Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Evžen Kočenda Title: Dopady vlastnické struktury, firemních charakteristik a krize na efektivitu českých podniků Title: Impact of Ownership Type, Firm Characteristics and Crisis on Efficiency of the Czech Firms Abstract: We analyze how efficiency of firms in the Czech Republic is affected by their size, age, competition, capital structure, ownership types, and global financial crisis. We employ the stochastic frontier approach, use a large and detailed dataset, and cover time span 2001-2012. While effects of firm characteristics are small, the effects of ownership are economically substantial. We show that majority owners are most contributive with respect to firm’s efficiency when compared to other categories we analyze. Minority owners with legally grounded power are able to impose significant efficiency improvement. The effect of the foreign ownership is strongest when foreign owners control firms with less than majority of voting power. Minority owners sharing the control do not seem to contribute to efficiency. The impact of crisis is not balanced but can be regarded as marginally positive in general. The firms’ characteristics change only a little. In contrast, worsening impact of the crisis is evidenced for controlling ownership categories. Minority owners exhibit a limited disciplining effect to improve efficiency after the crisis, though. Keywords: efficiency, Czech Republic, firms, panel data, ownership structure, stochastic frontier, global financial crisis Classification-JEL: C33, D24, G32, L60, L80, M21 Pages: 3-25 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1124.pdf File-URL: http://www.vse.cz/polek/1124 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1124:p:3-25 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1124 Template-Type: ReDIF-Article 1.0 Author-Name: Viera Mendelová Author-Name: Tatiana Bielikova Title: Diagnostikovanie finančného zdravia podnikov pomocou metódy DEA: Aplikácia na podniky v Slovenskej republike Title: Diagnosing of the Corporate Financial Health Using DEA: an Application to Companies in the Slovak Republic Abstract: The paper deals with the examining the possibilities for diagnosing the corporate financial health using Data Envelopment Analysis (DEA) technique. The main aim of the paper is to present a new proposal for diagnosing the corporate financial health by DEA, to predict financial distress of Slovak manufacturing companies using the proposed procedure, and to assess the potential of DEA as a tool for predicting financial distress of the company. Due to the special input and output variables selection and the construction of the Corporate Distress Frontier, the proposed procedure is very different from the conventional use of DEA. The proposed two-step procedure results into the identification of three zones of corporate financial health with different stage of corporate distress risk. The application of the proposed procedure to Slovak manufacturing companies and its comparison with the logistic regression model and decision tree show relatively satisfactory results of the proposed methodology in terms of correct classification of non-bankrupt firms. Keywords: data envelopment analysis, company, corporate distress, diagnosing, financial health Classification-JEL: C14, G30 Pages: 26-44 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1125.pdf File-URL: http://www.vse.cz/polek/1125 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1125:p:26-44 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1125 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Potužák Title: Jaká je optimální míra úspor z pohledu příjemců úroků? Title: What is the Optimum Saving Rate from the Perspective of the Receivers of Interest? Abstract: This paper investigates the optimum saving rate from the perspective of the receivers of interest. The first part lists major contributions detected in the literature on the optimum saving rate and differential games of capitalism. The second part explores the socially optimal saving rate connected to the maximum sustainable consumption per person. A new graphical method is used to show the distribution of consumption goods between wage earners and receivers of interest. The optimum saving rate of the receivers of interest is derived in the third section. The mathematical formula indicates that this rate is lower than the golden rule, and it coincides with the optimum of the Ramsey-Cass-Koopmans model only under specific circumstances. Keywords: interest rate, time preference, optimum saving rate, golden rule of capital accumulation Classification-JEL: E13, E21, E25 Pages: 45-61 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1126.pdf File-URL: http://www.vse.cz/polek/1126 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1126:p:45-61 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1126 Template-Type: ReDIF-Article 1.0 Author-Name: Patrik Kupkovič Title: Dynamika inflácie v krajinách monetárnej únie: jej vplyv na spoločnú hospodársku politiku Title: Inflation Dynamics in Countries of the Monetary Union: What is its Impact on the Common Economic Policy? Abstract: This paper studies the impact of inflation dynamics on a common economic policy in the monetary union using a small New Keynesian model of the monetary union. We are considering two open economy versions of the Phillips curve: a typical New Keynesian Phillips curve with only forward looking dynamics and a hybrid New Keynesian Phillips curve with forward and backward looking dynamics. The main findings are as follows: (i) the backward looking dynamics (persistence) of inflation in the Phillips curve is an important determinant of the common economic policy in the monetary union; (ii) in the case of asymmetric dynamics of inflation in the monetary union countries, the country with more persistent inflation dynamics has a significant impact on the common economic policy. Keywords: economic policy, monetary union, typical New Keynessian Phillips curve, hybrid New Keynesian Phillips curve Classification-JEL: E52, E61, E62, E63, F41 Pages: 62-81 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1127.pdf File-URL: http://www.vse.cz/polek/1127 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1127:p:62-81 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1127 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Miskolczi Author-Name: Jitka Langhamrová Title: Využití metody vícestavové demografie při analýze