Abstract: In recent years, the world has been facing issues concerning global warming and climate change. Therefore, one of the EU's priorities is limitation of gas emissions and promotion of energy production from renewable sources. On 23 April 2009, taking into account the level of economic development and the sources from which energy is obtained, the EU adopted Directive of the European Parliament and Council No 2009/29, which imposed limits on member states for the production of greenhouse gases. The aim of this research is to investigate whether and to what extent economic development stimulates the production of energy from renewable sources. For this purpose, we analyzed data from 28 EU countries from 2004 to 2014 to determine whether countries characterized by large greenhouse emissions are catching up "green" nations.

Keywords: renewable energy; global warming; climate change; hierarchical cluster analysis

Abstract: The aim of this paper is to analyze the approach to risks and risk management, as well as, the influence of selected factors to the risk management in small and medium-sized enterprises in the Czech Republic. This paper introduces the results of research conducted in 2015, at Tomas Bata University in Zlín. Data obtained through an on-line questionnaire incorporates information about SMEs (Small (Micro) and Medium-sized Enterprise) from all over the Czech Republic were surveyed by using an on-line. Although the sample of 1,141 respondents has not been collected through targeted sampling, and hence, cannot be regarded representative, owing to its size, it still provides trustworthy information about the business environment in the Czech Republic. The areas of risk perception, risk elimination and the courage to invest in risky projects were used for this paper. The influence of gender, age and age of the company on the courage to take business risks has been shown. Men are more likely to undergo the experience of risk taking than women, younger than older entrepreneurs, university-educated entrepreneurs rather than the less educated. The results of the research were then compared with previous surveys or publications.

Keywords: risks; approach; entrepreneurs; reserves; Czech Republic

Abstract: The European banking sector has been in the center of interest for the last ten years. There are several reasons for this: An impact of global financial crisis on banks stability; Fundamental influence of banking sector on the effectiveness of governments’ anti-crisis actions, Vulnerability of banking institutions to the crisis of the Euro currency and last, but not least, the problems of the biggest banks in Italy and Germany, which for the last decades have been considered as the most efficient. The financial crisis and its negative influence, not only on the small national banks, but also on the strongest International Institutions, has shown that the problem of measurement of efficiency of the banking sector is still a current topic, important not only from the perspective of academic research, but also form the point of view of National and International Regulators. In this context, the objective of this study is to propose a methodology for a comprehensive evaluation of operational efficiency of the banking sectors in EU countries. The pointed problem is often discussed in a nonlinear fashion. Thus, the potential methodological proposal should be based on the interaction of multiple inputs with multiple outputs, without the knowledge of the functional relationships between them. In the research, Data Envelopment Analysis, is given as a suitable instrument for this purpose. Thanks to this methodology we measured the degree of (in)efficiency of banking sectors in the EU countries. Additionally, we proposed measures to increase their efficiency. We found that there are differences between the efficiency of banking sectors of “old” fifteen and “new” EU member countries. We also confirmed that there is a noticeable difference between the efficiency of banking sectors within the European Monetary Union members and Countries which do not belong to the Euro-zone.

Keywords: efficiency; banking sector; Data Envelopment Analysis; Malmquist Index

Abstract: The aim of this paper is to introduce a composite coincident indicator for the Slovak economic cycle. The theoretical part of the work is concentrated on the analysis of current monitoring options of economic cycle using GDP, industrial production index and composite indicators. The analytical part of the work pays attention to authors’ own composite coincident indicator and to testing its monitoring capabilities. Methodology used in this paper is a combination of the methodologies by the OECD, Conference Board and the authors of this paper. Such methods as seasonally adjusted time series, Hodrick- Prescott filter, standardization and cross-correlations are used as applied to 134 indicators of Slovak economy. Coincident cyclic indicators are selected from them, as they form the basis for Slovak composite coincident indicator. The resulting coincident composite indicator for Slovakia is made up of four indicators - employment in manufacturing, export of goods and services, the number of hours worked in industry and industrial turnover. The assembled indicator is then tested over time and a need for change in its composition as a result of significant economic changes is grounded. Significant changes in the composition of coincident cyclical indicator for 2010 are also proved. For the period of 2010-2015 a new composite coincident indicator is suggested of the composition of production index in the construction industry, a factor limiting production - insufficient demand, unemployment in the age group of 25-74 y.o. and short-term interest rate.

