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17TH INTERNATIONAL SCIENTIFIC CONFERENCE

PERSPECTIVES OF BUSINESS AND ENTREPRENEURSHIP

DEVELOPMENT IN DIGITAL TRANSFORMATION OF

CORPORATE BUSINESS

ECONOMIC, MANAGEMENT, FINANCE AND SYSTEM

ENGINEERING FROM THE ACADEMIC AND

PRACTIONERS VIEWS

COLLECTED ABSTRACTS AND PROGRAMME OF INTERNATIONAL

SCIENTIFIC CONFERENCE

APRIL 30, 2019

BRNO, CZECH REPUBLIC

ISBN 978-80-214-5755-3

International Conference at the Brno University of Technology,

Faculty of Business and Management, April 30, 2019 Brno, Czech Republic

Perspectives of Business and Entrepreneurship Development in Digital

Transformation of Corporate Business

April 30, 2019 Brno, Czech Republic 3

INTRODUCTION

Dear conference participants,

I would like to take this opportunity to cordially welcome you at the 17th International

Conference of the Faculty of Business and Management, Brno University of

Technology. It is a traditional event / conference the origins of which date back to the

beginning after the foundation of the faculty.

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 multi-disciplinary presentations and discussions of current

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

Approximately 150 guests will come to Brno in total, out of whom more than one third

foreign guests from about 20 countries from around the world. A large part of the guests

will also be representatives of companies, which is the intention of this year, focused on

the current and discussed topic of digital transformation of companies. The conference

will feature the presentation of projects carried out by the faculty: the results of the

international project KA203: Strategic Partnerships for Higher Education – CHEDTEB:

Collaboration in Higher Education for Digital Transformation in European Business, as

well as the key ideas and intention of the new TA CR project reg. No. TL02000215

DIGITAL TRANS MSP: Digital Transformation for Business Model Innovations of

Small and Medium Enterprises in the Czech Republic.

I am very pleased with the wide interest in this conference. It should be emphasised that

the conference provides a natural platform for sharing scientific knowledge and

exchange of experience with industry and business representatives, which contributes to

the active development of our bilateral cooperation with practice, being an integral

mission of the conference.

The conference discussions will feature not only scientific topics, but also the exchange

of pedagogical experience and knowledge, which will help to develop contacts between

individual participants. I am convinced that establishing new contacts and strengthening

the existing ones is an integral part of this conference, which will be supported by the

social activities of the accompanying programme of the conference.






I wish the participants of the 17th International Conference of the Faculty of Business

and Management hearing successful and interesting papers, establishing new contacts,

and obtaining ideas for their creative work.

Stanislav Skapa

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 Transformation ....................................................................... 17

Finance in Digital Transformation ............................................................................ 18

Management in Digital Transformation .................................................................... 19

System in Digital Transformation ............................................................................. 21

Universities in Digital Transformation ...................................................................... 22

ABSTRACTS &CONTACTS ...................................................................................... 23






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

Skapa, Ph.D.

Conference Theme: “Perspectives of Business and Entrepreneurship Development in

Digital Transformation of Corporate Business„ 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 Transformation

Section 2: Management in Digital Transformation

Section 3: Finance in Digital Transformation

Section 4: Systems in Digital Transformation

Section 5: Universities in Digital Transformation

Special Section: Toolbox for Digital Corporate Transformation Management

(supported by CHEDTEB project)

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 Transformation of Corporate

Business: 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

International Journal of Business and Economic Sciences

Applied Research Greece

http://ijbesar.teiemt.gr/ ISSN 2408-0098






PROGRAMME COMMITTEE

Chairperson: Stanislav Skapa

Programme Coordinator: Alena Kocmanova

Conference Coordinator: Iveta Simberova

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

Artur Bartosik (Kielce University of Technology, Poland)

Vojtech Bartos (Brno University of Technology, Czech Republic)

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)

Radek Doskocil (Brno University of Technology, Czech Republic)

Petr Dostal (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)

Jiri Kraft (University of Pardubice, Czech Republic)

Natalja Lace (Riga University of Technology, Latvia)

Justyna Lapinska (Nicolaus Copernicus University, Poland)

Rainer Lenz (University of Applied Sciences Bielefeld, Germany)

Hana Lostakova (University of Pardubice, Czech Republic)

Cristiana Istrate (Gheorghe Asachi Technical University Iasi, Romania)






Tomas Meluzin (Brno University of Technology, Czech Republic)

Zdenek Molnar (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 Polajeva (Euroacademy, Estonia)

Jan Pour (The University of Economics, Czech Republic)

Maria Reznakova (Brno University of Technology, Czech Republic)

Zaneta Simanaviciene (Kaunas University of Technology, Lithuania)

Anna Soulsby (Notingham University, United Kingdom)

Jelena Stankeviciene (Vilnius Gediminas University, Lithuania)

Grazina Startiene (Kaunas University of Technology, Lithuania)

Anna Svirina (Kazan State Technical University, Russian Federation)

Iveta Simberova (Brno University of Technology, Czech Republic)

Stanislav Skapa (Brno University of Technology, Czech Republic)

Tomas Subrt (Czech University of Life Sciences Prague, Czech Republic)

Neviana Taneva (Technical University Sofia, Bulgaria)

Maaja Vadi (University of Tartu, Estonia)

Jan Vachal (Institute of Technology and Business in Ceske Budejovice, Czech Republic)

Janos Vecsenyi (Budapest University of Technology and Economics Hungaria)

Mladan Velev (Technical University Sofia, Bulgaria)

Robert Zich (Brno University of Technology, Czech Republic)

Marek Zinecker (Brno University of Technology, Czech Republic)






REVIEWERS

Vladimir Bartosek (Czech Republic)

Angela Belobrov (Moldova)

Martina Bobalova (Czech Republic)

Karel Brychta (Czech Republic)

Veronika Bumberova (Czech Republic)

Radek Doskocil (Czech Republic)

Petr Dostal (Czech Republic)

Karel Doubravsky (Czech Republic)

Monika Duskova (Czech Republic)

Petr Dydowicz (Czech Republic)

Agnieszka Dziubinska (Poland)

Martin Fridrich (Czech Republic)

Jana Hornungova (Czech Republic)

Zuzana Chvatalova (Czech Republic)

Eva Jurickova (Czech Republic)

Lucie Kanovska (Czech Republic)

Michal Karas (Czech Republic)

Zdenka Konecna (Czech Republic)

Stepan Konecny (Czech Republic)

Petra Koudelkova (Czech Republic)

Anna Kovaleva (Russia)

Vladimira Kucerova (Czech Republic)

Petr Kupcik (Czech Republic)

Natalje Lace (Latvia)

Eva Lajtkepova (Czech Republic)

Jan Luhan (Czech Republic)

Frantisek Milichovsky (Czech Republic)

Bernard Neuwirth (Czech Republic)

Veronika Novotna (Czech Republic)

Sarka Papadaki (Czech Republic)

Marie Pasekova (Czech Republic)

Roman Ptacek (Czech Republic)

Joanna Samul (Poland)

Nataliya Shchobak (Czech Republic)

David Schuller (Czech Republic)

Veronika Solilova (Czech Republic)

Eva Tomaskova (Czech Republic)

Katarzyna Walecka-Jankowska (Poland)

Anna Zabłocka-Kluczka (Poland)






ORGANISING COMMITTEE

Chair

Iveta Simberova, Brno University of Technology (Czech Republic)

Conference team:

Nina Bockova, Brno University of Technology (Czech Republic)

Karel Brychta, Brno University of Technology (Czech Republic)

Veronika Bumberova, Brno University of Technology (Czech Republic)

Vit Chlebovsky, Brno University of Technology (Czech Republic)

Lucie Kanovska, Brno University of Technology (Czech Republic)

Zdenka Konecna, Brno University of Technology (Czech Republic)

Stanislav Kudelas, Brno University of Technology (Czech Republic)

Jan Luhan, Brno University of Technology (Czech Republic)

Frantisek Milichovsky, Brno University of Technology (Czech Republic)

Pavel Mracek, Brno University of Technology (Czech Republic)

Veronika Ptackova, Brno University of Technology (Czech Republic)

David Schuller, Brno University of Technology (Czech Republic)

Pavel Weirich, Brno University of Technology (Czech Republic)

Jiri Zamecnik, Brno University of Technology (Czech Republic)

Team Coordinating Communication with Companies:

Zdenka Konecna, Brno University of Technology (Czech Republic)

Andrea Krejci, Brno University of Technology (Czech Republic)

Petr Novotny, Brno University of Technology (Czech Republic)






CONFERENCE PROGRAMME

Monday, 29 April

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

19:00 – 20:00 Welcome drink

Tuesday, 30 April

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

9:30 - 10:50 Registration

Plenary session Moderator: Marek Zinecker

11:00 - 11:15 Place: P381

Welcome speech dean Stanislav Skapa

Introduction of the projects Zdenka Konecna (CHEDTEB)

Iveta Simberova (TACR)

11:15 - 12:30 Panel discussion Vit Chlebovsky, Robert Zich

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

B2B zone for individual meetings

Round table Toolbox for Digital Corporate Transformation Management

13:30 - 15:00 Place: P292

Moderators:

Zdenka Konecna (FBM BUT, CZE)

Veronika Krassavina (University of Tartu, EST)

Rainer Lenz (UAS Bielefeld, GER)

15:00 – 15:30 Coffee break

B2B zone for individual meetings

Parallel sessions Moderators

15:30 - 16:50

Economic in Digital Transformation

Place: P285

Nina Bockova (FBM BUT, CZE)

Natalja Lace (RTU, LV)

Finance in Digital Transformation

Place: P284

Karel Brychta (FBM BUT, CZE)

Rainer Lenz (UAS Bielefeld, GER)






Management in Digital Transformation

Place: P283

Lucie Kanovska (FBM BUT, CZE)

David Schuller (FBM BUT, CZE)

Anneli Lorenz (University of Tartu, EST)

Petr Moravec (OR-CZ spol. s r.o., CZE)

System in Digital Transformation

Place: P286

Jan Luhan (FBM BUT, CZE)

Margareta Teodorescu (UAS Bielefeld,

GER)

Universities in Digital Transformation

Place: P288

Zdenka Konecna (FBM BUT, CZE)

Kertu Laats (University of Tartu, EST)

Bernd Kleinheyer (UAS Bielefeld, GER)

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

managing by sections moderators.

Conclusion Moderator: Marek Zinecker

17:00 - 17:30 Place: P292

Summary of the Day, Sessions Moderators

Reception and Social Program

18:00 - 23:00 Faculty of Business and Management, Kolejni 2906/4, Brno






PANEL DISCUSSION

PLACE: P381

MODERATORS Vit Chlebovsky, Brno University of Technology, Faculty of

Business and Management, Czech Republic

Robert Zich, Brno University of Technology, Faculty of


PIRUZA HARUTJUNJAN

BUSINESS DEVELOPMENT MANAGER, PROEKSPERT, ESTONIA

For the past 4 years, Piruza has been the business development

manager in Proekspert. Within these years, Proekspert has

entered into 4 new markets, acquired new business

opportunities through the adoption of design thinking and data

science and grew 58% in revenue. For Proekspert, as a service

provider, such growth was possible as a result of highly

effective approach to product and business digitalisation.

