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Shareholder Structure and Dividend Policy in the Developed Markets of Asia-Pacific
Get PDFThe objective of this study is to examine the relationship between the shareholder structure and dividend policy of an entire region - the developed markets in the Asia-Pacific region. The results show that at least three shareholder groups influence the dividend policy of companies. The group of investment advisors favours higher dividend payments. However, the greatest likelihood to receive extraordinary dividend payments is with shares of companies with a high stake of government investors. Further, the group of minority shareholders show a negative influence, which might be affected by the low interest-rate period and hence the lack of alternative investment opportunities for members of this group.O
The Effect of Ambient Temperature on Conception and Milk Performance in Breeding Holstein Cows
Get PDFThe aim of this study was to identify the effect of ambient temperature and season of the year on conception difficulties in Holstein cattle. The experiment was conducted on the School farm in Žabčice. Data were collected from July 2016 to January 2017. Experimental population counted 263 breeding Holstein cows, which were inseminated during the observation period. Results of this study confirmed the effect of temperature and season on conception rates in dairy cows. In winter season, successful conception was recorded in 56.36 % of cows in average ambient temperature 1.48 oC, in summer season the conception rate was only 40.43 % in average daily temperature 18.96 oC. A more detailed analysis revealed the highest conception rates in the dairy cows in January (88.24 %) and February (91.67 %). On the contrary, the worst results were recorded in September (22.73 %) and October (28.57 %). Evaluation of conception rate according to ambient temperature intervals showed best results for the temperatures below 5 oC. A part of the study was also evaluation of an association between daily milk yield and conception rate. This hypothesis cannot be conclusively confirmed, because milk yield was mostly similar in both groups (pregnant and non-pregnant) on the days of insemination. The effect of lactation order and mean daily milk yield on the conception rate in cows was not confirmed.O
Effect of money supply on the stock market
Get PDFThis paper observes effect of money supply on the stock market through the portfolio balance channel as a transmission mechanism of monetary policy. National flow of funds accounts, specifically assets from US households' portfolios, represent a key data source. Johansen's cointegration methodology is employed in the empirical part of the paper to analyze both short term and long term relationships among researched variables. Estimates of vector error correction model help to reliably quantify intensity of the effect. Results show money supply excercises influence on valuation of S&P 500 index with 6 months lag. The impact is also distinguishable in the long run, whereas all observed asset classes can positively influence price of S&P 500. Findings are then contextualized in the concluding part of the paper using a monetary policy framework.O
Internal Determinants Promoting Corporate Entrepreneurship in Established Organizations: A Systematic Literature Review
Get PDFDue to the increasing dynamics and complexity in the corporate environment, the importance of Corporate Entrepreneurship (CE) for the development and long-term sustainability of established companies' competitive advantages is continuously increasing. However, the literature still lacks a CE framework that consolidates and integrates the different research findings illustrating the impact of particular CE drivers. We conduct a systematic literature review of the current CE research to ascertain which internal determinants promote CE in established organizations and how they nurture creativity and innovation. Building on a four-dimensional CE framework, we identify several central determinants of CE and provide practitioners in established organizations with guidelines for successful implementation of CE. By identifying several topical and outstanding issues, the paper encourages further debate and research activity. Implications for Central European audience: This paper advanced the current CE research by systematically consolidating and integrating top management literature invoking multiple research streams and discussing several directions for further research. The developed framework reflects the current state of CE research and hence can serve as a guide for successful implementation of CE in established organizations, as well as for further investigation of the CE concept. Thus, this paper makes an important contribution to solving the puzzle of successful implementation of CE in established corporations.O
Evaluation of stallions based on linear description of their daughters
Get PDFThe purpose of our work was an objective evaluation of mares of the Czech warmblood horse based on the linear description, as well as the evaluation of the benefits of stallion breeding based on the linear description of their daughters and - for specific stallions - the evaluation of certain individual exterior traits which are passed on by stallions to their offspring. Stallion horses with at least 7 descendants were used for the evaluation and determination of the values, mares which underwent a linear description of traits at the age of 3 years. For this evaluation we used available data from the year 1996 to 2012, a total including 251 stallions and 4709 mares and more than 500 000 records related to the linear description. The data were gathered from the database of the Central Register of Horse Breeding at Slatiñany in the Czech Republic. These data were manually compiled using Excel 2007 and then processed and evaluated according to the objectives of the present study using the linear model GLM as well as the statistical programme Scheffe. The results of the study showed a convincing statistical influence of the stallions on all the monitored exterior traits analyzed on the mares for the father-factor, and after evaluating all the general exterior traits the statistical difference among the stallions was seen as convincing. We found out that in most cases the breed had no convincing statistical influence on the analyzed traits of the linear description. On the contrary, in terms of the other effects (father and year of measurement) we found a convincing statistical influence on all traits of the linear description. For some stallions we evaluated particular traits of linear description, which they pass on to their female offspring using charts and graphics. Afterwards we compared reciprocally certain stallions according to the traits of the linear description.O
