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Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures

Author(s): Malte Recker,Ingo Michelfelder / Language(s): English Publication Year: 0

Purpose: The paper provides an overview on existing measurement approaches and the respective suitability to predict, to support and thus to increase the future sustainability value generation of new ventures along the three domains: Economic, environmental and social impact. It aims to identify required complements and adjustments to close the existing gap of suitable measurement tools, determining holistic sustainability for new ventures.Design/methodology/approach: A systematic literature review is chosen to assess existing measurement tools, methods and concepts from theory across relevant disciplines. Scope of measurement and applicability in the described context are the main assessment criteria.Findings: The literature review reveals that I.) there is a lack of sustainability measurement tools appropriate for early stages of a new venture, II.) that holistic measurement tools, covering environmental, social and economic value generation, are needed and that III.) the relative improvement of generated value needs to be taken into account in order to allow a meaningful comparison of different ventures and business models and to significantly reduce the complexity. IV.) Research needs to integrate initial findings from other studies looking at success factors covering the social and environmental value generation – rather than the economic outcome only.Research/practical implications: The research findings provide a basis for measuring, predicting and increasing sustainability impact generated from new ventures. The suggested complements and adjustments are shared for use in other benchmarking approaches and to help establishing the research field of sustainable entrepreneurship. Its application will provide important decision criteria for new ventures (how to increase sustainability), early stage investors (where to invest), policymakers (which types of ventures and business models to support) and sustainability dedicated accelerators (how to support the sustainability generation of new ventures).Originality/value: The contribution to existing concepts and tools is especially the starting development of early stage sustainability measurement and prediction approaches for new ventures. The literature review has shown that measurement tools are often too complex for early stage measurement. It is at these stages however, that public funds are invested and private investors decide on which business to help to achieve the growth stage.

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Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.

Author(s): Ján Rehák,Anna Pilková,Zuzana Jančovičová,Marian Holienka / Language(s): English Publication Year: 0

Purpose: Age in entrepreneurship research is one of the key variables which is extensively studied from different perspectives. One of the newest trends in entrepreneurship related to the age of population is “intergenerational entrepreneurship”. The key to the success of this concept lies in a thorough research of the differences and similarities between the different age cohorts of entrepreneurs, and their practical application. The aim of this paper is to study key drivers of differences between senior and young entrepreneurs in Europe focusing on opportunity and necessity driven total early stage entrepreneurial activities.Design/methodology/approach: Based on the revision of existing literature and research findings on senior and young entrepreneurs we have formulated the research assumptions that were further tested. The authors focus on relevant differences between senior and young (youth and young adults) entrepreneurs in Europe and validate their coherence through descriptive statistics and regression analysis. The dataset used in this paper is Global Entrepreneurship Monitor data from 2010-2014 in Europe.Findings: Our results confirm areas of significant differences both among studied groups and regions. Some of these findings are in line with general statements presented in literature, but there are also differences in comparison to relevant research studies done on senior and youth entrepreneurship. Our specific focus was also put on analysis of key drivers of TEA necessity and TEA opportunity in studied groups and their differences from regional point of view. Research/practical implications: Intergenerational cooperation is a topical issue which deserves high attention of policy makers on national and international levels. To use this potential and encourage it in right way asks for relevant thorough knowledge of these groups entrepreneurial characteristics. Therefore, our findings have practical implications for European entrepreneurial policies, programs and tools design to boost intergenerational entrepreneurship. Originality/value: Original value of our paper is in formulation of findings based on comprehensive analysis of differences among the youth, youth adult and senior entrepreneurs on European level based on robust GEM data which bring additional value to rare European studies on this subject.

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Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy

Author(s): Dusanka Rodic,Ondrej Jasko,Mladen Cudanov / Language(s): English Publication Year: 0

