The Reviewed papers from the VI. International Conference MEKON 2004

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The Reviewed papers from the VI. International Conference

MEKON 2004

Research outcomes of doctoral students and young researchers published by
EKF V
S
B
-
TU OSTRAVA 2004


THE ENTERPRISE’S RISK OF SALE IN TERMS OF FRACTAL DIMENSION

ANNA MULARCZYK

Faculty of Organisation and Management, Silesian University of Technology, Zabrze, Poland

Abstract: The fractal method of risk analysis in enterprises has been presented in the article.

Firstly, the concept of fractal and its dimension have been described
. Subsequently, the idea
of risk and its connection to fractal dimension were characterized. The next part of the article
consists of the description of rescaled range analysis in order to estimate the fractal
dimension. Finally, the risk of the sale of a
certain enterprise has been analysed in comparison
with a hypothetical example. The
conclusions were drown.

Keywords
: Fractal, fractal dimension, rescaled range analysis, risk, fractal enterprise.


APPLICATION OF BIOMETRIC TECHNOLOGIES IN REMOTE EXAMINATIO
N
SCENARIOS

ADRIAN KAPCZYNSKI

Department of Computer Science and Econometrics, Silesian University of Technology,
Gliwice, Poland

Abstract: Presented paper concentrates on aspects of authentication during examination
session in distance learning systems.

In the article four configurations of biometrically
enhanced examinations were described.

Keywords
: e
-
learning, authentication, biometrics.


SIMULATING CONSUMERS’ BEHAVIOUR USING CELLULAR AUTOMATA


SEGMENTATION OF THE MARKET

AGNIESZKA KOWALSKA


STYCZEŃ

Department of Organization and Management, Chair of Computer Science and Econometrics,
the Silesian University of Technology, Poland

Abstract: In the paper we present the simulations of consumers' behaviour leading to the
segm
entation of the market. The consumers' behaviour is simulated using cellular automata
-

Schelling model.







ESTIMATING BETA IN A SMALL OPEN ECONOMY

DALIBOR PETR

Department of Mathematical Methods in Economics, Faculty of Economics, Technical
University of Ostrava

Abstract: This paper deals with one of the possibilities of beta estimation in the small open
economy environment. This way of beta estimation uses the
Capital Asset Pricing Model
(CAPM), more specifically, its SML version. The paper is based on the regression estimation
of the single
-
index model (the empirical version of the model’s SML form) as well as the
calculation of Cohen, Hawawini beta, all applie
d on the four stocks that have been selected as
the most significant ones on the Finnish and Czech capital market. The time span of data
taken for the calculations is a five
-
year time interval (1998
-
2002). The main objective of the
paper is to compare the
beta coefficient and other selected capital market indicators such as
variance, covariance and correlation of the already
-
mentioned four stocks within the small
open economy environment on the basis of the Finnish and Czech stock market index.

Keywords
: t
he Capital Asset Pricing Model, Securities Market Line, beta coefficient, beta
estimator, the single
-
index model, stock/market return, error term, Cohen, Hawawini, Mayer,
Schwartz and Whitcomb (1983 ) beta


ZUR REGULIERUNG VON RATING


AGENTUREN

STEPHAN A
. SCHMID

Europäisches Institut für postgraduale, Bildung an der TU Dresden e. V.

Abstract: As a result of the forthcoming regulations of the New Basel Capital Accord (Basel
II) the role and function of Credit Rating Agencies is of an increasing importanc
e for the
financial markets. But while the Rating
-
Market in the U.S. is strongly regulated by the
Securities and Exchange Commission (SEC),1 As the Rating
-
Market is quasi oligopolistic,
the self
-
regulation of the market is limited, so other ways of regulat
ion need to be discussed.
Consequentially, a discussion about the intensity and the options how to regulate the
European Rating Agencies is in progress. In this discussion in Germany three alternatives are
shortlisted: as a strict alternative the ongoing s
upervision of the Activities of Credit Rating
Agencies is suggested by the Financial Services Supervision Authority (BaFin). The central
bank (Deutsche Bundesbank) prefers a consistent method of a licensing procedure for Credit
Rating Agencies and the coll
ective of the Agencies themselves favours the least regulation by
a voluntary self
-
control. In Europe no rules and no regulations are implemented up to now.


SOME CONSIDERATION ABOUT MANAGEMENT OF SHARES

ANNA SROCZYŃSKA

Silesian University of Technology,

Poland

Abstract: In this work the problem of management of shares is described. The problem of
distributing the process of purchase and sale shares in time is short presented and solved by
using the theory of antagonistic games. Next the construction and

way of acting of stochastic
oscillator is shown. There is also the analysis of prices of shares of Factory of Hydraulics
Elements in Wadowice


PONAR done and the way of management of these shares is
presented.

Keywords
: Shares management, Optimal strate
gy, Stochastic oscillator

RAPPAPORTS SHAREHOLDER VALUE ADDED ALS ERFOLGSMAßSTAB FÜR EINE
WERTORIENTIERTE UNTERNEHMENSFÜHRUNG

DIPLOM
-
KAUFMANN (FH) DANIEL STREICH, MBA

Comenius University Bratislava, Faculty of Management FMUK, Slovak Republic

Abstract: O
ne of the most discussed schemes of this centuries leadership styles is the
Shareholder Value approach. In this paper the author describes and discuss requirements on
value based key financial ratios and shows the importance for a company. After discussing

the
requirements the author describes Rappaport’s Shareholder Value Added as ratio for
measuring the value of an enterprise. Finally, the author highlights the advantages as well as
the disadvantages of this value based financial ratio.

Keywords
: Cash Fl
ow, Shareholder Value, Shareholder Value Added, Net operating Profit
after Tax, Weighed Averaged Cost of Capital, Total Shareholder Return

The Reviewed papers from the VIII. International Conference MEKON 2006

Research outcomes of doctoral students and
young researchers published by EKF VSB
-
TU OSTRAVA 2006


ECONOMIC IMPLICATIONS OF GLOBAL SOCIAL DYNAMICS

MIROSLAV JAVOR

Faculty of Business Administration, University of Economics, Prague

Abstract: First part of the article deals with defining and brief des
cription of social dynamics
concept. Further on global dimension of social dynamics is introduced. Analysed are its basic
features and crucial changes it underwent in time. On the basis of previous statements,
economic implications are divided according to

their relation to global social dynamics.
Finally, there is an attempt to summarize findings through graded list of global development
alternatives.

Keywords
: globalisation, social dynamics, change, economic implications, alternative futures


DOES CHINA
REPRESENT AN ECONOMICAL THREAT FOR THE REST OF THE
WORLD? WHAT IS BEHIND ITS UNPRECEDENTED ECONOMICAL GROWTH?

PETR FANCOVIC, HAODONG HUANG

Faculty

of Economics
, Department of Business Administration,

Abstract: Over the past two decades the world has witn
essed the unprecedented growth of the
Chinese economy, which has been attracting the attention of academics and practitioners all
over the world. In general, Asian economies are growing at a very fast pace, which is often
being referred to as the “Asian th
reat”. Basic facts quantifying the recent development of the
Chinese economy are mentioned in this paper. Secondly, it attempts to analyse and highlight
the chosen factors that are behind the Chinese great achievements. At the end there are given
experienc
es of firms that have entered the Chinese market or utilized it somehow with the aim
of inspiring other firms on how to make the most of the “Chinese economical miracle”.

Keywords
: China, economical growth, quality


CRISIS PREVENTION FOR THE BRITISH ROYAL
FAMILY

MARCELA PAPALOVÁ

Faculty of E
conomics,
VŠB
-
TU Ostrava

Abstract: This contribution maps out a case study which is made use of in the subject of Crisis
Management. The article employs a generally well
-
known example, which does not require
additional
detailed familiarisation with the situation for the students. This known theme in the
media does bring with it, however, a certain danger that the students will not only pay
attention to the problems on which they should be focused during the process of le
arning and
instead their attention will be distracted.

Keywords
: Case study, crisis foundation, SWOT analysis, analysis threat



ROOTS OF THE KNOWLEDGE ECONOMY

PAVEL BARTOŠ

Faculty of informatics and management, University Hradec Králové

Abstract: The know
ledge economy is a big question of nowadays. Is that new industrial
revolution or is that just an old concept in a new dress? What started the process of the
transformation to knowledge economy? Is it really knowledge playing the essential role in
new econ
omical processes and if so, why? I suppose that knowledge economy is a result of
deep changes in social organization and this metamorphosis brings economical impact
influencing behaviour of commercial institutions.

Keywords
: knowledge economy, new economy,

information society, knowledge, turbulent
times.


LOGISTICS WITHIN COMPANIES’ ORGANISATIONAL STRUCTURES

MARIUSZ KRUCZEK

Department of Enterprise Management and Production Organisation, Faculty of Organisation
and Management, Silesian Technical University

Abstract: A great interest shown in the logistics approach to management as an effective
method of a achieving competitive supremacy by the company was observed during the
market transformation in Poland. The aim of the article is to present the problem of

the
logistics management in term of forming organizational structures as well as the evolution and
the place logistics occupies in the organizational structures in the course of time.

