scholarly journals Macroeconomic performance of the Czech Republic during the global pandemic crisis

2021 ◽  
Vol 129 ◽  
pp. 01031
Author(s):  
Jolana Volejnikova ◽  
Ondrej Kuba
Keyword(s):  
Czech Republic ◽  
Value Added ◽  
Human Society ◽  
Macroeconomic Performance ◽  
Exogenous Shock ◽  
The Czech Republic ◽  
Global Pandemic ◽  
Methods Of Synthesis ◽  
Economic Analyses ◽  
The Impact

Research background: The global SARS-CoV-2 pandemic is unprecedented for human society. Despite the continuing uncertainty about the future, it is certain that the global consequences of the pandemic will have many dimensions. Among others, the economic impacts are extremely significant. However, the sudden slowdown in economic activity, the declared quarantines, and the state of emergency have many specific impacts in individual countries. The Czech economy (as well as other countries in the world) was exposed to an unexpected exogenous shock. The data confirm that, in 2020, the decline in the performance of the Czech economy was the deepest in its history. Purpose of the article: The primary goal of this article is to analyze the macroeconomic performance of the Czech Republic during a pandemic crisis. However, we also research the impact of the pandemic on individual sectors of the national economy in the context of government measures. Methods: The analytical part of the article is processed on the basis of publicly available statistical data, economic analyses, and economic forecasts of renowned institutions. The derivation and argumentation of the conclusions are based on an empiric-inductive approach, methods of synthesis, and comparison. Findings and value added: The article maps the direct and mediated macroeconomic effects of the pandemic crisis in the reality of the Czech Republic. At the theoretical level, the aim of the article is to bring new knowledge to current economic theory, especially in the field of macroeconomics and sectoral analysis as well as the theory of public choice.

scholarly journals The Impact of the Global Pandemic on Selected Aspects of Sustainable Tourism in the Czech Republic

2021 ◽  
Vol 92 ◽  
pp. 01046
Author(s):  
Jana Stuchlíková ◽  
Milena Botlíková
Keyword(s):  
Czech Republic ◽  
Sustainable Tourism ◽  
Value Added ◽  
Secondary Data ◽  
Primary Data ◽  
The Czech Republic ◽  
Global Pandemic ◽  
Tourism Sector ◽  
Tourism Enterprises ◽  
The Impact

Research background: The overall impact of coronavirus has some positives and negatives on the tourism sector and thus on other downstream sectors. The stagnation of tourism will make it easier for overcrowded tourist centers, which corresponds to the goals of sustainable tourism. On the other hand, negatives can be attributed to it. The Covid -19 epidemic caused the decline in business activities in tourism to almost zero, not only in the Czech Republic, but in the entire global area. If we consider with the intention that a large part of tourism enterprises is dependent on foreign clients, then the steps necessary to prevent the further spread of the epidemic were fatal for many enterprises and contribute to rising unemployment, reducing public budget revenues, etc. It is clear that the functioning of tourism will not return to pre-coronavirus and will be gradual. Businesses will need to adapt their services and find new ways to distribute them. Purpose of the article: The aim of the paper is to map the effect of coronavirus on selected aspects of sustainable tourism in the Czech Republic. Methods: We used primary data obtained from controlled interviews with the operators of the monitored facilities and secondary data (EUROSTAT, CSO). Findings & Value added: The paper includes models of the impact of coronavirus in the field of tourism, focusing mainly on accommodation and catering establishments.

scholarly journals Economic cycle and economic consequences of the global SARS-CoV-2 pandemic in the Czech Republic

2021 ◽  
Vol 92 ◽  
pp. 01056
Author(s):  
Jolana Volejníková ◽  
Ondřej Kuba
Keyword(s):  
Czech Republic ◽  
Business Cycles ◽  
Business Cycle ◽  
Supply And Demand ◽  
Value Added ◽  
Economic Consequences ◽  
Human Society ◽  
Economic Cycle ◽  
Exogenous Shock ◽  
The Czech Republic

