D21 - Firm Behavior: TheoryNávrat zpět

The main objective of this paper is to analyse which factors have an impact on the allocation of Czech foreign direct investment (FDI) in EU countries. Multivariate panel regression with general macroeconomic variables and time dummy variables using Eurostat data for the period 2013-2019 was performed. Indicators of a tax system promoting and/or enabling aggressive tax planning, and other more general indicators were included in the model. This paper provides the opposite view by analysing the flow of FDI from a transition economy to more advanced economies. The results suggest that Czech FDI is placed in developed countries with lower statutory corporate income tax rates, and with which the Czech Republic has a larger volume of foreign trade. Furthermore, it is confirmed that the factors affecting allocation of Czech FDI in the EU are the distance between the capital cities and the existence of the so-called patent box regime.

The paper is concerned with the economic theory of George Stigler. First part outlines the life of George Stigler. Second part examines his dissertation "Production and Distribution Theories" (1941). Third part discusses his textbook "The Theory of Price" (1946). Forth part is devoted to his "Essays in the History of Economics" (1965). Fifth part analyzes the work "The Organization of Industry" (1968). Sixth part explains "The Theory of Economic Regulation" (1971). Seventh part discusses Stigler's book "The Citizen and the State" (1975). Eighth part presents his autobiography "Memoirs of an Unregulated Economist" (1988). Stigler has become famous thanks to articles "Economics of Information" (1961) and "Theory of Economic Regulation" (1971), which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them.

The article deals with the phenomenon of globalization and in particular its influence on production chains of multinational firms. The on-going process of globalization has set off new trends and possibilities of production (e.g. outsourcing) which resulted in changes of firms' behaviour. This led to new approaches in their decisions concerning internationalization of production process, i.e. investment abroad, mainly realised by setting-up a new production facility in a foreign country, usually in the form of the foreign direct investment (FDI). Some of these influences are also connected with new types of production and its structure. The first part of the text is devoted to a brief review of theories which may be used by explaining different ways of internalisation of firm's production, to the latest empirical data concerning FDI and some thoughts concerning methodological problems linked to FDI statistics. The next part of the text tries to shed light on different producing methods, classification schemas and definition of selected modern forms of production and discusses possible links to the FDI. The third part of the text presents a simple model for assessing value of FDI which can be used for decision-making within a multinational firm. The last part summarises the main findings.

Enviable strategic objective of Czech business sphere is to increase competitiveness. There is a long term task which major objective is to participate in this problematic. Its first part, empiric research and descriptive analysis of competitiveness of Czech organizations, are discussed in this article. First of all theoretical and methodical background is characterized, especially definition of terminology, systemic approach, conditions of relevant corporate environment and concepts of management of knowledge organization. Basic objective of assignment is to get relevant information from real environment of wide spectrum of our entrepreneur subjects and use them for analysis of system of management of Czech organization, especially from the point of view of systemic approach, level of interrelations and logic links - synergy. Competitiveness of Czech organizations is analyzed on the sample of 348 Czech organizations in time horizon 2002-2007. Final generalizations will be used as a background for work in next phases.

The dramatically growing disproportion between the value of corporate assets and market valuation has resulted in a well-researched schism between strategic management and financial theory. Options theory provides a potent tool to resolve this issue. We propose a model which is consistent with both the Resource- and Contractual-Based Theories of the Firm and which demonstrates that corporate strategy can be perceived as a portfolio of embedded and real options. We further argue that embedded options typically serve as hedging instruments for real options which enhances their value and should be a major consideration when assessing the structure and form of contracts. Special emphasis is granted to human capital and the contractual arrangements through which firms purchase its product. Human capital is the key resource for the processes of real-options discovery and strategy-setting, both of which constitute the essential part of a modern firm's value.

The theory "corporate social responsibility" (CSR) is characterized in the paper. The paper expresses the authors' opinion, that CSR as a mere proclamation of necessity of the firms' ethic behavior does not enforce this into praxis. The internal economic motivation to CSR is the necessary condition for firms to invest in CSR. The necessary conditions for such motivation are than formulated.

This paper deals with a broad and controversial part of microeconomic theory represented by the theory of the firm. An overview of the main line of criticism of the orthodox (classical) theory of the firm and also of the theories proposed as reactions to one or more aspects of this criticism is given. However, the attention is attached to managerial theories of the firm, which are represented especially by the models of Baumol, Williamson and Marris. In each case the assumptions of the particular theory are stated, followed by graphical and mathematical exposition of its main conclusions. Finally, the paper concludes with a brief discussion of the contributions and setbacks of managerial theories.

Investment expenditure relates to an evident optimization problem: to create an optimal capital stock which is a function of expected profits. According to the Tobin's Q - theory, investment depends on the ratio Q of the market value of business capital assets to their replacement value. A firm's investment should rise with its Q. In practice, however, Q is not observable and the measurement of numerator as well as of denominator presents problems in empirical implementation. Looking for an appropriate approach, both macroeconomic and microeconomic level can be followed. The macroeconomic Q can be derived from the Keynes equation for the price level. Tobin's Q is given here as a measure of the economy's willingness to invest (Mundschenk, 2000). As for the firms, a VAR model is estimated using panel data. Relevant forecasts enable to quantify an expected value of a firm even in case that it is not quoted on stock markets (Behr and Bellgardt, 2002). To characterize a macroeconomic background, the Q of the Czech Republic was computed. Than, the panel data approach was applied to the Czech machinery. The Qs were computed with an evident majority of negative values and a zero correlation to investment, when following the detailed panel structure. A high degree of zero investment might be a signal for policy makers which seems to be recognized by governmental authorities as a necessity of foreign - investment supporting policy.