Comparison of the multivariate and bivariate analysis of corporate competitiveness factors synergy

The article focuses on the analysis of motivation principles in human resource management and their further verification by factor analysis. The objective is to identify the main motivation principles and their impacts on employee turnover as well as formulate suggested practices to eliminate the negative impact of employee disaffection and turnover. The identification of motivation principles is based on a content analysis of professional and scientific publications aimed at motivation. The results and conclusions of this study were consequently verified by a quantitative survey, the data of which were statistically processed. As a suitable statistical analysis to assess the data from the survey, a factor analysis was chosen. The data for the factor analysis were collected and analysed based on two quantitative surveys focused on the causes of employee turnover. The results of both analyses proved and verified identical principles of employee management that affect job satisfaction and the decisions of employees to stay or leave their current job positions

Influence of Legal Form and Non-Anonymous Ownership Structure on Corporate Financial Performance

The paper represents a continuation of our previous results, which were closely linked to the topic of automated search for factors of corporate competitiveness and financial performance. As opposed to the results presented at ICMLG 2014 and ECMLG 2014, the current research deals with other characteristics of organizations not investigated before and related to Corporate Governance, like their legal form, the international diversity of top management (domestic only or also foreign) and particularly the non-anonymity of the ownership structure.The data were gathered in the period 2011 to 2013 from 222 companies with various legal forms. The main purpose of our research was to investigate which of these characteristics have an impact on corporate financial performance that has been assessed by the Return on Assets (ROA) index. The paper attempts to answer the research question of whether the ownership structure, particularly the fact whether the organization or enterprise owners are or are not anonymous, has a major influence on corporate financial performance. The methodology used in analysing and processing the data had to respect the fact that the characteristics (variables) of the companies which were individually investigated are not mutually independent, thus multidimensional methods have to be used. Therefore, we used here our non-linear kernel regression model which had already been successfully verified, having been developed in the field of statistical pattern recognition. Prediction error of the proposed model is then used as a feature selection criterion in the process of identifying factors that affect Corporate Governance and the financial performance the most. The results presented in the paper demonstrate that the type of ownership structure (anonymous or non-anonymous) has a dominant influence on the financial performance among the investigated characteristics. The target audience includes researchers in the fields of management and business science.Příspěvek představuje pokračování našich předchozích výsledků, které úzce souvisí s tématem automatizovaného hledání faktorů firemní konkurenceschopnosti a finanční výkonnosti. Na rozdíl od výsledků prezentovaných na ICMLG 2014 a ECMLG 2014, se současný výzkum se zabýval jinými charakteristikami organizacemi, které také souvisí s Corporate Governance - právní forma, mezinárodní diversita vrcholového managementu (tuzemský versus zahraniční) a zejména anonymita vlastnické struktury. Z údajů vlastníků jsou shromážděny z období 2011 až 2013 a týkají se 220 podniků s různou právní formou. Hlavním účelem našeho výzkumu bylo zjistit, které z těchto charakteristik mít dopad na podnikovou finanční výkonnost, která byla hodnocena ukazatelem ROA. Článek se pokouší odpovědět na výzkumnou otázku, zda anonymizovaná struktura vlastníků, má vliv na firemní finanční výkonnost. Metodika použitá při analýze a zpracování dat musela respektovat skutečnost, že jednotlivé zkoumané podniky vlastnosti (proměnné) nejsou na sobě nezávislé z hlediska použité vícerozměrné metody. Z uvedeného důvodu jsme použili námi již úspěšně ověřený non-lineární regresní model v oblasti statistického rozpoznávání obrazců. Chyba predikce navrhovaného modelu se pak používá jako kritérium výběru funkce v procesu identifikace faktorů, které mají nejvíce vliv na řízení podniků a finanční výkonnost. Dosažené výsledky ukazují, že typ vlastnické struktury (anonymní nebo neanonymní) má dominantní vliv na finanční výkonnost u zkoumaných charakteristik. Cílovou skupinou jsou výzkumní pracovníci v oblasti managementu a podnikání.The paper represents a continuation of our previous results, which were closely linked to the topic of automated search for factors of corporate competitiveness and financial performance. As opposed to the results presented at ICMLG 2014 and ECMLG 2014, the current research deals with other characteristics of organizations not investigated before and related to Corporate Governance, like their legal form, the international diversity of top management (domestic only or also foreign) and particularly the non-anonymity of the ownership structure.The data were gathered in the period 2011 to 2013 from 222 companies with various legal forms. The main purpose of our research was to investigate which of these characteristics have an impact on corporate financial performance that has been assessed by the Return on Assets (ROA) index. The paper attempts to answer the research question of whether the ownership structure, particularly the fact whether the organization or enterprise owners are or are not anonymous, has a major influence on corporate financial performance. The methodology used in analysing and processing the data had to respect the fact that the characteristics (variables) of the companies which were individually investigated are not mutually independent, thus multidimensional methods have to be used. Therefore, we used here our non-linear kernel regression model which had already been successfully verified, having been developed in the field of statistical pattern recognition. Prediction error of the proposed model is then used as a feature selection criterion in the process of identifying factors that affect Corporate Governance and the financial performance the most. The results presented in the paper demonstrate that the type of ownership structure (anonymous or non-anonymous) has a dominant influence on the financial performance among the investigated characteristics. The target audience includes researchers in the fields of management and business science