Purpose: Purpose of this paper is to search for connection between national culture and organisational cultures, especially actual and preferred leadership styles, in SMEs in Serbia, a country with very high “Power Distance” dimension of national culture. Also, national culture influence is compared with globalisation as a way of collective programming. The focus is on the leadership style of the entrepreneurs, the degree of its acceptance among employees and how those styles correspond with national culture. Design/methodology/approach: This study analysis based on Hofstede methodology, using structured data about organizational culture dimensions. Data was collected using on-line questionnaire. Data in the sample consists of fifteen self-selected entrepreneurial SMEs in Serbia where measurement of their culture by the Hofstede methodology was negotiated. Descriptive statistics and cross-case comparisons were used discuss and propose conclusions.Findings: In the research, it is found out that SMEs in Serbia have organizational culture which does not support autocratic leadership style as actual one and that is not desirable one too. This is not the logical consequence under the influence of national culture which score high in two dimensions: Power Distance and Uncertainty Avoidance. The most dominant actual leadership style is consultative and it is also the most desired one. This implies that entrepreneurial orientation and constraints for being competitive in global market shifts the organizational culture into the direction where leadership styles and its acceptance question national culture influence.Research/practical implications: The outcomes are the overview of the dimensions of organizational culture in SMEs research study of 15 entrepreneurial companies. The most interesting outcome is identification of globalization effect on national culture in case of entrepreneurship in SMEs and shows unexpected contradictory of national culture dimension influence on actual and desired entrepreneurial management styles, especially in national cultures which score high in Power- Distance index. This paper can set further hypothesis for a wider research.Originality/value: Contribution is an overview of organizational culture dimensions of SMEs in Serbia with emphasis on management philosophy and actual and desired leadership styles by qualitative analysis of structured data to show the perspective relations between national culture, leadership styles and degree of its acceptance. Limitations of this study are that no true random sample has been used and results cannot be generalized. The fact that companies do not share details about aspects of their business and potential source of competitive advantage, like organizational culture or leadership style to random researchers, this study still provides insight, presenting data hard to gather.

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Business Ethics in CEE: Analysis of Research Results

Author(s): Włodzimierz Sroka,Richárd Szántó / Language(s): English Publication Year: 0

Purpose: It is widely acknowledged that if a company wants to be perceived as a reliable business partner and a respected member of the business sector, it should demonstrate a high level of institutionalisation of business ethics principles and practices, and it must practice outstanding ethical behaviour. This is exceptionally true in some controversial industries. The purpose of our study is to identify the scale and scope of the use of these principles and practices in two Central European countries, i.e. Poland and Hungary.Design/methodology/approach: In this study survey methodology was applied. The sample included a group of 48 companies operating in the pharmaceutical, tobacco and alcohol industries (25 Hungarian and 23 Polish ones). Our survey mainly focused on the degree of institutionalisation of business ethics (such as the presence of a code of conduct, an employee appointed to deal with ethical issues, ethical training, and so on), the perceived ethical behaviour of the firms, and their relationship with their key stakeholders.Findings: Our study confirmed that business ethics is regarded as a significant factor, however the scale of this phenomenon varies, across both sectors and countries. The level of institutionalisation is somewhat higher at Hungarian firms, while preventing and handling corruption cases are more at the forefront of Polish companies. Yet, although it seems that stakeholders from Polish firms have greater ethical expectations, we did not observe significant differences between perceived ethical behaviour in the two countries.Research/practical implications: Though the vast majority of the companies observed understand the need for ethical behaviour in business, the apparent unwillingness of respondents to participate in the study was observed. The results achieved may therefore be distorted to some extent. Regular studies, organised e.g. every 5-10 years in the sectors surveyed, would obtain stimulating data showing in which direction the companies from these sectors evolve. Additionally, further studies should be carried out with the participation of representatives of the enterprises surveyed (personal interviews).Originality/value: The originality of the paper is the result of the presentation of unique quantitative research related to business ethics in sensitive sectors of the economy in two Central European countries. Sectors such as pharma, tobacco and alcohol are often accused of manufacturing questionable products or applying industrywide malpractices; therefore, observing their ethical principles and practices certainly provides significant fresh insights in this field.

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Nepotism and Favoritism in the Steel Sector: Are These Phenomena Prevalent?

Author(s): Włodzimierz Sroka,Jolita Vveinhardt / Language(s): English Publication Year: 0

Purpose: The term ‘nepotism’, i.e. favouritism granted to relatives, is usually associated with corruption in the public sector and the abuse of public resources. Moreover, it is commonly accompanied by the public image of post-Soviet and/or developing countries. One may, however, observe the manifestations of nepotism in different sectors of the economy. Therefore, the aim of the paper is to analyse the main principles of transparent management of companies operating in the steel sector and deconstruct the myths of nepotism and favouritism. Design/methodology/approach: Two research methods were used to analyse these phenomena: an analysis of widely accessible information devoted to anti-nepotism practices (the first stage), and interviews with the managers of steel companies operating in Poland (the second stage). The data collected during the first stage allowed us to analyse the problems associated with nepotism. Interviews (totally 18) with the managers allowed us to find out the real perception of this phenomenon and thus to determine the prevalence of these pathologies in the sector. Our research was done in Q4 of 2016 and included all steel companies (totally 9) operating in Poland.Findings: Our research has confirmed that nepotism and favouritism are observed in the sector analysed. However, it is necessary to emphasise that the scale and range of this phenomenon vary, depending on the membership of three groups, i.e. global corporations, companies listed on Warsaw Stock Exchange, and small companies. Research/practical implications: Our research has several implications. Firstly, it confirmed that the steel sector - like other industries - is not free of these pathologies. Knowledge of this fact may be useful for managers, and above all the owners of steel companies, allowing them to take the necessary preventive actions. Secondly, regular surveys organised in this sector (e.g. every five years) would facilitate the obtainment of interesting data showing how the situation has changed over time. And thirdly, the results of our research may be a good starting point for the formulation of the research hypotheses in further surveys.Originality/value: The originality of the paper is the result of the presentation of unique qualitative research related to nepotism and favouritism phenomena in the steel sector. Another advantage is the fact that, to the best of our knowledge, such research is relatively rare (due to the sensitive nature of the topic) not only in Poland, but also on an international scale. It constitutes a significant addition to the value of this paper.

