Abstract Research purpose. Financial distress being a global phenomenon makes it impact firms in all sectors of the economy and predicting corporate bankruptcy has become a crucial issue in economics. At the beginning of the last century, the first studies aimed to predict corporate bankruptcy were published. In Slovakia, however, several prediction models were developed with a significant delay. The main aim of this paper is to develop a model for predicting bankruptcy based on the financial information of 3,783 Slovak enterprises operating in the manufacturing and construction sectors in 2020 and 2021. Design / Methodology / Approach. A prediction model that uses the appropriate financial indicators as predictors may be developed using multiple discriminant analysis. Multiple discriminant analysis is currently used in prediction model development. In this case, financial health is assessed using several variables that are weighted in order to maximise the difference between the average value calculated in the group of prosperous and non-prosperous firms. When developing a bankruptcy prediction model based on multiple discriminant analysis, it is crucial to determine the independent variables used as primary financial health predictors. Findings. Due to the discriminant analysis results, the corporate debt level of the monitored firms may be regarded as appropriate. Despite the fact that the model identified 215 firms in financial distress due to an insufficient debt level, 3,568 out of 3,783 Slovak enterprises operating in the manufacturing and construction sectors did not have any problems with financing their debts. The self-financing ratio was identified in the developed model as the variable with the highest accuracy. Based on the results, the developed model has an overall discriminant ability of 93% since bankruptcy prediction models require strong discriminating abilities to be used in practice. Originality / Value / Practical implications. The principal contribution of the paper is its application of the latest available data, which could help in more accurate financial stability predictions for firms during the current difficult period. Additionally, this is a ground-breaking research study in Slovakia that models the financial health of enterprises in the post-pandemic period.
{"title":"Bankruptcy Prediction Model Development and its Implications on Financial Performance in Slovakia","authors":"Dominika Gajdosikova, K. Valaskova","doi":"10.2478/jec-2023-0003","DOIUrl":"https://doi.org/10.2478/jec-2023-0003","url":null,"abstract":"Abstract Research purpose. Financial distress being a global phenomenon makes it impact firms in all sectors of the economy and predicting corporate bankruptcy has become a crucial issue in economics. At the beginning of the last century, the first studies aimed to predict corporate bankruptcy were published. In Slovakia, however, several prediction models were developed with a significant delay. The main aim of this paper is to develop a model for predicting bankruptcy based on the financial information of 3,783 Slovak enterprises operating in the manufacturing and construction sectors in 2020 and 2021. Design / Methodology / Approach. A prediction model that uses the appropriate financial indicators as predictors may be developed using multiple discriminant analysis. Multiple discriminant analysis is currently used in prediction model development. In this case, financial health is assessed using several variables that are weighted in order to maximise the difference between the average value calculated in the group of prosperous and non-prosperous firms. When developing a bankruptcy prediction model based on multiple discriminant analysis, it is crucial to determine the independent variables used as primary financial health predictors. Findings. Due to the discriminant analysis results, the corporate debt level of the monitored firms may be regarded as appropriate. Despite the fact that the model identified 215 firms in financial distress due to an insufficient debt level, 3,568 out of 3,783 Slovak enterprises operating in the manufacturing and construction sectors did not have any problems with financing their debts. The self-financing ratio was identified in the developed model as the variable with the highest accuracy. Based on the results, the developed model has an overall discriminant ability of 93% since bankruptcy prediction models require strong discriminating abilities to be used in practice. Originality / Value / Practical implications. The principal contribution of the paper is its application of the latest available data, which could help in more accurate financial stability predictions for firms during the current difficult period. Additionally, this is a ground-breaking research study in Slovakia that models the financial health of enterprises in the post-pandemic period.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114138849","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}
Abstract Research purpose. Through Industry 4.0, also referred to as the fourth industrial revolution, new technologies or traditional production resources have been transformed into intelligent objects enhanced by the possibility of identification, scanning, and networking. In recent years, the concept of Industry 5.0 has already started to be discussed. However, is Industry 4.0 an uninteresting or sufficiently researched topic for scientists? The main aim of the scientific article is to perform a bibliometric analysis of the Industry 4.0 issue. The aim was supported by six research questions that reflect the publication trend in the years 2012–2022, the most publishing countries, the most used keywords, the Web of Science category, and authors and publishers. Design / Methodology / Approach. The data was obtained from the renowned Web of Science database. The monitored period was 2012–2022 for Industry 4.0 and 2016-2022 for Industry 5.0. The year 2023 was excluded from the analysis, as the year 2023 is not finished. The total number of publications that were used in the bibliometric analysis was 20,151 (I4.0) and 293 (I5.0). VOSviewer and MS Excel were used for graphical data processing. Findings. The oldest publication dedicated to Industry 4.0 in the Web of Science database dates back to 2012. The most scientific articles were seen in 2021, namely 4,326 (I4.0) and 201 in 2022 about I5.0. In 2022, 3848 publications were published. In addition, authors from Germany (2,450), Italy (2,318), China (1,515), and the USA (1,220) address the issue of Industry 4.0. All the countries of the Visegrad Group, Poland (859), the Czech Republic (859), Slovakia (539), and Hungary (282) are most concerned with this problem. If the publications are divided into categories according to the Web of Science database, most of them are included in the categories Engineering Industrial, Engineering Manufacturing, Engineering Electrical Electronic, Computer Science Theory Methods, or Computer Science Information Systems. Publications on Industry 4.0 are published mainly by publishers such as IEEE, Elsevier, Springer, and MDPI. The authors who are most devoted to the mentioned issue are Popkova, Martinek, Rauch, Bogoviz, Silva, and Xu. Originality / Value / Practical implications. The added value of the scientific article is the summarisation of theoretical starting points from the field of Industry 4.0 and Industry 5.0. Likewise, the article is original from the point of view of conducting a bibliometric analysis, focused on the development of the number of publications, the authors who are most devoted to the given topic, the most commonly used keywords, or countries that focus on Industry 4.0 and Industry 5.0 issues the most. The originality of the article also lies in the mapping of the publications of the monitored issue for the entire previous year, 2022.
