{"title":"Reflection on the Progress and Benefits of the 6th World Congress of the Game Theory Society","authors":"O. Černík, R. Valenčík","doi":"10.37355/acta-2021/2-05","DOIUrl":"https://doi.org/10.37355/acta-2021/2-05","url":null,"abstract":"","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47990892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The goal of most companies is to make a certain amount of profit, to which all-important business decisions are a subject. The importance of this goal is evidenced by the fact that profitability indicators belong to the key indicators of business success. Unfortunately, profitability is affected by many often-unpredictable factors, which usually come from the external environment of the company. In this research, these factors are represented by GDP growth rate, inflation rate, reference interest rate, unemployment rate, gross fixed capital formation and the exchange rate against the euro. The aim of the research is to find out whether selected factors influence the company’s profitability or not. Companies of the transportation and storage industry coming from eight selected economies of Central and Eastern Europe are the subject of the analysis. The industry will be analysed at the level of fifteen sub-industries using the Generalized Method of Moment. The data cover the period 2010–2018 and provide information on approximately 25,000 companies. The size of the sample does not allow the results to be summarized in one sentence, but they showed that companies in the selected industry are for the most part negatively affected by the reference interest rate of the economy.
{"title":"How Selected Macroeconomic Factors Affect the Corporate Profitability of Transportation and Storage Companies in Selected European Economies","authors":"Petra Růčkova, Nicole Škuláňová","doi":"10.37355/acta-2021/2-03","DOIUrl":"https://doi.org/10.37355/acta-2021/2-03","url":null,"abstract":"The goal of most companies is to make a certain amount of profit, to which all-important business decisions are a subject. The importance of this goal is evidenced by the fact that profitability indicators belong to the key indicators of business success. Unfortunately, profitability is affected by many often-unpredictable factors, which usually come from\u0000the external environment of the company. In this research, these factors are represented by GDP growth rate, inflation rate, reference interest rate, unemployment rate, gross fixed capital formation and the exchange rate against the euro. The aim of the research is to find out whether selected factors influence the company’s profitability or not. Companies of the transportation and storage industry coming from eight selected economies of Central and Eastern Europe are the subject of the analysis. The industry will be analysed at the level of fifteen sub-industries using the Generalized Method of Moment. The data cover the period 2010–2018 and provide information on approximately 25,000 companies. The size of the sample does not allow the results to be summarized in one sentence, but they showed that companies in the selected industry are for the most part negatively affected by the reference interest rate of the economy.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47028774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study uses annual time series data spanning 1981–2018 to investigate the threshold effects of import dependence on economic growth in Nigeria. The ordinary least squares (OLS) and the fully modified OLS (FMOLS) techniques are employed for estimation of a quadratic regression model to determine the nature of the relationship between aggregate import dependence and economic growth. It is found that the relationship is concave, that is, it follows an inverted-U shape. The conditional least squares estimator is thereafter employed to estimate the threshold model specified to determine the threshold level of import dependence. The study finds a threshold level of 26% for aggregate import dependence. Below this threshold, import dependence positively affects economic growth; above the threshold, the growth effect of import dependence is adverse. Furthermore, it is found that the long-run growth effect of Inflation is adverse, and investment is favourable to long-run economic growth. Based on these findings, the paper recommends efforts by Nigeria’s government to reduce import dependence below the estimated threshold of 26%, control inflation and encourage investment so as to enhance the growth of the nation’s economy.
{"title":"Threshold Effects of Import Dependence on Economic Growth in Nigeria","authors":"O. Aigheyisi","doi":"10.37355/acta-2021/2-04","DOIUrl":"https://doi.org/10.37355/acta-2021/2-04","url":null,"abstract":"This study uses annual time series data spanning 1981–2018 to investigate the threshold effects of import dependence on economic growth in Nigeria. The ordinary least squares (OLS) and the fully modified OLS (FMOLS) techniques are employed for estimation of a quadratic regression model to determine the nature of the relationship between\u0000aggregate import dependence and economic growth. It is found that the relationship is concave, that is, it follows an inverted-U shape. The conditional least squares estimator is thereafter employed to estimate the threshold model specified to determine the threshold level of import dependence. The study finds a threshold level of 26% for aggregate import dependence. Below this threshold, import dependence positively\u0000affects economic growth; above the threshold, the growth effect of import dependence is adverse. Furthermore, it is found that the long-run growth effect of Inflation is adverse, and investment is favourable to long-run economic growth. Based on these findings, the paper recommends efforts by Nigeria’s government to reduce import dependence below the estimated threshold of 26%, control inflation and encourage investment so as to enhance the growth of the nation’s economy.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48948445","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The development of real estate prices is of extraordinary importance for the fi nancial and economic system, as undesirable developments could endanger fi nancial stability – as seen in the fi nancial crisis of 2008 and 2009. This applies not only to speculators, but also to private households, which have to borrow to pay the purchase price. The market has been “fueled” in particular by the monetary policy of the central banks – expansion of the money supply and low interest rates. Investors are looking for investment opportunities due to the money glut, and the real estate market still promises a return. Furthermore, many people looking to build are willing to go into debt to buy a property. This demand ultimately has a driving eff ect on real estate prices. The aim of this paper is to compare and analyze the development of real estate prices in the most important OECD countries with those of Germany. A model of real estate prices is presented, which takes into account the most important indicators and provides information on when a price bubble exists. The model shows that asset price bubbles can be identified in some OECD countries. In Germany, on the other hand, there are only signs of a price bubble in a few major cities. Since private debt is low, it does not seem to be a problem across the board in Germany. A general problem remains with regard to the timely detectability of price bubbles.
