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This paper highlights the evolution and the current trends in the financing of public institutions of academic education in Romania. The investigative approach will begin with a review of the funding modalities, starting with the communist regime until now, following to highlight the evolutionary stages and the important moments in the finance policy reform. We shall pay a particular attention to the changes brought by the new National Education Law, as an opportunity to modernize the old structure of the financin...

Visegrad group is the group of counties that recently entered European Union. They are going through the massive demographic changes. In this article we were investigating its contribution to the insurance market changes. From the methodological prospect we used covariance and correlation matrices to find out whether there is a relation between each determinants and insurance market, then we used logistic regression model to find out significance and after that we tested the model by the Augmented Dickey Fuller (A...

The purpose of the article was to find out factors that affect dividend decisions in Estonian non-financial firms. Our analysis was based on the firm-level data of all Estonian companied for the period 2008-2011. Our dataset includes the period of latest financial and economic crises (2008-2009), which allowed us to analyze the dividend policy in case of extremely negative economic environment. Our database included more than 30 thousand observations. Based on the regression analysis we found that the factors infl...

Tax evasion and tax avoidance distort competition; deform business environment and influence efficiency of taxation. The states may affect the size of shadow economy and thus the amount of tax evasion by their activity as well as by the harmonization of tax legislative at international level. The paper investigates a statistical dependence concerning the relationship of the shadow economy and tax evasion. It is estimated that more than three-quarters of total tax revenue loss in the EU accounts for tax evasion lin...

Value added tax revenues represent almost half of the total tax revenues of public adminstration in Slovakia. Discrepancy between the growth of VAT revenues and the growth of its macro-economic base in recent years can be attributed mainly to the increase of tax evasion as well as to the low efficiency of VAT collection. The efficient tax collection and the total loss of tax revenues as a result of non-declaration and non-payment of VAT stand therefore in the center of attention of the Slovak government. A serious...

There is a growing consensus that focusing on short-term profit or shareholder value leads to poor business results, so businessmen should shift from short-term profit orientation to long-term success. That paradigm shift in business doing is a massive challenge for accounting theory. It requires re-thinking much of accounting methodology. Accounting theory should therefore encompass not only financial and economic data, but also should embed social aspects, among them ethical and environmental issues. In author's...

Slovak banking system began to develop towards a modern European banking system since 1989. During this period Slovakia was part of Czechoslovakia. Reform of banking system started to prepare before the Revolution in 1989. Its implementation took place after 1989. This contribution defines the three main stages of development of the banking system in Slovakia – creation of market conditions, development in conditions of the Slovak Republic and Slovak banking sector as part of banking sector of euro zone. This co...

The article is devoted to the problems of the financial statements analysis, using the method of financial ratios. The choice of the main financial ratios is made having in mind peculiarities of the Russian Federation extractive industries. The recommended standard values of financial ratios are received branch-wise, using the method of hierarchical cluster analysis.

Although for more than a century investors have been almost exclusively interested in funds from countries with mature economies and developed capital markets, nevertheless during the last decade funds from emerging economies have increasingly started to draw investors' attention. High growth rates and frequent abnormal returns make local mutual funds being a strong investment opportunity for sophisticated investors from developed markets and, thus, their performance evaluation being a frequent topic of modern res...

A successful financial management is related to the optimum settings of the asset structure and in particular to the creation of an effective mix of resources for corporate asset financing. During the past years, many scientific theories have been postulated that addressed both the rules for determining the optimal structure of assets and capital resources. Also a number of factors have been analyzed that influence the process of determining the optimal structure of assets and liabilities. In the early days of res...

As the rate of globalisation is rapidly increasing, all the countries are taking the necessary measures to ensure the correct presentation of data about the financial position and performance results of the company. According to the International Financial Reporting Standards and Lithuanian Business Accounting Standards, investment property is valued using the cost or fair value method at one's choice. Therefore, one faces the problem of selecting the appropriate property valuation method so that financial stateme...

Financial statements are generally considered to be one of the primary information sources for stakeholders of companies, whose shares and/or bonds are quoted on the capital market. Due to their significant importance for the financial condition assessment of these entities, the utmost importance is the quality of financial reporting, including in particular the reliability of published financial data. Given the relatively frequently observed inconsistencies and gaps in this field over several years of author's ac...

Establishing and developing a business requires the existence of financial resources. Therefore, in the case of foreign trade business is primarily puts it the problem of the financing of foreign trade activities. Moreover, in international economic relations system, financial and banking techniques to promote economic exchanges with foreign occupies a special place. As a general term, financing involves, regardless of its shape, attracting the funds needed for the business, funds that could be made from its own r...

The aim of this paper was to assess and compare the evolution of two indicators of financial autonomy, to measure regional disparities in financial autonomy and GDP per capita and then investigate the existence of the relation between the financial autonomy of municipalities and the GDP per capita of NUTS 3 regions in Slovakia in the time periods 2005-2008 and 2009-2011, it is before and after the outbreak of the economic crisis. Regional disparities in financial autonomy as well as in GDP per capita were growing ...

Influence of globalization permeates all areas of human activity, it is the matter of technology and human knowledge transfers. Thus it is obvious, that European Union's membership enables rapid development of merger states. Under the economic activities of companies in the international environment, exchange of goods and services becomes an integral part of their economic life and brings necessity for the proper measurement of imported assets, as their value will have a subsequent impact on the reported financial...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Our present research is based on Berkeley Language Centre's Teaching Romance languages Through Intercomprehension. Networking Hearts and Minds in the Language Classroom [1], the objectives of this article are to present the scenario, the activities and the results of our intercomprehension activities. We are going to start with a presentation of two international projects which are finished now, “Galapro” and “Redinter”, afterwards, we are going to refer to another project called “Miriadi” which contin...

This article is an analysis of possible relationships between the concept of 21st century skills and mobile learning, seeing these constructs as central to pedagogical innovation. The rationale for the claims we put forward draws on the idea that most children grow up culturally immersed in digital technology rich habitats, indirectly forcing teachers to use technology and thus to develop new skills. The skills to be developed by teachers should be analyzed under new learning theoretical perspectives that consider...

The paper is of a theoretical research nature and deals with the multiple case research design. The paper summarizes available information about the typology of case studies that can be used in various research studies of auxiliary professions including (special) education research. Practical application of this study design is illustrated on an authorial quality-based research study of lifestyle limitations in persons with chronic illnesses, where the research sample consisted of multiple sclerosis patients. The ...

Contemporary scientific, technological, societal, social, cultural and civilizational changes present new challenges for school and teaching to confront with, and systematically respond to with teaching contents and its specific didactic organization. Ecology as a synoptic, diffuse and interdisciplinary science, which dialectically connects the natural-scientific with the social-scientific area, is an ideal polygon for creating teaching contents that deal with the changes of the contemporary world. However, in the...

At present, educational technological resources as virtual instruments help teachers and learners to introduce different concepts, in order to develop students' scientific knowledge and to practice different experiments without risks. In this sense, virtual laboratories allow students to make connections between the theoretical background and practical issues, using computers and specific software applications equipped with simulation capacities, as those met in real laboratories. Virtual laboratories offer a seri...

Contemporary studies in linguistics and psychology have proved that verbal communication should be considered an interaction of people who are determined to cooperate. Life in society makes a person use words (of a native or foreign language) to communicate with other people in order to achieve his /her aims and satisfy his/ her needs. In short, a person handles his/her interlocutors, affecting their behavior, way of thinking, activity. On the other hand, social interaction obliges a person to correlate his/her sp...