Feature subset selection in large dimensionality domains

Searching for an optimal feature subset from a high dimensional feature space is known to be an NP-complete problem. We present a hybrid algorithm, SAGA, for this task. SAGA combines the ability to avoid being trapped in a local minimum of Simulated Annealing with the very high rate of convergence of the crossover operator of Genetic Algorithms, the strong local search ability of greedy algorithms and the high computational efficiency of Generalized Regression Neural Networks. We compare the performance over time of SAGA and well-known algorithms on synthetic and real datasets. The results show that SAGA outperforms existing algorithms

Monitoring of the very early changes of left ventricular diastolic function in patients with acute leukemia treated with anthracyclines

To analyze the very early changes of diastolic LV function during and after chemotherapy (CT) in patients with newly diagnosed acute leukemia. Methods: 26 patients with acute leukemia have been studied. The cardiac echo evaluation was performed at the baseline (before CT), after the first CT (mean cumulative anthracyclines dose 136.3 ± 28.3 mg m–2), after the last CT (mean cumulative anthracyclines dose 464.3 ± 117.5 mg m–2) and circa 6 months after the completion of CT. Results: We found a significant decrease in LVEF (65.3 ± 4.5% vs 60.2 ± 5.7%, p < 0.01), the fractional shortening of the LV (34.8 ± 3.7%, vs 29.5 ± 5.0%, p < 0.01), but the mitral flow rapid filling velocity (E-wave) was not changed (0.74 ± 0.18 ms–1, vs 0.67 ± 0.17 ms–1, p ns), and atrial filling velocity (A-wave) increased (0.66 ± 0.15 ms–1 vs 0.78 ± 0.18 ms–1, p < 0.01). E/A ratio significantly decreased (1.18 ± 0.35 vs 0.89 ± 0.27, p < 0.01). IVRT increased (71.5 ± 11.6 ms vs 84.0 ± 11.6 ms, p < 0.01). DT E-wave velocity increased (162.3 ± 25.8 ms vs 206.7 ± 25.5 ms, p < 0.01). After the first CT, the signs of LV diastolic dysfunction were detected in 5 (19.2%) patients. 6 months after the last CT, two of these patients (7.7%) developed LV systolic dysfunction with the clinical symptoms of heart failure. Six months after the last CT, 12 (46.2%) patients developed the signs of LV diastolic dysfunction. Conclusion: Chemotherapy can induce early changes of diastolic left ventricular function. We consider using Doppler echocardiography as the election tool not only for baseline cardiologic screening but also for the monitoring of the earliest subclinical signs of cardiotoxicity.Цель: проанализировать ранние изменения диастолической функции левого желудочка (ЛЖ) во время проведения химиотерапии (ХТ) и после ХТ у больных с первичнодиагностированной острой лейкемией. Методы: обследованы 26 больных с острой лейкемией. Эхокардиограммы снимали до ХТ, после первого курса ХТ (среднее значение суммарной дозы антрациклинов 136,3 ± 28,3 мг м-2), после окончания ХТ (среднее значение суммарной дозы антрациклинов 464,3 ± 117,5 мг м-2) и через 6 мес после завершения ХТ. Результаты: выявлено значительное уменьшение фракции выброса ЛВ (65,3 ± 4,5% против 60,2 ± 5,7%, p < 0,01), фракции укорочения диастолы ЛЖ (34,8 ± 3,7% против 29,5 ± 5,0%, p < 0,01). Скорость наполнения митрального потока (E-волна) не изменялась (0,74 ± 0,18 мс–1против 0,67 ± 0,17 м с–1), и предсердная скорость наполнения (A-волна) повышалась (0,66 ± 0,15 мс–1 против 0,78 ± 0,18 мс–1, p < 0,01). Отношение E/A существенно уменьшалось (1,18 ± 0,35 против 0,89 ± 0,27, p < 0,01). Время изоволюметрического расслабления увеличивалось (71,5 ± 11,6 мс против 84,0 ± 11,6 мс, p < 0,01). Время замедления кровотока E-волны увеличивалось (162,3 ± 25,8 мс против 206,7 ± 25,5 мс, p < 0,01). После первого курса ХТ признаки диастолической дисфункции ЛЖ выявлены у 5 (19,2%) больных. Через 6 мес после окончания ХТ у 2 больных (7,7%) развилась систолическая дисфункция ЛЖ с клиническими симптомами паралича сердца, а у 12 (46,2%) больных выявлены признаки диастолической дисфункции ЛЖ. Выводы: ХТ может вызывать ранние изменения диастолической функции ЛЖ. Предлагается использовать эхокардиографию Допплера не только для предварительного скрининга, но и для мониторнига ранних субклинических признаков кардиотоксичности

