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Overview: Transformation into a smart factory has a soft side related to people, their motivation, perception, and skills. This study aims to examine staff perceptions about advantages, disadvantages, and barriers that challenge such transformation, and possible supporting measures. Our analysis of a company in a highly competitive manufacturing industry revealed the importance of the human element in the transition to a smart factory. Companies can facilitate the transition by ensuring all employees are aware of and understand the vision and implementation; by engaging with employees to learn about their thoughts and concerns; and by providing opportunities for employees to learn new skills for smart factory jobs. We offer recommendations to help practitioners succeed in transitioning to a smart factory.

Account receivables constitute a significant portion of current assets, and the issue of receivables management is studied from many aspects and in many different contexts and levels. The purpose of this paper is to analyse the use of the prudence principle in the account's receivables area in Czech companies. This research paper aims to evaluate the view of enterprises whether they are willing to make impairment of receivables, what types of impairment they prefer, and how they assess the impairment of receivables. The research was done through a questionnaire survey. We received a total of 185 completed questionnaires. The research was done in 2019 in enterprises from the Czech Republic. Our results show that the enterprises make the impairment of receivables regardless of their sector. The impairment of receivables is more preferred in medium-sized and large enterprises. The medium-sized and large enterprises prefer a combination of tax and non-tax impairment of receivables. At the same time, the medium-sized and large enterprises more appreciate the impairment of receivables as a percentage of the value of particular receivable. © The Author(s) 2021. This is an open access article under the CC-BY 4.0 license.

Current advancement of the digital economy underlines the necessity of the cultural and creative industries (CCI) to innovate and adopt, in order to enhance their competitiveness and sustainability. Digitalisation enables novelty approaches towards their new business models and organisations of work. Nevertheless, existing research is skewed towards the innovation and collaboration within the CCI, treated largely as an end in itself. We argue that this denotes only a partial explanation of the CCI and their role in knowledge sharing. Thus the paper addressed the research question of regarding knowledge sharing digitalisation, and what outcomes does digitalisation of the CCI in the Czech Republic unveil. Methods comprise of Kruskal Wallis and Dunn's multiple comparisons test to provide insight into differences in digitalisation of the knowledge sharing in various branches of the CCI. The analysis revealed positive outcomes of digitalisation on rapid knowledge sharing and knowledge preservation for newcomers. On contrary, certain negative outcomes concerning the risk of knowledge leakage in the creative economy were identified. Further research activities are proposed to be directed towards an international comparison of knowledge sharing digitalisation, in order to reveal differences in cultural settings and socioeconomic backgrounds that might affect processes of digitalisation. © 2020 Academic Conferences Limited. All rights reserved.

Despite a general assumption that knowledge sharing among employees is vital for achieving a competitive advantage, only limited evidence has been provided to support it. This article examines the relation between knowledge sharing and three dimensions of organizational performance: Innovativeness, financial performance and the use of human recourses. The study uses data from a sample of 112 employees from the Czech Republic. The findings provide evidence that knowledge sharing is significantly related to organizational innovativeness, employees' engagement, and the perceived benefits of knowledge sharing. However, there was no statistically significant correlation between knowledge sharing and financial performance. The results highlight that if a competitive advantage is built on innovativeness, then bilateral communication between supervisors and their subordinates, including the communication of the top management's intentions and employees' ideas, is essential because it facilitates knowledge sharing among employees. © 2019, IGI Global.

Knowledge is an intangible asset that can bring a competitive advantage to any company when it is managed and shared amongst employees. The implementation and promotion of knowledge sharing can be challenging for managers, because it is difficult to measure the benefits. Thus, the first aim of this research was to probe into the experiences of managers in order to assess whether they are aware of the benefits of knowledge sharing and, subsequently, to categorize these benefits. The second aim was to ascertain which measures of these knowledge sharing benefits would be suggested by the managers. Data was collected via interviews with managers from Germany, the Czech Republic, Slovakia, and Japan. Following data collection, some principles of grounded theory were used for data analysis. Participants suggested that knowledge sharing can assist the company improve innovation skills, relationships within and outside of the company, source optimization, and financial performance. Furthermore, some indicators of the benefits of knowledge sharing measurement were identified. © Common Ground Research Networks, Zuzana Crhová, Jana Matošková, Drahomíra Pavelková, All Rights Reserved.

