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In the first of our articles devoted to the evaluation of the credit risks of Russian telecommunication agencies we have studied the structure of data, carried out the financial and economic evaluation of the objects of our study, established the relationships between the indicators and chose the most representative of them. To do this the authors used the methods of financial and correlation analyses. In this article, we use the statistical model in order to evaluate the credit risks on the basis of those chosen ...

The goal of every unit's activity is to maximize economic benefits, and, in consequence, maximize the profit. The effectiveness of companies' activity is the subject of special interest of their management boards. The aim of the article is to analyse a company's profitability in relation to branch ratios on the basis of available consolidated annual financial statements for the period from 2010 to 2012. The aim of the article is to present and analyse the theoretical as well as practical aspects of its financial c...

Recently in Europe, with the help of various programs, efforts are being made to make the tax policy more business-friendly, thus tax system evaluation in terms of entrepreneurship promotion is particularly important during this period. It should be noted that, when evaluating the entrepreneurship of subjects, the entrepreneurship of various companies is usually emphasized and studied, while the entrepreneurship of self-employed individuals is ignored. Evaluation of the latter is particularly important as self-emp...

It should be noted that the tax system of each country is formed according to the set priorities and economic-social programs, therefore the significance of research on tax system evaluation in terms of entrepreneurship promotion is shown by not only the fast growing amount of changes in the tax system, but also by the emergence of various programs supporting innovations and promoting entrepreneurship. The performed statistical data analysis enables to state that strong economy, stable financial system, high level...

In the era of two competing valuation concepts of historical costs and current costs, a definition and designated criteria of faithful representation are essential in order to be successful in providing financial information prepared in accounting system. Based on the conceptual framework study and meta-analysis of English and Polish accounting literature authors conclude that theory of accounting hardly at all provides guidance referring to the definition of faithful representation of economic phenomena it purpor...

The development of the Russian economy has difficult and long way. Unpredictable dynamic market in terms of economic sanctions, an abundance of new policy decisions and legislative acts create many difficulties for Russian companies. In such terms, the particular importance takes strategic management. It is becoming increasingly important for Russian companies, which operate in conditions highly competitive, both among themselves and with foreign corporations. Currently, leading economists in the world acknowledge...

Global economic development effected by stagnation in the euro area, recession in Asia and geopolitical crises, is influenced by non-measurement predict risks yet, not only in finance but also by risks in the overall development of economic performance. In connection with the situation and future progress in the global economy are increasingly "red warning lights" mentioned to refer. Despite the fact of belief, that Europe within the monetary policy will take all measures to recover and kick-start the economy thro...

The research in this paper is part of a complex study aiming risk management issues in decision-making processes in the implementation of an effective corporate governance, project carried out during postdoctoral studies. The research falls within a positivist scientific approach certainly not deprived of some critical and interpretative approaches aimed at explaining different concepts as well as highlighting possible solutions to the identified problems. For the scientific examination of the issues and in order ...

One of the indexes to the health of any economy is the performance of the companies operating within it. An analysis of health and the rate of recovery after the global crisis of the EU Member States' economies is conducted by the authors of the article by studying indicators such as turnover, gross value added, the share of wages in value added. The study concerns the level of indicators for the period 2008-2013 for EU 28, highlighting the situation of Romania and Bulgaria.

This paper studies the level of sensitivity of the US stock market to nominal interest rates for the period 2003-2013 using quantile regression. The empirical results show that the stock market has a significant sensitivity to changes in interest rates and finds differences across sectors and over time. Moreover, the effect of changes in the interest rates tends to be more pronounced during extreme market conditions, thus distinguishing expansion periods from recession periods.

The audit objective has evolved to detect fraud and error, a process which involved a thorough check of all economic transactions and the filing of accounts, to express an opinion on the true and fair view of the assets, liabilities, financial position and results achieved by the company. It aims, in this respect, as the information recorded in the accounts reflect economic events that occurred in a certain time and efforts are intensified auditor to identify possible manipulations of information provided by the f...

One of the basic needs of every enterprise is the identification of costs related to business activities. The fundamental tool for evaluating the costs of the enterprise is costing, which is among other things of particular importance particularly for businesses selling their performance externally. Costing allows assessing the profitability performance, which is one of the basic prerequisites of the company's success. Selecting the type of costing is essential for obtaining relevant information on the costs of th...

The term financial health indicates the company's ability to maintain a balance of changing ambient conditions and also in relation to all who are involved in the business. We are talking about the financial health of the company, if the company maintains its own existence and is able to assess the invested capital to the extent that is required by shareholders. For bankruptcy we consider the situation when the company is not able to reverse their poor financial health and this situation is in accordance with the ...

