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Financial analysis is one of diagnostic tools which can be used to discover and evaluate different causes of financial situation of companies. Graphical methods represent epilogue of numerical evaluation of financial metrics. The purpose of this paper is a graphic representation of financial indicator ratios as immediate comprehensive presentation of the analysis performed. In the framework of special methods of financial analysis, it is to demonstrate the use of graphical methods. In the framework of graphical me...

Deliberate accounting changes are referred to as creative accounting, where management can be carried out at the same time as initiating changes, as well as a victim of their results. Creative errors and fraud in accounting have serious implications for the management of a company. It is shown that some managers and especially shareholders mistakenly and frequently cause unrealistic expectations of positive economic outcomes. It is necessary to investigate issues in terms of both accounting itself, as well as in t...

The end of the twentieth century was a period of radical changes in the rules of activity of stock exchanges. Stock exchanges in Central and Eastern Europe have been integrated into the general trend of transformation, but due to conditions of operating – as stock markets of post-communist countries – adaptation processes to the new rules proceeded differently in relation to the stock exchanges in developed countries. Each of stock exchanges in Central and Eastern Europe have chosen different forms of developm...

The purpose of costing is to provide information on costs of products, works or services realized and used by an enterprise to establish itself in the market. An important tool in solving problems related to cost savings is the full costing approach, a costing method based on the calculation classification of costs, traditionally used in modern enterprises. In the constantly changing conditions of market environment, the importance of new requirements of managers for more detailed classification of cost items in t...

Capital spending is the most productive part of public spending. Investment in electricity, water supply, roads and telecommunications have played a significant role in economic growth in developed countries, and also in developing countries. The lag in infrastructure development, especially road infrastructure can not be explained only by the lack of capital to support the development and financing of infrastructure, but the reason is the lack of government strategy in the insufficient care for the lost opportuni...

Currently, companies are trying to implement and use support tools for decision-making. Common information systems are no longer sufficient for precise data analyzing and creating relevant documents for decision-making. The reason is the amount of information and therefore choosing the right information is the problem for many managers. Business Intelligence is a tool that can work effectively with information and can create reports and other documents that are helpful in the decision making process. Paper describ...

The subject of this cycle consisting of three articles is the analysis of credit risks that Russian telecommunication companies faced before the global economic crisis of 2008-2009. The first article proves the importance of this kind of analysis for the understanding of concentration and centralization processes that has been taking place in this industry within the last 10-15 years. Therein we formulated the goal of the research and the methodology of analysis, as well as chose the models for the express-evaluat...

As a result of intensified fluctuation in the business environment, the role and responsibilities of the top management and the board were significantly increased over the last 5 years. Traditional forms of risks are being readjusted or reevaluated, taking into consideration the markets †volatility and the decrease in the assets value. Added to that, regulations implemented across Europe in financial sector with the aim of customer protection require a new set of principles to be applied in the process of long-t...

In this article for the credit risk estimation according to the chosen ratios, we used the model, created upon the theory of fuzzy sets, or in other words – a linguistic model. Under certain conditions, it can have several advantages over the statistic model. In the case of the credit risk estimation for the Russian telecommunication companies, it provided the results that are, in our opinion, more reliable. On the final stage of the research, we carried out the comparison of the results obtained by using both m...

Initial Public Offering (IPO) decision support models are based on complex and vague network of knowledge items. However, IPO related processes based on exogenous variables are highly non-linear, vague, partially inconsistent and multidimensional systems. It is prohibitively difficult to study them on quantitative levels e.g. using numerical values, especially under conditions of capital markets with a lack of appropriate data sets. The resulting oversimplified models and therefore inapplicable results are often o...

This study focuses on the specific features of business financing in the Czech Republic, thereby contributing to an ongoing discussion on the corporate capital structure and its optimal form. The paper aims to provide up-to-date empirical evidence on the debt and equity financing of selected companies from the Czech Republic within 4 business sectors. Findings of this article are based on the questionnaire survey and subsequent data analysis. The statistical methods and procedures were used for the research evalua...

The aim of this paper is to make a comparison of selected indicators of profitability of selected Czech banks and their foreign owners in the years 2001 until 2013. The key methods of scientific research are methods of classification analysis, comparison and abstraction in the formation theoretical-methodological framework in addressing the issue. Ceska sporitelna and its German owner Erste Bank has been selected, CSOB and the Belgian owner KBC Bank NV and Komercni banka with the French owner of the Societe Genera...

