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The Nature of Entrepreneurship: Society, the Individual and the Firm
Kapustin, Victor ; Benáček, Vladimír (advisor) ; Balcar, Petr (referee)
Entrepreneurship is often perceived as a crucial component of economic growth and social development. Studies into entrepreneurship inform policy design, thus the diverse understanding of entrepreneurship among scholars can create confusion in policy design. The current state of the field of entrepreneurial research is examined in order to identify the need for a universal definition of entrepreneurship. After a synthesis and analysis of prior research is conducted to identify the various links in perspectives, a new definition and framework is suggested. The resulting framework sees entrepreneurship as an autocatalytic process of creation of meaning and the consequent retention of said meaning in the structure of a new venture. The elements of this framework (autocatalytic process, creation of meaning, and retention in structure) can be assigned varying degrees of importance corresponding to differing perspectives, while simultaneously ensuring the presence of each element. The developed framework can be used to better inform the decisions of scholars and policy makers, due to the uncovering of the complex relationships between society, individuals and firms.
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Stochastic models in theory of the firm
Vaněk, Petr ; Kopa, Miloš (advisor) ; Hendrych, Radek (referee)
The goal of this bachelor's thesis is the stochastic extension of deterministic models belonging to the theory of the firm. The thesis deals specifically with finding optimal solutions for deterministic and stochastic problems of production maximization, cost minimization and profit maximization. At first, basic concepts of theory of the firm are introduced in this work and also there are listed deter- ministic optimization problems with their solutions. Then these deterministic models are extended by random input prices and random demand. A stochastic programming solution is proposed for each extension. The end of this bachelor's thesis deals with the practical stochastic problem of production maximization, which illustrates the dependence of the optimal solution on the input parameters of the model. 1
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Alternative theories of the firm
Myakotskiy, Dmitriy ; Soukupová, Jana (advisor) ; Džbánková, Zuzana (referee)
This paper covers the issue of alternative theories of the firm. The theoretical part is separated into two chapters and their goal is to acquaint readers with this topic of microeconomics. On the base of described models will be explained ambiguous approach to theme. After this, follows the explanation of Corporate Social Responsibility (CSR). This chapter contains conceptual bases and model of CSR, which reference to the main theme of the paper - alternative theories of the firm and help to answer the question: Can Corporate Social Responsibility be concerned as a theory of firm? The next chapter describes the concept of CSR at the examples of CSR projects in Marks & Spencer company.
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Vyhodnocení rozdělení Philips Group s pomocí finanční analýzy
Larionova, Ksenia ; Brůna, Karel (advisor) ; Gevorgyan, Kristine (referee)
This thesis aimed to examine methods used to evaluate multinational and diversified firms and then use these methods to study the Philips Group and its decision to spin-off of the Philips Lighting sector. Although numerous methods and parameters used to analyze firms already exist, they remain very limited for multinational and diversified firms such as Philips Group or General Electric. In this thesis, hypotheses were based on the theory of the firm and tested using analysis of leverage, profitability and efficiency ratios. This study shows the difficulty of analysing multinational diversified firms caused by a very limited availability of data set. Thus, despite of a great number of ratios described in the literature, only a small portion can be in fact computed using publicly available data. Hypotheses were based on the the paper developed by Chen and Guo (2005). First hypothesis, based on the analysis of capital constraint was attempted, secondly the pace and directions of individual sectors were analysed using profitability and efficiency ratios and thirdly the stock performance was observed. All of this in order to examine whether the motive of the split was to increase the stock prices. It was found that Philips Group nor its Lighting sector did not experience capital constraints, nevertheless an important degree of underperformance amidst analysed figures was found, which suggested that Philips Lighting division was not as good in creating value for shareholders as the HealthTech division was. Moreover, the decision of Philips Group to concentrate on its HealthTech business was positively accepted on stock markets confirming the third hypothesis.
