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16TH INTERNATIONAL SCIENTIFIC CONFERENCE
PERSPECTIVES OF BUSINESS AND ENTREPRENEURSHIP
DEVELOPMENT IN DIGITAL AGE
ECONOMIC, MANAGEMENT, FINANCE AND SYSTEM ENGINEERING
FROM THE ACADEMIC AND PRACTIONERS VIEWS
COLLECTED ABSTRACTS AND PROGRAMME OF INTERNATIONAL
SCIENTIFIC CONFERENCE
SEPTEMBER 20-22, 2017
BRNO, CZECH REPUBLIC
ISBN 978-80-214-5531-3
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 3
INTRODUCTION
Dear conference participants,
I would like to take this opportunity to welcome you at the “international conference”
held on the occasion of the 25th anniversary of the Faculty of Business and Management
of the Brno University of Technology.
The history of the Faculty of Business and Management of the Brno University of
Technology dates back to September 1992, yet the beginnings of the faculty itself may
be found in the Department of Economy and Management at the Faculty of Engineering
of the Brno University of Technology.
At present, the Faculty of Business and Management provides education in economic,
management and ICT disciplines with an emphasis on the business sphere, achieving
top-level scientific performance and developing cooperation at the level of enterprises,
public administration and other stakeholder organisations and institutions, clearly
defining its position both in the Czech Republic and in the context of international
competition.
The primary goal of the conference is to provide a unique platform to facilitate the
exchange of leading ideas among academics and practitioners in the field for the
purposes of effective advancement of knowledge in the field of economic, management,
finance and system engineering from the perspective of challenges to business and
entrepreneurships in digital age. This will be achieved through multi-disciplinary panels,
roundtables and discussions of current issues and conditions of business and
entrepreneurships in Europe and around the world.
The conference will not only see the discussion over scientific papers or research issues
but it will also deepen old friendships or establish new friendships, as well. In addition,
this kind of conference serves as a good platform for networking.
More than 70 participants coming from more than 13 countries from Europe, North
Africa, USA and Asia will present their scientific papers. I am convinced that these
scientific papers could help to solve the challenges of mankind.
I wish you a pleasant stay at the conference.
Stanislav Škapa
Dean
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 4
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 5
CONTENT
About Conference ........................................................................................................... 6
Further Publication Opportunities .................................................................................. 7
Programme Committee .................................................................................................. 8
Reviewers ...................................................................................................................... 10
Organising Committee .................................................................................................. 11
Conference Programme ................................................................................................ 12
Panel Discussion ............................................................................................................ 14
Parallel Sessions ............................................................................................................ 17
Economics in Digital Age ........................................................................................... 17
Finance in Digital Age ................................................................................................ 19
Management in Digital Age ....................................................................................... 21
System in Digital Age ................................................................................................. 23
Abstracts & Contacts ..................................................................................................... 25
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 6
ABOUT CONFERENCE
The honorary patronage over the conference took the dean of the Faculty of Business
and Management, Brno University of Technology associate prof. Ing. et Ing. Stanislav
Škapa, Ph.D.
The 16th International Conference is associated with the celebration of the 25th
anniversary of the Faculty of Business and Management, whose research focus has
aimed, since its establishment, at contributing to developing the knowledge and
cultivating the business sphere, thus fulfilling its motto – Prosperity and Humanity.
Conference Theme: “Perspectives of Business and Entrepreneurship Development in
Digital Age „Economics, Management, Finance and System Engineering from the
Academic and Practitioners Views. The aim of this year’s conference is to provide an
expert platform for sharing ideas and discussing opinions between the academics and
practitioners in the sphere of new trends and perspectives of business development and
entrepreneurship influenced by the digital era. Conference Sections:
Section 1: Economic in Digital Age
Section 2: Management in Digital Age
Section 3: Finance in Digital Age
Section 4: System Engineering
The primary goal of the conference is to provide a unique platform to facilitate the
exchange of leading ideas among academics and practitioners in the field for effective
advancement of knowledge in the field of economic, management, finance and system
engineering from the perspective of challenges to business and entrepreneurships. This
will be achieved through multidisciplinary discussions of current problems and
conditions of business and entrepreneurships in the Europe and the World. Major
highlights of the conference would be creating of the platform for network and
communication with distinguished entrepreneurs, managers and traders.
This conference will feature competitive papers, plenary session, panel discussion and
sections roundtable. Submissions will be subjected to a blind review process and will be
published in the refereed Conference Proceedings „Selected papers: Perspectives of
Business and Entrepreneurship Development in Digital Age: Economic, Management,
Finance and System Engineering from the Academic and Practioners views“, which will
be applied for covering by abstracting/indexing services: Thomson Reuters Conference
Proceedings Citation Index (ISI).
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 7
FURTHER PUBLICATION OPPORTUNITIES
On the basis of agreed cooperation with editors of the scientific journals there will be
offered an opportunity for the authors of high quality contributions to publish extended
versions of their contributions in journal indexed in reputable databases:
Trends Economics and Management Czech Republic
http://trendy.fbm.vutbr.cz/index.php/trends ISSN 1802-8527
Business: Theory and Practice Lithuania
http://www.btp.vgtu.lt/index.php/btp/index ISSN 1648-0627
Journal of Business Economics and Management Lithuania
http://www.tandfonline.com/toc/tbem20/current#.VIjGNv
3hb3g ISSN 1611-1699
Economics and Business Latvia
https://ortus.rtu.lv/science/en/series/3 ISSN 1407-7337
Engineering Economics Lithuania
http://www.inzeko.ktu.lt/index.php/EE ISSN 1392-2785
Business, Management and Education Lithuania
http://www.bme.vgtu.lt/index.php/bme ISSN 2029-7491
Equilibrium. Quarterly Journal of Economics and Economic
Policy Poland
http://www.equilibrium.umk.pl ISSN 1689-765X
Oeconomia Copernicana Poland
http://oeconomia.pl ISSN 2083-1277
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 8
PROGRAMME COMMITTEE
Chairperson: Stanislav Škapa
Programme Coordinator: Alena Kocmanová
Conference Coordinator: Iveta Šimberová
Members: Adam P. Balcerzak (Nicolaus Copernicus University, Poland)
Artur Bartosik (Kielce University of Technology, Poland)
Massimo Bianchi (Universita di Bologna, Italy)
Jerzy Boehlke (Nicolaus Copernicus University, Poland)
Jose Carlos Casillas Bueno (Universidad de Sevilla, Spain)
Mirko Dohnal (Brno University of Technology, Czech Republic)
Petr Dostál (Brno University of Technology, Czech Republic)
Elina Gaile-Sarkane (Riga University of Technology, Latvia)
Lidia Galabova (Technical University Sofia, Bulgaria)
Romualdas Ginevicius (Vinius Gediminas University, Lithuania
Michal Gregus (Comenius University in Bratislava, Slovak Republic)
Krzysztof Grysa (Kielce University of Technology, Poland)
Josef Hynek (Univerzity Hradec Kralove, Czech Republic)
Reiji Yamanaka, (Globis University, Japan)
Arvid C. Johnson (University of St. Francis, USA)
Jaroslav Kita (University of Economics Bratislava, Slovak Republic)
Jiří Kraft (University of Pardubice, Czech Republic)
Natalja Lace (Riga University of Technology, Latvia)
Justyna Łapińska (Nicolaus Copernicus University, Poland)
Hana Lošťáková (University of Pardubice, Czech Republic)
Augustin Muresan (Gheorghe Asachi Technical University Iasi, Romania)
Tomáš Meluzín (Brno University of Technology, Czech Republic)
Zdeněk Molnár ((The University of Economics, Czech Republic)
Jurgen Muhlbacher (Vienna University of Economics and Business, Austria)
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 9
Bronius Neverauskas (Kaunas University of Technology, Lithuania)
Michał Bernard Pietrzak (Nicolaus Copernicus University, Poland)
David J. Pollard (Leeds Metropolitan University, United Kingdom)
Tatjana Põlajeva (Tallinn University of Technology)
Jan Pour (The University of Economics, Czech Republic)
Maria Režňáková (Brno University of Technology, Czech Republic)
Žaneta Simanavičiene (Kaunas University of Technology, Lithuania)
Anna Soulsby (Notingham University, United Kingdom)
Jelena Stankevičiene (Vilnius Gediminas University, Lithuania)
Grazina Startiene (Kaunas University of Technology, Lithuania)
Anna Svirina, (Kazan State Technical University, Russian Federation)
Iveta Šimberová (Brno University of Technology, Czech Republic)
Stanislav Škapa (Brno University of Technology, Czech Republic)
Tomáš Šubrt (Czech University of Life Sciences Prague, Czech Republic)
Janos Vecsenyi (Budapest University of Technology and Economics Hungaria)
Robert Zich (Brno University of Technology, Czech Republic)
Marek Zinecker (Brno University of Technology, Czech Republic)
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 10
REVIEWERS
Dastan Bamwesigye (Czech Republic)
Angela Belobrov (Moldova)
Veronika Bumberová (Czech Republic)
Lucie Kaňovská (Czech Republic)
Michal Karas (Czech Republic)
Zdeňka Konečná (Czech Republic)
Štěpán Konečný (Czech Republic)
Vojtěch Koráb (Czech Republic)
Petra Koudelková (Czech Republic)
Natalja Lace (Latvia)
Jan Luhan (Czech Republic)
Jiří Luňáček (Czech Republic)
Anita Maček (Austria)
Ingrid Majerová (Czech Republic)
Pavel Mráček (Czech Republic)
Bernard Neuwirth (Czech Republic)
Veronika Novotná (Czech Republic)
Mária Pomffyová (Slovakia)
Mária Režňáková (Czech Republic)
David Schüller (Czech Republic)
Martina Skalická (Czech Republic)
Iveta Šimberová (Czech Republic)
Štefan Štěpník (Czech Republic)
Eva Tomášková (Czech Republic)
Tatiana Zhilinskaya (Belarus)
Marek Zinecker (Czech Republic)
Ondřej Žižlavský (Czech Republic)
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 11
ORGANISING COMMITTEE
Chair
Iveta Šimberová, Brno University of Technology (Czech Republic)
Conference team:
Nina Bočková, Brno University of Technology (Czech Republic)
Veronika Bumberová, Brno University of Technology (Czech Republic)
Eliška Horová, Brno University of Technology (Czech Republic)
Vít Chlebovský, Brno University of Technology (Czech Republic)
Lucie Kaňovská, Brno University of Technology (Czech Republic)
Zdeňka Konečná, Brno University of Technology (Czech Republic)
Stanislav Kudelás, Brno University of Technology (Czech Republic)
Jan Luhan, Brno University of Technology (Czech Republic)
František Milichovský, Brno University of Technology (Czech Republic)
Pavel Mráček, Brno University of Technology (Czech Republic)
David Schüller, Brno University of Technology (Czech Republic)
Jiri Zámečník, Brno University of Technology (Czech Republic)
Ondřej Žižlavský, Brno University of Technology (Czech Republic)
Pavel Weirich, Brno University of Technology (Czech Republic)
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 12
CONFERENCE PROGRAMME
Thursday, 21 September
Faculty of Business and Management, Kolejní 2906/4, Brno
9:30 - 10:50 Registration
Plenary session Moderator: Marek Zinecker
11:00 - 11:15 Welcome speech (P381) dean Stanislav Škapa
11:15 - 12:30 Panel discussion (P381) Vít Chlebovský, Robert Zich
12:30 - 13:30 Lunch at the Faculty of Business and Management
Parallel sessions Place Moderators
13:30 - 16:30 Economic in Digital Age (P157)
Nina Bočková,
Marek Zinecker
Finance in Digital Age (P158) Ondřej Žižlavský,
Karel Brychta
Management in Digital
Age (P159)
Lucie Kaňovská,
David Schüller
System in Digital Age (P165) Jan Luhan,
Veronika Novotná
Important note: Program in Parallel sessions will be through roundtable discussion
managing by sections moderators.
Social program
19:00 - 21:00 City Guided Tour ended by Dinner
Meeting point at Moravské náměstí by the equestrian statue of
Margrave Jošt (GPS: 49.1976283N, 16.6075867E)
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 13
Friday, 22 September
CEITEC BUT
Purkyňova 656/123, 612 00 Brno
9:30 Meeting point at hall of Faculty of Business and Management
10:00 - 11:30 Central European Institute of Technology
(https://www.ceitec.eu/contact/t1288)
11:30 - 12:30 Lunch at the Faculty of Business and Management
SONO CENTER
Veveří 113, 616 00 Brno-Žabovřesky (GPS: 49.2094861N, 16.5886583E)
17:00 - 19:00 Festive Scientific Board
19:00 - 24:00 Gala evening
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 14
PANEL DISCUSSION
PLACE: P381
MODERATORS Vít Chlebovský, Brno University of Technology, Faculty of
Business and Management, Czech Republic
Robert Zich, Brno University of Technology, Faculty of
Business and Management, Czech Republic
ING. LEOŠ DVOŘÁK
SIEMENS CZECH REPUBLIC
Head of Digitalization in Siemens Czech Republic since
2016 with responsibility in area of Industry 4.0, Smart
Cities, Smart Buildings, Smart Grid and its integrations.
Including coordination agendas related to building
standards and test beds for industry 4.0. Automation
Control Solution Engineering Director in Honeywell
Technology Solution Brno since 2006, leading research
and development efforts in areas of HW, SW and MD
development with primary focus on applications for homes,
buildings systems, water, gas and combustion processes
and large security systems.
