The Reviewed papers from the VI. International Conference MEKON 2004
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2004
THE ENTERPRISE’S RISK OF SALE IN TERMS OF FRACTAL DIMENSION
ANNA MULARCZYK
Faculty of Organisation and Management, Silesian University of Technology, Zabrze, Poland
Abstract: The fractal method of risk analysis in enterprises has been presented in the article.
Firstly, the concept of fractal and its dimension have been described. Subsequently, the idea
of risk and its connection to fractal dimension were characterized. The next part of the article
consists of the description of rescaled range analysis in order to estimate the fractal
dimension. Finally, the risk of the sale of a certain enterprise has been analysed in comparison
with a hypothetical example. The conclusions were drown.
Keywords: Fractal, fractal dimension, rescaled range analysis, risk, fractal enterprise.
APPLICATION OF BIOMETRIC TECHNOLOGIES IN REMOTE EXAMINATION
SCENARIOS
ADRIAN KAPCZYNSKI
Department of Computer Science and Econometrics, Silesian University of Technology,
Gliwice, Poland
Abstract: Presented paper concentrates on aspects of authentication during examination
session in distance learning systems. In the article four configurations of biometrically
enhanced examinations were described.
Keywords: e-learning, authentication, biometrics.
SIMULATING CONSUMERS’ BEHAVIOUR USING CELLULAR AUTOMATA –
SEGMENTATION OF THE MARKET
AGNIESZKA KOWALSKA – STYCZEŃ
Department of Organization and Management, Chair of Computer Science and Econometrics,
the Silesian University of Technology, Poland
Abstract: In the paper we present the simulations of consumers' behaviour leading to the
segmentation of the market. The consumers' behaviour is simulated using cellular automataSchelling model.
ESTIMATING BETA IN A SMALL OPEN ECONOMY
DALIBOR PETR
Department of Mathematical Methods in Economics, Faculty of Economics, Technical
University of Ostrava
Abstract: This paper deals with one of the possibilities of beta estimation in the small open
economy environment. This way of beta estimation uses the Capital Asset Pricing Model
(CAPM), more specifically, its SML version. The paper is based on the regression estimation
of the single-index model (the empirical version of the model’s SML form) as well as the
calculation of Cohen, Hawawini beta, all applied on the four stocks that have been selected as
the most significant ones on the Finnish and Czech capital market. The time span of data
taken for the calculations is a five-year time interval (1998-2002). The main objective of the
paper is to compare the beta coefficient and other selected capital market indicators such as
variance, covariance and correlation of the already-mentioned four stocks within the small
open economy environment on the basis of the Finnish and Czech stock market index.
Keywords: the Capital Asset Pricing Model, Securities Market Line, beta coefficient, beta
estimator, the single-index model, stock/market return, error term, Cohen, Hawawini, Mayer,
Schwartz and Whitcomb (1983 ) beta
ZUR REGULIERUNG VON RATING – AGENTUREN
STEPHAN A. SCHMID
Europäisches Institut für postgraduale, Bildung an der TU Dresden e. V.
Abstract: As a result of the forthcoming regulations of the New Basel Capital Accord (Basel
II) the role and function of Credit Rating Agencies is of an increasing importance for the
financial markets. But while the Rating-Market in the U.S. is strongly regulated by the
Securities and Exchange Commission (SEC),1 As the Rating-Market is quasi oligopolistic,
the self-regulation of the market is limited, so other ways of regulation need to be discussed.
Consequentially, a discussion about the intensity and the options how to regulate the
European Rating Agencies is in progress. In this discussion in Germany three alternatives are
shortlisted: as a strict alternative the ongoing supervision of the Activities of Credit Rating
Agencies is suggested by the Financial Services Supervision Authority (BaFin). The central
bank (Deutsche Bundesbank) prefers a consistent method of a licensing procedure for Credit
Rating Agencies and the collective of the Agencies themselves favours the least regulation by
a voluntary self-control. In Europe no rules and no regulations are implemented up to now.
SOME CONSIDERATION ABOUT MANAGEMENT OF SHARES
ANNA SROCZYŃSKA
Silesian University of Technology, Poland
Abstract: In this work the problem of management of shares is described. The problem of
distributing the process of purchase and sale shares in time is short presented and solved by
using the theory of antagonistic games. Next the construction and way of acting of stochastic
oscillator is shown. There is also the analysis of prices of shares of Factory of Hydraulics
Elements in Wadowice – PONAR done and the way of management of these shares is
presented.
Keywords: Shares management, Optimal strategy, Stochastic oscillator
RAPPAPORTS SHAREHOLDER VALUE ADDED ALS ERFOLGSMAßSTAB FÜR EINE
WERTORIENTIERTE UNTERNEHMENSFÜHRUNG
DIPLOM-KAUFMANN (FH) DANIEL STREICH, MBA
Comenius University Bratislava, Faculty of Management FMUK, Slovak Republic
Abstract: One of the most discussed schemes of this centuries leadership styles is the
Shareholder Value approach. In this paper the author describes and discuss requirements on
value based key financial ratios and shows the importance for a company. After discussing the
requirements the author describes Rappaport’s Shareholder Value Added as ratio for
measuring the value of an enterprise. Finally, the author highlights the advantages as well as
the disadvantages of this value based financial ratio.
Keywords: Cash Flow, Shareholder Value, Shareholder Value Added, Net operating Profit
after Tax, Weighed Averaged Cost of Capital, Total Shareholder Return
The Reviewed papers from the VIII. International Conference MEKON 2006
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2006
ECONOMIC IMPLICATIONS OF GLOBAL SOCIAL DYNAMICS
MIROSLAV JAVOR
Faculty of Business Administration, University of Economics, Prague
Abstract: First part of the article deals with defining and brief description of social dynamics
concept. Further on global dimension of social dynamics is introduced. Analysed are its basic
features and crucial changes it underwent in time. On the basis of previous statements,
economic implications are divided according to their relation to global social dynamics.
Finally, there is an attempt to summarize findings through graded list of global development
alternatives.
Keywords: globalisation, social dynamics, change, economic implications, alternative futures
DOES CHINA REPRESENT AN ECONOMICAL THREAT FOR THE REST OF THE
WORLD? WHAT IS BEHIND ITS UNPRECEDENTED ECONOMICAL GROWTH?
PETR FANCOVIC, HAODONG HUANG
Faculty of Economics, Department of Business Administration,
Abstract: Over the past two decades the world has witnessed the unprecedented growth of the
Chinese economy, which has been attracting the attention of academics and practitioners all
over the world. In general, Asian economies are growing at a very fast pace, which is often
being referred to as the “Asian threat”. Basic facts quantifying the recent development of the
Chinese economy are mentioned in this paper. Secondly, it attempts to analyse and highlight
the chosen factors that are behind the Chinese great achievements. At the end there are given
experiences of firms that have entered the Chinese market or utilized it somehow with the aim
of inspiring other firms on how to make the most of the “Chinese economical miracle”.
Keywords: China, economical growth, quality
CRISIS PREVENTION FOR THE BRITISH ROYAL FAMILY
MARCELA PAPALOVÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: This contribution maps out a case study which is made use of in the subject of Crisis
Management. The article employs a generally well-known example, which does not require
additional detailed familiarisation with the situation for the students. This known theme in the
media does bring with it, however, a certain danger that the students will not only pay
attention to the problems on which they should be focused during the process of learning and
instead their attention will be distracted.
Keywords: Case study, crisis foundation, SWOT analysis, analysis threat
ROOTS OF THE KNOWLEDGE ECONOMY
PAVEL BARTOŠ
Faculty of informatics and management, University Hradec Králové
Abstract: The knowledge economy is a big question of nowadays. Is that new industrial
revolution or is that just an old concept in a new dress? What started the process of the
transformation to knowledge economy? Is it really knowledge playing the essential role in
new economical processes and if so, why? I suppose that knowledge economy is a result of
deep changes in social organization and this metamorphosis brings economical impact
influencing behaviour of commercial institutions.
Keywords: knowledge economy, new economy, information society, knowledge, turbulent
times.
LOGISTICS WITHIN COMPANIES’ ORGANISATIONAL STRUCTURES
MARIUSZ KRUCZEK
Department of Enterprise Management and Production Organisation, Faculty of Organisation
and Management, Silesian Technical University
Abstract: A great interest shown in the logistics approach to management as an effective
method of a achieving competitive supremacy by the company was observed during the
market transformation in Poland. The aim of the article is to present the problem of the
logistics management in term of forming organizational structures as well as the evolution and
the place logistics occupies in the organizational structures in the course of time.
Keywords: logistic, organisational structure,
ASSESING A PROECOLOGICAL AND PROSOCIAL STRATEGY OF ENTERPRISES
BY MEANS OF FUZZY LOGIC
ANNA SEDEK
Quality Management of Processes and Products, Faculty of Organisation and Management,
Silesian University of Technology in Gliwice.
Abstract: Recently, organizations have to take into account their stakeholders’ opinions when
setting their aims. Stakeholders’ requirements concern not only the profit, but also categories
as follows: quality, natural environment and social responsibility. This is sustainable
development at the level of enterprise. In this paper, an assessment method of the strategy of
sustainable development on the level of industrial units is elaborated. The method is based on
fuzzy logic theory and leads to a final, unequivocal strategy assessment, which is not only
valid for sustainable development.
Keywords: Balanced scorecard, Fuzzy logic, Strategy, Sustainable development
ANALYSING ORGANIZATION OF VIDEO SURVEILLANCE SYSTEMS IN THE
SILESIAN REGION
KATARZYNA SIENKIEWICZ-MAŁYJUREK
Department of Environment and Safety Management, Faculty of Organization and
Management, The Silesian Technical University in Gliwice
Abstract: This paper presents the results of research conducted in 2005, concerning
organization methods of the video surveillance systems of publicly accessible space in cities
of Silesian Region. Range of this systems application in other countries and their
effectiveness factors were presented. The analysis of organization of the video surveillance
systems were concluded in support of following standard: PN-EN 50132-7: Alarm systems –
CCTV surveillance systems for use in security applications – Part 7: Application guidelines.
Keywords: Video surveillance system, Organization, Prevention
ADVANCED FMEA BASED ON COSTS – C-FMEA
MAGDALENA WIERZBICKA, JACEK MAZURKIEWICZ, KATARZYNA GMITRZAK
Department of Quality Management of Processes and Products, Faculty of Organisation and
Management, Silesian University of Technology in Gliwice.
Abstract: The paper presents a new approach to using FMEA method for improving
production processes by reducing number of defects. It shows differences in results received
by preparing standard FMEA and advanced FMEA basing on costs of defects and called CFMEA (Cost of Failure Mode and Effect Analysis). The researches proves that without using
real costs FMEA method cannot assure and increase effectiveness within the company.
Keywords: FMEA method, Defect Costs, Production and Process Improvement, Quality
Management
ERDGAS ALS KRAFTSTOFF IN DEUTSCHLAND – MARKT UND CHANCE
OLIVER RUCH
Fakultät für Management, Comenius-Universität Bratislava
Abstract: With the analyses of the marketing concepts of the German gasoline supplying
enterprises the introduction of the natural gasoline cars as an additional part of the market is
examined. In Europe the German gasoline economy is well on the way to getting a leading
role in the adoption of the environmental friendly and low-priced fuel natural gasoline. The
investment in the network of gas stations should leverage the natural gasoline cars. On closer
examination of the marketing concepts, the marketing strategies and the used marketing
instruments should be demonstrated what troubles and abashments the German gasoline
supplying enterprises will have to deal with until the year 2010. An important success factor
for a succeed introduction of the natural gasoline car at the German market will be a
standardised marketing appearance. By that a pull on other European countries could be
reached and the natural gasoline car could be established throughout Europe.
Keywords: natural gas as fuel (CNG), marketing concept, marketing target, marketing
strategy, marketing mix, marketing instruments
POWER OF CAPM BETA TO EXPLAIN THE CROSS-SECTIONAL VARIATION IN
SWEDISH STOCK RETURNS
DALIBOR PETR
Katedra matematických metod v ekonomice, Faculty of Economics, VŠB-TU Ostrava
Abstract: The CAPM beta does not seem to be the only measure capturing the risk-return
relation. Other easily measurable variables such as size, book-to-market equity ratio, leverage
and earnings-price ratios also capture the cross-sectional variation in average stock returns
that should be associated, according to the CAPM, solely with the CAPM beta (). Moreover,
even when allowing for being the only explanatory variable, the relation between market and
average stock return is flat. In order to address these findings, this paper attempts to
investigate the power of CAPM beta to explain the cross-sectional variation in stock returns in
the environment of the Swedish capital market. The paper works with a set of all major stocks
listed on the Stockholm Stock Exchange (that is more than 600 companies) over the time
period of more than 25 years. In tests carried out in this paper, it is allowed for beta being the
only explanatory variable. Methodology used in this paper proceeds from the studies done by
Fama and MacBeth (1973). Two phases of month-by-month rolling regressions are used to
estimate beta and compute its significance in explaining the variation of stock returns. The
results support the findings presented by Fama and Mac Beth (1973), Fama and French (1973)
and others.