Research background: The global SARS-CoV-2 pandemic is for human society unprecedented. Coronavirus is dramatically changing people’s lives, and despite of uncertainty about the future, it is certain that its global consequences will have many dimensions. The it is undeniable that there have been significant economic impacts are unquestionable today impacts. The Czech economy, like the rest of the world, is facing an unexpected exogenous shock. This being manifests itself with varying intensity both at the level of sub-markets and on the side of aggregate supply and demand. It is literally a textbook example, explaining the outbreak of the downturn phase of the business cycle. Nevertheless, the sudden slowdown of economic activity as a result of the coronavirus pandemic, quarantine and the state of emergency, has many specificities across countries. Purpose of the article: The primary goal of this article is to analyze the economic consequences of the pandemic crisis in the reality of the Czech Republic. On this basis, it identifies the specifics of a pandemic crisis, in the context of a broader framework of economic theories of business cycles. Methods: The analytical part of the article is processed based on publicly available statistical data and economic forecasts. The derivation and argumentation of the conclusions is based on an empiric-inductive approach, methods of synthesis and comparison. Findings & Value added: The article maps the business direct and mediated economic contexts of the economic cycle caused by the coronavirus pandemic in the reality of the Czech Republic. It identifies the differences and specifics of the downward phase of the pandemic business cycle and derives their possible long-term impacts. At the theoretical level, the ambition of the article is to bring new knowledge to the contemporary economic theory of business cycles.

scholarly journals Reducing the Impact of the Global COVID-19 Pandemic on Business Entities in the Czech Republic from an Accounting and Tax Perspective

2021 ◽  
Vol 92 ◽  
pp. 01012
Author(s):  
Jana Hakalova ◽  
Sarka Kryskova ◽  
Yvetta Psenkova
Keyword(s):  
Czech Republic ◽  
Financial Stability ◽  
Value Added ◽  
Economic Life ◽  
The Czech Republic ◽  
Goods And Services ◽  
Global Pandemic ◽  
The Government ◽  
Business Entities ◽  
The Impact

Research background: The global pandemic declared by WHO on 11 March 2020 has had a widespread impact on the world economy, and the COVID-19 outbreak has severely affected economic life throughout the globalized world. Governments have taken various measures to support their economy and financial stability. The global restrictions on production and services, reduced demand for goods and services and this year’s cash-flow problems will certainly lead to a significant decline in their profits, especially for small and medium-sized companies. The COVID-19 pandemic has undoubtedly affected most business entities in the Czech Republic. Purpose of the article: The purpose of the paper is to describe, analyse and evaluate measures of the government of the Czech Republic, which aimed at reducing the impact of the pandemic on businesses in the Czech Republic. Methods: In the paper, classical types of scientific procedures were applied using theoretical and empirical methods which include description, analysis, synthesis, induction, deduction, comparison and evaluation and so on. Findings & Value added: The paper analyses the impacts of COVID-19 in the context of accounting measures from the perspective of Czech and international accounting regulations. The paper proposes a solution in the area of mandatory reactions of accounting entities to a completely unusual situation caused by the COVID-19 pandemic which should be mandatory and disclosed in the notes to the financial statements. Furthermore, the paper evaluates a set of measures in the field of taxation, wages and insurance premiums intended for business entities and their employees.

scholarly journals The impact of LFA payments on FADN farms in the Czech Republic

2008 ◽  
Vol 54 (No. 10) ◽  
pp. 489-497 ◽  
Author(s):  
M. Štolbová ◽  
T. Hlavsa
Keyword(s):  
Czech Republic ◽  
Current System ◽  
Value Added ◽  
Farm Income ◽  
Family Farm ◽  
The Czech Republic ◽  
Data Network ◽  
Farm Accountancy Data Network ◽  
The Impact ◽  
Net Value Added

This paper analyses the impact of the LFA payments on farms economic results on the basis of the Farm Accountancy Data Network in the Czech Republic. Firstly, the approaches are compared to the structure of farms based on the LFA type. Secondly, the share of the LFA payments on economic results of farms is evaluated. The evaluation considers the LFA type, share of grassland, size of the eligible area of farms. Basic economic indicators are being monitored, such as Gross Farm Income, Farm Net Value Added, Family Farm Income, current subsidies, of which in particular the LFA payments. The share of the LFA payments in economic results of agricultural holdings is compared. As a result of the analysis, the winners and losers of the current system were defined.

scholarly journals Fostering Czech firms? innovation performance through efficient cooperation

2021 ◽  
Vol 12 (3) ◽  
pp. 671-700
Author(s):  
Viktor Prokop ◽  
Michaela Kotkova Striteska ◽  
Jan Stejskal
Keyword(s):  
Czech Republic ◽  
Public Funding ◽  
Value Added ◽  
Manufacturing Firms ◽  
Innovation Systems ◽  
Innovation Performance ◽  
Policy Implications ◽  
The Czech Republic ◽  
Innovation Activities ◽  
The Impact

