Czech Financial and Accounting Journal, 2025 (vol. 2025), issue 1

Articles

Do Investment Products Under the Tax Regime of the Long-Term Investment Product Need Regulation of Entry Fees?

Petr Pecina

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...

Discussion

Professional competencies and personal prerequisites of ESG auditors

Veronika Popelková, Patrik Svoboda

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...

Comparison of the performance of Czech actively managed funds with ETFs

Martina Sobková

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...

The determinants of voluntary disclosure in IPO prospectuses: a systematic literature review

David Šimek

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...