Ročník 43, 2014 - Bratislava University of Economics and Business

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Václav Klaus - 25 LET OD PÁDU KOMUNISMU U NÁS (Twenty-five Years from the Fall of Communism in our Countries)

Václav Klaus - 25 LET OD PÁDU KOMUNISMU U NÁS (Twenty-five Years from the Fall of Communism in our Countries)

Abstract: Václav Klaus, the main author of Czech/Czechoslovakia transformation, lays out his case for radical reform. He states that one prerequisite for reform was the unconditional liquidation of the communist system as a whole, the fundamental systemic change. He stresses that the transformation process had to be a mixture of constructivism and spontaneous evolution and discusses the political and economic reforms which moved swiftly and in parallel. Speed of the reform was absolutely crucial. The key to success was avoiding rent seeking and gradualism. The decisive part of the transition was the privatization of all state-owned firms and liberalization, deregulation and desubsiditation of the economy. In the last years sees the President Klaus reverse tendencies, the strengthening of nonstandard politics and growing systemic defects in economy.

Keywords: transformation, economic and political reforms, privatization, systemic defects.

JEL: P 2, P 5

str./pp. 401-404

Štefan Slávik - Ivana Ljudvigová - RESEARCH OF THE STRUCTURE AND NATURE OF LEADERSHIP ACTIVITIES (Výskum štruktúry a charakteru vodcovských činností)

Štefan Slávik - Ivana Ljudvigová - RESEARCH OF THE STRUCTURE AND NATURE OF LEADERSHIP ACTIVITIES (Výskum štruktúry a charakteru vodcovských činností)

Abstract: Leaders are mostly described in professional literature about leadership in terms of what they should be like (personality traits) as well as from the aspect of various leadership styles and types of leadership. However, very little is known about what leaders do in their everyday practice, or how they do it. Leadership should be seen more widely and be explored along the characteristics and style of leadership. We should explore how leaders manifest themselves outwards through their work, which means to explore the nature of the leadership work. The aim of the research project was to gain more knowledge about activities undertaken by leaders and via experience to answer a simple, but yet not too clearly answered question: ‟What does a leader really do?” This finding will help to reveal important activities on which best leaders focus and determine which elements are really important for leadership. The research project was managed by means of a combination of interviews conducted with 25 leaders, people in senior management positions, and a questionnaire survey.

Keywords: leadership, leader, leadership activities, followers

JEL : M 20, M 21, M 29

str./pp. 405-426

Eva Rievajová - Jaroslava Kováčová - Gábor Szüdi - INNOVATION AND INEQUALITY – HOW TO INCREASE INNOVATION TO COMBAT INEQUALITIES IN EUROPE? (Inovácia a nerovnosť – ako prehĺbiť inováciu v boji proti nerovnostiam v Európe?)

Eva Rievajová - Jaroslava Kováčová - Gábor Szüdi - INNOVATION AND INEQUALITY – HOW TO INCREASE INNOVATION TO COMBAT INEQUALITIES IN EUROPE? (Inovácia a nerovnosť – ako prehĺbiť inováciu v boji proti nerovnostiam v Európe?)

Abstract: Inequality is a phenomenon of rising importance across the world. One reason for this troubling pattern can be attributed to innovation and technological progress. The rapid innovation brings unforeseeable socio-economic changes with itself. The underlying motive of innovation has been generating economic value. However, looking ahead to the society in the future, it is crucial to construct a new system that enables addressing social challenges through innovation by collaborating and acting globally. Thus there is a need to find ways to foster innovation which generates social and public value.

Keywords: innovation, technological progress, inequality, growth

JEL: O 3, O 4

str./pp. 427-436

Milan Terek - Peter Kročitý- ANALÝZA ASOCIÁCIE MEDZI NOMINÁLNYMI PREMENNÝMI V ŠTATISTICKÝCH PRIESKUMOCH (Analysis of Association between Nominal Variables in Statistical Surveys)

Milan Terek - Peter Kročitý- ANALÝZA ASOCIÁCIE MEDZI NOMINÁLNYMI PREMENNÝMI V ŠTATISTICKÝCH PRIESKUMOCH (Analysis of Association between Nominal Variables in Statistical Surveys)

Abstract: The paper deals with the possibilities of analysis of the association between two nominal variables in statistical surveys. The procedure of realization of chi-square test of homogeneity is described. Then, residual analysis, concretely the possibilities of using adjusted standardized residuals in the analysis of character of association between variables, is presented. Finally, statistic chi-square and measures of strength of association – difference of proportions and odds ratio are described. The application of all described methods and tools is illustrated on the examples.

