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The analysis of companies' financial situation represents one of the main problems within organizations. Bankruptcy risk has determined financial analysts to develop analytical models in order to eliminate or minimize this risk. Among the most important assessment models of financial risk there are Principal Component Analysis (PCA), Cluster Analysis and Multiple Discriminant Analysis (MDA). Based on the MDA, Altman [1] developed a method for estimating the risk degree of an organization in terms of bankruptcy, ca...

In this paper the authors focus on the problem of portfolio selection based on Mean Absolute Deviation risk measure. They try to design new model based of the idea of event tree. It means, that the investor make the decision in every state of investment separate and hold the portfolio from previous period, or change the portfolio. So the investor can optimize the decision on the financial market. The biggest advantage of this model is, that the solution can be never worst like the solution, we get with standard op...

Evaluation in one of the important strategic instruments for obtaining feedback and testifying to the functionality of the management of research and development (R & D) system. Based on the evaluation results the top leaders generally make decisions and then allocate and redirect funds to support public research in educational institutions. This is primarily the so-called first and second role of universities, namely education, research and development. The intentions of science policy, proposals for priority res...

In last few decades we can see many failures of managers at every size of companies all around the world caused by lack of information. These managers who did bad decision were too tied to the operational requirements of business and the result of their bad decisions affected the whole company business and company strategy. The main problem of these failures are decisions driven by emotions, intuition or political influences inside or outside of the company instead of data and numbers driven decisions. Business In...

The article examines the economic and legal aspects of the functioning of the institute of public-private partnership (hereinafter - PPP) in view of the implementation of priority national projects and justifies an increase in the use of various forms of interaction between government and business in the conditions of overcoming the consequences of the global financial crisis and economic sanctions. The article reveals the problems of the conceptual framework in the studied field of relations and analyzes the doct...

Modern humanity lives in conditions of innovative economy, which is characterized by the swiftness of the environment development, the influx of large flows of information, the continuity of product and technological changes. All this causes uncertainty associated with the future and the lack of full protection of the individual against the economic and financial implications. Economic and financial instability related to the financial and economic losses, while the economic security is linked to certain condition...

Despite the steady growth of innovation activity enterprises in the global competition, they have difficulties in financing innovation. What are the opportunities and limitations for financing innovation enterprises development and what type of financing is most appropriate? The study defines these two issues as the most important to determine the innovation and investment strategy of the states and enterprises. To solve this problems the state strategy of the enterprises innovative development should focus on fac...

The taxes have always represented an important instrument of fiscal policy having a significant influence on the behavior of consumers of taxable goods. Potentially providing multiple effects and financial gains, they can be used as effective means of achieving the energy, transport, environmental, economic, and other goals. Although the EU has no direct jurisdiction over the selection of tax systems and tax forms of its member states, it seems that the limit of the indirect interference into the implementation of...

According to many scientists in the field of economy in Russia today urgent problem of the gap between savings and accumulation processes. Great interest attaches to the process of savings income, which serves as a source of domestic resources for development of the national economy, if provided by the transformation of savings into productive capital. This article discusses the prospects for growth and savings rates rate of accumulation in the current of financial instability in the Russian Federation. In additio...

This paper demonstrates inconsistency of GDP per capita as indicator of living standards in Russia. It statistically estimates the living standards of three main age groups by calculating a ratio of income per capita to respective cost of living. Author made a conclusion regarding the governmental financial assistance for birth parents.

This paper aims to investigate how the optimal relationships between crops and chemicals can be determined. In order to answer this question, a piece of research was carried out on the statistical methods. The focus is on the variant method as little research has been conducted on different combination between factor and crop. As a support to establish the optimal link between crops and chemicals indicators of marginalism such as marginal production, marginal cost and expenditure, elasticity, marginal income, marg...

The purpose of this paper is to present the factors of organisational culture in learning organizations for providing of effective flow of competitive intelligence (CI) process. Through engagement into the cultural transformation process of the whole system, the steering group is enabled to create precisely the culture required for providing efficient CI management in the organisation. The study was performed in two stages. At the first stage, research was undertaken in the form of in-depth interview about the tre...

The latest researches consider positive energy buildings as being a new sustainable pathway for reaching a green society. This implies a more secure future, with low resource consumption, zero energy losses, minimization of greenhouse gas emissions and of biodiversity losses. A way to achieve this desideratum is by investing in restoration and new constructions considering the economic, social and environmental impacts. This paper focuses on investigating the new trends in construction and building sector from the...

