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17TH INTERNATIONAL SCIENTIFIC CONFERENCE
PERSPECTIVES OF BUSINESS AND ENTREPRENEURSHIP
DEVELOPMENT IN DIGITAL TRANSFORMATION OF
CORPORATE BUSINESS
ECONOMIC, MANAGEMENT, FINANCE AND SYSTEM
ENGINEERING FROM THE ACADEMIC AND
PRACTIONERS VIEWS
COLLECTED ABSTRACTS AND PROGRAMME OF INTERNATIONAL
SCIENTIFIC CONFERENCE
APRIL 30, 2019
BRNO, CZECH REPUBLIC
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 3
INTRODUCTION
Dear conference participants,
I would like to take this opportunity to cordially welcome you at the 17th International
Conference of the Faculty of Business and Management, Brno University of
Technology. It is a traditional event / conference the origins of which date back to the
beginning after the foundation of the faculty.
The primary goal of the conference is to provide a unique platform to facilitate the
exchange of leading ideas among academics and practitioners in the field for effective
advancement of knowledge in the field of economic, management, finance and system
engineering from the perspective of challenges to business and entrepreneurships. This
will be achieved through multi-disciplinary presentations and discussions of current
problems and conditions of business and entrepreneurships in the Europe and the World.
Approximately 150 guests will come to Brno in total, out of whom more than one third
foreign guests from about 20 countries from around the world. A large part of the guests
will also be representatives of companies, which is the intention of this year, focused on
the current and discussed topic of digital transformation of companies. The conference
will feature the presentation of projects carried out by the faculty: the results of the
international project KA203: Strategic Partnerships for Higher Education – CHEDTEB:
Collaboration in Higher Education for Digital Transformation in European Business, as
well as the key ideas and intention of the new TA CR project reg. No. TL02000215
DIGITAL TRANS MSP: Digital Transformation for Business Model Innovations of
Small and Medium Enterprises in the Czech Republic.
I am very pleased with the wide interest in this conference. It should be emphasised that
the conference provides a natural platform for sharing scientific knowledge and
exchange of experience with industry and business representatives, which contributes to
the active development of our bilateral cooperation with practice, being an integral
mission of the conference.
The conference discussions will feature not only scientific topics, but also the exchange
of pedagogical experience and knowledge, which will help to develop contacts between
individual participants. I am convinced that establishing new contacts and strengthening
the existing ones is an integral part of this conference, which will be supported by the
social activities of the accompanying programme of the conference.
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 4
I wish the participants of the 17th International Conference of the Faculty of Business
and Management hearing successful and interesting papers, establishing new contacts,
and obtaining ideas for their creative work.
Stanislav Skapa
Dean
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 5
CONTENT
ABOUT CONFERENCE................................................................................................ 6
Further Publication Opportunities .................................................................................. 7
Programme Committee ................................................................................................... 8
Reviewers ...................................................................................................................... 10
Organising Committee .................................................................................................. 11
Conference programme ................................................................................................. 12
Panel discussion ............................................................................................................ 14
PARALLEL SESSIONS ............................................................................................... 17
Economics in Digital Transformation ....................................................................... 17
Finance in Digital Transformation ............................................................................ 18
Management in Digital Transformation .................................................................... 19
System in Digital Transformation ............................................................................. 21
Universities in Digital Transformation ...................................................................... 22
ABSTRACTS &CONTACTS ...................................................................................... 23
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 6
ABOUT CONFERENCE
The honorary patronage over the conference took the dean of the Faculty of Business
and Management, Brno University of Technology associate prof. Ing. et Ing. Stanislav
Skapa, Ph.D.
Conference Theme: “Perspectives of Business and Entrepreneurship Development in
Digital Transformation of Corporate Business„ Economics, Management, Finance and
System Engineering from the Academic and Practitioners Views. The aim of this year’s
conference is to provide an expert platform for sharing ideas and discussing opinions
between the academics and practitioners in the sphere of new trends and perspectives of
business development and entrepreneurship influenced by the digital era. Conference
Sections:
Section 1: Economic in Digital Transformation
Section 2: Management in Digital Transformation
Section 3: Finance in Digital Transformation
Section 4: Systems in Digital Transformation
Section 5: Universities in Digital Transformation
Special Section: Toolbox for Digital Corporate Transformation Management
(supported by CHEDTEB project)
The primary goal of the conference is to provide a unique platform to facilitate the
exchange of leading ideas among academics and practitioners in the field for effective
advancement of knowledge in the field of economic, management, finance and system
engineering from the perspective of challenges to business and entrepreneurships. This
will be achieved through multidisciplinary discussions of current problems and
conditions of business and entrepreneurships in the Europe and the World. Major
highlights of the conference would be creating of the platform for network and
communication with distinguished entrepreneurs, managers and traders.
This conference will feature competitive papers, plenary session, panel discussion and
sections roundtable. Submissions will be subjected to a blind review process and will be
published in the refereed Conference Proceedings „Selected papers: Perspectives of
Business and Entrepreneurship Development in Digital Transformation of Corporate
Business: Economic, Management, Finance and System Engineering from the
Academic and Practioners views“, which will be applied for covering by
abstracting/indexing services: Thomson Reuters Conference Proceedings Citation Index
(ISI).
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 7
FURTHER PUBLICATION OPPORTUNITIES
On the basis of agreed cooperation with editors of the scientific journals there will be
offered an opportunity for the authors of high quality contributions to publish extended
versions of their contributions in journal indexed in reputable databases:
Trends Economics and Management Czech Republic
http://trendy.fbm.vutbr.cz/index.php/trends ISSN 1802-8527
Business: Theory and Practice Lithuania
http://www.btp.vgtu.lt/index.php/btp/index ISSN 1648-0627
Journal of Business Economics and Management Lithuania
http://www.tandfonline.com/toc/tbem20/current#.VIjGNv
3hb3g ISSN 1611-1699
Economics and Business Latvia
https://ortus.rtu.lv/science/en/series/3 ISSN 1407-7337
Engineering Economics Lithuania
http://www.inzeko.ktu.lt/index.php/EE ISSN 1392-2785
Business, Management and Education Lithuania
http://www.bme.vgtu.lt/index.php/bme ISSN 2029-7491
Equilibrium. Quarterly Journal of Economics and Economic
Policy Poland
http://www.equilibrium.umk.pl ISSN 1689-765X
Oeconomia Copernicana Poland
http://oeconomia.pl ISSN 2083-1277
International Journal of Business and Economic Sciences
Applied Research Greece
http://ijbesar.teiemt.gr/ ISSN 2408-0098
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 8
PROGRAMME COMMITTEE
Chairperson: Stanislav Skapa
Programme Coordinator: Alena Kocmanova
Conference Coordinator: Iveta Simberova
Members: Adam P. Balcerzak (Nicolaus Copernicus University, Poland)
Artur Bartosik (Kielce University of Technology, Poland)
Vojtech Bartos (Brno University of Technology, Czech Republic)
Massimo Bianchi (Universita di Bologna, Italy)
Jerzy Boehlke (Nicolaus Copernicus University, Poland)
Jose Carlos Casillas Bueno (Universidad de Sevilla, Spain)
Mirko Dohnal (Brno University of Technology, Czech Republic)
Radek Doskocil (Brno University of Technology, Czech Republic)
Petr Dostal (Brno University of Technology, Czech Republic)
Elina Gaile-Sarkane (Riga University of Technology, Latvia)
Lidia Galabova (Technical University Sofia, Bulgaria)
Romualdas Ginevicius (Vinius Gediminas University, Lithuania
Michal Gregus (Comenius University in Bratislava, Slovak Republic)
Krzysztof Grysa (Kielce University of Technology, Poland)
Josef Hynek (Univerzity Hradec Kralove, Czech Republic)
Reiji Yamanaka (Globis University, Japan)
Arvid C. Johnson (University of St. Francis, USA)
Jaroslav Kita (University of Economics Bratislava, Slovak Republic)
Jiri Kraft (University of Pardubice, Czech Republic)
Natalja Lace (Riga University of Technology, Latvia)
Justyna Lapinska (Nicolaus Copernicus University, Poland)
Rainer Lenz (University of Applied Sciences Bielefeld, Germany)
Hana Lostakova (University of Pardubice, Czech Republic)
Cristiana Istrate (Gheorghe Asachi Technical University Iasi, Romania)
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 9
Tomas Meluzin (Brno University of Technology, Czech Republic)
Zdenek Molnar (The University of Economics, Czech Republic)
Jurgen Muhlbacher (Vienna University of Economics and Business, Austria)
Bronius Neverauskas (Kaunas University of Technology, Lithuania)
Michał Bernard Pietrzak (Nicolaus Copernicus University, Poland)
David J. Pollard (Leeds Metropolitan University, United Kingdom)
Tatjana Polajeva (Euroacademy, Estonia)
Jan Pour (The University of Economics, Czech Republic)
Maria Reznakova (Brno University of Technology, Czech Republic)
Zaneta Simanaviciene (Kaunas University of Technology, Lithuania)
Anna Soulsby (Notingham University, United Kingdom)
Jelena Stankeviciene (Vilnius Gediminas University, Lithuania)
Grazina Startiene (Kaunas University of Technology, Lithuania)
Anna Svirina (Kazan State Technical University, Russian Federation)
Iveta Simberova (Brno University of Technology, Czech Republic)
Stanislav Skapa (Brno University of Technology, Czech Republic)
Tomas Subrt (Czech University of Life Sciences Prague, Czech Republic)
Neviana Taneva (Technical University Sofia, Bulgaria)
Maaja Vadi (University of Tartu, Estonia)
Jan Vachal (Institute of Technology and Business in Ceske Budejovice, Czech Republic)
Janos Vecsenyi (Budapest University of Technology and Economics Hungaria)
Mladan Velev (Technical University Sofia, Bulgaria)
Robert Zich (Brno University of Technology, Czech Republic)
Marek Zinecker (Brno University of Technology, Czech Republic)
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 10
REVIEWERS
Vladimir Bartosek (Czech Republic)
Angela Belobrov (Moldova)
Martina Bobalova (Czech Republic)
Karel Brychta (Czech Republic)
Veronika Bumberova (Czech Republic)
Radek Doskocil (Czech Republic)
Petr Dostal (Czech Republic)
Karel Doubravsky (Czech Republic)
Monika Duskova (Czech Republic)
Petr Dydowicz (Czech Republic)
Agnieszka Dziubinska (Poland)
Martin Fridrich (Czech Republic)
Jana Hornungova (Czech Republic)
Zuzana Chvatalova (Czech Republic)
Eva Jurickova (Czech Republic)
Lucie Kanovska (Czech Republic)
Michal Karas (Czech Republic)
Zdenka Konecna (Czech Republic)
Stepan Konecny (Czech Republic)
Petra Koudelkova (Czech Republic)
Anna Kovaleva (Russia)
Vladimira Kucerova (Czech Republic)
Petr Kupcik (Czech Republic)
Natalje Lace (Latvia)
Eva Lajtkepova (Czech Republic)
Jan Luhan (Czech Republic)
Frantisek Milichovsky (Czech Republic)
Bernard Neuwirth (Czech Republic)
Veronika Novotna (Czech Republic)
Sarka Papadaki (Czech Republic)
Marie Pasekova (Czech Republic)
Roman Ptacek (Czech Republic)
Joanna Samul (Poland)
Nataliya Shchobak (Czech Republic)
David Schuller (Czech Republic)
Veronika Solilova (Czech Republic)
Eva Tomaskova (Czech Republic)
Katarzyna Walecka-Jankowska (Poland)
Anna Zabłocka-Kluczka (Poland)
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 11
ORGANISING COMMITTEE
Chair
Iveta Simberova, Brno University of Technology (Czech Republic)
Conference team:
Nina Bockova, Brno University of Technology (Czech Republic)
Karel Brychta, Brno University of Technology (Czech Republic)
Veronika Bumberova, Brno University of Technology (Czech Republic)
Vit Chlebovsky, Brno University of Technology (Czech Republic)
Lucie Kanovska, Brno University of Technology (Czech Republic)
Zdenka Konecna, Brno University of Technology (Czech Republic)
Stanislav Kudelas, Brno University of Technology (Czech Republic)
Jan Luhan, Brno University of Technology (Czech Republic)
Frantisek Milichovsky, Brno University of Technology (Czech Republic)
Pavel Mracek, Brno University of Technology (Czech Republic)
Veronika Ptackova, Brno University of Technology (Czech Republic)
David Schuller, Brno University of Technology (Czech Republic)
Pavel Weirich, Brno University of Technology (Czech Republic)
Jiri Zamecnik, Brno University of Technology (Czech Republic)
Team Coordinating Communication with Companies:
Zdenka Konecna, Brno University of Technology (Czech Republic)
Andrea Krejci, Brno University of Technology (Czech Republic)
Petr Novotny, Brno University of Technology (Czech Republic)
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 12
CONFERENCE PROGRAMME
Monday, 29 April
Faculty of Business and Management, Kolejni 2906/4, Brno
19:00 – 20:00 Welcome drink
Tuesday, 30 April
Faculty of Business and Management, Kolejni 2906/4, Brno
9:30 - 10:50 Registration
Plenary session Moderator: Marek Zinecker
11:00 - 11:15 Place: P381
Welcome speech dean Stanislav Skapa
Introduction of the projects Zdenka Konecna (CHEDTEB)
Iveta Simberova (TACR)
11:15 - 12:30 Panel discussion Vit Chlebovsky, Robert Zich
12:30 - 13:30 Lunch at the Faculty of Business and Management
B2B zone for individual meetings
Round table Toolbox for Digital Corporate Transformation Management
13:30 - 15:00 Place: P292
Moderators:
Zdenka Konecna (FBM BUT, CZE)
Veronika Krassavina (University of Tartu, EST)
Rainer Lenz (UAS Bielefeld, GER)
15:00 – 15:30 Coffee break
B2B zone for individual meetings
Parallel sessions Moderators
15:30 - 16:50
Economic in Digital Transformation
Place: P285
Nina Bockova (FBM BUT, CZE)
Natalja Lace (RTU, LV)
Finance in Digital Transformation
Place: P284
Karel Brychta (FBM BUT, CZE)
Rainer Lenz (UAS Bielefeld, GER)
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 13
Management in Digital Transformation
Place: P283
Lucie Kanovska (FBM BUT, CZE)
David Schuller (FBM BUT, CZE)
Anneli Lorenz (University of Tartu, EST)
Petr Moravec (OR-CZ spol. s r.o., CZE)
System in Digital Transformation
Place: P286
Jan Luhan (FBM BUT, CZE)
Margareta Teodorescu (UAS Bielefeld,
GER)
Universities in Digital Transformation
Place: P288
Zdenka Konecna (FBM BUT, CZE)
Kertu Laats (University of Tartu, EST)
Bernd Kleinheyer (UAS Bielefeld, GER)
Important note: Program in Parallel sessions will be through roundtable discussion
managing by sections moderators.
