Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-005
A. Ključnikov, M. Civelek, Lukáš Durda, V. Fialova, Andrea Folvarčná
The majority of SMEs (small and medium-sized enterprises) have a lower amount of financial assets and earnings compared to their larger counterparts. Therefore, their probability of encountering financial troubles is greater. However, the obstacles they face and perceive might differ depending on their executives’ characteristics. In this regard, this research targets to indicate similarities or differences in the perception of financial conditions by companies’ executives who are of various gender, age, and educational status. Moreover, this paper analyzes SMEs from different countries. By doing so, this research also aims to examine international differences in executives’ characteristics and their perceptions of financial conditions. In line with those targets, the researchers create an internet-mediated questionnaire and direct it to the randomly selected respondents who are owners or executives of 1,156 Czech, Slovakian and Hungarian firms. The researchers also use independent samples T-test and ANOVA tests for analysis purposes. According to the results, while the educational status of executives does not play a determining role in the perceptions of financial issues in all research samples, the perceptions of financial conditions differ depending on Hungarian executives’ gender. Moreover, there are significant differences in the perceptions of older and younger Czech executives regarding the financial performance of their companies. Although some studies investigate firms’ or executives’ resource-based view characteristics, they are limited in investigating a single relationship and a research sample (firm characteristics and bankruptcy of a country’s SMEs, etc.). Since this paper sets and investigates differences in various executive-level characteristics and financial issues of different countries’ SMEs, it might draw prospective readers’ attentions, who might be firm executives, policymakers, financing institutions, and academicians. Moreover, comparing various samples from different countries’ SMEs in analyzed relationships is another crucial value addition that this research creates when filling the literature gap.
{"title":"The role of executive characteristics in their evaluation of financial conditions of European SMEs","authors":"A. Ključnikov, M. Civelek, Lukáš Durda, V. Fialova, Andrea Folvarčná","doi":"10.15240/tul/001/2023-2-005","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-005","url":null,"abstract":"The majority of SMEs (small and medium-sized enterprises) have a lower amount of financial assets and earnings compared to their larger counterparts. Therefore, their probability of encountering financial troubles is greater. However, the obstacles they face and perceive might differ depending on their executives’ characteristics. In this regard, this research targets to indicate similarities or differences in the perception of financial conditions by companies’ executives who are of various gender, age, and educational status. Moreover, this paper analyzes SMEs from different countries. By doing so, this research also aims to examine international differences in executives’ characteristics and their perceptions of financial conditions. In line with those targets, the researchers create an internet-mediated questionnaire and direct it to the randomly selected respondents who are owners or executives of 1,156 Czech, Slovakian and Hungarian firms. The researchers also use independent samples T-test and ANOVA tests for analysis purposes. According to the results, while the educational status of executives does not play a determining role in the perceptions of financial issues in all research samples, the perceptions of financial conditions differ depending on Hungarian executives’ gender. Moreover, there are significant differences in the perceptions of older and younger Czech executives regarding the financial performance of their companies. Although some studies investigate firms’ or executives’ resource-based view characteristics, they are limited in investigating a single relationship and a research sample (firm characteristics and bankruptcy of a country’s SMEs, etc.). Since this paper sets and investigates differences in various executive-level characteristics and financial issues of different countries’ SMEs, it might draw prospective readers’ attentions, who might be firm executives, policymakers, financing institutions, and academicians. Moreover, comparing various samples from different countries’ SMEs in analyzed relationships is another crucial value addition that this research creates when filling the literature gap.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"134 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75321468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-002
Martin Januška, Alena Palacká
This article aims to evaluate critical success factors in the use of the Public Procurement for Innovations (PPI) concept. The first part of the article deals with a systematic research literature review on the topic of critical success factors for PPI. In the second part, the authors present empirical research conducted as an add-on to the projects PPI2Innovate and RI2integrate within the Europe and Interreg Danube programs. These projects (whose research team included one of the authors of this paper) analyzed the use of the PPI concept in the EU. The authors approached the teams of experts formed in six countries for the purpose of these two projects to make a list of critical success factors, engaging the Delphi method, for the implementation of projects using the PPI method. Sixteen most frequently recurring critical success factors were chosen for further evaluation. These critical factors were then evaluated on a Likert scale in terms of their significance. This is followed by a discussion of the results of the critical factors identified within the systematic literature review with regards to other authors and existing research. In the final part of the article, possible solutions based on experience from pilot projects are proposed to strengthen the usability of the PPI concept. When comparing the key success factors resulting from the literature review with those identified within the expert research, it is apparent that they are mostly the same, although there are slight differences. The expert research identified the sharing of best practices and model projects in the country as additional key success factors.
