IPO NON-FINANCIAL FACTORS ON THE PART OF INVESTMENT

PROFESSIONALS

ANDREA KRÝSLOVÁ

HOW IMPORTANT IS FAIR VALUE MEASUREMENT?

ZUZANA KŘÍŽOVÁ

MODELS OF VALUE CREATION MEASUREMENT IN DIFFERENT MANUFACTURING

INDUSTRY SECTORS IN THE CZECH REPUBLIC

PETR SUCHÁNEK, MARTIN ŠTĚRBA





SENSITIVITY ANALYSIS WITHIN A CHOSEN MANUFACTURING COMPANY

MAREK VOCHOZKA, MARIANA PSÁRSKA, PENGFEI SHENG

COMPARISON OF NEURAL NETWORK AND REGRESSION TIME SERIES IN THE ESTIMATE

THE DEVELOPMENT OF THE AFTERNOON PLATINUM PRICE ON THE NEW YORK STOCK

EXCHANGE

MAREK VOCHOZKA, JAROMÍR VRBKA, VERONIKA MACHOVÁ





MANAGEMENT IN DIGITAL AGE

PLACE: P159

MODERATORS Lucie Kaňovská, Brno University of Technology, Faculty of


David Schüller, Brno University of Technology, Faculty of


IT TOOLS USED IN THE STRATEGIC CONTROLLING PROCESS – POLISH NATIONAL STUDY

RESULTS

AGNIESZKA BIEŃKOWSKA , ZYGMUNT KRAL, ANNA ZABŁOCKA-KLUCZKA

MANAGING STAKEHOLDERS’ ENGAGEMENT IN SOCIAL INNOVATION PROJECTS –

LEARNINGS FROM THE ONLINE WORLD OF OPEN SOURCE INNOVATION

HRISTIAN DASKALOV

DETERMINANTS OF THE STRATEGIC EFFECTIVENESS OF MNC INVESTING IN EMERGING

MARKETS

AGNIESZKA DZIUBIŃSKA

CONNECTING CUSTOMER EXPERIENCE AND SUSTAINABLE MULTIPLE CUSTOMER VALUE

CREATION AS KEY SUCCESS FACTORS

PETER KITA, DAVID HAVÍŘ

BRAND SPONSORSHIP AND SOCIAL MEDIA. COCA COLA AND CARLSBERG ILLUSTRATED

WITH AN EXAMPLE OF THE EUROPEAN FOOTBALL CHAMPIONSHIP 2016

MARCIN KOMAŃDA

MOTIVATION OF ACADEMIC STAFF

KRISTINA LAZARIDI

ENTREPRENEURS’ PERCEPTION OF OUTCOMES FROM INTELLECTUAL CAPITAL

INVESTMENTS

OKSANA LENTJUSHENKOVA, JELENA TITKO

THE USE OF DIGITAL TECHNOLOGY BY ALGERIAN COMPANIES

AHMED MEHOR, SID AHMED SENOUCI, ALLAL BOURAHLA





THE E-BANKING IN ALGERIA: SATISFACTION MEASURE (REVIEW)

AHMED MEHOR, SID AHMED SENOUCI, ALLAL BOURAHLA

SERVICE QUALITY IN THE DIGITAL AGE – TIME AS STRATEGIC RESOURCE

JUERGEN MUEHLBACHER

FAMILY TIES AND ITS INFLUENCE ON FAMILY WINE FIRMS IN THE CZECH REPUBLIC

ANASTASIA MURÍNOVÁ

PRO-EXPORT STRATEGIES OF THE CZECH REPUBLIC WITH THE FOCUS ON BORN

GLOBALS

ELIŠKA REKOVÁ

APPROACHES TO THE CLASSIFICATION OF HIGH-TECH COMPANIES FROM NEGATIVE

AND POSITIVE POINT OF VIEW

DAGMAR VÁVROVÁ

THE IMPACT OF SOCIAL MEDIA MARKETING CAPABILITIES ON NEW FIRM PERFORMANCE

DOMINYKA VENCIUTE, VILTE AURUSKEVICIENE

AN APPLICATION OF PRINCIPLE OF THE COMPETITIVE SPACE DEMANDS ACCELERATOR

TO ASSESSMENT OF THE MOBILE COMMUNICATION MARKET DEVELOPMENT IN THE

CZECH REPUBLIC

ROBERT ZICH, KAROLÍNA SVOBODOVÁ

FACTORS INFLUENCING CONSUMER BEHAVIOUR AND DECISION TO USE SMART

TECHNOLOGIES

RIMA ZITKIENE, GERMANTE MARKEVICIUTE, MONIKA MICKEVICIENE





SYSTEM IN DIGITAL AGE

PLACE: P165

MODERATORS Jan Luhan, Brno University of Technology, Faculty of Business and

Management, Czech Republic

Veronika Novotná, Brno University of Technology, Faculty of Business


PROJECT SUCCESS EVALUATION MODEL BASED ON FIS

RADEK DOSKOČIL, PETR DOSTÁL

VALIDATION OF IMPORTED DATA BY RECURSIVE MATRIX FUNCTION

PETR DYDOWICZ

THE SOLUTION OF THE SYSTEM OF DIFFERENTIAL EQUATIONS WITH DELAYS AS A

MODEL OF ECONOMIC EQUILIBRIUM IN MAPLE

ZUZANA CHVÁTALOVÁ

A DYNAMIC MODEL OF THE IMPACT OF E-GOVERNMENT ON THE LEVEL OF CORRUPTION

JAN LUHAN, BERNARD NEUWIRTH, VERONIKA NOVOTNÁ, STANISLAV ŠKAPA

RESEARCH ON HRIS SATISFACTION IN COMPANIES

MATEJ ZÁPOTOČNÝ

THE NECESSITY AND THE MAIN DIFFICULTIES IN IMPLEMENTATION OF ELECTRONIC

ACCOUNTING DOCUMENTS IN REPUBLIC OF BELARUS

TATIANA ZHILINSKAYA





ABSTRACTS

&

CONTACTS





The assessment of impact of foreign direct investment on a

company’s performance in Baltic countries

Ekaterina Azarkevicha, Julija Bistrovaa, Natalja Lacea*

a Riga Technical University, Faculty of Engineering Economics and Management, 6 Kalnciema Str., Riga, LV-1048, Latvia

Abstract

Purpose of the article The aim is to investigate the impact of foreign direct investment (FDI) on company’s

performance using the data for more than 380 companies located in Baltic countries and working mainly in the

wholesales and trade and manufacturing industries.

Methodology/methods In order to investigate the relationship between GDP and FDI the correlation and

regression analysis were used. The mean comparison was used to identify the significant difference in financial

ratios of companies with FDI and without FDI. The regression model estimation was applied to explore the impact

of FDI on profitability of companies.

Scientific aim is to discover whether the companies with FDI show significantly better financial performance than

the companies without FDI. The following hypotheses were advanced in the current study: H1: There is significant

qualitative and quantitative difference between the companies depending on whether there is a foreign capital or

not; H2: The financial performance of companies with FDI is significantly different from the financial performance

of the companies without FDI; H3: The indicators affecting profitability differ between companies with foreign

direct investment and domestic companies.

Findings The mean comparison results indicate that there are significant differences in terms of profit margin and

number of employee for Lithuanian companies, assets turnover and age for companies in Latvia and operating

revenue and total assets in Estonia. Partially the same results gave the regressions with dummy variable, where the

significant difference in age, leverage, assets turnover were indicated for Latvia and profit margin was indicated

for Lithuania. The correlations results shows that the financial leverage positively impacts foreign company’s

profitability in Latvia and Estonia and negatively impacts domestic companies in the same countries. The

significant impact of foreign direct investment on the company’s profitability was indicated only in case of

Lithuanian companies, where the financial performance of foreign companies is 0.016 points superior than

domestic companies have.

Conclusions This study has its limitations in the scope of data used, since it covers only the manufacturing and

wholesale and trade sector companies with the net turnover in 2015 not less than 50, 000 euro. Moreover, the

significant limitations and constraints of this study are also associated with the lack of available and reliable data

on performance of Latvia, Lithuanian and Estonian companies. The research was conducted based on data of one

period due to the unavailable information of annually information how the ownership of the company was

changing. The domestic companies and foreign companies are not significantly differ in terms of profitability

ratios: ROA, ROE and ROCE based on the regression results. Foreign companies in Lithuania has higher profit

margin than the domestic companies do. The Lithuanian domestic companies’ profitability is significantly higher

than profitability of foreign companies by 0.016 points. The foreign companies in Latvia have more efficient asset

utilization and significantly higher operating revenue than domestic companies do. Latvian foreign companies’

profitability is positively affected by leverage.

Acknowledgements The paper was supported by the project „The Development of Innovation and

Entrepreneurship in Latvia in Compliance with the Smart Specialisation Strategy” within the National Research

Program 5.2. “Economic Transformation, Smart Growth, Governance and Legal Framework for the State and

Society for Sustainable Development - a New Approach to the Creation of a Sustainable Learning Community

(EKOSOC-LV)”.

Keywords: Foreign Direct Investment, performance, profitability, Baltic countries

JEL Classification: M15, M21

* Corresponding author: Tel.: +37129543819

E-mail address: [email protected]





Analysis of Property Rights on Natural Resources: Oil

Exploration in Uganda

Dastan Bamwesigyea*, Petra Hlaváčkováa, Samuel Antwi Darkwahb

a Faculty of Forestry and Wood Technology, Department of Forest and Wood Products Economics and Policy, Mendel University in Brno,

Zemědělská 1, 613 00 Brno, Czech Republic. b Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic.

Abstract

Purpose of the article By the end of 2006, findings in the Lake Albert region of Uganda recommended that entire

oil reserves in the block would add up to 2.5 billion barrels. This would mark the Albertine Graben one of the

biggest onshore oil fields in Africa and would guarantee the potential to convert Uganda's agriculture-based

economy. However, the governance of this resource faces numerous challenges. The aim of this research is to get

a clear overview of these challenges considering the citizen perspective, since they are affected by the process of

oil exploitation.

Methodology/methods A mixture of mutual quantitative and qualitative procedures was used. A sample of n=70

respondents was studied using structured questionnaires, our data was subjected to Excel analysis.

Scientific aim To explore, describe as well as obtaining the perceptions of selected Ugandans about oil discovery,

exploitation and major challenges facing the sector.

Findings There was found that Lack of government commitment on clear policies 29 %, corruption 56 %, 3 %

environmental liabilities, absence of clear land rights, Political insecurity 3 %, limited planning 6 %. Other findings

show that Uganda is witnessing a violation of communities’ land rights in the Albertine oil region.

