Zdeněk Strnad

Bio: Zdeněk Strnad is an academic researcher from Sewanee: The University of the South. The author has contributed to research in topics: Ordinal regression & Psychomotor learning. The author has an hindex of 2, co-authored 4 publications receiving 20 citations.

Important factors which predict entrepreneur’s perception in business risk

Abstract: This paper seeks to examine the role of factors originated from outside (economic, political, competitive environment and relationships) and within (entrepreneur’s attitude) the organization on the business risk perceived by entrepreneurs. To test the hypothetical relationships, an ordinal regression with two link functions was applied on an original dataset of 641 small and medium-sized enterprises (SMEs) operating in Slovakia and Czech Republic. The analysis revealed that not only economic factors can predict business risk, but along with them are political and competitive environments, relationship with supply chain actors and entrepreneur’s attitude. Consistent with prior research, it is found that an unstable economic environment leads the business to expose themselves to business risk. Also, a friendly regulation framework and quality education contribute significantly to reducing the level of risk. The research triggers the interest of policymakers who design policies aimed at improving the business environment by reducing the level of risk that firms face in doing business. Also, this paper is useful for managerial perspective, since entrepreneur attitude was found to be a predictor of business risk.

Selected economic factors of the quality of business environment

Abstract: The development of small and medium-sized enterprises (SMEs) is at the center of interests of the relevant authorities in the European Union and national economies across Europe. The aim of this paper was to define and quantify important economic factors that shape the quality of business environment in the SME segment, and to compare their significance in Czech and the Slovak Republics. According to the defined aim a survey-based research was conducted with the enterprises of the SME segment. Responses from 312 enterprises in Czech Republic and 329 enterprises in Slovak Republic were obtained. The Z-score method was used to verify the scientific hypotheses. The research brought some interesting findings. Slovak entrepreneurs, despite Received: December, 2018 1st Revision: April, 2019 Accepted: July, 2019 DOI: 10.14254/20718330.2019/12-2/14 Journal of International Studies S ci en ti fi c P a pe rs © Foundation of International Studies, 2019 © CSR, 2019 Martin Cepel, et al. Selected economic factors of the quality of business environment 229 slower growth of GDP and income in Slovakia, better rated the importance of the Central bank in creating a stable business environment as well as the role commercial banks play in financing business needs. The results of this research support the perception that the quality of business environment is a complex consisting of both economic and non-economic factors. It was discovered that the overall rating of the business environment quality is lower than the rating of partial economic factors influencing it.

Learning Outcomes of Simulation of Insolvency Proceedings Inspired by the US Mock Trials

Abstract: The main aim of this paper is to quantify students’ learning outcomes from a pilot project inspired by Mock trials developed in the USA and applied into the Czech system of law education of students of business disciplines. The pilot project involved a simulation of insolvency proceedings where the students played roles of various participants. The learning outcomes were evaluated in accordance to Bloom’s taxonomy of learning objectives and findings support previous studies on this topic. Our results generally confirm the findings of various studies saying that the teaching of basic concepts and terminology is more effective in the form of lectures and that main simulation as a pedagogy outcomes are in the affective and psychomotor domains. However, the differences in cognitive results of our students are very small as measured by an anonymous final test, which suggests that there are more factors to be considered and further studied. The results also show that the students prefer the simulation method to the traditional lectures and perceive it as an efficient learning experience with long‑term impact on their learning as well as attitudes and skills. Such a study has not been done in the Czech environment and the findings enrich both business and law education theory and practice.

Simulation of Insolvency Proceedings Year II - Evidence of the Long Term Effect on Cognitive Learning

Abstract: The aim of this paper is to draw some conclusions from a long-term project inspired by the so-called Mock trials experienced in the USA and applied into the Czech system of law education of students at the Faculty of Economics of the University of South Bohemia.The project involves a simulation of insolvency proceedings in case of a company bankruptcy. The students play roles of the various participants in the insolvency proceedings and learn very relevant but rather complicated process of insolvency. The results of the second academic year involve re-testing of students included in the SIP 1.0 (Simulation of Insolvency Proceedings 2015/2016) in order to assess if the learning experience has the long-term impact and comparison with the new group of students that undergone the SIP 2.0 (Simulation of Insolvency Proceedings 2016/2017).

