" /> Ekonomická univerzita v Bratislave

Ekonomické rozhľady - ročník 44, 2015

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 44, 4/2015, ISSN 0323-262X EV 4393/11




Helena Liebelt – Štefan Slávik - STRATEGIC CHANGE MANAGEMENT IN POST-CRISIS ENVIRONMENT (Strategický manažment zmeny v pokrízovom prostredí)


Abstract: The research deals with the behaviour of a company in post-crisis environment. It is supposed that an action of a company in this stage of its existence is influenced by the nature of change that the company is going through, by its business strategy, competence to integrate management of change into the post-crisis strategy, as well as by leadership and communication. Based on research results four concepts of company management in post-crisis conditions are recommended. They include: proactive approach and constant transformation, strategic flexibility, strong leadership, and constant communication. The choice of a suitable concept is offered by the anticipative post-crisis change management model in post-crisis conditions.


Keywords: management of change, strategic management, organization planning, crisis management, post-crisis stage


JEL: M 10, M 21

str./pp. 419-438




Andrzej Zygula - DIVIDEND PAYOUT MODELS IN COMPANIES WITH MAJORITY OF FOREIGN CAPITAL: ON THE EXAMPLE OF THE WARSAW STOCK EXCHANGE (Model výplaty dividend v spoločnostiach s majoritným podielom zahraničného kapitálu – na príklade Varšavskej burzy cenných papierov)



Abstract: Companies that systematically share generated profits with shareholders perform a dividend payment according to a specific payout model. In general, there are three payout models mentioned in the subject literature, i.e. the policy of fixed rate of dividend payment, policy of fixed amount of dividend per share and the policy of fixed dividend with “extra dividend”. In addition, the policy of residual dividend is often included into these models. The aim of this article is to present possible model policies of dividend payments. Moreover, bearing in mind that each year Polish listed companies increasingly attract foreign investors, especially strategic investors, a second detailed objective was set. This objective is an attempt to evaluate dividend payout models applied in companies with majority of foreign capital listed on the Warsaw Stock Exchange.


Keywords: ownership structure, payout policy, dividend payout models, stable dividend policy, residual dividend policy


JEL: G 35, G 32


str./pp. 439-451




Mansour Zarra-Nezhad – Majid Sheikh Ansari – Mahvash Moradi - MONEY DEMAND AND INFLATION: A LINEAR OR THRESHOLD RELATION? (Dopyt po peniazoch a inflácia: lineárny alebo hraničný vzťah?)


Abstract: This study is an attempt to empirically investigate the role of inflation on the money demand function in Iran. The main purpose of this study is to focus specifically on the relationship between inflation and money demand, that is whether the relationship is non-linear and as well as to estimate the threshold level; at which the sign of the relationship between two variables would switch. In order to achieve the objective, there were used time-series data over the period 1980 through 2013 in this study. Empirical results provide the evidence that the nonlinear model presents better fit than the linear model for Iran’s money demand. This non-linearity is explicitly modelled using threshold regression procedure. Also, exchange rate and real income explain some variations of money demand. The results obtained in this study suggest that the Central Bank should carefully monitor the exchange rate and inflation as two most important indicators of monetary policy, because these two determinants are the main drivers of demand for money in Iran.


Keywords: money demand function, infl ation, threshold regression, optimum threshold level, Iran


JEL: C 32, E 31, E 41


str./pp. 452-475




Zlatica Ivaničová – Lukáš Kalužák - DYNAMIKA VÝVOJA KRAJÍN EUROZÓNY NA ZÁKLADE VYBRANÝCH UKAZOVATEĽOV (Dynamics of Eurozone Countries´ Development Based on Selected Indicators)

Abstract: The aim of the article is to point out the development of Euro zone countries and expressly state whether there is convergence or divergence of individual economies. Cluster analysis comparison of development stability in the years 2005, 2009 and 2013 highlights certain turbulences in the development of selected economic indicators within the 19 Eurozone countries. What is interesting is the clustering of newly acceding countries within the Euro zone. During the years analysed, there has been a change in the structure of clusters; however, the distance the collective clusters from the centroids in analysed years does not fulfil expectations of the newly acceding countries, that they will quickly achieve the economy level of the Eurozone founding states.


Keywords: Euro zone, cluster analysis, hierarchical methods, Ward’s method


JEL: C 44, E 23, E 24


str./pp. 476-492




Lea Škrovánková – František Slaninka - VYUŽITIE AKTUÁRSKEJ MATEMATIKY V NEMOCENSKOM POISTENÍ (The Application of Actuarial Mathematics in Sickness Insurance)


Abstract: The aim of the paper is to theoretically describe the system of health and sickness insurance in Slovakia and focus on the possibility of applying actuarial calculations in sickness insurance. The paper analyses the functioning of our health service; based on the legislation in force there are defined basic concepts of sickness insurance. The paper focuses on the application of discrete deterministic models, which have already been applied in the European Union and in the United States. Ideas in the paper´s theoretical and practical parts could be applied also under our conditions. The models described in general enable to generalise a wide range of various conditions in the creation of the offer of sickness insurance products and set the amount of the premium.


