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Public finance comprises specific financial relationships and operations. Within the economic system, there is an interaction between public administration institutions on the one hand and other entities of the economic system on the other. The purpose is to raise funds and effectively use them to finance sub-government policies. A significant source of public finance revenue is the tax collection existing in the territory of a particular country. Taxes form a coherent system that is partially harmonized in the EU...

One of the burning issues in identifying the financial status of an industrial enterprise is a well-balanced system of financial indicators. Existing methods of financial assessment are similar in comprising the following indicators: current liquidity ratio; profitability ratio; indicators of financial sustainability and financial results: receivables and payables; limiting constraints. The specifics of extractive industry companies dictate the need to consider dependence of financial indicators on investments in ...

The article deals with the actual labor market problem of creating an effective recruitment mechanism. It presents the key parameters of recruitment strategies. The best solutions of the problemar are considered in the context of asymmetric information. The article presents alternative models of recruitment, the principal-agent problem in each type of model and considers the key features of each agentВ’s behavior. In addition the opportunities of optimal contract between recruiter and employer and the optimal comp...

This article describes the problems of the formation of territorial brands as a factor of sustainable tourism development in Russia. The basic definition of a territorial brand and regional branding and more developed formulations of the above categories. Selected fundamental principles that should guide the creation and promotion of territorial brands. Much attention is paid to the formation processes of territorial brands on the example of Republic of Tatarstan. Territorial brand characterizes as set of develope...

Accounting is an applied science, with its theories/methodology practically applied in business entities, and also its well-defined practical main purpose - meeting information needs of stakeholders. The information generated in accounting system, and later disclosed to outside recipients, is diverse in scope, form and value/quality, which results e.g. from the possibility of making creative financial and accounting decisions (so-called “the right to choose” in the accounting policy) and from accountants’ beh...

Small and medium sized companies are reasonably considered as the backbone of the economy many countries. Thanks to their simple structure, they can respond quickly to changing economic conditions and meet local customers’ needs, growing sometimes into large and powerful corporations or failing within a short time of the firm’s inception. Therefore, they are significantly different from large companies from the credit risk point of view. We would like to show the importance to assess the SMEs credit risk separ...

Functioning of the modern economy and society is unthinkable without a well-functioning banking system. The modern commercial banks are key component of the financial system because of their role and position in the credit intermediation in our country. They are financial mediators who operate not only with their own funds, but above all with public capital. Banks buy and sell money by accepting on different accounts the free funds of their clients and grant them to those customers having need of. Banks earn from ...

The monitoring of creditworthiness consists in supervising, monitoring and controlling the borrower's financial and business activities in order to establish its ability to timely and accurately fulfill the obligations on obtained loans. It also includes assessment and forecasts in the creditworthiness evolution under the influence of internal and external impact factors. The most important preconditions and requirements for creditworthiness evaluation are: ?The granted credits, as an absolute value, to match the ...

In 2008, the global economy experienced an acute phase of the crisis. The impact of crisis phenomena on the national economies of the world was not the same. The government's measures on anti-crisis regulation were different. Today, economic growth began. But the structural problems that caused the crisis are not fully overcome. The purpose of the article is to identify, using quantitative analysis methods, the specifics of the development of the crisis in different countries of the world, as well as to determine ...

Introduction of technical innovations significantly influences the main characteristics of the factory staff work process. The increase of production efficiency may be followed by the growth of work intensity of the employees. This in turn leads to negative consequences of both social, and economic nature. Therefore, the problem of work optimization is complex. To solve it, it is necessary to choose methods of measurement of work intensity of the personnel and to proceed a modelling of work processes for new emplo...

Historical literature and numerous medieval fortresses offer great premises for the development of cultural-historical tourism in Romania. Fiction tourism also fits into the general picture of tourism consumption. The phenomenon seems to lure ever more tourists that are interested in legends and myths. The tighter/closer the connection between the myth and the historical character, the stronger the attraction seems to be. The methodology of the paper is based on the determination of historical truth by a thorough ...

The paper surveys the Czech banking sector from the perspective of corporate financing. The article presents the current state of the Czech financial market, and the importance of the banking sector for the economy. The questionnaire survey investigated main trends in the use of various products offered by the banking sector for financing, satisfaction of companies with banking products and overall confidence of business customers in the banking sector in the Czech Republic. Results of investigation and empirical ...