{"title":"Critical success factors for public procurement of innovative solutions in Central Europe: Empirical study","authors":"Martin Januška, Alena Palacká","doi":"10.15240/tul/001/2023-2-002","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-002","url":null,"abstract":"This article aims to evaluate critical success factors in the use of the Public Procurement for Innovations (PPI) concept. The first part of the article deals with a systematic research literature review on the topic of critical success factors for PPI. In the second part, the authors present empirical research conducted as an add-on to the projects PPI2Innovate and RI2integrate within the Europe and Interreg Danube programs. These projects (whose research team included one of the authors of this paper) analyzed the use of the PPI concept in the EU. The authors approached the teams of experts formed in six countries for the purpose of these two projects to make a list of critical success factors, engaging the Delphi method, for the implementation of projects using the PPI method. Sixteen most frequently recurring critical success factors were chosen for further evaluation. These critical factors were then evaluated on a Likert scale in terms of their significance. This is followed by a discussion of the results of the critical factors identified within the systematic literature review with regards to other authors and existing research. In the final part of the article, possible solutions based on experience from pilot projects are proposed to strengthen the usability of the PPI concept. When comparing the key success factors resulting from the literature review with those identified within the expert research, it is apparent that they are mostly the same, although there are slight differences. The expert research identified the sharing of best practices and model projects in the country as additional key success factors.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"58 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90321188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-011
Ana Ivanisevic Hernaus, D. Zoričić, Denis Dolinar
This study investigates the competitiveness of sustainable and responsible investment (SRI) in Central and Eastern European (CEE) financial markets. Specifically, we examined whether a statistically significant measurable difference in the return and volatility between an SRI index and two conventional benchmark indices in the CEE region exists. To test whether the market volatility may affect the results, we applied a Markov regime-switching model to examine the performance in high and low volatility environments. We also used the Fama-French three-factor model to analyse the potential sources of outperformance and verify the initial analysis results. The analysis covered an eleven-year period (January 2011–December 2021) and was based on monthly returns of indices available on the Vienna Stock Exchange: CECE SRI, CECE Composite and CECE MID. Our findings showed that the SRI phenomenon in developing financial markets of the CEE countries followed performance patterns similar to ones in developed financial markets. Sustainable and responsible investment is competitive with conventional investment in the CEE region. However, the differences in returns between the SRI index and conventional benchmarks were statistically insignificant. Although a statistically significant difference in volatility between the SRI index and the large-cap CECE Composite index was reported, we did not find any evidence of exposure to the SRI factor regarding the analysed returns of the CECE SRI index. Our analysis of SRI returns pointed to the statistical significance of the common risk factors, such as the market and the size, which is similar to the analysed conventional benchmarks, with alpha not being statistically significant.