trhu práce Title: Utilization of Multistate Demography Method at the Labour Market Analysis Abstract: This article deals with multistate demography approach applied on the labour market. The multistate demography - methodology and history - are briefly described. The application of this method is presented using transitions between economically active and inactive states on the labour market and among economically inactive, employed and unemployed states. Estimation based on the Labour Force Sample Survey (LFSS) for the Czech Republic shows that during the life course (15-64 years of age) the expected length of stay for each state changes depending on the original state and age. Main differences were found for younger (25-40 years) and older (55+ years) persons. Keywords: unemployment, employment, economic activity, economic inactivity, multistate demography, multistate model Classification-JEL: C51, C52, C53, E24, E27, J11, J21, J31, J64 Pages: 82-95 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1128.pdf File-URL: http://www.vse.cz/polek/1128 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1128:p:82-95 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1128 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Vopátek Title: Mikroekonomická analýza malé důchodové reformy v České republice (tzv. I. pilíř) Title: A Microeconomic Analysis of Small Pension Reform in the Czech Republic (the So-Called First Pillar) Abstract: The paper deals with the so-called small pension reform in the Czech Republic in response to the findings of the Constitutional Court Pl. US 8/07. Through microeconomic modelling of the situation with the help of valid retro data, the development of solidarity and equivalence in the ongoing pension system is analysed in detail, both before and after the so-called small pension reform of basic pension benefits carried out from 2005-2016 in the Czech Republic. The analytical calculations are focused on properly calculating retirement in accordance with Act No. 155/1995 Coll. on pension insurance, as amended, from the perspective of different situations of typified individuals with different incomes (five) and their individual replacement ratio from the perspective of the Czech pension system, which is funded on an ongoing basis. The results quantify the individual replacement rates and are analysed from the perspective of model situations where, despite the enactment of these small pension reform, a high individual replacement ratio still remains for lowincome individuals compared with high-income individuals. The analysis shows that the lower the pre-retirement income is, the higher the individual pension benefit itself is in comparison with preretirement higher income, and the more it manifests itself in a higher rate of solidarity with the higher individual replacement ratio. Conversely, with an increase in the pre-retirement pension, the benefit income rises, but increases more slowly in relation to the pre-retirement income and the individual replacement ratio decreases significantly. Low-income individuals have a tendency to increase the nationwide replacement rate, while high-income individuals tend to reduce it. In conclusion, the paper also points out the difficulty of achieving ongoing financial sustainability of the pension system in the Czech Republic, where a considerable increase in the so-called awaited dependency ratio (per 100 people) is expected from the 2015 value of 26.6 to 47.8 in 2080 (ceteris paribus). Keywords: solidarity, continuous pension system, equivalence, small pension reform, reduction limit, replacement ratio, minimum salary, average salary Classification-JEL: D690, G230, J310 Pages: 96-118 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1129.pdf File-URL: http://www.vse.cz/polek/1129 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1129:p:96-118 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1129 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Kreuz Author-Name: Aleš Lisa Author-Name: Petr Šauer Title: Environmentální Kuznetsova křivka v podmínkách České republiky v období 1975-2012 Title: Environmental Kuznets Curve: Application for the Czech Republic for the Time Period 1975-2012 Abstract: Environmental Kuznets Curve (EKC) has been widely recognized as a standard model of hypothetical relationship between economic development and environment quality. The article presents results of an empirical research on EKC for the air pollution selected indicators in the Czech Republic in 1975-2012.To deal with the issue of different macroeconomic indicators calculated in socialist economy and after its transition to a market economy, EKC modeling was done with consolidated data on national economic performance. The results suggest, contrary to a widespread opinion, that changes in trends (turning points) for some pollutants on EKC can be found already in the 1980s. It also can be concluded, based on results received for the period after the year 2000 that validity of EKC might be in question for some pollutants. Following research on EKC for other pollutants and countries, as well as an application of other methodological approaches, could contribute both to better understanding of EKC model, including economic and social (pre)conditions of its validity, and its theoretical context. Keywords: economic development, environmental policy, the Czech Republic, Environmental Kuznets Curve, economies in transition, air pollution Classification-JEL: E01 Pages: 119-130 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1130.pdf File-URL: http://www.vse.cz/polek/1130 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1130:p:119-130 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1130 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Chmelová Title: První komplexní národohospodářské hodnocení procesu privatizace v České republice Pages: 134-137 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1111.pdf File-URL: http://www.vse.cz/polek/1111 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1111:p:134-137 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1111 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Fischer Title: Kvalitní příspěvek k současné diskusi o systému financování vysokého školství Pages: 131-133 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1131.pdf File-URL: http://www.vse.cz/polek/1131 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1131:p:131-133 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1131