Management of business risks - this is one of the cornerstones of any business. Without competent, qualified management of business risks cannot talk about any development or progress. What is extremely difficult without understanding the level of expected future sales. This study opens the possibility of using the dynamics of dependence (forecast) GDP and the volume of sales in the estimation of future regional sales in Latvia, Lithuania, Estonia and Bulgaria on the example of retail MAXIMA GRUPE. The study used ...

Process of implementation of information systems is a demanding process. Implementation of new systems and technologies is the first step towards their effective use. For that reason, this process is very important. Properly implement Business Intelligence must be systematic. The paper discusses issue of the implementation of Business Intelligence. The paper describes starting model how to implement Business Intelligence. The main objective is to carry out an analysis of the implementation of Business Intelligence...

The initial public offering (IPO) belongs to the major breakpoints in the life of a company. The transition from private into public trading represents a complex process and involves not only the existing shareholders but also other stakeholders. The study deals with agency costs that a company suffers during its IPO. I contend that these costs come from two major sources. Firstly, the agency costs resulting from relationship between shareholders and management are rising. Moreover, new subjects and new partnershi...

In the context of a continuous development of performance criteria, of a continuous transformation of information systems technology (IT) by improving existing communications infrastructure and services, necessary continuous monitoring of financial performance. Monitoring the performance, by the entity management, using Cloud Computing enables to easily monitor, form anywhere, permanently, the activitie's performance, within the entity. Article highlights the benefits of intelligent continuous monitoring by presen...

The issue of how to manage bankroll efficiently always was and stays one of most important. The author was undertaken an attempt to consider this problem from other standpoint. This has allowed to formulate a financial and economic activity model and train to perfection a method of efficient cash flow management.

The main goal of the paper is to analyze the influence of the tangible assets retirement/disposal on business performance of an enterprise pursuant to the Czech accounting legislation. Firstly the "tangible assets" term is defined in accordance with the currently effective legislation (accounting and tax). Then options of retirement/disposal due to various reasons are explained and last but not least the impacts of these individual methods of retirement/disposal are analyzed in relation to economic (business) perf...

The purpose of the present research is to analyse the existing relationship between foreign direct investments and economic growth in the group of developed countries throughout a rather long period of time, in which most countries of the world, and particularly developed countries have been rather highly integrated in the global financial network. In order to meet this objective, we use the econometric analysis of the data provided by the UNCTAD database, for the period 1970-2013, focusing on the two relevant ind...

The quality of human relationships, the willingness of managers and subordinates to mutually cooperate and communicate is directly affected by the economic results of the company. This paper focuses on a current gradually increasing trend in the Czech Republic, namely the Enterprise Social Networks and its ability to be used as a communication tool. The effectiveness of personnel processes as part of a personnel strategy is directly proportional to the creation of harmony among job performance, motivating people a...

Return on Assets (ROA) may be encountered as an indicator of the supply in the research studies on supply issues. The indicator is rather an indicator of the performance of the entire enterprise, as evidenced by the very low correlation with the purchasing operating efficiency metrics as purchased quantity per dollar, purchased quantity per purchasing employee, or turnover ratio. Another way to evaluate the purchasing performance is based on Management by Objectives (MBO). The metrics of purchasing operational eff...

The aim of this paper is to evaluate the significance of central bank independence, based on the hypothesis that the rate of inflation decreases as the independence of the central bank increases. The paper is based on current scientific research in the field of measuring and evaluating central bank independence. Subsequently, the CBI index (Central Bank Independence Index) was designed. It is based on the most important criteria for central bank independence and the determination of their values. Then, using the p...

According to the existing literature, non-financial performance measures provide managers with incentives to improve long-term financial performance and, on the other hand, financial performance measures provide managers with incentives to improve short-term financial performance. The main reason is, that they are calculated ex-post and mostly cannot predict future performance. In this paper we test this statement and examine whether the use of financial or non-financial performance measures for incentive purposes...

In the face of the dynamic development of the financial market, the problems relating to the operations of investment funds have gained in importance. The goal of the paper is the analysis of the role of investment funds in the financial markets. The paper starts with the brief outline of the history of money and financial markets. Further, the determinants of the stability in the financial markets are analysed. The author of the paper argues that investment funds are of great importance in terms of the allocation...

A product costing, if properly formed, belongs to the important cost management tools as its outputs play important role within management control and decision making processes. Changes in the market, that are a daily reality for today businesses, cause the changes in procedures and tools that management uses to manage its business operations. Also, as published many times, the management accounting systems together with procedures of the product costing doesn't remain unaffected. But what are the changes within m...