Perception of the Selected Business Environment Aspects by Service Firms

Abstract: The business environment is a profound concern for the state and institutions to make it encouraging to boost entrepreneurship. Given such relevance of the business environment, this paper aims to link selected business environment aspects to business sector. The study identified the perceived differences between sectors in the Czech and Slovak Republics and then a comparison of a similar group of firms. To shape the study, survey-based research planned and conducted in two segments of firm’s (service and non-service), covered 641 enterprises. The current research adopted factor analysis and then t-test and Mann-Whitney test to determine the results. The major findings of the study reveal that the Slovak firms in the service sector scored higher in macroeconomic environment, consumers’ consumption and competition factors and lower in access to finance factor, as compared to their non-service counterparts. However, another key finding indicates that the Czech entrepreneurs’ perception did not statistically differ in any selected aspects of business environment between the firms operating in service and non-service sectors. In all the cases business support was found insignificant. This paper adds to the existing literature in entrepreneurship by offering a better understanding of the linkage between business sector and business environment aspects.

Fuzzy Model for Quantitative Assessment of Environmental Start-up Projects in Air Transport

Abstract: The purpose of this paper is to develop an applied fuzzy model of information technology to obtain quantitative estimates of environmental start-up projects in air transport. The developed model will become a useful tool for venture funds, business angels, or crowdfunding platforms for the development of innovative air transport businesses. Obtaining a quantitative estimate of the environmental start-up projects will increase the sustainability of the decision making on the security of financing of such projects by investors. This article develops a fuzzy evaluation model of project start-ups in air transport as an application of our neuro-fuzzy model in a specific air transport environment. The applied model provides output ranking of start-up project teams in air transport based on a four-layer neuro-fuzzy network. The presented model declares the possibilities of the application to solve these economic problems and offers the space for subsequent research focused on its usability in several areas of start-up development, in sectors and processes differentiated. The benefits are also visible for several types of policies, with an emphasis on decision-making processes in regulatory mechanisms to support the state funding in Slovakia, the EU etc.

The impact of Industry 4.0 on education contents

Abstract: New jobs will be created because of the Industry 4.0 concept implementation needs, employers will require new, especially digital skills and abilities from their employees. There is a need to change teaching and educational techniques in all types of schools, and instead of being specialized narrowly in one area, education should focus on a much broader overview, as people need to be educated in systemic and interdisciplinary thinking at all types of schools, including nontechnical ones. The main goal of the study is to identify areas on which the content of education should focused on in the future in terms to Industry 4.0. As research methods, a questionnaire survey was conducted in Slovak companies during the period of February – June 2019 along with statistical methods. The survey was carried out by random selection, 350 companies were contacted with a return of 220 responses. The research outcomes declare that changes in workforce qualification structure related to the Industry 4.0 concept implementation should have a positive effect on increasing the competitiveness of companies and increasing production effectivity. Based on the results it is proposed the expected positive changes should be transformed into enforcing the vocational training in companies and structural changes within the Slovak educational system.

Venture Capital in Europe: Social Capital, Formal Institutions and Mediation Effects

Abstract: Venture capital (VC) as an industry has existed for more than 50 years, yet it has only moderately developed beyond the USA despite numerous trials of governments to foster it. Vast research endeavors have been carried out to understand the antecedents, barriers, and facilitators of the industry. However, the focus has been rather limited and accounted almost exclusively for formal features of institutional environments, leaving the informal dimensions unexplored. This paper tries to close that gap. Based on longitudinal country-level data on 18 European countries, we first explore if the “usual suspects,” mostly embodied in reformable formal institutions, do play a role in the European context. We also investigate if informal institutions, and in particular social capital, may exert a prominent effect. In this respect, we found that the impact of social capital on VC activity is indeed indirect, through determining those structural formal institutions which in turn significantly affect VC activity. These findings contribute to the literature on VC and inform European policy makers on the most promising channels for creating a prosperous institutional environment for the financing of innovative start-ups.