{"title":"How competitive is SRI in developing financial markets: The case of Central and Eastern Europe","authors":"Ana Ivanisevic Hernaus, D. Zoričić, Denis Dolinar","doi":"10.15240/tul/001/2023-2-011","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-011","url":null,"abstract":"This study investigates the competitiveness of sustainable and responsible investment (SRI) in Central and Eastern European (CEE) financial markets. Specifically, we examined whether a statistically significant measurable difference in the return and volatility between an SRI index and two conventional benchmark indices in the CEE region exists. To test whether the market volatility may affect the results, we applied a Markov regime-switching model to examine the performance in high and low volatility environments. We also used the Fama-French three-factor model to analyse the potential sources of outperformance and verify the initial analysis results. The analysis covered an eleven-year period (January 2011–December 2021) and was based on monthly returns of indices available on the Vienna Stock Exchange: CECE SRI, CECE Composite and CECE MID. Our findings showed that the SRI phenomenon in developing financial markets of the CEE countries followed performance patterns similar to ones in developed financial markets. Sustainable and responsible investment is competitive with conventional investment in the CEE region. However, the differences in returns between the SRI index and conventional benchmarks were statistically insignificant. Although a statistically significant difference in volatility between the SRI index and the large-cap CECE Composite index was reported, we did not find any evidence of exposure to the SRI factor regarding the analysed returns of the CECE SRI index. Our analysis of SRI returns pointed to the statistical significance of the common risk factors, such as the market and the size, which is similar to the analysed conventional benchmarks, with alpha not being statistically significant.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"104 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79168288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-003
A. Naz, Monika Naďová Krošláková, Iqra Farheen, Marián Čvirik, Anna Michálková
This study explores the relationship between internal corporate governance mechanism and accruals and real earnings management (EM), following Pakistan’s 2012 amended Code of Corporate Governance. It also examines the moderating role of family firms on the relationship among corporate governance mechanisms and accruals and real earnings management. For this purpose, we used a sample of 172 firms listed on the Pakistan Stock Exchange (PSX) for 2012–2019. The dependent variables were estimated by utilizing the generalized method of moments (GMM), fixed random effects and moderation analysis were estimated through Stata. Hausman specification test was used to choose among random and fixed effects. Results report that board size showed a significant positive impact on abnormal discretionary expenses and overall real earnings management. Board independence led to a substantial and negative impact with accruals EM. Managers of familyowned firms are also opportunistically altering the reported earnings. Results illustrate to the users of financial statements that the reliability of financial information depends on the effectiveness of corporate governance. Also, highlight the efficiency of monitory mechanisms and suggest that board independence is one of the practical approaches for an emerging market to restrain the EM practices. Findings are helpful for regulators, policymakers, and investors to regulate and make policies to improve the financial reporting quality in Pakistan. As per the authors’ knowledge, this study adds the novelty by focusing on two critical internal monitoring mechanisms (board independence and board size) in mitigating earnings management, following the 2012 amended Code of Corporate Governance in Pakistan. It will add uniqueness by studying the moderating role of family ownership, as the literature is scarce. The findings of this study highlighted the impact of the internal monitoring mechanisms on earning management practices in Pakistan.
{"title":"Nexus between corporate governance and earnings management in family and non-family firms","authors":"A. Naz, Monika Naďová Krošláková, Iqra Farheen, Marián Čvirik, Anna Michálková","doi":"10.15240/tul/001/2023-2-003","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-003","url":null,"abstract":"This study explores the relationship between internal corporate governance mechanism and accruals and real earnings management (EM), following Pakistan’s 2012 amended Code of Corporate Governance. It also examines the moderating role of family firms on the relationship among corporate governance mechanisms and accruals and real earnings management. For this purpose, we used a sample of 172 firms listed on the Pakistan Stock Exchange (PSX) for 2012–2019. The dependent variables were estimated by utilizing the generalized method of moments (GMM), fixed random effects and moderation analysis were estimated through Stata. Hausman specification test was used to choose among random and fixed effects. Results report that board size showed a significant positive impact on abnormal discretionary expenses and overall real earnings management. Board independence led to a substantial and negative impact with accruals EM. Managers of familyowned firms are also opportunistically altering the reported earnings. Results illustrate to the users of financial statements that the reliability of financial information depends on the effectiveness of corporate governance. Also, highlight the efficiency of monitory mechanisms and suggest that board independence is one of the practical approaches for an emerging market to restrain the EM practices. Findings are helpful for regulators, policymakers, and investors to regulate and make policies to improve the financial reporting quality in Pakistan. As per the authors’ knowledge, this study adds the novelty by focusing on two critical internal monitoring mechanisms (board independence and board size) in mitigating earnings management, following the 2012 amended Code of Corporate Governance in Pakistan. It will add uniqueness by studying the moderating role of family ownership, as the literature is scarce. The findings of this study highlighted the impact of the internal monitoring mechanisms on earning management practices in Pakistan.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"34 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82939201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-012
Liviu Toader, D. Paraschiv, Vasile Dinu, D. Manea, M. Mihai
As European economies rely more and more on know-how and technology, the importance of investment in research and development, especially from the private sector, is increasing. Private investment in research and development leads to innovation and the creation of know-how and technologies that can increase productivity, competitiveness and contribute to economic growth. Private investment in research and development is particularly important in dynamic sectors with high added value, such as the IT&C sector. Cloud computing is one of the most popular IT&C technologies in recent years, particularly because it bridges the gap between large and small and medium-sized companies in terms of IT&C infrastructure investment needs. Due to cloud computing, small companies can benefit from the same technology and infrastructure as the bigger ones, but at lower costs, without having to make large-scale investments in IT&C infrastructure elements such as: computing power, networks, data storage, specialized software products, etc. This paper analyzes the link between the intensity of investments in research and development (R&D), calculated as the share of research and development expenses made by companies in the business environment (business enterprise sector) in GDP or as a percentage of total research and development expenses, in relation to the adoption of cloud computing technology within companies in the Member States of the European Union. The research results indicate a direct and moderate relationship between the intensity of private R&D spending and the adoption of cloud computing technologies among companies in the Member States. This result can be attributed to both the increase in the overall digitization of the countries most active in terms of private R&D investment, as well as the need for affordable and strong IT&C infrastructure to maximize future returns and drive economic growth.
