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With a growing interest in social media, social networks have been discussed largely in brand management and marketing communications literature. Specifically, Facebook, as the leading brand in social networks, is increasingly popular both for users and companies. However, it is not entirely clear what differences occur among Facebook users regarding their attitudes toward brand profiles. The goal of the research is to identify which demographic factors are related to the functional and hedonistic attitude towards the brand fan page and the overall social value of the page on Facebook. A quantitative survey was conducted on a representative sample of 454 users. The concepts of functional, hedonic and social value were measured using Likert-type questions (four for each of these concepts). Using cluster analysis, homogeneous groups were identified in the data set, resulting in two main segments for the functional and hedonic concept and three for social value. Subsequently, these groups were compared with selected demographic characteristics using Chi-square statistics.
Implications for Central European audience: Results of the analysis showed that there is no evidence that gender or age relates to any attitudinal measures towards brand pages on Facebook. The paper ends with a conclusion about the usability of the results for further research and business practice.

Globalisation and increasing competition affect all existing enterprises, as well as those in emerging economies. For this reason, enterprises continuously improve their own management systems and try to gain a competitive advantage in the market in addition to eliminating shortcomings. In emerging economies in Central Europe, including Slovakia, there are still not well-established tools to support management decisions that could reveal reserves, identify deviations from the required state and reflect all these attributes in the system of motivation, evaluation, and remuneration of employees. Controlling is such a tool, the implementation of which is a prerequisite for growth in performance and market value of the enterprise. The aim of the paper is to identify and present the optimal software support for controlling for the given segment of enterprises based on the mapping of the current state of using Business Intelligence to support controlling in micro and small enterprises (MSEs) in the conditions of the specific emerging economy, namely Slovakia. This information system will allow MSEs to respond flexibly to market changes, offer alternative options to support managerial decisions and can simulate the impact of any change in the plan on business management. Within empirical research, a questionnaire was used as a method to survey the given problem in the business practice of micro and small enterprises in Slovakia. The questionnaire was sent to 2,415 MSEs, with the research sample consisting of 421 respondents, i.e. of 17.43%. The survey meets the condition of a minimum sample size. We focused on groups of micro and small enterprises, as these represent 99% of the country’s market potential. While the introduction of the controlling module into the basic information systems of the company or Business Intelligence are investment-intensive for MSEs, as a real option, affordable software support for controlling based on the MS Excel programme was identified in practice. In view of the above, a prototype of a controlling information system called ‘SOFIN-KA’ was designed and successfully tested in the practice of the Slovak Republic in an MS Excel programme, which is customisable to each MSEs.
Implications for Central European audience: For the success of micro and small enterprises (MSEs) in today’s turbulent business environment, it is important to make better and faster decisions. However, MSEs in Central Europe, including Slovakia, currently do not often have sufficiently established tools to support management decisions. One of the ways to solve this problem is controlling. The proposed software support for controlling is applicable not only in Slovak MSEs but also in V4 countries. The software has been designed this way that it can always be adapted to the specific conditions of each company.

The world’s human population and its natural environment are currently facing many unfavourable effects from climate change. A significant proportion of this phenomenon is attributable to air pollution generated by combustion engines used in transportation (greenhouse gases, dust particles, etc.). Despite the inevitable need for decisive actions to reverse climate change, central authorities may face significant pushbacks when actually promoting or enforcing electric and hybrid-based mobility, if a wrong (ineffective) mix of restrictions and incentives is applied. Using primary data from the Czech Republic (surveyed in 2019), we use logistic regression and other means of quantitative analysis to provide detailed information on socio-demographic and lifestyle factors affecting individual stances towards different aspects involved with the upcoming transition towards clean personal transportation. In this paper, we focus on topics related to electric and hybrid vehicles. Based on our analysis, we provide actionable information to facilitate the complex process of turning combustion-based transportation into a sustainable feature of our modern society. We find important gender and age-related differences in opinions towards diverse aspects related to changes in personal mobility. Women and older individuals are significantly more in favour of environmentally responsible transportation means. Active car-drivers (individuals who perceive themselves as such) in lifestyle segmentation are distinctively less in favour of ecologically oriented changes – hence such individuals ought be the primary targets for marketing and educational activities (perhaps even state-sponsored) aimed to shift vehicle (mobility in general) procurements towards environmentally responsible choices. Implications for Central European audience: Climate protection is a key subject embedded in multiple EU policies. In Central European countries, the forthcoming transitioning of individual mobility towards EVs and hybrids might be a bit more complicated as compared to “old” EU members: our purchasing power is weaker, our car markets are more price sensitive and they rely heavily on imported second-hand cars. Our insights may be used to alleviate possible complications and bottlenecks in the process of reducing environmental pollution produced by individual transportation.