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The Role of Sensory Marketing in Product Innovation

Author(s): Adriana Starostová / Language(s): English Publication Year: 0

Purpose: The recently established field of sensory marketing attributes its existence to customer demand for sensational experiences, among other things. Consequently, scent is acknowledged as an effective form of communication of the brand. This study focuses on olfaction, comparing consumer behaviour between scented and odourless products, aiming to address the question of how scent impacts the consumers’ experience, offering recommendations to companies with regards to scented products. The study is relevant to all the enterprises that manufacture or develop their own product. The SME´s can benefit through understanding the importance of scent and empirical insights about how scent impacts consumer´s experience.Design/methodology/approach: A Qualitative study has been conducted through the collection of primary data using two types of questionnaires, a-priori and posteriori of a tested product distributed to 100 participants with 89 % response rate which provides a sufficient basis for a good overview of many possible effects of scent. A subsequent stage of the investigation involved ten in-depth interviews which expanded on the subject. The study has been conducted over two months (March to May) at the University of South Wales in 2015. The participants were randomly selected students and staff of the university. All age categories and ethnicities were represented.Findings: The results indicate enhanced (a) quality perception when the product is scented, (b) semantic associations with the scented product, (c) multi-modality of senses e.g. scent increases the desire to touch, (d) impact of scent on preference where the decision is not impaired by other factors such as availability or price and e) perceived favourability towards a hypothetical brand behind the scented product in some cases. However, where price was a parameter, the scent did not have an effect; presumably as aspects such as price and brand loyalty overshadow sensory aspects.Research/practical implications: It is preferable to increase the range of products that stimulate consumers’ senses. On the contrary, the cost is a determinant factor to consider before launching the product on the market as the price sensitivity can be quite high. The recommendation for companies is to diversify the portfolio and position scented products as more luxurious. Moreover, other sensory characteristics such as colour could be used in order to differentiate the purpose of the same product and facilitate multiple purchases. Other themes emerged such as the role of environmental aspects might be in some cases more important than the functional aspects.Originality/value: This paper offers comprehensive overview of possible effects of scent on consumer experience. The study further indicates how scented products should be positioned and incorporated in brand portfolio.

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Job Satisfaction in the Czech Republic

Author(s): Marek Stříteský,Václav Stříteský / Language(s): English Publication Year: 0

Purpose: The paper aims to identify overall job satisfaction in the Czech Republic and explore its differences between the various economic sectors. It also provides a comprehensive view of potential influence factors on job satisfaction with the emphasis on sociodemographic variables and job characteristics. This study aims to offer a different perspective on the issue of job satisfaction, which is often analysed in conditions of one specific organization. In the Czech Republic, a study analysing the global situation of job satisfaction in terms of sociodemographic variables have not been published yet.Design/methodology/approach: The study is based on the quantitative research using personal interviews. Data was collected in cooperation with the research agency Median, s.r.o. within its research project Market & Media & Lifestyle. The size of the sample is over 15,000 respondents. Tests for the homogeneity of binomial proportions and logistic regression are used. Findings: The paper provides a comprehensive view of job satisfaction on the Czech market. The influencing factors of job satisfaction are discussed. These results can be used when assessing the level of job satisfaction of various groups of Czech employees in terms of specific companies. Research/practical implications: The paper includes implications for assessing the effectiveness of various HR policies on job satisfaction of various groups of employees in the Czech Republic. This comprehensive macro perspective on the issue of job satisfaction may lead to the conclusion that some socio-demographic groups of employees may generally exhibit lower level of job satisfaction regardless of the specific conditions of the company. Originality/value: This paper provides a different perspective on the issue often examined in the conditions of Czech Republic, which is still missing and is frequently published in other countries.