Keywords: CAPM beta, month-by-month regression, cross-sectional variation, stock returns,
Swedish market
PRIVATIZATION OF THE EXPORT CREDIT AGENCY EGAP: THE STATE ROLE IN
THE SHORT-TERM CREDIT INSURANCE
MARKÉTA STRŽÍNKOVÁ
Institute of Doctoral Studies, Silesian University/Atradius, Prague
Abstract: Credit insurance provides companies with concepts and solutions for their
outstanding trade receivables, protecting risks of insolvency and protracted default. In
addition to this, credit insurance protects cash flow and this helps the companies in their
financing needs. Historically, credit insurance was a part of state export policy to protect
receivables of domestic investors in abroad. State offered credit protection throughout Export
Credit Agencies (further: ECA). The role of ECA has changed because private credit insurers
offered marketable risks. Therefore, commercial business offered by major ECA was
privatized due to EU requirements. ECA still play an important role in the non-marketable
insurance business. Czech state is going to privatize shares in Komercní úverová pojištovna
EGAP, a.s. (KUPEG), which offers commercial short-term credit insurance and is with 51%
the Czech market leader in the commercial credit insurance. Based on the currently approved
legal changes, the Czech state will keep minimum 30 % stake in KUPEG. What are the
reasons to keep state share and are there any other possibilities?
Keywords: Credit insurance; Export Credit Agency.
FORESIGHT AS A TOOL OF SUPPORTING THE MANAGEMENT OF LONG-TERM
INVESTMENTS IN LOCAL GOVERNMENT
MARCIN CZYC
Department of Fundamentals of Technical Systems, Faculty of Organisation and
Management, Silesian University of Technology
Abstract: The paper presents attempt of using the Foresight in long-term investing ventures
management’s support in local government institutions. The Author justifies using Regional
Foresight methods in supporting management of the long-term investing ventures. A case
study analysis of Regional Foresight Exercises was also made. Analysis of the best Regional
Foresight practices allowed the Author to propose initial conception of Foresight exercise in
the City of Gliwice.
Keywords: foresight, local government, investment
The Reviewed papers from the IX. International Conference MEKON 2007
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2007
FULL DOLLARIZATION ISSUES: A REVIEW
RADEK BEDNARÍK
Faculty of Economics, VŠB-TU Ostrava
Abstract: This paper deals with dollarization issues. Dollarization, that is, the substitution of
domestic currency by another one, is really widespread phenomenon. Dollarization may take
two major forms, that is: full dollarization or de facto dollarization, whereas these two forms
are very different in terms of possible consequences placed on the economy. The goal of this
paper is a brief description of full dollarization and possible pros or cons carried by it.
Keywords: Dollarization, exchange rates, monetary policy, fiscal policy, banking sector.
SPECIFICS OF COMMODITY MARKETS THE DEVELOPING COUNTRIES WITH THE
FOCUS ON RICE SECTOR IN PERU
JANA KALABISOVÁ, ZUZANA KRÍSTKOVÁ
Faculty of Economics and Management, Czech University of Agriculture in Prague
Abstract: This article deals with the specifics of the commodity markets in the developing
countries with the focus on rice sector in Peru. It describes the commodity markets in
developing countries and theirs specifics, the commodity prices and the rise commodity
market in Peru. In the last section, the application model analyzing the impact of the world
commodity prices tendencies on the agriculture production of Ucayali region is projected. All
these analyses are elaborated in the frame of the CIGA Grant of the Czech University of
Agriculture, Faculty of Economics and Management that deals with Economic and Social
Factors of Farmer Households in the Region of Ucayali, Peru (Grant number
11110/1313/3133).
Keywords: Commodity market, commodity price, rice, Peru, commodity model, ADL model.
KOREAN AUTOMOBILE INVESTMENTS IN SLOVAKIA
SUNGHEE SONG
Faculty of international relations, University of Economics in Bratislava, Slovakia
Abstract: This paper describes results from a firm-level survey of Korean automobile firms in
Slovakia. The objectives of this paper are to explain why do Korean firms invest in Slovakia
(push factors), and which factors of Slovakia attract Korea’s FDIs (pull factors).
Keywords: Korea, FDI, Automobile industry.
HISTORY OF THE DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM (DSGE)
APPROACH
KAREL MUSIL
Department of Applied Mathematics and Computer Science, Faculty of Economics and
Administration, Masaryk University
Abstract: The paper describes basic characteristics of the Dynamic Stochastic General
Equilibrium (DSGE) theory and its application on modelling. It introduces some reasons for
an establishing and development of the theory. It tries to specify a relatively very
heterogeneous group of the DSGE models and their connection to the GE models. The part
about history of the DSGE theory contains a description of the Redux model, an introduction
of its basic characteristics and its influence on a subsequent development of economic
models. There is an attempt to explain a connection between the DSGE models and the New
Keynesian theory as well.
Keywords: Dynamic Stochastic General Equilibrium (DSGE) model, structural model, RBC
model, the Redux model, New Keynesian DSGE model.
CHANGES IN THE BUSINESS ENVIRONMENT AND IMPACT ON ACCOUNTING
EDUCATION
YOUSSIF KHNDABI
Faculty of Economics, Technical University of Ostrava
Abstract: The technical development of information is the most important challenges facing
the profession of accountancy and auditing. The knowledge and skills of information
technology as one of the concepts of the twenty-first century AD is one of the most important
factors that have changed the business environment. To develop students' knowledge of the
environment in which businesses operate, materials will be developed to increase the students'
understanding of the nature of business activities before discussing the accounting for the
activities.
Keywords: Accounting education, e-learning, changing global marketplace
VENTURE CAPITAL AND ENTERPRISES
ERIKA PALENCÁROVÁ
Faculty of Economics, Matej Bel University in Banská Bystrica, Slovak Republic
Abstract: For financing of innovative and developing projects, especially for small and
medium-sized enterprises, was in developed economies invented a special type of financing,
the venture capital financing. Venture capital represents a form of long-term financing of
needs of a company in the form of investment of capital to the asset of a company. The aim of
this paper is oriented to the basic definition and characteristic of venture capital. We also
write about the basic specification of enterprises that use this type of financing for the
development their business activities. Finally, we analyze the position of venture capital in
Europe, Slovak republic and Czech republic.
Keywords: External financial sources, venture capital, small and medium sized enterprises,
financial support
INTERNAL AUDITING ROLE AND SCOPE
YOUSSIF KHNDABI
Faculty of Economics, VŠB-TU Ostrava
Abstract: There is no doubt that the large expansion in economic activities and increasing the
volume of installations and the geographical spread has led to the need for top management to
delegate powers and responsibilities of the different levels within the treaty. This led to the
need to provide adequate oversight to ensure that the various administrative levels Bloodbath
in accordance with the instructions set. Thus the need for a system of internal controls
designed to assist the Department to carry out its functions efficiently and effectively
emerged. The internal audit is one of the tools that are now extremely important to follow up
the work of the companies and ensure its management policies, the owners and their ability to
cope with economic changes and thus maintain the profits and prosperity, and the increased
share of the company's market value, and thus achieve better returns shareholders them.
However, there is still a misunderstanding of the role of internal audit, strategic objective, and
those behind them.
Keywords: Internal auditing, integral function, testing records and reports
STRESS IN PROFESSIONAL WORK STUDY IN BUILDING AND MAINTENANCE
COMPANIES IN LIBYA
MOHIEDDIN ALMANAE
Department of Management, Faculty of Business and Economics,
Mendel University of Agriculture and Forestry, Brno.
Abstract: The human being is exposed to different stresses whether in structured or
unstructured environment. Among these stresses is work stress which means the difficult
situations and conditions that one is exposed to in his place of work. The goals of this study is
to investigate the causes and sources for professional work stress and putting recommendation
to support positive aspects and lessen negative aspects to reduce stress. To performed this
study. Five building and maintenance companies were selected as study place. Questionnaires
were distributed on random samples from workers in these companies. This study found that
highest source for stress in the work place is the Lack of cooperation and harmony. According
to our results, we have put some recommendation. More care should be dedicated to selection
and hiring of workers to match skills and experience with job requirement. Relationships in
the work place should be improved and enhanced through giving workers chances to
participate with their own ideas and opinions in the decision making process. Social
relationships among workers should be built. Equal opportunities should be given promotion.
Team spirit and cooperation should be the driver in the work place in order to build trust and
cooperation and more.
Keywords: Work stress, Instinct, Incentive, Role ambiguity, Activities, Communications and
Performance.
INNOVATION ACTIVITIES AND CHANGES OF ENTERPRENEURIAL
ENVIRONMENT IN THE CONTEXT OF GLOBALIZATION
IVO MARŠÁLEK
Obchodně-podnikatelská fakulta, Slezská universita
Abstract: This article deals with a very complex phenomenon of recent years - globalization,
changes of entrepreneurial environment caused by it and innovation activities. Nowadays,
companies can feel the impact of changes within economic climate with subsequent
determination to take future steps. Through this new situation, companies might face many
threats but on the other hand grasp many new opportunities as well. It is vital for each
company in the global market to be based in its own country and region with all its significant
features. The article deals with the changes in past, but also with changes that have or are
expected to have the impact in near future.
Keywords: Globalization, clusters, entrepreneurial environment, market, networks,
innovation.
MARKETING RESEARCHES IN RUSSIA
YULIA MEDVEDEVA
Faculty Management and Economy, Tomas Bata University in Zlin
Abstract: If you want to understand where there is now a domestic market of marketing
researches in Russia, it is necessary to choose a reference point and corresponding system of
coordinates. By preparation of a material it was necessary to lean basically not on the official
information, and on indirect sources. Such approach has been caused by a number of the
reasons. The basic tendencies of the domestic market of researches are involved in this thesis.
The review will not be full if to not shine the important points connected with maintenance of
quality of marketing researches. The concept of quality is complex and should be detailed
during performance of concrete work and its acceptance by the customer.
Keywords: Marketing research, domestic market, European society on studying of public
opinion and marketing (ESOMAR), International chamber of commerce (./P), customers,
marketing information, All-Russia center of studying of public opinion (VCI3.), tendencies,
marketing experts.
ON THE PERSPECTIVES OF A COMPLETE OPENING UP OF THE RUSSIAN
BANKING MARKET FOR FOREIGN BANKS
THOMAS SCHUMANN, LEYSAN KALIMULLINA
Faculty of Economics and Business Administration, TU Bergakademie Freiberg Institute of
Europe RAS, Moscow
Abstract: The Russian banking market has not been opened up completely for foreign banks.
This refers mainly to the still existing restriction to set up branches in the Russian Federation.
There is a fear by many incumbent Russian banks of being crowded out by foreign banks
entering the market with low-interest offers for business and consumer loans. Studies of
foreign bank entry in other transition countries have shown that this fear is reasonable.
However, the entry of foreign banks has increased the overall efficiency of the banking
markets in those regions and let to a healthy concentration process. Both effects could also
take place on the Russian banking market that is characterised by a comparably low
borrowing to the private sector and a very high number of small banks.
JEL-Classification: E 44, G21, G32, O16
Keywords: Russia Federation, FDI, Foreign Banks, Financial Sector, Spillovers.
THE ROLE OF BANKING SYSTEM IN THE DEVELOPMENT OF THE LIBYAN
ECONOMY
ATIYA MILAD ALJBIRI
Ústav financí, PEF MZLU v Brne
Abstract: This paper presented analyses study for the banking system in Libya and its role in
economic development, to discover the preclusions and problems which face this sector and
suggest some solutions for it. To performed this study require to depend on the descriptive
and analytical methodology through analysis some monetary banking statistics such as capital
and reserves, deposits, credits, borrowing from central bank. This paper found out that the
Libya’s banking system has played a relatively minor role in the economic development. That
perhaps return to bad circumstances Libya had faced, however since the lifting in 2003-2004
of the international sanctions, in more than ten years, Libya has decided to undertake
comprehensive structural reforms and accelerate its transition to a market economy. In the
monetary and banking area, the Libyan government passed a new banking law which
reinforces the independence of the central bank of Libya and gives it the authority to allow
foreign banks to operate in Libya, and restructuring and modernization of the banking sector
to be key to development of the financial sector .the central bank of Libya also launched the
privatization of some banks and recapitalized some other. In fact I could say that Libyan
banking system is likely to make a major contribution in the future.
Keywords: Banking system, deposits, specialized banks, credit, liabilities, development.
The Reviewed papers from the X. International Conference MEKON 2008
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2008
ANALYSIS OF THE DEVELOPMENT OF GLOBAL AQUACULTURE PRODUCTION
FROM 1996-2005
ABDELHAMID ALGAYD
Faculty of Business and Economics / Department of Statistics and Operations Research,
Mendel University of Agriculture and Forestry, Brno
Abstract: Global production from capture fisheries and aquaculture and the food fish supply is
currently the highest on record and remains very significant for global food security. This
paper is focused on the development and contribution of the aquaculture to the global
production of fish, crustaceans, molluscs, and other aquatic animals in the short-time
observation from 1996-2005. A brief analysis of quantitative production of aquaculture
according to particular rearing environments, freshwater, brackish water or marine culture, by
applied some statistical methods in defined period from 1996-2005.
Keywords: Aquaculture, freshwater, brackish water, marine culture, production, rearing
environment.
GENDER PROBLEM IN EDUCATION SPHERE IN GEORGIA
TAMILA ARNANIA-KEPULADZE
Faculty of Management and Economics, Tomas Bata University Zlin
Abstract: This research is directed on the gender analysis of education sphere of Georgia.
Research of official statistical data have shown, that the education sphere in Georgia was and
remains that area where the rights of the women are most protected and the women's
educational level does not concede men's. But it does not mean absence of problems in
education sphere. Gender problems of education sphere in Georgia are connected with
professional segregation of students and feminization of teaching structure. But the basic
problems arise during realization of educational potential of women, in sphere of decisionmaking.
Keywords: Gender, Education, Women's Educational Level, Men's Educational Level,
Professional Segregation, Feminization of Teaching Structure.