Keywords: logistic, organisational structure,


ASSESING A PROECOLOGICAL

AND

PROSOCIAL STRATEGY OF ENTERPRISES
BY MEANS OF FUZZY

LOGIC

ANNA SEDEK

Quality Management of Processes and Products, Faculty
of Organisation and Management,
Silesian University of Technology in Gliwice.

Abstract
:
Recently, organizations have to take int
o account their stakeholders’ opinions when
setting

their aims. Stakeholders’ requirements concern not only the profit, but also categories
as

follows: quality, natural environment and social resp
onsibility. This is sustainable
development at the level of
enterprise. In this paper, an asses
sment method of the strategy of
sustainable development on the level of industrial units is ela
borated. The method is based on
fuzzy logic theory and leads to a final, unequivocal strateg
y assessment, which is not only
valid for sustainable development.

Keywords
:
Balanced scorecard, Fuzzy logic, Strategy, Sustainable development





ANALYSING ORGANIZATION OF VIDEO SURVEILLANCE SYSTEMS IN THE
SILESIAN REGION

KATARZYNA SIENKIEWICZ
-
MAŁYJUREK

Department of Environment and Sa
fety Management, Faculty of Organization and
Management, The Silesian Technical University in Gliwice

Abstract: This paper presents the results of research conducted in 2005, concerning
organization methods of the video surveillance systems of publicly acc
essible space in cities
of Silesian Region. Range of this systems application in other countries and their
effectiveness factors were presented. The analysis of organization of the video surveillance
systems were concluded in support of following standard:

PN
-
EN 50132
-
7: Alarm systems


CCTV surveillance systems for use in security applications


Part 7: Application guidelines.

Keywords
: Video surveillance system, Organization, Prevention


ADVANCED FMEA BASED ON COSTS


C
-
FMEA

MAGDALENA WIERZBICKA, JACEK M
AZURKIEWICZ, KATARZYNA GMITRZAK

Department of Quality Management of Processes and Products, Faculty of Organisation and
Management, Silesian University of Technology in Gliwice.

Abstract: The paper presents a new approach to using FMEA method for improving

production processes by reducing number of defects. It shows differences in results received
by preparing standard FMEA and advanced FMEA basing on costs of defects and called C
-
FMEA (Cost of Failure Mode and Effect Analysis). The researches proves that w
ithout using
real costs FMEA method cannot assure and increase effectiveness within the company.

Keywords
: FMEA method, Defect Costs, Production and Process Improvement, Quality
Management


ERDGAS ALS KRAFTSTOFF IN DEUTSCHLAND


MARKT UND CHANCE

OLIVER RUC
H

Fakultät für Management, Comenius
-
Universität Bratislava

Abstract: With the analyses of the marketing concepts of the German gasoline supplying
enterprises the introduction of the natural gasoline cars as an additional part of the market is
examined. In
Europe the German gasoline economy is well on the way to getting a leading
role in the adoption of the environmental friendly and low
-
priced fuel natural gasoline. The
investment in the network of gas stations should leverage the natural gasoline cars. On
closer
examination of the marketing concepts, the marketing strategies and the used marketing
instruments should be demonstrated what troubles and abashments the German gasoline
supplying enterprises will have to deal with until the year 2010. An important

success factor
for a succeed introduction of the natural gasoline car at the German market will be a
standardised marketing appearance. By that a pull on other European countries could be
reached and the natural gasoline car could be established throughou
t Europe.

Keywords
: natural gas as fuel (CNG), marketing concept, marketing target, marketing
strategy, marketing mix, marketing instruments


POWER OF CAPM BETA TO EXPLAIN THE CROSS
-
SECTIONAL VARIATION IN
SWEDISH STOCK RETURNS

DALIBOR PETR

Katedra
matematických metod v ekonomice,
Faculty of Economics
, VŠB
-
TU Ostrava

Abstract: The CAPM beta does not seem to be the only measure capturing the risk
-
return
relation. Other easily measurable variables such as size, book
-
to
-
market equity ratio, leverage
and

earnings
-
price ratios also capture the cross
-
sectional variation in average stock returns
that should be associated, according to the CAPM, solely with the CAPM beta (). Moreover,
even when allowing for being the only explanatory variable, the relation be
tween market and
average stock return is flat. In order to address these findings, this paper attempts to
investigate the power of CAPM beta to explain the cross
-
sectional variation in stock returns in
the environment of the Swedish capital market. The pap
er works with a set of all major stocks
listed on the Stockholm Stock Exchange (that is more than 600 companies) over the time
period of more than 25 years. In tests carried out in this paper, it is allowed for beta being the
only explanatory variable. Met
hodology used in this paper proceeds from the studies done by
Fama and MacBeth (1973). Two phases of month
-
by
-
month rolling regressions are used to
estimate beta and compute its significance in explaining the variation of stock returns. The
results support

the findings presented by Fama and Mac Beth (1973), Fama and French (1973)
and others.

Keywords
: CAPM beta, month
-
by
-
month regression, cross
-
sectional variation, stock returns,
Swedish market


PRIVATIZATION OF THE EXPORT CREDIT AGENCY EGAP: THE STATE ROLE

IN
THE SHORT
-
TERM CREDIT INSURANCE

MARKÉTA STRŽÍNKOVÁ

Institute of Doctoral Studies, Silesian University/Atradius, Prague

Abstract: Credit insurance provides companies with concepts and solutions for their
outstanding trade receivables, protecting risks o
f insolvency and protracted default. In
addition to this, credit insurance protects cash flow and this helps the companies in their
financing needs. Historically, credit insurance was a part of state export policy to protect
receivables of domestic investo
rs in abroad. State offered credit protection throughout Export
Credit Agencies (further: ECA). The role of ECA has changed because private credit insurers
offered marketable risks. Therefore, commercial business offered by major ECA was
privatized due to
EU requirements. ECA still play an important role in the non
-
marketable
insurance business. Czech state is going to privatize shares in Komercní úverová pojištovna
EGAP, a.s. (KUPEG), which offers commercial short
-
term credit insurance and is with 51%
the
Czech market leader in the commercial credit insurance. Based on the currently approved
legal changes, the Czech state will keep minimum 30 % stake in KUPEG. What are the
reasons to keep state share and are there any other possibilities?

Keywords: Credit i
nsurance; Export Credit Agency.

FORESIGHT AS A TOOL OF SUPPORTING THE MANAGEMENT OF LONG
-
TERM
INVESTMENTS IN LOCAL GOVERNMENT

MARCIN CZYC

Department of Fundamentals of Technical Systems, Faculty of Organisation and
Management, Silesian University of Techno
logy

Abstract: The paper presents attempt of using the Foresight in long
-
term investing ventures
management’s support in local government institutions. The Author justifies using Regional
Foresight methods in supporting management of the long
-
term investi
ng ventures. A case
study analysis of Regional Foresight Exercises was also made. Analysis of the best Regional
Foresight practices allowed the Author to propose initial conception of Foresight exercise in
the City of Gliwice.

Keywords
: foresight, local go
vernment, investment



The Reviewed papers from the IX. International Conference MEKON 2007

Research outcomes of doctoral students and young researchers published by EKF VSB
-
TU OSTRAVA 2007


FULL DOLLARIZATION ISSUES: A REVIEW

RADEK BEDNARÍK

Faculty of
Economics
, VŠB
-
TU Ostrava


Abstract:
This paper deals with dollarization issues. Dollarization, that is, the substitution of
domestic

currency by another one, is really widespread phenomenon. Dollarization may take
two major

forms, that is: full dollarizat
ion or de facto dollarization, whereas these two forms
are very

different in terms of possible consequences placed on the economy. The goal of this
paper is a

brief description of full dollarization and possible pros or cons carried by it.

Keywords
:
Dollar
ization, exchange rates, monetary policy, fiscal policy, banking sector.


SPECIFICS OF COMMODITY MARKETS THE DEVELOPING COUNTRIES WITH THE
FOCUS ON RICE SECTOR IN PERU

JANA KALABISOVÁ, ZUZANA KRÍSTKOVÁ

Faculty of Economics and Management, Czech University
of Agriculture in Prague

Abstract: This article deals with the specifics of the commodity markets in the developing
countries with the focus on rice sector in Peru. It describes the commodity markets in
developing countries and theirs specifics, the commod
ity prices and the rise commodity
market in Peru. In the last section, the application model analyzing the impact of the world
commodity prices tendencies on the agriculture production of Ucayali region is projected. All
these analyses are elaborated in th
e frame of the CIGA Grant of the Czech University of
Agriculture, Faculty of Economics and Management that deals with Economic and Social
Factors of Farmer Households in the Region of Ucayali, Peru (Grant number
11110/1313/3133).

Keywords
: Commodity market
, commodity price, rice, Peru, commodity model, ADL model.


KOREAN AUTOMOBILE INVESTMENTS IN SLOVAKIA

SUNGHEE SONG

Faculty of international relations, University of Economics in Bratislava, Slovakia

Abstract: This paper describes results from a firm
-
level
survey of Korean automobile firms in
Slovakia. The objectives of this paper are to explain why do Korean firms invest in Slovakia
(push factors), and which factors of Slovakia attract Korea’s FDIs (pull factors).

Keywords
: Korea, FDI, Automobile industry.