In this article, we focus on ethnocentrism applying to the theory of consumer behaviour while a relatively new concept of consumer ethnocentrism was created, which is under-studied in Slovakia. A patriotism indicates a second research issue. However, this concept is used in purchase and marketing conditions rarely. Based on these facts, we decided to contribute to a set of knowledge with new findings and broaden a knowledge base. This work’s main aim is to research consumer ethnocentrism and patriotism impact on evaluation and preference of domestic products. The primary quantitative survey supports this study. The fundamental part of our survey is 628 respondents. We created partial goals which produce a foundation for the phrasing of survey questions and hypotheses. These were tested by a one-way ANOVA test. We used a model of linear regressive analysis for pinpointing direction and frequency effect. Results suggest a strong link between consumer ethnocentrism and patriotism. Based on these results, consumer ethnocentrism and patriotism can be marked as factors that positively influence a preference and evaluation of domestic products. But both concepts show themselves in different frequency in different product categories. Based on the results, we can state that it is necessary to explore both concepts when speaking of product categories. Results can be used in different fields (sociology, psychology and marketing) while representing a benefit for a theory and practice.
Implications for Central European audience: A knowledge used in different marketing campaigns supporting a domestic purchase can be established from the trade and marketing perspective. Noteworthy is also a discovery that the influence of concepts is not visible equally in each product categories. Results can be used by the Slovak republic government and domestic producers who are interested in an increase of competitiveness of domestic products. But also, it is for foreign producers who have an interest in expansion on the Slovak market.

Despite a decades-long discussion about corporate social responsibility ("CSR"), there is little known about the evolution and meaning of the EU law on CSR and its perception by various stakeholders. The two objectives of this paper are: (i) assessing the evolution to the current EU law on CSR and (ii) making a case study about the perception of CSR by businesses from the luxury fashion industry supposed to be the leading CSR force, namely their ambassadors - CEOs and employees facing the clientele in Pařížská street in Prague. In order to address these two objectives, holistic and interdisciplinary research of economic, legislative and academic sources as well as a case study, entailing interviews and mystery shopping was performed. The exploration of the yielded data employed Meta-Analysis, content analysis, teleological interpretation, etc. The critical and comparative review of the evolution of the EU law on CSR shows piecemeal trends and a lack of permanent consent. This leads to the fragmentation and ambiguity, which is matched by the findings of the case study. The perception of the EU law on CSR is done differently by various CEOs of luxury fashion businesses, and there is an inconsistency between their attitudes and those of their employees facing the clientele. Such inconsistency undermines the effectiveness and efficiency of the CSR regime and needs to be corrected.
Implications for Central European audience: Although the sustainability projected in CSR is critical, the EU law has undergone a complex and fragmented evolution leading to a partially mandatory framework. The understanding and application of such a framework about CSR and its reporting is a challenge. A Central European case study of luxury fashion industry businesses shows piecemeal trends and a lack of consent, and this even among CEOs and frontline employees of the same business. The implication of such an inconsistency is a decrease in the effectiveness and efficiency of the CSR regime, a devaluation of the CSR awareness and the need for corrections.

COBIT is a process-oriented IT governance framework. In the 2019 version, the framework offers a significantly redesigned approach to prioritise processes and set process target capability levels. The design phase is very important to achieve a governance system in future. Although there are several design factors defined in the design phase of COBIT 2019, these factors do not assess process suitability and value for the governance system. Thus, connections and continuity among processes are not taken into consideration enough. Therefore, the aim of the article is to suggest another design factor based on the interrelationships of processes in the COBIT framework represented by its information flows. The nature of the proposed innovation is described, and the analysis of process information flows and items is performed. The article also publishes several inconsistencies in COBIT 2019 documentation that have been identified in the process of research. The application of process information flows and items analysis has been illustrated in two case studies. We have identified new information that can be relevant to decision making in the design phase and discussed their importance for the planned governance system. The results could help to improve the quality of the design phase by providing additional information about the context of the processes designed to ensure the governance system.
Implications for Central European audience: The implications for senior managers in the Central European region will be beneficial. Optimisation and effective use of information technologies is a prerequisite for achieving long-term competitiveness. COBIT is a best practice framework, and its implementation in companies is largely based on the specifics of each organisation. Therefore, it is important to pay close attention to the implementation phase of the application of COBIT. Framework application positively supports the holistic approach to management, resource optimisation, management based on responsibility and measurability. Today, these attributes of the organisation’s management are emphasised not only in Central Europe but in developed countries in general.

