Template-Type: ReDIF-Article 1.0 Author-Name: Hana Zídková Title: Discussion of Methods for Estimating the Shadow Economy Abstract: Which method of estimating the shadow economy is the best for the Czech Republic? To answer this question, it is necessary to compare the various existing methods and summarize the benefits and constraints of the individual approaches. At first, direct and indirect methods of estimating the shadow economy are described and various studies quantifying the shadow economy and tax gaps using different methods are mentioned. For each method, the advantages and drawbacks are explained based on the opinions of acknowledged authors engaged in the research in this area. Eventually, the models are compared and assessment methods for the shadow economy are recommended for different purposes depending on the intended use of the resulting estimates. In the conclusion, the partial statistical methods which can be combined to give a total assessment of the shadow economy as well as the indirect discrepancy method for calculating the VAT gap are suggested for the Czech Republic. Keywords: shadow economy, assessment methods, estimates, tax gap Classification-JEL: H26, O17 Pages: 3-17 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=384.pdf File-URL: http://www.vse.cz/aop/384 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:6:id:384:p:3-17 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/384 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Janíčko Title: Financial Innovations and Economic Fluctuation from the Present Perspective Abstract: Financial innovations should be regarded a s a substantial element in the functioning of modern economies and financial sectors. However, their general impact is to be assessed from the present perspective, essentially depending on their particular behaviour and the role they play in the economy. Most importantly, this text follows both the Post-Keynesian and the Regulation School logic, trying to clarify business cycle volatility with respect to the intensity of innovative activities in the financial sector. The article also discusses some hypothetical causal relationships between the 2007-2008 financial and economic crisis and financial innovation activities, largely accelerated in intensity over the preceding two decades. As it is clearly demonstrated, the "Great Moderation" argument has not been entirely confirmed and a number of mainstream economists have ultimately been forced to adjust their respective approaches towards the functioning of modern economies. Keywords: financial innovations, business cycle amplitude, Post-Keynesian, economics, Regulation School Classification-JEL: E32, E44, G01, G28 Pages: 18-33 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=385.pdf File-URL: http://www.vse.cz/aop/385 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:6:id:385:p:18-33 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/385 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Chaloupka Title: The Possibility of Prioritization of a Parent Company´s Interests in a Corporate Group Abstract: The purpose of this article is to compare laws regulating corporate groups in Germany, the United Kingdom and France in order to find the optimal model of regulation of corporate groups and then to compare the findings with the proposed Commercial Corporation Act. Generally, the difference between the concepts lies in the approach to the issue of respecting or not respecting the duty of loyalty within corporate groups. Under certain conditions, German law enables a parent company to promote interests of the whole group at the expense of a subsidiary. It creates a system of specifi c rules in order to comprehensively regulate such interferences of the parent company and thus to protect the subsidiary. On the other hand, British law insists on compliance with the duty of loyalty and equips minority shareholders and creditors with legal means for their protection. French law represents a compromise between these approaches as it allows promotion of interests of the whole group at the expense of a subsidiary only under strict conditions. However, if these conditions are met, it enables the parent company to promote its interests in an even broader way than German law does. It also provides minority shareholders and creditors with direct protection. In French law on corporate groups, jurisprudence plays an important role which enables a flexible response to developments in the economic sphere. Thus, on the one hand, French law enables the parent company to effectively manage the corporate group as an economic unit and, on the other hand, it provides endangered subjects with functional instruments of protection. For this reason, the French approach can be recommended. The proposed Commercial Corporation Act is inspired by the French model, which can be evaluated as positive. Keywords: Corporate groups, company law, comparative analysis Classification-JEL: F23, G34, K20, K22 Pages: 34-51 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=386.pdf File-URL: http://www.vse.cz/aop/386 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:6:id:386:p:34-51 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/386 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Jemala Title: Integration of Technology Management and Its Development: Technology Implementation and Commercialization Abstract: Integrating technology and business strategy, technology capacities with customers´ needs, technology and business processes require a three-step mechanism of technology management (TM), namely integration of technology identification, implementation, and potential technology commercialization processes. TM requires creation of a functional technology network and good communication channels between strategic and technology managers, technologists and workers, and between a company and its stakeholders. This partly methodological and partly analytical study focuses on identifying the links within and between technology implementation and commercialization processes that could ensure maximum synergies and benefits for TM. Its added value also lies in the bibliometric statistics of the ScienceDirect and EBSCOhost databases (1960-2010), done for the identification of trends in TM. According to the statistics, and in terms of the development of integration aspects in TM, technology identification dominates, followed by technology commercialization, while the technology implementation phase is the least developed. Keywords: Integrated technology management, technology synergies, technology implementation, technology commercialization Classification-JEL: M11, O31, O32 Pages: 52-69 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=387.pdf File-URL: http://www.vse.cz/aop/387 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:6:id:387:p:52-69 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/387 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Jurek Title: Internationalization Theories and Models: Austrian Firms on the Czech Market Abstract: Internationalization, or the process of foreign market entry, has lately been a frequent topic of discussion. It is an essential phenomenon that has shaped the global economy over the past decades. At a micro level, internationalization can be a very effective tool for supporting sustainable company growth. This paper focuses on the internationalization of Austrian firms in the Czech Republic. It lays down the author´s research into 52 Austrian firms currently present on the Czech market with regard to the eight main internationalization theories and models. Austria plays a very important investment role in the Central and Eastern European region, including the Czech Republic. Indeed, the Czech market is the third largest recipient of direct Austrian foreign investment, following Germany and the United States. After defining the term internationalization, the paper first describes the firms´ entry onto the market, answering the following research questions: How have Austrian firms internationalized on the Czech market and what are their common characteristics? Then, these internationalization approaches are analyzed as follows: the Uppsala model, the network theory of internationalization, the strategic behaviour theory, the international product life cycle theory, the transaction cost theory, the eclectic theory, the behaviourist internationalization theory, and the "born global" theory. However, their evaluation is only partial and solely based on the research sample. A more complex analysis of the theories and models would require larger samples from different regions and the application of statistical methods. Keywords: globalization, International marketing, Internationalization theories and models, foreign market entry Classification-JEL: F23, L20, L21, M16 Pages: 70-88 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=388.pdf File-URL: http://www.vse.cz/aop/388 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:6:id:388:p:70-88 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/388