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Actual Trends in Business Risks for Small and Medium Enterprises. Case Studies from the Czech Republic and Slovakia

Actual Trends in Business Risks for Small and Medium Enterprises. Case Studies from the Czech Republic and Slovakia

Author(s): Jozef Habánik,Petr Novak,Jaroslav Belás,Eva Cipovová / Language(s): English / Issue: 4/2014

Keywords: L26; O16; G21

Small and Medium Enterprises (SMEs) play an important role in the national economy of any country. In their business activities these companies are confronted with number of business risks. Aim of this article is to define and compare current trends within business risks of SMEs in selected regions of the Czech Republic and Slovakia in the context of entrepreneurial optimism. In 2013, in the research on entrepreneurs’ opinions in Zlin region (Czech Republic) and Trencin region (Slovakia) have been investigated. These regions have similar economic parameters and are separated by just a few miles away. According to our research, it can be stated that during the period of financial crisis, situation in the SME business deteriorated significantly with declining performance and profitability of Czech and Slovak SMEs. The most important business risk is still market risk than financial and at last the personnel risk. Our research showed that the profitability and performance of SMEs decreased. Results of our research confirmed the deterioration of business environment where commercial banks responded by tighter credit conditions. Despite these facts, the level of entrepreneurial optimism of SME in the selected regions of Czech Republic and Slovakia is very high. On the basis of our research, it can be argued that entrepreneurs in Zlin region declared better conditions for their business compared to Trencin region. These entrepreneurs slightly less intensively were perceiving market and financial risk compared to entrepreneurs from Trencin region, and less intensively perceived impacts of the crisis on their financial performance, declared higher level of business optimism.

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The value of Christian Apocrypha

Valoarea apocrifelor creştine

Author(s): Remus Onişor / Language(s): Romanian / Issue: 3/2010

Keywords: Apocryphal Christian Literature; Infancy; Gospels; Dialogues whith Jesus; Epistles; Acts; Apocalypses; Early Christianity; Gnostic texts

The value of Christian Apocrypha. The New Testament apocrypha are a number of writings by early Christians that give accounts of Jesus and his teaching, the nature of God, or the teaching of his Apostles and their lives. Not every branch of the Christian church agrees on which writings should be regarded as “canonical” and which are ”apocryphal”. The word ”apocrypha” means ”hidden writings” and comes from the Greek through Latin.

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The Value of the Emotivist Theory of Value

The Value of the Emotivist Theory of Value

Author(s): Maria CERNAT / Language(s): English / Issue: 1/2010

Keywords: theory of value; value; emotivism; ethical terms; rational inquiry

The present paper is examining the implicationf of the Emotive Theory of Value in ethical disagreement. I try to investigate this problem because I think that almost any kind of theory and thus also of value theory can be itself a subject of a rational inquiry. So the question of rational inquiry does not concern the theory itself but also the consequences that a certain theory of value will have at the ethical level.

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The medieval fair or the dramaturgy of Nikolaj Jevreinov against the contemporary era (a few ideas about the drama "The St Dennis’ indykt Fair")

Na średniowiecznym jarmarku Dramaturgia Nikołaja Jewreinowa odczytywana współcześnie (Kilka uwag o dramacie "Jarmark na indykt świętego Denisa")

Author(s): Jadwiga Gracla / Language(s): Polish / Issue: 22/2012

Keywords: drama; theater; performans; reform of the theatre

The current outline attmpts to look at and describe one of the less known plays of Nikolai Jevreinov The St Dennis’ indykt Fair. The play was written for the Starinny Theatre, still, it was performed neither in this one nor in any other theatre. In the here presented analysis the author pays attention to two aspects of the play.. On the one hand, it is the relationship between drama and Jevreinov’s theory about the function of the theatre. The author believes that the situation here presented points to the consequences of too deep involvement of the spectator in the performance, his forgetting that it is just a tale performed on stage. On the other hand, the author points to the universal character of the play, which occupies its place in the contemporary current of theatrical quest, which refers to the medieval fair performances.

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Corporate income taxation – selected problems and decisions. The case of Ukraine

Corporate income taxation – selected problems and decisions. The case of Ukraine

Author(s): Tetiana Paientko,Kateryna Proskura / Language(s): English / Issue: 86/2016

Keywords: income; corporate income tax; tax base; tax rate

This paper is devoted to the issues of corporate income taxation in Ukraine and finding ways to resolve them in the context of European integration. The aim of this paper is demonstrate ways to improve corporate income taxation on the basis of balancing the interests of taxpayers against those of the government. The paper will highlight the key issues of corporate income taxation in Ukraine with its large share of unprofitable enterprises, unequal regulations for different corporate taxpayers and the requirement to pay tax advances even where there is an absence of taxable income. Based on our analysis, the causes of the origin and deepening problems of corporate income taxation in Ukraine will be demonstrated. A comparative analysis of income taxation in Poland and Ukraine was performed. It is believed that some elements of the Polish experience in the taxation of income can be applied to Ukraine.