Operations Director and variety of roles and responsibilities related to R&D and
production in AVX corp. Semiconductor industry, Tantalum division, Since 1994.
Experience from various global assignments in El Salvador, China, US and Europe
in area of Production, Engineering and R&D.
Education: MSc in 1989 from Czech Technical University Institute of Electrical
Engineering, in the field of Control Engineering.
Three patent granted, author or co-author of more than 10 technical publications
and engineering works. Member of the scientific board FEEC BUT, Member of the
industrial board FIT BUT, member Board of Governors IT4Innovation, Member
Executive Board of SIX.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 15
ORLANDO GRIEGO, PHD
THE UNIVERSITY OF ST. FRANCIS IN JOLIET, COLLEGE OF BUSINESS & HEALTH
ADMINISTRATION
Orlando Griego, Ph.D., is currently the Dean of the College
of Business & Health Administration at the University of St.
Francis in Joliet, Illinois. He served as an Associate Dean at
Azusa Pacific University and Senior Faculty member at the
Federal Executive Institute in Charlottesville, VA. He was,
among other credits, winner of the Best Teach of the Year at
Azusa Pacific University and twice nominated as Best
Teacher of the Year while at Colorado State University. He
is the co-author of 4 books and over 40 publications and
conference proceedings.
Dr. Griego earned his doctorate in Human Resource Development at Colorado State
University in 1997 and his M.S. in Human Resource Management at Golden Gate
University in 1985.
ING. KAMIL ŠVÉDA, PH.D.
DATAMAR INTERNATIONAL
Director of Datamar International - provider of market
research, marketing analysis and consultancy for business
centre developers and FMCG companies. Additional
experience reached as an internal consultant in Catepilar
company (supplier of structural and mine machinery in
Africa, Middle East, and in central Russia as analytics for
market share measuring, segmentation and business models).
Kamil Švéda also led a consulting team for processing
technology and market analysis in Accenture.
He participated in process of commercialisation of new nanofiber and bioplastic
products in Nafigate corp. in Asia. Kamil Švéda is alumni of the Faculty of Business
and Management in Brno.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 16
ING. PETR PIŠTĚLÁK
MANAGING PARTNER PROFIT BOOSTER, S.R.O.
Partner of a consultancy firm Profit Booster, providing
outsourcing of Marketing, Sales and Business Development.
Among its clients are international corporations including
Cisco Systems, Wrigley, Reiffeisenbank, as well as local
businesses, including Airbank or Bohemia Energy.
Formal Member of the board and Vice President for marketing
and sales in Czech Airlines. Till 2006 worked in an investment
company PPF, at first as the Deputy CEO and Executive
Director in eBanka, lately as a key member of a team
introducing Home Credit in Mainland China. Started his
career in Procter & Gamble, where he spent almost ten years
in marketing and sales positions.
An author of the book: The Profitbooster Method – a guide to build and grow any
business (Amazon, USA 2016). Happily married father of three children, amateur
athlete, HAM and occasional steam punker.
ING. TOMÁŠ MEJZLÍK
FABLAB BRNO
Since I have been accepted at Brno University of
Technology, I was seeking for opportuinities to improve
myself and for various self-realisation experience. I have
taken an active part in non-university activities and I have
completed variety of self-effectiveness courses. All of that
helped me to be an chief editor in a faculty magazine,
president of student organization, Dean's and Rector's
adviser for students affairs.
After graduating I have been accepted to JIC as a FabLab Manager and I was in
charge of preparing, planning and running the first FabLab in the Czech Republic.
FabLab Brno is a place of 182 m2 equipped with digital manufacturing devices like
3D printers, CNC router, laser cutter, vinyl cutter. The aim of this place is to
provide easy access to the digital fabrication. It works as a fit center for makers.
For a little amount of monthly fee, people are getting access to machines worth
millions of CZK and to big group of enthusiastic makers.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 17
PARALLEL SESSIONS
ECONOMICS IN DIGITAL AGE
PLACE: P157
MODERATORS Nina Bočková, Brno University of Technology, Faculty of Business
and Management, Czech Republic
Marek Zinecker, Brno University of Technology, Faculty of
Business and Management, Czech Republic
ANALYSIS OF PROPERTY RIGHTS ON NATURAL RESOURCES: OIL EXPLORATION IN
UGANDA
DASTAN BAMWESIGYE, PETRA HLAVÁČKOVÁ, SAMUEL ANTWI DARKWAH
R&D: CZECH REPUBLIC AND SLOVAKIA REACH EU TARGETS?
NINA BOČKOVÁ, TOMÁŠ MELUZÍN
SELECTED ASPECTS OF OTC SALES IN A PHARMACY AND BY SELLER OF RESERVED
DRUGS
LENKA ČUPEROVÁ ŠEBKOVÁ, MARTIN PERNICA
CONSTRUCTION OF A FUZZY MODEL FOR THE SUCCESS PREDICTION OF HI-TECH
COMPANIES WITH A SHORT HISTORY
MARIE JEDLIČKOVÁ, PETR KUTNAR
IMPACT OF SELECTED SOCIO-ECONOMIC INDICATORS ON HEALTH PERSONNEL IN
COUNTRIES OF VISEGRAD GROUP PLUS
INGRID MAJEROVÁ, TOMÁŠ HERYÁN
QUALITATIVE MODELS OF BANKRUPTCY PROCEEDINGS USING MULTI-EXPERT COMPLEX
DECISION MAKING
TOMÁŠ POLÁČEK, MIRKO DOHNAL
THE CURRENT PROBLEMS OF THE EUROZONE AND THE FUTURE TRANSFORMATION OF
THE EUROPEAN UNION
OLDŘICH REJNUŠ
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 18
SELECTED MICROECONOMIC EFFECTS OF ICT FIRMS IN CONTEXT OF LEVEL OF
SECTORAL CONCENTRATION: CASE STUDY IN SELECTED REGIONS OF THE CZECH
REPUBLIC
KAMILA TUREČKOVÁ
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 19
FINANCE IN DIGITAL AGE
PLACE: P158
MODERATORS Ondřej Žižlavský, Brno University of Technology, Faculty of
Business and Management, Czech Republic
Karel Brychta, Brno University of Technology, Faculty of Business
and Management, Czech Republic
THE ASSESSMENT OF IMPACT OF FOREIGN DIRECT INVESTMENT ON A COMPANY’S
PERFORMANCE IN BALTIC COUNTRIES
EKATERINA AZARKEVICH, JULIJA BISTROVA, NATALJA LACE
ANALYSIS OF THE CHINA MARKET: EVIDENCE FROM QUANTILE REGRESSION APPROACH
MÁRIA BOHDALOVÁ, MICHAL GREGUŠ
COMPARISON OF BANKRUPTCY MODELS FOR PREDICTION OF THE FINANCIAL HEALTH
OF THE SLOVAK CIVIL ENGINEERING COMPANIES
MÁRIA BOHDALOVÁ, NATÁLIA KLEMPAIOVÁ
DECISION MAKING UNDER UNCERTAINTY: MANAGING REAL ESTATE PROJECT WITH
REAL OPTION THEORY
ANDREJS ČIRJEVSKIS, ERNESTS TATEVOSJANS
COMPARISON OF LEGAL REGULATION OF IPO IN CZECH REPUBLIC AND POLAND
KLÁRA KOVANDOVÁ
INTEREST IN IPO NON-FINANCIAL FACTORS ON THE PART OF INVESTMENT
PROFESSIONALS
ANDREA KRÝSLOVÁ
HOW IMPORTANT IS FAIR VALUE MEASUREMENT?
ZUZANA KŘÍŽOVÁ
MODELS OF VALUE CREATION MEASUREMENT IN DIFFERENT MANUFACTURING
INDUSTRY SECTORS IN THE CZECH REPUBLIC
PETR SUCHÁNEK, MARTIN ŠTĚRBA
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 20
SENSITIVITY ANALYSIS WITHIN A CHOSEN MANUFACTURING COMPANY
MAREK VOCHOZKA, MARIANA PSÁRSKA, PENGFEI SHENG
COMPARISON OF NEURAL NETWORK AND REGRESSION TIME SERIES IN THE ESTIMATE
THE DEVELOPMENT OF THE AFTERNOON PLATINUM PRICE ON THE NEW YORK STOCK
EXCHANGE
MAREK VOCHOZKA, JAROMÍR VRBKA, VERONIKA MACHOVÁ
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 21
MANAGEMENT IN DIGITAL AGE
PLACE: P159
MODERATORS Lucie Kaňovská, Brno University of Technology, Faculty of
Business and Management, Czech Republic
David Schüller, Brno University of Technology, Faculty of
Business and Management, Czech Republic
IT TOOLS USED IN THE STRATEGIC CONTROLLING PROCESS – POLISH NATIONAL STUDY
RESULTS
AGNIESZKA BIEŃKOWSKA , ZYGMUNT KRAL, ANNA ZABŁOCKA-KLUCZKA
MANAGING STAKEHOLDERS’ ENGAGEMENT IN SOCIAL INNOVATION PROJECTS –
LEARNINGS FROM THE ONLINE WORLD OF OPEN SOURCE INNOVATION
HRISTIAN DASKALOV
DETERMINANTS OF THE STRATEGIC EFFECTIVENESS OF MNC INVESTING IN EMERGING
MARKETS
AGNIESZKA DZIUBIŃSKA
CONNECTING CUSTOMER EXPERIENCE AND SUSTAINABLE MULTIPLE CUSTOMER VALUE
CREATION AS KEY SUCCESS FACTORS
PETER KITA, DAVID HAVÍŘ
BRAND SPONSORSHIP AND SOCIAL MEDIA. COCA COLA AND CARLSBERG ILLUSTRATED
WITH AN EXAMPLE OF THE EUROPEAN FOOTBALL CHAMPIONSHIP 2016
MARCIN KOMAŃDA
MOTIVATION OF ACADEMIC STAFF
KRISTINA LAZARIDI
ENTREPRENEURS’ PERCEPTION OF OUTCOMES FROM INTELLECTUAL CAPITAL
INVESTMENTS
OKSANA LENTJUSHENKOVA, JELENA TITKO
THE USE OF DIGITAL TECHNOLOGY BY ALGERIAN COMPANIES
AHMED MEHOR, SID AHMED SENOUCI, ALLAL BOURAHLA
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 22
THE E-BANKING IN ALGERIA: SATISFACTION MEASURE (REVIEW)
AHMED MEHOR, SID AHMED SENOUCI, ALLAL BOURAHLA
SERVICE QUALITY IN THE DIGITAL AGE – TIME AS STRATEGIC RESOURCE
JUERGEN MUEHLBACHER
FAMILY TIES AND ITS INFLUENCE ON FAMILY WINE FIRMS IN THE CZECH REPUBLIC
ANASTASIA MURÍNOVÁ
PRO-EXPORT STRATEGIES OF THE CZECH REPUBLIC WITH THE FOCUS ON BORN
GLOBALS
ELIŠKA REKOVÁ
APPROACHES TO THE CLASSIFICATION OF HIGH-TECH COMPANIES FROM NEGATIVE
AND POSITIVE POINT OF VIEW
DAGMAR VÁVROVÁ
THE IMPACT OF SOCIAL MEDIA MARKETING CAPABILITIES ON NEW FIRM PERFORMANCE
DOMINYKA VENCIUTE, VILTE AURUSKEVICIENE
AN APPLICATION OF PRINCIPLE OF THE COMPETITIVE SPACE DEMANDS ACCELERATOR
TO ASSESSMENT OF THE MOBILE COMMUNICATION MARKET DEVELOPMENT IN THE
CZECH REPUBLIC
ROBERT ZICH, KAROLÍNA SVOBODOVÁ
FACTORS INFLUENCING CONSUMER BEHAVIOUR AND DECISION TO USE SMART
TECHNOLOGIES
RIMA ZITKIENE, GERMANTE MARKEVICIUTE, MONIKA MICKEVICIENE
International Conference at Brno University of Technology,
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SYSTEM IN DIGITAL AGE
PLACE: P165
MODERATORS Jan Luhan, Brno University of Technology, Faculty of Business and
Management, Czech Republic
Veronika Novotná, Brno University of Technology, Faculty of Business
and Management, Czech Republic
PROJECT SUCCESS EVALUATION MODEL BASED ON FIS
RADEK DOSKOČIL, PETR DOSTÁL
VALIDATION OF IMPORTED DATA BY RECURSIVE MATRIX FUNCTION
PETR DYDOWICZ
THE SOLUTION OF THE SYSTEM OF DIFFERENTIAL EQUATIONS WITH DELAYS AS A
MODEL OF ECONOMIC EQUILIBRIUM IN MAPLE
ZUZANA CHVÁTALOVÁ
A DYNAMIC MODEL OF THE IMPACT OF E-GOVERNMENT ON THE LEVEL OF CORRUPTION
JAN LUHAN, BERNARD NEUWIRTH, VERONIKA NOVOTNÁ, STANISLAV ŠKAPA
RESEARCH ON HRIS SATISFACTION IN COMPANIES
MATEJ ZÁPOTOČNÝ
THE NECESSITY AND THE MAIN DIFFICULTIES IN IMPLEMENTATION OF ELECTRONIC
ACCOUNTING DOCUMENTS IN REPUBLIC OF BELARUS
TATIANA ZHILINSKAYA
International Conference at Brno University of Technology,
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International Conference at Brno University of Technology,
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ABSTRACTS
&
CONTACTS
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International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
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The assessment of impact of foreign direct investment on a
company’s performance in Baltic countries
Ekaterina Azarkevicha, Julija Bistrovaa, Natalja Lacea*
a Riga Technical University, Faculty of Engineering Economics and Management, 6 Kalnciema Str., Riga, LV-1048, Latvia
Abstract
Purpose of the article The aim is to investigate the impact of foreign direct investment (FDI) on company’s
performance using the data for more than 380 companies located in Baltic countries and working mainly in the
wholesales and trade and manufacturing industries.
