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The success and scales of distribution of Islamic finance in the world are explained, on the one hand, by demand from Muslims and the Islamic companies which don't have opportunities to use traditional financial products. On the other hand, these tools are attractive from the point of view of diversification of investments and opportunities of attraction of financial resources from the Arab companies and the Muslim population of this country. Russian legislation does not provide opportunities for the application o...

The World financial and economic crisis affected the construction of major infrastructure projects, since implementation requires significant resources. In the present study different possible sources of funding for the projects of the road infrastructure are examined. Alternatives are presented, such as their own sources (from infrastructure charges in road transport), sources of borrowed funds, the financial instruments of the European Union and concession, as a tool for public-private partnership in the buildin...

The paper analyzes the mechanisms of interaction between technical analysis (TA) and the efficient market hypothesis (EMH). We describe how a less fundamental set of tools, developed by the early investors in the stock market is not necessarily conflicting with the more rigorous, even dogmatic approach, of the market efficiency. Building on a consistent literature developed starting with the 1950's, we show how causality between the two concepts runs in both directions with practical implications in the investment...

The study covers the structure of the governmental procurement system to define major subjects of the system and reveal the basic design tendencies of the procurement procedure. The analysis of carried out procurement procedures shows primary use of electronic auction procedure (about 60 \%) and a lesser use of open contest (18-26 \%). Various types of tendering procedures, territorial distribution of public entities, and their economic activities are considered. The results show that the regulation of the rules o...

The core of this article is construction of a new approach to the assessment of Customer's creditworthiness building-and-loan association. At the stage of savings Customer is estimated at scoring scheme by qualitative and quantitative indicators. Quantitative method involves identify two risk factor: not past contributions, increasing the price. Approaches to an assessment of solvency of the loan debtor are already studied rather well. But now the credit market is entered by the new crediting caused by need to att...

The aim of the paper is to critically evaluate the regulatory principles of Basel II, based on credit risk modelling. The paper is based on the definition of credit risk, default and necessary literature research dealing with the topic. The Internal Rating-Based (IRB) approach for calculating the capital requirement to cover losses from credit risk is evaluated. Within this calculation it deals with the right choice of parameters of probability of default and loss given default for the calculation of risk-weighted...

Life with the debt is becoming a trend, which is a natural part of the management of all economic subjects. Development trends of public debt in Eurozone after 2009 indicate that the debt crisis deepens. Even the debt of Slovakia continues to grow; while in 2009 was the public debt at 35,6 \% of GDP, at the end of 2013 increased to 55,4 \% of GDP. More than 97 \% of the total public debt consists of central government debt; the remaining part consists of the regional and local self-government debts. Although in 20...

Non-governmental non-profit organizations have an important place in the society of the 21st century in the Czech Republic. These organizations involve civic associations, public benefit organizations, foundations and endowment funds, the Churches and religious societies. The research is focused on the impact of the financial crisis on the NGOs. The impact was observed in the area of the financial resources and the reactions of the organization's management. It was studied through a questionnaire survey. About one...

Monitoring the competitiveness of the economy is becoming an important part of evaluating not only the national economy but also the entire economic groupings. In general, the prevailing view is that the competitiveness of the state is influenced primarily by the so called non-tax factors, which might include, in particular, the stability of the macroeconomic environment, law enforcement, construction of infrastructure, educational level of the population, and the like. Also rate of the tax burden, measured by var...

The main goal of article is creation methodology accounts receivable management corporation to improve the effectiveness of business according to modern Russian conditions. To achieve the goal, we used the following methods: statistical analysis of time series according to the official statistics of the Russian Federation; analogies, to determine the credit portfolio of the organization; comparison, in the process of creation and evaluation of policies for the management of credit portfolio liabilities, morphologi...

The article is devoted to the issue of financing family businesses on NewConnect (NC), an exemplary European alternative trading system, which operates on the Polish capital market. The publication consists of three parts: a theoretical analysis of the essence, functions and operational rules of the market, the presentation of existing research results on the presence of family businesses on NC, and the author's own analyses based on the examples of three enterprises illustrating the financing possibilities for in...

The paper investigates internal and external determinants of business entities' capital structure in the Slovak Republic. We have focused not only on an influence of usually examined internal factors but also on very important external factors such as Gross Domestic Product, unemployment, inflation, interest rates and tax rate. The main source of panel data utilized in the paper is a national database of Slovak business entities, statistics of the Statistical Office of the Slovak Republic and Eurostat. The researc...