Extensive empirical evidence shows that women perform worse in financial literacy tests, which implies that their financial behaviour may also be worse compared to men. However, the literature on the gender gap in financial behaviour is scanty and highly inconclusive. Using data from a survey of married and cohabiting couples living in Poland (N=1,000) and a multi-dimensional scale validated in terms of its psychometric properties, this article compares the financial behaviour of women and men. The applied tests did not show any significant gender differences in the overall financial behaviour index or in any of the subdomains of the behaviour distinguished in the applied scale. Using the social identity theory as a framework, we discuss possible explanations of these puzzling findings, which may imply that women are unnecessarily considered a disadvantaged group in terms of preparedness to participate in financial life, including the business sphere.
Implications for Central European audience: Assuming that the gender differences in financial literacy and behaviour can be explained on the grounds of the social identity theory, Central and Eastern Europe may differ from Western Europe in terms of the gender gap. Socially-imposed gender roles were presumably shaped differently behind the Iron Curtain, which resulted in that the distinction between masculine and feminine roles got blurred under the Soviet regime. As a result, the absence of gender differences in financial behaviour is more likely to occur in Central and Eastern European countries. Financial education initiatives should take this circumstance into account.

This paper investigates whether the activities of start-ups specialising in artificial intelligence (AI)-powered solutions could contribute to upgrading in dependent market economies. Mapping the ecosystem of Hungarian AI-solution providers, collecting, and analysing data of their solutions, activities, and performance, we identify the main mechanisms of AI-driven upgrading. We argue that AI-solution providers induce productivity and resource efficiency improvement at technology adopters by enabling process upgrading. By selling their services to the local subsidiaries of global companies, they intensify the local backward linkages of these companies. Increased local embeddedness of subsidiaries is an important manifestation of economic upgrading. Additionally, AI-solution providers diversify the drivers of growth. In dependent market economies, where export-oriented manufacturing activities controlled by efficiency-seeking foreign investors used to be the main (unique) growth engine, the activities of domestic-owned AI solution providers represent a new driver of growth: technology-oriented entrepreneurship. We found, however, that the economic impact of Hungarian AI-oriented ventures is limited, no matter how innovative their solutions are. Managerial implications include the indispensability of devising an adequate business development strategy and a value capture strategy. Without adequate entrepreneurial skills, and without being visible on the global stage of ‘AI-start-ups to watch’, the development prospects of even the most innovative ventures are limited. A key policy implication for supporting the scaling up of AI start-ups by promoting the adoption of AI-powered solutions and stimulating venture capital financing promises good return on public investments.

The consequences of both workplace ostracism and workplace loneliness may include negative impacts on employee performance, yet few studies have focused on the interactions between these three constructs. In this context, both current and future studies may make prospective contributions. The goals of this paper are to investigate the associations between these variables and to determine whether workplace loneliness has any moderating effect on the possible association between workplace ostracism and job performance. A quantitative study was designed, and 349 employees in different sectors were included in the research. Findings indicated that workplace ostracism was positively associated with workplace loneliness, while it was negatively associated with job performance. A negative association between workplace loneliness and job performance was also estimated. Neither workplace loneliness as a whole nor social companionship had any moderating effects on the workplace ostracism–job performance association. On the other hand, emotional deprivation was found to have a moderating effect on this relationship. The findings prove that in combination, emotional loneliness and ostracism cause greater damage to employee psychology and, therefore, more greatly reduce job performance. 
Implications for the Central European audience: The study demonstrates that among the aspects of workplace loneliness, the emotional component is more critical to employee psychology and, therefore, job performance. Determining the factors that cause emotional loneliness in the workplace and taking precautions against them seem to be significant to the achievement of organisational goals.

The whole world is trying to keep the coronavirus under control. However, it is certain that the consequences of coronavirus do not affect the world economy but also health care and health-conscious consumer behaviour. The first wave of coronavirus came under control when the second wave appeared. What impact will this wave have on consumers’ health consciousness? The article focuses on examining the difference between the level of health consciousness at the time of the decline of the first wave and the release of measures against coronavirus and the second upcoming wave of the mutated version of the virus. The main goal of the state is to examine the level of health consciousness and follow the recommendations of W.H.O. against the spread of coronavirus in Slovakia and Hungary during the decline and re-emergence of coronavirus. The research consisted of two phases - the first phase after the first wave of the pandemic and the second during the onset of the second phase. The one-way ANOVA test and linear regression analysis were used to explore the relationship between health consciousness and W.H.O’s recommendations in the fight against coronavirus. The results indicate a close connection in the conditions of Slovakia and Hungary. At the same time, we concluded that health consciousness changes due to the acuteness of the situation. The results can be used in many fields (medicine, sociology, psychology, marketing), both theories and practice.
Implications for Central European audience: European countries, as well as the whole world, are fighting the coronavirus. Preliminary results suggest that the second wave will bring more infected. Health consciousness and prevention provide the best opportunity to fight coronavirus in times without an effective vaccine. It is, therefore, the role of the responsible authorities to examine the level of health consciousness and to try to influence it positively. The results suggest that only proper consumer information and adherence to the basic recommendations of W.H.O. can positively affect the level of health consciousness.

