Pub Date : 2022-03-01DOI: 10.15240/tul/001/2022-1-002
A. Bartoszewicz, A. Rutkowska-Ziarko
This article presents the results of empirical research conducted among audit firms in Poland regarding the factors hindering the provision of non-financial information verification and attestation services. The rapidly developing practice of non-financial reporting among socially responsible entities in Poland does not translate into the number of reports that are subjected to external audits. Despite the unquestionable need to confirm the reliability of non-financial data, services of this type are not provided by the majority of audit firms. The primary aim of the article is to identify the factors hindering the performance of audits of non-financial reports in Poland. The article identifies the entities operating in the Polish audit market in terms of selected features. The authors provided answers to three main research questions: What percentage of audit firms in Poland carry out the verification of non-financial reports? What is the size and the level of employment of audit firms in Poland? What factors hinder, in the auditors’ practice, the performance of audits of non- financial reports? To achieve the objective, a survey research was conducted among audit firms under the supervision of the Polish Agency of Audit Oversight. The theoretical basis of the article included a literature study on the audit of non-financial reports as well as an analysis of regulations governing this subject matter in Poland. This study is the first such review of factors that condition the use of such an important tool as an audit in non-financial reporting. The obtained study results indicate that only 2.3% of audit firms perform audits of CSR reports. The main factor that limits audit firms in the performance of this type of services is the low demand in this regard. Moreover, the audits of non-financial reports are limited by insufficient staff.
{"title":"FACTORS HINDERING THE CONDUCT OF AUDITS OF CORPORATE SOCIAL RESPONSIBILITY REPORTS: EVIDENCE FROM POLAND","authors":"A. Bartoszewicz, A. Rutkowska-Ziarko","doi":"10.15240/tul/001/2022-1-002","DOIUrl":"https://doi.org/10.15240/tul/001/2022-1-002","url":null,"abstract":"This article presents the results of empirical research conducted among audit firms in Poland regarding the factors hindering the provision of non-financial information verification and attestation services. The rapidly developing practice of non-financial reporting among socially responsible entities in Poland does not translate into the number of reports that are subjected to external audits. Despite the unquestionable need to confirm the reliability of non-financial data, services of this type are not provided by the majority of audit firms. The primary aim of the article is to identify the factors hindering the performance of audits of non-financial reports in Poland. The article identifies the entities operating in the Polish audit market in terms of selected features. The authors provided answers to three main research questions: What percentage of audit firms in Poland carry out the verification of non-financial reports? What is the size and the level of employment of audit firms in Poland? What factors hinder, in the auditors’ practice, the performance of audits of non- financial reports? To achieve the objective, a survey research was conducted among audit firms under the supervision of the Polish Agency of Audit Oversight. The theoretical basis of the article included a literature study on the audit of non-financial reports as well as an analysis of regulations governing this subject matter in Poland. This study is the first such review of factors that condition the use of such an important tool as an audit in non-financial reporting. The obtained study results indicate that only 2.3% of audit firms perform audits of CSR reports. The main factor that limits audit firms in the performance of this type of services is the low demand in this regard. Moreover, the audits of non-financial reports are limited by insufficient staff.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"53 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85195015","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 : 2022-03-01DOI: 10.15240/tul/001/2022-1-007
Z. Drábková, Martin Pech
Small enterprises are exposed to new challenges in examining the impact of creative accounting on their financial statements, particularly when assessing ‘going concerned’ conditions and increasing the risk of fraud. The article aims to identify accounting errors and fraud risks made by accounting adjustments, thus distorting the true and fair presentation of financial statements. We aim to explore the risks of creative accounting based on the relationship between profit creation (EBT) and cash flow (CF) by applying the CFEBT risk triangle method. We analyze small enterprises operating mainly in the trade, processing, and construction industry to achieve this. The detected risks of accounting records were subsequently compared and evaluated in the selected branches of activities. Our research findings confirmed that M-score values were primarily negative for the monitored industries of small enterprises. The resulting values point to applying creative accounting methods – earning management, which pursues, in particular, tax optimization, and, on the other hand, the fulfilment of profitability criteria. A more profound analysis of selected accounting items and financial indicators confirmed more substantial differences between the trade and construction industries. Differences between the branches were found in one-half of the financial indicators and most of the 14 accounting items monitored. The accounting risks ascertained may be used as a tool for reducing the information asymmetry between authors of accounting records and users of reported accounting data and information. The detection and evaluation of risks of accounting errors and errors beyond the economic substance of reported data may considerably improve the quality of decision-making of internal and external users and is also used by persons authorized to conduct the administration and Corporate Governance for increasing the efficiency of enterprises’ internal control systems.