Proekspert is the leading Estonian design and product

development company.

Our passion is to create life-simplifying, user-centric and functional digital solutions

that enhance the world.

Through tailored IT solutions, we make machines and devices smart and put them

to work with and for people. We use information retrieved from the machines and

devices to predict trends and behaviour patterns. We are always passionate about

working towards shaping technologies of the future. For 26 years, Proekspert has

been the one behind the curtain for some of Europe and Scandinavia’s top products

and solutions.

Proekspert offers strategic partnerships with a focus on digital transformation to

create value for our clients’ businesses. We believe the best innovative solutions

come from the synergy of design, data, technology, and business. We provide a full

range of services starting from business analysis to the final solution needed for

transforming ideas into commercial products.

We are known for an excellent work quality among our customers. When we shake

hands on something, we get it done.






RAINER LENZ

PROFESSOR, UNIVERSITY OF APPLIED SCIENCES BIELEFELD, GERMANY

Professor for International Finance at the University of

Applied Sciences Bielefeld, Germany; field of research:

Digitalisation in Finance, in particular Blockchain,

Distributed Ledgers Technology, Tokens, and ICOs.

NGO-engagement for reaching a fair financial system:

Finance Watch – chair of the board and Bürgerbewegung

Finanzwende – member of the board. Member of SMSG

expert group, which advises the European Security and

Market Authority (ESMA) on technical issues of financial

regulation (level 2).

LUBOMIR SLAMA

CEO, ACT-IN CZ, S.R.O., CZECH REPUBLIC

Lubomir has built the international company Act-in CZ

focused on the development and implementation of

innovative production information systems MES for

SmartFactories and has completed a number of successful

projects for digitising production companies in the Czech

and international environment in Europe and America. He

is also actively working as an expert in the digitisation of

production at INDUSTRY CLUSTER 4.0, where he co-

created a system for assessing the readiness of

manufacturing companies for Industry 4.0.

He completed his technical and managerial degree at the Brno University of

Technology, the University of Stuttgart, and Dominican University in Chicago. His

engineering and doctoral work was focused on self-driving cars and artificial

intelligence in mechatronics.






ZDENEK SVIHALEK

APPLICATIONS MANAGER, B&R INDUSTRIAL AUTOMATION, CZECH REPUBLIC

Zdenek has been active in the field of industrial

automation for 27 years. He studied automation at the

Brno University of Technology. Since then, he has taken

part in automation projects in Germany, Venezuela,

Japan, Switzerland, and Italy. Now he leads a team of 20

engineers developing applications of a control system at

B&R, the Austrian supplier of automation technology.

Digital transformation brings massive changes in the

industry and automation and is naturally a daily bread

for Zdenek.

FRANTISEK VRABEL

CEO, SEMANTIC VISIONS, CZECH REPUBLIC

Frantisek is the founder and CEO of Semantic Visions.

It is a Czech company collecting and analysing 90%

of the world’s online news in real time. Using data

analytics and risk assessment developed by the

company, it runs the comprehensive Open Source

Intelligence (OSINT) system, which allows the

company to detect unknown events, identify trends

and put them into context to provide actionable

intelligence.

This includes being able to better identify disinformation and act as an early warning

system for governments and institutions. Frantisek is a serial entrepreneur with

Silicon Valley experience and a wide spectrum of knowledge and a passion for new

opportunities. Frantisek is an advisor to NATO on Big Data and information warfare.






PARALLEL SESSIONS

ECONOMICS IN DIGITAL TRANSFORMATION

PLACE: P285

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

and Management, Czech Republic

Natalja Lace, Riga Technical University, Latvia

COST OF CAPITAL CHANGES IN LITHUANIAN MANUFACTURING INDUSTRY

MARKAUSKAS MANTAS, SABONIENE ASTA

DECISION-MAKING IN THE AREA OF EFFICIENCY OF HOUSING DEVELOPING BASED ON

TREND ANALYSIS

POLACEK TOMAS, OULEHLA JIRÍ, DOHNAL MIRKO, MELUZIN TOMAS

THE ESTIMATION OF THE IMPACT OF ENERGY INTENSITY ON A COMPANY’S FINANCIAL

PERFORMANCE IN PETROLEUM REFINING INDUSTRY

ZUOZA ANDRIUS, PILINKIENE VAIDA






FINANCE IN DIGITAL TRANSFORMATION

PLACE: P284

MODERATORS Karel Brychta, Brno University of Technology, Faculty of Business


Rainer Lenz, University of Applied Sciences Bielefeld, Germany

IMPACT OF THE FDI IN THE AUTOMOTIVE INDUSTRY IN THE EUROPEAN UNION

COUNTRIES

BELUSOVA KRISTYNA, BRYCHTA KAREL

THE LINE BETWEEN BUSINESS VALUE AND FINANCIAL DISTRESS: A HYBRID APPROACH

TO PREDICTING DISTRESS

KARAS MICHAL, REZNAKOVÁ MARIA

REPORTING OF INTANGIBLE ASSETS IN DIGITAL ECONOMY

KRIZOVA ZUZANA

CHARITY TOKEN - IMPROVING TRUST ON CHARITY ORGANIZATIONS THROUGH

BLOCKCHAIN TECHNOLOGY

LUSHI TAHIR






MANAGEMENT IN DIGITAL TRANSFORMATION

PLACE: P283

MODERATORS Lucie Kanovska, Brno University of Technology, Faculty of


David Schuller, Brno University of Technology, Faculty of


Anneli Lorenz, University of Tartu, Estonia

DISCUSSANT Petr Moravec, OR-CZ spol. s r.o., Czech Republic

EMPIRICAL EVIDENCE OF RELATION BETWEEN SERVICE INNOVATIVENESS,

TECHNOLOGY AND HRM DEVELOPMENT IN KIBS COMPANIES

BUMBEROVA VERONIKA, MILICHOVSKY FRANTISEK

BUSINESS MODELS, STRATEGY AND INNOVATION IN THE NEW WORLD OF DIGITIZATION

DOMANIZOVA PETRA

THE COMING OF THE DIGITAL AGE AND ITS IMPLICATIONS FOR PUBLIC GOVERNANCE

AND POLICY

GUL HUSEYIN, GUL SONGUL SALLAN

BARRIERS OF SMART SERVITIZATION IN MANUFACTURING COMPANIES

KANOVSKA LUCIE

COMPARISON OF THE CURRENT STATE OF DIGITIZATION IN THE CZECH REPUBLIC AND

EUROPEAN COUNTRIES AND ITS IMPACT ON HUMAN RESOURCES MANAGEMENT

KREJCI ANDREA

TOWARDS SUSTAINABILITY THROUGH BUSINESS MODEL DYNAMICS IN THE ERA OF

DIGITAL TRANSFORMATION

KRMELA ALES

IMPLEMENTATION OF INDUSTRY 4.0 IN ENTERPRISES

MICIKOVA PETRA






VEGETARIANISM VS GENDER: HOW BEHAVE TARGET POTENTIAL CUSTOMERS IN

PURCHASING PROCESS

MILICHOVSKY FRANTISEK, MRACEK PAVEL, JELINKOVA VERONIKA

TRUSTNESS TO THE DIGITAL BUSINESS MODELS IN EHEALTH

PAWLUCZUK ANDRZEJ

THE DIGITALIZATION OF HUMAN RESOURCE MANAGEMENT

PEISENIECE LIGA

EFFECTIVE PROJECT MANAGEMENT BY INTEGRATING SELF-MANAGED WORK TEAMS

RASCEVSKA ZANE

DIGITAL TRANSFORMATION AND ITS IMPACT ON INTERNATIONAL MARKETING

STRATEGY OF MULTINATIONAL COMPANIES

TESAROVA MARIANA

INTERFUNCTIONAL COORDINATION AT PUBLIC SECTOR

TOMASKOVA EVA

BORN GLOBAL COMPANIES AS THE FUTURE FOR ECONOMY OF LATVIA

VAIVODE IRENA






SYSTEM IN DIGITAL TRANSFORMATION

PLACE: P286

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

Management, Czech Republic

Margareta Teodorescu, University of Applied Sciences Bielefeld,

Germany

RECENT BIG DATA AND MACHINE LEARNING APPLICATIONS IN ECONOMICS

ALFIERI LUCA

ETHICAL DIMENSIONS OF ARTIFICIAL INTELLIGENCE DEVELOPMENT8 IN HEALTH

SERVICES

DULSCHI OLIVIA

MAPLE – MEANS OF UNDERSTANDING THE APPLICATION OF MODERN METHODS IN

THE PRODUCTION PROCESS

CHVATALOVA ZUZANA

IMPACT ASSESSMENT OF BIG DATA ANALYSIS AND APPLICATION CASES – A CROSS-

COUNTRY COMPARATIVE ANALYSIS

LUHAN JAN, TEODORESCU MARGARETA

PREPAREDNESS OF THE CZECH SMALL BUSINESSES FOR USING PUBLIC CLOUD

SERVICES

NEUWIRTH BERNARD

ANALYSIS OF A NON-LINEAR DYNAMIC FINANCIAL SYSTEM

NOVOTNA VERONIKA, SKAPA STANISLAV

MATHEMATICAL AND NUMERICAL STUDY OF A SIR EPIDEMIC MODEL ON NETWORK

WITH STANDARD INCIDENTS

PODESVA LUKAS, KOCH MILOS

CORRUPTION PERCEPTIONS INDEX OR BRIBE PAYERS INDEX IN DIGITAL ECONOMICS

SHCHOBAK NATALIYA, DZHALLADOVA IRADA






UNIVERSITIES IN DIGITAL TRANSFORMATION

PLACE: P288

MODERATORS Zdenka Konecna, Brno University of Technology, Faculty of Business


Kertu Laats, University of Tartu, Estonia

Bernd Kleinheyer, University of Applied Sciences Bielefeld,

Germany

COMPETENCY SCHEMAS AS A TOOL FOR COMPARATIVE ANALYSIS OF COMPETENCIES

OF POLISH AND RUSSIAN STUDENTS

LULA PAWEL, KOVALEVA ANNA

BLOCKCHAIN IN EDUCATION: POSSIBILITIES FOR A BLOCKCHAIN BASED STUDY

MANAGEMENT SYSTEM FOR HIGHER EDUCATION INSTITUTIONS

LUSHI TAHIR

DIGITAL TRANSFORMATION OF STUDENTS PROJECT IN THE LIGHT OF KNOWLEDGE

MANAGEMENT PROCESS

PAWLUCZUK ANDRZEJ






ABSTRACTS

&

CONTACTS






Recent Big Data and Machine Learning Applications in

Economics

Luca Alfieria*

a University of Tartu, J. Liivi 4, 50409 Tartu, Estonia

Abstract

Purpose of the article This work illustrates three recent important studies related to Big Data and Machine

Learning methods in economics and econometrics.