Keywords: business cycle; composite coincident indicator; gross domestic product, industrial production index

Abstract: In recent decades, the features making up corporate budgeting systems have been profoundly deliberated over by academics and professionals. Indeed, so-called traditional methods of budgeting have borne the brunt of severe criticism due to their inflexibility and the sheer amount of time they demand of employees. Nonetheless, several examples exist of budgeting systems that have somehow been transformed, and of organizations which have adopted advanced, flexible budgeting procedures based on evaluation of performance. In the study presented, the authors look into any relationships that may exist between the primary elements of corporate budgeting systems and their performance in the enterprise. The aim is to contribute towards existing knowledge by: 1) summarizing the latest advances that relate to budgeting and corporate performance; 2) reporting on current budgeting practices applied by companies in the Czech Republic, with analysis of how budgeting systems affect managerial behaviour; 3) evaluating any statistical dependence between selected features of corporate budgeting systems; i.e. utilizing a budget as a managerial tool, how enterprises express the added value of budgeting systems, endeavour on the part of management in implementing an effective budgeting system, the workload pertaining to individual components of a budgeting system, and the significance of a budgeting system in comparison with other tools designed for adapting to change in market conditions. In general, the study describes interconnections between the profit-based performance of firms and the majority of the factors and features of the budgeting systems examined.

Keywords: Budgeting; Corporate Performance; Beyond Budgeting

Abstract: The processes of transformation and the changes in company structures that have been carried out in market economies have impact also on human resources management in all businesses. The objective of the paper is to highlight the current trends in human resources management and development in small and medium-sized enterprises in the countries of Visegrad Group. The research has been focused on a set of factors having impact on human resource management in enterprises operating in selected countries. The methodology is selected in line with the goals of the research. We have proved what macro-factors and to what extent have impact on human resources management. Our research has been focused on identifying current trends in the above mentioned field. Our concern has also been to present micro factors that have impact on making decisions by personnel managers. The key factors, corporate strategies and corporate policy in human resource management in small and medium enterprises are presented in the paper.

Keywords: human resource management; small and medium enterprises; development and trends in human resource management; Visegrad Group

Abstract: A survey was conducted to gain information about typical and atypical patterns of employment among unemployed, students of higher education and companies. The research was geographically restricted to the Slovak-Hungarian border region, to Komárom - Esztergom (Hungary), and Révkomárom (Komarno) - Párkány (Šturovo) (Slovakia) areas. A questionnaire survey was applied, which could be submitted in printed form or electronically. The research was actually a continuation of a previous study with a focus to find out how atypical forms of employment were able to reduce and influence unemployment.

Keywords: employment; atypical employment; youth employment; re-employment of the unemployed; corporate attitudes

Abstract: Online shopping, as a form of e-commerce, is not nearing extinction anytime soon. As the interplay between shoppers and vendors continues to grow in the midst of complex transactional data, extracting knowledge from the data has become imperative. In view of this, this paper explores the use of the association rule mining technique to glean relevant information from such shopper-vendor interactions. In particular, this paper looks at some of the unusual, frequent relationships existing between online shoppers on one hand, and vendors on the other hand in the Czech Republic. The results revealed with higher confidence values the following: (1) there is a strong association between criteria for buying items on the Internet and information gathered before initiating an online transaction; (2) a sizable number of online customers engage in online shopping because of the price attached to the product in question; and (3) a greater proportion of online customers engage in online transactions through specialized e-shops. The work provides general insights into how shopper-vendor transactional data can be explored.

Keywords: E-commerce; online shopping; consumer buying behavior; association rule mining

Abstract: This paper introduces a pilot project, which focuses on solar energy usage through the implementation of circular energy-sharing solutions, by event management. The conducted research examines the possibility of constructing a solar power park for a possible Olympic village. The study demonstrates a newly developed methodology which has been created to measure the circular efficiency of similar events. The analysis also elaborates on innovative business and technological solutions for developing solar energy schemes, which can be applied to circular principles and lead to further social-economic-environmental benefits. According to the findings, the current energy infrastructure is not always suitable for improvement to higher development levels. The structure itself requires fundamental changes in order to enhance the sustainable and circular performance. Thus, pilot projects are required, as a first step, to implement similar technological and business salutations. In the case of earlier Olympics sustainable or carbon strategies, instead of long term planning, was important to focus for the short term thinking and management actions (carbon and ecological footprinting). The implementation of such novelties (circular principles), at highly anticipated events, could contribute to spreading closed structured, circular thinking in the future.

Keywords: circular economy; sustainable event management; circular economic value; solar energy park; energy cooperative; Olympic games; event management; renewable energy