{"title":"COMPARISON OF CREATIVE ACCOUNTING RISKS IN SMALL ENTERPRISES: THE DIFFERENT BRANCHES PERSPECTIVE","authors":"Z. Drábková, Martin Pech","doi":"10.15240/tul/001/2022-1-007","DOIUrl":"https://doi.org/10.15240/tul/001/2022-1-007","url":null,"abstract":"Small enterprises are exposed to new challenges in examining the impact of creative accounting on their financial statements, particularly when assessing ‘going concerned’ conditions and increasing the risk of fraud. The article aims to identify accounting errors and fraud risks made by accounting adjustments, thus distorting the true and fair presentation of financial statements. We aim to explore the risks of creative accounting based on the relationship between profit creation (EBT) and cash flow (CF) by applying the CFEBT risk triangle method. We analyze small enterprises operating mainly in the trade, processing, and construction industry to achieve this. The detected risks of accounting records were subsequently compared and evaluated in the selected branches of activities. Our research findings confirmed that M-score values were primarily negative for the monitored industries of small enterprises. The resulting values point to applying creative accounting methods – earning management, which pursues, in particular, tax optimization, and, on the other hand, the fulfilment of profitability criteria. A more profound analysis of selected accounting items and financial indicators confirmed more substantial differences between the trade and construction industries. Differences between the branches were found in one-half of the financial indicators and most of the 14 accounting items monitored. The accounting risks ascertained may be used as a tool for reducing the information asymmetry between authors of accounting records and users of reported accounting data and information. The detection and evaluation of risks of accounting errors and errors beyond the economic substance of reported data may considerably improve the quality of decision-making of internal and external users and is also used by persons authorized to conduct the administration and Corporate Governance for increasing the efficiency of enterprises’ internal control systems.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"98 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79208365","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 : 2022-03-01DOI: 10.15240/tul/001/2022-1-004
Ľuboš Elexa, M. Istok, Lea Šlampiaková
This paper aims to quantify the impact of direct equity ownership links between Slovak companies and tax havens. We distinguish between three types of tax haven: onshore, midshore and offshore. The financial impacts are measured by indicators of profitability (ROA); activity (total asset turnover); liquidity (current ratio); and bankruptcy (IN05). To measure the impacts, we link the Bisnode and Finstat databases. The first database lists those Slovak companies that had links with tax havens during 2005–2015. The second provides financial statements for all Slovak companies. It was found that: 1) There are statistically significant differences in all investigated indicators between Slovak companies with and without links to tax havens. Those with links to tax havens generally reported worse economic situations and levels of performance compared to those without such links. We conclude that having a parent company resident in a tax haven had a negative effect on financial performance. 2) There are statistically significant differences between the selected indicators of company performance, across the different categories of tax haven, and for companies with no links to tax havens. 3) Those with no such links show statistically significant correlations between all their examined performance indicators. But for those companies with links to tax havens, the only statistically significant correlation was between profitability and the remaining indicators. 4) Companies with ownership links to tax havens are clearly engaged in profit-shifting activities. The results suggest opportunities for follow-up projects, especially focusing on different industries and company size that could specify their heterogeneous approaches and variability in objectives.