Keywords: nominal variables, association, chi-square test of homogeneity, adjusted standardized residuals, difference of proportions, odds ratio

JEL: C 46

str./pp. 454-466

Marcel Rešovský - Damián Pastor - POROVNANIE METÓD PRIAMEHO OHODNOCOVANIA NEHMOTNÝCH AKTÍV (Comparing Methods of Direct Valuation of Intangible Assets)

Marcel Rešovský - Damián Pastor - POROVNANIE METÓD PRIAMEHO OHODNOCOVANIA NEHMOTNÝCH AKTÍV (Comparing Methods of Direct Valuation of Intangible Assets)

Abstract: Nowadays, more and more organizations are aware of the importance of intangible assets, and their valuation is the subject of many studies and research. This work is devoted to a group of methods of direct valuation of intangible assets whose aim is to express the value of intangible assets in monetary units. The article compares six different methods, summarizes the most important benefits, but also deficiencies that hinder their spread and successful application in practice. Comparison of methods based on selected characteristics suggests that despite some common characteristics, this group is quite diverse and studies the issue of valuation of intangible assets from several points of view.

Keywords: intangible assets, intellectual capital, knowledge assets, valuation

JEL: D 83, M 21

str./pp. 467-480

Ľubica Hurbánková - Analýza hrubého domáceho produktu a jeho faktorov na Slovensku podľa kla-sifikácie SK NACE (Analysis of Gross Domestic Product and its Factors in Slovakia according to SK NACE Classification)

Ľubica Hurbánková - Analýza hrubého domáceho produktu a jeho faktorov na Slovensku podľa kla-sifikácie SK NACE (Analysis of Gross Domestic Product and its Factors in Slovakia according to SK NACE Classification)

Abstract: In this paper we deal with one of the output indicators ‒ gross domestic product. The aim of this paper is the analysis and determination of the factors influencing it. To analyse gross domestic product we use absolute deviations, growth coefficients, average absolute deviations, and average growth coefficients based on data for Slovakia according to the classification of economic activities of SKNACE in the years 2008-2013. To detect the factors we use the pyramidal model, in which the top indicator is gross domestic product and the factors are capital efficiency, capital equipment of economically active population and economically active population. The pyramidal model in the static variant is applied to data from

the year2013 and then a dynamic variant is created where years 2013 and 2008 are compared, and finally by means of the logarithmic decay are found the absolute contributions of individual factors to the total absolute change in gross domestic product.

Keywords: gross domestic product, capital efficiency, capital equipment of economically active population, economically active population, pyramidal model

JEL: C 43, E 23

str./pp. 481-493

Mária Kačírková - TRANSFER POZNATKOV VEDY A VÝSKUMU AKADEMICKÉHO SEKTORA V SR (Transfer of Science and Research Knowledge of the Academic Sector in the Slovak Republic)

Mária Kačírková - TRANSFER POZNATKOV VEDY A VÝSKUMU AKADEMICKÉHO SEKTORA V SR (Transfer of Science and Research Knowledge of the Academic Sector in the Slovak Republic)

Abstract: During the recent years there has been an increasing emphasis on the generation of commercial outcomes from academic-based research into business and social practice. At the policy level, the commercialization of academic research has been viewed as a key driver of national competitiveness, and has been consequently supported by a range of initiatives seeking to promote the links between universities, research institutes and industry. Part of the support is promoting Offices of Technology Transfer created by nearby research institu-tions and universities and dedicated to identifying research with potential commercial interest and strategies of how to exploit it on the market. The article is aimed at the commercialization of scientific outcomes particularly associated with the intellectual property rights. It monitors not only the benefits for the sake of the research institutions, universities and industry but also main barriers to technology transfer in the Slovak Republic.

Keywords: technology transfer, intelectual property rights, motivation, cooperation

JEL: O 32, O 34, O 39

str./pp. 494-506

RECENZIE/REVIEWS

RECENZIE/REVIEWS

Eliška Záležáková

SZABO, Ľ. a kol.: Podnikateľské rozhodovanie. (Entrepreneurial Decision Making). Bratislava: Vydavateľstvo EKONÓM, 2013. 164 s. ISBN 978-80-225-3677-6.

JEL: Y30

str./pp. 516

Jaroslav Kita

WIKTOR, W. Jan.: Komunikacja marketingowa. (Marketingová komunikácia). Warszawa: Wydawnictwo naukowe PWN, 2013. 376 p. ISBN 978-83-01-17390.

JEL: Y30

str./pp. 517-518

Eva Rubliková - HOW DETRENDING SERIES COULD INFLUENCE THE LENGTH OF CYCLE (Ako by mohlo detrendovanie časových radov ovplyvniť dĺžku cyklu)

Eva Rubliková - HOW DETRENDING SERIES COULD INFLUENCE THE LENGTH OF CYCLE (Ako by mohlo detrendovanie časových radov ovplyvniť dĺžku cyklu)

Abstract: The aim of the article is to show how misunderstanding of the type generating process of the series could influence the length of the cycle in macroeconomic data. The focus of analysis is the study of the growth and cyclical behaviour of GDP in Slovakia based on the assumption that time series is trend or difference stationary. The results confirm that two different ways of separating cyclical fluctuations from the long-term trend have effect on the length of cycle. We display what different results could be obtained if we assume that the trend is deterministic but in fact it is stochastic. Our analysis is focused on 76 observations of seasonally adjusted quarterly data of GDP (mld. EUR in current prices) in Slovakia, during the period Q1/1995 till Q4/2013. Using the decomposition method assuming that the series has two components – a long-term trend and stationary process containing the cycle. The long-term trend will be described by the linear trend function assuming trend stationary gene-rating process and by the Hodrick – Prescott filter assuming the difference stationary genera-ting process. After the estimation of the long-term trend and detrending the series, the resi-dual stationary process will be analysed for the cycle and estimated by the autoregressive model of order 2 or higher.