Conclusion Moderator: Marek Zinecker
17:00 - 17:30 Place: P292
Summary of the Day, Sessions Moderators
Reception and Social Program
18:00 - 23:00 Faculty of Business and Management, Kolejni 2906/4, Brno
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 14
PANEL DISCUSSION
PLACE: P381
MODERATORS Vit Chlebovsky, Brno University of Technology, Faculty of
Business and Management, Czech Republic
Robert Zich, Brno University of Technology, Faculty of
Business and Management, Czech Republic
PIRUZA HARUTJUNJAN
BUSINESS DEVELOPMENT MANAGER, PROEKSPERT, ESTONIA
For the past 4 years, Piruza has been the business development
manager in Proekspert. Within these years, Proekspert has
entered into 4 new markets, acquired new business
opportunities through the adoption of design thinking and data
science and grew 58% in revenue. For Proekspert, as a service
provider, such growth was possible as a result of highly
effective approach to product and business digitalisation.
Proekspert is the leading Estonian design and product
development company.
Our passion is to create life-simplifying, user-centric and functional digital solutions
that enhance the world.
Through tailored IT solutions, we make machines and devices smart and put them
to work with and for people. We use information retrieved from the machines and
devices to predict trends and behaviour patterns. We are always passionate about
working towards shaping technologies of the future. For 26 years, Proekspert has
been the one behind the curtain for some of Europe and Scandinavia’s top products
and solutions.
Proekspert offers strategic partnerships with a focus on digital transformation to
create value for our clients’ businesses. We believe the best innovative solutions
come from the synergy of design, data, technology, and business. We provide a full
range of services starting from business analysis to the final solution needed for
transforming ideas into commercial products.
We are known for an excellent work quality among our customers. When we shake
hands on something, we get it done.
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 15
RAINER LENZ
PROFESSOR, UNIVERSITY OF APPLIED SCIENCES BIELEFELD, GERMANY
Professor for International Finance at the University of
Applied Sciences Bielefeld, Germany; field of research:
Digitalisation in Finance, in particular Blockchain,
Distributed Ledgers Technology, Tokens, and ICOs.
NGO-engagement for reaching a fair financial system:
Finance Watch – chair of the board and Bürgerbewegung
Finanzwende – member of the board. Member of SMSG
expert group, which advises the European Security and
Market Authority (ESMA) on technical issues of financial
regulation (level 2).
LUBOMIR SLAMA
CEO, ACT-IN CZ, S.R.O., CZECH REPUBLIC
Lubomir has built the international company Act-in CZ
focused on the development and implementation of
innovative production information systems MES for
SmartFactories and has completed a number of successful
projects for digitising production companies in the Czech
and international environment in Europe and America. He
is also actively working as an expert in the digitisation of
production at INDUSTRY CLUSTER 4.0, where he co-
created a system for assessing the readiness of
manufacturing companies for Industry 4.0.
He completed his technical and managerial degree at the Brno University of
Technology, the University of Stuttgart, and Dominican University in Chicago. His
engineering and doctoral work was focused on self-driving cars and artificial
intelligence in mechatronics.
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 16
ZDENEK SVIHALEK
APPLICATIONS MANAGER, B&R INDUSTRIAL AUTOMATION, CZECH REPUBLIC
Zdenek has been active in the field of industrial
automation for 27 years. He studied automation at the
Brno University of Technology. Since then, he has taken
part in automation projects in Germany, Venezuela,
Japan, Switzerland, and Italy. Now he leads a team of 20
engineers developing applications of a control system at
B&R, the Austrian supplier of automation technology.
Digital transformation brings massive changes in the
industry and automation and is naturally a daily bread
for Zdenek.
FRANTISEK VRABEL
CEO, SEMANTIC VISIONS, CZECH REPUBLIC
Frantisek is the founder and CEO of Semantic Visions.
It is a Czech company collecting and analysing 90%
of the world’s online news in real time. Using data
analytics and risk assessment developed by the
company, it runs the comprehensive Open Source
Intelligence (OSINT) system, which allows the
company to detect unknown events, identify trends
and put them into context to provide actionable
intelligence.
This includes being able to better identify disinformation and act as an early warning
system for governments and institutions. Frantisek is a serial entrepreneur with
Silicon Valley experience and a wide spectrum of knowledge and a passion for new
opportunities. Frantisek is an advisor to NATO on Big Data and information warfare.
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 17
PARALLEL SESSIONS
ECONOMICS IN DIGITAL TRANSFORMATION
PLACE: P285
MODERATORS Nina Bockova, Brno University of Technology, Faculty of Business
and Management, Czech Republic
Natalja Lace, Riga Technical University, Latvia
COST OF CAPITAL CHANGES IN LITHUANIAN MANUFACTURING INDUSTRY
MARKAUSKAS MANTAS, SABONIENE ASTA
DECISION-MAKING IN THE AREA OF EFFICIENCY OF HOUSING DEVELOPING BASED ON
TREND ANALYSIS
POLACEK TOMAS, OULEHLA JIRÍ, DOHNAL MIRKO, MELUZIN TOMAS
THE ESTIMATION OF THE IMPACT OF ENERGY INTENSITY ON A COMPANY’S FINANCIAL
PERFORMANCE IN PETROLEUM REFINING INDUSTRY
ZUOZA ANDRIUS, PILINKIENE VAIDA
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 18
FINANCE IN DIGITAL TRANSFORMATION
PLACE: P284
MODERATORS Karel Brychta, Brno University of Technology, Faculty of Business
and Management, Czech Republic
Rainer Lenz, University of Applied Sciences Bielefeld, Germany
IMPACT OF THE FDI IN THE AUTOMOTIVE INDUSTRY IN THE EUROPEAN UNION
COUNTRIES
BELUSOVA KRISTYNA, BRYCHTA KAREL
THE LINE BETWEEN BUSINESS VALUE AND FINANCIAL DISTRESS: A HYBRID APPROACH
TO PREDICTING DISTRESS
KARAS MICHAL, REZNAKOVÁ MARIA
REPORTING OF INTANGIBLE ASSETS IN DIGITAL ECONOMY
KRIZOVA ZUZANA
CHARITY TOKEN - IMPROVING TRUST ON CHARITY ORGANIZATIONS THROUGH
BLOCKCHAIN TECHNOLOGY
LUSHI TAHIR
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 19
MANAGEMENT IN DIGITAL TRANSFORMATION
PLACE: P283
MODERATORS Lucie Kanovska, Brno University of Technology, Faculty of
Business and Management, Czech Republic
David Schuller, Brno University of Technology, Faculty of
Business and Management, Czech Republic
Anneli Lorenz, University of Tartu, Estonia
DISCUSSANT Petr Moravec, OR-CZ spol. s r.o., Czech Republic
EMPIRICAL EVIDENCE OF RELATION BETWEEN SERVICE INNOVATIVENESS,
TECHNOLOGY AND HRM DEVELOPMENT IN KIBS COMPANIES
BUMBEROVA VERONIKA, MILICHOVSKY FRANTISEK
BUSINESS MODELS, STRATEGY AND INNOVATION IN THE NEW WORLD OF DIGITIZATION
DOMANIZOVA PETRA
THE COMING OF THE DIGITAL AGE AND ITS IMPLICATIONS FOR PUBLIC GOVERNANCE
AND POLICY
GUL HUSEYIN, GUL SONGUL SALLAN
BARRIERS OF SMART SERVITIZATION IN MANUFACTURING COMPANIES
KANOVSKA LUCIE
COMPARISON OF THE CURRENT STATE OF DIGITIZATION IN THE CZECH REPUBLIC AND
EUROPEAN COUNTRIES AND ITS IMPACT ON HUMAN RESOURCES MANAGEMENT
KREJCI ANDREA
TOWARDS SUSTAINABILITY THROUGH BUSINESS MODEL DYNAMICS IN THE ERA OF
DIGITAL TRANSFORMATION
KRMELA ALES
IMPLEMENTATION OF INDUSTRY 4.0 IN ENTERPRISES
MICIKOVA PETRA
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 20
VEGETARIANISM VS GENDER: HOW BEHAVE TARGET POTENTIAL CUSTOMERS IN
PURCHASING PROCESS
MILICHOVSKY FRANTISEK, MRACEK PAVEL, JELINKOVA VERONIKA
TRUSTNESS TO THE DIGITAL BUSINESS MODELS IN EHEALTH
PAWLUCZUK ANDRZEJ
THE DIGITALIZATION OF HUMAN RESOURCE MANAGEMENT
PEISENIECE LIGA
EFFECTIVE PROJECT MANAGEMENT BY INTEGRATING SELF-MANAGED WORK TEAMS
RASCEVSKA ZANE
DIGITAL TRANSFORMATION AND ITS IMPACT ON INTERNATIONAL MARKETING
STRATEGY OF MULTINATIONAL COMPANIES
TESAROVA MARIANA
INTERFUNCTIONAL COORDINATION AT PUBLIC SECTOR
TOMASKOVA EVA
BORN GLOBAL COMPANIES AS THE FUTURE FOR ECONOMY OF LATVIA
VAIVODE IRENA
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 21
SYSTEM IN DIGITAL TRANSFORMATION
PLACE: P286
MODERATORS Jan Luhan, Brno University of Technology, Faculty of Business and
Management, Czech Republic
Margareta Teodorescu, University of Applied Sciences Bielefeld,
Germany
RECENT BIG DATA AND MACHINE LEARNING APPLICATIONS IN ECONOMICS
ALFIERI LUCA
ETHICAL DIMENSIONS OF ARTIFICIAL INTELLIGENCE DEVELOPMENT8 IN HEALTH
SERVICES
DULSCHI OLIVIA
MAPLE – MEANS OF UNDERSTANDING THE APPLICATION OF MODERN METHODS IN
THE PRODUCTION PROCESS
CHVATALOVA ZUZANA
IMPACT ASSESSMENT OF BIG DATA ANALYSIS AND APPLICATION CASES – A CROSS-
COUNTRY COMPARATIVE ANALYSIS
LUHAN JAN, TEODORESCU MARGARETA
PREPAREDNESS OF THE CZECH SMALL BUSINESSES FOR USING PUBLIC CLOUD
SERVICES
NEUWIRTH BERNARD
ANALYSIS OF A NON-LINEAR DYNAMIC FINANCIAL SYSTEM
NOVOTNA VERONIKA, SKAPA STANISLAV
MATHEMATICAL AND NUMERICAL STUDY OF A SIR EPIDEMIC MODEL ON NETWORK
WITH STANDARD INCIDENTS
PODESVA LUKAS, KOCH MILOS
CORRUPTION PERCEPTIONS INDEX OR BRIBE PAYERS INDEX IN DIGITAL ECONOMICS
SHCHOBAK NATALIYA, DZHALLADOVA IRADA
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 22
UNIVERSITIES IN DIGITAL TRANSFORMATION
PLACE: P288
MODERATORS Zdenka Konecna, Brno University of Technology, Faculty of Business
and Management, Czech Republic
Kertu Laats, University of Tartu, Estonia
Bernd Kleinheyer, University of Applied Sciences Bielefeld,
Germany
COMPETENCY SCHEMAS AS A TOOL FOR COMPARATIVE ANALYSIS OF COMPETENCIES
OF POLISH AND RUSSIAN STUDENTS
LULA PAWEL, KOVALEVA ANNA
BLOCKCHAIN IN EDUCATION: POSSIBILITIES FOR A BLOCKCHAIN BASED STUDY
MANAGEMENT SYSTEM FOR HIGHER EDUCATION INSTITUTIONS
LUSHI TAHIR
DIGITAL TRANSFORMATION OF STUDENTS PROJECT IN THE LIGHT OF KNOWLEDGE
MANAGEMENT PROCESS
PAWLUCZUK ANDRZEJ
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 23
ABSTRACTS
&
CONTACTS
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 24
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 25
Recent Big Data and Machine Learning Applications in
Economics
Luca Alfieria*
a University of Tartu, J. Liivi 4, 50409 Tartu, Estonia
Abstract
Purpose of the article This work illustrates three recent important studies related to Big Data and Machine
Learning methods in economics and econometrics.