Conclusions Land rights like any other property rights in the country are out of order and hence limiting efficiency

in business in terms of transferability, enforceability and exclusivity. The government of Uganda needs to handle

the matter not only with urgency but also be more rational in this regard.

Keywords: Property Rights, conflict, resource curse, ownership, utilization

JEL Classification: AH, QR

* Corresponding author.

E-mail address: [email protected]; [email protected]





IT tools used in the strategic controlling process – Polish national

study results

Agnieszka Bieńkowskaa*, Zygmunt Kralb, Anna Zabłocka-Kluczkaa

a Wroclaw University of Science and Technology, Faculty of Computer Science and Management, ul. Wyb. Wyspiańskiego 27, 50-370

Wroclaw, Poland b The General Tadeusz Kościuszko Military Academy of Land Forces, Czajkowskiego Street 109, 51-150 Wroclaw, Poland

Abstract

Purpose of the article The purpose of the work was to identify and analyse instrumental solutions of strategic

controlling applied by organisations operating in Poland. In particular, the study examined the extent, to which

implementation of strategic controlling tasks is supported by IT tools. It identified the frequency of application

and the usefulness of IT tools in the process of strategic controlling from the point of view of their direct users.

Methodology/methods The study was based on a diverse research methodology. It used the method of critical

analysis of subject literature, as well as surveys - the author's original questionnaire. For analysis of empirical data,

description and statistical reasoning methods were used, the following statistical analyses were conducted, among

others: analysis by means of cross tabulation and use of χ2 statistics, as well as Student’s t-test for independent

samples.

Scientific aim The presented results constitute a part of broader research works carried out by the authors' team,

concerning the state of implementation of strategic controlling solutions in organisations operating in Poland. The

study examines functional, organisational and instrumental solutions of strategic controlling. The present study

refers only to instrumental solutions of strategic controlling, in particular to IT tools supporting implementation of

strategic controlling tasks. It searches for an answer to the question of the extent, to which implementation of

strategic controlling tasks is supported by IT tools and how their usefulness in this process is assessed.

Findings This article presents only a small part of the obtained research results. It shows that (IT) tool solutions

supporting strategic controlling are still not advanced enough. Statistically, out of the examined IT tools for

implementation of strategic controlling tasks, the companies most often use simple spread sheets (MS Excel),

while the least frequently used tools are non-integrated and integrated management support systems, which –

seemingly – should be the norm in organisations as large as those examined, especially considering their large

suitability indicated by the respondents using those tools. On the other hand, BI systems become more and more

popular.

Conclusions The authors are aware of the limitations of the conducted study, especially of the limited research

sample. Strategic controlling solutions are still rare, which causes the small sample size and the limited possibilities

of statistical analysis. When about the frequent use of simple spreadsheets instead of more advanced solutions, the

authors think it can result both from limited financial resources that can be used to purchase integrated management

support systems and, as well, from incomplete understandability of functionalities offered by those systems and

from being unable to modify models built in the used tool by managers and controllers, who do not always have

high competencies related to computer science.

Keywords: strategic management, strategic controlling, controlling instruments, IT solutions in controlling








R&D: Czech Republic and Slovakia reach EU targets?

Nina Bočkováa*, Tomáš Meluzína

a Department of Economic, Faculty of Business and Management, Brno University of Technology, [email protected]

Abstract

Purpose of the article The contribution analyses the relationship between Research and Development Intensity

and economic growth. The studied geographical area is two EU members Czech Republic and Slovakia. The

indicators considered in this contribution are R & D Intensity, total intramural expenditure on research and

development performed on the national territory during a given period and GDP per inhabitant

Methodology/methods The contribution studied statistical dataset is two countries – both EU members – Czech

Republic and Slovakia; one is member of European Area (EA) in 2008 - 2015. Based on theoretical background

discussed in contribution, the hypothesis and assumption formed for testing here is the following: Funding of the

R&D activities as GERD leads to increase the long-term economic growth. For multiple regressions has been used

software STATISTICA 12.

Scientific aim The scientific aim is to find the relevant relationship basis of multiple regression in between R&D

funding and economic growth in Czech Republic and Slovakia.

Findings The econometric analysis show that R & D Intensity is an important driver of economic growth

(R = 0.64) that is measured by GDP per inhabitant in PPS. The first phase research produced a regression analyze

with dependent variable GDP per inhabitant and independent variable R&D Intensity. In the second phase of the

research were formulated econometric models. The Czech Republic in period 2008 – 2015 is shown correlation

with R2adj. = 0.534, DW = 1.55. The Slovakia in period 2008 – 2015 is shown correlation with R2adj. = 0.885,

DW = 2.01.

Conclusions The empirical findings suggest that Slovakia has a closer relationship than rival country. The global

3% R & D investment target will not reach even one without dramatic changes in innovation policy.

Keywords: Economic growth, Europe 2020 Strategy, GDP per inhabitant, R&D Intensity, Multiple regression

JEL Classification: O11, O47, O57

* Corresponding author. Tel.: +420 54114 3725






Analysis of the China market: Evidence from quantile regression

approach

Mária Bohdalováa*, Michal Greguša

a Comenius University in Bratislava, Faculty of Management, Odbojárov 10, Bratislava, 820 05, Slovakia

Abstract

Purpose of the article The purpose of this paper is the analysis of the stability of China financial market compared

to USA. Financial stability represents a concept associated with the stability of financial markets, of banking sector

and exchange markets and therefore we take into account the stock exchange indices and FX rate for our empirical

study.

Methodology/methods Our empirical study presented in this paper shows that the linear quantile regression gives

the possibility to study the stock markets under normal and extreme conditions. Data used for our empirical study

are based on period from January 2000 to June 2017 and comprise the crisis periods.

Scientific aim The scientific aim is to show that the quantile regression linear approach is applicable in financial

stability analysis. The paper contributes to the literature regarding the development of the analysis of financial

markets’ stability. Our study expands and complements existing study which analyzes the stability of financial

markets in China.

Findings Our findings show evidence if the impact of systematic shocks under normal and extreme market

conditions. Our findings may have implications for international investors in terms of risk management which

should vary according to changes in the economic and financial global factors.

Conclusions In our empirical study we have used and compared linear quantile regression results for the analysis

of the stability China comparing to USA financial market.

Keywords: quantile regression, financial stability, assymetric dependence

JEL Classification: G14, G15, C31

* Corresponding author. Tel.: +421 250117488; fax: +421 250117527.

E-mail address: [email protected], [email protected].

mailto:[email protected]





Comparison of bankruptcy models for prediction of the financial

health of the Slovak civil engineering companies

Mária Bohdalováa*, Natália Klempaiováa

a Comenius University in Bratislava, Faculty of Management, Odbojárov 10, Bratislava, 820 05, Slovakia

Abstract

Purpose of the article Main purpose of the paper is to give a new pattern how to compare selected creditworthiness

and bankruptcy models and to determine which model is appropriate for private construction companies in

Slovakia.

Methodology/methods The analysis was based on real selection of companies from the static point of view (one

year data) and selection of companies being actually in recession from the dynamic point of view (4 years data).

The static analysis was carried out for 1360 private Slovak civil engineering companies. From the dynamic point

of view, we have analyzed the predictive value of the IN05 model for companies in bankruptcy over four full

consecutive calendar years immediately prior to their bankruptcy (the dynamic point of view). The number of

companies in bankruptcy was 35. The informative value of the chosen indicators is in case of the dynamic analysis

evaluated according to the number of correct or incorrect predictions.

Scientific aim The scientific aim is to analyze selected creditworthy and bankruptcy models and to detect their

informative value for private construction companies in Slovakia. The paper contributes to the literature regarding

the analysis of financial health of the Slovak companies. Our study enhances and complements the existing study

which analyzes the creditworthy and bankruptcy models.

Findings We found out, that the best model is the index IN05. The results of our analyses have brought comparable

results. Based on them, the index IN05 and the Altman model showed up as the most reliable for building industry.

Conclusions Informative value of the chosen indicators is in case of the dynamic analysis evaluated according to

the number of correct or incorrect predictions. This method was not suitable to use for the static analysis based on

a real sample. The results of the static analysis were based on the comparison of the examined models in the

individual categories (structure of success) and at the same time within the whole sample. Better was considered

the model that had a more advantageous structure of success in terms of business (company). Indicators of

creditworthiness and bankruptcy should be a part of a deeper analysis of the financial situation of companies. If a

company decided to ascertain the status only through these indicators, it should choose at least two indicators. In

the case of private domestic construction companies, we would recommend the combination of the IN05 and the

Altman model as they complement each other appropriately.

Keywords: Altman model, Taffler model, Index IN05 Quick test, Binkert model, Credit worthiness index, building

industry, bankruptcy, restructuring, Credit worthiness and bankruptcy models

JEL Classification: C35, M10, G32

* Corresponding author. Tel.: +421-2-5011-7453; fax: +421-2-5011-7527.

E-mail address: [email protected].






Decision making under uncertainty: Managing real estate project

with real option theory

Andrejs Čirjevskisa*, Ernests Tatevosjansa

a RISEBA University, Meza Street 3, Riga, Latvia, LV–1048

Abstract

Purpose of the article The aim of this research is to test empirically real options valuation (ROV) application for

real estate development projects as to provide a decision-making tool under uncertainty. Paper illustrates empirical

testing of ROV application on the real estate investment project developed in Latvia in 2014-2016.

Methodology/methods We apply three ROV methods: option space matrix “Tomato Garden”, Black-Scholes

option pricing model and binominal option pricing model before we presented final research result.

Scientific aim The scientific aim of the paper is to contribute the ROV application methodology in real estate

development projects. Presented methodology is emerging as a potentially powerful financial management tool

for the executive of many similar projects in EU suffering real estate market bubble burst and struggling to at-tract

foreign buyers.

Findings Real estate market in Latvia experiences significant volatility in terms of price and cost due to

macroeconomic (political, economic and legislative) changes. Research evidenced that real option valuation can

be viewed as value maximization decision tool.

Conclusions Existing researches have used ROV theory to study investment in energy, oil and gas, and

pharmaceutical sectors, yet very few works have empirically examined ROV theory to study investment in a real

estate market.