{"title":"DO LINKS TO TAX HAVENS AFFECT COMPANIES’ FINANCIAL PERFORMANCE? THE CASE OF SLOVAKIA","authors":"Ľuboš Elexa, M. Istok, Lea Šlampiaková","doi":"10.15240/tul/001/2022-1-004","DOIUrl":"https://doi.org/10.15240/tul/001/2022-1-004","url":null,"abstract":"This paper aims to quantify the impact of direct equity ownership links between Slovak companies and tax havens. We distinguish between three types of tax haven: onshore, midshore and offshore. The financial impacts are measured by indicators of profitability (ROA); activity (total asset turnover); liquidity (current ratio); and bankruptcy (IN05). To measure the impacts, we link the Bisnode and Finstat databases. The first database lists those Slovak companies that had links with tax havens during 2005–2015. The second provides financial statements for all Slovak companies. It was found that: 1) There are statistically significant differences in all investigated indicators between Slovak companies with and without links to tax havens. Those with links to tax havens generally reported worse economic situations and levels of performance compared to those without such links. We conclude that having a parent company resident in a tax haven had a negative effect on financial performance. 2) There are statistically significant differences between the selected indicators of company performance, across the different categories of tax haven, and for companies with no links to tax havens. 3) Those with no such links show statistically significant correlations between all their examined performance indicators. But for those companies with links to tax havens, the only statistically significant correlation was between profitability and the remaining indicators. 4) Companies with ownership links to tax havens are clearly engaged in profit-shifting activities. The results suggest opportunities for follow-up projects, especially focusing on different industries and company size that could specify their heterogeneous approaches and variability in objectives.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"19 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87493247","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-008
Saddam Hossain, B. Gavurová, Xianghui Yuan, M. Hasan, J. Oláh
This paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.
{"title":"THE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300","authors":"Saddam Hossain, B. Gavurová, Xianghui Yuan, M. Hasan, J. Oláh","doi":"10.15240/tul/001/2021-4-008","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-008","url":null,"abstract":"This paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"218 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78496841","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-005
Zhuang Xiong, Junzhou Yan, Lingling Wang
Impression management strategy is an important way to cope with the stigma of failed entrepreneurial firms. However, most existing studies only focused on the process of impression management with a single strategy. Few studies have provided a systematic theoretical explanation on how to use different types of impression management strategies to cope with stigma. To fill this theoretical gap, a two-path model of impression management of entrepreneurial failure stigma was constructed, based on the two-component model of impression management. In addition, the mechanism of impression management strategy selection for failed entrepreneurial firms to cope with stigma was discussed. The findings of the theoretical model reveal two paths for the stigma management strategy of failed entrepreneurial firms: “avoidance motivation → defensive strategy of impression management” and “diluted motivation → acquisitive strategy of impression management.” Moreover, in the selection mechanism of strategy, the formation of impression motivation is affected by the stigma type of entrepreneurial failure, the social status of the firm organization, and the degree of stigma threat. In the face of justifiable stigma, the failed entrepreneurial firms form the avoidance motivation and then implement a defensive strategy of impression management. High social status firms adopt an acquisitive strategy of impression management to cope with the negative impact of entrepreneurial failure stigma. As the threat level of entrepreneurial failure stigma increases, the dilution motivation of the failed entrepreneurial firms to stigma becomes stronger, and the firms are more likely to adopt the acquisitive strategy of impression management. The two-path theoretical model provides decision support for failed entrepreneurial firms to formulate stigma management strategies and expands the research scope of entrepreneurial failure stigma.