Consequences of resent economic crises and economic resilience of administrative-territorial units of Russia are considered. We define resilience as the ability of a regional economy to withstand, absorb or overcome internal or external economic shock. We have chosen to use the gross regional product, employment rate and percent of population with incomes lower then living wage as primary indicators of resilience. All territories are divided into four types in accordance with their ability to withstand shock or re...

Competition law prohibits all types of anti-competitive agreements, both express agreements and other arrangements identified as “cartels” or “concerted practices”. The evidence used for proving an agreement may be classified in two categories: direct and circumstantial proofs. When cartel cases cannot be built on the basis of direct evidence, courts require additional proofs to demonstrate its existence, including proofs of communication between competitors and economic evidence, the latter being represen...

In this paper the authors try to present the method PROMETHEE II (Preference Ranking Organization Method for Enrichment Evaluation), which they use for comparing the 27 European countries that are in the European Union. Authors focus on five chosen macroeconomic indicators: growth of GDP, unemployment, Harmonized Index of Customer Prices, expenditure on research and development, annual earnings. Using PROMETHEE II and the data of chosen indicators the authors create an absolute range of countries in the time of ec...

Quality of life became a priority for researchers from many study areas. Researches realized in the last few years regarding the quality of life focused mainly on urban reality. The article purposes to offer a short review of the literature concerning quality of life and urban development, to study the connection between this terms and also important statistics from Romania. A survey based on five main themes was conducted with the aim to create an image of quality of life in each quarter of Bucharest. Implication...

Knowledge society has been identified by Academician Blazej as one of the pillars of the 21st century. Explicit knowledge increases and its use in terms of productivity should be meaningful. On the other hand, there there must be no mistake, in which bizarre opinions are announced, such as the inability to set general education or inability of any discipline to be integrated into education. We also believe that cognition, knowledge and natural desire of a man to know are the alpha and omega of knowledge society.Th...

The paper deals with the issue of a systemic approach to strategic management in the period of the transformation of information-based to knowledge-based society, where one of the strategic factors in the process is the use and development of intellectual capital. Described in the first part is the main contexts of the given issue, and then there is a design of a general model of the systemic approach to the development of a knowledge-based society.

The Academic Ranking and Rating Agency - ARRA annually evaluates the faculties of universities in the Slovak Republic. In 2013 the recorded level of interest in studying a PhD at universities was at its lowest. ARRA assumes that over the next few years, this trend will not change. Because the doctoral studies in Slovakia are the highest degree of education, the survey was therefore conducted to identify individual aspects of satisfaction with doctoral studies at the Faculty of Management during the winter semester...

This conceptual paper is based on the document analysis aimed at systemizing knowledge about the potential application of catastrophe bonds (cat bonds) by non-financial companies, together with the identification of the limitations of their usage. We also analyse market data to provide information about the current state and development of cat bonds. After examining theoretical publications and the available market data, we have identified several areas of cat bonds application within corporate financial managemen...

The main objective of this paper is to highlight the new tendencies on the adventure tourism, in this regard we consolidating the basis of the specialty literature of this new market of designing and developing bike parks to be used both when practicing urban and mountainous tourism as well. In this view, this paper presents a piece of qualitative research we conducted so as to identify the tourists' needs and opinions about the importance of such bike parks in Romania and to have a marketing background for improv...

The current market conditions prevent the full competitiveness of alternative fuels as renewable energy sources (RES) and require dedicated support for the producers of energy. Since the adoption of the 2009/28/EC Directive several RES bills in Poland have appeared. Latest bill assume a quite surprising abandonment of certificate of origin as the primary support instrument in favour of an auctioning system. The paper aims to assess the competitiveness and capability of development of individual RES technologies in...

After 1989, Romanian economy has big changes in structure and functions. These changes were influence especially the economy of small towns. The most Romanian small towns are mono-industrial. For this reason, after disappear of main industry branch of these towns, appear many changes in demography field. Therefore, the unemployment rate increase, and the migration from this towns grow up. In Fetesti, town situated on the left branch of Danube and to the highway Bucharest-Constanta (the capital-Black Sea), the indu...

The aim of this paper is to analyse the impact of domestic and international tourism on the economic growth process in the Visegrad countries – Czech republic, Slovak republic, Poland and Hungary. The aim of paper is to analyse the influence of domestic and international tourism on the economic growth rate over the period 2002-2012. The territorial breakdown is based on Eurostat's NUTS classification, and we consider the NUTS2 level, which defines regions as the basic territory al unit for the application of reg...

