PREFERENCES OF CENTRAL EUROPEAN CONSUMERS IN CIRCULAR ECONOMY

Research background: Consumers’ interest in environmental responsibility, sustainable consumption, and the circular economy is significantly increasing in all aspects of their lives. Clothing and fashion are clearly among these aspects. The fashion industry is one of the most resource-intensive and environmentally polluting industries. Circularity has been offered as a solution to this issue; however, the change must be in the attitudes of all concerned (Musova et al., 2021b). Businesses must react to this requirement for sustainable fashion, which is the reason that new circular concepts have been raised. Different generations prefer different models of circularity. Purpose of the article: The purpose of the current study is to detect the existence of dependency between generation and the fashion industry’s circular models, and to identify consumers’ specific preferences. Methods: The original consumer survey was undertaken by the authors in 2021, and involved 513 Slovak and 974 Czech consumers, who responded on their preferences in the circular economy. Pearson’s chi-square test of independence was used to confirm the dependence between consumers’ generation and the circular concept. The significant medium dependence of the nominal variables was confirmed by Pearson’s contingency coefficient, C, and Cramer's V. The relationships between the generation categories of Central European consumers and the categories of the new circular models in the fashion industry were established through correspondence analysis. Findings & Value added: The findings of the study suggest that Baby boomers single out capsule wardrobes, Generation X prefers patchwork and slow fashion, while Millennials prioritise GOTS and SWAP. Finally, Generation Z favours leasing jeans, upcycling, and renting clothes.

TECHNICAL ANALYSIS AND ITS THEORETICAL BASIS FOR TRADING ACTIVITY MANAGEMENT

Research background: In today's era of modern technology, traditional and new methods as well as processes and technologies increasingly contrast. In the first chapter, we focused on a detailed description of the first historical changes in the emergence of trade and financial derivatives. We also identified and described the emergence of specialised trading and stock exchange locations. We continued with a description of the basic methods of analysis and focused on the basics of technical analysis. In the next chapter, we evaluated the current state of research in this area and, based on previous research, we classified and structured individual studies. Purpose of the article: The aim of our contribution is to examine, in detail, the basics and current research in the field of technical analysis. Methods: We consider the inconsistent results of the studies analysed to be very interesting. We consider the unsystematic and inconsistent methodology of the assessment of individual studies to be a major problem. As we mentioned in the article, in many instances the studies analysed focused only on individual aspects of technical analysis and evaluated the final results of the business process. Findings & Value added: In other cases, the results were skewed, mainly due to the nonacceptance of transaction costs or due to risk abstraction. However, despite such results, technical analysis as such can be a valuable tool for predicting price movements. Subsequently, we described our findings, interpreted them, and identified their limitations. We consider the aim of the study to have been met, and believe that it will be beneficial in the field of research on this issue.

CHANGE IN COMMUNICATION MANAGEMENT ROLES DUE TO GLOBALIZATION: A CASE OF COMMUNICATION MANAGEMENT COMPETENCIES MAPPED BY INTERNATIONAL PROFESSIONAL PUBLIC RELATIONS ASSOCIATIONS (2015–2020)

Research background: The role of communication has now become much more critical than during previous periods, not only to compete with other organisations in the stream of communicating messages but also to develop and implement organisational strategies and support the organisation’s top-level managers and decision-makers. The goal of public relations (PR) associations is to develop PR professionals’ competencies. Comprehensive research at the European level signals the need for constant improvement of competencies, especially business development and technologies (Zerfass et al., 2020; Adi, 2019). A vast majority of practitioners across Europe highlight the importance of digitalising stakeholder communications and building a digital infrastructure to support internal workflows (Zerfass et al., 2021). However, instead of technical and managerial training, PR practitioners continue to overwhelmingly offer communication training and development opportunities (Tench et al., 2013; Zerfass et al., 2018; MacNamara et al., 2017; Feldman, 2017; The USC Annenberg Centre for Public Relations, 2017; Communicating AI, 2019). There are discrepancies between the perceived importance of competencies and the current qualifications of professionals due to digital transformation and changes impacted by globalisation. Purpose: To identify changes in PR specialists' competencies due to the impact of globalisation. Methods: Content analysis of information provided in the webpages of international professional PR associations for the period 2015–2020. Findings and value added: The study results show that professional PR associations do not respond to the challenges of the changing environment in a timely manner by providing training, but present and discuss relevant topics with the help of specialists from other fields while encouraging the sharing of good practices. Such a functioning position occupied by professional PR associations in developing the model of competence for PR specialists reveals that PR associations are engaged in strengthening or maintaining competencies, but not developing them.