COVERED INTEREST RATE PARITY: THE CASE OF THE CZECH REPUBLIC
RADEK BEDNAŘÍK
Faculty of Economics, VŠB-TU Ostrava
Abstract: This paper tries to find out, whether the Covered Interest Rate Parity (CIRP) theory
was valid for exchange rate CZK/EUR during the period ranging from May 2001 to
November 2007. As a main tool, a common OLS regression was chosen. It was augmented by
MA(1) process of residuals and by ARCH (6) model of residuals’ variance. The results show,
that the CIRP theory was not valid during selected period. However, it seems apparent, that
the main factors for 3-month forward exchange rate CZK/EUR determination were an interest
rate differential and a nominal spot exchange rate. This is fully consistent with the CIRP
theory.
Keywords: Covered interest parity, exchange rate, interest rate, foreign exchange markets.
APPLICABILITY OF LIVELIHOOD POLICY RELATIONSHIP PROCESS TO DEVELOP
POLICY FOR COCONUT INDUSTRY IN SRI LANKA
SARATH KUMARA, IDIRISINGHE MUDIYANSELAGE
Faculty of Management and Economics, Tomas Bata University, Zlin
Abstract: Policy is generally directed to achieve particular objectives, like targets for inflation,
unemployment, or economic growth. The government's economic policy determines the tools
and hopes that they will achieve its goals. But most of the developing countries suffer due to
in-appropriate policies which were adopted by the governments without analyzing in proper
way. Coconut industry in Sri Lanka being a largest land use crop with multi-purpose use to
the nation have faced to crisis situation due to the lack of proper policy regarding the industry.
This concept paper is to find the possibilities of applying Livelihood Policy Relationship
Process to develop policy frame work for coconut industry of Sri Lanka.
Keywords: Maximum of Livelihood Policy Relationship, Policy Process, Coconut Industry in
Sri Lanka, Policy failures
THE ROLE OF LARGE COMPANIES IN AN EUROPEAN ECONOMIC AND SOCIETY
MODEL
MARTIN SCHELBERG
Faculty of Management and Economics, Tomas Bata University Zlín
Abstract: The question, which is to be asked completing, reads as follows: How attractively
can a European economic and social order become for just under 6 billion non-union
Europeans, who do not show a tradition of the social welfare state? A European economic and
social order therefore cannot be limited to the defence of a transaction costs-intensive social
architecture, which was suitable for societies in the industrial age. However Europe with its
experience and sensitivity for social architectures is able to bring out social innovation.
Keywords: Sustainability, European economic and society model, Corporate Social
Responsibility.
ORGANISATIONAL AND LEGAL FORMS OF BUSINESS UNITS TOWARDS
PRIVATISATION AND CORPORATE SOCIAL RESPONSIBILITY
MARTIN SCHELBERG
Faculty of Management and Economics, Tomas Bata University Zlín
Abstract: The "failure" of the states in traditional areas like social welfare was in the 70s up to
the 80s the "initial spark" for the foundation of thousands of Non Government Organisations
and Non Profit Organisations. Most of the East European countries are completing the
development of an independent civil society. In the "wave" of global sourcing and upcoming
network organisations both new unexpected organizational and legal forms of business units
such as menu-based deliveries or co-locations and such as charities and endowments, which
might be seen as "byproducts" of the privatisation and outsourcing movement tend to fill the
vacuum of Corporate Social Responsibility, which is left behind by states.
Keywords: Organisational and legal forms of business units, privatisation, non government
organisations, non profit organizations, Corporate Social Responsibility, management.
PERFORMANCE MEASUREMENT PROCESS
ABDELASLAM GANA
Faculty of Economics, VŠB-TU Ostrava
Abstract: Performance measures are recognized as an important element of all Total Quality
Management programs. Managers and supervisors directing the efforts of an organization or a
group have a responsibility to know how, when, and where to institute a wide range of
changes. These changes cannot be sensibly implemented without knowledge of the
appropriate information upon which they are based, to address these issues we have to look
about operation of performance measurement systems. This paper provides a comprehensive,
step-by-step explanation of how to develop performance measurements at any level within an
organization and how to evaluate their effectiveness.
Keywords: Critical Activities, Effectiveness, Efficiency, Performance Measures, Productivity,
Quality, Safety, Timeliness.
THE AUDIT WORKING PAPERS AND IMPORTANCE OF THE EXTERNAL AUDITOR
YOUSSIF KHNDABI
Faculty of Economics, VŠB-TU Ostrava
Abstract: Working papers are vitally important tools of the auditing profession. To an auditor,
the ability to design and use working papers efficiently is just as essential as is the surgeon's
ability to use surgical instruments. In this paper, I will discuss the basic characteristics of
working papers audit and the roles that these papers play in the audit process. There is
background information about the nature of working audit and the major influences affecting
auditing activities. It describes what working paper audit is, why it is needed, and the various
types of working paper audits and auditors.
Keywords: Auditing, working papers, external auditor.
METAPHORICAL MODEL OF INNOVATIVE ORGANIZATION: RESEARCH METHOD
MARIA ERSHOVA
Faculty of Management and Economics, Tomas Bata University in Zlin
Abstract: In this work there was described the research method, used for creating a
metaphorical model of innovative organization. There was used analysis of corporate culture
according to Edgar Shein, which includes three levels of studying: the artefacts, proclaimed
values and basic assumptions. During the investigation there was also used Kim Cameron and
Robert Quinn’s model. It contains four types of organizational culture: hierarchy, competition
(market), adhocracy and clan. Described method allows create the model, which regards
innovative organization management from very different point of view, see interesting rules
of its functioning.
Keywords: Research method, metaphorical model, innovation organization, corporate culture,
management style, theatre.
PARTICIPATORY DEVELOPMENT COMMUNICATION (FARMER FIELD SCHOOL)
IS AN EFFECTIVE TOOL FOR RURAL POVERTY ALLEVIATION IN SRI LANKA
CHAMINDA SHAMAN HERATH
Coconut Research Institute, Sri Lanka, Tomas Bata University in Zlin, Czech Republic
Abstract: The Farmer Field School (FFS) has become an innovative, participatory and
interactive model approach for farmer education in Asia, Africa and Latin America. The
knowledge acquired during the learning process enables farmers to adapt new and their
existing technologies to be more productive, profitable, and responsive to changing
conditions. The recent evaluations done by the World Bank shows that, both the design and
implementation of poverty alleviation programs in Sri Lanka have been flawed and their
effectiveness and empowering the poor to overcome economic and social barriers minimized.
FFS approach is a potential tool to implement rural poverty alleviation programmes in more
effective manner.
Keywords: Participatory development communication, Farmer field school, Poverty
alleviation, Adult learning, Attitudes, Behavior, Decision-making, Empowerment, Rural
community.
ENTREPRENEURSHIP AND RISK ANALYSIS IN AGRICULTURE: A CASE STUDY
FROM TURKEY
ONUR KÖPRÜLÜ
Faculty of Management and Economics, Tomas Bata University in Zlin
Abstract: In the scope of this paper it is intended to investigate “Entrepreneurship and Risk
Analysis in Turkish Agriculture”. Therefore the main aim of this study is to bring out the
main characteristics of farmers against new farming techniques and their decision-making
process to understand the reaction for risky situations. The paper will be consisted of 5 main
parts; the first one is the introduction, the second one is entrepreneurship and its development,
the third one is their decision-making process and risk analysis, the fourth one is risk analysis
and a case study in Turkish agriculture and conclusion.
Keywords: Entrepreneurship, risk analysis, decision-making, agriculture.
INSTITUTIONAL PRIVATE EQUITY INVESTMENTS: A TRANSACTION COST
FRAMEWORK
MAXIM DAVID LITTEK
Faculty of Management, Comenius University
Abstract: This paper discusses transaction costs in the institutional market for private equity.
First, the author discusses features of imperfect markets and the existence of financial
intermediaries. Next, the paper highlights what contractual relationships in the market for
institutional private equity exist and details what types of transaction costs occur when private
equity investment companies (PEIC) make investments in portfolio businesses (PB). The
paper finally discusses benefits and shortcomings of the transaction cost approach.
Keywords: Financial intermediation, transaction costs, contractual relationships, private
equity
INDIVIDUAL QUALITIES OF MANAGERS AND THEIR INFLUENCE ON THE
PERFORMANCE OF COMPANIES AND INSTITUTIONS
MARTIN SCHELBERG
Faculty of Management and Economics, Tomas Bata University Zlín
Abstract: Assuming that one of the major goals of any society is productivity, managerial
effectiveness is defined as simply how well and efficiently the managers of an enterprise
accomplish enterprise objectives in a given environment. Inaccurate role perception explains
why so many mangers can’t translate their knowledge into higher job performance. And if
they don't understand their role, managers won't be able to accumulate the qualities and
capacities they need to channel their motivation in the right direction, to motivate others and
in the end their companies or institutions to the proper goals like economic performance,
efficiency and sustainability.
Keywords: Individual qualities of managers, performance of companies, sustainability,
Corporate Social Responsibility.
THE MEANING OF CORPORATE SOCIAL RESPONSIBILITY FOR BRAND
MANAGEMENT, PUBLIC RELATION MANAGEMENT AND VALUE MANAGEMENT
OF ENTERPRISES
MARTIN SCHELBERG
Faculty of Management and Economics, Tomas Bata University Zlín
Abstract: Significant value drivers of the sustainable Public Relation success is the image and
with it the brand, especially the brand credit, what means the invisible share of a Brand. In the
company practice it is recognised increasingly that the economic success not only depends on
the quality of the products, but also from the company image and his social acceptance.
Everywhere where Corporate Social Responsibility disposes of a high recognition, Public
Relation also owns a bigger meaning. And besides Brand Management and Public Relation
Management a third growing power should be seen, the Value Management.
Keywords: Brand Management, Public Relation Management, Value Management,
Sustainability, Corporate Social Responsibility
RFID-TECHNOLOGY: A BUSINESS OPPORTUNITY FOR SME
FRANK SCHOLZ
Faculty of Management, Comenius University, Bratislava
Abstract: The usage of new technologies, especially for small and medium-sized enterprises
(SME) is associated with a relatively high degree of uncertainty. This prevents many from
getting involved in spite of the great potential benefits. This applies accordingly for the Radio
Frequency Identification (RFID). RFID enables objects to be identified by radio waves. The
versatility of RFID technology is suitable for all sectors where it makes sense to identify,
authenticate and communicate with objects.
Keywords: Business Opportunity, Competitiveness, Kondratieff Waves, Middle Market,
Radio Frequency Identification (RFID), Retail Market, Small and Medium Sized Enterprises
(SME).
MARKETING COMMUNICATION POLICY OF MILK-AGRO LTD.
IVANA BUTORACOVÁ ŠINDLERYOVÁ – RASTISLAV KERÚL
Fakulta manažmentu / Katedra marketingu a medzinárodného obchodu, Prešovská univerzita
Abstract: The main goal of the study is to modernize and support the communication policy of
the chosen company. Based on the research of the Milk – Agro s.r.o. image and the
company´s communication policy analysis the author of the study tries to outline main ideas
and suggestions of communication policy strategy which might lead to gaining the first
position on the market within the competition.
Keywords: Marketing communication, strategy, Milk-Agro, modernization
EUROPEAN UNION AS THE BRAND CONCEPT – APPLICATION OF THE
MARKETING COMMUNICATION TOOLS METHODOLOGY IN THE SPHERE OF THE
EUROPEAN INTEGRATION
PAVEL ŽIARAN
Faculty of Business Economics in Košice, University of Economics in Bratislava
Abstract: European Union is on the quest of a new communicational identity because of three
reasons: (1) EU has set itself an ambitious objective to become the most competitive economy
in the world. (2) EU has shifted its focus from economic integration to the integration by
values. (3) There are significant diversities in understanding and interpreting EU as was
revealed in the communication campaign on European Constitutional Treaty in France in
2005. The objective of this article is to inquire on the application of three concepts based on
marketing theory as the platform for new coherent communication strategy: (1) marketing in
political communication, (2) European Union as a brand, (3) strategic conception of the EU
communication. Having verified the three concepts and their specificities, we conclude on
their viability and applicability. Consequently, this article could serve as a way towards a
catalogue of analytical and design tools of the European communication.
Keywords: Communication, European Union, referendum, political marketing, brand, strategy
SETTLEMENT OF THE MATRIMONIAL PROPERTY WITHIN THEINHERITANCE
PROCEEDINGS IN THE LEGAL SYSTEM OF SLOVAK REPUBLIC
MAGDALÉNA KERULOVÁ
Fakulta manažmentu, Prešovská univerzita v Prešove
Abstract: The objective of the study is to transparently outline a complicated system of
settlement of the matrimonial property within the inheritance proceedings. In this study author
dealt with matrimonial property and its “fate” after the death of one of the spouses. On the
basis of analysis of the null and present rules of law as well as selected practice of the courts
consequently author persuade to the conclusions which are evaluation of the present status
and inevitability of the changes in the future.
Keywords: Matrimonial property, settlement, inheritance proceedings, practice of the courts.
CONFLICTING AREA OF THE NEW GERMAN REIT LAW AND IFRS ACCOUNTING
MICHAEL VOGELBACHER
Faculty of Economics, VŠB-TU Ostrava
Abstract: The German REIT law has been adopted by the German Bundesrat (House of
States) as of March 30, 2007 being effective as of January 1, 2007. During all of 2007
sponsors, investment banks, law firms and audit + accounting firms are confronted with the
new REIT law conflicting with the existing German legal, audit + accounting and tax
structure. One major conflict area in context of the so called Umbrella Partnership REIT
structure comes from the IFRS (International Financial Reporting Standards) rule accounting
Limited Partnership capital as debt. This rule conflicts with the overall 55% debt ceiling of
the German REIT law. In essence the German REIT law has to be amended to the extent that
for purposes of the Loan To Value (LTV) ratio of the REIT law the IFRS accounting rule for
Limited Partnership capital will not be relevant.
