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Determinanty přímých čínských investic do zemí střední a východní Evropy
Belvončíková, Barbora ; Janíčko, Martin (advisor) ; Rod, Aleš (referee)
Chinese outward direct investment is surging and is unique in the sense that its development is much faster than of any other developing country. This thesis investigates the determinants of Chinese outward direct investment (ODI) in eight countries of Central and Eastern Europe throughout the years 2003-2014. Using panel data analysis, the regression model incorporates both traditional macroeconomic variables as well as institutional variables, testing thereby what are Chinese ODI driven by in those post-communist countries. The quality of institutional framework is represented by EBRD indicators, which seem to be more suitable for transition economies. Findings suggest that Chinese MNEs do not access Central and Eastern European countries primarily for market-seeking reasons, however the fact of being a member of the EU boosts Chinese ODI, since entering a member state market grants at the same time access to the whole EU common market and this fact is decisive for China. Also, R&D capacities play an important role in attracting Chinese ODI. On the other hand, Chinese ODI seem not to be associated with a good institutional environment of a host country, only large-scale privatization index is found significant and positively correlated with Chinese ODI inflow. Therefore, the findings of this thesis lead to the conclusion that macroeconomic factors are still more influential than the institutional ones when studying Chinese outward direct investment in Central and Eastern Europe.
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Globální letecké aliance: vliv spolupráce na individuální výkon aerolinií
Vasilyev, Mikhail ; Zouhar, Jan (advisor) ; Prokop, Jaromír (referee)
In recent years such constellations, like global aviation alliances were formed and they have been developing a lot. They heavily affect the airline market. Using the data from annual reports of 11 different airlines on operational and financial performances, I run a panel data model. The main objective is to understand the effect of global aviation alliance membership on the performance of airlines - revenue and passenger flow in particular. Using different methods and models, such as fixed effects and first differences based on panel data I was not able to document a significant result. Therefore, I could not conclude that it is either beneficial or not in terms of revenue and amount of passengers for airlines to enter an alliance. However, it is not the only thing to take into account and there is more to be researched in this industry, as well as a possibility to improve this research.
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The Impact of Migration on Economic Growth
Jančíková, Denisa ; Cahlík, Tomáš (advisor) ; Formánek, Tomáš (referee)
Human migration, the movement of people from one place to another with intention of settling there temporarily or permanently, is an integral part of development of human society. The beginning of the Industrial Revolution in late 18th century has resulted in economic growth and improvement of living standards. Countries, in which was industrialisation most intense attracted most immigrants. Second wave of migration was in second half of 20th century caused by development of communication technologies, which gave opportunities to less developed countries improve their economic development. This diploma thesis is aimed exactly on this period. Its goal is to research the impact of migration on economic growth and find out if the flow of migrants is beneficial for the economy or the exact opposite. The impact is examined by regression analysis on panel data for almost 200 hundred countries from whole world for time period 1955-2004.
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Management Board Composition of Banking Institutions and Bank Risk-Taking: The Case of the Czech Republic
Žigraiová, Diana
The paper investigates how the management board composition of banking institutions affects their risk-taking behavior in the Czech Republic. More specifically, we examine the effect of average director age, the proportion of female directors, the proportion of non-national directors, and director education level on four different bank risk proxies. We build a unique data set comprising selected biographical information on the management board members of Czech financial institutions holding a banking license over the 2001–2012 period. Our most robust finding is that higher proportions of non-national directors increase bank risk as measured by profit volatility and reduce bank stability as captured by the Z-score for the Czech banking sector overall and for the segments of general commercial banks, small and mid-sized banks and adequately capitalized banks. Moreover, we also detect risk-increasing implications of board size for the segments of building societies and small and mid-sized banks. As for average board tenure, its effect on risk-taking varies depending on bank characteristics. We find mixed evidence on the effect of female directors and do not find any strong effect of directors’ age on risk in the Czech banking sector. All in all, the results of our analysis are subject to the proxy of bank risk used. The reader should keep in mind that higher absolute level of bank risk is not necessarily unfavorable as it does not capture if risk-taking behavior is excessive for a given return.
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Regional unemployment disparities: The example of the Czech Republic
Nezbeda, Jaroslav ; Slaný, Martin (advisor) ; Brožová, Dagmar (referee)
The thesis analyzes factors, which affect regional unemployment rate in districts of the Czech Republic. It analyzes panel data of fourteen districts of the Czech Republic from years 2000-2012. It works with method of fixed effects. Next thesis covers two alternativ models, first model analyzes impact of the economic crisis between years 2000-2012 on determinants of regional unemployment rate. Second alternativ model compares factors affecting regional unemployment rate in districts of the Slovakia with factors, which have impact on regional unemployment rate in the Czech districts. Variables are devided into two groups, to economic and demographic. By regression was founded that regional unemployment rate of districts of the Czech Republic is mainly affected by economic factors, for example share of employed in the industry, level of education and regional product per capita. All of these factors have positive impact on regional unemployment rate. There is only one demographic factor which affects regional unemployment rate, it is population density, which has negative impact on regional unemployment rate. Next was founded that economic crisis influnced relationship between investment and regional unemployment rate. While before the crisis the foreign direct investment have negativ impact on regional unemployment, after the crisis foreign direct investment affects regional unemployment positively. In districts of Slovakia influence of economic and demographic factors id equal. There are for example share of employed in industry, foreign direct investment, population density and share of women on labour force.
