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Agriculture is an important sector of the economy in the European Union (EU) and milk production is one of the most significant agricultural sectors in Latvia. It has proven itself as the sector with stable development and future perspective. The purpose of this study is to analyse the dairy sector in Latvia and trends in its historical development and the future perspectives. To reach these purposes research tasks were set which helped to analyse the key elements of dairy sector in Latvia. This study allowed to c...

Several groups of the population are threatened by unemployment. These groups include graduates from secondary schools and universities, individuals in the retirement age, persons with disabilities, persons with low level of education and other groups. One large group represents secondary school and university graduates. The aim of this article is to compare and evaluate the amount and causes of unemployment of this population group in Slovakia and in the Czech Republic. Although Slovakia and the Czech Republic in...

The economic pressure on the forestry fund is one of the greatest challenges of contemporary society, generating major imbalances both in the natural components of the territorial systems and in the anthropic ones. In order to quantify the evolution of the complexity of the phenomenon analysed, we have chosen for our research two methods of textural fractal analysis to determine which of the two is more relevant to the study. Textural fractal analysis is an analysis that no longer requires binarization, maintainin...

Human Development Index (HDI) is calculated as a combined index of three indicators: the expected life expectancy, purchasing power and expected education. These three indicators can adequately represent the development of the country because the longer life expectancy of a population implies a better health condition, resulting in better psychophysical abilities or greater human vitality. The purchasing power of the population indirectly expresses the level of satisfaction of the needs, and thus the satisfaction ...

The article presents the main results of the development of a range of proposals for the development of volunteering in tourism in Russia, provided that typical risks and threats caused by this phenomenon are reduced. Volunteering in tourism is a rather complicated topic. It includes many ethical, organizational, legal, economic and other aspects. There are two main components in it: volunteering at tourist sites, as well as volunteer tourism (voluntourism) and other types of tourism that have a volunteer element....

The problem of shaping and functioning safety culture and its role in the operations of construction enterprises has been undertaken in the paper. The ways of defining safety culture and the safety culture assessment model in the company have been presented. Risk and safety have been presented as cultural values. Social factors conditioning the conduct and motivation to organize safe working conditions have been incorporated into the safety culture notion, and the development of positive safety culture is now rega...

The purpose of the research is to compare the main two important stock market indices for the Tokyo Stock Exchange: the Nikkei Stock Average Index (NIKKEI 225) and the Tokyo Stock Price Index (TOPIX), both from the composition, calculation methodology and base value, but also taking into account the changes in volatility using the asymmetric Generalized Autoregressive Conditionally Heteroscedastic processes. The paper tracks the application of time series analysis in financial markets. To do this, I chose the Toky...

The conditions for the formation and effective use of human capital are the leading factors in innovative development, the determination of a countryВ’s competitiveness, and the social and economic well-being of citizens. In the context of globalization, there is a growing role for the study and adaptation of the social and educational policy tools used by countries that are leaders in the knowledge economy. The data from the Programme for the International Assessment of Adult Competencies have made it possible to...

Over the past few years, the European countries have reformed their pension systems in order to make them able to cope with the challenges put forward by aging. As a consequence of the reforms, the pension systems have become more complex, the old age income being obtained today through cumulation of benefits provided by more types of pension schemes. Most often the changes were oriented towards ensuring financial sustainability of the system, sometimes forgetting that the purpose of a pension system is to provide...

Social media have become a driver for substantial changes in a number of fields, including business, education and learning practices. They are present in a dominating way in lives of young people in Bulgaria. This study examined the university students’ perceptions/adoption of social media based on the example of the students at the University of Economics – Varna (UE-Varna), Bulgaria. Data was collected and analyzed from online survey of 378 undergraduate students both from bachelor and master degree programm...

The importance of accounting profession in modern capital markets is unquestioned as owners, managers and potential investors make decisions based on the products of accounting system. The correctness of these decisions undoubtedly depends on the quality of work performed by accounting professionals. An analytical study design was implemented in order to formulate the results of the study and to test the hypothesis that in the presence of free service provision idea, the accounting profession is not regulated in a...

The financial market is one of the most important segments of the economics because it has been serving as a channel through which funds are transferred between particular economical entities. Financial system is a part of the economic system whereby for the latter it is important the financial sector to be as stable as possible. The article is dedicated to a theoretical base of the financial market regulations and it describes situation on the financial market from short term as well as long term perspectives. Ba...

Air transport is one of the youngest transport industries, yet in a few decades of its existence, it has built a monopoly position in the transport of people, mail and some types of cargo for very long, long and medium distances. Air transport is also the main transport mode in the international transportation. There are even some destinations that are served only by air transport. For transport operators such as transport planners, airlines, airports and aircraft manufacturers, knowledge of air transport demand i...