The article explores the ways of forming a system of risk management (RM) and improving risk management of Latvian small and medium enterprises (SMEs), using the example of the company "X". There has been stated the insufficient employment of SMEs, RM methodology in practice; the methodology has been developed for large businesses. There has also been discovered the necessity of taking into consideration the peculiarities of industry and country. The paper presents the assessment of risks on the basis of expert an...

The method of the unilateral weighed smoothing of time numbers on the basis of use of the polygonal numbers, showing utility of appendices of methods of the additive theory of numbers and calculations of final differences is developed. This method of calculation of weight factors for sliding averaging is based on generalization of the decision of one A.A. Markov's problem. Proposed are the formulas of natural mathematical substantiation in the form of establishing the strictly limiting parities. The comparative an...

The purpose of the article is to examine best valuation practices of intangible assets in Estonia. The paper gives an overview of the methods that Estonian experts use to value intangibles and compare them to the methods and approaches recommended by financial theory. We carried out several dozen interviews with venture capitalists and experts within consultancy and auditory firms. Our main findings indicate that the experience of Estonian financial professionals in the field of valuation of intangibles is rather ...

At present, the idea is increasingly gaining ground of an integrated material flow management in entire supply chains in order to achieve maximum synergies. This final state is, however, usually achievable in gradual steps, with the greatest interest in developing cooperation with its suppliers being on the side of links serving the final consumer, i.e. wholesale and retail stores. Their interest in constantly improving their own customer service usually supports efforts to develop cooperation on the basis of mode...

The demanding character of the competitive environment in the pharmacy sector in the Czech Republic requires that pharmacies expand the assortment of OTC drugs and food supplements and perfect the system of customer care in order to increase the perceived value of the proposition and services from the customer's perspective. The aim of the quantitative research through personal interview in randomly selected households in the Czech Republic was to determine what attributes of the customer value clients are importa...

The aim of the European regional policy is to contribute to the development of backward regions in particular, the restructuring of declining industrial areas, and revitalization of deprived neighborhoods. The emphasis is focused on creating sustainable jobs and improving the economic, social and territorial 'cohesion' of the Union. EU regional policy is considered as the investment policy. It is supposed to support job creation, competitiveness, economic growth, quality of life and sustainable development. These ...

Customers subjectively evaluate the offer and the value perceived by them is a result of considering many factors, often surprising for the supplier. Likewise, the supplier may have a distorted idea of how much individual parameters of the offer are important to the customers when choosing a supplier and how they evaluate the offer. Evaluation of the supplier performance by customers was the subject of a quantitative research that was conducted in body shops in the Czech Republic. A partial aim of the research was...

The need to adopt measures aimed at deoffshoring of the Russian economy has been declared by the President in Message to the Federal Assembly as early as 2013. Within the framework of this campaign till now numerous versions of bills, initiatives were prepared, which consistently had been changed. Thus, the bills were prepared by the Ministry of Finance of Russia, the Ministry of Economic Development, the Russian Union of Entrepreneurs. The President of the Russian Federation signed the final version of the law on...

The article discusses the selected issues related to the development of methods and indicators for measuring eco-innovation at the micro-level and explores how they may be employed in practice. On the basis of multidisciplinary literature review the various economic and environmental methods and indicators, which might be involved in measuring eco-innovation, have been discussed. This analysis has resulted in development of an original approach to measuring eco-innovation based on eco-efficiency indicator. It take...

Demand forecasting plays a key role in the management of logistics processes in retailing. The quality of the resulting forecasts has a direct impact on the efficiency of processes not only in retail stores, but also throughout the supply chain they are part of. Retail stores are in fact in daily contact with end customers in the supply chain, and therefore they are largely involved in forecasting in the application of collaborative strategies in supply chain management (e.g. Quick Response, Effective Consumer Res...

Energy is an essential factor of economic development and energy issues thus pose a major challenge to a long term sustainability of economic development as well as energy security of national economies in terms of energy availability and affordability. Recent economic theories propose that the relationship between sustainable economic development, energy security and efficiency of energy consumption plays a prominent role in overcoming these challenges. This study examines energy intensity within the context of r...

Creating marketing communication in an enterprise to integrate all communication tools and effectively unite the efforts of the enterprise in communication with all stakeholders is an essential prerequisite for success on the current markets. In this issue, we often encounter the opinion that the use of mass communication and mass media in the marketing communication mix of businesses, particularly those operating on B2B markets, is on the decline due to the growing differentiation and the pursuit of one-to-one ma...

