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The study aims to examine the role of reform of state apparatus in the process of consolidations of democracy. By applying a theoretical framework of Juan Linz and Alfred Stepan (five arenas of consolidation) on the development in Brazil, the author outlines the relationship between the reform of bureaucratic apparatus and the development of the other four arenas: civil society, political society, rule of law and economic society. The paper undertakes a description of the reforms of state apparatus Brazil and anal...

The creation of a common European Union energy market aims at creating conditions of unrestrained and flexible exchange of electricity and natural gas among Member States (MS). The aim to the article is to evaluate the condition of the gas infrastructure of EU MS in the scope of concepts of the creation of a internal gas market. The analysis of the capacity of the existing interconnectors will allow to determine the potential level of natural gas exchange among MS.In view of these facts the question regarding the ...

The countries of the Visegrad Group (V4) are dependent on the natural gas import from Russia which uses the supplies of this raw material to achieve its political goals. The purpose of this paper is to analyse the demand for natural gas, its extraction and the import structure in the V4 countries. The indexes of the energy security and the levels of concentrations on the V4 markets have been compared. The conclusions drawn from the research analysis are to determine the activities that are to increase the energy s...

The working is devoted to a critique of the liberal rethinking such nodal categories for the Russian science though (philological, linguistic, philosophical, ethnological and others) as the Russian nation, nationality and Russian idea. Rethinking is carried out by the liberal authors under influence of the American mythologism, pragmatism, the concept of conditional (conventional) linguistic sign. The methods of the application in the USA mentioned artificial concepts were introduced in social life and politics lo...

Within the framework of the pivotal reforms of administrative governance the process of decentralization has acquired a new momentum in Kazakhstan under the challenges of the new century. It is linked to the fact that decentralization leads to optimization of public functions and facilitates a more rational model of inter-budget relations that ensure the sustainable operation on all levels of state institutions. We should admit that in Kazakhstan movement towards decentralization goes by leaps and bounds. The obje...

Cultural pessimism is one of the typical features of right-wing political extremism. It plays also a pivotal role in the research presented here which was focused on the construction of identity of activists from the extremist scene in Central Europe. A method used in the research was a narrative interview with leaders of extremist movements and parties in Central Europe. Narrators were telling their life stories and then were asked, how they reflect contemporary society. In telling their life stories narrators sh...

A lot of countries have implemented e-government initiatives to further enhance public sector efficiencies and streamline governance systems to support sustainable development. Though there are enough studies in the area of e-government, development of e-government in the countries of the Eastern Border of the European Union (EU) has not been investigated yet. E-government level and tendencies of its development in the Eastern Border of the European Union during the period of 2003–2012 are analysed in this artic...

The study aims to examine the role of reform of state apparatus in the process of consolidations of democracy. By applying a theoretical framework of Linz and Stepan (five arenas of consolidation) on the development in the Czech Republic, the author outlines the relationship between the reform of bureaucratic apparatus and the development of the other four arenas. The paper undertakes a description of the unsuccessful attempts to reform state apparatus in the Czech Republic that led to the formation of the client ...

This paper deals with the problems of corporate social responsibility (CSR) business in the territorial aspect. The main emphasis is on the analysis of the essence of CSR and the specificity of its manifestations in Russian business. Indicates the trend of formation and development of the Russian model of CSR. Particular attention is paid to the analysis of corporate social responsibility core enterprises located in mono. Calculation of the authors' methodology and proposed set of indicators to assess the level of...

Military education system is recently challenged by negative trends such as demographic with lower part of young generation, financial with diminishing defense budgets as well as growing civilian universities sector. Those long-term circumstances change military education and training itself to a new format leaving university ambitions and to focus to military training only using absolvents graduated at civilian universities.

Our study deals with relatively unexplored problem of corruption in sport, while Czech and Slovak football serve as a model. It proves and concludes that corruption in this area is most probably far reaching, while most cases of corruption will remain undetected. While introducing the main instruments, we proceed from the standard economic theory of corruption and conclude that key areas to improve are the level of risk exposure of corruption behavior (i.e. increasing “costs” of corruption) and appeal to chang...

The article presents study on determinants of development of the employment of people with disabilities in Poland. There were carried out 197 In-Depth Interviews among employers to diagnose determinants of motivation of employment of people with disabilities and related barriers and difficulties. Analysis of collected data were carried out with exploratory factor analysis to identify relations between measured variables.

