{"title":"Spomienka na významného českého ekonóma profesora Michala Mejstříka","authors":"Daneš Brzica","doi":"10.31577/EKONCAS.2021.04.06","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.06","url":null,"abstract":"","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"47 1","pages":"443-444"},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80829700","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}
{"title":"Convergence of Non-financial Companies’ Capital Structure in Central and Eastern Europe","authors":"Peter Krištofík, Lea Šlampiaková, Jana Fendeková","doi":"10.31577/EKONCAS.2021.03.02","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.03.02","url":null,"abstract":"This paper explores the convergence of financial systems in selected CEE countries, by examining the typical capital structure, and its convergence, of their non-financial companies. It examines the sigma convergence of ratios of the most important financial liabilities to total financial liabilities. It focusses on those liabilities that constitute a significant part of total liabilities. These are equity and investment fund shares, bank loans, debt securities and trade credit. Using the Eurostat database, there is strong evidence for sigma convergence of equity and bank loans. This confirms the banking sector’s key role in continental Europe. In contrast, debt securities and trade credit show only moderate convergence. The 2008 crisis led to increased variance for debt securities and trade credit.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"13 1","pages":"237-256"},"PeriodicalIF":0.4,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77983373","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}
{"title":"M&As and Price Manipulations in China","authors":"Chen Cuiping, J. Fidrmuc, Fabian Reck","doi":"10.31577/EKONCAS.2021.03.01","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.03.01","url":null,"abstract":"In recent years, M&As have become popular among Chinese companies, with many of them receiving a high premium. This paper empirically analyzes the motivation of high-premium M&As from the perspective of price manipulations. The sample consists of 1,013 Chinese companies, listed on the Shanghai and Shenzhen stock exchange, and covers the period from 2013 to 2018. Our results indicate that benefit seeking of major shareholders on the costs of minor investors is a key determinant for the merger of companies. In comparison, economic synergy effects are not the predominant factor of M&As. Therefore, legal reforms by the Chinese Market Supervisory Department are necessary to protect smaller investors.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"362 1","pages":"223-236"},"PeriodicalIF":0.4,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80274798","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}
{"title":"Importance of Financial Strategy in E-commerce","authors":"Veronika Svatošová","doi":"10.31577/EKONCAS.2021.03.04","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.03.04","url":null,"abstract":"This paper deals with the issue of financial strategy formulation and available models of financial strategy with a focus on e-commerce. The paper aims at using the financial strategy model to assess current financial strategy for enterprises primarily oriented towards electronic commerce and to propose the optimum financial strategy for this area of business. The research used selected methods of financial analysis (liquidity, profitability, indebtedness, activity) to evaluate current financial standing of a selected sample of enterprises. The results of the financial analysis were used for building of a model of financial strategy in Vensim program. The model, based on selected financial indicators, identifies current financial strategies of enterprises and designs the optimum financial strategy using the principle of dynamics and proposes its development for long-term progress of the enterprise. The financial strategy model is also applicable to e-commerce.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"12 1","pages":"278-305"},"PeriodicalIF":0.4,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84777504","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}
J. Betáková, Katarína Havierniková, M. Kordoš, Daniel Lajčin
{"title":"Factors Affecting the Decision of SMEs’ to Be Involved in Cluster Cooperation","authors":"J. Betáková, Katarína Havierniková, M. Kordoš, Daniel Lajčin","doi":"10.31577/EKONCAS.2021.03.03","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.03.03","url":null,"abstract":"Various research studies have already reported many benefits of cluster cooperation for small and medium-sized enterprises (SMEs), but the factors ́ assessment leading them to be joined in this form of business are still missing. This research contributes to fill this gap by a broader analysis accomplishment within three perspectives: the SMEs’ size category, the cluster cooperation experience and the typology being related to Slovak clusters. The main aim of this study is to identify the most important reasons that drive SMEs to engagement into cluster cooperation and by means of exploratory factor analysis (EFA) to group them into main factors affecting the SMEs’ decision about clustering. These outcomes are based on questionnaire survey results conducted among 1018 Slovak SMEs. We evaluated the SMEs’ perception of ten identified reasons by using the Chi-square independence test and Cramer’s V. The EFA results indicated two main factors. The results highlighted the importance of clustering to SMEs, policy makers and other stakeholders.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"55 1","pages":"257-277"},"PeriodicalIF":0.4,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87323804","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}
