Číslo 39, ročník XVI

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Analysis of the Economic Factors Determining the Foreign Direct Investment Inflows of Lithuania
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2022-06) Seržantė, Milena; Karalius, Benas
Purpose of the article: This paper investigates the economic factors that impact Foreign Direct Investment (FDI) flows to Lithuania. The reason behind this is to find the economic factors that are significantly important for Lithuania’s FDI attraction to ensure FDI stability and growth during economically challenging times. Methodology/methods: Analysis of scientific literature; data collection and systematisation; correlation analysis; and simple and multiple linear regressions. Scientific aim: First, literature analysis was used to find possible economic factors impacting the FDI that may be useful for Lithuania’s case. This was followed by the identification of 5 main factors, namely inflation, unemployment, exchange rate, imports, and the GDP. The research led to statistical analysis, which revealed a strong correlation between the FDI and mentioned economic factors. Findings: The regression analysis answers the critical research question – the FDI flows to Lithuania are impacted by inflation, unemployment, and imports. The other two factors, namely the exchange rate and GDP, may be an underlying condition for attracting the FDI in other countries. It means that the previously mentioned three economic factors can or must be developed to attract investment to Lithuania. Conclusions: The results of multi-linear regression, revealing the Lithuanian FDI is impacted by inflation, unemployment, and imports, is suggesting an inference to develop or give an attention to those particular areas in order to attract the investments. The authors mentioned that inflation and unemployment could indicate uncertainty, therefore investors would look to these indicators to reason investment in a country, while imports were reasoned as a factor to think before investing due to the ability to measure market demand. Policymakers can use this paper to make the right decisions when tackling issues of foreign direct investment attraction.
Project Manager’s Competencies Required by Corporate Management of Chemical Industry in the Czech Republic
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2022-06) Košťálová, Jana; Bednaříková, Marie; Paták, Michal
Purpose of the article: This paper focuses on the issues of project manager competencies in corporate practice. It presents required project management competencies from the point of view of corporate management representatives – human resource managers. Methodology/methods: The paper introduces the outcomes of the research conducted in the chemical companies in the Czech Republic in 2019. The research involved 514 chemical companies that were active in manufacturing chemical substances; in total, 60 from the addressed number of respondents replied. Scientific aim: The scientific aim of this paper is to summarise the required project management competencies from the point of view of corporate management representatives. Findings: The article presents the most important requirements for the project manager’s competencies, project manager selecting tools and tools for enhancing competencies. The specification of requirements on this position and their verification, the selection of project managers and education in area of project management are indicative of one of the possible practical forms of Career Systems for Project Managers. Conclusions: This paper identifies the required project management competencies from the point of view of corporate management representatives – human resource managers and tools usable for project managers’ career development. The limiting factor of the paper is the scope of activity of the companies focussing solely on the chemical industry. Implementation of recommended tools and procedures in human resource management can bring a new dimension into corporate human resource management, project management, improvements in relationships in the teams, in the workplace, and broader possibilities of employee development.
Comparison of the Most Important Models of Investments in Cyber and Information Security
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2022-06) Podešva, Lukáš; Koch, Miloš
Purpose of the article: Cyber security has become a key factor in determining the success or failure of companies that rely on information systems. However, this entails considerable investment. Typical investments in information technology aim to create value, while investments in cyber security aim to minimise losses caused by cyber-attacks. In the case of investment in cyber and information security, therefore, we must evaluate the amount of loss that will never actually occur. This is a complicated problem, and several approaches have been proposed over the years to estimate the cost-benefit balance of security investments. Methodology/methods: This paper is based on previous research (Podešva et al., 2021), where two most used methods of the ROI / ROSI (Bojanc, 2008) and Gordon-Loe model (Gordon, Loeb, 2002) were identified in the field of investments in cyber and information security. Both methods are described and the advantages and limitations for further research are identified. Scientific aim: The main goal is to select the most suitable method for further research in the field of investment in cyber and information security. Findings: ROI / ROSI does not seem suitable for further research because it only tells us what percentage of return on in-vestment will be provided during a given period. The separate use of this method (ROI / ROSI) provides us with very limited results and it is necessary to combine it with other methods. On the other hand, the Gordon-Loeb model is much more complex despite several limitations, especially for coefficients ʎ and t. Further research will therefore focus on the constant t (probability of attack on a given information set) and its value will be modelled based on the SIR epidemic model on network with standard incidents (Podešva, Koch 2019). Conclusions: At present, there is no standardised approach to decision-making and the size of investments in cyber and in-formation security. This is a very complex issue, and it is very difficult to find one universal model. Nevertheless, there are several models that help in this decision-making process, and as the most appropriate method for further research is GordonLoe model.