Methodology/methods The papers are previous or current works of well-known scholars in their fields. I select
the papers from different subjects to observe how Big Data and Machine Learning methods can be used for
different purposes.
Scientific aim The growing interest for handling Big Data in different economic topics brought economists to
study the advantages and limits of new techniques like Machine Learning methods and the validity of standard
econometric methods in these new data-rich environments. The work aims to analyze the three papers taking into
account the current debate on Machine Learning methods and Big Data among scholars in economics and
econometrics.
Findings Some scholars show how standard econometrics methods are still useful even with Big Data. Others
instead illustrate how possible combinations of Machine Learning methods and econometrics techniques can be
helpful in a high-dimensional framework. In particular, text mining and forecasting in data-rich environments
research cannot escape, at least partially, the usage of Machine Learning methodologies. However, the debate over
the real capacities of these new methods to solve problems such as causal inference is still open. Recent researches
related to the so-called double (or de-biased) Machine Learning are triggering further researches and applications
in this field.
Conclusions The work shows the potentialities but also the current limits of the use of Machine Learning methods
and Big Data and possible new research topics. Finally, the new methods are imposing new reflections also on the
current teaching programs in Economics and Business all over the world.
Keywords: Machine Learning, Big Data econometrics, Forecasting, Causal Inference, Text Mining
JEL Classification: B41, C18
* Corresponding author: Tel.: +372 59814299
E-mail address: [email protected]
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 26
Impact of the FDI in the Automotive Industry in the European
Union Countries
Kristýna Bělušováa*, Karel Brychtab
a, b Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The current global business environment stimulates investors to expand abroad through
FDI, which not only contributes to globalization but also determines countries´ macroeconomic performance.
Methodology/methods While using secondary research the authors of the paper identified variables that are
examined in the evaluation of FDI influence and after critical review of data availability the authors have created
a modified model with the aim to evaluate the impact of automotive FDI inflows on EU Mem-ber States
macroeconomic performance.
Scientific aim The aim of the paper is to extend current knowledge in this area and to evaluate the impact of
automotive industry FDI inflows on EU Member States macroeconomic performance over a ten-year period
Findings The results provided by created model have been in line with the results of similar studies and have
verified the positive impact of FDI inflows on macroeconomic performance indicators. This result has been
affirmed also by accompanying analysis covering the comparison of automotive industry to other industry sectors.
Conclusions The analysis was performed just in relation to the aggregate macroeconomics indicators. In this
respect, a deeper analysis in relation to automotive industry only is needed. Besides, the paper does not cover the
part dealing with the negative aspects and risks that are connected with investment maturation and dividends flows.
Created model has extended spectrum of models used and available for the assessment of FDI impact on
macroeconomic countries´ performance. The models itself represents an extension in terms of covering territory,
period and examined variables. The results create the basis for following analysis which will include also critical
aspects in relation to dividends outflows.
Keywords: Automotive industry, Foreign direct investment, Macroeconomic indicators, EU Member States
JEL Classification: E20, F41
* Corresponding author.
E-mail address: [email protected]
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 27
Empirical Evidence of Relation between Service Innovativeness,
Technology and HRM Development in KIBS Companies
Veronika Bumberováa, František Milichovskýb*
a, b Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article It is well know, that the knowledge intensive business services (KIBS) as a small proportion
of all services, is significant in terms of economic benefits and as the key part of the growth in value added,
employment and labor productivity. From the historical point of view, importance was clearly given at the stage
to the changes KIBS services provoke, not to the fact that the services provided by KIBS or KIBS themselves may
evolve or change. Therefore, this paper is focused on topic of business development in the selected areas.
Methodology/methods The empirical evidence is based on quantitative data gathered through an email
questionnaire which yielded 128 qualified responses from the representatives of Czech small enterprises. Data
have been gathered from primary research, employing interview within structured questionnaire. Received data
were put under evaluation by exploratory multi factor analyse and validation techniques.
Scientific aim The main aim of the paper is to find out relationship between service innovativeness and subsequent
changes in technology and HRM activities of KIBS. These chosen individual groups could be marked as crucial
for the business development by market established small KIBS in the last five years.
Findings By application multi factor analysis there were gained total factor, focusing on specific parts of company
in its development process. This total factor includes individual factors in service innovativeness and subsequent
changes in technology and human resource management. From the descriptive statistics of the total factor, it is
obvious that the product improvements in analysed companies have the highest power (0,3476) in comparison to
changes of HRM (0,3157) and technology field (0,3367).
Conclusions A detailed analysis of service innovativeness and subsequent changes could be useful for government
efforts to promote industrial innovation and results of the research should also direct the policy aiming at
supporting development in the context of these companies. However, in terms of research limitation, there could
be hold focus on Czech companies in chosen industries and deeper research has to be carried out to analyze data
at the company level but also in the comparison of specific classification such as creative, technology or
professional services.
Keywords: business development, innovativeness, small enterprises, knowledge-intensive business services
JEL Classification: L10, O30, L84
* Corresponding author.
E-mail address: [email protected]
International Conference at the Brno University of Technology,
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 28
R&D: Czech Republic and Slovakia reach EU targets?
Petra Domanižováa*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic
Abstract
Purpose of the article The aim of this article is to specify the business models and their use when companies enter
to foreign markets. An integral part of this is the digitization of today´s world, including business models. The
purpose of the article is to map the level of knowledge about business models, the impact of digitization on them
and how companies to enter specifically German market.
Methodology/methods Literary overview, then comparison of author´s views on the use of business models, their
innovation and adaptation under the influence of digitization. Looking at the creation of own business models,
exploring areas of knowledge and possible ways of entering to foreign markets. The aim of this article summary
(publishing house Emerald, Elsevier 2009-2019) is to compare author´s views in the concept of business model as
such, its use and access to digitization. Author will be acquainted with databases of companies Lidl and Kaufland
within the Czech and German markets. Focusing on this area can lead to future research. This literature review
focuses on recent literature.
Scientific aim After identifying the knowledge gap, the author will fill it in by analyzing of the current status of
companies Lidl and Kaufland with regard to restructuring when entering to a foreign market in relation to the
Czech Republic. By comparing literary revisions, the author will focus on the Canvas business model, which meets
the criteria for entering the foreign markets and its structure and uses it as a “winner” among other models. The
aim of theoretical research will be a quantitative approach, evaluation of the key words – business model, its use
by authors and their importance in literature as a support for the evaluation of results.
Findings The term “business model” is defined by different authors in different ways. It consists of two basic
elements of a profitable model in an enterprise system. The main aim was to assess a larger number of business
models as a key word in the field of study. According to the results of this article, author decided to use Canvas
business model for future processing. It is a simple and complete tool for business model de-sign, analysis,
innovation, and focus on business model key blocks.
Conclusions The author considers it is necessary to analyze the possibilities of innovation and adaptation of
business models in the modern era of digitization, when trades enter to unknown foreign markets. Especially to
German market of the neighbouring country at the time of economic dependence on a commercial scale from the
perspective of our country. The influence and use of the business model of company Lidl and Kaufland after the
restructuring of the ownership and policy of companies as well as from the point of view of implementation in the
introduction of new stores in the Czech Republic is a topic that is the exact aim of author´s research in the future.
Keywords: business models, Canvas business model, foreign markets, innovation, strategy, digitization.
JEL Classification: M15, M21
* Corresponding author.
E-mail address: [email protected]
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 29
Ethical Dimensions of Artificial Intelligence Development in
Health Services
Olivia Dulschia*
a Uxbridge College, Park Rd, Uxbridge UB8 1NQ, Middlesex, United Kingdom
Abstract
Purpose of the article The purpose of this article is to discuss the arise of artificial intelligence technologies, the
current level of AI development and the potential ethical challenges such as robots or programs overtaking nurses
or doctors’ jobs in the future.
Methodology/methods The research has been achieved through numerous readings, interviews with professionals
in the AI field and online presentations of Microsoft AI systems.
Scientific aim The aim of this is article is synthesising information regarding the Artificial Intelligence systems
and orienting them towards practical activities in the health service. By generating addition knowledge of this
subject, I believe it will help raise awareness of the benefits coming from AI systems implementation and warn
scientists and practitioners to comply with ethical standards in the use of AI systems.
Findings The subject of AI in medicine has been often discussed in the scientific world, and since then has caused
controversy in terms of technology and sociology. The modern society has not yet realised that AI has already
been used in medicine for a period of time. There are decision support systems such as DXplain which offers a list
of possible diagnosis when symptoms are introduced; Da Vinci robotically surgical system uses robotic arms,
precise movements and magnetised vision to assist doctors when performing precision surgery. The main fear
towards AI is that it could potentially overtake hundreds of job and its accurate diagnosis abilities. The research
has allowed us to identify the current progress of AI technologies. There are currently 90 startups in the health
industry. The programs are attempting to perform thorough investigations on HIV progression, precision treatment
of cancer, drug creation etc. In the UK National Health Service (NHS) has already announced the plans of trying
AI mobile apps to help millions of Londoner via real time text message conversation. Due to the lack of
humanitarians and limited sources, smart solutions are required to assist the large number of patients. The paper
answers the question of ethical issues and to what level the UK population agrees or disagrees the usage of AI
technologies in the health service.
