Ústav ekonomiky

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(In)effective communication about social responsibility? Examining large European businesses in the Czech Republic
(Vilnius Gediminas Technical University, 2024-08-28) MacGregor Pelikánová, Radka; Nesbitt, Todd; Balcerzak, Adam Przemyslaw; Oulehla, Jiří
Purpose – Businesses are expected to be socially responsible by engaging in Corpo-rate social responsibility (CSR) and even the Creation of shared values (CSV). The aim of this contribution is to critically explore whether large European businesses operating in Czechia, recognized as social responsibility leaders, effectively communicate CSR as opposed to their competitors.Research methodology – A case study with three stages was conducted. First, 35 large Europe-an businesses were identified, which repeatedly ranked among the TOP 25 Czech companies with the highest social responsibility BpS synthetic index, and their 15 competitors. Second, an Internet search and content analysis of Websites of these 50 companies was performed to categorize and assess how they report about their socially responsible behaviors. Third, lead-ing Czech disinformation websites were examined for evidence of tacit cooperation with the disinformation scene in the form of support via advertising. Findings – The study revealed that large European businesses, recognized as social respon-sibility leaders, communicate extensively about their social responsibility. However, the ef-fectiveness of such communications is controversial. In addition, a significant part of these businesses were found to be tacitly associated with disinformation platforms, which are com-pletely at odds with with basic social responsibility concepts. Research limitations – The qualitative nature of the case study does not allow direct gener-alizations. Practical implications – The visualization of the juxtaposed results via comparative and com-plementary tables leads to pioneering propositions about the interest and lack of maturity regarding social responsibility, very diverse degrees of effectiveness of the communications, and even several alleged leaders failing in their efforts.Originality/Value– It is the first study to compare CSR communications by alleged white sheep and black sheep, while having consistency tested by association with disinformation websites. The generated propositions call for further longitudinal and multi-jurisdiction stud-ies to verify and enhance the awareness about efficient, effective, mature and consistent social responsibility in the EU.
Optimizing Risk Structure in Connection with the Corporate Life Cycle and Sector Cyclicity
(Mendel University Press, 2016-06-08) Konečný, Zdeněk; Zinecker, Marek
Entrepreneurial activities and thus also investments are connected with two kinds of risks, namely with the operational and financial risk. Both of them are dependent especially on the corporate life cycle and on the sector sensitivity to the economic cycle. The main aim of this article is to propose a methodology supporting managers and investors when estimating the shares of operational and financial risks in the entrepreneurial risk with taking into account the corporate life cycle and the sector sensitivity to the economic cycle. This methodology is subsequently applied in a selected company in the form of a case study and thus their results prove its practical applicability for both financial managers and potential investors as decision makers. This study relies on both secondary and primary data that were collected using databases and a semi-structured questionnaire. The data were processed by using descriptive statistical methods and a case study. The proposed methodology considers the actual phase of the corporate life cycle and the degree of sector sensitivity to the economic cycle. Determining the risk structure should simplify the risk management and subsequently raise the capital access. The methodology also contributes to investment decision-making, because the investors can assess investments with regard to their risk profile.
Macro- and Microeconomic Aspects of Going Public in the Czech Republic and Poland
(Elsevier, 2014-11-26) Meluzín, Tomáš; Zinecker, Marek
The intent of this study is to explore macro- and microeconomic aspects of going public in the Czech Republic and in Poland. There are significant differences in the going public activity on both markets and we firstly aim to determine the influence of GDP growth rates, reference interest rates, industrial production growth rates and a main stock exchange index on numbers of IPOs. Secondly, we survey chief financial officers (CFOs) in the Czech and Polish enterprises to compare practice in the CEE region to findings in previous empirical studies and theoretical approaches in the area of initial public offering motivation.
Business angels in the Czech Republic: characteristics and a classification with policy implications
(Taylor & Francis, 2021-03-01) Zinecker, Marek; Skalická, Martina; Balcerzak, Adam Przemyslaw; Pietrzak, Michał Bernard
There is a lack of knowledge regarding the profiles of Czech business angels. In this article, we intend to contribute the empirical evidence in regard to identifying a ‘typical’ business angel profile in the Czech Republic. Using a unique dataset containing survey gained data on informal venture capitalists, we show that angel investors share many of the characteristics reported for welldeveloped markets. They are usually males, middle aged, with high school backgrounds and further educational achievements in MBA courses. They are trained or experienced in entrepreneurship or have the status as a hired or owner manager in a firm. Furthermore, the ICT is the most targeted industry amongst business angels. Similar to their foreign counterparts, they are financially well-off, although we have to differentiate in regard to age categories. Co-operation with other BAs is a very common channel how the deal flow is facilitated. BAs are ‘hands-on’ investors in the sense they provide investee companies with advice, insights, knowledge. The implications from this study indicate that measures focused on data gathering have to be implemented in order to systematically analyse the market and apply problem-driven policies.
IPO Timing Determinants: Empirical Evidence on the Polish Capital Market
(Mendelova univerzita v Brně, 2013-12-24) Meluzín, Tomáš; Zinecker, Marek; Plottová, Sylvia
This paper examines the determinants influencing the IPO timing by enterprises under the conditions in force on the Polish capital market. In the study we asked CFOs Polish enterprises divided into two groups to formulate their insights in the area of IPO timing. The first group consisted of the entities that have previously executed an initial public offering, the second one included the entities that have not executed an IPO (but considered doing so in the past or were candidates for doing it in the future). The survey results can be summarised as follows. First, in choosing an opportune time for an IPO, both subsamples of companies take into considerations the current need of external equity capital for continuing their growth. Second, managers also take advantage of macroeconomic development and effort conducting IPOs when present and projected state of the national and global economy is favorable. Overall stock market conditions, conditions in the business sector and investors interest in the business sector were identified as determinants of IPOs timing with a very strong support. Finally, Polish CFOs attach less importance to the interest that other companies operating in the same type of business may have in IPOs. The interest that firms from other business sectors may have in going public does not have an appreciable effect on timing as well.

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