Browse

The transition of the Russian economy to innovation strategies of development has set conditions for the development of the infrastructure of innovative entrepreneurship, project environment and project management. By introducing innovations, small-sized innovative companies and heavy players aim at providing national and global competitiveness. Various investment sources are used to develop and promote new technological solutions and innovation services. Their choice depends on the content and size of a project, ...

The main goal of the paper is to evaluate the following idea: Effective taxation of corporations in Slovakia is significantly lower than supposed. It is a situation where the public sector is unable to catch the corporate profits effectively due to the for example increased mobility of the capital. We tried to find a relevant macroeconomic corporate profit measure and compare it with the real one. As the measure we use the components of the gross operating surplus - the S.11 (Non-financial corporations) and S.12 (...

The current state of economic conditions in Russia shows us the importance of research various methods of cost management. Budgeting expenses can be considered as base to develop the enterprise strategies. Based on the operational analysis we can make profit-making decisions about optimal model of financial management.

Eastern Slovakia is the less industrialized part of Slovakia apart of that there are a lot of companies that can make a profit from renewable sources of energy. The solar, biomass and wind energy can be the sources that are not enough used by the companies in our region. Our goal is to summarize the profit of this kind of energy in comparison to usage of standard sources in this region. From the methodological prospect we used covariance and correlation matrices to find out whether there is a relation between each...

The paper aims to find out if the use of strategic management tools affects the quality of the product and business performance. The empirical survey was executed in 101 Czech food processing companies. Using of 10 various strategic management tools and a quality certificates was investigated. The quality of the product was measured by the number of defect products and complaints and also by subjective quality perceived by the manufacturer. Business performance was measured by financial indicators Return on assets...

Financial services industries and public authorities are facing many challenges after the last global crisis, the worst economic and financial crisis since the 1930s, which erupted in 2007-2008. This crisis entailed tremendous changes in the regulation and supervision of financial institutions. On the one hand the main aim of these changes is to restore public confidence and to prevent or at least reduce the public costs of such crises in the future. On the other hand it is always important to understand the impac...

Previous research has documented that women display more risk-averse choices than men do in many decision domains, including portfolio choice. Using a laboratory experiment, we study gender differences in portfolio allocation between a fund of risky assets and a safe asset. We find that men invest more into the fund than women do, consistently with the literature. We further investigate the effect of a loss limitation on net return from the fund investment. Using within-subject design, we find evidence that men in...

The insurance market as one of the segments of the financial market is closely linked to the overall economic situation in each country. Favourable development of the insurance market positively affects economic growth of the state, and vice versa, economic development influences the development of the insurance market. Different specificities are manifested on national insurance markets, caused by economic and social factors. However, at the same time it is possible to see some common trends and interactions. The...

In recent years there has been a dramatic increase in the number of reported bankruptcy of enterprises both in the country and all over the world. Bankruptcy is observed not only among companies entering the market, but more and more frequently also among the large ones. The lack of ability to predict bankruptcy is a problem of investors, but also affects the micro and macro-economic environment of declining businesses. The aim of this article is to present and analyse the theoretical and practical aspects of asse...

Theory suggests that consumption of life insurance is undeniably connected with dynamic framework as a function of changes in individual's life. Thus the life insurance purchases are likely to follow various life events such as marriage, birth of child, purchasing a home, etc. In everyday life, the consumption of life insurance does not always follow this pattern. The paper focuses on the analysis of the relation between the consumption of life insurance policies and current life cycle phase of individuals. For th...

The aim of this paper is to analyze the recent macroeconomic and banking system developments for Romanian economy, with a focus on the following fields of interest: monetary policy, fiscal policy and banking system and what are the implications on gross domestic product dynamics and inflation evolution. In order to achieve this purpose, a macroeconomic analysis is being done and the interactions between these variables are followed. Considering the fact that Romania is also aiming at adopting Euro and becoming par...

This paper uses descriptive statistics of various financial key performance indicators to depicture the situation of the sample of 200 Czech production and agriculture cooperatives from year 2006 to 2010 when financial crisis stroke. The sample is segmented using the area of operations and the setting of the decision making rules, as the then Czech commercial code (valid 1991-2013) was dispositive legal norm. Among the indicators belong ROA, Quick ratio, debt ratio and dynamics of assets.

Latest development of the insurance motor insurance in the central and eastern Europe denote a preoccupation of the insurance companies for the specific risks arising from underwritten policies. Based on a quantitative and qualitative analysis of the Romanian insurance market, the paper is presenting potential tendencies for the future development of the market, with severe implications on the risk management procedures of the insurance companies.

Businesses at the present time find themselves in a difficult situation; besides the ongoing effects of the economic crisis, they are facing a continuously escalating competitive struggle. Standing up against the competition is becoming more complex and requires constant monitoring of, and adaptation to, market requirements. Thus, pressure is constantly growing on the efficient use of resources, reduction of production costs, improvement of business processes and last but not least, the creation of innovation and ...

The paper deals with measurement of financial performance of the company, which is conditioned with market and macroeconomic changes. We used financial risk measure Earning-at-Risk that can be applied to non-financial enterprises and it is similarly to Cash-flow-at-Risk method. The methodology of study is based on measurement of dependence between financial performance and market and macroeconomic risk factors. This relation is quantified using multiple regression models. We emphasize respect for assumptions of th...

The objective of financial statements is to provide the true and fair view about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions. However, according to International Financial Reporting Standards, the goodwill as intangible asset not amortized but testing for annual impairment what provide company managers with an opportunity to manipulate this type of information. The objective of the research is to examine...

The present paper tries to identify the key stages of the intra-Community fiscal fraud that occur in operations with goods performed between economic agents from EU member states. Depending on the type of operations-that may be intra-Community acquisition or delivery-there were analyzed the fiscal fraud mechanisms aiming at evading taxes and fees associated with reducing or hiding taxable basis. As a research method there was used the theoretical approach and empirical research. In the theoretical approach there w...

Our study reviews critically some of the most significant recent contributions to the modelling of financial decisions under the influence of cultural factors. It shows that the few attempts at modelling cultural-influenced financial behaviour show difficulties when it comes to integrating the existing financial theories as ways to account for specific behaviours/phenomena identified in practice or when evaluating the most relevant among such theories. At the same time, it shows that such models have been difficul...

This paper shows the situation, namely at two universities in Ceske Budejovice, in the financial skills of young population educated in financial lections at secondary school and at University. The knowledge of students was evaluated with the help of questionnaire and statistical methods. This survey was made as the starting base for the next one in the next academic year, when students, educated in the new educational system of the Strategy of Ministry of Education, Youth and Sports of the Czech Republic, will ar...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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