The impact of company products or services on its market show the enterprise performance by adapting their products and services to customer needs. Studying consumer needs is a prerequisite for making quality products and services to obtain competitiveness of the company through a strategy focused on quality. Knowing the customers' expectations is essential for quality planning and quality evaluation. The aim of this study is to evaluate the satisfaction of National Rail Freight Company „Romanian Railways – Fr...

The growing social and ecological awareness of society has forced changes in the strategies of functioning of many companies, including companies in the Polish mining industry. Modern management requires consideration of the idea of corporate social responsibility, which relies on a quest to achieve a balance of economic, social and environmental concerns in relations of the company with its stakeholders. Such requirement is the basis for long-term sustainable development of mining enterprises and maximize the val...

The volume of migration flows of skilled labor force, especially from the 70s of the 20th century, is rapidly increasing. Effective management of the international movement of professionals has become a political priority in most countries. On The other hand, economic research does not pay sufficient attention to this phenomenon so far. There are a lot of opposite conclusions made on workings, especially those focused on empirical proceedings. The aim of this paper is to highlight the problem of the specialistВґs ...

Venture capital is an alternative financial source of small and medium enterprises. In this paper we examine the current state of venture capital usage in selected Central and Eastern European countries. According to the results of the analysis, venture capital is insufficiently used in the most of the Central and Eastern European Countries, especially in the Slovak Republic. As its reasons we identified defects both on the supply side and on the demand side of venture capital market.

Studies confirm that in countries with low national incomes, the structure of public expenditures has a significant impact on the economic situation of the country. Great place in literature and analysis solution takes on the structure of public expenditures, which in the biggest cases are divided into productive and non-productive, and realize the individual effects of each part of the structure of the budgets. Public spending on salaries are negatively correlated with economic growth, while public spending on go...

This paper is dedicated to the problems of corporate volunteering in the context of corporate social responsibility and corporate philanthropy. The paper aims to define corporate volunteering in the context of corporate social responsibility and corporate philanthropy, identify possible forms and benefits of corporate volunteering and document the given problems on the current situation in the Czech Republic. Firstly, the author explains the term of corporate volunteering in relation to philanthropic responsibilit...

The “Golden Ring of Russia” is considered to be the most famous tourist route in Russia since the 1970s. Now it acts as a famous umbrella brand and also as a pattern for tourism development in other parts of the country. The Golden Ring sites still keep up high tourism and recreational attractiveness, but the inbound and domestic tourist flows are declining. In the last decade this route is subjected to significant changes that lead to its functional and spatial transformation. The article discusses various fa...

Now enterprises of fuel and energy complex (FEC) essentially depend on import technologies and equipment. The Power strategy of Russia is aimed at the period till 2030 on creation steady national innovative system in branches of FEC. The innovative activity of the enterprises of the complex is rather low, that have following consequences: slowing down of fixed capital reproduction rates, decrease of turn-over and return of investments level in oil production industry, decrease of motivation for managers and employ...

The United Nations World Tourism Organization (UNWTO) highlights the importance of the ethical aspects of tourism development, and the quality of tourism services. A number of international legal acts and projects regulate matters of service quality and availability of tourism. In many countries, these provisions are implemented in national legislation. The Russian practice remains far behind, and these issues have been neglected in the course of the management of tourist destinations. Russia has developed a natio...

The authors have developed a method of service audit to conduct a study on how the destination industry meets the tourists' needs. The main research method of the study is a "secret shopper". Since it was necessary to evaluate the services provided for tourists in various enterprises that make up the regional tourism infrastructure, the application of this method has required a new approach. The method has been tested in the project to study the level of service of one of the most famous tourist destinations in Ru...

This paper deals with controlling as one of the most important tools (approaches) of corporate management. It lays out possibilities for its interconnection with process management as one of the most generally used management tools, especially in SMEВґs. Possible relations between controlling and process management and other related management tools are examined and described. Their interconnection with the controlling system of a firm multiples its assets in terms of the synergy effect, facilitates implementation...

International trade significantly determines the level of economy output. The volume of international trade, in comparison to produced output, might be expressed as the openness of economy. Openness is the most obvious aspect of globalization. This gives the researchers a wide range of research questions. Theoretical and empirical papers usually deal with the impact of openness on macroeconomic development of countries, regions or economic areas. Openness of economy is reduced by three main barriers – imperfecti...