Background: Numerous surveys report the rising number of workplace violence incidents. Eight European social partner organisations operating in a range of sectors in which employees are exposed to third-party violence in the employment relationship have now adopted a supplementary set of Multi-sectoral guidelines to tackle work-related third-party violence and harassment. The prevalence of client-initiated occupational violence in health and social services has motivated us search for causes of this destructive be...

Collapse of the USSR and the world socialist system, that happened more than twenty years ago actualized processes of implementation of national models of political modernization related to democratization and liberalization of society and state. Russia implements etatist model of political modernization, involving, on the one hand, the structural and functional modernization of the Russian state as a political institute, and on the other - the production of specific mechanisms of interaction between government an...

At the beginning of the XXI century is actualized the task of political analysis of general and specific characteristics of the manifestation of the threats and risks inherent to the life of societies and states, members of the European Union, as well as Russia, constantly and deliberately positioning itself as the largest country of Eurasia. From our point of view, in Russia due to genetic relationship with Western civilization, which theoretically justified the possibility of the socialist experiment, there are ...

The main goal of this paper is to analyze the voting behaviour of the Bulgarians and Romanians in the European elections, in order to identify the similarities and the differences regarding the results, the rate of the electoral participation and the interest for these elections. To that effect, we stress out the disparities between the declared enthusiasm of the population concerning the European elections (and their countries' integration in the European Union in general) and the discouraging voter turnout, at t...

Hungary joined World War II alongside Germany in order to get back its territories lost at the end of World War I. However, the co-operation was only partial: the Hungarian Government did not fulfil several German claims (using the entire armed forces at the front lines, German control over the economy, and deportation of the Jews). In 1943, Hungary started secret negotiations with the Western Allies in order to quit the war, and in September, it accepted the preliminary conditions of an armistice. The Carpathian ...

The European Union is a very dynamic organization, which from the time of its formation until now, has undergone legal and institutional reforms. From the 1990's, the interest of the EU has been very dynamic in supporting the Republic of Macedonia and the Western Balkan countries in the process of political and economic transformation; during this period, the EU began develop a regional approach to the Western Balkans. Macedonia's key relations with the European Union date back to the year 1996 and continues to th...

This study aims to analyze differences between gender attitudes of migrants and local population in 8 countries of Western and Northern Europe. It tests whether migrants from developing countries, especially from the Muslim world, tend to follow European trends in their attitude towards gender equality or they tend to treat gender equality issues in the same manner as in their countries of origin. This topic is of particular importance as attitudes towards women's rights are proven to be a strong predictor of supp...

In the wake evolving crisis in the Crimea, the other side of the Black Sea descended into political turmoil. Demonstrations calling for resignation of de facto President took the streets of de facto state of Abkhazia, a region of “frozen” conflict since 1992. The subject of analysis of this article is to uncover factors that formulated the attitudes of conflict parties toward each other, conceptualization of this armed conflict by Georgian administration and Abkhazian political elites, as well as changes in th...

The dynamical development of the Slovak economy called for the realisation of the variety of changes in the field of the Slovak enterprise management. The building of the economy based on the knowledge became the building of the organisation oriented in the active application of the knowledge, skills and informations. The above fact actually relates also to the control of the bodies of the public self-government and territorial self-government. The Government is fully aware of the fact that Slovakia needs a proper...

In the Czech Republic new non-profit nongovernmental organizations (NGOs) were established and replaced the previous centrally-controlled state organizations since 1989. Currently, over 100 thousand are registered there. Since this time NGOs are developing together with their mutual cooperation with profit organizations. It forms social pillar in corporate social responsibility concept. The cooperation is supported indirectly by state with tax base reduction in case of financial gifts provided to NGOs. The coopera...

While sovereignty remains a hallmark of the increasingly globalized international system, the major powers are in particularly interested in offering directions to global politics, by taking the lead in formulating goals and policies, and thus promoting their vision. The present paper considers that these plans can be regarded in the terms of “hegemonic” enterprises - projects directed by a great power/ group of great powers for influencing other states through the interaction rules and public goods provided. ...

The paper devotes to the problem of the development of information technologies in the States of Sub-Saharan Africa. Western companies use the lack of financial and technical resources as an effective instrument to force African countries to start the liberalization of their ICT sector and to choose the Western pattern of the development. That's why the author argues that the national government should elaborate the legislative rules in order not only to regulate the activities of private companies but to put unde...

The paper deals with the management of employeesВґ performance in the institutions of the state administration of the Slovak Republic and its comparison with selected OECD countries. The possibilities to enhance the performance of the state administration employees were depicted on the basis of the survey carried out on a sample of 192 respondents of the Financial administration of the Slovak Republic (FASR). In this context, the research question was formulated and its answer may identify current motivation of em...

