Číslo 16, ročník VII

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Jednorázové a pravidelné investice na světových akciových trzích
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Šoba, Oldřich; Škatulárová, Ivana
Purpose of the article: The focus of this article are lump sum and regular investments (dollar cost averaging method) on selected world stock markets in the period from 1990 to 2010 for different investment horizons. Scientific aim: The aim of this Paper is to compare and evaluate lump sum and regular investments (dollar cost averaging method) on important world stock markets according to the return-risk profile in the period from 1990 to 2010 for different investment horizons. The following world stock markets were chosen: US stock market (S&P 500 Total Return index), European stock market (S&P Europe 350 Total Return index) and Japan stock market (S&P TOPIX 150 Total Return index). Methodology: The Methodology used in this Paper is based on the quantification of return and risk indicators for different investment horizons. The following investment horizons were chosen: 1 year, 3 years, 5 years and 10 years. The Paper works with quarterly data of selected indices in the period from 1990 to 2010. Indices are used in total return form, i.e. dividends and their reinvesting on the same market are included. Standard deviation is used as the risk indicator and internal rate of return is used as the return indicator. The return-risk profile is quantified as the share of the return indicator and the risk indicator. Findings: Regular investment through the dollar cost averaging method brought substantially better (higher) values of the return-risk profile than lump sum investments made during the same period on the same market, mostly over short-term investment horizons (one-year and three-year horizons). Over longer investment horizons, regular investment with the dollar cost averaging method was still bringing better results than the return-risk profile, but given the trend of a growing US and European market, more return could be achieved with lump sum investments than regular investments made over the same period. As the Japanese stock market was stagnating, the gap between the results of the return-risk profile for regular and lump sum investments was closing with growing length of the investment horizon. Conclusions: Regular investments with the dollar cost averaging method are desirable particularly for short-term investment horizons (1-year and 3-year horizons) where volatility can be reduced thanks to the right investment timing, but the losses following a slump on the stock market are not so vast as in one-time investments (thanks to cost averaging). On the other hand, the recommendation to invest over the one- or threeyear investment horizon can partially contradict the recommendations for stock markets. Here, the shortest recommended investment horizon is five years. Regular investment with the dollar cost averaging method however significantly reduces the stock market risk also over these investment horizons when compared with one-time investments. As this Paper has however shown, even when the results of the return-risk profile were not so much better for longer investment horizons in regular investments with the dollar cost averaging method than for short-term investment horizons, investments with this method can be still clearly recommended also for these investment horizons – both for growing stock markets, and for long-term stagnating markets.
Strategická volba v České republice: Jsou manažeři poboček chytřejší?
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Žáková Talpová, Sylva
Purpose of the article: This contribution focuses on the parent-subsidiary relationship from the perspective of centralisation in the strategy-making process. Methodology/methods: First, the development and contemporary state of theory relating to parent-subsidiary relationship are analyzed and research questions are formulated. Second, the empirical data from 155 MNE subsidiaries are used to reveal which strategies are pursued by these subsidiaries, taking into consideration the level of centralisation of the strategy-making process. Finally, the performance implications of strategies deployed by the companies are examined. Scientific aim: The role of the MNE subsidiary may vary between creation of the strategy and adoption of a strategy created by the parent company. The main objective of this study is to reveal differences among strategies chosen by subsidiaries with different levels of centralisation of the strategy-making process, and to evaluate performance implications. Findings: Findings show that subsidiaries that are allowed to determine their strategy choose innovative and prospective strategies. Such strategies proved to be related to higher subsidiary performance, followed by the defender strategy. Conclusions: The results imply that the MNE subsidiary could be more efficient than headquarters in adjusting to the local environment and might benefit from familiarity with the local environment. Therefore, this study confirms that a subsidiary can be a powerful determinant in the strategy-making process. This study has important implications for managers at MNC headquarters and at their subsidiaries. Since the emerging market of the Czech Republic is considered attractive for foreign direct investment, the findings of this study may have implications for executives already active in this market, but they are primarily for those intending to enter this market.
