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The Slovak Republic has a long-standing tradition within many industries. An example of this is the engineering, chemical, electrical, woodworking and food industries. The Slovak Republic is considered as one of the leaders in the automotive industry. The automotive industry in Slovakia produces about one million vehicles per year. For several years, the Slovak Republic has been awarded the first prize in terms of the number of cars produced per capita. The main objective of the paper is to present development of ...

At present, one of the main cardinal factors is the question of economic governance and the sustainability of business entities. The issue of financial and economic analyzes contributes significantly to decisions in the field of corporate management. One of the essential dispositions of each manager is an understanding of financial theory. The aim of the contribution is to point out the sustainability of the company's performance, with an accent on economic performance and indicators of the company's economic perf...

Addressing urgent market problems in the course of implementation of the need to find business opportunities in today's economic reality actualizes the study of management marketing imperatives as basic requirements, underlying market growth of business structure. The necessary conditions for effective market management of business development process is implemented taking into account the need for harmonious interaction with consumers in the framework of the doctrine of consumer needs priority. The purpose of thi...

The purpose of the report is to present a framework of marketing of Varna District as a tourist destination for cultural tourism. It defines cultural tourism and its diversity due to different motivational purposes. As an indicator of the tourism demand for cultural tourism, the number of museum visits in the destination is used. The dynamics of the volume of museums visits in Varna District was compared to the volumes of the visits in other districts of Bulgaria for the period 2012-2017. The report analyzes the r...

The article is devoted to the research of relation between the competitive position of the firm (cluster) and monetary policy. For objective reasons, the Bank of Russia cannot become the main driver of economic development, but can create conditions for this by maintaining price, social and financial stability, ensuring stability and development of the financial sector and settlement system. Bank of Russia conducts monetary policy within the framework of inflation targeting. The interaction of monetary policy and ...

The paper aims to examine topical issues on the current status and development prospects of the monetary economy of Russia. Developing economy of Russia plays a special role in contemporary world. Financial market is of particular importance for the development of the Russian economy. It has constantly improved, actively developing. Experts believe that in the near future Russian financial and credit institutions will influence more the world economy and stock markets growth. In this regard, of particular interest...

The article discussed the specifics of the functioning of the typical mechanisms of re-gional self-regulated organizations to support small businesses in the economy of the Russian Federation. In order to improve the mechanism for the activities of the regional self-regulatory organization to support small business, more complete implementation of the system of statutory functions for the development of small businesses in the re-gion, improve the level of sustainability to fluctuations of the external environment...

The article presents speculation about the possibility of using a corporate tool of strategic planning, such as the balanced scorecard (hereinafter BSC) at the sectoral management level. We propose BSC constructing method for the regional industry (in the context of the Stavropol Territory of the Russian Federation). According to this method, the existing mission of the region's industry is used to build a strategy map, select key performance indicators to achieve the strategic goals, as well as describe control p...

The aim of the paper is to assess the millionaire cities attractiveness for residents in the Russian Federation in the period from 2011 to 2015. Ranking is made using 20 indices combined in five groups. As a result, authors find out that the best positions among millionaire cities in their attractiveness for living are taken by Ekaterinburg, Novosibirsk and Chelyabinsk. They are characterized by a high standard of living, the state of the economy, and the provision of social infrastructure. A little lower attracti...

The problems of minimizing tax risks when Russian companies paid income to foreign organizations were constantly in the focus of attention of economists and practitioners. The number of publications of both foreign and Russian researchers in this field has a steady upward trend. This is due to the observed increase in the number of foreign organizations receiving income from sources located on the territory of Russia, as well as the expansion of the range of controversial issues arising in the current conditions f...

In the present paper some possibilities for construction and application of various modifications of the well-known transportation problem are proposed aiming the minimizing of the transportation costs for transferring the material flows between suppliers and consumers. The transportation costs are usually a significant part of the total logistical expenses and each logistic system has its own specifics and characteristics for transportation of materials, goods and products. This gives opportunities for applying d...

The article describes the GermanyВ’s investment attractiveness mathematical model. The model is based on the institutional and functional approach. The distinctive feature of the institutional-functional approach is the inclusion into the model of the endogenous variables that characterize the institutions performing the function of attracting investors into the country: the technological development institution, the companiesВ’ registration institution, the country economic freedom institution. Functional compone...

The paper discusses the technological complex of wastewater treatment of wastewater treatment of petrol stations. Based on the review of the main modeling methods of discrete-continuous chemical and engineering processes, it substantiates expediency of using the theory of Petri nets (PN) for modeling the process of wastewater treatment of petrol stations. PN enables to simulate discrete parallel asynchronous processes, to get a graphical representation of the network, to describe the system at different abstractio...