Corporate Governance Against Recommendations: The Cases of the Strong Executive and the Strong Ownership

There are several basic configurations of corporate governance according to the separation of ownership and control (Jensen’s theory). Effective governance is described as a situation when an owner (or group of owners) keeps the right to ratify and monitor strategic decisions while management has the right to initiate and implement those decisions. There are two particular situations how this recommendation is partially broken and both situations are linked to CEO duality. The first case happens when an owner loses or does not exercise the right to monitor management of the organization and is termed as the strong executive. The second case is called the strong ownership and is distinguished by an owner taking over implementations of the decisions. The focus of the study was to explore particularly configurations of the strong executive and the strong governance. A mixed method research design was chosen to explore the differences between the basic governance configurations. The sample was chosen by purposive sampling and covered a hundred for-profit organizations of all size and from all sectors of economy. The data were collected through interviews with representatives, mainly members of top management. We revealed that both of these configurations can bear good corporate performance but also bigger risks. The strong executive is typical for organizations with dispersed ownership or a publicly owned organization and the performance of the organization is fully dependent on competencies but also personalities of managers. This configuration contains a high risk of misuse of authority. The strong ownership is effective in small organizations while in a larger organization leads to an overexertion of owners and low performance because they usually face problems to keep focus on the strategic issues of the organization.Existuje několik základních konfigurací správy podle oddělení vlastnictví a kontroly (Jensen teorie). Efektivní řízení je popsáno jako situace, kdy vlastník (nebo skupina vlastníků) udržuje právoratifikace a sledování strategických rozhodnutí. Při řízení má právo zahájit a provádět tato rozhodnutí. Existují dva zvláštní případy, kde toto doporučení neplatí a obě situace jsou spojeny s CEO dualitou.První případ se stane, když vlastník ztratí, nebo nevyužije právo kontrolovat management organizace a je pojmenován jako silná exekutiva.Druhý případ se nazývá silná správa vlastníka a vyznačuje se tím, že vlastník převezme implementaci rozhodnutí.Zaměření studie bylo zaměřeno na prozkoumání zejména konfigurace se silnou exekutivou a silnou správou.Smíšená metoda designu výzkumu byla vybrána, aby prozkoumala rozdíly mezi stanovenou konfigurací.Vzorek byl vybrán záměrným výběrem a vztahuje se na sto ziskových organizací všech velikostí a ze všech sektorů ekonomiky. Údaje byly získány prostřednictvím rozhovorů se zástupci, zejména členy vrcholového managementu. Zjistili jsme, že obě z těchto konfigurací mohou nést dobré firemní výsledky, ale také větší rizika. Silná exekutiva je typická pro organizace s rozptýleným vlastnictvím nebo ve veřejném vlastnictví organizace a výkonnosti organizace je plně závislá na kompetencích, ale také osobnosti manažerů. Tato konfigurace obsahuje vysoké riziko zneužití pravomoci.Silná správa je účinná v malých organizacích, zatímco ve větších organizacích vede k nízké výkonnosti, protože se obvykle potýká s problémy udržet strategické zaměření organizace.There are several basic configurations of corporate governance according to the separation of ownership and control (Jensen’s theory). Effective governance is described as a situation when an owner (or group of owners) keeps the right to ratify and monitor strategic decisions while management has the right to initiate and implement those decisions. There are two particular situations how this recommendation is partially broken and both situations are linked to CEO duality. The first case happens when an owner loses or does not exercise the right to monitor management of the organization and is termed as the strong executive. The second case is called the strong ownership and is distinguished by an owner taking over implementations of the decisions. The focus of the study was to explore particularly configurations of the strong executive and the strong governance. A mixed method research design was chosen to explore the differences between the basic governance configurations. The sample was chosen by purposive sampling and covered a hundred for-profit organizations of all size and from all sectors of economy. The data were collected through interviews with representatives, mainly members of top management. We revealed that both of these configurations can bear good corporate performance but also bigger risks. The strong executive is typical for organizations with dispersed ownership or a publicly owned organization and the performance of the organization is fully dependent on competencies but also personalities of managers. This configuration contains a high risk of misuse of authority. The strong ownership is effective in small organizations while in a larger organization leads to an overexertion of owners and low performance because they usually face problems to keep focus on the strategic issues of the organization