Keywords: uncertainty, real option, valuation, value maximization, real estate

JEL Classification: G31

* Corresponding author. Tel.: +371-2-955-837-5; fax: +371-6-750-025-6






Selected aspects of OTC sales in a pharmacy and by seller of

reserved drugs

Lenka Čuperová Šebkováa, Martin Pernicaa*

a Brno University of Technology, Faculty of Business and Managemetn, Kolejní 2906/4, 612 00 Brno, Czech Republic

Abstract

Purpose of the article Medical care suffers from a lack of funds, especially for the financing of patient care and

salaries. The Czech Republic has ceased payments for medicines that can be dispensed without a prescription. One

of the possibilities for higher patient participation is to expand the supply of OTC medicines.

Methodology/methods Logical methods were used to process the paper; in particular, this includes induction and

deduction, analysis, synthesis, and comparison. In order to assess the development of the supplies of medicinal

products to pharmacies and healthcare facilities in the Czech Republic, the period 2014-2016 was used.

Scientific aim The aim of the paper is to compare the conditions for the sale of a selected range of OTC medicines,

which can be sold both in the pharmacy and outside the pharmacy by the sellers of reserved drugs. The comparison

will be made for the example of the most common pharmacy with an annual turnover of CZK 5-10 million and

the MEDIPOINT sales point.

Findings Sales of OTC medicines outside pharmacies do not have an impact on the financial results of pharmacies.

The training costs for each employee of the service station are the only costs associated with the sale of medicines.

All kinds of pharmabox are the property of MEDIPOINT Services. A partner, such as a gas station, will receive it

free of charge for use with complete service. The pharmacy must employ pharmacists and is therefore burdened

with much higher wage costs, is legally responsible for sales, and is forced to sell under a competitive market with

a lower mark-up.

Conclusions The state should consider the risks associated with this type of drug sales by very poorly qualified

petrol station staff. Risk preparations containing ibuprofen and paracetamol should only be available in a

pharmacy.

Keywords: OTC medicine, pharmabox, pharmacy, seller of reserved drugs, State Institute for Drug Control

JEL Classification: I11, I15, I18

* Corresponding author. Tel.: +420775305625.






Managing stakeholders’ engagement in social innovation projects

– learnings from the online world of open source innovation

Hristian Daskalov*

Technical University of Sofia, Kliment Ohridski blvd. 8, 1000 Sofia, Republic of Bulgaria

Abstract

Purpose of the article While failure rates remain a significant challenge for open source projects, there is a great

opportunity for social innovation projects to learn from the online world when it comes to raising the levels of

stakeholders’ engagement. With more than 15 million open source contributors worldwide, the purpose of the

article is to draw from the learnings on how to engage contributors and apply those learnings to implement better,

more efficient and effective solutions to social problems.

Methodology/methods Based on previous findings from the open source innovation body of knowledge, a

directed qualitative analysis is used within the current research to analyze interviews with social innovation stake-

holders in Latvia, and identify the set of applicable practices/elements/areas that are perceived to be of high

importance to the successful engagement of key stakeholder groups when it comes to implementing social

innovation projects.

Scientific aim By seeking to connect the findings from interviews with social innovation stakeholders in Latvia

and the broader theoretical framework, concerting factors, perceived to influence engagement levels in open source

innovation projects, the research aims to enable cross-pollination of best practices and bridge the gap be-tween the

physical and online worlds of managing collaborative innovation.

Findings As a result of the directed qualitative content analysis, it was found that factors, perceived as leading to

successful management of stakeholder engagement in open source innovation projects, are also considered to be

of relevance in the case of social innovation. Based on this finding, a set of best practices from the open source

world was suggested for implementation in the key areas identified – “Contextual awareness” and “Value-oriented

communication and collaboration”.

Conclusions The research confirmed that the main set of factors for successful engagement of project stake-

holders is not limited to a particular country, stakeholder or project group. A need for broader efforts in the area

of cross-pollination of knowledge, originating from the digital and the physical worlds, was found to be of

importance in the current case (and in general). Such cross-pollination is projected to play ever more important

role in business and entrepreneurship development in the digital age, especially in the dawn of the 4th industrial

revolution, characterized by the fusion of technologies that is blurring the lines between the physical and the digital.

Keywords: social innovation, open source innovation, open collaboration, stakeholder engagement, stakeholder

management, critical success factors

JEL Classification: M10, M14, M15

* Corresponding author. Tel.: +0-000-000-0000 ; fax: +0-000-000-0000 .

E-mail address: [email protected] .





Project success evaluation model based on FIS

Radek Doskočila*, Petr Dostála

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic

Abstract

Purpose of the article The article presents the expert fuzzy model for evaluation of project success. It is also

verified and further specified there. The fuzzy inference system (FIS) consists of three input variables one rule

block and one output variable. The fuzzy inference system for evaluation of project success is presented in the

form of a case study.

Methodology/methods Methods of analysis, synthesis and techniques of mathematical fuzzy modelling (fuzzy

sets, fuzzy logic) were used to fulfil the aim. The Gaussian curve membership function (gaussmf) was used.

Scientific aim The aim of the article is to present an expert decision-making fuzzy model for evaluation of project

success in the form of a case study.

Findings The reliable proposed expert decision-making fuzzy model consists three input variables (Project Status,

Project Risk, Project Quality), one rule block (with 125 fuzzy rules) and one output variable (Project Success).

The inputs variables and output variable have five attributes (VL – very large, L – large, M – medium, S – small,

VS – very small).

Conclusions The proposed fuzzy model is used as a tool for support of decision-making in project management.

The project managers can systematically evaluate the basic project processes and the project success as a whole.

They have the opportunity of using the fuzzy model for experimentation or simulations and they can relatively fast

apply appropriate measures in project management. The proposed fuzzy model is recommended to use in the

realisation phases of the project.

Keywords: project management, decision-making, project success, fuzzy logic, soft computing

JEL Classification: C44, M11, M21

* Corresponding author. Tel.: +420 54114 3722.






Validation of imported data by recursive matrix function

Petr Dydowicz*

Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic

Abstract

Purpose of the article MS Office includes, among other things, MS Excel spreadsheet, a data processing tool in

the form of tables. Importing data from other sources (data transfer between public administration workplaces) is

done directly in this environment, often from a file with a different data format. It is very common in practice that

such data import can arise a problem that may have fatal consequences from the perspective of the relevance of

the processed data results. This article aims to point out these shortcomings in data processing technology and

outline the way to eliminate unwanted consequences by recursive matrix function.

Methodology/methods The method by which the input data will be validated during the data transformation

(import) into MS Excel is based on the call of a customized recursive matrix function. This feature will have user-

configurable input data control methods, depending on the nature and character of the imported file. Also the

output of this function is variable, it offers the user a whole range of outputs depending on the selected parameters

- methods.

Scientific aim The aim of this article is to compare the individual methods offered by MS Excel and VBA de-

pending on the nature of the input data, to make conclusions on the basis of which a recursive matrix function will

be created for the appropriate data validation when imported into the MS Excel environment.

Findings This recursive matrix function validates input data when imported to MS Excel from an external

environment. Own validation eliminates human factor errors, that is, incorrectly inserted input data. The feature

alerts this fact and offers the user automatic correction option of input data types.

Conclusions As a result of deploying this user function in the context of a previous analysis of data types testing

by the system, mass data processing errors are eliminated and thus the fatal consequences of these errors are

eliminated.

Keywords: MS Excel, VBA, type compatibility, custom functions, validation, matrix



E-mail address:[email protected].





Determinants of the strategic effectiveness of MNC investing in

emerging markets

Agnieszka Dziubińska*

University of Economics in Katowice, Katowice 41-200, Poland

Abstract

Purpose of the article On the bases of specific aspects of emerging markets, to provide leads to managers

concerning development of effective strategies of MNC on those markets.

Methodology/methods An exploratory study is used within a qualitative methodology, using five case study of

small and medium companies (HQ and FDI) within industry of manufactures of the machines for coal mines.

Research procedure was designed on the base of methodology proposed by Dul and Hak (2008) which is concerned

with specifying the relation between known concept, on the bases of theory-building research.

Scientific aim First, to identify relationships between processes at the organizational unit level (in the structural

and strategic context of the strategy) with processes of adjustment to the market environment (avoidance,

adaptation, integration) and processes that are fundamental to economic performance (innovation and replication).

Second, to define how this relationships influence strategic effectiveness of MNC on emerging market.

Findings As regards the configuration of the processes taking place in the three areas of analysis (strategy, internal

and external environment), it is possible to identify patterns that contribute to strategic effectiveness. Effective

strategies combine replication in basic processes with adaptation to the external market environment or innovation

with integration. What is more, strategies which combined replication with avoidance and innovation with

adaptation did not meet expectations. Another interesting conclusion of the research is that patterns that are

successfully used by larger companies, with more market power, have the opposite effect for small and medium-

sized enterprises.

Conclusions The study is limited by small sample size. While no single international business theory adequately

explains identified strategic patterns, there are interesting perspectives of interpretation that revels complexity

theory.

Keywords: MNC, strategy, emerging markets








The Solution of the system of differential equations with delays as

a model of economic equilibrium in Maple

Zuzana Chvátalová*

Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic

Abstract

Purpose of the article lies in describing a method for modeling and simulation of economic phenomena, their

non-trivial solutions and analyzes; is based on the implementation of differential calculus in a modern concept; is

exclusively solved using advanced means of information and communication technology as a support of economic

decision-making. A brief description of the software used is also a partial goal of this paper.

Methodology/methods The economic equilibrium on the individual perfect competition market is described as a

continuous dynamic model (demand and supply functions in time), ie. a system of two differential equations with

two unknowns. For refinement, a delayed argument is used to reflect the current state and past development. This

iteration (model solution) can only be simulated by implementing appropriate software. We use the advanced

Maple system with built embedded libraries.

Scientific aim This approach to solutions and analyzes of economic issues can be understood as a synergy of

economic, mathematical and information areas supporting the concept of the information society and the vision of

the digital economy.

Findings The method discusses outputs depending on the different levels of model input parameters. By doing so,

it offers the sources for the management, economists or the entrepreneurs. The deployment of information and

communication technologies will allow a quick and clear visualization of iterative steps (the model diverges,

oscillates, converges, constant), because deterministic static solutions cannot be obtained by standard calculations.

Usually the market is stable - model converges to equilibrium. Computer visualization also shows the rate of

convergence.

Conclusions Our modeling and relevant analyzes are done as a modern way through differential equations with a

delayed argument on the basis of the implementation of the Maple system as part of the project named GA16-

03796S. Implications: practical applications of the theoretical proofs of the research team members.

