Template-Type: ReDIF-Article 1.0
Author-Name: Renata Skýpalová
Author-Name: Renata Kučerová
Author-Name: Veronika Blašková
Title: Development of the Corporate Social Responsibility Concept in Small and Medium-Sized Enterprises
Abstract: The paper presents results of the research conducted in the area of CSR in the Czech Republic in 2013/2014. We focussed on small and medium-sized enterprises (SMEs). Correlation between the size of the enterprise, awareness, commitment and the number of used CSR activities is evaluated. The paper follows the involvement of SMEs in specific activities within the social, economic and environmental pillars and suggests possibilities for further development of the National Action Plan (NAP) for SMEs. The results of the statistical analysis show that engagement of organizations in the CSR activities growths with the size of the organization. Only 30% of micro and small enterprises in the Czech Republic know and make use of the CSR concept comprehensively and are active in all three pillars of CSR. Approximately 30% are involved in only one pillar - mostly in the economic one. 30% do not apply the CSR concept within their business at all. SMEs are not sufficiently engaged in activities primarily in the environmental pillar and activities aiming towards outside the organization.
Keywords: small and medium-sized enterprises, research, pillars of corporate responsibility, activity, government policy, national CSR strategy
Classification-JEL: A13, H59, M14
Pages: 287-303
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=558.pdf
File-URL: http://www.vse.cz/pep/558
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Template-Type: ReDIF-Article 1.0
Author-Name: Dejan Živkov
Author-Name: Jovan Njegić
Author-Name: Mirela Momčilović
Author-Name: Ivan Milenković
Title: Exchange Rate Volatility and Uncovered Interest Rate Parity in the European Emerging Economies
Abstract: This paper investigates whether UIRP principle holds and what is predominant driving force, which influences exchange rate movement - economic fundamentals or short-term speculative behaviour. Analysis covers seven East European transition countries and empirical data comprise weekly time series ranging from first week in January 2003 to last week in December 2013. The research method is Component-GARCH in Mean Model, which decomposes temporary and permanent element of volatility. The mean and variance equations have been adjusted for the structural breaks´ presence in order to improve estimated parameters. The results suggested that UIRP principle does not hold in any country. After structural breaks inclusion, we have found that the permanent effect is significant in determination of exchange rate dynamics in five countries, but it does not apply for the transition effect. However, further outliers´ purification revealed that only in Serbia short-term transition component plays an important role.
Keywords: East European countries, CGARCH-M, uncovered interest rate parity, structural breaks, carry-trade strategy
Classification-JEL: C13, C58, F31, F32
Pages: 253-270
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=562.pdf
File-URL: http://www.vse.cz/pep/562
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Dvořák
Title: Measuring Yields: Arithmetic, Geometric and Horizon-Consistent Average
Abstract: The choice of averaging method has considerable impact on the average yield of a financial variable. Usually, geometric average is preferred, though dissenting opinions exist. Here it is shown that the problem has a consistent solution, which is called the horizon-consistent average. It is shown why geometric and arithmetic average calculations are almost always biased. When using company valuation´s most common SP500 dataset by Ibbotson Associates for 1928-2012 and the recommended 10-year forecasting horizon, consistent with the 10-year government securities in a CAPM model, the arithmetic average is severely flawed. On the other hand, the geometric average for similar horizons does not deviate much from the horizon-consistent average.
Keywords: yield, historical yield, arithmetic average, geometric average, risk premium
Classification-JEL: G1, G32
Pages: 335-353
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=563.pdf
File-URL: http://www.vse.cz/pep/563
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Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:3:id:563:p:335-353
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Template-Type: ReDIF-Article 1.0
Author-Name: Jana Juriová
Title: Money Market Equilibrium in the Czech Republic
Abstract: This paper examines the theoretical concept of equilibrium in the money market that is empirically verified for the economy of the Czech Republic. The subject of the analysis is the relationship defining equilibrium in the domestic money market, i.e. when money demand corresponds to the money supply in the economy. The main objective is to determine whether such a long-term equilibrium relationship exists by verifying this assumption on real data for the Czech economy. The Johansen cointegration approach is applied for modelling the money demand function including four domestic macroeconomic indicators: money supply, price level, gross domestic product, and interest rate. The results suggest that the level of real money supply fluctuated around the estimated long-run equilibrium value in the analysed period 2000-2013.