The topic was chosen because it is an interest and a topical issue in the ongoing development and integration of financial markets, the stock market gaining increasing importance in the modern financial systems. The globalization of financial markets worldwide had favorable effects on the Romanian financial system, the consolidation of existing legislation in this area and the creation and development of viable financial services markets, enabling trading of modern financial instruments. Despite the poor performan...

Background. Admittedly, 40 \% of the world's Arctic territory and water surfaces belong to Russia, and at the same time, according to estimates, only around 2\% of Arctic tourists worldwide choose Russia as their destination. A potential future rapid rise in the number of tourists in Russian Arctic could have huge economic, community and environmental implications, and yet sustainability issues remain largely untouched. Methods. Interviews with representatives of three Russian tour operators in Arctic tourism. Ana...

The fraudulence is very harmful for each company and it has damaging effect on the business development. Beyond the direct financial losses it has also other negative effects, as the loss of business partners, damage to the trade relations, loss of the best employees or degradation of the morale in the organization. Based on dozens of corruption causes and frauds publicized in the media in the Slovak Republic, it looks like the level of corruption and fraud at our society exceeded the imaginable level. The followi...

The concept of sustainable development promotes the coherence of economic and social development with capacities of ecosystems and with the preservation of natural heritage and biodiversity. The concept is based on three pillars: economic, environmental and social. In the Czech Republic the first sustainable development strategy was approved in 2004. In 2010, the government approved the currently valid Strategic Framework for Sustainable Development in the Czech Republic, which serves as the basis for drawing up s...

European Union aims to ensure food security and food safety by adopting the common agriculture policy. The adopted measures and strategies try to help each member state's agriculture to develop by investing in technical progress, good labor force management and a careful use of natural resources. In this context, the paper seeks to identify and analyze the evolution of technical progress, energy consumption and agriculture value added. Initially, a data comparison was made for European Union member states in view ...

In this article, the essence and significance of the productivity of work in operation activities of the company are presented. The purpose of the study was to examine relations between the level of the productivity of work and the work resources in companies. The research was conducted in Polish large-sized companies of the construction industry. The conducted analysis in the examined companies the effect of which are complete and partial models identifying a direction and the force of impact of elements of the s...

This paper aims to address practical issues materialized in a case study on human resources performance in a Romanian construction entreprise. This choice was favoured by the results much improved which the organization has had in recent years. Every economic activity requires naturally steps to be conducted for its development, namely: forecasting, organization, coordination, training and control, and strict enforcement of research and development functions such as manufacturing, trade, finance, accounting and hu...

The set of indexes jointly forming the notion of the standard of living consists of various social conditions of people's existence, as well as other conditions thereof. Among these parameters, a place of particular importance belongs to the services sector. Under present-day conditions, the services sector is becoming one of the basic elements of the socioeconomic system, a space in which the economy can develop progressively. The economies of the developed countries are defined as service economies. The socioeco...

This paper concerns to the strategic aspects of human resource management in small and medium business are considered, the scheme of development of the business plan of the company is submitted and the human resource management place on the basis of competence-based approach is defined in it.

General analysis of museum integration into the tourist space shows that modern museum tourism is characterized by the following factors: - Growing governmental attention to the museum tourism issues: These issues are reflected in two federal programmes: on Internal and Inbound Tourism Development in Russian Federation (2011−2018) and on Culture of Russia (2012–2018). - Growing public interest to the museums: Interest to the museums is represented in the growing number of visitors, which has increased for more...

The Transport Policy of the Czech Republic for 2014–2020 with the Prospect of 2050 is a top strategic document of the Czech Government for the transport sector following the strategic documents of the European Union. The document identifies the main problems of the sector and proposes measures to solve them. These measures cause risk, which management must take account in the transport companies' activities. The aim of this paper is to present the methodology which the management of transport companies can use t...

Increasing the quality of private accommodation facilities or accommodation in households is one of the key objectives of the Development Strategy of Croatian Tourism till the 2020th . At the same time it is the reason for developing the National Programme what includes creation of new and innovative tourism products. All this actions lead to increasing demand in the rural areas in main season and out of peak seasons and strengthen the competitiveness of Croatian tourism.The concept of a diffuse hotel is designed ...

Not only is corruption and its potential reduction a frequent topic of economic and social scientific research, but it is also a problem that very overtly concerns the governments of individual countries and citizens. Regarding the fact that bribery and other forms of corruption are illegal in most countries, their perpetrators try very hard to conceal them, and it is often nearly impossible to expose corruption. Despite this, there are many specific procedures in existence to deal with this problem in this day an...