Journal of Economics - Obsahy ročníkov

This paper examines the determinants of total early stage entrepreneurial activity (TEA) within European countries and the different effect of these determinants on general population and senior cohort (aged 50+) in Eastern and Western Europe. We exploit the Global Entrepreneurship Monitor (GEM) dataset spanning years 2001 – 2012 to address this issue. We examined both standard individual characteristics and indicators of social capital, and entrepreneurial potential (based on entrepreneurial skills, perception of opportunities and fear of failure). Using a multi-level logistic regression, we also analyzed impact of specific characteristics of entrepreneurial environment. The results show that negative perception of skills and opportunities significantly lowers the probability to be involved in TEA. We also find that cultural norms, government programs and good banking services have a positive impact on TEA. Keywords: entrepreneurship JEL Classification: L26

We investigate the developments of output volatility and competitiveness during the recent global recession using a unique firm-level database. The database combines Slovak balance sheet and trade data with results of a qualitative questionnaire survey on the firm competitiveness. The results of our quantitative analysis show that younger, less export oriented and more productive firms with comparative advantage weathered the crisis better. In addition, we find that highly efficient leadership, professional management and strong orientation on cost reduction helped firms to recover from the crisis and reach higher than the pre-crisis level of competitiveness within a short time period since the outset of the crisis. Keywords: firm performance, volatility, competitiveness, recovery, qualitative factors, firm-level data, quantitative analysis, Great Recession JEL Classification: D22, L25

The concept of performance budgeting is applied in the public sector of most OECD countries, while nearly half of the OECD member states has been using this concept for more than fifteen years. Slovakia employs this concept in the management of local governments since 2009 through the mechanism of program budgeting. Program budgeting has been introduced within the scope of public finance management reform as a tool to increase transparency and efficiency of use of public funds. The study presents information on the program budgets of the twenty largest cities in Slovakia with a total of 278 budget programs and evaluates the relationship between the structure of the program budget and the ability of municipal government to reliably predict the expected amount of budgeted expenditures. Analysis suggest a statistically significant relationship between the size of budget variance and quantitative-qualitative parameters of program budget such as level of budget details, proportionality of budget line items, and the use of measurable indicators. Keywords: program budgeting, performance budgeting, budget variance, public administration JEL Classification: H72, H83

Cluster concept represents one of widely discussed approach used by policy makers in many countries because clusters create conditions and overall environment for e.g. higher efficiency, stimulate cooperation, increase innovation performance as well as patent activities of individual firms. Moreover clusters belong to factors attracting foreign direct investments. Cluster concept has not been systematically used in the Slovakia by policy makers so far. Nevertheless, many technological cluster organizations as well as cluster organization in tourism have been created spontaneously. The paper presents results of the technology-oriented cluster organization mapping. Mapping shows that cluster policy if truly implemented has a significant potential to stimulate cluster development. Keywords: cluster, cluster organization, cluster policy, mapping JEL Classification: O21, O25

Immediate annuitisation as a strategy for a welfare maximization for a payout phase in private pension schemes has been widely criticized. We examine the self-annuitisation strategies under two different consumption rates using programmed withdrawal compared to the immediate annuitization for a retired individual subject to uncertain portfolio returns and longevity risk. The aim is to examine the utility of both approaches under the existence of longevity risk on one side and bequest on the other. Results could serve as a basis for further discussion on improving the legislature on pay-out phase in Slovak private DC pension pillar. Keywords: annuity, programmed withdrawal, private DC pension, information asymmetry JEL Classification: D14, D81, E21, G18, G23