Číslo 23, ročník IX


Recent Submissions

Now showing 1 - 5 of 5
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    Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013
    (Vysoké učení technické v Brně, Fakulta podnikatelská, 2015-09) Kovandová, Sylvia; Zinecker, Marek
    Purpose of the article: This study deals with recent primary stock market developments in Poland and aims to indicate the influence of local macroeconomic indicators on IPO numbers over the period of 1993 to 2012. Methodology/methods: Descriptive statistics are used to analyse capital market and IPO developments and the Spearman correlation analysis identifies the relations between macroeconomic determinants and the IPO numbers. The data were evaluated at the significance level of α=5%. The entire statistical evaluation was performed by Statistica.CZ, Version 12. Scientific aim: The scientific aim of this article is to explore external factors that may influence the decision of enterprises to go public in the Polish capital market and thus to enlarge the current IPO literature with an analysis the following issue: What are the key local macroeconomic determinants of going public on the market in question? The number of variables used in this paper is greater than those considered in previous Polish IPO studies. Moreover, we focus on IPO activities between 1993 and 2012 and thus extend the existing time-series. Findings: The results of the correlation analysis can be summarized as follows. First of all, the hypothesis that the business cycle and stock index returns have explanatory power for the number of IPOs could not be supported by empirical evidence. On the other hand, we found empirical support that the reference interest rate affected the IPO numbers. Conclusions: The hypothesis that the reference interest rate has explanatory power for IPO numbers in the Polish capital market could be supported by empirical evidence. On the other hand we could not confirm any significant lagged effects concerning the relationship between other explanatory variables and the dependent variable. Therefore, our results suggest only a partial consistency with the theory and findings of previous IPO studies.
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    Project documentation as a risk for public projects
    (Vysoké učení technické v Brně, Fakulta podnikatelská, 2015-09) Štěpánková, Vladěna; Smolíková, Lenka
    Purpose of the article: The paper presents the different methodologies used for creating documentation and focuses on public projects and their requirements for this documentation. Since documentation is also incorporated in the overall planning of the project and its duration is estimated using expert qualified estimate, can any change in this documentation lead to project delays, or increase its cost as a result of consuming administration, and therefore the documentation is seen as a risk, which may threaten the project as a public contract by which a company trying to achieve and obtains it, and generally any project. Methodology/methods: There are used methods of obtaining information in this paper. These are mainly structured interviews in combination with a brainstorming, furthermore also been used questionnaire for companies dealing with public procurement. As a data processing program was used MS Excel and basic statistical methods based on regression analysis. Scientific aim: The article deals with the construction market in the Czech Republic and examines the impact of changes in project documentation of public projects on their turnover. Findings: In this paper we summarize the advantages and disadvantages of having project documentation. In the case of public contracts and changes in legislation it is necessary to focus on creating documentation in advance, follow the new requirements and try to reach them in the shortest possible time. Conclusions: The paper concludes with recommendations on how to proceed, if these changes and how to reduce costs, which may cause the risk of documentation.
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    Family Business in the Czech Republic: Actual Situation
    (Vysoké učení technické v Brně, Fakulta podnikatelská, 2015-09) Petlina, Anastasia
    Purpose of the article. The purpose of this paper is to define the actual situation of family business on the market, particularly focused on qualities of family business and its strengths or weaknesses. The object of research is the family business as an economical phenomenon. The study includes two subjects: firstly, to find out a specification of the family business, to analyze family ties within the business in accordance with the laws of the Czech Republic or to find out the current economic situation in family business and, secondly, to identify the features of family business as well as the difficulties faced thereby, lying in a base of two main components, namely the family system and the same of entrepreneurship. Methodology/methods: The article was prepared on the basis of general theoretical scientific methods, particularly on those of analysis, synthesis, analogy, comparison, generalization and deduction, or the method of expert estimates. For the analysis of the actual situation in big Czech family business enterprises, it was decided to use the secondary data of a top research-journal for this area, namely the Forbes.cz. In accordance with one of the paper goals, a SWOT analysis was applied to find out the basic strengths and weaknesses of family business. It was decided to verify the received information by interviewing several representatives of the family business in the Czech Republic. Scientific aim: The aim of scientific research is to improve the understanding of family business from the perspective of difficulties faced by family business and its economic perspectives. Findings: The results of this study have allowed the finding of a definition for the family business based on family ties and the laws of the Czech Republic. Another finding is that family business as a motor of the Czech economy has a real potencial for its development and it is able to enhance the Czech economy competitiveness on the world market. In addition, the main features of strengths and weaknesses of family business were inquired. Conclusion: This study has contributed to creation of a family business research theoretical body providing an important first step to gaining a nearer insight into the strengths and weaknesses of the family business influencing its effective function. This study has allowed it, to find out the nature and importance of family business development in the Czech Republic.