{"title":"The effects of private sector companies’ research and development investments on the adoption of cloud computing services in the European Union","authors":"Liviu Toader, D. Paraschiv, Vasile Dinu, D. Manea, M. Mihai","doi":"10.15240/tul/001/2023-2-012","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-012","url":null,"abstract":"As European economies rely more and more on know-how and technology, the importance of investment in research and development, especially from the private sector, is increasing. Private investment in research and development leads to innovation and the creation of know-how and technologies that can increase productivity, competitiveness and contribute to economic growth. Private investment in research and development is particularly important in dynamic sectors with high added value, such as the IT&C sector. Cloud computing is one of the most popular IT&C technologies in recent years, particularly because it bridges the gap between large and small and medium-sized companies in terms of IT&C infrastructure investment needs. Due to cloud computing, small companies can benefit from the same technology and infrastructure as the bigger ones, but at lower costs, without having to make large-scale investments in IT&C infrastructure elements such as: computing power, networks, data storage, specialized software products, etc. This paper analyzes the link between the intensity of investments in research and development (R&D), calculated as the share of research and development expenses made by companies in the business environment (business enterprise sector) in GDP or as a percentage of total research and development expenses, in relation to the adoption of cloud computing technology within companies in the Member States of the European Union. The research results indicate a direct and moderate relationship between the intensity of private R&D spending and the adoption of cloud computing technologies among companies in the Member States. This result can be attributed to both the increase in the overall digitization of the countries most active in terms of private R&D investment, as well as the need for affordable and strong IT&C infrastructure to maximize future returns and drive economic growth.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"44 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74161348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-004
P. Gejdoš, Zuzana Závadská, J. Schmidtová
The implementation of the quality management systems using quality improvement methods, tools and approaches is considered one of the significant aspects to increase the per- formance of enterprises in the market environment and growing competition. Most of the authors studied the impact of any of the available quality management tools or philosophies on the performance of enterprises only on a case-by-case basis. The aim of the paper is, however, to examine the effect of implementing a larger scope of tools, approaches or concepts of quality management on the performance of the enterprise more comprehensively from the perspective of their implementation and the assumption of achieving higher enterprise performance. The paper presents the results of the survey, which was carried out from 2020 to 2021. The survey was focused on the implementation of quality management approaches and techniques in small and mediumsized manufacturing enterprises in Slovakia. A total of 313 small and medium-sized manufacturing enterprises were addressed through questionnaires. The representativeness of the sample was tested using the chi-squared goodness-of-fit test. Pearson’s chi-squared test and analysis of contingency were implemented to test the established research hypotheses. Through the results of the analyses, it can be claimed that there are significant relationships between the use of quality management approaches and techniques and the performance of enterprises measured through return of costs. At the same time, the most common reasons for implementing quality management approaches were analysed, which confirmed the hypothesis about the reasons for improving product quality and increasing customer satisfaction, which were based on theoretical assumptions verified in practice. The results also show the significant differences between the researched industries, which gives an opportunity for increasing the level of quality in individual segments.
