Template-Type: ReDIF-Article 1.0 Author-Name: Peter Kažimír Title: Za profesorom Petrom Balážom Abstract: Peter Baláž sa narodil v Skalici 23. septembra 1954. Inžiniersky diplom získal v roku 1978 na Obchodnej fakulte vtedajšej Vysokej školy ekonomickej v Bratislave. Jeho akademický kariérny rast pokračoval získaním titulu CSc. (dnes PhD.) v roku 1983. Vedecko-pedagogický titul docent mu bol udelený v roku 1990 a neskôr, v roku 1997, ho vtedajší prezident Slovenskej republiky Michal Kováč vymenoval za profesora. Vo svojej inauguračnej prednáške sa venoval téme: „Zvyšovanie konkurenčnej výkonnosti - pred- poklad úspešnosti zahraničnoobchodnej stratégie Slovenskej republiky“. Od roku 2001 až do svojho posledného dňa života viedol Katedru medzinárodného obchodu na Obchodnej fakulte EU v Bratislave. Pages: 455-457 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1270.pdf File-URL: http://www.vse.cz/polek/1270 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1270:p:455-457 Template-Type: ReDIF-Article 1.0 Author-Name: Viera Labudová Author-Name: Mária Antalová Author-Name: Milena Bugárová Title: Chudoba pracujúcich a jej dimenzie Title: Working Poverty and Its Dimensions Abstract: The importance of working poverty increased in 2003, owing to the European strategy in which one of the goals was to reduce the number of working people in poverty in the EU. Despite its seriousness, experts have not achieved a uniform theoretical model or definition. The situation is the same for methodology and empirics, which are determined by availability of statistical data. For these reasons, knowledge of working poverty is in its infancy. Therefore, we set a goal to také into account findings from past research into working poverty in the world, focusing primarily on the situation in Slovakia. Based on EU SILC 2016 data, we created our own model of variables in which we assumed that they determine the genesis and manifestations of working poverty in its particular structural components and we measured their intensity using the logistic regression and the decision tree model. Keywords: working poverty, logistic regression, factors of working poverty Classification-JEL: C35, I32, J31, P36 Pages: 530-551 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1245.pdf File-URL: http://www.vse.cz/polek/1245 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1245:p:530-551 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1245 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Schönfeld Author-Name: Michal Kuděj Author-Name: Luboš Smrčka Title: Finanční charakteristiky podniků před vyhlášením moratoria Title: Financial Characteristics of Pre-Moratorium Companies Abstract: This article presents the outcome of research focused on financial characteristics of companies declaring a moratorium. The key purpose of the moratorium is to avoid threatening bankruptcy. The aim of the research is to identify the financial situation of the companies entering the moratorium process. The main objective was to find the answer to the core question whether there is any chance of avoiding bankruptcy using the moratorium, that is, whether the moratorium fulfils its basic function. The research is based on a quantitative analysis of selected financial ratios and synthetic indicators and their mutual relations. The analysis looks for an answer to what financial indicator levels were characteristic for the companies launching the moratorium mode of operation and what these levels indicated. The research results prove that the financial situation of the companies entering the moratorium process was unsatisfactory. It is even possible to conclude that the companies were in the last stage of their corporate crisis. This situation shows that the probability of avoiding bankruptcy was extremely low. Keywords: moratorium, financial indicators, bankruptcy models, bankruptcy Classification-JEL: G32, G33, K22, M21 Pages: 490-510 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1247.pdf File-URL: http://www.vse.cz/polek/1247 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1247:p:490-510 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1247 Template-Type: ReDIF-Article 1.0 Author-Name: Lucia Švábová Author-Name: Marek Ďurica Author-Name: Tomáš Klieštik Title: Modelovanie nákladov nezamestnanosti mladých absolventov na Slovensku: kontrafaktuálny prístup Title: Modelling the Costs of Unemployment for Young Graduates in Slovakia: A Counterfactual Approach Abstract: The article deals with the modelling of the costs of unemployment of young jobseekers in Slovakia. This modelling used real data on young unemployed who participated in the intervention Contribution to the Graduate Practice, which is one of the measures of active labour market policy in Slovakia. The main objective of this study is to quantify the costs that have to be paid from the state budget of Slovakia for the unemployment of these young graduates. The analysis was performed using the counterfactual method of Propensity Score Matching, which was followed by a measurement of employability and sustainability of jobs after completing the intervention and the associated costs of the unemployment of the scheme participants and individuals in the control group during the intervention impact period. The results of this modelling indicate that although young graduates in the intervention are not able to repay the aid to the state budget on average, their participation in the intervention spared the state budget on average from almost 20% to 70% of the money spent on each unemployed individual. These