研究目的。通过工业4.0，也被称为第四次工业革命，新技术或传统生产资源已经转变为智能对象，通过识别，扫描和联网的可能性得到增强。近年来，工业5.0的概念已经开始被讨论。然而，对于科学家来说，工业4.0是一个无趣或研究充分的话题吗?这篇科学文章的主要目的是对工业4.0问题进行文献计量分析。这一目标得到了六个研究问题的支持，这些问题反映了2012-2022年的出版趋势、出版最多的国家、使用最多的关键词、科学网络类别以及作者和出版商。设计/方法论/方法。这些数据来自著名的Web of Science数据库。监测期间为2012-2022年工业4.0和2016-2022年工业5.0。2023年被排除在分析之外，因为2023年还没有结束。文献计量学分析中使用的出版物总数为20,151 (I4.0)和293 (I5.0)。使用VOSviewer和MS Excel进行图形数据处理。发现。Web of Science数据库中最早的关于工业4.0的出版物可以追溯到2012年。科学论文最多的年份是2021年，为4326篇(I4.0)， 2022年为201篇(I5.0)。2022年出版出版物3848种。此外，来自德国(2450)、意大利(2318)、中国(1515)和美国(1220)的作者讨论了工业4.0的问题。维谢格拉德集团的所有国家、波兰(859)、捷克共和国(859)、斯洛伐克(539)和匈牙利(282)最关心这个问题。如果根据Web of Science数据库对出版物进行分类，大多数出版物都包括在工程工业、工程制造、工程电气电子、计算机科学理论方法或计算机科学信息系统等类别中。关于工业4.0的出版物主要由IEEE、Elsevier、Springer和MDPI等出版商出版。最致力于上述问题的作者是Popkova、Martinek、Rauch、Bogoviz、Silva和Xu。原创性/价值/实际意义。科学文章的附加值是对工业4.0和工业5.0领域理论起点的总结。同样，这篇文章是从进行文献计量分析的角度出发的，重点关注出版物数量的发展，最致力于给定主题的作者，最常用的关键词，或者最关注工业4.0和工业5.0问题的国家。这篇文章的独创性还在于对前一年(2022年)监测问题的出版物进行了映射。
{"title":"Is the Concept of Industry 4.0 Still Interesting for Scientists due to the Emergence of Industry 5.0? Bibliometric Analysis","authors":"Jakub Michulek, Lubica Gajanova","doi":"10.2478/jec-2023-0001","DOIUrl":"https://doi.org/10.2478/jec-2023-0001","url":null,"abstract":"Abstract Research purpose. Through Industry 4.0, also referred to as the fourth industrial revolution, new technologies or traditional production resources have been transformed into intelligent objects enhanced by the possibility of identification, scanning, and networking. In recent years, the concept of Industry 5.0 has already started to be discussed. However, is Industry 4.0 an uninteresting or sufficiently researched topic for scientists? The main aim of the scientific article is to perform a bibliometric analysis of the Industry 4.0 issue. The aim was supported by six research questions that reflect the publication trend in the years 2012–2022, the most publishing countries, the most used keywords, the Web of Science category, and authors and publishers. Design / Methodology / Approach. The data was obtained from the renowned Web of Science database. The monitored period was 2012–2022 for Industry 4.0 and 2016-2022 for Industry 5.0. The year 2023 was excluded from the analysis, as the year 2023 is not finished. The total number of publications that were used in the bibliometric analysis was 20,151 (I4.0) and 293 (I5.0). VOSviewer and MS Excel were used for graphical data processing. Findings. The oldest publication dedicated to Industry 4.0 in the Web of Science database dates back to 2012. The most scientific articles were seen in 2021, namely 4,326 (I4.0) and 201 in 2022 about I5.0. In 2022, 3848 publications were published. In addition, authors from Germany (2,450), Italy (2,318), China (1,515), and the USA (1,220) address the issue of Industry 4.0. All the countries of the Visegrad Group, Poland (859), the Czech Republic (859), Slovakia (539), and Hungary (282) are most concerned with this problem. If the publications are divided into categories according to the Web of Science database, most of them are included in the categories Engineering Industrial, Engineering Manufacturing, Engineering Electrical Electronic, Computer Science Theory Methods, or Computer Science Information Systems. Publications on Industry 4.0 are published mainly by publishers such as IEEE, Elsevier, Springer, and MDPI. The authors who are most devoted to the mentioned issue are Popkova, Martinek, Rauch, Bogoviz, Silva, and Xu. Originality / Value / Practical implications. The added value of the scientific article is the summarisation of theoretical starting points from the field of Industry 4.0 and Industry 5.0. Likewise, the article is original from the point of view of conducting a bibliometric analysis, focused on the development of the number of publications, the authors who are most devoted to the given topic, the most commonly used keywords, or countries that focus on Industry 4.0 and Industry 5.0 issues the most. The originality of the article also lies in the mapping of the publications of the monitored issue for the entire previous year, 2022.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123410049","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}
Abstract Research purpose. The main goal of the article is to determine the current level of financial literacy among clients of the selected bank in Slovakia. This finding will be compared with the average level in the country. In the survey, we focused on determining their financial literacy level. Currently, a lot of attention is paid to the issue of financial literacy. In connection with financial literacy, a lot is said about education. Therefore, in the paper, we focused on finding out the relationship between financial literacy and the level of education as such. We also compared the financial literacy of the survey sample with the overall financial literacy in Slovakia. Design / Methodology / Approach. For the purposes of this article, an anonymous online questionnaire survey focused on the financial literacy of customers of the selected bank was conducted. By analysing theoretical knowledge and existing surveys, we established hypotheses, which we subsequently verified statistically. When analysing theoretical knowledge and surveys in the Slovak Republic, we found that there is a large number of surveys focused on financial literacy. The output and support of each of them are primarily focused on increasing financial literacy through education. We, therefore, assumed, given that financial literacy has been in the curriculum of primary and secondary schools for several years, that financial literacy is related to the availability of goods. We also assumed that financial literacy in the Slovak Republic is increasing. To verify the hypothesis, we used two statistical methods - the Chi-Square test and the Mean Congruence Test. The reason for choosing customers of a specific bank for the purposes of our survey was the number of respondents' answers. We managed to collect the most answers for the bank mentioned. Findings. Through