During the Second World War in Poland in the years 1939-1945 several million people died at the hands of Nazi Germany. Commemoration of the people who were murdered in concentration camps, extermination camps, ghettos, prisons, and during mass shootings, and those who were killed in warfare and uprisings, is an essential part of the remembrance of these inhumane crimes, as well as a warning to future generations. One form of commemoration of the victims is dark tourism. Every year millions of people (tourists) fro...

During the last years the tertiary education support is growing mainly due to researches that claim it can foster the development of individuals and so the economy as a whole. This growth is creating a significant pressure on countriesВ’ public budgets, as the main source of support, and the effectiveness of its allocation. This paper deals with the evaluation of public spending on education efficiency, with an emphasis on tertiary education in EU countries. It is devoted mainly on economic aspects of education, e...

The decision on the capital structure is one of the important decisions the owners of the corporation have to make. This decision affects the risk and the return on the capital invested by the owner. The aim of this paper is to analyze how the agricultural sector in Europe uses the debt capital in its funding. The factors used for the analysis of the agricultural companies debt capital level are the size of the agricultural unit, the country of its operation, the time period, the return on assets before interests ...

In a lease agreement, when it comes to determine the residual debt at a given date in case of insolvency or continuous arrears (i.e. an early termination, before the maturity of the lease plan), often the contract decides upon the penalties and some lump sum refund for impairment. Accounting purposes require both the lessor and the lessee to calculate separately for the amount of the outstanding debt and the agreed-upon for the impairment and the penalties. In this paper, the authors propose a model for a precise ...

Creative tourism as part of the global creative economy has shown a significant increase in the world. However, Slovakia falls considerably behind these trends. The aim of the study is to analyse the current state of demand for creative tourism in Slovakia. In the paper we define creative tourism from supply and demand perspective and its growing importance for destinations as well as visitors. We characterize preferences and interest of Slovak tourists in domestic creative tourism activities, we define creativity...

During the last decades one can notice a positive effect of tourism activities in rural or remote areas, tourism managing to induce economic development in peripheral spaces where primary activities like agriculture, low industry or craftsmanship were not economic profitable anymore. Positive role of tourism activities in rural areas can be translated into different ways, like the increase of well-being, stabilization of population in exodus localities, bigger resistance towards financial crisis, and even a growth...

A significant degree of uncertainty in the consistent of the fiscal development within EU countries has prompted governments to stop or decrease unfavourable developments and to look for solutions to ensure sufficient debt financing. In the context of debt financing, which is one of the major ways of financing the fiscal imbalance, are countries, as reported by OECD surveys, besides traditional debt instruments focusing also on the use of specific financial instruments - derivatives. The aim of the paper is to ana...

The main purpose of the paper is to analyze the economic development of construction companies in the monitored period during the crises. The economic development is performed with the financial indicators, which express the performance and the financial stability of the construction company. Financial indicators are represented mainly by the Return on Equity (ROE) and indebtedness of the company. The methodology is based on the collection of information from accounting statements (the balance sheet, the profit lo...

In the article is briefly discussed the question of development of system of regional governance by smoothing of spatial polarization in the region on the basis of implementation of infrastructure projects (as an infrastructure objects are considered hotel businesses in republic of Tatarstan and Mari El republic). Has been carried out the scenery forecasting of tendencies of regionsВ’ development in the conditions of spatial polarization smoothing management on the basis of a diversification of hotel business in T...

The Russian economy is in crisis. In 2014, the Russian government has introduced a food sanctions. This caused a certain economic processes in agriculture, post-Soviet Russia. Now the problem of food security of Russia practically solved. The main figures of the Russian agrarian economy are large agricultural holdings. The value of small farms is reduced. However, the agrarian economy of post-Soviet Russia is on the verge of a new economic crisis associated with the termination of public investment. We discuss a n...

Latvia is one of the European Union (EU) Member States being rich in bioresources. In terms of agricultural land area per capita, Latvia ranks third in the EU, while in terms of forest area per capita, Latvia ranks fourth. Bioeconomy industries may be theoretically divided into several groups: primary biomass production; biomass processing by mainly bioresource-based industries; biomass processing by industries, the bioresources of which compete with other kinds of raw materials; recycling of bio-products and wate...

The article analyzes current social & cultural situation in Russia, which is created under the influence of changes in demographic structure of population, as well as describes trends with new approaches and principles, which currently are being developed to ensure an improvement in the life quality of elderly people. The authors state that elderly people in modern Russia belong to the least protected population segment. The article highlights one specific problem: it is difficult for elderly people to travel, res...