The paper aims at revealing where do European Union's contemporary banking industry stay within the global social and environmental responsibility stream. It is performed a comprehensive review and analysis of the main international frameworks and standards on environmental and societal responsibility, to which financial institutions can make a voluntary and public commitment. The spread of sustainability frameworks across EU countries has been suggestively, visually assessed, by drawing an EU's map for each inter...

The paper deals with the accounting evidence of intangible assets by respecting the requirements of the Czech accounting legislation. The recognition and measurement of intangible assets can have a significant influence on the information embodied in financial statements of a company. The Czech accounting legislation does not provide any precise definition of intangible assets by specifying their features. It rather includes a list of intangible assets which can be recognized and some examples of expenditures whic...

This article is focused on the use of International Financial Reporting Standards (IFRS) by selected companies which are listed on the Prague Stock Exchange. IFRS, as well as any other standards used for the preparation of financial statements, enable to use two or, in some cases, even more alternatives of accounting evidence of certain transactions. The users of financial statements, therefore, should pay more attention to the information embodied in notes. It provides the description of accounting methods used b...

The latest financial and economic crisis has influenced financing decisions in business entities. The growing trend of thin capitalization rules implementation can be observed in many countries, to restrict abuse of loans and interest tax shield as a tax planning technique. The paper investigates main changes in companies' capital structure influenced by potential imposition of thin capitalization rules in the Slovak Republic. The subject of investigation is also an appraisal of tax impacts on companies' decision ...

Topic of this paper is to analyze the impact of customer's satisfaction and further related factors on financial performance of a company. The aim of this article is to identify the factors that affect customer satisfaction and customer's perception of the quality and have subsequent effect on a financial performance. The article is based on research that focused on companies in the food industry. First, we found the financial performance of surveyed companies (based on indicators ROA, ROE and assets turnover) and...

The acceleration of scientific and technical progress requires such mechanisms which will work for the formation of synergistic effect within the frameworks of building of innovative economy. One of such mechanisms is the formation of efficient venture capital ecosystem, which stimulates attraction of resources into innovative projects. This research work is devoted to the analysis of the problems of domestic venture capital ecosystem's functioning. According to the authors, the prospects of development of venture...

The largest tax evasion that significantly affects public finance deficit in Slovakia is associated with value added tax. A success of fiscal consolidation and its sustainability will largely depend on increasing the efficiency of value added tax system and reducing VAT revenue losses. While in 2005 the total VAT revenue losses in Slovakia amounted to 1.7 \% of GDP, in 2011 they reached 4 \% of GDP which is the annual shortfall in tax revenues of 2.7 billion euros. Taking into account the estimated VAT revenue los...

The article investigates the problem of improving the efficiency of state regulation of organizations through the use of tax incentives for value-added tax. Such specificity of granting tariff preferences is possible, particularly in the largest taxpayers in operations involving the use of tariffs and consumption standards set by the state for public utilities. They systematize basic forms of tax benefits and formulate the new exemption for VAT arising on the regulation of prices in the area of gas supply of the p...

This paper presents a case study of real use of Time driven activity based costing as a cost management tool of which information outputs are used for internal management needs. Financial accounting is a suitable source of information for external subjects, but for cost management in an enterprise is often not enough. Time driven activity based costing theory is described in the literature, but there are only few practical application examples. The paper on the case study of a real medium-sized manufacturing compa...

Among the problems hindering the development of SMEs, especially acute is the issue of funding. Traditional sources for large enterprises - financing and the issuance of securities - for small business unavailable or extremely limited. The most popular for SMEs become Bank loans and financial subsidies of the state. The aim of this work is to present the results of research devoted to the analysis of problems in the sphere of SME lending regional banks in Russia and ways of overcoming them. The basis for the analy...

The financial crisis from 2008 reduced severly the interest of the population to sign life insurance, in spite of a slow increase in the probability of diseases, illnesses and even death. The risk appetite of the potential customers of life insurance also suffered a severe blow when unitlinked portfolios registered severe losses, so that the majority of life products chose and are still choosing traditional products in Romania, and even then only if they really need it. The paper intends to express the main factor...

The paper deals with mezzanine financing instruments and with their application by non-financial corporations in the Czech Republic. The mezzanine capital represents a hybrid source of financing, which you can find in the balance sheet between equity and debt and which interconnects their features. Mezzanine financing instruments include participating loans, participating bonds, subordinated loans, subordinated bonds, convertible bonds, bonds with warrants, silent participations and preferred stocks. On the basis ...