Keywords: REIT, German REIT (G-REIT), Umbrella Partnership REIT (UP-REIT), IFRS,
IAS, Limited Partnership, Loan To Value (LTV) ratio, 50% debt limit, Amendment of GREIT law.
THE IMPORTANT OF ESTABLISHING FINANCIAL MARKET FOR THE LIBYAN
ECONOMY
ATIYA MILAD ALJBIRI
Ústav financí, PEF MZLU v Brne
Abstract: With the development of Libya’s market economy, the objective laws require the
establishment of the country’s financial market more and more, establishing the financial
market will improve the capital structure and profit-making of Libya’s commercial banks’ and
strengthen the economy reform in addition strengthen the effect of monetary policies and
absorb more foreign direct investment into country thus accelerating Libya’s future growth.
Keywords: Libyan financial market, liquidity, economic development, financial resources.
THE APPLICATION OF OPPORTUNITY COSTS: INTEREST RATERELATED
DECISIONS IN CASE OF UNCERTAINTY
RONNY KUNZ
SGL Carbon AG - Group Treasury
Abstract: The following paper is concerned with the choice of an optimal interest rate strategy
regarding debt financings within the (o2)-framework. We will show, that applying
opportunity costs as an alternative evaluation parameter is equivalent to the simultaneous
consideration of accumulated terminal and capitalised values. This alternative evaluation
parameter can be used to optimise the certainty and uncertainty of future payoffs. In case of
stochastic interest rates the optimal interest rate strategy can only be determined using
simulation procedures.
Keywords: opportunity costs, optimal interest rate strategy, stochastic interest rates.
INVESTMENT IN COMMODITIES
DAGMAR LINNERTOVÁ, EVA HREBÍCKOVÁ
Ekonomicko – správní fakulta / katedra Financí, Masarykova univerzita, Brno
Abstract: In this article there are described possibilities of investment in commodities. At the
beginning there is a short history of investment in commodities and important events that are
with commodities related. In the next part there are introduced the main commodity indices,
their construction and main advantages and disadvantages of them. In the last part of article
there are introduced some possibilities for retail investment in commodities.
Keywords: Commodity, index, underlying, certificates, rollover.
ASSET ALLOCATION WITH THE BLACK-LITTERMAN MODEL
VLADIMIR RAVINGER, FRANTIŠEK ŠTULAJTER
Fakulta hospodárskej informatiky, Ekonomická Univerzita v Bratislave
Abstract: Black-Litterman Model is a novel asset allocation technique that enables investors
to combine their own unique views on assets with the expected returns derived from the
market equilibrium. This paper provides a basic introduction to the Black-Litterman model
including the main ideas that stood behind the development of the model. Practical issues of
implementation are discussed in more detailed manner, particularly inputs and parameters.
The paper also elaborates on the advantages and disadvantages of the model and provides
references to the further recent research on the topic.
Keywords: Asset allocation, Black-Litterman Model, portfolio optimization.
CLUSTERS IN CREDIT INSURANCE: THE COMPETITIVE ADVANTAGE IN
VISEGRAD COUNTRIES
MARKÉTA STRŽÍNKOVÁ
School of Business Administration / Institute of Doctoral Studies, Silesian University
Abstract: In this paper we will examine the ability of a credit insurance company to deal with
the global credit insurance environment in the Visegrad countries. We will critically focus on
the essence of the credit insurance: risk assessment and innovative business strategy driven by
two major forces in the environment: customers and suppliers. We will help Atradius to create
a competitive advantage with creation of cluster in Visegrad countries and investigate how
cluster shall work and influence the position of the company.
Keywords: Credit insurance; Five Forces Model; Cluster.
SUSTAINABLE TOURISM, COMPARISON OF SLOVAKIAN AND AUSTRALIAN
CONCEPT
LUCIA DURICOVÁ
Fakulta manažmentu / Katedra turizmu a hotelového manažmentu, Prešovská univerzita v
Prešove
Abstract: Subscription is dealing with conceptions of sustainable development in area of
tourism at the most dynamical branch in modern economics. Viewing solution on this
problematic in Slovak republic and in Australian one. Find accordance and possible
applications of these concepts to this branch in Slovakia. The target is to estimate the
adaptation level of concepts of both States.
Keywords: Sustainable development, tourism, communication, backup organizations, state
adhesion
LOCAL STRATEGIES FOR ACTIVATING JOB CREATION AND SOCIAL CAPITAL IN
THE FRAME OF THE ESF INSTRUMENT OF SMALL GRANTS
SONA KOTIBOVÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: The subject of the work is cause of using small grants of the ESF for activating job
creating and social capital with focus on the positive role of intermediary bodies on the
integration of people from disadvataged background on the employment market. There is
pointed out the need of cooperation between NGOs and regional authorities.
Keywords: ESF Directive, integration of disadvantaged persons, global subsidy instrument,
“Local Social Capital”, small grants, intermediary bodies, employment market, government,
implementation, exclusion, innovation, SWOT analysis, regional authorities.
SOCIAL TAGGING – THE ESSENCE OF WEB 2.0
PAVEL DRÁŠIL
Faculty of Informatics, Masaryk University
Abstract: Within the last four or five years, the “Web 2.0” phenomenon has gained significant
attention and is currently the driving force of web development. This article deals with social
tagging, one of the typical Web 2.0 applications. Main principles of tagging are described
together with the reasons that make tagging so popular and the problems that the uncontrolled
nature of tagging may bring. Finally, possible usages of the mass of tagged resources are
presented.
Keywords: Web 2.0, tagging, folksonomy.
LITERATE PROGRAMMING AT SECONDARY SCHOOL
LADISLAV KAŠPÁREK
Fakulta informatiky, Masarykova univerzita v Brne
Abstract: "Literate" programs, their documentation and whole philosophy of Literate
Programming should have a wider dimension: the possible usage of LP at both secondary
schools and at schools for higher education (collages, universities), especially in subjects
dealing with programming techniques, algorithms, etc. It is therefore essential to devise a new
educational technique based on Literate Programming and to attest it in the real process of
teaching and learning. Another advantage of the new method will be a new interesting
educational material for students and teachers and more motivating form of education.
Keywords: literate, programming, teaching, method, secondary, school, web, tangle, weave,
TeX.
The Reviewed papers from the XI. International Conference MEKON 2009
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2009
ISSUES AND CHALLENGES OF THE EUROPEAN SMEs IN CONDITION OF
FINANCIAL CRISIS
PAVEL ADÁMEK
Slezská univerzita v Opavě, Obchodně podnikatelská fakulta v Karviné, Katedra
managementu a podnikání
Abstract: This paper deal with impacts of the financial crisis on European SMEs and the goal
of the article is to analyse European efforts oriented facing to recovering economics. The
method of analysis to be used is mainly a literature review of some of the most relevant,
theoretical and empirical works and papers from European Commission and empirical papers
in economics dealing with financial crisis. The structure of the paper includes two different
parts, preceded by a very brief introduction. Firstly, paper is focused on facts and figures
about SME policy and the main pillars of the European SME policy with the stressed to
importance in euro area. The second part of this paper will be devoted to discussing about
impacts of the financial crisis. Conclusion of the paper contains combination practical actions
and sets out approaches which could be developed into recovery plans.
Keywords: Crisis, SMEs, impact, EU, recovery plans, proceedings
QUANTITATIVE BENCHMARKS OF CLOSED-END PRIVATE EQUITY FUND-OFFUNDS FOR PRIVATE INVESTORS IN GERMANY
MICHAEL BAKIC
Faculty of Management, Comenius University in Bratislava
Abstract: Based on funds prospectuses and quantitative assessment criterions of professional
market participants, this article determine the qualitative benchmarks of closed-end private
equity fund of funds for private investors and shows the very complex costs and profits
sharing structure respectively their range of margins. The determined benchmarks serve as
decision guidance for private investors. The analyses of the effects on the internal rate of
return as a performance measurement, shows that private investors should primarily pay
attention to the arrangement of one off costs and current costs incl. preliminary results at the
fund conception.
Keywords: Private equity; benchmark; investment; closed-end funds; fund of funds
A SYSTEMIC VIEW OF KNOWLEDGE CREATION
DAN-EUGEN BIRTU
Faculty of Management and Economics, Tomas Bata University
Abstract: Within an environment of intensifying competition, it is widely observed that
organizations increasingly need a resource which is neither highly available, nor easy to copy
or imitate, and which can provide sustainable competitive advantage. The emphasis on
knowledge has expanded. Nevertheless, it is incomplete to focus solely on knowledge without
a proper management of its description, i.e. information. In order to achieve an effective
knowledge management, knowledge and information should not be managed independently.
They have to be managed and coordinated as a system. This paper aims to introduce and
describe a system which accurately embodies the processes, transformations and interactions
between knowledge and information.
Keywords: knowledge, information, knowledge creation, knowledge integration, integrated
management support systems
THE HALLOWEEN PUZZLE
LUKÁŠ DOLANSKÝ
Faculty of Economics, VŠB–Technical University of Ostrava
Abstract: This paper examines monthly stock returns most of world stock markets and
concludes that returns are significantly lower during the May–October periods versus the
November–April periods in 34 of 72 markets examined. The effect tends to be particularly
strong and highly significant in European countries. Moreover, we find no evidence that effect
can be explained by factors like the January effect, or risk. Sample evidence shows that in a
number of countries it has been persistent for a very long time. Practically, an appropriate
strategy can bring exceed returns in stock market affected by this calendar anomaly.
Keywords: efficient markets; stock market; market anomalies; trading strategies
HOTEL MANAGEMENT IN LIBYA
MABROK ELMRABET
Faculty of Economics, VŠB-TU Ostrava
Abstract: The paper is focused on five-star hotels in Libya and their organization structures. It
comes from a sample of three major five-star hotels in the Libyan capital Tripoli, and
examines two hypotheses: 1. Hotel administration lacks attention to the importance of
management and its role in raising quality and function of hotel services, and it affects
tourism growth in Libya. 2. There is a lack of qualified specialists on management positions
in the selected hotels. These hypotheses are confirmed by the research and result in
recommendations towards the management.
Keywords: administration, management, structure, industry, tourism, customer hotel
TOURISM DEVELOPMENT (MANAGEMENT AND OBSTACLES)
MABROUK ELMRABET, FRHAT HMMAD
Faculty of Economics, VŠB-TU Ostrava
Abstract: The development of tourism has become the basic foundation for the development
of any country that depends on this modern industry to increase its national income and
economic product. Some may hold the view that the industrial and technological development
are the only way to achieve economic prosperity for the citizens, as a result, the efforts made
in tourism and hotel development. When the number of tourists increases in any country, the
size of services increases. In addition, tourism contributes in the development of visual
exports which means that it is considered to be a primary and important source of foreign
currency and provide employment to a large number of people due to the importance of the
hotel industry.
Keywords: tourism, hotel industry, tourist
MEASUREMENT OF NATIONAL INNOVATION SYSTEM IN DEVELOPING
COUNTRIES
MAHMOUD ELSAYED MOUSTAFA HASSANIN
Faculty of Management and Economics/University of Tomas Bata, Zlín
Abstract: National Innovation system is a crucial system for developing countries to cope with
emergence of knowledge economy. Achieving a sustainable competitive advantage is a major
responsibility for all society partners. Building a coherent strategy to encourage
entrepreneurial enterprises and increase linkage between universities and industrial agencies
could be an important step for achieving required goals. This paper introduces an overview of
NIS: definitions, Framework, measurements, activities, and provides suggestions to lightening
the way for countries willing to build their NIS.
Keywords: National Innovation system, Per capita income, Growth, Human Development.
MODELLING OF PORK PRODUCTION FUNCTION
ZDEŇKA KROUPOVÁ, MICHAL MALÝ
Faculty of Economics and Management/Czech University of Life Sciences Prague
Abstract: The elaborated study is focused on the modelling of production function in pig
fattening in the Czech Republic. The modelling is based on panel data from 32 farms in year
period 2004-2007. The mathematical form of the mentioned function is a Cobb-Douglas
function. The estimated production functions can be used for the analysis of the potential of
Czech pork production. Pieces of knowledge introduced in this paper resulted from the
conclusions of an institutional research intention MSM 6046070906 „Economics of resources
of Czech agriculture and their efficient use in frame of multifunctional agri-food systems“.
Keywords: Production function, pork, panel data, production surface, map of isoproduction
functions.
AN INDEPENDENT KOSOVO HAS EARNED ITS SOVEREIGNTY DESPITE THE
UNITED NATIONS AND THE EUROPEAN UNION’S AMBIVALENT POSITION
TOWARDS ITS RECOGNITION
MARIANA MARTIŠKOVÁ, DANIELA MAŤOVČÍKOVÁ
Abstract: Failure to provide for Kosovo’s state recognition has on one hand enhanced state
sovereignty but on the other hand downgraded role of international law and its important
factors such as UN and the EU. Examining various reasons in favour and against the
recognition we would like to prove that the road towards greater political and economic
stability in the Balkans and Europe is to be undertaken from the legal and economic point of
view by the community of the fully respected, de iure recognized and independent states,
including Kosovo. Moreover economic prosperity in terms of higher living standard and
economic stability is a key element preventing further political and territorial disintegration of
the region.
Keywords: De iure recognition, UN Resolution 1244, Rambouillet Peace Talks, UNMIK
mission, EULEX mission.