Analysis of Behavioural Factors Influencing Investment Decisions: A Literature Review
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2022-06) Svoboda, Jakub
Purpose of the article: The aim of the article is a critical analysis of the views of various authors who have linked their research activities to the topic of behavioural finance, behavioural biases, and risk perceptions in financial markets. Methodology/methods: Qualitative data were aggregated through the method of a systematic review with limits set. A total of 23 papers and publications were located and reviewed. In the paper, the author used logical methods of secondary research such as analysis and synthesis, i.e.the division of the object of research into individual elements and, conversely, the monitoring of connections between individual components (Hendl, 2005). Scientific aim: The scientific benefit is a detailed comprehensive overview of biases that can affect investors’ behaviour and risk perception, and a demonstration of risk understanding approaches. The report can serve as a basis for further research and scientific work. Each topic is given the perspective of different authors, which supports the objectivity of the conclusions. Findings: Based on a literature review by multiple authors, the author defined the main behavioural biases. Some of the authors categorise or classify individual biases according to whether they are based on feelings or facts, or according to whether they are heuristics, i.e. mental abbreviations for solving a problem, or cognitive bias, which may be the result of erroneous heuristics. Furthermore, the author found that investor’s demographic characteristics, such as age, marital status or education, have a direct impact on his behaviour. The concept of risk can be understood as a state of ignorance of the decision maker, as a variance of possible outcomes, as a danger of negative deviation or as a danger of wrong decision. The perception of risk can be divided to “Risk capacity” – ability to take a risk, and “Risk appetite” – the amount of risk an investor is willing to take in order to gain a reward. Conclusions: The author conducted research of secondary sources, such as of publications and scientific articles dealing with issues of behavioural finance and risk perception. The connection between major behavioural biases and risk perception, and the connection between socio-demographic characteristics and the level of influence of individual investor behavioural biases have been described. All the factors have been found to affect individual investors’ perceptions of information to the extent that some individuals perceive the same information differently when making decisions based solely on financial disclosure and make different decisions based on that.
Comparison of Methods of Evaluation of the Financial Structure in Selected Industry and Countries
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2022-06) Škuláňová, Nicole; Šudová, Veronika
Purpose of the article: The issue of capital or financial structure is still a very current topic, the beginning of which dates back to the middle of the last century. Despite such a long time, there is still no universal theory that would help us understand the behaviour of companies in this area. This is due to the fact that each industry, sector, economy, and even the company itself has a different strategy, and therefore a different financial structure. Unfortunately, it is not possible for researchers to analyse all the companies in the world individually, but it is at least possible to examine individual industries and economies. The purpose of this research is to expand knowledge about the financial structure in the industry – Accommodation and Food Service activities in 8 selected countries of Central and Eastern Europe during the period 2010–2018. A total of 23,991 companies are analysed, which are divided into medium and large. Due to the fact that research in this industry in selected economies was not found, this research could significantly expand knowledge about the financial structure in selected economies and the sizes of companies individually. Methodology/methods: Two methods were chosen to meet the aim – the least squares method and the Generalized Method of Moments. It is a comparison of two regression analyses, a simple one, in which several assumptions must be met, and a modified one, in which only one test follows to verify the credibility of the resulting model. Scientific aim: The aim of this research is to determine whether profitability, liquidity, asset structure, non-debt tax shield, the GDP growth rate, inflation rate, and reference interest rate affect the level of total, long-term and short-term debt. Findings: The main finding of the research is the limitation in the use of the least squares method in terms of fulfilling the basic assumptions and the fact that both internal and external determinants have an influence on the formation of financial structure, however, in terms of significance, the influence of external determinants clearly prevails. Conclusions: The main conclusion is that non-corporate determinants have the most significant impact on the level of indebtedness, with the influence of the reference interest rate clearly dominating in terms of the value of coefficients; while in terms of the frequency of coefficients the GDP growth rate is significant.

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