Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Donu
Author-Name: Martin Janíčko
Title: Institutional Determinants of Investment Inflows into Transition Economies
Abstract: This article investigates the relationship between institutional quality and the level of investment inflows into post-communist countries. We attempt to empirically verify the argument that institutional determinants are essential in explaining the variation in investment inflows into transition economies after the demise of socialism in the early 1990s. The role of institutions is assessed using Economic Freedom indices provided by the Heritage Foundation. Consequently, to investigate the progress of institutional quality in transition economies, we further employ indicators developed by the European Bank for Reconstruction and Development. Using a panel data set for 11 transition countries from 1993 to 2013, we conclude that the impact of institutional quality on investment inflows is not negligible, yet much weaker than suggested by the existing theoretical literature. Using a fixed-effects model framework in both regression benchmarks with metrics from the Heritage Foundation and the European Bank for Reconstruction and Development, respectively, we observe that the impact of institutional variables on the level of investment was less significant than expected. Moreover, macroeconomic fundamentals appear to always play a more substantial role than institutional factors.
Keywords: panel data, foreign direct investment, Visegrad, institutional determinants, fundamentals, postcommunist economies, Balkans, Baltics
Classification-JEL: F21, F23, H11, K20
Pages: 3-23
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=483.pdf
File-URL: http://www.vse.cz/aop/483
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:483:p:3-23
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Template-Type: ReDIF-Article 1.0
Author-Name: Dušan Kučera
Title: Weber‘s “spirit of capitalism“ thesis as a starting point for finding spiritual potentials in business and management environment
Abstract: The study is focused on identification of spiritual factors in entrepreneurship and management. The author uses Weber’s thesis as a starting point for the processing of general spiritual concepts which have a major impact on the emergence, development and maintenance of the economic environment, business and management. The clarification of a fundamental understanding of the phenomenon of spirituality is followed by a description of spiritual factors in entrepreneurial and managerial activities looking for a “new spirit of capitalism” today. The practical part is devoted to provision of a proof of spiritual influences on business and economic developments in the world (selection of studies). The work culminates in original research into positive and negative spiritual factors and potentials of entrepreneurship and management among selected entrepreneurs and managers in the Czech Republic. The collected factors and potentials are summarised, evaluated and proposed for use in entrepreneurial and managerial practice or as an impulse for managerial training.
Keywords: innovation, management, religion, spirituality
Classification-JEL: A13, N00
Pages: 24-44
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=484.pdf
File-URL: http://www.vse.cz/aop/484
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:484:p:24-44
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristine Gevorgyan
Title: Analysis of Price Bubbles on the Czech Real Estate Market
Abstract: This thesis deals with the issue of price bubbles on the Czech real estate market. The theoretical part explains the price bubble in terms of behavioural finance, and describes the relationship between monetary policy and asset prices from the perspective of the Austrian school and representatives of traditional economics. In the empirical part, it presents ways of identifying bubbles on the property market using relative indicators and econometric models. By means of econometric methods, this thesis analyses specific factors that influence housing prices in the Czech Republic. It puts a particular emphasis on the impact of interest rates on asset prices, because low inflation and expansionary monetary policy can create conditions for the formation of price bubbles.
Keywords: regression, housing prices, asset bubbles, interest rate, low inflation, expansionary monetary policy
Classification-JEL: C23, R21, R31
Pages: 45-63
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=485.pdf
File-URL: http://www.vse.cz/aop/485
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:485:p:45-63
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivana Machoňová-Schellongová
Title: Human Rights Protection from negative Impacts of Activities of Multinational Corporations and Companies: Dilemmas of the International Community
Abstract: There is no doubt about an impact of corporate and business operations on human rights, both positive and negative. Growing influence of corporations, power shift between business and states, as well as the complex nature of corporate governance and transnational operations require international regulations. International community undertook numerous initiatives, the most significant and recent being the United Nations Guiding Principles on Business and Human Rights [2011], embraced by States, corporations and civil society as a “milestone“ in business and human rights agenda. While being a useful comprehensive set of guidelines, Principles are lacking the legally binding force and any monitoring or complaints mechanism. Therefore, there are growing calls for a legally binding treaty to stipulate clearly human rights obligations of States/businesses vis-à-vis human rights and fill the protection gap for victims of corporate abuses. A newly established working group by the Human Rights Council has started to negotiate terms of reference of such a treaty in June 2015. However, meaningful negotiations are threatened by many factors, including the negative approach of US, EU and other developed States along with the corporate sector advocating for stronger implementation of Principles instead. This article aims to describe efforts of international community to prevent and eliminate a negative impact of corporate activities on human rights. It shows different approaches and highlights some challenges and dilemmas. It concludes that parallel efforts should be undertaken - to implement the Principles and to negotiate an international treaty - in order to improve protection against an adverse impact of corporate operations on human rights. As for the Czech Republic, it is suggested to embark on the elaboration of the National Action Plan, thus providing for an opportunity to discuss implementation of the Principles among all the relevant stakeholders.
Keywords: Human rights, transnational corporations and business enterprises, international community
Classification-JEL: K330
Pages: 64-74
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=486.pdf
File-URL: http://www.vse.cz/aop/486
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:486:p:64-74
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Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Klečka
Author-Name: Dagmar Čámská
Author-Name: Jindřich Špička
Title: Professor Miloslav Synek has Major Anniversary
Abstract: In September 2015, Professor Miloslav Synek celebrated his 80th birthday and decided to retire from active academic career. The article provides a retrospective view of Professor Synek’s professional career, reviewing both his work and his students’ and colleagues’ memories. Professor Synek is an outstanding expert in Business Economics, the founder of the Department of Business Economics at the University of Economics, Prague, as well as the author of key books about Business Economics in the Czech Republic. His work consists of not only his academic career but also his close cooperation with practice. In 2007, he was awarded Alois Rašín’s medal for his contribution to economics and education. Last but not least, he has been an excellent teacher, an inspiring, polished and responsive man.
Pages: 75-80
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=487.pdf
File-URL: http://www.vse.cz/aop/487
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:487:p:75-80
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Half-Forgotten Personalities of Economic Thought - Silvio Gesell
Abstract: Silvio Gesell was a German tradesman, self-educated economist, globetrotter and social reformer with a nonconformist worldview. He is known for his proposals for monetary reform. He is famous for his experiments with interest-free currency. Gesell’s thought inspired a plenty of political and civil movements, and has a few followers even to this day.
Keywords: S. Gesell, B. Lietaer, free money, theory of interest, natural economic order
Classification-JEL: B19, B59, E49, E59
Pages: 81-88
Volume: 2015
Issue: 5
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=488.pdf
File-URL: http://www.vse.cz/aop/488
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:5:id:488:p:81-88
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/488