Methodology/methods In order to investigate the relationship between GDP and FDI the correlation and
regression analysis were used. The mean comparison was used to identify the significant difference in financial
ratios of companies with FDI and without FDI. The regression model estimation was applied to explore the impact
of FDI on profitability of companies.
Scientific aim is to discover whether the companies with FDI show significantly better financial performance than
the companies without FDI. The following hypotheses were advanced in the current study: H1: There is significant
qualitative and quantitative difference between the companies depending on whether there is a foreign capital or
not; H2: The financial performance of companies with FDI is significantly different from the financial performance
of the companies without FDI; H3: The indicators affecting profitability differ between companies with foreign
direct investment and domestic companies.
Findings The mean comparison results indicate that there are significant differences in terms of profit margin and
number of employee for Lithuanian companies, assets turnover and age for companies in Latvia and operating
revenue and total assets in Estonia. Partially the same results gave the regressions with dummy variable, where the
significant difference in age, leverage, assets turnover were indicated for Latvia and profit margin was indicated
for Lithuania. The correlations results shows that the financial leverage positively impacts foreign company’s
profitability in Latvia and Estonia and negatively impacts domestic companies in the same countries. The
significant impact of foreign direct investment on the company’s profitability was indicated only in case of
Lithuanian companies, where the financial performance of foreign companies is 0.016 points superior than
domestic companies have.
Conclusions This study has its limitations in the scope of data used, since it covers only the manufacturing and
wholesale and trade sector companies with the net turnover in 2015 not less than 50, 000 euro. Moreover, the
significant limitations and constraints of this study are also associated with the lack of available and reliable data
on performance of Latvia, Lithuanian and Estonian companies. The research was conducted based on data of one
period due to the unavailable information of annually information how the ownership of the company was
changing. The domestic companies and foreign companies are not significantly differ in terms of profitability
ratios: ROA, ROE and ROCE based on the regression results. Foreign companies in Lithuania has higher profit
margin than the domestic companies do. The Lithuanian domestic companies’ profitability is significantly higher
than profitability of foreign companies by 0.016 points. The foreign companies in Latvia have more efficient asset
utilization and significantly higher operating revenue than domestic companies do. Latvian foreign companies’
profitability is positively affected by leverage.
Acknowledgements The paper was supported by the project „The Development of Innovation and
Entrepreneurship in Latvia in Compliance with the Smart Specialisation Strategy” within the National Research
Program 5.2. “Economic Transformation, Smart Growth, Governance and Legal Framework for the State and
Society for Sustainable Development - a New Approach to the Creation of a Sustainable Learning Community
(EKOSOC-LV)”.
Keywords: Foreign Direct Investment, performance, profitability, Baltic countries
JEL Classification: M15, M21
* Corresponding author: Tel.: +37129543819
E-mail address: natalja.lace@rtu.lv
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Analysis of Property Rights on Natural Resources: Oil
Exploration in Uganda
Dastan Bamwesigyea*, Petra Hlaváčkováa, Samuel Antwi Darkwahb
a Faculty of Forestry and Wood Technology, Department of Forest and Wood Products Economics and Policy, Mendel University in Brno,
Zemědělská 1, 613 00 Brno, Czech Republic. b Faculty of Regional Development and International Studies, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic.
Abstract
Purpose of the article By the end of 2006, findings in the Lake Albert region of Uganda recommended that entire
oil reserves in the block would add up to 2.5 billion barrels. This would mark the Albertine Graben one of the
biggest onshore oil fields in Africa and would guarantee the potential to convert Uganda's agriculture-based
economy. However, the governance of this resource faces numerous challenges. The aim of this research is to get
a clear overview of these challenges considering the citizen perspective, since they are affected by the process of
oil exploitation.
Methodology/methods A mixture of mutual quantitative and qualitative procedures was used. A sample of n=70
respondents was studied using structured questionnaires, our data was subjected to Excel analysis.
Scientific aim To explore, describe as well as obtaining the perceptions of selected Ugandans about oil discovery,
exploitation and major challenges facing the sector.
Findings There was found that Lack of government commitment on clear policies 29 %, corruption 56 %, 3 %
environmental liabilities, absence of clear land rights, Political insecurity 3 %, limited planning 6 %. Other findings
show that Uganda is witnessing a violation of communities’ land rights in the Albertine oil region.
Conclusions Land rights like any other property rights in the country are out of order and hence limiting efficiency
in business in terms of transferability, enforceability and exclusivity. The government of Uganda needs to handle
the matter not only with urgency but also be more rational in this regard.
Keywords: Property Rights, conflict, resource curse, ownership, utilization
JEL Classification: AH, QR
* Corresponding author.
E-mail address: xbamwesi@mendelu.cz; bamwesigyedastan@gmail.com
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IT tools used in the strategic controlling process – Polish national
study results
Agnieszka Bieńkowskaa*, Zygmunt Kralb, Anna Zabłocka-Kluczkaa
a Wroclaw University of Science and Technology, Faculty of Computer Science and Management, ul. Wyb. Wyspiańskiego 27, 50-370
Wroclaw, Poland b The General Tadeusz Kościuszko Military Academy of Land Forces, Czajkowskiego Street 109, 51-150 Wroclaw, Poland
Abstract
Purpose of the article The purpose of the work was to identify and analyse instrumental solutions of strategic
controlling applied by organisations operating in Poland. In particular, the study examined the extent, to which
implementation of strategic controlling tasks is supported by IT tools. It identified the frequency of application
and the usefulness of IT tools in the process of strategic controlling from the point of view of their direct users.
Methodology/methods The study was based on a diverse research methodology. It used the method of critical
analysis of subject literature, as well as surveys - the author's original questionnaire. For analysis of empirical data,
description and statistical reasoning methods were used, the following statistical analyses were conducted, among
others: analysis by means of cross tabulation and use of χ2 statistics, as well as Student’s t-test for independent
samples.
Scientific aim The presented results constitute a part of broader research works carried out by the authors' team,
concerning the state of implementation of strategic controlling solutions in organisations operating in Poland. The
study examines functional, organisational and instrumental solutions of strategic controlling. The present study
refers only to instrumental solutions of strategic controlling, in particular to IT tools supporting implementation of
strategic controlling tasks. It searches for an answer to the question of the extent, to which implementation of
strategic controlling tasks is supported by IT tools and how their usefulness in this process is assessed.
Findings This article presents only a small part of the obtained research results. It shows that (IT) tool solutions
supporting strategic controlling are still not advanced enough. Statistically, out of the examined IT tools for
implementation of strategic controlling tasks, the companies most often use simple spread sheets (MS Excel),
while the least frequently used tools are non-integrated and integrated management support systems, which –
seemingly – should be the norm in organisations as large as those examined, especially considering their large
suitability indicated by the respondents using those tools. On the other hand, BI systems become more and more
popular.
Conclusions The authors are aware of the limitations of the conducted study, especially of the limited research
sample. Strategic controlling solutions are still rare, which causes the small sample size and the limited possibilities
of statistical analysis. When about the frequent use of simple spreadsheets instead of more advanced solutions, the
authors think it can result both from limited financial resources that can be used to purchase integrated management
support systems and, as well, from incomplete understandability of functionalities offered by those systems and
from being unable to modify models built in the used tool by managers and controllers, who do not always have
high competencies related to computer science.
Keywords: strategic management, strategic controlling, controlling instruments, IT solutions in controlling
JEL Classification: M15, M21
* Corresponding author.
E-mail address: agnieszka.bienkowska@pwr.wdu.pl
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R&D: Czech Republic and Slovakia reach EU targets?
Nina Bočkováa*, Tomáš Meluzína
a Department of Economic, Faculty of Business and Management, Brno University of Technology, bockova@fbm.vutbr.cz
Abstract
Purpose of the article The contribution analyses the relationship between Research and Development Intensity
and economic growth. The studied geographical area is two EU members Czech Republic and Slovakia. The
indicators considered in this contribution are R & D Intensity, total intramural expenditure on research and
development performed on the national territory during a given period and GDP per inhabitant
Methodology/methods The contribution studied statistical dataset is two countries – both EU members – Czech
Republic and Slovakia; one is member of European Area (EA) in 2008 - 2015. Based on theoretical background
discussed in contribution, the hypothesis and assumption formed for testing here is the following: Funding of the
R&D activities as GERD leads to increase the long-term economic growth. For multiple regressions has been used
software STATISTICA 12.
Scientific aim The scientific aim is to find the relevant relationship basis of multiple regression in between R&D
funding and economic growth in Czech Republic and Slovakia.
Findings The econometric analysis show that R & D Intensity is an important driver of economic growth
(R = 0.64) that is measured by GDP per inhabitant in PPS. The first phase research produced a regression analyze
with dependent variable GDP per inhabitant and independent variable R&D Intensity. In the second phase of the
research were formulated econometric models. The Czech Republic in period 2008 – 2015 is shown correlation
with R2adj. = 0.534, DW = 1.55. The Slovakia in period 2008 – 2015 is shown correlation with R2adj. = 0.885,
DW = 2.01.
Conclusions The empirical findings suggest that Slovakia has a closer relationship than rival country. The global
3% R & D investment target will not reach even one without dramatic changes in innovation policy.
Keywords: Economic growth, Europe 2020 Strategy, GDP per inhabitant, R&D Intensity, Multiple regression
JEL Classification: O11, O47, O57
* Corresponding author. Tel.: +420 54114 3725
E-mail address: bockova@fbm.vutbr.cz
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Analysis of the China market: Evidence from quantile regression
approach
Mária Bohdalováa*, Michal Greguša
a Comenius University in Bratislava, Faculty of Management, Odbojárov 10, Bratislava, 820 05, Slovakia
Abstract
Purpose of the article The purpose of this paper is the analysis of the stability of China financial market compared
to USA. Financial stability represents a concept associated with the stability of financial markets, of banking sector
and exchange markets and therefore we take into account the stock exchange indices and FX rate for our empirical
study.
Methodology/methods Our empirical study presented in this paper shows that the linear quantile regression gives
the possibility to study the stock markets under normal and extreme conditions. Data used for our empirical study
are based on period from January 2000 to June 2017 and comprise the crisis periods.
Scientific aim The scientific aim is to show that the quantile regression linear approach is applicable in financial
stability analysis. The paper contributes to the literature regarding the development of the analysis of financial
markets’ stability. Our study expands and complements existing study which analyzes the stability of financial
markets in China.
Findings Our findings show evidence if the impact of systematic shocks under normal and extreme market
conditions. Our findings may have implications for international investors in terms of risk management which
should vary according to changes in the economic and financial global factors.
Conclusions In our empirical study we have used and compared linear quantile regression results for the analysis
of the stability China comparing to USA financial market.
Keywords: quantile regression, financial stability, assymetric dependence
JEL Classification: G14, G15, C31
* Corresponding author. Tel.: +421 250117488; fax: +421 250117527.
E-mail address: maria.bohdalova@fm.uniba.sk, Michal.gregus@fm.uniba.sk.
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Comparison of bankruptcy models for prediction of the financial
health of the Slovak civil engineering companies
Mária Bohdalováa*, Natália Klempaiováa
a Comenius University in Bratislava, Faculty of Management, Odbojárov 10, Bratislava, 820 05, Slovakia
Abstract
Purpose of the article Main purpose of the paper is to give a new pattern how to compare selected creditworthiness
and bankruptcy models and to determine which model is appropriate for private construction companies in
Slovakia.
Methodology/methods The analysis was based on real selection of companies from the static point of view (one
year data) and selection of companies being actually in recession from the dynamic point of view (4 years data).
The static analysis was carried out for 1360 private Slovak civil engineering companies. From the dynamic point
of view, we have analyzed the predictive value of the IN05 model for companies in bankruptcy over four full
consecutive calendar years immediately prior to their bankruptcy (the dynamic point of view). The number of
companies in bankruptcy was 35. The informative value of the chosen indicators is in case of the dynamic analysis
evaluated according to the number of correct or incorrect predictions.
Scientific aim The scientific aim is to analyze selected creditworthy and bankruptcy models and to detect their
informative value for private construction companies in Slovakia. The paper contributes to the literature regarding
the analysis of financial health of the Slovak companies. Our study enhances and complements the existing study
which analyzes the creditworthy and bankruptcy models.
Findings We found out, that the best model is the index IN05. The results of our analyses have brought comparable
results. Based on them, the index IN05 and the Altman model showed up as the most reliable for building industry.
Conclusions Informative value of the chosen indicators is in case of the dynamic analysis evaluated according to
the number of correct or incorrect predictions. This method was not suitable to use for the static analysis based on
a real sample. The results of the static analysis were based on the comparison of the examined models in the
individual categories (structure of success) and at the same time within the whole sample. Better was considered
the model that had a more advantageous structure of success in terms of business (company). Indicators of
creditworthiness and bankruptcy should be a part of a deeper analysis of the financial situation of companies. If a
company decided to ascertain the status only through these indicators, it should choose at least two indicators. In
the case of private domestic construction companies, we would recommend the combination of the IN05 and the
Altman model as they complement each other appropriately.