{"title":"Determinants of the implementation of the quality management systems in SMEs","authors":"P. Gejdoš, Zuzana Závadská, J. Schmidtová","doi":"10.15240/tul/001/2023-2-004","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-004","url":null,"abstract":"The implementation of the quality management systems using quality improvement methods, tools and approaches is considered one of the significant aspects to increase the per- formance of enterprises in the market environment and growing competition. Most of the authors studied the impact of any of the available quality management tools or philosophies on the performance of enterprises only on a case-by-case basis. The aim of the paper is, however, to examine the effect of implementing a larger scope of tools, approaches or concepts of quality management on the performance of the enterprise more comprehensively from the perspective of their implementation and the assumption of achieving higher enterprise performance. The paper presents the results of the survey, which was carried out from 2020 to 2021. The survey was focused on the implementation of quality management approaches and techniques in small and mediumsized manufacturing enterprises in Slovakia. A total of 313 small and medium-sized manufacturing enterprises were addressed through questionnaires. The representativeness of the sample was tested using the chi-squared goodness-of-fit test. Pearson’s chi-squared test and analysis of contingency were implemented to test the established research hypotheses. Through the results of the analyses, it can be claimed that there are significant relationships between the use of quality management approaches and techniques and the performance of enterprises measured through return of costs. At the same time, the most common reasons for implementing quality management approaches were analysed, which confirmed the hypothesis about the reasons for improving product quality and increasing customer satisfaction, which were based on theoretical assumptions verified in practice. The results also show the significant differences between the researched industries, which gives an opportunity for increasing the level of quality in individual segments.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"77 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81138483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-009
S. Lyeonov, Y. Bilan, O. Kuzmenko, O. Krukhmal, Laszlo Vasa
The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external and internal factors for activation of money laundering process are formed. The relationship between the key internal and external factors of money laundering intensification and competitive advantages by building a binary characteristic matrix is formed. The synergy effect made by the mutual influence of simultaneously acting internal and external factors – a quantitative feature of the further strategy of the financial monitoring system reforming in terms of cross-country analysis is calculated. An economic-mathematical model for evaluating and interpreting strategy for improving the financial monitoring system in terms of cross-country context based on integer optimization is developed. In the article, there is calculation of the number of competitive advantages received by each observed country, without considering the possible synergy effect of mutual influence of simultaneously acting internal and external factors on each other. Moreover, there is quantitative assessment of the synergy effect made by the emergence of additional competitive advantages due to a certain combination of simultaneous influence made by external and internal factors of the money laundering intensification. The “ideal” situation of the possibility of gaining all possible competitive advantages in reforming the financial monitoring system in terms of cross-country context by overcoming internal and external factors stimulating the money laundering is studied. The results of the cross-country analysis form a basis for the further formalization of the limits for quantitative evaluation of the developed strategies through a uniform distribution.
{"title":"Strategic management, scenario analysis and competitive advantage analysis: New opportunities for anti-money laundering system reform","authors":"S. Lyeonov, Y. Bilan, O. Kuzmenko, O. Krukhmal, Laszlo Vasa","doi":"10.15240/tul/001/2023-2-009","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-009","url":null,"abstract":"The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external and internal factors for activation of money laundering process are formed. The relationship between the key internal and external factors of money laundering intensification and competitive advantages by building a binary characteristic matrix is formed. The synergy effect made by the mutual influence of simultaneously acting internal and external factors – a quantitative feature of the further strategy of the financial monitoring system reforming in terms of cross-country analysis is calculated. An economic-mathematical model for evaluating and interpreting strategy for improving the financial monitoring system in terms of cross-country context based on integer optimization is developed. In the article, there is calculation of the number of competitive advantages received by each observed country, without considering the possible synergy effect of mutual influence of simultaneously acting internal and external factors on each other. Moreover, there is quantitative assessment of the synergy effect made by the emergence of additional competitive advantages due to a certain combination of simultaneous influence made by external and internal factors of the money laundering intensification. The “ideal” situation of the possibility of gaining all possible competitive advantages in reforming the financial monitoring system in terms of cross-country context by overcoming internal and external factors stimulating the money laundering is studied. The results of the cross-country analysis form a basis for the further formalization of the limits for quantitative evaluation of the developed strategies through a uniform distribution.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"37 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84887159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-007
Z. Toušek, Jana Hinke, Barbora Gregor, Martin Prokop
Due to the importance of automotive industry for the Czech Republic (in a broader sense for European countries) and due to the unprecedented development of both national and European economies caused by the COVID-19 outbreak, also having implications on the financial sector, we aim to explore the main determinants of operating performance within the automotive supply chain. This study is based on the data sample composed of complete individual financial statements (audited if available) of firms conducting their business in the Czech Republic from 2011 to 2018 and belonging to the automotive supply chain. This supply chain is defined as (sub) deliveries of the Czech automotive industry represented mainly by companies classified under NACE 22, 27, 25, 24. The hypothesis claiming that the investment and leverage-based variables are the important drivers of operating profitability was only partly confirmed (valid predominantly for Tier 3), which shows that the supply chain organization also plays a crucial role as well as (valid for Tier 1). Also, we have shown (illustrated) that the assumption of different capital structures among tiers is valid. The average overall indebtedness of Tier 3 is higher by approximately 50% (altogether, the short- and long-term leverage are higher by 40% and 62% respectively) than Tier 1 firms. The need for relatively high capital expenditures (applicable to Tier 1) and working capital investments (applicable to Tier 3) is partly facilitated by external funds reflected in the indebtedness, which is associated with the costs reducing overall low profits from these investments. The leverageprofitability relationship seems to be nonlinear for long-term debts contrary to short-term debts where the linear relationship prevails.