Knowledge sharing is a process that can enhance organizational innovativeness. Therefore, knowledge sharing is essential for organizations that build their competitive advantage on the ability to come out with innovations quicker or better than their competitors. Generally, it is supposed that the intensity of knowledge sharing could be influenced by national culture as well as other factors. The aim of this article is to examine in more detail the differences in tools used for knowledge sharing and the main factors influencing knowledge sharing in Czech, German, and Japanese companies. A qualitative design was chosen for the study. Semi-structured interviews were held with eleven managers. The collected data were analyzed with both open and axial coding. The results support the premise that national culture has an impact on knowledge sharing. © Common Ground, Zuzana Crhová, Jana Matošková, Drahomíra Pavelková, All Rights Reserved.

Achievement of high quality of accounting information in financial statements requires thorough adherence to generally accepted accounting principles. In connection with deferred tax, this concerns especially the prudence principle and the going concern principle. The deferred tax also has an impact on fiscal sustainability in any given country. The aim of this contribution is to evaluate how information about deferred tax is reported by small and medium sized enterprises in Czech Republic and evaluate quality of such reporting. The research was conducted in the form of a questionnaire survey concerning recognition of deferred tax among accounting units which prepare their financial statements according to IFRS or according to Czech accounting standards. The entities that stated in the questionnaire that they recognize deferred tax were further analysed in more detail. The survey revealed that the standard does not take into consideration that small and medium-sized enterprises would not have to account for deferred tax. The research clearly showed the unwillingness of accounting entities to recognize deferred tax voluntarily. © 2018, General Jonas Zemaitis Military Academy of Lithuania.

Accounting is a tool of evidence for reporting assets, equities, liabilities, expenses, revenues and profits or losses of the accounting unit. This information is collectively presented in financial statements, which are an essential source of information for external subjects. Nevertheless, the resulting financial statements are relevant only to the extent to which the information charged in the accounting is correct and error-free. For this reason, the aim of this article is to examine the individual areas recorded in accounting in terms of their possible bias due to an error. The objective of this article is to determine which of the areas of accounting are riskiest in relation to the occurrence of errors, and this in connection to the existence of an important foreign partner of the accounting unit. The risk of of the error occurrence is examined from the accountants' perspective. For this purpose, a questionnaire survey was used for data collection focusing on areas that are considered to be the most important by the accountants and the areas which are the most problematic. The receivables, expenses and revenues were indicated as the most significant. The areas of long-term assets, financial assets and inventories appear to be problematic due to tax impacts. Expenses, revenues, accruals and deferrals appear to be problematic due to issues with correct valuation. The difference in perception of risk of the error occurrence in relation to the existence of a foreign business partner was proven only for some accounting areas such as liabilities, inventories or expenses.

Insolvency proceeding and liquidation of bankrupt companies are important topics in days of economic slowdown which affected all economies after financial crisis. This paper aims to find main differences between insolvency proceedings in the countries of Visegrad four. The main goal is to describe insolvency law in member countries and then to compare it from the poin of view of main actors. This comparison can help to find which changes and ideas could be applied to improve and make more effective the Czech insolvency system. The countries of Visegrad four was selected because of their common history and similar economic development. First of all, the legal background of insolvency proceedings which is possible for legal entities in these countries is examined. Then this paper deals with insolvency proceedings from the point of view of their participants - creditors, debtors and insolvency administrator. We have found that insolvency proceedings in these countries are very similar but there is still some inspiration for the Czech insolvency system.

Knowledge is an important asset that can result in innovation and competitive advantage for companies. This paper provides a literature review based on perspectives proposed in a paper written by Karl M. Wiig almost two decades ago which forecasted development of Knowledge Management. The aim of this paper is to compare Wiig's predictions with the current state of Knowledge Management literature to see how true his forecasts turned out to be. Moreover, the current literature is reviewed in order to find out which subtopics of Knowledge Management should be key topics for future research. © 2015 by SCITEPRESS - Science and Technology Publications, Lda. All rights reserved.

