Český finanční a účetní časopis 2025(3)
The spectrum of opinions on the question of the degree of definiteness of the states of the world has, over the course of time, changed and developed. The greatest contribution to the current level of cognition in recent times has been made by N. Taleb and D. Kahneman. The results of their new scientific perspectives have significantly influenced the definitory understanding of human behaviour during the decision-making process in uncertain conditions, including the nuances of the functioning of cross-sectional and sectoral economies.
This article examines the relationship between private equity (PE) and sovereign wealth funds (SWFs), two major players in global financial markets whose interaction has been gaining momentum in recent years. Based on literature research and methodological review, it shows that private equity is characterized by cyclicality and high sensitivity to macroeconomic conditions, while sovereign wealth funds have a long-term investment horizon and the ability to act countercyclically. In times of crisis, SWFs can thus play the role of a stabilizing element, both through investments in private equity funds and through direct acquisitions and co-investments....
Audit materiality is often initially assessed using 'rules of thumb' derived from historical professional experience and industry standards. Given its role in ensuring that auditors provide meaningful service to stakeholders, understanding the perceptions of financial statement users regarding materiality is critical. Building on Vance's (2022) meta-analysis of five decades of empirical research, this study proposes an innovative research design that proxies investors´ materiality thresholds through indemnity basket clauses in Share Purchase Agreements (SPAs). Using a manually compiled dataset of 62 M&A transactions involving Czech target...
The life insurance market in the Czech Republic has undergone dynamic changes in recent years. Written premiums in life insurance have been declining, accompanied by a decreasing share of reserve-forming life insurance. For the purpose of long-term savings and wealth accumulation, other types of financial products are increasingly being used. At the same time, the market for life insurance is shifting toward risk life insurance, partly due to differences in the regulatory framework governing reserve-forming and risk insurance. Nevertheless, tax support for reserve-forming insurance remains in place, despite the fact that it is being used less frequently...
Český finanční a účetní časopis 2025(2):76-77 | DOI: 10.18267/j.cfuc.618
On November 23, 2025, our colleague, teacher, and friend, Professor Jaroslav Danhel, who was born on June 1, 1943, in Kutna Hora, peacefully passed away in his sleep. He graduated from the University of Economics in Prague (currently known as the Prague University of Business and Economics), with which he, following a successful career at Ceska pojistovna, became associated in the second half of the 1990s through his academic work at the Department of Banking and Insurance. He was a wise, calm, and kind-hearted person. He left behind not only a rich academic legacy but, above all, a lasting mark of humanity, humility, and authenticity in our memories.
Český finanční a účetní časopis 2025(2):74-75 | DOI: 10.18267/j.cfuc.617
With sadness in our hearts, we find it difficult to accept that on October 13, 2025, at the blessed age of 92, our former long-standing colleague, teacher, head of department, and friend, Professor Ing. Josef Valach, CSc., passed away.
Český finanční a účetní časopis 2025(2):52-73 | DOI: 10.18267/j.cfuc.612
Our paper represents a pilot analysis and contribution to the understanding of the successful implementation of mergers in the geographic context of Central Europe and offers a foundation for future research. The analysis is based on a robust and unique dataset of 783 companies that merged in the Czech Republic over the past decade, representing a substantial proportion of merging companies in the region during the period under review. The study utilises financial statements from the merging companies, covering the period from the decisive merger day – that is, before any effects of the merger could materialise and the five years following it....
Český finanční a účetní časopis 2025(2):19-51 | DOI: 10.18267/j.cfuc.616
The literature review integrates findings from 32 studies which examined IFRS 15 adoption effects on different countries and industries. The implementation of IFRS 15 has achieved its main goal of creating better revenue recognition standards which enhance financial reporting excellence and transparency and promote comparability. The review demonstrates how IFRS 15 adoption modified revenue recognition timing while improving earnings quality and reducing earnings manipulation in industries with complex long-term contracts such as construction and telecommunications. The transition process was smoother for those companies serving developed markets but...
Český finanční a účetní časopis 2025(2):4-18 | DOI: 10.18267/j.cfuc.611
The paper discusses the issue of development the position of individual types of investment funds. The introductory part of the paper discusses the more detailed characteristics, advantages and risks of collective investment funds. The paper discusses key milestones in the development of the institutional arrangement of collective investment. The advantages and disadvantages of closed-end and open-end funds are also analyzed. The final part of the paper analyzes the reason for the boom of open-end funds compared to closed-end funds in recent decades.
