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Ecological and economic multicriteria optimization of operating alternative propulsion vehicles within the city of Ostrava in the Czech Republic

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Janovská K., Vozňáková I., Besta P., Šafránek M.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2021
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vol. 16
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issue 4
907-943
EN
Research background: Individual car transport significantly burdens the environment, especially in the centres of large cities. There is pollution, traffic jams and an increase in overall noise. In the area of passenger car transport, legislation is being significantly tightened. Therefore, there are also increasing demands on public transport operators in the Czech Republic. Previously, most of the fleet consisted of diesel vehicles. These have been gradually replaced by drives that are significantly more environmentally friendly, such as the Compressed natural gas drive. The requirements defined in relation to the reduction of vehicle emissions are increasingly stricter. A number of cities, not only within the European Union, are addressing significant issues concerning the future of public transport. Purpose of the article: The main objective of the article is to demonstrate an in-depth analysis of the operation of transport vehicles in the Statutory City of Ostrava, both from the cost and environmental point of view. The comparison of transport means using CNG, electric and diesel propulsion is made. Specific factors such as the route profile or the environmental impact of the mode of transport are also taken into account. The extent of the data processed and the multidimensional nature of the assessment offer a unique analysis of the problem. The article provides an exact view of the advantages and disadvantages of operating specific means of transport. Everything is based on data on transport operations in the city of Ostrava (the Czech Republic, EU). Methods: The comprehensive evaluation is based on the application of methods from the field of financial accounting, evaluation of measured data from the operation of transport means and, last but not least, on the analysis of empirical data from the given area. The analysed data set is unique due to the time period, as is the multi-criteria evaluation methodology.  Findings & value added: The analysis performed demonstrated the economic viability of operating CNG vehicles. The main added value of the article is the unique multi-criteria evaluation procedure for the vehicles. The paper shows the evaluation of a complex decision problem in the transport field in the form of a case study implemented in the city of Ostrava. The evaluation results then consider both cost and environmental factors, which can be described as a comprehensive and highly innovative approach. The defined assessment can then be applied to other European and world metropolises.
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Enterprise digital transformation and debt financing cost in China's A-share listed companies

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Sun C., Zhang Z., Vochozka M., Vozňáková I.
Oeconomia Copernicana
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2022
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vol. 13
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issue 3
783-829
EN
Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.
3
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The role of financial literacy in retirement investment choice

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Nguyen T. A. N., Polách J., Vozňáková I.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2019
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vol. 14
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issue 4
569-589
EN
Research background: Preparation for retirement is a major concern for the people in the workforce as they have to encounter considerable difficulties in making the right investment decisions for their retirement. Purpose of the article: This research extends the literature on personal finance by investigating the impact of both financial literacy levels and pension knowledge on employees? investment choice decision for their retirement, while in previous literature the role of these factors has mainly been explored separately.  Methods: To conduct the research, a survey questionnaire was applied to collect data in three main regions of Vietnam comprising Northern, Central and Southern Vietnam. Data collection was made in 2018, in which 427 valid questionnaires were used for data analysis from 700 questionnaires. Two estimation methods are employed for analysis in this study, including a linear probability model (LPM) and two-stage least squares (2SLS) model. The findings of this research remain significant after the Two-Stage Least Squares (2SLS) regression model is used as an estimation technique to eliminate potential bias caused by endogenous problems. Finding & Value added: The results show that basic financial literacy level and pension knowledge are principal factors which significantly increase the probability of exercising retirement investment choice of employees, while advanced financial literacy level factor has a significant effect on choosing growth investing options for their retirement. Further, this research finds that there is no correlation between employees? financial risk tolerance and their retirement investment choice. Furthermore, the study proposes and offers new evidence that pension knowledge is a decisive factor providing employees with encouragement to exercise retirement investment choice and those who consult with financial advisors tend to take part in growth investing option.
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Can discounts expand local and digital currency awareness of individuals depending on their characteristics?

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Ključnikov A., Civelek M., Vozňáková I., Krajčík V.
Oeconomia Copernicana
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2020
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vol. 11
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issue 2
239-266
EN
Research background: Because of enabling a greater amount of money circulation and addressing the needs of individuals in specific regions, local and digital currencies have become more important for local economic and sustainable development, especially in last decade. However, their awareness by potential users have become one of major constraints to their extensive usage. In this regard, discount have been used to increase the awareness of individuals.  Purpose of the article: As discount is used as an effective promotional tool. This study pays regard to this indicator and aims to investigate whether the  discount rate is positively associated with local and digital currency awareness of potential users. Moreover, this research also includes job positions and age of the respondents into the analyses due to potential existence of differences in the awareness of people regarding their characteristics. Methods: The research employs a questionnaire survey and acquires data from 407 workers of a local business in Cieszyn Silesia region of the Czech Republic. The researchers run Binary Logistic Regression analyses in IBM SPSS Software to examine the relationship between these specified variables. Findings & Value added: The research substantiates the fact that potential users who demand more discount rates are more likely to be aware of local and digital currencies. Moreover, potential users who work in lower job positions and demand more discounts are more acquainted with these currencies. Although the existence of a relationship between age and local currency awareness is not proved, older people who demand discounts with higher percentages are more informed about digital currencies than younger individuals. Higher elasticity in discount demand, mutual interactions and relations, such as social media and internet usage of potential users, might be the reasons of these results. This study makes significant contributions to the literature by confirming the significance of individuals' ages and occupational statuses in the awareness of local and digital currencies and the positive relationship between their discount propensity and awareness.
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