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The Fair Sex – Monsters or Human Beings? The Image of the Fair Sex in Astrological-Predictive Calendars from the 1st Half of the 18th Century

Biała płeć – {monstra} czy ludzie? Obraz {białej płci} w kalendarzach astrologiczno-prognostykarskich z I połowy XVIII wieku

Author(s): Małgorzata Parys / Language(s): Polish / Issue: 69/2016

Keywords: historia języka; staropolskie kalendarze; schematy wyobrażeniowe; metafora; history of Polish language; old-Polish calendars; image schemas; metaphor

The article presents the image of women in the society of the Polish-Lithuanian Commonwealth in cultural context. Image schemas complemented by axiological scale scheme (– 0 +) were used to describe linguistic data. In the first half of the 18th century, women were assigned to the family circle and the private sphere of the household. The analysis found that the positive evaluation of women was associated only with fulfilling socially assigned roles of mother, wife and housewife. According to the dominant set of beliefs, the fate of the fairer sex depends on the position of Venus (associated with female sex) in the sky. Metaphorical expressions reflecting the influence of cosmic forces fulfill image schemas of FORCE – COMPULSION and BLOCKAGE/LACK OF BLOCKAGE and the metaphor A PLANET IS A LIVING ORGANISM. Celem artykułu jest ukazanie jednej z odsłon obrazu kobiet w społeczeństwie Rzeczypospolitej w I połowie XVIII w. w kontekście kulturowym. Narzędziem opisu materiału językowego są schematy wyobrażeniowe, uzupełnione o aksjologiczny schemat SKALI (+ 0 –). W I połowie XVIII w. białogłowa przypisana była do prywatnej przestrzeni domu i rodziny. Z analizy materiału wynika, że pozytywne wartościowanie białej płci wiązano wyłącznie z pełnieniem wyznaczonych jej ról społecznych – matki, żony i gospodyni. Losy płci białogłowskiej, zgodnie z panującym systemem przekonań, zależne są od położenia na niebie jej signifikatorki Wenery. Wyrażenia metaforyczne odzwierciedlające działanie sił kosmicznych realizują schematy wyobrażeniowe SIŁY-PRZYMUSU i BLOKADY/ BRAKU BLOKADY oraz metaforę PLANETA TO ISTOTA ŻYWA.

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Empirical Study on Accounting and Tax Differences in the Case of an Economic Entity

Empirical Study on Accounting and Tax Differences in the Case of an Economic Entity

Author(s): Valeriu Laurenţiu Onose,Ecaterina Necşulescu / Language(s): English / Issue: 2/2015

Keywords: tax turnover; accounting turnover; gross profit in the accounting vision; gross profit in the taxing vision; taxation

Often enough, the definitions in tax regulations are not unique, and they can differ even within the fiscal legislation from one title to another. Thus the accounting regulations define the net turnover tax code, but at the same time it brings different definitions of turnover in terms of added value. The turnover for professionals in accounting is an indicator used to represent the value and the synthetic of the achieved sales by an economic unit during a certain period or a business segment. Also the fiscal elements come to generate a new identity of the taxable result, totally different from the accounting result. There are found clear value differences between accounting and tax perspective on the outcome in terms of operating profit and expenses. These differences at the level of operating costs continue to affect key indicators of the structure of the profit account and loss until determining the gross profit, which differs in the accounting vision compared to the gross profit in the fiscal vision.

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Freedom as a Universal Value

Слобода као универзална вредност

Author(s): Radoslav Gaćinović / Language(s): Serbian / Issue: 2/2009

Keywords: freedom; human being; law; politics; philosophy; sociology; human rights;

In this article author defined the notion of freedom from a philosophical-legal aspect and analyzed the most significant domestic and international legal acts dealing with the problematic of human freedom and freedom in general sense as a universal value. Taking into consideration the interdisciplinary approach to the issue in question, it is possible to define freedom as a natural right of a human being to arbitrarily select the content and way of his/her activity in different areas of individual and communal life by respecting rightful law and tolerance as an expression of the culture of ratio, not harming the same and equal freedom of others.