the selected statistical method, we found that in our survey, the number of correct answers is not affected by the level of education. It was also interesting to find that the level of financial literacy of the selected region in 2022 is not higher than the overall level of financial literacy of the Slovak Republic determined on the basis of a survey from 2012. Originality / Value / Practical implications. The proposals and recommendations that emerged from the survey relate to increasing the financial literacy of customers of the selected bank. We focused our recommendations on education and conducting surveys, both for customers and for the bank's management. The bank can use these recommendations as a basis for managerial decisions. It is necessary to increase the financial literacy of customers. It is also necessary to support the field of marketing, especially communication with customers. It is only up to the management of the bank to decide which customers it will have and how it will retain or expand them.
{"title":"Financial Literacy of Customers of the Selected Slovak Bank as a Basis for Managerial Decision-Making","authors":"Eva Kicova, O. Ponisciakova, Zuzana Rosnerova","doi":"10.2478/jec-2023-0008","DOIUrl":"https://doi.org/10.2478/jec-2023-0008","url":null,"abstract":"Abstract Research purpose. The main goal of the article is to determine the current level of financial literacy among clients of the selected bank in Slovakia. This finding will be compared with the average level in the country. In the survey, we focused on determining their financial literacy level. Currently, a lot of attention is paid to the issue of financial literacy. In connection with financial literacy, a lot is said about education. Therefore, in the paper, we focused on finding out the relationship between financial literacy and the level of education as such. We also compared the financial literacy of the survey sample with the overall financial literacy in Slovakia. Design / Methodology / Approach. For the purposes of this article, an anonymous online questionnaire survey focused on the financial literacy of customers of the selected bank was conducted. By analysing theoretical knowledge and existing surveys, we established hypotheses, which we subsequently verified statistically. When analysing theoretical knowledge and surveys in the Slovak Republic, we found that there is a large number of surveys focused on financial literacy. The output and support of each of them are primarily focused on increasing financial literacy through education. We, therefore, assumed, given that financial literacy has been in the curriculum of primary and secondary schools for several years, that financial literacy is related to the availability of goods. We also assumed that financial literacy in the Slovak Republic is increasing. To verify the hypothesis, we used two statistical methods - the Chi-Square test and the Mean Congruence Test. The reason for choosing customers of a specific bank for the purposes of our survey was the number of respondents' answers. We managed to collect the most answers for the bank mentioned. Findings. Through the selected statistical method, we found that in our survey, the number of correct answers is not affected by the level of education. It was also interesting to find that the level of financial literacy of the selected region in 2022 is not higher than the overall level of financial literacy of the Slovak Republic determined on the basis of a survey from 2012. Originality / Value / Practical implications. The proposals and recommendations that emerged from the survey relate to increasing the financial literacy of customers of the selected bank. We focused our recommendations on education and conducting surveys, both for customers and for the bank's management. The bank can use these recommendations as a basis for managerial decisions. It is necessary to increase the financial literacy of customers. It is also necessary to support the field of marketing, especially communication with customers. It is only up to the management of the bank to decide which customers it will have and how it will retain or expand them.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128262268","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}
Abstract Research purpose. Identify the main textile exporters in the global world that would have the greatest impact on the development of geared textiles. Design / Methodology / Approach. TOPSIS analysis has been applied as the most widely used efficiency measurement technique. The six criteria in the current research have been selected to describe the leading players in textiles globally and are available in a public database. In addition to the TOPSIS analysis, a clustering method has been employed to identify distinct groups among the countries under examination. Through this clustering analysis, countries with similar characteristics and practices. Findings. The analysis of the textile and clothing industry has revealed the top ten economies that make the most significant contributions to global textile production. Through a comprehensive assessment based on predetermined criteria, these economies have been closely scrutinised, resulting in the European Union securing the leading position, followed by Malaysia in second place and China in the third. The leading position of the European Union can be attributed to its robust economic infrastructure, strong policy frameworks promoting sustainability, and a growing commitment to circular economy principles within the textile sector. Malaysia's second-place position may be influenced by its strategic investments in the textile industry, favourable business environment, and initiatives to foster sustainable practices. China's third-place ranking can be attributed to its substantial textile manufacturing capacity, extensive supply chains, and efforts to integrate circular economy principles into its textile production. The research findings indicate that several factors influence the