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The paper studies foreign practices of tax policy formation. The capability of a state to ensure social stability based on reasonable distribution of national wealth and household income is a very important indicator of modern society development level. However the mechanism of income distribution and the results of its operation may not agree with the social idea of justice. Many economists adhere to the opinion that the state should regulate the distribution of the incomes of the society and it is advisable to o...

Labor productivity is the most important factor in the economic growth of the region. Traditional production functions assess the contribution of labor resources to three-fourths of the total one. But today there are new factors, the inclusion of which in the model is necessary, since they determine the key forces of economic development, iden-tify the direction of regional policy. Economic growth, according to neoclassical theory and the theory of endogenous growth, is influenced by labor resources: population de...

Short termism is one of the most relevant problems of corporate governance. Managers of companies have to make a choice between long term and short term decisions. The main reasons provoking the emergence of short-termism are: the high volatility of the economy as a whole, the high level of uncertainty of business development due to systematic risks, the legislatively conditioned necessity of publishing interim financial statements and the desire of business owners to get a return on investment as quickly as possi...

The protection of the customers who take out insurance products has become more important, as there it is still not on very high level. Therefore, it is more likely that customers do not have all decisive information they need to deal with an insured event. The goal of this article is to introduce the new approach to the protection of consumers in the field of insurance. The partial goal is to determine how the study will proceed. This new research will be focused only on the life insurance products because non-li...

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

The article is devoted to development of ecological tourism on the territories of the Arctic, in the territories located north of the polar circle, and extending to latitudes ± 66°33'44". As the research methodology used for comparative analysis of projects and programs of development of tourism in the territories of the Arctic. As the base was used for comparison of the program of state and regional support for tourism, social and entrepreneurial initiatives of the local population, as well as commercial projects...

The paper deals with the necessity of integrating financial systems of state corporations into financial systems of the world in general and separate countries in particular, mutual benefits of this process outlined. Financial architecture plays a significant role in the development of the world economy consisting of a great number of national and regional economies having different levels of innovative development. The world financial architecture is subject to constant reforms, adapting to new approaches connect...

Economic activity is largely due to unpredictable market conditions. It is caused by economic freedom of all economic agents. These conditions generate uncertainty, alternative and ambiguity of events. The information space asymmetry causes incremental transaction costs and leads to an enhancement of the information uncertainty role in terms of risks of the organization. Therefore the information component problem of the uncertainty of the economic environment is one of the most current questions of modern economi...

According to Italian Legislative Decree no. 201/2011, the unfinished works are public works whose construction had been started but had not been completed or even if completed, it is not usable by the community. Unfortunately the national tradition has shown too often the creation of works partially unused and often obsolescent. From March 2013 the Ministry of Infrastructure and Transport started the national census-register of unfinished public works. At the end of 2015, were listed more than 800 works, needing a...

The aim of the article was to consider the correlation of logistics and marketing functions, which consists in the rather simple phrase: Marketing creates support and increases the demand and Logistics provides it by creating of various systems and schemes of goods traffic (rival and non-rival form) and controlling their passage. The relevance is that for successful modern business management there is a need to establish an effective system of interaction between marketing and logistics, which requires paying atte...

In today´s globalized world there is a growing importance of regulatory, legislative and institutional frameworks. On the basis of these conditions, the particular national economies may affect the overall competitiveness of the economy not only by production factors but also by creating frameworks that directly affect the production costs and input prices through various taxes, grants or fund contributions. In the context of ensuring the long-term prosperity of each country, the more and more emphasis is placed o...

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

This article is about the problem of financial structure of the firms and about their indebtedness. It is not easy to find some optimal indebtedness in the theory nor in practice. The aim of this article is to do the analysis of the indebtedness of firms in selected branches and to compare the development of this indebtedness within the period between 2010 - 2014 years among the Czech Republic, the Europe and the USA. It is necessary in every area to analyze the absolute indebtedness and its development, mainly de...