HISTORY OF THE DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM (DSGE)
APPROACH

KAREL MUSIL

Department of Applied Mathematics and Computer Science, Faculty of Economics and
Administration, Masaryk University

Abstract: The paper describes basic characteristics of t
he Dynamic Stochastic General
Equilibrium (DSGE) theory and its application on
modelling
. It introduces some reasons for
an establishing and development of the theory. It tries to specify a relatively very
heterogeneous group of the DSGE models and their c
onnection to the GE models. The part
about history of the DSGE theory contains a description of the Redux model, an introduction
of its basic characteristics and its influence on a subsequent development of economic
models. There is an attempt to explain a

connection between the DSGE models and the New
Keynesian theory as well.

Keywords
: Dynamic Stochastic General Equilibrium (DSGE) model, structural model, RBC
model, the Redux model, New Keynesian DSGE model.


CHANGES IN THE BUSINESS ENVIRONMENT AND IMPACT

ON ACCOUNTING
EDUCATION

YOUSSIF KHNDABI

Faculty of Economics, Technical University of Ostrava

Abstract: The technical development of information is the most important challenges facing
the profession of accountancy and auditing. The knowledge and skills o
f information
technology as one of the concepts of the twenty
-
first century AD is one of the most important
factors that have changed the business environment. To develop students' knowledge of the
environment in which businesses operate, materials will be

developed to increase the students'
understanding of the nature of business activities before discussing the accounting for the
activities.

Keywords
: Accounting education, e
-
learning, changing global marketplace


VENTURE CAPITAL AND ENTERPRISES

ERIKA PALE
NCÁROVÁ

Faculty of Economics, Matej Bel Univers
ity in Banská Bystrica, Slovak R
epublic

Abstract: For financing of innovative and developing projects, especially for small and
medium
-
sized enterprises, was in developed economies invented a special type of financing,
the venture capital financing. Venture capital represents a form of long
-
term

financing of
needs of a company in the form of investment of capital to the asset of a company. The aim of
this paper is oriented to the basic definition and characteristic of venture capital. We also
write about the basic specification of enterprises tha
t use this type of financing for the
development their business activities. Finally, we analyze the position of venture capital in
Europe, Slovak republic and Czech republic.

Keywords: External financial sources, venture capital, small and medium sized ent
erprises,
financial support


INTERNAL AUDITING ROLE AND SCOPE

YOUSSIF KHNDABI

Faculty of Economics
, VŠB
-
TU Ostrava

Abstract: There is no doubt that the large expansion in economic activities and increasing the
volume of installations and the geographical
spread has led to the need for top management to
delegate powers and responsibilities of the different levels within the treaty. This led to the
need to provide adequate oversight to ensure that the various administrative levels Bloodbath
in accordance wit
h the instructions set. Thus the need for a system of internal controls
designed to assist the Department to carry out its functions efficiently and effectively

emerged
. The internal audit is one of the tools that are now extremely important to follow up
t
he work of the companies and ensure its management policies, the owners and their ability to
cope with economic changes and thus maintain the profits and prosperity, and the increased
share of the company's market value, and thus achieve better returns sha
reholders them.
However, there is still a misunderstanding of the role of internal audit, strategic objective, and
those behind them.

Keywords
: Internal auditing, integral function, testing records and reports


STRESS IN PROFESSIONAL WORK STUDY IN BUILDING

AND MAINTENANCE
COMPANIES IN LIBYA

MOHIEDDIN ALMANAE

Department of Management, Faculty of Business and Economics,

Mendel University of Agriculture and Forestry, Brno.

Abstract: The human being is exposed to different stresses whether in structured or
unst
ructured environment. Among these stresses is work stress which means the difficult
situations and conditions that one is exposed to in his place of work. The goals of this study is
to investigate the causes and sources for professional work stress and put
ting recommendation
to support positive aspects and lessen negative aspects to reduce stress. To performed this
study. Five building and maintenance companies were selected as study place. Questionnaires
were distributed on random samples from workers in t
hese companies. This study found that
highest source for stress in the work place is the Lack of cooperation and harmony. According
to our results, we have put some recommendation. More care should be dedicated to selection
and hiring of workers to match s
kills and experience with job requirement. Relationships in
the work place should be improved and enhanced through giving workers chances to
participate with their own ideas and opinions in the decision making process. Social
relationships among workers sh
ould be built. Equal opportunities should be given promotion.
Team spirit and cooperation should be the driver in the work place in order to build trust and
cooperation and more.

Keywords
: Work stress, Instinct, Incentive, Role ambiguity, Activities, Commu
nications and
Performance.





INNOVATION ACTIVITIES AND CHANGES OF ENTERPRENEURIAL
ENVIRONMENT IN THE CONTEXT OF GLOBALIZATION

IVO MARŠÁLEK

Obchodně
-
podnikatelská fakulta, Slezská universita

Abstract: This article deals with a very complex phenomenon of r
ecent years
-

globalization,
changes of entrepreneurial environment caused by it and innovation activities. Nowadays,
companies can feel the impact of changes within economic climate with subsequent
determination to take future steps. Through this new situ
ation, companies might face many
threats but on the other hand grasp many new opportunities as well. It is vital for each
company in the global market to be based in its own country and region with all its significant
features. The article deals with the c
hanges in past, but also with changes that have or are
expected to have the impact in near future.

Keywords
: Globalization, clusters, entrepreneurial environment, market, networks,
innovation.


MARKETING RESEARCHES IN RUSSIA

YULIA MEDVEDEVA

Faculty Managem
ent and Economy, Tomas Bata University in Zlin

Abstract: If you want to understand where there is now a domestic market of marketing
researches in Russia, it is necessary to choose a reference point and corresponding system of
coordinates. By preparation
of a material it was necessary to lean basically not on the official
information, and on indirect sources. Such approach has been caused by a number of the
reasons. The basic tendencies of the domestic market of researches are involved in this thesis.
The
review will not be full if to not shine the important points connected with maintenance of
quality of marketing researches. The concept of quality is complex and should be detailed
during performance of concrete work and its acceptance by the customer.

Key
words
: Marketing research, domestic market, European society on studying of public
opinion and marketing (ESOMAR), International chamber of commerce (./P), customers,
marketing information, All
-
Russia center of studying of public opinion (VCI3.), tendencie
s,
marketing experts.











ON THE PERSPECTIVES OF A COMPLETE OPENING UP OF THE RUSSIAN
BANKING MARKET FOR FOREIGN BANKS

THOMAS SCHUMANN, LEYSAN KALIMULLINA

Faculty of Economics and Business Administration, TU Bergakademie Freiberg Institute of
Europe
RAS, Moscow

Abstract: The Russian banking market has not been opened up completely for foreign banks.
This refers mainly to the still existing restriction to set up branches in the Russian Federation.
There is a fear by many incumbent Russian banks of bein
g crowded out by foreign banks
entering the market with low
-
interest offers for business and consumer loans. Studies of
foreign bank entry in other transition countries have shown that this fear is reasonable.
However, the entry of foreign banks has increa
sed the overall efficiency of the banking
markets in those regions and let to a healthy concentration process. Both effects could also
take place on the Russian banking market that is characterised by a comparably low
borrowing to the private sector and a
very high number of small banks.

JEL
-
Classification: E 44, G21, G32, O16

Keywords: Russia Federation, FDI, Foreign Banks, Financial Sector, Spillovers.


THE ROLE OF BANKING SYSTEM IN THE DEVELOPMENT OF THE LIBYAN
ECONOMY

ATIYA MILAD ALJBIRI

Ústav financí
, PEF MZLU v Brne

Abstract: This paper presented analyses study for the banking system in Libya and its role in
economic development, to discover the preclusions and problems which face this sector and
suggest some solutions for it. To performed this study

require to depend on the descriptive
and analytical methodology through analysis some monetary banking statistics such as capital
and reserves, deposits, credits, borrowing from central bank. This paper found out that the
Libya’s banking system has played

a relatively minor role in the economic development. That
perhaps return to bad circumstances Libya had faced, however since the lifting in 2003
-
2004
of the international sanctions, in more than ten years, Libya has decided to undertake
comprehensive stru
ctural reforms and accelerate its transition to a market economy. In the
monetary and banking area, the Libyan government passed a new banking law which
reinforces the independence of the central bank of Libya and gives it the authority to allow
foreign ba
nks to operate in Libya, and restructuring and modernization of the banking sector
to be key to development of the financial sector .the central bank of Libya also launched the
privatization of some banks and recapitalized some other. In fact I could say t
hat Libyan
banking system is likely to make a major contribution in the future.

Keywords
: Banking system, deposits, specialized banks, credit, liabilities, development.





The Reviewed papers from the X. International Conference MEKON 2008

Research
outcomes of doctoral students and young researchers published by EKF VSB
-
TU OSTRAVA 2008


ANALYSIS OF THE DEVELOPMENT OF GLOBAL AQUACULTURE PRODUCTION
FROM 1996
-
2005

ABDELHAMID ALGAYD

Faculty of Business and Economics / Department of Statistics and Operati
ons Research,
Mendel University of Agriculture and Forestry, Brno

Abstract: Global production from capture fisheries and aquaculture and the food fish supply is
currently the highest on record and remains very significant for global food security. This
pap
er is focused on the development and contribution of the aquaculture to the global
production of fish, crustaceans, molluscs, and other aquatic animals in the short
-
time
observation from 1996
-
2005. A brief analysis of quantitative production of aquaculture

according to particular rearing environments, freshwater, brackish water or marine culture, by
applied some statistical methods in defined period from 1996
-
2005.