The behavior of local economies during the economic crisis is one of the greatest concerns in the scientific world. The study aims to highlight the patterns of evolution of local economies from Romania, which have a spa tourism function (officially in 2016 there were attested more than 30 territorial systems with spa tourism functionality), for the period 2009-2016, a period marked by a decline for most local economies. In the present paper we intend to quantify how spa tourism contributes to increase the adaptive...

Organic farming in Latvia is becoming more and more popular. The number of certified organic farms in Latvia increases annually. In 2016, the number of certified organic farms was 4147. The number of companies offering organic products as well as the number of consumers who are willing and able to buy these products is increasing. However, organic products are relatively expensive and less affordable than conventional products, which makes it difficult for farms to sell their produce, thus hindering the developmen...

Insurance means protection against different kinds of risks with financial consequences. In frame of this protection, the insured transfers its risks, the possible negative consequences of which are unbearable to the insurer, i.e. to an insurance company. In order to compensate the insurer for such consequences, the insurance company collects the premium for the transfer of risk, the amount of which depends on the size of conventional damages, having a random character. The balance between premium written and prem...

Russia's relations with the international financial institutions had a multi-faced character. In the transition period of the 90-ies foreign borrowings, especially from the IMF were not always well-grounded and effective. The obtained financial resources were mainly used to service the state debt and cover the budget deficit and were not aimed at financing technological renovation of Russia's economy, the development of infrastructure and creation of export-oriented high-tech industries. In the early 2000's the ec...

Today, the global economy is in a state of transition from one technological mode to another, more advanced. According to various evaluation society will be the sixth technological way in 2020-2030 This situation has a significant impact on the processes of economic development of individual countries, particularly highly developed. The most significant phenomenon that characterizes this state of the world economy is the so-called digital economy. This was influenced by the active use of information and communicat...

In the article the authors analyze the problem of modernization in Russia, which is currently one of the most important factors of economic development. Modernization is considered as a macro-process of transition from the traditional society to the modern one, which supposes qualitative change of the whole way of life of the country. Studies have shown that society has different views on the concept of the essence of modernization. Many members of society consider this term quite narrowly, most often understandin...

The labor market is the most important element of the economic system, since it represents the aggregate of supply and demand for labor, the balance of which determines the economic growth of the country as a whole and of the particular region, in particular. On the other hand, it is largely correlated with the capital market, the means of production, consumer goods, etc. Thus, it can be said that the labor market is the most important factor in the development of the economy, the effective functioning of which en...

Background: Managers are looking for methods and tools that will allow their enterprises to function safely and be competitive in the market and develop systematically . The simplest solution applied mainly in the commercial sector is functioning in a group purchasing organization. Such groups are mainly associated with joint purchases and the use of economies of scale. However, within the group purchasing organization of an enterprise, in addition to common purchasing power, they are able to use various types of ...

There are many businesses in the market that try to attract customers to their services. If the services are not offered by the staff, the owners of the premises may be unnecessarily trying to increase their profits. If a business management decides to perform quality evaluation through a third, objective person, they can opt for the mystery shopping method. Mystery Shopping is a method of evaluating the process of providing a service. It is mainly about evaluating the performance of employees who are in direct co...

Today in Russia an independent system of qualifications replacing tariff-qualification reference book is being introduced. In foreign countries such systems already exist and run successfully, but in Russia they have appeared relatively recently. Therefore the implementation of an independent system of qualifications involves certain difficulties. An independent system of qualifications consists of four elements: a professional standard, an independent assessment of qualifications, a professional-public accreditat...

The relevance of this study is determined by the exponential increase of the qualitative natural resources value in the current processes of reproduction of socio-economic systems at various levels of the hierarchy. Effective strategic management of natural capital is identified today as a necessary condition for increasing the sustainability of innovative development of the economy and society. The purpose of the study is to substantiate the new directions of the specification of natural capital in the system of ...

One of the information sources describing an enterprise, its activities and results is the system of measurement and disclosures – i.e. accounting. This system, in its structure and effects of functioning, by adopting e.g. the final outcome in the form of a financial statement, should take into account the environmental challenges within which it is supposed to carry out the assigned goals. It is natural that changing the modern form of accounting (and therefore also financial reporting) becomes the function of ...