rankings, including the level of economic development, technological advancements, population size, availability of cheap labour, and the influence of fashion trends, among others. Originality / Value / Practical implications. The circular textile industry is a relatively new field, with the European Commission announcing the EU Strategy for Sustainable and Circular Textiles in 2022. This strategic initiative aims to propel the development and adoption of circular textile practices throughout the European Union, setting a benchmark for other regions to follow. It is important to underline that the study was carried out on a global scale in order to assess the world's main textile exporters. In order to assess the progress of circular textiles, we employ the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method. This approach allows us to rank and assess countries based on their implementation of strategies and initiatives for developing a circular textile industry. Furthermore, we utilise a clustering method to identify distinct groups or patterns within the data, enabling a deeper understanding of the similarities and differences among countries in their circular textile. This clustering
{"title":"Assessing Circular Textile Industry Development","authors":"Ingrida Silobrit, D. Jurevičienė","doi":"10.2478/jec-2023-0005","DOIUrl":"https://doi.org/10.2478/jec-2023-0005","url":null,"abstract":"Abstract Research purpose. Identify the main textile exporters in the global world that would have the greatest impact on the development of geared textiles. Design / Methodology / Approach. TOPSIS analysis has been applied as the most widely used efficiency measurement technique. The six criteria in the current research have been selected to describe the leading players in textiles globally and are available in a public database. In addition to the TOPSIS analysis, a clustering method has been employed to identify distinct groups among the countries under examination. Through this clustering analysis, countries with similar characteristics and practices. Findings. The analysis of the textile and clothing industry has revealed the top ten economies that make the most significant contributions to global textile production. Through a comprehensive assessment based on predetermined criteria, these economies have been closely scrutinised, resulting in the European Union securing the leading position, followed by Malaysia in second place and China in the third. The leading position of the European Union can be attributed to its robust economic infrastructure, strong policy frameworks promoting sustainability, and a growing commitment to circular economy principles within the textile sector. Malaysia's second-place position may be influenced by its strategic investments in the textile industry, favourable business environment, and initiatives to foster sustainable practices. China's third-place ranking can be attributed to its substantial textile manufacturing capacity, extensive supply chains, and efforts to integrate circular economy principles into its textile production. The research findings indicate that several factors influence the rankings, including the level of economic development, technological advancements, population size, availability of cheap labour, and the influence of fashion trends, among others. Originality / Value / Practical implications. The circular textile industry is a relatively new field, with the European Commission announcing the EU Strategy for Sustainable and Circular Textiles in 2022. This strategic initiative aims to propel the development and adoption of circular textile practices throughout the European Union, setting a benchmark for other regions to follow. It is important to underline that the study was carried out on a global scale in order to assess the world's main textile exporters. In order to assess the progress of circular textiles, we employ the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method. This approach allows us to rank and assess countries based on their implementation of strategies and initiatives for developing a circular textile industry. Furthermore, we utilise a clustering method to identify distinct groups or patterns within the data, enabling a deeper understanding of the similarities and differences among countries in their circular textile. This clustering ","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133400781","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}
Abstract Research purpose. The purpose of the research project was to evaluate the status of place branding as a scientific discipline and to check whether this concept has been concretised during exploration and articulation. An additional objective was to check the theoretical status of place brands. Design / Methodology / Approach. The study used an approach based on the analysis of 'place brand' models developed in the literature since models are central to the scientific procedure. These models were then confronted with the empirical observations of the authors using the Flexible Pattern Matching (FPM) method. Findings. A consulting and practical approach is noticeable, especially in the ever-new 'process models' (how to create and manage 'place brand'); moreover, these models are scientifically insignificant and practically unworkable. Descriptive models (what a 'place/territorial brand' is) do not reveal signs of concretisation. There is undoubtedly a phenomenon of 'forcing' empirical data. Originality / Value / Practical implications. Based on the analyses done, it can be concluded that none of the examined models meets the requirements of lawlike generalisations. In the practice of place branding, carried out by territorial units, the only common element is the usage of the name and logo of the place. It can also be argued that the basic concept of 'place brand' is poorly defined. The research method used (FTM) has not been applied in the analysis of place brands so far; however, the examination done in this article proves its usefulness.