Keywords
: Aquaculture, freshwater, brackish water, marine culture, production, rearing
enviro
nment.


GENDER PROBLEM IN EDUCATION SPHERE IN GEORGIA

TAMILA ARNANIA
-
KEPULADZE

Faculty of Management and Economics, Tomas Bata University Zlin

Abstract: This research is directed on the gender analysis of education sphere of Georgia.
Research of official s
tatistical data have shown, that the education sphere in Georgia was and
remains that area where the rights of the women are most protected and the women's
educational level does not concede men's. But it does not mean absence of problems in
education sphe
re. Gender problems of education sphere in Georgia are connected with
professional segregation of students and feminization of teaching structure. But the basic
problems arise during realization of educational potential of women, in sphere of decision
-
maki
ng.

Keywords
: Gender, Education, Women's Educational Level, Men's Educational Level,
Professional Segregation, Feminization of Teaching Structure.




COVERED INTEREST RATE PARITY: THE CASE OF THE CZECH REPUBLIC

RADEK BEDNAŘÍK

Faculty of Economics
, VŠB
-
TU Ostrava

Abstract: This paper tries to find out, whether the Covered Interest Rate Parity (CIRP) theory
was valid for exchange rate CZK/EUR during the period ranging from May 2001 to
November 2007. As a main tool, a common OLS regression was chose
n. It was augmented by
MA(1) process of residuals and by ARCH (6) model of residuals’ variance. The results show,
that the CIRP theory was not valid during selected period. However, it seems apparent, that
the main factors for 3
-
month forward exchange rate

CZK/EUR determination were an interest
rate differential and a nominal spot exchange rate. This is fully consistent with the CIRP
theory.

Keywords
: Covered interest parity, exchange rate, interest rate, foreign exchange markets.


APPLICABILITY OF LIVELIHO
OD POLICY RELATIONSHIP PROCESS TO DEVELOP
POLICY FOR COCONUT INDUSTRY IN SRI LANKA

SARATH KUMARA, IDIRISINGHE MUDIYANSELAGE

Faculty of Management and Economics, Tomas Bata University, Zlin

Abstract: Policy is generally directed to achieve particular object
ives, like targets for inflation,
unemployment, or economic growth. The government's economic policy determines the tools
and hopes that they will achieve its goals. But most of the developing countries suffer due to
in
-
appropriate policies which were adop
ted by the governments without analyzing in proper
way. Coconut industry in Sri Lanka being a largest land use crop with multi
-
purpose use to
the nation have faced to crisis situation due to the lack of proper policy regarding the industry.
This concept pa
per is to find the possibilities of applying Livelihood Policy Relationship
Process to develop policy frame work for coconut industry of Sri Lanka.

Keywords
: Maximum of Livelihood Policy Relationship, Policy Process, Coconut Industry in
Sri Lanka, Policy f
ailures


THE ROLE OF LARGE COMPANIES IN AN EUROPEAN ECONOMIC AND SOCIETY
MODEL

MARTIN SCHELBERG

Faculty of Management and Economics, Tomas Bata University Zlín

Abstract: The question, which is to be asked completing, reads as follows: How attractively
can a European economic and social order become for just under 6 billion non
-
union
Europeans, who do not show a tradition of the social welfare state? A European ec
onomic and
social order therefore cannot be limited to the defence of a transaction costs
-
intensive social
architecture, which was suitable for societies in the industrial age. However Europe with its
experience and sensitivity for social architectures is
able to bring out social innovation.

Keywords
: Sustainability, European economic and society model, Corporate Social
Responsibility.


ORGANISATIONAL AND LEGAL FORMS OF BUSINESS UNITS TOWARDS
PRIVATISATION AND CORPORATE SOCIAL RESPONSIBILITY

MARTIN SCHELBER
G

Faculty of Management and Economics, Tomas Bata University Zlín

Abstract: The "failure" of the states in traditional areas like social welfare was in the 70s up to
the 80s the "initial spark" for the foundation of thousands of Non Government Organisation
s
and Non Profit Organisations. Most of the East European countries are completing the
development of an independent civil society. In the "wave" of global sourcing and upcoming
network organisations both new unexpected organizational and legal forms of bu
siness units
such as menu
-
based deliveries or co
-
locations and such as charities and endowments, which
might be seen as "byproducts" of the privatisation and outsourcing movement tend to fill the
vacuum of Corporate Social Responsibility, which is left beh
ind by states.

Keywords
: Organisational and legal forms of business units, privatisation, non government
organisations, non profit organizations, Corporate Social Responsibility, management.


PERFORMANCE MEASUREMENT PROCESS

ABDELASLAM GANA

Faculty of Econo
mics, VŠB
-
TU Ostrava

Abstract: Performance measures are recognized as an important element of all Total Quality
Management programs. Managers and supervisors directing the efforts of an organization or a
group have a responsibility to know how, when, and w
here to institute a wide range of
changes. These changes cannot be sensibly implemented without knowledge of the
appropriate information upon which they are based, to address these issues we have to look
about operation of performance measurement systems.
This paper provides a comprehensive,
step
-
by
-
step explanation of how to develop performance measurements at any level within an
organization and how to evaluate their effectiveness.

Keywords
: Critical Activities, Effectiveness, Efficiency, Performance Meas
ures, Productivity,
Quality, Safety, Timeliness.


THE AUDIT WORKING PAPERS AND IMPORTANCE OF THE EXTERNAL AUDITOR

YOUSSIF KHNDABI

Faculty of Economics
, VŠB
-
TU Ostrava

Abstract: Working papers are vitally important tools of the auditing profession. To an
auditor,
the ability to design and use working papers efficiently is just as essential as is the surgeon's
ability to use surgical instruments. In this paper, I will discuss the basic characteristics of
working papers audit and the roles that these papers
play in the audit process. There is
background information about the nature of working audit and the major influences affecting
auditing activities. It describes what working paper audit is, why it is needed, and the various
types of working paper audits a
nd auditors.

Keywords
: Auditing, working papers, external auditor.



METAPHORICAL MODEL OF INNOVATIVE ORGANIZATION: RESEARCH METHOD

MARIA ERSHOVA

Faculty of Management and Economics, Tomas Bata University in Zlin

Abstract: In this work there was described the research method, used for creating a
metaphorical model of innovative organization. There was used analysis of corporate culture
according to Edgar Shein, which includes three levels of studying: the artefacts
, proclaimed
values and basic assumptions. During the investigation there was also used Kim Cameron and
Robert Quinn’s model. It contains four types of organizational culture: hierarchy, competition
(market), adhocracy and clan. Described method allows cre
ate the model, which regards
innovative organization management from very different point of view, see interesting rules
of its functioning.

Keywords
: Research method, metaphorical model, innovation organization, corporate culture,
management style, theatr
e.


PARTICIPATORY DEVELOPMENT COMMUNICATION (FARMER FIELD SCHOOL)
IS AN EFFECTIVE TOOL FOR RURAL POVERTY ALLEVIATION IN SRI LANKA

CHAMINDA SHAMAN HERATH

Coconut Research Institute, Sri Lanka, Tomas Bata University in Zlin, Czech Republic

Abstract: The Farm
er Field School (FFS) has become an innovative, participatory and
interactive model approach for farmer education in Asia, Africa and Latin America. The
knowledge acquired during the learning process enables farmers to adapt new and their
existing technolo
gies to be more productive, profitable, and responsive to changing
conditions. The recent evaluations done by the World Bank shows that, both the design and
implementation of poverty alleviation programs in Sri Lanka have been flawed and their
effectivenes
s and empowering the poor to overcome economic and social barriers minimized.
FFS approach is a potential tool to implement rural poverty alleviation programmes in more
effective manner.

Keywords
: Participatory development communication, Farmer field schoo
l, Poverty
alleviation, Adult learning, Attitudes, Behavior, Decision
-
making, Empowerment, Rural
community.


ENTREPRENEURSHIP AND RISK ANALYSIS IN AGRICULTURE: A CASE STUDY
FROM TURKEY

ONUR KÖPRÜLÜ

Faculty of Management and Economics, Tomas Bata University

in Zlin

Abstract: In the scope of this paper it is intended to investigate “Entrepreneurship and Risk
Analysis in Turkish Agriculture”. Therefore the main aim of this study is to bring out the
main characteristics of farmers against new farming techniques

and their decision
-
making
process to understand the reaction for risky situations. The paper will be consisted of 5 main
parts; the first one is the introduction, the second one is entrepreneurship and its development,
the third one is their decision
-
maki
ng process and risk analysis, the fourth one is risk analysis
and a case study in Turkish agriculture and conclusion.

Keywords
: Entrepreneurship, risk analysis, decision
-
making, agriculture.