Under the condition of forcing industrial and innovative processes and creation of UEA there is an objective need to develop scenarios for the competitiveness of uniting the key strategic provisions of programs of modernization of economy of Belarus, Kazakhstan and Russia. Changing the structure of the economy becomes an obligatory condition to overcome the negative structural trends, especially in the fuel and energy and food complex, but as above-mentioned, in the absence of energy and food export-import policy ...

When Iranian nuclear programme as well as its involvement in Syria in combination with a strong antagonism against own Israeli existence create significant threat, which might not be omitted. Subsequently, it seems to be important to outline possible scenarios of war conflict outcomes, if reciprocal threat will crescent to inevitable power answer. Such conflict will have strong impact to adjacent Arabian countries, the European Union members and United States of America as well.

This research is devoted to revision of modern functions of accounting taking into account change of environment and internal potential of registration procedures. It is obvious that development of the public relations objectively promotes improvement and modification of the content of the main functions of accounting according to modern expectations of interested parties. Traditionally in a control system the accounting performed the following main functions: control, ensuring safety of property, information, fee...

The eurozone crisis represented one of the most important factors influencing the global economic evolution, affecting the comercial exchange dynamics, the financial markets risk perception and the thrust of the economic operators. Due to the unpredictable external environment conditions, the commercial banks operating in Romania were forced to cope with the impairment of the economic potential and the unfavourable evolution of the currency market (altering the real lending demand), the increase of the credit risk...

At present, Romanian academic education financing is at a crossroad. The effects of the regulatory changes occurred in 2011 with the adoption of the new National Education Law, as approach of harmonization with the European standards in the area, are still strongly felt. Even though significant progress has been made towards permanent modernizing budgetary resource allocation methodology for education, the percentage of GDP distributions to support this priority area is below the minimum of 6\% provided by the app...

Optimal structure of the equity and debt capital is continually debated topic on theoretical as well as practical level for decades. Financial managers when they make decision about the sources of the company resources are influenced by various factors –from the economic reality of the country in general to specific conditions of individual capital providers. Our contribution is focused on decision making process in selected debt capital's financing of business activities. The aim of the paper is to discuss bene...

This contribution is devoted to the issue of calculating Economic Value Added, as one of the most important business performance evaluation indicators. It elaborates and analyses business value calculation inputs as well as inputs for calculating Cost of Equity. The mentioned issue was solved mainly by application of Capital Asset Pricing Model and build-up model in various scenarios. Risks entering the Cost of Equity are verified with the use of statistical methods. Research sample analysis revealed that when cal...

The monetary policy strategy of the National Bank of Romania is inflation rate targeting. This strategy was adopted in 2005 after making sure that all criteria requested in order to be able to adopt this strategy were fulfilled. Therefore, the main objective of the Central Bank is to ensure price stability, but without neglecting the aspect of sustainable economic growth. In order to achieve this goal, monetary policy transmission mechanism should be well known, as long as the available set of instruments and thei...

The issue of the legal future of the institution of criminal case initiation and its significance for Russian law enforcement practice is studied in the article. The author analyses the arguments of the scholars and practitioners, who on the basis of foreign experience of regulating the initial stage of pre-trial proceedings, put forward the idea of abolishing the initial step of the procedure and propose to make full preliminary investigation from the moment of receiving the initial information about the crime. T...

The present paper analyzes the most important Romanian Work conflicts in concordance with the law 53/2006 utilizing the mediation law 192/2006. Faced with these litigations we have the advantage of the mediation because we have the possibility to resolve the conflicts in a short time, to transform a bad situation in a new opportunity and to find solutions for long term. Why do we use this tool when we have a conflict in the work place? - We have the possibility to transfer to the person involved in the conflict th...

Metonymy of public finances stability, framing the European Union (EU) member states budget deficit and public debt into the limits set by the Maastricht Treaty, is closely supervised by the European Commission in the excessive deficit procedure (EDP notification). To prevent the risk of exceeding the annual targets that could means substantial penalties for Government and even exclusion from EU, at national level is compulsory the medium term fiscal and budgetary strategy. An efficient way of monitoring complianc...

The paper deals with the application of methods for financial performance management in enterprises, used for analyses of business entities in the territory of the Czech Republic. Financial performance is one of the key indicators for the determination of competitive position as well as attractiveness for investors. Therefore it is necessary to assess the company performance not only from the quantitative point of view, but also with regard to quality. The common financial performance measurement based on the resu...