Keywords: Altman model, Taffler model, Index IN05 Quick test, Binkert model, Credit worthiness index, building
industry, bankruptcy, restructuring, Credit worthiness and bankruptcy models
JEL Classification: C35, M10, G32
* Corresponding author. Tel.: +421-2-5011-7453; fax: +421-2-5011-7527.
E-mail address: maria.bohdalova@fm.uniba.sk.
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Decision making under uncertainty: Managing real estate project
with real option theory
Andrejs Čirjevskisa*, Ernests Tatevosjansa
a RISEBA University, Meza Street 3, Riga, Latvia, LV–1048
Abstract
Purpose of the article The aim of this research is to test empirically real options valuation (ROV) application for
real estate development projects as to provide a decision-making tool under uncertainty. Paper illustrates empirical
testing of ROV application on the real estate investment project developed in Latvia in 2014-2016.
Methodology/methods We apply three ROV methods: option space matrix “Tomato Garden”, Black-Scholes
option pricing model and binominal option pricing model before we presented final research result.
Scientific aim The scientific aim of the paper is to contribute the ROV application methodology in real estate
development projects. Presented methodology is emerging as a potentially powerful financial management tool
for the executive of many similar projects in EU suffering real estate market bubble burst and struggling to at-tract
foreign buyers.
Findings Real estate market in Latvia experiences significant volatility in terms of price and cost due to
macroeconomic (political, economic and legislative) changes. Research evidenced that real option valuation can
be viewed as value maximization decision tool.
Conclusions Existing researches have used ROV theory to study investment in energy, oil and gas, and
pharmaceutical sectors, yet very few works have empirically examined ROV theory to study investment in a real
estate market.
Keywords: uncertainty, real option, valuation, value maximization, real estate
JEL Classification: G31
* Corresponding author. Tel.: +371-2-955-837-5; fax: +371-6-750-025-6
E-mail address: andrejs.cirjevskis@riseba.lv
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Selected aspects of OTC sales in a pharmacy and by seller of
reserved drugs
Lenka Čuperová Šebkováa, Martin Pernicaa*
a Brno University of Technology, Faculty of Business and Managemetn, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Medical care suffers from a lack of funds, especially for the financing of patient care and
salaries. The Czech Republic has ceased payments for medicines that can be dispensed without a prescription. One
of the possibilities for higher patient participation is to expand the supply of OTC medicines.
Methodology/methods Logical methods were used to process the paper; in particular, this includes induction and
deduction, analysis, synthesis, and comparison. In order to assess the development of the supplies of medicinal
products to pharmacies and healthcare facilities in the Czech Republic, the period 2014-2016 was used.
Scientific aim The aim of the paper is to compare the conditions for the sale of a selected range of OTC medicines,
which can be sold both in the pharmacy and outside the pharmacy by the sellers of reserved drugs. The comparison
will be made for the example of the most common pharmacy with an annual turnover of CZK 5-10 million and
the MEDIPOINT sales point.
Findings Sales of OTC medicines outside pharmacies do not have an impact on the financial results of pharmacies.
The training costs for each employee of the service station are the only costs associated with the sale of medicines.
All kinds of pharmabox are the property of MEDIPOINT Services. A partner, such as a gas station, will receive it
free of charge for use with complete service. The pharmacy must employ pharmacists and is therefore burdened
with much higher wage costs, is legally responsible for sales, and is forced to sell under a competitive market with
a lower mark-up.
Conclusions The state should consider the risks associated with this type of drug sales by very poorly qualified
petrol station staff. Risk preparations containing ibuprofen and paracetamol should only be available in a
pharmacy.
Keywords: OTC medicine, pharmabox, pharmacy, seller of reserved drugs, State Institute for Drug Control
JEL Classification: I11, I15, I18
* Corresponding author. Tel.: +420775305625.
E-mail address: pernica@fbm.vutbr.cz.
International Conference at Brno University of Technology,
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Managing stakeholders’ engagement in social innovation projects
– learnings from the online world of open source innovation
Hristian Daskalov*
Technical University of Sofia, Kliment Ohridski blvd. 8, 1000 Sofia, Republic of Bulgaria
Abstract
Purpose of the article While failure rates remain a significant challenge for open source projects, there is a great
opportunity for social innovation projects to learn from the online world when it comes to raising the levels of
stakeholders’ engagement. With more than 15 million open source contributors worldwide, the purpose of the
article is to draw from the learnings on how to engage contributors and apply those learnings to implement better,
more efficient and effective solutions to social problems.
Methodology/methods Based on previous findings from the open source innovation body of knowledge, a
directed qualitative analysis is used within the current research to analyze interviews with social innovation stake-
holders in Latvia, and identify the set of applicable practices/elements/areas that are perceived to be of high
importance to the successful engagement of key stakeholder groups when it comes to implementing social
innovation projects.
Scientific aim By seeking to connect the findings from interviews with social innovation stakeholders in Latvia
and the broader theoretical framework, concerting factors, perceived to influence engagement levels in open source
innovation projects, the research aims to enable cross-pollination of best practices and bridge the gap be-tween the
physical and online worlds of managing collaborative innovation.
Findings As a result of the directed qualitative content analysis, it was found that factors, perceived as leading to
successful management of stakeholder engagement in open source innovation projects, are also considered to be
of relevance in the case of social innovation. Based on this finding, a set of best practices from the open source
world was suggested for implementation in the key areas identified – “Contextual awareness” and “Value-oriented
communication and collaboration”.
Conclusions The research confirmed that the main set of factors for successful engagement of project stake-
holders is not limited to a particular country, stakeholder or project group. A need for broader efforts in the area
of cross-pollination of knowledge, originating from the digital and the physical worlds, was found to be of
importance in the current case (and in general). Such cross-pollination is projected to play ever more important
role in business and entrepreneurship development in the digital age, especially in the dawn of the 4th industrial
revolution, characterized by the fusion of technologies that is blurring the lines between the physical and the digital.
Keywords: social innovation, open source innovation, open collaboration, stakeholder engagement, stakeholder
management, critical success factors
JEL Classification: M10, M14, M15
* Corresponding author. Tel.: +0-000-000-0000 ; fax: +0-000-000-0000 .
E-mail address: author@institute.xxx .
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Project success evaluation model based on FIS
Radek Doskočila*, Petr Dostála
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The article presents the expert fuzzy model for evaluation of project success. It is also
verified and further specified there. The fuzzy inference system (FIS) consists of three input variables one rule
block and one output variable. The fuzzy inference system for evaluation of project success is presented in the
form of a case study.
Methodology/methods Methods of analysis, synthesis and techniques of mathematical fuzzy modelling (fuzzy
sets, fuzzy logic) were used to fulfil the aim. The Gaussian curve membership function (gaussmf) was used.
Scientific aim The aim of the article is to present an expert decision-making fuzzy model for evaluation of project
success in the form of a case study.
Findings The reliable proposed expert decision-making fuzzy model consists three input variables (Project Status,
Project Risk, Project Quality), one rule block (with 125 fuzzy rules) and one output variable (Project Success).
The inputs variables and output variable have five attributes (VL – very large, L – large, M – medium, S – small,
VS – very small).
Conclusions The proposed fuzzy model is used as a tool for support of decision-making in project management.
The project managers can systematically evaluate the basic project processes and the project success as a whole.
They have the opportunity of using the fuzzy model for experimentation or simulations and they can relatively fast
apply appropriate measures in project management. The proposed fuzzy model is recommended to use in the
realisation phases of the project.
Keywords: project management, decision-making, project success, fuzzy logic, soft computing
JEL Classification: C44, M11, M21
* Corresponding author. Tel.: +420 54114 3722.
E-mail address: doskocil@fbm.vutbr.cz.
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Validation of imported data by recursive matrix function
Petr Dydowicz*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article MS Office includes, among other things, MS Excel spreadsheet, a data processing tool in
the form of tables. Importing data from other sources (data transfer between public administration workplaces) is
done directly in this environment, often from a file with a different data format. It is very common in practice that
such data import can arise a problem that may have fatal consequences from the perspective of the relevance of
the processed data results. This article aims to point out these shortcomings in data processing technology and
outline the way to eliminate unwanted consequences by recursive matrix function.
Methodology/methods The method by which the input data will be validated during the data transformation
(import) into MS Excel is based on the call of a customized recursive matrix function. This feature will have user-
configurable input data control methods, depending on the nature and character of the imported file. Also the
output of this function is variable, it offers the user a whole range of outputs depending on the selected parameters
- methods.
Scientific aim The aim of this article is to compare the individual methods offered by MS Excel and VBA de-
pending on the nature of the input data, to make conclusions on the basis of which a recursive matrix function will
be created for the appropriate data validation when imported into the MS Excel environment.
Findings This recursive matrix function validates input data when imported to MS Excel from an external
environment. Own validation eliminates human factor errors, that is, incorrectly inserted input data. The feature
alerts this fact and offers the user automatic correction option of input data types.
Conclusions As a result of deploying this user function in the context of a previous analysis of data types testing
by the system, mass data processing errors are eliminated and thus the fatal consequences of these errors are
eliminated.
Keywords: MS Excel, VBA, type compatibility, custom functions, validation, matrix
JEL Classification: M15, M59
* Corresponding author.
E-mail address:dydowicz@fbm.vutbr.cz.
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Determinants of the strategic effectiveness of MNC investing in
emerging markets
Agnieszka Dziubińska*
University of Economics in Katowice, Katowice 41-200, Poland
Abstract
Purpose of the article On the bases of specific aspects of emerging markets, to provide leads to managers
concerning development of effective strategies of MNC on those markets.
Methodology/methods An exploratory study is used within a qualitative methodology, using five case study of
small and medium companies (HQ and FDI) within industry of manufactures of the machines for coal mines.
Research procedure was designed on the base of methodology proposed by Dul and Hak (2008) which is concerned
with specifying the relation between known concept, on the bases of theory-building research.
Scientific aim First, to identify relationships between processes at the organizational unit level (in the structural
and strategic context of the strategy) with processes of adjustment to the market environment (avoidance,
adaptation, integration) and processes that are fundamental to economic performance (innovation and replication).
Second, to define how this relationships influence strategic effectiveness of MNC on emerging market.
Findings As regards the configuration of the processes taking place in the three areas of analysis (strategy, internal
and external environment), it is possible to identify patterns that contribute to strategic effectiveness. Effective
strategies combine replication in basic processes with adaptation to the external market environment or innovation
with integration. What is more, strategies which combined replication with avoidance and innovation with
adaptation did not meet expectations. Another interesting conclusion of the research is that patterns that are
successfully used by larger companies, with more market power, have the opposite effect for small and medium-
sized enterprises.
Conclusions The study is limited by small sample size. While no single international business theory adequately
explains identified strategic patterns, there are interesting perspectives of interpretation that revels complexity
theory.
Keywords: MNC, strategy, emerging markets
JEL Classification: M16, M10
* Corresponding author. Tel.: +48 32 2577302.
E-mail address: agnieszka.dziubinska@ue.katowice.pl.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 39
The Solution of the system of differential equations with delays as
a model of economic equilibrium in Maple
Zuzana Chvátalová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic
Abstract
Purpose of the article lies in describing a method for modeling and simulation of economic phenomena, their
non-trivial solutions and analyzes; is based on the implementation of differential calculus in a modern concept; is
exclusively solved using advanced means of information and communication technology as a support of economic
decision-making. A brief description of the software used is also a partial goal of this paper.
Methodology/methods The economic equilibrium on the individual perfect competition market is described as a
continuous dynamic model (demand and supply functions in time), ie. a system of two differential equations with
two unknowns. For refinement, a delayed argument is used to reflect the current state and past development. This
iteration (model solution) can only be simulated by implementing appropriate software. We use the advanced
Maple system with built embedded libraries.
Scientific aim This approach to solutions and analyzes of economic issues can be understood as a synergy of
economic, mathematical and information areas supporting the concept of the information society and the vision of
the digital economy.
Findings The method discusses outputs depending on the different levels of model input parameters. By doing so,
it offers the sources for the management, economists or the entrepreneurs. The deployment of information and
communication technologies will allow a quick and clear visualization of iterative steps (the model diverges,
oscillates, converges, constant), because deterministic static solutions cannot be obtained by standard calculations.
Usually the market is stable - model converges to equilibrium. Computer visualization also shows the rate of
convergence.
Conclusions Our modeling and relevant analyzes are done as a modern way through differential equations with a
delayed argument on the basis of the implementation of the Maple system as part of the project named GA16-
03796S. Implications: practical applications of the theoretical proofs of the research team members.
Keywords: demand, economic equilibrium, Maple, price, quantity, supply, system of differential equations with
delay
JEL Classification: C02, D58
* Corresponding author.
E-mail address: chvatalova@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 40
Construction of a fuzzy model for the success prediction of hi-
tech companies with a short history
Marie Jedlickovaa*, Petr Kutnara
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic
Abstract
Purpose of the article There is a significant number of new high technology startup companies being built and
failing on current markets every day. High-tech startups, as often abbreviated, are new companies presenting
cutting edge technology. They possess the potential to change the way humankind lives and thinks. One of the
essential aspects of a new startup is how to fund it. The main source of financing startups are individual investors
by venture capital, another possibility is IPO, also known as public offering. Due to the nature of high-tech business
it is nearly impossible to predict the success or failure of the examined startup. Investors (or venture capitalists)
are often presented with many startups to choose from to fund and therefore how to value a new startups is one of
the important questions still left for research to answer. This paper deals with the possibility of using fuzzy logic
to bring a tool to evaluate investigating options using key factors of said startups by predicting its success or
failure.