INSTITUTIONAL PRIVATE EQUITY INVESTMENTS: A TRANSACTION COST
FRA
MEWORK

MAXIM DAVID LITTEK

Faculty of Management, Comenius University

Abstract: This paper discusses transaction costs in the institutional market for private equity.
First, the author discusses features of imperfect markets and the existence of financial
i
ntermediaries. Next, the paper highlights what contractual relationships in the market for
institutional private equity exist and details what types of transaction costs occur when private
equity investment companies (PEIC) make investments in portfolio bu
sinesses (PB). The
paper finally discusses benefits and shortcomings of the transaction cost approach.

Keywords
: Financial intermediation, transaction costs, contractual relationships, private
equity


INDIVIDUAL QUALITIES OF MANAGERS AND THEIR INFLUENCE ON

THE
PERFORMANCE OF COMPANIES AND INSTITUTIONS

MARTIN SCHELBERG

Faculty of Management and Economics, Tomas Bata University Zlín

Abstract: Assuming that one of the major goals of any society is productivity, managerial
effectiveness is defined as simply how

well and efficiently the managers of an enterprise
accomplish enterprise objectives in a given environment. Inaccurate role perception explains
why so many mangers can’t translate their knowledge into higher job performance. And if
they don't understand t
heir role, managers won't be able to accumulate the qualities and
capacities they need to channel their motivation in the right direction, to motivate others and
in the end their companies or institutions to the proper goals like economic performance,
effi
ciency and sustainability.

Keywords
: Individual qualities of managers, performance of companies, sustainability,
Corporate Social Responsibility.


THE MEANING OF CORPORATE SOCIAL RESPONSIBILITY FOR BRAND
MANAGEMENT, PUBLIC RELATION MANAGEMENT AND VALUE
MANAGEMENT
OF ENTERPRISES

MARTIN SCHELBERG

Faculty of Management and Economics, Tomas Bata University Zlín

Abstract: Significant value drivers of the sustainable Public Relation success is the image and
with it the brand, especially the brand credit, what
means the invisible share of a Brand. In the
company practice it is recognised increasingly that the economic success not only depends on
the quality of the products, but also from the company image and his social acceptance.
Everywhere where Corporate Soc
ial Responsibility disposes of a high recognition, Public
Relation also owns a bigger meaning. And beside
s

Brand Management and Public Relation
Management a third growing power should be seen, the Value Management.

Keywords
: Brand Management, Public Relati
on Management, Value Management,
Sustainability, Corporate Social Responsibility

RFID
-
TECHNOLOGY: A BUSINESS OPPORTUNITY FOR SME

FRANK SCHOLZ

Faculty of Management, Comenius University, Bratislava

Abstract: The usage of new technologies, especially for sma
ll and medium
-
sized enterprises
(SME) is associated with a relatively high degree of uncertainty. This prevents many from
getting involved in spite of the great potential benefits. This applies accordingly for the Radio
Frequency Identification (RFID). RFI
D enables objects to be identified by radio waves. The
versatility of RFID technology is suitable for all sectors where it makes sense to identify,
authenticate and communicate with objects.

Keywords
: Business Opportunity, Competitiveness, Kondratieff Wave
s, Middle Market,
Radio Frequency Identification (RFID), Retail Market, Small and Medium Sized Enterprises
(SME).


MARKETING COMMUNICATION POLICY OF MILK
-
AGRO LTD.

IVANA BUTORACOVÁ ŠINDLERYOVÁ


RASTISLAV KERÚL

Fakulta manažmentu / Katedra marketingu a med
zinárodného obchodu, Prešovská univerzita

Abstract: The main goal of the study is to modernize and support the communication policy of
the chosen company. Based on the research of the Milk


Agro s.r.o. image and the
company´s communication policy analysis

the author of the study tries to outline main ideas
and suggestions of communication policy strategy which might lead to gaining the first
position on the market within the competition.

Keywords
: Marketing communication, strategy, Milk
-
Agro, modernization


EUROPEAN UNION AS THE BRAND CONCEPT


APPLICATION OF THE
MARKETING COMMUNICATION TOOLS METHODOLOGY IN THE SPHERE OF THE
EUROPEAN INTEGRATION

PAVEL ŽIARAN

Faculty of Business Economics in Košice, University of Economics in Bratislava

Abstract: European Un
ion is on the quest of a new communicational identity because of three
reasons: (1) EU has set itself an ambitious objective to become the most competitive economy
in the world. (2) EU has shifted its focus from economic integration to the integration by
v
alues. (3) There are significant diversities in understanding and interpreting EU as was
revealed in the communication campaign on European Constitutional Treaty in France in
2005. The objective of this article is to inquire on the application of three con
cepts based on
marketing theory as the platform for new coherent communication strategy: (1) marketing in
political communication, (2) European Union as a brand, (3) strategic conception of the EU
communication. Having verified the three concepts and their

specificities, we conclude on
their viability and applicability. Consequently, this article could serve as a way towards a
catalogue of analytical and design tools of the European communication.

Keywords
: Communication, European Union, referendum, politic
al marketing, brand, strategy


SETTLEMENT OF THE MATRIMONIAL PROPERTY WITHIN THEINHERITANCE
PROCEEDINGS IN THE LEGAL SYSTEM OF SLOVAK REPUBLIC

MAGDALÉNA KERULOVÁ

Fakulta manažmentu, Prešovská univerzita v Prešove

Abstract: The objective of the study is to
transparently outline a complicated system of
settlement of the matrimonial property within the inheritance proceedings. In this study author
dealt with matrimonial property and its “fate” after the death of one of the spouses. On the
basis of analysis of
the null and present rules of law as well as selected practice of the courts
consequently author persuade to the conclusions which are evaluation of the present status
and inevitability of the changes in the future.

Keywords
: Matrimonial property, settleme
nt, inheritance proceedings, practice of the courts.


CONFLICTING AREA OF THE NEW GERMAN REIT LAW AND IFRS ACCOUNTING

MICHAEL VOGELBACHER

Faculty of Economics, VŠB
-
TU Ostrava


Abstract: The German REIT law has been adopted by the German Bundesrat

(House of
States) as of March 30, 2007 being effective as of January 1, 2007. During all of 2007
sponsors, investment banks, law firms and audit + accounting firms are confronted with the
new REIT law conflicting with the existing German legal, audit + ac
counting and tax
structure. One major conflict area in context of the so called Umbrella Partnership REIT
structure comes from the IFRS (International Financial Reporting Standards) rule accounting
Limited Partnership capital as debt. This rule conflicts w
ith the overall 55% debt ceiling of
the German REIT law. In essence the German REIT law has to be amended to the extent that
for purposes of the Loan To Value (LTV) ratio of the REIT law the IFRS accounting rule for
Limited Partnership capital will not be
relevant.

Keywords
: REIT, German REIT (G
-
REIT), Umbrella Partnership REIT (UP
-
REIT), IFRS,
IAS, Limited Partnership, Loan To Value (LTV) ratio, 50% debt limit, Amendment of G
-
REIT law.


THE IMPORTANT OF ESTABLISHING FINANCIAL MARKET FOR THE LIBYAN
ECONOMY

ATIYA MILAD ALJBIRI

Ústav financí, PEF MZLU v Brne

Abstract: With the development of Libya’s market economy, the objective laws require the
establishment of the country’s financial market more and more, establishing the financial
market will improve the c
apital structure and profit
-
making of Libya’s commercial banks’ and
strengthen the economy reform in addition strengthen the effect of monetary policies and
absorb more foreign direct investment into country thus accelerating Libya’s future growth.

Keyword
s
: Libyan financial market, liquidity, economic development, financial resources.




THE APPLICATION OF OPPORTUNITY COSTS: INTEREST RATERELATED
DECISIONS IN CASE OF UNCERTAINTY

RONNY KUNZ

SGL Carbon AG
-

Group Treasury

Abstract: The following paper is conc
erned with the choice of an optimal interest rate strategy
regarding debt financings within the (o2)
-
framework. We will show, that applying
opportunity costs as an alternative evaluation parameter is equivalent to the simultaneous
consideration of accumula
ted terminal and capitalised values. This alternative evaluation
parameter can be used to optimise the certainty and uncertainty of future payoffs. In case of
stochastic interest rates the optimal interest rate strategy can only be determined using
simulat
ion procedures.

Keywords
: opportunity costs, optimal interest rate strategy, stochastic interest rates.


INVESTMENT IN COMMODITIES

DAGMAR LINNERTOVÁ, EVA HREBÍCKOVÁ

Ekonomicko


správní fakulta / katedra Financí, Masarykova univerzita, Brno

Abstract: In th
is article there are described possibilities of investment in commodities. At the
beginning there is a short history of investment in commodities and important events that are
with commodities related. In the next part there are introduced the main commodi
ty indices,
their construction and main advantages and disadvantages of them. In the last part of article
there are introduced some possibilities for retail investment in commodities.

Keywords
: Commodity, index, underlying, certificates, rollover.


ASSET
ALLOCATION WITH THE BLACK
-
LITTERMAN MODEL

VLADIMIR RAVINGER, FRANTIŠEK ŠTULAJTER

Fakulta hospodárskej informatiky, Ekonomická Univerzita v Bratislave

Abstract: Black
-
Litterman Model is a novel asset allocation technique that enables investors
to combine th
eir own unique views on assets with the expected returns derived from the
market equilibrium. This paper provides a basic introduction to the Black
-
Litterman model
including the main ideas that stood behind the development of the model. Practical issues of

implementation are discussed in more detailed manner, particularly inputs and parameters.
The paper also elaborates on the advantages and disadvantages of the model and provides
references to the further recent research on the topic.

