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The paper aims to investigate the impact of chosen fund attributes, industry and country characteristics in the given group of high- and middle-income economies from EU on excess return of open-end equity funds domiciled in these countries by means of a panel regression with fixed effects for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

The disparity of economic development between regions of Russia is still under discussion. To date, a range of methods and models for evaluation of regional inequality exist. Russian researchers use statistical indicators (Gini and variation coefficients, Atkinson and Tail indexes) to measure the level of difference between GRP, population income, salary, investment allocation, tax incomes, budget incomes and others. The authors associate the disparity of regional development with the natural and artificial compet...

An investment climate is influenced by a regional policy and a set of regional factors. The attractiveness of investment climate in a region depends on how close these two elements interact with each other. The regionВ’s investment climate is largely defined by the combination of its investment potential and investment risk. In the paper, the regional investment climate was estimated by a set of indicators representing these two main constructs. The investment potential that is mainly determined by capital efficie...

Currently, there is a range of very serious issues related to the implementation of an accounting and audit process in non-commercial organizations due to the nature of their activities. Over the last decade, important changes aimed at aligning Russian and international accounting caused by the development of the Russian market economy has been made to the existing accounting system. However, methods of accounting and au-dit in non-commercial organizations remained mainly intact. As a result, questions con-cerning...

The main objective of the paper is to analyze the key problems ahead of BulgariaВ’s accession to the euro area. By joining the EU, Bulgaria assumed a duty and became eligible to join the euro area. By its nature and consequences, joining the eurozone is not only a matter of currency substitution, but also a radical change of the monetary regime and elimination of the currency board arrangement in Bulgaria. The study emphasizes that to date the accession of Bulgaria to the euro area has the importance of an immedia...

The paper is dedicated to the points of efficient recreational management of natural resources in the steppe area of Russia. It is the authors’ opinion that koumiss therapy – the traditional for the region kind of tourism – is necessary to consider as an upcoming trend in the development of recreations in steppes of the Russian Federation. The history of the koumiss therapy at the territory of Russia and the USSR is analyzed in the paper; it was noted that the organized at the beginning of the XX century net ...

The main objective of this study is to find out the impact of labor force emigration abroad on labor market in the country of origin by means of a dual approach. Solving this problem required an analysis and assessment of specific contexts in labor market trends - employment, unemployment, wage levels, the number of free jobs and labor emigration. Several economic criteria are developed in the study and the effects of labor emigration on labor market are recalculated by means of mathematical calculations. The impl...

Objective of this research is the finding of the reasons of the economic, political, social and other public crises which became frequent for the last century and happening in various countries, the finding of possible ways of elimination of these reasons. According to the theory of the self-organizing systems, each of these crises separately is manifestation of failures of the existing relationship between people and of the associations of people. But the observed reproduction and combination of crises in all dir...

Information asymmetry is the most significant factor slowing down the financial market development, that exists at the moment in Russian economy, which is due to the lack of reliable financial statement information for investors. The main reasons for the current situation are the increase in the number of attempts and the variety of methods for falsifying the public companies financial statements. Therefore, an external audit conducted to increase investor confidence in the reliability of public companies' financi...

Managerial factors with a particular influence on the exploitation technologies of cattle for meat and milk are largely dependent on the exploitation systems implemented in the farms, because the rigorous compliance of the farm activities contributes to the formation of conditional reflexes regarding the rest, feeding and drinking of the cattle. A particularly important role is played by the nutrition of pregnant females who in the last three weeks of gestation will be fed differently depending on the expected max...

The governments of all countries are pressing towards improving of the welfare of their citizens. The high level of welfare demonstrates the right direction and good ongoing socio-economic policy. For many decades, welfare has been evaluated mainly in terms of economic factors, with the Gross Domestic Product (GDP) as the main metric for gauging the quality of peopleВ’s lives. Researchers are seeking to assess more precisely the welfare of the population, avoiding usual economic indicators. The interest in alterna...

In the age of globalization, international loans and sovereign default probabilities have become one of the main topics of finance. Many severe economic crises have occurred on financial markets in the last decades. Therefore, the problem of measuring countriesВ’ default probabilities due to their external debt obligations has attracted the interest of many researchers. In recent literature there are many studies that use quantitative methods and machine learning techniques to predict countries defaults. Past stud...