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    Service Offering at Electrical Equipment Manufacturers
    (Vysoké učení technické v Brně, Fakulta podnikatelská, 2015-09) Kaňovská, Lucie
    Purpose of the article: The aim of the paper is to uncover ways of managing service offering provid-ed by electrical equipment manufactures in the Czech Republic. The segment is extremely important for Czech industry nowadays, especially because of many companies being subcontractors for the car industry and mechanical engineering. The producers of electric equipment comply with the Czech in-dustry classification CZ-NACE 27. Methodology/methods: The questionnaire in the form of the Likert scale was prepared to gather in-formation about customer services. The respondents were usually directors or managers, e.g. employ-ees with high competencies of knowing customer services in this particular market. The total of 22 companies were included in the survey. Research was focused on the following industries classifica-tions belonging to CZ-NACE 27: CZ-NACE 27, CZ-NACE 271 and CZ-NACE 273. According to Czech Statistical Office the total number of companies belonging to these 3 segments is 136. It means 16,2 % companies belonging to CZ-NACE 27 participated in our research. Basic statistical methods were used to analyse the complete database. Scientific aim: The paper deals with the problem of service offering provided by today’s manufactur-ers. Global understanding of services that manufacturers really develop, sell, deliver and manage is still limited. Findings: Managing service offering provided by today‘s manufacturers shows that 1) Manufacturers not offer only tangible products, but also wide range of services and even information and support. 2) New products are not designed only according to company technicians, but also according to their cus-tomers. Their products and services are developed, tested and improved according to their needs. 3) Services provide complex customer care from time product selection to its end. Conclusions: Manufacturers of tangible products need to enlarge their product offering to be able to satisfy customers. Therefore companies often focus on customer services. Adding services to the products to extend the total offering through services are possible ways of acting to eroding product margins. Customer services are able to help to extend life cycles, develop long-term relationship that lock out competitors, increase revenue, etc.
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    Business angels environment in the Czech Republic and the USA – case study
    (Vysoké učení technické v Brně, Fakulta podnikatelská, 2015-09) Bortlova, Hana
    Purpose of the article Mapping and comparing the investors‘ environment in the USA and in the Czech Republic. To focus on characteristics of Business Angels in both markets, the Czech Republic and the USA. Methodology/methods The used research methods are adjusted to the aim of the article. To make an overview of the situation in the Czech Republic, all available sources regarding investors themselves, and investing into new companies were analyzed. A case study was used as a method of this paper, in order to describe the investors and find out their similarities and dissimilarities. The case study also enabled to find out the features in the frame of the investors‘ spectrum. The research was conducted with 50 investors. In order to provide the triangulation, the author chose three methods of data collection. More specifically, questionnaire, archival data (accelerator documents, data on the internet) and interview. Scientific aim The aim of this paper is to map the investors characteristics in the Czech Republic and the USA. Moreover, to compare both markets in the regard of investors and investing environment. Findings and conclusions Based on outcomes of used methods, the following facts were found out. Business Angels (BA) in the USA tends to be older, with more experience and higher education. Investing is considered as their full-time job and based on that fact their portfolio is wider. Their source of motivation is knowledge transfer to young entrepreneurs (for 90% of investors). In the Czech Republic, there is lack of collaboration among BA, which leads to less investments. The solution might be perceived in establishing the syndicates of BA. Moreover, it is necessary to present good quality projects to BA, consequently the young entrepreneurs need more initiatives and opportunities to gain the required knowledge and practice