Evaluation of the economic impact of public research and development (R&D) support has become an integral part of the policymaking process. The paper examines the economic effects of the Czech programme TIP supporting R&D in private companies in the recent decade and aspires to contribute to the debate on quantitative methods for assessing outputs additionality of public R&D programmes. The analysis is based on the counter-factual econometric approach, because an appropriate control group could not be found among the unsupported companies, a so-called generalized propensity score matching (GPSM) was used. Two data sources were used: monitoring data of the programme TIP and economic data from the database Bisnode-MagnusWeb. The impact of R&D support on the firms' performance was measured by output indicators: gross value added, profit and productivity. Treatment effects are diverse depending on firm sizes. Generally, the R&D support effects are positive and more substantial in small and medium firms (SMEs) while there are no such effects confirmed for large firms. The support could only impact positively on the output (profit, productivity and gross value added) of small firms only after reaching a certain minimum threshold of the support whereas output diminishes for medium firms after a point of saturation.
Implications for Central European audience: This paper results could be useful for policymakers and R&D funding providers because it provides evidence about the microeconomic impacts of programmes, namely it shows the differentiated effects of public interventions toby the size categories of beneficiaries. The analysis confirms that GPSM approach provides deliver logical outcomes and if the investigation is situated to the right period after the programme is accomplished, it has a potential to bring more insight in the effects than the standard dichotomous model.

Higher education institutions annually produce hundreds to thousands of graduates with the same or similar education. The new graduates only with academic background compete with the graduates from previous years who have acquired some practical experience. The individual will only assert themselves through the complex of superstructure competencies and the ability to apply them effectively and practically for the benefit of the employer. The paper aims to present research focused on the analysis of soft skills and summarising the requirements for the soft skills competencies of the graduates from the Technical University in Zvolen in terms of employers’ expectations in the Slovak republic. The research was carried out in the form of a questionnaire survey, and the results of the questionnaire survey were evaluated by the method of mathematical-statistical analysis by non-parametric testing of significance. On the basis of the testing of significance, the hypothesis for specific areas of soft skills competencies was confirmed, suggesting that students’ competencies in these areas do not reach the level demanded by enterprises, and therefore, it is necessary to improve the quality of education in that area to match students’ real knowledge with business requirements.
Implications for Central European audience: The global labour market requires the introduction of new competencies so that university graduates can work in a domestic or transnational context. An advantage is the added value showed by various interpersonal skills represented by soft skills. In the research, we focused on the analysis and summarising the requirements for the soft skills. Based on the testing of significance, the hypothesis of the statistical significance of the difference for specific areas of soft skills competencies was confirmed, suggesting that students’ competencies in these areas do not reach the level demanded by enterprises. Soft skills and emotional behaviours deficits could affect business outcomes.

The article aims to evaluate the impacts of strategic investments in biogas plants on the economic sustainability and vulnerability of farms with a special focus on investment subsidies. Data spanning 148 farms from the Czech Republic over a thirteen-year period (2004-2016) are used to estimate random effects panel regression models to quantify the short-term and long-term economic sustainability and vulnerability of integrated energy production in the context of mixed type farming. Investments in biogas plants can negatively affect the viability of agricultural companies in the short term because farms which invest in biogas suffer from debt pressures due to inadequate revenues in the construction phase. However, in the long term, the effects of biogas plant operations are positive: economic sustainability is enhanced and vulnerability is reduced mainly due to public support for renewable energy production in the form of feed-in tariffs and green bonuses. Comparing farms that received investment subsidies with nonparticipating farms indicates a high deadweight loss effect which means that programme participants would undertake a similar investment without programme support. However, the investment subsidies improve recipients´ cash flows.