Keywords: demand, economic equilibrium, Maple, price, quantity, supply, system of differential equations with

delay

JEL Classification: C02, D58







Construction of a fuzzy model for the success prediction of hi-

tech companies with a short history

Marie Jedlickovaa*, Petr Kutnara

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic

Abstract

Purpose of the article There is a significant number of new high technology startup companies being built and

failing on current markets every day. High-tech startups, as often abbreviated, are new companies presenting

cutting edge technology. They possess the potential to change the way humankind lives and thinks. One of the

essential aspects of a new startup is how to fund it. The main source of financing startups are individual investors

by venture capital, another possibility is IPO, also known as public offering. Due to the nature of high-tech business

it is nearly impossible to predict the success or failure of the examined startup. Investors (or venture capitalists)

are often presented with many startups to choose from to fund and therefore how to value a new startups is one of

the important questions still left for research to answer. This paper deals with the possibility of using fuzzy logic

to bring a tool to evaluate investigating options using key factors of said startups by predicting its success or

failure.

Methodology/methods The focus of this paper in the area of startups is mainly on the cleantech firms, which are

companies using renewable resources and energies to provide an added value. The main goal of this paper is to

create a viable and consistent fuzzy model that shows promising results for the prediction of new notions on the

studied problematic. The method used to meet said goals was the usage of fuzzy software tool and performing

several tests on studied data set.

Scientific aim Studied topic aims to interconnect the research field of economics with mathematical methods and

computational approaches to produce a scalable and reusable software tool for business success prediction.

Findings Each iteration showed results that were used as an input to improve the next model to show more

promising results. This paper concludes with a fuzzy model that is consistent enough for studied data set and can

be further used for the prediction of clean tech business's success or failure.

Conclusions The fuzzy approach is an appropriate method for studied data and performed tests of designed fuzzy

model show consistent results in prediction of business success in cleantech startup firm with a very short history

of existence and limited data to prove their overall health.

Keywords: fuzzy logic, cleantech, startup, business success prediction, fuzzy model consistency

Jel Classification: M21, C53, C63








Connecting customer experience and sustainable multiple

customer value creation as key success factors

Peter Kitaa*, David Havířa

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic

Abstract

Purpose of the article The purpose of this paper is to examine the theoretical aspects of customer experience and

sustainable multiple customer value creation as key success factors in the context of the digital age; and find

common points to formulate research questions leading to new avenues for further research.

Methodology/methods The paper is based on literature retrievals of research papers and journal articles in the

areas of customer experience, sustainable value creation, and business model. Articles were analyzed, compared

to provide a synthesis of relevant knowledge.

Scientific aim The aim of the article is to find touching points between the two bodies of literature and find

potential avenues of further research in the context of the digital age

Findings Findings show similarities in concepts of both theoretical bodies but lack sufficient research. The topics

are constantly evolving and providing new areas for research. The article identifies the main touch point for both

theoretical bodies and states research question for further research

Conclusions The two theoretical bodies show similar concepts in customer interaction and involvement in the

value creation process. In the context of sustainable development and the digital age facilitating customer value

creation through technology the connection of these two topics presents many opportunities for research.

Keywords: customer experience, co-creation, customer satisfaction, customer loyalty, business model, multiple

value, sustainable value creation








Brand sponsorship and social media. Coca Cola and Carlsberg

illustrated with an example of the European Football

Championship 2016

Marcin Komańda*

University of Economics in Katowice, Department of Business and Management, Bogucicka 14, 40-226 Katowice, Poland

Abstract

Purpose of the article Presentation of the issue of brand sponsorship of events in the light of the use of social

media for the purposes of brand management in the customer-based brand equity paradigm.

Methodology/methods Two brands (CocaCola and Carlsberg) which were the official sponsors of a sports event

(EURO 2016) were monitored in social media. For this purpose information gathered by socialmention.com and

likemore.pl were used. Presentation of the results of the analysis required the use of descriptive statistics as well

as the Wilcoxon test and a network graph.

Scientific aim Determination of the scope and nature of the influence of sponsorship of an international sports

event on the way a brand is perceived by social media users based on a selected set of data derived from brand

monitoring.

Findings In case of Carlsberg the attitude of social media users did not change during EURO 2016, however,

majority of their statements was connected with the issues related to this sports event. In case of Coca Cola, the

perception of the brand by its clients changed within the studied period of time, however, the issues related to

EURO 2016 were only one of many other issues raised by them.

Conclusions Assessment of the influence of brand sponsorship of an event on social media users’ perception faces

the following difficulties: scope of monitoring and its efficiency, choice of data set generated by the monitoring

tool for the analysis, level of recognition of brands, brand strategy and brand multi-sponsorship (parallel

engagement of the brand in many events).

Keywords: Coca Cola, Carlsberg, brand, social, media, sponsorship








Comparison of legal regulation of IPO in Czech Republic and

Poland

Klára Kovandová*


Abstract

Purpose of the article One of the aspects need to be considered when performing IPO is the legislation in the

country in which the Initial Public Offering (IPO) is to be realized. The subject of this article is the comparison of

selected aspects of the current valid and effective legal regulation regulating the Initial Public Offering (IPO) in

two CEE countries and at the same time the Member States of the European Union, i.e. the Czech Republic and

Poland.

Methodology/methods In particular, it is a comparison of the conditions set for the different types of markets

where the Initial Public Offering (IPO) can be performed and the conditions for the legal form of the issuers

intending to implement the Initial Public Offering (IPO).

Scientific aim The article deals primarily with the comparison of conditions established in the Czech Republic

and Poland for the Initial Public Offering (IPO) on regulated markets, among other things, the article deals with

the definition of specific conditions for issuers entering the official market and determination of the differences

between the regulated market and the official market.

Findings The legal regulation of the two examined legal systems is strongly unified by European law, the influence

of which is therefore strongly reflected in the sources of national law. The article also lists the differences between

regulated and unregulated markets that by their very nature make it possible to set conditions for issuers for which

access to capital on regulated markets would not be feasible.

Conclusions The legal regulation of IPO both in Poland and in the Czech Republic has undergone some substantial

changes since the countries joined the European Union. Due to the considerable degree of unification prevailing

in this field, the above specified regulation of IPO is very similar in both countries. Although some differences do

in fact seem to be present.

Keywords: Legal regulation, IPO, Poland, Czech Republic, Comparison








Interest in IPO non-financial factors on the part of investment

professionals

Andrea Krýslová*


Abstract

Purpose of the article The global trend in the IPO is directed at increasing attention to its non-financial factors.

However, there is no advanced analysis how far these factors are influencing key investor decisions. Non-financial

factors have a significant and irreplaceable role in the deepening of force against the competition. At present, these

factors gain much more importance in the past across all industrial sectors than they did in the past across all

industries. Companies that develop their skills in non-financial areas are more attractive and competitive for

investors than companies that do not sufficiently develop this area or are not willing to use this type of reporting.

Perfect analysis of non-financial factors and their correct implementation can be appropriate step to the next

successful phase of building company´s financial future.

Methodology/methods The survey was conducted through a structured interview and questionnaires of 45

institutional investors, including portfolio managers, stock analysts and directors in France (25%), Germany

(25%), Czech Republic (25%) and Poland (25%) during the period of October 2016 - June 2017.

Scientific aim This article was therefore aimed at identifying non-financial factors and demonstrating their impact

on the success of the IPO. The aim of the research was to provide information on the most common factors that

influence investor decision-making

Findings The research provided information on the most common factors that influence investor decision making

when buying shares and determinated which criteria the investors give more weight. The first part of the article

was determined by non-financial factors, which were selected by the investors themselves as the most important.

The second part presented what factors the investors give more weight in their decisions and why.

Conclusions The key non-financial factors determinate successful operation and will make flexible, efficient and

effective management. The company should establish the most appropriate management methods based on its

corporate culture, size and business complexity with respect to non-financial key factors that influence investor

decision-making

Keywords: IPO, non-financial factors, investors, decisions making

JEL Classification: G11, G02, G34







How important is Fair Value Measurement?

Zuzana Křížová*


Abstract

Purpose of the article The purpose of this paper is to analyse and examine related literature resources connected

to the topic fair value measurement in different accounting systems. Measurement and valuation of assets and

liabilities in the financial statements of the companies greatly influences investment and management decisions.

Objective of this paper is to draw attention to the problems of fair value accounting (FVA) in practice.

Methodology/methods A theoretical analysis of qualitative secondary data form over 45 scientific articles,

legislative acts and monographs was employed. Also study using the open-ended approach of grounded theory,

including interviews and discussions with professional financial managers and accountants dealing with practical

problems of fair value measurement were used.

Scientific aim In 2011 the International Accounting Standards Board (IASB) and the Financial Accounting

Standards Board (FASB) issued new guidance on fair value measurement and disclosure requirements for Inter-

national Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The

guidance, set out in IFRS 13 Fair Value Measurement and an update to Topic 820 in the FASB’s ASB, completed

a major project of the boards’ joint work. The harmonisation of fair value measurement and disclosure

requirements internationally also formed an important element of the boards’ response to the global financial crisis.

Now many researchers ask questions, if this topic has important influences on investment choices and decisions?

Findings Findings in the paper are based mainly on study of existing related literature and assessment of

discussions that try to depict advantages and disadvantages using FVA practical implications. It is difficult to

determine whether its contribution to the improvement of reliability of information in financial statements is really

beneficial.

Conclusions The above mentioned findings highlight that traditional and fair value accounting serve different

purposes. Enterprises currently use different methods and measurement techniques, both financial and non-

financial, and apply a mixed valuation methods.

Keywords: accounting, measurement, fair value accounting, IFRS13

JEL Classification: G31, M41







Motivation of academic staff

Kristina Lazaridi*

International Black Sea University, David Agmashenebeli Alley 13km, No 2, Tbilisi, 0131, Georgia

Abstract

Purpose of the article is to study the multitude of motivation theories, the application of various models (as

developed by author), the complex of actions necessary to ensure improvement of the motivation system for

academic staff, and how to select and apply the appropriate motivation model within one of the private universities

of Georgia. The current research concerns one of the main managerial functions - motivation, and methods of its

application within the working environment of the university. Research has been conducted into the essence of

motivation and its theories, and we are provided an opportunity to understand its regularities and patterns of impact

on the working process. This study aims to distinguish priority factors of motivation applicable for enabling

academic staff's effective work and professional development. In order to achieve this aim we need to study and

analyse literature, con-duct research into the work motivation of a university’s academic staff, and reveal the

primary elements of these. Recommendations will then be prepared on the appropriate methods of motivation

applicable for the university.

