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‘A MAP OF THE WORLD that does not include Utopia is not worth glancing at’ wrote Oscar Wilde. ‘It leaves out the one country at which humanity is always landing. And when it lands there it looks out and, seeing a better country, sets sail again. Progress is the realization of Utopias’.

The objective of the study is to identify and explore factors affecting the productivity of companies in the Czech Republic with a focus on the role of firm size, firm age, indebtedness and long-term negative equity, efficiency of assets usage, liquidity, legal form, location and sector affiliation.

The study utilizes a large unbalanced panel dataset of 91,257 firms (548,998 observations in total) covering the period 2000–2019. The dependent variable, i.e. total factor productivity (TFP), reflecting the overall firm productivity, was estimated by ordinary least squares (OLS) regression. The main findings were obtained through the estimation of two econometric models explaining the effects of factors on firm-level TFP. First, the OLS regressions together with Nomenclature of Territorial Units for Statistics (NUTS) 3 regions, year dummies and robust standard errors were estimated. Second, as a robustness check, the very same model was estimated with the random effects (RE) generalized least squares (GLS) method.

The analysis has shown a statistically significant U-shaped relationship (with the turning point of 38, resp. 36 years) between firm age and the overall TFP among the Czech enterprises. The authors provide two key findings in terms of a firm size-productivity relationship. Firms with fewer employees, often officially registered as self-employed individuals/freelancers, report higher levels of productivity. Nevertheless, when it comes to firm property (assets), the authors find a positive relationship between firm size and TFP. A high proportion of debts in the capital structure of analysed companies, or even negative equity, has been negatively associated with TFP levels.

More research is needed in the deeper exploration of sectoral and regional determinants of firm TFP, as both regional and sectoral heterogeneity were observed in the study. The authors propose the employment of a multi-level modelling approach, including a range of continuous variables and investigation of their role in shaping firm-level productivity.

Concerning the results, managers should be mindful of optimal capital structure principles due to the negative impact of a high level of debts on the productivity level. High indebtedness means high-interest payments drawing earnings off, which may be, especially in the long term, a hindrance to investments. The entrepreneurship and small- and medium-sized enterprise policies may be targeted at the soft policy actions, including advisory services and counselling on business development or risk and on the provision of financial capital allowing firms to strive for growth-oriented projects.

To the best of the authors' knowledge, this is the first attempt to provide insight into the firm-level productivity determinants, based on the large dataset covering enterprises across the whole economy over the long term, representing the structure of the country's entrepreneurial activity.

The purpose of this paper is to focus on public guarantees granted to micro-, small- and medium-sized enterprises (SMEs) by the Italian national credit guarantee programme (Fondo Centrale di Garanzia – Central Guarantee Fund – (CGF)). The CGF provides a direct guarantee to banks granting loans or a counter-guarantee to mutual guarantee institutions (MGIs) acting as first-level guarantors. Because the behaviour of MGIs could affect the default risk of counter-guaranteed loans, it is vital to investigate their operating and structural characteristics in order to identify an optimal design for public credit guarantee schemes (PCGSs).

Using regression models, the paper analyses the determinants of default for 33,229 SME loans guaranteed by an MGI and counter-guaranteed by the Italian CGF. The dependent variable is the ex-post default risk of SMEs’ counter-guaranteed loans in the 2010-2011 period. The explanatory variables are certain characteristics of the MGI.

The authors demonstrate that increases in an MGI’s leverage and the size of the counter-guaranteed portfolios increase the default risk. When the counter-guaranteed portfolio increases, MGIs are more risk taking but take less risk than when local and specialized MGIs are at play. Finally, direct public aid is relevant.

An appropriate design of the PCGS becomes crucial to controlling moral hazard in financial institutions and ensuring the financial sustainability of public intervention in favour of SMEs.

The paper evaluates an original and confidential firm-level data set that is not available in public documents or supervisory board statistics but is collected directly from the MGIs that participated in this study.

The purpose of this study/paper is evidence to suggest that information communication technology (ICT) capital projects are different from non-ICT projects and that as a result the appraisal of such projects is more difficult. This may suggest that organisations would use dissimilar financial and risk assessment models or place different importance levels on such models between the two types of investment. The purpose of this paper is to investigate this issue and present the results of research into the practices of organisations in Czech Republic that have recently undertaken an appraisal of both ICT and non-ICT capital projects.

A factual and attitudinal survey was developed and conducted during the end of 2011, addressed to organisations based in the Czech Republic. The object of the survey was the identification of current practices in respect of the appraisal of both ICT and non-ICT projects and the opinions of senior executives on a number of important issues regarding such practices. This paper focuses on the issues relating to ICT projects being “different” from non-ICT projects.

The empirical findings support the literature in that ICT projects are, in many respects, different from non-ICT projects. However, the evidence indicates that, in practice, there is no significant difference in the financial and risk assessment models used in their appraisal. This indicates that any perceived difficulties, which may infer that the projects are “different”, are overcome (or ignored), to some extent, when it comes to the formal financial and risk assessment stage of project appraisal. There is also evidence to suggest that practitioners use assessment models that academics regard as unsophisticated. The findings also show that strategic issues are more important with respect of ICT projects than non-ICT projects. The research therefore supports the view that ICT projects are perceived to be different, but that the current conventional (financial and risk) appraisal models are adequate to appraise such capital projects, provided they are supported by a strategic assessment.

