Božena Chovancová - Peter Árendáš - Main Risk Margin Determinants of Government Bonds of Visegrad Group Countries (Hlavné determinanty rizikových marží vládnych dlhopisov krajín V4)
Abstract: In recent years we have witnessed a significant growth in government balance deficits and thus government debts, especially in European countries and mainly in the Eurozone. The aim of this paper is to analyse individual factors that influence the changes in risk margins (focusing on V4 countries – the Czech Republic, the Slovak Republic, Poland, and Hungary). The analysis is based on the Risk spread creation and volatility model. We used empirical-statistical methods and comparison within the frame of the specific model, which is used and applied on the countries of Eastern Europe.
Ivana Mišúnová Hudáková - Juraj Mišún - Adaptability of the Internal Business Environment of Small and Medium - Sized Enterprises in Slovakia (Adaptabilita interného podnikateľského prostredia malých a stredne veľkých podnikov na Slovensku)
Abstract: Companies that are exposed to an uncertain changing business environment must be able to adapt and change in order to achieve some compliance with the subject of business carried out and the objectives with the ambient conditions. Also these conditions can be a source of threats for small and mediumsized enterprises. In this context, we emphasize the adaptability of the enterprise. It is the active joining of resolving the conflict between the business entity and its environment. We follow signs of this joining through changes as a transition of stability on one level to a whole new level of stability, which can cause a change in the company’s original strategy to a new strategy.
Keywords: adaptability, awareness, flexibility, value chain, the response.
Soňa Ferenčíková - Alena Víncenová - Vplyv finančnej krízy na vývoj medzinárodných fúzií a akvizícií (Influence of Financial Crisis on the Development of International Mergers and Acquisitions)
Abstract: The authors analyse cross-border mergers and acquisitions before and after the world financial crisis. They pay a special attention to the collapse of Lehman Brothers and its impact on these operations. They also focus on mergers and acquisitions in the region of Central and Eastern Europe and analyse the development of this phenomenon in the Slovak Republic. In the conclusion they present their expectations about the future trends in the area studied.
Keywords: cross-border mergers and acquisitions, mergers and acquisitions in Slovakia, financial crisis
Tomasz Wołowiec - Dariusz Reśko - Multiannual Financial Perspective as an Instrument of Finance Management by Local Government in Poland (Viacročný finančný výhľad ako nástroj finančného manažmentu používaný miestnou samosprávou v Poľsku)
Abstract: The implementation of primary functions of local development management, especially its planning, organising and controlling, cannot leave the financial aspects of these processes aside1. This can be attributed to the fact that every decision taken in the commune concerning strategic or operational management is related to the necessity of making specific financial contributions or to the conscious resignation from obtaining income (tax reliefs or exemptions). Moreover, the model of financial management adopted in a particular commune determines whether its financial methods and instruments perform development or stagnation functions. The implementation of primary functions of local development management, its planning, organising and controlling in particular, cannot disregard the financial aspects of these processes.
Keywords: multiannual, financial perspective, local government units, finance management, Act of Public Finance (PL)
Martin Grančay - Teórie medzinárodného obchodu s heterogénnymi firmami (Theories of International Trade with Heterogenous Firms)
Abstract:The present paper provides an overview of the development of international trade theory in the early 21stcentury. It analyzes factors leading to the emergence of “post-Krugman” theories and focuses on Melitz’s model of trade with heterogeneous firms and Bernard, Redding and Schott’s integrated model. The paper highlights current trends in theoretical research into international trade, in particular on investigating the volatility of foreign trade on the firm’s level. It also outlines possible developments of theories in the near future.
Keywords: international trade, trade theory, heterogeneous firms, productivity
Štefan Rehák - Lukáš Sekelský - Ekonomické vplyvy vysokoškolských študentov na hostiteľské mestoPrípadová štúdia Ekonomickej univerzity v Bratislave(How the Presence of University Students Influence the Host City Economy. Case study of the University of Economics in Bratislava)
Abstract: Universities are considered as the key engines of economies, particularly in the long term through their contribution to human capital accumulation and innovation. In the short run, their importance for host cities is mainly associated with the increase in the demand for goods and services. The origins of university impact assessment for the region date back to the 1970-ies, when the research carried out by Caffrey and Isaacs (1971) introduced and popularised a formal method of evaluating the economic impacts of the university. This article is an empirical contribution, whose main objective is to quantify the amount and structure of local expenditures of students of the University of Economics in Bratislava. The research is based on data obtained through a questionnaire survey of 628 full-time students studying at the university in the city of Bratislava. The analysis shows that students have an average budget of around 259 Euro, of which they spend 208 Euro in Bratislava, and most of the amount on housing and food. Altogether, students from the UE spend about 1.5 million monthly in Bratislava, of which the net contribution to the local economy accounts for 692,000 Euros.
Keywords: economic impact, university students, Bratislava
Ivana Ondrušeková - Viera Pavličková - Výnosnosť investícií do vzdelania v Slovenskej republike (Profitability of Investment into Education in the Slovak Republic)
Abstract: The paper focuses on empirical estimate of private profitability of investment into education. EU SILC statistics are analysed for the purposes of quantifying the influence of education on an individual’s income under conditions of the Slovak Republic in the years 2005 and 2009. At the same time, changes in the private profitability of education in Slovakia across years are investigated in the paper.
Keywords: Minzer income equation, profitability of education
Anna Hrnčiarová-Turčiaková Spotrebiteľské odmietanie privátnych značiek (Consumer Refusal of Private Labels)
Abstract: The aim of the paper is to clarify in detail the essence of refusing the private label (PL) in comparison with refusing the product manufacturer’s brand (PMB). On the basis of results of analyses published in foreign sources (in particular British, US and Australian ones), the author interprets the reasons of refusing the brands in five segments of supermarkets in the United Kingdom and Australia. The author extends five categories of reasons (negative experience with the brand in the past; refusal on moral grounds; information about the price, advertising, name of brand, and packaging; high risk perception; and spillover effects) by another one, namely the loss of trust/high risk. In “Discussion and conclusions” the author states that the intensity of PL refusal in comparison with the refusal of the product manufacturer’s brand is higher in Australia. The author interprets the results,
processes them, and in the final part of the paper makes recommendations concerning the perception of low quality on the part of consumers and the competition among PL marketers.