Conclusions It is hoped that this research will help scientists understand what potential harm they might cause to
the society if they ignored ethical and moral issues. Moreover, it can serve as a guide for the community lacking
information regarding the current level of AI development. It can help understand to what extent AI can be used
without causing any harm and benefits of using it in health services to help patients.
Keywords: Artificial-Intelligence, AI-systems, healthcare, medicine, science, ethical-issues, Information-
technologies
JEL Classification: M15, I19
* Corresponding author. Tel.: +447828823802.
E-mail address: [email protected].
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 30
The Coming of the Digital Age and its Implications for Public
Governance and Policy
Hüseyin Güla*, Songül Sallan Güla
a Süleyman Demirel University, Isparta, Turkey
Abstract
Purpose of the article This study has the basic purpose of contributing to the understanding of digitization, its
aspects and causes, its characteristic features, and its consequences, risks and opportunities for urban and public
governance, policy making and service delivery processes.
Methodology/Methods: This study takes an interdisciplinary approach to evaluate and assess the issue because it
necessitates such an interdisciplinary approach beyond the classical approaches of urban and public administration
and policies. For this purpose, the techniques of a review of the literature on digitalization processes, digital age,
Industry 4.0 and their consequences through the works by Case (2016), Schwab (2016), Stibel (2013), Salganik
(2018), West (2018), Srnicek and Williams (2015), and Goldin and Kutarna (2016), among others are utilized in
the study. It also employs secondary data analysis by Turk-stat, Eurostat etc. as well as content analysis of the
documents on digitalization, its aspects and impact by Economist Intelligence Unit (2018), European Commission
(2017) and MIT Tech Review (2018), among others.
Scientific Aim: The paper aims to contribute to the discussions and analyses on how digitalization and Industry
4.0 affects and will affect urban and public governance, policy making and service provision pro-cesses. The
related areas of interest involve participation of smart / digital citizens, digital access to public and urban services,
use of Internet of Things in service coordination and quality and challenges of big da-ta, just to name a few.
Besides, the paper aims to explore the extent to which the possible risks and opportunities of the future uses and
proliferation of digital technologies pose for urban and public governance and policy making processes.
Findings: Despite its positive aspects, the digital revolution seems to have been accompanied with new challenges
and risks, such as big data, breach of personal data and privacy, employment losses in traditional employment
areas to digitalized technologies and robots, cyber crimes, increased inequality and digital divide, and difficulties
of increasing awareness about the use of and adaptation to digital technologies especially in the public sector.
Conclusions: The study makes some recommendations for the development of better policies to reap the benefits
of digitalization and to avoid the possible risks involved in urban and public governance, policy making and service
delivery processes. Some of these policy suggestions include improving the digital adaptation of public sector in
order to improve adaptability, quality, efficiency and effectiveness in the process of urban and public governance,
policy making and service provision as well as enhancing innovative capacity, sustainability, green economy, and
digital abilities of the labor force as a requirement for adaptation to the digital age.
Keywords: the digital age, technology, digitization, the Internet, public governance, public policies, public service
delivery
JEL Classification: E62, E63
* Corresponding author. Tel.: 90-533-638-9225.
E-mail address: [email protected].
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 31
The Maple System – Support for Digitization of Analyzes of
Company´s Processes
Zuzana Chvátalováa*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 61200 Brno, Czech Republic
Abstract
Purpose of the article Nowadays, digitization of processes is an important priority. From the economy point of
view, it leads companies to invest in the information and communication technologies to increase their economic
value, to keep market share and profit stability and to meet strategic goals, etc. The aim of this paper is to present
the possibilities of implementation of the advanced computer system Maple in the decision-making process in a
case study on the suitability of investment and keeping stock of the company. The sub-goal is to present selected
features of the actually released version Maple 2018, which provides many resources for digitization support in
the form of mathematical models, visualizations, simulations, self-education, etc. The article follows the
successfully defended bachelor's and master's thesis (2015 and 2018 - by one of the co-authors) at the FBM (BUT),
as a sample of synthesis the practice and the theory using modern information and communication systems.
Methodology/methods Selected quantitative methods (mathematical modeling and visualization, optimization,
statistical characteristics), interactive simulations of phenomena and their analysis, applications of built-in
subsystems and libraries of the Maple system.
Scientific aim Support for the development of the digital economy based on the intersection of more areas
(mathematical, economic and informatics and communication).
Findings Finding an effective solution of the problem, especially in the area of investment, for the strategic
management of a company.
Conclusions To provide an example of the implementation of the Maple computer system in the analysis of the
company's processes with the aim of optimizing its activities and the effectiveness of its outputs, eventually
possibility of evaluation of the corporate sustainability performance.
Keywords: mathematical modeling and interactive simulation, Maple system, company's process
JEL Classification: C02, M15, L86
* Corresponding author. Tel.: +420 54414 2658.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 32
Barriers of Smart Servitization in Manufacturing Companies
Lucie Kaňovskáa*
a Brno University of Technology, Faculty of Business and Managemetn, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The impact of smart servitization has increased during last years in manufacturing
companies. Manufacturers provide tangible products accompanied by services, but even also by smart services.
Smart services are easily able to exchange data between their customers and the service providers. For providers
and for their customers are smart services very beneficial in many ways. However, some possible barriers are
connected with smart services as well.
Methodology/methods A qualitative multi-case study was done among seven Czech electrotechnical SMEs from
South Moravian Region, which have already begun with smart service provision and provide a wide range of
products and services with varying degrees of smart service orientation. The in-depth inter-views with owners or
with experienced senior managers were done from April 2017 to January 2018.
Scientific aim The aim of this paper is to find out which barriers of smart services are the most crucial for today’s
manufacturing SMEs.
Findings The most important barriers at the beginning are finance and the lack of time. The main current internal
barriers are perceived as follows: lease of data storage space, better sophistication and unification of the system,
small complexity of the diagnostic system, data volume, finance and slow development, employee incompetence,
lack of capable people and determination start with smart services. The current external barriers are the
compatibility of SIM cards, how to get more and more demanding customers and get rid of their data security
concerns, the rigidity of large businesses, poor networking and security, poorly technically and individually
thinking graduates, poor infrastructure, often senseless protection regulations personal data.
Conclusions Deeper research is necessary to understand this problem of barriers connected to smart servitization.
Therefore, future studies should investigate further which barriers SMEs companies ave and how to help them to
overcome them.
Keywords: smart services; manufacturing companies; smart servitization; barriers of smart service provisions,
Czech Republic
JEL Classification: L8
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 33
The Line between Business Value and Financial Distress: A
Hybrid Approach to Predicting Distress
Michal Karasa,*, Mária Režňákováa
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 61200, Czech Republic
Abstract
Purpose of the article According to the neoclassical theory of economics, the aim of doing business is to maximize
its value. At the same time, the business has aim to satisfy its maturing obligation or rather avoid the financial
distress. We argue, that there has been lot of attention paid to factors determining the value of business and also
to the factors driving the financial distress, while there has been a limited attention paid to the common relationship
between these two areas.
Methodology/methods For reducing the initial set of variables the Principal Component Analysis (PCA) and
method of Classification and Regression Trees (CART) was employed. While for the purpose of resembling the
predictive model a hybrid approach of logistic regression and CART method was used.
Scientific aim The research was carried out on a sample of Czech manufacturing SMEs. The aim was to analyse
the usefulness of value driving factors in predicting the financial distress. In contrary to other approaches, our
research focuses solely on cash flow based indicators, as these indicators are strongly related to the business value.
The result of the research are in a form of probabilistic model predicting the financial distress based on factors
driving the business value.
Findings The results showed that the operating cash flow ratios play significant role in financial distress, especially
when combining with short-term debts. The connection between creating the value and avoiding distress may lay
in the operating cash flow, working capital investments and capital structure.
Conclusions There is significant connection between the financial distress and factors driving the business value.
By employing a combination of these factors a unique model of distress prediction could be formulated, while the
outcomes of such model would be strongly related to not only to financial distress by also with business value.
Keywords: value drivers, financial distress, prediction models, business value, hybrid model, SMEs,
JEL Classification: G33, C53
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 34
Comparison of the current state of digitization in the Czech
Republic and European countries and its impact on Human
Resources Management
Andrea Krejčía*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The purpose of the paper is conducting the literature review on topic of digitalization,
which is a topic related to many branches and influencing our daily life. The digitalization is an un-deniable part
of Industry 4.0, which is currently a highly discussed topic and the digitalization, is one of its main streams.
Another topic is the comparison of the digitalization level in Czech Republic and other European countries. All
together with employees satisfaction with the involved changes with a simultaneous impact on HR management.
The future trends in this are also discussed, e.g. upcoming trends and their impact on HR management.
Methodology/methods The main research method is the systematic and critical literature review, moreover the
structured interview method will be employed in course of the research, whereas the chief executive officer of
companies will be subjected to the interview.
Scientific aim The aim of the paper is to identify potential differences in the current advancement in the
digitalization process in Czech Republic and in other European countries, moreover to evaluate the potential
impact on the businesses or rather the human resources management.
Findings Several alternative approaches in understanding the digitalization process were identified by reviewing
the literature, especially in the context of branch specifics. Furthermore, there is not a consensus regarding the
potential impact of the digitalization process businesses, i.e. some business are perceiving this issue as an
opportunity, the other as a threat.
Conclusions The digitalization process represents a current trend of the society or rather business development.
Is getting more and more discussed especially in the context in the Industry 4.0 era, while the main focus in on
positive and negative aspects connected to this issue.
Keywords: digitalization, Czech, Europe, human resource, employees, industry 4.0
JEL Classification: M15, M21
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 35
Towards Sustainability through Business Model Dynamics in the
Era of Digital Transformation
Aleš Krmela*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The article aims for understanding of the impact of the digital transformation on
implementation and proliferation of business models for sustainability through incumbents in the paper making
and paper converting industry in Europe. The research question was: How does digital transformation impacts the
business model for sustainability dynamics and what business model component are mostly impacted by it?
Methodology/methods An exploratory, collective multiple case study on a sample of 15 industrial companies,
covering over 75 % of the relevant European specialty paper market, has been conducted. The data was collected
in parallel in Spring 2019 from publicly available documents, mainly sustainability reports and www pages of the
subject companies. A participative observation technique, supported through semi-structured interviews with
paper industry experts towards getting indebt understanding of the research topic was applied. Aiming for
contribution to a theory creation, given a limited number of research objects, a qualitative research method towards
increasing reliability and generalizability of the results has been chosen.
Scientific aim Theory creation through understanding and determination of the scope of dynamics the components
of the business model for sustainability caused by digital transformation. Identification of the enabler of business
model dynamics.
Findings The study identified value communication as a new and the critical component of the business model
for sustainability. Despite being a certain threat to the paper industry due to substitution effect in general, the
digital transformation improves value communication with stakeholders that in consequence impacts positively all
other business model components, mostly, however, value creation. It supports the focal company in developing
a needed partner network necessary for sustainable value creation.
Conclusions The paper making companies need to focus on value communication when implementing business
models for sustainability. The digital transformation supports and triggers communication of the value proposition
and supports value creation. On the other hand, value capture and value delivery are impacted the least. The
research paper gives both paper industry incumbents and new comers a critical insight into which is the key focus
area in their sustainability efforts. Although covering majority of the players in the relevant industry, a limited
number of respondents and possible confidentiality attributable biases might have partially negatively impacted
reliability of the gathered information and generalizability of the result to other industries.
Keywords: sustainability, business model dynamics, triple bottom line 3P, digital transformation, paper industry.
JEL Classification: L26, O3
* Corresponding author.
E-mail address:[email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 36
Reporting of intangible assets in digital economy
Zuzana Křížová*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Companies striving to succeed within the global world markets and digital economy need
to report their results using methods that are concomitantly used by others. In today's global economy value is
often created by intangible assets that arised from intellectual capital. The accounting standard setters try to meet
the challenge of recognition and reporting the results of knowledge-based entities.