COMPARISON OF THE TERMS CREATIVE ACCOUNTING, EARNINGS MANAGEMENT AND FRAUDULENT ACCOUNTING THROUGH BIBLIOGRAPHIC ANALYSIS

Research background: The article focuses on the issues of creative accounting, earnings management, and fraudulent accounting, which are global phenomena. These concepts are well known globally, as they are dealt with by many world-renowned authors. In this study, we applied bibliometric analysis to these concepts to reveal their interconnectedness. The research was conducted on a sample of more than 19,000 articles. Purpose of the article: The main goal of the study is to use the VosViewer design and visualisation program to capture and record the most common terms associated with the terms, ‘creative accounting’, ‘revenue management’, and ‘fraudulent accounting’, and to show a biometric network of the most commonly used terms. Methods: To capture and illustrate important words associated with the above terms, the VosViewer program was used, which drew mind maps that represented the words and expressions that were closest to the topic. Scientific articles from the Web of Science database, which contains many world-class articles related to the topic, were used as input data. Findings & Value added: The results of the study provided an interesting insight into the keywords associated with the issues of creative accounting, revenue management, and fraudulent accounting. The results show that the keywords and phrases are related, as several of them are repeated in each of the terms mentioned. This means that, although these terms are different in nature, they are nevertheless connected by many words and phrases. However, it remains necessary to observe that each of the given terms appears on a different colour of fraud (white, grey, or black fraud).

VALUE AT RISK AS A TOOL FOR ECONOMIC-MANAGERIAL DECISION-MAKING IN THE PROCESS OF TRADING IN THE FINANCIAL MARKET

Research background: Risk is an integral part of the world of financial markets today. One of the best known and widespread methods of quantifying the risk of a securities portfolio is the concept of value at risk (VaR). The method quantifies the maximum possible loss of a securities portfolio for specific variables. We used the work of Carol Alexander as a basis for our contribution, whence we borrowed mathematical formulas and derivatives of normal linear VaR and VaR scaling. Purpose of the article: The aim of this study is to design our own method of using the VaR calculation in the trading process and to practically verify the explanatory power of such calculation. To meet this goal, we used our own designed and adjusted formulas to calculate normal linear VaR and scaling VaR. Methods: The purpose of these adjusted formulas is to calculate specific levels of significance of specific scenarios of the course of trading positions, which represent the probability of their occurrence. Subsequently, we used regression analysis and constructed two regression models to verify that the significance levels themselves were significant variables, and that they could explain the variability of the explanatory variable to such an extent that they could be considered as strong predictors in the trading process. Findings & Value added: Based on such research, we find that the resulting levels of significance of our proposed VaR calculation formulas are significant. Based on the compiled regression models, we also find that the dependence we identified is a strong one and can therefore be considered as systematic. Nevertheless, the materiality levels could explain only a small proportion of the variability of the variable being explained, and therefore could not be considered as strong predictors and thus involved in the trading process itself.

BUSINESS PERFORMANCE AND FINANCIAL HEALTH ASSESSMENT THROUGH ARTIFICIAL INTELLIGENCE

Research background: Globalisation and the development of technology introduce new requirements for effective business management. Every business must constantly adapt to the environment, analyse and know its competitors and its customers’ requirements, and meet other stakeholders’ commitments. An unsuccessful business will go into liquidation. The intention of any business should be not only to avoid this situation, but to thrive and prosper and create value for its shareholders. Purpose of the paper: The aim of this study is to propose an appropriate tool for cluster analysis and determine the ability of a business to survive a potential financial distress. Methods: Details from financial statements of construction companies operating in the period 2015-2019 in the Czech Republic are analysed. Attention is mainly directed to items that represent the capital and asset structures of a company, liquid assets, and the ability to generate sales and profit. Artificial neural networks in the form of Kohonen networks are used for the purpose of cluster analysis. Financial analysis is used to examine the underlying dataset as well as for a detailed analysis of selected clusters, i.e. the contribution margin and ratio indicators. Findings & Value added: The basic analysis clearly shows that companies in liquidation attempt to reduce the value of inventories and engage additional foreign capital with a view to survival, while there is a certain solidarity between companies’ key persons. Cluster analysis using Kohonen networks is quite successful. The present methodology and approach can still be applied to the design of an enterprise decision support tool. Further research may study whether the representation of businesses in the different clusters will change over time, or whether the development of the construction industry can indeed be predicted based on an analysis of the leaders.