{"title":"The Place as a Brand. Theory and Practise of the Place Branding","authors":"A. Adamus-Matuszyńska, Piotr Dzik","doi":"10.2478/jec-2023-0002","DOIUrl":"https://doi.org/10.2478/jec-2023-0002","url":null,"abstract":"Abstract Research purpose. The purpose of the research project was to evaluate the status of place branding as a scientific discipline and to check whether this concept has been concretised during exploration and articulation. An additional objective was to check the theoretical status of place brands. Design / Methodology / Approach. The study used an approach based on the analysis of 'place brand' models developed in the literature since models are central to the scientific procedure. These models were then confronted with the empirical observations of the authors using the Flexible Pattern Matching (FPM) method. Findings. A consulting and practical approach is noticeable, especially in the ever-new 'process models' (how to create and manage 'place brand'); moreover, these models are scientifically insignificant and practically unworkable. Descriptive models (what a 'place/territorial brand' is) do not reveal signs of concretisation. There is undoubtedly a phenomenon of 'forcing' empirical data. Originality / Value / Practical implications. Based on the analyses done, it can be concluded that none of the examined models meets the requirements of lawlike generalisations. In the practice of place branding, carried out by territorial units, the only common element is the usage of the name and logo of the place. It can also be argued that the basic concept of 'place brand' is poorly defined. The research method used (FTM) has not been applied in the analysis of place brands so far; however, the examination done in this article proves its usefulness.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126290680","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}
Abstract Research Purpose. The COVID-19 pandemic was very demanding for business entities which have to introduce new managerial tools and approaches to protect the health of employees and maintained continuity in the company's activities. Most countries worldwide have implemented policies and guidelines that protect employees from potential risks related to the Covid-19 pandemic. The study aims at identifying if any difference exists (and what these differences are) between Czech and Slovak companies in the emphasis they pay to the corporate social responsibility (abbreviated: CSR) activities connected with the COVID-19 pandemic. Design / Methodology / Approach. A questionnaire composed of Likert scale statements, whose reliability was tested with Cronbach's Alpha (0.797), was sent to daughter companies (subsidies) of foreign multinationals (pioneers in CSR activities in SK), who were selected based on stratified randomisation. We obtained data from 360 Czech and Slovak companies (180 from CZ and 180 from SK). We tested whether the differences were statistically significant using a non-parametric test, namely the Mann-Whitney U test. Findings. We identified a statistically significant difference between Czech and Slovak companies only for one factor - extra employee benefits, which include, for example, the possibility to test at the workplace or take voluntary quarantine with income compensation, etc. Other CSR activities connected with the COVID-19 pandemic were realised with the same emphasis in both countries. We observe that most of the companies use these practices. However, assisting the communities and society is somewhat neglected by the majority of them. In this regard, we argue that it is important to support communities more as the money spent for it may come back in the form of purchases by consumers. Originality / Value / Practical implications. In the same vein as previous works, we studied the differences between SK and CZ, two countries which shared for a long time the same history and culture. The originality here is the investigation of CSR practices connected to COVID-19 in the two countries. Findings have theoretical and practical implications. Theoretical as they contribute to expanding the literature on CSR and practical as we present to what degree the organisations and their managements from the sample put emphasis on CSR activities adopted to fight and limit the spread of the COVID-19 pandemic.
{"title":"Investigation of CSR Activities Connected to Covid-19 in Czech and Slovak Businesses","authors":"Vito Di Sabato, J. Kozáková","doi":"10.2478/jec-2023-0010","DOIUrl":"https://doi.org/10.2478/jec-2023-0010","url":null,"abstract":"Abstract Research Purpose. The COVID-19 pandemic was very demanding for business entities which have to introduce new managerial tools and approaches to protect the health of employees and maintained continuity in the company's activities. Most countries worldwide have implemented policies and guidelines that protect employees from potential risks related to the Covid-19 pandemic. The study aims at identifying if any difference exists (and what these differences are) between Czech and Slovak companies in the emphasis they pay to the corporate social responsibility (abbreviated: CSR) activities connected with the COVID-19 pandemic. Design / Methodology / Approach. A questionnaire composed of Likert scale statements, whose reliability was tested with Cronbach's Alpha (0.797), was sent to daughter companies (subsidies) of foreign multinationals (pioneers in CSR activities in SK), who were selected based on stratified randomisation. We obtained data from 360 Czech and Slovak companies (180 from CZ and 180 from SK). We tested whether the differences were statistically significant using a non-parametric test, namely the Mann-Whitney U test. Findings. We identified a statistically significant difference between Czech and Slovak companies only for one factor - extra employee benefits, which include, for example, the possibility to test at the workplace or take voluntary quarantine with income compensation, etc. Other CSR activities connected with the COVID-19 pandemic were realised with the same emphasis in both countries. We observe that most of the companies use these practices. However, assisting the communities and society is somewhat neglected by the majority of them. In this regard, we argue that it is important to support communities more as the money spent for it may come back in the form of purchases by consumers. Originality / Value / Practical implications. In the same vein as previous works, we studied the differences between SK and CZ, two countries which shared for a long time the same history and culture. The originality here is the investigation of CSR practices connected to COVID-19 in the two countries. Findings have theoretical and practical implications. Theoretical as they contribute to expanding the literature on CSR and practical as we present to what degree the organisations and their managements from the sample put emphasis on CSR activities adopted to fight and limit the spread of the COVID-19 pandemic.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114913449","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}
