Template-Type: ReDIF-Article 1.0 Author-Name: Rolandas Drejeris Author-Name: Danguolė Oželienė Title: Modeling Environmental Actions of Corporate Sustainable Activity: Evidence from Lithuania Abstract: Many sources have been noted that environmental protection measures are economically beneficial as their application allows to increase the efficiency of resource use, reduce operating costs, increase company’s profit and also to avoid ecological accidents. The aim of the article is to analyse the environmental component of sustainable development in terms of its expression in the corporate activities. And according to results of analysis to create a model whose application not only demonstrates the actions needed to strengthen the environmental sustainability of corporations, but also allows an assessment of their potential and readiness for sustainable development. The elements of created model define the environmental actions to be taken also provide structural basis for implementation of these processes. So, the model serves as an instrument to show directions of improving the environmental sustainability of the Company's activities. Research was based by using the methods of logical assessment, systematization, and comparison of information, selecting the most important information, which describes the environmental sustainability. The application of the actions in the company's activity would allow to gradually approach the sustainability of the company activities. Possibility to use the model and its suitability has been approved by Lithuanian construction companies. The application of the model will allow companies better implementation environmental actions which will improve the company's results of economic performance and will also help public institutions distributing funds for environmental purposes by projects. Construction companies were ranked in accordance with possibility to implement environmental measures by use proposed methodology. Keywords: strategic decisions, modelling, environmental protection, Corporate sustainability Classification-JEL: M19, M40, O21 Pages: 69-93 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/cebr/download.php?jnl=cebr&pdf=223.pdf File-URL: http://www.vse.cz/cebr/223 File-Format: text/html Handle: RePEc:prg:jnlcbr:v:2019:y:2019:i:5:id:223:p:69-93 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcbr/references/223 Template-Type: ReDIF-Article 1.0 Author-Name: Agnieszka Bieńkowska Author-Name: Beata Ignacek-Kuźnicka Title: Influence of Knowledge Workers Work Motivation on Their Job Performance - Results of Empirical Research Abstract: The article focuses on the analysis of the results of empirical research, which shows how motivation of knowledge workers influences their job performance. The analysis focuses on characteristics (that are differentia specifica) of a knowledge worker and their impact on the results achieved in their organization. It was assumed that the impact of motivation on job performance increases together with the intensity of these characteristics. Therefore, the main aim of this article is to verify the influence of motivation on knowledge workers’ job performance. In order to verify the formulated hypothesis, an empirical study with the use of a questionnaire was conducted among employees of 204 organizations operating in Poland. Methods of statistical description and estimation were used, including correlation analysis and regression analysis with moderator. A positive relation was established between the absorption of knowledge workers’ characteristics and work motivation, and a positive relation between absorption of knowledge workers’ characteristics and job performance. Together with the verification of the knowledge workers’ characteristics as the mediator of the relation between work motivation and job performance, the study allows for the advancement of the existing (and described) research area. The obtained results allow only to preliminarily verify the raised issue which proves that it is a field of study undoubtedly worth exploring further. Keywords: motivation, management, knowledge worker, job performance Classification-JEL: M10, M12, M50 Pages: 54-68 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/cebr/download.php?jnl=cebr&pdf=224.pdf File-URL: http://www.vse.cz/cebr/224 File-Format: text/html Handle: RePEc:prg:jnlcbr:v:2019:y:2019:i:5:id:224:p:54-68 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcbr/references/224 Template-Type: ReDIF-Article 1.0 Author-Name: Irena Stejskalová Author-Name: Petra Kozáková Author-Name: Jana Pevná Title: Tax Deductibility of Interest under the Atad in Investment Decisions Abstract: In 2019, the Czech Republic implemented some of the provisions under Council Directive (EU) 2016/1164, also called the ATAD (Anti-Tax Avoidance Directive). Since then, professionals in the field have been following the impact of this directive on tax legislation and accounting. However, this paper aims to show that in addition to the tax rates and the profit after tax, the ATAD will also impact financial management, specifically investment decision-making. The paper analyses a model situation based on the implementation of these regulatory measures and focuses on the effects of the new EU legislation on the interest tax shield and the overall borrowing costs. The methodology used in the paper is described in more detail in section 2 (“research commentary”) and is based on comparing the net present value of an investment financed