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Michael Bosak is one of many who left Slovakia to seek a new life in America in end of 19th century. He arrived as a poor boy, but through his efforts, talent and enterprising spirit, he became an influential man. Name Michael Bosak was well respected and he easily achieved prominence in the banking industry. The American government allowed certain banks to issue bank notes to 1928. The First National Bank of Olyphant, Pa. received such permission, and thus Bosak's name was printed on an American bank note. His si...

This study uses a New Keynesian model of a small open economy, augmented with fiscal policy rules, to assess the interactions between monetary and fiscal policies for the Romanian economy. The model is estimated using Bayesian techniques. The estimation is done on quarterly data using samples for output, inflation, interest rate, government expenditure and government revenues, over the period of 2000q1-2013q3.

Recent financial crisis and subsequent economic recession force a constantly increasing number of investors from countries with developed economies and regulatory systems, to look for new investment opportunities and diversification benefits through the globe. The fundamental principle of classical portfolio theory states that mature capital markets of developed economies are nearly efficient thus offering no extra returns and low possibilities for portfolio diversification. In this context developing economies wi...

Optimizing of the capital structure is one of the most important problems concerning the corporate finance theory and practice. There are a lot of theories available, but the problem is which theory to choose and how to cope with the application problems. The aim of this contribution is to consider the possibility of the optimizing of the capital structure of the concrete firm. For that reason is necessary to analyze single theories including the analysis of the application problems of these theories. The most imp...

The pension system in Romania has undergone successive reforms, parametric and structural, determined by a complex of factors such as the demographic aging, the significant external migration, the changes in the employment structure, the globalization and the growing of the international competition. However, the changes brought to the system have not been accompanied by gender impact studies. The current pension system, build in accordance with the World Bank model, put more emphasis on the contribution principle...

The insurance market in Slovakia belongs to the dynamically developing segments of the financial market. In the European environment, which it is a part of, legislative coherence between national insurance markets is growing and competitiveness is increasing. Mutual interaction and globalization is reflected at the level of national markets. However, last years were marked by large fluctuations in the financial markets and by increasing economic instability, which influenced the development of the insurance market...

In recent years a number of empirical studies have been focused on the capital structure and its optimization and have been mainly applied to a group of enterprises or to the industry. Empirical work in this area has lagged behind the theoretical research and for this reason we used statistical models to the data of a specific enterprise, in which we identified the key determinants of the capital structure. Nowadays there is no universal and uniquely reliable way how to optimize business capital. Therefore we use ...

In every society, non-profit organizations play an important role, fulfilling important social, economic and political tasks in society by means of providing services. Organizations of social services are regularly confronted with a lack of funds. It's necessary to be economical with them. This paper illustrates the issues of the financial management in nonprofit organizations, especially in social work organizations. The goal of the article is describe financial management of the social work enterprises and deter...

The aim of this paper is to analyze and to compare unconventional monetary policy measures undertaken by selected central banks: the Czech National Bank, the European Central Bank, the Federal Reserve System, the Bank of England during the recent global crisis. It will also provide a more detailed analysis of these measures in low interest rates environment. Given the situation, once central banks find themselves with interest rates close to zero, financial systems have not been stabilized yet and the economic sit...

The recent financial crisis, which turned into a global economic recession, showed once again the dangers posed by the propagation of financial turmoil beyond national borders. The paper develops a critical review of the existing literature on this topic while trying to identify fresh approaches that may facilitate a better understanding of how and why crises become contagious. Furthermore, it provides a brief analysis of S&P 500, FTSE 100, NIKKEI 225 and AORD stock market indices with the aim of observing the eff...

At the turn of the last two decades of the 20th century, major changes occurred in the social, political and economic systems of Central and Eastern European countries. Authors in their paper relate to the economic fundamentals of a state in the conditions of a mixed economy. They note that in this type of an economic arrangement, private sector co-exists along with the private sector, and economic activities are being carried out via market mechanisms as well as public institutions. The aim of the paper is to ide...

The purpose of the paper is to evaluate the impact of support or subsidies under Rural Development Programme (RDP) 2007-2013 on wood biomass or fuelwood production and rural development. The tasks of the study presented in this paper are: (1) to evaluate resources and development of fuelwood in Latvia, comparing with other Baltic States and the EU countries in the Baltic Sea Region; (2) to investigate the measures encouraging fuelwood production under RDP 2007-2013; (3) to analyze the impact of Latvia's support (s...

In existing theories of human behavior the concept of self-interest is of immense significance. Debates over the self-interest in the economic theory have grown in scale as models of individual economic behavior within the rational choice theory and economic theory of welfare gained currency. The aim of the study is to explore modern concepts of self-interest and reveal trends in development of the self-interest theory as based on identification of preconditions, factors and criteria of rational behavior in hired ...