Research background: The business climate development and the stage of innovation systems? transformation are very similar in many Central and Eastern European countries, making it necessary to study these specific economies. These economies are at a different level of transformation, and their governments are trying to support the development of a knowledge-based economy, the creation of innovation systems, and collaboration among different types of entities. These governments need feedback in the form of research into the impacts of public funding on innovation activities through the influence of basic research and cooperation-based resources in individual countries. Purpose of the article: This paper focuses on the examination of (i) the influence of national and European subsidies on innovation performance in manufacturing firms in the Czech Republic and (ii) impacts of knowledge- and cooperation-based resources on innovation activities in Czech manufacturing. Methods: The latest available data from the Community Innovation Survey was used for analyses realized by different regression models. The proposed research models were gradually created to verify the influence of pro-innovation factors (expenditures on in-house and external R&D and on the acquisition of external tangible and intangible sources, cooperation with different partners and innovation) and public (national and/or European) funding of firms? innovation performance within the Czech manufacturing industry. Findings and value added: The results have showed that there is a need to focus on direct and indirect effects of selected innovation determinants; we have also identified the crucial role of cooperation (specifically with government, public, or private research institutes) as a mediating variable within innovation processes. The results have also evidenced that public funding affects the efficiency of knowledge- and cooperation-based resources and amplifies the impact on firms? innovation performance differently. Whereas subsidies from national budgets do not significantly influence the innovation performance of Czech manufacturing firms, European subsidies, on the other hand, significantly increase firms? innovation performance. A long-term contribution of this paper is the significant completion of the theory of policy implications that may be applicable in a broad international context beyond the borders of the Czech Republic. This study significantly contributes to the ongoing discussion about (i) the significance of public financial subsidies from both national and European funds and (ii) the effects of cooperation and R&D on firms? innovation performance within ?catching-up? in Central and Eastern Europe. 

scholarly journals The Character of Price Transmission Within Milk Commodity Chain in the Czech Republic

2015 ◽  
Vol 63 (3) ◽  
pp. 887-892 ◽  
Author(s):  
Barbora Dudová ◽  
Věra Bečvářová
Keyword(s):  
Czech Republic ◽  
Time Delay ◽  
Value Added ◽  
Price Transmission ◽  
Cow Milk ◽  
Commodity Chain ◽  
Commodity Chains ◽  
The Czech Republic ◽  
Butter Price ◽  
The Impact

The article is focused on price transmission within milk commodity chain in the Czech Republic. The article distinct on milk products with low value added – cow milk/paper box milk and products with higher value added – cow milk/butter. Price transmission is measured by the coefficient of elasticity of the price transmission (EPT); price transfer is examined in demand as well as supply direction. Next part of the analysis measures price differences (by coefficient determination – R2) in supply direction. Last step in this analysis is the impact of time delay at the price transmission process (measured by R2). The price transmission is asymmetric in the supply direction on both parts of commodity chain (EPT = 0.29 and 0.62), in the demand direction is more symmetric (EPT = 0.31 and 1.02). The assumption of better transfer of positive price changes was confirmed. At the commodity chain of milk/dairy products the time delay is not so much important. With both tested commodity chains there was found higher power of downstream markets, proving demand driven behaviour of these commodity chains, and there was detected oligopsony market structure as well. The data represent monthly prices on both chosen vertical levels in the period of 1/2000–8/2013.

scholarly journals The impact of global change - the COVID-19 pandemic on the evaluation of employee performance in companies in the Czech Republic

2021 ◽  
Vol 129 ◽  
pp. 01006
Author(s):  
Šárka Čemerková ◽  
Pavla Pokorná ◽  
Vojtěch Malátek
Keyword(s):  
Performance Evaluation ◽  
Czech Republic ◽  
Evaluation System ◽  
Employee Performance ◽  
Value Added ◽  
First Year ◽  
The Czech Republic ◽  
Personnel Planning ◽  
Starting Point ◽  
The Impact

Research background: Human resource management is a process that includes several consecutive phases. Employee performance evaluation is one of them. It is a starting point for rewarding employees as well as for several other personnel activities, such as personnel planning, job analysis, employee deployment, and more. The company may approach the evaluation of employee performance itself in different ways. Employee performance can be evaluated in different ways and with different frequencies. The setting up of the employee performance evaluation system is based on global and local conditions, corporate culture, and the needs of the company's management. Purpose of the article: The article aims discuss the approach of the companies in the Czech Republic to the evaluation of employee performance and to evaluate whether or not there have been any changes in this system due to the global pandemic COVID-19. Methods: The starting point of our research is quantitative data on companies in the Czech Republic, obtained by a questionnaire survey immediately before the COVID-19 pandemic and after its first year. Using the chi-square test the attitudes of these companies to the evaluation of employee performance and their changes as a result of COVID-19 are evaluated. Findings & Value added: Conclusions are drawn regarding changes in the system of employee performance evaluation, the method of implementation and frequency of evaluation, and its use in personnel work in the first year of the COVID-19 pandemic.