{"title":"Are Real Estate Prices Evolving into an Asset Price Bubble?","authors":"Wolfgang Kloppenburg","doi":"10.37355/acta-2021/1-02","DOIUrl":"https://doi.org/10.37355/acta-2021/1-02","url":null,"abstract":"The development of real estate prices is of extraordinary importance for the fi nancial and economic system, as undesirable developments could endanger fi nancial stability – as seen in the fi nancial crisis of 2008 and 2009. This applies not only to speculators, but also to private households, which have to borrow to pay the purchase price. The market has been “fueled” in particular by the monetary policy of the central banks – expansion of the money supply and low interest rates. Investors are looking for investment opportunities due to the money glut, and the real estate market still promises a return. Furthermore, many people looking to build are willing to go into debt to buy a property. This demand ultimately has a driving eff ect on real estate prices. The aim of this paper is to compare and analyze the development of real estate prices in the most important OECD countries with those of Germany. A model of real estate prices is presented, which takes into account the most important indicators and provides information on when a price bubble exists. The model shows that asset price bubbles can be identified in some OECD countries. In Germany, on the other hand, there are only signs of a price bubble in a few major cities. Since private debt is low, it does not seem to be a problem across the board in Germany. A general problem remains with regard to the timely detectability of price bubbles.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The question of family business ranks among the most intensively followed areas of research. At the same time, it is a question with a palpable impact on the economic and social environment; in other words, it is a question with a high degree of social relevance. It is a topic both appropriate and necessary, yet very challenging in terms of its interdisciplinarity and scope. The goal of this article is to summarize the research question of family business via a systematic review of literature primarily in terms of topical areas, scientific methods, and study sample size. To evaluate which methods are suitable for examining the issues of family business. The authors drew methodological inspiration from the bibliography of De Massis et al. (2012), in which the authors gathered and organized information related to the topics of empirical articles, including a short description of the sample, a description of the data collections methods used, and a list of secondary data sources used. They reached the conclusion that the use of qualitative research seems logical for research in the areas of identity, culture, values, and relationships, which is the primary socioemotional wealth of family businesses.
家族企业问题是最受关注的研究领域之一。与此同时，这是一个对经济和社会环境有明显影响的问题;换句话说，这是一个具有高度社会相关性的问题。这是一个既合适又必要的话题，但就其跨学科性和范围而言，这是一个非常具有挑战性的话题。本文的目的是通过对文献的系统回顾，主要从主题领域、科学方法和研究样本量等方面对家族企业的研究问题进行总结。评估哪些方法适合研究家族企业的问题。作者从De Massis et al.(2012)的参考书目中获得了方法上的灵感，其中作者收集和组织了与实证文章主题相关的信息，包括样本的简短描述，所使用的数据收集方法的描述，以及所使用的二手数据源列表。他们得出的结论是，在身份、文化、价值观和关系领域的研究中使用定性研究似乎是合乎逻辑的，这些领域是家族企业的主要社会情感财富。
{"title":"Insights on Trends of Academic Research into Family Business","authors":"Naděžda Petrů, Monika Naďová Krošláková","doi":"10.37355/acta-2021/1-01","DOIUrl":"https://doi.org/10.37355/acta-2021/1-01","url":null,"abstract":"The question of family business ranks among the most intensively followed areas of research. At the same time, it is a question with a palpable impact on the economic and social environment; in other words, it is a question with a high degree of social relevance. It is a topic both appropriate and necessary, yet very challenging in terms of its interdisciplinarity and scope. The goal of this article is to summarize the research question of family business via a systematic review of literature primarily in terms of topical areas, scientific methods, and study sample size. To evaluate which methods are suitable for examining the issues of family business. The authors drew methodological inspiration from the bibliography of De Massis et al. (2012), in which the authors gathered and organized information related to the topics of empirical articles, including a short description of the sample, a description of the data collections methods used, and a list of secondary data sources used. They reached the conclusion that the use of qualitative research seems logical for research in the areas of identity, culture, values, and relationships, which is the primary socioemotional wealth of family businesses.