{"title":"How does the effect of external financing on profitability differ across tiers? Evidence from the automotive supply chain","authors":"Z. Toušek, Jana Hinke, Barbora Gregor, Martin Prokop","doi":"10.15240/tul/001/2023-2-007","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-007","url":null,"abstract":"Due to the importance of automotive industry for the Czech Republic (in a broader sense for European countries) and due to the unprecedented development of both national and European economies caused by the COVID-19 outbreak, also having implications on the financial sector, we aim to explore the main determinants of operating performance within the automotive supply chain. This study is based on the data sample composed of complete individual financial statements (audited if available) of firms conducting their business in the Czech Republic from 2011 to 2018 and belonging to the automotive supply chain. This supply chain is defined as (sub) deliveries of the Czech automotive industry represented mainly by companies classified under NACE 22, 27, 25, 24. The hypothesis claiming that the investment and leverage-based variables are the important drivers of operating profitability was only partly confirmed (valid predominantly for Tier 3), which shows that the supply chain organization also plays a crucial role as well as (valid for Tier 1). Also, we have shown (illustrated) that the assumption of different capital structures among tiers is valid. The average overall indebtedness of Tier 3 is higher by approximately 50% (altogether, the short- and long-term leverage are higher by 40% and 62% respectively) than Tier 1 firms. The need for relatively high capital expenditures (applicable to Tier 1) and working capital investments (applicable to Tier 3) is partly facilitated by external funds reflected in the indebtedness, which is associated with the costs reducing overall low profits from these investments. The leverageprofitability relationship seems to be nonlinear for long-term debts contrary to short-term debts where the linear relationship prevails.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"67 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88319966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-010
Bianca Raluca Bădițoiu, R. Ioan, Valentin Partenie Munteanu, Alexandru Buglea
The last decades brought to stock market investors’ attention several key issues regarding companies’ activity, besides the financial statements. These issues, such as environmental, social, or corporate governance policies are nowadays included in integrated reports issued by many listed companies worldwide. Although these topics seem to currently attract a high interest in the media, our study’s aim is to determine whether the listed firms’ release of Integrated Reports has any bearing on the issuers’ performance on the capital market as assessed by market value, return, and risk. In this respect, we analysed three different stock market time series’ reactions – daily close prices, daily logarithmic returns, and risk measured by the Expected Shortfall – to the publication of integrated reports, for a sample of 48 companies, listed on various European stock markets. In order to identify any sudden changes in the analysed time series behaviour, immediately after the publication date, we used the Bai-Perron multiple structural breaks test. Our results show that no consistent, significant reactions occur within the analysed time series immediately after the publication of integrated reports, but only isolated, circumstantial reactions seem to appear. Moreover, it seems that the markets show common significant reactions to certain events, marked by major structural breaks, but none of these events could be related to the publication of integrated reports. Within this context, our paper manages to prove that although it currently constitutes a hot topic worldwide, integrated reporting is not a key feature in the investors’ short-term decisionmaking process.