Methodology/methods This article is based on analysis and comparisons of relevant literature resources, mainly
articles and conference papers, but also legislative acts and monographs.
Scientific aim The problems relating to the accounting for intangibles are international in scope. In harmony with
the trend of the growing share of intangible assets in the overall assets of the company it is also very desirable to
achieve international comparability of the companies' economic results.
Findings This paper briefly reviews existing national Czech, Slovak, United Kingdom and United States
accounting legislation and standards in comparison with International Financial Reporting Standards. Some
inconsistencies are highlighted, and evidence is provided that suggests that recognition of intangible assets is in
accordance with existing accounting principles.
Conclusions The reported differences may then affect the manner in which the level of company efficiency is
reported, particularly when using traditional methods of share indexes of profitability.
Keywords: accounting, reporting, intangible assets, global economy
JEL Classification: M41
* Corresponding author.
E-mail address: [email protected].
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 37
Impact Assessment of Big Data Analysis and Application Cases –
A Cross-Country Comparative Analysis
Jan Luhana, Margareta Teodorescub,*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic b Bielefeld University of Applied Sciences, Faculty of Business amd Health, Interaktion 1, 33619 Bielefeld, Germany
Abstract
Purpose of the article This paper aims at exploring – in a cross-country framework – how digital technologies
and, especially, big data analytics have forced companies from different sectors to reconsider and experiment with
their business models and how this contributes to their innovativeness and performance. By using a comparative
study of companies in several EU countries, the focus mainly lies on exploring the impact that digitization has had
on businesses as a whole and how companies have succeeded in making digital technologies a competitive
advantage. The analysis is centered on assessing the effect that disruptive technologies and digitization have from
an economic and competitiveness perspective.
Methodology/methods The research focuses on comparing companies in several EU countries on the basis of
case study method-ology. Use cases from different EU countries and different sectors of the economy are being
analyzed and compared.
Scientific aim Main aim is to demonstrate – based on selected cases – the potential of big data analysis as one of
the key factors in digital transformation. Contrary to single-case settings adressing specific business cases, this
article focuses on compilation of possible applications and implementation scenarios based on selected cases that
represent various perspectives.
Findings Selected case studies clearly demonstrate the potential of using big data analysis and digital technologies
with significant impact on business and society. Selection of case studies was made to cover different levels and
perspectives, so that the impact could be generalized. In all these perspectives the potential for using big data
analysis as a direction for improvement is shown to be very high.
Conclusions This comparative analysis shows how and whether EU economies are changing due to new disruptive
technologies. EU countries show in general different levels of digital awareness and skills as well as a different
potential of exploring the impact of digitalization. Governments should develop and enforce more instruments in
order to be able to cope with the increasing demand for digitalization and to support companies in becoming more
competitive on the international markets.
Keywords: big data, big data analytics, digitization, digital awareness, comparative analysis
JEL Classification: M15, M21, C6
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
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Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 38
Competency Schemas as a Tool for Comparative Analysis of
Competencies of Polish and Russian Students
Pawel Lulaa*, Anna Kovalevab
a Cracow University of Economics, Rakowicka 27, Cracow, 31-510, Poland b Saint-Petersburg State University of Economics, 21, Sadovaya street, Saint-Petersburg, 191023, Russia
Abstract
Purpose of the article The modern world, social and economic processes are developing in accordance with the
principles of the knowledge society. The system of higher education plays a special role in national development.
The 4th industrial revolution demands graduates with updated competencies. In this regard, the aim of the research
is to make a comparative analysis of competencies of Polish and Russian students. Also the analysis of
relationships between students’ competencies and identification of homogeneous groups of competencies were
performed. Whereas from the methodological point of view, proposing a comprehensive procedure for building
and comparison of competency schemas describing competencies expressed on the Likert scale can be treated as
the fundamental purpose of the article.
Methodology/methods This study is based on mixture quantitative and qualitative research methods. In particular
graph theory and cluster analysis of complex data form the theoretical background for all methods and analytical
tools used in the research. Empirical study was based on 311 surveys filled in by Polish and Russian students
between April and October of 2018 using the author's questionnaire with Likert scale used to measure
competencies from three students' perspectives: self-assessment of competencies, assessment of the role of
University in building competencies and expectations of competencies demanded by the labour market. The
research methodology involved the following steps:
• construction of competency schemas representing competencies of Polish and Russian students. The
concept of competency schemas was proposed by the authors in their previous publications. Competency
schema described a set of competencies and relationships between them. It is represented by a weighed
graph with weights assigned to nodes (representing competencies) and edges (representing relationships
between competencies). In the model proposed here, the competency importance was defined as a
composition of two factors: its evaluation performed by students with the use of the Likert scale and the
evaluation of respondent reliability measured by Gini co-efficient. The importance of relationship between
two competencies was calculated as a minimum value of weights assigned to two nodes adjacent to the
considered edge. The analysis of competency schemas for Polish and Russian students allowed to identify
main homogenous clusters of competencies (represented by communities detected within a weighted
graph);
• comparative analysis of competency schemas representing Polish and Russian students. To per-form this
step of analysis, competency schemas’ normalization was required. During this process all weights
representing importance of competences and relationships between them were trans-formed to [0; 1] range.
After this operation, the difference between two competency schemas was calculated. To facilitate the
interpretation, all obtained results were presented in the graphical form.
The procedure presented above was implemented by the authors using R language.
Scientific aim The concept of competency schemas and the research methodology proposed in the paper allow to
present the generalized information about competencies and relationships between them. These tools can be useful
for description of the supply and the demand of competencies on the labour market. The comparison of competency
schemas can present competency gap and its structure. The analysis of study program realized at universities and
* Corresponding author. Tel.: +48 12 2935265; fax: +48 12 2935047.
E-mail address: [email protected]
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the analysis of learning outcomes also belong to potential areas which can be studied with the use of competency
schemas.
Findings In Russia and in Poland the young people, as the representatives of the generation Z, are thinking about
their professional development and their future role on the labour market. They try to predict the future situation
on the labour market and adjust their competencies to predicted expectations. However, some distinct differences
between Polish and Russian students were identified. Professional competencies were evaluated higher by Russian
students in comparison to Polish respondents. Very similar patterns were identified during the analysis of answers
concerning analytical and linguistic competencies. On the other hand, Polish students evaluated higher soft
competencies.
Conclusions The proposed method of analysis allowed to generate useful results. It seems that the concept of
competency schema can present more aspects of labour market than the concept of competency profile which is
very popular in the literature. In future the authors are going to perform similar analysis on the broader sample.
They are also going to develop theoretical and empirical aspects of analysis with the use of competency schemas
on the level of universities, companies and government.
Keywords: 4th industrial revolution, competencies, competency schemas, generation Z, education, labour market,
graph theory, community detection algorithms
JEL Classification: C02, C65, C81, I25, J24
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April 30, 2019 Brno, Czech Republic 40
Blockchain in Education: Possibilities for a Blockchain Based
Study Management System for Higher Education Institutions
Tahir Lushia*
aBielefeld University of Applied Sciences, Wichernstr. 31, Bielefeld 33609, Germany
Abstract
Purpose of the article This paper aims to show some possibilities to solve some problems regarding the
administration of the ECTS between universities through blockchain. The paper does not go into very technical
details of building the appropriate blockchain, but rather seeks to theoretically conceptualize a platform, which
could be used by universities, students and employers to manage ECTS credits and degree certificates. This means
a platform, through which the university would issue ECTS credits to students as tokens after successfully passing
an exam and consequently a degree certificate after getting the needed number of credits/tokens. Students would
be able to show their achievements to their potential employers or to another university through showing their
public key.
Methodology/methods This research is conducted with qualitative research methods including literature review
and use cases from different actors, such as companies, start-ups or universities.
Scientific aim Bringing to light new topics and possibilities regarding innovation in the field of higher education.
Findings The profits of such a platform would be the following: • issuing ECTS credits to students would be faster
and less complicated; • students wouldn’t need to get transcripts of records since they would always have their
credits in their wallets and could show these to the interested third parties; • student records would be immutable
and transparent in blockchain; • students’ personal data would be safer and stored only once; • exchange semesters
would be much easier for students and also for universities (universities would have almost nothing to do since
learning agreements would be automatic and students could identify themselves with their self-sovereign identity);
• students’ credits from partner universities would be automatically calculated and recognized based on smart
contracts; • through blockchain and smart contracts money and bureaucratic work could be saved; • there would
be almost no need for personal communication between staff of universities since the complete process would be
automated; • language barriers would be eliminated (at least for the administration); • university administration
would act more as a supervisor of the process than doing the work itself.
Conclusions Higher Education should play its role in advancing the society and designing the future. And as
almost everyone would agree, the future will not bring less digitalization, but certainly more and the Higher Edu-
cation Industry should get prepared for that, not only by teaching it but also by applying it. Blockchain technology
offers reasonable solutions to different problems in different industries. Among them is Higher Education a player
with very big potential.
Keywords: universities, blockchain, education, students, employers, transparency, distributed ledger
JEL Classification: A23, C02, J24, I21, I23
* Corresponding author. Tel.: +4915754594173.
E-mail address: [email protected].
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April 30, 2019 Brno, Czech Republic 41
Charity Token - Improving Trust on Charity Organizations
through Blockchain Technology
Tahir Lushia*
aBielefeld University of Applied Sciences, Wichernstr. 31, Bielefeld 33609, Germany
Abstract
Purpose of the article The main intention of this project is using the characteristics of blockchain technology to
recover the trust on charity projects and offer full transparency to the use of charity funds.
Methodology/methods This research will be conducted with qualitative research methods including literature
review and use cases. The implementation of the project will require some IT methods.
Findings The value of the non-profit sector is above $1,3 trillion. However, there is a decrease on spending in
general regarding the donation sector. This decrease has mainly to do with a lack of trust on the managing
organizations. Donors doubt that the donated money reaches the intended project and due to that, there has been a
reduction on the general amount of money being donated.
Scientific aim Blockchain offers a great solution to this problem due to its transparency and possibility to track
transactions. The charity token project aims to develop a platform, where each project needing donation can easily
create a verified token with its name on it and offer donors the possibility to exactly know which project they are
donating to and track the usage of the donation and the development of the project
Conclusions The implementation of this idea requires the involvement of different actors such as NGOs, financial
institutions, charity organizations and maybe the state offering some regulation to the issue. Financial institutions
will make it possible to exchange money to tokens when a donation takes place and to accept these tokens and
exchange them into a fiat currency at the time they reach to the intended project. NGOs have already projects
which are looking for donations but in the most cases the NGO receives the money and then transfers it to the
project. Unfortunately, there is a huge lack of transparency in this process and as a consequence the amount of
donations is decreasing. This can be avoided if the NGOs promote the project-exclusive token together with the
project asking for donations. This will ensure the donors that their money can’t be mismanaged by the NGO und
will reach the intended project.
The Charity token main platform will check every project in cooperation with trusted partners like Transparency
International before allowing them to issue a certified project-specific token. In this way every donor will be sure
that they are not donating to a scam but to a verified project.
Keywords: charity, blockchain, trust, NGOs, donations, transparency, distributed ledger
JEL Classification: E02, E44, E47, G19, G23
* Corresponding author. Tel.: +4915754594173.
E-mail address: [email protected].
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April 30, 2019 Brno, Czech Republic 42
Cost of Capital Changes in Lithuanian Manufacturing Industry
Mantas Markauskasa*, Asta Sabonienea
a Kaunas University of Technology, K. Donelaicio st. 73, Kaunas LT-44029, Lithuania
Abstract
Purpose of the article Purpose of this article is to identify the most appropriate way for capital cost assessment
in manufacturing industry, apply the method on Lithuanian manufacturing industry and revel the main changes of
capital cost during 2001-2016.