Český finanční a účetní časopis 2025(1):66-118 | DOI: 10.18267/j.cfuc.610
The objective of this paper is to examine the factors influencing voluntary disclosures during the Initial Public Offering (IPO) process. Through a systematic review of the literature, the paper identifies and analyses the theoretical frameworks that underpin disclosure practices, including the constraints that may limit such disclosures. Based on an examination of 330 research papers obtained from the Scopus database, the findings indicate that the dominant theoretical perspectives in this field are the signalling theory and the proprietary costs theory. By integrating insights from competing theoretical frameworks, this review offers a comprehensive...
Český finanční a účetní časopis 2025(1):27-43 | DOI: 10.18267/j.cfuc.607
The article focuses on the new requirements for ESG auditors following the implementation of the Corporate Sustainability Reporting Directive (CSRD). Through an analysis of legislative documents, ethical standards, and professional literature, it defines the key professional competencies and personal attributes essential for fulfilling this new role. The outcome is a Matrix of Professional Competencies for ESG Auditors, providing a systematic overview of the necessary knowledge, skills, and qualities. This tool supports the preparation of auditors for the specific demands of ESG assurance and contributes to a broader understanding of educational and...
Český finanční a účetní časopis 2025(1):44-65 | DOI: 10.18267/j.cfuc.608
The article focuses on comparing the performance of domestic actively managed funds with ETFs, or Exchange Traded Funds, which are traded on stock exchanges and generally aim to track a selected index. It compares actively managed funds and ETFs from both a return and volatility perspective. Key indicators analyzed include average return, Sharpe ratio, Beta, Jensen's alpha, and Treynor ratio. The objective of this article is to conduct a detailed analysis and empirical evaluation of whether actively managed investment funds—managed by portfolio managers with the goal of achieving above-average returns—can outperform passively managed funds...
Český finanční a účetní časopis 2025(1):4-26 | DOI: 10.18267/j.cfuc.609
Significant changes in tax benefits starting in 2024 are driving shifts in the business strategies of companies distributing products under the tax regime of the long-term investment product. In the professional community, proposals are emerging for the potential regulation of entry fees for long-term investment products. This paper discusses the possible impact of regulating intermediary commissions on the overall sales volume of these state-supported products. The impact of pension product regulation on the functioning of the market for these products has been addressed in past publications by authors such as Šindelář and Erben (2017), as well as...
Český finanční a účetní časopis 2024(3):45-58 | DOI: 10.18267/j.cfuc.606
Sweetened beverages are a significant source of added sugar in the diet and thus a major risk factor for obesity and serious diseases with significant societal costs. In order to curb their consumption, special excise duties have been imposed on them in a number of countries around the world. The aim of our research was to test the effectiveness of a tax on sweetened beverages using real data on the global prevalence of type 2 diabetes. We tested a relationship between diabetes prevalence and the tax assuming that the prevalence of the disease depends on the income of the country. Our analysis revealed a statistically significant, but contrary to expectations,...
Český finanční a účetní časopis 2024(3):38-44 | DOI: 10.18267/j.cfuc.605
Today's modern society is technically and technologically advanced, but it must face increased vulnerability and volatility. In this context, it is important in economics to try to more effectively include the consequences of phenomena with ambiguous or uncertain results in decision-making processes. Therefore, it is necessary to conduct a discussion on the definition of the term risk, including the related concepts of uncertainty and uncertainty.
Český finanční a účetní časopis 2024(3):23-37 | DOI: 10.18267/j.cfuc.602
The paper discusses the issue of various pension finance products, managed individually or institutionally (professionally). In the introductory part of the contribution, the more detailed characteristics, advantages and risks of the newly created long-term investment product are discussed. Furthermore, pension funds and participation funds are discussed as representatives of the institutional administration of pension savings. Special attention is paid to the negative effects of incorrect institutional adjustment using the example of the zero yield guarantee of the original Czech pension funds. The role of pension products in the financial system...
Český finanční a účetní časopis 2024(3):4-22 | DOI: 10.18267/j.cfuc.604
This article focuses on possible approaches to accounting and tax issues that arise during the business combinations, with an emphasis on the use of management accounting methods for effective performance line management and cost allocation. The theoretical links between financial and management accounting and the processes of mergers and divisions are presented. The text also analyzes specific areas that need to be addressed in corporate’s divisions, including the allocation of acquisition prices, tax losses, overhead costs, and other transactions from the decisive date of the division to the date of legal effects. Based on a case study, the...
Český finanční a účetní časopis 2024(2):70-75 | DOI: 10.18267/j.cfuc.593
The article discusses the redefinition of the insurance category from the point of view of the contribution of behavioralists, empirical economist and cognitive psychologist N.N. Taleb and D. Kahneman, motives for insurance, influence on the economy of the insurance industry.
