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The article „Usefulness of Financial Information and Fraud Prevention“ concerns the prevailing approach in accounting for generating information which satisfies the interests of potential investors, lenders and other creditors with regard to reporting entities and for making adequate decisions on future capital investments. The substance of the “usefulness” of the information in the general purpose financial statements is explained, and some of its specific expressions are presented. The qualitative characteristic...

In the paper we investigate the insurance behavior of Russians in terms of the determinants of different types of individual voluntary insurance’s choice. Dataset used is Individual Russia Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE) Round 26, 2017. Sample includes 10 318 individuals and contains individual data augmented with their households information. Survey is representative for Russia. We estimated logit model for the life and accident insurance and biprobit models for motor insura...

Nowadays, many countries of the world are characterized by the change of conceptual approaches to the management of spatial development of territories and the search for new sources of economic growth. As a rule, in the economy of resource regions most of the perspective technologies are developed and implemented in the resource sector. Such technologies have unique feature – a wide range of secondary products that can be transformed into independent innovative products, services, technologies, management models f...

The paper presents the significant aspects of the interest rate, considering that it performs an important function in the banking system. Taking in the consideration that money represents the blood that supplies the system, the interest constitutes the way in which it develops. The interest rate is the main item in relation to which the interest is calculated. There are presented and analyzed the interest rates charged by the credit institutions at: term deposits in lei, term deposits in euros, deposits in lei on...

This article discusses the methodological issues of determining value added in the framework of intercompany networks - industrial clusters, which is an effective tool for analyzing and decision making. A sequence of stages of the formation of value chains (VCC) is proposed, their features and mechanisms for optimizing the interaction and coordination of actions of participants according to the criterion of gross value added (GVA) are highlighted. An approach to the definition of value added in the framework of gl...

The legislation of European Union member states is not harmonized in terms of defining, evaluating and addressing fraud, lacking a unique, generally accepted definition. The paper has several aims. First, it has been provided a comprehensive definition of fraud as an unlawful act, by gathering the views of several audit, accountant and fraud examiners professional bodies. Then it has been presented the fraud triangle, the recurrent patterns of fraud committing and the profile of the fraudster by investigating past...

The Global Real Estate Transparency Index covers one hundred markets and is based on 186 variables. These indicators are divided into six parts – performance measurement, regulatory and legal frameworks, and governance of listed vehicles, market fundamentals, environmental sustainability and transaction process. The Index is one of the tools that helps to assess and compare markets across the Globe and give an idea of how investable the market is based on its transparency. Because transparency is critical to the o...

This article presents an analysis of literature on shadow banking. The attention of researches on shadow banking topic have increased exponentially after the global financial crisis. Despite of the fact that this concept has been used for over ten years, there is no one common conception and definition of it. The innovations, global challenges like artificial intelligence, big data, etc., makes this topic very important for regulators, economists, researchers in order to make the right decisions and impact in thei...

Travel agencies and their activities have great potential for developing tourism in Slovakia. Their role is to offer, sell and organize individual tourism services. Travel agencies offer services that meet the needs of customers of all generations. Generation Y gradually gaining in importance in terms of the number of visitors who use the services in tourism. Instead of saving money or establishing family life, the generation Y prefers to travel to different destinations and explore the world. The aim of this pape...

Digital advances in the financial sector have led to the emergence of electronic finance, which is a new business model and publicly accessible information, financial, technological, economic and cultural platform for financial services and products. The transition of the financial industry to the “digit” and the emergence of the e-finance are associated with the FinTech revolution. E-finance is a deeply global phenomenon, representing the digital correction of spacetime processes and/or quasi resolution of a numb...

The article presents the rationale for using the Data Envelopment Analysis method for assessing innovation sustainability at the regional level. The theoretical basis for the paper is based on results of the study of foreign experience gained and the current Russian practice on evaluation of innovative development at the federal and regional levels. Focusing on the examined approaches, the authors propose an algorithm of regional innovative resistance estimation using the method of comparative analysis of the data...

This paper is linked to a research project that takes into account the Southern Italian landowning class from the eighteenth to the twentieth century and the process of development of the Italian Mezzogiorno, with particular reference to the influence of institutional and economic change on liberal Italy. We focus on the analysis of the life and the career of a southern Italian banker, Quinto Quintieri, whose family’s background and fortunes were entirely rooted in the latifundia who, in November 1944, was sent to...

We identified factors that influence the ability and desire of people to engage in physical culture. We studied their impact on the classes of various physical activity forms. We used the data of The Russia Longitudinal Monitoring Survey-Higher School of Economics (RLMS-HSE), 25th wave (2016). The sample size is 1893. There are several Russian and foreign papers about determinants of physical activity. We used it to highlight the necessary factors. We used the multinomial regression for modeling. It helped us to f...