The study shows how to distribute tomato products at national level. For this purpose, the weights held by the macro regions and the regions of economic development at national level. The drawing of the paper used the method of comparison in time and space. The analyzed period was 2012-2014. The approach presents the national, macroregional and regional situation of the indicators, establishing the structure indices (cultivated area and total production) according to the formula: Is = (Si, Qi / St, Qt) x 100 (%). ...

Tax fraud can be characterized as deliberate circumvention of rules to avoid paying taxes. Illegal avoidance of tax payments and their circumvention results in tax evasion. The main reason for the existence of tax evasion is the inconsistency between the state's interest (in maximizing the tax collection as much as possible) and the taxpayer's interest (in paying as low tax as possible). Tax frauds and their personal backgrounds, sophisticated forms, extensive structures and so on are always a step ahead of nation...

Under the current unstable market economy conditions, every business entity must constantly monitor the development of its financial situation, competition, get new customers and offer new products and services. From the point of view of financial managers, it is the continuous monitoring and assessment of the financial situation of the business entity. Given the dynamically changing economic environment, it is essential to monitor enterprise performance analysis not only in terms of the past, but also to focus on...

Previous research in the field of protest activity showed that protests are result of a multifactorial impact of socio-economic factors on the individual and group consciousness of citizens, taking into account the cognitive and axiological refraction of the surrounding reality which differs drastically for different regions, time periods, other circumstances. The key finding is the fact that any protest activity is conditioned by nonlinear influence of social and economic factors which form particular patterns of...

In most part, the tourist sites are now constituted, in entities somewhat broken by traditional traditions and occupations, by the local specifics, which can only have negative effects both for the present and especially for the future. Keeping a rural world, with everything that is significant in economic, social, cultural, aspect involves the initiation and development of this form of tourism. In parallel with the agrotourism development process, have amplified the elements of infrastructure, cultural elements, ...

The article focuses on the problem of applicability in the accounting practice of valuation of the company's assets and liabilities at the discounted value. The authors make the conclusion about the need of discounted value usage for evaluation of the company's assets and liabilities and preparation of the actuarial balance. This proves the feasibility of practical application of the methods of forming the actuarial balance sheet for the purposes of evaluation of the created economic costs and future cash flows of...

This paper is dedicated to the methodology for evaluating financial benefits of selected mezzanine capital instruments, which refer to hybrid forms of long-term funding combining the features of debt and equity, particularly to those characterized by a higher debt tendency (so-called debt mezzanine instruments). The authors aimed to review the theoretical background of evaluation of financial benefits of classic financing sources and to propose methodology for assessing financial benefits of debt mezzanine instrum...

Currently the overwhelming majority of countries worldwide recognized the need for innovative economic development and creation of own innovations that would give an impulse to qualitatively new, evolutionary development of the economy, industry, and society. Exclusive rights to intellectual property items, most often obtained on the basis of innovations, are valuable asset that can make monopolist of a single individual or legal entity, a whole state or a group of countries by giving them competitive advantages a...

The article discusses the necessity for and direction to improve evaluation of accounting and control procedures of the facts of business units economic activities in auditing. Author’s definition of the concept of ‘accounting and control procedures’ is given in the article. The constituent elements of the system of accounting and control procedures are defined. The indicators of the elements evaluation are systematized in terms of the accounting and control procedures system elements. A technique of accounting an...

The article describes the main indicators of energy cluster development in Russia, the analysis of their impact on socio-economic indexes of regions. The paper summarizes the statistical data, shows regression and correlation analysis, gives the regression equation constructed and makes gross regional product projections of each region depending on the pace of clusters development.

The enforcement of economic security is one of the key tasks of state investment policy. The searching for effective solutions of this problem is really important in conditions of foreign policy disagreements and sanctions against recipient country. The purpose of this article is working out a concept of application in Russian Federation of range of limitations to foreign capital inflows. Abstract-logical, analytical, and dialectical methods of scientific knowledge were used in conducting this study. The used in i...

