Volume 1, Issue 1

Jakub Berčík, Elena Horská: Sound System and Noise as Essential Elements of Visual Merchandising in Selected Retail Chains in the Slovak Republic

Dominykas Poderys: Does Access to External Finance Affect Development of Small and Medium Enterprises and Economic Growth?

Martin Souček, Denis Drexler, Steven Van Wichelen, Stanislav Mokrý, Ondřej Dufek: The Influence of Package Attributes on Consumer Perception among Generation Y

Radu-Dan Turcu: Integrated reporting: The Next Step Ahead for a Sustainable Society

Vojtěch Fiala, Svatopluk Kapounek, Ondřej Veselý: Impact of Social Media on the Stock Market: Evidence from Tweets

Jarko Fidrmuc, Adrian Louis: First Evidence on Crowd Investing in Germany

Emil Adámek, Lucie Rybková: Influence of Investment Incentives on Development of Regional Unemployment in the Czech Republic

Sound System and Noise as Essential Elements of Visual Merchandising in Selected Retail Chains in the Slovak Republic
AUTHOR   Jakub Berčík, Elena Horská
ABSTRACT  Music is an inherent element of visual merchandising tools. It can affect not only the amount of time spent on shopping, but also the overall satisfaction of customers at the point of sale. Nevertheless, it is essential to find the right compromise between the combination of music genres and basic factors of store sound systems, because everyone perceives music and sound with varying sensitivity. Properly chosen music and sound system factors provide numerous advantages to retail stores, including the more relaxed and friendly-behaving staff as well as the encouraged customers spending more time inside the store. From the customer perspective, the music influences him when determining which store to choose. Last but not least, music can help the customer to overcome stressful situations such as waiting at the cash registers. We assessed the sound system and noise levels in retail stores operating in the Slovak food market through a questionnaire survey with the managers of these stores as well as by measuring the noise intensity in the particular sales departments. The survey sample included 182 store managers. The research was carried out in stores located mainly in western Slovakia and included Slovak retail chains but also companies with transnational capital ties. The questionnaire survey results showed that the store sound distribution depends on the size of the sales format and not on the ownership of particular retail chains operating in the Slovak Republic. Through measuring the level of noise a different approach of these companies can be assumed when creating cultural and pleasant shopping environment.
KEY WORDS  visual merchandising, music, food retail chains, shopping behavior downolad article in PDF


 Does Access to External Finance Affect Development of Small and Medium Enterprises and Economic Growth?
AUTHOR  Dominykas Poderys
ABSTRACT  Small and medium-sized enterprises (SMEs) have become increasingly important in nowadays society as providers of employment opportunities and key players for the well-being of local and regional communities. Access to external funding is one of the largest problem facing SMEs in European Union (EU). Entrepreneurs face difficulties implementing their development plans while creating new businesses, adopting innovation, etc. Scientists also argue that without external funding business cannot achieve good financial performance results. The European Commission (EC) is implementing a number of programs specifically designed to improve the financial environment for SMEs in Europe. Since the financial markets have failed to provide SMEs with the finance they need, the EC has developed and funded various financial instruments. According to the scientists, creating the appropriate conditions for the development of SMEs in each country would possibly reduce the unemployment rate, accelerate country’s economic growth, help to overcome social problems, and create competitive environment. Given the current economic situation in the EU countries, the subject’s relevance is obvious underlying the importance to assess whether a better access to external funding sources would provide benefits to the countries at micro and macro levels. The main empirical findings of this study confirm the results of early empirical studies that a better access to external funding is an important growth factor for SMEs as well as for the whole economy. The panel regression analysis results suggest that a better access to banks’ funding has a positive and statistically significant effect on country’s economic growth as well as on SMEs development, however, a better access to equity finance (venture capital, business angels’ investment) has no statistically significant effect. While SMEs represent over 99% of businesses in the EU so it is crucial to support their growth and innovation as well as improve the financing environment for small businesses in Europe.
KEY WORDS  small and medium-sized enterprises, access to finance, economic growth, the European Union downolad article in PDF