BUSSINESS IMPACT ANALYSIS AND EVALUTION OF ITS RESULTS IN CONTEXT
OF IT SERVICE CONTINUITY MANAGEMENT
MARTIN ŠTEVKO
VŠB-TU Ostrava, Faculty of Economics, Department of Applied informatics
Abstract: The framework of ITIL (Information Technology Infrastructure Library) represents
the modern and standard approach to management of the ICT services in correspondence with
main goals of the whole company. External and internal providers of ICT services should be
ready to take care of not only standard situations but also unusual or even critical situations.
Solutions of these situations should respect the users` and clients` needs and requirements.
For satisfaction of users` and clients` requirements is necessary to recognize them. Suitable
tool for this recognize is Business Impact Analysis which can be base and starting point for IT
Service Continuity Strategies design and development. The author of the abstract describes
Business Impact Analysis process and its own way of evaluation of its results in connection
with IT Service Continuity Management.
Keywords: IT Infrastructure Library, IT Service Management, IT Service Continuity
Management, Business Impact Analysis, Business Impact Analysis results representation.
INFORMATION LIFE CYCLE PROVIDE SECURITY POLICY
MUSBAH ABOBAKER MUSBAH
Faculty of Economics, VŠB-TU Ostrava, Katedra Aplikované informatiky
Abstract: Information life cycle management enable us to understand our data, which is an
extremely valuable business asset and which must be managed properly, to ensure business
success and regulatory compliance. Understanding data management is meaning classify and
determine rules, responsibility and IT needed or we can say that our security policy could be
written. In this paper I display how life cycle provides security policy.
Keywords: Security policy, data active, data archive, responsibility.
THE ELIMINATION OF TRADEOFFS THROUGH EXTENDED PARTNERSHIP AND
OPTIMAL PORTFOLIO DESIGN
ANDREIA MINULESCU
Faculty of Management and Economics, Tomas Bata University in Zlin
Abstract: Companies have been forced to choose between quality, profits, and speed of
products delivery. Linear programming has been supporting the development of trade-off
society, proving its inability to comprehend human needs and desires. De Novo programming
has been developed to counteract linear programming, meant to design efficient
manufacturing processes, and respond to people’s wishes. In this paper, we will draw and
explain the connections between expanding the pool of business relations and optimal
portfolio design, as keys to developing tradeoffs-free production processes, and promoting a
wise use of resources.
Keywords: Added value - elimination of tradeoffs - De Novo programming
VALUE FOR ENVIRONMENT: A NEW DIMENSION OF ADDED VALUE
ANDREIA MINULESCU
Faculty of Management and Economics, Tomas Bata University in Zlin
Abstract: In the new economy, marked by hyper-competition, isolation is regarded as a threat
to business. The search for higher added value has lead to a redesign of inter-company
relationships, from linear- to circular systems. The latter have become known as ecoindustrial parks, where members of the same network raise process efficiency by trading
waste. This paper advances a unique dimension of added value – value for environment,
which has been created by applying a novel approach to solving process inefficiencies.
Additionally, a new definition of eco-industrial parks will be proposed, as an attempt to
encompass and clarify the benefits that these new nexus bring forth.
Keywords: Added value – value for environment – eco-industrial parks
CRISIS MANAGEMENT IN PROJECTS
OLIVER ORTHEY
Univerzita Komenského Bratislava, Fakulta Managementu
Abstract: Starting with the historical use the idea of “Crisis” is developed and defined in
association with projects. On this basis the characterization of crisis is described which leads
to the basic principles and the concept of the crisis management in projects. Especially the
difficulty of an early Crisis recognition and – decision is addressed because the project
organization is very often overstrained with that.
Keywords: Crisis, Project crisis, Project management, Risk management, Project controlling,
early recognition
AN EMPERICAL EXAMINATION OF THE INFORMATIONAL CONTENT OF BONUS
ISSUE ANNOUNCEMENTS IN SRI LANKA
PATHIRAWASAM CHANDRAPALA
Faculty of Management and Economics, Tomas Bata University in Zlin
Abstract: This study examines share price reaction to the announcement of bonus share issues
for a sample of Sri Lankan companies over the period January 2003 to December 2007.
Sample of the study includes 62 bonus issue announcements and the standard event analysis
methodology is used to examine the abnormal returns around the announcement day (day 0).
The risk-adjusted (market model) price reaction on announcement day is positive and
statistically significant, averaging 11.23%. Further, the study finds that there are no any
information leakages or delays reactions to the bonus issue announcements in the Sri Lankan
market.
Keywords: Price reaction; Bonus issues; Signaling; Sri Lanka.
DEGREE OF PROPERTY EQUIPMENT LIKE THE STATE OF THE DEVELOPMENT
INDEX OF THE REAL ESTATE
UDO PRIESS
Social and Economic Sciences/Comenius University Bratislava
Abstract: Based on the progress of the long-lived assets and equipment of a property the
author developed an index called “degree of property equipment”. Therefore will be displayed
the stages of development of fixed-assets for property services. Further is shown the
differentiation between property (structural) and property services and the conclusions of this
differentiation. The tool to master the challenges is the “degree of property equipment” as
“state of the development index” of a property. The “degree of property equipment” is an
index for the availability of property services. This index characterized the state of
development of a property and terms the capital ratio between property (structural) and
property services (equipment). The further development of the “degree of property equipment
(DPE)” comes to the result that it is important and necessary to classify it in DPE with land
costs and DPE without land costs.
Keywords: real estate market, real estate management, development tendencies, value
management, property, property services, degree of property equipment, state of the
development index, long-lived assets, pattern of use, technical infrastructure, operating costs,
capital ratio, location factors, user value, demand, innovation, growth, stagnation, saturation,
market orientation, statistics
REQUIREMENTS FOR A BANKING LOAN CONSULTING SYSTEM
Prof. Dr. rer. oec. habil. V. OPPITZ, Dipl.-Mathematiker (FH) A. VIVENZIO
Abstract: This article is based on the research question: which characteristics shall a loan
advising system have to establish an IT-technical basis to solve the lack of information
between borrower (client) and lender (bank) with the aid of a flexible bank owned loans
software (with graphical presentation of finance mathematical calculations and the interaction
with the software). This research question combines the queuing theory with the HumanComputer Interaction.
Keywords: loan, investor, borrower, lender, loan advice process, operating theory (queuing
theory), loan software, lack of information, computer-based point of service, arrival rate,
service rate, duration of advice
STRATEGIC ALLIANCES THE KEY TO SUCCESS IN THE AUTOMOTIVE INDUSTRY
ALEXANDER M. REICH
Faculty of Management, Comenius University in Bratislava,
Abstract: During the current global downturn which hit the automobile industry very hard, the
latest developments are expected for the Slovakia with curiosity. This country has faced huge
foreign direct investments over the past years and became the biggest per-capita-car
manufacturer in the world in 2008. Continuously rising global competition, cost pressure
forces the automotive manufacturers and -suppliers to enhance co-operations and strategic
alliances. A recent market survey provides latest data from the automotive suppliers in
Slovakia and illustrates the importance of strategic alliances among the global supply chain.
Keywords: Automotive, business network, cluster, co-operation, original equipment
manufacturer (OEM), original equipment suppliers (OES), Slovakia, strategic alliance.
MOBILE MARKETING AS AN EFFECTIVE DISTRIBUTIVE FORM OF COMMERCIAL
MESSAGES TO CUSTOMERS
KATEŘINA MATUŠÍNSKÁ
Obchodně podnikatelská fakulta Karviná/katedra marketingu, Slezská univerzita Opava
Abstract: The mobile phone as a personal device is always on, always available and
everywhere. Almost everyone has one. The mobile phone is becoming the personal
communication channel and its users are responsive. In a changing media environmnet,
brands now have the opportunity to connect with their consumers like never before. Thanks to
advantages of mobile phone as a communication medium, mobile marketing can be
characterized as a flexible, accepted method of perfect targeting the customers for the
attractive price and with good response measurement. In these days and also in the near future
the mobile marketing is becoming the most effective way how to attract the customers who
are more and more selective and immune to the above the line communications. A lot of nonmarketing activities as payment tools, booking systems, communication with banks etc. are
related to mobile marketing sphere. These activities won´t be mentioned in detail in this paper
because of no close relation with marketing and as well marketing communication too.
Keywords: Mobile marketing (m-marketing), SMS marketing, SPAM, Electronic
Communication Law, some Services of informative Community Law, Mobile Marketing
Association
SUPPLIER MANAGEMENT ON B-to-B MARKETS
PETR ZAJAROŠ, MARKÉTA ZAJAROŠOVÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: Goal of this paper is to describe theoretically and to apply suitable way of supplier
choice and evaluation on B-to-B markets. Questions related to purchasing and resources
management concern every company no matter the sphere of action – sector, production,
business or services but also if we talk about economic company or non-profit association.
Keywords: Company, B-to-B markets, supplier, customer, purchasing, strategy, evaluation,
quality, logistics.
INTEGRATED ENTERPRISE PLANNING AS START FOR PERFORMANCE
MANAGEMENT
DENNIS SCHMIDT
Fakulta managementu, Univerzita Komenskèho v Bratislave
Abstract: Entrepreneurial decisions are always future-oriented. In order to support
management in their decisions, Performance Planning presents an elementary task for
Controlling. In the following deliberations the conceptualization and the implementation of
Integrated Enterprise Planning is to be explained and described with the help of a Corporate
Performance Management Software System.
Keywords: Business Intelligence (BI), Controlling (CO), Corporate Performance
Management (CPM), Corporate Performance Management Software System (CPMS), Data
Warehouse (DWH), Enterprise Resources and Planning (ERP), Performance Management
(PM)
EMPIRICAL ANALYSIS OF LOSS RATE GIVEN DEFAULT IN RETAIL BUSINESS
JAN SCHOMBURG
Faculty of Management / Comenius University Bratislava
Abstract: The completion of the LGD calculation with a market fluctuation component
improves the calculation approach in order to derive the range of fluctuation in economic
downturn scenarios (regulatory requirements for mapping Downturn scenarios) from historic
datasets. The evaluation of the approximation function for the distribution of market value
fluctuations, particularly the loss distribution, allows initial bank-internal approaches to
estimate future loss values in case of failure in certain economic cycles. At the same time,
these approaches help understanding the need to strengthen the consideration of economic
factors in the framework of the LGD determination.
Keywords: Banking supervision, Basel II, Bafin, Loss Rate Given Default (LGD), Downturn
scenario, Beta-distribution, Value at Risk, market value fluctuation concept.
REACH TO SUSTAINABLE DEVELOPMENT GOALS WITHIN THE CONTEXT OF
FREE MARKET ECONOMY IS AN IMPOSSIBLE TASK FOR DEVELOPING
COUNTRIES WITH REFERENCE TO SRI LANKA
D M D DONALD P SRI JAYAWARDENE
Faculty of Management and Economics/Tomas Bata University, Zlín
Abstract: Objective of the sustainable development is provides the basic needs to people for
their well being and protect the environment for future generation. During last six decades
most of the developing countries transformed to free market economy and gained the
significant economic growth but contrary to that socio economic problems and environmental
issue also increased very fast. Although provides the basic needs to improve the living
standard of the people is a requirement of sustainable development it has become an
impossible task for developing countries within the context of free market economy.
Keywords: Sustainable development, Free market economy, Foreign investments, Cost of
living, Balance of trade.
NETWORK ORGANIZATION OR VIRTUAL ORGANIZATAION: COMPARATIVE
ANALYSIS
WŁODZIMIERZ SROKA, JOLANTA KUBICKA
Faculty Management, Academy of Business in Dąbrowa Górnicza, Faculty International
Relations, Academy of Business in Dąbrowa Górnicza
Abstract: The article concentrates on comparative analysis of network and virtual
organization. The nature, and basic features of both organizational forms have been presented.
The crucial part of the text is the comparative analysis of both forms, which shows that they
are very similar to each other. The conclusion of the text is that both forms presented have
their advantages and disadvantages, and a choice between them depends on a variety of
factors and specific circumstances.
Keywords: Network organization, virtual organization
USE OF MICROECONOMICS FOR MANAGERIAL ECONOMICS IN LABOUR
INVESTMENT DECISIONS
KUSUMA WIJESINGHE
Faculty of Management and Economics/Tomas Bata University in Zlín
Abstract: Managerial economics is a branch of economics that applies microeconomic
analysis to decision methods of businesses or other management units. In order to bridge
managerial decisions and economic theories, Economists build models of firm behaviour in
which managers select optimal solutions to their problems. This paper explains how a firm
takes decisions through economic theories and management decisions in the point of the
firm’s profit optimization. Also this paper explains total, marginal and average product of
labour and output elasticity of the production function to elaborate optimal position of labour
investment.
Keywords: Managerial economics, firm optimization, labour investment decision
A STUDY ON CREATIVE INDEX IN CHINA
JIANPENG ZHANG, JITKA KLOUDOVA
Faculty of Management and Economy/Tomas Bata University in Zlin
Abstract: With the increasing importance of creative economy, there are lots of researches on
it. For assessing the regional and city creativity, Richard Florida established the 3T´s model,
that is, Technology, Talent and Tolerance. In this paper, we firstly discuss whether the 3Ts
model can be used for China; and then we establish the Creative Index for the 26 provinces in
China mainland by a modified model which is based on the 3T´s model combining the
economic conditions in China. There are two new points in our model: One, we replace the
Gay Index and Bohemian Index with the Creative Class Index to express the region
Tolerance; Two, we calculate the number of Creative Class using a new method according to
the China’s economy stage. Through the correlation analysis, the results show that there exists
high correlation between the Creative Index and GDP per capita. The model explained the
disparity of regional economic development successfully.