Effect of sulphur foliar application on yield and grain quality of selected malting barley varieties
Get PDFThe aim of the experiment was to assess the influence of foliar application of sulphur on grain yield, N-substances and sulphur content in the grain. The content of dimethylsulphide (DMS) and its precursors (PDMS) of malt were determined. The study was performed in the form of a smallplot field trial between the years of 2010 and 2012, at a field trial station in Žabčice (South Moravia). Three malting barley varieties for the production of Czech beer (Aksamit, Bojos and Radegast) and three malting barley varieties for the production of export beer (Prestige, Jersey and Sebastian) were tested in that period. Sulphur (8 kg S per ha) was applied on leaves in the form of a suspension of micronized elementary sulphur with bentonite in stem elongation-first node (BBCH 31) and before end of heading (BBCH 57) of growth stages. Sulphur fertilization in both vegetation phases increased significantly grain yield and the most significant increase was detected after the application in BBCH 57. On the other hand, there was no accumulation of sulphur in the grain nor an increase in N-substances content. Sulphur fertilization did not increase DMS and PDMS content of malt as well.O
The impact of attention to news about tax changes on the stock market
Get PDFWe approach to point out new direction of measurement the attention of the news related to changes in taxes by using the application Google Trends. The objective of the study is to extend literature that investigates the impact of the information's search intensity provided by Google Trends on capital market. We show that increasing attention on tax changes measured by Google search decrease stock prices of the US companies listed on NASDAQ. Moreover, we focus on abnormal Google searches related to particular shocks. The study investigates the positive relationship between attention to news about tax changes and stock prices in a specific year. The cross-sectional analysis employs data from 2004 and 2005. At that time, President George Bush enacted tax breaks for overseas corporate profits, which had a great impact on search intensity within the period. Additionally, we differentiate between market capitalisation by using the dummy variables to put on the role changes of probability on selected datasets. The results confirmed higher impact of attention on large cap companies and point out the importance of sentiment analysis at liquid markets.O
A note on relationship between economic activity and stock market development: A case of euro area countries
Get PDFThe aim of the paper is to empirically examine if the causal relationship between economic activity and stock market development exists in the selected 11 EA countries. The existence of relationship is investigated with the use of cointegration, vector error correction model and Granger causality during three sub-periods between January 1993 and January 2017. The results show that the general conclusion on the relation between activity and stock market development cannot be stated and that country-specific development should be taken into account when making decisions either from the investors' or policy makers' perspective. It also seems that the level of integration plays important role when studying the nature of relationship between variables during different time periods.O
Effect of Protein Concentrate Supplementation on the Composition of Amino Acids in Milk from Dairy Cows in an Organic Farming System
Get PDFOur experiment examined the effect of feeding a protein concentrate supplement on the composition of amino acids in milk from dairy cows managed in an organic farming system. The experiment included two groups of cows. Animals in both groups received an identical basic feed ration composed of maize silage, clover-grass haylage from the first cutting, grass haylage from the first cutting, winter wheat and spring barley. The first group of dairy cows (n = 10) served as a control without the addition of protein concentrate to the feed ration. The second experimental group (n = 10) received in addition to the basic feed ration a protein concentrate composed of soybean, sunflower and linseed cakes at rate 1 kg per head per day. The experiment lasted 30 days. Milk analysed for amino acid content was sampled at 10-day intervals. Addition of the protein concentrate significantly increased milk contents of aspartic acid, proline, threonine, glycine, alanine and glutamic acid. A significant decrease of valine also was recorded in milk from the experimental group. The results of our experiment show that a protein concentrate supplement can affect concentrations of some amino acids in milk from dairy cows.O
The role of small and medium-sized enterprises in the development of rural areas
Get PDFApart from the indisputable importance of SMEs to the national economy, they also provide social and economic benefits for regions they operate in. In this context, the rural areas seem to be interesting because currently there can be seen a reappraisal and emphasizing of their importance. Between 2015 and 2016 there were carried out surveys in two different regions (Hodonin and Holešov) in order to define the role of SMEs in rural areas. The aim of these surveys was to determine how the particular players of the regional development subjectively perceive the role of SMEs in rural areas, particularly how is the role subjectively perceived by SMEs themselves and also by local representatives in the given regions and how SMEs perceive doing business in such regions. The analysis of survey results together with the analysis of secondary data on the important characteristics of these two regions provided the basis for comparison of subjective perception of SMEs; economic and social benefits in these two different regions. According to our findings the role of SMEs in rural areas in the Czech Republic is determined by the creation of competitive environment, the deepening of ties between apprentices and practice, the use of local resources, the increase in rural area attractiveness, the financial benefits for municipalities, the creation of vacancies, the sustaining of positive relationships within the local community and the development of infrastructure.O