Keywords
: Asset alloc
ation, Black
-
Litterman Model, portfolio optimization.







CLUSTERS IN CREDIT INSURANCE: THE COMPETITIVE ADVANTAGE IN
VISEGRAD COUNTRIES

MARKÉTA STRŽÍNKOVÁ

School of Business Administration / Institute of Doctoral Studies, Silesian University

Abstract: In this paper we will examine the ability of a credit insurance company to deal with
the global credit insurance environment in the Visegrad countries. We will critically focus on
the essence of the credit insurance: risk assessment and innovativ
e business strategy driven by
two major forces in the environment: customers and suppliers. We will help Atradius to create
a competitive advantage with creation of cluster in Visegrad countries and investigate how
cluster shall work and influence the posi
tion of the company.

Keywords
: Credit insurance; Five Forces Model; Cluster.


SUSTAINABLE TOURISM, COMPARISON OF SLOVAKIAN AND AUSTRALIAN
CONCEPT

LUCIA DURICOVÁ

Fakulta manažmentu / Katedra turizmu a hotelového manažmentu, Prešovská univerzita v
Prešove

Ab
stract: Subscription is dealing with conceptions of sustainable development in area of
tourism at the most dynamical branch in modern economics. Viewing solution on this
problematic in Slovak republic and in Australian one. Find accordance and possible
app
lications of these concepts to this branch in Slovakia. The target is to estimate the
ada
ptation level of concepts of bo
t
h

States.

Keywords
: Sustainable development, tourism, communication, backup organizations, state
adhesion


LOCAL STRATEGIES FOR ACTIVAT
ING JOB CREATION AND SOCIAL CAPITAL IN
THE FRAME OF THE ESF INSTRUMENT OF SMALL GRANTS

SONA KOTIBOVÁ

Faculty of Economics, VŠB
-
TU Ostrava


Abstract: The subject of the work is cause of using small grants of the ESF for activating job
creating and social capital with focus on the positive role of intermediary bodies on the
integration of people from disadvataged background on the employment ma
rket. There is
pointed out the need of cooperation between NGOs and regional authorities.

Keywords
: ESF Directive, integration of disadvantaged persons, global subsidy instrument,
“Local Social Capital”, small grants, intermediary bodies, employment market
, government,
implementation, exclusion, innovation, SWOT analysis, regional authorities.






SOCIAL TAGGING


THE ESSENCE OF WEB 2.0

PAVEL DRÁŠIL

Faculty of Informatics, Masaryk University

Abstract: Within the last four or five years, the “Web 2.0” pheno
menon has gained significant
attention and is currently the driving force of web development. This article deals with social
tagging, one of the typical Web 2.0 applications. Main principles of tagging are described
together with the reasons that make tagg
ing so popular and the problems that the uncontrolled
nature of tagging may bring. Finally, possible usages of the mass of tagged resources are
presented.

Keywords
: Web 2.0, tagging, folksonomy.


LITERATE PROGRAMMING AT SECONDARY SCHOOL

LADISLAV KAŠPÁREK

F
akulta informatiky, Masarykova univerzita v Brne

Abstract: "Literate" programs, their documentation and whole philosophy of Literate
Programming should have a wider dimension: the possible usage of LP at both secondary
schools and at schools for higher edu
cation (collages, universities), especially in subjects
dealing with programming techniques, algorithms, etc. It is therefore essential to devise a new
educational technique based on Literate Programming and to attest it in the real process of
teaching and

learning. Another advantage of the new method will be a new interesting
educational material for students and teachers and more motivating form of education.

Keywords
: literate, programming, teaching, method, secondary, school, web, tangle, weave,
TeX.



The Reviewed papers from the XI. International Conference MEKON 2009

Research outcomes of doctoral students and young researchers published by EKF VSB
-
TU OSTRAVA 2009


ISSUES AND CHALLENGES OF THE EUROPEAN SMEs IN CONDITION OF
FINANCIAL CRISIS

PAVEL ADÁMEK

Slezská univerzita v Opavě, Obchodně podnikatelská fakulta v Karviné, Katedra
managementu a podnikání

Abstract: This paper deal with impacts of the financial crisis on European SMEs and the goal
of the article is to analyse European efforts
oriented facing to recovering economics. The
method of analysis to be used is mainly a literature review of some of the most relevant,
theoretical and empirical works and papers from European Commission and empirical papers
in economics dealing with financ
ial crisis. The structure of the paper includes two different
parts, preceded by a very brief introduction. Firstly, paper is focused on facts and figures
about SME policy and the main pillars of the European SME policy with the stressed to
importance in e
uro area. The second part of this paper will be devoted to discussing about
impacts of the financial crisis. Conclusion of the paper contains combination practical actions
and sets out approaches which could be developed into recovery plans.

Keywords
: Cri
sis, SMEs, impact, EU, recovery plans, proceedings


QUANTITATIVE BENCHMARKS OF CLOSED
-
END PRIVATE EQUITY FUND
-
OF
-
FUNDS FOR PRIVATE INVESTORS IN GERMANY

MICHAEL BAKIC

Faculty of Management, Comenius University in Bratislava

Abstract: Based on funds prosp
ectuses and quantitative assessment criterions of professional
market participants, this article determine the qualitative benchmarks of closed
-
end private
equity fund of funds for private investors and shows the very complex costs and profits
sharing stru
cture respectively their range of margins. The determined benchmarks serve as
decision guidance for private investors. The analyses of the effects on the internal rate of
return as a performance measurement, shows that private investors should primarily pa
y
attention to the arrangement of one off costs and current costs incl. preliminary results at the
fund conception.

Keywords
: Private equity; benchmark; investment; closed
-
end funds; fund of funds




A SYSTEMIC VIEW OF KNOWLEDGE CREATION

DAN
-
EUGEN BIRTU

Faculty of Management and Economics, Tomas Bata University

Abstract: Within an environment of intensifying competition, it is widely observed that
organizations increasingly need a resource which is neither highly available, nor easy to copy
or imitate, and which can provide sustainable competitive advantage. The
emphasis on
knowledge has expanded. Nevertheless, it is incomplete to focus solely on knowledge without
a proper management of its description, i.e. information. In order to achieve an effective
knowledge management, knowledge and information should not be

managed independently.
They have to be managed and coordinated as a system. This paper aims to introduce and
describe a system which accurately embodies the processes, transformations and interactions
between knowledge and information.

Keywords
: knowledg
e, information, knowledge creation, knowledge integration, integrated
management support systems


THE HALLOWEEN PUZZLE

LUKÁŠ DOLANSKÝ

Faculty of Economics, VŠB

Technical University of Ostrava

Abstract: This paper examines monthly stock returns most of wo
rld stock markets and
concludes that returns are significantly lower during the May

October periods versus the
November

April periods in 34 of 72 markets examined. The effect tends to be particularly
strong and highly significant in European countries. Mor
eover, we find no evidence that effect
can be explained by factors like the January effect, or risk. Sample evidence shows that in a
number of countries it has been persistent for a very long time. Practically, an appropriate
strategy can bring exceed retu
rns in stock market affected by this calendar anomaly.

Keywords
: efficient markets; stock market; market anomalies; trading strategies


HOTEL MANAGEMENT IN LIBYA

MABROK ELMRABET

Faculty of Economics, VŠB
-
TU Ostrava


Abstract: The paper is focused on
five
-
star hotels in Libya and their organization structures. It
comes from a sample of three major five
-
star hotels in the Libyan capital Tripoli, and
examines two hypotheses: 1. Hotel administration lacks attention to the importance of
management and its
role in raising quality and function of hotel services, and it affects
tourism growth in Libya. 2. There is a lack of qualified specialists on management positions
in the selected hotels. These hypotheses are confirmed by the research and result in
recomme
ndations towards the management.

Keywords
: administration, management, structure, industry, tourism, customer hotel



TOURISM DEVELOPMENT (MANAGEMENT AND OBSTACLES)

MABROUK ELMRABET, FRHAT HMMAD

Faculty of Economics, VŠB
-
TU Ostrava


Abstract: The develop
ment of tourism has become the basic foundation for the development
of any country that depends on this modern industry to increase its national income and
economic product. Some may hold the view that the industrial and technological development
are the o
nly way to achieve economic prosperity for the citizens, as a result, the efforts made
in tourism and hotel development. When the number of tourists increases in any country, the
size of services increases. In addition, tourism contributes in the developme
nt of visual
exports which means that it is considered to be a primary and important source of foreign
currency and provide employment to a large number of people due to the importance of the
hotel industry.

Keywords
: tourism, hotel industry, tourist


MEAS
UREMENT OF NATIONAL INNOVATION SYSTEM IN DEVELOPING
COUNTRIES

MAHMOUD ELSAYED MOUSTAFA HASSANIN

Faculty of Management and Economics/University of Tomas Bata, Zlín

Abstract: National Innovation system is a crucial system for developing countries to cope w
ith
emergence of knowledge economy. Achieving a sustainable competitive advantage is a major
responsibility for all society partners. Building a coherent strategy to encourage
entrepreneurial enterprises and increase linkage between universities and indust
rial agencies
could be an important step for achieving required goals. This paper introduces an overview of
NIS: definitions, Framework, measurements, activities, and provides suggestions to lightening
the way for countries willing to build their NIS.