Olga Cherednichenko, O. Ivashchenko, Ľuboš Cibák, Marcel Lincényi
Abstract Research purpose. During the last decades, e-commerce sales have been rocketing, and this tendency is expected to increase over the following years. Due to the digital nature of e-commerce, one actual item can be sold on various e-commerce platforms, which leads to the exponential growth of the number of propositions. At the same time, the title and description of this item might differ. All these facts make more complicated for customers the process of searching on online platforms and change business approaches to the development of competitive strategy by e-commerce companies. The research question is how we can apply a machine learning algorithm to detect, based on the product information such as title and description, whether the items are actually relevant to the same product. Methodology. We suggest an approach that is based on a flexible textual data pipeline and the usage of a machine-learning model ensemble. Each step of the data processing is adjustable in dependence on domain issues and data features because we can achieve better results in solving the item-matching task. Findings. The item-matching model is developed. The proposed model is based on the semantic closeness of text descriptions of items and the usage of the core of keywords to present the reference item. Practical implications. We suggest an approach to improving the item searching process on different e-commerce platforms by dividing the process into two steps. The first step is searching for the related items among the set of reference items according to user preferences. The reference item description is created based on our item-matching model. The second step is surfing proposals of similar items on chosen e-commerce platforms. This approach can benefit buyers and sellers in various aspects, such as a low-price guarantee, a flexible strategy of similar products shown, and appropriate category-choosing recommendations.
{"title":"Item Matching Model in E-Commerce: How Users Benefit","authors":"Olga Cherednichenko, O. Ivashchenko, Ľuboš Cibák, Marcel Lincényi","doi":"10.2478/jec-2023-0007","DOIUrl":"https://doi.org/10.2478/jec-2023-0007","url":null,"abstract":"Abstract Research purpose. During the last decades, e-commerce sales have been rocketing, and this tendency is expected to increase over the following years. Due to the digital nature of e-commerce, one actual item can be sold on various e-commerce platforms, which leads to the exponential growth of the number of propositions. At the same time, the title and description of this item might differ. All these facts make more complicated for customers the process of searching on online platforms and change business approaches to the development of competitive strategy by e-commerce companies. The research question is how we can apply a machine learning algorithm to detect, based on the product information such as title and description, whether the items are actually relevant to the same product. Methodology. We suggest an approach that is based on a flexible textual data pipeline and the usage of a machine-learning model ensemble. Each step of the data processing is adjustable in dependence on domain issues and data features because we can achieve better results in solving the item-matching task. Findings. The item-matching model is developed. The proposed model is based on the semantic closeness of text descriptions of items and the usage of the core of keywords to present the reference item. Practical implications. We suggest an approach to improving the item searching process on different e-commerce platforms by dividing the process into two steps. The first step is searching for the related items among the set of reference items according to user preferences. The reference item description is created based on our item-matching model. The second step is surfing proposals of similar items on chosen e-commerce platforms. This approach can benefit buyers and sellers in various aspects, such as a low-price guarantee, a flexible strategy of similar products shown, and appropriate category-choosing recommendations.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130748388","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}
Abstract Research purpose. Currently, the Internet is used by almost 5 billion users worldwide, of which 80% actively use at least one of the social networks. And marketing managers are well aware of this fact, as they had to switch to a new way of attracting potential customers. One of these methods is also influencer marketing as a form of marketing communication. In influencer marketing, the emphasis is placed on influencers with a significant impact on the community on which marketing activities and campaigns can be oriented. It is a method of non-violent and natural promotion of a product or brand, which acts on the consumer as a natural part of the space in which it is located. Especially one generation of consumers, Generation Z, is considered to be the target segment for influencer marketing due to their digital skills and inclination to social networks. The main aim of the article is to determine the impact of influencer marketing on the decision-making process of Generation Z. This also includes providing the theoretical background and analysis of influencer marketing from the viewpoint of Slovak and foreign authors. Design / Methodology / Approach. General scientific methods were applied for the processing of the data as well as mathematical-statistical methods to evaluate the data collated from the results of the questionnaire survey and to statistical hypothesis testing. The important source for secondary data was scientific research, annual company reports, statistical databases, and published professional publications. In order to find out the impact of influencer marketing on the decision-making process of Generation Z, a questionnaire survey was conducted. Findings. A successful marketing campaign on social media in cooperation with influencers requires the correct selection of the influencer according to their follower base, profile focus, credibility or reach, which is measured by Engagement rate. The number of followers is not as significant as the relationship that the creator has with their fans. When choosing an influencer, it is also necessary to take into account the way they promote products, ask them for originality and creativity, and prefer long-term collaborations to one-time contributions. These steps can bring a lot of benefits to the company, from which it will subsequently profit. Based on the analysis and results of the questionnaire survey, it is thus clear that the implementation of influencer marketing in marketing communication of Slovak companies targeted at Generation Z brings many benefits, including building relationships with Generation Z, increasing their loyalty and improving the company image. Originality / Value / Practical implications. Finally, measures for effective influencer marketing usage targeted at Generation Z are proposed, and its benefits are highlighted.