The article distinguishes factors determining foreign direct investments and summarizes their classification. It has been determined that the factors may be classified according to various criteria, which depend on the nature of the research and the choice of the researcher. Different classifications may be used in the same research, and the factors may be divided into macroeconomic and microeconomic, general and specific, depending on the investor type or independent of it, important or irrelevant when investing ...

According to the behavioral finance theory, agents act coherently with the Kahneman and Tversky prospect paradigms and may violate those dictated by the rational expected utility. From the point of view of real financial markets' applications, a key question concerns how to eliciting the financial professionals' risk preferences. In this contribution we propose the benchmarking procedure originally set up by Castagnoli & LiCalzi (1996) and Bordley & LiCalzi (2000) that couples sound axiomatic fundamentals with a u...

The paper is focused on problems connected with the application of special law called Sarbanes Oxley Act by the companies in the Czech Republic. The mentioned law regulates issue of internal control in enterprises that could ensure true and fair view of the presented financial statements. This legislation was created in response to bankruptcy of a lot of large companies in the USA at the beginning of the 21st century such as Enron, Parmalat, Tyco etc. that overestimated their financial results. This act has a lot ...

A lack of financial resources is one of the key factors constraining the expansion and growth of enterprises. Such a deficit is particularly obvious with regard to long-term resources. As the internal resources of enterprises are insufficient for financing the corporate investments, external resources are sought-after (bank and trade credits, leasing, share issue, bond issue, private equity). The paper analyzes the option of bond issue, especially as an alternative to bank credits, under the conditions of the Czec...

The current state of economic climate in Russia shows us that it is very important to analyze various schemes of financing investment needs and variants of capital structure decision for the vital industries. Based on the analysis we can make a decision about an optimal financing mechanism.

Large syndicated debt contracts regularly include accounting-based performance pricing provisions that provide firms incentives to manage these measures around the pricing thresholds tied with the interest rate charged on a loan. To examine this inefficiency the study develops a theoretical model that formally analyzes trade-offs between the costs and benefits of discretionary reporting and employs methods of empirical analysis to test predictions of the model. Results of the study indicate that more careful desig...

Currently is very topical the issue of stability and liquidity of banks and banking sectors. In this paper we bring evaluation of the liquidity situation in the banking sector of the Slovak Republic and comparison of main tendencies with the Eurozone. It will focus in particular on whether the current structure of loans as the main generator of profit is appropriately according preferences banks to get the profit in future. Although liquidity is related to the assets and liabilities of banks, the article focuses o...

In this paper the authors enhanced the importance of corporate social responsibility for the economic environment. We firstly made a review of several reference material exposing different research findings of the authors interested in the topic. Consequently, we expressed our own opinions and highlighted the CSR impact over community, without ignoring the risks and the importance of global consciousness. The results of this research show that this concept is not new for companies operating in Romania and our dema...

The aim of this article is to track the process of a corporate capital structure creation, and more specifically it is focused on the investment decisions as the preceding step thereof. The final corporate capital structure depends generally on a large variety of determinants, and the chosen investment decisions are formed by the firm's individual decisions. What are the real motives and causes behind the firm's investment decisions? The empirical research attempts to answer this question, which is concerned with ...

The purpose of this research is to present a known concept - the one of financial performance, but being assessed by means of random variables, which are routinely applied by econometric techniques. The innovation of the article is ensured by showing there would be a correlation between the two simple concepts. The research is fundamental type. An articles database was intensively used in order to assess the frequency of occurrence of the two mentioned notions published together within the same article. After inve...

In recent years - characterized by a dynamic development of the capital and money markets of many countries –there has been an increased need for full, comparable and reliable information on the costs and financial results achieved by companies. In the conditions of Polish economy transformation and progress in the conducting of business, which has been made in the twentieth century and is still continuing, managing a business makes it is necessary to use modern management tools in the field of accounting. Contr...

The problem of capital and its cost was and still is an object of intense discussion in economy. Capital is one of the notions that are often used in the economic sciences but at the same time, it is interpreted in a very different way. It rises a problem to determine its accompanying cost in one definite way. At the beginning, the cost of capital was identified with the cost of obtaining debt capital, in particular with the cost of loan or interest rate. However, this issue has been developing dynamically and cur...

Corporate bonds represent a suitable source of financing capital intensive projects and activities. The key factor determining the effectiveness of a corporate bond issue and affecting its success is the cost of such a corporate bond issue. The paper authors aim to identify expenses relating to the issue of corporate bonds both in the classic and mezzanine forms and, subsequently, quantify their amounts for the current conditions in the Czech economy. The paper defines two basic components of corporate bond issue ...