Keywords: sickness insurance, health insurance, insured event, premium, actuarial formulas


JEL: C 4, I 1, K 3


str./pp. 493-506




Ľudovít Korček - SCHUMPETEROV TEORETICKÝ SYSTEM (Schumpeter´s Theoretical System)


Abstract: The Schumpeterian system is an important model in the history of economic science, stressing innovation as the basic factor in the capitalist economic system. This dynamic approach is still inspiring economists in describing the ‟wavelike” movement of its ‟circular flow”. In this connection, it is necessary to introduce Schumpeter’s first work ‟Theory of Economic Development” published in 1912 in the German language; its English translation by Harvard University Press (1939) found a vivid echo even in the USA. In connection with the cyclical development of capitalism in the thirties of the twentieth century, there was published his famous work ‟Business Cycles” – the theoretical, historical and statistical analysis of capitalist process (1938). The last Schumpeter’s work “Capitalism, Socialism and Democracy” (1942) presents his vision of the future of capitalism.


Keywords: innovation, business cycles, the vision of self-destruction of capitalism


JEL: B 2


str./pp. 507-515




Ivan Figura - HOSPODÁRSKE ROZHĽADY A IMRICH KARVAŠ (The Economic Review and Imrich Karvaš)


Abstract: The paper deals with the history and the importance of the journal ‟Hospodárske rozhľady” (The Economic Review), the first Slovak economic professional and scientific periodical edited in the years 1926 – 1947. It evaluates the fulfilment of the publisher’s aim to provide a significant monthly, periodical independent of political parties. The journal published original economic articles dealing with the Slovak economy, with its sectors and with its position in the economy of Czechoslovakia. The authors were or became the important persons in the history of the Slovak economy and in Slovak economic thought. The role of the Slovak economist Imrich Karvaš in the mission of the journal is evaluated in the paper. Karvaš published numerous articles in ‟Hospodárske rozhľady” and acted as an editor of the periodical in the years 1930 – 1938. At that time, the journal effectively stimulated a progress of the Slovak economic science.


Keywords: Slovak economic history, economic science in Slovakia


JEL: A 11, N 01


str./pp. 516-521




Alena Bašová - PLYNÁRENSKÉ HUBY ‒ VÝZNAMNÝ NÁSTROJ OBCHODOVANIA SO ZEMNÝM PLYNOM (Natural Gas Hubs – a Significant Instrument of Trade in Natural Gas)


Abstract: The beginning of the last century the trade in natural gas recorded considerable development, based mostly on long-term contracts between the gas exporting countries and the importers. The marketable price of natural gas was formed based on the comparison with global oil prices and the rate of dollar. With the liberalisation of the European energy market, the gas business has started to take over some of the elements that existed in the US market. The first European country where gas trade through hubs started to develop was Great Britain. At present, a signifi cant transit hub of natural gas is Baumgarten in Europe.


Keywords: natural gas, natural gas hubs, virtual hubs, underground storages


JEL: Q 430, Q 480, D 04, D 42


str./pp. 522-532






Michaela Tomčiková

BELÍČKOVÁ, K. a kol: Verejné rozpočty.(Public Budgets) Bratislava: Vydavateľstvo Ekonóm, 2015, 262 s., ISBN 978-80-225-4142-8.


JEL: Y30

str./pp. 533




Denisa Čiderová

GHORRA-GOBIN, C. (ed.). (2012). Dictionnaire critique de la mondialisation (Kritický slovník globalizácie). 2e éd. Paris: Armand Colin, 2012, 645 s., ISBN 978-2-200-27009-4.


JEL: Y30

str./pp. 534 - 535






Vladimír Bačišin

Nobelova cena za ekonómiu za rok 2015 (Nobel Prize for Economics for the year 2015)


str./pp. 536-537



Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 44, 3/2015, ISSN 0323-262X EV 4393/11




Alexandra Dolgošová - THE SIDE EFFECTS OF CHINA’S 2009 FISCAL STIMULUS (Vedľajšie efekty fiškálneho stimulu v Číne v roku 2009)


Abstract: The aim of this report is to critically analyse the costs and benefi ts of China’s fi scal stimulus package and recommend long-term policy solutions. China was one of the fi rst countries to emerge from the Global Financial Crisis thanks to its strictly investment focused $586 billion stimulus package. As a result, local governments have been left with excessive accumulated debt. The report concludes that China needs to abandon its unlimited assistance guarantee that makes local governments and fi rms prone to moral hazard. Secondly, economic performance incentives for local government offi cials tend to result in the offi cials meeting their targets while leaving debt behind and disposing of agricultural land. Third, PPPs could be the solution to the problem of high demand for infrastructure and shortage of funding once effi ciency in investment is improved.


Keywords: China, global recession, fi scal stimulus, local government debt, local government fi scal resources, moral hazard, foreign direct investment


JEL: H 74, O 53, P 35

str./pp. 279-291




Anna Iwacewicz-Orłowska - THE GINI COEFFICIENT IN POLAND IN THE DIVISION ACCORDING TO CHOSEN FEATURES IN 2007 – 2013 WITH REFERENCE TO THE SLOVAK REPUBLIC (Giniho koeficient v Poľsku v rozdelení podľa vybraných znakov v rokoch 2007-2013 vo vzťahu k Slovenskej republike)



Abstract: The main aim of this article was to analyse the disposable net income inequalities that are measured using the Gini coeffi cient index. The Gini coeffi cient is internal diversifi ed. For the purpose of this research, four following features of households were chosen: socio-economic groups, classes of the town, the numbers of people in the household, and regions in which analysed households are located. The analysis compares Poland and Slovakia in the years 2007–2013.