Český finanční a účetní časopis 2024(2):51-69 | DOI: 10.18267/j.cfuc.592
This article with a topic “Accounting and taxation of mergers in Slovakia” is devoted to the topics that focus on mergers realised in Slovakia, but also on cross border mergers where at least one Slovakian company participates in. The article is focused mainly on tax and accounting aspects with emphasis on legislative changes connected to mergers, mainly in case of amendments of tax law and the Commercial code of Slovak Republic. Part of the article is an analysis of domestic and cross border mergers in Slovakia in period of ten years, since 2012 to 2022.
Český finanční a účetní časopis 2024(2):43-50 | DOI: 10.18267/j.cfuc.594
In this paper, we deal with the derivation of the mathematical equation for the Macaulay duration of a perpetuity (hereinafter referred to as "Mac. duration") bond in the period between coupon payments. According to our findings, this equation is not included in the commonly available literature and is limited only to the equation for calculating Mac. duration at the moment when exactly one full coupon period remains before the payment of the nearest coupon. In a mathematical derivation, we come to a conclusion, which is consistent with financial intuition, that the Mac. duration of the perpetuity does not depend on the size of the coupon, but is dependent...
Český finanční a účetní časopis 2024(2):23-42 | DOI: 10.18267/j.cfuc.591
The paper deals with Czech and Slovak budget policy during the covid-19 pandemic. Due to extensive expansionary measures implemented as part of the budget policy, the Czech and Slovak public finances were disrupted. Deviations in the implementation of the Czech and Slovak state budgets are assessed using a combination of actual values and own forecasts based on SARIMA-based econometric models applied to the 2010–2020 time series. The main goal of the text is to determine the overall impact of the covid-19 pandemic on the management of the Czech and Slovak state budgets caused by increasing public expenditures and a decrease in public revenues....
Český finanční a účetní časopis 2024(2):4-22 | DOI: 10.18267/j.cfuc.590
The article deals with the issue of reporting information on corporate social responsibility in the annual reports of Czech and Slovak companies. The analysis is based on selected aspects of corporate social responsibility as defined by GRI standards and evaluates their presentation in the annual reports of 25 Czech and 25 Slovak companies in 2015 and 2020. A two-sample t-test was used to evaluate the significance of the change in the reported information. The most frequently reported aspects include information related to risks and opportunities impacting the company's revenues and expenses. Conversely, among the least frequently reported information...
Český finanční a účetní časopis 2024(1):91-97 | DOI: 10.18267/j.cfuc.589
The article evaluates the necessary economic changes that took place during the nineties with their positive aspects and shortcomings. He is critical of individual approaches to the privatization process. It defines the effect of the transformational changes that have taken place on the current structure in the banking and insurance industry.
Český finanční a účetní časopis 2024(1):77-89 | DOI: 10.18267/j.cfuc.587
This paper presents a large-scale study that deals with tax literacy and represents the largest research contribution published to date in this area. The study results indicate that approximately one-third of secondary school pupils do not know the basic VAT rate or how important this tax is for the state budget. Only one in ten pupils noted that personal income tax includes two bands of the rate. The results come from questionnaire surveys at domestic secondary schools with the participation of almost 500 pupils from five types of secondary schools analyzed using the chi-square test of independence method. The gender factor does not affect the tax...
Český finanční a účetní časopis 2024(1):47-76 | DOI: 10.18267/j.cfuc.588
Climate change and climate neutrality targets for 2050 in the case of the EU bring the need for effective environmental policy instruments. Environmental taxes, green innovations, carbon pricing, emission allowances and other instruments are attracting increasing attention in academic as well as economic and environmental policy debates. This paper provides a detailed review of the theoretical and empirical literature on the role of policy instruments in the path towards climate neutrality, in particular on the effectiveness of environmental taxes, innovations, and established policies across the globe. A separate section also examines the two most...
Český finanční a účetní časopis 2024(1):35-46 | DOI: 10.18267/j.cfuc.586
The article focuses on the reasons for the adoption and implementation of the ATAD. The main objective of the article is then to analyse the impact of this directive on corporate tax revenues in the European Union. The analysis was conducted using the statistical method of the test of the consistency of means, which is a method that allows two samples to be compared with each other, and the years examined were 2018 and 2021. For the international comparison of corporate tax revenues, two indicators are used, namely the corporate tax quota and the share of corporate tax on total tax revenues, and both of these indicators were used for the analysis....
Český finanční a účetní časopis 2024(1):5-34 | DOI: 10.18267/j.cfuc.584
This discussion paper proposes significant changes in the taxation of personal incomes and property based on systemic approach to Czech tax system, which aim to make the tax system simpler and more efficient in a socially sensitive way and to contribute to the resolution of long-term unsustainability of Czech public finances.The paper introduces the issue to the reader firstly by overall look at Czech tax system, mainly at size and structure of collected taxes. Subsequently it familiarizes the reader with opinions of experts on how a good tax system should look like, what are the main problems of Czech tax system and summarizes recent proposals...