Methodology/methods Analysis of scientific literature indicated that Weighted Average Cost of Capital (WACC)
measure was the most widely used and accepted method for capital cost evaluation. The problematic aspect of the
measure is that the method is tailored for companies, which are listed in the stock exchange. If country does not
have a liquid stock exchange or a company is not listed, there is a lack of data to use WACC method for evaluation
of capital cost. For this reason, methodology for WACC evaluation should be adjusted in order to be suitable for
companies, operating in countries with developing financial markets. For evaluation of cost of capital in this
research Capital Asset Pricing Model (CAPM) was used. Methodology of CAPM evaluation was modified in
accordance with academic literature to adopt the model for companies operating in less liquid financial markets.
Scientific aim In most of the empirical studies, analyzing capital cost, research is performed on countries with
large financial markets, where a lot of companies are listed on stock exchange. This research tries to fill the gap,
adapting standard capital cost evaluation methods for countries with less liquid financial markets, where not a lot
of companies are publicly listed in stock exchange.
Findings Analysis of WACC measure shows that in the period of 2001-2016 cost of debt in Lithuanian
manufacturing industry was steadily declining, while cost of equity between 2014 and 2016 increased. Despite
cheaper borrowing price, share of debt in structure of capital decreased.
Conclusions. Results of the research suggest that in order to reduce capital cost, companies in Lithuanian
manufacturing sector should increase the share of debt in total capital structure. This could be performed by paying
out a portion of retained earnings as dividends and financing future growth by debt.
Keywords: Cost of Capital, Manufacturing Industry, Weighted Average Capital Cost, Cost of Debt, Cost of Equity.
JEL Classification: G32, L60.
* Corresponding author.
E-mail address: [email protected].
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Implementation of Industry 4.0 in Enterprises
Petra Mičíkováa,*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, Brno 612 00, Czech Republic
Abstract
Purpose of the article The purpose of this article is to evaluate the challenges, benefits, and pitfalls in companies
implementing industry 4.0 to the strategic management of the company. The aim of the article is to reveal what
changes industry 4.0 will bring in the area of organization, management or the supply chain. This article, mapping
the fourth industrial revolution, discusses the challenges, benefits, and pitfalls of implementing the industry 4.0 to
the functioning of companies. Secondary data, derived from scientific studies by foreign authors publishing mainly
in the Emeraldinsight electronic database, were used to identify them. These scientific studies have dealt with
industry issues of 4.0 in various areas such as management, human resource management, supply chain
management, but also comparing myths about industry 4.0 with reality (e.g. article – “Challenges and benefits of
Industry 4.0“ by Mamad Mohamed, “Reconceptualising value Innovation for Industry 4.0 and the Industrial
Internet of Things“ by Paul Matthyssens etc.). Industrial Revolution 4.0 is proof of continued development, which
reduces the life cycle of industrial development and requires businesses to harness their full potential for
Innovation that will lead to a competitive advantage. The article describes the course of implementation, where
the first key element of success is the understanding of existing processes in the company. Identifying how they
are implemented, assigning responsibilities and related standards. Integration of IOT device and big data.
Emphasis is placed on the use of data analyzes, both in predicting possible adverse events and in creating added
value, minimizing risk, saving costs and increasing profits. A long with identifying the benefits and contributions,
issues and problems will also be described. Another important part is the assessment of strategic management
challenges, including managerial and organizational challenges, supply chain management and human resources
management. Human resources management is assessed from the point of view of recruiting and retaining new
employees within the development not only of technological areas but also of generational development with the
emerging generation Y and Z. The new era of industrial revolution also requires more developed capabilities to
enable companies to develop and sell future values including combinations of products, applications, systems and
services. This requires building a platform and integrating the various features and skills of the company.
Methodology/methods From a methodological point of view, the article deals with the theme of the
implementation of the Fourth Industrial revolution in companies. An analysis of scientific articles has been carried
out, dealing with various aspects of the impact of industry 4.0 on the business environment. This methodology
was chosen, purpose to get a full understanding of the area and the current developments described in the various
expert studies (e.g. Organizational and managerial challenges in the path toward Industry 4.0 by Agostini and
Filippini).
Scientific aim The aim of this article is to map the process of the implementation of industry 4.0 to the business
environment and its impacts on the companies.
Findings The article investigated the process of the implementation of industry 4.0 to the companies’ environment
and the upcoming challenges and benefits, but also the problems in the future development of the business. The
limit of the research is the analysis of secondary data and the absence of primary data analysis in the form of
extensive research in selected enterprises mainly manufacturing.
Conclusions The article describes five advanced integrative capabilities to create the future value of innovation in
the era of the Fourth Industrial Revolution. The article also includes assessment of reality and myths about industry
aspects 4.0.
Keywords: industry 4.0, implementation, benefits, smart HR, innovation
JEL Classification: M15, M21
* Corresponding author.
E-mail address: [email protected]
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April 30, 2019 Brno, Czech Republic 44
Vegetarianism vs Gender: How Behave Target Potential
Customers in Purchasing Process
František Milichovskýa,*, Pavel Mráčeka, Veronika Jelínkováb
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic b Nemocnice Havlíčkův Brod, Husova 2624, 58022 Havlíčkův Brod, Czech Republic
Abstract
Purpose of the article Behaviour in food choice usually associated with personal identity, in which is important
interpersonal communication to others. Vegetarians have typically different attitude vis-à-vis animals and the
environment. In comparison with vegans vegetarians are quite tolerant to other animal products except meat.
Vegans do not accept any animal products such e.g. eggs, dairy, fish, poultry etc. That approach should impact
requirements on food offer and perception of potential customers.
Methodology/methods There were employed questionnaire survey on the topic of nutrition tendencies in group
of young people according to their gender. There were asked 1597 persons to participate in the primary research.
From this amount we receive 351 questionnaires, what mean 21,98% returned forms. Ac-cording to respondents’
gender, there were participated 189 women (53,8 % of all participants) and 162 men (46,2 % of all participants).
For evaluation of gained data there was applied Pearson’s chi-square test for independence of variables.
Scientific aim Marketing communication tools in sell-points could strongly influence behaviour of customers in
the process of decision making process. Main objective of the paper is to find connection be-tween suggestions of
vegetarianism and gender of target potential customers.
Findings From survey authors chose general opinions about vegetarianism. These feelings are as follow:
vegetarianism is healthful, vegetarianism does not include enough nutrients for humans, vegetarianism is danger
for child evolution, human body is adapted to meat consummation, vegetarians lasting out higher age. These items
were put into evaluation by Pearson’s chi square test and were found out, that there exist connection between
gender and healthfulness of vegetarianism (sign=0,045; cont.coef.=0,392), and gender and vegetarianism is danger
for child evolution (sign=0,043; cont.coef.=0,411).
Conclusions Vegetarianism has become trendier during present time in almost whole Europe. One of the reasons
for this development is increasing knowledge of the topic and accepting specifics of healthy life-style. Such
limitation there is possible to consider focus on Czech Republic.
Keywords: vegetarianism, gender, veganism, customer’s behaviour
JEL Classification: I12, I15, M31
* Corresponding author.
E-mail address: [email protected]
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Preparedness of the Czech Small Businesses for using Public
Cloud Services
Bernard Neuwirth*
Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Adequate readiness of employees is a necessary prerequisite of wider cloud computing use
in small businesses (SB). The aim of the paper is to analyze selected aspects in relation to individuals and
enterprises in selected EU countries from the point of view of preparedness of the SB for communication with
using public cloud computing services.
Methodology/methods The analysis and synthesis methods have been utilized and analyses using methods of
descriptive statistics and methods of multivariate statistical analysis will be performed to obtain additional
information. In the paper was used data available from the Czech Statistical Office.
Scientific aim The indicators of the economic level of the country in question can be used as the general criterion
for the assessment of intensity of more efficient ICT; however, experiences and readiness of the employees need
to be taken into account as well. The scientific aim of the paper is to identify the critical points of using public
cloud computing services in SB as the part of the future competitive advantage.
Findings In an international comparison of SB, public cloud computing services use is relatively low in some EU
countries, which is also confirmed by multivariate data analysis. Moreover, it can be stated that the motivation of
SB for the use of cloud is insufficient in many respects.
Conclusions SB in the European Union and elsewhere have been facing ever growing requirements in respect of
digitization. They have to apply all directives and acts along with the requirements for an efficient, simple and
user-friendly form of communication. To choose a usable solution in connection with the available sources is the
key aspect of the effectiveness, not only in terms of financial sources but also human resources in these businesses.
The paper analyses preparedness to usage of the cloud computing services in the Czech Republic as compared to
EU countries with the aim to characterise other possibilities of how to improve the usage of these services by SB.
Based on the analyses made, the author state that there is still room to improve preparedness the use of public
cloud computing services. In the conclusion, the article characterises the key aspects supporting the development
in this area.
Keywords: cloud computing, information technology, small business
JEL Classification: M15, M16
* Corresponding author.
E-mail address: [email protected].
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Analysis of a Non-linear Dynamic Financial System
Veronika Novotnáa,*, Stanislav Škapaa
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Some of the major trends of the present include the study of various model situations,
orientation in simulated conditions, searching for starting points or optimum solutions, etc.; but in modelling
complex relationships within economic systems, it is necessary to take into account the time delay in situations
where the dynamic behaviour of the model also depends on its previous states. In this article, the authors analyse
the dynamic model expressed by a set of non-linear ordinary differential equations with delayed arguments
describing the financial system.
Methodology/methods The economic theory is briefly explained in introductory chapters and serves as a basis
for the formulation of the relations of variables that are examined in the article. In the analysis of the problem, the
essentials of the theory of functional differential equations are used, especially its part dealing with the solution of
differential equations with delay and with the means of numerical mathematics.
Scientific aim The aim of the authors is to analyse the behaviour of the dynamic model of the financial system in
terms of its solvability and stability in the event that the model takes into account the impact of the history of the
demand for investments. It has been proven that under the assumptions given in the article, our task has only one
solution, and this solution is continuously differentiable at the interval being investigated. Furthermore, the
stability conditions were formulated and a numerical solution for differently set system parameters presented.
Findings The authors have demonstrated that the system has a complex dynamic behaviour that is significantly
affected by the length of the delay of the response to the change in demand for investments; and this is the factor
that influences the stability of the system. The results are demonstrated on a specific example, and the behaviour
of the model is presented by computer simulation; the Maple system is used to graphically represent the results.
Conclusions The financial system under review is highly sensitive to changes in parameters and its stability is
also influenced by the length of the delay of the demand for investments. In the case of a stable situation, the price
index and the interest rate are zero, which is inconsistent with normal reality. The results obtained then enable us
to model both the impact of history and the extent of its impact, as well as the impact of the changes to all the
parameters mentioned.
Keywords: financial system, differential equations, asymptotic stability, simulation, modelling
JEL Classification: C02, C60, G02
* Corresponding author.
E-mail address: [email protected].
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Digital Transformation of Students Project in the Light of
Knowledge Management Process
Andrzej Pawluczuk*
Bialystok University of Technology, Bialystok, Poland
Abstract
Purpose of the article The purpose of this paper is to present differences in group preparation of a student project
in a traditional way and with the use of digital techniques. Work on the project has been divided according to the
stages of the process approach to knowledge management.
Methodology/methods The researcher observed the work of 17 student teams carrying out the project throughout
the semester in three different subjects. Students systematically analyzed the progress of work at each part of the
project in accordance with the knowledge management process. They also diagnosed the effectiveness of the team's
work by calculating the time of engagement at the particular stage of the knowledge management process.
Scientific aim The first scientific aim was to analyze the activities of the group's participants when creating the
project in accordance with the stages of the knowledge management process. The second scientific goal was to
develop a work model for a student team performing a group project using IT tools.
Findings During group work, students need an average of 25% of the time to localisation the necessary
information, 40% of time to acquire this knowledge (reading), 25% is creation of knowledge (project writing) and
finally project corrections and formatting are only 10% of the time. The traditional way of measuring the time
needed to analyze the effectiveness of the team's work, including the stages of knowledge management, is
burdensome. The developed group work model is therefore based on IT technologies that allow the analysis of the
effectiveness of knowledge acquisition, project creation at the individual and team level. The final evaluation of
the project can therefore be varied for individual team members.
