Volume 1, Issue 2

Karel Barák, František Dařena, Jan Žižka: Automated Extraction of Typical Expressions Describing Product Features from Customer Reviews

Jakub Berčík, Elena Horská, Johana Paluchová, Katarina Neomaniova: Using of Eye Tracker in HORECA Segment: Visual Proposal of Chosen Communication Tool on Restaurant Guests Decision

Václav Klepáč: Default Probability Prediction with Static Merton-D-Vine Copula Model

Orkhan Nadirov, Khatai Aliyev: Informality, Tax Evasion and the Quality of Business Environment: Evidence from South Caucasian Countries

Jana Rybanská: Selected Personality Characteristics as Predictors of Emotional Consumer Behaviour

Oladipupo Muhrtala Tijani, Mubaraq Sanni, Karimu Adebayo Ishola: Multiple directorships and related parties transactions: The weakness of numbers

Marcela Tuzová, Martinaa Toulová, Jakub Straka, Lea Kubíčková: Uppsala model; risk perception; psychic distance; SMEs; internationalisation

Automated Extraction of Typical Expressions Describing Product Features from Customer Reviews
AUTHORS   Karel Barák, František Dařena, Jan Žižka
ABSTRACT The paper presents a procedure that helps in revealing topics hidden in large collections of textual documents (such as customer reviews) related to a certain group of products or services. Together with identification of the groups containing the topics the lists of important expressions is presented which helps in understanding what characterizes these aspects most typically from the semantic point of view. The procedure includes determining an appropriate number of groups representing the prevailing topics, partitioning the documents into a desired number of groups using clustering, extracting significant typical features of documents from each group with application of feature selection methods, and evaluating the outcomes with the assistance of a human expert. The results show that the presented approach, consisting mostly of automated steps, is able to separate and characterize the aspects of a certain product as discussed by the customers and be later useful, e.g., for handling customer complaints, designing promotional campaigns, or improving the products.
KEY WORDS product aspects identification; text mining; cluster analysis; feature selection downolad article in PDF

Using of Eye Tracker in HORECA Segment: Visual Proposal of Chosen Communication Tool on Restaurant Guests Decision
AUTHORS Jakub Berčík, Elena Horská, Johana Paluchová, Katarina Neomaniova
ABSTRACT  IIn this article we evaluate three chosen restaurants in Nitra city from the perspective of visual proposal of chosen communication tool, which can be effective for influencing of restaurant’s guests to visit each restaurant. It might be done through techniques and methods used in neuroscience. The consumer neuroscience is the area of marketing that studies the sensomotoric, cognitive and affective consumer’s reactions on different marketing stimulus. In this article, we use Eye Tracker as one of biometric methods and we research, how restaurant’s leaflets can be attractive for guests and in the conclusion we suggest some tips for marketing communication doing for three restaurants in practice. Means of biometric and neuroimaging technologies it’s found out, how the consumers do the unconscious purchasing decisions and what’s part of brain is responsible for these processes that 95% of human thinking and activities become just real in subconscious. This paper is a part of Scientifics project VEGA 1/0874/14 (2014–2016): “Using of neuromarketing in the food visual merchandising”, solved at the Department of Marketing and Trade, FEM-SUA.
KEY WORDS consumer neuro science; emotions; HORECA segment; marketing communication; eye tracker; leaflet downolad article in PDF

Default Probability Prediction with Static Merton-D-Vine Copula Model
AUTHOR  Václav Klepáč
ABSTRACT We apply standard Merton and enhanced Merton-D-Vine copula model for the measurement of credit risk on the basis of accounting and stock market data for 4 companies from Prague Stock Exchange, in the midterm horizon of 4 years. Basic Merton structural credit model is based on assumption that firm equity is European option on company assets. Consequently enhanced Merton model take in account market data, dependence between daily returns and its volatility and helps to evaluate and project the credit quality of selected companies, i.e. correlation between assets trajectories through copulas. From our and previous results it is obvious that basic Merton model significantly underestimates actual level, i.e. offers low probabilities of default. Enhanced model support us with higher simulated probability rates which mean that capturing of market risk and transferring it to credit risk estimates is probably a good way or basic step in enhancing Merton methodology.
KEY WORDS merton model; default risk; d-vine copula; probability; ARMA-GARCH downolad article in PDF