Methodology/methods The papers are previous or current works of well-known scholars in their fields. I select

the papers from different subjects to observe how Big Data and Machine Learning methods can be used for

different purposes.

Scientific aim The growing interest for handling Big Data in different economic topics brought economists to

study the advantages and limits of new techniques like Machine Learning methods and the validity of standard

econometric methods in these new data-rich environments. The work aims to analyze the three papers taking into

account the current debate on Machine Learning methods and Big Data among scholars in economics and

econometrics.

Findings Some scholars show how standard econometrics methods are still useful even with Big Data. Others

instead illustrate how possible combinations of Machine Learning methods and econometrics techniques can be

helpful in a high-dimensional framework. In particular, text mining and forecasting in data-rich environments

research cannot escape, at least partially, the usage of Machine Learning methodologies. However, the debate over

the real capacities of these new methods to solve problems such as causal inference is still open. Recent researches

related to the so-called double (or de-biased) Machine Learning are triggering further researches and applications

in this field.

Conclusions The work shows the potentialities but also the current limits of the use of Machine Learning methods

and Big Data and possible new research topics. Finally, the new methods are imposing new reflections also on the

current teaching programs in Economics and Business all over the world.

Keywords: Machine Learning, Big Data econometrics, Forecasting, Causal Inference, Text Mining

JEL Classification: B41, C18

* Corresponding author: Tel.: +372 59814299

E-mail address: [email protected]






Impact of the FDI in the Automotive Industry in the European

Union Countries

Kristýna Bělušováa*, Karel Brychtab

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

Abstract

Purpose of the article The current global business environment stimulates investors to expand abroad through

FDI, which not only contributes to globalization but also determines countries´ macroeconomic performance.

Methodology/methods While using secondary research the authors of the paper identified variables that are

examined in the evaluation of FDI influence and after critical review of data availability the authors have created

a modified model with the aim to evaluate the impact of automotive FDI inflows on EU Mem-ber States

macroeconomic performance.

Scientific aim The aim of the paper is to extend current knowledge in this area and to evaluate the impact of

automotive industry FDI inflows on EU Member States macroeconomic performance over a ten-year period

Findings The results provided by created model have been in line with the results of similar studies and have

verified the positive impact of FDI inflows on macroeconomic performance indicators. This result has been

affirmed also by accompanying analysis covering the comparison of automotive industry to other industry sectors.

Conclusions The analysis was performed just in relation to the aggregate macroeconomics indicators. In this

respect, a deeper analysis in relation to automotive industry only is needed. Besides, the paper does not cover the

part dealing with the negative aspects and risks that are connected with investment maturation and dividends flows.

Created model has extended spectrum of models used and available for the assessment of FDI impact on

macroeconomic countries´ performance. The models itself represents an extension in terms of covering territory,

period and examined variables. The results create the basis for following analysis which will include also critical

aspects in relation to dividends outflows.

Keywords: Automotive industry, Foreign direct investment, Macroeconomic indicators, EU Member States

JEL Classification: E20, F41

* Corresponding author.







Empirical Evidence of Relation between Service Innovativeness,

Technology and HRM Development in KIBS Companies

Veronika Bumberováa, František Milichovskýb*

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

Abstract

Purpose of the article It is well know, that the knowledge intensive business services (KIBS) as a small proportion

of all services, is significant in terms of economic benefits and as the key part of the growth in value added,

employment and labor productivity. From the historical point of view, importance was clearly given at the stage

to the changes KIBS services provoke, not to the fact that the services provided by KIBS or KIBS themselves may

evolve or change. Therefore, this paper is focused on topic of business development in the selected areas.

Methodology/methods The empirical evidence is based on quantitative data gathered through an email

questionnaire which yielded 128 qualified responses from the representatives of Czech small enterprises. Data

have been gathered from primary research, employing interview within structured questionnaire. Received data

were put under evaluation by exploratory multi factor analyse and validation techniques.

Scientific aim The main aim of the paper is to find out relationship between service innovativeness and subsequent

changes in technology and HRM activities of KIBS. These chosen individual groups could be marked as crucial

for the business development by market established small KIBS in the last five years.

Findings By application multi factor analysis there were gained total factor, focusing on specific parts of company

in its development process. This total factor includes individual factors in service innovativeness and subsequent

changes in technology and human resource management. From the descriptive statistics of the total factor, it is

obvious that the product improvements in analysed companies have the highest power (0,3476) in comparison to

changes of HRM (0,3157) and technology field (0,3367).

Conclusions A detailed analysis of service innovativeness and subsequent changes could be useful for government

efforts to promote industrial innovation and results of the research should also direct the policy aiming at

supporting development in the context of these companies. However, in terms of research limitation, there could

be hold focus on Czech companies in chosen industries and deeper research has to be carried out to analyze data

at the company level but also in the comparison of specific classification such as creative, technology or

professional services.

Keywords: business development, innovativeness, small enterprises, knowledge-intensive business services

JEL Classification: L10, O30, L84








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

Petra Domanižováa*

a 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 specify the business models and their use when companies enter

to foreign markets. An integral part of this is the digitization of today´s world, including business models. The

purpose of the article is to map the level of knowledge about business models, the impact of digitization on them

and how companies to enter specifically German market.

Methodology/methods Literary overview, then comparison of author´s views on the use of business models, their

innovation and adaptation under the influence of digitization. Looking at the creation of own business models,

exploring areas of knowledge and possible ways of entering to foreign markets. The aim of this article summary

(publishing house Emerald, Elsevier 2009-2019) is to compare author´s views in the concept of business model as

such, its use and access to digitization. Author will be acquainted with databases of companies Lidl and Kaufland

within the Czech and German markets. Focusing on this area can lead to future research. This literature review

focuses on recent literature.

Scientific aim After identifying the knowledge gap, the author will fill it in by analyzing of the current status of

companies Lidl and Kaufland with regard to restructuring when entering to a foreign market in relation to the

Czech Republic. By comparing literary revisions, the author will focus on the Canvas business model, which meets

the criteria for entering the foreign markets and its structure and uses it as a “winner” among other models. The

aim of theoretical research will be a quantitative approach, evaluation of the key words – business model, its use

by authors and their importance in literature as a support for the evaluation of results.

Findings The term “business model” is defined by different authors in different ways. It consists of two basic

elements of a profitable model in an enterprise system. The main aim was to assess a larger number of business

models as a key word in the field of study. According to the results of this article, author decided to use Canvas

business model for future processing. It is a simple and complete tool for business model de-sign, analysis,

innovation, and focus on business model key blocks.

Conclusions The author considers it is necessary to analyze the possibilities of innovation and adaptation of

business models in the modern era of digitization, when trades enter to unknown foreign markets. Especially to

German market of the neighbouring country at the time of economic dependence on a commercial scale from the

perspective of our country. The influence and use of the business model of company Lidl and Kaufland after the

restructuring of the ownership and policy of companies as well as from the point of view of implementation in the

introduction of new stores in the Czech Republic is a topic that is the exact aim of author´s research in the future.

Keywords: business models, Canvas business model, foreign markets, innovation, strategy, digitization.

JEL Classification: M15, M21








Ethical Dimensions of Artificial Intelligence Development in

Health Services

Olivia Dulschia*

a Uxbridge College, Park Rd, Uxbridge UB8 1NQ, Middlesex, United Kingdom

Abstract

Purpose of the article The purpose of this article is to discuss the arise of artificial intelligence technologies, the

current level of AI development and the potential ethical challenges such as robots or programs overtaking nurses

or doctors’ jobs in the future.

Methodology/methods The research has been achieved through numerous readings, interviews with professionals

in the AI field and online presentations of Microsoft AI systems.

Scientific aim The aim of this is article is synthesising information regarding the Artificial Intelligence systems

and orienting them towards practical activities in the health service. By generating addition knowledge of this

subject, I believe it will help raise awareness of the benefits coming from AI systems implementation and warn

scientists and practitioners to comply with ethical standards in the use of AI systems.

Findings The subject of AI in medicine has been often discussed in the scientific world, and since then has caused

controversy in terms of technology and sociology. The modern society has not yet realised that AI has already

been used in medicine for a period of time. There are decision support systems such as DXplain which offers a list

of possible diagnosis when symptoms are introduced; Da Vinci robotically surgical system uses robotic arms,

precise movements and magnetised vision to assist doctors when performing precision surgery. The main fear

towards AI is that it could potentially overtake hundreds of job and its accurate diagnosis abilities. The research

has allowed us to identify the current progress of AI technologies. There are currently 90 startups in the health

industry. The programs are attempting to perform thorough investigations on HIV progression, precision treatment

of cancer, drug creation etc. In the UK National Health Service (NHS) has already announced the plans of trying

AI mobile apps to help millions of Londoner via real time text message conversation. Due to the lack of

humanitarians and limited sources, smart solutions are required to assist the large number of patients. The paper

answers the question of ethical issues and to what level the UK population agrees or disagrees the usage of AI

technologies in the health service.

Conclusions It is hoped that this research will help scientists understand what potential harm they might cause to

the society if they ignored ethical and moral issues. Moreover, it can serve as a guide for the community lacking

information regarding the current level of AI development. It can help understand to what extent AI can be used

without causing any harm and benefits of using it in health services to help patients.

Keywords: Artificial-Intelligence, AI-systems, healthcare, medicine, science, ethical-issues, Information-

technologies

JEL Classification: M15, I19

* Corresponding author. Tel.: +447828823802.

E-mail address: [email protected].






The Coming of the Digital Age and its Implications for Public

Governance and Policy

Hüseyin Güla*, Songül Sallan Güla

a Süleyman Demirel University, Isparta, Turkey

Abstract

Purpose of the article This study has the basic purpose of contributing to the understanding of digitization, its

aspects and causes, its characteristic features, and its consequences, risks and opportunities for urban and public

governance, policy making and service delivery processes.

Methodology/Methods: This study takes an interdisciplinary approach to evaluate and assess the issue because it

necessitates such an interdisciplinary approach beyond the classical approaches of urban and public administration

and policies. For this purpose, the techniques of a review of the literature on digitalization processes, digital age,

Industry 4.0 and their consequences through the works by Case (2016), Schwab (2016), Stibel (2013), Salganik

(2018), West (2018), Srnicek and Williams (2015), and Goldin and Kutarna (2016), among others are utilized in

the study. It also employs secondary data analysis by Turk-stat, Eurostat etc. as well as content analysis of the

documents on digitalization, its aspects and impact by Economist Intelligence Unit (2018), European Commission

(2017) and MIT Tech Review (2018), among others.

Scientific Aim: The paper aims to contribute to the discussions and analyses on how digitalization and Industry

4.0 affects and will affect urban and public governance, policy making and service provision pro-cesses. The

related areas of interest involve participation of smart / digital citizens, digital access to public and urban services,

use of Internet of Things in service coordination and quality and challenges of big da-ta, just to name a few.