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Using Kohonen`s Neural Networks to Identify the Bankruptcy of Enterprises: Case Study Based on Construction Companies in South Bohemian Region

Author(s): Petr Šuleř / Language(s): English Publication Year: 0

Purpose: Kohenen's neural networks are used for the creation of cluster analyses. Through these networks, we search for common features within a data set and then we interpret these, ideally with validity for the entire data set. The aim of the article is to conduct a cluster analysis on a data set concerning construction enterprises in the Southern Bohemian region. Accordingly, we will identify the basic variables common to companies that enter liquidation.Design/methodology/approach: The data set includes financial statements and non-financial information (e.g. number of employees, business location) of the construction companies, all of which had been in operation from 2006 to 2015 in the Southern Bohemian Region. The data was organized into a table where one row contained information about one company in a particular year. Subsequently, Kohonen's neural networks were generated and company clusters identified. We then focused attention on the clusters of companies that were in a state of liquidation and results of comparison then showed which sorting characteristics appeared repeatedly in the clusters of the companies.Findings: The Kohonen neural network was determined. After its application, we receive Kohenen's map. As a result, we have clusters of enterprises with the same characteristics. Subsequently, comparing the clusters in which there are companies in liquidation, we obtain the characteristics typical for companies experiencing difficulties.Research/practical implications: The practical outcome are the identified variables crucial for the survival of construction companies in the Southern Bohemian Region. The companies will thus be able to focus on the key factors of their success, or the indicators of their eventual failure. Their management will therefore be more efficient and accurate.Originality/value: The additional value is the use of neural networks and cluster analysis tools for predicting the possible bankruptcy of companies. The results in the form of identified key factors leading to the failure of construction companies in the Southern Bohemian Region also have their value.

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Exploring the Impact of Knowledge Management Process On Innovation By Means of Structural Equation Modeling: A Research in Automotive Industry

Author(s): Çağatan Taşkın,Dilek Taşkın / Language(s): English Publication Year: 0

Purpose: The purpose of this study is to explore the impact of knowledge management process on innovation by means of structural equation modelling and propose strategies for automotive companies. The research is conducted in the fourth biggest city of Bursa which is a leading automotive industry area.Design/methodology/approach: The main population of this research consists of 252 automotive sub-industry companies that are registered to organized industry regions in Bursa city centre. A structured questionnaire was prepared based on the literature (Gold et al. (2001), Darroch (2003), Darroch (2005), OECD Oslo Manuel (2005), Du Plessis (2007), Carney ve Ryan (2010), Oeij et al. (2012)) and managers of the companies are asked to fill the questionnaire. 107 questionnaires were collected. Structural equation modelling is used to explore the impact of knowledge management process on innovation. Findings: According to the research findings; knowledge acquisition, knowledge transformation and knowledge application were found to have positive impacts on knowledge protection and knowledge protection was found to have a strong impact on innovation. Finally, in the light of these modelling results, strategies are proposed for the companies of automotive sub-industry. Research/practical implications: In today’s consumer-oriented markets, innovation has become the most important factor of sustainable competitiveness for companies. Companies must focus on knowledge and knowledge management process in order to be innovative in today’s economic environment that is rapidly changing because of the technological developments. According to Gold et al. (2001), knowledge management process consists of knowledge acquisition, knowledge transformation, knowledge application and knowledge protection steps. Company managers should know the relationships among these steps and the impact of these steps on innovation. This will lead to efficient knowledge management process, better innovation and competitive power for automotive companies.Originality/value: Knowledge management and innovation are two crucial and related concepts. Because, knowledge serves as an important role in the innovation process. It is very important to have the information about the impact of knowledge management process on innovation because this information can lead companies’ strategies and make companies more competitive. This study fills an important gap in the related literature by examining the influence of knowledge management process on innovation in Turkish automotive industry, Bursa region.

