Determination of environmental, social and corporate governance indicators: framework in the measurement of sustainable performance

The article is concerned with determination of environmental, social and corporate governance (ESG) indicators of performance. The objective of carried-out empirical research is to determine ESG indicators as a key framework of the measurement of sustainable performance of a company in its Sustainable Reporting. On the basis of conducted empirical research, applying factor analysis, the environmental, social and corporate governance indicators for companies active in the processing industries CZ-NACE have been specified. The indicators were selected in a series of successive phases by a multi-factor analysis. The results of factor analysis indicated that the factors fall into three measurement categories: environmental (Investments, Emissions, Source Consumption, Waste), social (Society, Human Rights, Labour Practices and Decent Work, Product Responsibility), and corporate governance (Monitoring and Reporting, Corporate Governance Effectiveness, Corporate Governance Structure, Compliance). This article contributes to the effort to solve measurement of performance of the corporate sustainability and proposal to conceptual framework of ESG indicators of performance for the Sustainability Reporting of Czech companies operating in the processing industry

The internationalisation of SMEs in the environment of globalisation from the barriers point of view

A greater part of both international and national literature on internationalization SMEs and final theoretical models are derived from foreign activities of big companies. Scientists’ attention has been drawn to the problematic of integrating SMEs into international transformation especially in the last two decades. If the enterprise is to be successful (i.e. to be competitive, profitable and viable) under the current conditions and mainly under the conditions of the common European market, it is necessary to focus not only on domestic market but expand further beyond the country frontier. This trend is resulting from the instantly growing competitive pressure of globalised market. Internationalization seems to be one of the principal challenges for small and medium- size enterprises. The significant role of internationalizing activities of enterprises is the level of knowledge which the enterprise has available and what is the scope of utilization like. Globalisation is a big challenge for SMEs in transformation economies on the one side and big threat on the other side. Submitted paper deals with the question of identification of barriers of internationalization activities of SMEs. These barriers can come out from general as well as field and internal environment of the company. In the introduction are indicated theoretical starting points of research of this question. From the latest trends result that just scope and use of knowledge is becoming the motive force of successful business. Results were used from performed empiric research within the framework of the solution to the project GA/402/02/0106 "Internationalization of Small and Medium Enterprises in the Czech Republic"

Digitalization as an enabler of business model dynamics

The purpose of the articles is to answer a research question related to the extent of the impact of digitalization on a business model (BM) of a focal company. An original primary, qualitative research has been conducted. It draws on multiple, in-depth case studies on a globally active B2B incumbent manufacturing companies that recently implemented a digital platform-based customer relationship management system. The data was gathered through participative observation and semi-structured interviews with system users and project leaders. The contribution of the research is in linking the business model dynamic change with a customer relationship management system (CRMS). It identifies the element HOW - value creation - as the mainly affected element of BM of the focal company

The Evaluation of Gambling Sector's Social Costs in Lithuania

This article analyses the social costs of gambling sector in Lithuania. The aim of the research is to evaluate the change of gambling sector's gambling gross revenue according to the established right to submit a request to self-exclude from gambling since May 1, 2017. The scientific problem of the research is how to define and evaluate gambling sector's social costs. The analysis is conducted by evaluating dependency connection between gambling sector's gambling gross revenue and gross domestic product taking into account the changing quantity of requests to self-exclude from gambling and current economic situation in Lithuania. The following methods are used for analysis: graphical analysis, paired correlation analysis and linear regression analysis. First of all, the conception of the social cost of gambling is being analysed in the article. Then using previously specified methods the relationship between gambling sector's gambling gross revenue and gross domestic product in the country is evaluated. Using a linear regression equation, the model, showing how gambling gross revenue of gambling sector was expected to change in response to changes in the country's gross domestic product is obtained. According to gambling gross revenue for 2017-2019 the model reveals that gambling sector revenue, considering the change in gross domestic product, had a higher growth potential and the right to submit a request to self-exclude from gambling established in 2017 may have had a serious effect on slowing down the growth of gambling revenue

Novel Method of Price Determination based on Reference Price

his paper deals with the issue of optimal price determination. Price determination is a matter of high importance in both the academic community and managerial practices. The aim of the paper is to present a novel method of price determination based on reference price. The method presented is inspired by a fuzzy sets graphical interpretation and provides an alternative approach to the standard product price determination problem. It uses the satisfaction of customers as well as product sellers to find the optimal price for particular market. The method is based on two fundamental steps. First the method of product perception for a single customer is developed and then the method for the whole market is derived. The individual changing trend of customers` willingness to pay at each price level constitutes the essence of the method presented. The application of the suggested method is presented via empirical data obtained from the snowboard market. The results have a direct impact on managerial decision-making of the seller in terms of pricing. The resultant price given by the analysis conducted through the suggested method allows sellers to maximize the revenues related to a particular product. Moreover if the seller’s goal is not to maximize revenues, but to achieve maximal market share, the price should be the same as the optimal willingness to pay price. These conclusions are explicitly mentioned in order to demonstrate that the suggested approach allows the definition of custom objectives by the seller

The Value Chain as the Basis of Business Model Design

The article presents a new approach to the generation of business models based on value streams. The originality of the study lies in the assumption that in every business model the generator of added value is the value chain which, if original enough, will maximize potential while minimizing costs. This approach will provide the respective enterprise with a high level competitiveness in the long term. The tested group of enterprises consisted of 354 SMEs, one hundred eighty-seven of which were from the manufacturing and industry sector, with 167 from the services sector. The novelty of this approach also consists of the integrated approach to the business environment in which the value streams were analyzed. The results suggest that the analysis of value streams is suitable for the projection of business models. In addition, the methods of dimensional reduction and logit regression have been identified as appropriate analytical tools, with representative results found valid and utilizable in business practice. The authors of the article are aware that this is only the first step in addressing this issue, one which will play a critical role in the gradual process of the upcoming digital transformation of all business models, not only those of SMEs in the Czech Republic

New Business Models Based on Multiple Value Creation for the Customer: A Case Study in the Chemical Industry

The paper's objective is to describe business models currently used in terms of sustainable multiple customer creation in the chemical industry in the Czech Republic, namely Section 20.1 in the CZ NACE (Classification of Economic Activities). The business models are described through a specified set of business model elements, which correspond with the presented theoretical bodies. The business models are also evaluated and benchmarked based on a custom indicator measuring business model novelty. The theoretical background of the research consists of three theoretical bodies: Sustainability, multiple customer value creation, and new business models. The research stems from the theoretical background and anticipates that the business model development dynamics drives companies to consider the reasons and conditions of their very existence. The Canvas business model serves as a visualization tool, as it is sufficiently comprehensive, analytical, flexible, and general. For this reason, it is appropriate for the research of new business models aimed at multiple value creation in any industry. Owing to the frequency of occurrence of elements in the fields of the canvas business model, it is possible to develop the majority and minority business model design representing the basis of the research

Analysis and identification of joint performance measurement indicators: social and corporate governance issues

This article presents selected initial results from the project ‘Construction of Methods for Multifactorial Assessment of Company Complex Performance in Selected Sectors’ carried out by a research team from the Faculty of Business and Management of Brno University Technology and Faculty of Business and Economics of Mendel University in Brno in 2011. The research focus is on the identification of joint areas of influence of social and corporate governance indicators. The authors consider such an approach is essential for the construction of tools for measuring corporate performance in selected sectors of CZ-NACE. It is argued that indicators should meet certain criteria such as relevance, accuracy, representativeness, measurability, usability, transparency, etc. The results presented in this article are from the first phase of the project which forms the basis for further investigation within subsequent phases of the project