Helena Liebelt – Štefan Slávik - STRATEGIC CHANGE MANAGEMENT IN POST-CRISIS ENVIRONMENT (Strategický manažment zmeny v pokrízovom prostredí)
Abstract: The research deals with the behaviour of a company in post-crisis environment. It is supposed that an action of a company in this stage of its existence is influenced by the nature of change that the company is going through, by its business strategy, competence to integrate management of change into the post-crisis strategy, as well as by leadership and communication. Based on research results four concepts of company management in post-crisis conditions are recommended. They include: proactive approach and constant transformation, strategic flexibility, strong leadership, and constant communication. The choice of a suitable concept is offered by the anticipative post-crisis change management model in post-crisis conditions.
Keywords: management of change, strategic management, organization planning, crisis management, post-crisis stage
JEL: M 10, M 21
str./pp. 419-438
Andrzej Zygula - DIVIDEND PAYOUT MODELS IN COMPANIES WITH MAJORITY OF FOREIGN CAPITAL: ON THE EXAMPLE OF THE WARSAW STOCK EXCHANGE (Model výplaty dividend v spoločnostiach s majoritným podielom zahraničného kapitálu – na príklade Varšavskej burzy cenných papierov)
Abstract: Companies that systematically share generated profits with shareholders perform a dividend payment according to a specific payout model. In general, there are three payout models mentioned in the subject literature, i.e. the policy of fixed rate of dividend payment, policy of fixed amount of dividend per share and the policy of fixed dividend with “extra dividend”. In addition, the policy of residual dividend is often included into these models. The aim of this article is to present possible model policies of dividend payments. Moreover, bearing in mind that each year Polish listed companies increasingly attract foreign investors, especially strategic investors, a second detailed objective was set. This objective is an attempt to evaluate dividend payout models applied in companies with majority of foreign capital listed on the Warsaw Stock Exchange.
Keywords: ownership structure, payout policy, dividend payout models, stable dividend policy, residual dividend policy
JEL: G 35, G 32
str./pp. 439-451
Mansour Zarra-Nezhad – Majid Sheikh Ansari – Mahvash Moradi - MONEY DEMAND AND INFLATION: A LINEAR OR THRESHOLD RELATION? (Dopyt po peniazoch a inflácia: lineárny alebo hraničný vzťah?)
Abstract: This study is an attempt to empirically investigate the role of inflation on the money demand function in Iran. The main purpose of this study is to focus specifically on the relationship between inflation and money demand, that is whether the relationship is non-linear and as well as to estimate the threshold level; at which the sign of the relationship between two variables would switch. In order to achieve the objective, there were used time-series data over the period 1980 through 2013 in this study. Empirical results provide the evidence that the nonlinear model presents better fit than the linear model for Iran’s money demand. This non-linearity is explicitly modelled using threshold regression procedure. Also, exchange rate and real income explain some variations of money demand. The results obtained in this study suggest that the Central Bank should carefully monitor the exchange rate and inflation as two most important indicators of monetary policy, because these two determinants are the main drivers of demand for money in Iran.
Keywords: money demand function, infl ation, threshold regression, optimum threshold level, Iran
JEL: C 32, E 31, E 41
str./pp. 452-475
Zlatica Ivaničová – Lukáš Kalužák - DYNAMIKA VÝVOJA KRAJÍN EUROZÓNY NA ZÁKLADE VYBRANÝCH UKAZOVATEĽOV (Dynamics of Eurozone Countries´ Development Based on Selected Indicators)
Abstract: The aim of the article is to point out the development of Euro zone countries and expressly state whether there is convergence or divergence of individual economies. Cluster analysis comparison of development stability in the years 2005, 2009 and 2013 highlights certain turbulences in the development of selected economic indicators within the 19 Eurozone countries. What is interesting is the clustering of newly acceding countries within the Euro zone. During the years analysed, there has been a change in the structure of clusters; however, the distance the collective clusters from the centroids in analysed years does not fulfil expectations of the newly acceding countries, that they will quickly achieve the economy level of the Eurozone founding states.
