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The paper deals with financial reporting of not-for-profit organizations in the Czech Republic. Non-for-profit organisations do not have making profit, but they achieve benefits for their clients from performed services, as a primary goal. Services are obviously provided at a price lower than market price or even free of charge, therefore not-for-profit organizations take a variety of sources for financing the provided services. Financial reporting in the Czech Republic is regulated by legislation, primarily by Ac...

The aim of this article is to present the results of a study devoted to the analysis of problems and search of possibilities of interaction between banks and small businesses. The analysis is based on a review of data of borrowers of regional banks of Nizhny Novgorod region in Russia. The study orientated on systematic and comparative analysis of scientific literature, analysis of statistical data. The main method of study is a formalized focused interview of the responsible officials/business owners. Among the pr...

The government deficit and public debt are always a negative economic phenomenon as a consequence of non-compliance with fiscal discipline. Chronically recurring deficits and consequently resulting debts are the current topic discussed by theoretical and economic-political authorities. The Maastricht Treaty and the Stability and Growth Pact stipulate that the government deficit should not exceed 3 % of GDP and the public debt is considered excessive if it is higher than 60 % of GDP. The growth of the government de...

The aim of this paper is to analyse the influence of the European Union accession and financial crisis to convergence and integration of the bond yields and bond markets. The results show the deepening of bond market convergence after the European Union accession and the integration has continued until the end of the observed period. The chosen indicators are monthly mid-term bond yields (10-year bond yields). The period of 1/2000 to 12/2016 was chosen in order to show the impacts of the changes. The time period w...

The main purpose of the paper is to analyze the economic development of construction companies in the monitored period during the crises. The economic development is performed with the financial indicators, which express the performance and the financial stability of the construction company. Financial indicators are represented mainly by the Return on Equity (ROE) and indebtedness of the company. The methodology is based on the collection of information from accounting statements (the balance sheet, the profit lo...

Robo-advisors are online wealth management platforms that provide tailored automated investment solutions. First platforms were located in Silicon Valley in 2011 and since then have enjoyed continuous success among private investors all over the world. Thanks to the simplification of the relation between investors and advisors through digitalisation, low fees and good performance achieved through the use of personalized algorithms, new investor segments are approaching to digital wealth management. Although the It...

Objective of this research is the finding of the reasons of the economic, political, social and other public crises which became frequent for the last century and happening in various countries, the finding of possible ways of elimination of these reasons. According to the theory of the self-organizing systems, each of these crises separately is manifestation of failures of the existing relationship between people and of the associations of people. But the observed reproduction and combination of crises in all dir...

The study highlights the financial performance of the activity by analysing revenue, expense and profit indicators. Information used is the data entered in the Profit and Loss Account, which presents the statement of income, expenses (by component) and profit or loss. The financial results are analysed for the period 2014-2015, the analysis method used being the time comparison. This method evaluates the results in units, in dynamics, and highlights the deviations from the terms of reference with which it operates...

Business and its performance are influenced by many factors. In this paper we focused on the analysis of risks that are important determinants of business performance. The aim of the paper was to assess the impact of risks on performance as well as competitiveness of Slovak businesses. To fulfil the aim, the data of businesses operating in Slovak heat industry were used. The input analysis of selected risks was realised with the aim of generalizing and processing conclusions focused on the impact of risks on busin...

Currently, there is a range of very serious issues related to the implementation of an accounting and audit process in non-commercial organizations due to the nature of their activities. Over the last decade, important changes aimed at aligning Russian and international accounting caused by the development of the Russian market economy has been made to the existing accounting system. However, methods of accounting and au-dit in non-commercial organizations remained mainly intact. As a result, questions con-cerning...

Solvency of health insurance company depends on tariff politics that should be adequate to value of risks insured which depends on number of claims received. Insured’s diseases can occur simultaneously or in various combinations so claims in health insurance are depended. Traditional actuarial methods based on calculation of proportion of insured with each disease among insured individuals don’t take into account possible dependencies between diseases occurrence. Multivariate probit models are the contemporary eco...

The article describes the changes in the taxation system for oil companies introduced within the period of 2002 - 2016. It is indicated that introduction of tax exemptions was due to decrease in the economic efficiency of oil production due to the growth of the tax burden. The important role of tax exemptions for mineral extraction tax (MET) is considered to be important for stimulating the growth of hydrocarbon production. Amendments to the Tax Code of the Russian Federation, expanding the list of privileges on t...