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Exploring the Influence of Entrepreneurship Personality On Entrepreneurial Intention: A Research in Turkey

Author(s): Çağatan Taşkın,Onur Öztürk,Ahmet Akif Karadamar / Language(s): English Publication Year: 0

Purpose: It is well known that entrepreneurship is a crucial factor in global economy. It is regarded as a significant phenomenon for many researches. Considering the economic problems that countries face in today’s world, understanding entrepreneurship and the personality traits of entrepreneurs became very important. As it is well known in the related literature, personality traits play a great role in entrepreneurial intentions. As attitudes toward entrepreneurship can be discussed through personality traits, this paper aims to clarify which personality traits have effects on entrepreneurial intentions. Personality traits can be described as the constructs describing behavioural patterns in people’s lives. By shedding light on those traits which drives people’s entrepreneurship motives, this paper will help us understand what makes people successful entrepreneurs. Design/methodology/approach: The research was conducted on university students studying at Business Administration Department (Faculty of Economics and Administrative Sciences), Uludağ University, in Turkey. A convenience sampling method was used in the research. A structured questionnaire was prepared based on the literature (Owoseni, 2014; Çolakoğlu and Gözükara, 2016; Ozaralli and Rivenburgh, 2016). Structural equation modelling is used to test the influence of entrepreneurship personality that consists of innovativeness, need for achievement, alertness and locus of control, on entrepreneurial intention of university students. Findings: This paper provides empirical insights about which personality traits have effects on entrepreneurial intentions. According to the modelling results, it is found that entrepreneurship personality has an influence on the entrepreneurial intention of university students. Research/practical implications: Entrepreneurial intention is considered to be the most influential factors on the economic development of countries. The findings of the research suggest that entrepreneurial intention is significantly related with certain personality traits. This may contribute to the entrepreneurship literature. Furthermore, higher education institutions may benefit from these results to improve their content of entrepreneurial education considering the significance of personality traits for creating an economically strong country.Originality/value: This study is one of the few researches that have examined the influence of entrepreneurship personality on entrepreneurial intention in Bursa which is a highly industrialized province. The results have implications for decision-makers in higher education institutions both at micro- and macro-levels, in terms of effective decision-making and resource allocation.

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Are Customers Ready for Evolving Digital Disruption?: Empirical Evidence from Banking Sector of Serbia

Author(s): Vesna Tornjanski,Mladen Cudanov / Language(s): English Publication Year: 0

Purpose: This study aims to extend and deepen the understanding of whether customers of the banking sector of Serbia are ready for digital disruption – the phenomenon which significantly reshapes long successful business model and at the same time creates a new landscape of banking operations. The purpose of this paper is to research obstacles of internet-based technologies adoption in the banking sector of Serbia.Design/methodology/approach: The paper opted for a survey research method utilising a web-based questionnaire as a research instrument. The sampling frame consisted of the customers of 24 banks that operate in Serbia. Of the total asked customers to participate in the research study, 607 took part in it. Data were analysed in three main phases, using certified statistical methods.Findings: The study introduces several findings. First, the research results show that customers have equal preferences between traditional banking services and e-business services. This finding further indicates potential difficulties in adopting new forms of banking business model(s) that digital era imposes to banks for a significant number of users of banking services. Second, the study reveals the main reasons of why customers do not favour to use internet-based technologies in Serbia, which further facilitate the introduction of new strategies and measures toward finding effective solutions for both parties. Research/practical implications: The research findings address important implications to academics and managers in financial services to narrow the gap between digital pressures and customers’ satisfaction, and to facilitate further development of business strategies towards sustainable competitiveness in the banking sector of Serbia.Originality/value: This study is based on primary data and original hypothesis for the observed environment. Analysed data help explain issues in the important field of readiness for evolving digital disruption, by exploring issues of internet-based technologies acceptance in banking sector of Serbia. The paper contributes to the innovation theory and enhances the literature on the subject of digital disruption and technology adoption in banking sector in country’s context, which has been poorly addressed so far.

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The Topography of Intra-organizational Networks

Author(s): Anna Ujwary-Gil,Natalia Potoczek / Language(s): English Publication Year: 0

Purpose: The paper aims to clarify the topography of several networks of a public organization. It proposes to analyze the intra-organizational environment through the prism of knowledge, resource, and task flows as the main sources of innovation. The study aims to expand the domain of knowledge, resources, and tasks used and performed by the employees giving us the idea what the possible structure of those networks can look like.Design/methodology/approach: The study involved a total of 82 employees of the public organization operating in the higher education sector (N = 82) out of 89 provided for testing, which is a total of 93% of respondents. According to the research network, the sample covered the entire population. We used an interview and a survey research composed of four questions. Also the Organizational Risk Analyzer (ORA LITE) software has been used. Findings: The paper provides empirical insights into the topography of the particular networks and the analysis of the potential risks that might accompany a given network or too many network gaps in an intra-organizational environment.Research/practical implications: The presentation of the topography of each network indicates the direction for management improvements related to the possibilities of underloading or overloading an individual employee with knowledge, resources, or tasks. It helps bridge the gaps in relationships based on inefficient flows of knowledge, resources, tasks, and it helps recognize some risks associated with too dense network that is not conducive to innovation.Originality/value: This paper satisfies an identified need to study how knowledge, resources and tasks, which are the main sources of innovation, may flow within an organization and what the network structure of the organizational and the two-mode network is.

