Ústav ekonomiky


Recent Submissions

Now showing 1 - 5 of 77
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    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.
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    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.
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    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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    Modelling of the relationship between sustainability and shareholder wealth
    (Vilnius Gediminas Technical University, 2022-06-20) Pavláková Dočekalová, Marie; Kocmanová, Alena; Meluzín, Tomáš; Škapa, Stanislav
    A structural model for the verification of the causal relationship between sustainability and economic value added is presented in this paper. The study has shown that there is no definite and unique relationship between corporate sustainability and economic value. Based on the results of the structural modelling, sustainable value model ESGVA is methodologically improved. The model expresses all four dimensions of corporate sustainability: environmental, social, corporate governance and economic. The case study demonstrates how different the results are if a purely economic concept of company value is used compared to value that takes into account environmental, social and corporate governance factors. The model is applicable to comparative analysis of socially responsible investments. Sustainable value provides extra information on corporate performance and can be used for decision-making of individual investors.
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    Valuing start-ups – selected approaches and their modification based on external factors
    (VGTU Press, 2016-11-30) Skalická, Martina; Zinecker, Marek
    The recent methods of start-up valuation seek to compensate for the lack of data necessary for a standard company valuation with additional information on the person of the entrepreneur and business project. None of the existing approaches, however, takes into consideration information about the environment in which the venture capitalists conduct their investments. Therefore, the aim of this paper is to develop an approach considering factors of the investee companies’ environment. Such a modification will allow a more accurate estimate of the value of the projects investigated. The nature of this study is explorative. It relies on secondary data that was collected using interviews and semi-structured questionnaires in previous empirical studies. During the course of the modelling process, information on the quality of the investee companies’ environment expressed is incorporated into the established start-up project valuations. Our original proposal consists of the modification of the coefficient calculation for a given type of projects. An essential part of this modification is also a proposal for the extension of the project scoring characteristics to include expert estimates and, in the case of regression analysis, the inclusion of explanatory variables expressing the suitability of the environment for venture capital investments.