The goal of the research is to analyze the spatial economic dynamics by evaluating specialization of the Russian regions and concentration of manufacture in the country. In order to reach the set goal I studied the theoretical basis of the scientific problem, defined methodical instrument and gave an estimate of the regional specialization and geographical concentration of industry in Russia, shaped the corresponding conclusions. To analyze the concentration of industrial production I used Herfindahl-Hirschman ind...

There is a sharp contradiction between public policies to support SMEs and features of Russian national SMEs. Using western experience in Russia, doing some bright projects to stimulate small businesses was important twenty years ago. Quantitative and qualitative parameters of SMEs in Russia lag behind most countries, largely due to the structure of its economy with the traditional dominance of large enterprises and the prevailing business climate. Small and medium-sized business in Russia is not innovative, does ...

The paper deals with factors influencing business performance and their effect size detection by Canonical Correlation and Regression Analysis. The paper has come to a very interesting conclusion concerning a significant positive impact of Corporate Social Responsibility (CSR) implementation on a business performance. Implementation of CSR has been believed to have a negative or neutral impact. What makes this discovery even more outstanding is the fact that this has been mined from the data related to the Czech b...

Background. The socio-economic performance of a country depends on the performance of its regions. In this paper we examined the differences between the performance of the regions of Visegrad group (Slovak Republic, Czech Republic, Hungary and Poland). Performance of countries and regions can be evaluated on the basis of various socio-economic indicators. We measured the performance of the regions using these indicators: gross domestic product per capita, employment rate and unemployment rate. In the paper a regio...

In the twenty first century the mankind with increasing frequency faces serious external and internal challenges such as space cataclysms, cardinal climate changes, drinking water shortage, air pollution, greenhouse effect, depletion, epidemics of already known and new viral diseases, military conflicts, etc. They are so massive and dangerous that they can't be solved by efforts of the certain states or even their unions and therefore the coordinated and consecutive actions directed on successful overcoming of ari...

The value of marketing mix in non-commercial organizations in the theory puts in doubt; however, in practice both commercial and non-commercial organizations today are actively using marketing methods for the development and promotion of their companies. The principal directions of activity of non-commercial organizations are the attraction of volunteers, financial means for the charitable purposes. That underlines the relevance of use of tools of promotion in resolving of these issues. The carried out analysis, u...

This article begins with a short presentation of the most important and current issues about internal audit. As a basis for the research we chose to highlight the role of supreme audit institutions (SAIs) in anti-corruption initiatives. As we know, the public sector in particular has a pretty slick platform regarding the funds, budget expenditures, and an ,,opaque transparency " of income. Article brings to the attention of readers recommendations for corruption strategies, in which ISA must focus on reducing oppo...

This study looks into the system of vocational education which serves the needs of creative industry; into how well prepared experts in the field of creative activities are; and also into the extent to which the needs of market are satisfied when it comes to creative and well-prepared workers. Moreover it analyses requirements of organizations active within the creative industry on higher education, qualification and personal qualities of workers in this sphere. Subjects of this analysis are following: social, eco...

The article deals the problem of developing methodology and its approbation on the basis of Russian regions. It is devoted also to the issues of understanding the influence of social and economic environment of the shadow activity (tax evasion) of economic agents. The issues of forecasting of tax evasion are also considered in the work. Results of the research of shadow economy show powerful impact of crisis tendencies in economy on shadow economic activity. Moreover, during crises a scale of shadow economy grows ...

The article is devoted to the study of drugs market. The theoretical and methodological aspects of drugs placement in official and informal economy, and its transitions to shadow and criminal sectors are specified. The behavioral and socio-economic factors of drug distribution are revealed. The issue of uncontrollable distribution of new psychoactive substances, possessing high potential addictiveness, need of their timely translation from shadow in to the criminal sector of economy are observed in the article. Th...

The globalization processes, that are taking place worldwide, blur the competition boundaries between nations and affect Russia's competitiveness. In recent years, the competitiveness of the Russian Federation has been limited. For instance, the Global Competitiveness Index, calculated by experts at the World Economic Forum, shows slightly better competitiveness of the Russian economy. In 2013-2014, its 64th place is not very prestigious, although compared with the last year, Russia has climbed from the 67th posit...

Company innovation is conditioned, among others, by top management: their mental focus on the development of innovative activities, the ability to allocate appropriate resources to this activity, the ability to identify and use external impulses, as well as the acceptance of many, even controversial points of view. The literature highlights the existence of a close relationship between education of executives and their innovation awareness. Few studies conducted in SMEs confirm the link and the impact of competenc...