Use of multiple biomarkers for evaluation of anthracycline-induced cardiotoxicity in patients with acute myeloid leukemia

To assess cardiac toxicity of anthracycline treatment with six biomarkers of cardiac injury: myoglobin, creatine kinase MB (CK-MB mass), cardiac troponin T (cTnT), cardiac troponin I (cTnI), heart-type fatty acid binding protein (H-FABP), glycogen phosphorylase BB (GPBB). Methods: We evaluated anthracycline-induced cardiotoxicity in 12 acute myeloid leukemia patients (mean age 51.3 ± 10.7 years, 7 females). All biomarkers were measured at the baseline, after first chemotherapy (CT) with anthracyclines, after last CT with anthracyclines (total cumulative dose 479.8 ± 106.2 mg/m2) and 6 months thereafter. Values above the reference range were considered elevated. Results: GPBB increased above the cut-off (7.30 µg/L) in 2 (16.7%) patients after first CT, in 3 (25.0%) patients after last CT and remained elevated in 2 (16.7%) patients within 6 months after CT. CTnI became elevated (above 0.40 µg/L) in 1 (8.3%) patient after first and last CT and within 6 months after CT. CTnT remained negative (below 0.01 µg/L) during CT in all patients. Six months after CT, delayed cTnT positivity was found in 1 (8.3%) patient. All patients with cTnI or cTnT positivity had elevated GPBB. Other biomarkers (myoglobin, CK-MB mass, H-FABP) remained within the reference range in all patients. Conclusion: Our preliminary results suggest that GPBB could be a new promising marker for detection of anthracycline-related cardiotoxicity and probably superior to cardiac troponins. The predictive value for development of cardiomyopathy in the future is not clear and will be evaluated during a prospective follow-up.Цель: провести оценку кардиотоксичности, вызываемой антрациклином, с помощью ряда биомаркеров поражения сердца: миоглобина, креатин-киназы MB (CK-MB mass), кардиального тропонина T (cTnT), кардиального тропонина I (cTnI), белка, связывающего жирные кислоты (H-FABP), и гликогенфосфорилазы BB (GPBB). Методы: оценку кардиотоксичности проводили у 12 больных острой миелоидной лейкемией (средний возраст — 51,3 ± 10,7 года, 7 женщин). Измерены начальные показатели всех биомаркеров, а также таковые после проведения первой и последней химиотерапии (ХT) антрациклинами (общая накопленная доза — 479,8 ± 106,2 мг/м2 ) и через 6 мес после завершения терапии. Значения выше начальных рассматривали как повышенные. Результаты: уровень GPBB превысил норму (7,30 µg/L) у 2 больных (16,7%) после первой ХT, у 3 (25,0%) — после последней ХT и оставался повышенным у 2 больных (16,7%) и через 6 мес после ХT. Уровень CTnI повысился (более 0,40 µg/L) у 1 больного (8,3%) после первой и последней ХT, а также и через 6 мес после ХT. Значения CTnT оставались в пределах нормы (ниже 0,01 µg/L) во время проведения CT у всех пациентов. Через 6 мес после ХT отдаленная положительная реакция на cTnT выявлена у 1 больного (8,3%). У всех пациентов с положительными cTnI или cTnT установлен повышенный уровень GPBB. Другие биомаркеры (миоглобин, CK-MB, H-FABP) оставались в пределах нормы у всех больных. Выводы: предварительные результаты, полученные в данном исследовании, позволяют предположить, что GPBB можно рассматривать как новый перспективный маркер для выявления кардиотоксичности, вызванной антрациклинами, и, возможно, превосходит предложенные ранее тропонины. Возможная прогностическая ценность этого маркера при развитии кардиомиопатии пока не установлена

