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Educational Investment, Human Capital and Economic Growth - Evidence from Transition Economies
Zhao, Yimeng ; Vokoun, Marek (advisor) ; Douarin, Elodie (referee) ; Svoboda, Karel (referee)
IV ABSTRACT Human capital theory suggests that education can contribute to economic growth. However, empirical evidence shows mixed positive and negative relationships between educational investment and economic growth. Meanwhile, there is little literature devoted to the impact of educational investment on economic growth in transition economies and most studies ignore the moderating effect of institutional quality, which may lead to biased conclusions and leave an important research gap on this theme. This thesis develops an extended MRW model based on the endogenous growth theory and uses the System GMM method to estimate the impact of educational investment on economic growth and the moderating effect of institutional quality in 22 transition economies from Europe and the former Soviet Union over the period 2002-2020. The research finds that educational investment can promote economic growth in transition economies and some dimensions of institutional quality have the moderating effect on the impact of educational investment on economic growth. Specifically, government efficiency and control of corruption have a positive moderating effect, while regulatory quality and rule of law have insignificant moderating effects. Finally, based on the empirical results, this thesis makes several recommendations for...
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Foreign Bank and Financial Development: Factors Affecting Foreign Bank Effects in CEE Countries
Hou, Jiale ; Vokoun, Marek (advisor) ; Chondrogiannis, Ilias (referee) ; Jeřábek, Petr (referee)
This dissertation analyses country-level data for 12 CEE countries from 2000 to 2021 using the Dynamic GMM methodology. The aim of this article is to investigate the effect of foreign bank entry on four dimensions of financial development, which are financial stability, efficiency, depth and access. Furthermore, the article will examine the factors affecting foreign bank effect, including the economic and institutional level of domestic banks and the extent and stage of foreign bank entry. The result shows that foreign bank penetration has a positive influence on financial stability and efficiency, while it has a negative effect on financial depth and access. In general, a high level of economic development and a stringent and well-developed institutional environment is favourable for foreign banks to exhibit a positive influence on financial development. And the bad influence of foreign banks on financial depth and access is diminishing over time. Results regarding the relative importance of foreign banks indicate a mixed conclusion. Overall, this dissertation supplements empirical evidence on the link between foreign banks and financial development in CEE regions and could provide more insights to policymakers.
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Customer Satisfaction's Mediation Role in the Relationship Between Service Quality and Customer Loyalty: Evidence From ČSOB
Zhong, Yu ; Vokoun, Marek (advisor) ; Chondrogiannis, Ilias (referee) ; Paulus, Michal (referee)
455 questionnaires data from ČSOB customers about their satisfaction towards digital service quality is used to investigate the relationship between digital service quality and bank customer loyalty. This study introduces a six-dimensional model, i.e. Tangibility, User-friendliness, Security & Privacy, Responsiveness, Efficiency, and Personalization. To assess mediating effects of bank customer satisfaction, structural equation model is employed. ČSOB brand equity is also selected for the moderating effects. The empirical results entails that all six dimensions selected for this study are positively related to bank customer satisfaction and loyalty. The moderating effects of ČSOB are not significant between digital service quality and bank customer satisfaction, but they are between bank customer satisfaction and loyalty. Therefore, six main factors influencing users' perceptions of digital service quality at ČSOB were identified, and brand equity does not allow customers to build satisfaction with digital services directly but can build customer loyalty in the long-term use of digital services. These findings give additional empirical evidence for the digital service quality model and provide theoretical support for the transformation of traditional banks into digital to meet users' expectations...
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Corporate Social Responsibility and Corporate Financial Performance: The Mediating Role of Innovation Ability
Li, Xiangyu ; Baxa, Jaromír (advisor) ; Merrino, Serena (referee) ; Vokoun, Marek (referee)
Firstly, this paper empirically analyzes the relationship between corporate social responsibility and corporate financial performance without considering innovation ability by using dynamic panel threshold model. The empirical results show that there is a nonlinear relationship between corporate social responsibility and corporate financial performance; Corporate social responsibility has a double threshold effect on corporate financial performance, and the positive impact of corporate social responsibility on corporate financial performance decreases marginally. Furthermore, this paper explores the intermediary or regulatory role that innovation ability may play between the two. The empirical results show that this paper measures the innovation ability of enterprises by innovation input, innovation output and innovation efficiency, but only the first two play a partial intermediary role and positive adjustment role in the relationship between corporate social responsibility and financial performance. By analyzing the relationship between corporate social responsibility and financial performance in Poland, this paper examines the influence of innovation ability on the relationship between them, which provides a new perspective for enterprises to achieve better financial performance and the...