Keywords: creative economy, Creative Index, China, 3T model, creative class
The Reviewed papers from the XII. International Conference MEKON 2010
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2010
THE EFFECT OF TRADE LIBERALIZATION ON AGRICULTURE IN SYRIA
BASEL ABBAS
Faculty of business and economics, Mendel University of Agriculture and Forestry
Abstract: This study applied on agriculture in Syria, focus on wheat as a strategic crop. This
study examines the impact of agricultural trade liberalization on agriculture in Syria, with
emphasis on the impact on small-scale farmers in the region.
Keywords: agriculture, trade liberalization, wheat prices, agricultural policy.
INFLATION IN THE US ECONOMY: IS IT A PROBLEM OR NOT?
RADEK BEDNAŘÍK
Abstract: This paper provides a brief analysis of selected macroeconomic indicators of the US
economy and tries to sketch out possible future developments of these variables. The main
conclusion is that the United States may be really threatened by possible inflation pressures in
the future, as well as by possible depreciation pressures on its nominal exchange rate.
Keywords: Inflation, financial crisis, monetary aggregates, product.
ON THE FIT OF DSGE MODELS
JAN ČAPEK
Katedra ekonomie Ekonomicko-správní fakulta, Masarykova univerzita
Abstract: The goal of the paper is to assess data fit of Slanicay and Vašíček’s (2009) model
variants with different criteria than posterior odds and to compare the results to findings of
Slanicay and Vašíček (2009). Conclusions of this article are following: Habit persistence in
consumption is found important and price indexation unimportant as in Slanicay and Vašíček
(2009). Model variants with foreign economy modelled with AR1 processes perform always
better than structurally modelled foreign economy. This finding is in contradiction to the
results of Slanicay and Vašíček (2009).
Keywords: Global Sensitivity Analysis, model fit, posterior odds, forecast quality, parameter
importance
NEED FOR GRAPHICAL VISUALISATION IN THE BUSINESS PROCESS
MODELLING WITH THE SIMPLE LINEAR REGRESSION MODEL
JOSEF ČERNÝ
Faculty of Economics, VŠB – Technical University Ostrava
Abstract: Nowadays, the businesses have to face rapidly changing environment. There is a
need to take decisions without complete information. In parallel, processional approach
became very modern way for managing organisations. In order to sustain the competitive
advantages companies need to use tools for modelling and simulations as the way of how to
deal with the uncertainties coming from the environment. Process modelling is getting to be in
vogue. Statistics brings many tools, methods, and techniques for analysts to make
backgrounds for appropriate decisions. This article deals with the main method of models
composing - the simple linear regression method – and the need for graphical visualisation.
All theoretical parts are practically represented by example with analysis.
Keywords: Statistics, process modelling, simple linear regression, exploratory data analysis,
graphical methods.
HOTEL MANAGEMENT IN LIBYA
MABROK MOHAMED ELMRABET
Faculty of Economics/VŠB-Technical University of Ostrava
Abstract: The paper is focused on five-star hotels in Libya and their organization structures. It
comes from a sample of three major five-star hotels in the Libyan capital Tripoli, and one
smaller hotel in the same category and place. Paper shows selected results of a more extensive
research based on questionnaire survey of employees of selected hotels. Recommendations
resulting from the research are directed towards the management of selected hotel and hotel
management in general.
Keywords: Administration, Management structure, Hotel management
THE KNOWLEDGE MANAGEMENT EFFECTIVENESS MEASUREMENT
METHODOLOGY: A PILOT STUDY FRAMEWORK
JIŘÍ FRANEK
Faculty of Economics, VŠB – Technical University Ostrava
Abstract: Knowledge management have been struggling with delivering quantified results of
its performance and effectiveness. Expensive and time consuming projects of knowledge
management implementation need to have clear and visible targets. Recent studies and
researches suggest that there is an option. New approaches to evaluation of knowledge
management performance are dealing with fuzzy mathematic models. They operate with
language semantic and transfer it in to weights (numbers) and after that results are again
translated into words. This paper presents current knowledge about the theme and drafts a
pilot study framework as the starting point for further research.
Keywords: Knowledge management, performance measurement, effectiveness, fuzzy models.
IMPORTANCE OF SPAIN IN INTERNATIONAL INTEGRATION PROCESSES – EUROMEDITERRANEAN PARTNERSHIP
AGNIESZKA GRZYWNA
Faculty of Economics/The Karol Adamiecki University of Economics in Katowice
Abstract: Spain as an example of a country that owing to its links is able to exert an influence
on the direction of the EU institutions in relations within Euro-Mediterranean countries and
Latin America. After almost twenty five years since the Treaty of Accession in 1985, modern
and fast growing Spain effectively carried out the entrusted functions and duties of leading the
Presidency of the Council of the European Union in the years: 1989, 1995, 2002 and
currently. The Mediterranean Sea region, especially the Maghreb countries due to their
territorial and historical closeness, are crucial in Spanish foreign politics and consequently in
the EU’s attention.
Keywords: European Union, integration, Euro-Mediterranean region, Spain, partnership.
MESSAGE TRANSPORT SERVICE MODIFICATION IN MULTI AGENT SYSTEMS
FOR DATABASE ADMINISTRATOR SUPPORTING SYSTEM
WOJCIECH KAMIENIECKI
Karol Adamiecki University of Economics, Informatics and Communication
Abstract: The aim of the hereby article is to show a new application of the multi agent
systems in the field of management systems with databases. This system can support
administrator in designing process and in the database management. This article also brings
up issues of the expansion of the FIPA standard for the module of message classification that
are sent by agents.
Keywords: Multi agent systems, database management systems, FIPA, Message Transport
Service, messages’ determinants, database projecting
SPORT AND TELEVISION TRANSMISSION IN THE CZECH REPUBLIC
MILOŠ KOSÍK
Faculty of Economics, VŠB-TU Ostrava
Abstract: The aim of this article is to highlight the rights of television and sports broadcasts in
the Czech Republic. Legal anchoring of television transmission and nationwide television
considering by issue of sport is indicated here. These are four channels and the attention is
focused mainly on Czech television. Other chapters focus on the prices of television
broadcasting and sport events of the biggest social importance.
Keywords: Sport, sports broadcasts, television
DOES SUSTAINABILITY STRATEGY AFFECT FIRM PERFORMANCE IN
RESIDENTIAL TRADE AND INDUSTRY? SOME KEY PROPOSITIONS
MARTIN MACION
Faculty of Management/Comenius University Bratislava
Abstract: The request for a sustainable development challenges both managers and consumers
to rethink habitual practices and activities. While consumers are challenged to develop
sustainable consumption patterns, companies are asked to establish managerial systems and
structures considering economical, ecological, and social issues. As this is in particular true
for housing associations, this paper aims first, at providing an understanding of sustainability
strategy in residential trade and industry (RTI) by identifying relevant facets of this construct
and second, at conceptually analyzing the impact of sustainability strategy in RTI on
operational efficiency and performance of municipal housing companies. The author develops
a model of sustainability strategy in RTI and its effects and further, sheds light in priorities for
future research.
Keywords: sustainability strategy, firm performance, residential trade and industry
ANALYSIS OF THE EFFECT OF ADVERTISING AND OTHER FACTORS ON
WEBSITE TRAFFIC
MARTINA HOĎÁKOVÁ, ZUZANA NÉMETHOVÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: In the first part of the contribution we define the basic theoretical knowledge to
measure website traffic, summarize analyzed websites and monitored variables. In the
analytical part there is the analysis of individual factors and their impact on website traffic. To
prove the relationships between the variables mainly Pearson's correlation coefficient is used.
In the conclusion the key findings from the analysis are briefly summarized.
Keywords: Website traffic measurement, Pearson´s correlation, website traffic indicators,
advertising on the Internet.
ATTITUDES TOWARDS MOBILE PHONES
ATTILA ENDRE SIMAY
Faculty of Business Administration / Corvinus University of Budapest
Abstract: The 21. century can be interpreted as the age of info-communication, when new
technologies can rapidly spread among people. One good example is the mobile phone, and I
studied the attitudes towards this technology and devices with a non-representative research.
My results show the mobile phones are reckoned very important in everyday life, and it has a
prestige feature. Respondents expect more application in a smarter, lighter mobile device in
the future. Young think the mobile has positive society effect, because it symbolises the
connection with others for them, which device help gathering the people.
Keywords: Attitude, Consumer behavior, Mobile phone, Young
THEORETICAL APPROACHES TO EXPLAINING BUSINESS COOPERATIONS
MARC SCHMIDT
Abstract: Engaging in entrepreneurial networks appears in view of the rising complexity and
dynamics of markets and higher demands on enterprises a viable tool in order to boost one’s
competitive position under the imperative of flexible corporate management. The aim of this
paper is to outline several pertinent theoretical approaches from business economic and
national economic point of view and to present a detailed analysis of cooperation incentives.
In the effort, the industrial organisation approach, the transaction cost theory, the game
theory-based approach and selected management concepts are discussed. The reader shall
gain insight into the driving motivations applicable under the different approaches. In the final
analysis, all the theories presented primarily focus on cost minimisation and/or profit
maximisation in firms.
Keywords: Business Cooperations; Experimental Economics; game theory; prisoner’s
dilemma.
MATHEMATICAL FUNCTIONS IN THE THEORY OF QUEUEING
VOLKER RAUSCH
Faculty of Economics / VSB - Technical University of Ostrava
Abstract: This paper presents an small overview of mathematical methods used in queuing
theory, and various examples of solutions of problems using these methods are given. Many
of the topics considered are not traditional, and include general Markov processes. Much
attention is devoted to the modern theory of regenerative maintenance processes in Facility
Management. Many of the topics considered are not traditional, and include general Markov
processes, test functions, coupling methods, probability metrics, continuity of queues,
quantitative estimates in continuity, convergence rate to the stationary state and limit
theorems for the first occurrence times. Much attention is also devoted to the modern theory
of regenerative processes. Each chapter concludes with a problem of the maintenance and
comments the applied mathematics solutions. For researchers, practitioner and graduate
students of applied probability theory and operations research.
Keywords: Calculation, Determinate, Facility Management, Maintenance, Markov process,
Operating system, Probability, Queuing theory, Receivables, Service.
CREATIVE COMPUTER ASSISTED SOLVING PROBLEMS IN COMPANY’S
INVENTORY MANAGEMENT
JULITA WLOCH, BARTOSZ KOPKA
Katedra Przedsiebiorczości i Zarzadzania Innowacyjnego, Akademia Ekonomiczna im.
Karola Adamieckiego w Katowicach; Katedra Informatyki i Komunikacji Spolecznej
Akademia Ekonomiczna im. Karola Adamieckiego w Katowicach
Abstract: „Creative computer assisted solving problems in company’s inventory
management” is a result of cooperation between informatics and innovation management
researchers, who are trying to find way, how to solve problems of managing, nowadays very
desired in business. First chapter is focused on company’s inventory. Definitions are given,
and then way to appoint of level company’s efficiency is showed, through inventory turns
system presentation. Therefore, authors go to creative thinking subject and manners of its
adaptation in management. Further subjects of management inventory’s company and creative
thinking are combined in chapter dedicated to creative solving problems, with computer
support topic underlined. Last part of this article is a case study presentation, concerning on
company’s inventory management creative problem solving, computer assisted in a company
Y.
Keywords: Inventory management, Creative thinking, Solving problems, Computer
Company’s efficiency
HEDGE FUNDS REGULATION IN EUROPEAN UNION
MONIKA ZIENKO
Akademia Ekonomiczna im. Karola Adamieckiego w Katowicach
Abstract: This article deals with hedge funds regulation in European union.The world
financial market has lately been interested in alternative investment. Alternative investments
are able to make profit without connection with the stock market and the bond market. The
most interesting alternative investments are hedge funds.
Keywords: Hedge Funds, Regulation, European Union, Volatility, Short Selling, Capital
The Reviewed papers from the XIII. International Conference MEKON 2011
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2011
CORRESPONDENCE ANALYSIS AND CLUSTER ANALYSIS IN MARKETING
RESEARCH
JUSTYNA BRZEZIŃSKA
University of Economics in Katowice, Faculty of Management
Abstract: Correspondence analysis is a method applicable for analyses of contingency tables
to analyze the relations between two or more categorical variable. The main purpose of the
method is to reveal the structure of a complex data matrix by replacing the raw data with a
more simple data matrix without losing information. This is usually applicable for analyses of
large contingency tables. Another method used with correspondence analysis is cluster
analysis which assigns a set of observations into cluster, so that observations in the same
cluster are similar to one-another.
Keywords: correspondence analysis, cluster analysis, categorical data analysis, contingency
table.
SIMULATION SOFTWARE FOR LOGISTICS: A LITERATURE REVIEW SURVEY
WITH PRACTICAL APPLICATIONS
JOSEF ČERNÝ
Faculty of Economics, VŠB-TU Ostrava
Abstract: The business environment is considered to be changing all the time and creates high
standards to remain competitive. Technology development has recently been implemented in
managerial decision making to provide flexibility, to simplify as much as possible otherwise
very difficult managerial tasks. More and more, management operations have been driven
through special software packages utilization. This paper lays the aim in an insight into
several chosen simulation software packages comparison, their practical applications and by
this creating the platform for their future utilization in following research activities.