Keywords: linear trend, Hodrick – Prescott filter, cycle, autoregressive model, Dickey-Fuller test

JEL: C 22

str./pp. 263-271

Katarína Belanová - REAL OPTIONS APPROACH AS A NEW VIEW OF INVESTMENT (Prístup reálnych opcií ako nový pohľad na investície)

Katarína Belanová - REAL OPTIONS APPROACH AS A NEW VIEW OF INVESTMENT (Prístup reálnych opcií ako nový pohľad na investície)

Abstract: The article presents a survey of recent theoretical, as well as empirical, contributions concerning the business investments, which help to understand the investment decision making of the companies better. As shown, they emphasize the relevance of idiosyncratic factors affecting investment decisions such as the degree of irreversibility and uncertainty, whose interaction may generate an opportunity cost equivalent to the exercise of an option and so they add an important dimension to the neoclassical theory of investment (also called standard or orthodox theory of investment). This theory has not recognized the important qualitative and quantitative implications of this interaction, what can explain some of its failu-res. We investigate the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty in a way of empirical analysis. The em-pirical analysis uses firm – level data and is based on a survey of 53 automotive suppliers, which was carried out during the year 2011. We find supportive evidence for the fact that uncertainty is negatively associated with planned investments of the companies surveyed, which remains true also in the presence of irreversibility. Finally, we demonstrate the core of the real options approach in a form of a practical example.

Keywords: investment, uncertainty, irreversibility

JEL : D 81, D 92

str./pp. 272-283

Anežka Jankovská - PRIEBEH REFORMY ČLENSKÝCH KVÓT, HLASOVACÍCH PRÁV A RIA-DENIA V MEDZINÁRODNOM MENOVOM FONDE (The Course of the Reform of Member Quotas, Voting Rights and Management in the International Monetary Fund)

Anežka Jankovská - PRIEBEH REFORMY ČLENSKÝCH KVÓT, HLASOVACÍCH PRÁV A RIA-DENIA V MEDZINÁRODNOM MENOVOM FONDE (The Course of the Reform of Member Quotas, Voting Rights and Management in the International Monetary Fund)

Abstract: The article looks at the reforms of the IMF so far, members’ quotas, voting power and governance of IMF activities. It defines the role and importance of members’ quotas in the IMF and further discusses a package of IMF measures that help implement the fourteenth general revision of members’ quotas. This includes addressing issues regarding the acceleration of the general revision, the increase and redistribution of members’ quotas, the development and implementation of a new formula for the calculation of members’ quotas and the outlining of further progress in the management of IMF members’ quotas and voting rights. The paper discusses the outstanding issues of preparing the fifteenth general review of members´ quotas; it describes the historical development of members’ quotas in the IMF and highlights the main changes in establishing their amount in the current period to reflect changes in the economic situation of member states.

Keywords: members’ quotas, voting power, 14th general revision of members’ quotas, new formula for the calculation of members’ quotas, reform of governance of IMF activities

JEL: G 15, F 45

str./pp. 295-308

Ladislav Andrášik - PODOBY SPRÁVANIA BIOLOGICKO-EKOLOGICKÝCH A SPOLOČENSKO-EKONOMICKÝCH SYSTÉMOV (Aspects of Behaviour of Bio-ecological and Socio-economic Systems)

Ladislav Andrášik - PODOBY SPRÁVANIA BIOLOGICKO-EKOLOGICKÝCH A SPOLOČENSKO-EKONOMICKÝCH SYSTÉMOV (Aspects of Behaviour of Bio-ecological and Socio-economic Systems)

Abstract: In transforming economies, there exist various forms of human behaviour and organisational behaviour in contrast with valid norms. In literature, we encounter with various concepts used to designate these activities. All of them could be put under a general concepts of illegal forms economic behaviour or possible the collocation of “grey economy”. However, the subject of the present essay is not specific forms of these processes in objective reality but investigating the aspects of their operation on an overall dynamics of the virtual socio-economic system. The author’s starting-point here is that processes in socio-economic reality are very similar to bio-ecological processes in nature. In economics, these ecologywi-se models had a predecessor in the duopoly of the French economist A. A. Cournot, con-structed almost a hundred years earlier than the famous ecological Lotka – Volterra model. In the real-life socio-economic economy, there exist several pairs of either individuals, groups or also institutions; behaviour between them is similar to that in the mathematical formalism of Lotka and Volterra. The dissemination of ICT and in particular, that of computational intel-ligence was made possible due to completely new possibilities of investigating dynamic pro-cesses of that type. The focus of the exposition in the present paper is the application of the-se methods. The author uses Excel and iDMC software to make his exposition understan-dable to a wider professional public.