Besides, the paper aims to explore the extent to which the possible risks and opportunities of the future uses and

proliferation of digital technologies pose for urban and public governance and policy making processes.

Findings: Despite its positive aspects, the digital revolution seems to have been accompanied with new challenges

and risks, such as big data, breach of personal data and privacy, employment losses in traditional employment

areas to digitalized technologies and robots, cyber crimes, increased inequality and digital divide, and difficulties

of increasing awareness about the use of and adaptation to digital technologies especially in the public sector.

Conclusions: The study makes some recommendations for the development of better policies to reap the benefits

of digitalization and to avoid the possible risks involved in urban and public governance, policy making and service

delivery processes. Some of these policy suggestions include improving the digital adaptation of public sector in

order to improve adaptability, quality, efficiency and effectiveness in the process of urban and public governance,

policy making and service provision as well as enhancing innovative capacity, sustainability, green economy, and

digital abilities of the labor force as a requirement for adaptation to the digital age.

Keywords: the digital age, technology, digitization, the Internet, public governance, public policies, public service

delivery

JEL Classification: E62, E63

* Corresponding author. Tel.: 90-533-638-9225.







The Maple System – Support for Digitization of Analyzes of

Company´s Processes

Zuzana Chvátalováa*

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

Abstract

Purpose of the article Nowadays, digitization of processes is an important priority. From the economy point of

view, it leads companies to invest in the information and communication technologies to increase their economic

value, to keep market share and profit stability and to meet strategic goals, etc. The aim of this paper is to present

the possibilities of implementation of the advanced computer system Maple in the decision-making process in a

case study on the suitability of investment and keeping stock of the company. The sub-goal is to present selected

features of the actually released version Maple 2018, which provides many resources for digitization support in

the form of mathematical models, visualizations, simulations, self-education, etc. The article follows the

successfully defended bachelor's and master's thesis (2015 and 2018 - by one of the co-authors) at the FBM (BUT),

as a sample of synthesis the practice and the theory using modern information and communication systems.

Methodology/methods Selected quantitative methods (mathematical modeling and visualization, optimization,

statistical characteristics), interactive simulations of phenomena and their analysis, applications of built-in

subsystems and libraries of the Maple system.

Scientific aim Support for the development of the digital economy based on the intersection of more areas

(mathematical, economic and informatics and communication).

Findings Finding an effective solution of the problem, especially in the area of investment, for the strategic

management of a company.

Conclusions To provide an example of the implementation of the Maple computer system in the analysis of the

company's processes with the aim of optimizing its activities and the effectiveness of its outputs, eventually

possibility of evaluation of the corporate sustainability performance.

Keywords: mathematical modeling and interactive simulation, Maple system, company's process

JEL Classification: C02, M15, L86

* Corresponding author. Tel.: +420 54414 2658.







Barriers of Smart Servitization in Manufacturing Companies

Lucie Kaňovskáa*

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

Abstract

Purpose of the article The impact of smart servitization has increased during last years in manufacturing

companies. Manufacturers provide tangible products accompanied by services, but even also by smart services.

Smart services are easily able to exchange data between their customers and the service providers. For providers

and for their customers are smart services very beneficial in many ways. However, some possible barriers are

connected with smart services as well.

Methodology/methods A qualitative multi-case study was done among seven Czech electrotechnical SMEs from

South Moravian Region, which have already begun with smart service provision and provide a wide range of

products and services with varying degrees of smart service orientation. The in-depth inter-views with owners or

with experienced senior managers were done from April 2017 to January 2018.

Scientific aim The aim of this paper is to find out which barriers of smart services are the most crucial for today’s

manufacturing SMEs.

Findings The most important barriers at the beginning are finance and the lack of time. The main current internal

barriers are perceived as follows: lease of data storage space, better sophistication and unification of the system,

small complexity of the diagnostic system, data volume, finance and slow development, employee incompetence,

lack of capable people and determination start with smart services. The current external barriers are the

compatibility of SIM cards, how to get more and more demanding customers and get rid of their data security

concerns, the rigidity of large businesses, poor networking and security, poorly technically and individually

thinking graduates, poor infrastructure, often senseless protection regulations personal data.

Conclusions Deeper research is necessary to understand this problem of barriers connected to smart servitization.

Therefore, future studies should investigate further which barriers SMEs companies ave and how to help them to

overcome them.

Keywords: smart services; manufacturing companies; smart servitization; barriers of smart service provisions,

Czech Republic

JEL Classification: L8








The Line between Business Value and Financial Distress: A

Hybrid Approach to Predicting Distress

Michal Karasa,*, Mária Režňákováa

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

Abstract

Purpose of the article According to the neoclassical theory of economics, the aim of doing business is to maximize

its value. At the same time, the business has aim to satisfy its maturing obligation or rather avoid the financial

distress. We argue, that there has been lot of attention paid to factors determining the value of business and also

to the factors driving the financial distress, while there has been a limited attention paid to the common relationship

between these two areas.

Methodology/methods For reducing the initial set of variables the Principal Component Analysis (PCA) and

method of Classification and Regression Trees (CART) was employed. While for the purpose of resembling the

predictive model a hybrid approach of logistic regression and CART method was used.

Scientific aim The research was carried out on a sample of Czech manufacturing SMEs. The aim was to analyse

the usefulness of value driving factors in predicting the financial distress. In contrary to other approaches, our

research focuses solely on cash flow based indicators, as these indicators are strongly related to the business value.

The result of the research are in a form of probabilistic model predicting the financial distress based on factors

driving the business value.

Findings The results showed that the operating cash flow ratios play significant role in financial distress, especially

when combining with short-term debts. The connection between creating the value and avoiding distress may lay

in the operating cash flow, working capital investments and capital structure.

Conclusions There is significant connection between the financial distress and factors driving the business value.

By employing a combination of these factors a unique model of distress prediction could be formulated, while the

outcomes of such model would be strongly related to not only to financial distress by also with business value.

Keywords: value drivers, financial distress, prediction models, business value, hybrid model, SMEs,

JEL Classification: G33, C53








Comparison of the current state of digitization in the Czech

Republic and European countries and its impact on Human

Resources Management

Andrea Krejčía*

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

Abstract

Purpose of the article The purpose of the paper is conducting the literature review on topic of digitalization,

which is a topic related to many branches and influencing our daily life. The digitalization is an un-deniable part

of Industry 4.0, which is currently a highly discussed topic and the digitalization, is one of its main streams.

Another topic is the comparison of the digitalization level in Czech Republic and other European countries. All

together with employees satisfaction with the involved changes with a simultaneous impact on HR management.

The future trends in this are also discussed, e.g. upcoming trends and their impact on HR management.

Methodology/methods The main research method is the systematic and critical literature review, moreover the

structured interview method will be employed in course of the research, whereas the chief executive officer of

companies will be subjected to the interview.

Scientific aim The aim of the paper is to identify potential differences in the current advancement in the

digitalization process in Czech Republic and in other European countries, moreover to evaluate the potential

impact on the businesses or rather the human resources management.

Findings Several alternative approaches in understanding the digitalization process were identified by reviewing

the literature, especially in the context of branch specifics. Furthermore, there is not a consensus regarding the

potential impact of the digitalization process businesses, i.e. some business are perceiving this issue as an

opportunity, the other as a threat.

Conclusions The digitalization process represents a current trend of the society or rather business development.

Is getting more and more discussed especially in the context in the Industry 4.0 era, while the main focus in on

positive and negative aspects connected to this issue.

Keywords: digitalization, Czech, Europe, human resource, employees, industry 4.0









Towards Sustainability through Business Model Dynamics in the

Era of Digital Transformation

Aleš Krmela*

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

Abstract

Purpose of the article The article aims for understanding of the impact of the digital transformation on

implementation and proliferation of business models for sustainability through incumbents in the paper making

and paper converting industry in Europe. The research question was: How does digital transformation impacts the

business model for sustainability dynamics and what business model component are mostly impacted by it?

Methodology/methods An exploratory, collective multiple case study on a sample of 15 industrial companies,

covering over 75 % of the relevant European specialty paper market, has been conducted. The data was collected

in parallel in Spring 2019 from publicly available documents, mainly sustainability reports and www pages of the

subject companies. A participative observation technique, supported through semi-structured interviews with

paper industry experts towards getting indebt understanding of the research topic was applied. Aiming for

contribution to a theory creation, given a limited number of research objects, a qualitative research method towards

increasing reliability and generalizability of the results has been chosen.

Scientific aim Theory creation through understanding and determination of the scope of dynamics the components

of the business model for sustainability caused by digital transformation. Identification of the enabler of business

model dynamics.

Findings The study identified value communication as a new and the critical component of the business model

for sustainability. Despite being a certain threat to the paper industry due to substitution effect in general, the

digital transformation improves value communication with stakeholders that in consequence impacts positively all

other business model components, mostly, however, value creation. It supports the focal company in developing

a needed partner network necessary for sustainable value creation.

Conclusions The paper making companies need to focus on value communication when implementing business

models for sustainability. The digital transformation supports and triggers communication of the value proposition

and supports value creation. On the other hand, value capture and value delivery are impacted the least. The

research paper gives both paper industry incumbents and new comers a critical insight into which is the key focus

area in their sustainability efforts. Although covering majority of the players in the relevant industry, a limited

number of respondents and possible confidentiality attributable biases might have partially negatively impacted

reliability of the gathered information and generalizability of the result to other industries.

Keywords: sustainability, business model dynamics, triple bottom line 3P, digital transformation, paper industry.

JEL Classification: L26, O3


E-mail address:[email protected].






Reporting of intangible assets in digital economy

Zuzana Křížová*


Abstract

Purpose of the article Companies striving to succeed within the global world markets and digital economy need

to report their results using methods that are concomitantly used by others. In today's global economy value is

often created by intangible assets that arised from intellectual capital. The accounting standard setters try to meet

the challenge of recognition and reporting the results of knowledge-based entities.

Methodology/methods This article is based on analysis and comparisons of relevant literature resources, mainly

articles and conference papers, but also legislative acts and monographs.

Scientific aim The problems relating to the accounting for intangibles are international in scope. In harmony with

the trend of the growing share of intangible assets in the overall assets of the company it is also very desirable to

achieve international comparability of the companies' economic results.

Findings This paper briefly reviews existing national Czech, Slovak, United Kingdom and United States

accounting legislation and standards in comparison with International Financial Reporting Standards. Some

inconsistencies are highlighted, and evidence is provided that suggests that recognition of intangible assets is in

accordance with existing accounting principles.

Conclusions The reported differences may then affect the manner in which the level of company efficiency is

reported, particularly when using traditional methods of share indexes of profitability.

