Číslo 34, ročník XIII

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Does Oil Rent Increase Happiness? A Partial Efficiency Analysis of Selected African Countries
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2019-12) Opaleye, Seun Sylvester; Nwachukwu, Chijioke Esogwa
Purpose of the article: To investigate and ascertain the impact of oil rent on happiness in selected African countries. Methodology/methods: This study employed the trend analysis to graphically illustrate some major data. It also employed the fixed effect to analyse the model and the partial efficiency analysis to rank the countries studied in terms of their efficiency in the use of oil rent to produce happiness. Scientific aim: This study examines the relationship between oil rent, the oil price, the GDP growth, the mineral rent and happiness. Findings: The results show that oil rent does not significantly increase happiness in the countries studied with Cameroun being the happiest country in the panel. Oil prices however significantly increased happiness. The study also found that the economic growth reduces happiness. Conclusions: The study provides evidence that the economic growth alone does not lead to happiness in the country if citizens are not employed and the rate of inflation continues to spiral upward. The study thus concludes that the economic growth must be inclusive in nature through government use of rents to invest in sectors that create value additions and job opportunities for citizens. The study also recommends the setting of the social safety net, as well as ensuring that inflation is properly managed.
Inflation Risk Factors and Contributory Pension Wealth: Reflections on Nigeria’s Old-age Poverty
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2019-12) Onafalujo, Akinwunmi Kunle
Purpose of the article: Nigeria’s shift to the Defined Contributory Scheme (DCS) is more or less questionable in terms of providing economic security for the senior citizens and preventing old age poverty. The 2004 and 2014 pension reforms sought to conform to pension theory; yet, there could be greater critical risks such as inflation risk factors. This study therefore examined how inflation risk factors impact pension wealth in Nigeria. Methods: The Structured Autoregressive Distribution Lag (ARDL) to the co-integration approach is employed to determine the relationships between inflation risk factors and investment returns of selected Nigerian pension fund administrators for the period 2009–2014. Scientific aim: This study sought the evidence to support the impact of inflation risk factors on pension wealth in Nigeria following the switch to the DCS based on the theoretical link between the investment returns and inflation rate. Findings: Inflation and world oil prices adversely affected the asset returns of pension funds management bourgeoning vulnerabilities to old age poverty. Conclusions: Pension wealth of Nigerians at the cumulating phase is at high risk to inflation risk factors, and is reasonably justified with the negative relationship with the exchange rate factors and world oil prices. The study suggests that inflation, exchange rate risk, and world oil price risk must be strategically tackled with farsighted multi-faceted fiscal and monetary measures to reduce social insecurity and vulnerability to old age poverty. The government should consider promoting the flotation of inflation-indexed bonds and urgently consider imposing a guaranteed returned pension plan (GRPP) to reduce the inflation risk in the accumulating phase of the DCS, while workers should consider increasing their contributions to mitigate inflation risk factors. Insurance life annuities can also provide inflation insurance linked to inflation-indexed bonds.
Research on the Impact of the Project Team on Selected Areas of Project Management
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2019-12) Biskupek, Artur
Purpose of the article: The following article consists of two parts. The basis of the first one is a literature study in the field of project team management. The paper presents cumulative information about the project team. Among other things, it provides the basic information, such as the definition of a project team, the composition of the project team and the most popular structures of the project team’s operation in the implemented projects. The second part of the article presents the results of the research carried out on a sample of 73 respondents (who sent back a correctly completed questionnaire) in terms of the impact of the project team on the success of the implemented project. The survey consists of 23 questions. The first three were cafeteria questions, the next two were about the meaning of the project team and the rest was about the survey topic. The analysis was made using descriptive statistics and the whole article is concluded with a summary. Methodology/methods: The only criterion for taking part in the study was project management. The research tool was a questionnaire sent to the respondents by e-mail, following the earlier information contact carried out by telephone or e-mail. The entire research process began with pilot studies. The whole process was divided into three stages. Scientific aim: The aim of the study was to analyse the impact of the project team on the project’s course. Findings: The conclusion that can be drawn after the study is that the project team is one of the most relevant success factors in the whole project management process. Conclusions: The obtained results of the research in the process of analysis and interpretation allow stating that the project team has a significant impact on the entire project. The project team is characterised by such a large impact on the course of the entire undertaking that it can be successfully called the decisive. This means that it can decide about the success or failure of the entire project.
Trend Analysis as a Useful Tool for Monetary Policy in the Real Estate Market
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2019-12) Gryč, Matěj; Poláček, Tomáš; Dohnal, Mirko; Oulehla, Jiří
Purpose of article: The primary purpose of this study consists in the research that focuses on developing various scenarios for central bank interest rate regulation and its impact on property prices. Partial areas include the specification of individual factors and the description of relationships between individual scenarios. Since the study is based on real data and purely numerical calculations and simple statistical methods might not cover the whole issue, the trend analysis was used. After determining the main factors, a model containing a series of scenarios will be built. Based on these scenarios and the individual relationships between them, the oriented transitional graph will be generated. The eight-dimensional model serves as an example to determine transitions between scenarios and to understand the resulting scenario map as a whole. Using this study, we can monitor current market developments and behavior both in the past, present and predict a possible sequence of events in the future. This study builds on the already explored issues and extends the state of scientific knowledge in order to build more advanced models in the future with current factors and new conclusions valid for the continuous progress in the property market. Methodology/methods: Solving with using statistical methods, correlation matrix, trend analysis. Scientific aim: It is to find the correlation that proves the possibility of finding ways to lower house prices through central bank rates. Findings: The central bank interest rate has a direct impact on the real estate market which can be observed in the onset of scenarios in the transition graph. Conclusions: The real estate bubble represented as the housing price index can be affected by the central bank interest rates with the impact on other significant variables on the market.
Specific Features of Family Entrepreneurship in Agriculture
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2019-12) Kubíčková, Lea; Fišerová, Markéta
Purpose of the article: The purpose of the paper is to define the specific features of Czech family businesses operating in agriculture, identify the main problem areas and advantages that family farms subjectively perceive in this form of entrepreneurship. Methodology/methods: In order to define the specific features of family entrepreneurship in agriculture, it was necessary to obtain data from family farms. Thus, in 2018, primary data were collected using in-depth interviews with the selected family farm owners or other family members in the Czech Republic. Scientific aim: The scientific objective of the paper is to define the specifics of Czech family business in agriculture, as this topic is not described in detail in the scientific literature and the situation of Czech family farms is different from that of foreign family farms, to which more space is devoted in the scientific literature. Findings: The authors identify the subjectively perceived benefits as well as problem areas of family entrepreneurship in agriculture through in-depth interviews conducted on 11 family farms. The main advantages as seen by Czech family farms include the individual planning of their working time, family flexibility, working from home, and spending time with their families. The respondents also emphasize the positive attitude to working on a family farm. The main disadvantages include overlapping of personal and working relationships, financial situation, dependence on weather, the lack of land, and the lack of support from the state. Conclusions: Overall, the subjectively perceived advantages of family entrepreneurship prevail, which fully corresponds with the findings of the AMSP CR survey although it should be noted the family farm owners have also reported in detail about the downsides of this business.

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