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Knowledge-generation Strategies in the Real Sector of the Economy: Russian Case

Author(s): Maxim Vlasov,Svetlana Panikarova / Language(s): English Publication Year: 0

Purpose: The main purpose of the study is to identify and to characterize the strategies of knowledge generation in the real sector of the Russian economy. Within the framework of the research, authors answered the following questions: 1) Which factors define the choice of knowledge increase strategy? 2) Which types of knowledge increase strategies are mainly used by Russian manufacturing companies? 3) How does the knowledge increase strategy influence company performance? Design/methodology/approach: The methodology of a research included several stages. At the first stage the 120 enterprises has been conducted by means of the database of the Russian enterprises «Fira Pro». At the second stage, the 7 focus group interviews (in which about 4 experts participated) have been hold with heads of the enterprises, which are selected for a research. The third stage has included a 17 series of the structured interviews with R&D directors of the innovative enterprises.Findings: Firstly, authors offered the company knowledge strategic management model for activating of knowledge generation in the economy. Secondly, authors offered the typologies of increase knowledge strategies included four types of strategies: borrowed knowledge strategy; copied knowledge strategy; knowledge imitation strategy; knowledge generation strategy.Research/practical implications: In article authors proved that the optimum structure of costs of different types of knowledge has prime value for the effective innovative development of the enterprises, especially in difficult economic conditions. Strategic management of knowledge gives the greatest effect in the achievement of competitiveness if this management relies on the basic strategy of the enterprise, and considers its purposes and the directions of growth. Originality/value: The research expanded methodological tools of the knowledge economics theory. Authors offered the knowledge increase strategies and their main characteristics, which will be useful for companies planning the innovative development.

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Inventory Management Using Artificial Neural Networks in a Concrete Case

Author(s): Marek Vochozka / Language(s): English Publication Year: 0

Purpose: A company creates an inventory in order to be able to continuously produce and fully meet the demand for its products. It thus covers the time and quantity discrepancy between articles of the supplier-buyer chain, and if applicable, between the different phases of production. But the very existence of inventories equals financial costs for their acquisition and maintenance, as well as economic costs stemming from the fact that the funds bound to inventories cannot be used more effectively by the company. Therefore, inventory management searches for the best volume of reserves that generates the lowest possible cost while being able to satisfy customer demand. There are currently a number of methods of inventory management (e.g. ABC), which are more or less effective. Neural networks also appear to be one of the methods of optimizing company inventory. They are useful for the prediction of time series. The aim of this article is to verify the possibility of using neural networks for inventory management using an example of a particular company.Design/methodology/approach: The data file contains the time series of a particular company's inventory covering the period of the last two years. Data are fitted to a curve that deviates the least from the actual data and that can also predict the future development of the state of inventories. The differences between reality and the obtained regression curve are measured by the method of least squares. To obtain the regression curve, neural networks were used, specifically, 10000 multilayer perceptron networks were generated. The best five were selected using the least squares method. These subsequently underwent a factual test of reliability and the most appropriate curve for the given company was determined.Findings: A neural structure that describes the development of company inventory very accurately was obtained, and it is therefore apparent that it also has the ability to predict the development of company inventory in the future. The acquired perceptron network was subjected to factual analysis and arguments for and against its use in practice were given.Research/practical implications: On the basis of the neural structure, the business can predict not only the future state of inventory, but also its movement in time. By doing so it will be able to reflect not only the needs of production and producer demand, but also fluctuations in the supply of inventories. It will be able to determine the optimal safety inventory, and if applicable, the optimal technological inventory, and obviously also the appropriate delivery cycles of inventories. The procedure for obtaining the neural structure is also applicable to other businesses.Originality/value: The additional value of the article can be seen in the use of neural structures in inventory management, and therefore in achieving a higher degree of accuracy of the obtained results.