Keywords: accounting, reporting, intangible assets, global economy

JEL Classification: M41








Impact Assessment of Big Data Analysis and Application Cases –

A Cross-Country Comparative Analysis

Jan Luhana, Margareta Teodorescub,*

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic b Bielefeld University of Applied Sciences, Faculty of Business amd Health, Interaktion 1, 33619 Bielefeld, Germany

Abstract

Purpose of the article This paper aims at exploring – in a cross-country framework – how digital technologies

and, especially, big data analytics have forced companies from different sectors to reconsider and experiment with

their business models and how this contributes to their innovativeness and performance. By using a comparative

study of companies in several EU countries, the focus mainly lies on exploring the impact that digitization has had

on businesses as a whole and how companies have succeeded in making digital technologies a competitive

advantage. The analysis is centered on assessing the effect that disruptive technologies and digitization have from

an economic and competitiveness perspective.

Methodology/methods The research focuses on comparing companies in several EU countries on the basis of

case study method-ology. Use cases from different EU countries and different sectors of the economy are being

analyzed and compared.

Scientific aim Main aim is to demonstrate – based on selected cases – the potential of big data analysis as one of

the key factors in digital transformation. Contrary to single-case settings adressing specific business cases, this

article focuses on compilation of possible applications and implementation scenarios based on selected cases that

represent various perspectives.

Findings Selected case studies clearly demonstrate the potential of using big data analysis and digital technologies

with significant impact on business and society. Selection of case studies was made to cover different levels and

perspectives, so that the impact could be generalized. In all these perspectives the potential for using big data

analysis as a direction for improvement is shown to be very high.

Conclusions This comparative analysis shows how and whether EU economies are changing due to new disruptive

technologies. EU countries show in general different levels of digital awareness and skills as well as a different

potential of exploring the impact of digitalization. Governments should develop and enforce more instruments in

order to be able to cope with the increasing demand for digitalization and to support companies in becoming more

competitive on the international markets.

Keywords: big data, big data analytics, digitization, digital awareness, comparative analysis

JEL Classification: M15, M21, C6








Competency Schemas as a Tool for Comparative Analysis of

Competencies of Polish and Russian Students

Pawel Lulaa*, Anna Kovalevab

a Cracow University of Economics, Rakowicka 27, Cracow, 31-510, Poland b Saint-Petersburg State University of Economics, 21, Sadovaya street, Saint-Petersburg, 191023, Russia

Abstract

Purpose of the article The modern world, social and economic processes are developing in accordance with the

principles of the knowledge society. The system of higher education plays a special role in national development.

The 4th industrial revolution demands graduates with updated competencies. In this regard, the aim of the research

is to make a comparative analysis of competencies of Polish and Russian students. Also the analysis of

relationships between students’ competencies and identification of homogeneous groups of competencies were

performed. Whereas from the methodological point of view, proposing a comprehensive procedure for building

and comparison of competency schemas describing competencies expressed on the Likert scale can be treated as

the fundamental purpose of the article.

Methodology/methods This study is based on mixture quantitative and qualitative research methods. In particular

graph theory and cluster analysis of complex data form the theoretical background for all methods and analytical

tools used in the research. Empirical study was based on 311 surveys filled in by Polish and Russian students

between April and October of 2018 using the author's questionnaire with Likert scale used to measure

competencies from three students' perspectives: self-assessment of competencies, assessment of the role of

University in building competencies and expectations of competencies demanded by the labour market. The

research methodology involved the following steps:

• construction of competency schemas representing competencies of Polish and Russian students. The

concept of competency schemas was proposed by the authors in their previous publications. Competency

schema described a set of competencies and relationships between them. It is represented by a weighed

graph with weights assigned to nodes (representing competencies) and edges (representing relationships

between competencies). In the model proposed here, the competency importance was defined as a

composition of two factors: its evaluation performed by students with the use of the Likert scale and the

evaluation of respondent reliability measured by Gini co-efficient. The importance of relationship between

two competencies was calculated as a minimum value of weights assigned to two nodes adjacent to the

considered edge. The analysis of competency schemas for Polish and Russian students allowed to identify

main homogenous clusters of competencies (represented by communities detected within a weighted

graph);

• comparative analysis of competency schemas representing Polish and Russian students. To per-form this

step of analysis, competency schemas’ normalization was required. During this process all weights

representing importance of competences and relationships between them were trans-formed to [0; 1] range.

After this operation, the difference between two competency schemas was calculated. To facilitate the

interpretation, all obtained results were presented in the graphical form.

The procedure presented above was implemented by the authors using R language.

Scientific aim The concept of competency schemas and the research methodology proposed in the paper allow to

present the generalized information about competencies and relationships between them. These tools can be useful

for description of the supply and the demand of competencies on the labour market. The comparison of competency

schemas can present competency gap and its structure. The analysis of study program realized at universities and

* Corresponding author. Tel.: +48 12 2935265; fax: +48 12 2935047.







the analysis of learning outcomes also belong to potential areas which can be studied with the use of competency

schemas.

Findings In Russia and in Poland the young people, as the representatives of the generation Z, are thinking about

their professional development and their future role on the labour market. They try to predict the future situation

on the labour market and adjust their competencies to predicted expectations. However, some distinct differences

between Polish and Russian students were identified. Professional competencies were evaluated higher by Russian

students in comparison to Polish respondents. Very similar patterns were identified during the analysis of answers

concerning analytical and linguistic competencies. On the other hand, Polish students evaluated higher soft

competencies.

Conclusions The proposed method of analysis allowed to generate useful results. It seems that the concept of

competency schema can present more aspects of labour market than the concept of competency profile which is

very popular in the literature. In future the authors are going to perform similar analysis on the broader sample.

They are also going to develop theoretical and empirical aspects of analysis with the use of competency schemas

on the level of universities, companies and government.

Keywords: 4th industrial revolution, competencies, competency schemas, generation Z, education, labour market,

graph theory, community detection algorithms

JEL Classification: C02, C65, C81, I25, J24






Blockchain in Education: Possibilities for a Blockchain Based

Study Management System for Higher Education Institutions

Tahir Lushia*

aBielefeld University of Applied Sciences, Wichernstr. 31, Bielefeld 33609, Germany

Abstract

Purpose of the article This paper aims to show some possibilities to solve some problems regarding the

administration of the ECTS between universities through blockchain. The paper does not go into very technical

details of building the appropriate blockchain, but rather seeks to theoretically conceptualize a platform, which

could be used by universities, students and employers to manage ECTS credits and degree certificates. This means

a platform, through which the university would issue ECTS credits to students as tokens after successfully passing

an exam and consequently a degree certificate after getting the needed number of credits/tokens. Students would

be able to show their achievements to their potential employers or to another university through showing their

public key.

Methodology/methods This research is conducted with qualitative research methods including literature review

and use cases from different actors, such as companies, start-ups or universities.

Scientific aim Bringing to light new topics and possibilities regarding innovation in the field of higher education.

Findings The profits of such a platform would be the following: • issuing ECTS credits to students would be faster

and less complicated; • students wouldn’t need to get transcripts of records since they would always have their

credits in their wallets and could show these to the interested third parties; • student records would be immutable

and transparent in blockchain; • students’ personal data would be safer and stored only once; • exchange semesters

would be much easier for students and also for universities (universities would have almost nothing to do since

learning agreements would be automatic and students could identify themselves with their self-sovereign identity);

• students’ credits from partner universities would be automatically calculated and recognized based on smart

contracts; • through blockchain and smart contracts money and bureaucratic work could be saved; • there would

be almost no need for personal communication between staff of universities since the complete process would be

automated; • language barriers would be eliminated (at least for the administration); • university administration

would act more as a supervisor of the process than doing the work itself.

Conclusions Higher Education should play its role in advancing the society and designing the future. And as

almost everyone would agree, the future will not bring less digitalization, but certainly more and the Higher Edu-

cation Industry should get prepared for that, not only by teaching it but also by applying it. Blockchain technology

offers reasonable solutions to different problems in different industries. Among them is Higher Education a player

with very big potential.

Keywords: universities, blockchain, education, students, employers, transparency, distributed ledger

JEL Classification: A23, C02, J24, I21, I23








Charity Token - Improving Trust on Charity Organizations

through Blockchain Technology

Tahir Lushia*

aBielefeld University of Applied Sciences, Wichernstr. 31, Bielefeld 33609, Germany

Abstract

Purpose of the article The main intention of this project is using the characteristics of blockchain technology to

recover the trust on charity projects and offer full transparency to the use of charity funds.

Methodology/methods This research will be conducted with qualitative research methods including literature

review and use cases. The implementation of the project will require some IT methods.

Findings The value of the non-profit sector is above $1,3 trillion. However, there is a decrease on spending in

general regarding the donation sector. This decrease has mainly to do with a lack of trust on the managing

organizations. Donors doubt that the donated money reaches the intended project and due to that, there has been a

reduction on the general amount of money being donated.

Scientific aim Blockchain offers a great solution to this problem due to its transparency and possibility to track

transactions. The charity token project aims to develop a platform, where each project needing donation can easily

create a verified token with its name on it and offer donors the possibility to exactly know which project they are

donating to and track the usage of the donation and the development of the project

Conclusions The implementation of this idea requires the involvement of different actors such as NGOs, financial

institutions, charity organizations and maybe the state offering some regulation to the issue. Financial institutions

will make it possible to exchange money to tokens when a donation takes place and to accept these tokens and

exchange them into a fiat currency at the time they reach to the intended project. NGOs have already projects

which are looking for donations but in the most cases the NGO receives the money and then transfers it to the

project. Unfortunately, there is a huge lack of transparency in this process and as a consequence the amount of

donations is decreasing. This can be avoided if the NGOs promote the project-exclusive token together with the

project asking for donations. This will ensure the donors that their money can’t be mismanaged by the NGO und

will reach the intended project.

The Charity token main platform will check every project in cooperation with trusted partners like Transparency

International before allowing them to issue a certified project-specific token. In this way every donor will be sure

that they are not donating to a scam but to a verified project.

Keywords: charity, blockchain, trust, NGOs, donations, transparency, distributed ledger

JEL Classification: E02, E44, E47, G19, G23








Cost of Capital Changes in Lithuanian Manufacturing Industry

Mantas Markauskasa*, Asta Sabonienea

a Kaunas University of Technology, K. Donelaicio st. 73, Kaunas LT-44029, Lithuania

Abstract

Purpose of the article Purpose of this article is to identify the most appropriate way for capital cost assessment

in manufacturing industry, apply the method on Lithuanian manufacturing industry and revel the main changes of

capital cost during 2001-2016.

Methodology/methods Analysis of scientific literature indicated that Weighted Average Cost of Capital (WACC)

measure was the most widely used and accepted method for capital cost evaluation. The problematic aspect of the

measure is that the method is tailored for companies, which are listed in the stock exchange. If country does not

have a liquid stock exchange or a company is not listed, there is a lack of data to use WACC method for evaluation

of capital cost. For this reason, methodology for WACC evaluation should be adjusted in order to be suitable for

companies, operating in countries with developing financial markets. For evaluation of cost of capital in this

research Capital Asset Pricing Model (CAPM) was used. Methodology of CAPM evaluation was modified in

accordance with academic literature to adopt the model for companies operating in less liquid financial markets.