Methodology/methods The focus of this paper in the area of startups is mainly on the cleantech firms, which are
companies using renewable resources and energies to provide an added value. The main goal of this paper is to
create a viable and consistent fuzzy model that shows promising results for the prediction of new notions on the
studied problematic. The method used to meet said goals was the usage of fuzzy software tool and performing
several tests on studied data set.
Scientific aim Studied topic aims to interconnect the research field of economics with mathematical methods and
computational approaches to produce a scalable and reusable software tool for business success prediction.
Findings Each iteration showed results that were used as an input to improve the next model to show more
promising results. This paper concludes with a fuzzy model that is consistent enough for studied data set and can
be further used for the prediction of clean tech business's success or failure.
Conclusions The fuzzy approach is an appropriate method for studied data and performed tests of designed fuzzy
model show consistent results in prediction of business success in cleantech startup firm with a very short history
of existence and limited data to prove their overall health.
Keywords: fuzzy logic, cleantech, startup, business success prediction, fuzzy model consistency
Jel Classification: M21, C53, C63
* Corresponding author.
E-mail address: xpjedli02@vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 41
Connecting customer experience and sustainable multiple
customer value creation as key success factors
Peter Kitaa*, David Havířa
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic
Abstract
Purpose of the article The purpose of this paper is to examine the theoretical aspects of customer experience and
sustainable multiple customer value creation as key success factors in the context of the digital age; and find
common points to formulate research questions leading to new avenues for further research.
Methodology/methods The paper is based on literature retrievals of research papers and journal articles in the
areas of customer experience, sustainable value creation, and business model. Articles were analyzed, compared
to provide a synthesis of relevant knowledge.
Scientific aim The aim of the article is to find touching points between the two bodies of literature and find
potential avenues of further research in the context of the digital age
Findings Findings show similarities in concepts of both theoretical bodies but lack sufficient research. The topics
are constantly evolving and providing new areas for research. The article identifies the main touch point for both
theoretical bodies and states research question for further research
Conclusions The two theoretical bodies show similar concepts in customer interaction and involvement in the
value creation process. In the context of sustainable development and the digital age facilitating customer value
creation through technology the connection of these two topics presents many opportunities for research.
Keywords: customer experience, co-creation, customer satisfaction, customer loyalty, business model, multiple
value, sustainable value creation
JEL Classification: M31, M21
* Corresponding author.
E-mail address: peter.kita@gmail.com
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 42
Brand sponsorship and social media. Coca Cola and Carlsberg
illustrated with an example of the European Football
Championship 2016
Marcin Komańda*
University of Economics in Katowice, Department of Business and Management, Bogucicka 14, 40-226 Katowice, Poland
Abstract
Purpose of the article Presentation of the issue of brand sponsorship of events in the light of the use of social
media for the purposes of brand management in the customer-based brand equity paradigm.
Methodology/methods Two brands (CocaCola and Carlsberg) which were the official sponsors of a sports event
(EURO 2016) were monitored in social media. For this purpose information gathered by socialmention.com and
likemore.pl were used. Presentation of the results of the analysis required the use of descriptive statistics as well
as the Wilcoxon test and a network graph.
Scientific aim Determination of the scope and nature of the influence of sponsorship of an international sports
event on the way a brand is perceived by social media users based on a selected set of data derived from brand
monitoring.
Findings In case of Carlsberg the attitude of social media users did not change during EURO 2016, however,
majority of their statements was connected with the issues related to this sports event. In case of Coca Cola, the
perception of the brand by its clients changed within the studied period of time, however, the issues related to
EURO 2016 were only one of many other issues raised by them.
Conclusions Assessment of the influence of brand sponsorship of an event on social media users’ perception faces
the following difficulties: scope of monitoring and its efficiency, choice of data set generated by the monitoring
tool for the analysis, level of recognition of brands, brand strategy and brand multi-sponsorship (parallel
engagement of the brand in many events).
Keywords: Coca Cola, Carlsberg, brand, social, media, sponsorship
JEL Classification: M19, M30
* Corresponding author.
E-mail address: marcin.komanda@ue.katowice.pl
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 43
Comparison of legal regulation of IPO in Czech Republic and
Poland
Klára Kovandová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article One of the aspects need to be considered when performing IPO is the legislation in the
country in which the Initial Public Offering (IPO) is to be realized. The subject of this article is the comparison of
selected aspects of the current valid and effective legal regulation regulating the Initial Public Offering (IPO) in
two CEE countries and at the same time the Member States of the European Union, i.e. the Czech Republic and
Poland.
Methodology/methods In particular, it is a comparison of the conditions set for the different types of markets
where the Initial Public Offering (IPO) can be performed and the conditions for the legal form of the issuers
intending to implement the Initial Public Offering (IPO).
Scientific aim The article deals primarily with the comparison of conditions established in the Czech Republic
and Poland for the Initial Public Offering (IPO) on regulated markets, among other things, the article deals with
the definition of specific conditions for issuers entering the official market and determination of the differences
between the regulated market and the official market.
Findings The legal regulation of the two examined legal systems is strongly unified by European law, the influence
of which is therefore strongly reflected in the sources of national law. The article also lists the differences between
regulated and unregulated markets that by their very nature make it possible to set conditions for issuers for which
access to capital on regulated markets would not be feasible.
Conclusions The legal regulation of IPO both in Poland and in the Czech Republic has undergone some substantial
changes since the countries joined the European Union. Due to the considerable degree of unification prevailing
in this field, the above specified regulation of IPO is very similar in both countries. Although some differences do
in fact seem to be present.
Keywords: Legal regulation, IPO, Poland, Czech Republic, Comparison
JEL Classification: M15, M21
* Corresponding author.
E-mail address: xpkovan00@vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 44
Interest in IPO non-financial factors on the part of investment
professionals
Andrea Krýslová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The global trend in the IPO is directed at increasing attention to its non-financial factors.
However, there is no advanced analysis how far these factors are influencing key investor decisions. Non-financial
factors have a significant and irreplaceable role in the deepening of force against the competition. At present, these
factors gain much more importance in the past across all industrial sectors than they did in the past across all
industries. Companies that develop their skills in non-financial areas are more attractive and competitive for
investors than companies that do not sufficiently develop this area or are not willing to use this type of reporting.
Perfect analysis of non-financial factors and their correct implementation can be appropriate step to the next
successful phase of building company´s financial future.
Methodology/methods The survey was conducted through a structured interview and questionnaires of 45
institutional investors, including portfolio managers, stock analysts and directors in France (25%), Germany
(25%), Czech Republic (25%) and Poland (25%) during the period of October 2016 - June 2017.
Scientific aim This article was therefore aimed at identifying non-financial factors and demonstrating their impact
on the success of the IPO. The aim of the research was to provide information on the most common factors that
influence investor decision-making
Findings The research provided information on the most common factors that influence investor decision making
when buying shares and determinated which criteria the investors give more weight. The first part of the article
was determined by non-financial factors, which were selected by the investors themselves as the most important.
The second part presented what factors the investors give more weight in their decisions and why.
Conclusions The key non-financial factors determinate successful operation and will make flexible, efficient and
effective management. The company should establish the most appropriate management methods based on its
corporate culture, size and business complexity with respect to non-financial key factors that influence investor
decision-making
Keywords: IPO, non-financial factors, investors, decisions making
JEL Classification: G11, G02, G34
* Corresponding author.
E-mail address: kryslova@fbm.vutbr.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 45
How important is Fair Value Measurement?
Zuzana Křížová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The purpose of this paper is to analyse and examine related literature resources connected
to the topic fair value measurement in different accounting systems. Measurement and valuation of assets and
liabilities in the financial statements of the companies greatly influences investment and management decisions.
Objective of this paper is to draw attention to the problems of fair value accounting (FVA) in practice.
Methodology/methods A theoretical analysis of qualitative secondary data form over 45 scientific articles,
legislative acts and monographs was employed. Also study using the open-ended approach of grounded theory,
including interviews and discussions with professional financial managers and accountants dealing with practical
problems of fair value measurement were used.
Scientific aim In 2011 the International Accounting Standards Board (IASB) and the Financial Accounting
Standards Board (FASB) issued new guidance on fair value measurement and disclosure requirements for Inter-
national Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The
guidance, set out in IFRS 13 Fair Value Measurement and an update to Topic 820 in the FASB’s ASB, completed
a major project of the boards’ joint work. The harmonisation of fair value measurement and disclosure
requirements internationally also formed an important element of the boards’ response to the global financial crisis.
Now many researchers ask questions, if this topic has important influences on investment choices and decisions?
Findings Findings in the paper are based mainly on study of existing related literature and assessment of
discussions that try to depict advantages and disadvantages using FVA practical implications. It is difficult to
determine whether its contribution to the improvement of reliability of information in financial statements is really
beneficial.
Conclusions The above mentioned findings highlight that traditional and fair value accounting serve different
purposes. Enterprises currently use different methods and measurement techniques, both financial and non-
financial, and apply a mixed valuation methods.
Keywords: accounting, measurement, fair value accounting, IFRS13
JEL Classification: G31, M41
* Corresponding author. Tel.: +420 54114 3708.
E-mail address: krizova@fbm.vutbr.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 46
Motivation of academic staff
Kristina Lazaridi*
International Black Sea University, David Agmashenebeli Alley 13km, No 2, Tbilisi, 0131, Georgia
Abstract
Purpose of the article is to study the multitude of motivation theories, the application of various models (as
developed by author), the complex of actions necessary to ensure improvement of the motivation system for
academic staff, and how to select and apply the appropriate motivation model within one of the private universities
of Georgia. The current research concerns one of the main managerial functions - motivation, and methods of its
application within the working environment of the university. Research has been conducted into the essence of
motivation and its theories, and we are provided an opportunity to understand its regularities and patterns of impact
on the working process. This study aims to distinguish priority factors of motivation applicable for enabling
academic staff's effective work and professional development. In order to achieve this aim we need to study and
analyse literature, con-duct research into the work motivation of a university’s academic staff, and reveal the
primary elements of these. Recommendations will then be prepared on the appropriate methods of motivation
applicable for the university.
Methodology/Methods Methodology includes literature review and the distribution of a questionnaire to the
university’s academic staff.
Scientific aim is the determination of the most important motivation factors for academic staff and their
application within the university’s overall staff motivation system.
Findings include the determination of priority motivation factors of the university’s academic staff.
Conclusions Conclusion formulates theoretical results and practical recommendations for academic staff
motivation system improvement. The recommended methods of motivation for academic staff give an opportunity
to improve the effectiveness of their professional activity. At the same time it is worth mentioning that an effective
system of motivation of academic staff is achieved when the model of motivation includes a complex approach
which applies a combination of non-material and material methods of motivation.
Keywords: academic staff, content theories, model of motivation, motivation factor, process theories
JEL Classification: M12
* Corresponding author.
E-mail address: klazaridi@ibsu.edu.ge
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 47
Entrepreneurs’ perception of outcomes from intellectual capital
investments
Oksana Lentjushenkovaa, Jelena Titkoa*
a University of Economics and Culture, Lomonosova 1/5, Riga, LV1019, Latvia
Abstract
Purpose of the article The goal of the paper is to reflect the results of the authors’ conducted survey among
Latvian business sector representatives that was aimed to get an insight into the level of awareness about
intellectual capital investments.
Methodology/methods To achieve the established goal the survey among representatives of Latvian 203
companies is conducted. The most companies represent production, service and trade industries of the national
economy. Survey instruments is the authors’ developed questionnaire that involves fourteen questions: six of them
are respondent profile questions, and the remaining are aimed to determine the core of the concept of intellectual
capital on the viewpoint of respondents, the importance of the intellectual capital perceived by respondents, the
expected results from the intellectual capital investments. Respondents’ answers were evaluated within the
respondents’ groups, based on the profile criteria, such as company’s age, size, financial performance, location
and business sector. Data processing was completed in SPSS environment, using analysis of frequencies, ranking
and independent samples T-test.
Scientific aim The goal of the current research is to evaluate the perceived importance of the expected results from
the intellectual capital investments by Latvian entrepreneurs, and reveal the difference in perceptions caused by
the differences in companies’ profiles.
Findings Research results show that most perceived outcomes form IC investments are financial outcomes.
Significant differences in evaluations of representatives of different kind of respondents are observed. Depending
on company size, age of activities and location of company (Riga and non-Riga) importance of expected outcomes
is different. Large and old companies pay attention not only to financial outcomes, but also to non-financial
outcomes. Analyzing perceptions of outcomes by location of company, authors find that there are differences only
in two outcomes evaluations. Companies in Riga evaluates “reputation and brand value enhancement” higher, than
companies in regions. But companies in regions evaluate “cost reduction in the future” higher than companies in
Riga.
Conclusions In contemporary economics situation in Latvia, micro-companies and “new” companies have limited
amount of resources for development. Usually their strategy based on activities, which provide company existence
at the present moment. Large and “old” companies have better financial conditions and built their strategies on
sustainable development principles. They take into account not only possible financial outcomes from the IC
investments, but also non-financial outcomes.
Keywords: intellectual capital investments, survey, Latvian companies
JEL Classification: M10, O34
* Corresponding author.