Double-entry bookkeeping system has many information restriction: it does not allow recording an inflation impact or systematize several valuations of the same object; it does not disclose the external and internal environmental factors influencing a business activity, financial results and wealth of the companies. One of the perspectives for transforming the double-entry accounting was developed by Yuji Ijiri in the 1980s. The triple-entry system is based on extension of double-entry system, when a fundamental eq...

For effectiveness of sheep farms and economic development of the area where farms develop his activity, we propose the following activities, which can be implemented in any farm regardless of the herds and of the location where the farm is situated. These activities are: rediscovering the ancestral technologies of obtaining traditional products (patina cheese, bellow cheese, cheese in shell of tree, smoked curd, fermented curd, soft eweВ’s milk cheese, kneading soft eweВ’s milk cheese), rediscovering specific cust...

Current customers must be able to quickly and accurately navigate through a range of products that are offered at a time of global world, highly competitive and saturated market and producers. On the other hand, enterprises must fully know the requirements, needs and purchasing power of their target customers. By knowing this, they can prepare a proper offer where the customers will be able to choose. The price is therefore one of the determining factors of a functioning market. The price of goods or services is a...

International labor migration significantly impacts on the process of economic integration for developed labor markets. Labor migration on the territory of countries of the Commonwealth of Independent States is directed to big labor markets in Russia and Kazakhstan. In this article we describe a model, that takes into account the feedback of average salaries defined by the supply of labor resources, affecting migration processes between countries of origin and destination. The model takes into account the influenc...

The paper aims to investigate the existence of a positive feedback process between managed aggregate equity fund flows and equity fund excess returns in short-term and long-term period using monthly data from high- and middle-income EU economies for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

The scale of the modern world economy has transformed economic growth from a means of solving social problems into a factor of their aggravation. Further expansion of the economic system leads to irreversible devastating consequences for the ecosystem of the planet. Traditional economic logic has come into conflict with the interests of mankind. This article discusses the need to replace the model of economic growth with the paradigm of sustainable economic development, which includes environmental restrictions on...

The article is devoted to the research of factors, which determine the effective counteracting a drug addiction and an illegal drug trade. The factors include those from economic, social, institutional and administrative fields of governmental policy. The methodology of research is based on preliminary studies aimed to identifying factors of social and economic environment influencing drug addiction in order to verify the hypothesis that drug addiction is more economic problem than social or medical. We have built...

The main purpose of this research is to identify different methodological approaches that can be used in economics to evaluate environmental resources that are integrated in tourism product. Environmental resources form essential physical plant for tourism development. It would be almost impossible to imagine tourism product that does not integrate, directly or indirectly natural resources. Strong expansion of tourism development, reflected in significant increase in number of international visitors, same as accep...

Not only the economy, but also the whole societyВ’s aim at economic growth in terms of qualitative and quantitative improvement of the populationВ’s standard of living. At present, when the innovative economic sector, the service industry and knowledge have come to the fore, the concept of economic growth requires rethinking. Approaches to determining the quality of economic growth can be classified based on the absolute quantitative economic indicators (GDP, GNP, NI, national wealth, etc.), based on the relative ...

The study highlights the financial performance of the activity by analysing revenue, expense and profit indicators. Information used is the data entered in the Profit and Loss Account, which presents the statement of income, expenses (by component) and profit or loss. The financial results are analysed for the period 2014-2015, the analysis method used being the time comparison. This method evaluates the results in units, in dynamics, and highlights the deviations from the terms of reference with which it operates...

For several years, the issue of innovation has been a taboo concept for some entrepreneurs. Each separate part of their company must include hallmarks of innovation. Every product or service introduced into the market or manufactured must be innovative. But is it, actually? Innovation is associated with a new, ground-breaking technology. Companies applying for EU subsidies begin to prove in their projects the innovation of their products or services. The most dangerous issue is that they prove it during the stage ...

Responsible implementation of environmental policies in sustainable development must have as objectives activities gentle with the environment, sustainable planning of the livestock breeding and exploitation sector. It is found that around animal farms there are unused landfills that are sources of pollution for soil, air and water. Analyzing the water sources we found their pollution with organic substances, nitrates and ammonium, and the pH was very close to the upper limit admitted. The quantities of pollutants...

This paper covers pressing issues related to the taxation of the e-commerce and the effect of black market on tax results. Particularly, the authors justify the necessity of governmental control of Russian e-commerce turnover in terms of the types of operations. It is important to emphasise that there are significant budgetary losses caused by black e-commerce that require identification and actions to reduce them.