The reality of the market has shown that traditional brand management theory lacks success. There is a need to provide a revision to this theory with an emphasis on behavioral approach. In contemporary times, the theory has been limited mainly in this criterion and to avoid from the exact identification of specific brand value sources in conditions of particular nations. Therefore, the aim of this paper is to identify relevant brand value sources which are significant for Slovak socio-cultural profile and to propose an effective innovative model of brand value building and management. The data used in the presented study were obtained by our own survey carried out on the sample of 2000 respondents (citizens of the Slovak Republic older than 15 years). The given data was statistically evaluated by the so-called factor analysis supported by implementation of the KMO Test, Barlett's test of sphericity and calculation of Cronbach's Alpha (for individual brand value sources and their components in general as well as on the example of sportswear brands). The specificities of the national socio-cultural profiles were found to be identical in the priority of the components of the individual, subjectively perceived sources of the brand value. In contrast, the order of importance of brand sources is different and reflects the specificity of the branded product category. Therefore, the specifics of the national socio-cultural profile affect the priority of the components of the individual brand value sources, while the specifics of the product categories affect the priority of the brand value sources itself.

Consumers play extra-role behaviours while actively participating in designing and improving goods and services, thus becoming prosumers. Modding, i.e. game modifications which aim at creating a new or improving experience for the players, is an interesting form of prosumption observed in the game industry. The general purpose of the study is to identify to what extent players are willing to perform game modding, as well as who and how may benefit from this extra-role behaviour. Qualitative research was conducted in the form of focus groups with Polish game players. Results of the conducted research allow identifying benefits for four groups of beneficiaries, i.e., players as mod users (game diversification, better customisation, higher quality of games, more realism of the game, fun and excitement to play a modified or a new game, prolonged games’ lifespans), modders as mod creators (creativity, gaining knowledge about how to create a game, social affiliation and pride or career development) game developers (extending games’ lifespans, updating, and renewing game, improving the quality of games, the opportunity to reach a wider audience) and intermediaries like cloud gaming platforms which share the benefits with game developers.
Implications for Central European audience: The study provides evidence that customers’ inclination to prosume may vary and is stimulated by specific drivers in the form of perceived benefits. Thus, the research supports Adam’s equity theory. From the managerial perspective, the current study provides useful, actionable guidance on how to encourage players to engage in real prosumtion in virtual worlds. Game producers need to learn about their customers’ needs outside of normal exchange processes. Players shall be perceived as an inseparable part of the gaming industry, who deliver an extra value to the market by game modding activities.

The article deals with China’s outward direct investment (ODI) in Europe. The ODI has been on the rise and is unique in the sense that its development is much faster than in any other developing country. We investigate the determinants of Chinese ODI in ten countries of Central and Eastern Europe in the time span of 2005 and 2018. Using panel data analysis, the regression model incorporates both traditional macroeconomic variables as well as selected institutional variables, trying to test which of those work best at explaining the Chinese investment activity in the countries of interest. The quality of the institutional framework is represented by EBRD indicators, which seem to be more suitable for transition economies. Findings generally suggest that Chinese multinational enterprises do not access Central and Eastern European countries primarily for market-seeking reasons. However, the fact of being a member of the EU helps Chinese ODI since the membership is used as a sort of “backdoor” to the large European markets. Still, Chinese ODI is less likely associated with a sound institutional environment of a host country, as the opposite appears to be true. These findings, therefore, support the hypothesis that access to the single EU market and R&D spending are more important determinants of the Chinese ODI than almost any other factors.
Implications for Central European audience: The article explores the main drivers of Chinese foreign direct investment in the CEE region while it employs the most relevant theoretical framework, including several recently developed theories. The quantitative analysis then thoroughly explores the weight and sign of selected drivers using recent data and questions some of the conventionally accepted surmises about motivations of Chinese investment activity in the CEE region. This is an important topic given the ongoing debates about China’s influence in the region as well as about the intensity and general value added of its investment activity.

Globally, there are many profound changes going on within the automotive sector. There are new technological developments like e-mobility and autonomous cars, as well as new business models such as car sharing that may make purchasing a car obsolete for the younger, international target group. The intention of this paper is to identify the role and importance of cars in the young target group internationally and to explore current motives for buying an automobile. To this end, the authors conducted a psychological research study on a diverse group of upper division undergraduate and master’s degree level students originating from more than twenty different nations.  Research methods used include structured one-on-one interviews and in-depth focus groups. The study’s results are useful for international marketing practitioners as they contribute to understanding the relevance and importance of automobiles for the international youth target market as well as identification of motives regarding car purchase across various countries. The results have implications for international managers within the automotive industry for the development of new mobility concepts as well as for international marketing communications within the automotive sector.