As the findings are based on a survey of companies in the Czech Republic only, we accept that the research results may have some limitations in terms of drawing general conclusions. The concern over drawing general conclusions is also brought about by the relatively low response rate, although the rate is in line with previous published research.

ICT projects are different and as such these differences must be taken into account when appraising capital projects. The evidence supports the need for practitioners to review their appraisal of ICT capital projects, by adopting more sophisticated financial and risk models (as prescribed by academics) and linking their appraisal to corporate strategic goals. Future research should be aimed at identifying the formal and informal strategic approaches adopted by practitioners in the appraisal of ICT capital projects.

This is the only survey to simultaneously address the appraisal issues concerning both ICT and non-ICT projects in the Czech Republic. As such, it gives a valuable insight into the practices of Czech Republic organisations in their appraisal of ICT and non-ICT capital projects. The identification of the four main problem areas with respect to the appraisal of ICT projects will help to focus academic research in the future.

The purpose of this paper is to present the results of an investigation of advanced manufacturing technology (AMT) implementation practices and performance at 82 discrete‐parts durable goods manufacturing plants in the USA.

A mail survey was used to gather information about: the types of AMT that the plants were using; the planning, justification and installation activities that were used to support the adoption of these technologies; and changes in plant performance that could be attributed to the AMT adoptions. Several propositions that were derived from the AMT literature are tested.

Our results indicate that firms that are desirous of adopting integrated technologies should be prepared to exert considerable effort on: fostering a supportive planning environment; integrating investment justification; engendering human and technology resource consistency; and promoting team‐based project planning and installation. Additionally, our analysis indicates that effort on three of these components contribute to explaining improvements in firm performance.

Although this research unveiled some significant findings, there is a need for testing of the propositions on a larger scale.

The managerial framework that is developed in this paper will be particularly useful to firms that are in the pre‐planning stages of AMT adoption or that are considering adding new AMT to their existing technology portfolio.

While most AMT research studies simply report, discuss and explain their findings, this paper goes further by harnessing the findings into a simple managerial framework for the adoption of AMT that is easy to understand and implement.

Management in service industries are constantly faced with the problem of balancing customer service against achieving a high level of economic efficiency in managing their own resources. The problem is shown to be particularly acute in the management of Freightliner Terminals where there are extraordinary fluctuations in the demand for the service. A computer model is described which simulates operations at a terminal and assists management in predicting the likely performance of the terminal for different levels of throughput.

This paper seeks to present the results of an investigation on the justification of investments in advanced manufacturing technology (AMT) at manufacturing plants in the USA. Unlike previous research that explored the adoption and use of a specific AMT or groups of similar AMT, this study focuses on a plant's combination of technologies or its technology portfolio.

Mail survey responses from a sample of 82 plants are used to examine the relationships between the type of technology portfolio being used and the justification approaches and evaluation techniques that were utilized to justify these investments. The study also investigates the level of functional integration and the level of effort applied to several activities during the justification stage of the AMT projects.

The majority of plants that had adopted the more complex technology portfolios were using hybrid (economic and strategic) justification approaches supported by ratio and discounted cash flow justification techniques. Plants that were using the less complex portfolio also used hybrid approaches, but tended to concentrate on the use of ratio techniques. Findings on the level of functional integration at various stages of the AMT project are also reported.

This research concentrated on discrete‐parts durable goods producers in the USA. Further studies are needed to determine whether the findings can be generalized across other industries or in other countries.

This research uses an innovative portfolio analysis approach to investigate the important topic of justification of AMT. Managerial implications arising from the results of this study and a number of new research avenues are advanced.

It is a prime principle, agreed by all corrosion scientists, that the proper preparation of steel, prior to painting or the application of other coatings, is most essential for long‐term protection. Proper preparation means the removal of all rust and millscale leaving a clean, down to bare metal, surface. The only two satisfactory methods of cleaning to ‘white metal’ are grit‐blasting and pickling. It is only possible to pickle efficiently easily handled articles, cleaning of large structures or cleaning in situ is not practical by this method.

The purpose of this paper is to explore some of the ways various tourist attractions in the American South are presented to and experienced by tourists.

A sequence of photographs, made at tourist attractions across the south, is presented. Accompanying each photograph is a paragraph‐length text that draws from and expands upon information available in the visual image. In these texts, various observations about tourism in the south are made.

The paper comments upon the tourist experience in the south and highlights the central roles of historical tourism, heritage tourism, civil rights tourism, and cultural tourism. Highlights the problematic nature of packaging the region's sometimes troublesome past for tourist consumption.

Because the findings are grounded in photographs made by the author, they are inherently “anecdotal” in character.

This original photographic essay shows and comments upon a wide variety of experiences available to tourists in the American South. It cautions against trying to make the southern past more palatable to tourists by glossing over unpleasant historical facts.