Methodology/Methods Methodology includes literature review and the distribution of a questionnaire to the

university’s academic staff.

Scientific aim is the determination of the most important motivation factors for academic staff and their

application within the university’s overall staff motivation system.

Findings include the determination of priority motivation factors of the university’s academic staff.

Conclusions Conclusion formulates theoretical results and practical recommendations for academic staff

motivation system improvement. The recommended methods of motivation for academic staff give an opportunity

to improve the effectiveness of their professional activity. At the same time it is worth mentioning that an effective

system of motivation of academic staff is achieved when the model of motivation includes a complex approach

which applies a combination of non-material and material methods of motivation.

Keywords: academic staff, content theories, model of motivation, motivation factor, process theories

JEL Classification: M12







Entrepreneurs’ perception of outcomes from intellectual capital

investments

Oksana Lentjushenkovaa, Jelena Titkoa*

a University of Economics and Culture, Lomonosova 1/5, Riga, LV1019, Latvia

Abstract

Purpose of the article The goal of the paper is to reflect the results of the authors’ conducted survey among

Latvian business sector representatives that was aimed to get an insight into the level of awareness about

intellectual capital investments.

Methodology/methods To achieve the established goal the survey among representatives of Latvian 203

companies is conducted. The most companies represent production, service and trade industries of the national

economy. Survey instruments is the authors’ developed questionnaire that involves fourteen questions: six of them

are respondent profile questions, and the remaining are aimed to determine the core of the concept of intellectual

capital on the viewpoint of respondents, the importance of the intellectual capital perceived by respondents, the

expected results from the intellectual capital investments. Respondents’ answers were evaluated within the

respondents’ groups, based on the profile criteria, such as company’s age, size, financial performance, location

and business sector. Data processing was completed in SPSS environment, using analysis of frequencies, ranking

and independent samples T-test.

Scientific aim The goal of the current research is to evaluate the perceived importance of the expected results from

the intellectual capital investments by Latvian entrepreneurs, and reveal the difference in perceptions caused by

the differences in companies’ profiles.

Findings Research results show that most perceived outcomes form IC investments are financial outcomes.

Significant differences in evaluations of representatives of different kind of respondents are observed. Depending

on company size, age of activities and location of company (Riga and non-Riga) importance of expected outcomes

is different. Large and old companies pay attention not only to financial outcomes, but also to non-financial

outcomes. Analyzing perceptions of outcomes by location of company, authors find that there are differences only

in two outcomes evaluations. Companies in Riga evaluates “reputation and brand value enhancement” higher, than

companies in regions. But companies in regions evaluate “cost reduction in the future” higher than companies in

Riga.

Conclusions In contemporary economics situation in Latvia, micro-companies and “new” companies have limited

amount of resources for development. Usually their strategy based on activities, which provide company existence

at the present moment. Large and “old” companies have better financial conditions and built their strategies on

sustainable development principles. They take into account not only possible financial outcomes from the IC

investments, but also non-financial outcomes.

Keywords: intellectual capital investments, survey, Latvian companies

JEL Classification: M10, O34







A dynamic model of the impact of e-government on the level of

corruption

Jan Luhana, Bernard Neuwirtha, Veronika Novotnáa*, Stanislav Škapab

a Brno University of Technology, Faculty of Business and Management, Department of Informatics, Kolejní 2906/4, 612 00 Brno,Czech

Republic b Brno University of Technology, Faculty of Business and Management, Department of Economics, Kolejní 2906/4, 612 00 Brno,Czech

Republic

Abstract

Purpose of the article Corruption, which we can perceive as the misuse of powers entrusted in order to gain un-

deserved personal benefit, is a big problem in today’s world. In our paper, we present a dynamic model of

corruption in terms of e-government, represented by a common differential equation with a delayed argument. We

then analyse the behaviour and interpret the implications as possible consequences for a democratic society.

Methodology/methods Methods of analysis and synthesis and methods of mathematical analysis (methods of

solving functional differential equations) were used to achieve this goal. The model solution is illustrated in the

article by a practical task including a graphical interpretation of solutions with the support of specialised software.

Scientific aim The scientific objective is to describe the impact of changes in the level of e-government on the

level of corruption and to assess the influence of the model’s individual parameters on its behaviour.

Findings Following the inclusion of real sociological data, the behaviour of the system was tested to achieve

various system parameter values and its stability could be assessed. It can be stated that the system under

investigation has a definitely complex dynamic behaviour and, based on the analysis of the above-mentioned

solutions of systems of differential equations with delays, we can state that change to the system parameters has a

significant influence on the overall stabilisation of the system as a whole.

Conclusions The authors of the article conclude that the level of e-government has a significant influence on the

level of corruption and therefore becomes a potentially extremely useful tool by which corruption can be

significantly reduced. The results described in this article can then be used to further investigate the impact of the

development of e-government on today’s society, because if we are able to estimate changes in the model

parameters in the future, it is possible to draw conclusions about the further behaviour of the system and the

possibilities of its stabilisation.

Keywords: E-government, corruption, dynamic model, differential equation with delay

JEL Classification: C02, H70

* Corresponding author. Tel.: +420 4114 1111;






Impact of selected socio-economic indicators on health personnel

in countries of Visegrad group plus

Ingrid Majerováa*, Tomáš Heryána

a Silesian university in Opava, School of Business Administration in Karvina, Universitni nam. 1934/3, 74430 Karvina, Czech Republic

Abstract

Purpose of the article The quality of life can be measured trough the socio-economic indicators, such as in-come,

state of health, technological infrastructure, educational system, public safety or approach to ecological problems.

The difference in the level of socio-economic indicators should be kept in sustainable limits for the welfare of the

country as a whole. The analysis of these indicators can serve as the basis for the development policy on regional

level.

Methodology/methods As the main estimation method is used two-step Generalized Method of Moments (GMM)

with pooled data and fixed period effects among panels.

Scientific aim The aim of this paper is to describe the impact of the selected socio-economic indicators on health

personnel. The regions of the Visegrad Group Plus countries at NUTS 2 level were selected for this pro-pose.

These economies include the countries of Visegrad Group – Czech Republic, Poland, Hungary, Slovakia, and the

countries of Regional Partnership Agreement (from the year 2001), Austria and Slovenia. There are 46 regions on

the NUTS 2 level – eight in the Czech Republic, seven in Hungary, sixteen in Poland, nine in Austria, four in

Slovakia and two in Slovenia.

Findings For measuring the impact of socio-economic indicators of the regions in aforementioned economies, ten

indicators were selected. Two economic indicators, one environmental, three health variables and four indicators

of standard of living. The research was made in the period from 2004 to 2013. According to used method of GMM,

we found that the greatest (positive) impact on the staff in hospitals (and their changes) has a change of household

income and the change in the number of vehicles in the monitored regions.

Conclusions The research could be a contribution into the discussion about regional competitiveness it in the sense

of socio-economic approach and it can also provide a ground for further discussion on its measurement and using

the appropriate indicators.

Keywords: countries of Visegrad Group Plus, Generalized Method of Moments, health personnel, socio-economic

indicators

JEL Classification: C33, O15, R11

* Corresponding author. Tel.: +420603574796.






The use of digital technology by Algerian companies

Ahmed Mehora*, Sid Ahmed Senoucia, Allal Bourahlaa

a University of Sidi-Bel-Abbes, Faculty of Commerce, BP89, Sidi Bel-Abbès 22000, Algeria

Abstract

Purpose of the article This paper aims to study the use of digital technology by Algerian companies, as a tool of

link with their customers, this tool can be used for several objectives it can be used for communicate with

customers, gathering information's and even to sale company products, which allows the company to have a

competitiveness through reducing costs and being always next to their customers.

Methodology/methods In this study, we carried out an analysis on the websites of several large Algerian

companies in different sectors, In order to determine the extent of the use of this technology for information

gathering, communication and navigation on the Algerian market.

Scientific aim Our survey was based on the importance of the website for the Algerian society, translated by its

added value through the collection of information, communication and navigation.

Findings Where we found that the majority of these companies that own a website and pages on social networks:

(1) Don't renew their subscriptions at hosting website; (2) The information available on the website is not up to

date; (3) The majority of website do not offer online services; (4) The majority of the webmaster of these

companies don't answer the customers; (5) The majority of the websites don't collect visitor information's.

Conclusions With these dysfunctions, can be seen that the majority of Algerian companies ignore the importance

of the digital technology as a toll of communication, sailing and information harvesting for their marketing

information system. In order to create more perceived value for customers.

Keywords: Digital Technology, Algerian Market, SIM, Communication, Algerian Company, Competitiveness








The e-banking in Algeria: Satisfaction measure

Ahmed Mehora*, Sid Ahmed Senoucia, Allal Bourahlaa

a University of Sidi-Bel-Abbes, Faculty of Commerce, BP89, Sidi Bel-Abbès 22000, Algeria

Abstract

Purpose of the article The developement of the web from web 1.0 (webcast) to web 3.0 (interactive) has enabled

the development of new services on the net, among them the e-banking. According to MEUNIER V, e-banking,

internet banking, web banking or online banking, all these terms refer to the use of the Internet by a financial

institution. To offer its clients a range of banking services at least broad, ranging from the simple commercial

showcase to the management of remote financial transactions. A new service that brings a lot of benefit to

consumers that aims to import the bank on the internet, in order to increase their number of customers (customers’

prospect) and satisfy customers’ existence. But the question to ask is what the Algerian consumer is satisfied with

this service?

Methodology/methods We have positioned our study on the horizontal level of satisfaction, or we have studied

satisfaction with service elements, reflect the evaluation of consumer syntheses. On the e-banking service in

Algeria. Our study was conducted by a questionnaire with 400 clients of the largest bank in Algeria BADR bank.

Scientific aim The objective of our survey is to measure the satisfaction of Algerian customers on the e-banking

service, a subjective and objective measure to evaluate the expectations of consumers and their satisfaction, and

the perceived value.

Findings After analyzing the results of our first questionnaire, it was concluded that: (1) There is a high rate of

users who use e-banking in an informational context, but for the bank they are customers prospect for transactional

rank. (2) There was a general dissatisfaction with the e-banking service. (3) Even the majority of customers do not

find any speed in the handling of complaints or suggestions. (4) The bank risks losing 60% of these users because

they are not interested in reusing this service.

