Číslo 25, ročník X

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Financial Health of a Commercial Insurance Company and its Coherences
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-06) Nečas, Svatopluk
Purpose of the article The main purpose of the article is to define the term “financial health of a commercial insurance company” and identify the factors that influence management and its economic results of a commercial insurance company. The above mentioned term will be faced with other similar terms such as financial stability, financial strength, solvency, liquidity or profitability (always with emphasis on the insurance sector). Related to this purpose, this hypothesis is formulated: "Financial health of a commercial insurance company can be identified in the long perspective with the term financial stability and as its synonym the concept of solvency can be stated. Methodology/methods The methods of description, analysis, deduction and induction will be used in the article. The research part is based on a qualitative basis. It combines three methods of qualitative research: interviews with experts, a structured interview with open questions, a questionnaire with open questions. Its subject is a managed conversation with leading experts in the field of insurance and related branches, who answered questions related to the topic. Evaluation of interviews was done by method of interview analysis, respectively thematic analysis and subsequent synthesis based on respondents' answers. The synthesis is used as a method to gain new knowledge. The conclusions are the basis for discussion for the theory completion in the case of the term mentioned above and for statements to other contexts that are defined in the objectives of the article. Synthetic approach is applied in the formulation of conclusions of the research. Significant findings for the theory are obtained by abstraction, as derived from observations of the issues, i.e. financial health of a commercial insurance company. The evaluation also includes a summary of significant matters and it reflects the opinion of the author devised throughout literature and based on interviews. Scientific aim Article aims to define on the theoretical level the term financial health of a commercial insurance company and identify the factors that influence management and its economic results of a commercial insurance company. Definition of "financial health of a commercial insurance company" is the main research aim of the article. Findings Among the findings the formulation of the term of financial health of a commercial insurance company can be included, as specified in the article text. In terms of factors influencing the management of commercial insurance these ones can be stated: (a) good governance realized by a competent management and optimal internal settings of an insurance company, (b) capital strength, (c) the ability to identify and evaluate risk in accordance with a healthy competitive environment, (d) underwriting of risks, (e) an application of a correct trade policy, (f) correct determination of technical provisions, (g) adequate reinsurance program and the selection of a stable and (financial) healthy reinsurers, (h) the ability to properly manage the entrusted money and assess developments in the financial markets. Conclusions This article aimed to clear a terminological ambiguity in a sphere of financial health of a commercial insurance company and similar terms such as financial stability, financial strength, solvency, liquidity or profitability. The above formulated hypothesis had a negative result, which supports the argument that the term financial health of a commercial insurance company can be defined as a completely autonomous term with its pragmatic object matter.
Conceptualizing the social media communication impact on consumer based brand equity
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-06) Zailskaitė-Jakštė, Ligita; Kuvykaitė, Rita
Purpose of the article: The purpose of this paper is to identify the impact of consumer-brand communication in social media on brand equity, providing conceptual model. Methodology/methods: The model was prepared using methods of comparative and systematic analysis of scientific literature. Scientific aim: The scientific aim of the article to propose the perspective of social media communication impact on brand equity conceptualization. The key factors of consumer engagement in company (brand) communication process and amount of consumers created content (non-sponsored content, i. e. Content created in interaction with company or brand, and sponsored content, i. e. content created in interaction with company (brand)) was under consideration. Findings: Our findings attempt to provide a comprehensive understanding of company (brand) communication in social media seeking after a positive impact on brand equity dimensions. Theoretical analysis disclosed that it is not enough just to post message in a proper social media channel, it is essential to post appropriate content of the message and to post it in appropriate way in persuasion to engage consumers into communication. The consumer-generated content created in interaction with company and without interaction with company in social media is making impact on brand equity. Conclusions: The study extends the literature by examining communication in social media from company to consumer perspectives in order to disclose changes in marketing communication as source of brand equity in virtual context and to present key factors influencing brand equity in company (brand) communication process. Therefore brand management perspective requires understanding of consumers’ role in social media. Keywords: communication in social media, brand equity, consumer-brand interaction, consumer-generated content.