Scientific aim In most of the empirical studies, analyzing capital cost, research is performed on countries with

large financial markets, where a lot of companies are listed on stock exchange. This research tries to fill the gap,

adapting standard capital cost evaluation methods for countries with less liquid financial markets, where not a lot

of companies are publicly listed in stock exchange.

Findings Analysis of WACC measure shows that in the period of 2001-2016 cost of debt in Lithuanian

manufacturing industry was steadily declining, while cost of equity between 2014 and 2016 increased. Despite

cheaper borrowing price, share of debt in structure of capital decreased.

Conclusions. Results of the research suggest that in order to reduce capital cost, companies in Lithuanian

manufacturing sector should increase the share of debt in total capital structure. This could be performed by paying

out a portion of retained earnings as dividends and financing future growth by debt.

Keywords: Cost of Capital, Manufacturing Industry, Weighted Average Capital Cost, Cost of Debt, Cost of Equity.

JEL Classification: G32, L60.








Implementation of Industry 4.0 in Enterprises

Petra Mičíkováa,*

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 article is to evaluate the challenges, benefits, and pitfalls in companies

implementing industry 4.0 to the strategic management of the company. The aim of the article is to reveal what

changes industry 4.0 will bring in the area of organization, management or the supply chain. This article, mapping

the fourth industrial revolution, discusses the challenges, benefits, and pitfalls of implementing the industry 4.0 to

the functioning of companies. Secondary data, derived from scientific studies by foreign authors publishing mainly

in the Emeraldinsight electronic database, were used to identify them. These scientific studies have dealt with

industry issues of 4.0 in various areas such as management, human resource management, supply chain

management, but also comparing myths about industry 4.0 with reality (e.g. article – “Challenges and benefits of

Industry 4.0“ by Mamad Mohamed, “Reconceptualising value Innovation for Industry 4.0 and the Industrial

Internet of Things“ by Paul Matthyssens etc.). Industrial Revolution 4.0 is proof of continued development, which

reduces the life cycle of industrial development and requires businesses to harness their full potential for

Innovation that will lead to a competitive advantage. The article describes the course of implementation, where

the first key element of success is the understanding of existing processes in the company. Identifying how they

are implemented, assigning responsibilities and related standards. Integration of IOT device and big data.

Emphasis is placed on the use of data analyzes, both in predicting possible adverse events and in creating added

value, minimizing risk, saving costs and increasing profits. A long with identifying the benefits and contributions,

issues and problems will also be described. Another important part is the assessment of strategic management

challenges, including managerial and organizational challenges, supply chain management and human resources

management. Human resources management is assessed from the point of view of recruiting and retaining new

employees within the development not only of technological areas but also of generational development with the

emerging generation Y and Z. The new era of industrial revolution also requires more developed capabilities to

enable companies to develop and sell future values including combinations of products, applications, systems and

services. This requires building a platform and integrating the various features and skills of the company.

Methodology/methods From a methodological point of view, the article deals with the theme of the

implementation of the Fourth Industrial revolution in companies. An analysis of scientific articles has been carried

out, dealing with various aspects of the impact of industry 4.0 on the business environment. This methodology

was chosen, purpose to get a full understanding of the area and the current developments described in the various

expert studies (e.g. Organizational and managerial challenges in the path toward Industry 4.0 by Agostini and

Filippini).

Scientific aim The aim of this article is to map the process of the implementation of industry 4.0 to the business

environment and its impacts on the companies.

Findings The article investigated the process of the implementation of industry 4.0 to the companies’ environment

and the upcoming challenges and benefits, but also the problems in the future development of the business. The

limit of the research is the analysis of secondary data and the absence of primary data analysis in the form of

extensive research in selected enterprises mainly manufacturing.

Conclusions The article describes five advanced integrative capabilities to create the future value of innovation in

the era of the Fourth Industrial Revolution. The article also includes assessment of reality and myths about industry

aspects 4.0.

Keywords: industry 4.0, implementation, benefits, smart HR, innovation









Vegetarianism vs Gender: How Behave Target Potential

Customers in Purchasing Process

František Milichovskýa,*, Pavel Mráčeka, Veronika Jelínkováb

a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic b Nemocnice Havlíčkův Brod, Husova 2624, 58022 Havlíčkův Brod, Czech Republic

Abstract

Purpose of the article Behaviour in food choice usually associated with personal identity, in which is important

interpersonal communication to others. Vegetarians have typically different attitude vis-à-vis animals and the

environment. In comparison with vegans vegetarians are quite tolerant to other animal products except meat.

Vegans do not accept any animal products such e.g. eggs, dairy, fish, poultry etc. That approach should impact

requirements on food offer and perception of potential customers.

Methodology/methods There were employed questionnaire survey on the topic of nutrition tendencies in group

of young people according to their gender. There were asked 1597 persons to participate in the primary research.

From this amount we receive 351 questionnaires, what mean 21,98% returned forms. Ac-cording to respondents’

gender, there were participated 189 women (53,8 % of all participants) and 162 men (46,2 % of all participants).

For evaluation of gained data there was applied Pearson’s chi-square test for independence of variables.

Scientific aim Marketing communication tools in sell-points could strongly influence behaviour of customers in

the process of decision making process. Main objective of the paper is to find connection be-tween suggestions of

vegetarianism and gender of target potential customers.

Findings From survey authors chose general opinions about vegetarianism. These feelings are as follow:

vegetarianism is healthful, vegetarianism does not include enough nutrients for humans, vegetarianism is danger

for child evolution, human body is adapted to meat consummation, vegetarians lasting out higher age. These items

were put into evaluation by Pearson’s chi square test and were found out, that there exist connection between

gender and healthfulness of vegetarianism (sign=0,045; cont.coef.=0,392), and gender and vegetarianism is danger

for child evolution (sign=0,043; cont.coef.=0,411).

Conclusions Vegetarianism has become trendier during present time in almost whole Europe. One of the reasons

for this development is increasing knowledge of the topic and accepting specifics of healthy life-style. Such

limitation there is possible to consider focus on Czech Republic.

Keywords: vegetarianism, gender, veganism, customer’s behaviour

JEL Classification: I12, I15, M31








Preparedness of the Czech Small Businesses for using Public

Cloud Services

Bernard Neuwirth*


Abstract

Purpose of the article Adequate readiness of employees is a necessary prerequisite of wider cloud computing use

in small businesses (SB). The aim of the paper is to analyze selected aspects in relation to individuals and

enterprises in selected EU countries from the point of view of preparedness of the SB for communication with

using public cloud computing services.

Methodology/methods The analysis and synthesis methods have been utilized and analyses using methods of

descriptive statistics and methods of multivariate statistical analysis will be performed to obtain additional

information. In the paper was used data available from the Czech Statistical Office.

Scientific aim The indicators of the economic level of the country in question can be used as the general criterion

for the assessment of intensity of more efficient ICT; however, experiences and readiness of the employees need

to be taken into account as well. The scientific aim of the paper is to identify the critical points of using public

cloud computing services in SB as the part of the future competitive advantage.

Findings In an international comparison of SB, public cloud computing services use is relatively low in some EU

countries, which is also confirmed by multivariate data analysis. Moreover, it can be stated that the motivation of

SB for the use of cloud is insufficient in many respects.

Conclusions SB in the European Union and elsewhere have been facing ever growing requirements in respect of

digitization. They have to apply all directives and acts along with the requirements for an efficient, simple and

user-friendly form of communication. To choose a usable solution in connection with the available sources is the

key aspect of the effectiveness, not only in terms of financial sources but also human resources in these businesses.

The paper analyses preparedness to usage of the cloud computing services in the Czech Republic as compared to

EU countries with the aim to characterise other possibilities of how to improve the usage of these services by SB.

Based on the analyses made, the author state that there is still room to improve preparedness the use of public

cloud computing services. In the conclusion, the article characterises the key aspects supporting the development

in this area.

Keywords: cloud computing, information technology, small business









Analysis of a Non-linear Dynamic Financial System

Veronika Novotnáa,*, Stanislav Škapaa


Abstract

Purpose of the article Some of the major trends of the present include the study of various model situations,

orientation in simulated conditions, searching for starting points or optimum solutions, etc.; but in modelling

complex relationships within economic systems, it is necessary to take into account the time delay in situations

where the dynamic behaviour of the model also depends on its previous states. In this article, the authors analyse

the dynamic model expressed by a set of non-linear ordinary differential equations with delayed arguments

describing the financial system.

Methodology/methods The economic theory is briefly explained in introductory chapters and serves as a basis

for the formulation of the relations of variables that are examined in the article. In the analysis of the problem, the

essentials of the theory of functional differential equations are used, especially its part dealing with the solution of

differential equations with delay and with the means of numerical mathematics.

Scientific aim The aim of the authors is to analyse the behaviour of the dynamic model of the financial system in

terms of its solvability and stability in the event that the model takes into account the impact of the history of the

demand for investments. It has been proven that under the assumptions given in the article, our task has only one

solution, and this solution is continuously differentiable at the interval being investigated. Furthermore, the

stability conditions were formulated and a numerical solution for differently set system parameters presented.

Findings The authors have demonstrated that the system has a complex dynamic behaviour that is significantly

affected by the length of the delay of the response to the change in demand for investments; and this is the factor

that influences the stability of the system. The results are demonstrated on a specific example, and the behaviour

of the model is presented by computer simulation; the Maple system is used to graphically represent the results.

Conclusions The financial system under review is highly sensitive to changes in parameters and its stability is

also influenced by the length of the delay of the demand for investments. In the case of a stable situation, the price

index and the interest rate are zero, which is inconsistent with normal reality. The results obtained then enable us

to model both the impact of history and the extent of its impact, as well as the impact of the changes to all the

parameters mentioned.

Keywords: financial system, differential equations, asymptotic stability, simulation, modelling

JEL Classification: C02, C60, G02








Digital Transformation of Students Project in the Light of

Knowledge Management Process

Andrzej Pawluczuk*

Bialystok University of Technology, Bialystok, Poland

Abstract

Purpose of the article The purpose of this paper is to present differences in group preparation of a student project

in a traditional way and with the use of digital techniques. Work on the project has been divided according to the

stages of the process approach to knowledge management.

Methodology/methods The researcher observed the work of 17 student teams carrying out the project throughout

the semester in three different subjects. Students systematically analyzed the progress of work at each part of the

project in accordance with the knowledge management process. They also diagnosed the effectiveness of the team's

work by calculating the time of engagement at the particular stage of the knowledge management process.

Scientific aim The first scientific aim was to analyze the activities of the group's participants when creating the

project in accordance with the stages of the knowledge management process. The second scientific goal was to

develop a work model for a student team performing a group project using IT tools.

Findings During group work, students need an average of 25% of the time to localisation the necessary

information, 40% of time to acquire this knowledge (reading), 25% is creation of knowledge (project writing) and

finally project corrections and formatting are only 10% of the time. The traditional way of measuring the time

needed to analyze the effectiveness of the team's work, including the stages of knowledge management, is

burdensome. The developed group work model is therefore based on IT technologies that allow the analysis of the

effectiveness of knowledge acquisition, project creation at the individual and team level. The final evaluation of

the project can therefore be varied for individual team members.