Conclusions After measuring the satisfaction, consumers of the e-banking service registered a total dissatisfaction

of users or the bank will lose 60% of these users due to the design, content, speed and cost. But after a thorough

investigation with the bank's technicians, we found that the bank encountered a lot of difficulties in terms of content

and speed. Among these difficulties we can consider (1) the problem of the flow of the carrier lines, (2) electronic

tax evasion.

Keywords: e-banking, satisfaction, BADR BANK, Internet, TIC

JEL Classification: G21







Service quality in the digital age – Time as strategic resource

Juergen Muehlbacher*

Vienna University of Economics and Business, Institute for Change Management and Management Development, Welthandelsplatz 1,

Building D2/B, 1020 Wien, Austria

Abstract

Purpose of the article One-way communication, due to its broad use, is an inexpensive way to distribute

information, although its effectiveness is considered to be only average. E-mail communications, for instance, are

not particularly effective, yet are used frequently, as they are easily and quickly sent, as well as up-to-date. Two-

way communication is based on the interaction of relationships, the immediate exchange of information, reactions,

opinions or feelings is the most obvious difference. Although two-way communication tools require more time

and are costlier, they can show much more effective results. So this study will show the influence of B2C

communication on strategic customer relations.

Methodology/methods Using a kind of digital mystery shopping we tested online response times of a standard

procedure communications concerning a typical b2c relation.

Scientific aim After years of cost pressure, companies have totally overseen time as strategic factor. In a digital

world, response time becomes one of the most important competitive advantages. In this presentation we will

report on our experience, testing the response time of the 20 market leading automotive trade marks in Austria.

Findings The data show, that only 25 % of the companies will meet the needs of digital natives in a proper way.

The last 25 % were not able to respond even within 4 weeks. We will also present findings concerning strategies

and organizational structures influencing these results. One special focus will be set on the interrelation between

(de)centralized organization, knowledge management and response time.

Conclusions Best and worst practice will question organizational theories stated in every course book. A

discursive process should be initiated to critically scrutinize the prejudice that decentralization leads to market and

consumer orientation.

Keywords: Competitive Advantage, Service Quality, Strategic Resource, Time








Family ties and its influence on family wine firms in the Czech

Republic

Anastasia Murínová*

Brno University of Technology, Faculty of Business and Management, 612 00 Brno, Czech Republic

Abstract

Purpose of the article There are many a studies by universities and various companies regarding the phenomenon

of family business. However, a clear definition of the family business does not exist. Thus, firstly the purpose of

this paper is to identify the essence of family business. Secondly, it was necessary to clarify the question of family

ties existing within the family business in the Czech Republic.

Methodology/methods As the wine family business is a bright representative of the oldest and traditional

economic activities, it was decided to analyze the family ties of 108 representatives of the wine family firms in the

Czech Republic within the secondary research. For primary research the case study method was used.

Representatives of wine family firms were interviewed to confirm the obtained results and add the details.

Scientific aim The aim of scientific research is to improve the understanding of family firm’s base from the

perspective of family ties.

Findings Coming out of the definition by Arquera (1979) and taking the applicable Civil Code of the Czech

Republic into account, the author has created a definition regarding the family business to be transferred to the

next generation. Accordingly, there were identified four dominant groups of family ties within the wine trading

family business. A representative interviewed among others has confirmed the existence of traditional wine trading

family business saying that it is not only a mere marketing tool for the customer acquisition. Besides that, case

studies make clear beyond the veil the influence of family ties on the firm’s performance.

Conclusions This study has contributed to the theoretical body of family business research providing an important

first step to gaining insights into the understanding of family ties of the family business influencing its effective

functioning.

Keywords: family business, wine, wine firm, family ties, management, succession

JEL Classification: D10, M50, R10







Qualitative models of bankruptcy proceedings using multi-expert

complex decision making

Tomáš Poláčeka*, Mirko Dohnala

a Brno University of Technology, Faculty of Business and Management, 612 00 Brno, Czech Republic

Abstract

Purpose of the article There is a broad spectrum of BP (Bankruptcy Proceedings) models. They are unique,

partially subjective, inconsistent, vague and multidimensional. It is therefore often prohibitively difficult to analyse

them using numerical quantifiers. Oversimplified or highly specific BPs are sometimes obtained. Their practical

applicability is therefore (very) limited. A qualitative heuristic is described using just trends; i.e. There are just

three trend / qualitative values used to quantify variables and their derivatives: plus/increasing; zero/constant;

negative/decreasing. There are qualitative BP knowledge items in equationless forms such as heuristics. For

example – if standard of ensured justice is increasing then level of creditors bullying is decreasing. It means that

not just simple trends but higher derivatives can be incorporated into a model if they are known. No quantitative

quantifiers, e.g. numbers, are used in this paper. The solution of a trend model M(X) is a set S of scenarios where

X is the set of n variables. The set of variables X is subdivided into the following subset V, G, O; The key

information input into BPs is expert knowledge. The case study presents a model based on integration of

equationless relations using 8 variables e.g. selling of assets, bullying of creditors or ensured justice. V variables

are variables controlled by a decision maker, G is the set of goals, O is the set of variables outside any control of

a decision maker. Any future and past time behaviour of the system under study is described by a path within the

graph H. A complex decision is represented by a path represented by a sequence of scenarios. The decision is

partially predetermined by the final discrete set of paths and partially by common sense reasoning of the decision

maker. A eight-dimensional model serves as a case study.

Methodology/methods A qualitative heuristic described by using just trends; qualitative values used to quantify

variables and their derivatives: plus/increasing; zero/constant; negative/decreasing.

Scientific aim Using qualitative research for determination of bankruptcy proceedings.

Findings Finding an equilibrium for satisfaction of all interested creditors and at the same time best solution of

debtors assets.

Conclusions Identification and determination of vague determinats of bankcruptcy proceedings affected by

macroeconomics aspects to goal a creditors satisfaction and debtors assets solution.

Keywords: Qualitative, Decision, Scenario, Bankruptcy, Multidimensional, Multi-criteria, Multi-expert,

Macroeconomic

JEL Classification: G33, G34







The Current Problems of the Eurozone and the Future

Transformation of the European Union

Oldřich Rejnuš*

Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno, 612 00, Czech Republic

Abstract

Purpose of the article The paper deals with the problems of contemporary management of the European Un-ion,

with focus on economic development of countries, associated in the European Economic and Monetary Union,

using common currency.

Methodology/methods The methodology used represents a combination of qualitative and quantitative analysis.

Qualitative part of the research will be represented by economic theory findings; we are going to analyze whether

basic theoretical rules and principles are met in the process of European Union management. Before all, it is

important whether they are abode by the European Union authorities and the governments of individual European

states in their fiscal policies and the European Central Bank in its monetary policy. Quantitative component

(segment, sector) will be based on economic data that will be taken from databases Trading economics, Eurostat,

European Central Bank a DebtClocks.eu.

Scientific aim The goal is to evaluate the ways of fiscal management of the European Union and monetary

regulation, carried out by the European Central Bank, with focus on their efficiency and achievements.

Findings The main problem of the Eurozone is based in its heterogeneity. And therefore common currency is in

crisis. The reason is that single currency policy resulted in distinctive deepening of difference between the

countries in the southern wing and the core EU countries, so that the survival of the Eurozone depends solely on

„cri-sis” measures, made by ECB; these include non-standard loans, fiscal transfers and „political solidarity” of

the European states.

Conclusions Due to unusual number of crisis factors, there are many reasons that might initiate serious economic,

social, political, ethnical, religious or other shocks. It is evidenced by the agreement about so called multi-speed

Europe, concluded in March 2017 by the representatives of France, Germany, Spain and Italy. This project is rather

risky and might result in the end of existence of national states and the end of democracy.

Keywords: European Union, eurozone, fiscal and monetary regulation, central banks, common currency, national

states

JEL Classification: E58, F36, G18







Pro-export strategies of the Czech Republic with the focus on

born globals

Eliška Reková*

Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic

Abstract

Purpose of the article The aim of this article is to define SME in CZ which excel at innovations, rapid

technological progress, high level of specialization and increasing added value so they are predermined to be

successful in the new age, also called as ‘digital age’. ‘Born globals’ posses these prerequisities. The possibility

of goods and services export to the foreign market is the most crucial for these enterprises. Hence this article is

focusing on strengthening the export within the internacionalization process and on the study of Czech pro-export

strategy and the results of balance payments of the Czech Republic which support the prerequisite that the Czech

Republic is an export country.

Methodology/methods The methods of secondary data analysis, synthesis, induction and deduction were used in

this article. Secondary data were gained by structured data collection to make the scientific literature clear and

these data were gained from electronic sources, academic theses, scientific articles and statistic pieces of

information. This also helped to make the internacionalization of SME, born globals in CZ and export strategy in

CZ issues clear.

Scientific aim This article is focused on macroeconomic indicators of CZ research which support the prerequisite

that CZ is an export country.

Findings The results show that the Czech Republic is an export country in the long term which is followed by

currency depreciation, decrease of the nominal effective exchange rate, increase of competitiveness of the country,

de-crease of the real effective exchange rate, increase of export and decrease of import, so the conditions for ‘born

globals’ and other Czech enterprises that would decide to expand and sell their products or services on foreign

markets are set to be in accordance with pro-export strategy.

Conclusions One of the specific aims – ‘double the number of highly innovative exporters (born globals) by 2020’

- follows from the Export Strategy of the Czech Republic 2012 – 2020 (Ministry of Industry and Trade, 2012).

The solved issue has several limits such as lack of methodology for measuring born globals companies in CZ, lack

of methodology for support of born globals entry into the foreign market and others, which follows from the re-

search of literature and analysis. The scientific work proved that the Czech Republic is a country with pro-export

policy and thus opens other scientific questions that future works can focus on such as currency of born globals in

the Czech Republic, observing indicators and fulfilling the indicators from above mentioned specific aim of the

Export Strategy of the Czech Republic.

Keywords: Born Globals, the Czech Republic, Export, Management, SME, Internationalization








Models of value creation measurement in different manufacturing

industry sectors in the Czech Republic

Petr Sucháneka*, Martin Štěrbaa

a Department of Corporate Economy Faculty of Economics and Administration Masaryk University, Lipová 41a, Brno 60200, Czech

Republic

Abstract

Purpose of the article The subject of this article is the construction of a model which is able to measure whether

an enterprise is creating or destroying value. However, in the light of our previous research, we are not seeking to

create a universal model, instead we want to create a set of special models that consider the specificities of different

sectors. Therefore, we have created three models especially for the food industry, engineering and transportation.

In addition to the differences found within the model structure, we also want to discuss their causes, including

more general cross-sectoral differences.