The expansion of the European Union (EU) and economic growth have propelled the development of intermodal transportation and logistics activities in Central and Eastern Europe (CEE). Yet, the inland location of most CEE economies requires improved connectivity to port terminals on both the Atlantic/Baltic and Mediterranean/Black Sea ranges. The paper provides a broader research perspective on inland logistics platforms focusing on the CEE region, particularly as it concerns the role of the public sector in port hinterland infrastructure development. The paper identifies the current bottlenecks in logistics activity in regard to the whole range of the national transport chains. A dual regionalization process is taking place between the ports of the Northern and Mediterranean ranges and that the Northern Range is more effective at servicing the CEE region, including the Czech Republic, in spite of the proximity advantage of Mediterranean ports.

Over the past two decades, French enterprises have been heavily investing in the Czech Republic. Today, France is the fifth biggest investor to the Czech Republic, and French companies are among the most important employers. The aim of this study is to analyze the presence of French firms in Czech Republic by look at the example the French-Czech mergers and acquisitions (M&A), and to explain the main motivation of the location of French firms in the country. Using a review of documents and secondary data analysis, we observe that French enterprises have invested especially in the Czech manufacturing sector, energy & power, consumer staples and financial services. In this study, we evaluate if French corporations try to optimize their production process within so-called global value chains, and if French companies have invested in their own strategic domain area or another strategic area by using the diversification growth approach. Finally, we present examples of successful mergers and acquisitions of French firms realized in the Czech Republic.

The main goal of this paper is to identify the major factors for the decision of Swiss IT service firms to nearshore their locations and to quantify their relative importance. Moreover, we develop an IT Nearshoring Index ranking the attractiveness of different European regions. We use a quantitative survey of 56 Swiss IT service firms that are either actively engaging in nearshoring or planning to nearshore parts of their business. Using the survey, we identified five main factors for the nearshoring location decision of Swiss IT firms: economic, labour, institutional, social and location. We pin down the relative importance (weights) of the aforementioned factors using the survey results and expert interviews. The labour factors (including labour costs on the one and the availability of skilled IT workforce on the other side) proved to be most important. We use the obtained weights to construct a (weighted) IT Nearshoring Index. Based on the IT Nearshoring Index, we find that in contrast to general belief, the most attractive locations cannot be found in Eastern Europe, but in Southern UK or Western Germany. The first is due to their high availability of IT workforce, the latter due to their cultural and geographical proximity. Eastern European regions can base their competitive advantage on offering attractive labour costs, but this cannot make up for the disadvantage of greater cultural and geographical distance to Switzerland.

This paper deals with the need to complexly evaluate maturity, management, stakeholder relationship and resources utilisation of an organisation. It searches for an assessment tool independent on time and industry contexts. The research was conducted in two phases. The literature review on a set of existing performance models did not find any suitable tool. Based on that, a new performance model was created to assess the maturity of an organisation, focusing on soft factors like its leadership, processes and culture. It had been tested using structured interviews with managers in Czech, Slovak, German and Chinese companies. The model is based on a set of 17 non-financial criteria, divided into categories Management, Stakeholders and Resources. The results are given for each criterion, category and as an overall score. This article briefly describes the developed CAT model, methodology of its creation and validation and explains how it can be applied as an assessment tool. Its results can be benchmarked among different organisations/overtime to track development progress.
Implications for Central European audience: This model gives both practitioners and researchers a lean, yet powerful tool to evaluate the maturity of an organisation with structured and measurable results. The new possibilities for quantitative research using the CAT model are now available for researchers to assess even larger samples of organisations with reasonable effort. For practitioners, the value is in a quick discovery of own weaknesses/strengths with structured results and recommendations. Model structure and selection of respondents ensures that the results are measurable and cover views of both management and employees.

There is very little research in the extant literature on the asymmetry that may exist in consumers reactions to changes in the aggregate level of advertising in the marketplace. Aggregate levels of advertising act as a signal to consumers regarding the health of the economy. In this study, we investigate the extent of this asymmetry in terms of how consumer confidence, which is a proxy for future consumer spending, responds to upturns and downturns in advertising revenues. We find that consumers react with higher levels of confidence to upturns in advertising revenues. However, consumers do not react to downturns in advertising revenue with commensurate reductions in consumer confidence. They ignore the signaling effects of a downturn in advertising revenues, displaying asymmetric behavior in response to changes in advertising revenue. The increase in consumer confidence resulting from an increase in advertising revenue is a delayed response effect and comes after two quarters lag. It is statistically significant at conventional levels for the following two quarters as a response to a one-time upturn in advertising revenues. The results provide important information to practitioners and researchers on the asymmetric signaling and ratchet effects of advertising on consumer behavior. The implication for practitioners and policy makers is that aggregate increases in advertising has a delayed positive effect on consumer confidence with positive implications for consumer spending. The implications for researchers is another example of asymmetry in human decision-making and specifically the tendency to embrace positive and ignore negative economic signals. The implication for investors is a better understanding of how macro advertising expenditures function as a leading indicator for consumer confidence, consumer spending, and economic growth.