One of the greatest challenges at the current stage of Russian regions development is the transformation in the structure of production markets demand and supply. On the one hand, technological innovations caused by changing consumerВ’s needs affect the demand and supply equation parameters in the production and resource markets. On the other hand, imposing of international economic sanctions against Russia has stimulated shifts in both the demand for competitive domestic products and the supply of domestic goods ...

Educational tourism, one of the fastest-growing tourism sectors in the world, can be developed in different areas that are characterised by accessibility and possess educational tourism resources. In order to efficiently invest in educational tourism, it is necessary to take into account economic peculiarities of a certain area. The research is aimed at constructing an economic portrait of the potential inbound educational destination В‘a modern Russian medium-sized urban areaВ’, which has not yet received a thoro...

Lean Management (LM) has been presented as a one of the methods for improving the competitiveness of manufacturing companies. Today, observations show that, despite the many benefits of implementing LM tools, relatively few companies make a decision to -employ them. Although considerable research has been devoted to lean manufacturing, rather less attention has been paid to conditions of its implementation. It is important to know the drivers and barriers of the implementation of lean, however, diverse business co...

The article deals with the economic driving forces that provide students with possibilities to choose an optimal educational path. In our research we combine the theory of human economic behavior and the methodology of increasing efficiency of the human capital. We develop an econometric model of optimization for higher education and individual choice-making of educational paths. The proposed model is tested with the support of a specially established software on the basis of the real statistic data for more than ...

The article evaluates the convergence-divergence of indicators of economic development processes in circumpolar countries. The object of the study is the indicators, which evaluate the economic processes in member countries of the Arctic Council: Denmark, Iceland, Canada, Norway, Russia, USA, Finland, and Sweden. The processes of convergence-divergence were researched in all eight member-countries of the Arctic Council based on statistics from 1990 through 2014. The following indicators, analyzing economic process...

Due to the fact that the innovation system integrates the set of many interconnections of subjects of property, and that subjects often have directed to one side interests, so the defining approach to the research of the issue of interaction of institutions and property should be the “integrated approach” to the issue of cooperation of subjects of property that is represented in the article. The innovation economy, submitting to quite certain patterns and well-defined laws, changed traditional ideas and concep...

Creating and maintaining a strong investment climate in the economy is the important initial precondition for solving problems to ensure economic growth and competitiveness of the country in terms of its integration into the world economy. Despite the fact that the Russian market has the potential to become attractive for foreign investors, it is characterized by unpredictability, which prevents the flow of foreign investments into the country. Our retrospective analysis showed that the formation of a positive inv...

This article analyzes the innovation and technological sphere and the processes of modernization of the Arctic regions of Russia. A classification of Russian regions is undertaken, with division into four clusters. The first cluster is represented by the Russian regions encompassing Arctic territories: Murmansk region, Nenets, Yamalo-Nenets and Chukotka autonomous districts, Arkhangelsk region, Krasnoyarsk region and the Republic of Sakha (Yakutia). The second, third and fourth clusters take into account different...

Direct relationship of the development of foreign trade and FDI was confirmed by a correlation analysis. The coefficient of correlation was 0.97. A strong relationship (R=0.97) showed between the turnover of foreign trade and GDP, as well as between the share of export and GDP, and the share of import and GDP, where the coefficient of correlation reached the value of 0.99. The GDP growth rate indirectly affected the unemployment growth rate. The relationship between these parameters was weak, as the coefficient of...

Information technology is currently one of the most important labour productivity drivers to increase economic efficiency. The aggravation of the geopolitical situation occurred in Russia over the past few years has demonstrated the vulnerability of the domestic financial sector and some other national economy branches to foreign manufacturers and suppliers of various software that led to the intensification of import substitution in this area. The conducted analysis has revealed that information technologies crea...

Under the current unstable market economy conditions, every business entity must constantly monitor the development of its financial situation, competition, get new customers and offer new products and services. From the point of view of financial managers, it is the continuous monitoring and assessment of the financial situation of the business entity. Given the dynamically changing economic environment, it is essential to monitor enterprise performance analysis not only in terms of the past, but also to focus on...

Greenhouse gas emissions produced by agriculture, animal husbandry, fishery and forestry activities continue to increase, although not as fast as emissions produced by other human activities. The paper analyzes the impact of agricultural, livestock, fishery and forestry human activities on greenhouse gas emissions. The goal is to build a model of greenhouse gases being changed due to human activitiesВ’ factors. As a theoretical model the authors have chosen ADL-model (auto-regressive-distributed-lags-model), in wh...