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Harmonization of audit regulation in the European union – a case of Croatia and Slovenia

Harmonization of audit regulation in the European union – a case of Croatia and Slovenia

Author(s): Sandra Jankovič,Gordana Ivankovič,Mateja Jerman / Language(s): English / Issue: 1/2010

Keywords: Auditing; EU Regulation; Compliance; Harmonization; Croatia; Slovenia;

This paper aims to describe and analyze adherence to the European Union’s Audit regulation in Croatia and Slovenia. Following the example of the US which adopted Sarbanes-Oxley Act to restore the public confidence in financial reporting and auditing, the Council of the European Union adopted a new Directive on the audit of company accounts. Since Croatia is in the process of full reintegration into the EU, convergence of the new EU directive has received increased attention like in the other pre- accession EU countries. Slovenia as a Member State was obligated to modify the national legislation according to European law, before Slovenian’s accession to EU in 2004. This field will stay for a prolonged time as a test area and one of the key segments for proper integration of similar countries to the EU. The Slovenian process of integration into EU might serve as a good practice to precession EU countries.

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Effect of Revenue and General Allocation Fund of Capital Expenditures in the Economic Growth as Moderator Variable. Case of Indonesia

Effect of Revenue and General Allocation Fund of Capital Expenditures in the Economic Growth as Moderator Variable. Case of Indonesia

Author(s): Iskandar Muda,Hasnaini Ridha / Language(s): English / Issue: 1/2018

Keywords: Capital expenditure; local Revenues; general allocation funds and economic growth

This study aims to determine the factors that influence the allocation of the capital expenditure in the District / City of North Sumatra and Aceh. This study has a sample of 36 districts /cities in North Sumatra and Aceh from 2012-2015. Sample selection is done by purposive sampling method. The data used in this research is secondary data, reports on realization of the Budget Revenue and Expenditure published through the website www.depkeu.djpk.go.id and www.sumut.bps.go.id. The analysis model used is multiple linear regressions with Ordinary Least Square method is carried out with the aid of a computer program EViews version 7.0. The results of this study indicate that all independent variables, namely the Local Revenue and the General Allocation Fund simultaneously significant effect on Capital Expenditure. Partially General Allocation Fund positive and significant impact on Capital Expenditure but local revenue was not positive and significant impact on Capital Expenditure. Economic growth is not fully able to moderate (strengthen / weaken) the relationship between the Local Revenue and the General Allocation Fund to the Capital Expenditure Government of Regency/City in the province of North Sumatra and Aceh province in 2012-2015

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Business Models for Circular Economy and Sustainable Development: the Case of Lease Transactions.

Business Models for Circular Economy and Sustainable Development: the Case of Lease Transactions

Author(s): Ion Ionașcu,Mihaela Ionașcu / Language(s): English,Romanian / Issue: 20/2018

Keywords: circular economy; product-service systems (PSS); leasing and renting; sustainable development in Romania

The purpose of this paper is to discuss the features of leasing as a business model in the circular economy, which is presumed to support sustainable development by product recirculation and driving economic performance. In particular, this study highlights microeconomic benefits for listed Romanian companies, showing that adopting a "greener" business model, as in the case of leasing, does not penalize firms economically but it is a catalyst for increasing their performance, both in terms of accountancy-based measures (return on assets and return on sales), but also in terms of the subjective perceptions of investors and financial analysts operating on the capital market (proxied by Tobin’s Q and market to book value of equity). Based on 266 observations from companies listed on the Bucharest Stock Exchange (BSE) during 2013-2016, the study uses regression analysis to show that financial performance is higher for quoted Romanian companies that use leasing and renting and that performance is also directly associated with leasing intensity, i.e. the share of the value of the rights to use leased goods in the total value of property, plant and equipment.

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Impression management in the letters to shareholders of listed entities: A Romanian case study

Impression management in the letters to shareholders of listed entities: A Romanian case study

Author(s): Maria-Silvia Săndulescu,Cătălin Nicolae Albu / Language(s): English / Issue: 3/2018

Keywords: impression management; content analysis; financial performance; tone; corporate narratives;emerging economies;

There is recent increased interest in investigating the way corporate reports are used to convey management’s view of organizational performance. While previous research was mainly conducted in developed economies, the case of emerging economies in Southeast Europe provides new insights as these countries are characterized by poorer corporate governance mechanisms, a lack of transparency and higher ownership concentration. We fill this gap in literature by investigating the letters to shareholders issued by OMV Petrom, the largest oil and gas producer in Southeast Europe. Using content analysis, we evaluate the tone used by managers in their disclosures in order to identify any reporting biases via impression management techniques. Even though OMV Petrom is perceived in literature as a benchmark for reporting transparency, our results provide evidence of promotional aspects used in corporate narratives.