The paper seeks to present the numerical composition of the mechanical park for the South West Oltenia region, in a national context, on components: tractors, plows, cultivators, sowing machines, sprayers and dredgers, combines, straw and hay balers, forage feeders. At the same time, the load on the machine is also presented. The editing of the study is based on the comparison method, using two variants: time comparison and space comparison. For the period 2013-2015, a dynamic series of three components and multia...

Now studying of innovative process is connected with research of model of the open innovation. This model answers calls of the modern market, allows to keep the speed of development of new products demanded in today's conditions. It works on the principle of broad cooperation with third parties: customers, suppliers, research institutes, laboratories and competitors. Inside the company, the work is based on the integration between the departments involved in the innovation process, using different tools, such as i...

The article is devoted to historical and methodological issues of application of the process approach in the practice of industrial enterprises. It is concluded that the development of industrial production and the increasing complexity of consumer preferences, evolving tools and process approach, from the division of labor in the sequence of manufacturing operations to the build process in the form of networking-based infrastructure platform. The process approach is the most important sign of improved management ...

Like any other commodity market, alcoholic beverages market has its own the specifics of development. The paper investigates the problems and prospects in the development of the alcoholic industry on the regional level. The authors identify the problems of implementation of the federal laws on the issues of administrative and legal regulation of the alcoholic market, as well as the structure of offenses in the sphere of production, turnover and retail sales. The methodology aimed at developing the criteria and ind...

The aim of this work is to provide a comprehensive picture of the development of the Slovak economy in the context of the regional development of the regions with the help of macroeconomic indicators. The content of the article is a literary overview of the basic concepts, methodology explaining the method of calculation, which allows an effective understanding of the content of the present article. When assessing regional disparities, different approaches and methods are used. Comparison and analysis of individua...

The present research paper deals with the problem for determining the optimal positioning of units in logistics system aiming the minimization of the transportation costs for providing communication between the units. For the purposes of the research a logistics system is treated as relatively stable set of units (structural and/or functional subunits of the company but also suppliers, consumers and logistical mediators) connected to each other and united in one management of the logistical process for realizing t...

The model of human activity in spheres of vital activity is presented. The social, industrial and ecological spheres of human activity in the Arctic micro-territory were chosen. The model in the formalized form is a system of six econometric equations. As the Arctic micro-territory, the Nenets region of the Russian Federation was chosen. Each sphere of human activity is estimated by indicators. The human development potential is assessed by the human development index. The notion of sustainable development in the ...

The article seeks to identify the most important predictors of profit of credit institutions. This involves the use of multiple regression for econometric modeling of several variables on the results of banksВ’ operations. The study aims to show the capabilities of multi-factor regression in the analysis of credit institutions. The paper proposes a methodological approach to the measurement of marginal predictors of credit institutions. The authors use special techniques to adjust the models to avoid a collinearit...

Economically justified solutions concerning the European transport system are crucial for the competitiveness of the Alliance throughout the World, for the financial growth, for reducing the unemployment and for improving the standards of living. It is exactly the free movement of people across the borders which is one of the four types of freedom typical for the European citizens, together with the free transportation of goods, services and capital. For realizing the mobility of its citizens each country creates ...

The article substantiates the role of education, proposes and confirms the hypothesis about the importance and necessity of social partnerships for financing and development of education in knowledge- driven economy. To confirm the advanced hypotheses we studied the evolution of concepts of social interaction and social responsibility to justify patterns of social partnerships in the knowledge-driven economy that allowed us, using the model of "triple helix", to show the necessity of the collaboration of governmen...

The article is devoted to the essence of the application of monitoring the quality of public sector financial management in the Russian Federation. As part of the research tasks, the authors considered in detail the essence of the general category "financial management of the public sector" in international and Russian practice. The historical process of the emergence and development of the practice of applying monitoring tools in the sphere of financial management of the public sector in the Russian Federation is...

The article substantiates the topicality of theoretical basics and methodological fundamentals development for the monitoring system for economic and investment security of the Arctic regions in the Russian Federation. The need to modernize the state strategic management of the Arctic Zone regions in the Russian Federation arises due to the emergence of internal and external threats. Timely evaluation and prevention of crises on the territory of the whole Arctic Zone and specifically in the Arctic regions of the R...

For implementing partial activities, companies utilize a broad portfolio of financing resources. These resources can be analyzed from various angles. They are usually divided into company’s equity and debt resources. Although the decision about resource utilization is influenced by many factors, the cost of capital is the most prominent aspect that enters this process. The subject of the article is a research in the field of company debt resources. There are a number of circumstances that encourage companies to ...

