Template-Type: ReDIF-Article 1.0 Author-Name: Irina Raluca Busuioc Witowschi Author-Name: Florin Alexandru Luca Title: Bank Capital, Risk and Performance in European Banking. A Case Study on Seven Banking Sectors Abstract: The aim of this paper is to evaluate the way in which capital influences profitability of banks and exposure to risk in seven European countries: Austria, Bulgaria, Greece, Italy, Romania, the Netherlands and Hungary. Based on previous studies, we developed a model of simultaneous equations to analyse the relation between capital, risk and performance. The model includes 68 banks and covers the period between 2006 and 2011. In addition, estimations have been made for the three capital ratios (own capital ratio, tier 1 ratio and capital adequacy ratio) for each country included in this study. The obtained results have revealed the existence of a negative relationship between capital and taken risks and a positive relationship between capital and profitability, as well as between risk and profitability. Keywords: risk, capital ratios, profitability, European banks Classification-JEL: C33, G21, G28 Pages: 127-142 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=541.pdf File-URL: http://www.vse.cz/pep/541 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:541:p:127-142 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/541 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Lefley Author-Name: Josef Hynek Author-Name: Václav Janeček Title: Formal Assessments, Teams and Influence of a Project Champion in the Selection of ICT Projects: A Czech Republic and UK Study Abstract: We present and critically examine the links between the role of formal appraisal procedures, appraisal teams, and project champions and their influence in the selection of information communication technology projects in the Czech Republic and the UK. Our research is empirical and uses comparative analysis and exploratory descriptive analysis to interpret the findings. We draw on the economic, management and consensus-performance literature, and optimism bias theory to support our research. Our findings show significant differences in the practices between the Czech Republic and the UK, which we believe are the result of cultural and economic diversities. There is a high level of involvement of a project champion in the selection of projects with concern being expressed over their excessive/biased influence in the decision-making process. An important fi nding from our research reveals that adopting clearly defined appraisal/selection procedures may reduce this biased influence. As project failure can result from the influence of a project champion at the project selection stage, it is important to fill this perceived gap in the literature. The research is the only empirical study of its kind conducted simultaneously in the Czech Republic and the UK. Keywords: investment appraisal, communication, decision-making, information communication technology, project champion, teams, project evaluation Classification-JEL: M15 Pages: 143-159 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=551.pdf File-URL: http://www.vse.cz/pep/551 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:551:p:143-159 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/551 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Borodako Author-Name: Ivan Kozic Title: Cooperation Patterns in the Tourism Business: The Case of Poland Abstract: The aim of this paper is to foster discussion on the issue of cooperation patterns typical for the supply side of the tourism market. Poland is used as a case study and an email survey was conducted in order to gather the relevant information from Polish tourist companies, mostly SMEs. The data obtained are analyzed using multivariate statistical techniques: factor analysis and logistic regression. Aside from cooperation between tourism firms, attention is also paid to relations between tourism firms and their partners in other sectors of the economy. The authors argue that there are certain characteristic groups of partners with which companies operating on the tourism market usually cooperate. The study also found that the size of a company affects its ability to cooperate with particular groups of partners. Keywords: logistic regression, factor analysis, cooperation patterns, business, tourism Classification-JEL: L14, L83 Pages: 160-174 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=552.pdf File-URL: http://www.vse.cz/pep/552 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:552:p:160-174 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/552 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Krajewski Author-Name: Michal Mackiewicz Author-Name: Agata Szymańska Title: Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment Abstract: The aim of this paper is to investigate public finance sustainability for a selected group of ten Central and Eastern European countries. In order to assess the fiscal sustainability of these countries we extend standard analyses typically used for developed countries to our group of ten CEE countries. To assess fiscal sustainability we use panel stationarity and cointegration tests, as well as estimates of certain parameters of fiscal reaction functions. Our research shows that despite the financial turmoil, CEE countries demonstrate the existence of a long-term relationship between revenues and expenditures and they have statistically relevant parameters of the fiscal reaction function. This indicates that the public finances in CEE countries are sustainable despite the crisis. However, the analysed group of countries shows sustainability only in a weak sense, which may pose a threat to public finances in the future. Keywords: fiscal policy, public debt, fiscal sustainability, public finances, CEE countries Classification-JEL: E62 Pages: 175-188 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=553.pdf File-URL: http://www.vse.cz/pep/553 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:553:p:175-188 