In this paper we address issues relating to marketing and the pharmaceutical industry. Specifically, we look into the main marketing concepts, identify the importance of marketing in promoting sales of pharmacy companies and demonstrate the strands used to promote sales and satisfy the needs of consumers in terms of improving their health. In addition, we highlight the development of the pharmaceutical sector in Kosovo, the competition between pharmaceutical producers and distributors, the strategies that firms us...

Non-governmental organizations (NGOs) are a dynamic and changing system that has to be able to quickly adapt to changes in society and the political or business environment. Nowadays, an important factor of competitiveness for Latvian farmers being in the European Union (EU) and working in the global market is available information and the ability to use it quickly and correctly. Besides, designing a future rural development policy has to take into account the presence of other EU Member States and the need to agr...

Incorporating silk to clothing creates value. However, with increasing worldwide environmental concern, the environmental implications of silk production practices should not be disregarded. A relevant part of environmental assessment studies focuses on the final product (i.e.: silk clothes), however, upstream and downstream processes also contribute to total impacts. Therefore, the objective of this study is to present an introductory analysis for conducting a Life Cycle Assessment (LCA) of the silk cocoon produc...

This paper investigates the impact of the quality of governance on the quality of life in Northern European countries. As public sector governance is related to the interaction between governments and citizens and organisations, being a key aspect in economic and political development, the research focuses on determining which variables employed to determine the quality of governance are most influential on the quality of life at the national level. The regression analysis is realised on a set of Northern European...

The paper examines the role of public policy for human development between 2002-2017 periods by covering the 28 European Union Member States. In order to determine if public policies are playing a leading role for the Human Development process, we defined current public policy implying the Worldwide Governance Indicators (WGIs), namely: Government Effectiveness (GE), Regulatory Quality (RQ) and Control of Corruption (CC) collected from the World Bank. The components of development were defined through some dimensi...

The role of logistics in today's global business is steadily increasing, which is why the coordination and control of logistics activities has become a necessity. The logistics industry provides a significant contribution to the economy through job creation, the creation of national income and the inflow of foreign investment. However, most of the previous empirical research is based on the assessment of the effects of logistics and 3PL operators on business operations and on the effects on the economy, ignoring t...

The financialization of operations is related to the growing importance of financial motives in the activities of non-financial entities. Referring the problem to various sized enterprises, due to the specificity of the functioning of large and small and mediumsized enterprises, theoretical differences in the impact of the financial market on the form of management, as well as in the capabilities of access to financial instruments (e.g. through access to the stock market), can be observed. The aim of this publicat...

We have considered regarding this paper the identification and evaluation of the financial and accounting risks within the public emergency hospital located in Bucharest, the capital of Romania, which has a great impact on its objectives. The main objectives of the public emergency hospital in Romania are: - guaranteeing the quality and safety of the medical act; - diversifying and increasing the quality of medical services offered to patients; - tracking population accessibility and patient satisfaction; - respec...

The process of company management requires the implementation and constant development of effective, structured and scalable set of instruments. These instruments must be continuously improved and updated under current conditions of intensifying competitive environment. The integral parts of such a set must reflect and be representative in the following aspects: economic and financial state of the enterprise, climate and culture codes inside the company and the current state of affairs in the company environment. ...

Assessing archaeological and cultural potential is a key milestone to shaping a complex study that can impact sustainable tourism within a particular geographic area. The study aims to identify monuments capable of meeting the requirements of cultural and tourist activity through: accessibility, originality, seniority, maintenance or level of rehabilitation and promotion. The analyzed geographic area is the historical and geographical province of Romania, Dobrogea. It is a province with a great historical backgrou...

The financial market is the type of market, where the creation and trading of financial assets, such as stocks, debentures, bonds, derivatives, currency, etc., takes place. It plays a crucial role in the allocation of resources in a country's economy; and also acts as an intermediary between depositors and investors through the financial interactions between them. The financial market provides a platform for buyers and sellers to trade assets at a price determined by supply and demand. The targets of this research...

Shrinking is a series of causes that have different effects on the rural areas. These effects are often direct and indirect, immediate or may express in a long-term dimension. The causes of shrinking are diverse: e.g. economic recession, increasing urbanization, changes in environmental conditions, etc. The most commonly shrinkage characteristic is a permanent decline in population. Latvia like several other European countries is losing population. As a monocentric country Latvia has some additional challenge - de...