{"title":"IMPRESSION MANAGEMENT STRATEGY OF COPING WITH ENTREPRENEURIAL FAILURE STIGMA: A TWO-PATH THEORETICAL MODEL","authors":"Zhuang Xiong, Junzhou Yan, Lingling Wang","doi":"10.15240/tul/001/2021-4-005","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-005","url":null,"abstract":"Impression management strategy is an important way to cope with the stigma of failed entrepreneurial firms. However, most existing studies only focused on the process of impression management with a single strategy. Few studies have provided a systematic theoretical explanation on how to use different types of impression management strategies to cope with stigma. To fill this theoretical gap, a two-path model of impression management of entrepreneurial failure stigma was constructed, based on the two-component model of impression management. In addition, the mechanism of impression management strategy selection for failed entrepreneurial firms to cope with stigma was discussed. The findings of the theoretical model reveal two paths for the stigma management strategy of failed entrepreneurial firms: “avoidance motivation → defensive strategy of impression management” and “diluted motivation → acquisitive strategy of impression management.” Moreover, in the selection mechanism of strategy, the formation of impression motivation is affected by the stigma type of entrepreneurial failure, the social status of the firm organization, and the degree of stigma threat. In the face of justifiable stigma, the failed entrepreneurial firms form the avoidance motivation and then implement a defensive strategy of impression management. High social status firms adopt an acquisitive strategy of impression management to cope with the negative impact of entrepreneurial failure stigma. As the threat level of entrepreneurial failure stigma increases, the dilution motivation of the failed entrepreneurial firms to stigma becomes stronger, and the firms are more likely to adopt the acquisitive strategy of impression management. The two-path theoretical model provides decision support for failed entrepreneurial firms to formulate stigma management strategies and expands the research scope of entrepreneurial failure stigma.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"8 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79501775","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-006
M. M. Sulphey, Awad Ali Alanzi, M. Klepek
Labour legislations provide guidelines to prevent unfair labour practices and organizational injustice. All employment and labour laws propose standards regarding wages, wellbeing, safety, and equitable treatment, which reduces conflicts. However, informational imbalances between employers and employees prevent employees from having adequate knowledge about labour legislation. Consequently, some employers treat employees inconsistently and that could be detrimental to them. A practical solution to this problem is making employees aware of the provisions of labour laws. As an initial step towards this, there is a definite need to assess employees’ awareness regarding labour laws. Nevertheless, there is a lack of a standardized tool to measure the knowledge level of labour legislation, which has impaired empirical examinations. Using randomly collected 346 samples from two different types of industries, the present study constructed and validated a tool to measure labour law knowledge. The study has followed a simple scale development framework consisting of item generation, scale development, and psychometric evaluation. The measurement tool has been developed using exploratory and confirmatory factor analysis. The final questionnaire consists of 17 items under four factors, exhibited significant reliability and validity. The developed tool is expected to fill the gap in the literature and stimulate further empirical research. The study also examined the difference in the knowledge level based on the demographics of the sample. The results show a significant difference between the knowledge levels based on gender, citizenship, type of industry, and qualifications. Future research directions are proposed at the end of the paper, together with the limitations of this study.