This paper presents our strategic management approach on tourism destination with the help of the SWOT analysis. We consider that a macro-economic analysis on a region is of utmost importance for all the stakeholders implied in tourism activities: tourists, businesses, tourism agencies and professional associations, local and national governance actors, NGOВ’s etc. In this regard, the general objectives of this paper are: a. identifying strengths and weaknesses of these two counties which shall generate tourist de...

Tribal business in Russia has a long history and positive experience in breeding adapted to the local climate high-yielding breeds of cattle. After the collapse of the Soviet Union, tribal activities were conducted, mainly with the use of imported material, which led to the decline of domestic cattle breeding. Currently, there is a stabilization in the field of breeding activities and a gradual increase in its quality characteristics. This is confirmed by a number of analytical indicators calculated by the authors...

The article examines correlation between the existing principles of state competition policy and innovative economic development. A perfect competition model has been currently adopted as an ideal sample of the commodities market state, being characterized by a sufficient number of sellers and buyers, when none of them can decisively influence market prices. Consequently, countries endeavor to bring real markets conditions closer to this ideal state by competitive policy, that occur in dedicated state effort to re...

The conceptual framework for forensic accounting expert examination requires the creation of a monitoring mechanism with clearly defined goals, objectives, objects and methods. The procedure of forensic accounting expert examination for selected activities, in particular for railway suburban passenger transport services, has a number of features and is not regulated normatively, so each expert conducts the procedure independently in accordance with professional skills. This leads to different conclusions in solvin...

In the present research paper an idea for optimizing the positioning of serving units in modern tourist resorts is proposed using some adapted applications of mathematics in economics. This material is a new step forward for both authors who have treated the topic in their publications in the past. The new idea is that the serving units are not fixed on line segments (e.g. streets) but are chosen from a given area or district (for example a triangle) or are selected from a number of previously given points. The lo...

Nowadays, commerce is also actively transforming, moving from offline to online. There is a constant annually dramatic growth of retail e-commerce sales. This thesis establishes the importance of electronic money, online payments and the role of e-commerce in the modern world; describes the peculiarities of e-money market and e-commerce in Russia and in global. In general, it is possible to note several trends in the Russian market of e-commerce. One of them is an active growth of the segment of payments of the Ru...

The assessment of traditional components as part of the material cultural heritage is an essential element in the development of the cultural tourism. The south-western area of Romania, especially the Banat geographical area, on a rather extensive area, within the rural areas and small and medium-sized towns, faces a rather large economic problem. This was determined by the shift from a censored socialist economy to a free market economy, after which there has been registered a process of restricting the industria...

Regional property complex transformations in different territories have several distinguishing features since they follow different patterns and result into a particular structure of a regionВ’s economy. No matter how exactly property ownership transformation took place in a given region, specific features of it would be indicated by structural shifts between the private and public sectors. The shifts determine vector and dynamics of social and economic development of a region, thus stipulating the role of both pu...

Background: Although forthcoming EU Geo-blocking Regulation should minimise the problem of customers discrimination in online cross-border trade, it will not resolve all obstacles experienced by consumers during shopping online abroad, including payment-related ones, that are leading to the dissatisfaction of consumers, being experienced typically late during the shopping process, after some effort and time. Paper goal is to investigate the occurrences of payment-related obstacles in domestic and cross-border B2C ...

The paper fills the gap of the scarce economic literature devoted to the investigation of systemic banksВ’ prudential features. The statistical analysis gravitates around those banks designated by the Basel Committee of Banking Supervision as global systemically important banks (G-SIBs). It had been considered a comprehensive sample of 28 European systemic banks whose key financial indicators (capital adequacy, profitability, liquidity, and asset quality) became inputs for the peer analysis performed. The explorat...

The issue of innovation is becoming more relevant day by day, as the most severe competition among large corporations of the world is observed precisely for the market of innovations. Any project should start with a well-planned and well-executed planning. The article considers the innovation planning system at the enterprise. The following types of planning will be considered: strategic, operational, product-thematic, technical-economic and volumetric-calendar. The composition and combination of different types o...

Due to its favourable geographic position in the centre of Romania, the tourist destination of Bra?ov has continuously developed. Being located in a picturesque mountainous area and having tourist potential which combines elements of the natural environment with cultural and historical values, nowadays Bra?ov has become one of the most attractive tourist destinations in Romania. Hence, the most important objectives of this paper were to identify the current changes in the tourism market and to highlight the possib...

Short-term visions, a weak understanding of the mechanisms of the economic and social environment, lack of responsibility are frequently seen in the global society, signaling the loss of direction of the economic world and lying at the basis of economic and financial disasters, as well as lessons supporting the need to reconsider corporate governance mechanisms and reinforce the place and part of control therein. Corporate governance is as important for the business world as democracy for the rule of law. The grea...