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

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

Financial health of companies is a topic that has been historically studied under various conditions. However, the current economy is a living organism and, the conditions affecting the financial health of companies are changing dynamically. There are many ways how to evaluate the financial health of a company. In addition to the use of the ratio indicators, complex models using one numeric indicator expressing the financial health of the company can be applied. These include, for example, bankruptcy and credibili...

Due to the fact that the innovation system integrates the set of many interconnections of subjects of property, and that subjects often have directed to one side interests, so the defining approach to the research of the issue of interaction of institutions and property should be the “integrated approach” to the issue of cooperation of subjects of property that is represented in the article. The innovation economy, submitting to quite certain patterns and well-defined laws, changed traditional ideas and concepts o...

Many authors (e.g. Aaker [1], Keller [2]) have highlighted the importance of the brand among the company’s exploited assets. A number of papers dealing with the company brand and its valuation as a company’s important intangible asset highlight the growing importance of this asset within the company’s exploited set of assets. The focus is particularly on the brand ability to influence the consumer behavior and thereby achieve economic advantages compared to competitors in the form of higher profit margins, a highe...

The authors seek to improve the construction of dynamic assessment model of company’s investment appeal. This involves a comparison of the actual order of the investment appeal indices with the standard ones by calculating the Kendall correlation coefficient for the two ranking series based on internal environment indicators of a leading chemical enterprise. The comparison results in the calculation of the dynamic assessment of investment appeal whose maximum value is equal to one when all observable characteristi...

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

The monitoring of creditworthiness consists in supervising, monitoring and controlling the borrower's financial and business activities in order to establish its ability to timely and accurately fulfill the obligations on obtained loans. It also includes assessment and forecasts in the creditworthiness evolution under the influence of internal and external impact factors. The most important preconditions and requirements for creditworthiness evaluation are: ?The granted credits, as an absolute value, to match the ...

The article presents materials on the study of the specifics of the formation of financial information in the system of economic security. In the face of increasing competition and the complexity of the economic nature, the role of scientific methods for ensuring the security of information, which is the basis of managerial decisions, is increasing. In modern conditions of distribution of information management systems, the technologies of preservation and confidentiality of financial data become popular. Attentio...

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

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

The concern to protect consumers’ dates back to antiquity, the development of merchandise exchanges in markets from cities is not a random and uncontrollable phenomenon. The market of tourist products and services, in continuous development, leads implicitly to evolutions in the field of consumers’ protection, which will strengthen the cooperation with non-governmental organizations and with civil society. Consumers’ protection in the tourism sphere is part of the social policies promoted by any state. At the same...

For a long time, agriculture has played an essential role in the development of rural areas, but agricultural activities are no longer the only option for the development of these areas, "agriculture is no longer the vertebral column of rural economies." For the next period attention should be directed to: the development of rural villages and farms; support for processing agricultural products; relocating young people to rural areas; Development of activities in the tourism sector; Creating SMEs in rural areas. R...

Over the past few years, the European countries have reformed their pension systems in order to make them able to cope with the challenges put forward by aging. As a consequence of the reforms, the pension systems have become more complex, the old age income being obtained today through cumulation of benefits provided by more types of pension schemes. Most often the changes were oriented towards ensuring financial sustainability of the system, sometimes forgetting that the purpose of a pension system is to provide...

Financial crises charge nations immense costs and lead to weakening of wellbeing. Politicians, professionals and academicians search for understanding of causes of financial crisis to enable them to spot their first hallmarks, and to adopt efficient regulative measures that may prevent financial crises and accompanying costs. When economists discuss an occurrence of the 2008 financial crisis they pay attention to plentiful reasons – but not taxes. This paper aims to investigate possible role income taxes might hav...