Conclusions The current level of IT technology development allows universities to implement groupware tools

for students who can improve the efficiency of locating information, acquiring knowledge, creating a project and

its preservation and safe storage. The final mark of the project may be differentiated for its individual members

due to temporary involvement. Only the aspect of substantive participation in the joint writing of a project can be

difficult to assess.

Keywords: digital resources, group work, knowledge management, personal knowledge management, project,

student, university.

JEL Classification: G31, M41








Trustness to the Digital Business Models in eHealth

Andrzej Pawluczuk*

Bialystok University of Technology, Bialystok, Poland

Abstract

Purpose of the article The purpose of this paper is to identify the digital business model in health service from

economic, technology and societal perspective.

Methodology/methods The paper is based on multiple case study analysis including a typical ehealths services

companies traded on the Warsaw Stock Exchange. The author conduct a pilotage survey among 200 young people

to examine their trust to new digital business model.

Scientific aim The paper draws a diagnose of strategic advantages new digital business models in long term. The

aim was to diagnose new models, which are supported by public funds (for example European funding), privates

funds (Business Angels) and by envolved young researchers. The second scientific aim was to examine the

trustness to ehealth services among young people – potential patients in the future.

Findings Among existing studies, attention has been consistently devoted to practical aspects of digital business

model in health services. This sector is rapidly growing up, so it could be more popular in the society. From the

economic point, the digital business model should be more accessible for their patients. Young people do not like

to share of information about their health, when it could be hacked however the easy way of diagnosis encourage

them to use a new technology. They read from the press information about the ehealths models, however there is

no incentives or offers from doctors.

Conclusions The future research should consider a questionnaire among doctors and elder patients in matter of

their openners of new digital business model and trustness to use it. Ehealth services will be grow up because of

awareness of new technology, low cost and better way of diagnoses.

Keywords: digital business model, ehealth, service, trustness.









The Digitalization of Human Resource Management

Liga Peiseniecea*

a BA School of Business and Finance, Kr. Valdemara Street 161, Riga LV-1013, Latvia

Abstract

Purpose of the article The research purpose is to analyze the digitalization of human resource management

(further – HRM) and to define the HRM functions which are easy to digitalize. Nowadays over 57% of the world's

population are internet users and 67% are unique mobile users, thus more and more companies require digital

solutions for the management of human resources. The main reasons for the HRM digitalization are possibilities

to organize different HRM functions easily, rapidly, securely. Many IT companies offer HRM solutions based on

artificial intelligence, block chain, cloud technology, intelligent apps and analytical tools and other new

technologies. Over the last five years the application of these technologies in different areas of management has

become common and fast but only few researchers have analysed this phenomenon – the digitalization of human

resource management from management perspective.

Methodology/methods The research was conducted by using desk top analysis of academic literature dealing with

digitalization of human resource management in last five years. The author has also analysed the secondary data

– the surveys made by other researchers and the reports developed by different re-search companies.

Scientific aim The scientific aim is to find the features of HRM functions which are preconditions for digitalization

of these functions.

Findings The main finding of the research is a new conceptual model for digitalization of HRM functions.

Conclusions HR practitioners introduce new technologies very fast. They apply different technological tools for

recruitment, HR analytics and administration. Unfortunately HR scientists have not analysed digitalization

phenomena in HRM properly and it still has loopholes to be filled.

Keywords: digitalization, human resource management, artificial intelligence, analytics, Apps

JEL Classification: O15, O33








Decision-Making in the Area of Efficiency of Housing

Developing Based on Trend Analysis

Tomáš Poláčeka*, Oulehla Jiřía, Mirko Dohnala, Tomáš Meluzína


Abstract

Purpose of the article This study, based on qualitative research, specifies factors, links between them and possible

scenarios of development that affect the housing process. First of all, the study specify the factors that are entering

the process of building housing units. Study will then find out how these factors affect each other and based on the

trend analysis, will be derive the possible scenarios that can occur during the process based on unpredicted changes.

The solution of a trend model M(X) is a set S of scenarios where X is the set of n variables quantified by the trends.

All possible transitions among the scenarios S are generated. An oriented transitional graph G has as nodes the set

of scenarios S and as arcs the transitions T. An oriented G path describes any possible future and past time

behaviour of the housing development system under study. The conclusion of this study will be the map of the

whole process from which we can determine the state, depending on how the individual scenarios follow.

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 The model should serve to expedite the decision-making process of management in the developing

of housing units and to react more quickly to the realities that may arise during construction

Findings Finding a efficient path for a development company with observation on influences from major variables

in process of housing development.

Conclusions Identification and determination of vague determinants of housing developing affected by

macroeconomics aspects to goal of increasing efficiency in developing.

Keywords: Forecast, Housing development, Real estate, Trend, Qualitative, Transition,

JEL Classification: R1, E3, E6, J1








Effective Project Management by Integrating Self-managed Work

Teams

Zane Rascevskaa*

a BA School of Business and Finance, Kr. Valdemara Street 161, Riga LV-1013, Latvia

Abstract

Purpose of the article Purpose of the article is to assess the efficiency of integrating self-managed work teams in

project management. The paper analyses the advantages and disadvantages of self-managed work teams and offers

recommendations on integrating self-managed work teams in project management in order to achieve project

effectiveness.

Methodology/methods An extensive literature review has identified extant theories, frameworks, and

methodologies adopted by researchers to gain greater understanding of self-managed work teams. The study

explores self-managed work teams based on a case studies at Latvian companies. Qualitative case studies are

executed by analysing 18 interviews within four self-managing teams in a consulting companies located in Latvia.

The lessons are drawn from literature review, observations and interviews with key informants.

Scientific aim The effective implementation of self-managed work team is strategic solutions to manage

sustainable project performance and successful implementation of a project. There is a considerable knowledge

base established for self-managed work teams. However, there is limited understanding of the benefits of self-

managed work teams on effective project management.

Findings The paper provides overview of lessons learned based on literature review and case studies of four

Latvian companies. The results found that self-managed work teams had a positive effect on project management

performance and the project success. Success factors for the implementation of a self-managing team that resulted

from this research are a clear task portfolio division, good relationships with-in the team and better job satisfaction.

Conclusions The recommendations are targeted at three stakeholder groups – the management/board, HR

department, and members of self-managing teams. Future research opportunities include sector specific self-

managed work teams.

Keywords: Effectiveness, Project management, Self-managed work teams, Leadership, Project success.


* Corresponding author. Tel.: +371 20200958.







Corruption Perceptions Index or Bribe Payers Index in Digital

Economics

Nataliya Shchobaka*, Irada Dzhalladova


Abstract

Purpose of the article The search of effective ways to fight against corruption is now especially important for

less developed countries where the political system is not stable enough and, in particular, in Ukraine where it has

lately become a serious threat. In the era of digitalization of the economy, the development of information

technologies provides useful opportunities that can be used in the fight against corruption. The practice of fighting

corruption in various countries shows that the use of information technology during investigations reduces costs

of investigations and provides significant savings. We will consider a new approach improving that based on 2008

Transparency International Corruption Perception Index. A review will be made and certain related questions will

be discussed.

Methodology/methods Stochastic differential equations, Java programming language, methods of

multidimensional data analysis.

Scientific aim The aim is to develop a new methodology based on computer modelling of Corruption Perception

Index which improves that suggested in 2008.

Findings The new approach to the computation of Corruption Perception Index will make possible to more

adequately use the related indices to measure the capability of a country to fight against corruption in a digital

economy with the growing need to prevent cyrbercrime. The methodology is based on solving stochastic

differential equations and methods of multidimensional data analysis.

Conclusions It is desirable, in the case of Ukraine, to create an information portal of a unified citizen database

which will provide, on a per-user basis, an easy access to the essential tools for access to public services and

electronic document flow. In this way, every user through his personal account will be able to perform and follow

online transactions with electronic documents. This will reduce the pressure of bureaucracy and guarantee the

transparency and contactless character of interaction of consumers of public services with officials. As an

immediate effect, on should expect the diminution of corruption risks.

Keywords: Corruption Perceptions Index; modelling; mathematics method

JEL Classification: C6, H0








Digital Transformation and its Impact on International Marketing

Strategy of Multinational Companies in Cosmetics Industry

Mariana Tesařováa*


Abstract

Purpose of the article Nowadays digital transformation is becoming a vital topic in the business world. Not only

it affects the business environment in general, but also business and marketing strategies that multinational

companies use need to be adjusted in order to meet customer requirements, needs and desires. The paper examines

how digital transformation and more specifically use of online marketing tools can affect the marketing strategy

of multinational companies in the cosmetics industry. Based on content analysis of the sample of selected

companies within cosmetics industry, it is possible to evaluate the significant impact of digital transformation on

the development of marketing strategies and the move to effective online communication, which empowers

companies to strengthen the brand and increase revenues.

Methodology/methods Content analysis based on quantitative research of the sample of selected ten big-gest

multinational cosmetic companies in the world is used in order to examine the impact of digital trans-formation

on international marketing strategies of multinational companies within the cosmetics industry. Furthermore,

qualitative research using analysis of qualitative secondary data is used as well in order to define and set criteria

for evaluation. These criteria are divided into two main categories. Offline marketing channels and its evolution

with the arrival of digital transformation in terms of companies’ revenues, customers’ popularity and brand

awareness. And online marketing channels, namely Facebook and Instagram, and its development and impact on

companies’ overall revenues, customers’ popularity and brand awareness.

Scientific aim On the sample of selected ten biggest cosmetic companies show the impact of digital transformation

on international marketing strategies of multinational companies in the cosmetics industry.

Findings The paper shows that with the digital transformation there comes a huge boom of social media usage as

well. It is not limited only on personal usage of social media but highly influences the social media in terms of

business operations. Companies use Facebook Business Manager and Instagram for business in order to boost their

sales, maintain customers’ base and develop brand awareness. Consequently, offline marketing channels decline.

On the contrary, multinational companies understand the importance of the combination of both online and offline

channels and apply complex marketing strategy including both communication categories, with a bigger emphasis

on online marketing channels that are also easier to be used worldwide.

Conclusions Digital transformation brings new insights into understanding and creation of marketing strategies

of multinational companies. Multinational companies in the cosmetics industry invest in online marketing tools

rather than into offline channels. They stick to this trend in order to boost revenues, increase brand awareness and

customer’s popularity and loyalty towards their products. However, these companies still combine both online and

offline channels in order to achieve their marketing goals. This paper can be beneficial for both managers and

researchers. On the contrary, there are only two main criteria for evaluation in this paper. It would be wise to focus

on more criteria in order to get an even bigger picture. Also, results are applicable to multinational companies,

whereas small and medium-sized enterprises would need a different approach when it comes down to the

evaluation of marketing strategies, mainly due to its limited funds.

Keywords: digital transformation, marketing strategy, multinational company, digitalization, marketing,

management, strategy, international









The Interfunctional Coordination at Public Sector

Eva Tomáškováa*

a Masaryk University, Faculty of Law, Veveří 70, 611 80 Brno, Czech Republic

Abstract

Purpose of the article Purpose of the article is to deepen knowledge about interfunctional coordination (IFC).