Methodology/methods Based on the EVA ratio, we divided each of the surveyed sectors into three groups

(creating value, destroying value and enterprises where it cannot be decided whether they create or destroy value

– so called “grey zone” enterprises). Based on a study of the literature, about 32 financial ratios were selected

which are commonly used to evaluate the performance of a company. Using logistic regression, statistically

significant differences were identified between the selected financial indicators within the groups of enterprises

creating and destroying value. The statistically significant regression functions represent models capable of

distinguishing enterprises that create or destroy the value. By retrospectively comparing them with the EVA ratio,

it is possible to set the limits of the relevant models so that they divide the enterprises under examination into three

groups (value-creating enterprises, value-destroying enterprises and “grey zone” enterprises).

Scientific aim The aim of the article is to construct value-measuring models in various sectors of the

manufacturing industry. We start from the premise that it is very difficult to construct a universal model that is

able to measure the value in different sectors equally well. Therefore, using the example of three manufacturing

industries (namely the food industry, engineering and transportation), we constructed three models and then

compared and discussed the differences observed.

Findings The results confirmed that there are significant differences between the models of value creation within

the three sectors which we studied. The main difference in each sector is its capital structure. For each model, we

selected a different number of indicators using statistical methods to create the optimal model. It was also

discovered that each model has different limitations among the groups. This is a result of the fact that the models

are created from different indicators.

Conclusions The first research limitation is that the focus is only on three sectors. As part of further research, it

will be necessary to construct different models in other sectors as well. The second limitation of the research is

that it focuses purely on finance, which does not allow many options to identify and discuss the internal and

qualitative differences of the enterprises and sectors under examination, which could contribute to increasing the

accuracy of the model. The model is constructed from publicly available data, which is both a limitation and an

advantage. On the one hand, it limits the ability to inform the user, while on the other, it allows for wide usage

without having to know internal data.

Keywords: EVA ratio, value creation model, financial analysis, performance, food industry, construction industry,

engineering

JEL Classification: G31, L61, L62, L66

* Contact author. Tel.: +420603956385;






Selected microeconomic effects of ICT firms in context of level of

sectoral concentration: Case study in selected regions of the

Czech Republic

Kamila Turečková*

Silesian University in Opava, School of Business Administration in Karvina, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic

Abstract

Purpose of the article It is assumed that a strongly territorially concentrated branch that transformed into the

sectoral agglomeration of identical companies in terms of the branches is specific for a range of its network

externalities such as positive effects resulting from a qualified workforce, spreading innovation and transferring

knowledge, experience and information. In general terms, some microeconomic factors and relevant variables will

be perceived differently by ICT firms in the context of the different intensity of the sectoral concentration in the

particular territory.

Methodology/methods The contribution is based on the primary research performed among ICT companies in

Moravskoslezský Region and Jihomoravský Region in the Czech Republic in 2016 and 2017 expressing their

attitudes and opinions in the context of the branch concentration emphasizing the specific localization of these

companies within the centres of the analysed regions, or on the outside, i.e. on the periphery. The analysis of the

results from the questionnaire survey is in the empirical part confronted according to the location of the firms in

the centres of ICT branch concentration of the chosen regions (in Brno-city and Ostrava-city) and simultaneously

compared across the two regions. The theoretical basis includes in particular „the core-periphery theory“, extended

by the concept of the sectoral agglomerations and also selected theories of the period of post-Fordism.

Scientific aim The presented contribution deals with the specification of the chosen microeconomic effects of the

branch concentration of companies in the ICT sector of the given area, and defines differences in factors of the

branch concentration of ICT companies.

Findings Based on the performed research, it was discovered that more than 60 % of the companies perceive

branch concentration positively and consider its effect beneficial and desired. From interregional comparisons

follows that ICT firms in the Moravian-Silesian Region are more decided towards their employees - for example,

they require in 59% university education, while in Brno-city it is only 21%). South Moravian ICT firms feel less

dependent on other ICT firms, but are less aware of their competition. Another important finding is that the

companies in the centres of ICT branch concentration in particular regions tend to perceive the positive effects

more intensely than the costs related to the process of the branch concentration, which is not the case with the

companies in the peripheral localities of the Jihomoravský Region and Moravskoslezský Region.

Conclusion The results of the research reflect the assumptions of the chosen theoretical framework and support

the conclusion that it is suitable for ICT companies to do business in a region where the ICT sector is concentrated.

Keywords: Sector Concentration, Effects of Concentration, Information and Communication Technology, Region,

Czech Republic

JEL Classification: L86, O14, R12.

* Corresponding author. Tel.: +420 596398 301; fax: +420 596 312 069.






Approaches to the classification of high-tech companies from the

negative and positive point of view

Dagmar Vávrová*

Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic

Abstract

Purpose of the article The article analyzes approaches to demarcation and defining high-tech companies from the

point of view of economic activities, research and development, international patent classification, their readiness

for a period called Industry 4.0 and their real behavior. It analyzes the specifics of the individual classifications,

compares them and focuses on defining this concept towards future research to determine the use of current

approaches in the management of these companies, revealing their specifics and recommending tools suitable for

successful enforcement of these companies in global competition.

Methodology/methods Content analysis, including methods and rules for defining the term high-tech company.

Scientific aim The main objective is to define a specific group of economic entities - high tech companies - from

the perspective of classification of economic activities, according to international patent classification, realization

of its own research and development, according to readiness within Industry 4.0 for identifying the application of

current marketing approaches in the management of these companies.

Findings In order to define the term high-tech company, we meet many approaches and different definitions,

mostly aimed at a particular intent or determination, not a generic term. The article analyzes the individual

approaches in detail and on the basis of their mutual comparison and evaluation, for the future research was chosen

the intersection of three basic views within the Czech Republic.

Conclusions Following the definition of high-tech companies, which is necessary to analyze and apply current

marketing approaches in the management of these companies, the next step in the implementation of the research

will be the validation of the capability of the existing criteria and the addition of other, statistically significant

criteria defining the high-tech company.

Keywords: high-tech company, high-tech product, CZ NACE, economic activities, research and development,

Industry 4.0


* Corresponding author. Tel.: +420 732 500 530






The impact of social media marketing capabilities on new firm

performance

Dominyka Venciutea, Vilte Auruskevicienea*

a ISM University of Management and Economics, Arkliu st. 18, Vilnius, Lithuania, LT – 01305

Abstract

Purpose of the article The purpose of this research is to investigate the impact of social media marketing

capabilities on new firm performance. The emergence of social media has significantly changed the tools and

strategies for communicating with customers (Mangold & Faulds, 2009) and enabled firms using social media to

support marketing functions. According to Kaplan and Haenlein (2010), social media empower firms to reach end

customers at lower costs and higher efficiency compared to traditional media, which allows supposing that social

media marketing capabilities are vital for new firms with limited resources.

Methodology/methods Quantitative research method (online surveys) was chosen to test the proposed hypotheses.

Social media marketing capabilities were operationalized using an adapted scale from Trainor et al. (2013), social

media marketing performance was measured using an adapted scale from Bruhn et al. (2012) and overall new firm

performance was measured using an adapted scale of Lusch and Laczniak (1989). The research sample consisted

of 248 newly established firms. Structural equation modelling (SEM) was used in the analysis.

Scientific aim The scientific aim of the research is to examine the impact of social media marketing capabilities

on new firm performance. A conceptual model is based upon resource-based view (RBV) theory (Day, 1994).

Findings Results show a significant impact of social media marketing capabilities on overall new firm

performance through a mediating effect of social media marketing performance. Additionally, the results of one

sample t-Test indicate that social media marketing capabilities of new B2C firms are significantly higher than

those of new B2B firms.

Conclusions This research confirms the supposition that social media marketing capabilities are essential for new

firms with limited resources and should be deployed in order to improve performance.

Keywords: social media marketing capabilities, social media marketing performance, new firm performance


* Corresponding author: Tel.: +370 686 85 839






Sensitivity analysis within a chosen manufacturing company

Marek Vochozkaa*, Mariana Psárskaa, Pengfei Shengb

a School of Valuation and Expertness, Institute of Technology and Business in České Budějovice, Okružní 517/10, 370 01 České Budějovice,

Czech Republic b School of Economics, Henan University, Kaifeng, China

Abstract

Purpose of the article The aim of sensitivity analysis is to determine the effect of the selected financial criteria

for firms to possible changes in the values of risk factors that influence the criterion in the selected company.

Therefore, it represents an important tool for risk assessment and a decision-making aid for financial management.

Methodology/methods The methods used in this case study are the economic analysis, econometric, statistical

and mathematical methods (single-factor analysis, multi-factor analysis, uncertainty index, sensitivity coefficient).

Contribution of the paper is essentially a practical demonstration of the real data (from the company, which

operates as a subcontractor of components for the automotive industry), their interpretation and subsequent

discussion.

Scientific aim The aim of this contribution is to judge the sensitivity, rate of uncertainty, and to evaluate the

expected development of chosen risky factors which influence reaching the planned economic result (before

taxation) in a chosen manufacturing enterprise in 2017.

Findings Our sensitivity analysis has proven that key risk factors of fulfilling the target economic result in a chosen

manufacturing enterprise include reaching at least the planned sales volume for 2017, growth of sale price at least

in 2.955% as compared to 2016 and purchase material price which should decrease in 3% as compared to 2016.

Conclusions The contribution assessed the sensitivity, the degree of uncertainty and assessed also the expected of

selected risk factors influencing the achievement of the planned profit.

Keywords: sensitivity analysis, risk, small and medium enterprises, financial management, enterprises

development

JEL Classification: C19, D22, L29, M21

* Corresponding author. Tel.: +420 387 842 144






Comparison of neural network and regression time series in the

estimate the development of the afternoon platinum price on the

New York stock exchange

Marek Vochozkaa, Jaromír Vrbkaa, Veronika Machováa*

a Institute of Technology and Business in České Budějovice, Okružní 517/10, České Budějovice 370 01, Czech Republic

Abstract

Purpose of the article Platinum is a durable, ductile and precious metal that is becoming a strategic commodity

for industry in many countries around the world. In recent years, demand for platinum, thanks to its characteristics

and high durability, has more than doubled. For investment purposes, platinum is easily available in the form of

slits and, in some cases, in the form of coins. For a long time, it has also been used as a preserver of value.

Methodology/methods For the analysis, London Fix Price PM data, i.e. the afternoon announced amount over a

period of more than 10 years, will be used. The Statistica software will be used for data processing. A linear

regression will be performed utilizing a variety of functions. A regression with neural structures will follow. Then,

1000 neural networks will be generated, from which five with the best characteristics will be preserved.