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Determinants of tax revenue in OECD countries over the period 1999-2013
Tran, Tung Thanh ; Komrska, Martin (advisor) ; Chytil, Zdeněk (referee)
This bachelor thesis analyses impact of selected factors (economic, institutional and social-demographic) on tax revenue in 27 OECD countries. Four econometric models were estimated, based on panel data from the period 1999 to 2013. Analysed determinants of dependent variable are GDP per capita, shadow economy, openness to trade, civil liberties, corruption, population density and agriculture share in GDP. Results show that GDP per capita, as an indicator of the overall level of economic development, and even shadow economy have significantly positive effect on tax revenue. It was also found that agriculture share in GDP, corruption and quite surprisingly against my assumption civil liberties are negatively correlated with tax revenue.
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Is the development of the number of realized M&A transactions procyclical?
Červinková, Kristýna ; Stroukal, Dominik (advisor) ; Vozárová, Pavla (referee)
The aim of the thesis is to reveal the relation between business cycle and the number of transactions considering mergers and acquisitions. For this purpose the appropriate macroeconomics indicators have been chosen. The base hypothesis, which stands for the procyclical development of transactions, was examined by regression analysis of panel dataset containing quarterly based data from The Visegrad Group countries in the period from 2000 to 2014. The ordinary least square method together with robust estimation of standard deviation provided the confirmation about positive relation of the quarter change of GDP as the main explanatory variable and the number of transactions. Nevertheless, more robust findings appeared in case of significance of stock markets and public debt. The positive relation of the stock price was proven to be in accordance with the behavioral theory. The increase in transaction activity is capitalized through the profit from the sold of overprized stocks. Unexpected result about positive relation of public debt required the specification of assumption about the lower preference of smooth consumption of The Visegrad group households.
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Testing the neoclassical migration model: An empirical analysis based on panel data for the Czech republic
Kureková, Lucie ; Čadil, Jan (advisor) ; Mazouch, Petr (referee)
In this paper is tested validity of the neoclassical migration model. For this purpose, were used Fixed effects model and VAR model. Data contain period of years 2001 to 2010 from 14 regions of the Czech republic and dataset contains 140 observations. Empirical results of Fixed effects model show that socioeconomic determinants had signifficant influence on regional rate of migration in the Czech republic. The direction and strength of influence of the most explanatory variables corresponded to the neoclassical theory. Estimations of VAR model indicate that regional migration did not decrease disparities within regions. These results questioned validity of neoclassical migration model.
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Impact of 2008 - 10 economic recession on suicide in the Czech Republic
Celmanová, Barbora ; Rotschedl, Jiří (advisor) ; Čermáková, Klára (referee)
The thesis analyze the impact of 2008 economic recession on suicide rate in the Czech Republic. In the first step of analysis, time trends of suicide before economic recession are estimated. Historical trends had been declining for both sexes before recession. Based on these trends are estimated excess suicides in 2008 -- 2010 compare with the number expected suicides based on previous trends. In the second step of analysis, regression analysis using fixed effect is used to examine relationship between unemployment and suicides. It's found, that yearly fluctuations in unemployment are associated with annual changes in suicides among men. For women this relationship isn't significantly proved. The examination is conducted on 14 regions of the Czech Republic from 2000 to 2010. Main explanatory variable is the number of available job applicants that measures changes in unemployment. Other control variables are added to the models to eliminate fixed effects . The annual data for the male population shown, that in regions, where was the highest growth of unemployment rate, was also the highest increase in suicide.
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The analysis of relationship between unemployment and property crime
Fabová, Lucia ; Melzochová, Jitka (advisor) ; Brožová, Dagmar (referee)
Paper examines the relationship between unemployment and property crime activity. The analysis is conducted by the method of fixed effects on panel data for 14 regions of the Czech Republic. I use quarterly data from the first quarter of 2007 to the third quarter of 2013. The influence of unemployment is examined on models for 7 different property crimes: robberies, burglaries into shops, flats, houses, weekend cottages, pickpocketing and pilfering cars. After estimation the econometric model results show a positive effect of unemployment on burglaries to houses. Other monitored property crimes have not proven to be statistically significant.
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