The use of cardiac biomarkers in detection of cardiotoxicity associated with conventional and high-dose chemotherapy for acute leukemia

Aim: Monitoring of cardiotoxicity of conventional and high-dose chemotherapy (HD-CT) with multiple biomarkers of cardiac injury — glycogen phosphorylase BB (GPBB), heart-type fatty acid binding protein (H-FABP), cardiac troponins (cTnT, cTnI), creatine kinase MB (CK-MB mass), myoglobin. Methods: A total of 47 adult acute leukemia patients were studied — 24 patients treated with conventional CT containing anthracyclines (ANT) and 23 patients treated with HD-CT (myeloablative preparative regimen) followed by hematopoietic cell transplantation (HCT). Cardiac biomarkers were assessed prior to treatment (before CT/HD-CT), after first CT with ANT, after last CT with ANT in the first group, after HD-CT and after HCT in the second group. Values above the reference range were considered elevated. Results: Before CT/HD-CT, all biomarkers of cardiac injury were below the cut-offs in all patients. GPBB increased above the cut-off (7.30 μg/L) in 4 (16.7%) patients after first CT and in 5 (20.8%) patients after last CT with ANT. GPBB increased above the cut-off in 5 (21.7%) patients after HD-CT and remained elevated in 5 (21.7%) patients after HCT. CTnI became elevated (above 0.40 μg/L) in 2 (8.3%) patients after first and last CT with ANT. Both patients with cTnI positivity had elevated GPBB. Other tested biomarkers remained below the cut-offs during the study. Conclusion: Our results suggest that GPBB could become a sensitive biomarker for detection of acute cardiotoxicity associated with conventional CT containing ANT and HD-CT followed by HCT. The predictive value for development of cardiomyopathy in the future is not known and should be evaluated during a prospective follow-up. Based on our data, a larger prospective and multicenter study would be most desirable to define the potential role of new circulating biomarkers in the assessment of cardiotoxicity in oncology

Biochemical markers and assessment of cardiotoxicity during preparative regimen and hematopoietic cell transplantation in acute leukemia