Conclusions The current level of IT technology development allows universities to implement groupware tools
for students who can improve the efficiency of locating information, acquiring knowledge, creating a project and
its preservation and safe storage. The final mark of the project may be differentiated for its individual members
due to temporary involvement. Only the aspect of substantive participation in the joint writing of a project can be
difficult to assess.
Keywords: digital resources, group work, knowledge management, personal knowledge management, project,
student, university.
JEL Classification: G31, M41
* Corresponding author.
E-mail address: [email protected].
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Trustness to the Digital Business Models in eHealth
Andrzej Pawluczuk*
Bialystok University of Technology, Bialystok, Poland
Abstract
Purpose of the article The purpose of this paper is to identify the digital business model in health service from
economic, technology and societal perspective.
Methodology/methods The paper is based on multiple case study analysis including a typical ehealths services
companies traded on the Warsaw Stock Exchange. The author conduct a pilotage survey among 200 young people
to examine their trust to new digital business model.
Scientific aim The paper draws a diagnose of strategic advantages new digital business models in long term. The
aim was to diagnose new models, which are supported by public funds (for example European funding), privates
funds (Business Angels) and by envolved young researchers. The second scientific aim was to examine the
trustness to ehealth services among young people – potential patients in the future.
Findings Among existing studies, attention has been consistently devoted to practical aspects of digital business
model in health services. This sector is rapidly growing up, so it could be more popular in the society. From the
economic point, the digital business model should be more accessible for their patients. Young people do not like
to share of information about their health, when it could be hacked however the easy way of diagnosis encourage
them to use a new technology. They read from the press information about the ehealths models, however there is
no incentives or offers from doctors.
Conclusions The future research should consider a questionnaire among doctors and elder patients in matter of
their openners of new digital business model and trustness to use it. Ehealth services will be grow up because of
awareness of new technology, low cost and better way of diagnoses.
Keywords: digital business model, ehealth, service, trustness.
JEL Classification: M15, M21
* Corresponding author.
E-mail address: [email protected].
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April 30, 2019 Brno, Czech Republic 49
The Digitalization of Human Resource Management
Liga Peiseniecea*
a BA School of Business and Finance, Kr. Valdemara Street 161, Riga LV-1013, Latvia
Abstract
Purpose of the article The research purpose is to analyze the digitalization of human resource management
(further – HRM) and to define the HRM functions which are easy to digitalize. Nowadays over 57% of the world's
population are internet users and 67% are unique mobile users, thus more and more companies require digital
solutions for the management of human resources. The main reasons for the HRM digitalization are possibilities
to organize different HRM functions easily, rapidly, securely. Many IT companies offer HRM solutions based on
artificial intelligence, block chain, cloud technology, intelligent apps and analytical tools and other new
technologies. Over the last five years the application of these technologies in different areas of management has
become common and fast but only few researchers have analysed this phenomenon – the digitalization of human
resource management from management perspective.
Methodology/methods The research was conducted by using desk top analysis of academic literature dealing with
digitalization of human resource management in last five years. The author has also analysed the secondary data
– the surveys made by other researchers and the reports developed by different re-search companies.
Scientific aim The scientific aim is to find the features of HRM functions which are preconditions for digitalization
of these functions.
Findings The main finding of the research is a new conceptual model for digitalization of HRM functions.
Conclusions HR practitioners introduce new technologies very fast. They apply different technological tools for
recruitment, HR analytics and administration. Unfortunately HR scientists have not analysed digitalization
phenomena in HRM properly and it still has loopholes to be filled.
Keywords: digitalization, human resource management, artificial intelligence, analytics, Apps
JEL Classification: O15, O33
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 50
Decision-Making in the Area of Efficiency of Housing
Developing Based on Trend Analysis
Tomáš Poláčeka*, Oulehla Jiřía, Mirko Dohnala, Tomáš Meluzína
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article This study, based on qualitative research, specifies factors, links between them and possible
scenarios of development that affect the housing process. First of all, the study specify the factors that are entering
the process of building housing units. Study will then find out how these factors affect each other and based on the
trend analysis, will be derive the possible scenarios that can occur during the process based on unpredicted changes.
The solution of a trend model M(X) is a set S of scenarios where X is the set of n variables quantified by the trends.
All possible transitions among the scenarios S are generated. An oriented transitional graph G has as nodes the set
of scenarios S and as arcs the transitions T. An oriented G path describes any possible future and past time
behaviour of the housing development system under study. The conclusion of this study will be the map of the
whole process from which we can determine the state, depending on how the individual scenarios follow.
Methodology/methods A qualitative heuristic described by using just trends; qualitative values used to quantify
variables and their derivatives: plus/increasing; zero/constant; negative/decreasing.
Scientific aim The model should serve to expedite the decision-making process of management in the developing
of housing units and to react more quickly to the realities that may arise during construction
Findings Finding a efficient path for a development company with observation on influences from major variables
in process of housing development.
Conclusions Identification and determination of vague determinants of housing developing affected by
macroeconomics aspects to goal of increasing efficiency in developing.
Keywords: Forecast, Housing development, Real estate, Trend, Qualitative, Transition,
JEL Classification: R1, E3, E6, J1
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 51
Effective Project Management by Integrating Self-managed Work
Teams
Zane Rascevskaa*
a BA School of Business and Finance, Kr. Valdemara Street 161, Riga LV-1013, Latvia
Abstract
Purpose of the article Purpose of the article is to assess the efficiency of integrating self-managed work teams in
project management. The paper analyses the advantages and disadvantages of self-managed work teams and offers
recommendations on integrating self-managed work teams in project management in order to achieve project
effectiveness.
Methodology/methods An extensive literature review has identified extant theories, frameworks, and
methodologies adopted by researchers to gain greater understanding of self-managed work teams. The study
explores self-managed work teams based on a case studies at Latvian companies. Qualitative case studies are
executed by analysing 18 interviews within four self-managing teams in a consulting companies located in Latvia.
The lessons are drawn from literature review, observations and interviews with key informants.
Scientific aim The effective implementation of self-managed work team is strategic solutions to manage
sustainable project performance and successful implementation of a project. There is a considerable knowledge
base established for self-managed work teams. However, there is limited understanding of the benefits of self-
managed work teams on effective project management.
Findings The paper provides overview of lessons learned based on literature review and case studies of four
Latvian companies. The results found that self-managed work teams had a positive effect on project management
performance and the project success. Success factors for the implementation of a self-managing team that resulted
from this research are a clear task portfolio division, good relationships with-in the team and better job satisfaction.
Conclusions The recommendations are targeted at three stakeholder groups – the management/board, HR
department, and members of self-managing teams. Future research opportunities include sector specific self-
managed work teams.
Keywords: Effectiveness, Project management, Self-managed work teams, Leadership, Project success.
JEL Classification: M19
* Corresponding author. Tel.: +371 20200958.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 52
Corruption Perceptions Index or Bribe Payers Index in Digital
Economics
Nataliya Shchobaka*, Irada Dzhalladova
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article The search of effective ways to fight against corruption is now especially important for
less developed countries where the political system is not stable enough and, in particular, in Ukraine where it has
lately become a serious threat. In the era of digitalization of the economy, the development of information
technologies provides useful opportunities that can be used in the fight against corruption. The practice of fighting
corruption in various countries shows that the use of information technology during investigations reduces costs
of investigations and provides significant savings. We will consider a new approach improving that based on 2008
Transparency International Corruption Perception Index. A review will be made and certain related questions will
be discussed.
Methodology/methods Stochastic differential equations, Java programming language, methods of
multidimensional data analysis.
Scientific aim The aim is to develop a new methodology based on computer modelling of Corruption Perception
Index which improves that suggested in 2008.
Findings The new approach to the computation of Corruption Perception Index will make possible to more
adequately use the related indices to measure the capability of a country to fight against corruption in a digital
economy with the growing need to prevent cyrbercrime. The methodology is based on solving stochastic
differential equations and methods of multidimensional data analysis.
Conclusions It is desirable, in the case of Ukraine, to create an information portal of a unified citizen database
which will provide, on a per-user basis, an easy access to the essential tools for access to public services and
electronic document flow. In this way, every user through his personal account will be able to perform and follow
online transactions with electronic documents. This will reduce the pressure of bureaucracy and guarantee the
transparency and contactless character of interaction of consumers of public services with officials. As an
immediate effect, on should expect the diminution of corruption risks.
Keywords: Corruption Perceptions Index; modelling; mathematics method
JEL Classification: C6, H0
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 53
Digital Transformation and its Impact on International Marketing
Strategy of Multinational Companies in Cosmetics Industry
Mariana Tesařováa*
a Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic
Abstract
Purpose of the article Nowadays digital transformation is becoming a vital topic in the business world. Not only
it affects the business environment in general, but also business and marketing strategies that multinational
companies use need to be adjusted in order to meet customer requirements, needs and desires. The paper examines
how digital transformation and more specifically use of online marketing tools can affect the marketing strategy
of multinational companies in the cosmetics industry. Based on content analysis of the sample of selected
companies within cosmetics industry, it is possible to evaluate the significant impact of digital transformation on
the development of marketing strategies and the move to effective online communication, which empowers
companies to strengthen the brand and increase revenues.
Methodology/methods Content analysis based on quantitative research of the sample of selected ten big-gest
multinational cosmetic companies in the world is used in order to examine the impact of digital trans-formation
on international marketing strategies of multinational companies within the cosmetics industry. Furthermore,
qualitative research using analysis of qualitative secondary data is used as well in order to define and set criteria
for evaluation. These criteria are divided into two main categories. Offline marketing channels and its evolution
with the arrival of digital transformation in terms of companies’ revenues, customers’ popularity and brand
awareness. And online marketing channels, namely Facebook and Instagram, and its development and impact on
companies’ overall revenues, customers’ popularity and brand awareness.
Scientific aim On the sample of selected ten biggest cosmetic companies show the impact of digital transformation
on international marketing strategies of multinational companies in the cosmetics industry.
Findings The paper shows that with the digital transformation there comes a huge boom of social media usage as
well. It is not limited only on personal usage of social media but highly influences the social media in terms of
business operations. Companies use Facebook Business Manager and Instagram for business in order to boost their
sales, maintain customers’ base and develop brand awareness. Consequently, offline marketing channels decline.
On the contrary, multinational companies understand the importance of the combination of both online and offline
channels and apply complex marketing strategy including both communication categories, with a bigger emphasis
on online marketing channels that are also easier to be used worldwide.
Conclusions Digital transformation brings new insights into understanding and creation of marketing strategies
of multinational companies. Multinational companies in the cosmetics industry invest in online marketing tools
rather than into offline channels. They stick to this trend in order to boost revenues, increase brand awareness and
customer’s popularity and loyalty towards their products. However, these companies still combine both online and
offline channels in order to achieve their marketing goals. This paper can be beneficial for both managers and
researchers. On the contrary, there are only two main criteria for evaluation in this paper. It would be wise to focus
on more criteria in order to get an even bigger picture. Also, results are applicable to multinational companies,
whereas small and medium-sized enterprises would need a different approach when it comes down to the
evaluation of marketing strategies, mainly due to its limited funds.
Keywords: digital transformation, marketing strategy, multinational company, digitalization, marketing,
management, strategy, international
JEL Classification: M31
* Corresponding author.
E-mail address: [email protected]
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 54
The Interfunctional Coordination at Public Sector
Eva Tomáškováa*
a Masaryk University, Faculty of Law, Veveří 70, 611 80 Brno, Czech Republic
Abstract
Purpose of the article Purpose of the article is to deepen knowledge about interfunctional coordination (IFC).
IFC is one of the current approaches mentioned in many scientific disciplines. The topic is connected with current
managerial approaches – above all with knowledge management (e.g. Nilsson-Lindén et al., 2014), IT management
(McNaughton et al., 1999), green marketing (e.g. Feldman and Staehler, 1996), Total Quality Management (e.g.
Mishra and Napier, 2014), Corporate Social Responsibility (Medarevic, 2012) and market orientation (Kumar et
al., 2011). The main advantage of IFC implementation is that IFC improves cooperation, coordination and
functions in an organization.
