Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Mikušová Title: The efficiency of the tertiary education in selected European countries: Focus on Visegrad Group Abstract: The European tertiary education is mostly financed by government. The ratio of public expenditure on the total expenditure on tertiary education is 76 % in Visegrad Group. Therefore we focused on measuring the efficiency of tertiary education in selected European countries with focus on Visegrad Group. We used DEA methodology and constructed four output-oriented models. Overall rating showed Poland on 6th place, Hungary on 15th, the Czech Republic on 16th and Slovakia on 17th. Results showed important information about managing the outputs. On the other hand, it is necessary to do other deeper analysis (e.g. increasing the number of graduates and its impact on the labor market and the economy of the country). Keywords: Efficiency, Efektivnost, Tertiary Education, Terciární vzdělávání, DEA, Visegrad Group, DEA, Visegrádská skupina Classification-JEL: C14, C67, I21 Pages: 5-17 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=519.pdf File-URL: http://www.vse.cz/cfuc/519 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2018:y:2018:i:4:id:519:p:5-17 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/519 Template-Type: ReDIF-Article 1.0 Author-Name: Miloslav Janhuba Author-Name: Jaroslava Janhubová Title: Characteristics of bookkeeping systems used in Czechoslovakia in the second half of the 20th century Abstract: This paper focuses on the systems of accounts in the Czech lands roughly during the second half of the twentieth century. The period is characterized by the strong variability of the rules, which we usually refer to as national adaptation of bookkeeping. From the second half of the 1940s until the early 1990s, our country underwent a specific economic development that can be labeled as "an exit of and then return to the market economy." The legislativ of bookkeeping in force at that time led to changes - often radical - in the form of three reforms. The system of accounts was gradually "redesigned" from the market-oriented corporate accounting (1946-1952) through the accounting records (1952-1965) followed by the system of financial and intra-company accounting (1965-1974) to a more complex one-tier system (1974-1991). Keywords: Historie účetnictví, Czech bookkeeping history, Systems of accounts in Czechoslovakia, Structures of statements, Concepts of Income, Účtové systémy ČSR, Struktury výkazů, Pojetí výsledku Classification-JEL: M41 Pages: 33-50 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=520.pdf File-URL: http://www.vse.cz/cfuc/520 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2018:y:2018:i:4:id:520:p:33-50 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/520 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Maaytová Author-Name: Eva Gajdošová Author-Name: Lenka Láchová Title: Changes in the Demographic Structure and Health Expenditures in the Czech Republic Abstract: The economic situation of Health care is linked in each country to economic development. There are a lot of factors that can be classified, inter alia, according to time, i.e., whether they affect the current situation or whether it will more affect future developments. From the point of view of a longer period, the demographic structure of the population is an important factor. In the Czech Republic, as in many other countries, are two factors influencing the development of the Czech population, such as a lower birth rate (in 2017 the birth rate was 1,69) and a prolonged life expectancy. Opinions as to whether aging is an important factor affecting healthcare expenditure are not uniform. Among the factors operating in the medium and short term are, inter alia, economic developments (significant impact on the revenue side), electoral cycle, patient expectations and technology development. The aim of the paper is to forecast the development of healthcare expenditure due to changes in the age structure of the population in otherwise unchanged trends. The projection time interval corresponds to the length of the time series of average health expenditure. Demographic projection of the population of the Czech Republic until 2100 was used to find changes in the demographic structure. Keywords: Aging, Health expenditure, Stárnutí, Výdaje na zdravotnictví Classification-JEL: H51, I18 Pages: 19-31 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=521.pdf File-URL: http://www.vse.cz/cfuc/521 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2018:y:2018:i:4:id:521:p:19-31 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/521 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Rudolfová Title: The dependence of the costs of borrowed interest-bearing capital on the chosen financial variables Abstract: The article examines the dependence of the costs of borrowed capital on two financial variables (interest coverage and the total volume of interest-bearing borrowed capital). The aim is to evaluate the ability of these two variables to predict the costs of borrowed capital for the purpose of business valuation. Interest coverage as the first variable has been chosen as the main component of the interest coverage model suggested by A. Damodaran in 2006. This model is recommended in literature as one of the possible methods for the estimation of the costs of borrowed capital. This model is not based on the Czech data and that is the reason why I try to evaluate in what extent this variable is useful for the estimation of costs of borrowed capital in case of the Czech companies. The absolute value of interest bearing borrowed capital as a second variable has been chosen because it represents the approximation of the loan volume which as I expect bears lower interest rates in case of higher loan volumes. For the purpose of analysis the regression model was applied on the sample of 8 358 companies which were active in the period 2013-2016 in Czech Republic. Weak indirect dependence was detected between the two observed variables and the costs of borrowed capital. It has also been proven that using a specific combination of these two variables the costs of borrowed capital can be estimated for 65% of companies in the sample with the deviation smaller than 1.5 percentage points. Keywords: Cizí kapitál, Costs of Capital, náklady kapitálu, Borrowed capital, Interest-bearing capital, Úročený kapitál Classification-JEL: G32 Pages: 51-69 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=522.pdf File-URL: http://www.vse.cz/cfuc/522 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2018:y:2018:i:4:id:522:p:51-69 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/522 Template-Type: ReDIF-Article 1.0 Author-Name: Marcela Zárybnická Žárová Title: Do Czech small and medium-sized companies disclose non-financial information? Abstract: The aim of this paper is to identify whether small and medium-sized companies in the Czech Republic disclose non-financial information even though non-financial information disclosure is not obligatory. To answer on research question meant to determine non-financial information in the article as a first step. As a next step of research, manually collected data from annual reports and explanatory notes to financial statements for selected Czech small and medium-sized companies in Commercial Register were established as the databases for small and medium-sized companies doesn´t exist in the CR. Content analysis for 650 companies was used to select 75 small and medium-sized companies according to conditions of research. There were determined three key research questions for companies in research sample: disclosure of non-financial information in sample of medium-sized companies, in sample of small audited companies and sample of small non-audited ones. As it also seems that there is a tendency in group of small-sized companies, that small audited companies disclose non-financial information more often than small non-audited companies, as an integral part of research was to proof this tendency at least. However, the statistical significance of these results is questionable. Keywords: Malé a střední podniky, Non-financial information, Small and medium-sized companies, Disclosure of non-financial information, Nefinanční informace, Zveřejnění nefinančních informací Classification-JEL: M41, M48 Pages: 71-83 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=523.pdf File-URL: http://www.vse.cz/cfuc/523 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2018:y:2018:i:4:id:523:p:71-83 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/523