E-mail address: jelena.titko@eka.edu.lv
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 48
A dynamic model of the impact of e-government on the level of
corruption
Jan Luhana, Bernard Neuwirtha, Veronika Novotnáa*, Stanislav Škapab
a Brno University of Technology, Faculty of Business and Management, Department of Informatics, Kolejní 2906/4, 612 00 Brno,Czech
Republic b Brno University of Technology, Faculty of Business and Management, Department of Economics, Kolejní 2906/4, 612 00 Brno,Czech
Republic
Abstract
Purpose of the article Corruption, which we can perceive as the misuse of powers entrusted in order to gain un-
deserved personal benefit, is a big problem in today’s world. In our paper, we present a dynamic model of
corruption in terms of e-government, represented by a common differential equation with a delayed argument. We
then analyse the behaviour and interpret the implications as possible consequences for a democratic society.
Methodology/methods Methods of analysis and synthesis and methods of mathematical analysis (methods of
solving functional differential equations) were used to achieve this goal. The model solution is illustrated in the
article by a practical task including a graphical interpretation of solutions with the support of specialised software.
Scientific aim The scientific objective is to describe the impact of changes in the level of e-government on the
level of corruption and to assess the influence of the model’s individual parameters on its behaviour.
Findings Following the inclusion of real sociological data, the behaviour of the system was tested to achieve
various system parameter values and its stability could be assessed. It can be stated that the system under
investigation has a definitely complex dynamic behaviour and, based on the analysis of the above-mentioned
solutions of systems of differential equations with delays, we can state that change to the system parameters has a
significant influence on the overall stabilisation of the system as a whole.
Conclusions The authors of the article conclude that the level of e-government has a significant influence on the
level of corruption and therefore becomes a potentially extremely useful tool by which corruption can be
significantly reduced. The results described in this article can then be used to further investigate the impact of the
development of e-government on today’s society, because if we are able to estimate changes in the model
parameters in the future, it is possible to draw conclusions about the further behaviour of the system and the
possibilities of its stabilisation.
Keywords: E-government, corruption, dynamic model, differential equation with delay
JEL Classification: C02, H70
* Corresponding author. Tel.: +420 4114 1111;
E-mail address: novotna@fbm.vutbr.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 49
Impact of selected socio-economic indicators on health personnel
in countries of Visegrad group plus
Ingrid Majerováa*, Tomáš Heryána
a Silesian university in Opava, School of Business Administration in Karvina, Universitni nam. 1934/3, 74430 Karvina, Czech Republic
Abstract
Purpose of the article The quality of life can be measured trough the socio-economic indicators, such as in-come,
state of health, technological infrastructure, educational system, public safety or approach to ecological problems.
The difference in the level of socio-economic indicators should be kept in sustainable limits for the welfare of the
country as a whole. The analysis of these indicators can serve as the basis for the development policy on regional
level.
Methodology/methods As the main estimation method is used two-step Generalized Method of Moments (GMM)
with pooled data and fixed period effects among panels.
Scientific aim The aim of this paper is to describe the impact of the selected socio-economic indicators on health
personnel. The regions of the Visegrad Group Plus countries at NUTS 2 level were selected for this pro-pose.
These economies include the countries of Visegrad Group – Czech Republic, Poland, Hungary, Slovakia, and the
countries of Regional Partnership Agreement (from the year 2001), Austria and Slovenia. There are 46 regions on
the NUTS 2 level – eight in the Czech Republic, seven in Hungary, sixteen in Poland, nine in Austria, four in
Slovakia and two in Slovenia.
Findings For measuring the impact of socio-economic indicators of the regions in aforementioned economies, ten
indicators were selected. Two economic indicators, one environmental, three health variables and four indicators
of standard of living. The research was made in the period from 2004 to 2013. According to used method of GMM,
we found that the greatest (positive) impact on the staff in hospitals (and their changes) has a change of household
income and the change in the number of vehicles in the monitored regions.
Conclusions The research could be a contribution into the discussion about regional competitiveness it in the sense
of socio-economic approach and it can also provide a ground for further discussion on its measurement and using
the appropriate indicators.
Keywords: countries of Visegrad Group Plus, Generalized Method of Moments, health personnel, socio-economic
indicators
JEL Classification: C33, O15, R11
* Corresponding author. Tel.: +420603574796.
E-mail address: majerova@opf.slu.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 50
The use of digital technology by Algerian companies
Ahmed Mehora*, Sid Ahmed Senoucia, Allal Bourahlaa
a University of Sidi-Bel-Abbes, Faculty of Commerce, BP89, Sidi Bel-Abbès 22000, Algeria
Abstract
Purpose of the article This paper aims to study the use of digital technology by Algerian companies, as a tool of
link with their customers, this tool can be used for several objectives it can be used for communicate with
customers, gathering information's and even to sale company products, which allows the company to have a
competitiveness through reducing costs and being always next to their customers.
Methodology/methods In this study, we carried out an analysis on the websites of several large Algerian
companies in different sectors, In order to determine the extent of the use of this technology for information
gathering, communication and navigation on the Algerian market.
Scientific aim Our survey was based on the importance of the website for the Algerian society, translated by its
added value through the collection of information, communication and navigation.
Findings Where we found that the majority of these companies that own a website and pages on social networks:
(1) Don't renew their subscriptions at hosting website; (2) The information available on the website is not up to
date; (3) The majority of website do not offer online services; (4) The majority of the webmaster of these
companies don't answer the customers; (5) The majority of the websites don't collect visitor information's.
Conclusions With these dysfunctions, can be seen that the majority of Algerian companies ignore the importance
of the digital technology as a toll of communication, sailing and information harvesting for their marketing
information system. In order to create more perceived value for customers.
Keywords: Digital Technology, Algerian Market, SIM, Communication, Algerian Company, Competitiveness
JEL Classification: M15, M21
* Corresponding author.
E-mail address: mehor_ahmed@live.com
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 51
The e-banking in Algeria: Satisfaction measure
Ahmed Mehora*, Sid Ahmed Senoucia, Allal Bourahlaa
a University of Sidi-Bel-Abbes, Faculty of Commerce, BP89, Sidi Bel-Abbès 22000, Algeria
Abstract
Purpose of the article The developement of the web from web 1.0 (webcast) to web 3.0 (interactive) has enabled
the development of new services on the net, among them the e-banking. According to MEUNIER V, e-banking,
internet banking, web banking or online banking, all these terms refer to the use of the Internet by a financial
institution. To offer its clients a range of banking services at least broad, ranging from the simple commercial
showcase to the management of remote financial transactions. A new service that brings a lot of benefit to
consumers that aims to import the bank on the internet, in order to increase their number of customers (customers’
prospect) and satisfy customers’ existence. But the question to ask is what the Algerian consumer is satisfied with
this service?
Methodology/methods We have positioned our study on the horizontal level of satisfaction, or we have studied
satisfaction with service elements, reflect the evaluation of consumer syntheses. On the e-banking service in
Algeria. Our study was conducted by a questionnaire with 400 clients of the largest bank in Algeria BADR bank.
Scientific aim The objective of our survey is to measure the satisfaction of Algerian customers on the e-banking
service, a subjective and objective measure to evaluate the expectations of consumers and their satisfaction, and
the perceived value.
Findings After analyzing the results of our first questionnaire, it was concluded that: (1) There is a high rate of
users who use e-banking in an informational context, but for the bank they are customers prospect for transactional
rank. (2) There was a general dissatisfaction with the e-banking service. (3) Even the majority of customers do not
find any speed in the handling of complaints or suggestions. (4) The bank risks losing 60% of these users because
they are not interested in reusing this service.
Conclusions After measuring the satisfaction, consumers of the e-banking service registered a total dissatisfaction
of users or the bank will lose 60% of these users due to the design, content, speed and cost. But after a thorough
investigation with the bank's technicians, we found that the bank encountered a lot of difficulties in terms of content
and speed. Among these difficulties we can consider (1) the problem of the flow of the carrier lines, (2) electronic
tax evasion.
Keywords: e-banking, satisfaction, BADR BANK, Internet, TIC
JEL Classification: G21
* Corresponding author.
E-mail address: mehor_ahmed@live.com
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 52
Service quality in the digital age – Time as strategic resource
Juergen Muehlbacher*
Vienna University of Economics and Business, Institute for Change Management and Management Development, Welthandelsplatz 1,
Building D2/B, 1020 Wien, Austria
Abstract
Purpose of the article One-way communication, due to its broad use, is an inexpensive way to distribute
information, although its effectiveness is considered to be only average. E-mail communications, for instance, are
not particularly effective, yet are used frequently, as they are easily and quickly sent, as well as up-to-date. Two-
way communication is based on the interaction of relationships, the immediate exchange of information, reactions,
opinions or feelings is the most obvious difference. Although two-way communication tools require more time
and are costlier, they can show much more effective results. So this study will show the influence of B2C
communication on strategic customer relations.
Methodology/methods Using a kind of digital mystery shopping we tested online response times of a standard
procedure communications concerning a typical b2c relation.
Scientific aim After years of cost pressure, companies have totally overseen time as strategic factor. In a digital
world, response time becomes one of the most important competitive advantages. In this presentation we will
report on our experience, testing the response time of the 20 market leading automotive trade marks in Austria.
Findings The data show, that only 25 % of the companies will meet the needs of digital natives in a proper way.
The last 25 % were not able to respond even within 4 weeks. We will also present findings concerning strategies
and organizational structures influencing these results. One special focus will be set on the interrelation between
(de)centralized organization, knowledge management and response time.
Conclusions Best and worst practice will question organizational theories stated in every course book. A
discursive process should be initiated to critically scrutinize the prejudice that decentralization leads to market and
consumer orientation.
Keywords: Competitive Advantage, Service Quality, Strategic Resource, Time
JEL Classification: M14, M31
* Corresponding author.
E-mail address: juergen.muehlbacher@wu.ac.at.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 53
Family ties and its influence on family wine firms in the Czech
Republic
Anastasia Murínová*
Brno University of Technology, Faculty of Business and Management, 612 00 Brno, Czech Republic
Abstract
Purpose of the article There are many a studies by universities and various companies regarding the phenomenon
of family business. However, a clear definition of the family business does not exist. Thus, firstly the purpose of
this paper is to identify the essence of family business. Secondly, it was necessary to clarify the question of family
ties existing within the family business in the Czech Republic.
Methodology/methods As the wine family business is a bright representative of the oldest and traditional
economic activities, it was decided to analyze the family ties of 108 representatives of the wine family firms in the
Czech Republic within the secondary research. For primary research the case study method was used.
Representatives of wine family firms were interviewed to confirm the obtained results and add the details.
Scientific aim The aim of scientific research is to improve the understanding of family firm’s base from the
perspective of family ties.
Findings Coming out of the definition by Arquera (1979) and taking the applicable Civil Code of the Czech
Republic into account, the author has created a definition regarding the family business to be transferred to the
next generation. Accordingly, there were identified four dominant groups of family ties within the wine trading
family business. A representative interviewed among others has confirmed the existence of traditional wine trading
family business saying that it is not only a mere marketing tool for the customer acquisition. Besides that, case
studies make clear beyond the veil the influence of family ties on the firm’s performance.
Conclusions This study has contributed to the theoretical body of family business research providing an important
first step to gaining insights into the understanding of family ties of the family business influencing its effective
functioning.
Keywords: family business, wine, wine firm, family ties, management, succession
JEL Classification: D10, M50, R10
* Corresponding author.
E-mail address: petlina@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 54
Qualitative models of bankruptcy proceedings using multi-expert
complex decision making
Tomáš Poláčeka*, Mirko Dohnala
a Brno University of Technology, Faculty of Business and Management, 612 00 Brno, Czech Republic
Abstract
Purpose of the article There is a broad spectrum of BP (Bankruptcy Proceedings) models. They are unique,
partially subjective, inconsistent, vague and multidimensional. It is therefore often prohibitively difficult to analyse
them using numerical quantifiers. Oversimplified or highly specific BPs are sometimes obtained. Their practical
applicability is therefore (very) limited. A qualitative heuristic is described using just trends; i.e. There are just
three trend / qualitative values used to quantify variables and their derivatives: plus/increasing; zero/constant;
negative/decreasing. There are qualitative BP knowledge items in equationless forms such as heuristics. For
example – if standard of ensured justice is increasing then level of creditors bullying is decreasing. It means that
not just simple trends but higher derivatives can be incorporated into a model if they are known. No quantitative
quantifiers, e.g. numbers, are used in this paper. The solution of a trend model M(X) is a set S of scenarios where
X is the set of n variables. The set of variables X is subdivided into the following subset V, G, O; The key
information input into BPs is expert knowledge. The case study presents a model based on integration of
equationless relations using 8 variables e.g. selling of assets, bullying of creditors or ensured justice. V variables
are variables controlled by a decision maker, G is the set of goals, O is the set of variables outside any control of
a decision maker. Any future and past time behaviour of the system under study is described by a path within the
graph H. A complex decision is represented by a path represented by a sequence of scenarios. The decision is
partially predetermined by the final discrete set of paths and partially by common sense reasoning of the decision
maker. A eight-dimensional model serves as a case study.
Methodology/methods A qualitative heuristic described by using just trends; qualitative values used to quantify
variables and their derivatives: plus/increasing; zero/constant; negative/decreasing.
Scientific aim Using qualitative research for determination of bankruptcy proceedings.
Findings Finding an equilibrium for satisfaction of all interested creditors and at the same time best solution of
debtors assets.