In the article the problems of the financial controlling in group of medical companies are being researched, the algorithms of calculation relevant in the meaning of the supplier and customer interests the indexes of economic profit are being developed, the forms of financial reporting and registers, forming the price-oriented financial indexes are being represented for the readers attention.

Professional skepticism of auditors is considered one of the most important factors of auditing and audit quality. Auditing standards describe requirements to evaluate audit evidence with an attitude of skepticism. Professional skepticism is the crucial element which is missed when audit failures occur. This paper examines academic research related with the auditorsВ’ skeptical judgement and decisions. The main purpose of the research is to provide conceptual description of the professional skepticism, emphasize i...

Within the new era of digitalization, software development and personalization projects play a major role for the IT & Telecommunication players. They also come with a range of associated risks like the risk of not being able to deliver on time, on budget or the needed scope. It is thought that having the clients directly involved in the development and personalization process comes with a range of benefits that help lower the projectВ’s overall risk. In order to demonstrate the added value of supplier-client coll...

Ecotourism represents a significant share in modern world tourism, a distinctive feature of which is visiting areas that have not been subjected to anthropogenic transformations and impacts, and compliance with environmental safety. In Russia, eco-tourism is not developed as intensively as in Western countries, but it has good prospects associated with the availability of unique tourist resources. The Chelyabinsk region (South Ural) is one of such regions that have the necessary potential for the development of th...

The objective of this chapter is to examine the long run relationships between public debt and macroeconomic stability in the period of 2002 to 2010. In this research I use JohansenВ’s cointegration analysis and Vector Error Correction Model (VECM-henceforth) in order to test the long run effect of fiscal policy on real economic activity. Reviewing the literature, from both developed and countries in transition, I find that there is large disagreement concerning the empirical evidence for the effect of fiscal poli...

The article is devoted to the analysis of the possibilities of improving the urban environment and the quality of life in large cities through the implementation of investment projects in the sphere of tourism and hospitality. The author considers the Federal Target Program “Development of Inbound and Domestic Tourism in the Russian Federation (2011-2018)”, which includes 112 investment projects proposed by 59 regions. Each project is the result of cooperation of state and municipal authorities with private in...

Tourism is a growth generator element of functional complexity of the territorial systems with touristic function, an important part for the economic development of these resorts, but it also represents the space where the economic crisis can generate major imbalances in their evolution. The study aims to identify adaptive patterns of territorial systems with touristic function after the start of the global economic crisis. The methodology of this study consists in the creation of an economic database at administr...

Preferential trade agreements are not a new item in the history of global trade policy, but there has been a marked proliferation of them since the beginning of the 21st century. It is believed that they became a way to overcome the lack of progress in multilateral trade negotiations carried out within the World Trade Organization. However, among various global powers, the European Union was a latecomer to the so called "new wave" of regionalization. The goal of the paper is to point out main reasons and factors a...

Global trade flows have been strongly affected by the worldwide economic crisis that broke out in 2008. Trade collapse in 2009 was deep but followed by a swift recovery in 2010-2011. However, later on the situation got complicated - growth rates have been much lower than expected and in 2015-2016 trade flows declined once again. The goal of the paper is to analyze the main trends in global trade flows - in terms of growth, changes in geographical structure etc. and point out main factors affecting trade in a posit...

This article analyzes the problem of reducing the company's share capital by redeeming shares of shareholders, which may constitute a premise for the declaration of bankruptcy and liquidation. The purpose of this article is to present significant issues regarding the process of redemption of shares regarding tax law. The redemption of the company's shares leads to the destruction of the shares held by the shareholder, which may lead to its total exclusion of the partner from the company. The process of redeeming s...

Background. Many theories in scientific publications are focused on assessing the growth of particular regions and their mutual comparisons. Many authors are dealing with the issues such as economic growth and development of regions. The goal of the paper is to find out what impact on the enhancement of regional gross domestic product has issues such as employment, average wage, number of small and medium enterprises and road network density. Then as a next step to identify the groups of regions through cluster an...

The article defines the role of regional innovation clusters in enhancing the innovative development of Russian regions. The authors consider the structure of regional innovation clusters and the benefits of creating regional innovation clusters in Russia, study and present a classification of innovation clusters, as well as explore some support programs for Russian regional innovation clusters. The article studies also financial structure of development programs based on source and industry-specific areas of pilo...