Human capital have been paid close attention in the productivity studies for a long time by macroeconomists. At the corporate level, the focus of efficiency analyses has been always placed on resource utilization. In the paper, the aim is to investigate how can be human capital incorporated into non-parametrical frontier analysis. The slack-based input-oriented efficiency measure allows to identify sources of inefficiency caused by excess use of inputs. The first two sections deal theoretically with efficiency and...

The aim of this paper is to highlight the possibility of using knowledge about the unpaid work in the management of a company. It is based on research conducted in 2012, which describes unpaid work in Slovakia in terms of its quantity, structure and incentives. The first part of the paper presents the basis of the research. The following section summarizes selected results. The core of the paper consists of the application of these findings on the issue of business management. We put the emphasis on the issue of h...

In the present situation and at the high level of scientific and technological advancement, project management should take into account the environmental dimension. The Russian real estate market, in terms of innovative economic development, has certain specific features. As the environmental situation is deteriorating, the real estate market in Russia obviously needs innovative development in compliance with environmental standards. Environmental development is a trend that is only in its infancy in Russia, and h...

This paper focuses on developing sustainable and attractive tourism destinations under the impact of national and international future trends in tourism, of which we herein analysed the high demand of customer-tailored service packages and the continuous changes in tourists' needs for a 'totally different' tourism product. In this regard, our purpose was to identify the main revival strategies to be used for a tourism destination which lost in time its attractiveness but still preserves its potential of natural an...

The relation between fiscal deficit, growth of the amount of money, government expenditure and inflation, has taken an important place in the literature of monetary economy. This research will analyse the connection between the fiscal deficit and inflation in the Republic of Macedonia. The main objective of this research is to review the factors responsible for the growth of fiscal deficit in Macedonia, taking into consideration all the factors which may influence in the status of fiscal deficit. The research stat...

Previous studies indicated a progressive degradation of the designed landscape due to ignorance and low public interest in designed landscape units. The aim of this paper was to identify farmers' assumptions as key stakeholder in relation to the designed landscape composition and to develop farmers' typology according to similar attributes. For the purpose of the research the Lednice-Valtice Landscape, included on the UNESCO list, was chosen. Primary data were acquired through the method of questionnaire survey. I...

In Slovakia people traditionally devote a lot of time to perform unpaid work in their homes. The paper focused onto examination whether all activities which could be done through the unpaid work of households members are doing themselves, or whether households are replacing at least part of these activities by paid work of the third party, i.e. whether there is a demand for such kind of goods and services. The sample size of primary research done by our team was 1,142 Slovak households. Results show that household...

According to the European Union regulation, pig carcass classification effectively started in Romania in March 2006. Since then, it was implemented as a compulsory activity in all slaughterhouses, regardless their size. The main purpose of animal carcass classification system implementation was, like in any other European Union country: i/ to perform a unitary, qualified animal carcass quality evaluation; ii/ to mark (number) carcasses for commercial purposes; iii/ to solve the payment problems among producers and...

People's Republic of China has experienced an unprecedented growth of exports in the last decades. At first these exports were considered to be mainly of low added value but China's export structure has changed dramatically in the last years. China is growingly exporting high value products. Example of such goods can be motor vehicles which are also crucial for numerous Central and Eastern European countries. In this paper we will focus on how China's growing car exports influence the exports of Visegrad countries...

Present period of globalization, fast economic development and world economic crisis is accompanied with a lot of changes in labour market. Increasing number of people without job and income has negative impacts on the whole economy, creates social tension and endangers public finances. One of the potential and perspective solutions is a support of the flexibility of labour, which eventuates in a more flexible labour market and an increased mobility of labour force. It allows firms to adjust employment to the chan...

Despite all measures taken from the onset of the crisis in 2008, including the financial support offered by some countries, the automobile market has not recovered yet, and in 2014 sales are still well below market expectations. Analysing the automobile market after 2010, this paper aims at discovering the tools necessary for sales increase, and the challenges automakers will have to face in the coming years. Through comparative analysis of statistical data and of the trends in demand identified in the last year, ...

Assortment of red wine quality wine center Galicea Mare is composed of 4 varieties widespread worldwide - Cabernet Sauvignon, Merlot, Pinot Noir and Syrah - and local variety FeteascДѓ Neagra. Since 2011 many experiments were performed to obtain the 5 monovarietal wine from this varieties and wine multivarietals by combinations of thereof. The results of these experiments show that the local variety FeteascДѓ Neagra is well adapted on climatic conditions, soil and elevation of the vineyard, so monovarietal wines m...