The authors seek to improve the construction of dynamic assessment model of companyВ’s investment appeal. This involves a comparison of the actual order of the investment appeal indices with the standard ones by calculating the Kendall correlation coefficient for the two ranking series based on internal environment indicators of a leading chemical enterprise. The comparison results in the calculation of the dynamic assessment of investment appeal whose maximum value is equal to one when all observable characterist...

The concept of social entrepreneurship is related with entrepreneurial projects that are based on principles of social, economic and environmentally sustainable business. Social entrepreneurs are committed to resolving different socio-economic problems through projects based on social innovations. The realised profits are entirely or partially reinvested in the community. Social entrepreneurship is a significant part of the social economy. In the EU, there are 2 million social economy enterprises and organisations...

Currently, the business is considered a key factor for economic growth and development. In this context, it should vigorously address the determinants that affect business activities and hinder its development. This issue is pertracted in different dimensions at the global and national levels and the results of the examination are contained in databases and scientific studies. The source of these data is from 1999 and the project Global Entrepreneurship Monitor - GEM, where the core of the research lies in the nat...

The aim of the article is to identify and characterize the level of business environment risk in the sector of small and medium-sized enterprises in Poland and Slovakia to prepare the recommendation for risk management improvements in the future. Article is based on own questionnaire research, conducted among total 273 SMEs from Poland and Slovakia in 2016. The descriptive statistics and Gamma correlation will be used in empirical data analysis to achieve the paper goal. Authors emphasized that risk management sho...

The article seeks to emphasize the key role of the internal factors of the companyВ’s investment appeal. This includes an overview of the traditional methods of assessing companyВ’s investment appeal and the calculation of the integral index of investment appeal based on the financial performance for a leading chemical enterprise. The study results in a methodical approach to assessing companyВ’s investment appeal on the basis of multiple regression of net return on assets. The authors propose to carry out a ridge...

This paper is dedicated to the methodology for evaluating financial benefits of selected mezzanine capital instruments, which refer to hybrid forms of long-term funding combining the features of debt and equity, particularly to those characterized by a higher debt tendency (so-called debt mezzanine instruments). The authors aimed to review the theoretical background of evaluation of financial benefits of classic financing sources and to propose methodology for assessing financial benefits of debt mezzanine instrum...

The regions focused on primary industry and raw materials extraction and processing have specific innovative and investment development. The paper presents the analyses of the world experience in applying rating system for innovative development assessment. As the result, the authors devised a new original method for the assessment of innovative development of the regions focused on primary industry and raw materials extraction and processing in terms of investment flows provision for the regions. The index for in...

The research paper focuses on assessing the impact of the tools of the fiscal policy of the country for the resource regions and municipalities development in the context of the current budget federalism and inter-budget relations. Krasnoyarsk Krai – the largest in its area and the availability of natural resources region of Russia is considered as a model resource region. The Krai’s role in the Russian economy as well as its financial and social well-being are largely determined by the resource model of the ec...

Assessment of the influence of fundamental factors of the knowledge economy development that have a specific refraction at the subregional level and assessment of the impact of the existing structure of human and physical capital in the resource regions of Russia on the scale of economic growth in the context of transition to the postindustrial information society and knowledge economy are carried out in the research paper. Intensive industrial development, primarily based on the increase of the scope of natural r...

Labor productivity is the most important factor in the economic growth of the region. Traditional production functions assess the contribution of labor resources to three-fourths of the total one. But today there are new factors, the inclusion of which in the model is necessary, since they determine the key forces of economic development, iden-tify the direction of regional policy. Economic growth, according to neoclassical theory and the theory of endogenous growth, is influenced by labor resources: population de...

The banking channel of sales in insurance services (bancassurance) belongs to intermediary sales channels of insurance company and plays one of key roles. Bancassurance development is of special interest due to the lack of free access of participants insurance the relation to information resources. At the same time the insufficient number of analytical researches in this area is conducted. The Russian insurance market in connection with the crisis phenomena in economy undergoes changes, participants of the market ...

One of the derivative securities is IRS and this implies the values of these instruments are determined by the assets that are underlying. IRSВ’ are a derivative security, and it implies their valuation is determined by the underlying assets. In that regard, assets refer to interest rates and loans. A swap involves the exchange of two cash flow streams by two parties. On the contrary, when dealing with swap interest rate, the cash flows refer to the payments of interest based on an amount of money. In this context...