Keywords: disposable income, income inequality, Gini coeffi cient, household, socio-economic groups.


JEL: D 63, I 30


str./pp. 292-303




Alexandra Veselková - Vieroslava Holková - SELECTED SOCIO-ECONOMIC ASPECTS OF INCOME INEQUALITY IN THE THE VISEGRAD GROUP COUNTRIES (Vybrané socio-ekonomické aspekty príjmovej nerovnosti v krajinách Višegrádskej skupiny)


Abstract: Importance of the issue of income inequality lies in the interdependence with serious economic and social processes in the world in the past two decades. The paper highlights the importance of studying and evaluating income inequality that are perceived as the most striking forms of inequality in society. It emphasizes the links among income inequality with serious current socio-economic processes. The aim of this paper is to create a view of the formation of income inequality in the countries of the Visegrad Group (V4) in the years 2005 – 2013 and to identify possible links among the economic crisis since 2008, or 2007, and its impact on selected socio-economic indicators. In relation to the objectives, they are therefore subject to review by selected socio-economic aspects of income inequality. The starting-point and the comparative parameters of empirical research problems is a database of EU SILC, which is used for the analysis of income inequality and poverty in the V4 countries.


Keywords: income inequality, the Gini coeffi cient, index quintile S80 / S20, the poverty rate, material deprivation


JEL: D 31, D 33


str./pp. 304-313




Natália Matkovčíková - IMPLEMENTATION OF EUOSH STANDARDS IN COMPANIES OPERATING IN SLOVAKIA (Implementácia noriem BOZP EÚ do podnikov pôsobiacich v SR)


Abstract: The European Union has been dealing with issues related to the occupational safety and health (OSH), which results mainly from the high and everincreasing costs of the impacts and conse-quences of failure to OSH standards in the workforce and also the diversity of norms and rules in the European Economic Area which are valid in the fi eld of OSH because of the different approaches of EU Member States on health and safety, or to enshrine them in the basic instruments and provisions. This state of OSH recently provoked the EU to draft basic documents aimed at unifying and adapting generally binding standards for occupational health and safety for businesses operating in the Economic Area of the European Union, mainly relating to the businesses in particular EU Member States. Also companies doing business in the SR are obliged to implement binding EU standards in the fi eld of occupational health and safety have. This contribution describes and characterizes the basis for setting standards in the fi eld of occupational health and safety the European Union, which are binding for Member States and companies operating in the EU labour market and companies doing business in Slovakia. The paper pays attention to the implementation of the binding standards of EU OSH in the basic documents of companies operating in Slovakia. The present paper mediates the results of a survey on the implementation of adopted EU standards in the fi eld of occupational health and safety in companies operating in Slovakia, which was conducted in 2013–2014. The paper is the output of solutions of grant tasks under VEGA project No.1/0662/15 – ‟Economic-social tools as a factor for job creation in companies”.


Keywords: occupational safety and health, OSH standards of the EU, implementation of the EUOSH standards, enterprises in the SR


JEL: M 5, M 12, O 15


str./pp. 314-322




Ladislav Průša - VÝZNAM STAROBNÍCH DŮCHODŮ PŘI ZABEZPEČENÍ POTŘEB SENIORŮ V ZÁVISLOSTI NA MÍŘE JEJICH SOBĚSTAČNOSTI V ČR (Importance of retirement pensions in securing seniors needs in terms of their rate of self-sufficiency in the Czech Republic)


Abstract: The ageing of population requires to devote attention to the material security of seniors. The aim of this paper is to characterize the basic theoretical approaches to the retirement pensions and to assess the importance in securing the needs of seniors in the Czech Republic. Based on the evaluation of data from household budget surveys, attention is paid to the fi nancial possibilities for securing the needs of seniors in the area of social services. One of the expressions of ageing is a growing need for social services as a reset of seniors’ worsening health. Funds spent for the payment of the care benefi t are not effectively utilised, which is going to require to fi nd new solutions to an signifi cant increase in the effi ciency of social services fi nancing in future years.


Keywords: retirement pension, seniors needs, household budget survey, social services, care benefit


JEL: F 68, H 55, I 38


str./pp. 323-338




Miroslava Szarková - KĽÚČOVÉ MANAŽÉRSKE KOMPETENCIE V PERSONÁLNOM MARKETINGU (Key managerial competences in personnel marketing)


Abstract: Nowadays, increased attention is paid to the area of key competences in personnel marketing not only within the management theory, but also in personnel management theory. One of the important research subjects is the analysis of the structure of key competences in personnel marketing, as well as their defi nition and description in relation to the main manager competences in personnel marketing. The paper aims at the analysis and description of key competences in personnel marketing and points out their importance within the implementation of personnel strategy and personnel policy. The paper also discusses the impacts that arise in the process of implementing personnel policy that result from inadequate application or non-application of key competences in c orporate personnel marketing.