Background: The article explores a consumer complaint against the banking sector as a tool for empowering consumers, using Polish Financial Ombudsman information as a case study. Methods: The article consists of three parts, the first of which provides an insight into the describing of complaints in the financial markets, the second one reviews regulations concerning complaint proceedings, and the third one provides numerical illustrating of the trends in complaints against banking sector in Poland. The paper conc...

The article is devoted to the essence of the application of monitoring the quality of public sector financial management in the Russian Federation. As part of the research tasks, the authors considered in detail the essence of the general category "financial management of the public sector" in international and Russian practice. The historical process of the emergence and development of the practice of applying monitoring tools in the sphere of financial management of the public sector in the Russian Federation is...

Achieving sales is an essential for long-term business activity on the market. Sales information represent a valuable source of information for business management and hence for its future managerial decisions. These decisions are essential to achieving the company strategic goals that are part of the long-term strategic management concept of the company - valued information concerns especially the sales and the expenses development. Development of sales company's values can be predicted to a certain extent by app...

Public finance comprises specific financial relationships and operations. Within the economic system, there is an interaction between public administration institutions on the one hand and other entities of the economic system on the other. The purpose is to raise funds and effectively use them to finance sub-government policies. A significant source of public finance revenue is the tax collection existing in the territory of a particular country. Taxes form a coherent system that is partially harmonized in the EU...

The aim of the contribution is to examine the impact of employment policy instruments on the development of unemployment and employment in Slovakia and in selected EU countries, as well as the definition of employment policy instruments, suitable for application in SR. We are focused on explaining various interpretations and opinions on the origins, consequences and possibilities of eliminating the negative phenomena associated with unemployment. Attention is also paid to the mapping of the most important historic...

The concept of benchmarking can be defined in many ways. In general it is a method of increasing the performance and competitiveness of a company on the basis of comparing oneself with the best in a given field. The objective of this method is to gain information that will help to identify the strengths and weaknesses of a company with its competitors and which will serve as inspiration for improvement. Information is gained by constant observation and evaluation. At present, businesses, if they want to be competi...

Tourism in the modern world, becoming one of the most widespread phenomena in society. This is facilitated, on the one hand, its effectiveness as a form of economic activity, and, on the other hand, the emergence of the society members of new possibilities, i.e., more free time, greater mobility, increased financial possibilities. At the same time, tourism as a social phenomenon, is immersed in the space of modern mass culture and, to a certain extent, is part of it. The phenomenon of tourism is studied in many sc...

The main purpose of the paper is to highlight the main components of revenues and expenditures, respectively their influence on the financial result indicators. Simultaneously attempts are made to make recommendations for improving the financial situation. The paper analyzes the specific situation of the 2013-2015 period. For this purpose, documentation was carried out at the unit level and time comparison was used as a method of analysis. As the key indicators we use, we discuss revenue, expense and profit-relate...

Information technology is currently one of the most important labour productivity drivers to increase economic efficiency. The aggravation of the geopolitical situation occurred in Russia over the past few years has demonstrated the vulnerability of the domestic financial sector and some other national economy branches to foreign manufacturers and suppliers of various software that led to the intensification of import substitution in this area. The conducted analysis has revealed that information technologies crea...

Background: This article addresses the problem of financial security. This topic is very interesting and has been chosen for us because issues relating to the development of companies than ever relevant today. The article is devoted to the complex research of financial security as a factor for sustainable growth companies. In the study, we set the following key objectives: to consider the main factors influencing the growth of companies, identify the key factors of influence, consider the specific situations and e...

The article is devoted to the research of factors, which determine the effective counteracting a drug addiction and an illegal drug trade. The factors include those from economic, social, institutional and administrative fields of governmental policy. The methodology of research is based on preliminary studies aimed to identifying factors of social and economic environment influencing drug addiction in order to verify the hypothesis that drug addiction is more economic problem than social or medical. We have built...

In the research is made an example of assessment and development of the methodology of multiobjective tasks of decision-making (MTDM) for optimum placement of the logistic objects (LO) needs. In the article are considered the various approaches to weighting of the structured objective tree blocks reflecting the chosen parameters in the tuples of various degree of completeness. Basing on the Republic of Tatarstan data on areas and district is modeling an example of the replacement of the logistics objects approach ...

The article seeks to emphasize the key role of the internal factors of the company’s investment appeal. This includes an overview of the traditional methods of assessing company’s investment appeal and the calculation of the integral index of investment appeal based on the financial performance for a leading chemical enterprise. The study results in a methodical approach to assessing company’s investment appeal on the basis of multiple regression of net return on assets. The authors propose to carry out a ridge-re...

