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The purpose of our research is to identify opportunities for improving the strategic management of small and medium enterprises (SMEs) by utilizing digital advancements. Our main objectives were: identifying the degree of adoption of digital technologies by SMEs in comparison with large companies; assessing responsiveness and the degree of adaptation to the digital SMEs management; formulating recommendations for strategically managing SMEs in the digital era. SMEs better adapting to the changes generated by the d...

The dynamics of the tourism accommodation infrastructure in the IalomiЕЈa Subcarpathians is presented, stressing the main tourist axes of the Prahova and IalomiЕЈa River and the secondary tourist axes of the DamboviЕЈa and Cricovul Dulce River. According to the present classifications, both the evolution of the number and of the types of tourist structures with accommodation functions, and dynamics of the number of the accommodation places and of the tourist capacity of the existent accommodation are analyzed. A p...

The economic development of each country strongly depends on the successfulness of the business. Due to this the article examines the small and medium enterprises (SME) in Lithuania's economy. The aim of the paper is to show what role youth employment plays in Lithuanian labor market and in the country's economy. Therefore the main aim of the paper is to make the analysis of youth labor market in the gender aspect and show its contribution to the Lithuanian economy. For the analysis the data from Lithuanian Depart...

The study is presenting research focused on non-timber forest products, their significance of consumption and other possible usage heading to economic improvement or rural populations from the Peruvian Amazon. The study sampling represents three villages situated in the remote areas affected by timber exploitation where attitudes to NTFPs collection and use are strong. Data collection was carried out during September and October 2011 through interviews, semi–structured questionnaires and direct observation follo...

This paper focuses on the three areas focused on the regional economy. These areas mutually interact with and also impact each other. The first area is tourism, which includes the organisation of cultural events, in this paper, with a regional impact. The second area, which is linked to cultural events, the economic impacts that arise in organising such events. As these impacts are broken down into four basic parts are the effects on production, gross value added, employment and compensation of employees, only sel...

In modern conditions, tourism is a complex sector of the economy, as the production of tourism products affects the economy of various industries. Tourism development causes not only positive effects but also negative ones. Therefore, there is a need to address the problems brought by these effects according to the concept of sustainable tourism. However, in Russia this concept is not currently being realized despite all the officially taken measures, in particular, the fact that the concept of the Russian Federat...

Solvent, repeatedly buying customers guarantee a long-term stability and prosperity of companies in a turbulent market environment. A characteristic feature of the present relationships between business partners is therefore an effort to build and strengthen mutual relationships. They can be strengthened by any aspect of the offer and mutual contacts that increases the customer-perceived value. It is therefore extremely valuable for the supplier to know which supply parameters and other factors are important to cu...

The purpose of our research is to analyze the choice of indicators and methods, respectively groups of indicators to predict bankruptcy assumptions in the automotive industry in time period 2002-2011. Predictive models applied in many studies have been unsuccessful. Enterprises of the automotive industry in the application of prediction models can't keep the recommended values of the forecasting methods, incurred in a very different economic environment and a different time. Predictive models are outdated and obso...

Economists and investors avidly follow the data from different channels which would give them more information or indications for making their investment decisions more successful. The data is generally released with a lag and gives no good answers for the present. The purpose of the article is to analyze whether using Google Trends as one of the most widely used online search methods, would it have been possible to forecast the beginning of the ongoing financial crisis. In other words: would it have been possible...

Government decisions may result in the overall downturn in the country's excessive protectionism. Government uses the economic advantage of the domestic industry to foreign investors, thereby creating two groups with an interest in the project in the system. Protectionism has many reasons, one of which is to protect the country before the entry of foreign partners in key industries such reason protection of national security and an independent foreign policy. Political risk is for the most part perceived as the op...

The paper investigates the financial variables which make the municipalities more prone to fiscal distress. I argue that the diagnosis of municipalities in fiscal distress requires not only the analysis of revenues but the expenditures as well. I assume that usage of debt and the intergovernmental transfers increases the fiscal distress risk. I hypothesize that the fiscal autonomy (increasing level of local taxes as percent of the total amount of tax revenues, especially the property tax) allows to decrease the fi...

The deepening of global imbalance and especially the growth of so-called twin deficits cause the changes of conditions in trade with goods and services as well as in the area of flow of funds. This process ultimately affects the development of foreign exchange reserves´ structure with an impact on the stability of international monetary system. The aim of this paper is to assess the extent of recycling of the major currencies in the world economy. We will focus on two economies – USA and Euro Area - during the ...

In the conditions of a changing environment for business, auditors face lots of challenges in finding new methods for improving organizations' operational efficiency. Stakeholders got higher expectations and internal audit function needs to adapt on these new requirements. Therefore, we have tried to underline projections on the internal audit evolution and its impact to the internal control system in the Romanian organizations. Meanwhile, we analyzed organizational culture influence over the internal audit from t...

The Slovak banking system experienced period of restructuralization (late nineties), period of significant mergers and acquisitions (beginning of the millennium), accession to the European Union (2004), the adoption of euro (2009) and the impact of a worldwide financial crisis which lasts up to this moment. Such a unique experience makes the Slovak banking sector a small empirical laboratory; a fact that enables us to investigate impact of various structural changes on the domestic banking system. Using the panel ...

Recent growth of the service sector and of the information technology- related business, along with the dramatic increase in the number and size of mergers and acquisitions, has made accounting for intangible assets very significant, especially in the field of reporting of goodwill. Comparative analysis is focused on the differences between IFRS, US GAAP accounting procedures and Czech accounting legislation. Main areas of analysis and synthesis are the identification of methods for goodwill recognition and report...

The research question the paper aims to investigate is whether increasing awareness and implication of civil society's representatives into the financial markets field will determine financial institutions to adjust their products, services and practices to a more socially and environmentally responsible way. In our scientific approach we have started from the finding of a low stage of civil society intervention in the financial world and the need for a more obvious manifestation of civism in this thematic area. R...

Manufacturing companies form a major share of the private sector. These companies have a significant influence on the output of the open export economy of the Czech Republic. Performance measurement and management of these manufacturing companies become a prerequisite for the successful long-term operations of these companies. Because of the complexity of performance measurement, a system approach is applied. The traditional and most commonly used methods include financial analysis with an analytical and systemati...

Alternative forms of financing are products allowing small and medium-sized enterprises or newly established companies to get financial resources under specific terms and conditions. They play an important role in corporate financing as they supplement services provided by bank sector. Their history in the Czech Republic dates back to the emerging and expanding economic environment at the beginning of the nineties in the 20th century. Since then these alternative forms of financing have beendeveloping on an ongoin...

The corporate M&A activity is affected by many factors where - based on the prior research - capital gains tax is one of them. The aim of this paper is to examine an existence of a negative relationship between corporate M&As and the lock-in effect in EU-countries. Our assumption will be verified by using a panel regression analysis with the number of M&As as a dependent variable and the capital gains taxes and other selected determinants as independent variables. Our research result could confirm that the negativ...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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