This article discusses the role of reporting of intangible assets for universities in modern innovative economy and represents the results of statistical analysis of the available information about intellectual property of universities in different countries. The article also summarizes initiatives on development of the intangible assets accounting and reporting guidelines and gives some recommendations on the information disclosure for universities.

The global financial crisis has been accompanied by a significant increase in the volatility of financial markets. It has supported the boom of various indexes that measure the expected volatility. Some of these indexes are used as an underlying asset of various financial derivatives and can be regarded as an investment asset nowadays. The aim of this paper is to evaluate the perspectives, advantages and disadvantages of volatility indexes as investment assets.

The method of an estimation minor share holdings of the companies of electric power industry is described by a method of discounting of dividends. Researches are resulted and results of an estimation a minor share holding of one of the largest Siberian companies of electric power industry are given.

Coffee is a well-known commodity with an extensive value chain. Recently, consumers started to explore the disproportion in money allocation. While farmers receive only minimal price for their product, gains go up to the top players. This is evident for Indonesia, which nowadays belongs to the top global coffee producers. Particularly region of North Sumatra is region with unique, world-known, coffee brands such as Lintong and Mandheling coffee brands. Thus, the aim of our survey was to analyze the situation of th...

Every time we open a newspaper or we turn on the TV, we see sellers of almost identical products spending huge amounts of money in order to convince consumers to buy their brands. Advertisers are not in a position to enforce consumption on a target group, but they have the power to dominate by transmitting their messages through television programmes, magazines and other media. Having proven its force in the movement of economic goods and services, nowadays, advertising has been directed in increasing quantity tow...

At European level, economic governance is designed more and more based on information from national accounts, harmonized by the European System of Accounts 1995 (ESA95), the statistical standard behind of many macroeconomic indicators such as gross domestic product (GDP), budget deficit and public debt, a set of macro-accounting rules followed also by Romania. Globalization has induced this trend internationally, among all countries, because comparability is essential for analysis and evaluation, implementation of...

Barra do Imigrante community is one of the new resettlements established upon construction of the Barra Grande hydroelectric dam in the central part of the Santa Catarina state. Nevertheless, governmental attempts targeted on networking of sustainable energy supplies with infrastructure development are in contradiction with wellbeing of small family farms and bring significant socio-economic changes to producers' livelihoods. Using the sustainable livelihoods concept, this study analyzes the ability of households ...

The “European Capital of Culture” project was elaborated by the European Union for the purpose of convergence of individual citizens of the European Union countries and to present the culture of selected cities, states on a European scale. Its aim is to highlight the richness and diversity of European cultures and the features they share, to contribute to better mutual knowledge of European citizens and to support a sense of belonging to the same European Community. The first locality became to be Athens in 19...

The article analyzes the situation in Russia's market for agricultural machinery as one of the strategically important markets, which, in the last decade, has been affected by a set of stable negative tendencies; and if preserved, they will be able to influence a national food safety. The author believes that a way to solve the existing problem is to develop a highly competitive entrepreneurial environment in this market.

This study analyses trends in the economic development and measures and decisions adopted by companies' management in order to deal with unfavourable external factors caused by the economic recession. Subject of research are trends in the economic development in the period from 60s to 80s in the past century. Study looks into their impact on managerial decision-making; compares their results with current trends in the economic development; compares reactions of management; evaluates relations and strategies within...

The purpose of this paper consists in developing a theoretical model of the modern market-profit-value relationship. The essential factor which is modeling this relationship is creativity. The model was obtained after a research of a special bibliography. The analysis of the concepts of profit and value was conducted from the perspective of an inexhaustible resource: human creativity. The original model of the market-profit-value relationship emphasizes the importance of the human resource and customer creativity ...

In this paper, a new system is designed, which can be implemented into mobile phones, without increasing their size and power, while using Galileo satellites. The system will offer the rescue service also in areas without terrestrial mobile network coverage – for everyone, but decisive purpose of our study is to develop appropriate equipment for disabled people in challenging environmental conditions such as skiing in foggy weather as well as night cross-country skiing or riding bike in such conditions. First pa...

Development of innovative entrepreneurship is always fraught with considerable difficulties. It is especially difficult to make decisions about the development of activities in the face of uncertainty. The study of scientific materials showed that in the innovative business there are about 70 types of uncertainties. The task was - of their systematization and classification of conditions, existence, nature appearance to develop management guidelines. For data processing was carried the large-scale expert study bas...