results are important for policy-makers to set optimal terms of the intervention and the amount of grants provided so as to have the greatest impact on lowering the costs of unemployment of young graduates. Keywords: young jobseekers, unemployment, propensity score matching, graduate practice, active labour market policy Classification-JEL: C21, J08, J68 Pages: 552-566 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1248.pdf File-URL: http://www.vse.cz/polek/1248 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1248:p:552-566 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Jiří Trešl Title: Charakteristiky celkových výplat akcionářům soukromých firem v zemích Visegradské skupiny Title: Firms’ Total Payout Characteristics in Visegrad Countries Abstract: This paper examines payout characteristics of firms in a cultural and political alliance of four Central European nations, the Visegrad Group. The sample consists of more than 100,000 firmyear observations from 2001 to 2015. Our results indicate that smoothing behaviour diminishes among firms with majority ownership and that the total payout characteristics behave according to existing theories on passive ownership behaviour and agency costs. Keywords: Visegrad countries, smoothing, private firms, payout, ownership, Lintner’s model, agency costs Classification-JEL: F23, G32, G35 Pages: 458-475 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1252.pdf File-URL: http://www.vse.cz/polek/1252 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1252:p:458-475 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1252 Template-Type: ReDIF-Article 1.0 Author-Name: Kateřina Duspivová Title: Produktivita práce a odměňování v duální ekonomice: role zahraničních investic v České republice Title: Labour Productivity and Remuneration in a Dual Economy: The Role of Foreign Investment in the Czech Republic Abstract: Foreign investment has been an important source of capital formation in transition countries but has caused the division of economies into foreign- and domestic-owned sectors. This paper explores the persistence of dual economy in the Czech Republic as well as the relationship between labour productivity and components used in the income approach to GDP calculation. Analysing the dataset of 20,900 firms operating in the Czech Republic in 2015, the paper presents evidence that higher levels of foreign investment are associated with significant labour productivity and wage differentials. Lower unit labour costs in foreign enterprises are consistent with higher level of investment of foreign-owned firms. Our model shows that differences in the degree of capital intensity are the driving force for the level of unit labour costs (i.e. factors are substitutes concerning the factor payments). Keywords: wages and salaries, unit labour costs, labour productivity, foreign investment, dual economy Classification-JEL: D24, E24, F21, G32, J24 Pages: 511-529 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1254.pdf File-URL: http://www.vse.cz/polek/1254 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1254:p:511-529 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1254 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Arlt Author-Name: Martin Mandel Title: Determinanty forwardového kurzu a role rizikových prémií (příklad měnových párů CZK/EUR a CZK/USD) Title: Determinants of Forward Exchange Rate and the Role of Risk Premiums (Case of CZK/EUR and CZK/USD Parities) Abstract: The aim of the article is to examine the relations between forward exchange rates (maturities of 3 and 6 months), spot exchange rates, interest rate differentials, expected spot exchange rates and risk premiums on the CZK/EUR and CZK/USD parities. A model of FX speculators and arbitrageurs is devised and subsequently empirically verified in order to provide an explanation for the dynamics of forward exchange rates. The estimations of parameters of explanatory variables, which enter the covered interest rate parity, are confirmed to be statistically significant for the time period preceding the application of the exchange rate commitment by the Czech National Bank. Though the estimated parameters of future spot rates are statistically significant, their low values suggest that their impact on the quotation of forward exchange rates is rather marginal. The statistically significant estimations of constants with negative signs are interpreted as risk premiums reflecting the higher credit risk for financial investments denominated in CZK. The relations within the time series of the CZK/EUR parity were found to be distorted during the period of exchange rate commitment on the parity level of 27 CZK/EUR and during foreign exchange interventions (i.e., the estimated parameters of interest rate differentials were not statistically significant). Keywords: unbiasedness hypothesis, risk premium, interest rate differentials, forward and spot exchange rates, econometric model Classification-JEL: C12, C22, F31 Pages: 476-489 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1263.pdf File-URL: http://www.vse.cz/polek/1263 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1263:p:476-489 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1263 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Marková Title: Nová kniha o současných problémech mezinárodního měnového a finančního systému Pages: 567-573 Volume: 2019 Issue: 5 Year: 2019 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1250.pdf File-URL: http://www.vse.cz/polek/1250 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1250:p:567-573