The aim of this paper is to extend the conventional decision-making process in crisis interventions by including rapid reconfigurations and elements of agility. The interest is to offer a strategic view that responds in a different dynamics to the real challenge of quickly adapting to unforeseen situations in order to mitigate the consequences. The importance of including theories from strategic management is justified by the possibility to create a new framework that includes both the rigueur of crisis interventi...

The problem of managing the uncertainties when making business decisions is relatively new to science and practice. However, the question of the elaboration of the development strategy of innovation for companies in the context of non-obvious consequences of every decision is important. It is known that uncertainties arise in the external, internal and adjacent environment, moreover, installed and timing of their occurrence, and also defined the regional factor. There is open the question about the management of i...

The eastern part of Europe is the new actor of the international tourism market. Entered in the circuit shortly after the democratic revolutions from the late †80s and the beginning of the †90s, this space has a higher tourism growth than any other region of Europe, according to World Tourism Organization. However, little is known about the factors that triggered this fluxes (essentially domestic), given the fact that most of the regions in this part of the continent are predominantly rural. The aim of this pa...

The analysis of the dimensions and factors determining the organizational performance reveals not only the decisive role of human resources in this equation, but also the potentiation of all the other factors through their direct involvement. This research proposes an analysis of the development level of the Human Resources Information System in the Small and Medium-sized Enterprises from the development Region of South West Oltenia in Romania, of the way this system is used as a competitive tool for the growth of...

Operation of any attractive touristic site is influenced not only by local or spatial, but mostly by economic conditions. Touristic places (museums, sites) as public institutions fulfilling specific functions are financed by society. In market economy, the fundamental principle of their financing is multi-channel or multi-source financial means. Sources for operating of touristic sites are distributed precisely by founder which causes extreme dependency on such source and it also limits space for active administra...

Nowadays, unemployment of young people becomes a crucial problem in European area, as well as worldwide. The Strategy Europe 2020 offers some options to decrease youth unemployment from macro perspective. The paper deals with general view on youth unemployment, including separately unemployment of males and females in age of 15 to 24 years. The paper analyses and compares youth unemployment for the both genders. The result is illustrated in the form of the panel regressions, with the respect to OkunВґs law. In ord...

Background: In conditions of permanent competition and customer expectations on the increase, companies are looking for more and more effective marketing instruments related not only to a company's basic offer, but also to its general activities in the social, business and natural environments. The result of this search is the implementation of the Cause Related Marketing (CRM) concept, which is associated with the implementation of corporate social responsibility (CSR). On the one hand, companies are increasingly...

The concept of lifelong education emerged in the European political space within various development strategies and memorandums. The economic aspects of lifelong education are little researched, although the European Commission has emphasised since 1995 that lifelong education contributes to employment and economic competitiveness, but since 1998 the term lifelong education has been associated with employment policies in Europe. The urgency of lifelong education in Europe was determined by the increasing role of e...

The aim of the paper was to compare and confront the concepts of sustainability and responsibility in tourism and to research the role of corporate social responsibility (CSR) in achieving sustainable and/or responsible tourism. The empirical research was aimed to analyze the importance of CSR for hotel companies in Croatia as a toll towards a more responsible tourism. Considering the numerous direct and indirect impacts of hotels on their natural and social environment, the implementation of CSR brings many chall...

The greatest movement of tourists is registered in Europe. One of the assumptions of the stay tourism development in a given country is exactly the capacity of tourist accommodation establishments, its size, room layout as well as the overall quality standard of services. The standard of services represents the extent of quality of satisfying the needs of domestic as well as foreign visitors in a certain time-limited period. This whole process is measured by certain indexes in tourism. The obtained findings are su...

The focus of the article is on the evaluation of enterprise competitiveness from managers of the enterprises point of view. For this purpose, there is assembled model of competitiveness evaluation. The model consists of evaluation of the ability of managers of small and medium-sized construction enterprises to evaluate the development of the selected financial indexes according to their objectivised development based on real financial data. The evaluation of the development is used to conduct the overall evaluatio...

The purpose of this study is to present the new method where the house of quality is crucial tool which helps customers in shopping decision making process. The suggested method is based on the combination of customer marketing mix 4C and the house of quality. The quality function deployment method called house of quality is an effective tool that allows companies to tailor their products and services according to customers` needs. The customer satisfaction with the product or service plays a significant role in t...