A Suitable Artificial Intelligence Model for Inventory Level Optimization
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-06) Sustrova, Tereza
Purpose of the article: To examine suitable methods of artificial neural networks and their application in business operations, specifically to the supply chain management. The article discusses construction of an artificial neural networks model that can be used to facilitate optimization of inventory level and thus improve the ordering system and inventory management. For the data analysis from the area of wholesale trade with connecting material is used. Methodology/methods: Methods used in the paper consists especially of artificial neural networks and ANN-based modelling. For data analysis and preprocessing, MS Office Excel software is used. As an instrument for neural network forecasting MathWorks MATLAB Neural Network Tool was used. Deductive quantitative methods for research are also used. Scientific aim: The effort is directed at finding whether the method of prediction using artificial neural networks is suitable as a tool for enhancing the ordering system of an enterprise. The research also focuses on finding what architecture of the artificial neural networks model is the most suitable for subsequent prediction. Findings of the research show that artificial neural networks models can be used for inventory management and lot-sizing problem successfully. A network with the TRAINGDX training function and TANSIG transfer function and 6-8-1 architecture can be considered the most suitable for artificial neural network, as it shows the best results for subsequent prediction. Conclusions resulting from the paper are beneficial for further research. It can be concluded that the created model of artificial neural network can be successfully used for predicting order size and therefore for improving the order cycle of an enterprise.
The rise of non-financial performance measures in annual reports. An analysis of ATX-listed companies
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-06) Muehlbacher, Juergen; Siebenaler, Tom; Würflingsdobler, Ulrike
Purpose of the article: In the past, annual reports only include financial measures. More recently, this shareholder value approach has been criticized of leading to a strategic short-term orientation. Consequently, the use of strategic performance measurement systems (SPMSs), namely the Balanced Scorecard (BSC), is proposed to communicate non-financial measures to investors and stakeholders. Besides the distribution of critical information, the disclosure of non-financial measures should strengthen the employee's commitment to the long-term strategy. The purpose of the article is thus to reveal whether Austrian companies disclose their strategic performance measures in their annual reports. Methodology/methods: Two observation points, 2002 and 2012, were chosen to analyse the annual reports of companies listed on the ATX. This period of time allows to observe changes as well as new trends. The annual reports have been downloaded from the company’s homepage or received via email or post. A document and content analysis, followed by a frequency analysis, has been applied to identify several non-financial measures with regard to the following BSC derived perspectives: Customer perspective, internal business perspective and innovation and learning perspective. Scientific aim: The scientific aim of the following study is to examine the extent, to which non-financial performance measures are displayed in annual reports. Findings: The analysis of the annual reports showed a tremendous increase of non-financial measures in the time period between 2002 and 2012, which solely arose from the augmented disclosure activities of the innovation and learning perspective. On the other hand, the customer and internal perspective decreased in importance. Moreover, the top ten measures in 2002 have changed and are dominated by diversity and environmental issues in the year 2012. Conclusions: Similar findings in the literature as well as the influence of legal disclosure requirements are discussed. Possible limitations are the sole use of the Balanced Scorecard as a SPMS or the chosen time period of ten years.
Preffered Competence Structure of University Graduates: Russian Employers‘ Point of View
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2016-06) Svirina, Anna; Suslova, Olga; Dashina, Elena
Purpose of the article: The article examines preffered structure of competences from Russian employers’s point of view in order to provide universities with the knowledge on how graduates‘ skills are viewed by the main customers. Methodology/methods: The article is based on factor analysis of competences which are derived from the questionnaire which was distributed to Russian enterprises (mainly meduim sized manufacturing enterprises). The questionnaires were gathered from management of the companies, and evaluated by factor analysis using varimax method. Significance of the findings is confirmed by the level of Cronbach alpha. Scientific aim: The scientific aim of the article is to define the main competences of university graduates as they are seen by employers. The paper also aims to define whether the structure of preffered competences differs alone the timeline, i.e. do employers evaluate their requirements in past, present and future differently. Findings: In the article it is revealed that preferred structure of competences university graduates should possess evolves overtime, and that employers have lower understanding of their needs and requirments for the future. Second, it appeared that the most signigicant graduates‘ competences are systemic thinking and professional skills, but the other factors may only be considered moderator of these skills in future. Finally, multidisciplinary skills appear to gain significance along the timeline of the study, so employers are looking for multidisciplinary skills for the future as a response for existing high turbulence. Conclusions: The main limitations of the study are small sample and focus on mid-Russian meduim enterprises, which are mainly manufacturing. The study has distinct applications to practice by defining the most significant graduates‘ competences from employers‘ perspective, and to theory by proposing evolution paths for competence significance.

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