Journal of Economics - Obsahy ročníkov

Microfinance institutions finance their business activities primary with cli-ents’ deposits, equity, subsidiary or with external funding. The aim of our thesis is to determine whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. Our findings reveal that the growth of external sources is positively associated with the number of female borrowers, interest rates or total expenditure. Significant negative effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time. Keywords: microfinance, macroeconomic indicators, banking sector, external funding JEL Classification: G21, H25, O11, O17

We present a dynamic model for optimal investment decisions in privately managed defined contribution (DC) pension plans. Stock prices are assumed to be driven by the geometric Brownian motion. Interest rates are modelled by means of the Cox-Ingersoll-Ross model (CIR). The model determines an optimal fraction of pensioner’s savings (in time) to be in-vested in an equity fund, with the rest invested in a bond fund. Next, we present sensitivity analysis with respect to various relevant parameters. We also perform stress-testing of optimal investment decisions under different equity return scenarios. The entire analysis is carried out on the actual Slovak DC scheme and all model parameters are calibrated by the latest available data. Keywords: dynamic stochastic programming, funded pillar, utility function, risk aversion, Slovak pension system, defined contribution pension scheme, pension portfolio simulations, glide path JEL Classification: C15, C61, E27, G18, G11, G23

Family businesses are generally considered to be different from nonfamily firms. Couple-run companies represent a subset of family business but are often excluded from comparative analyses since they lack one of the basic attributes of family businesses – the intention for succession. The goal of this study is to explore the financial differences between copreneurial firms and other firms where spousal relationships are not involved. We tested the differences between couple-run and non-couple-run companies using the matched-pair investigation. The sample was composed of 130 pairs of companies from the period 2007 – 2012. We used the Student’s t-test to explore the differences in profitability, labor productivity, level of debt, liquidity, and asset management. While copreneurial companies seemed to perform better in terms of operating efficiency (profit margin), they performed worse in terms of labor productivity and asset use efficiency (asset turnover), carried less debt and were comfortable with a lower liquidity. Keywords: couple-run companies; copreneurship; financial performance; family business JEL Classification: L26, M10

The aim of this article is to obtain essential information on the flood risk insurance in Slovakia based on the analysis of available data on insurance contracts and flood insurance claims in the period 2002 – 2011, as well as on the possible factors influencing its temporal and spatial variability. Research on the relationship between the flood insurance coverage, flood hazard and socioeconomic status expressed through a poverty index at district level indicated no significant effect of flood hazard level on decision to ensure property insurance against the flood risk. The financial situation of the population together with empirical experience with flood damage payment by insurance company and the poor awareness about flood hazard potential can be identified as the main determinants influencing the level of insurance against the risk of flooding in Slovakia. Keywords: insurance events, insurance claims, flood hazard, flood risk, flood insurance coverage, index of property JEL Classification: G22

Migration is expected to play an important role in establishing labor market equilibrium as implied by the neoclassical regional growth model. The economy in Slovakia has experienced a series of major interventions, potentially accompanied by regional adjustment processes: the post-socialist transition from a planned to an emerging market economy, partial separation from the Czech economy, and integration into the global economy on the basis of European Union membership and resultant investments. The core-periphery structure of the national labor market is expected to affect relocation decisions of households, and vice versa, migrants are expected to modify regional labor markets based on the origin and destination of their moves. This paper examines the migration response based on varying regional economic conditions. The spatial panel modeling framework is used to verify the existence of effects from unemployment rates and the level of employees' wages. These levels and lagged first differences between one and ten years suggest a complex chronological response in the size and significance of the effects, differentiating between early and late responses within and between regions. Keywords: migration, spatial panel model, unemployment, wages JEL Classification: J61, O15, R23