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The influence of the IKEA effect on a value of good
Sedlická, Monika ; Vokoun, Marek (advisor) ; Nikolovová, Pavla (referee)
In 4 experiments in which students assembled IKEA boxes, built LEGO-like construction sets and folded origami I demonstrate and examine the IKEA effect, which is defined as consumers' willingness to pay more for self-created products than for identical products made by others. I show that their increased valuation is led by the feelings of competence associated with self-created products and that affirming consumers sense of self decreases the value one derives from his creations. I found that students value more their labor only when labor results in successful completion of task regardless of whether they are "do-it-yourselfers" or not. I did not observe the IKEA effect in particular case of origami.
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The Minimum Wage and its Socio-economic Consequences in the Czech Republic
Marková, Tereza ; Vokoun, Marek (advisor) ; Chytil, Zdeněk (referee)
This thesis deals with the minimum wage consequences related to socio-economic indicators. It summarizes the basic theoretical concepts of a minimum wage and includes a comprehensive review of empirical studies about the minimum wage effects on labour market outcomes. The empirical analysis stresses the possible impacts of raising-the-minimum-wage economic policy on the employment rate with a focus on groups of most vulnerable workers in the Czech Republic. The econometric analysis utilizes quarterly data from 2000 to 2013 and focuses on workers with the lowest wage in the Czech Republic. It was not possible to confirm any statistically significant effect of the minimum wage on the total employment and the employment of workers from recreational, cultural and sporting sectors. However, the results do suggest that an increase in the minimum wage growth by 10% reduces the employment growth of workers aged 15 to 19 years by 3.9%, the employment growth of the least educated workers by 2.1% and the employment growth of hotel and restaurant workers by 1.6%. The socio-economic impacts of raising the minimum wage has to be taken into account in developing policy measures.
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Impact of Public Sector Efficiency on Economic Growth
Bartoň, Daniel ; Vokoun, Marek (advisor) ; Čermáková, Klára (referee)
Public sector efficiency is considered an important component of economic growth. The study describes and quantifies the impact of public sector efficiency on economic growth, capital investment and human capital accumulation in the sample of selected European countries in the years 1995--2012. According to our results, the amount of output is affected by the quality of the administrative system and enforceability of property rights. The negative impact of inefficiency on long-term growth was however not clearly proved. Tax burden, regulation and functionality of property rights seem to be the main investment determinants.
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Efekt relativního věku: Případ České republiky
Dzholdoshev, Semen ; Vokoun, Marek (advisor) ; Rod, Aleš (referee)
Consequences of an advantage a child gains whenever he is relatively more mature than his competition from the same cohort are called theRelative Age Effect (RAE). The RAE has been of insterest to researchers throughout the world since the 1960s. Proper understanding of this issue would help us with eradication of the DWL created by inefficient selection processes. Up to this point, imperfect statistical methods were used for examining the RAE. Economists have begun to attempt to fix that. This paper continues with that work by applying the instrumental variable approach on data from the Czech Republic. Data from the Czech Tennis Association and a primary school were collected and analysed. The RAE was not found in the primary school, most likely due to insufficient data set and consequential omitted variable bias. Weak, but statistically significant RAE was found in Czech tennis competitions.
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Management analysis of the state-owned enterprise Forest of the Czech republic and his impact on the private sector
Prášková, Jarmila ; Vokoun, Marek (advisor) ; Šlajs, Jan (referee)
In my thesis I focus on the public ownership of forests with emphasis on state-owned enterprise LCR. The aim is to analyze the forestry-wood sector and determine whether publicly owned enterprises of the sector affect, or specify how. The theoretical part deals with the historical development of forest ownership, political aspects of their property, non-productive functions of forest management. Furthermore you examine the status of forestry in the national economy and analyze financial LCR, s.p. in the period 1998-2010. The practical part is then trying to use regression analysis to prove or disprove the impact of public ownership of the sector. In the examined sectors we have observed increasing returns of capital and declining income from work. Applied models revealed a large heterogeneity of the data, the influence of public ownership is therefore proved.
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Počet patentových prihlášek a patentový poplatek u Evropského patentového úřadu
Vokoun, Marek ; Košťáková, Tereza (advisor)
Costs of obtaining and maintaining patents granted via European Patent Office are one of the highest on the world. Counts of European patent applications per million capita are markedly different in the EU25 during the years 1997 and 2001. Countries are segmented according to their economic development. Analysis deals with this segmentation and is also targeted on price effect, measured via CPLI (Comparative price level indices). Two indices will cover these effects. Economic effect measured via GDP in PPS per capita, clean up from Price effect. And Price effect measured via CPLI which is used for spatial comparisons of relative price levels in the EU25. Not only has the impact of price effect affected the counts of patent applications. The European patent procedure it self and other possibilities to protect invention together with price effect make up a complex mix, which prejudice the value of patent indicators which are based on European patent applications.
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