Reputation represented by different rating structures and mechanisms help building trust in electronic auction platforms like eBay for several years. Several studies in this field identified core benefits of such mechanisms. Results from them suggest that sellers with higher ratings are usually rewarded by higher purchasing price, than sellers with lower rating level. Reputation mechanisms are not very widely implemented on B2B (business to business) e-markets and/or on e-procurement markets. Therefore benefits id...

Globalization is a significant phenomenon that has appeared at the end of the 20th century and that dominates in the 21st century. This phenomenon meddles in all areas of social life. By means of quantitative analysis of opinions of group of experts from the field of agriculture sector, we have decided to evaluate the impact of the globalization on evolution of agrarian and food sector of the country, with directing on agrarian sector of Slovakia. We have carried out the research three times in the years 2003, 200...

The paper investigated the differences in planning of human resources (HR) in selected enterprises in the Slovak Republic. The main determinant investigated is the share of foreign capital in the enterprises` capital structure. The process of the economic integration and globalization is taking form of foreign direct investment (FDI). This transfer of capital is usually accompanied by the transfer of technologies and knowledge. The so-called “knowledge spillover” in the area of HR planning is the phenomenon th...

The importance of service quality and service quality measurement has been recognized in most service industries. Customers understand quality as a comparison of expected service and their perceptions of the actual level of provided service. The study aims to contribute to the knowledge of service quality measurement in casino settings by providing a conceptual framework and measurement scale. The purpose of the research is to explore service quality expectations and perceptions in three casinos in Croatia, based ...

Tourism in recent years has experienced great development and become an important part of the global economy. Considering the increasing importance of tourism especially with the development of destination management and marketing this business is very sensitive to the political, economic, and particularly natural changes. This fact places heavy demands on the management of both private and public organizations involved in tourism in handling unexpected and crisis situations of different character. In this context...

The paper deals with innovations and its potential influence, respectively importance for regional development. Author analyses innovation performance of particular regions in Slovak republic at the NUTS 2 level. Slovak republic is administratively divided into 8 regions, but for the investigation of regional innovation performance it is divided only into 4 regions at the NUTS 2 level. In this study we use methodology of European commission for measurement of innovation performance of the regions based on regional...

Human migration is a complex and multidimensional public process, possessing both positive results of territorial movements of people, and negative. Therefore, depending on the angle of consideration, this process encloses either achievements, or problems for the look of researcher. The comprehensive and detailed characteristic of migratory movement influence on a socioeconomic situation can't be carried out without statistical indicators which give a quantitative assessment of the phenomena and the processes conn...

Europe is at an unprecedented junction for its energy future. To achieve its energy and climate goals of “20-20-20 by 2020” a number of 248 energy infrastructure projects have been recently selected and assessed as the most critical to implement from a European perspective. The respective priority corridors to be undertaken for Bulgaria are expected to assign to the country a major role or even establish it as a regional energy hub. Accordingly, the need to reformulate the curriculums of higher education in Bu...

This article describes the social and economic development assessing technique using 2 groups of parameters characterizing economic and social spheres. Both spheres are presented as array of blocks with same names. The proposed technique allows determining the line of the social and economic development of a region.

Today's companies collect a large amount of operational data relating to all kinds of activities. This data holds and hides the experience of company's history. The impact of “flood of data” perform unsafe situation. If management use these data and don't discover mutual relationship of these data it can lead to wrong decision. If right decision tools doesn't exist in the frame of companies very often is decision based on the past experience of managers. It can lead to wrong decision if situation on the decisi...

The article deals with an original approach to strategic management and enterprise valuation. The proposed approach is based on standard dynamic model that allows a "convolution" of cost indexes in ordinal scale as streamlining the strategic guidelines for their growth. Unlike traditional methods of valuation, such an approach makes it possible not only to estimate the cost, but also to discover what factors can affect its dynamics, identify the strengths and weaknesses of the negative signals of enterprise develo...

The paper focuses on the current topic of measuring sustainability in companies. First, several different definitions of sustainability and possible indicators how to measure it are discussed. Moreover, it uses a case study of measuring indicators and introduces a sustainable policy of a small company in the Czech Republic. A separate chapter focuses on the code of sustainability, which is also known as a tool for claiming sustainable behavior. The paper may be used as a guide for companies to follow in introducin...

The author researches interactions economic and socio-structural factors of socio-economic development. The resources of status positions of economic agents are in the spotlight. Status have influence on the economic behavior of the agents through access to determinate nets. The author proposes model for the evolution of wealth. This evolution drives the dynamic of the agents in both wealth and economic configurations variables. This model allows to increase the contribution of both economic and social factors in ...