{"title":"DEVELOPMENT AND STANDARDIZATION OF A TOOL TO MEASURE KNOWLEDGE OF LABOUR LAWS AMONG EMPLOYEES","authors":"M. M. Sulphey, Awad Ali Alanzi, M. Klepek","doi":"10.15240/tul/001/2021-4-006","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-006","url":null,"abstract":"Labour legislations provide guidelines to prevent unfair labour practices and organizational injustice. All employment and labour laws propose standards regarding wages, wellbeing, safety, and equitable treatment, which reduces conflicts. However, informational imbalances between employers and employees prevent employees from having adequate knowledge about labour legislation. Consequently, some employers treat employees inconsistently and that could be detrimental to them. A practical solution to this problem is making employees aware of the provisions of labour laws. As an initial step towards this, there is a definite need to assess employees’ awareness regarding labour laws. Nevertheless, there is a lack of a standardized tool to measure the knowledge level of labour legislation, which has impaired empirical examinations. Using randomly collected 346 samples from two different types of industries, the present study constructed and validated a tool to measure labour law knowledge. The study has followed a simple scale development framework consisting of item generation, scale development, and psychometric evaluation. The measurement tool has been developed using exploratory and confirmatory factor analysis. The final questionnaire consists of 17 items under four factors, exhibited significant reliability and validity. The developed tool is expected to fill the gap in the literature and stimulate further empirical research. The study also examined the difference in the knowledge level based on the demographics of the sample. The results show a significant difference between the knowledge levels based on gender, citizenship, type of industry, and qualifications. Future research directions are proposed at the end of the paper, together with the limitations of this study.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"28 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78641217","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-003
Ivan Soukal
It is not uncommon that articles focused on consumer-price interaction in the network and information goods market swiftly condemn price discrimination as an obfuscation, on-purpose price complexity, or market failure. The reason is a general neoclassical rule of an efficient market where prices are set at marginal cost with no price discrimination. However, the matter is more complicated. This review provides authors an overview of why, where, and which type of price discrimination should be viewed by different optics. Goods such as software, cell carrier services, electronic newspapers subscription, electric energy supply, payment accounts, books, copyrighted content streaming, etc, cannot be treated like manufactured goods. The reasons are specific conditions – substantial and/or repeated fixed/sunk cost, economies of scale, and demand heterogeneity. Recognized economist W. J. Baumol described marginal cost set prices under these conditions as an ‘economic suicide’. Reviewed articles showed that firms are forced to adopt price discrimination in order to recover their costs and to serve more consumer segments. Reviewed authors provided facts to support the use of multipart tariffs, dynamic pricing, versioning, bundling, and Ramsey pricing. These conclusions are used for suggestions on how several studies of information and network goods should be modified. Modifications are related mostly to model assumptions and pricing conclusions. I argue that, in the case of information and network goods, there is justified price discrimination. Hence, there is a certain justified level of price complexity that has to be accepted and not taken as automated evidence of inefficiency, market power, and consumer exploitation.
关注网络和信息产品市场中消费者价格相互作用的文章迅速谴责价格歧视是一种混淆，有目的的价格复杂性或市场失灵，这并不罕见。原因是有效市场的一般新古典主义规则，价格设定在边际成本，没有价格歧视。然而，事情要复杂得多。这篇综述为作者提供了一个概述，为什么，在哪里，以及哪种类型的价格歧视应该被不同的光学观察。软件、手机运营商服务、电子报纸订阅、电力供应、支付账户、书籍、版权内容流等商品不能被视为制成品。原因是特定的条件——大量和/或重复的固定/沉没成本、规模经济和需求异质性。知名经济学家鲍莫尔(W. J. Baumol)将这种情况下的边际成本定价描述为“经济自杀”。经过审查的文章表明，公司被迫采取价格歧视，以收回成本并服务于更多的消费者群体。审查的作者提供的事实，以支持使用多部分关税，动态定价，版本控制，捆绑和拉姆齐定价。这些结论被用来建议一些关于信息和网络产品的研究应该如何修改。修改主要与模型假设和定价结论有关。我认为，就信息和网络产品而言，存在合理的价格歧视。因此，有一定程度的合理的价格复杂性必须被接受，而不是被视为效率低下、市场力量和消费者剥削的自动证据。