Methodology/methods It was used the survey questionnaire and critical discussion with the literature. Mayors
and head of state institutions were respondents of the questionnaire. We received 32 fully filled questionnaires by
mayors and 27 fully filled questionnaires by head of state institutions. Standard statistical methods were used for
analysing the complete database.
Scientific aim Scientific aim was to know how IFC is perceived at the public sector, concretely at state institutions
and local government. Our assumption is that effective public sector has positive impact on companies’ because it
enables quick reaction towards companies and public finance will be used more efficiently.
Findings The highest value of IFC is connected with clear definition of every department and every worker
activities, the maximal delegation of task, activities and responsibility and accent on information dissemination
into environment. Contrariwise, respondents do not organize regular meetings (heads or mayors with workers) and
they do not pay attention to remarks by workers as well.
Conclusions The research suggests strength and weakness of local government and state institutions of IFC.
Strength are especially at the ordering of these organisations and weakness are connected with communication.
Limit of the paper creates the number of respondents of the survey. It is recommended to pre-pare a large survey
to detect detailed information about IFC at public sector.
Keywords: Interfunctional coordination, public sector, state institutions, local government.
JEL Classification: M15, M21
* Corresponding author.
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 55
Born Global Companies and the Future for Economy of Latvia
Irena Vaivoide*
Riga Technical University, 1 Kalku Street, Riga LV-1658, Latvia
Abstract
Purpose of the article Born Global (BG) companies is the phenomenon that contributes to national eco-nomic
development. It would be a right decision to study the options to develop born global companies in Latvia because
a small number of export-capable sectors is a factor that renders the Latvian economy sensitive to any changes in
the external environment. There have been attempts to combine different quali-ties, principles, features in
definitions of BG firms. About 28 definitions were created by different researchers during the period from 1993
to 2012. Purpose of the article is to carry out a more detailed study of the concept and work out the new definition
of BG.
Methodology/methods Research is conducted through literature overviews, case studies as well as two focus
group discussions of experts were organized: the discussion of the 6th December 2018 and the dis-cussion of the
18th January 2019, the author of research moderated the groups. The 6th December 2018 group conducted among
six experts, the 18th January 2019 group conducted also among six experts. Focus group discussions were
organized to clarify standard definition of BG with the aim of using this definition as a basis for the research.
Scientific aim Scientific aim is to create the new definition of BG and analyze explanation of the terme included
in the definition. Author would like to base justification of the new BG definition on the causation and effectuation
theories which include all the features associated with orientation to revenues and international market capacity.
Findings Discrepancies can be found in the existing BG definitions regarding with the modern BG theories. Need
to justify the truthfulness of the information included in the new definition has led to getting to know the causation
and effectuation theories. Both of the theories help to justify an inclusion of all the corresponding components in
the definition and associated with orientation to revenues and international market capacity.
Conclusions Before to study the options to develop born global companies as the growth patterns in Lat-via, the
necessity number one turned out to be finding the most appropriate definition of born global com-panies. The
newly created definition was justified by causation and effectuation theories which include all the features
associated with orientation to revenues and international market capacity. These theories could be the basis for
further investigation of the relationship between effectual conditions (harmonious passion, obsessive passion,
entrepreneurial self-efficacy, and risk perception) and the outcome (potential to be born global company).
Keywords: born-global company, business environment, entrepreneur, globalization, internationalization, national
economy.
JEL Classification: F23, F62, H50, M21
* Corresponding author. Tel.: + 371 29717072
E-mail address: [email protected].
International Conference at the Brno University of Technology,
Faculty of Business and Management, April 30, 2019 Brno, Czech Republic
Perspectives of Business and Entrepreneurship Development in Digital
Transformation of Corporate Business
April 30, 2019 Brno, Czech Republic 56
The Estimation of the Impact of Energy Intensity on a Company’s
Financial Performance in Petroleum Refining Industry
Andrius Zuozaa, Vaida Pilinkienėb*
a Lithuanian Energy Institute, Breslaujos st. 3, LT-44403 Kaunas, Lithuania b Kaunas University of Technology, Gedimino g. 50 - 334, LT-44029 Kaunas, Lithuania
Abstract
Purpose of the article The paper aims to investigate the impact of the energy intensity (EI) on a company’s
financial performance using the data from companies in USA and Eurozone which are working in the petroleum
refining industry.
Methodology/methods The data collected from Thomson Reuters Datastream and includes companies working
in the petroleum refining industry (SIC Division D, Major Group 29). Our data sample consists of 22 companies
and the period is - 2002-2016. A total amount of the records is 157. The regression model estimation was applied
to explore the impact of energy intensity on a company’s performance. Shapiro-Wilk normality test was used to
test whether data come from a normally distributed population. To be able test or energy intensity in the USA and
Euro zona are equally Mann–Whitney U test was used. A ratio of the earnings before interest, taxes and total
revenue (EBIT margin) used as a company’s performance indicator. EI is described as – a ratio between the gross
energy consumption and the gross incomes of the company. All statistical computation and model buildings were
done using R programming language.
Scientific aim Scientific aim of this study is to discover whether energy efficiency has a significant impact on
financial performance in the petroleum refining industry. The following hypotheses were advanced in the current
study - H1: There is no significant difference between EI in USA and Eurozone petroleum refining industry. H2:
The EI of USA and Eurozone petroleum refining industry has a significant impact on the EBIT margin of the
companies. H3: There is no significant difference between EI affecting EBIT margin in USA and Eurozone.
Findings A Mann-Whitney U test indicated that the EI in petroleum refining industry in the USA (mean = 6,04)
and Eurozone (mean = 6,35) did not differ significantly (W = 3080, p-value = 0,9958). We failed to reject
hypothesis H1. To predict EBIT margin on EI and effect of the geographical region the multiple linear regression
analysis was chosen (for the testing of the hypothesis H2 and H3). The analysis shows that EI is an important
driver of petroleum refining company’s profitability (adj. R2 = 0,536, for USA companies and adj. R2 = 0,171,
for Eurozone companies). A significant regression equation for USA companies was found (F(1, 79) = 93,4, p <
0,01), as well as for Eurozone companies (F(1, 74) = 16,5, p < 0,01). It was found that EI (measured in GJ per
1000 USD of sales) significantly predicted EBIT margin for USA companies (β1 = 0,022, p<0,001) and for
Eurozone companies (β1 = 0,013, p<0,001). We failed to reject hypothesis H2. We also founded a significant
interaction in the relationship of EBIT profitability to EI for USA and Eurozone companies. We rejected H3
hypothesis.
Conclusions The empirical finding suggests that EI in USA and Eurozone petroleum refining industry did not
differ significantly. This research confirms the hypothesis that EI has a significant impact on the EBIT margin of
companies working in the petroleum refining industry. Therefore, we proved that there is a significant difference
between efficiency indicator affecting profitability for the companies in USA and Eurozone. The impact of energy
intensity on company profitability in USA industry is significantly bigger as in Eurozone.
Keywords: Energy intensity, profitability, manufacture industry
JEL Classification: L71, Q43, Q47
* Corresponding author. Tel.:+37061007910.
E-mail address: [email protected].
INVITATION
We kindly invite you and your colleagues to participate in Brno International Week
2019 (BIW 2019) that will be held during October 14th – 17th 2019 at Brno University
of Technology, Faculty of Business and Management in the Czech Republic.
Scope of the Brno International Week
The main aim of the International Week is to provide international mutual cooperation
in the pedagogical, scientific fields and give an opportunity to our students to gain new
perspectives on their majors. The focus of the BIW 2019 is on global issues in business,
management, system engineering and informatics.
The Brno International Week will consist of three main parts:
1) Guest lectures and seminars: Each lecturer is invited to give one or two guest
lectures or seminars lasting for two hours each. The main areas for lectures are:
a. Economics and management
b. System engineering and informatics
c. Quantitative methods in economics
We appreciate the lectures that combine theoretical background with practical
implication or with international comparison and using modern teaching methods.
We plan that the qualified contributions will be published in the faculty scientific
journal or anthology.
2) Round Tables: We offer possibility to discuss your research ideas and mutual
cooperation at Round Tables that will be thematic focused. Special Round Table
will be arranged for Staff of International Offices.
3) Movin´in: You are cordially invited to present your home university and study
programmes at the Movin´in where you can join the presentation of Erasmus
students currently studying at our faculty.
BIW 2019 also aims at giving you an unforgettable stay in Brno. We invite you to an
attractive social programme, including welcome drink with at the Rectorate of the
university, guided city tour, wine, beer and food tasting in the local restaurant and a trip.
Please use the on-line Registration Form on https://biw.fbm.vutbr.cz/en. Registration
will be opened from May 15th till July 15th 2019. For further information about
BIW2019, please do not hesitate to contact us. Contact person: Zdenka Konecna,
Project: CHEDTEB: Collaboration in Higher Education for Digital
Transformation in European Business
KA2: Cooperation for Innovation and the Exchange of Good Practices
KA203: Strategic Partnerships for Higher Education
Duration: 09/2017 – 08/2019
Budget: 7 228 thousand CZK
Digitization is fast becoming a powerful driver of change in business and public life. Whilst the
technologies in themselves are a major challenge for most European businesses, the underlying
changes in company organisations, processes, skills requirements and business models are still,
for most businesses, something of a white spot on the roadmap to the digital enterprise.
This project created a strategic partnership among three European universities: University of
Tartu (Estonia), UAS Bielefeld (Germany) and Brno University of Technology (Czech
Republic). The main aim is to provide the framework for a future joint master's degree on
Digital Transformation of Corporate Business. Sharing interdisciplinary knowledge and skills
of faculties, local corporate and institutional networks will enable universities and their local
communities to bundle complementary resources, skills and ideas for digital transformation in
order to:
stimulate a common transnational learning process about 'Digital Transformation of
Corporate Business' between local corporate networks and management faculties of
universities by organizing workshops and showcasing best practice;
set up an interdisciplinary Joint Degree program in 'Digital Transformation' by drawing
specific resources from universities and combining them in a unique way in a common
curriculum;
inspire a heterogeneous cohort of international students by setting up an innovative
curriculum based on modern didactic methods and in close co-operation with industry;
blueprint a transnational pilot project in higher education which could serve as a model
for the further institutional development of our universities.
The ambition of the project is not only to produce single-case materials but also to help
activating the opportunities that lie in digital transformation for European businesses and
society in general. All results are open-access items and are made publicly available, with
reservations applying to strictly corporate intellectual property. For more information about
CHEDTEB please join us at https://www.chedteb.eu.
Project: Digital Transformation for Business Models Innovations in small and
Medium Sized Enterprises in the Czech Republic
Duration: 02/2019 – 01/2022
Budget: 4 977 thousand CZK
Organizations: Brno University of Technology (coordinator)
Institute of Technology and Business in Ceské Budejovice
Association of Small and Medium-Sized Enterprises and Crafts CZ
Research Institute for Entrepreneurship and Innovations
The project aims at strengthening the innovative capacity, competitiveness, sustainability and
level of digitization of SMEs.
The goal of the project is to prepare the certified methodology and software based on
development of methods, models and tools of the digital transformation to support innovation
capacity and increase the level of competitiveness of business models for SMEs.
It enables SMEs:
to evaluate a level of digital maturity,
to increase innovation activity,
to generate sustainable value creation for customers,
to apply the implementation of digital transformation to business models,
to increase company performance,
to accelerate the learning process and the development of competencies in the business
models and digital transformation, and
to internationalize.
The project reg. no. TL02000215 is funded by the Technology Agency of the Czech Republic,
programme ETA.
For more information about the project please contact assoc. prof. Iveta Simberova
All articles included in the book are published in the form provided by the authors without
editorial and content-related corrections.
Perspectives of Business and Entrepreneurship Development in Digital Transformation
of Corporate Business
Collected abstracts and programme of international scientific conference
Edited by: František Milichovský
Cover Design by: Pavel Mracek
Faculty of Business and Management, Brno University of Technology, Brno, Czech Republic
30th April 2019
ISBN 978-80-214-5755-3