Keywords: Simulation, Simulation software, AnyLogic, WITNESS
CONTEMPORARY COSTS FACTORS OF SUPPLY CHAIN MANAGEMENT IN THE
CZECH REPUBLIC
OLEG DEJNEGA
Faculty of Economics, VŠB-TU Ostrava
Abstract: This article presents contemporary costs trends in the area of supply chain
management in the Czech Republic. Paper shows the supply chain like instrument to achieve
the competitive advantage in the high competitive environment without respect to industries
sector and evaluates the current impact influence of high price of petrol and diesel on prices
of products, the morale balance of payments to operate capital of companies and appraise the
situation of transport infrastructure in the next year 2011 and 2012 in the Czech Republic. The
aim of the paper is to find out the main aspects of costs in supply chain management under
conditions of the Czech Republic.
Keywords: Costs of supply chain, Economic environment, Morale balance of payments, Road
Toll, Transport infrastructure
CORPORATE SOCIAL RESPONSIBILITY (CSR) AS AN INNOVATIONS DRIVER
OLAF FLAK, ADRIAN PYSZKA
Faculty of Management / The University of Economics in Katowice
Abstract: CSR is a new trend in doing business. The main assumption of this article was to
prove that social entrepreneurship and activity in the Corporate Social Responsibility provide
new way for creating innovative strategies inside and outside organization (closed and open
innovations). This is a new innovative CSR-driven business model going beyond traditional
management and economic thinking.
Keywords: CSR, innovation, open and close innovations, shared value, competitive context
KNOWLEDGE WORKERS: A TYPOLOGY FRAMEWORK
JIŘÍ FRANEK
Faculty of Economics, VŠB-TU Ostrava
Abstract: The paper deals with concepts of knowledge, knowledge work, knowledge workers
and knowledge management. Its aim is to present relations among mentioned concepts, find
appropriate characteristics with regard to knowledge workers and design a framework of
knowledge worker typology identification instrument. The purpose of this paper is to promote
author’s assumptions and implications for further research.
Keywords: Knowledge, knowledge work, knowledge workers, knowledge management.
EURO ZONE PERIPHERAL COUNTRIES FROM THE PERSPECTIVE OF POSSIBLE
CRISIS PROPAGATION
JOANNA GASKA
Finance and Insurance Faculty / Karol Adamiecki University of Economics in Katowice
Abstract: The subject of this paper is to define and isolate peripheral EU countries (especially
euro zone countries) and to assess how much being peripheral refers to economic standing
and its repercussion during the time of financial crisis and public debt/ deficit rising problems.
Two different multivariate comparative analysis methods were applied to the same set of last
ten years macroeconomic and fiscal indexes: linear scaling and Wroclaw taxonomy with
additional directional information. The peripheral position during the crisis might be
considered as a risk factor as it was shown in the evidence of Greece and Portugal.
Keywords: Multivariate comparative analysis, euro zone, crisis
POLISH CHATBOTS ON THE NET CURRENT STATUS AND DEVELOPMENT
TRENDS
AGNIESZKA JANAS
Department of Knowledge Engineering / University of Economics in Katowice, Poland
Abstract: The article presents the current issues connected with Polish programs
communicating in natural language (chatbots). The scope of work remains within the field of
artificial intelligence. The paper presents the history of Polish chatbots, their profile, some
benefits from their use and data on the Polish position in the world in terms of the number of
chatbot implementations. The study indicates the most important directions for future
development of science about bots. The highlighted trends can be seen not only in Poland but
also globally.
Keywords: Chatbot, bot, chatterbot, conversational agents, virtual agents, artificial
intelligence, history of chatbots in Poland.
THE IMPLEMENTATION OF FLEXICURITY PRINCIPLES IN THE CZECH REPUBLIC
AND THE POSITION OF SOCIAL PARTNERS
EVA JANASOVÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: This article deals with the introduction of Flexicurity concept based on the
successfully Danish experiences made in the nineteen’s of 20th century – Danish flexicurity
model. This model has led to the significant decline of the unemployment rate in Denmark
and in this way it has attracted attention of European institutions. Currently is this model
considered as an appropriate instrument of labour market policy, which combines the high
level of employment and the sustainability of national fiscal budgets in itself. The main goal
of this model is to improve policy measures which address both the flexibility and security
dimensions for workers and employers alike. However the European Social Partners
emphasise that there is no one single model applicable for all 27 Member States of the EU,
they agree that applied in the right way, the Flexicurity approach can create a win-win
situation and be equally beneficial for employers and employees. The main purpose of this
paper is to analyse the state of implementation of the Flexicurity principles in the Czech
labour market and to assess the position of social partners to the implementing of Flexicurity
in the Czech Republic.
Keywords: Czech Republic, flexicurity, labour market flexicurity, labour market security,
flexible forms of employment, unemployment, employment policy, lifelong learning, social
security system, labour low, social partners.
CUSTOMER ETHNOCENTRISM AND COUNTRY-OF-ORIGIN EFFECT –
METHODOLOGICAL ASPECTS OF RESEARCH IN SERVICES MARKET
AGNIESZKA LEBIEJKO
Faculty of Management/ University of Economics in Katowice
Abstract: At present, service sector is identified as the fastest growing area of international
trade which results in the occurrence of the phenomenon of services internationalization.
Consumers are not isolated from these changes and make certain adaptive decisions. As a
result there is a great need to determine consumers’ attitudes toward both domestic and
foreign services and other possible aspects influencing appearance of this attitude. The article
presents concepts of customer ethnocentrism and country of origin effect in the area of
services market and indicates the research necessity with the exemplary research design as
well as it points out difficulties connected with the specificity of services that are likely to
occur during the research work.
Keywords: Customer ethnocentrism, country of origin effects, internationalization, market of
services
RESPONSES TO RISKS IN THE SUPPLY CHAIN
ALENA MINÁROVÁ
Department of business administration / VSB – Technical university of Ostrava
Abstract: This paper is focused on instruments of risk management in the supply chain. Its
aim is to introduce and describe the basic responses to risks, to present their practical
application and specifics associated with certain types of risks. The basic directions, that
specify the response to risk include: the design of supply chain, reducing variability, spare
capacity, agility, forecasting, insurance, cooperation, contracting, etc. In the article are
presented findings from a survey about approaches and methods of risk management in
supply chains in the Czech Republic.
Keywords: Supply chain, risk, risk management, response to risk.
MONETARY POLICY AND COMMODITY PRICES: THE IMPACT OF OIL PRICE
SHOCK ON THE CZECH ECONOMY
JAN HOŠEK, LUBOŠ KOMÁREK, MARTIN MOTL
Czech National Bank, Faculty of Economics/VŠB–TU Ostrava and the University of Finance
and Administration
Abstract: This article discusses the relationship between monetary policy and oil prices and,
in a broader sense, commodity prices. Firstly, it discusses the existence of “transmission
channels” through which monetary policy can be propagated to oil prices (or prices of
commodities). Subsequently, it provides an insight into the CNB’s forecasting process, both
by looking retrospectively at the oil price outlook in the past and by analysing a transitory and
a permanent shock (a rise in the oil price of USD 30/b). The simulated oil price shock is
calculated from the average level of Brent oil prices in the first quarter of 2010, i.e. USD
77.50/b.
Key words: oil price, monetary policy, real interest rate, oil price shock.
STOCHASTIC MORTALITY MODELING
INGRID PETROVÁ
Faculty of Economics / VSB - Technical University of Ostrava
Abstract: In this paper we present a overview of the stochastic mortality models. The
stochastic model for forecasting of mortality rates is preferred to the deterministic models.
The mortality rate modeling belongs to the one of the most important activity not only of a
insurance company, but also of a pension fund. The systematic deviation from the unexpected
mortality rates can mean certain threat of financial stability. The Lee-Carter model is very
useful, for a long-time popular and still used approach for mortality risk modeling. The aim of
the paper is to model mortality for males and females in the Czech Republic using Lee-Carter
model and to model the residuum. We can observe an improvement of mortality.
Keywords: Mortality risk, stochastic model, Longevity risk, Lee-Carter model.
REAL TEXT DATA ANALYSIS USING MACHINE-LEARNING APPROACH
VADIM RUKAVITSYN
Faculty of Business and Economics / Mendel University in Brno
Abstract: The paper describes results of a research work aimed at looking for appropriate preprocessing of the text data from amazon.com, training efficient algorithms, and categorizing
future reviews which were not available during the training process. The suggested method is
using the machine-learning (ML) based approach to this classification problem, demonstrating
on some real-world data that a machine can learn from examples relatively well. The
classification accuracy is quite acceptable by users; despite it is not 100 % perfect because of
typical problems with processing of natural languages.
Key words: customer opinion analysis, machine learning, textual data, unbalanced samples,
classification.
ANTECEDENTS OF LOYALTY IN MOBILE SERVICES
ATTILA ENDRE SIMAY
Faculty of Business Administration / Corvinus University of Budapest
Abstract: As the growth of telecommunication market is decreasing, and the competition is
increasing, the maintenance of market share is become more and more important to the
service providers. So the focal point of the article is the consumer loyalty, and its antecedents,
like consumer satisfaction. According to the results the perceived quality creates value and
satisfaction, and satisfaction can directly influence the repurchase likelihood and consumer
complaints. Satisfied consumers tend to buy again, and do not complain, make negative word
of mouth. But consumers can switch for financial benefits despite of satisfaction.
Keywords: Consumer Satisfaction, Consumer Loyalty, Mobile Services
ROLE OF INFORMATION SOURCES IN A STUDENT DECISION-MAKING PROCESS
ON EXCHANGE PROGRAMMES
LUCIE SOBKOVÁ
Faculty of Economics / VSB – Technical University of Ostrava
Abstract: Learning mobility is a key priority. It helps to overcome recent recession, to build
intensive-knowledge society and all concerned parties benefit. Trends in international
education contribute in increasingly competitive higher education environment and growing
importance of branding of higher education institutions. The aim of this paper is to analyze
role of information sources in a student decision-making process on exchange programmes in
purpose of designing effective communication of a university.
Keywords: Decision Process, Information Sources, Student Mobility, Exchange Programmes,
Erasmus Programme.
MANAGEMENT SPECIFICS IN MULTINATIONAL CORPORATIONS
MARTIN TURČAN
Faculty of International Relations / University Of Economics in Bratislava
Abstract: The power of multinational corporations is hand in hand with globalization
becoming bigger and bigger. These companies employ several hundred thousand people and
do business across the whole world. The management in such an organization has its specifics
how to manage its resources, manage relationship between corporation and local subsidiaries.
This paper shows specifics which can be seen only in multinational companies. Management
and environment of these companies are able to persuade its employees about higher aim to
motivate the employees to their best. The aim of this paper is to show specifics of relationship
between parent company and subsidiaries.
Keywords: Management, Parent Company, Subsidiary, Multinational Corporations.
THE ANALYSIS OF THE INFLUENCE OF COMMUNICATION ON THE PURCHASE
OF PHARMACEUTICAL PRODUCTS USING LOGISTIC REGRESSION
JANA VALEČKOVÁ
Faculty of Economics / VŠB -Technical University Ostrava
Abstract: The size of the pharmaceutical market and sales are increasing constantly. Market is
flooding with a new drugs and preparations. There is increasing the number of the
communication campaign for these medicaments. This paper aims to analyze the relationship
between the awareness of the communication campaign and the purchase of the drugs. There
is monitoring five groups of drugs, namely vitamins and minerals, medicines for immune
support, painkillers, pharmaceutical cosmetics and medicines to support the nervous system.
Analysis is made by using logistic regression, there are determine odds ratio of purchase and
purchase probability. The coefficients are estimated using maximum likelihood.
Keywords: Customer behaviour, pharmaceutical market, OTC, marketing research, logistic
regression, odds ratio, maximum likelihood method.
GLOBALIZATION, ECONOMIC CRISIS AND INFORMATION SYSTEMS USING IN
THE MANAGEMENT
WĄCHOL JERZY
Management Faculty / AGH-University of Science and Technology, Krakow, Poland
Abstract: The paper covers the use of multimedia and the Internet in management,
concentrating mainly on globalization and management process (planning, organization,
motivation and control). The use of modern multimedia and the Internet in management must
be thoroughly thought over because it has both chances and new possibilities and dangers for
companies, employees and clients in the new age of knowledge, information technologies,
globalization and economic crisis. The paper also presents statistical data, with short
analyzing, in selected countries about the economical and demographical data in the World.
Key words: economic crisis, management informatics systems, globalization, multimedia.
The Reviewed papers from the XIV. International Conference MEKON 2012
Research outcomes of doctoral students and young researchers published by EKF VSBTU OSTRAVA 2012
CAN INTERMARKET MODEL BE USED TO INDICATE PX INDEX?
JANA VYCHYTILOVA
Faculty of Management and Economics / Tomas Bata University in Zlin
Abstract: The aim of this paper is to present major world markets indices in their interaction
and to evaluate their real ability to indicate PX index performance. The intermarket model is
tested across the period from 4 January 1999 to 4 January 2012 and consists of S&P 500 stock
index, 30-Year US Treasury, R/J CRB commodity index and of US Dollar index. The results
of a regression model prove the statistically significant relationship between the official index
of the Prague Stock Exchange and the U.S market indices at the 99 % confidence level. The
correlation between S&P 500 and PX index is emphasized.
Keywords: Performance measurement, financial markets, returns
USE OF ACCOUNTING INFORMATION IN MANAGING THE COMPANY'S
FINANCIAL PERFORMANCE
ĽUDMILA BEDNAROVA
Fakulta manažmentu / Prešovská univerzita v Prešove
Abstract: Performance is generally considered to be a characteristic, which is used to value
how company fulfils its objectives. For the assessment of business performance we need
information that are provided by accounting. The aim of this paper is to highlight and assess
the role played by accounting in measuring and managing financial performance. The
objective of this paper is also to mediate a view of financial performance as a subsystem of
the overall performance of the company.