{"title":"THE DEFENSE OF PRICE DISCRIMINATION IN NETWORK AND INFORMATION GOODS MARKETS","authors":"Ivan Soukal","doi":"10.15240/tul/001/2021-4-003","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-003","url":null,"abstract":"It is not uncommon that articles focused on consumer-price interaction in the network and information goods market swiftly condemn price discrimination as an obfuscation, on-purpose price complexity, or market failure. The reason is a general neoclassical rule of an efficient market where prices are set at marginal cost with no price discrimination. However, the matter is more complicated. This review provides authors an overview of why, where, and which type of price discrimination should be viewed by different optics. Goods such as software, cell carrier services, electronic newspapers subscription, electric energy supply, payment accounts, books, copyrighted content streaming, etc, cannot be treated like manufactured goods. The reasons are specific conditions – substantial and/or repeated fixed/sunk cost, economies of scale, and demand heterogeneity. Recognized economist W. J. Baumol described marginal cost set prices under these conditions as an ‘economic suicide’. Reviewed articles showed that firms are forced to adopt price discrimination in order to recover their costs and to serve more consumer segments. Reviewed authors provided facts to support the use of multipart tariffs, dynamic pricing, versioning, bundling, and Ramsey pricing. These conclusions are used for suggestions on how several studies of information and network goods should be modified. Modifications are related mostly to model assumptions and pricing conclusions. I argue that, in the case of information and network goods, there is justified price discrimination. Hence, there is a certain justified level of price complexity that has to be accepted and not taken as automated evidence of inefficiency, market power, and consumer exploitation.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"88 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83824997","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-012
K. Matušínská, M. Stoklasa
The aims of the paper are: 1) to verify the validity of the traditional theoretical definition of the Foote, Cone & Belding (FCB) model based on the use of representative products concerning the age (generation) and gender of the selected target group in the conditions of the Czech Republic, and 2) to verify the validity of defined advertising strategies in the traditional theoretical conception of the Foote, Cone & Belding (FCB) model with the current level of acceptance and perception of advertising within the defined selected target group according to age (generation) and gender in the conditions of the Czech Republic. To meet both aims, both secondary and primary marketing research was implemented. The theoretical background of the paper is based on knowledge of marketing communication principles in general with emphasis on advertising theories. The greatest attention is focused on the traditional version of the FCB model which is based on a matrix of consumer thinking–feeling and high–low involvement behaviours and proposes four advertising strategies. Primary research data were obtained using a questionnaire, on the online panel of research agency Ipsos, on 1,100 Czech respondents. The methods used are positional maps for the FCB grid and chi-squared with a suitable post-hoc test. The outputs reveal the differences of the theoretical FCB model in comparison with its practical implementation. It is necessary to adapt (extend) the model according to specific conditions and identification features of different Czech generations and genders, then adjust recommendations for advertising strategies. In Czech conditions, the sextant grind should be used. There is a prevalence of representative product placement in quadrants 1 and 3, i.e., rational appeals even for products where this is not expected. The outcomes can be used for the choice of correct advertising strategy, advertising media, and types.
{"title":"ADVERTISING STRATEGY ACCORDING TO THE CONCEPT OF THE FCB MODEL IN THE CONDITIONS OF THE VARIOUS GENERATIONS","authors":"K. Matušínská, M. Stoklasa","doi":"10.15240/tul/001/2021-4-012","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-012","url":null,"abstract":"The aims of the paper are: 1) to verify the validity of the traditional theoretical definition of the Foote, Cone & Belding (FCB) model based on the use of representative products concerning the age (generation) and gender of the selected target group in the conditions of the Czech Republic, and 2) to verify the validity of defined advertising strategies in the traditional theoretical conception of the Foote, Cone & Belding (FCB) model with the current level of acceptance and perception of advertising within the defined selected target group according to age (generation) and gender in the conditions of the Czech Republic. To meet both aims, both secondary and primary marketing research was implemented. The theoretical background of the paper is based on knowledge of marketing communication principles in general with emphasis on advertising theories. The greatest attention is focused on the traditional version of the FCB model which is based on a matrix of consumer