scholarly journals Effect of the COVID-19 global pandemic on tourists’ preferences and marketing mix of accommodation facilities – case study from Czech Republic

2021 ◽  
Vol 92 ◽  
pp. 01009
Author(s):  
Radim Dušek ◽  
Nikola Sagapova
Keyword(s):  
Czech Republic ◽  
Value Added ◽  
Marketing Mix ◽  
Target Group ◽  
The Czech Republic ◽  
Global Pandemic ◽  
Summer Holiday ◽  
Main Target ◽  
Tourism And Hospitality

Research background: Two related effects of the COVID-19 global pandemic on tourism and hospitality in the Czech Republic are already evident for the upcoming summer months. In the first place, it is the effect on the Czech tourists’ preferences. The pandemic forced them to reconsider their plans and, as a result, it is evident that more tourists will spend summer only in the Czech Republic. This change in preferences is connected with a second effect, concerning the strategies of the domestic accommodation facilities - their managers should adapt marketing mix to meet the demand of Czech clients, because unlike the previous years, these tourists will become their main target group. Purpose of the article: The aim of the paper is to identify the preferences for summer holiday in 2020 of the Czech tourists who have decided to spend summer holiday only in the Czech Republic because of the COVID-19 global pandemic as well as to find out their wants in terms of accommodation facilities’ marketing mix. Methods: During spring 2020, a survey of 637 respondents was conducted to determine the preferences of the Czech tourists for summer holiday in 2020. This paper is focused on the analysis of data from respondents who decided to spend this year’s summer holiday only in the Czech Republic (a total of 202 respondents). Findings & Value added: Based on the results, we will define findings for accommodation facilities regarding the possible update of marketing mix to meet the actual demand of Czech tourists.

scholarly journals The impact of corporate social responsibility on business competitiveness

2021 ◽  
Vol 92 ◽  
pp. 06017
Author(s):  
Marcela Kožená ◽  
Martin Mlázovský
Keyword(s):  
Corporate Social Responsibility ◽  
Czech Republic ◽  
Social Responsibility ◽  
Open Economy ◽  
Value Added ◽  
Business Environment ◽  
Global Market ◽  
The Czech Republic ◽  
Corporate Social ◽  
The Impact

Research background: The social and environmental problems of the current globalised world are primarily targeted on the South and Southeast Asian business environment. However, according to the idea “think global, act local”, practices of Czech local business also contribute to the global environment. Purpose of the article: The Czech Republic is classified as a small open economy in the final stage of a transformation into a market economy, and on the top of that, it is also a member of the European Union. Thus, the Czech Republic is very dependent on the global market. Firstly, this paper is focused on analysing the Czech businesses’ attitude to competitiveness with special emphasis on corporate social responsibility. Secondly, there is predicated the future approach of the Czech managers to CSR. Methods: Primary research is based on individual structured interviews with Czech managers on the top and middle level (n=15). The interviews were conducted from February to May 2020 via a combination of face to face and distance communication. Findings & Value added: The results indicate that the Czech business mostly does not perceive CSR as a key factor of corporate competitiveness. However, the significant part of the interviewees considers CSR as moderately important and what is more, they predicate the upward trend of this factor. In addition, corporate social responsibility is often associated with other factors of competitiveness – more precisely to customer loyalty and innovation capability. Moreover, all the corporations stated that they apply at least some of the CSR principles in their ordinary course of business.

scholarly journals Changes in the VAT Burden on Expenses of Selected Households in the Czech Republic (2007–2014)

2015 ◽  
Vol 6 (3) ◽  
pp. 189-202
Author(s):  
Regína Střílková ◽  
Jan Široký
Keyword(s):  
Czech Republic ◽  
Household Income ◽  
Value Added ◽  
Household Expenditures ◽  
The Czech Republic ◽  
The Public ◽  
Household Spending ◽  
Income Groups ◽  
Standard Rate ◽  
The Impact

Abstract The Czech Republic is a typical representative EU Member State which has several times changed VAT rates during the analyzed period 2007–2014 in an effort to consolidate the public budget. These changes are reflected in household spending, which were analyzed by means of the consumer basket, the composition of which is also undergoing changes. Another factor that has an impact on household expenditures is the transfer of commodities between the reduced and standard rate of VAT. The final factor used is the differentiation of households according to their income levels. The aim of this paper is to determine how these changes took effect in the Czech Republic in the share of consumption of commodities included in the standard and reduced VAT rates and in exempt transactions according to household income groups in the analyzed period 2007–2014 and to determine the impact of these changes on the tax burden on selected households by value added tax and confirmation of the assumption of VAT regressivity.

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