THE CONCEPT OF ECONOMIC–MANAGERIAL GOODWILL: INTERNATIONAL BIBLIOGRAPHIC RESEARCH

Research background: The concept of goodwill has been a major economic problem for over 200 years. Goodwill creation and quantification is interdisciplinary, for example, in accounting, economics, and marketing. Goodwill is an intangible asset associated with the purchase of a company. Specifically, goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, robust customer base, good customer relations, commendable employee relations, and proprietary technology represent a few reasons why goodwill exists. Purpose: Broadly, the value of company goodwill increases the company’s overall market value. In both economic theory and practice, this situation can arise where there is a difference between the company’s market value and book value. Any debate about goodwill is reasonable because the origin of goodwill can be defined, but an interpretation of its value is always a challenge. Methods: This study analyses scientific three databases, namely Web of Science, Scopus, and Social Science Research Network, applying descriptive statistics and science maps. In addition, the study provides a holistic overview of the historical development of the concept of goodwill from 1842 to the present. Findings and value-added: The study works with VOSviewer software. The results provide a holistic overview of the evolution of the concept of goodwill in the scientific commu

EFFECT OF STRATEGIC ALLIANCE AND PARTNERSHIP ON THE SURVIVAL OF MSMEs POST COVID-19 PANDEMIC

Research background: This study was conducted as a result of the challenges that confront MSMEs globally, especially in Nigeria, due to the lockdown occasioned by COVID-19. A descriptive research design (quantitative analysis) was adopted, while primary data were employed for the study. Purpose of the article: The population for the study was 587 MSMEs from the Ojo local government area of Lagos State, Nigeria, with a sample size of 234 derived using the Taro Yamane (1967) techniques. A total of 240 questionnaires were distributed, allowing room for errors, and 228 of them were returned usable for the study, constituting a 95% response rate for the study. Methods: Content validity was adopted. A reliability test was conducted using Cronbach’s Alpha, which returned a value of 0.869, indicating internal consistency of the research instrument. Descriptive statistics (means and simple percentages) were used to analyse the data, alongside regression and Pearson’s correlation coefficients. The findings revealed that a strategic alliance and partnership could positively affect MSMES survival post-COVID-19 in Nigeria, with a p-value of 0.000<0.05, and that its impact on the performance of MSMEs in the Nigerian economy post-Covid-19 was statistically significant and positive, with a correlation coefficient of 0.824 (82.4%) and a p-value of 0.000<0.05. Findings & Value added: The results and findings suggest that a strategic alliance and partnership is indeed a veritable tool for MSMEs’ survival post-COVID-19 in Nigeria.

THE PERCEPTION OF SIGNIFICANT ASPECTS OF PERSONNEL RISK IN THE MANAGEMENT OF SMEs

Research background: The issue of personnel risk management has received less attention from scholars than other types of managerial risks. Employees represent important capital for an enterprise, which can significantly influence its performance and success Purpose of the article: The aim of the study is to present and quantify significant factors of personnel risk in the SME sector. Part of the goal is to compare entrepreneurs’ approaches to these factors based on company size and the entrepreneurs’ education and age. Methods: The empirical research was conducted on a sample of 250 respondents from Slovakia via an online questionnaire. The statistical hypotheses were tested using descriptive statistics (percentages) and Pearson’s statistics (chi-square and Z-score). Findings & Value added: The research confirmed that personnel risk posed a significant business risk for SMEs, as up to 32 % of all the respondents rated this risk as unacceptable. Neither employee turnover nor employees’ error rate level represented a significant problem for SMEs at the time of the study. Only a small proportion of the respondents agreed with the opinion that their employees attempted to improve their performance, and that competition prevailed among them. The research demonstrated that some differences in entrepreneurs’ overall attitudes related to their age and education. Additionally, differences were identified in the entrepreneurs’ positive attitudes towards individual claims based on their education and age. Meanwhile, the results show that the issue of personnel management in the effective management of personnel risks in the SME environment could be an exciting issue for scientific research.

VALUE-BASED MANAGEMENT: A CASE STUDY OF VISEGRAD FOUR COUNTRIES

Research background: As companies evolve over time, so do their goals. In the past, the main goals of companies were profit and goals (as market share), are no longer relevant or effective. These goals are outdated, and companies have replaced them with goals that are consistent with the current changing times of competition. Worldwide, most large companies are using, or planning to use, a new approach called value-based management that focuses on value creation. Therefore, the main goal of companies using a value-based management approach is value creation. Purpose: This study aims to validate the existence of a statistically significant relationship between the economic value added (EVA) indicator, which represents the successful implementation of the value creation process in companies, and selected value generators. Method: For this study, information about 14,313 companies operating in the Visegrad Four countries were collected from their respective financial statements. The research period was 2019–2020. Twenty value generators were selected for this study. The hypotheses were tested using the correlation coefficient. The strength of the relationship between the observed variables is described by using the Pearson correlation coefficient. Findings and value added: A trivial or small dependence was observed between the EVA indicator and non-current assets, current financial assets, and income tax. A moderate dependence was observed between the EVA indicator and stocks, receivables, interest expenses, and other liabilities. A large dependence was observed between the EVA indicator and bank loans, profit and loss (P/L) statement, and the cost of capital. The survey results can be a useful tool for businesses in their efforts to focus on a suitable value generator in the process of value-based management implementation, focusing on the process of value creation.