Keywords: discreet dynamics, experimenting in virtual laboratory, qualitative behaviour and simulation, succession, structural dynamics and stability, theorization on the basis of qualitative simulation (and/or – kind of experimenting)

JEL: C 02, C 31, C 38, C 62, C 88, C 92, P 16, P 27, P 37, P 51

str./pp. 309-337

Viktoriya Apalkova - THE DOMINANT IDEAS IN THE DEVELOPMENT OF INTERNATIONAL E-MONEY SYSTEMS (Predstavy dominujúce v rozvoji systémov medzinárodných elektronických peňazí)

Viktoriya Apalkova - THE DOMINANT IDEAS IN THE DEVELOPMENT OF INTERNATIONAL E-MONEY SYSTEMS (Predstavy dominujúce v rozvoji systémov medzinárodných elektronických peňazí)

Abstract: The structural changes in international markets of payment services lead to the creation of new forms and models of payment tools including e-money systems. In spite of a large number of scientific and analytic works devoted to the e-money issues the fa modifiability inherent to this type of payment creates the necessity to investigate constantly the changes and identify the dominants of their further development. These issues are especially relevant for national and international authorities in order to understand what type of challenges banking and financial systems face and be ready to make corresponding contributions. The author outlined and analysed the key new directions in transformation of international e-money systems (IEMS) such as advent of “mobile based e-money systems”, shifts in key principles of customer due diligence procedures, growing demand for cooperation between market operators, etc. There is also a new challenge for modern international e-money sys-tems: to provide effective means of fundraising for business, especially it is on the agenda for small and medium-size companies. The new form of investment generated through IEMS has been already named as “e-financing”.

Keywords: international e-money systems (IEMS), e-money, mobile based e-money, mobile network operators (MNOs), card-based e-money, server-based e-money, software/network e-money, e-finance

JEL: F 21, F 30, F 39

str./pp. 338-351

Roman Urban - Lukáš Štěpánek - Rudolf Urban - VYUŽITIE ALTERNATÍVNEHO PRÍSTUPU PRI HODNOTENÍ RIZÍK (Application of Alternative Approach in Risk Assessment)

Roman Urban - Lukáš Štěpánek - Rudolf Urban - VYUŽITIE ALTERNATÍVNEHO PRÍSTUPU PRI HODNOTENÍ RIZÍK (Application of Alternative Approach in Risk Assessment)

Abstract: In the present-day turbulent times, the risk management is a basic function of every financial institution, including an insurance company. The regulatory system is used in the situation when principles based on prudent business activities and company solvency are malfunctioning and a systematic risk is an upcoming threat. The paper deals with basic information about an alternative quantitative method that is useful in the classification and ranking of risks (risk scenarios). This dynamic model is not based on the data of past and eliminates some deficiencies of existing methods, such as of Risk Matrix Assessment model. The new model shows one of many possibilities how the financial market could react and be prepared for solving the asymmetric threat in the future.

Keywords:

JEL: G 220, D 810

str./pp. 352-362

Miroslav Titze - NETRADIČNÁ MENOVÁ POLITIKA ‒ V KONTEXTE SÚVAHY CENTRÁLNEJ BANKY (Unconventional Monetary Policy ‒ in the Context of the Central Bank Balance Sheet)

Miroslav Titze - NETRADIČNÁ MENOVÁ POLITIKA ‒ V KONTEXTE SÚVAHY CENTRÁLNEJ BANKY (Unconventional Monetary Policy ‒ in the Context of the Central Bank Balance Sheet)

Abstract: Since 2007, central banks in advanced economies have implemented many unconventional monetary policy measures. A complex theoretical background of unconventional monetary policy is now in progress. The main goal of the paper is to discuss basic theoretical differences and similarities between unconventional and conventional monetary policy approaches, instruments and implementation. There is no consensus about unconventional monetary policy measures, and there is a serious confusion across terms. The paper uses balance sheet of the central banks to discuss assets and liabilities measures in terms of the-ory. The paper consistently differentiates between various approaches and terms to avoid incorrect evaluation of unconventional monetary policies. Quantitative easing is to be better understood as one type of unconventional monetary policy. Narrow specifications of credit easing, quantitative easing and qualitative easing brings further confusion in terms and is not convenient in theory. This corresponds to specific unconventional monetary policy me-asures of the individual central banks.