thinking–feeling and high–low involvement behaviours and proposes four advertising strategies. Primary research data were obtained using a questionnaire, on the online panel of research agency Ipsos, on 1,100 Czech respondents. The methods used are positional maps for the FCB grid and chi-squared with a suitable post-hoc test. The outputs reveal the differences of the theoretical FCB model in comparison with its practical implementation. It is necessary to adapt (extend) the model according to specific conditions and identification features of different Czech generations and genders, then adjust recommendations for advertising strategies. In Czech conditions, the sextant grind should be used. There is a prevalence of representative product placement in quadrants 1 and 3, i.e., rational appeals even for products where this is not expected. The outcomes can be used for the choice of correct advertising strategy, advertising media, and types.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"35 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80092064","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-011
Manidatta Ray, Mamata Ray, K. Muduli, A. Banaitis, Anil Kumar
This research work focuses on integrating the multi attribute decision making with data mining in a fuzzy decision environment for customer relationship management. The main objective is to analyse the relation between multi attribute decision making and data mining considering a complex problem of ordering customers segments, which is based on four criteria of customer’s life time value, viz. length (L), recency (R), frequency (F) and monetary value (M). The proposed integrated approach involves fuzzy C-means (FCM) cluster analysis as data mining tool. The experiment conducted using MATLAB 12.0 for identifying eight clusters of customers. The two multi attribute decision making tools i.e., fuzzy AHP (Analytic Hierarchy Process) and fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) are used for ranking these identified clusters. The applicability of the integrated decision making technique is also demonstrated in this paper considering the case of Indian retail sector. This research collected responses from nine experts from Indian retail industry regarding their perception of relative importance of four criteria of customer life value and evaluated weights of each criterion using fuzzy AHP. Transaction data of 18 months of the case retail store was analysed to segment 1,600 customers into eight clusters using fuzzy c-means clustering analysis technique. Finally, these eight clusters were ranked using fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Solution). The findings of this research could be helpful for firms in identifying the more valuable customers for them and allocate more resources to satisfy them. The findings will be also helpful in developing different loyalty program strategies for customers of different clusters.
本研究的重点是将模糊决策环境下的多属性决策与数据挖掘相结合，用于客户关系管理。基于顾客生命时间价值的四个标准，即长度(L)、频度(R)、频度(F)和货币价值(M)，分析了多属性决策与数据挖掘之间的关系。提出的综合方法采用模糊c均值(FCM)聚类分析作为数据挖掘工具。实验采用MATLAB 12.0对8类客户进行识别。利用模糊层次分析法(AHP)和模糊TOPSIS (Order Preference Technique of Similarity to Ideal Solution)两种多属性决策工具对已识别的聚类进行排序。本文还以印度零售业为例，论证了综合决策技术的适用性。本研究收集了来自印度零售业的九位专家对客户生命价值四个标准的相对重要性的看法，并使用模糊层次分析法评估了每个标准的权重。对案例零售商店18个月的交易数据进行分析，采用模糊c均值聚类分析技术将1600名顾客划分为8类。最后，利用模糊TOPSIS (Order Preference Technique for Similarity to Ideal Solution)对这8个聚类进行排序。本研究的结果可以帮助企业识别更有价值的客户，并分配更多的资源来满足他们。研究结果也将有助于为不同集群的客户制定不同的忠诚度计划策略。
{"title":"INTEGRATED APPROACH OF FUZZY MULTI-ATTRIBUTE DECISION MAKING AND DATA MINING FOR CUSTOMER SEGMENTATION","authors":"Manidatta Ray, Mamata Ray, K. Muduli, A. Banaitis, Anil Kumar","doi":"10.15240/tul/001/2021-4-011","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-011","url":null,"abstract":"This research work focuses on integrating the multi attribute decision making with data mining in a fuzzy decision environment for customer relationship management. The main objective is to analyse the relation between multi attribute decision making and data mining considering a complex problem of ordering customers segments, which is based on four criteria of customer’s life time value, viz. length (L), recency (R), frequency (F) and monetary value (M). The proposed integrated approach involves fuzzy C-means (FCM) cluster analysis as data mining tool. The experiment conducted using MATLAB 12.0 for identifying eight clusters of customers. The two multi attribute decision making tools i.e., fuzzy AHP (Analytic Hierarchy Process) and fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) are used for ranking these identified clusters. The applicability of the integrated decision making technique is also demonstrated in this paper considering the case of Indian retail sector. This research collected responses from nine experts from Indian retail industry regarding their perception of relative importance of four criteria of customer life value and evaluated weights of each criterion using fuzzy AHP. Transaction data of 18 months of the case retail store was analysed to segment 1,600 customers into eight clusters using fuzzy c-means clustering analysis technique. Finally, these eight clusters were ranked using fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Solution). The findings of this research could be helpful for firms in identifying the more valuable customers for them and allocate more resources to satisfy them. The findings will be also helpful in developing different loyalty program strategies for customers of different clusters.