Throughout the world there is a stiff competition among tourist destinations in general and health in particular, that should take care of the adaptation of modern policies, aggressive but also of increasing the quality of services. The practice of health tourism development revealed the fact that the absence of a unified strategy for local development, which could have been materialized in the General Urban Plan, it came as tourist sites to be realized casual and without grounded market research, going by the pri...

Tourism has both a positive and a negative impact on a tourism area, its economy and residents. Although is usually linked to its economic and environmental impact, no less valuable is its impact on socio-cultural elements. Social dimension of tourism is seen through tourists' staying, movements and interaction with other tourists as well as with residents of a certain tourist area. The extent and direction of the impact of tourism on residents significantly depend on the level of tourism development in a destinat...

Slovakia and the Czech Republic used to be two parts of a country, after its split they both underwent their own individual economic and social development. Nowadays both countries utilize their economic potential in a different ways that is reflected in their overall level of economic development and is determined by economic development of their regions. Both countries have a common feature that is socio-economic disparities in the development of the regions in each country. The issue of regional disparities has...

In this paper we investigated the influence of foreign direct investment, trade openness, level of development and level of education on Gini index (as a measure of income inequality). The analysis was conducted over the period 2000-2012, using data for 27 European Union member states. After a short statistical analysis we applied a Hierarchical cluster analysis, obtaining two main groups based on their level of GDP per capita. For each cluster we estimated a robust fixed-effect panel data model. The econometric r...

The objective of this paper is to determine the tendencies of poverty in the Republic of Croatia and the EU counties. The methodology included the measurement of poverty with the official EU poverty line. Material deprivation rate used by EU Member States is also used in the paper. Regression analysis (OLS method) was used to establish to what extent poverty risk rate can be reduced by increase in income. The main research result indicates that poverty in Croatia is increasing. Its increase has been particularly p...

The eagerness for knowledge, adventure, relaxation, escape the mundane and restoration of health has led to the continuous development of tourism worldwide, but also to the uncontrolled exploitation of tourist resources. This has led to the appearance and implementation of the concept of sustainable development in tourism. Salt mines are considered to be special tourist attractions that offer multiple valorisation possibilities. In Romania there are, in Transylvania and the sub-Carpathian area, important deposits ...

The purpose of our research is to identify opportunities for improving the strategic management of small and medium enterprises (SMEs) by utilizing digital advancements. Our main objectives were: identifying the degree of adoption of digital technologies by SMEs in comparison with large companies; assessing responsiveness and the degree of adaptation to the digital SMEs management; formulating recommendations for strategically managing SMEs in the digital era. SMEs better adapting to the changes generated by the d...

The dynamics of the tourism accommodation infrastructure in the IalomiЕЈa Subcarpathians is presented, stressing the main tourist axes of the Prahova and IalomiЕЈa River and the secondary tourist axes of the DamboviЕЈa and Cricovul Dulce River. According to the present classifications, both the evolution of the number and of the types of tourist structures with accommodation functions, and dynamics of the number of the accommodation places and of the tourist capacity of the existent accommodation are analyzed. A p...

The economic development of each country strongly depends on the successfulness of the business. Due to this the article examines the small and medium enterprises (SME) in Lithuania's economy. The aim of the paper is to show what role youth employment plays in Lithuanian labor market and in the country's economy. Therefore the main aim of the paper is to make the analysis of youth labor market in the gender aspect and show its contribution to the Lithuanian economy. For the analysis the data from Lithuanian Depart...

The study is presenting research focused on non-timber forest products, their significance of consumption and other possible usage heading to economic improvement or rural populations from the Peruvian Amazon. The study sampling represents three villages situated in the remote areas affected by timber exploitation where attitudes to NTFPs collection and use are strong. Data collection was carried out during September and October 2011 through interviews, semi–structured questionnaires and direct observation follo...

This paper focuses on the three areas focused on the regional economy. These areas mutually interact with and also impact each other. The first area is tourism, which includes the organisation of cultural events, in this paper, with a regional impact. The second area, which is linked to cultural events, the economic impacts that arise in organising such events. As these impacts are broken down into four basic parts are the effects on production, gross value added, employment and compensation of employees, only sel...

In modern conditions, tourism is a complex sector of the economy, as the production of tourism products affects the economy of various industries. Tourism development causes not only positive effects but also negative ones. Therefore, there is a need to address the problems brought by these effects according to the concept of sustainable tourism. However, in Russia this concept is not currently being realized despite all the officially taken measures, in particular, the fact that the concept of the Russian Federat...