Keywords: competence, key competence, personnel marketing, personnel policy, personnel strategy


JEL: M 5, M 12


str./pp. 339-349 




Vladimír Choluj - SYSTÉMOVÁ POVAHA HOSPODÁRSTVA  A JEJ POZNÁVANIE (Systemicity of the economy and its cognition)


Abstract: Systemicity is a typical feature of the economy. Its cognition is not perfect. Traditionally, it draws attention to economic factors, effects, and their connections. The idea of systemicity has not been consistently refl ected in the economic theory. The limitation of an explicit system of the economy and its unifi ed hierarchical picture is missing. Systematism in cognition of the economy starts with its delimitation and the defi nite of its external connections – with culture and nature. It continues in its hierarchical structure, in the real economy and the formal economy. It rounds off in the cognition of economic reproductive activity and hierarchy of economic tasks, such as basic system units of the economic dynamism.


Keywords: economy and economics, limitation of the economy, external economic connections, structure of the economy, economic activity, economic tasks


JEL: A 1, E 00


str./pp. 350-370




Marián Goga - NIEKTORÉ PROBLÉMY MODELOVANIA AKTUALIZÁCIE A STABILITY ŠTRUKTÚRNYCH KOEFICIENTOV (Some problems of modelling the update and stability of structural coefficients)


Abstract: The modelling approach, which is discussed by the author, belongs to the group of formal methods used to analyse the stability and update of structural coeffi cients using mathematical and statistical apparatus. Except for the empirical analysis and extrapolation of methods of estimating the development of stability and update of the structural coeffi cients, the author focuses on the possibility of using RAS method that can generate exact estimates of the structural coeffi cients from input-output tables. This method is more effective compared with other methods and can actually reduce costs of frequent surveys of statistical information. The accuracy of the RAS method is sensitive to the creative strategies used by economic analysts in addressing major structural changes in the economy.


Keywords: cross-sectoral structure fl ows, input-output table, development of structural coeffi cients, empirical and extrapolation methods, updating structural coefficients, RAS method


JEL: C 49, C 67


str./pp. 371-381




Zuzana Juhászová - Ján Užík - ÚČTOVNÍCTVO AKO SÚČASŤ EKONOMICKÝCH VIED (Accounting as a component of economic sciences)


Abstract: Accounting is regarded as the most sophisticated system that records, processes and provides information about the company or other entity. The causes whether or not it is possible to consider accounting for the branch of science or if it is a practical everyday routine can be discussed, argued or analysed from several aspects. We can search for arguments or counterarguments. The paper focuses not only on defi ning the basic concepts and facts that make science a science, pointing out the factors that support the statement that accounting can be considered one of important economic scientifi c disciplines, but also to indicate the areas of economic and social life in which the concepts of the accounting are commonly used, however, not always in the right sense.


Keywords: accounting, science, science theory, scientifi c disciplines, economics, study programme


JEL: M 40, M 41, A 10, C 67


str./pp. 382-387




Eva Romančíková - PRIESTOR NA VYUŽITIE ALTERNATÍVNYCH FORIEM FINANCOVANIA ENVIRONMENTÁLNYCH PROJEKTOV (Space for the application of alternative forms of funding environmental projects)

Abstract: The funding of environmental projects is characteristic of a number of specifi c features, among which a dominating fact is that their implementation is in most cases costly, i.e. it requires considerable funding, and their rate of return is longer, compared with other long-term investments. The aim of this paper is to show the room for the models of public – private partnerships for funding environmental projects following the defi cit in public funding and public sources. The paper characterises selected models of public – private partnership with reference to their differences in relation to the public procurement and with emphasis on the risk management and the diversity of payment mechanisms.


Keywords: public – private partnerships, public procurement, risks in models of public – private partnership, selected models of public – private partnership, payment mechanism


JEL: Q 50, Q 56


str./pp. 388-398




Richard Melišek - PROGRAM KVANTITATÍVNEHO UVOĽŇOVANIA EURÓPSKEJ CEN-TRÁLNEJ BANKY, JEHO POTENCIÁLNY DOSAH NA HOSPODÁRSKU A SOCIÁLNU POLITIKU KRAJÍN EUROZÓNY (Programme of European Central Bank´s quantitative easing and its potential impacts on economic and social policy of Eurozone countries)

Abstract: Quantitative easing is a non-standard form of monetary policy. From the beginning of this year, the European Central Bank has also decided to implement it. The European Central Bank (ECB) is searching for a solution to promote economic growth in the Eurozone, which is stagnating, in order to reduce the high debt of the member states and work towards more fl exible labour markets. In this respect, ECB implements the programme of quantitative easing. Within this programme, it intends to issue additional euros and to purchase governmental bonds of the Eurozone member states. Until September 2016 at the latest, the ECB wants to emit 60 billion new euros into the market each month, i.e. totalling over €1,1 trillion. It anticipates that by this measure it will be able to increase the infl ation which will in turn promote economic development in the Eurozone and would not only help to raise the prices but mainly increase economic growth. The article mentions the potential positives and negatives of the programme of quantitative easing. It also states its impact on the economy of Eurozone countries as well as several aspects that should be taken into account in its implementation.

Keywords: quantitative easing, economic growth, Eurozone, European Central Bank, infl ation, monetary policy, exchange rate, income inequality


JEL: E 52, E 58, E 63


str./pp. 399-409





Denisa Čiderová

BOST, F. – CARROUÉ, L. – COLIN, S. (eds.) (2014). Géoéconomie-géopolitique 2015. Images économiques du monde (Geoekonomika – geopolitika 2015. Ekonomický obraz sveta.) Paris: Armand Colin, 2014. 400 s. ISBN 978-2-200-29303-1.