Conclusions Identification and determination of vague determinats of bankcruptcy proceedings affected by
macroeconomics aspects to goal a creditors satisfaction and debtors assets solution.
Keywords: Qualitative, Decision, Scenario, Bankruptcy, Multidimensional, Multi-criteria, Multi-expert,
Macroeconomic
JEL Classification: G33, G34
* Corresponding author.
E-mail address: polacek@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 55
The Current Problems of the Eurozone and the Future
Transformation of the European Union
Oldřich Rejnuš*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno, 612 00, Czech Republic
Abstract
Purpose of the article The paper deals with the problems of contemporary management of the European Un-ion,
with focus on economic development of countries, associated in the European Economic and Monetary Union,
using common currency.
Methodology/methods The methodology used represents a combination of qualitative and quantitative analysis.
Qualitative part of the research will be represented by economic theory findings; we are going to analyze whether
basic theoretical rules and principles are met in the process of European Union management. Before all, it is
important whether they are abode by the European Union authorities and the governments of individual European
states in their fiscal policies and the European Central Bank in its monetary policy. Quantitative component
(segment, sector) will be based on economic data that will be taken from databases Trading economics, Eurostat,
European Central Bank a DebtClocks.eu.
Scientific aim The goal is to evaluate the ways of fiscal management of the European Union and monetary
regulation, carried out by the European Central Bank, with focus on their efficiency and achievements.
Findings The main problem of the Eurozone is based in its heterogeneity. And therefore common currency is in
crisis. The reason is that single currency policy resulted in distinctive deepening of difference between the
countries in the southern wing and the core EU countries, so that the survival of the Eurozone depends solely on
„cri-sis” measures, made by ECB; these include non-standard loans, fiscal transfers and „political solidarity” of
the European states.
Conclusions Due to unusual number of crisis factors, there are many reasons that might initiate serious economic,
social, political, ethnical, religious or other shocks. It is evidenced by the agreement about so called multi-speed
Europe, concluded in March 2017 by the representatives of France, Germany, Spain and Italy. This project is rather
risky and might result in the end of existence of national states and the end of democracy.
Keywords: European Union, eurozone, fiscal and monetary regulation, central banks, common currency, national
states
JEL Classification: E58, F36, G18
* Corresponding author.
E-mail address: rejnus@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 56
Pro-export strategies of the Czech Republic with the focus on
born globals
Eliška Reková*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic
Abstract
Purpose of the article The aim of this article is to define SME in CZ which excel at innovations, rapid
technological progress, high level of specialization and increasing added value so they are predermined to be
successful in the new age, also called as ‘digital age’. ‘Born globals’ posses these prerequisities. The possibility
of goods and services export to the foreign market is the most crucial for these enterprises. Hence this article is
focusing on strengthening the export within the internacionalization process and on the study of Czech pro-export
strategy and the results of balance payments of the Czech Republic which support the prerequisite that the Czech
Republic is an export country.
Methodology/methods The methods of secondary data analysis, synthesis, induction and deduction were used in
this article. Secondary data were gained by structured data collection to make the scientific literature clear and
these data were gained from electronic sources, academic theses, scientific articles and statistic pieces of
information. This also helped to make the internacionalization of SME, born globals in CZ and export strategy in
CZ issues clear.
Scientific aim This article is focused on macroeconomic indicators of CZ research which support the prerequisite
that CZ is an export country.
Findings The results show that the Czech Republic is an export country in the long term which is followed by
currency depreciation, decrease of the nominal effective exchange rate, increase of competitiveness of the country,
de-crease of the real effective exchange rate, increase of export and decrease of import, so the conditions for ‘born
globals’ and other Czech enterprises that would decide to expand and sell their products or services on foreign
markets are set to be in accordance with pro-export strategy.
Conclusions One of the specific aims – ‘double the number of highly innovative exporters (born globals) by 2020’
- follows from the Export Strategy of the Czech Republic 2012 – 2020 (Ministry of Industry and Trade, 2012).
The solved issue has several limits such as lack of methodology for measuring born globals companies in CZ, lack
of methodology for support of born globals entry into the foreign market and others, which follows from the re-
search of literature and analysis. The scientific work proved that the Czech Republic is a country with pro-export
policy and thus opens other scientific questions that future works can focus on such as currency of born globals in
the Czech Republic, observing indicators and fulfilling the indicators from above mentioned specific aim of the
Export Strategy of the Czech Republic.
Keywords: Born Globals, the Czech Republic, Export, Management, SME, Internationalization
JEL Classification: M15, M21
* Corresponding author.
E-mail address: rekovae@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 57
Models of value creation measurement in different manufacturing
industry sectors in the Czech Republic
Petr Sucháneka*, Martin Štěrbaa
a Department of Corporate Economy Faculty of Economics and Administration Masaryk University, Lipová 41a, Brno 60200, Czech
Republic
Abstract
Purpose of the article The subject of this article is the construction of a model which is able to measure whether
an enterprise is creating or destroying value. However, in the light of our previous research, we are not seeking to
create a universal model, instead we want to create a set of special models that consider the specificities of different
sectors. Therefore, we have created three models especially for the food industry, engineering and transportation.
In addition to the differences found within the model structure, we also want to discuss their causes, including
more general cross-sectoral differences.
Methodology/methods Based on the EVA ratio, we divided each of the surveyed sectors into three groups
(creating value, destroying value and enterprises where it cannot be decided whether they create or destroy value
– so called “grey zone” enterprises). Based on a study of the literature, about 32 financial ratios were selected
which are commonly used to evaluate the performance of a company. Using logistic regression, statistically
significant differences were identified between the selected financial indicators within the groups of enterprises
creating and destroying value. The statistically significant regression functions represent models capable of
distinguishing enterprises that create or destroy the value. By retrospectively comparing them with the EVA ratio,
it is possible to set the limits of the relevant models so that they divide the enterprises under examination into three
groups (value-creating enterprises, value-destroying enterprises and “grey zone” enterprises).
Scientific aim The aim of the article is to construct value-measuring models in various sectors of the
manufacturing industry. We start from the premise that it is very difficult to construct a universal model that is
able to measure the value in different sectors equally well. Therefore, using the example of three manufacturing
industries (namely the food industry, engineering and transportation), we constructed three models and then
compared and discussed the differences observed.
Findings The results confirmed that there are significant differences between the models of value creation within
the three sectors which we studied. The main difference in each sector is its capital structure. For each model, we
selected a different number of indicators using statistical methods to create the optimal model. It was also
discovered that each model has different limitations among the groups. This is a result of the fact that the models
are created from different indicators.
Conclusions The first research limitation is that the focus is only on three sectors. As part of further research, it
will be necessary to construct different models in other sectors as well. The second limitation of the research is
that it focuses purely on finance, which does not allow many options to identify and discuss the internal and
qualitative differences of the enterprises and sectors under examination, which could contribute to increasing the
accuracy of the model. The model is constructed from publicly available data, which is both a limitation and an
advantage. On the one hand, it limits the ability to inform the user, while on the other, it allows for wide usage
without having to know internal data.
Keywords: EVA ratio, value creation model, financial analysis, performance, food industry, construction industry,
engineering
JEL Classification: G31, L61, L62, L66
* Contact author. Tel.: +420603956385;
E-mail address: suchy@econ.muni.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 58
Selected microeconomic effects of ICT firms in context of level of
sectoral concentration: Case study in selected regions of the
Czech Republic
Kamila Turečková*
Silesian University in Opava, School of Business Administration in Karvina, Univerzitní nám. 1934/3, 733 40 Karviná, Czech Republic
Abstract
Purpose of the article It is assumed that a strongly territorially concentrated branch that transformed into the
sectoral agglomeration of identical companies in terms of the branches is specific for a range of its network
externalities such as positive effects resulting from a qualified workforce, spreading innovation and transferring
knowledge, experience and information. In general terms, some microeconomic factors and relevant variables will
be perceived differently by ICT firms in the context of the different intensity of the sectoral concentration in the
particular territory.
Methodology/methods The contribution is based on the primary research performed among ICT companies in
Moravskoslezský Region and Jihomoravský Region in the Czech Republic in 2016 and 2017 expressing their
attitudes and opinions in the context of the branch concentration emphasizing the specific localization of these
companies within the centres of the analysed regions, or on the outside, i.e. on the periphery. The analysis of the
results from the questionnaire survey is in the empirical part confronted according to the location of the firms in
the centres of ICT branch concentration of the chosen regions (in Brno-city and Ostrava-city) and simultaneously
compared across the two regions. The theoretical basis includes in particular „the core-periphery theory“, extended
by the concept of the sectoral agglomerations and also selected theories of the period of post-Fordism.
Scientific aim The presented contribution deals with the specification of the chosen microeconomic effects of the
branch concentration of companies in the ICT sector of the given area, and defines differences in factors of the
branch concentration of ICT companies.
Findings Based on the performed research, it was discovered that more than 60 % of the companies perceive
branch concentration positively and consider its effect beneficial and desired. From interregional comparisons
follows that ICT firms in the Moravian-Silesian Region are more decided towards their employees - for example,
they require in 59% university education, while in Brno-city it is only 21%). South Moravian ICT firms feel less
dependent on other ICT firms, but are less aware of their competition. Another important finding is that the
companies in the centres of ICT branch concentration in particular regions tend to perceive the positive effects
more intensely than the costs related to the process of the branch concentration, which is not the case with the
companies in the peripheral localities of the Jihomoravský Region and Moravskoslezský Region.
Conclusion The results of the research reflect the assumptions of the chosen theoretical framework and support
the conclusion that it is suitable for ICT companies to do business in a region where the ICT sector is concentrated.
Keywords: Sector Concentration, Effects of Concentration, Information and Communication Technology, Region,
Czech Republic
JEL Classification: L86, O14, R12.
* Corresponding author. Tel.: +420 596398 301; fax: +420 596 312 069.
E-mail address: tureckova@opf.slu.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 59
Approaches to the classification of high-tech companies from the
negative and positive point of view
Dagmar Vávrová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic
Abstract
Purpose of the article The article analyzes approaches to demarcation and defining high-tech companies from the
point of view of economic activities, research and development, international patent classification, their readiness
for a period called Industry 4.0 and their real behavior. It analyzes the specifics of the individual classifications,
compares them and focuses on defining this concept towards future research to determine the use of current
approaches in the management of these companies, revealing their specifics and recommending tools suitable for
successful enforcement of these companies in global competition.
Methodology/methods Content analysis, including methods and rules for defining the term high-tech company.
Scientific aim The main objective is to define a specific group of economic entities - high tech companies - from
the perspective of classification of economic activities, according to international patent classification, realization
of its own research and development, according to readiness within Industry 4.0 for identifying the application of
current marketing approaches in the management of these companies.
Findings In order to define the term high-tech company, we meet many approaches and different definitions,
mostly aimed at a particular intent or determination, not a generic term. The article analyzes the individual
approaches in detail and on the basis of their mutual comparison and evaluation, for the future research was chosen
the intersection of three basic views within the Czech Republic.
Conclusions Following the definition of high-tech companies, which is necessary to analyze and apply current
marketing approaches in the management of these companies, the next step in the implementation of the research
will be the validation of the capability of the existing criteria and the addition of other, statistically significant
criteria defining the high-tech company.
Keywords: high-tech company, high-tech product, CZ NACE, economic activities, research and development,
Industry 4.0
JEL Classification: M15, M21
* Corresponding author. Tel.: +420 732 500 530
E-mail address: dagmar.vavrova@nafigate.com.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 60
The impact of social media marketing capabilities on new firm
performance
Dominyka Venciutea, Vilte Auruskevicienea*
a ISM University of Management and Economics, Arkliu st. 18, Vilnius, Lithuania, LT – 01305
Abstract
Purpose of the article The purpose of this research is to investigate the impact of social media marketing
capabilities on new firm performance. The emergence of social media has significantly changed the tools and
strategies for communicating with customers (Mangold & Faulds, 2009) and enabled firms using social media to
support marketing functions. According to Kaplan and Haenlein (2010), social media empower firms to reach end
customers at lower costs and higher efficiency compared to traditional media, which allows supposing that social
media marketing capabilities are vital for new firms with limited resources.
Methodology/methods Quantitative research method (online surveys) was chosen to test the proposed hypotheses.
Social media marketing capabilities were operationalized using an adapted scale from Trainor et al. (2013), social
media marketing performance was measured using an adapted scale from Bruhn et al. (2012) and overall new firm
performance was measured using an adapted scale of Lusch and Laczniak (1989). The research sample consisted
of 248 newly established firms. Structural equation modelling (SEM) was used in the analysis.
Scientific aim The scientific aim of the research is to examine the impact of social media marketing capabilities
on new firm performance. A conceptual model is based upon resource-based view (RBV) theory (Day, 1994).
Findings Results show a significant impact of social media marketing capabilities on overall new firm
performance through a mediating effect of social media marketing performance. Additionally, the results of one
sample t-Test indicate that social media marketing capabilities of new B2C firms are significantly higher than
those of new B2B firms.
Conclusions This research confirms the supposition that social media marketing capabilities are essential for new
firms with limited resources and should be deployed in order to improve performance.