Informality, Tax Evasion and the Quality of Business Environment: Evidence from South Caucasian Countries
AUTHORS  Orkhan Nadirov, Khatai Aliyev
ABSTRACT In many transition countries, a considerable part of economic activity takes place in the informal sector. On the other hand, tax evasion constitutes a major problem and causes improvements to all levels of the informal sector in which the volume of the informal sector in transition countries is much higher than in developed countries. Previous works have examined separately both the determinants of the size of the informal sector and  the determinants of tax evasion for transition countries. But, this  paper complements these significant works by examining cross sectional analysis based on firm-level data for South Caucasian countries. In addition, our  paper has a new contribution to previous works by providing some empirical evidence for informality and tax evasion with the quality of business environment. Building on a simple analytical framework, we test the channels affecting the degree of informality in South Caucasian countries and vice versa, the channels affecting the degree of tax evasion. We use instrumental variable OLS and find that the extent of informality is determined by tax evasion,  as well as the extent of tax evasion is determined by the informality for these countries. In addition, we find that the business environment has implications for both informal economy and tax evasion. These results suggest generally ameliorating the business environment in South Caucasian countries, while strengthening an access to land and financial sources, adequate provision of public capital such as telecommunication, transport and electricity infrastructure will reduce informality,  reigning the corruption, tax administration and labor regulation will reduce tax evasion  and ultimately lead to increasing government revenue collections.
KEY WORDS tax evasion; informality; the quality of business environment; South Caucasian countries downolad article in PDF

Selected Personality Characteristics as Predictors of Emotional Consumer Behaviour
AUTHORS Jana Rybanská
ABSTRACT Many consumers believe that choices they make result from rational analysis of available alternatives. In reality, however, emotions greatlyinfluence and determine our behaviour and decision-making also on the market of products and services. The main aim of this paper is to show the relationship between selected personality traits and emotional consumer behaviour. We used two psychological tests (Eysenck personality questionnaireand author’s scale of emotionality) and tested several factors that might have influenced emotional consumer reactions. We found out that two of threetested personality predictors are significant – extroversion and neuroticism. The higher the score that respondents reach in the scales of extroversionand neuroticism was, the more emotional was their behaviour and decision making. In that connection, there are also differences between individualtemperaments. Cholerics and melancholics react more emotionally than other two temperaments.
KEY WORDS personality of consumer; personality characteristics; personality traits; consumer behaviour; emotional consumer behaviour; emotions; temperament downolad article in PDF

Multiple directorships and related parties transactions: The weakness of numbers
AUTHORS Oladipupo Muhrtala Tijani, Mubaraq Sanni, Karimu Adebayo Ishola
ABSTRACT We examine whether the presence of outside directors with multiple boards seats influence firms related-parties transactions. These non-executive directors with vast skill, experience, knowledge, prestige and shared networks are part of major Boards Committees responsible for key corporate policies, strategy and management. Subsequently, it remains an untested assumption whether the outcome of related parties‘ transactions are influenced by the presence of this class of `busy directors‘.  We obtain data from 142 companies across five sectors between 2009 and 2014 and conduct analysis using a two-stage multiple regression. The results reveal that the existence of multiple directorships on boards failed to evolve as predictors for related parties‘ transactions.  We thus conclude that the presence of these `busy directors‘ on boards does not alter a firm’s related parties‘ transactions. Overall, this may suggest that the influence of executive directors and other outside directors and key management personnel do play an important role in explaining organizationally complex strategic decisions in this regard.
KEY WORDS multiple boards seats; board committees; related parties‘ transactions downolad article in PDF

Can Uppsala Model Explain the Internationalisation of Central European SMEs?
AUTHORS Marcela Tuzová, Martinaa Toulová, Jakub Straka, Lea Kubíčková
ABSTRACT The aim of this paper is to scrutinize some aspects of the Uppsala model whose applicability for SMEs‘ internationalisation is often questioned. This model explains internationalisation as a sequential process based on learning in which an enterprise increases its international commitment in incremental steps (Johanson and Vahlne, 1977). The assumptions of Uppsala model are discussed in conditions of SMEs from different countries, namely the Czech Republic, Slovakia, Poland, Austria and Germany. The paper is based on primary data obtained by questionnaire survey performed in 2014. Respondents were small and medium-sized firms from the above mentioned countries. Following assumptions are scrutinized: SMEs start internationalisation by exporting to neighbouring markets, SMEs behave in internationalisation according to the establishment chain, SMEs‘ risk perception regarding foreign markets with different psychic distance changes with the obtained knowledge and SMEs‘ risk perception regarding particular foreign markets differs depending on the country which the enterprise comes from.
KEY WORDS Uppsala model; risk perception; psychic distance; SMEs; internationalisation downolad article in PDF