with debt capital before and after the ATAD implementation. The calculations use the accounting data of an existing company including information that is not available to the public. This example is used to demonstrate the point by calculating the net present value with regard to the impact of the interest tax shield based on the method of financing. The calculations in the paper follow the applicable rules used in the Czech Republic before and after the ATAD came into force. The results confirm that the net present value (NPV) of investments have decreased. Due to the default parameters set for the calculation, the results also show a comparable decrease in the NPV when the investment is financed with debt capital. With comparable conditions and initial parameters (i.e. zero down payment and identical borrowing costs), the decrease in the NPV is higher when the investment is financed with a bank loan. The analysis shows that investment planning under the new legislation will be more complex and will have to take into account the financial results of the whole firm and whether the borrowing costs are tax deductible. All in all, this analysis suggests that economic calculations have to focus more on the details and the wider context of the tax deductibility of interest. Keywords: tax shield, investment, interest limitation, financing, borrowing costs Classification-JEL: G31, K20, M20 Pages: 36-53 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/cebr/download.php?jnl=cebr&pdf=225.pdf File-URL: http://www.vse.cz/cebr/225 File-Format: text/html Handle: RePEc:prg:jnlcbr:v:2019:y:2019:i:5:id:225:p:36-53 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcbr/references/225 Template-Type: ReDIF-Article 1.0 Author-Name: Indrė Lapinskaitė Author-Name: Algita Miečinskienė Title: Assessment of the Impact of Hard Commodity Prices Changes on Inflation in European Union Countries Abstract: This article analyses the impact of the changes in hard commodity prices in the world commodity exchanges on the variation of countries’ general price level. In other words, this article aims to determine the impact of hard commodity prices changes on inflation. In this paper, all countries of the European Union (EU) are included in the research, and case analysis is done accordingly. The methodology applied is the following: a study of the recent scientific literature, processing and systemization of statistical data, correlation analysis and Granger causality test. The results of the research show that price changes of selected commodities in world commodity exchanges have no absolute dependence on the variation of the general price level in EU countries in the long period. Natural gas should be distinguished, whose price fluctuations in the commodity exchange market show a positive correlation with 14 EU countries’ CPI changes. In addition, the research shows that Lithuania’s inflation has been affected by all five selected commodities’ prices fluctuations. UK and Romanian inflation relate to four of five selected commodities’ prices fluctuations. Keywords: inflation, general price level, European Union, commodity prices, commodity exchange market Classification-JEL: A10, E3, E31, M21, N50, N54, Q02 Pages: 18-35 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/cebr/download.php?jnl=cebr&pdf=230.pdf File-URL: http://www.vse.cz/cebr/230 File-Format: text/html Handle: RePEc:prg:jnlcbr:v:2019:y:2019:i:5:id:230:p:18-35 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcbr/references/230 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Hnilica Author-Name: Lorraine M. Uhlaner Author-Name: Ondřej Machek Author-Name: Ales Kubíček Author-Name: Martin Lukeš Author-Name: Martin Jurek Author-Name: Petra Štamfestová Title: The Role of Responsible Ownership and Family in Privately Held Firms with Multiple Owners: Preliminary Findings from the Czech Republic Abstract: In privately held firms, owners are a social group of people who are aware of, interact with, and influence each other. There are dynamic relationships between them and potential clashes between self- and collective interests. At the same time, the management literature suggests that family firms behave differently than non-family firms and follow a different set of goals. This paper introduces a research framework, sample and initial findings of the Responsible Ownership Project, which aims to contribute to our understanding of how attitudes and behaviours of owners in privately held firms may influence the economic and non-economic outcomes of their firms. The goals of the paper are to explore the role of family businesses among Czech private firms and to test whether the family plays a significant role in responsible ownership behaviours in private firms. Our descriptive statistics suggest that family businesses play a non-negligible role in the Czech economy. Using Student’s t-test for mean differences, we find a higher level of responsible ownership for family-owned vs non-family-owned firms. Finally, we present directions for future research and the expected contributions of the research project. Keywords: responsible ownership, small and medium-sized enterprise, family business Classification-JEL: L26, M14 Pages: 1-17 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/cebr/download.php?jnl=cebr&pdf=231.pdf File-URL: http://www.vse.cz/cebr/231 File-Format: text/html Handle: RePEc:prg:jnlcbr:v:2019:y:2019:i:5:id:231:p:1-17 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcbr/references/231