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intensive (Online) Program “The Future of Sustainable Banking and Finance (IP FSBaF)”","authors":"Luc Salemans","doi":"10.37355/acta-2021/1-08","DOIUrl":"https://doi.org/10.37355/acta-2021/1-08","url":null,"abstract":"","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47466995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper focuses on a particular form of stock-market trades around ex-dividend days, so-called “cum-ex” transactions, which have resulted in major revenue losses due to illegitimate tax refunds in Germany and other European nations. Until 2012, the loophole in the German withholding tax scheme made it possible for cum-ex traders to receive withholding-tax certificates without prior withholding-tax payment. Because a certain category of investors might use the tax certificates to gain a tax exemption, this opened up the prospect of a particular form of tax arbitration. It was not until 2018 that a cross-border investigation team called the Cum-Ex Files revealed the scandal to its full extend.This paper will mainly focus on the cum-ex scandal in Germany since the literature on the topic is very limited.
{"title":"The Cum-ex Case: A Look at Germany","authors":"Bastian Schulz","doi":"10.37355/acta-2021/1-03","DOIUrl":"https://doi.org/10.37355/acta-2021/1-03","url":null,"abstract":"This paper focuses on a particular form of stock-market trades around ex-dividend days, so-called “cum-ex” transactions, which have resulted in major revenue losses due to illegitimate tax refunds in Germany and other European nations. Until 2012, the loophole in the German withholding tax scheme made it possible for cum-ex traders to receive withholding-tax certificates without prior withholding-tax payment. Because a certain category of investors might use the tax certificates to gain a tax exemption, this opened up the prospect of a particular form of tax arbitration. It was not until 2018 that a cross-border investigation team called the Cum-Ex Files revealed the scandal to its full extend.This paper will mainly focus on the cum-ex scandal in Germany since the literature on the topic is very limited.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Obituary for prof. Mojmír Helísek","authors":"Petr Wawrosz","doi":"10.37355/acta-2021/1-06","DOIUrl":"https://doi.org/10.37355/acta-2021/1-06","url":null,"abstract":"","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The knowledge economy consists in the creation of added value based on the use of knowledge not only due to manual production but especially due to the growing importance of education and the use of scientifi c knowledge in terms of the overall competitiveness of the country. The education of the population is thus a crucial factor determining the level of economic development and quality of life. The educational structure of the population aff ects the performance of the whole economy, as well as the performance of individual companies. Human development indicators, which are published in the UN Human Development Report, include education quality indicators. The paper aims to perform a comparative analysis of education quality indicators in the Czech Republic and an international comparison. Based on selected statistical results of comparative analysis, determine the order of states in the evaluation of the quality of education. Furthermore, using the results, compile a SWOT analysis of the quality of education in the Czech Republic, based on which the fundamental problems of Czech education will be defi ned and recommendations for improving the quality of education in the Czech Republic as one of the key determinants of the knowledge economy.
{"title":"The Influence of the Quality of Education on the Knowledge Economy: the Czech Republic in International Comparison","authors":"H. Kučerová","doi":"10.37355/acta-2021/1-05","DOIUrl":"https://doi.org/10.37355/acta-2021/1-05","url":null,"abstract":"The knowledge economy consists in the creation of added value based on the use of knowledge not only due to manual production but especially due to the growing importance of education and the use of scientifi c knowledge in terms of the overall competitiveness of the country. The education of the population is thus a crucial factor determining the level of economic development and quality of life. The educational structure of the population aff ects the performance of the whole economy, as well as the performance of individual companies. Human development indicators, which are published in the UN Human Development Report, include education quality indicators. The paper aims to perform a comparative analysis of education quality indicators in the Czech Republic and an international comparison. Based on selected statistical results of comparative analysis, determine the order of states in the evaluation of the quality of education. Furthermore, using the results, compile a SWOT analysis of the quality of education in the Czech Republic, based on which the fundamental problems of Czech education will be defi ned and recommendations for improving the quality of education in the Czech Republic as one of the key determinants of the knowledge economy.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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