Keywords: unconventional monetary policy, open market operations, central bank balance sheet, monetary policy implementation

JEL: E 42, E 52, E 58

str./pp. 363-378

Hana Poláčková - TEORETICKÝ PRÍSTUP K STABILITE KÚPNEJ SILY V HISTORICKOM KONTEXTE (Theoretical Approach to Purchasing Power Stability in Historical Context)

Hana Poláčková - TEORETICKÝ PRÍSTUP K STABILITE KÚPNEJ SILY V HISTORICKOM KONTEXTE (Theoretical Approach to Purchasing Power Stability in Historical Context)

Abstract: As early as at the dawn of history of economics, in Plato’s and Aristotle’s times, there were laid the foundations of theories of the nature of money. Various aspects of looking at the functions of money resulted in two basic theoretical positions: the material (commodity) theory of money that built the function of money as a store of value and the nonmaterial theo-ry of money, based on the function of money as means of exchange and unit of account. A separate area of monetary theory later developed theories about the value of money, quantity theory of money, the cost of production theory of money or a theory of subjective value of money. Over time, the development of the economy and international trade economists have begun to address issues of currency circulation, the amount and cost of money and the price level. Because of the gradual replacement of full money for fiat money, the economists began to explore the problematic of inflation and its impact on economic, political and social life in the short run and in the long run.

Keywords: theories of money, development of the theories, price level, inflation theories

JEL: E 10, E 31, N 01

str./pp. 379/392

RECENZIE/REVIEWS

Jana Lenghardtová - Jana Paľková - Perceptions of Latin America in Slovakia and their Reflections at the University of Economics in Bratislava (Percepcie Latinskej Ameriky na Slovensku a ich odraz na Ekonomickej univerzite v Bratislave)

Jana Lenghardtová - Jana Paľková - Perceptions of Latin America in Slovakia and their Reflections at the University of Economics in Bratislava (Percepcie Latinskej Ameriky na Slovensku a ich odraz na Ekonomickej univerzite v Bratislave)

Abstract: In this paper an overview of scholarly literature on Latin America published by Slovak authors is briefly introduced within abroader cultural and societal context. The latter is given by the Slovak society’s perceptions of this target region. The picture of the development of the Latin American Area Studies in Slovakia is presented according to different disciplines (mainly linguistics, literary studies, history, and archaeology) with ashort reference to those institutions in which research and education in Latin American issues have been performed. At the end, the article brings acase study of the University of Economics in Bratislava (UEBA) which shows, among others, how teaching/learning the Spanish language for future economists and managers stimulated the development of Latin American studies from the perspective of economics, political science, international relations, and related fields. The UEBA’s activities aimed at initiating and developing relations and cooperation with universities from Latin American countries are shortly introduced, as well.

Structure of the paper:

Perceptions of Latin America in Slovakia. Ahistorical perspective.
Slovak scholarly literature on Latin America. Overview of developments, disciplinary approaches, and main topics
In search of awakening interest in Latin American studies and in developing cooperation with Latin American universities. The experience of the University of Economics in Bratislava

Keywords: Latin America, Latin American Area Studies, Spanish language, linguistics, literature, degree programme, Slovak Republic

JEL: N 26, N 36, N 46, N 56, N 66, N 76, N 96

str./pp. 121-140

Andrea Furková - Marian Reiff - Multiple Selections of Alternative under Constraints: Case Study of the Slovak Retail Market (Viackriteriálne vyhodnocovanie alternatív s obmedzeniami: prípadová štúdia slovenského maloobchodného trhu)

Andrea Furková - Marian Reiff - Multiple Selections of Alternative under Constraints: Case Study of the Slovak Retail Market (Viackriteriálne vyhodnocovanie alternatív s obmedzeniami: prípadová štúdia slovenského maloobchodného trhu)

Abstract: This paper is given over to an attractiveness assessment of the retail chains operating in Slovakia. Selected multi-attribute decision-making methods are used to analyse customer preferences utilising various criteria. Most of the time retail chains operating in Bratislava City region have been chosen as variants. The application of the PROMETHEE II method has provided us with acomplete ranking of the retail chains analyzed and as aconsequence of these results, we were able to define customer preferences. Having these results in hand, we proceed to making multiple selections of retail chains under constraints. We decided to employ the PROMETHEE Vmethodology and binary linear programming model formulation to solve this problem. The main goal of this paper is to exploit the multiple selections of retail chains as support tool for decision making concerning retail chains selection and evaluation from customers’ and suppliers’ point of view.

Keywords: retail attractiveness, optimisation under constraints, PROMETHEE II, PROMETHEE V.

JEL : C 6, M 2, M 3

str./pp. 141-149

Milan Terek - Možnosti riešenia problému neodpovedania v štatistických prieskumoch (Possibilities of Dealing with Nonresponse Problem in Statistical Surveys)

Milan Terek - Možnosti riešenia problému neodpovedania v štatistických prieskumoch (Possibilities of Dealing with Nonresponse Problem in Statistical Surveys)

Abstract: The paper deals with the possibilities of solution to the nonresponse in statistical surveys. Effects of nonresponse on the estimators are described and the causes of nonresponse are analysed. Then the methods of increasing the response rate in statistical surveys are presented. The weighting to reduce nonresponse bias, sampling variance and noncoverage error is studied in the main part of the paper. The weighting class adjustment and poststratification adjustments are described in detail. The application of described methods is illustrated on the example. Finally, the importance of auxiliary information is emphasized.