Keyw
ords
: National Innovation system, Per capita income, Growth, Human Development.


MODELLING OF PORK PRODUCTION FUNCTION

ZDEŇKA KROUPOVÁ, MICHAL MALÝ

Faculty of Economics and Management/Czech University of Life Sciences Prague

Abstract: The elaborated study is focused on the modelling of production function in pig
fattening in the Czech Republic. The modelling is based on panel data from 32 farms in year
period 2004
-
2007. The mathematical form of the mentioned function is a Cobb
-
Douglas
function. The estimated production functions can be used for the analysis of the potential of
Czech pork production. Pieces of knowledge introduced in this paper resulted from the
conclusions of an institutional research intention MSM 6046070906 „
Economics of resources
of Czech agriculture and their efficient use in frame of multifunctional agri
-
food systems“.

Keywords
: Production function, pork, panel data, production surface, map of isoproduction
functions.




AN INDEPENDENT KOSOVO HAS EARNED IT
S SOVEREIGNTY DESPITE THE
UNITED NATIONS AND THE EUROPEAN UNION’S AMBIVALENT POSITION
TOWARDS ITS RECOGNITION

MARIANA MARTIŠKOVÁ, DANIELA MAŤOVČÍKOVÁ

Abstract: Failure to provide for Kosovo’s state recognition has on one
hand enhanced state
sovereignty

but on the other hand downgraded role of international law and its important
factors such as UN and the EU. Examining various reasons in favour and against the
recognition we would like to

prove that the road towards greater political and economic
stabili
ty in the Balkans and Europe is to be undertaken from the legal and economic point of
view by the community of the fully respected, de iure recognized and independent states,
including Kosovo. Moreover

economic prosperity in terms of higher living standard

and
economic stability is a key element preventing further political and territorial disintegration of
the region.

Keywords
:
De iure recognition, UN Resolution 1244, Rambouillet Peace Talks, UNMIK
mission, EULEX mission.


BUSSINESS IMPACT ANALYSIS AND EV
ALUTION OF ITS RESULTS IN CONTEXT
OF IT SERVICE CONTINUITY MANAGEMENT

MARTIN ŠTEVKO

VŠB
-
TU Ostrava, Faculty of Economics, Department of Applied informatics

Abstract: The framework of ITIL (Information Technology Infrastructure Library) represents
the mod
ern and standard approach to management of the ICT services in correspondence with
main goals of the whole company. External and internal providers of ICT services should be
ready to take care of not only standard situations but also unusual or even critic
al situations.
Solutions of these situations should respect the users` and clients` needs and requirements.
For satisfaction of users` and clients` requirements is necessary to recognize them. Suitable
tool for this recognize is Business Impact Analysis wh
ich can be base and starting point for IT
Service Continuity Strategies design and development. The author of the abstract describes
Business Impact Analysis process and its own way of evaluation of its results in connection
with IT Service Continuity Mana
gement.

Keywords: IT Infrastructure Library, IT Service Management, IT Service Continuity
Management, Business Impact Analysis, Business Impact Analysis results representation.


INFORMATION LIFE CYCLE PROVIDE SECURITY POLICY

MUSBAH ABOBAKER MUSBAH

Facul
ty of Economics, VŠB
-
TU Ostrava
, Katedra Aplikované informatiky

Abstract: Information life cycle management enable us to understand our data, which is an
extremely valuable business asset and which must be managed properly, to ensure business
success and
regulatory compliance. Understanding data management is meaning classify and
determine rules, responsibility and IT needed or we can say that our security policy could be
written. In this paper I display how life cycle provides security policy.

Keywords
:
Security policy, data active, data archive, responsibility.


THE ELIMINATION OF TRADEOFFS THROUGH EXTENDED PARTNERSHIP AND
OPTIMAL PORTFOLIO DESIGN

ANDREIA MINULESCU

Faculty of Management and Economics, Tomas Bata University in Zlin

Abstract: Companies

have been forced to choose between quality, profits, and speed of
products delivery. Linear programming has been supporting the development of trade
-
off
society, proving its inability to comprehend human needs and desires. De Novo programming
has been dev
eloped to counteract linear programming, meant to design efficient
manufacturing processes, and respond to people’s wishes. In this paper, we will draw and
explain the connections between expanding the pool of business relations and optimal
portfolio desig
n, as keys to developing tradeoffs
-
free production processes, and promoting a
wise use of resources.

Keywords
: Added value
-

elimination of tradeoffs
-

De Novo programming


VALUE FOR ENVIRONMENT: A NEW DIMENSION OF ADDED VALUE

ANDREIA MINULESCU

Faculty o
f Management and Economics, Tomas Bata University in Zlin

Abstract: In the new economy, marked by hyper
-
competition, isolation is regarded as a threat
to business. The search for higher added value has lead to a redesign of inter
-
company
relationships, fr
om linear
-

to circular systems. The latter have become known as eco
-
industrial parks, where members of the same network raise process efficiency by trading
waste. This paper advances a unique dimension of added value


value for environment,
which has been

created by applying a novel approach to solving process inefficiencies.
Additionally, a new definition of eco
-
industrial parks will be proposed, as an attempt to
encompass and clarify the benefits that these new nexus bring forth.

Keywords
: Added value


value for environment


eco
-
industrial parks


CRISIS MANAGEMENT IN PROJECTS

OLIVER ORTHEY

Univerzita Komenského Bratislava, Fakulta Managementu

Abstract: Starting with the historical use the idea of “Crisis” is developed and defined in
association with projects. On this basis the characterization of crisis is described which leads
to the basic principles and the concept of the crisis management in

projects. Especially the
difficulty of an early Crisis recognition and


decision is addressed because the project
organization is very often overstrained with that.

Keywords
: Crisis, Project crisis, Project management, Risk management, Project controlli
ng,
early recognition



AN EMPERICAL EXAMINATION OF THE INFORMATIONAL CONTENT OF BONUS
ISSUE ANNOUNCEMENTS IN SRI LANKA

PATHIRAWASAM CHANDRAPALA

Faculty of Management and Economics, Tomas Bata University in Zlin

Abstract: This study examines share price

reaction to the announcement of bonus share issues
for a sample of Sri Lankan companies over the period January 2003 to December 2007.
Sample of the study includes 62 bonus issue announcements and the standard event analysis
methodology is used to examine

the abnormal returns around the announcement day (day 0).
The risk
-
adjusted (market model) price reaction on announcement day is positive and
statistically significant, averaging 11.23%. Further, the study finds that there are no any
information leakages
or delays reactions to the bonus issue announcements in the Sri Lankan
market.

Keywords: Price reaction; Bonus issues; Signaling; Sri Lanka.


DEGREE OF PROPERTY EQUIPMENT LIKE THE STATE OF THE DEVELOPMENT
INDEX OF THE REAL ESTATE

UDO PRIESS

Social and Eco
nomic Sciences/Comenius University Bratislava

Abstract: Based on the progress of the long
-
lived assets and equipment of a property the
author developed an index called “degree of property equipment”. Therefore will be displayed
the stages of development of

fixed
-
assets for property services. Further is shown the
differentiation between property (structural) and property services and the conclusions of this
differentiation. The tool to master the challenges is the “degree of property equipment” as
“state of
the development index” of a property. The “degree of property equipment” is an
index for the availability of property services. This index characterized the state of
development of a property and terms the capital ratio between property (structural) and
pr
operty services (equipment). The further development of the “degree of property equipment
(DPE)” comes to the result that it is important and necessary to classify it in DPE with land
costs and DPE without land costs.

Keywords: real estate market, real es
tate management, development tendencies, value
management, property, property services, degree of property equipment, state of the
development index, long
-
lived assets, pattern of use, technical infrastructure, operating costs,
capital ratio, location fact
ors, user value, demand, innovation, growth, stagnation, saturation,
market orientation, statistics









REQUIREMENTS FOR A BANKING LOAN CONSULTING SYSTEM

Prof. Dr. rer. oec. habil. V. OPPITZ, Dipl.
-
Mathematiker (FH) A. VIVENZIO

Abstract: This article is based on the research question: which characteristics shall a loan
advising system have to establish an IT
-
technical basis to solve the lack of information
between borrower (client) and lender (bank) with the aid of a flexible ban
k owned loans
software (with graphical presentation of finance mathematical calculations and the interaction
with the software). This research question combines the queuing theory with the Human
-
Computer Interaction.

Keywords: loan, investor, borrower, le
nder, loan advice process, operating theory (queuing
theory), loan software, lack of information, computer
-
based point of service, arrival rate,
service rate, duration of advice


STRATEGIC ALLIANCES

THE KEY TO SUCCESS IN THE AUTOMOTIVE INDUSTRY

ALEXANDER
M. REICH

Faculty of Management, Comenius University in Bratislava,

Abstract: During the current global downturn which hit the automobile industry very hard, the
latest developments are expected for the Slovakia with curiosity. This country has faced huge
foreign direct investments over the past years and became the biggest per
-
capita
-
car
manufacturer in the world in 2008. Continuously rising global competition, cost pressure
forces the automotive manufacturers and
-
suppliers to enhance co
-
operations and st
rategic
alliances. A recent market survey provides latest data from the automotive suppliers in
Slovakia and illustrates the importance of strategic alliances among the global supply chain.

