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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...

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

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 Predictive models are outdated and obso...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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