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The Nature of Entrepreneurship: Society, the Individual and the Firm
Kapustin, Victor ; Benáček, Vladimír (advisor) ; Balcar, Petr (referee)
Entrepreneurship is often perceived as a crucial component of economic growth and social development. Studies into entrepreneurship inform policy design, thus the diverse understanding of entrepreneurship among scholars can create confusion in policy design. The current state of the field of entrepreneurial research is examined in order to identify the need for a universal definition of entrepreneurship. After a synthesis and analysis of prior research is conducted to identify the various links in perspectives, a new definition and framework is suggested. The resulting framework sees entrepreneurship as an autocatalytic process of creation of meaning and the consequent retention of said meaning in the structure of a new venture. The elements of this framework (autocatalytic process, creation of meaning, and retention in structure) can be assigned varying degrees of importance corresponding to differing perspectives, while simultaneously ensuring the presence of each element. The developed framework can be used to better inform the decisions of scholars and policy makers, due to the uncovering of the complex relationships between society, individuals and firms.
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Corporate governance on the example of company SAZKA, a.s.
Bártová, Michaela ; Král, Pavel (advisor) ; Zeman, Karel (referee)
The aim of the Thesis is to examine the level of keeping of Corporate Governance in the Czech Republic after 1990. Theoretic part of the Thesis examines the Theory of the Firm and Theory of Corporate Governance as a result from the Theory of the Firm. Analytic part of the Thesis analyses creation of Corporate Governance in the process of Privatization during transformation of Economy in the Czech Republic with current reflection of document Principles of Corporate Governance OECD. Analysis of level of using and keeping of Corporate Governance is made on example of company SAZKA, a.s. The Discussion and the End of the Thesis describe realized facts, serious failures of top management and also representatives of Shareholders during Corporate Governance of SAZKA, a.s., failure of Codex Principles of Corporate governance and impact to the economy of the company and its fall into the insolvency.
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Vztah vnitřní organizace podniků v různých odvětvích a jejich výkonu
Pardupa, Martin ; Jílková, Jiřina (advisor) ; Vorlíček, Jan (referee) ; Hučka, Miroslav (referee)
This dissertation is thus aiming to create a (1) view on current and historical theoretical and practical approaches of organization economics, (2) to assess their assumptions and implications and explain their contradictions in relation to individual base of the knowledge and motivation. (4) It suggests a framework that might give an economic and theoretical rationale to various managerial measures related to the true ("effective") effort of an individual in a firm that is (5) finally tested in empirical research. For the reasons mentioned above, the overview of often divergent methodological approaches is of a key importance, therefore much attention is dedicated to their description and analysis in the first part of the thesis. It is followed by the introduction of a new framework used in the analysis of various managerial measures applied in the firm, and finally, the hypotheses which test certain assumptions of the framework on empirical data. The "effective effort, cooperation and rivalry framework" is the main output of this thesis, as it explains the roots and influence of direct and indirect managerial measures through the behavior of workers (rivalry, cooperation, rent-seeking) on company's performance. The framework combines three existing independent approaches analyzing the link between managerial measures and company's performance without denying any of the predecessors, and it also brings a new interpretation of the functions of managerial decisions in the firm and the link on material resources. The framework attempts to answer the following research question: Which factors and in a what way influence the effective effort of an individual in the firm? Can this approach be formalized and tested on empirical data? Answering this question would be beneficial for both managers and academia as it would facilitate them to undertake that managerial measures, that would lead to an improvement of firm's long term performance and avoid those actions, which would work contradictory. The empirical analysis focuses on efficiency of several types of incentives and trainings in the medium-sized company on the lowest level of hierarchy (furthermore there is the lack of similar analyses dedicated to an enterprise in Central and Eastern Europe or in such chronological extent in a single firm anywhere in Europe). The extensive data is provided by a leading Czech (mostly retail) betting company operating in a legislatively stable environment not exposed to the currency fluctuations and economic cycle with oligopolistic characteristics. Other industries (besides retail) would hardly provide such high quality data for such a long period suitable for the chosen analysis of the revenues' influence of various managerial measures (training of sale staff, introduction of an upside component of wage, nonmonetary rewards) applied to workers. The results of the empirical analysis show the possible positive effect of increased wage variability on the employee's performance, although the effect of training and nonmonetary rewards was proven as insignificant. These results (positive/negative effect or significance/insignificance) for a low skilled workforce being able to effectively affect the quality of the output (as is the Fortuna case) are in line with the Effective effort, cooperation and rivalry framework.