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Modeling the Future Development of Top Company Indicator EVA Equity Using Indicator Breakdown and Sensitivity Analysis on an Example of a Specific Company

Author(s): Jaromír Vrbka / Language(s): English Publication Year: 0

Purpose: Economic value added focused on equity (i.e. EVA Equity) measures the rate of the evaluation of equity while respecting risk. EVA Equity also reflects the degree of value creation for shareholders. EVA can be used to calculate the value of a company. The indicator is thus designed to have its specific planned value became the main target of the company. This paper aims to break down EVA Equity and to subsequently determine the way individual variables making up the indicator are managed.Design/methodology/approach: The data set contains the financial statements of Budvar, n. p. company. It is an enterprise, which deals with beer production. The analyzed period is from year 2011 to 2015. Further on, external data of the Czech National Bank are used. The set of variables influencing the creation of EVA Equity is determined by the breakdown of EVA Equity. Using sensitivity analysis, the significance of individual variables is defined and the range of significance of individual variables for the company and its management is determined accordingly.Findings: The breakdown of a top indicator -EVA Equity- was conducted. Next, the individual variables involved in the calculation of EVA Equity were identified, which can immediately affect the company and its management. According to methodology and based on the obtained results, a sensitivity analysis was performed and it was determined which variables are more valuable for the company and which have less importance.Research/practical implications: The practical outcome are quantities that the company, in order to be successful, needs to monitor, plan, manage and control the execution of. These variables are reflected in the tactical and operational plans of the company and every manager knows which way to influence them and, conversely, which ways they influence the success or failure of a business.Originality/value: The value of the paper can be seen in the application of EVA into everyday plans of the company through variables that shape the EVA Equity indicator.

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„The Key Is We“ – Refining Co-creation Indicators to Assess Innovation Processes

Author(s): Christina Weber,Klaus Sailer / Language(s): English Publication Year: 0

Purpose: Our research purpose is to test and improve an indicator instrument for real-time assessment of collaborative and dynamic innovation processes. The paper presents an indicator tool derived from successful long-term collaborative innovation across organisational and international borders, and reports initial tests to validate five performance indicators for flexible innovation teams in short term collaboration. The aim is to test and develop a tool of five indicators as dynamic network patterns that enables to discern successful from underperforming co-creation processes, at early stages.Design/methodology/approach: Detection and description of the patterns indicators in various data on innovation processes - from expert interviews to focus groups, and from print media, videos and online communication by startups - need further specification. In a small focus group exercise with 20 different experts collaborating in temporary, flexible innovation teams, the five dynamic network patterns were (a) tested for the short term collaboration context, and (b) related to new attributes and statements. Findings: The focus group exercise helped to validate and refine the specification of the five dynamic network patterns as indicators of successful co-creation processes. The findings (a) confirm the validity of the indicators for agile innovation teams, (b) increase evidence of some of the indicators especially for short term collaboration, (c) serve as pre-test for wide-ranging studies that improve the indicators further for start-ups, at incubators and accelerators. Research/practical implications: The refined indicator instrument aims at real-time assessment of start-ups in incubators, and co-creation in any settings, based on the indication of emerging DINs in successful collaborative innovation processes. The method has a high relevance for further evaluation research on dynamic innovation processes and collaborative entrepreneurship. Its practical implication is an assessment blueprint (and training instrument) for innovation teams in co-creation processes.Originality/value: This paper refines a new research instrument of high relevance and value for collaborative innovation processes in and across societal sectors.

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Barriers to Green Products Purchase – from Polish Consumer Perspective

Author(s): Lucyna Witek / Language(s): English Publication Year: 0

Purpose: The green market is growing rapidly, especially in developed countries. While in Poland the consumption of green products is not growing as fast as experts of this market predict. In this context, in the paper the results of studies that examine the attitudes of consumers towards green products and identify barriers to their purchase are analyzed. This research examines the propensity of consumers to buy environmentally friendly products by means of socio-demographic indices.Design/methodology/approach: For the purpose, the direct survey method and Focus Group Interview (FGI) have been applied. The survey was conducted between 1 December 2015 to 31 January 2016 using the direct survey method. The sample covered 390 adult consumers living in south - eastern and southern Poland. Four sessions of 1,5 hours each were conducted between May and June 2015. Each group consisted of 6 people.Findings: These studies lead to the conclusion that Polish connote positively the care about environment and ecological products. The primary motivation for green consumption is health. Environmental protection plays a supporting role. The barrier to the development of green consumption is the general and fragmented consumer knowledge of green products, their labeling, certification and control. This affects distrust and their skepticism to green claims. Under these conditions consumers do not want to accept higher product prices. In addition, weaknesses in the marketing chain make green products invisible to consumers. In the Polish market products prosumption and purchases of non-certified goods from the trusted source are gaining importance.Research/practical implications: This study provides a valuable contribution to addressing the needs of producers and sellers in the market for green products. The results of the research can help managers identify important information about the process of making purchase decisions by consumers towards environmentally-friendly products. An aid in the development of marketing communication strategy and the improvement of existing marketing strategies.Originality/value: A theoretical contribution of this study is to enrich the analysis of consumer behavior in the market for green products in the context of a developing country by identifying barriers to their purchase and a better understanding of the predictors of consumer behavior on the market for green products.