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Pub Date : 2023-06-01DOI: 10.15240/tul/001/2023-2-008
Yijing Wang, Changfeng Wang
Building the core competitiveness and improving the innovation performance of the team is becoming increasingly important to keep pace with changing economic environments and emerging technological opportunities. However, the dark side of knowledge transfer can lead to a series of harmful consequences which will destroy the core competitiveness and creativity of the team, even will reduce the innovation performance of the team. And the literature on the dark side knowledge transfer is very fragmented and lack of coherence, leading to more needs to systematically sort through studies on the dark sides of knowledge transfer. Therefore, this paper aims at reviewing the extant knowledge transfer and its dark side research field to understand the historical roots, its temporal progression, current state and potential future in a meaningful way. Data for this study were retrieved from the Web of Science database using a systematic literature search process. The bibliometric characteristics of 926 research documents were analyzed using bibliometric and knowledge mapping analysis. Based on a visual analysis tool VOSviewer, this paper provides a comprehensive review of the dark side of the knowledge transfer research field. The authors provide a quantitative review of these studies through the use of three bibliometric techniques: general description analysis, co-word analysis, and bibliographic coupling. This paper provides an overview of the annual publication trends, most productive and impactful countries, authors, and sources. The authors present an overview of historical progression, current status, and future directions of the dark side of knowledge transfer research based on an in-depth content analysis of these knowledge maps. This is a unique endeavor to accomplish a systematic bibliometric analysis of the dark side of knowledge transfer, offering an intellectual framework which reveals the antecedents and consequences of the dark side of knowledge transfer.
为了跟上不断变化的经济环境和新兴的技术机遇，建立核心竞争力和提高团队的创新绩效变得越来越重要。然而，知识转移的阴暗面会导致一系列有害的后果，破坏团队的核心竞争力和创造力，甚至会降低团队的创新绩效。而关于黑暗面知识转移的文献非常零散，缺乏连贯性，这就更需要对知识转移黑暗面的研究进行系统的梳理。因此，本文旨在对现存的知识转移及其黑暗面研究领域进行梳理，以期有意义地了解知识转移的历史根源、时间进程、现状和潜在的未来。本研究的数据通过系统的文献检索程序从Web of Science数据库中检索。采用文献计量学和知识图谱分析方法对926篇研究文献的文献计量学特征进行了分析。本文基于可视化分析工具VOSviewer，对知识转移研究领域的黑暗面进行了全面回顾。作者通过使用三种文献计量学技术:一般描述分析、共词分析和书目耦合，对这些研究进行了定量回顾。本文概述了年度出版趋势、最具生产力和影响力的国家、作者和来源。作者在对这些知识图谱进行深入内容分析的基础上，概述了知识转移黑暗面研究的历史进展、现状和未来方向。这是一项独特的努力，旨在完成对知识转移黑暗面的系统文献计量学分析，提供一个揭示知识转移黑暗面的前因和后果的智力框架。
{"title":"The dark side of knowledge transfer: A visual analysis using VOSviewer","authors":"Yijing Wang, Changfeng Wang","doi":"10.15240/tul/001/2023-2-008","DOIUrl":"https://doi.org/10.15240/tul/001/2023-2-008","url":null,"abstract":"Building the core competitiveness and improving the innovation performance of the team is becoming increasingly important to keep pace with changing economic environments and emerging technological opportunities. However, the dark side of knowledge transfer can lead to a series of harmful consequences which will destroy the core competitiveness and creativity of the team, even will reduce the innovation performance of the team. And the literature on the dark side knowledge transfer is very fragmented and lack of coherence, leading to more needs to systematically sort through studies on the dark sides of knowledge transfer. Therefore, this paper aims at reviewing the extant knowledge transfer and its dark side research field to understand the historical roots, its temporal progression, current state and potential future in a meaningful way. Data for this study were retrieved from the Web of Science database using a systematic literature search process. The bibliometric characteristics of 926 research documents were analyzed using bibliometric and knowledge mapping analysis. Based on a visual analysis tool VOSviewer, this paper provides a comprehensive review of the dark side of the knowledge transfer research field. The authors provide a quantitative review of these studies through the use of three bibliometric techniques: general description analysis, co-word analysis, and bibliographic coupling. This paper provides an overview of the annual publication trends, most productive and impactful countries, authors, and sources. The authors present an overview of historical progression, current status, and future directions of the dark side of knowledge transfer research based on an in-depth content analysis of these knowledge maps. This is a unique endeavor to accomplish a systematic bibliometric analysis of the dark side of knowledge transfer, offering an intellectual framework which reveals the antecedents and consequences of the dark side of knowledge transfer.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"15 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81684217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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