Keywords: Automotive, business network, cluster, co
-
operation, or
iginal equipment
manufacturer (OEM), original equipment suppliers (OES), Slovakia, strategic alliance.


MOBILE MARKETING AS AN EFFECTIVE DISTRIBUTIVE FORM OF COMMERCIAL
MESSAGES TO CUSTOMERS

KATEŘINA MATUŠÍNSKÁ

Obchodně podnikatelská fakulta Karviná/kate
dra marketingu, Slezská univerzita Opava

Abstract: The mobile phone as a personal device is always on, always available and
everywhere. Almost everyone has one. The mobile phone is becoming the personal
communication channel and its users are responsive.
In a changing media environmnet,
brands now have the opportunity to connect with their consumers like never before. Thanks to
advantages of mobile phone as a communication medium, mobile marketing can be
characterized as a flexible, accepted method of perf
ect targeting the customers for the
attractive price and with good response measurement. In these days and also in the near future
the mobile marketing is becoming the most effective way how to attract the customers who
are more and more selective and immu
ne to the above the line communications. A lot of non
-
marketing activities as payment tools, booking systems, communication with banks etc. are
related to mobile marketing sphere. These activities won´t be mentioned in detail in this paper
because of no cl
ose relation with marketing and as well marketing communication too.

Keywords: Mobile marketing (m
-
marketing), SMS marketing, SPAM, Electronic
Communication Law, some Services of informative Community Law, Mobile Marketing
Association

SUPPLIER MANAGEMENT
ON B
-
to
-
B MARKETS

PETR ZAJAROŠ, MARKÉTA ZAJAROŠOVÁ

Faculty of Economics, VŠB
-
TU Ostrava


Abstract: Goal of this paper is to describe theoretically and to apply suitable way of supplier
choice and evaluation on B
-
to
-
B markets. Questions related to purchasi
ng and resources
management concern every company no matter the sphere of action


sector, production,
business or services but also if we talk about economic company or non
-
profit association.

Keywords: Company, B
-
to
-
B markets, supplier, customer, purcha
sing, strategy, evaluation,
quality, logistics.


INTEGRATED ENTERPRISE PLANNING AS START FOR PERFORMANCE
MANAGEMENT

DENNIS SCHMIDT

Fakulta managementu, Univerzita Komenskèho v Bratislave

Abstract: Entrepreneurial decisions are always future
-
oriented. In

order to support
management in their decisions, Performance Planning presents an elementary task for
Controlling. In the following deliberations the conceptualization and the implementation of
Integrated Enterprise Planning is to be explained and describe
d with the help of a Corporate
Performance Management Software System.

Keywords: Business Intelligence (BI), Controlling (CO), Corporate Performance
Management (CPM), Corporate Performance Management Software System (CPMS), Data
Warehouse (DWH), Enterpris
e Resources and Planning (ERP), Performance Management
(PM)


EMPIRICAL ANALYSIS OF LOSS RATE GIVEN DEFAULT IN RETAIL BUSINESS

JAN SCHOMBURG

Faculty of Management / Comenius University Bratislava

Abstract: The completion of the LGD calculation with a market fluctuation component
improves the calculation approach in order to derive the range of fluctuation in economic
downturn scenarios (regulatory requirements for mapping Downturn scenarios) from h
istoric
datasets. The evaluation of the approximation function for the distribution of market value
fluctuations, particularly the loss distribution, allows initial bank
-
internal approaches to
estimate future loss values in case of failure in certain econo
mic cycles. At the same time,
these approaches help understanding the need to strengthen the consideration of economic
factors in the framework of the LGD determination.

Keywords: Banking supervision, Basel II, Bafin, Loss Rate Given Default (LGD), Downtu
rn
scenario, Beta
-
distribution, Value at Risk, market value fluctuation concept.





REACH TO SUSTAINABLE DEVELOPMENT GOALS WITHIN THE CONTEXT OF
FREE MARKET ECONOMY IS AN IMPOSSIBLE TASK FOR DEVELOPING
COUNTRIES WITH REFERENCE TO SRI LANKA

D M D DONALD P

SRI JAYAWARDENE

Faculty of Management and Economics/Tomas Bata University, Zlín

Abstract: Objective of the sustainable development is provides the basic needs to people for
their well being and protect the environment for future generation. During last
six decades
most of the developing countries transformed to free market economy and gained the
significant economic growth but contrary to that socio economic problems and environmental
issue also increased very fast. Although provides the basic needs to i
mprove the living
standard of the people is a requirement of sustainable development it has become an
impossible task for developing countries within the context of free market economy.

Keywords: Sustainable development, Free market economy, Foreign inves
tments, Cost of
living, Balance of trade.


NETWORK ORGANIZATION OR VIRTUAL ORGANIZATAION: COMPARATIVE
ANALYSIS

WŁODZIMIERZ SROKA, JOLANTA KUBICKA

Faculty Management, Academy of Business in Dąbrowa Górnicza, Faculty International
Relations, Academy of Bus
iness in Dąbrowa Górnicza

Abstract: The article concentrates on comparative analysis of network and virtual
organization. The nature, and basic features of both organizational forms have been presented.
The crucial part of the text is the comparative anal
ysis of both forms, which shows that they
are very similar to each other. The conclusion of the text is that both forms presented have
their advantages and disadvantages, and a choice between them depends on a variety of
factors and specific circumstances.


Keywords: Network organization, virtual organization


USE OF MICROECONOMICS FOR MANAGERIAL ECONOMICS IN LABOUR
INVESTMENT DECISIONS

KUSUMA WIJESINGHE

Faculty of Management and Economics/Tomas Bata University in Zlín

Abstract: Managerial economics is a

branch of economics that applies microeconomic
analysis to decision methods of businesses or other management units. In order to bridge
managerial decisions and economic theories, Economists build models of firm behaviour in
which managers select optimal
solutions to their problems. This paper explains how a firm
takes decisions through economic theories and management decisions in the point of the
firm’s profit optimization. Also this paper explains total, marginal and average product of
labour and output

elasticity of the production function to elaborate optimal position of labour
investment.

Keywords: Managerial economics, firm optimization, labour investment decision


A STUDY ON CREATIVE INDEX IN CHINA

JIANPENG ZHANG, JITKA KLOUDOVA

Faculty of Management and Economy/Tomas Bata University in Zlin

Abstract: With the increasing importance of creative economy, there are lots of researches on
it. For assessing the regional and city creativity, Richard Florida established the 3T´s model,
t
hat is, Technology, Talent and Tolerance. In this paper, we firstly discuss whether the 3Ts
model can be used for China; and then we establish the Creative Index for the 26 provinces in
China mainland by a modified model which is based on the 3T´s model co
mbining the
economic conditions in China. There are two new points in our model: One, we replace the
Gay Index and Bohemian Index with the Creative Class Index to express the region
Tolerance; Two, we calculate the number of Creative Class using a new meth
od according to
the China’s economy stage. Through the correlation analysis, the results show that there exists
high correlation between the Creative Index and GDP per capita. The model explained the
disparity of regional economic development successfully.


Keywords: creative economy, Creative Index, China, 3T model, creative class




The Reviewed papers from the XII. International Conference MEKON 2010

Research outcomes of doctoral students and young researchers published by EKF VSB
-
TU OSTRAVA 2010


THE EFFECT OF TRADE LIBERALIZATION ON AGRICULTURE IN SYRIA

BASEL ABBAS

Faculty of business and economics, Mendel University of Agriculture and Forestry

Abstract: This study applied on agriculture in Syria, focus on wheat as a strategic crop. This
study
examines the impact of agricultural trade liberalization on agriculture in Syria, with
emphasis on the impact on small
-
scale farmers in the region.

Keywords: agriculture, trade liberalization, wheat prices, agricultural policy.


INFLATION IN THE US ECONOMY
: IS IT A PROBLEM OR NOT?

RADEK BEDNAŘÍK

Abstract: This paper provides a brief analysis of selected macroeconomic indicators of the US
economy and tries to sketch out possible future developments of these variables. The main
conclusion is that the United

States may be really threatened by possible inflation pressures in
the future, as well as by possible depreciation pressures on its nominal exchange rate.

Keywords: Inflation, financial crisis, monetary aggregates, product.


ON THE FIT OF DSGE MODELS

JA
N ČAPEK

Katedra ekonomie Ekonomicko
-
správní fakulta, Masarykova univerzita

Abstract: The goal of the paper is to assess data fit of Slanicay and Vašíček’s (2009) model
variants with different criteria than posterior odds and to compare the results to find
ings of
Slanicay and Vašíček (2009). Conclusions of this article are following: Habit persistence in
consumption is found important and price indexation unimportant as in Slanicay and Vašíček
(2009). Model variants with foreign economy
modelled

with AR1 processes perform always
better than structurally
modelled

foreign economy. This finding is in contradiction to the
results of Slanicay and Vašíček (2009).

Keywords: Global Sensitivity Analysis, model fit, posterior odds, forecast quality, param