This comparative study, take in discussion the natural and over-seeded grassland to determine the maximum efficiency of fertilizers applied on both, and tell which variant is better. For solving the objectives in the spring of 2014, were placed two experiences into the field of Preajba Experimental Center - Gorj, taking into account the selection of land area representative in terms of floristic composition and terrain orography. [8] Both experiences had 8 variants and 3 repetitions being placed after randomized b...

In the framework of the neoclassical growth model developed by Barro and Sala-i-Martin, the concept of $\sigma$-convergence is applied to a variety of regional sets of 19 countries of EU, on the level of NUTS1 and NUTS3 regions. The complex analysis was made on a large data base of real GDP per capita (divided by overall CPI) values obtained from the Eurostat for a cross-section of NUTS3 regions, and covering the period 2000–2011. Finally, the first stage non-linear regressions of the logarithmic expression of G...

Development of efficient innovative economy is an alternative to resource approach and a strategic condition for regional development. A number of factors have impact on innovative development of social and economic system of a region. These include socio-economic conditions of the region, innovation and management capacity and human capital availability. Innovative activity, legal framework, innovative infrastructure are identified as the main directions of process of realization of innovative policy of social an...

Tourist destination marketing started to gain considerable importance within tourism literature and practice during the last fifteen years. In this context, benchmarking became a key process for defining strategies and monitoring their implementation within tourist destinations. Several tools for destination benchmarking were developed at EU level. Due to the major importance of sustainability issues within all Tourism Policies adopted by the European Commission, great importance has been given to the creation of ...

The main purpose of the paper is to point out the importance of organic agriculture in enhancing local development. Organic agriculture is a concept that integrates three main goals: economic profitability, social equity and environmental health. The transition to organic agriculture is a process that requires many changes and commitments at different levels: consumers, producers, institutions, policy–makers, scientific institutions, etc. In the last forty years community-supported agriculture (CSA) is considere...

A developed transport system is an important factor for every tourist destination. Accordingly, it is very important for the Republic of Croatia, as a maritime country with six sea ports of international importance, to have well-developed ports. Their development is necessary not only from the standing point of economy and the transport system as a whole, but also from that of promoting the tourism potential. Therefore, the authors analyze the relative efficiency of the passenger seaports in Croatia using data env...

This article highlights funding practices of training in SMEs in many European countries, with a focus on Romanian SMEs. During last two decades local governments have initiated local financing schemes especially for formal training, in Romania, in UK and in other European countries, neglecting the informal character of learning, specific to SMEs (Ashton, 2008; Bishop, 2015). Even if statistical data on training in Romania for the last decade - obtained from previous surveys and studies - is not continuous and het...

The quality of food products represent increasingly more a factor of competitiveness both in Romania and in other EU countries. The many products on the market and unparalleled diversity makes their choice by consumers to be made by the criterion of price and quality. EU quality schemes is a way of recognizing the quality of food products that have a sensory characteristic influenced by geographical area. Also is a way to promote agri-food joint. This paper aims to present these schemes as well as their evolution ...

The article is a comparative analysis between ethics management in Romania and Italy. Its focus is on public sector and the methodology used was analysis, synthesis and comparison of the two systems. The paper presents similarities and differences in ethics management of Romania and Italy and tries to place them in the cultural and economical context.

The relevance of the presented research is based on the increasing role of high quality human resources in modern reproductive processes. Efficient and effective types and strategies of human resource management have become an important condition of fast and productive acquisition of new knowledge, labor productivity growth and increase in tempos of innovative economic development. The research is aimed at identifying and proposing efficient ways to improve the kit of tools for human resource innovative management...

The economic performance of a country can be measured by various macroeconomic indicators. Gross domestic product (GDP) is considered as one of the most important and closely critical indicator of economic performance and can be defined as the market value of all the finished goods and services produced in the economy during a specific time period. GDP and its development in time is influenced by many factors. Transport infrastructure is one of the pillars of economic development. Good transport infrastructure is ...

At present, the issues related to ensuring and enhancing life quality are receiving very serious consideration. This is especially true with respect to the categories of low-income and vulnerable populations whose quality of life is almost entirely dependent on government social policy. The author of this paper proposed a method that allows determining household expenditures on the purchase of services. As it follows from the theory of Maslow, human needs in intangible goods (services) are represented at all level...

Incoming represents one of the most efficient types of tourism, a real force that stimulates the tourist offer in Romania. Encouraging the export of tourist services could lead to an increase in incomes, and, consequently, in the quality of tourist services offered and in the competitiveness of Romanian tourism. The research on the receptive tourism in Bucovina is based on a survey made in 2014, on a sample of 34 foreign tourists who were visiting the area. The statistic processing of the survey data was made by u...