Posouzení efektivnosti informačního systému metodou HOS
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Koch, Miloš
Purpose of the article: The article deals with the HOS method, which is used to assess the effectiveness of information systems and it is developed at the Faculty of Business and Management of Brno University of Technology. The HOS method assesses eight areas of the information system, sets the overall level of the system as a minimum of value on the axis and recommends the level of the information system according to its importance for the company. Methodology/methods: The HOS method was tested on a sample of 425 randomly selected companies from the Czech Republic and Slovakia. Scientific aim: The aim is to verify the HOS method as a tool for information systems’ efficiency and effectiveness assessment for small and medium companies. Findings: It turns out that the proposed methodology for the assessment of individual parts of the information system is set correctly because the summary results for sample of the companies show no anomalies in the surveyed parts of the information system. Furthermore, it was found that from the sample of 425 companies is 172 balanced according to the HOS method and 79 very unbalanced, which is suspected to not very efficient use of the system. Conclusions: The results show that the concept of HOS methods as a tool for the initial assessment of the effectiveness and efficiency of the information system is functional and can be used in practice. This method is useful especially for small businesses that cannot afford more expensive and complicated methods for evaluation information system, the secondary effect is to guide the management to the problem areas, whose improvements would bring more effective use of the information systems.
Rizika business analýzy při zavádění informačních systémů v telekomunikacích
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Neničková, Hana
Purpose of the article: The purpose of this article is to identify and describe set of risks which can occur with direct influencing of information systems (IS) implementation and business analysis (as part of that implementation project) in telecommunication organization. The goal is also to find the risk origins and set up the factors influencing those risks identification. Methodology/methods: Two types of research methods were used. First, the secondary research from the literature resources was used and the results were compared with the primary research consisting from qualitative analysis of interviews with 15 professionals from the telecommunication industry. The induction was used to create a conclusion from this research. Scientific aim: This article shall be perceived as a partial research of the doctoral thesis preparation. The scientific aim of this article is to define the set of risks based on the research. Together with this definition the proof of two researches comparison was performed and the origin of the risks and possible factors influencing the business analyses was found. Findings: There was set of factors influencing the business analysis and the IS implementation project found in the secondary as well as in the primary research. Based on these factors the set of risks was found using also the secondary as well as the primary research. After comparison of those findings it was concluded that both research results are comparable and can be mapped together to get the homogenous set of influencing factors and risks. Conclusions: As the influencing factors were found in the internal environment of the telecommunication organization and the risks were also identified mainly in the internal environment in the organization, there is a conclusion of the article that the risk of business analysis and IS implementation project can be managed together with managing of the internal environment of the company.
Aktuálne trendy v získavaní zamestnancov generácie Y v kontexte moderných Informačno-komunikačných technológií
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Kuchárová Mačkayová, Veronika
Purpose of the article: In this article the author deals with the latest trends in the process of employees’ recruitment based on application of possibilities provided by the modern information and communication technologies (ICT). ICT substantially change the shape of world people were accustomed to. Due to their massive development different areas of lives, e.g. personnel work and employees’ recruitment gets impersonal or virtual form. ICT mostly influence the way of life of younger generations (i.e. Y generation or Millennials generation) since they grew up in mutual connection with them and consider them as a natural part of their personal and working life. Methodology/methods: The author applies the secondary data of Statistical Office of the Slovak Republic concerning ICT utilization in Slovak households and the results of analysis of Institute for Public Affairs concerning the social networks in Slovakia. Primary research uses the author to identify the relation of Y generation towards IKT modern mediums. Scientific aim: The main aim of the author is to provide a basis for HR managers in choosing appropriate personnel policy of recruitment young talented people from generation Y. The author on the basis of research identifies and analyzes the relationship of generation Y to modern means of ICT. Preferred compositions can be addressed communication channels for HR managers. Findings: The author points out possibilities to address potential employers from generation Y by companies by means of modern ICT facilities they prefer (mobile phones and social networks). She found that most members of generation Y communicate through phone. Up to 93.06% of respondents use it for calling and sending SMS. They actively communicate their ideas, feelings and attitudes on social networks. Seven out of ten respondents visit social networks daily. Only 5.50% of respondents are not members of any social network. Conclusions: The results of research can help personnel managers in the process of employees’ recruitment of potential young employees. Modern ICT mediums that prefer to communicate members of Slovak generation Y may be suitable addressable channels to reach them with the offer of job vacancies.

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