Oenotourism is the form of tourism practiced especially by connoisseurs, people with a high level of education and a high degree of culture, connoisseurs of the phenomenon and wine enthusiasts. Visits to the wine cellar are complemented by wine tasting in tandem with culinary tasting in a specific ambience. The past of wine and grapes on the territory of Romania is confronted with the history of this country, the wine can be considered a symbol of the Romanians' stability and continuity in these lands. In order to...

Taking into account the fact that the economic growth of the country it is based on the following three elements are important, as follows: the accumulation of capital, which includes investments in fixed assets and human resources; the increase in population and therefore labour force; the progress of technological; it follows that research and innovation have an important role to play in this way. Therefore, the investment in the technology, the costs of the research and development workforce in the field of res...

Integrated reporting is a modern form of self-presentation of a company's strategy to all interested parties. This is not a mix of financial and non-financial reporting (sustainability report, social or environmental report). Financial and non-financial instruments of sustainable development can prevent the negative impact of any objective or subjective factors, develop and successfully implement measures that ensure the economic and social security of business. In modern conditions, the implementation of the prin...

In this paper, we calculate the consumer surplus of the quadratic demand function p=a?bx1?cx12 and the producer surplus of the quadratic supply function p=d?ex1?gx12 where x is a crisp quantity and a, b, c, d, e, g are polygonal fuzzy numbers. Polygonal fuzzy number is generalization of triangular fuzzy number. This type of fuzzy number was introduced by Baez et al. [A.D. Baez-Sanchez, A.C. Moretti, M.A. Rojas-Medar, On polygonal fuzzy sets and numbers, Fuzzy Sets and Systems, 209 (2012) 54-65.]. For a fixed parti...

Consolidated financial reporting is an important source of information for strategic decision making. Not all stakeholders have access to company's internal data. Analytical procedures allow stakeholders to make a calculation from key indicators and give an adequate assessment of the company. This article is devoted to the development of an universal method of rapid assessment of company's consolidated financial reporting, depended on the interests of stakeholders.The authors have developed algorithms for rapid as...

During the last decades, the paradigm of management accounting and control has noticeably changed from “number-crunching”, assuming mostly a technical role of an accountant, towards strategic partnership within a management team. Leadership is mentioned as one of the four building blocks of the professional competency framework, determined by Global Management Accounting Principles [13]. Besides this “internal” trend within a profession, an external trend of increasing influence of social and organizational factor...

In the context of the globalization and integration processes development, and changes in the geopolitical position and foreign policy course, which are overlapping on them, the border regions of Russia, Mongolia and China have acquired new opportunities for socio-economic development. Therefore, the study of the barrier and contact functions of the state border impact on the cross-border cooperation and the socio-economic situation of border regions will be a special relevance. The international tourism developme...

Today, the most urgent issue that faces start-up entrepreneurs is the issue of attracting funding for the implementation of the project. Traditional forms of capital raising, such as credit, can solve these problems, but it may be problematic for start-up companies and individual entrepreneurs to take out loans on good terms. The problem of capital search served as an impetus for the development of new models for financing projects, one of which is crowdfunding. Crowdfunding is becoming an increasingly popular sou...

The article reviewed and analyzed the interpretation of the term «environmental safety». It was concluded that, now, there are no uniform criteria for measuring environmental safety in either Russian or international scientific practice. The reason for this is the lack of a clear understanding of the definition of «environmental safety». The main drawback of the many definitions available for this term is the lack of statistical (quantitative) definitions and the lack of indications of their relationship with the ...

Bran castle is a medieval fortress situated in south-eastern Transylvania and the most visited tourist attraction in Romania. Its popularity among international visitors is mainly due to its association with the famous Count Dracula, based on the assumption that this particular castle might be the one that Bram Stoker presents in his novel. The castle has its own history, starting from the 14th century and continuing with its transformation into a summer residence for the royal family of Romania, in the 20th centu...

The concept of value co-creation (VCC), which has been widely discussed in recent years in economic literature, is used in the paper to consider the co-creation of the value of works of art. Three entities involved in co-creating the value of a piece of art are indicated: 1. the artist – the creator of a piece of art; 2. the recipient/intermediary in the conclusion of a transaction; and 3. the customer/buyer. Special attention is paid to the interactive nature of creating the market value of a piece of art. In the...

In the paper with the modern quality management methods using is argued the rationality of rehabilitation equipment production for the patients with the hand and fingers movement disorders basing on the 3D - printing technology. First of all, we start from the descriptions of special needs in rehabilitation for some distributed diseases and shortly characterize the proposed case study (assistive device). Next, we choose the best 3D - printing method for our case study compared with the others, and after that we ma...

During the last decades, accounting researchers have been urged to shift their study of the role and function of management accounting to its natural contexts, thus case research is an efficient approach for such studies. Despite its intrinsic limitations, it offers a much deeper understanding of an organisational context. This paper presents the results of a case-based study of management accounting practices in Russian midsized companies. In general, the research on management accounting in Russia is scarce; onl...