Solvent, repeatedly buying customers guarantee a long-term stability and prosperity of companies in a turbulent market environment. A characteristic feature of the present relationships between business partners is therefore an effort to build and strengthen mutual relationships. They can be strengthened by any aspect of the offer and mutual contacts that increases the customer-perceived value. It is therefore extremely valuable for the supplier to know which supply parameters and other factors are important to cu...

The purpose of our research is to analyze the choice of indicators and methods, respectively groups of indicators to predict bankruptcy assumptions in the automotive industry in time period 2002-2011. Predictive models applied in many studies have been unsuccessful. Enterprises of the automotive industry in the application of prediction models can't keep the recommended values of the forecasting methods, incurred in a very different economic environment and a different time. Predictive models are outdated and obso...

Economists and investors avidly follow the data from different channels which would give them more information or indications for making their investment decisions more successful. The data is generally released with a lag and gives no good answers for the present. The purpose of the article is to analyze whether using Google Trends as one of the most widely used online search methods, would it have been possible to forecast the beginning of the ongoing financial crisis. In other words: would it have been possible...

Government decisions may result in the overall downturn in the country's excessive protectionism. Government uses the economic advantage of the domestic industry to foreign investors, thereby creating two groups with an interest in the project in the system. Protectionism has many reasons, one of which is to protect the country before the entry of foreign partners in key industries such reason protection of national security and an independent foreign policy. Political risk is for the most part perceived as the op...

The paper investigates the financial variables which make the municipalities more prone to fiscal distress. I argue that the diagnosis of municipalities in fiscal distress requires not only the analysis of revenues but the expenditures as well. I assume that usage of debt and the intergovernmental transfers increases the fiscal distress risk. I hypothesize that the fiscal autonomy (increasing level of local taxes as percent of the total amount of tax revenues, especially the property tax) allows to decrease the fi...

The deepening of global imbalance and especially the growth of so-called twin deficits cause the changes of conditions in trade with goods and services as well as in the area of flow of funds. This process ultimately affects the development of foreign exchange reserves´ structure with an impact on the stability of international monetary system. The aim of this paper is to assess the extent of recycling of the major currencies in the world economy. We will focus on two economies – USA and Euro Area - during the ...

In the conditions of a changing environment for business, auditors face lots of challenges in finding new methods for improving organizations' operational efficiency. Stakeholders got higher expectations and internal audit function needs to adapt on these new requirements. Therefore, we have tried to underline projections on the internal audit evolution and its impact to the internal control system in the Romanian organizations. Meanwhile, we analyzed organizational culture influence over the internal audit from t...

The Slovak banking system experienced period of restructuralization (late nineties), period of significant mergers and acquisitions (beginning of the millennium), accession to the European Union (2004), the adoption of euro (2009) and the impact of a worldwide financial crisis which lasts up to this moment. Such a unique experience makes the Slovak banking sector a small empirical laboratory; a fact that enables us to investigate impact of various structural changes on the domestic banking system. Using the panel ...

Recent growth of the service sector and of the information technology- related business, along with the dramatic increase in the number and size of mergers and acquisitions, has made accounting for intangible assets very significant, especially in the field of reporting of goodwill. Comparative analysis is focused on the differences between IFRS, US GAAP accounting procedures and Czech accounting legislation. Main areas of analysis and synthesis are the identification of methods for goodwill recognition and report...

The research question the paper aims to investigate is whether increasing awareness and implication of civil society's representatives into the financial markets field will determine financial institutions to adjust their products, services and practices to a more socially and environmentally responsible way. In our scientific approach we have started from the finding of a low stage of civil society intervention in the financial world and the need for a more obvious manifestation of civism in this thematic area. R...

Manufacturing companies form a major share of the private sector. These companies have a significant influence on the output of the open export economy of the Czech Republic. Performance measurement and management of these manufacturing companies become a prerequisite for the successful long-term operations of these companies. Because of the complexity of performance measurement, a system approach is applied. The traditional and most commonly used methods include financial analysis with an analytical and systemati...

Alternative forms of financing are products allowing small and medium-sized enterprises or newly established companies to get financial resources under specific terms and conditions. They play an important role in corporate financing as they supplement services provided by bank sector. Their history in the Czech Republic dates back to the emerging and expanding economic environment at the beginning of the nineties in the 20th century. Since then these alternative forms of financing have beendeveloping on an ongoin...

The corporate M&A activity is affected by many factors where - based on the prior research - capital gains tax is one of them. The aim of this paper is to examine an existence of a negative relationship between corporate M&As and the lock-in effect in EU-countries. Our assumption will be verified by using a panel regression analysis with the number of M&As as a dependent variable and the capital gains taxes and other selected determinants as independent variables. Our research result could confirm that the negativ...