JEL: Y30

str./pp. 410-411





Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 44, 2/2015, ISSN 0323-262X EV 4393/11




Keith Bamwesigye – Alexandra Dolgošová – Aminata Lahai - ASSESSING THE IMPACT OF A8 IMMIGRANTS ON UK WAGES (Hodnotenie dosahu prisťahovalcov z krajín A8 na mzdy v Spojenom kráľovstve)


Abstract: The aim of this report is to analyse the effect of immigration from A8 countries on wages of UK residents using the UK Labour Force Survey data. The analysis fi nds no signifi cant overall impact of A8 immigration on the wages of those already resident in the UK. Our fi ndings suggest that it is not necessary for policy makers to impose additional restrictions on immigrants from the European Union. Furthermore, any potential negative effects on unskilled resident workers can be mitigated by policies such as a robust minimum wage.


Keywords: immigration, wages, EU, impact;

EEA – European Economic Area – comprises of the EU Member States and Iceland, Liechtenstein and Norway

EU – European Union
EU15 – [Was] the number of member countries in the European Union prior to the accession of ten candidate countries on 1 May 2004. (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom)
EU8/A8 – Central and Eastern European countries that entered the EU on May 1, 2004. (The Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia)
WRS – Workers Registration Scheme


JEL: J 61, J 68

str./pp. 147-167



Monika Šestáková  - Soňa Ferenčíková - RESTRUCTURING OF THE BANKING SECTOR IN SLOVAKIA OVER THE LAST TWO DECADES (Reštrukturalizácia bankového sektora na Slovensku počas ostatných dvoch desaťročí)


Abstract: The paper analyses key changes in the structure and behaviour of the banking sector in Slo-vakia over the period of the last 20 years. Slovakia is a special case among CEE countries; it went through revolution under Czechoslovakia in 1989, splitting from the economically stronger part to become independent in 1993, transforming the economy including the banking sector, which resulted in the highest participation of foreign capital in it in the region. The country introduced the Euro and was able to cope successfully with the economic and fi nancial crisis. In the fi rst half of the 1990s, the Slovak banking system was ineffi cient, with a high share of bad loans. As a solution to these problems, the pre-privatization measures and the privatization itself at the turn of the millennium is briefl y analysed in the paper. The main form of privatization was the acquisition of local banks by foreign banking institutions. Foreign investors brought new knowhow and made the system more fl exible and competitive. Currently, due to high capital adequacy and cautious credit policy, the system is relatively stable and able to cope with increased risks in their environment.


Keywords: banking sector, monetary policy of the central bank, development of assets and equity of commercial banks, role of foreign capital, profi tability of banks, capital adequacy ratio, euro adoption in Slovakia, impact of the global financial crisis


JEL: G 20


str./pp. 168-187



Ričardas Mileris - THE IMPACT OF BANKS’ CREDIT POLICY CHANGES ON BUSINESS INVESTMENTS (Vplyv zmien v úverovej politike bánk na investície do podnikania)


Abstract: The business investments play one of the most important roles in the country’s economic growth, so the analysis of the investments statistics and the understanding of factors infl uencing the investments allow to forecast the country’s economic development. Large part of business investments consist of borrowed capital, which is often not easy to obtain during the economic downturn and recovery periods. In recent years, signifi cant business cycle fl uctuations were observed in many countries; likewise, the banks’ loan portfolio quality and amount indicators were affected. This research reveals the interrelations between banks’ loan portfolio and business investments in Lithuania and other EU countries. The quantitative statistical analysis helps to understand the changes in trends in current business investments.


Keywords: bank, investments, loan portfolio, macroeconomics, statistical analysis


JEL: C 38, E 32, G 21


str./pp. 188-204



Lea Škrovánková -Zsolt Simonka - ANALÝZA DÔCHODKOVÉHO SYSTÉMU V SÚČASNOSTI (Analysis of Contemporary Pension System)


Abstract: The paper examines the contemporary state-of-the-art of pension reform in Slovakia and deals with the analysis of actuarial accounts, which are currently used in European pension funds. As a result of the unfavourable situation in the area of citizen old age pension scheme, the Government of the Slovak Republic is facing one of the most complex tasks in recent years – the pension system reform. There are several reasons: aging of population, demographic development, rising number of pensioners, rise in pensions as a consequence of valorisation connected with infl ation, while with the ageing of population and increase in unemployment, the number of those who paid into the system decreased. This kind of situation is, in essence, in every country of the European Union, which is analysed in the present paper. The authors of the paper examined a three-pillar functioning pension system in detail. The main aim of the paper is to describe the pension reform that was based on the introduction of the second pillar. This way a completetly new pension system managed – apart from the Social Insurance company – also by pension management companies.


Keywords: pension, pension scheme, pay-as-you-go fi nancing, funding fi nancing, actuarial formulas


JEL: J 1, K 3


str./pp. 205-221



Miroslava Szarková - MANAŽÉRSKE KOMPETENCIE V PERSONÁLNOM MARKETINGU (Managerial Competences in Personnel Marketing)



Abstract: Current fi nancial crisis, has signifi cantly increased the number of free labour force on the labour market, while at the same time modern methodologies and approaches have arisen in the recruitment process. This need created thorough foundations for personnel marketing theory development, as well as practical tools used, and in this respect, a new attention is paid to competences used in the area of personnel marketing. The aim of the article is to analyse theoretical approaches towards the defi nition of competences in personnel marketing, and within empirical research to defi ne their contents and structure. The article provides the list of competences within the area of personnel marketing in the way corporate managers in Slovakia perceive them.