The basic reasons of destruction of capitalism dealt with in this article on samples of K.MarxВ’s, W.SombartВ’s, P.SorokinВ’s, J. SchumpeterВ’s and other economistВ’s texts: (1) the actions of the proletariat, the problems of capital accumulation, flow of economic resources (Karl Marx), (2) the anthropological foundation (Werner Sombart), (3) withering away of the entrepreneur function, destruction of the institutional structure and the social base of capitalism, decrease of economic stimulus to the labour (Josef ...

The solution of the problem of comparative evaluation of economic perfor-mance of enterprises and branches of industry under the situation of application of the multi-criteria projections population is discussed in the paper. The projection approach proposes distribution of performance indicators in relevant groups (projections), solving specific optimization problems within the established groups, and search for the final answer. Multiprojectiveness is applicable to economic problems of the analysis of sus-tainab...

Russia-USA economic relations are subjected today to new realities, which imply a combination of effects, including geopolitical situation in Crimea and Eastern Ukraine, mutual economic sanctions that coincided with other negative phenomena in the Russian economy, such as the dramatic drop in oil prices and depreciation of rouble. These events have seriously affected trade and investment statistics with USA. During last years U.S.-Russia economic ties were relatively limited and now they are decreasing. The USA is...

In Russia a new qualification evaluation system has entered into operation and professional standards are being introduced into practice. This new qualification evaluation system assumes an independent state estimation of employees to meet the required qualifications reflected in the professional standard. The professional standard is a normative legal act approved by the order of the Ministry of Labor and Social Protection of Russia, and it reflects the requirements for education and the necessary competencies, k...

The development concept of the regional tourist cluster through creation of the recreational territories of regional and international significance has been set forth. The model of the regional tourist cluster in the Euro-Arctic region (the Murmansk region of Russia) has been elaborated. The worked out model enables to improve the effectiveness of using of the tourist –recreational potential of the region while stimulating development of other sectors.

The article substantiates the preservation for the coming period the value of oil, as one of the world's main sources of energy, and for this reason, its prospects as an export share of the Russian economy. However, the export potential of oil is currently declining objectively due to, on the one hand, the reduction in the volumes of easily recoverable stocks with good transport accessibility, on the other hand, the relative decline in world prices, which reduces the commercial attractiveness of developing new fie...

The northeast of Russia by in large and Yakutia in particular, is almost undeveloped tourist region of the world. However the region has the considerable tourist and recreational potential allow considering him as perspective. Tourist and recreational division into zones act as scientific base of territorial planning and management of a tourist complex. Now division into zones of this part practically of Russia isn't developed. The option of tourist and recreational division into districts of the Republic of Sakha...

The article describes the features of personnel policy formation of an educational institution. The essence of the personnel policy work with the staff corresponds to the concept of educational establishment, ie the personnel policy of any educational institution – it is an integral part of the strategic policy oriented organization. Personnel policy is a powerful strategic tool for the staff of the organization management system.

The article presents a multifactor optimization model of balance sheet indicators of a company. The model enables to develop measures aimed at enhancing creditability of a potential borrower. The first steps offered in our research are the identification of all the items of balance sheet to be corrected and planning of measures for affecting the items of concern. The task of optimization is developed consisting of target function formulation and constraint system establishment. Under such constraints the model con...

The article explores the problem of optimising university training structure to increase focus on the labour market. The proposed solution is constructed using a deterministic approach in which the following vectors are formed: the phase vector, whose coordinates are the values of the parameters describing the training process in higher education institutions at a certain fixed point in time; the controlling action vector (control vector) that allows influencing (by means of funding, the school-leaving exam score ...

The article considers the organizational and economic aspects of the problem of municipal solid waste (MSW)В’s formation and placement. This problem becomes more and more relevant for the cities of Russia including the Sverdlovsk region. Referring to foreign experience, we demonstrate the necessity to form an effective MSWВ’s management system in Russia via required reforming based on the laws and regulations. Comparison of the existing options for MSW elimination shows that the cheapest but inefficient option fro...

In the present paper, the authors study practice of public participation in the budget process in the Russian Federation and analyze huge material thereon for the period from 2007 till 2017. Particular attention is paid to participatory budgeting (PB) as a dynamically developing form of public participation and civil initiatives. With the account of the world experience of PB use, the authors investigated the problems of participation thereof in the Russian Federation exploring in detail implementation of RB in Sa...