Country of origin (COO) plays a vital role in the luxury market. This paper investigates the extent to which luxury shoppers are aware of domestic luxury brands, and in which categories they would consider buying them. Our results, based on a survey of 253 luxury buyers in the Czech Republic, indicate that there is an opportunity for local brand development in categories such as luxury glass and crystal home accessories, designer furniture and lights, which are outside the scope of the “traditional luxury industry”. Additional findings are also highlighted: for more than two-thirds of actual luxury shoppers; the local COO would be a reason to consider purchasing a luxury brand. Perceptual differences of domestic vs global luxury brands are also indicated.
Implications for a Central European audience: Managerial implications target at managers of domestic or emerging luxury brands in non-traditional luxury markets with a specific demographic segment of potential mature luxury customers. They have a higher affinity for domestic luxury products.

This paper analyses, reviews and connects the existing literature about workplace health management systems. We investigate the empirical evidence if a mandatory implementation could lead to a Pareto improvement for all stakeholders. This evaluation is based on the inclusion of several studies, which are not yet connected to the health-related issue. The increasing incidence of employee health issues generates high costs for employers as well as for insurers. Workplace Health Management Systems act as preventive measures in reducing health-related costs. Many case studies are used to explain the concepts and the specific cost reduction for the companies analyzed. But there is still a lack of a broad empirical base to provide convincing evidence for the cost-effectiveness of these programs. To demonstrate the general efficiency of these systems, several studies of different concepts with similar characteristics are compared to ensure, that the mandatory implementation leads to positive effects on the economy. We find that by implementing just a few prevention measures, positive returns can be achieved for a majority of sectors. Given that the market seems incapable of creating this allocation improvement by itself, the integration of health management into the Working Conditions Act seems reasonable, since this could allow a Pareto-efficient outcome to be achieved. Consequently, implementation will not lead to a reduction in the competitiveness of European employers, but rather to increased staff retention and improved productivity due to fewer employee sick days and an improvement in public health and makes the mandatory implementation of workplace health management systems a considerable issue for policymakers.

A company’s capital structure is a significant factor in valuing its business. The relative levels of equity and debt affect risk and cash flow and, therefore, the amount an investor would be willing to pay for the company or an interest in it. Capital structure matters because it influences the cost of capital. Therefore, this paper aims to quantify the effect of the capital structure on the cost of capital of Slovak enterprises and to suggest an effective way of financial decision-making. The data used in the study was gained from the Bratislava Stock Exchange because publicly available information on enterprises issuing their shares on the stock exchange was needed to calculate the cost of capital. Due to the underdeveloped capital market of Slovakia, we chose 17 stock companies (except for commercial banks) operating on the Slovak market having all the data required. The financial data of companies were obtained from their financial statements spanning 2013 to 2017. The impact of the capital structure on the cost of capital was investigated by the Pearson correlation coefficient, regression analysis and Mann-Whitney U-test. The study found that there is an indirect relationship between the capital structure, the cost of capital and the size of the company. We also conclude that the growing volume of debt may result in a decline in the corporate costs of capital. These findings concerning Slovak enterprises incline to the respected compromise theory.