Keywords: Financial indicators. Financial accounting. Managerial accounting. International
standards of financial reporting – Generally Accepted Accounting Principles (US GAAP).
“FINANCIAL GAP” IN SMALL AND MEDIUM – SIZED ENTERPRISES FINANCE IN
OECD COUNTRIES
KATARÍNA BELANOVÁ
Národohospodárska fakulta/Ekonomická univerzita v Bratislave
Abstract: Small and medium – sized enterprises (SMEs) are the backbone of all economies, as
well as a key source of economic growth, dynamism and flexibility. SMEs constitute the
dominant form of business organisation, accounting for over 95% and up to 99% of
enterprises depending on the country. They are responsible for between 60 – 70 % net job
creation in OECD countries. Small businesses are particularly important for bringing
innovative products or techniques to the market. Financing is necessary to help them set up
and expand their operations, develop new products, and invest in new staff or production
facilities. Due to the fact, that a substantial portion of the SME sector does not have sufficient
collateral required for collateral based lending, and does not have high enough returns to
justify the risks taken by venture capitalists, they cannot obtain finance from the formal
financial system and it leads to the SME financial gap. The paper deals with the reasons of the
SME financial gap, its differences among the countries, discusses if it is possible to measure it
and provides the proposals how to overcome it.
Keywords: Financial gap, SME, Collateral based lending, Venture capital.
THE INDEPENDENCE ANALYSIS OF CATEGORICAL DATA WITH THE USE OF
LOG-LINEAR MODELS
JUSTYNA BRZEZIŃSKA
Faculty of Management/ University of Economics in Katowice
Abstract: Independence of categorical data is a common task in many areas of economy.
Association analysis is usually done by studying the contingency table. Complex and useful
method for analysing cross-classified large datasets is log-linear analysis. This method is an
appropriate modelling method concerning multi-way tables and interactions that are not
included in others statistical methods. In log-linear models the expected value of observation
is given by a linear combination of a number of parameters. Maximum likelihood (ML)
method is used to estimate the parameters. An application in R software in economy area will
be presented in this paper.
Keywords: Independence analysis, categorical data, log-linear models, contingency table.
POSSIBILITIES FOR SUPPLY CHAIN MODELLING: A DESIGN OF A CONCEPTUAL
MODEL OF CAPACITY MANAGEMENT AND NECESSARY DATA IDENTIFICATION
JOSEF ČERNÝ
Faculty of Economics, VŠB-TU Ostrava
Abstract: Supply chains have recently been facing the issues, emerging in a turbulent
environment. The time period of the global economic and political crisis expresses itself with
increasing risk factors. In a survey research in 2010, which was conducted at the Faculty of
Economics of VSB – TU Ostrava, risk factors influencing supplier-customer relations and
their organization were found out as dominant. In 6 case studies research, realized in 2011,
input-logistics were examined. The aim of this paper is to outline possible problems of the
supply chain management (SCM), their methodological tools, and to design a conceptual
model of capacity management with necessary data identification.
Keywords: Supply Chain Analysis, Methodological Tools in Logistics, Conceptual Model.
INSTABILITY AND DISEQUILIBRIU ARE NORMAL; STABILITY AND
EQUILIBRIUM ARE NOT
RALPH COLDITZ
University of Economics, Prague
Abstract: “The theory of complexity describes life better than the previously available
theories cause it deals more effectively with dynamic, non-linear and cyclical phenomena”
(Goulielmos, 2002). Modern complexity theory (within that “chaos” is a particular mode of
behavior) has grown over the last 40 years with origins especially in the field of evolutionary
biology and other nature sciences like mathematics, and chemistry. It is this ‘new science of
complexity’ that has begun to capture the attention of scholars in the behavioral and
organizational sciences. The importance of complexity theory for management is to find in a
pre-existing state of management theory and practice including unanswered but self-imposed
boundaries. Complexity-based thinking is able to overcome such limitations. This paper
reviews recent studies concerning the “complex adaptive system” approach and it applies the
theory to “management style”. It is explained how and why these reviewed concepts and
theories are important to organizations and their leaders and additional it is shown how
manager can apply them to their organisations. Finally, several promising points for future
research are explored.
Keywords: complexity theory, complex adaptive systems, emergence, evolution, leadership,
management styles, self-organization
THE MODEL FOR DECREASING THE COSTS IN SUPPLY CHAIN WITH
IMPORTANCE OF SUPPLIERS
Faculty of Economics, VŠB-TU Ostrava
OLEG DEJNEGA
Abstract: The article deals with a design of model for decreasing costs in the supply chain
with a subsequent adjustment of sizing safety stock with especially importance of alternative
suppliers on the basis model of authors Bahareh Amirjabbari, Nadia Bhuiyan and their cost
minimization model. Paper shows the formulation and design of cost model with outlining a
model in a particular case to supply chain with three suppliers and with their respective
independent alternative suppliers, stream of material, manufacturing in plant, safety stock and
two final customers. The goal of this paper is a model and its application to reduce costs in
supply chains using contracted suppliers and their probability of delivery in conjunction with
alternative suppliers and their performance.
Keywords: costs, supply chain management, cost model, probability, delivery performance,
equations, alternative supplier
OPTIMIZATION OF RENTED CARS DISTRIBUTION BETWEEN TWO
DESTINATIONS
MABROK MOHAMED ELMRABET
Faculty of Economics/VŠB-Technical University of Ostrava
Abstract: Paper focuses on a proposal of optimum distribution of cars for rent between two
locations. Based on the knowledge of the actual customer behaviour, and the rates of
returning the cars to their original destinations, and utilizing Markovian chains the paper gets
to a concluding proposal. That means keeping 20 (of the 48 cars intended to operate) in
Tripoli and 28 in Benghazi. This should minimize the costs of useless transportation of cars
between the two places.
Keywords: Optimization, Markovian chains, descriptive model, car rental.
THE CLASSIFICATION OF SME BASED ON THE SURVEY OF SME ICT
UTILIZATION IN THE MORAVIAN SILESIAN REGION.
JIŘÍ FRANEK
Faculty of Economics/VSB-Technical University of Ostrava
Abstract: The paper deals with information and communication technology (ICT) utilization
among small and medium enterprises (SME) based on a survey carried out among firms from
Moravian Silesian region. The aim of the paper is to suggest a classification of SME with
regard to the level of ICT utilization. Theoretical framework and literature review supports
the assumption that ICT is essential for SME competitiveness in terms of ability to adapt and
be agile. Important factors concerned with ICT adoption and utilization are discussed. Also
differences between large companies and SME in ICT requirements are taken to account. The
article then follows with description of research and methodological approach. Then results
from data analysis are discussed and presented with its implications to the practice and theory.
Keywords: ICT, SME, small and medium enterprises, information systems
MANAGING OF FINANCIAL FUNDS
HAOCHEN GUO
Faculty of Economics/ Technical University of Ostrava
Abstract: This paper presents and analyses the Value at Risk for financial funds that allows
the funds to be managed. The methodology of Value at Risk which can be services for cast
aside the risk of potential losses during investment. The basic determination of the funds
Value at Risk can be delimited as expected maximum loss or worst loss over a target horizon
within a given confidence interval as fund’s portfolio profit should be less than a
predetermined level with stated probability α. The level of risk as a loss, the methodology
Value at Risk formulated negative loss.
Keywords: Mutual fund, Hedge fund, risk management, Value at Risk
UNCERTAINTIES IN INVESTMENT COSTING THROUGH REFERENCE COST
VALUES
THOMAS HARBORTH
Institute of Management, Slovak University of Technology in Bratislava
Abstract: Investment cost projections entail some inherent risks. A common technique in cost
planning is investment costing based on historical mean values provided by databases. With
example costing calculations that provide reference cost values, it shall be exemplified that
investment costing only delivers probable results with a certain spread on the statistical
distribution curve. Within imposed tolerance limits, options have been found to better
interpret the investment costing output, though the uncertainties still remain.
Keywords: Forecasting, Capital cost, Tolerance, Probability
ASSESSMENT OF VARIABILITY OF TECHNICAL COEFFICIENTS FROM INPUTOUTPUT TABLES IN CZECH REPUBLIC DURING 1995-2010
MILAN KAŠTAN
Faculty of Economics, VŠB-TU Ostrava
Abstract: Presented paper examines the variability of technical coefficients calculated on the
basis of input-output tables published by the Czech Statistical Office for years 1995 to 2010.
The low variability of coefficients is a prerequisite for their applicability in the
macroeconomic forecasts. The paper progressively deals with meaning of technical
coefficients, the method of their calculation and shows the characteristics of variability. It was
found that the variability of coefficients is high and therefore the technical coefficients, with
few exceptions, are not very suitable for the prediction.
Keywords: Input-Output Tables, Supply and Use Tables, System of National Accounts,
Technical Coefficients, Structural Analysis
GERMAN COVERED BONDS (“PFANDBRIEFE”)
MICHAEL KRINGE
Faculty of Economics, VŠB-TU Ostrava
Abstract: “Pfandbriefe” are a special type of Covered Bonds. They are notes which have been
issued by a special financial institution (“Pfandbriefbank”). In Germany the history of this
product does reach back to 1769. Due to the very strict rules of the German „Pfandbrief Act“
and the various corresponding regulations the product “Pfandbrief” has become a preferred
and secure investment opportunity for investors and an attractive source of funding for
financial institutions. This paper aims to provide a brief overview on the product “Covered
Bond” in Germany.
Keywords: covered bonds, pfandbriefe, pfandbrief act, cover pool, trustee
MARKETING COMMUNICATION TOOLS
ANDREJ ORAVEC
University of Žilina, PEDAS
Abstract: The theme of this essay is dedicated on marketing communication tools and their
importance in successful marketing campaign of each company. The aim of the essay was to
analyses the 5 basic marketing communication tools and the importance of new methods and
the on-line marketing. One of objectives is to show how new internet products influence
marketing tools. To show the importance of online marketing and it’s tools.
Key words: marketing, communication, advertising, sales promotion, direct marketing public
relations, personal selling, on-line marketing
USAGE OF ELECTRONIC REVERSED AUCTIONS AS OPTION FOR PROCUREMENT
OF IT-CONSULTING SERVICES
STEFAN SCHWIND
Faculty of Economics, VŠB-TU Ostrava
Abstract: The article presents a case study that examines the vendor and price selection
process for Procurement of IT-Consulting (body shopping) with the usage of electronic
Reverse Auctions (eRA) as sourcing option for major banks and exchange companies. The
overall research objective of this article is to enhance the understanding of the procurement of
IT-Consulting Services via online reverse auctions, specifically from the perspective of
services characteristics, auction context and buyer-supplier relationships based on a conducted
case study for IT-Consulting. The case study examines the effects of reverse auctions
outcomes and relationships and performance in auctioned IT-Consulting resources (body
shopping) for a full year demand of a Dax 30 company in the finance sector.
Keywords: IT consulting, service provider selection, electronic reversed auction, skill grid,
procurement
COOPERATION IN INTERACTIONS OF KNOWN VS. UNCERTAIN LENGTH:
EXPERIMENTS WITH THE PRISONER’S DILEMMA GAME
ŠTĚPÁN VESELÝ
Faculty of Business and Management/University of Technology Brno
Abstract: We confirmed that players of an iterated Prisoner’s Dilemma game cooperated less
near the end of an iterated game with known finite end as compared to iterated games with
uncertain ends. We also found that end effect is specifically present only in the very last
moves of games with known finite end, which means it does not influence players’ choices in
the initial and middle stages of the game. Axiomatic game theoretical predictions are
discussed. The existence of end effect might have implications for real-life decision makers
who will gain from never allowing an interaction to be framed or perceived as a last (or
almost last) move of a finite-end string of encounters. Additionally, we found that cooperation
in single-trial Prisoner’s Dilemma game was higher than in the last move of an iterated game
with known finite end.
Keywords: Decision making, Prisoner’s Dilemma, theory of games, cooperation, experiment
ECONOMIC CRISIS IN EU AND WORLD, CORPORATE GOVERNANCE AND
INFORMATION SYSTEMS
WĄCHOL JERZY
Management Faculty / AGH-University of Science and Technology, Krakow, Poland
Abstract: The use of modern informatics systems in management must be thoroughly thought
over because it has both chances and new possibilities and dangers for companies, employees,
states and clients in the new age of knowledge, information technologies, globalization and
economic crisis. The paper covers the use informatics systems in the time economics crisis in
the EU and World, concentrating mainly on globalization and management process (planning,
organization, motivation and control). The paper also presents statistical data, with short
analyzing, in selected countries about the economical data in the World.
Keywords: economic crisis, globalization, corporate governance, management, informatics
systems
THE MODELING OF BEHAVIOR OF ECONOMIC ACTIVITY WITH RESPECT TO THE
DIFFERENT PHASES OF THE BUSINESS CYCLE
JANA ZÁVACKÁ
Faculty of Economics, VŠB-TU Ostrava
Abstract: The paper reacts on the contemporary critique of the VAR approach as an
inappropriate for modelling the behaviour of economic activity in its turning points. The
stability in relationships between main macroeconomic variables and GDP in two phases of
the business cycle is investigated. The OECD dated turning points of economic activity are
used to determine the phases of the cycle. To consider possible differences in effects of
variables on GDP the pairwise correlation between variables and GDP in both phases are
estimated. The VAR model extended for the information about the phase of business cycle is
proposed by entering dummy variables. By comparison to the simple VAR model the
extended model is evaluated as more effective for tracing the economic structures by
empirical data.
Keywords: Business cycle, unemployment, non-linearity, VAR, the indicator of confidence in
business