In 1960's professor Thorp found a way how to make extraordinary profits by investing in warrants. These investment instrument were generally unknown by then. Nowadays warrants are traded at significant volumes on the majority of stock exchanges all over the world. The pricing of warrants is usually based on the Black-Scholes formula designed for european call options which was presented in 1973 by Black, Scholes and Merton. Before the Black-Scholes formula was presented to the world, Thorp devoted several years to...

Background: Since the political and economic transition, many changes have been observed in the organization and performance of accounting services in Poland. It can be noted that specialized accounting service offices frequently replace traditional accounting departments as a result of outsourcing of specified business activities. Since 2014, under Polish deregulation policy a new law is effective abolishing the obligation for certified approval of professionals offering accounting services. The legal changes res...

Background: As part of the changes introduced in 2015, a new category of financial statements for small businesses has been identified in Polish accounting regulations. Most of the solutions introduced are mandatory or optional simplifications in relation to the full scope of the financial statements. Against this background, the question arises whether the report using all possible simplifications for this category of entities still meets the accounting principles and qualitative characteristics of financial stat...

The paper concentrates on a study of the cluster-based concept of regional economies development. It has been empirically proven that the cluster-based approach appears to be one of the most effective instruments for regional economic growth and businesses integration. The approach is premised on formation of territorial-industrial clusters within which a network of interacting private, municipal and state enterprises, organizations and institutions is setup which facilitates joint efforts to address particular ec...

Background. The global economic crisis of year 2008 and the period of its overcoming have proved that existing risk management systems do not meet modern challenges. Moreover, many economists and specialists predict a new wave of crisis. In this regard, in the new economic realities both to the governments of states and to the business community is the task of creating a system for identifying, assessing and managing risks. To this end, the World Economic Forum periodically presents an analysis of the most dangero...

Modern economic relations require companies to constantly move forward, flexibility, innovative methods of production, management, improve their financial stability. Factoring has huge prospects of development in Russia, as it allows organizations to efficiently resolve the problems of liquidity and cash-flow. The relevance of the study due to the fact that the use of factoring in the activities of the enterprise allows to evaluate fairly the financial condition, increases the turnover of working capital, which in...

Relevance of the research problem is caused by a number of factors, most important of which - the increasing importance of intangible factors of economic growth associated with the development of human potential. The most significant of these problems is the ability to innovate, and the perception of the latest technological advances, which are based on the human, intellectual and social capital. This fact sets the economic imperatives of business socialization. The purpose of this paper is to analyze the best pra...

Innovation policy is the interface between research and technological development policy and industrial policy and aims at creating a conducive framework for bringing ideas into market. Innovation is an important improvement and development element in all areas of economic and social life, business environment as well as regional processes. The correct risk approach helps eliminate the negative trends in activities carried out by innovation and because of that it may increase the interest of other stakeholders to ...

This paper covers pressing issues related to the taxation of the e-commerce and the effect of black market on tax results. Particularly, the authors justify the necessity of governmental control of Russian e-commerce turnover in terms of the types of operations. It is important to emphasise that there are significant budgetary losses caused by black e-commerce that require identification and actions to reduce them.

The modern economy is at a critical stage in its development. The deep causes of the 2008 economic crisis have not been fully overcome. Disproportions are observed in the economic system of the world and in individual countries. Their elimination encounters institutional constraints. One of the disproportions is caused by the de-industrialization of the economies of the developed countries of the world. The same phenomenon is observed in Russia. Consequently, it is necessary to carry out a "new industrialization" ...

The paper is devoted to the role of information context in dynamics of investments in the Russian Federation. The basis for the study was a selection of news from major Russian TV channels for 2006-2016. The news available to ordinary viewers of the three main Russian television channels was analyzed. News was defined as negative or positive using two methods: according to linguistic characteristics and their economic meaning. In obedience to the results of the study. Increased uncertainty (the spread of positive ...