{"title":"The Impact of Influencer Marketing on the Decision-Making Process of Generation Z","authors":"Margareta Nadanyiova, Lucia Sujanska","doi":"10.2478/jec-2023-0006","DOIUrl":"https://doi.org/10.2478/jec-2023-0006","url":null,"abstract":"Abstract Research purpose. Currently, the Internet is used by almost 5 billion users worldwide, of which 80% actively use at least one of the social networks. And marketing managers are well aware of this fact, as they had to switch to a new way of attracting potential customers. One of these methods is also influencer marketing as a form of marketing communication. In influencer marketing, the emphasis is placed on influencers with a significant impact on the community on which marketing activities and campaigns can be oriented. It is a method of non-violent and natural promotion of a product or brand, which acts on the consumer as a natural part of the space in which it is located. Especially one generation of consumers, Generation Z, is considered to be the target segment for influencer marketing due to their digital skills and inclination to social networks. The main aim of the article is to determine the impact of influencer marketing on the decision-making process of Generation Z. This also includes providing the theoretical background and analysis of influencer marketing from the viewpoint of Slovak and foreign authors. Design / Methodology / Approach. General scientific methods were applied for the processing of the data as well as mathematical-statistical methods to evaluate the data collated from the results of the questionnaire survey and to statistical hypothesis testing. The important source for secondary data was scientific research, annual company reports, statistical databases, and published professional publications. In order to find out the impact of influencer marketing on the decision-making process of Generation Z, a questionnaire survey was conducted. Findings. A successful marketing campaign on social media in cooperation with influencers requires the correct selection of the influencer according to their follower base, profile focus, credibility or reach, which is measured by Engagement rate. The number of followers is not as significant as the relationship that the creator has with their fans. When choosing an influencer, it is also necessary to take into account the way they promote products, ask them for originality and creativity, and prefer long-term collaborations to one-time contributions. These steps can bring a lot of benefits to the company, from which it will subsequently profit. Based on the analysis and results of the questionnaire survey, it is thus clear that the implementation of influencer marketing in marketing communication of Slovak companies targeted at Generation Z brings many benefits, including building relationships with Generation Z, increasing their loyalty and improving the company image. Originality / Value / Practical implications. Finally, measures for effective influencer marketing usage targeted at Generation Z are proposed, and its benefits are highlighted.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127477491","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}
Abstract Research purpose. Against the backdrop of climate change, pressure is growing in the transport sector to reduce CO2 emissions. Numerous companies are therefore setting specific targets to curb the CO2 emissions of their own vehicle fleets. As a rule, this requires the replacement of combustion vehicles by vehicles with alternative drives. In addition to the selection of suitable technologies, economic aspects play a prominent role in this transformation process. Based on a practical case study, potential implementation strategies for achieving a specific CO2 target are to be examined for a parcel service provider. The focus here is on a fleet of diesel combustion vehicles from the small van class with a permissible total weight of fewer than 3.5 tons, which are to be replaced by vehicles with electric drive (BEV) in order to achieve a specific CO2-savings target. The research objective can be easily extended if one considers, on the one hand, that climate protection cannot be limited to individual countries but has to take place on a global level and, on the other hand, that sustainable strategic planning of vehicle fleets also concerns other vehicle segments, such as company cars for individual transport or trucks with higher permissible gross weights. Design / Methodology / Approach. In the first step, framework conditions and criteria are defined that are needed for an evaluation of the implementation strategies. In the second step, a practical case study is constructed. In the third step, different scenarios and strategies for the conversion of the vehicle fleet are designed in order to achieve the set CO2-emission targets. In the last step, the economic and ecological effects of the different strategies and scenarios are measured and analysed with the help of the calculation tool "DIPO-tool", which was developed at the Ludwigshafen University of Business and Society LUBS for research and teaching purposes. To evaluate sustainability, in addition to the established metrics for Tank-to-Wheel (TtW) and Well-to-Wheel (WtW), a holistic life cycle approach is implemented that takes into account emissions during vehicle production. Findings. Against the backdrop of expected further technological development and numerous parameters with a considerable leverage effect on economic and ecological evaluation criteria, it seems advisable from the point of view of sustainability to use alternative drives as soon as possible. From the point of view of economic efficiency, a more differentiated picture emerges depending on the framework conditions, e.g., subsidies. Originality / Value / Practical implications. The originality of the approach lies in the application of a practical case study and the attempt to reduce the complexity of the decision problem by using an Excel-based calculation tool. The value of the study lies in the realisation that, due to the complexity, a simple optimisation approach does not seem viable but rather the evaluation a