The article presents the analysis and the evaluation of the direct foreign investmentsВ’ influence on the structural changes in the regionВ’s economy. Foreign investments affect the processes of the economic development due to decreasing the gap between the level of needed investments and the level of domestic savings, what is undoubtedly a favorable factor for innovative modernization of the industry. Based on the systematization and comprehensive analysis, the demand in direct foreign investments for innovative ...

The aim of the contribution is to examine the impact of employment policy instruments on the development of unemployment and employment in Slovakia and in selected EU countries, as well as the definition of employment policy instruments, suitable for application in SR. We are focused on explaining various interpretations and opinions on the origins, consequences and possibilities of eliminating the negative phenomena associated with unemployment. Attention is also paid to the mapping of the most important historic...

The article describes the main indicators of energy cluster development in Russia, the analysis of their impact on socio-economic indexes of regions. The paper summarizes the statistical data, shows regression and correlation analysis, gives the regression equation constructed and makes gross regional product projections of each region depending on the pace of clusters development.

The fundamental challenge of the contemporary world is finding a proper model of transformation of the existing linear, unsustainable and irresponsible economy towards the circular economy harmonised with the needs of present and future generations. Financial institutions, due to their intermediary role, should have a particularly important role in the transition towards a more sustainable economy. In the last 30 years various ethical and alternative financial institutions have been founded in many countries aimed...

The main objective of this article is to analyse the experience of Polish companies in using equity - based crowdfunding as a source of capital. The author also shows new solutions which are planned to be introduced in Polish law to make an easier use of this form of financing. Based on the case study of two finished campaigns, the advantages and disadvantages of equity-based crowdfunding are shown as well as the estimated cost of such capital. The consequences for a company and for its owners of using capital fro...

The concept of benchmarking can be defined in many ways. In general it is a method of increasing the performance and competitiveness of a company on the basis of comparing oneself with the best in a given field. The objective of this method is to gain information that will help to identify the strengths and weaknesses of a company with its competitors and which will serve as inspiration for improvement. Information is gained by constant observation and evaluation. At present, businesses, if they want to be competi...

The mineral extraction tax and the customs duty on oil export are basic elements of the fiscal policy for the oil-extracting companies operating in Russia. The volume of these payments is strictly connected with the average level of exchange prices of Urals brand oil during the corresponding month. In the conditions of intensive oil prices reduction this circumstance led to essential losses of the federal budget incomes. The aim of this work consists in the characterization of the oil-extracting companies taxation...

Evaluation of the attractiveness of industries is an urgent problem in solving a number of problems both at the business level and at the level of public administration. This task is relevant in the selection of priority sectors, for example, for investment or allocation of government support measures. However, little attention is given to this issue in both scientific and regulatory work. Industries are valued only in terms of output and profitability. It does not take into account the fact that the solution of v...

Modern economy is characterized by significant strengthening of integration processes caused by the deepening of relations between countries, international trade liberalization, scientific and technological progress, development of productive forces and the deepening of international labor division. This results in the formation of regional associations, which are evolving progressively into independent centers of the world economy. The article highlights various aspects of the integration processes in the common ...

Development of ICT, Internet and electronic commerce tools has totally changed the way of doing business, business processes, marketing and Public Relations. A new type of activities in the digital environment provides an advantage to small and microenterprises to effectively communicate directly with the target group of customers and achieve much better results than with the traditional media. The purpose of this article is to describe the main factors influencing the usage of e-commerce in microenterprisesВ’ mar...

This article describes an evaluation method of banking activities effectiveness in the field of innovation financing. In contrast to classical approaches, the comparative analysis of the condition, effectiveness and problems of the innovative projects venture financing development in Russia is performed with the use of matrix models describing the return on investment across countries and regions, as well as the contribution of banks in venture capital investment in respect of final volume of innovative products p...

Intensive growth of agricultural production caused on the one hand implementation, adopted in 2010 a Food Security Doctrine of Russia, on the other hand, a ban on the import of food products from several Western countries, as a response to imposed against Russia sanctions, has highlighted the need for research and forecasting of development of agroindustrial complex. In the world in general and in Russia in particular, has accumulated substantial experience in building predictive models of agricultural development...

The regularities of the evolution of the theory of sustainable socio-economic development of regions in Russia and foreign countries are revealed. It is concluded that the foundation of the modern theory of sustainable regional development of foreign countries is the fundamental provisions of neoclassical, neo-Keynesian and institutional theory, as well as spatial economics. They are the base of highly developed countriesВ’ regional policies, aimed at ensuring sustainable, balanced social and economic development ...