The process of forming new industries contributes to the resource regionВ’s promotion to a higher level of competitiveness. A wide range of strategic analysis tools was used to develop an algorithm for territorial and sectoral development based on two major global trends. They are the transformation of production and technological chains, and new organizational forms of regional development that support and accompany these processes. The revealed patterns of the spatial and branch development of the resource regio...

It is known that the information acquired before the journey is essential for building visitor expectations and behavior. With its increasing role as information and communication tool, internet has become a key factor for destination image formation. Specialized travel websites in particular have a major contribution to building and communicating destination image, especially those with user generated content. Perceived as more objective, personal visitor experiences shared online are much more convincing and inf...

The article is devoted to topical issues of the public corporations functioning in particular examines the impact of the state corporations activities in the innovative development industries. The state corporation is established not for the purpose of maximizing profits, but to solve national economic problems. The state industrial corporations must provide innovative development, to stimulate economic growth, develop the institutional environment to the expansion and strengthening of the state influence mechanis...

EmployeesВ’ appraisal belongs among one of the most demanding and sensitive management tasks in many organizations and therefore some managers deliberately avoid this activity and consider it to be unnecessary and administratively burdensome. The aim of the article is to explain the very important issue of the evaluation of employees - environmentalists in organizations. The difference between the performance management and the performance appraisal is explained and the roles and responsibilities of specialists in...

The purpose of this article is to assess the effects of imposing economic sanctions on the Russian stock market by some Western countries in the beginning of the political confrontation with Russia in 2014 to identify the potential of the Russian stock market adaptation to the eventual introduction of such economic pressure instruments in the future. On the basis of generalized indicators characterizing the results of trading on stock markets, of price levels, volumes of transactions, stock indices, and by using t...

Contradictions between the private and public sectors appear to be significant. The presented article maps the state and possibilities of cooperation of municipalities with private companies in the construction area. It deals mainly with the involvement of voluntary associations of municipalities operating in the South Moravian Region of the Czech Republic. These associations of municipalities are one of the possibilities of interregional cooperation, which allows provision of public services to the members of the...

The main objective of this paper is to design mechanisms that would be applicable as solutions in the current economic conditions of the Slovak Republic to increase the sustainability of the first tier of the Slovak pension system. The wrong genetic code of the first tier, which was based on a pay as you go philosophy, was a significant cause of the annual increase of public debt. Part of the objective is also to analyse current approaches to the pension system with a focus on the history of political intervention...

The sales comparison approach (SCA) usually represents the most important valuation approach. Besides this approach, there are two other performing valuation approaches at other bases. The sales comparison is a set of procedures, in which an appraiser derives a value indication by comparing the property being appraised to similar properties. Real properties vary considerably from one another, which is reflected by price-setting factors. Although price adjustments (caused by differences projected into price by the ...

In the article the questions connected with research of a modern condition of ecological tourism and prospects of its development in Russia are considered. To date, environmental tourism is one of the most promising and rapidly developing sectors of the tourism industry, occupying one of their leading positions. The methodological basis was the work of domestic and foreign scientists studying the problems of ecological and rural tourism and the development of special protected natural areas of Russia. In this cont...

In modern conditions of economic globalization and technological intensification, the international interaction reaches beyond the trade cooperation. Nowadays the competitiveness of countries is determined by their place in the international division of labor and the involvement into global value chains. Value chains could be defined as steady groups of companies formed by combining complementary and cooperative activities to create a product and bring it to consumers. Different types of networks have different st...

In Romania, the apiarian sector is very important because it develops in very good conditions referring to the climate conditions, air and soil quality, and not in the last place the honey potential, significant apiarian production were obtained. In the last three years, the number of entrepreneurs from the apiarian sector, which manages 150 beehives, had an increasing trend. From the study, we can see that the Romanian honey and the bee products are very appreciated both in our country and in other countries like...

For a long time in economic science, it has been assumed that economic evolution is developing along a trajectory: the agrarian economy - the industrial economy - the post-industrial economy. The crisis lines of the 20th and 21st centuries forced us to change our view on this issue. De-industrialization occurred in a number of developed countries of the world. It caused a crisis in the economy. Therefore, there was a need to develop a new concept. This is the concept of a new industrial society. The purpose of the...

In the concept of sustainable development, the tourism industry has accepted the notion of sustainable tourism. To respond to the central idea underpinning sustainable development, namely to protect natural resources, the article proposes solutions for the rational management of freshwater resources. Ensuring comfort standards in tourist accommodation units involves consuming considerable amounts of water. Total water consumption can be diminished by implementing storage and use solutions of rainwater. The Romania...