The corporate brand represents a global set of perceptions of the unique functional and emotional attributes associated with it. These are the result of interactions of all the impressions, experiences, feelings and knowledge of all participating sides based on the products of the company, management style, and the planned or unscheduled communication activities. The study aims to describe Czech Millennials using demographic criteria in relation to their brand perception. The questionnaire was used as the research technique for gaining the primary data. The respondents were questioned about their opinions and perceptions of many issues such as attitudes towards brands, life values, willing to pay, making decisions, searching and buying products, preferences in the field of stability, having fun. Several statements from the questionnaire were tested for the purpose of this paper connected to the sense and sensibility in the decision buying process of Millennials as the consumers in the marketplace of the Czech Republic as one of the Central European countries. Afterwards, the Millennials are classed according to these pre-selected variables into groups by using a cluster analysis in such a way as to ensure the greatest similarity within the clusters and the greatest variation between clusters. Two clusters were formulated. From the carried out survey is obvious consumers with a lower degree of education are more emotional when they purchase goods than consumers with other achieved degrees of education. In relation to gender, we can allege that women are much more motivated by emotions. Younger Millennials are more likely to be motivated by emotions than older ones.
Implications for Central European audience: Businesses in the 21st century, especially in developed markets should focus on the adequate targeting of selected market segments to use adequate marketing programs because the use of mass marketing approaches in different areas of business is currently uncompetitive and sometimes totally impossible. Proper targeting has a significant impact on consumers' behaviour and their brand perceptions. The Central European countries such as Poland, the Czech Republic, Hungary, Liechtenstein, Germany, Switzerland, Slovakia, Slovenia and Austria, with a population exceeding 165 million, represent a solid and an attractive market for business opportunities. Ordun (2015) claims that customers (consumers) of so-called generation Y (also said as  Millennials) are said to be the second-largest population all of the world. It represents an occasion as well as a challenge not only for business units. Individuals of this generation have very strong buying power but they can as well influence the buying decisions of their parents and children. Moreno, Lafuente and Moreno (2017) present the findings of their research that suggest that Millennials were born in the time period when the technology is understood as an important part of people´s life in all aspects. Thanks to this fact Millennials perceive buying process as joy and their loyalty to purchased brands is relative. They are supposed to spend the money which they earn quickly using the online shopping channels.  The current research projects in the area of the currently ongoing and still unfinished phenomenon of the generation

The paper concerns the notion of information technology (IT) reliability in an organization and User Experience as one of the factors which may potentially increase this reliability through a role of users (who should willingly use IT to perform tasks it is designed to support). Frequency of IT use (also in the context of economic advancement as a comparison between central Europe and North America) and job characteristics, such as task complexity, structuration and uniqueness are discussed as potential moderators strengthening that relation. The empirical research was performed among 550 organizations operating in Poland and USA in order to verify whether User Experience might be the factor positively influencing IT reliability in an organization and whether identified job characteristics indeed are strengthening that influence. The obtained results confirmed, among others, that the more complex and less routine are the tasks performed by the employee, the more significant is the influence of IT User Experience on IT reliability.

This paper extends the concept of organizational project management maturity to the national context. Based on a review of the extant literature and a thorough analysis of existing organizational maturity models, it develops a systematic framework of national project management maturity and the national project management maturity model (NPM3), by defining maturity levels, identifying key maturity perspectives and drivers, and discussing key performance indicators that may be used to assess and compare national project management maturity. Practical implications, limitations, and the need for further research are discussed.

Family businesses are the lifeblood of the economic growth of the nations. However, a large gap exists about the application of machine-learning algorithms such as Random Forests (RF) to the quantification of patterns, drivers, and interactions in the succession process of family businesses. The primary aim and novelty of this study lie in the quantification of variable importance based on machine-learning algorithms, and the differences among the characteristics of family businesses, family employees, and family business owners (FBOs) for multivariate responses. For this reason, a field study was carried out in family businesses in Sivas and Ardahan provinces. The questionnaire form created by the researchers was used in this study. In this research, RF classification model was applied. RF classification models of 17 response variables were constructed as a function of 32 predictors.
Implications for Central European audience: Impacts of characteristics of FBOs, family businesses, and family employees on FBOs’ willingness to transfer to successors and preferences about the successor’s qualities were modelled. High-dimensional data were collected from 53 family business owners (FBOs) in two cities for a total of 49 variables. As a result, the domain of the FBOs’ characteristics was found to have a more profound impact on both FBO’s willingness to transfer to a successor and what successor’s qualities were most valued than did the domains of the family business and employee characteristics.

There are many methods of forecasting, often based on the specific conditions of the given time series which are frequently the result of research in scientific centres and universities. Nevertheless, there are also models that were created by scientists in a particular company, examples may be Google or Facebook. The latter one has developed one of the latest Prophet forecasting models published in 2017 by Taylor & Letham. This model is completely new and so it is appropriate to subject it to further research, which is the topic of this article. To accomplish this research objective, the aim of this work is to identify seasonal trends in revenue development in a selected e-commerce segment based on the assessment of the applicability of the Facebook Prophet forecasting tool. To accomplish this goal, the Python Prophet is decomposed with a subsequent two-year forecast. Accuracy of this model is measured by RMSA and coverage. The e-commerce subject selected is active primarily in the field of sales of professional outdoor supplies and organizing outdoor educational courses, seminars and competitions. It is clear from the prediction that the e-commerce entity shows a strong sales period with the beginning of the spring season and then, due to the summer, decline, until the pre-Christmas period. The subject has little growth potential and a new impetus is needed to increase sales and thus restore the growth trend. It has been confirmed that Prophet is a suitable tool for debugging seasonal tendencies.