Keywords: social media marketing capabilities, social media marketing performance, new firm performance
JEL Classification: M15, M21
* Corresponding author: Tel.: +370 686 85 839
E-mail address: domven@ism.lt
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 61
Sensitivity analysis within a chosen manufacturing company
Marek Vochozkaa*, Mariana Psárskaa, Pengfei Shengb
a School of Valuation and Expertness, Institute of Technology and Business in České Budějovice, Okružní 517/10, 370 01 České Budějovice,
Czech Republic b School of Economics, Henan University, Kaifeng, China
Abstract
Purpose of the article The aim of sensitivity analysis is to determine the effect of the selected financial criteria
for firms to possible changes in the values of risk factors that influence the criterion in the selected company.
Therefore, it represents an important tool for risk assessment and a decision-making aid for financial management.
Methodology/methods The methods used in this case study are the economic analysis, econometric, statistical
and mathematical methods (single-factor analysis, multi-factor analysis, uncertainty index, sensitivity coefficient).
Contribution of the paper is essentially a practical demonstration of the real data (from the company, which
operates as a subcontractor of components for the automotive industry), their interpretation and subsequent
discussion.
Scientific aim The aim of this contribution is to judge the sensitivity, rate of uncertainty, and to evaluate the
expected development of chosen risky factors which influence reaching the planned economic result (before
taxation) in a chosen manufacturing enterprise in 2017.
Findings Our sensitivity analysis has proven that key risk factors of fulfilling the target economic result in a chosen
manufacturing enterprise include reaching at least the planned sales volume for 2017, growth of sale price at least
in 2.955% as compared to 2016 and purchase material price which should decrease in 3% as compared to 2016.
Conclusions The contribution assessed the sensitivity, the degree of uncertainty and assessed also the expected of
selected risk factors influencing the achievement of the planned profit.
Keywords: sensitivity analysis, risk, small and medium enterprises, financial management, enterprises
development
JEL Classification: C19, D22, L29, M21
* Corresponding author. Tel.: +420 387 842 144
E-mail address: vochozkam@email.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 62
Comparison of neural network and regression time series in the
estimate the development of the afternoon platinum price on the
New York stock exchange
Marek Vochozkaa, Jaromír Vrbkaa, Veronika Machováa*
a Institute of Technology and Business in České Budějovice, Okružní 517/10, České Budějovice 370 01, Czech Republic
Abstract
Purpose of the article Platinum is a durable, ductile and precious metal that is becoming a strategic commodity
for industry in many countries around the world. In recent years, demand for platinum, thanks to its characteristics
and high durability, has more than doubled. For investment purposes, platinum is easily available in the form of
slits and, in some cases, in the form of coins. For a long time, it has also been used as a preserver of value.
Methodology/methods For the analysis, London Fix Price PM data, i.e. the afternoon announced amount over a
period of more than 10 years, will be used. The Statistica software will be used for data processing. A linear
regression will be performed utilizing a variety of functions. A regression with neural structures will follow. Then,
1000 neural networks will be generated, from which five with the best characteristics will be preserved.
Scientific aim The scientific aim of this paper is to perform a regression analysis of platinum prices at the New
York Stock Exchange using artificial neural structures and linear regression, then compare both methods and
determine more suitable ones for predicting the future development of the platinum price at the New York Stock
Exchange.
Findings Based on the price development and the regression curve shape, and taking into account the simple linear
regression, the closest curve to the platinum price development is the spline function. The most suitable neural
networks selected are all multilayered perceptron networks with one hidden layer. The performance of all five
preserved neuron structures is approximately identical.
Conclusions Considering the performance from a correlation coefficient point of view, the neural networks
perform best and there is practically no difference among them. However, the analysis of residues, if employed,
could undoubtedly determine the best of the preserved neural networks.
Keywords: platinum, linear regression, artificial neural networks, regression analysis, prediction, price
development
JEL Classification: C32, C45, C53
* Corresponding author. Tel.: +420-380-070-222.
E-mail address: machova@mail.vstecb.cz.
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 63
Research on HRIS satisfaction in companies
Matej Zápotočnýa*
a Brno University of Technology, Faculty of Business and Management, Kolejni 4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Purpose of the article was to gather user experience with usage of Human Resource In-
formation Systems (HRIS) and understand their satisfaction and dissatisfaction with the tools. The results are used
for preparation of extended questionnaire that will be distributed to hundreds of companies in Czech Re-public
and Slovakia to gather wide range of usage data. This data will be then reviewed and published as the research
part of the author’s dissertation thesis. The aim is to specify which parts of the HRIS are vital for daily usage and
which are not so important.
Methodology/methods To ensure the results are representative, several companies of various sizes and production
types were selected. A prerequisite for the users chosen for the interview was their at least 2 years long experience
with usage of the HRIS tools, all the users were members of the HR team or the team’s manager. Data gathering
was performed via structured interview or telephone call; each of the sessions took around 60 minutes.
Scientific aim Goal of the article is to suggest the way how to improve the end-users’ experience by usage of
various tools and means to increase the productivity and satisfaction. Implementation of better organized graphical
user interface, simpler layout of the most used functions and responsive design would be investigated as the way
how to increase the satisfaction of users working with HRIS.
Findings The results of the findings show that in the majority of companies, the users are dissatisfied with their
Human Resource Information Systems. The main drawbacks are old graphical user interface, insufficient
functionality and system crashes. Some of the users also reported that the main HRIS tool was used only for basic
administrative tasks and other programs were used as complements what is not the desired approach. These results
will be incorporated to the extended questionnaire that will be used further.
Conclusions Investigated companies are only from Czech Republic and Slovakia due to specific labour and legal
constrains.
Keywords: HRIS, Satisfaction, Information system, Human resources, software
JEL Classification: M15, M21
* Corresponding author. Tel.: +420 54114 3749
E-mail address: zapotocny@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 64
The necessity and the main difficulties in implementation of
electronic accounting documents in Republic of Belarus
Tatiana Zhilinskayaa,b* a Private Company “IQ-Consult”, Shafarnyanskaya str., 11-223, Minsk 220125, Belarus
b Belarussian State Economic University, Partizansky av., 26, Minsk 220070, Belarus
Abstract
Purpose of the article is to describe the main economic, legal, software development, user’s human factor
difficulties in design, legalization, implementation and practical using the system of electronic accounting
documents in Republic of Belarus and the probable ways out.
Methodology/methods During the research the following methods were used: system approach, analysis and
synthesis of theoretical and practical material, scientific abstraction, logical generalization, comparison
Scientific aim was to find out the legal grounding for using the electronic accounting documents for the putting
all business transactions into accounting and taxation without creating their paper copies, to work out of the
theoretical positions and practical recommendations about implementation of electronic accounting documents in
Republic of Belarus on the bases of EU countries.
Findings The main difficulties in implementation of electronic accounting documents in Republic of Belarus are:
(1) lack of any government or the private company authorized by the government to issue both the electronic
digital signature key (EDSK), the needed software to prepare electronic accounting documents; (2) legal
requirements of preparing the paper copies of any electronic documents while the tax or any other authorities fulfill
the business activity control; (3) both of lack of the software which will be transfer the paper documents in
electronic form and the really high cost of such a software development.
Conclusions There are the both scientific and practical necessity of electronic accounting documents
implementation in Republic of Belarus and the certain difficulties. The probable ways to solve them may be: (1)
reforming the legal issues according to those the paper documents will become unnecessary at all; (2) creation and
description of the procedure of government certification for those software companies which will develop the
software for electronic accounting documents preparing and processing; (3) creation the main center for issuing
EDSK.
Keywords: accounting, EDSK, business transaction, electronic accounting document, software
JEL Classification: M40, M41
* Corresponding author. Tel.: +375-44-536-00-30; fax: +375-17-286-36-63.
E-mail address: 3384656@gmail.com; t.zhilinskaya@iq-consult.by
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 65
An application of principle of the competitive space demands
accelerator to assessment of the mobile communication Market
development in the Czech Republic
Robert Zicha*, Karolína Svobodováa
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic
Abstract
Purpose of the article The research presented in this article has focused on the assessment of development in the
mobile communication market in the Czech Republic. There are two main aspects presented in this paper result of
long term monitoring of mobile market development, with the emphasis on behavior of mobile service providers
in the Czech Republic, and testing of the competitive space demands accelerator as the principle describing the
development of competitive space.
Methodology/methods Applied methods have employed qualitative approaches to research case studies; data
collection has been based mainly on the content analysis of sources, special-purpose group interviews, semi-
structured interviews, experiments, observation and application of continuously developed approaches to the
assessment of behavior of companies on the basis of the success-ability concept.
Scientific aim The key objective of introduced article is to verify the possibility of application of principle of the
Competitive Space Demands Accelerator for an assessment of selected market.
Findings Most of the considerations as regards strengthening of company competitiveness are based on the need
to respond to the increase in demands of competitive environment, which is usually connected with increasing
demands of customers. Companies usually play the role of responding subjects or, as the case may be, anticipating
such increase. Assessment of situation in the market, employing the principle of the accelerator of demands of
competitive environment, anticipates that - to a large extent - this increase in requirements and demands is called,
on the contrary, by the activity of companies and - as paradox - especially by their effort to strengthen their own
competitiveness.
Conclusions The limiting factor of presented conclusions is - in a certain extent - the focus on specific industry,
in the particular context perceived as the industry of services. We can assume that span in competitive reaction
might be longer in case of another type industry, technologically focusing on innovations or generally lower
imitation possibility. Nevertheless, the principle of change and, in particular, acceleration, would still be
maintained.
Keywords: competitiveness, competitive advantage, mobile communication, competitive strategy
JEL Classification: M15, M21, M31
* Corresponding author.
E-mail address: zich@fbm.vutbr.cz
International Conference at Brno University of Technology,
Faculty of Business and Management, September 20-22, 2017 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital Age
September 20-22, 2017 Brno, Czech Republic 66
Factors influencing consumer behaviour and decision to use smart
technologies
Rima Zitkienea*, Germante Markeviciutea, Monika Mickevicieneb
a Mykolas Romeris University, Faculty of Economics and Business, Ateities g. 20, LT-08303 Vilnius, Lithuania b Lithuanian Police School, Mokslo g. 2, LT-53312 Mastaiciai, Lithuania
Abstract
Purpose of the article is to distinguish the factors influencing consumers’ acknowledgement and the decision to
use smart technologies on the basis of scientific literature analysis and to verify if the main factors can be revealed
by using empirical survey of consumers’ behavior.
Methodology/methods Scientific literature analyzes and the pilot survey are presented in the article.
Scientific aim focus on changes in consumption and consumer behavior factors also the characteristics of smart
products are presented and theoretical aspects of consumers’ awareness, acknowledgement and adoption of smart
technologies are being highlighted.
Findings The scientific studies and the pilot survey disclosed the perspective of target group toward innovation
adoption and main factors influencing the decision to use smart technologies.
Conclusions Theoretical analyzes show that a smart environment is a growing field of research, which covers
computing, interaction between a human and a computer, computerized vision, adapting systems and training as
well as other services through devices. One of the most distinct theories, concerning the acceptance of innovation
in general, is Innovation Diffusion Theory. Theoretical and empirical results show the final part in the process of
consumer’s smart technology selection is played by internal factors that depend on personal characteristics and
personal decisions are related to one’s needs and priorities. It is important to emphasize that considering the limited
scope of this paper the pilot survey of the target group was carried out to verify if the main factors can be revealed
empirically and could be used while developing the profound instrument for future research.
Keywords: consumer behaviour, smart technology, innovation, factors
JEL Classification: M15, M31, 03, P46
* Corresponding author. Tel.: +37 061004813
E-mail address: rizit3@mruni.lt.
INVITATION
We kindly invite you and your colleagues to participate in Brno International Week
2017 (BIW 2017) that will be held during November 6th – 9th 2017 at Brno University
of Technology, Faculty of Business and Management in the Czech Republic.
Scope of the Brno International Week
The main aim of the International Week is to provide international mutual cooperation
in the pedagogical, scientific fields and give an opportunity to our students to gain new
perspectives on their majors. The focus of the BIW 2017 is on global issues in business,
management, system engineering and informatics.
The Brno International Week will consist of three main parts:
1) Guest lectures and seminars
Each lecturer is invited to give one or two guest lectures or seminars lasting for two
hours each. The main areas for lectures are:
Economics and management
System engineering and informatics
Quantitative methods in economics
We appreciate the lectures that combine theoretical background with practical
implication or with international comparison and using modern teaching methods.
We plan that the qualified contributions will be published in the faculty scientific
journal or anthology.
2) Round Tables
We offer possibility to discuss your research ideas and mutual cooperation at Round
Tables that will be thematic focused. Special Round Table will be arranged for Staff
of International Offices.
3) Movin´in
You are cordially invited to present your home university and study programmes at
the Movin´in where you can join the presentation of Erasmus students currently
studying at our faculty.
BIW 2017 also aims at giving you an unforgettable stay in Brno. We invite you to an
attractive social programme, including welcome drink with at the Rectorate of the
university, guided city tour, wine, beer and food tasting in the local restaurant and a trip.
Please use the on-line Registration Form on https://biw.fbm.vutbr.cz/en/. Registration
will be opened from August 20th till September 30th 2017. Please attach a photo in
.jpg format to your registration.
For further information about BIW2017, please do not hesitate to contact us.
Contact person:
Zdenka Konečná, konecna@fbm.vutbr.cz
All articles included in the book are published in the form provided by the authors without
editorial and content-related corrections.
Perspectives of Business and Entrepreneurship Development in Digital Age
Collected abstracts and programme of international scientific conference
Edited by: František Milichovský
Faculty of Business and Management, Brno University of Technology, Brno, Czech Republic
21th September 2017
ISBN 978-80-214-5531-3
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