Journal of Economics - Obsahy ročníkov

The article deals with an empiric analysis of behaviour of contracting authorities when tendering public contracts. In the context of theories dealing with rational, imperfectly rational and rationally inattentive behaviour of agents, it tries to describe the problem of avoiding risk by the contracting authorities in further detail. Theories observing behaviour of bureaucracy – no matter how well they are reasoned – mostly meet the problem of empiric verifiability. In this case, the authors try to fill the gap using an empiric analysis where it is worked with real data of public contracts from 2010 – 2014. We can consider the main findings to be the fact that public contracting authorities prefer strategies that are based on a reduction of risk of conflicts with the regulator. These strategies are chosen mainly based on signals of behaviour of central authorities, rather than based on the effort of gaining the most informative strategy. However, the final result is the same. In the authors’ opinion, the aversion to risk by the contracting authorities, which is enforced by the public policy in this field, plays the major role. Keywords: public procurement, risk, bureaucracy safety JEL Classification: H57, H11, K11

The aim of this paper is to verify systematic risk possibility in an alternative way using the accounting data. The verification is based on the Brimble-Hodgson accounting model, which we tested on a sample of EU-15 companies within ten years in total and separately for each concerned industry. We developed our own model using accounting data due to the more general model applicability, and tested the model on the same sample of a company. We obtained data for the analysis from the Datastream database. The Brimble-Hodgson accounting model could explain 28 – 77% of the variability of systematic risk, and our accounting model explained 21 – 75% of the variability of systematic risk, depending on the sector. The result is to identify determinants affecting systematic risk to individual industries, and formulation of industry-based accounting models, which can be applied in practice. Keywords: Capital Asset Pricing Model, beta coefficient, systematic risk, accounting model JEL Classification: G30, G33, M20

Paper analyses the differences between early stage immigrant and native entrepreneurs regarding growth determinants and growth aspirations, across southeast (SeECs) and north and west (NwECs) European countries as well as the associations between their growth determinants and growth aspirations. The study used data from the Global Entrepreneurship Monitor Adult Population Survey. Results 1) significant differences between growth aspirations of immigrant and native early stage entrepreneurs were found only in the group from north and west European countries; 2) growth determinants stimulate early stage entrepreneurs’ growth aspirations in both regions; 3) significant differences between growth determinants of immigrant and native early stage entrepreneurs were found only in the group from north and west European countries. For this region, it was confirmed that immigrants’ early stage entrepreneurs are using new technologies and introduce new products/services as well as are internationally oriented to a significantly greater extent than native early-stage entrepreneurs. Keywords: immigrant entrepreneurship, growth aspirations, innovation activity, international orientation, South-East European countries, North and West European Countries JEL Classification: M13, L26, J61, F22

The aim of the article was to design an enterprise performance assessment model that accepts the results of selected financial indicators, ex ante models and risks. For the identification of risks, two approaches to calculating the Cost of Equity were applied. The first approach was based on CAPM's calculation of Cost of Equity, with the assumption of external and systematic risks. The second approach was based on Build-up model with the acceptance of internal and non-systematic risks. The data of the food industry enterprises in Slovakia for the period 2004 – 2013 were used to implement this research. Based on the application of these approaches, it was possible to identify the impact of internal, external risks, systematic and non-systematic risks on a company performance. Finally, we constructed new 3-dimensional Enterprise Risk Model (ERM) is a suitable risk management tool for assessing and predicting the risk impact on the enterprise performance. Keywords: Enterprise Performance, Risks, Cost of Equity, Enterprise Risk Model JEL Classification: C51, C52, C53, G32, D81

This article deals with three different approaches to health care consumption and financing that have evolved in health policy of developed countries. After classifying them, it focuses on public financing the necessary health care that should be universally available. Czech system of public health insurance has been established at the beginning of the 1990’s as a compromise between the institutional framework and aims, which were highly relevant during early phase of economic transformation. The article analyses the possibilities of transition from this system to earmarked health tax on personal income as a dominant source of health care financing, while preserving the current level of fiscal capacity for health budgets. Simultaneously the socio-economic consequences of such a system are discussed, while keeping social and health policy context relevant. Keywords: health insurance, personal income tax, health policy, earmarked health tax JEL Classification: I13, H20, H51