Keywords: statistical survey, nonresponse, coverage errors, weighting class adjustment, poststratification adjustment

JEL: C 83

str./pp. 150-165

Jaroslav Husár Hrubý domáci produkt, jeho význam a možnosti pri tvorbe hospodárskej politiky (Gross Domestic Product, its Importance and Possibilities in the Creation of Economic Policy)

Jaroslav Husár Hrubý domáci produkt, jeho význam a možnosti pri tvorbe hospodárskej politiky (Gross Domestic Product, its Importance and Possibilities in the Creation of Economic Policy)

Abstract: In this article we deal with the GDP as ameasure of economic performance and that of economic equilibrium. The Report by the Commission on the Measurement of Economic Performance and Social Progress by J. E. Stiglitz, A. Sen and J. Fitoussi was published in 2012. As is known, there are several controversial problems as far as the content of the GDP is concerned. We show that there are several definitions of the GDP and due them we can construct objects that help us analyse the working of the economy. We use our methodology of social accounting matrices as well as the Simple Keynesian Model to obtain adeep understanding of some principal macroeconomic indicators and the creation of economic policy.

Keywords: GDP indicator, macroeconomic variables, relations between variables, indicator of performance, equilibrium indicator, social accounting matrices, model

JEL: E 01, E 25, B 41

str./pp. 193-206

Miroslav Szpyrc - Viera Pavličková - Daniel Novota Determinanty dopytu po úveroch poskytnutých obyvateľstvu v Slovenskej republike (Determinants of Demand for Credits Granted to Population in the Slovak Republic)

Miroslav Szpyrc - Viera Pavličková - Daniel Novota Determinanty dopytu po úveroch poskytnutých obyvateľstvu v Slovenskej republike (Determinants of Demand for Credits Granted to Population in the Slovak Republic)

Abstract: The article deals with loans granted by other monetary financial institutions to households in the Slovak Republic. It analyses the development of inter-annual changes of loans to households over the analysed period from 1995 to 2008. Moreover, it examines the determinants of the demand for the loans to households with the use of the error correction model. The loans to households are in the long-run positively influenced by the final household consumption and negatively by the real interest rate and the unemployment rate. In the short-run, they are positively influenced by the loans to households from the previous period and the final consumption of households and negatively by the unemployment rate.

Keywords: loans, households, other monetary financial institutions, error correction model

JEL: C 22, E 51, G 21, R 20

str./pp. 207-221

Štefan Marsina - Elena Thomasová Proces vytvárania vyspelej projektovo orientovanej organizácie (Process of Developing and Advanced Projected-oriented Organisation)

Štefan Marsina - Elena Thomasová Proces vytvárania vyspelej projektovo orientovanej organizácie (Process of Developing and Advanced Projected-oriented Organisation)

Abstract: The goal of this paper is to analyse the improvement process of project orientation of organisations and thereby gradual creation of amature project-oriented organisation. The platform for the process is amodel of five areas in which an axis is the development of projects and project management area and next four areas support this key area. The supporting areas are: development of communications, development of knowledge management, training and development of employees, and the development of standards and norms. All this process can be seen as afive-level transformation and aradical organisational change from the current organisation up to amature project-oriented one. Therefore, prior to the analysis of the model the theoretical basis concerning strategic changes of an organisation should be analysed.

Keywords: organisational change, phases of change, mature project-oriented organisation (POO), transformation process of creating amature POO, areas of POO development

JEL: L 20, M 10

str./pp. 222-236

Alena Bašová Vplyv prijatia tretieho liberalizačného energetického balíčka Európskej únie na plynárenský sektor Slovenskej republiky (The Influence of Adopting the European Union´s Third Energy Package for Slovakia´s Gas Sector)

Alena Bašová Vplyv prijatia tretieho liberalizačného energetického balíčka Európskej únie na plynárenský sektor Slovenskej republiky (The Influence of Adopting the European Union´s Third Energy Package for Slovakia´s Gas Sector)

Abstract: Energy issues have been at the centre of attention of both the EU and its Member Countries for along time. In the long-term, it has been aglobally discussed topic, which is gaining in importance. Securing the energy sources of necessary quality, quantity and at the right time for each country is critical to the securing of sustainable economic growth for the economic groupings of Member Countries and their national economies – of course, with regard to environmental protection. In the natural gas sector, there are several vertically integrated levels, namely: gas extraction, gas transportation and gas distribution, while in order to secure their effectiveness, parallel networks in transportation and distribution cannot be built in these sectors. As a result, the introduction of competition cannot be expected in these sectors. By contrast, in other sectors, such as the production and sale of gas, the existence of anumber of market actors and development of competition conditions are desirable.