The aim of this article is to present the results of a study devoted to the analysis of problems and search of possibilities of interaction between banks and small businesses. The analysis is based on a review of data of borrowers of regional banks of Nizhny Novgorod region in Russia. The study orientated on systematic and comparative analysis of scientific literature, analysis of statistical data. The main method of study is a formalized focused interview of the responsible officials/business owners. Among the pr...

Brand management is proven to be a key factor to success worldwide. Although very clear and understandable from a theoretical point of view, when it comes to business practice brand management can be a very challenging activity, especially in markets such as the Republic of Macedonia. This is understandable having in mind that brand management, among other aspects, includes costumer perception on product value and therefore plays a vital role in customer satisfaction and even customer loyalty. Brand management inc...

The budgetary policy of any state is a tool that realizes its priorities, goals and objectives that finds its reflection in structure of its expenditures. The analysis of the budget items allows making conclusions about the state priorities and prospects for the development of this state. The main criteria reflecting the country's long-term social and economic forecast are investments in the spheres reflecting the development of the human capital, that is, into the social policy. A lot of the developed countries a...

Business Tourism on the Bata Canal is one of the best developing businesses in the Czech Republic. Business development is mainly supported by municipalities and cities and regions. Despite this support. There is a risk of doing business. The study describes and explains these major risks. The study indicates to specific development of inland waterways in the ZlГ­n region and follows analysis of the Bata canal for tourism, business activity, environment and financing structure. It also focuses on the planned devel...

This paper provides a brief review of literature and evidence on the relationship between capital structure and ownership structure. The study also provides empirical support to the determinants which affects the firm capital structure. This paperwork tests proposed hypotheses of relationship between leverage ratio and traditional determinants of financial leverage of Russian firms, operating in the petrochemical complex of the Republic of Tatarstan, using dynamic panel data methodology. To analyze the impact of f...

Currently the overwhelming majority of countries worldwide recognized the need for innovative economic development and creation of own innovations that would give an impulse to qualitatively new, evolutionary development of the economy, industry, and society. Exclusive rights to intellectual property items, most often obtained on the basis of innovations, are valuable asset that can make monopolist of a single individual or legal entity, a whole state or a group of countries by giving them competitive advantages a...

The article analyses the contents of investment policy within four conceptual aspects: essential, positional, systemic and structural. The approaches to the understanding of regional investment policy as an integral part of economic policy, system of regulation of investment activity and as an ideology, defining the principles of investment management. The essence and principles of investment policy as well as its position in the system of investment activity management on the meso-level are defined. The results o...

Continuous technical progress, nature being constantly enslaved by human, industrialization, the Earth's drastically changed surface have caused a global ecological crisis. Among the primary global environmental problems there is environmental pollution, water pollution with industrial, agricultural and domestic waste, soil degradation, deforestation, loss of biodiversity. The planet overpopulation leads to unsustainable use of natural resources and their depletion. Most methods of producing energy cause varying d...

The interdependence of spatial structure and economic development is gaining momentum in the current period when there is competition between the regions of Europe based on uneven economic development and growth. Clusters therefore become a new way of addressing the economic growth of the regions, unemployment and financial stability, which is moving towards a new organization of the economic area. Clusters are seen as one of the means of increasing innovation performance, of increased competitiveness of enterpris...

The paper concentrates on a study of the cluster-based concept of regional economies development. It has been empirically proven that the cluster-based approach appears to be one of the most effective instruments for regional economic growth and businesses integration. The approach is premised on formation of territorial-industrial clusters within which a network of interacting private, municipal and state enterprises, organizations and institutions is setup which facilitates joint efforts to address particular ec...

Social capital is an important prerequisite for regional development, and it influences economic growth and development of a region. In last decades, public involvement in decision making became the main attribute of regional and community planning, which follows one of the basic social capital characteristics. Social capital is a connector among individual actors, it makes reaching common goals possible in a more efficient manner. It incorporates social organization attributes such as relationships, interactions ...

Development of tourist services has a major importance in the economy of each country in order to ensure the increasing of living standards of the population. The hotels offer is focused around the accommodation, representing for more than 50% from the total of the receipts, and constitutes a service, quite. The client, who has been captured by the accommodation hotel, is presented with the whole offer, together with other services made available to him. The other services, of smaller importance represent for a cl...

The paper deals with the competitiveness of Slovak spa facilities and partly also with the competitiveness between Slovak and Hungarian spas. The main aim of the paper is to process and analyze the competitiveness in Slovak spa facilities through the use of all available information. The paper is divided into three parts. The first part summarizes the theoretical background of the examined issue; itВ’s focused on theoretical knowledge about tourism, spa tourism and balneology. It also deals with the theoretical kn...