Scientific aim The scientific aim of this paper is to perform a regression analysis of platinum prices at the New

York Stock Exchange using artificial neural structures and linear regression, then compare both methods and

determine more suitable ones for predicting the future development of the platinum price at the New York Stock

Exchange.

Findings Based on the price development and the regression curve shape, and taking into account the simple linear

regression, the closest curve to the platinum price development is the spline function. The most suitable neural

networks selected are all multilayered perceptron networks with one hidden layer. The performance of all five

preserved neuron structures is approximately identical.

Conclusions Considering the performance from a correlation coefficient point of view, the neural networks

perform best and there is practically no difference among them. However, the analysis of residues, if employed,

could undoubtedly determine the best of the preserved neural networks.

Keywords: platinum, linear regression, artificial neural networks, regression analysis, prediction, price

development

JEL Classification: C32, C45, C53

* Corresponding author. Tel.: +420-380-070-222.






Research on HRIS satisfaction in companies

Matej Zápotočnýa*

a Brno University of Technology, Faculty of Business and Management, Kolejni 4, 612 00 Brno, Czech Republic

Abstract

Purpose of the article Purpose of the article was to gather user experience with usage of Human Resource In-

formation Systems (HRIS) and understand their satisfaction and dissatisfaction with the tools. The results are used

for preparation of extended questionnaire that will be distributed to hundreds of companies in Czech Re-public

and Slovakia to gather wide range of usage data. This data will be then reviewed and published as the research

part of the author’s dissertation thesis. The aim is to specify which parts of the HRIS are vital for daily usage and

which are not so important.

Methodology/methods To ensure the results are representative, several companies of various sizes and production

types were selected. A prerequisite for the users chosen for the interview was their at least 2 years long experience

with usage of the HRIS tools, all the users were members of the HR team or the team’s manager. Data gathering

was performed via structured interview or telephone call; each of the sessions took around 60 minutes.

Scientific aim Goal of the article is to suggest the way how to improve the end-users’ experience by usage of

various tools and means to increase the productivity and satisfaction. Implementation of better organized graphical

user interface, simpler layout of the most used functions and responsive design would be investigated as the way

how to increase the satisfaction of users working with HRIS.

Findings The results of the findings show that in the majority of companies, the users are dissatisfied with their

Human Resource Information Systems. The main drawbacks are old graphical user interface, insufficient

functionality and system crashes. Some of the users also reported that the main HRIS tool was used only for basic

administrative tasks and other programs were used as complements what is not the desired approach. These results

will be incorporated to the extended questionnaire that will be used further.

Conclusions Investigated companies are only from Czech Republic and Slovakia due to specific labour and legal

constrains.

Keywords: HRIS, Satisfaction, Information system, Human resources, software


* Corresponding author. Tel.: +420 54114 3749






The necessity and the main difficulties in implementation of

electronic accounting documents in Republic of Belarus

Tatiana Zhilinskayaa,b* a Private Company “IQ-Consult”, Shafarnyanskaya str., 11-223, Minsk 220125, Belarus

b Belarussian State Economic University, Partizansky av., 26, Minsk 220070, Belarus

Abstract

Purpose of the article is to describe the main economic, legal, software development, user’s human factor

difficulties in design, legalization, implementation and practical using the system of electronic accounting

documents in Republic of Belarus and the probable ways out.

Methodology/methods During the research the following methods were used: system approach, analysis and

synthesis of theoretical and practical material, scientific abstraction, logical generalization, comparison

Scientific aim was to find out the legal grounding for using the electronic accounting documents for the putting

all business transactions into accounting and taxation without creating their paper copies, to work out of the

theoretical positions and practical recommendations about implementation of electronic accounting documents in

Republic of Belarus on the bases of EU countries.

Findings The main difficulties in implementation of electronic accounting documents in Republic of Belarus are:

(1) lack of any government or the private company authorized by the government to issue both the electronic

digital signature key (EDSK), the needed software to prepare electronic accounting documents; (2) legal

requirements of preparing the paper copies of any electronic documents while the tax or any other authorities fulfill

the business activity control; (3) both of lack of the software which will be transfer the paper documents in

electronic form and the really high cost of such a software development.

Conclusions There are the both scientific and practical necessity of electronic accounting documents

implementation in Republic of Belarus and the certain difficulties. The probable ways to solve them may be: (1)

reforming the legal issues according to those the paper documents will become unnecessary at all; (2) creation and

description of the procedure of government certification for those software companies which will develop the

software for electronic accounting documents preparing and processing; (3) creation the main center for issuing

EDSK.

Keywords: accounting, EDSK, business transaction, electronic accounting document, software


* Corresponding author. Tel.: +375-44-536-00-30; fax: +375-17-286-36-63.

E-mail address: [email protected]; [email protected]





An application of principle of the competitive space demands

accelerator to assessment of the mobile communication Market

development in the Czech Republic

Robert Zicha*, Karolína Svobodováa

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic

Abstract

Purpose of the article The research presented in this article has focused on the assessment of development in the

mobile communication market in the Czech Republic. There are two main aspects presented in this paper result of

long term monitoring of mobile market development, with the emphasis on behavior of mobile service providers

in the Czech Republic, and testing of the competitive space demands accelerator as the principle describing the

development of competitive space.

Methodology/methods Applied methods have employed qualitative approaches to research case studies; data

collection has been based mainly on the content analysis of sources, special-purpose group interviews, semi-

structured interviews, experiments, observation and application of continuously developed approaches to the

assessment of behavior of companies on the basis of the success-ability concept.

Scientific aim The key objective of introduced article is to verify the possibility of application of principle of the

Competitive Space Demands Accelerator for an assessment of selected market.

Findings Most of the considerations as regards strengthening of company competitiveness are based on the need

to respond to the increase in demands of competitive environment, which is usually connected with increasing

demands of customers. Companies usually play the role of responding subjects or, as the case may be, anticipating

such increase. Assessment of situation in the market, employing the principle of the accelerator of demands of

competitive environment, anticipates that - to a large extent - this increase in requirements and demands is called,

on the contrary, by the activity of companies and - as paradox - especially by their effort to strengthen their own

competitiveness.

Conclusions The limiting factor of presented conclusions is - in a certain extent - the focus on specific industry,

in the particular context perceived as the industry of services. We can assume that span in competitive reaction

might be longer in case of another type industry, technologically focusing on innovations or generally lower

imitation possibility. Nevertheless, the principle of change and, in particular, acceleration, would still be

maintained.

Keywords: competitiveness, competitive advantage, mobile communication, competitive strategy

JEL Classification: M15, M21, M31







Factors influencing consumer behaviour and decision to use smart

technologies

Rima Zitkienea*, Germante Markeviciutea, Monika Mickevicieneb

a Mykolas Romeris University, Faculty of Economics and Business, Ateities g. 20, LT-08303 Vilnius, Lithuania b Lithuanian Police School, Mokslo g. 2, LT-53312 Mastaiciai, Lithuania

Abstract

Purpose of the article is to distinguish the factors influencing consumers’ acknowledgement and the decision to

use smart technologies on the basis of scientific literature analysis and to verify if the main factors can be revealed

by using empirical survey of consumers’ behavior.

Methodology/methods Scientific literature analyzes and the pilot survey are presented in the article.

Scientific aim focus on changes in consumption and consumer behavior factors also the characteristics of smart

products are presented and theoretical aspects of consumers’ awareness, acknowledgement and adoption of smart

technologies are being highlighted.

Findings The scientific studies and the pilot survey disclosed the perspective of target group toward innovation

adoption and main factors influencing the decision to use smart technologies.

Conclusions Theoretical analyzes show that a smart environment is a growing field of research, which covers

computing, interaction between a human and a computer, computerized vision, adapting systems and training as

well as other services through devices. One of the most distinct theories, concerning the acceptance of innovation

in general, is Innovation Diffusion Theory. Theoretical and empirical results show the final part in the process of

consumer’s smart technology selection is played by internal factors that depend on personal characteristics and

personal decisions are related to one’s needs and priorities. It is important to emphasize that considering the limited

scope of this paper the pilot survey of the target group was carried out to verify if the main factors can be revealed

empirically and could be used while developing the profound instrument for future research.

Keywords: consumer behaviour, smart technology, innovation, factors

JEL Classification: M15, M31, 03, P46

* Corresponding author. Tel.: +37 061004813


INVITATION

We kindly invite you and your colleagues to participate in Brno International Week

2017 (BIW 2017) that will be held during November 6th – 9th 2017 at Brno University

of Technology, Faculty of Business and Management in the Czech Republic.

Scope of the Brno International Week

The main aim of the International Week is to provide international mutual cooperation

in the pedagogical, scientific fields and give an opportunity to our students to gain new

perspectives on their majors. The focus of the BIW 2017 is on global issues in business,

management, system engineering and informatics.

The Brno International Week will consist of three main parts:

1) Guest lectures and seminars

Each lecturer is invited to give one or two guest lectures or seminars lasting for two

hours each. The main areas for lectures are:

Economics and management

System engineering and informatics

Quantitative methods in economics

We appreciate the lectures that combine theoretical background with practical

implication or with international comparison and using modern teaching methods.

We plan that the qualified contributions will be published in the faculty scientific

journal or anthology.

2) Round Tables

We offer possibility to discuss your research ideas and mutual cooperation at Round

Tables that will be thematic focused. Special Round Table will be arranged for Staff

of International Offices.

3) Movin´in

You are cordially invited to present your home university and study programmes at

the Movin´in where you can join the presentation of Erasmus students currently

studying at our faculty.

BIW 2017 also aims at giving you an unforgettable stay in Brno. We invite you to an

attractive social programme, including welcome drink with at the Rectorate of the

university, guided city tour, wine, beer and food tasting in the local restaurant and a trip.

Please use the on-line Registration Form on https://biw.fbm.vutbr.cz/en/. Registration

will be opened from August 20th till September 30th 2017. Please attach a photo in

.jpg format to your registration.

For further information about BIW2017, please do not hesitate to contact us.

Contact person:

Zdenka Konečná, [email protected]

All articles included in the book are published in the form provided by the authors without

editorial and content-related corrections.


Collected abstracts and programme of international scientific conference

Edited by: František Milichovský

Faculty of Business and Management, Brno University of Technology, Brno, Czech Republic

21th September 2017

ISBN 978-80-214-5531-3

16 - Faculty of Business and Management | Conferences · 16th international scientific conference...

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