Keywords: natural gas, competition, third energy package, delivery of gas, price of delivery

JEL: D 04, D 42

str./pp. 237-249

RECENZIE/REVIEWS

INFORMÁCIA/INFORMATION

Božena Chovancová - Peter Árendáš - Main Risk Margin Determinants of Government Bonds of Visegrad Group Countries (Hlavné determinanty rizikových marží vládnych dlhopisov krajín V4)

Božena Chovancová - Peter Árendáš - Main Risk Margin Determinants of Government Bonds of Visegrad Group Countries (Hlavné determinanty rizikových marží vládnych dlhopisov krajín V4)

Abstract: In recent years we have witnessed a significant growth in government balance deficits and thus government debts, especially in European countries and mainly in the Eurozone. The aim of this paper is to analyse individual factors that influence the changes in risk margins (focusing on V4 countries – the Czech Republic, the Slovak Republic, Poland, and Hungary). The analysis is based on the Risk spread creation and volatility model. We used empirical-statistical methods and comparison within the frame of the specific model, which is used and applied on the countries of Eastern Europe.

Keywords: government bonds, risk spread, fiscal debt, interest rate, payment balance

JEL: G 01, G 12, E 44

str./pp. 7-20

Ivana Mišúnová Hudáková - Juraj Mišún - Adaptability of the Internal Business Environment of Small and Medium - Sized Enterprises in Slovakia (Adaptabilita interného podnikateľského prostredia malých a stredne veľkých podnikov na Slovensku)

Ivana Mišúnová Hudáková - Juraj Mišún - Adaptability of the Internal Business Environment of Small and Medium - Sized Enterprises in Slovakia (Adaptabilita interného podnikateľského prostredia malých a stredne veľkých podnikov na Slovensku)

Abstract: Companies that are exposed to an uncertain changing business environment must be able to adapt and change in order to achieve some compliance with the subject of business carried out and the objectives with the ambient conditions. Also these conditions can be a source of threats for small and mediumsized enterprises. In this context, we emphasize the adaptability of the enterprise. It is the active joining of resolving the conflict between the business entity and its environment. We follow signs of this joining through changes as a transition of stability on one level to a whole new level of stability, which can cause a change in the company’s original strategy to a new strategy.

Keywords: adaptability, awareness, flexibility, value chain, the response.

JEL: M 21, M 29

str./pp. 21-31

Soňa Ferenčíková - Alena Víncenová - Vplyv finančnej krízy na vývoj medzinárodných fúzií a akvizícií (Influence of Financial Crisis on the Development of International Mergers and Acquisitions)

Soňa Ferenčíková - Alena Víncenová - Vplyv finančnej krízy na vývoj medzinárodných fúzií a akvizícií (Influence of Financial Crisis on the Development of International Mergers and Acquisitions)

Abstract: The authors analyse cross-border mergers and acquisitions before and after the world financial crisis. They pay a special attention to the collapse of Lehman Brothers and its impact on these operations. They also focus on mergers and acquisitions in the region of Central and Eastern Europe and analyse the development of this phenomenon in the Slovak Republic. In the conclusion they present their expectations about the future trends in the area studied.

Keywords: cross-border mergers and acquisitions, mergers and acquisitions in Slovakia, financial crisis

JEL: F 21, F 23

str./pp. 32-44

Tomasz Wołowiec - Dariusz Reśko - Multiannual Financial Perspective as an Instrument of Finance Management by Local Government in Poland (Viacročný finančný výhľad ako nástroj finančného manažmentu používaný miestnou samosprávou v Poľsku)

Tomasz Wołowiec - Dariusz Reśko - Multiannual Financial Perspective as an Instrument of Finance Management by Local Government in Poland (Viacročný finančný výhľad ako nástroj finančného manažmentu používaný miestnou samosprávou v Poľsku)

Abstract: The implementation of primary functions of local development management, especially its planning, organising and controlling, cannot leave the financial aspects of these processes aside1. This can be attributed to the fact that every decision taken in the commune concerning strategic or operational management is related to the necessity of making specific financial contributions or to the conscious resignation from obtaining income (tax reliefs or exemptions). Moreover, the model of financial management adopted in a particular commune determines whether its financial methods and instruments perform development or stagnation functions. The implementation of primary functions of local development management, its planning, organising and controlling in particular, cannot disregard the financial aspects of these processes.

Keywords: multiannual, financial perspective, local government units, finance management, Act of Public Finance (PL)

JEL: H 6, H 7

str./pp. 45-56

Martin Grančay - Teórie medzinárodného obchodu s heterogénnymi firmami (Theories of International Trade with Heterogenous Firms)

Martin Grančay - Teórie medzinárodného obchodu s heterogénnymi firmami (Theories of International Trade with Heterogenous Firms)

Abstract:The present paper provides an overview of the development of international trade theory in the early 21^stcentury. It analyzes factors leading to the emergence of “post-Krugman” theories and focuses on Melitz’s model of trade with heterogeneous firms and Bernard, Redding and Schott’s integrated model. The paper highlights current trends in theoretical research into international trade, in particular on investigating the volatility of foreign trade on the firm’s level. It also outlines possible developments of theories in the near future.