The existing negative trend in fiscal development and increasing indebtedness of public finances, strengthened by the last crisis, have disrupted the fiscal stability of countries and have required governments´ interventions in the form of fiscal consolidation within their fiscal systems. The success of the fiscal consolidation process is conditioned by many determinants, among which may the fiscal rules be included. The role of fiscal rules is to provide a permanent pressure on fiscal policies with the intention ...

Everyone needs protection, whether if we think at individuals or legal entities. Throughout a lifetime, are accumulate a series of goods, values, agonized with a lot of labor, which can disappear in a moment following a fire, an earthquake, a theft or some other reason. The resulting financial loss can not be offset otherwise than by insurance. The insurance market is a framework in which insurance transactions are carried out only on a contractual basis. Here are found the insurance request, coming from individua...

Gross Domestic Product (GDP) is one of the most important indicators of the system of national accounts, which characterizes the final result of the production activity and dynamics of the market value of all final goods and services, produced during the year in all sectors of the economy in the territory of country for consumption, export and accumulation, regardless of national appurtenance of used production factors. For proactive management of territorial development of the national economy, it is important to...

The article seeks to identify the most important predictors of profit of credit institutions. This involves the use of multiple regression for econometric modeling of several variables on the results of banks’ operations. The study aims to show the capabilities of multi-factor regression in the analysis of credit institutions. The paper proposes a methodological approach to the measurement of marginal predictors of credit institutions. The authors use special techniques to adjust the models to avoid a collinearity...

In the process of studying the modern role of the insurance market potential in the Russian Federation and the prospects for its development, there are inevitably questions about the reasons for its underestimation and its failure to fully perform its functions in the system of ensuring the economic security of the state. The National Security Strategy of the Russian Federation defines various ways of ensuring state and public security, the ecology of living systems and rational nature management, economic growth ...

This article is devoted to a critical analysis of modern theory and practice of building economic indices in the national system of strategic planning. It is generally accepted that economic indices serve to characterize the most important dynamic processes in the national economy, and the dynamics of changes in economic indices makes it possible to determine the rate of change of the most important macroeconomic indicators and proportions. Since strategic planning is aimed at obtaining internally consistent descr...

This article is concerned with the study of fuel and energy companies’ influence on the regional development. The base material sector is the basis for the development of productive forces and increasing the competitiveness of the Russian economy. Correlation analysis of indicators for the period 2000–2015 used in the article allowed to make an objective assessment of the energy sector state, as well as to identify the dependence of oil companies’ revenue on various factors. The analysis revealed the significant f...

Background: Working capital is an element that has a significant impact on the financial security of an entity, its profitability and the efficiency of its asset management and its selected liabilities. Working capital management is designed to keep an enterprise engaged in its day-to-day “financial health”. This is a complicated and time-consuming process because it involves the management of current assets and current liabilities. Therefore, it is important to choose appropriate management strategies for individ...

It is known that the information acquired before the journey is essential for building visitor expectations and behavior. With its increasing role as information and communication tool, internet has become a key factor for destination image formation. Specialized travel websites in particular have a major contribution to building and communicating destination image, especially those with user generated content. Perceived as more objective, personal visitor experiences shared online are much more convincing and inf...

One of the derivative securities is IRS and this implies the values of these instruments are determined by the assets that are underlying. IRS’ are a derivative security, and it implies their valuation is determined by the underlying assets. In that regard, assets refer to interest rates and loans. A swap involves the exchange of two cash flow streams by two parties. On the contrary, when dealing with swap interest rate, the cash flows refer to the payments of interest based on an amount of money. In this context,...

In a lease agreement, when it comes to determine the residual debt at a given date in case of insolvency or continuous arrears (i.e. an early termination, before the maturity of the lease plan), often the contract decides upon the penalties and some lump sum refund for impairment. Accounting purposes require both the lessor and the lessee to calculate separately for the amount of the outstanding debt and the agreed-upon for the impairment and the penalties. In this paper, the authors propose a model for a precise ...

In 2008, the global economy experienced an acute phase of the crisis. The impact of crisis phenomena on the national economies of the world was not the same. The government's measures on anti-crisis regulation were different. Today, economic growth began. But the structural problems that caused the crisis are not fully overcome. The purpose of the article is to identify, using quantitative analysis methods, the specifics of the development of the crisis in different countries of the world, as well as to determine ...