Keywords: competence, competence in personnel marketing, personal marketer, labour market


JEL: M 5, M 12, O 15


str./pp. 222-233




Katarína Máziková - Norbert Seneši - ZMENY V TRANSFEROVOM OCEŇOVANÍ V SLOVENSKEJ REPUBLIKE (Changes in Transfer Pricing in the Slovak Republic)



Abstract: In today’s globalized world, there are numerous links between business entities, which results in the realization of transactions between these entities. Transactions between dependent persons need not always be carried out under normal market conditions, which affects profi t in accounting and income tax base. Transfer pricing is a current theme of international scope, which covers a number of disciplines, including in particular taxation, accounting and business management. As a result of legislative changes in transfer pricing in Slovakia, a number of fundamental changes occurred in the previous period. The most signifi cant of them can be considered as the extension of the application of transfer pricing rules since 2015 also for domestic dependent persons, while previously this obligation was related only to foreign dependent persons. Furthermore, during the 2014 there was also issued a new guidance of the Ministry of Finance of the Slovak Republic determining the content of the documentation about the transfer pricing method, which for some taxpayers represents a reduction of administrative burden, for others its increase.


Keywords: transfer pricing, transfer pricing documentation, dependent persons, taxpayer, tax base, income tax


JEL: H 25, H 26


str./pp. 234-241 




Lenka Kalusová - MODELOVANIE VPLYVU FAKTOROV DETERMINUJÚCICH FINANČNÚ ŠTRUKTÚRU PODNIKOV V ODVETVÍ VÝROBA STROJOV A ZARIADENÍ (Modelling the Impact of Factors Determining the Financial Structure of Enterprises in the Machinery and Equipment)



Abstract: The issues of obtaining various funding sources and afterwards the possibilities of shaping fi nancial structure remain to be current topics of discussion. During the period of the global fi nancial crisis, the conditions for obtaining bank loans tightened, the access to these sources of funding was diffi cult. The possibilities of obtaining some funding sources are therefore infl uenced not only by internal fi rm factors, but also by macro-environment and industry factors. Therefore, in this paper we focus to research the infl uence of the direction and intensity of selected factors on the fi nancial structure of enterprises. We used the method of multiple regression analysis as the main research method. The research results show interesting facts about the factors that determine the fi nancial structure of enterprises.


Keywords: financial structure, factors model, macroeconomic factors, industry factors, firm factors


JEL: G 30, G 32


str./pp. 242-255




Jana Mikócziová - DYNAMICKÝ PRÍSTUP K OPTIMALIZÁCII KAPITÁLOVEJ ŠTRUKTÚRY PODNIKU (Dynamic Approach to Optimizing Corporate Capital Structure)



Abstract: The optimal capital structure issue is investigated by both theoretical and empirical models, some of which are static and some are based on a dynamic approach. The dynamic approach is based on the assumption that the actual capital structure may not be optimal, and analyzes the process of the gradual adjustment to the optimum. The aim of the paper is – based on theoretical models of corporate capital structure – to point out some possible reasons for the deviation from the optimal capital structure and the possibilities of its optimization, as well as to explain the dynamic empirical models and the resulting determinants of adjustment speed. 


Keywords: capital structure, leverage, trade-off model, pecking order theory, dynamic model of capital structure, adjustment speed


JEL: G 32


str./pp. 256-262




Peter Ondrčka - ZDAŇOVÁNÍ VÝNOSU Z PRODEJE CENNÝCH PAPÍRŮ V ČESKÉ REPUB-LICE A VE VYBRANÝCH ZEMÍCH EVROPSKÉ UNIE (Taxation of Proceeds from Securities Trading in the Czech Republic and in Se-lected EU Countries)




Abstract: The subject of this paper is the effectiveness of selecting the securities portfolio in relation to investment risks. The examination focuses on the risk of changes in income securities trading. Comparison of the proceeds of the securities portfolio in relation to legislative changes in taxation revenue is next to examining the risks of changes in interest rates and infl ation a precondition of portfolio optimisation.


Keywords: capital market, portfolio selection, tax rules, fundamental analysis, technical analysis, evaluation, risk management, portfolio theory, optimisation, tax time test


JEL: G 1


str./pp. 263-270






Marianna Kršeková

PAKŠIOVÁ, R.: Majetková podstata podniku. (Enterprise assets). Bratislava: Vydavateľstvo EKONÓM, 2014. 144 s. ISBN 978-80-225-3962-3.

JEL: Y30

str./pp. 271-272




Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 44, 1/2015, ISSN 0323-262X EV 4393/11



Božena Chovancová – Jaroslav Hudcovský – Vladimír Gvozdják - Bubbles in the European Stock Market (Bubliny v Európskom trhu s cennými papiermi)


Abstract: Changes in the increase and decrease in the stock market is an ordinary part of financial markets. In previous periods, bubbles manifested themselves sporadically in the stock markets and they led to significant problems, but at the same time, they were also an
instrument of establishing balance in the capital markets. The ex-post identification of bubbles in the stock markets is a relatively easy matter nowadays. It is more complicated to identify the formation of bubbles ex-ante, so that it is possible to prevent catastrophic losses. The aim of this working paper is to search for main indicators that have a signalling function and warn of an approaching new bubble. At the same time, based on a quantitative analysis, we will try to demonstrate to which extent bubbles worked or how much they are tolerable in the European stock market.