Keywords: Euro zone, cluster analysis, hierarchical methods, Ward’s method
JEL: C 44, E 23, E 24
str./pp. 476-492
Lea Škrovánková – František Slaninka - VYUŽITIE AKTUÁRSKEJ MATEMATIKY V NEMOCENSKOM POISTENÍ (The Application of Actuarial Mathematics in Sickness Insurance)
Abstract: The aim of the paper is to theoretically describe the system of health and sickness insurance in Slovakia and focus on the possibility of applying actuarial calculations in sickness insurance. The paper analyses the functioning of our health service; based on the legislation in force there are defined basic concepts of sickness insurance. The paper focuses on the application of discrete deterministic models, which have already been applied in the European Union and in the United States. Ideas in the paper´s theoretical and practical parts could be applied also under our conditions. The models described in general enable to generalise a wide range of various conditions in the creation of the offer of sickness insurance products and set the amount of the premium.
Keywords: sickness insurance, health insurance, insured event, premium, actuarial formulas
JEL: C 4, I 1, K 3
str./pp. 493-506
Ľudovít Korček - SCHUMPETEROV TEORETICKÝ SYSTEM (Schumpeter´s Theoretical System)
Abstract: The Schumpeterian system is an important model in the history of economic science, stressing innovation as the basic factor in the capitalist economic system. This dynamic approach is still inspiring economists in describing the ‟wavelike” movement of its ‟circular flow”. In this connection, it is necessary to introduce Schumpeter’s first work ‟Theory of Economic Development” published in 1912 in the German language; its English translation by Harvard University Press (1939) found a vivid echo even in the USA. In connection with the cyclical development of capitalism in the thirties of the twentieth century, there was published his famous work ‟Business Cycles” – the theoretical, historical and statistical analysis of capitalist process (1938). The last Schumpeter’s work “Capitalism, Socialism and Democracy” (1942) presents his vision of the future of capitalism.
Keywords: innovation, business cycles, the vision of self-destruction of capitalism
JEL: B 2
str./pp. 507-515
Ivan Figura - HOSPODÁRSKE ROZHĽADY A IMRICH KARVAŠ (The Economic Review and Imrich Karvaš)
Abstract: The paper deals with the history and the importance of the journal ‟Hospodárske rozhľady” (The Economic Review), the first Slovak economic professional and scientific periodical edited in the years 1926 – 1947. It evaluates the fulfilment of the publisher’s aim to provide a significant monthly, periodical independent of political parties. The journal published original economic articles dealing with the Slovak economy, with its sectors and with its position in the economy of Czechoslovakia. The authors were or became the important persons in the history of the Slovak economy and in Slovak economic thought. The role of the Slovak economist Imrich Karvaš in the mission of the journal is evaluated in the paper. Karvaš published numerous articles in ‟Hospodárske rozhľady” and acted as an editor of the periodical in the years 1930 – 1938. At that time, the journal effectively stimulated a progress of the Slovak economic science.
Keywords: Slovak economic history, economic science in Slovakia
JEL: A 11, N 01
str./pp. 516-521
Alena Bašová - PLYNÁRENSKÉ HUBY ‒ VÝZNAMNÝ NÁSTROJ OBCHODOVANIA SO ZEMNÝM PLYNOM (Natural Gas Hubs – a Significant Instrument of Trade in Natural Gas)
Abstract: The beginning of the last century the trade in natural gas recorded considerable development, based mostly on long-term contracts between the gas exporting countries and the importers. The marketable price of natural gas was formed based on the comparison with global oil prices and the rate of dollar. With the liberalisation of the European energy market, the gas business has started to take over some of the elements that existed in the US market. The first European country where gas trade through hubs started to develop was Great Britain. At present, a significant transit hub of natural gas is Baumgarten in Europe.
Keywords: natural gas, natural gas hubs, virtual hubs, underground storages
JEL: Q 430, Q 480, D 04, D 42
str./pp. 522-532
RECENZIE/REVIEWS
Michaela Tomčiková
BELÍČKOVÁ, K. a kol: Verejné rozpočty.(Public Budgets) Bratislava: Vydavateľstvo Ekonóm, 2015, 262 s., ISBN 978-80-225-4142-8.
JEL: Y30
str./pp. 533
Denisa Čiderová
GHORRA-GOBIN, C. (ed.). (2012). Dictionnaire critique de la mondialisation (Kritický slovník globalizácie). 2e éd. Paris: Armand Colin, 2012, 645 s., ISBN 978-2-200-27009-4.
JEL: Y30
str./pp. 534 - 535