The article concerns deferred tax and its significance for the information capability of the financial statement. Temporary differences between accounting and tax rules are the cause of the formation of deferred tax. The accounting and recognition thereof stems from generally accepted accounting principles. The accrual principle, the principle of caution and that of the functioning of the accounting entity in the foreseeable future are at issue. The majority of small and medium-sized enterprises are not obliged to account for and recognize deferred tax, although they may do so, and it is desirable from the perspective of faithful representation of the financial situation of the accounting entity. The conducted investigation in the form of a questionnaire survey ascertained whether accounting entities recognize deferred tax. If not, for what reasons; and if so, from which temporary differences they ascertain it.

The purpose of this contribution is to ascertain the rate of creditors’ satisfaction in debt relief. The aim of the paper is to set an approximation functions which guarantee a value of 100% of satisfaction of creditors’ receivables for a zero rate of debt and asymptotically nears a level of 30% with an increasing rate of debt. There are two methods used in this paper. Method of analysis was used to analyse of collected data on the course of debt relief of natural person. The method of the ordinary least squares method was used for setting the approximation functions. On the basis of a survey, it was found that individual creditors are satisfied to 50% of their ascertained receivables. © 2015 The Authors. Published by VGTU Press.

Purpose of the article: The adverse economic situation in the Czech Republic has elicited a rising number of proposals to commence insolvency proceedings. Insolvency proceedings are resolved by the insolvency act from January 2008. The longer the duration of insolvency proceedings, the higher are their costs, which reduce gained yields. Methodology/methods: Research is focused on the area of small and medium-sized enterprises. The research was based on a questionnaire survey in which representatives of small and medium-sized enterprises in the Czech Republic were addressed. The questionnaire contained 18 closed questions.The research results are evaluated and presented through a graphical representation. Scientific aim: The article aims to gain information from representatives of small and medium firms as to how they settle overdue receivables, how they enforce them, whether they have had experience with an arbitration clause and whether they have been participants in insolvency proceedings. Findings: Research has demonstrated that small and medium enterprises, for the most part, do not include an arbitration clause in purchase agreements. Small and medium enterprises tend to utilize court enforcement of receivables in exceptional cases and do not ascertain receivables of a subject in insolvency proceedings. They mostly enforce their irrecoverable receivables themselves. The relative amount of transaction costs connected with enforcement of receivables is in the vicinity of 1 to 5%, and only a small part (1 to 5%) of the volume of overdue receivables in insolvency proceedings are truly successfully enforced. Conclusions: The course of insolvency proceedings can be considered to be an urgent problem in need of a solution, as the longer the duration of insolvency proceedings, the higher the costs for the parties involved and the lower the total amount recovered.

The paper aims to ascertain the level of harmonization of accounting in small and medium enterprises in the Czech Republic and the impacts arising from the harmonization process. On the basis of the conducted survey, companies show a reserved interest in reporting according to IFRS. As a decisive reason for adopting IFRSs as a reporting framework for a company the adoption shall brought out some gains. Only minority of companies considers the greatest advantage for using IFRS in the comparability of financial statements, strengthening the credibility of financial statements and strengthening the prestige of the business.

The problem of irrecoverable receivables has to be solved by every company. Insolvency proceedings offer one possibility of handling this problem. The ever-increasing number of insolvency proceedings, caused in the present economic situation by the expansion of the financial crisis and partially due to a certain novelty of the Insolvency Act, provides adequate material for examining this problem. The following article concerns in its theoretical part the possible causes that lead company to bankruptcy, insolvency proceedings as such and also the evolution of the number of insolvency proposals in the past two years. The article aims to document the experiences of Czech creditors, especially from among the ranks of small and medium firms, with settling overdue receivables by means of insolvency proceedings. Their experiences were investigated with the aid of questionnaire surveys. Overdue receivables are registered by half of all respondents. However, only 5 % from the entire volume of receivables are settled by insolvency proceedings. In most cases, receivables amounting to small sums, i.e. up to CZK 50 thousand, were at issue. One surprising finding, however, was the low yield of receivables settled in insolvency proceedings, which do not correspond to statistics conducted by the World Bank.