 The Influence of Package Attributes on Consumer Perception among Generation Y
AUTHORS  Martin Souček, Denis Drexler, Steven Van Wichelen, Stanislav Mokrý, Ondřej Dufek
ABSTRACT  The article focuses on how milk packaging is perceived by generation Y. The required data were obtained through eye-tracking using the SMI RED 250 device. Additionally an in-depth interview and a short questionnaire were included in the experiment to obtain complementary qualitative data. The research took place during November 2014 in the Eye Tracking Laboratory at Mendel University. In total 110 respondents representing generation Y participated in the experiment. The research analyzed the front of 12 types of milk packaging. The main objective was to determine which package attributes attract the most attention among consumers. The research shows that the most attention is given to the milk brand as well as claims with additional information, such as fat content and quantity. Additionally, the respondents were asked to rank the packaging samples from the best to the worst. Finally the respondents had to decide which of the products they would buy. The results provide valuable insights to create customized, eye-catching packaging for consumers.
KEY WORDS  consumer perception, package, milk products, eye tracking downolad article in PDF


 Integrated reporting: The Next Step Ahead for a Sustainable Society
AUTHOR  Radu-Dan Turcu
ABSTRACT  The recent global developments have emphasized the limits of the actual corporate reporting system. Today’s organizations experience a growing pressure exercised by various types of stakeholders as a result of the increasingly public concern regarding environmental and social issues. Hence, companies must assume their responsibility for the improvement of the environment and society within which they operate materialized through the disclosure of sustainability and corporate responsibility information. The main challenge is not to simply increase the amount of information provided inside the annual reports, but to increase their relevance through new, comprehensive and condensed reporting practices which combine and interconnect financial and nonfinancial data. Accordingly, the concept of integrated reporting is founded. Despite its necessity and adequacy, differences among countries regarding the adoption of integrated reporting exist. This paper aims to analyze the relation between the number of integrated reports issued by companies inside a country in relation with its economic, social and environmental performances. The results found that there is a higher commitment from companies, belonging to more developed countries, to make their contribution towards the development of integrated reporting concept and practice.
KEY WORDS  integrated reporting, sustainable development, sustainability downolad article in PDF


 Impact of Social Media on the Stock Market: Evidence from Tweets
AUTHORS Vojtěch Fiala, Svatopluk Kapounek, Ondřej Veselý
ABSTRACT The paper deals with the impact of the economic agent sentiment on the return for Apple and Microsoft stocks. We employed text mining procedures to analyze Twitter messages with either negative or positive sentiment towards the chosen stock titles. Those sentiments were identified by developed algorithms which are capable of identifying sentiment towards companies and also counting the numbers of tweets in the same group. This resulted in counts of tweets with positive and negative sentiment. Then we ran analysis in order to find causality between sentiment levels and the stock price of companies. To identify causal effects we applied Granger causality tests. We found bilateral causality between the risk premium and the amount of news distributed by Twitter messages.
KEY WORDS stock returns, Granger causality, text mining, sentiment analysis, CAPM downolad article in PDF


First Evidence on Crowd Investing in Germany
AUTHORS Jarko Fidrmuc, Adrian Louis
ABSTRACT TCrowd investing has recently become an interesting possibility for young entrepreneurs to finance the start-up of new firms. This paper analyses the impact of education and gender of young entrepreneurs who finance their start-ups using a crowd investing platform. We analyse the crowd investing projects financed through the Companisto and Seedmatch platforms, which are the main crowd investing platforms in Germany. The study confirms that the majority of founders of crowd investing start-ups completed a university education. However, we find a surprisingly low-rate of female founders in crowd investing, although the gender structure do not influence the amount of crowd investing. Thus, the crowd investing does not facilitate the access to finance for new groups of entrepreneurs, but it rather facilitates the financing conditions for founders, who could also obtain a credit from the bank.
KEY WORDS crowdfunding, entrepreneurial nance, donations, venture capital downolad article in PDF


Influence of Investment Incentives on Development of Regional Unemployment in the Czech Republic
AUTHORS Emil Adámek, Lucie Rybková
ABSTRACT The aim of this paper is to assess the influence of investment incentives on development of regional unemployment in the Czech Republic and with proposal of recommendations related to utilization of investment incentives as an instrument for promoting employment and development of regions as well as for reduction of differences in economic activity of regions. Time series from 1998 to 2014 were used to solve the problem when regional unemployment was chosen as a dependent variable, for which econometric model was created using panel regression and including investment incentives. Results of testing prove that investment incentives have positive and statistically significant influence on regional employment.
KEY WORDS regional unemployment, investment incentives, foreign direct investments, panel regression downolad article in PDF