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Theory of the Firm from the view of New Institutional Economics and some Aspects of Institutional Framework Quality in the Czech Republic
Vitík, Robert ; Sirůček, Pavel (advisor) ; Soukup, Jindřich (referee) ; Žák, Milan (referee) ; Mlčoch, Lubomír (referee)
This doctoral thesis presents the basic and the main developments of the theories of the firm rooted in Transaction Cost Theory (TCT). Since the article of Coase on the nature of the firm, this question has been elaborated by number of economists. In my point of view, I would like to introduce the last theory developed by the representative of the school called New Institutional Economics. The theory concentrates on the role of institutions. We distinguish institutions formal and informal. The formal are laws, constitution, regulations, contracts and other written rules. The informal don't require a written form and they represent informal restrictions such as rules of behaviour, conventions, traditions and habits. The main purpose of the institutions in their various forms is mainly to protect property rights, enforce voluntary contracts and establish the physical and regulatory infrastructure to facilitate economic activity. Generally, we can call them the rules of the game. They inform us about possible economic behaviour and give us basic restrictions in this sense. First -- the theoretical part of this thesis, we can find a simple model with human asset specificity based on TCT. The main proposition is that transactions with a high level of asset specificity are more probably internalised because the firm handles better such transactions compared to the market, even if asset specificity increases the cost of coordination in the firm. If the hierarchy, for example through the formation of routines, may enhance the efficiency compared to the market, we can modify the previous model. The model developed according to a Knowledge-based view assumes that asset specificity reduces transaction costs inside the firm and increases transaction costs on the market. In the conclusion of the theoretical part is discussed the reply on first formulate hypothesis if the TCT is still compatible with a newer Capability and Knowledge based view. In my opinion based on the presented arguments and views, both theories are compatible, they can answer more questions and explain more issues. The last step links the aforementioned theories into one Theory of firm boundaries. In the practical part of the thesis, I bring basic arguments about the institutional framework quality in the Czech Republic. These arguments rely on the latest studies of the international institutions such The Transparency International, The Heritage Foundation, The Kurtzman Group and mainly The World Bank. Studies reveal certain weak arrangements concerning for example the number of procedures when starting a business, complicated construction permits, rigidity of working hours, time-consuming and administrative demanding tax system, duration of judicial process which results in ineffective contract enforcement and mainly poor protection of property rights. Taking these disclosures into account we have to say that emergent transaction costs are enormous. These transaction costs influence negatively the competitiveness of the firms and the whole Czech economy. Therefore a negative response to the second hypothesis relating to the quality of the institutional framework in the Czech Republic.
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OPTIMALIZACE PROJEKTOVÉHO PLÁNOVÁNÍ VÝVOJOVÝCH PROJEKTŮ S OHLEDEM NA PROPOJENÍ SE SOUČASNĚ POUŽÍVANÝMI PLÁNOVACÍMI A SLEDOVACÍMI NÁSTROJI
Šaršon, Vít ; Zajíček, Miroslav (advisor) ; Burgerová, Jiřina (referee)
This thesis is focused on project planning and management optimalization in the department of technical evaluation FEM (TKF/1), Škoda Auto, a. s. Its theoretical part specifies the framework of project management, including the methodology of project leadership and software instruments. Afterwards it mentions various types of organisational structure, stressing the matrix structure. The practical part starts with the description of the company, of its organisational structure and of activities explaining processes in TKF/1. Then follows an analyse of the current situation in the project leadership of the observed department, that is summarised in a well-arranged SWOT. Based on these outlines, a new organisational structure is proposed, as well as a new process of the development projects' planning. The thesis contains a proposal of setting of sources out from the corporate fund of sources that facilitates an effective capacity planning of whole department, and it also contains a template of development activity in MS Project.
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