IFC is one of the current approaches mentioned in many scientific disciplines. The topic is connected with current

managerial approaches – above all with knowledge management (e.g. Nilsson-Lindén et al., 2014), IT management

(McNaughton et al., 1999), green marketing (e.g. Feldman and Staehler, 1996), Total Quality Management (e.g.

Mishra and Napier, 2014), Corporate Social Responsibility (Medarevic, 2012) and market orientation (Kumar et

al., 2011). The main advantage of IFC implementation is that IFC improves cooperation, coordination and

functions in an organization.

Methodology/methods It was used the survey questionnaire and critical discussion with the literature. Mayors

and head of state institutions were respondents of the questionnaire. We received 32 fully filled questionnaires by

mayors and 27 fully filled questionnaires by head of state institutions. Standard statistical methods were used for

analysing the complete database.

Scientific aim Scientific aim was to know how IFC is perceived at the public sector, concretely at state institutions

and local government. Our assumption is that effective public sector has positive impact on companies’ because it

enables quick reaction towards companies and public finance will be used more efficiently.

Findings The highest value of IFC is connected with clear definition of every department and every worker

activities, the maximal delegation of task, activities and responsibility and accent on information dissemination

into environment. Contrariwise, respondents do not organize regular meetings (heads or mayors with workers) and

they do not pay attention to remarks by workers as well.

Conclusions The research suggests strength and weakness of local government and state institutions of IFC.

Strength are especially at the ordering of these organisations and weakness are connected with communication.

Limit of the paper creates the number of respondents of the survey. It is recommended to pre-pare a large survey

to detect detailed information about IFC at public sector.

Keywords: Interfunctional coordination, public sector, state institutions, local government.









Born Global Companies and the Future for Economy of Latvia

Irena Vaivoide*

Riga Technical University, 1 Kalku Street, Riga LV-1658, Latvia

Abstract

Purpose of the article Born Global (BG) companies is the phenomenon that contributes to national eco-nomic

development. It would be a right decision to study the options to develop born global companies in Latvia because

a small number of export-capable sectors is a factor that renders the Latvian economy sensitive to any changes in

the external environment. There have been attempts to combine different quali-ties, principles, features in

definitions of BG firms. About 28 definitions were created by different researchers during the period from 1993

to 2012. Purpose of the article is to carry out a more detailed study of the concept and work out the new definition

of BG.

Methodology/methods Research is conducted through literature overviews, case studies as well as two focus

group discussions of experts were organized: the discussion of the 6th December 2018 and the dis-cussion of the

18th January 2019, the author of research moderated the groups. The 6th December 2018 group conducted among

six experts, the 18th January 2019 group conducted also among six experts. Focus group discussions were

organized to clarify standard definition of BG with the aim of using this definition as a basis for the research.

Scientific aim Scientific aim is to create the new definition of BG and analyze explanation of the terme included

in the definition. Author would like to base justification of the new BG definition on the causation and effectuation

theories which include all the features associated with orientation to revenues and international market capacity.

Findings Discrepancies can be found in the existing BG definitions regarding with the modern BG theories. Need

to justify the truthfulness of the information included in the new definition has led to getting to know the causation

and effectuation theories. Both of the theories help to justify an inclusion of all the corresponding components in

the definition and associated with orientation to revenues and international market capacity.

Conclusions Before to study the options to develop born global companies as the growth patterns in Lat-via, the

necessity number one turned out to be finding the most appropriate definition of born global com-panies. The

newly created definition was justified by causation and effectuation theories which include all the features

associated with orientation to revenues and international market capacity. These theories could be the basis for

further investigation of the relationship between effectual conditions (harmonious passion, obsessive passion,

entrepreneurial self-efficacy, and risk perception) and the outcome (potential to be born global company).

Keywords: born-global company, business environment, entrepreneur, globalization, internationalization, national

economy.

JEL Classification: F23, F62, H50, M21

* Corresponding author. Tel.: + 371 29717072







The Estimation of the Impact of Energy Intensity on a Company’s

Financial Performance in Petroleum Refining Industry

Andrius Zuozaa, Vaida Pilinkienėb*

a Lithuanian Energy Institute, Breslaujos st. 3, LT-44403 Kaunas, Lithuania b Kaunas University of Technology, Gedimino g. 50 - 334, LT-44029 Kaunas, Lithuania

Abstract

Purpose of the article The paper aims to investigate the impact of the energy intensity (EI) on a company’s

financial performance using the data from companies in USA and Eurozone which are working in the petroleum

refining industry.

Methodology/methods The data collected from Thomson Reuters Datastream and includes companies working

in the petroleum refining industry (SIC Division D, Major Group 29). Our data sample consists of 22 companies

and the period is - 2002-2016. A total amount of the records is 157. The regression model estimation was applied

to explore the impact of energy intensity on a company’s performance. Shapiro-Wilk normality test was used to

test whether data come from a normally distributed population. To be able test or energy intensity in the USA and

Euro zona are equally Mann–Whitney U test was used. A ratio of the earnings before interest, taxes and total

revenue (EBIT margin) used as a company’s performance indicator. EI is described as – a ratio between the gross

energy consumption and the gross incomes of the company. All statistical computation and model buildings were

done using R programming language.

Scientific aim Scientific aim of this study is to discover whether energy efficiency has a significant impact on

financial performance in the petroleum refining industry. The following hypotheses were advanced in the current

study - H1: There is no significant difference between EI in USA and Eurozone petroleum refining industry. H2:

The EI of USA and Eurozone petroleum refining industry has a significant impact on the EBIT margin of the

companies. H3: There is no significant difference between EI affecting EBIT margin in USA and Eurozone.

Findings A Mann-Whitney U test indicated that the EI in petroleum refining industry in the USA (mean = 6,04)

and Eurozone (mean = 6,35) did not differ significantly (W = 3080, p-value = 0,9958). We failed to reject

hypothesis H1. To predict EBIT margin on EI and effect of the geographical region the multiple linear regression

analysis was chosen (for the testing of the hypothesis H2 and H3). The analysis shows that EI is an important

driver of petroleum refining company’s profitability (adj. R2 = 0,536, for USA companies and adj. R2 = 0,171,

for Eurozone companies). A significant regression equation for USA companies was found (F(1, 79) = 93,4, p <

0,01), as well as for Eurozone companies (F(1, 74) = 16,5, p < 0,01). It was found that EI (measured in GJ per

1000 USD of sales) significantly predicted EBIT margin for USA companies (β1 = 0,022, p<0,001) and for

Eurozone companies (β1 = 0,013, p<0,001). We failed to reject hypothesis H2. We also founded a significant

interaction in the relationship of EBIT profitability to EI for USA and Eurozone companies. We rejected H3

hypothesis.

Conclusions The empirical finding suggests that EI in USA and Eurozone petroleum refining industry did not

differ significantly. This research confirms the hypothesis that EI has a significant impact on the EBIT margin of

companies working in the petroleum refining industry. Therefore, we proved that there is a significant difference

between efficiency indicator affecting profitability for the companies in USA and Eurozone. The impact of energy

intensity on company profitability in USA industry is significantly bigger as in Eurozone.

Keywords: Energy intensity, profitability, manufacture industry

JEL Classification: L71, Q43, Q47

* Corresponding author. Tel.:+37061007910.


INVITATION

We kindly invite you and your colleagues to participate in Brno International Week

2019 (BIW 2019) that will be held during October 14th – 17th 2019 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 2019 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:

a. Economics and management

b. System engineering and informatics

c. 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 2019 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

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BIW2019, please do not hesitate to contact us. Contact person: Zdenka Konecna,

[email protected]

https://biw.fbm.vutbr.cz/en

Project: CHEDTEB: Collaboration in Higher Education for Digital

Transformation in European Business

KA2: Cooperation for Innovation and the Exchange of Good Practices

KA203: Strategic Partnerships for Higher Education

Duration: 09/2017 – 08/2019

Budget: 7 228 thousand CZK

Digitization is fast becoming a powerful driver of change in business and public life. Whilst the

technologies in themselves are a major challenge for most European businesses, the underlying

changes in company organisations, processes, skills requirements and business models are still,

for most businesses, something of a white spot on the roadmap to the digital enterprise.

This project created a strategic partnership among three European universities: University of

Tartu (Estonia), UAS Bielefeld (Germany) and Brno University of Technology (Czech

Republic). The main aim is to provide the framework for a future joint master's degree on

Digital Transformation of Corporate Business. Sharing interdisciplinary knowledge and skills

of faculties, local corporate and institutional networks will enable universities and their local

communities to bundle complementary resources, skills and ideas for digital transformation in

order to:

stimulate a common transnational learning process about 'Digital Transformation of

Corporate Business' between local corporate networks and management faculties of

universities by organizing workshops and showcasing best practice;

set up an interdisciplinary Joint Degree program in 'Digital Transformation' by drawing

specific resources from universities and combining them in a unique way in a common

curriculum;

inspire a heterogeneous cohort of international students by setting up an innovative

curriculum based on modern didactic methods and in close co-operation with industry;

blueprint a transnational pilot project in higher education which could serve as a model

for the further institutional development of our universities.

The ambition of the project is not only to produce single-case materials but also to help

activating the opportunities that lie in digital transformation for European businesses and

society in general. All results are open-access items and are made publicly available, with

reservations applying to strictly corporate intellectual property. For more information about

CHEDTEB please join us at https://www.chedteb.eu.

Project: Digital Transformation for Business Models Innovations in small and

Medium Sized Enterprises in the Czech Republic

Duration: 02/2019 – 01/2022

Budget: 4 977 thousand CZK

Organizations: Brno University of Technology (coordinator)

Institute of Technology and Business in Ceské Budejovice

Association of Small and Medium-Sized Enterprises and Crafts CZ

Research Institute for Entrepreneurship and Innovations

The project aims at strengthening the innovative capacity, competitiveness, sustainability and

level of digitization of SMEs.

The goal of the project is to prepare the certified methodology and software based on

development of methods, models and tools of the digital transformation to support innovation

capacity and increase the level of competitiveness of business models for SMEs.

It enables SMEs:

to evaluate a level of digital maturity,

to increase innovation activity,

to generate sustainable value creation for customers,

to apply the implementation of digital transformation to business models,

to increase company performance,

to accelerate the learning process and the development of competencies in the business

models and digital transformation, and

to internationalize.

The project reg. no. TL02000215 is funded by the Technology Agency of the Czech Republic,

programme ETA.

For more information about the project please contact assoc. prof. Iveta Simberova

([email protected])

All articles included in the book are published in the form provided by the authors without

editorial and content-related corrections.

Perspectives of Business and Entrepreneurship Development in Digital Transformation

of Corporate Business

Collected abstracts and programme of international scientific conference

Edited by: František Milichovský

Cover Design by: Pavel Mracek

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

30th April 2019

ISBN 978-80-214-5755-3

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