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"4 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87096097","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 : 2021-12-01DOI: 10.15240/tul/001/2021-4-009
M. Svoboda, P. Říhová
The article describes empirical research that deals with short-term stock price prediction. The aim of this study is to use this prediction to create successful business models. A business model that outperforms the stock market, represented by the Buy and Hold strategy, is considered to be successful. A stochastic model based on Markov chains analysis with varying state space is used for short-term stock price prediction. The varying state spate is defined based on multiples of the moving standard deviation. A total of 80 state space models were calculated for the moving standard deviation with 5-step lengths from 10 to 30 in combination with the standard deviation multiples from 0.5 to 2.0 with the step of 0.1. The efficiency of the business models was verified for 3 long-term, liquid stocks of the Czech stock market, namely the stocks of KB, CEZ, and O2 within a 14-year period – from the beginning of 2006 to the end of 2019. Business models perform best when they use a state space defined on the length of a moving standard deviation between 15 and 30 in combination with multiples of the standard deviation between 1.1 and 1.2. Business models based on these parameters outperform the passive Buy and Hold strategy. In fact, they outperform the Buy and Hold strategy for both the entire period under review and the yielded five-year periods (including transaction fees). The only exception is the five-year periods covering 2015 for O2 stocks. After the end of the uncertainty period caused by unclear intentions of the new majority stockholder, the stock price rose sharply. These results are in conflict with the efficient markets theory and suggest that in the period under review, the Czech stock market was not effective in any form.
{"title":"STOCK PRICE PREDICTION USING MARKOV CHAINS ANALYSIS WITH VARYING STATE SPACE ON DATA FROM THE CZECH REPUBLIC","authors":"M. Svoboda, P. Říhová","doi":"10.15240/tul/001/2021-4-009","DOIUrl":"https://doi.org/10.15240/tul/001/2021-4-009","url":null,"abstract":"The article describes empirical research that deals with short-term stock price prediction. The aim of this study is to use this prediction to create successful business models. A business model that outperforms the stock market, represented by the Buy and Hold strategy, is considered to be successful. A stochastic model based on Markov chains analysis with varying state space is used for short-term stock price prediction. The varying state spate is defined based on multiples of the moving standard deviation. A total of 80 state space models were calculated for the moving standard deviation with 5-step lengths from 10 to 30 in combination with the standard deviation multiples from 0.5 to 2.0 with the step of 0.1. The efficiency of the business models was verified for 3 long-term, liquid stocks of the Czech stock market, namely the stocks of KB, CEZ, and O2 within a 14-year period – from the beginning of 2006 to the end of 2019. Business models perform best when they use a state space defined on the length of a moving standard deviation between 15 and 30 in combination with multiples of the standard deviation between 1.1 and 1.2. Business models based on these parameters outperform the passive Buy and Hold strategy. In fact, they outperform the Buy and Hold strategy for both the entire period under review and the yielded five-year periods (including transaction fees). The only exception is the five-year periods covering 2015 for O2 stocks. After the end of the uncertainty period caused by unclear intentions of the new majority stockholder, the stock price rose sharply. These results are in conflict with the efficient markets theory and suggest that in the period under review, the Czech stock market was not effective in any form.","PeriodicalId":46351,"journal":{"name":"E & M Ekonomie a Management","volume":"35 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73150875","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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