Keywords: international trade, trade theory, heterogeneous firms, productivity

JEL: F 12

str./pp. 57-69

Štefan Rehák - Lukáš Sekelský - Ekonomické vplyvy vysokoškolských študentov na hostiteľské mestoPrípadová štúdia Ekonomickej univerzity v Bratislave(How the Presence of University Students Influence the Host City Economy. Case study of the University of Economics in Bratislava)

Štefan Rehák - Lukáš Sekelský - Ekonomické vplyvy vysokoškolských študentov na hostiteľské mestoPrípadová štúdia Ekonomickej univerzity v Bratislave(How the Presence of University Students Influence the Host City Economy. Case study of the University of Economics in Bratislava)

Abstract: Universities are considered as the key engines of economies, particularly in the long term through their contribution to human capital accumulation and innovation. In the short run, their importance for host cities is mainly associated with the increase in the demand for goods and services. The origins of university impact assessment for the region date back to the 1970-ies, when the research carried out by Caffrey and Isaacs (1971) introduced and popularised a formal method of evaluating the economic impacts of the university. This article is an empirical contribution, whose main objective is to quantify the amount and structure of local expenditures of students of the University of Economics in Bratislava. The research is based on data obtained through a questionnaire survey of 628 full-time students studying at the university in the city of Bratislava. The analysis shows that students have an average budget of around 259 Euro, of which they spend 208 Euro in Bratislava, and most of the amount on housing and food. Altogether, students from the UE spend about 1.5 million monthly in Bratislava, of which the net contribution to the local economy accounts for 692,000 Euros.

Keywords: economic impact, university students, Bratislava

JEL: R 12, I 23

str./pp. 70-81

Ivana Ondrušeková - Viera Pavličková - Výnosnosť investícií do vzdelania v Slovenskej republike (Profitability of Investment into Education in the Slovak Republic)

Ivana Ondrušeková - Viera Pavličková - Výnosnosť investícií do vzdelania v Slovenskej republike (Profitability of Investment into Education in the Slovak Republic)

Abstract: The paper focuses on empirical estimate of private profitability of investment into education. EU SILC statistics are analysed for the purposes of quantifying the influence of education on an individual’s income under conditions of the Slovak Republic in the years 2005 and 2009. At the same time, changes in the private profitability of education in Slovakia across years are investigated in the paper.

Keywords: Minzer income equation, profitability of education

JEL: I 21, I 22

str./pp. 82-98

Anna Hrnčiarová-Turčiaková Spotrebiteľské odmietanie privátnych značiek (Consumer Refusal of Private Labels)

Anna Hrnčiarová-Turčiaková Spotrebiteľské odmietanie privátnych značiek (Consumer Refusal of Private Labels)

Abstract: The aim of the paper is to clarify in detail the essence of refusing the private label (PL) in comparison with refusing the product manufacturer’s brand (PMB). On the basis of results of analyses published in foreign sources (in particular British, US and Australian ones), the author interprets the reasons of refusing the brands in five segments of supermarkets in the United Kingdom and Australia. The author extends five categories of reasons (negative experience with the brand in the past; refusal on moral grounds; information about the price, advertising, name of brand, and packaging; high risk perception; and spillover effects) by another one, namely the loss of trust/high risk. In “Discussion and conclusions” the author states that the intensity of PL refusal in comparison with the refusal of the product manufacturer’s brand is higher in Australia. The author interprets the results,

processes them, and in the final part of the paper makes recommendations concerning the perception of low quality on the part of consumers and the competition among PL marketers.

Keywords: private label (PL), product manufacturer’sbrand (PMB), brand refusal, low quality perception

JEL: A 11, M 21

str./pp. 99-111

RECENZIE/REVIEWS

RECENZIE/REVIEWS

Vladimír Gonda

KAŠŤÁKOVÁ, E.: Obchodná spolupráca EÚ s Ruskom (súčasný stav a perspektívy). Bratislava: Vydavateľstvo EKONÓM, 2012, 102 s. ISBN 978-80-225-3538-0

JEL: Y30

str./p. 112

REVIEW/RECENZIA

Darina Orbánová

KOMPOLTOVÁ, S.: Pedagogika pre učiteľov. Bratislava: Vydavateľstvo EKONÓM, 2013, 238 s., ISBN 978-80-225-3647-9

JEL: Y30

str./p. 113

REVIEW/RECENZIA

Nadežda Jankelová

IVANA MIŠÚNOVÁ HUDÁKOVÁ a kolektív: Strategický manažment. Prípadové štúdie. Bratislava: Vydavateľstvo EKONÓM, 2013., 208 s., ISBN 987-80-225-3633-2.

JEL: Y30

str./p. 114

REVIEW/RECENZIA

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