Raising the standard of living of the population is one of the most pressing problems in any society. Currently, it is acquiring even greater significance for Russia due to the growing influence of a number of negative factors leading to a reduction in real incomes of the population. First of all, it should be noted that, presumably, the final tax burden on individuals, starting from January 1, 2019, increases substantially. This is due both to the direct growth of the amount of obligatory payments payable by indi...

The research aims to analyze current tax policy applying theoretical knowledge and scientific data, to reveal present problems, and to develop proposals for improvement of the tax policy in Latvia. Document and content analysis, graphical method, monographic method, structure and dynamic analysis, and logical construction method are used in the research. The tax policy exists to reconcile interests of the governments interested in charging higher taxes and the public interested in paying lower taxes. In Latvia, it...

In the present-day context, economic growth based on the cluster-oriented approach is considered to be one the most rewarding and effective mechanisms to improve the competitive strength of the regions in the country, as well as stimulate the innovative activity within the advanced social and economic development areas. The industrial cluster sustainable development model would be impossible to be implemented without setting up a definite management mechanism and system. As such, this article outlines the framewor...

The accounting profession is facing a critical turning point, on the background of global rapid pace technological changes. At the same time young accountants and employers, as well as accountants’ professional body are aware of witnessing challenging, dynamic times which greatly redesign future career patterns and pathways. Accountant’s role moved from a static one into a key advisor of the business, due to the broad range of skills to be continuously acquired, learning and digitization opportunities. The paper a...

The topicality of the paper is predetermined by the importance of competitiveness assessment and development for most modern companies, operating on the global arena in the era of globalization, business internalization and the growing opportunities of global sourcing. The term “competitiveness” can appear ambiguous, as competitive abilities of a product on one market can be outperformed on other markets. This trend pushes the companies to the development of more multifactorial strategic approaches in order to mai...

Ensuring a decent standard of living is one of the most important issues that any state is called upon to resolve. Taxation and other obligatory payments levied on citizens have a direct impact on the size of real incomes of the population. Experts predict that the fiscal burden on the population in 2019 in the Russian Federation will increase significantly. At the same time, the situation may worsen due to a fairly high level of inflation, the growth of which in 2019 is predicted by many experts. In addition, aga...

The central counterparty (CCP) is that market infrastructure entity that comes between the parties of a transaction, becoming a buyer for each seller and a seller for each buyer, thus ensuring the proper execution of transactions in the process of settlement, or of the obligations relating to open positions. This market infrastructure entity can provide guarantee services for transactions based on financial instruments carried out both on the spot trading venues and on the venues specific to the derivatives market...

In a circular economy we have to rethink, redesign, reduce, reuse, recycle, and recover the waste through a circular economy which is generating a valuable chain between raw material producer and consumer. Economic circular models could be shaped into short cycles, long cycles, cascades, pure cycles, dematerialized cycles and production on demands. Using these models and adapt them for agriculture we save a lot of resources, being able to decouple substantially production by resource extraction. An agri-food syste...

Image is a key factor in attracting first-time visitors, and the environment of a destination plays an essential role in their decision to re-visit it. The aim of the study is to ascertain the moderating effect that cognitive and affective components have on the overall image and relationship with destination loyalty. Twenty-four distinct constructs are identified, five of which are about the cognitive aspect, eleven are about the affective aspect, five are about the overall image of Bulgaria as a spa and wellness...

In the paper, we propose an original approach to financial statements fraud risk assessment based on the augmentation of existing risk-oriented audit concept towards taking into account the behavioral aspects. We propose to divide the fraud factors into two groups. The first includes environmental factors. The second involves the individual characteristics of the people who are responsible for financial statements reliability. In the second group, we are identifying the basic individual features that associated wi...

This paper explores the particularities of accounting system that serves as the main source of data for analyzing and managing small farm performance in Latvia. Although the topic of accounting in small companies has already been discussed in the literature, there is still a dearth of research on challenges faced by small agricultural holdings. The paper attempts to fill this gap in the literature by providing an insight into highly unsophisticated systems for aggregating and processing data used by some small far...

Cuba is one of the fastest developing tourist regions in the Caribbean, this dynamic growth in tourist traffic is caused by the increased investment in the tourism infrastructure. Since the '90s a trend in the tourist infrastructure can be observed, where building all-inclusive hotels in the coastal region has become increasingly popular. In Cuba's case those were usually closed areas – tourist enclaves, where only foreign tourists and cuban staff could reside. Thus the tourist regions were located in isolated pla...