Keywords: cointegration, money demand, money market, money supply, OLS, long-run equilibrium, error-correction model
Classification-JEL: E41, E47
Pages: 321-334
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=564.pdf
File-URL: http://www.vse.cz/pep/564
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Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:3:id:564:p:321-334
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Template-Type: ReDIF-Article 1.0
Author-Name: Yusuf Ekrem Akbas
Author-Name: Fuat Lebe
Title: Current Account Deficit, Budget Deficit and Saving Gap: Is the Twin or Triplet Deficit Hypothesis Valid in G7 Countries?
Abstract: The purpose of this study is to determine the validity of the triplet deficit hypothesis, which means the savings gap and budget deficit effect on the current account deficit. The empirical model is estimated for the G7 countries during the period between 1994 and 2011. The findings show that budget deficit and savings gap have important role in current account deficit in terms of estimator results. Moreover, bi-directional causality between the current account deficit and the savings gap and between the budget deficit and the savings gap are determined. So, especially the savings gap has an important effect on the current account deficit and the budget deficit. That is, triplet deficit hypothesis is valid in G7. Moreover, traditional approach is also valid since the causality is found between the current account deficit and budget deficit. Thereby, the authors conclude that the choice of statistical tools in analysing the nature of relationship among the current account deficit, the budget deficit, and the savings gap may play a key role for policy makers.
Keywords: budget deficit, current account deficit, savings gap, triplet deficit hypothesis, panel dynamic SUR
Classification-JEL: C33, F32, F41, H62, O16
Pages: 271-286
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=565.pdf
File-URL: http://www.vse.cz/pep/565
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Plaček
Author-Name: Milan Půček
Author-Name: František Ochrana
Author-Name: Milan Křápek
Author-Name: Lenka Matějová
Title: Political Business Cycle in the Czech Republic: Case of Municipalities
Abstract: The study analyses expenditures of all municipalities of the Czech Republic over the period 2003-2013. It aims to examine whether changes in municipal spending get affected by the electoral cycle. The analysis has proven that expenditures of municipalities of the Czech Republic are influenced by the political cycle. However, the political business cycle has at the level of municipalities (compared to the macroeconomic level) its peculiarities. These arise mainly from limited options of municipal politicians to use economic instruments to win electoral votes in elections. To receive electoral votes, municipal politicians use mainly public investments and projects that are at the level of municipalities so apparent that they may influence voters in their electoral decision-making. Prior to elections, expenditures on investments significantly increase for all municipal size groups. For municipal size groups of over 50,000 residents, however, they are (per capita) higher compared to smaller municipal size groups. This may be explained by the fact that these municipalities have higher disposable resources (higher per capita own budgetary revenues, higher potential to acquire resources to co-finance municipal projects and broader portfolio of debt financing). Expenditures on transfers do not significantly change prior to municipal elections. We interpret this finding in a way that politicians prefer such investment projects that are "visible". Transfers are used to pay for certain current expenses for which municipalities may (in accordance with the established rules) apply through grants.
Keywords: political business cycle, political business cycle at the level of municipalities in the Czech Republic, investment expenditures, transfers
Classification-JEL: G14, H57
Pages: 304-320
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=566.pdf
File-URL: http://www.vse.cz/pep/566
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Křečková
Author-Name: Dana Zadražilová
Author-Name: Hana Řezanková
Title: The Added Value of Women in Management: The Czech Case
Abstract: The paper attempts to assess the added value of women in management in the context of the Czech Republic. The wider purpose is to contribute to the debate for the need of gender-balanced top managerial teams. It additionally contributes new inputs to the discussion as to whether quotas or other special measures are relevant to promote or engage more women in higher management positions within both the Czech public and private sectors. According to the results, Czech respondents view women as added value to management given the different characteristics of their approach over that of their male counterparts. However, the research reveals that women who obtain higher managerial positions demonstrate the same set of characteristics as men.  In conclusion, the promotion system is designed for candidates that demonstrate typically male characteristics.
Keywords: Czech Republic, sustainability, women in management, quotas, management, feminine values
Classification-JEL: M10, M51
Pages: 354-373
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=588.pdf
File-URL: http://www.vse.cz/pep/588
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2016:y:2016:i:3:id:588:p:354-373
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Template-Type: ReDIF-Article 1.0
Author-Name: Dagmar Brožová
Title: A Modern Labour Economics Textbook
Keywords: -, -
Pages: 374-377
Volume: 2016
Issue: 3
Year: 2016
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=589.pdf
File-URL: http://www.vse.cz/pep/589
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