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Open Innovation Intermediaries – Current Roles and Benefits

Author(s): Marián Zajko / Language(s): English Publication Year: 0

Purpose: The paper aims at clarifying the changes in the role and benefits of selected prominent US. and European open innovation intermediaries in technology market in the period 2010-2016.Design/methodology/ approach: The changes in the role and benefits of selected open innovation intermediaries in time are analysed by their key characteristics using the case study design and the secondary data from websites and related publications on twenty intermediaries out of several hundred in the market. Findings: The total number of open innovation intermediaries has grown during the past decade to several hundreds. The analysis of selected prominent US. and European intermediaries confirms strenthening European competition, global focus, continuing business growth with broadening of portfolio of services, and building strategic partnerships and communities around online platforms.Research/practical implications: The primary aim is to fill up the gap in the research and publications on open innovation practices, especially on open innovation intermediaries and their benefits for companies. The secondary aim is to increase the interest in benefits of open innovation practices and related innovation intermediary services among the Slovak companies and give incentives to the Slovak government bodies to integrate measures on open innovation support in the national innovation policies.Originality/value: The findings and conclusions in the paper may be used as an impulse for government bodies and innovation agencies in Slovakia to expand the current innovation policies for promotion of open innovation methods and models. This can foster innovations in SMEs with insufficient R&D capacities mitigating their innovation risk at the same time.

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Long Tail Theory Validity On Secondary Cultural Goods Market

Author(s): Martin Zelený,Jan Hanzlík / Language(s): English Publication Year: 0

Purpose: The following study is focused on the application of the long tail theory by Chris Anderson on the secondary market of cultural goods. The aim of the research was to investigate whether the original theory is completely valid on secondary cultural goods market or whether there are differences between Anderson’s results, which were based on literature and music sales data collected from primary market online retailers like Amazon, iTunes, etc., and analogous research based on data from secondary market.Design/methodology/approach: Our data set consists of past auctions data collected from the online marketplace eBay, specifically from British eBay UK and German eBay DE. We followed the original methodology to find out the differences. The research was complemented by the correlation analysis of prices, sales and overall popularity as well as by examination of the historical prices progress.Findings: The application of the original methodology on the data from the secondary market resulted in similar tail shape, which basically confirmed the validity of the theory, however with significantly larger head part and other differences. Further examination revealed the fact that it is not the niche products, but rather the “mainstream” products that dominate the final sales. The correlation analysis of sales and prices also revealed strong non-linear dependence between price and quantity of sold items. Examination of the past price progress of selected group of items confirmed that slowly rising, but still limited supply creates a concretely defined market part that provides both investment and entrepreneurship opportunities.Research/practical implications: The paper provides implications for further research of the secondary cultural goods market. As for practical implications, the paper defines a concrete part of the secondary market that provides both investment and entrepreneurship opportunities. Originality/value: This paper fulfils the need to study how the differences between primary and secondary market affects demand, consumer behaviour and subsequently final sales structure.

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Trends in the Area of Responsibility and Justice in the Activities of Enterprises: Implications for The V4 Countries

Author(s): Wojciech Zysk / Language(s): English Publication Year: 0

In the era of globalization, internationalization of enterprises, liberalization of international trade and the increasing division of the world into countries of the rich North and the poor South, the ideas of responsibility and justice in business operations are permanently present. The objectives of this study are as follows: the characteristics of the role of transnational corporations in raising the level of the stratification of society in the rich North and the poor South and an attempt to develop recommendations for the V4 countries as for the development of corporate social responsibility, responsible investment and fair trade.Design/methodology/approach: Empirical analysis was conducted on the data collected from The Fortune Global 500 List 2016, Report on US Sustainable, Responsible and Impact Investing Trends, Fairtrade International Annual Reports, EUROSIF and other sources. Time series analyzes were made to fulfil research aim. The descriptive method was used to develop recommendations for the V4 countries.Findings: This paper presents global and European trends and developments in described area, and lessons learned for the V4 countries. The study covers the period 2004 - 2015, which will allow to analyze the phenomena, both before and during the economic crisis. Research/practical implications: Developing social responsibility, responsible investment and promoting the fair-trade movement in Poland, the Czech Republic, Hungary and Slovakia can contribute to the initiation of changes to the rules governing the world today and starting a new era in fairer trade on the international level. Originality/value: The proposal to increase cooperation of the V4 countries in the area of the three described processes in order to fight against illegal labor migration which is increasingly taking place in the European Union.

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