Keywords: stocks bubble, stock index, volatility of stock market, indicators of bubble


JEL: G 01, G 15, G 18

str./pp. 7-15



Elena Šúbertová – Michaela Kinčáková - The Assessment of using Funds to Support Businesses in the Slovak Republic (Hodnotenie využitia fondov na podporu podnikov v Slovenskej Republike)


Abstract: In the year 2013, 48,384 students altogether graduated from the 1st and 2nd grades of tertiary education at all universities in Slovakia. There were only 10,817 graduates of technical sciences, which is less than a quarter. In that period, as many as 7,091 university 
graduates and even more than 20,600 high school graduates had to register at the Labour Office as the unemployed, because they did not find jobs. The aim of this paper is to highlight the diversity of business conditions for future and current entrepreneurs, especially graduates, and analyse how the Active labour market policy may support those businesses.


Keywords: unemployment rate, education, school graduates, entrepreneurship, financial sup-port


JEL: M 21, M 51


str./pp. 16-27



Michaela Chocholatá - Analýza previazanosti nemeckého a českého akciového trhu s využítím modelov triedy ARCH (Analysis into linkages between the German and Czech stock markets by means of using GARCH models)


Abstract: Analysis of financial time series of stock returns represents a very attractive issue for investors. In this context, it is necessary to accent, that for an investor it is not enough to have the information about the future value of an asset. The subject of the investor’s interest will be also the information about the variance of returns during the holding of a concrete asset. Since the unconditional mean does not offer such information, the investor will be interested in the development of conditional variance in order to estimate the riskiness of an asset during the specified period. Considering the international diversification, the information about linkages between individual markets plays an important role. The main aim of the paper is to use the models GJR-GARCH and DCC-GARCH for analysis of stock returns of DAX and PX. The introduction to the problem is followed by methodological aspects; there are characterized data used for the analysis. The paper also includes the empirical results of the analysis; the presented results confirm the adequate use of univariate GJRGARCH models. Quite high values of conditional correlation coefficients indicate quite considerable linkages between the German and Czech stock markets.


Keywords: stock index, GJR-GARCH model, DCC-GARCH model


JEL: C 58, G 15


str./pp. 28-39



Asep Hermawan – Husna Leila Yusran - The Effects of Dental Atmospherics on Patient Emotion and Behavioral Intentions (Účinky dentálnej atmosfériky na pacientove emócie a behaviorálne zámery)


Abstract: The objective of this study is to examine the influence of dental atmospherics on customer’s (patient’s) positive emotion and behavioural intentions. We proposed hypotheses to examine relationships between dental atmospherics, customer positive emotion and beha-vioural intentions. Survey data were collected from 117 dental clinic patients in Jakarta. From the aspect of practical implication, this study provides information on factors that influence and affect consumers’ positive emotions that lead to favourable behavioural intentions, specifically for a dental clinic. Research limitations lie in the fact that the paper focuses only on atmospheric factors in a dental clinic. The value of the present paper is that so far little research has been done on understanding the role of atmospheric factors on patients’ positive emotions and behaviour in a dental clinic in Indonesia.


Keywords: dental atmospherics, patient’s positive emotions, behavioural intentions


JEL: M 31


str./pp. 40-46



Milan Terek – Peter Kročitý - Analýza asociácie medzi originálnymi premennými v štatistických prieskumoch (Analysis of the association between two ordinal variables in statistical surveys)


Abstract: The paper deals with the possibilities of analysis of the association between two ordinal variables in statistical surveys. The procedure of calculating ordinal measure gamma, based on the number of concordant and discordant pairs of observations is described. Then, the possibility of testing the independence of ordinal variables, based on ordinal measure is presented. It is followed by the comparison of the chi-square test of independence and a test based on some ordinal measure. Described procedures and conclusions are illustrated with examples. Finally, there are described the possibilities ofanalysis of contingence tables with one nominal variable and one ordinal variable.


Keywords: ordinal variables, association, chi-square test of independence, concordance and discordance, gamma, test of independence using ordinal measures


JEL: C 46


str./pp. 47-57




Štěpán Horký – Luděk Kouba - Znalostní ekonomika a institucionální prostředí v post-tranzitivních ekonomikách Ev-ropské unie (Analysis of Gross Domestic Product and its Factors in Slovakia according to SK NACE Classification)


Abstract: The paper deals with the relationship between the institutional environment and the knowledge economy development in the European Union with an emphasis on the new EU member states in Central and Eastern Europe. First, the paper describes the state-of the-art of knowledge economy development in the EU. The relationship between institutions and the knowledge economy is evaluated in terms of the development of chosen indicators in the Central and Eastern European region. Then, the correlation analysis between dimensions of the institutional environment and indicators of the knowledge economy level is conducted; furthermore, the analysis is supported with simple regression models evaluating the examined relationship in the European Union.