Small and medium sized companies are reasonably considered as the backbone of the economy many countries. Thanks to their simple structure, they can respond quickly to changing economic conditions and meet local customers´ needs, growing sometimes into large and powerful corporations or failing within a short time of the firm´s inception. Therefore, they are significantly different from large companies from the credit risk point of view. We would like to show the importance to assess the SMEs credit risk separatel...

In the context of the need for cost reduction and consumption of electric energy, and environmental protection, the need of a continuous investments in clean technology, honorary in terms of pollution, transforming and improving the existing capacities of the production and distribution of electricity also upgrading infrastructure and services, necessary. The evaluation of savings through the regulatory process in order to achieve efficiency in electricity market, is necessary to establish the measures for the eff...

Accounting is an applied science, with its theories/methodology practically applied in business entities, and also its well-defined practical main purpose - meeting information needs of stakeholders. The information generated in accounting system, and later disclosed to outside recipients, is diverse in scope, form and value/quality, which results e.g. from the possibility of making creative financial and accounting decisions (so-called “the right to choose” in the accounting policy) and from accountants’ behaviou...

The number of migrants in EU countries has increased sharply since 2000. Successful implementation of integration policies is therefore very important. While immigrant integration policies remain a competence of the Member State, the European Commission proposed the initiatives to promote integration. The first part of the article describes the latest developments in integration policies in the EU countries. It shous that new policies are being developed in the EU countries and that they are implemented on a wide ...

This article is devoted to the problem of foreign labor inflow to Russian economy. Immigration inflow has been growing in the course of last years. From one side, it is a source of low professional workplaces replenishment, from the other – a reason of numerous social and ethnic conflicts. Irregular labour migration evolved as a central problem during the ten years. International migration in Russia is composed of the inflow of immigrants from other countries of the former Soviet Union. So, estimation of the forei...

The article analyses the contents of investment policy within four conceptual aspects: essential, positional, systemic and structural. The approaches to the understanding of regional investment policy as an integral part of economic policy, system of regulation of investment activity and as an ideology, defining the principles of investment management. The essence and principles of investment policy as well as its position in the system of investment activity management on the meso-level are defined. The results o...

Introduction of technical innovations significantly influences the main characteristics of the factory staff work process. The increase of production efficiency may be followed by the growth of work intensity of the employees. This in turn leads to negative consequences of both social, and economic nature. Therefore, the problem of work optimization is complex. To solve it, it is necessary to choose methods of measurement of work intensity of the personnel and to proceed a modelling of work processes for new emplo...

The activities of any commercial enterprise are subject to the influence of risk factors, which causes the necessity to identify, analyze and assess the risks. The results of such an analysis are of considerable interest to the company’s managers, shareholders and contractors. The Civil Law of the Russian Federation provides for the right to economic risk, but also requires that the risks affecting the company’s activities must be included in the issuer’s public reporting. However, as seen from the content analysi...

This article describes an evaluation method of banking activities effectiveness in the field of innovation financing. In contrast to classical approaches, the comparative analysis of the condition, effectiveness and problems of the innovative projects venture financing development in Russia is performed with the use of matrix models describing the return on investment across countries and regions, as well as the contribution of banks in venture capital investment in respect of final volume of innovative products p...

The competitiveness of the economy is based on an innovative type of reproduction. Thus, the underlying objective of the article is to identify the key trends of innovation development in the Russian Federation. In order to solve this problem, the authors have analyzed the dynamics of the Global Innovation Index (GII) in countries with different levels of economic development and determined the ranking position of the Russian Federation in the context of those countries. Based on the statistics, a comprehensive an...

The financial market is one of the most important segments of the economics because it has been serving as a channel through which funds are transferred between particular economical entities. Financial system is a part of the economic system whereby for the latter it is important the financial sector to be as stable as possible. The article is dedicated to a theoretical base of the financial market regulations and it describes situation on the financial market from short term as well as long term perspectives. Ba...

The main objective of this article is to analyse the experience of Polish companies in using equity - based crowdfunding as a source of capital. The author also shows new solutions which are planned to be introduced in Polish law to make an easier use of this form of financing. Based on the case study of two finished campaigns, the advantages and disadvantages of equity-based crowdfunding are shown as well as the estimated cost of such capital. The consequences for a company and for its owners of using capital fro...

The subject of this study is the interrelation and interdependence between the accounting information, the sufficiency of bank capital and the management of credit and liquidity risk. The factors influencing the exact determination of the required capital in conditions of a changing regulatory environment are presented. The effect of the higher capital requirements on the level of bank liquidity and credit strategies applied by the banks in Bulgaria is investigated. From the general study of capital adequacy and t...