{"title":"Does Capital Flight Harm Domestic Investment? An Empirical Investigation from a Panel of Emerging and Advanced Europe","authors":"M. W. Tiruneh, Mária Širaňová, Filip Ostrihoň","doi":"10.31577/EKONCAS.2021.02.02","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.02.02","url":null,"abstract":"In this study, we estimate the size of capital flight and its spillover effect on domestic investment in selected European economies during the 2006 – 2016 period. The results based on the fixed effects ordinary least squares method suggest that capital flight has an adverse impact on investment in the economies included in our sample. As a robustness check, we also use the system generalized method of moments (GMM). Our results based on a mix of emerging and advanced economies are fairly similar with previous studies based on emerging economies alone (Yalta, 2010) and developing economies (Ndiaye, 2009).","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"23 1","pages":"135-157"},"PeriodicalIF":0.4,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81220187","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}
{"title":"Selecting Suitable Building Savings for the Client in the Czech Republic Using a Multi-criteria Evaluation Procedure","authors":"Adam Borovička","doi":"10.31577/EKONCAS.2021.02.04","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.02.04","url":null,"abstract":"Recently, the popularity of building savings has grown. Many people thus are faced with selecting a suitable product. Unfortunately, most clients sign a contract with the bank holding their current account and/or other products. In this simplified manner of choosing, customer’s preferences are often unnecessarily suppressed. To eliminate this, or to select the building savings most appropriate to customer’s needs, a complex user-friendly multi-criteria evaluation procedure is proposed. This approach can consider, as opposed to other well-known methods, all requirements and conditions of a building savings selection. The application power of the proposed concept is illustrated using real situations that can occur on the Czech market. Two most frequent types of client are specified (primarily oriented to a deposit return, and getting a loan). Besides “standard” situations, some more specific cases (a non-traditional savings period of nine years, or building savings for children) are also studied in order to have a greater impact of study to the practice with this product. For each savings strategy, the most suitable building savings is selected. Subsequently, the results are compared and analysed.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"15 1","pages":"180-203"},"PeriodicalIF":0.4,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87630470","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}
{"title":"Economic Cooperation between the Republic of Serbia and the Member States of the Visegrad Group","authors":"Ivana Božić Miljković","doi":"10.31577/EKONCAS.2021.02.03","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.02.03","url":null,"abstract":"The paper analyses the effects and measures the intensity of economic cooperation that Serbia has achieved with the member countries of the Visegrad Group (V4 Group) from 2000 until today. The starting hypothesis is that the common cultural and historical heritage, the geographical proximity of the market and the common experience of the economic transition process can be an incentive for the development of economic cooperation between Serbia and the countries of the V4 Group. A gravity econometric model Poisson Pseudo Maximum Likelihood (PPML) estimator was used to test the hypothesis. The results of the research confirm a significantly positive impact of the GDP of Serbia and the observed countries, a significantly negative impact of distance and a significantly positive effect of the neighbourhood on bilateral trade flows. Predictors related to the quality of institutions also have a significant positive effect on increasing bilateral trade cooperation between Serbia and the V4 Group.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"41 1","pages":"158-179"},"PeriodicalIF":0.4,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82396649","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}
{"title":"Attitudes towards Financial Risks and Portfolio Allocations: Evidence from Large-Scale Surveys","authors":"V. Baláž","doi":"10.31577/EKONCAS.2021.02.01","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.02.01","url":null,"abstract":"This paper analyses the determinants of financial risk attitudes and portfolio allocations as established by large-scale surveys in developed countries. After a literature review the paper proceeds with an analysis of two large-scale surveys on financial risk attitudes and the ownership of financial products in Slovakia. Risk attitudes are examined via a stated and revealed preference over portfolio allocations. Two dependent variables were used to test assumptions on investment choices: subjective financial risk tolerance (expressed via stated preferences over hypothetical portfolios) and objective risk tolerance (expressed via the actual share of risky investments out of the total financial assets). The standardised regression coefficients indicated that the risk attitudes seemed to be the most important predictors of both subjective and objective risk tolerance, followed by perceived and actual experience with financial investments. Sociodemographic variables (gender, age, education) had a relatively lower impact on portfolio allocations.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"37 1","pages":"113-134"},"PeriodicalIF":0.4,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87197268","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}