Keywords: knowledge economy, institutional environment, business environment, innovation


JEL: I 20, K 20, O 34, O 38


str./pp. 58-76 




Igor Rozenberg – Owen Fernandés - Znalostný manažment ako spôsob uplatnenia reverznej logistiky v komunálnom podniku (Knowledge management as the method of applying reverse logic in a municipal enterprise)


Abstract: Enterprise processes determine the way through which we can achieve aims set forth. They participate in the creation of the environment in which organizational communication passes through job positions and owing to its very nature creates the enterprise organisational structure. On the other hand, experience of individuals based on historical development and knowledge resources of an enterprise together create knowledge processes. These are equally important for the enterprise, as the business can build its competitive advantage on knowledge. An efficient application of knowledge resources, however, necessitates the harmonisation of the knowledge processes with organisational processes. The result of the knowledge management understood in this way should be an increasing enterprise performance, which is based on the principles of long-term sustainable development. A municipal enterprise is a specific example of this kind of enterprise. It regulates the flow of waste, deciding about its further processing or its liquidation. The preparation of waste for further processing necessitates the separation of recyclable waste in advance in a particular quality. If that is not the case, in contradiction to environmental principles, for economic reasons it may end up right at the dumping site, after returning back to the municipal enterprise. The present paper deals with how to solve this problem, and discusses in general terms the application of reverse logic in the municipal enterprise. We harmonise organisational processes of reverse logic with knowledge processes; the latter are based on existing knowledge resources, and we propose managerial approach to managing important reverse processes.


Keywords: knowledge management, reverse logic, organisational processes, knowledge pro-cesses, knowledge sources.


JEL: D 24, D 29, R 11


str./pp. 77-94




Jaroslav Husár - Má zmysel pojem poznatková ekonomika? (Does the concept of knowledge economy make sense?)


Abstract: In the paper, we discuss the concept of the knowledge economy. At first we explain that the concept of knowledge and claim that it is adequately defined by logic. It is enlighten-ment that we obtain mainly through learning. We also analyse the concept of the economy and understand it as a system that consists of three subsystems – population, wealth and output. The terminus technicus ‟knowledge economy” is antropomorphism.


Keywords: knowledge, economy, science, logic, output, scientific object, proof, relationships, notion, idea, semantic information, mathematical concepts


JEL: A 10, B 4, C 0, C 2, C 3, C 67


str./pp. 95-106




Radka Vaníčková - Evaluation of Employee’s Performance of Business Brokering Company by Personnel Mana-ger’s Competencies (Hodnotenie výkonu zamestnanca v obchodnej maklérskej spoločnosti na základe kompetentností personálneho manažéra)


Abstract: The aim of the paper is to determine the current level of competences of a human resources manager in the business brokerage company for the performance of the management profession from the perspective of business management; to identify key variables that significantly effect the level of competence and propose recommendations leading to the growth and development of competences in the context of the work of the profession and the performance of the human resources manager.


Keywords: managerial competencies, working performance, personnel manager, brokering company


JEL: J 24, J 53, L 00


str./pp. 107-114



Ivan Figura - Študentské publikácie slovenského národohospodára Petra Zaťku (Student publications of the Slovak national economist Peter Zaťko)


Abstract: The paper characterizes Peter Zaťko’s place in the economic history of Slovakia and in the development of the Slovak economic thought. Thanks to his personality traits, which are reflected as early as in his student publications, he has an irreplaceable role in the history of the Slovak economy. In his first published article, he deals with the subject matter to facilitate Slovak farmers an access to favourable loans introducing a ‟Mortgage list of movables” which should operate as the land register. In the second article, he comments on the draft of the Act on the stabilizing balance sheets in Czechoslovakia in 1926. In accordance with the reality, the Act should allow to present fixed assets at new higher prices due to inflation.


Keywords: mortgage, accounting, fixed assets, Slovak economic history


JEL: N 240


str./pp. 115-1423




Saleh Mothana Obadi - Energetická bezpečnosť a dimenzia geopoliticko-ekonomickej rivality (Energy security and dimension of geopolitical and economic rivalry)


Abstract: This paper examines one of the dimensions of energy security such as the geopoliti-cal-economic issue. With the increasing demand of energy, all countries have been doing eve-rything to secure energy resources for their economies, even using political, economic and military power. The main objective is to examine part of the energy security issue related to oil and gas, with focus on geopolitical-economic aspect of oil and gas and the related rivalry between economic and energy superpowers. Given the importance of energy resources for all economies, the economic powers of this region, e.g. the USA, are also trying to have control over the region’s mineral resources. This interest has led to geopolitical rivalry between the mentioned countries and has an impact on the political and energy (in)security of many coun-tries within and outside the region.


Keywords: energy security, geopolitical economy, energy economics, Caspian region, crude oil, natural gas, Russia and Ukraine


JEL: F 5, N 7, O 13, P 28, P 48, Q 41, Q 43


str./pp. 124-136





Vladimír Gonda

HOREHÁJ, J.: Trh a jeho deformácie štátom. (Market and its distortions by the state).

Bratislava: Wolters Kluwer, 2014, 88 s. ISBN 978-80-8168-087-8.

JEL: Y30

str./pp. 137-138





Andrea Vargová

BALÁŽ, P. – SZOKEOVÁ, S. – ZÁBOJNÍK, S.: ČÍNSKA EKONOMIKA ‒ nová dimenzia globalizácie svetového hospodárstva (Bude XXI. storočie storočím Číny?). 

(Chinese economy – new dimension in the globalisation of the world economy.
(Is the 21st century China’s century?)

Bratislava: Sprint dva, 2012, 279 s. ISBN 978-80-89393-89-3.
JEL: Y30

str./pp. 139