Experiential marketing, along with relationship marketing ,expresses reality of the current economy, and of the society in general, in which the (subjective) consumer involvement in the creation of tourism product is an essential condition of the consumption act. Although the control of the companies dealing with destination management and, respectively, marketing is limited in terms of product policy (and, by default, customer satisfaction), the marketing specialist's task is all the more difficult, as the succes...

The article deals with the problems of modern changes in tourism spatial organization in Russia. It is aimed at identification of key areas in this process and its specific features. The research methodology is based on a combination of systems approach, geographical and historical studies and spatial construction management. Tourism spatial organization in Russia is being formed "from above" (centrally), on the basis of programme-project approach and in accordance with the state programmes on tourism development ...

The transitive processes taking place in the competitive struggle, and shifting it to the sphere of high technologies lead to the expansion of the innovative field in the world economic system , simultaneously embracing a wide range of new branches, including even those, which didn't use to be treated as knowledge-intensive or high-tech before. A prominent place among them is occupied by energetics. This area happens to be one of the greatest customers and consumers of the creation of the innovative technologies; ...

In this paper was studied the macro and micro situation about four groups of market-oriented companies from Saint-Petersburg in three periods of time. Was proposed the typology of market orientation as the element of Strategic Management System. The authors tried to make the connection between the type of market orientation and the situation on the market in a given time period. In 2010-2014 authors conducted the survey of more than 200 companies of Saint-Petersburg (SME and some large companies). There were ident...

Strategy and tactics of modern Business development is guided, first of all, by the company's intellectual assets development, including their basic component - human resources.Management of enterprise's intellectual assets development demands a quantitative evaluation of these resources quality parameters.In the work presented it is proposed to use a graphic display of an intellectual assets quality condition in a form of spatial histogram with a following coordinates system: "human", "organizational" and "social...

In the current environment, the economic clusterization, which contributes to closer interrelations between the businesses operating within this system and promotes development of the involved regions, represents one of the key factors relating to competitive ability improvement of the active businesses. Identification and assessment of regional clusters is actually regarded as an insufficiently studied issue, which fact, first of all, is linked to complexity of the region as an economic system on the whole having...

This article wants to be a presentation of what rural tourism and agro-tourism are, in the context of sustainable tourism, having as main purpose the protection, preservation and promotion of traditional rural buildings in Transylvania. Having as a starting point the theoretical concepts which substantiate its activities of sustainable rural tourism and agro-tourism, with positive implications on the economic, social and cultural fields, on one hand, and the fundamental concept which is defined by tradition and ho...

Early 2008, road transport undertakings of the European Union member countries faced a huge shortage of drivers. Increasing demand for freight services and growing number of vehicles led to critical shortage of drivers. Due to economic recession, road freight traffic experienced dramatic decline, and the shortfall of drivers was resolved only on a temporary basis. However, compliance with social legislation necessitated to increase the number of drivers of road freight traffic compared to number of vehicles by abo...

In modern economic business conditions the state is becoming more corporate and a partner of the private sector. The authors in this paper analyzed the public-private partnership (PPP) as a form of public-private sector cooperation, where the partnership and market relationships are established, while achieving mutual interests and protecting public interest. The aim is to investigate the characteristics of PPP in Europe, with a special focus on the transition economies and Serbia, and in particular to highlight t...

In the today's highly competitive market environment, enterprises are searching for new ways of serving markets and creating a differentiated customer value. An important role in these change processes is played by the process of market segmentation according to the customers' requirements and shopping behaviour. Properly performed market segmentation then contributes to increased profitability of the company and of the entire value network. The methods used in segmentation are based on combinations of various seg...

The general consensus is that the customer value has become a key tool for gaining a competitive advantage and for economic growth of companies and an important dimension determining the efficiency of a company from the point of view of its customers, too. This requires assessment of the level of the customer value. Although the customer value appears in each marketing textbook, the problem of measuring the customer value still has not enjoyed the appropriate attention. This paper deals with adaptation of diagnost...

This article describes the features of state corporations in the Russian industry. State corporations are some of the points of economic growth in the system of industrial policy, which characterizes them as an instrument of state regulation to stabilize the economic condition of the industry and the state in general. The authors analyzed the world experience of creating state corporations. Analysis suggests that creating state corporations in the industrial sector helps stabilize of the economy in the country. Th...

The purpose of this paper is to show the impact of organizational values on product innovation in manufacturing companies on the basis of former literature insights and empirical evidence from 81 Austrian and German companies. The first section includes the results of an in-depth content analysis of relevant articles revealing a grouping of the twelve most frequently expressed value themes for necessary innovations. Further, the paper contains empirical results from a survey among 81 managers of Austrian and Germa...