{"title":"Implementation Strategies for Sustainable Vehicle Fleet Management","authors":"Stefan Bongard, Kay Rosin","doi":"10.2478/jec-2023-0004","DOIUrl":"https://doi.org/10.2478/jec-2023-0004","url":null,"abstract":"Abstract Research purpose. Against the backdrop of climate change, pressure is growing in the transport sector to reduce CO2 emissions. Numerous companies are therefore setting specific targets to curb the CO2 emissions of their own vehicle fleets. As a rule, this requires the replacement of combustion vehicles by vehicles with alternative drives. In addition to the selection of suitable technologies, economic aspects play a prominent role in this transformation process. Based on a practical case study, potential implementation strategies for achieving a specific CO2 target are to be examined for a parcel service provider. The focus here is on a fleet of diesel combustion vehicles from the small van class with a permissible total weight of fewer than 3.5 tons, which are to be replaced by vehicles with electric drive (BEV) in order to achieve a specific CO2-savings target. The research objective can be easily extended if one considers, on the one hand, that climate protection cannot be limited to individual countries but has to take place on a global level and, on the other hand, that sustainable strategic planning of vehicle fleets also concerns other vehicle segments, such as company cars for individual transport or trucks with higher permissible gross weights. Design / Methodology / Approach. In the first step, framework conditions and criteria are defined that are needed for an evaluation of the implementation strategies. In the second step, a practical case study is constructed. In the third step, different scenarios and strategies for the conversion of the vehicle fleet are designed in order to achieve the set CO2-emission targets. In the last step, the economic and ecological effects of the different strategies and scenarios are measured and analysed with the help of the calculation tool \"DIPO-tool\", which was developed at the Ludwigshafen University of Business and Society LUBS for research and teaching purposes. To evaluate sustainability, in addition to the established metrics for Tank-to-Wheel (TtW) and Well-to-Wheel (WtW), a holistic life cycle approach is implemented that takes into account emissions during vehicle production. Findings. Against the backdrop of expected further technological development and numerous parameters with a considerable leverage effect on economic and ecological evaluation criteria, it seems advisable from the point of view of sustainability to use alternative drives as soon as possible. From the point of view of economic efficiency, a more differentiated picture emerges depending on the framework conditions, e.g., subsidies. Originality / Value / Practical implications. The originality of the approach lies in the application of a practical case study and the attempt to reduce the complexity of the decision problem by using an Excel-based calculation tool. The value of the study lies in the realisation that, due to the complexity, a simple optimisation approach does not seem viable but rather the evaluation a","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129331278","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}
Abstract Research purpose. The research aimed to identify digital barriers in the digital transition and digital transformation in businesses and industries under the umbrella of human resource management. The topicality of the research relates to the need to identify digital barriers impeding digital transition and transformation that can be addressed through the prism of human resource management policies or that can be related to human resource management. Design / Methodology / Approach. The research method was the analysis of the keywords and keyword concordances, conducted on the sample of the created corpus of 50 recently published scientific papers, which were analysed using the text analysis instruments AntConc and Voyant Tools. Findings. Two digital barrier types were postulated - individual and organisational barriers, which were further spread across five digital barrier areas - human resource, technological, management, business development, and financial ones that were able to accommodate the following barriers: general human resource, staff resistance, psychological, staff digital competences, decision-makers digital competences, internal information exchange, external information exchange, data processing, technical, IT complexity, poor usability, cybersecurity, general management, business structure, business 4.0, industry 4.0, creativity, and costs. Originality / Value / Practical implications. The created structure of digital barriers provides human resource departments with a global picture of barriers that should be reviewed within their competence areas to ensure the recruitment of specialists capable of conducting specified digital operations and the continuous development of digital competencies of the entire labour force of the organisation. The suggested digital barrier structure can also be used to develop the organisational strategy for the digital transition and digital transformation.
{"title":"Digital Barriers in Digital Transition and Digital Transformation: Literature Review","authors":"Kristine Uzule, Natalija Verina","doi":"10.2478/jec-2023-0011","DOIUrl":"https://doi.org/10.2478/jec-2023-0011","url":null,"abstract":"Abstract Research purpose. The research aimed to identify digital barriers in the digital transition and digital transformation in businesses and industries under the umbrella of human resource management. The topicality of the research relates to the need to identify digital barriers impeding digital transition and transformation that can be addressed through the prism of human resource management policies or that can be related to human resource management. Design / Methodology / Approach. The research method was the analysis of the keywords and keyword concordances, conducted on the sample of the created corpus of 50 recently published scientific papers, which were analysed using the text analysis instruments AntConc and Voyant Tools. Findings. Two digital barrier types were postulated - individual and organisational barriers, which were further spread across five digital barrier areas - human resource, technological, management, business development, and financial ones that were able to accommodate the following barriers: general human resource, staff resistance, psychological, staff digital competences, decision-makers digital competences, internal information exchange, external information exchange, data processing, technical, IT complexity, poor usability, cybersecurity, general management, business structure, business 4.0, industry 4.0, creativity, and costs. Originality / Value / Practical implications. The created structure of digital barriers provides human resource departments with a global picture of barriers that should be reviewed within their competence areas to ensure the recruitment of specialists capable of conducting specified digital operations and the continuous development of digital competencies of the entire labour force of the organisation. The suggested digital barrier structure can also be used to develop the organisational strategy for the digital transition and digital transformation.","PeriodicalId":431224,"journal":{"name":"Economics and Culture","volume":"398 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131724313","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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