M21 - Business EconomicsReturn

The study analyses mass media communication by mortgage lenders in the Czech market and builds on Kotler's competitive strategies concept and aims to answer the question of whether there is a relationship between the mortgage lenders' market position and their mass media communication profile. Furthermore, it analyses the mass media communication of mortgage lenders according to their financial performance. The analysis utilises complete monitoring data from the mass media market in the Czech Republic. As a result of this study, the different advertising patterns of the market leaders and challengers on a highly commoditised market are shown. Market leaders do not utilise defensive strategies to protect their market shares but employ more offensive strategies to increase the size of the market. Market challengers have no resources to implement a massive and offensive communication strategy to challenge the market leaders. Such a conclusion contributes to the debate on communication strategies for distinct types of companies according to their position on the market and their market share.

The aim of this article is to examine whether there exists a relation between the participation in execution of public contracts and financial indicators of companies. The issue is analysed using data on companies involved in the construction sector of the Slovak Republic. Hypotheses that the participation of companies in public contracts positively affects their financial indicators are tested using a quantitative approach. The results of the regression analysis indicate that companies which contribute to realisation of public contracts achieve more favourable values of profitability ratios compared to companies without public contracts. Nevertheless, the higher profitability may stem from higher efficiency of those companies or from the presence of inefficiency in the procurement process. With respect to the main objective and the extent of the presented analysis, it is not possible to assess which option is more plausible.

Energy, or renewable energy sources, is currently a frequently discussed topic. This paper focuses mainly on the economics of photovoltaic energy, specifically valuation of this technology. First, photovoltaic power systems are described, followed by a description of the method of analysis of photovoltaic project efficiency used in the case study. The main part is devoted to a specific case study of a power plant photovoltaic project valuation (using the Net Present Value). The authors have tried to answer the questions of guaranteed redemption prices as well as the "green bonus". A sensitivity analysis of the NPV to changes in some input parameters is calculated in the discussion. The principal final findings and legislative changes concerning photovoltaics in the Czech Republic (valid from 2011) are mentioned in the conclusion. These changes should restrict the increase in the prices of electric energy for the final consumer and, of course, ensure revenues for the state budget.

The aim of the paper is to analyze the transfer of financial flows of subsidies and taxes between the state and the beneficiary. In this respect, the topic deals with the return cash flow from the recipient to the state budget, the impact of taxes and VAT rates. The result is a compilation of mathematic models that allow quantification of the positive cash flow from the point of view of the funded entities and reflection-induced flows resulting from tax collection back to the state budget. Specifically, financial flows between the state and a sample of business entities in agriculture, which is a sector with significant endowments, were calculated as an example. The amount of reverse flow to the providers of financial subsidies (so-called hidden subsidies) was derived from the investment and operating subsidies in the model. An individual tax multiplier for differences in VAT rates was calculated as well.

The intention of the paper is to introduce the research project No. 2E06044 of the National Research Programme II of the Czech Ministry of Education: "Managerial Audit as a Tool for Sustainable Development of Small and Medium Enterprises". Work on the project has started in July 2006 and will continue troughout 2007 and 2008. The project targets cooperation among research and educational institutions and the business sphere. The metholodology of assessing (managerial audit) and empowering (coaching) small- and medium-sized enterprises has been developed in order to provide recent approaches to assist further growth of those businesses. The project also provides numerous opportunities for young scholars to participate in the research agenda.

This article deals with the results of primary research of Czech business sphere. The authors compare and evaluate the opinions of the managers of business sphere on their competitive position and analyze the influence of chosen factors on their competitiveness.

World, European and Czech manufacturing has been and is currently facing dramatic changes in its business environment. This paper is focused on the deindustrialization in manufacturing sector.

The article deals with the analysis of tools that are used to manage the increasing complexity that has come out in the automotive industry during the recent years due to significant changes in the business environment. The ability to manage the increasing complexity of the processes and products results into cost savings and significantly contributes to value increase. The introduction is dedicated to presentation of basic trends of the automotive industry. The main attention of the article is paid to the area of complexity management and analysis of tools to manage it within the value chain, mainly focused on the development phase. A special attention is paid to possibility to apply platform and module strategy and to evaluate advantages and disadvantaged accompanying them.

The article focuses on analysis of global alliances and acquisitions with emphasis on their common strategic context - both categories are presently key vehicles to maintain competitiveness of globally operating businesses. Initially attention is paid to the phenomenon of transnational corporations, which are subjects to global alliances and acquisitions and which are involved in global strategic processes most. Core of the article consists of two independent parts (one regarding alliances, the other dealing with acquisitions) presenting theoretical basis of given topic, complemented by case examples.

At the beginning of nineties small and medium enterprises (SMEs) constituted a new phenomenon in the Czech economy. Their role increased during past fifteen years but the development and internationalisation of their activities have been influenced by many barriers. The shortage of financial recourses, lack of experience, information and knowledge were the most important among them. Step by step the institutions and business supporting services for SME were introduced. The financial market development caused the change of the attitude of Czech commercial banks towards SMEs in a positive way. Another reason of this shift is the support the commercial banks receive from the international financial institutions /EBRD, EIB/ for financing of SMEs. The EU accession has brought new incentives to the international business activities of SME. To increase their competitiveness the efficiency of using the financial resources of EU funds might be crucial. The best ways of the financial support of SMEs would probably be the forms which are connected with networking and cooperation among SMEs and management advice.