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/553 Template-Type: ReDIF-Article 1.0 Author-Name: Marta Grossmanová Author-Name: Pavol Kita Author-Name: Marta Žambochová Title: Segmentation of Consumers in the Context of their Space Behaviour: Case Study of Bratislava Abstract: The paper analyses the evolution of the retail network of the capital city of Slovakia Bratislava affecting buying behaviour and lifestyle of its consumers. From the marketing point of view, it characterizes the space behaviour of the consumers and presents the behaviour of consumers living in single districts of Bratislava. It shows, on the one hand, how the importance of consumer behaviour rises in the declining economic prosperity during last years, while on the other hand, the concentration in retail declines the chances for success of small independent food retail stores during last recent years. The authors used different methods, e.g. GIS, cluster analysis, for testing they asses the significance of market segments on the sample involving 11,389 respondents interviewed. Keywords: consumer behaviour, space, retail network, segmentation of market Classification-JEL: C38, M31 Pages: 189-202 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=554.pdf File-URL: http://www.vse.cz/pep/554 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:554:p:189-202 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/554 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Potužák Title: Fisher and Mises on Zero Interest: A Reconsideration Abstract: This article demonstrates that the pure time-preference theory of Ludwig von Mises is inconsistent. A productivity element is studied in the Fisher model, and it is shown that time preference is neither a necessary nor a sufficient condition for the existence of interest. An attempt is also made to reconcile the Austrian theory with the neoclassical theory of interest. It is suggested that the key difference lies in the definition of interest as such, and it is concluded that the Austrian theory is only a special case of a more general neoclassical framework. Keywords: time-preference theory, productivity of capital, theory of interest, zero lower bound, Fisher, Mises Classification-JEL: B25, B53, E43 Pages: 202-220 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=555.pdf File-URL: http://www.vse.cz/pep/555 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:555:p:202-220 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/555 Template-Type: ReDIF-Article 1.0 Author-Name: Alexandar Grubor Author-Name: Nikola Milićević Author-Name: Nenad Djokic Title: The Effect of Inventory Level on Product Availability and Sale Abstract: By increasing inventories, retailers attempt to raise service levels, and thus increase sale. However, in addition to a positive impact on product availability and sale, higher inventory levels may cause problems in performing in-store activities. As poor backroom-to-shelf replenishment process emerges as one of the most common causes of stock-out situations, this article compares store and on-shelf FMCG product availability at SKU level in different stores of a single retailer. In relation to this, besides direct, we have also investigated the indirect effect of inventory level on sale, by using store and shelf out-of-stocks as mediators. The results of the research showing much higher level of shelf- compared to store stock-out rate confirmed the existence of the problem in the realization of internal product flows within retail stores. However, despite the occurrence of this problem, besides direct positive effect of inventory level on sale, its indirect effect was positive as well. Therefore, these results were analysed in the context of other similar studies. In addition to empirical research, the article also discusses certain implications of more efficient organisation of in-store activities. Keywords: customer service, product availability, inventory level, sales Classification-JEL: M21, M31 Pages: 221-233 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=556.pdf File-URL: http://www.vse.cz/pep/556 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:556:p:221-233 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/556 Template-Type: ReDIF-Article 1.0 Author-Name: Ilona Bažantová Title: Czech Economist Karel Engliš and his Relation to The Austrian School in the First Half of the 20th Century Abstract: This article analyses opinions and teleological approach of Czech economist Karel Engliš (1880-1961) and his relation to the Austrian Economics during the first three decades of the 20th century. He grew out from the Austrian subjective psychological school although he later refused its methodological psychological subjectivism and value theory. Engliš formed an original teleological economic school upon Kant´s noetics. This paper describes Engliš´s relation to the Austrian school: the polemic approach of Karel Engliš to Austrian Economics, followed by Engliš´s agreement with certain postulates of the Austrian School. Engliš supported the conclusions of the Austrian School regarding irreplaceability of economic individualism as the basis for a modern economic market system. Keywords: Karel Engliš, Czech economic thought, the Austrian School, methodology, teleological approach, history of the Austrian School Classification-JEL: B19, B25, B31, B41 Pages: 234-246 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=557.pdf File-URL: http://www.vse.cz/pep/557 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:557:p:234-246 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/557 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Klepková Vodová Title: Original Bilingual Publication on Banking Pages: 247-249 Volume: 2016 Issue: 2 Year: 2016 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=580.pdf File-URL: http://www.vse.cz/pep/580 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:2:id:580:p:247-249 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/580