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AN UNCONVENTIONAL APPRACH TO EVALUATING THE FINANCIAL PERFORMANCE UNDER CRITICAL MACROECONOMIC DISTURBANCES: THE CASE OF PUBLIC TRANSPORT DURING THE COVID-19 PANDEMIC
(CZESTOCHOWA UNIV TECHNOLOGY, 2024-06-03) Janošková, Katarina; Balcerzak, Adam Przemyslaw; Kráľ, Pavol
The period of Covid pandemic was one of the most restrictive times for the passenger transport sector. Due to the impact of anti-pandemic measures, the mobility of the population was limited, which was reflected in the decrease in sales and collapse of long-term financial indicators. Therefore, the period can be considered as the case of critical macroeconomic disturbances. The main purpose of this research is to identify the most relevant financial indicators that affect the transport enterprises performance and define new alternative way of grouping company financial indicators based on their mutual correlation. Therefore, this paper, using the tools of descriptive statistics and factor analysis, identifies the correlations of selected financial indicators that allow a better understanding of their interrelatedness and influence during extraordinary macroeconomic situations on the market. The data source was the financial statements of public passenger transport companies in V4 countries during the period 2018-2021 obtained from the international platform Orbis. Factor analysis made it possible to reduce the number of financial indicators from 17 to 2, 3 or 4 created factors (depending on the country and analysed year). It is a non-traditional multidimensional approach to working with financial information, allowing to identify new related groups of financial indicators based on their mutual relationship, and to name these groups appropriately with the elimination of multicollinearity. The long-term economic sustainability of public transport must be based on the marginal level of demand ensuring the required financial performance, which can also be quantified through defined groups of financial indicators. The applied method can be considered as quasi-universal approach for evaluating financial performance during deep macroeconomic disturbances.
Job satisfaction and work engagement impact on counterproductive work behaviors: Moderating influence of demographic characteristic of employees
(Centre of Sociological Research, 2024-05-01) Szostek, David; Balcerzak, Adam Przemyslaw; Rogalska, Elzbieta
The purpose of the article is to determine how demographic characteristic (sex, age, length of service, type of work) moderate the impact of job satisfaction (JS) and work engagement (WE) on counterproductive work behaviors (CWB). The research objectives were met with application of a survey conducted in Poland. Structural equation modeling (SEM) was used to analyze the primary data. The proposed theoretical models were intended to determine how JS and particular categories of WE (vigor, absorption, dedication) affect organizational and personal CWB and subjective categories of such behaviors (abuse against others, theft, sabotage, withdrawal). We determined that JS was related to abuse against others, and WE tend to reduce such behaviors. There was also a negative impact of WE on CWB aimed at individuals (CWB-I) and a positive influence of WE on CWB aimed at organization (CWB-O). In turn, JS increased CWB-I, but reduced CWB-O. The article provides meaningful managerial implications for human resource management in Central European environment.
CEO Gender and its Effects on Corporate Social Responsibility and the Perception of Business Ethics
(University of Zilina, 2023-06-30) Procházková, Kateřina; Mičák, Peter
Research background: There is a gender gap in decision-making process between men and women in executive positions. The results of multiple research studies suggest that women in executive positions are more likely to invest in corporate social responsibility compared to men in the same positions. Research also confirms a lower risk of corporate fraud, risk aversion, greater transparency, and higher levels of ethical behaviour when women are present in executive positions in the company. Most of the research conducted in this area has been carried out in the conditions of large and developed economies, and therefore we consider it necessary to verify their validity in the context of a small open economy. Purpose of the article: This article aims to verify the findings obtained in foreign research in the conditions of the Czech Republic. Specifically, we will focus on identifying the relationship between the gender of the CEO and the existence of corporate social responsibility and the gender of the CEO and the perception of the importance of business ethics. Methods: Considering the findings from the theoretical research, two hypotheses are formulated in the paper. To test the validity of these hypotheses, a data sample obtained via a questionnaire survey in one hundred large companies operating in the manufacturing industry in the Czech Republic is analysed. In addition to descriptive statistics, inferential statistics in the form of correlation analysis is used to verify the validity of the hypotheses. Findings & Value added: Within the analysed sample, the existence of the hypothesised relationships was confirmed. Therefore, if a woman was a CEO within the analysed sample of companies, there is a higher probability that the company will practice corporate social responsibility in some form. Furthermore, there was also a higher probability that female CEOs would perceive business ethics as more important than their male counterparts. The primary added value of this paper is the confirmation of the validity of foreign findings in these specific areas in the conditions of a small open economy.
The Relationship Between Digital Performance and Production of Greenhouse Gas Emissions in EU Countries: Correlation Analysis and ANOVA Method
(Faculty of Economics and Management, Czech University of Life Sciences Prague, 2023-03-30) Hornungová, Jana; Petrová, Kateřina
Agricultural activities produce the significant amounts of greenhouse gas emission. The importance of an ever-changing climate means that digital technologies and their environmental impact are more frequently discussed in the context of the 5th Industrial Revolution. It is important to minimize environmental threats and reduce production waste on the way to a sustainable path. The main scientific aim of the paper is to examine, based on correlation analysis and ANOVA method, the relationship between two variables, digital performance of individual EU countries expressed by the indicator Digital Economy and Society Index and production of Greenhouse Gas Emissions, specifically how digital technologies affect the environment and how to transform digital technologies to supporting the European Green Deal and accelerate sustainable growth. The reasons are that digital technologies can play an important role in reducing greenhouse gas emissions. According to the results, it has been proven that exists a positive correlation between two variables regarding as a weak correlation between DESI and GHG emissions. Analysis of variance indicates the highly significant differences between variables. Countries with the higher DESI index produce more Greenhouse gas emissions as well but in a weak manner.
Valuation of embedded options in non-marketable callable bonds: a new numerical approach
(Vilnius Gediminas Technical University, 2022-07-24) Skalický, Roman; Zinecker, Marek; Balcerzak, Adam Przemyslaw; Pietrzak, Michał Bernard; Rogalska, Elzbieta
The issue of how to price options embedded in callable bonds has attracted a lot of interest over the years. The usual bond valuation methods rely on yield curves, risk premium, and other parameters to estimate interest rates used in discounted cash flow calculations. The option to retire the bond is, however, neglected in the standard pricing models, causing a systematic overvaluation of callable bonds. In the event of a decline in interest rates, investors are exposed to the risk of a lower return on investment than indicated by the yield to maturity. We propose a novel approach to valuing the risk that the issuer will use the right to buy back the bond at a specific call price. While prior models are focused on valuing marketable callable bonds, we deliver a unique approach to valuing bonds with an embedded European option (or a multiple option) that are traded solely through private transactions. These can typically be characterized by the lack of historical records on transaction prices. The modular character of calculation we propose allows us to take into account additional information, such as probable behaviour of the issuer, available opportunities for achieving alternative earnings or different estimates in terms of interest rate development.

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