Introduction: Cardiotoxicity is a relatively frequent and potentially serious complication of antitumor treatment. Anthracyclines and other high-dose chemotherapy represent the greatest risk. The aim of the study was to assess cardiotoxicity during preparative regimen (PR) and hematopoietic cell transplantation (HCT) in acute leukemia (AL) with biochemical markers — “N-terminal pro brain natriuretic peptide” (NT-proBNP), cardiac troponin T (cTnT) and creatine kinase MB (CK-MB mass). Methods: Nineteen adult AL patients previously treated with anthracyclines — idarubicine, daunorubicine, mitoxantrone with standard doses for a cycle as 3 х 12 mg/m2, 3 х 50 mg/m2, 3 х 10 mg/m2 accordingly were studied. PR consisted of high-dose cyclophosphamide (HD-C) in combination with busulphan or total body irradiation (TBI). Plasma NT-proBNP, cTnT and CK-MB mass concentrations were measured the day before PR, the day after PR, the day after HCT and 14 days after HCT. Results: Before PR, mean plasma NT-proBNP value was 106.3 ± 55.7 ng/l. After PR, it increased to 426.1 ± 391.5 ng/l. After HCT, a further increase to 847.6 ± 780.6 ng/l was observed. Fourteen days after HCT, the mean NT-proBNP was 330.8±236.8 ng/l. The differences were statistically significant in comparison with the baseline values (p < 0.01). The NT-proBNP elevations were more pronounced in patients with cumulative doses (CD) of anthracyclines above 450 mg/m2 (p < 0.05), in patients with PR containing HD-C and TBI (p < 0.05). In all patients, plasma cTnT and CK-MB mass concentrations remained unchangable during PR and HCT. Conclusion: Our results suggest that administration of PR and HCT is in most AL patients associated with acute neurohumoral activation (significant rise in NT-proBNP). Persistent NT-proBNP elevations, in our study in 12 (63.2 %) patients, indicate subclinical cardiotoxicity (risk for development of heart failure) and require further follow-up. More pronounced NT-proBNP elevations in patients with higher CD of anthracyclines and in patients with PR containing combination of HD-C and TBI confirm that these therapeutic procedures seem to be more cardiotoxic and not very appropriate for patients with cumulation of risk factors for cardiotoxicity. Negative plasma cTnT and CK-MB mass concentrations show no detectable damage of cardiomyocyte structure during PR and HCT.Введение: кардиотоксические осложнения — это относительно частые и потенциально опасные последствия противоопухолевой терапии. Наибольшую кардиотоксичность отмечают при применении высоких доз химиопрепаратов, в частности антибиотиков антрациклинового ряда. Целью данного исследования была оценка кардиотоксичности при лекарственной подготовке пациентов с острым лейкозом (ОЛ) и проведении им трансплантации гематопоэтических стволовых клеток (ГСК), а также определение следующих биохимических маркеров – N-терминального промозгового натрийуретического пептида (NT-proBNP), сердечного тропонина T (cTnT) и креатинкиназы MB (CK-MB). Методы: обследованы 19 взрослых пациентов с ОЛ, прошедших предварительное лечение (ПЛ) с применением антрациклиновых антибиотиков (АА) – идарубицина, даунорубицина, митотриксантрона в дозах 3 х 12 мг/м2 , 3 х 50 мг/м2 , 3 х 10 мг/м2 соответственно. Кроме применения АА, ПЛ включало высокие дозы циклофосфамида (ВД-Ц) в сочетании с бусульфаном или радиолучевой терапией (РЛТ). Концентрацию NT-proBNP, cTnT и CK-MB определяли в плазме крови за день до и через день после проведения ПЛ, а также за день до и через 14 дней после трансплантации ГСК. Результаты: уровень NT-proBNP перед проведением ПЛ составил 106,3 ± 55,7 нг/л, а после повышался до 426,1 ± 391,5 нг/л. После трансплантации ГСК отмечали дальнейшее возрастание исследуемого показателя до 847,6 ± 780,6 нг/л. Через 14 дней после трансплантации ГСК концентрация NT-proBNP достигла 330,8 ± 236,8 нг/л, при этом разница была статистически достоверна по сравнению с исходными значениями (p < 0,01). Повышение уровня NT-proBNP в плазме крови более выражено у пациентов, получавших АА в суммарной дозе (СД) выше 450 мг/м2 (p < 0,05), а также у больных, получавших ВД-Ц и РЛТ (p < 0,05). Концентрация cTnT и CK-MB при проведении ПЛ и трансплантации ГСК не изменялась по отношению к исходному уровню. Выводы: показано, что применение ПЛ и трансплантация ГСК у большинства пациентов с ОЛ сопровождается острой нейрогуморальной активацией, что проявлялось в существенном повышении уровня NT-proBNP. Постоянно высокий уровень NTproBNP, отмеченный у 12 (63,2%) пациентов, свидетельствует о бессимптомной кардиотоксичности (риске развития сердечной недостаточности) и требует последующего врачебного наблюдения больных. Более выраженное повышение уровня NT-proBNP у пациентов с более высокой СД АА и у больных, получавших ВД-Ц и РЛТ, свидетельствует о том, что такое лечение является более кардиотоксичным и не рекомендовано для применения в случае наличия факторов риска проявления кардиотоксичности