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Cost of debt and corporate information transparency under economic depression: the case of Greek family-controlled firms

Cost of debt and corporate information transparency under economic depression: the case of Greek family-controlled firms

Author(s): Aikaterini Bethani,Constantinos G. Chalevas,Christos Tzovas / Language(s): English / Issue: 2/2019

Keywords: corporate transparency; family-ownership; economic crisis;

Research Question: This study investigates whether corporate information opacity affects the association between family ownership and cost of capital. Motivation: Firms’ ownership structure has been identified as a major factor that affects their cost of capital. Idea: Corporate transparency affects the impact of ownership structure upon firms’ cost of capital, especially in the case of family-controlled firms Data: We examine a sample of companies listed in the Athens Stock Market for the period of 2009-2016. Tools: We compose a Corporate Opacity Index for each sample firm by adopting the Anderson et al. (2009) approach. Additionally, accounting factors such as firms’ size, leverage, profitability and corporate governance characteristics that may affect the above-mentioned association are examined as well. Sensitivity tests have been conducted to check the robustness of the results. Findings: Family ownership and corporate opacity are only marginally related with firms’ cost of capital. Firms’ size, liquidity and their leverage appear to be inversely associated with their cost of debt capital. Contributions: The findings of this study provide insights regarding the impact that corporate transparency has upon cost of debt capital, allowing financial institutions, regulators and market participants to design improved debt contracts under economic depression. Our study sheds light to the impact of information opacity on the association between family ownership and cost of capital within the business environment of Greece that possesses certain structural characteristics in the context of economic crisis.

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The Impact of Applying AAOIFI in Islamic Banks. Case Study in Iraqi Islamic Banks (II)

The Impact of Applying AAOIFI in Islamic Banks. Case Study in Iraqi Islamic Banks (II)

Author(s): Dhiaa Al Deen Alazzawi,Ileana Nisulescu / Language(s): English / Issue: 10/2021

Keywords: AAOIFI; Shariah; Murabaha; Iraqi Islamic banks;

The objective of this research is to study the impact of applying the AAOIFIs in Islamic banks, while referring to the impact of applying the AAOIFIs in Arab countries, the focus being on the Iraqi Islamic banks. The major responsibility of the AAOIFIs is to guarantee that accounting methods comply with Sharia – Islamic law, which is only used by a few financial institutions in Islamic countries especially Islamic banks. The AAOIFIs are an enchanting prospect coming from the holy scripts.The researchers obtained the data for the study through a questionnaire prepared for this purpose, distributed to 68 workers in the field of Islamic banks. The researchers received 52 responses from several Islamic banks. The study concluded with the set of results that Islamic banks are seeking for the profitability without increasing the security for their deposits or attracting more investors, and the customers of Islamic banks are seeking for “legal benefits” by their investment.The study led to the conclusion that the adoption of the AAOIFIs in Islamic banks will not help attracting foreign investments. The study suggested there is an urgent and actual need to adopt and implement the IFRSs instead of the AAOIFIs within the sample of the study and include other institutions with a similar environment like Islamic banks.

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Ethics in Reporting of the Other Comprehensive Income: The Case of Listed European Companies in Emerging Countries

Ethics in Reporting of the Other Comprehensive Income: The Case of Listed European Companies in Emerging Countries

Author(s): Claudia-Mihaela Rapan,Andreia Manea,Viorel Costin Banta / Language(s): English / Issue: 168/2022

Keywords: other comprehensive income; value relevance; share price; business ethics;

The concept of “value relevance” was identified in many studies as a significant quality parameter that provides usefulness to investors and other stakeholders regarding the financial and non-financial information to assess the companies’ value. Based on empirical results in the case of the audit-listed companies in emerging countries, the purpose of this study is to analyze the value relevance of the “other comprehensive income” in the context of the business ethics correlated with the type of audit opinion disclosed to the users, with the focus on the investors’ behavior and the impact on the share price.

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Reporting of R&D Costs Under IAS 38 – The Case of Biopharmaceutical Companies

Reporting of R&D Costs Under IAS 38 – The Case of Biopharmaceutical Companies

Author(s): Maria Markova,Georgi Hristov / Language(s): English / Issue: 4/2022

Keywords: research and development costs; intangible assets; biopharmaceutical industry; COVID-19 vaccines; accounting policy

The objective of the paper is to provide insights into the effects of IAS 38 on the financial information provided by companies operating in the biopharmaceutical industry, taking into account the increased expenditure on research and development activities during the COVID-19 pandemic. Financial reports for 2019 and 2020 of BioNTech SE (the company responsible for the development of one of the authorized COVID-19 vaccines) are analysed and given as an example for how the capitalization and expensing of R&D costs affect the information provided by entities. Example for improvement of the R&D accounting treatment is presented in the case of IFRS 6 “Exploration for and Evaluation of Mineral Resources”.

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COVID-19 PANDEMIC AND FRAUDULENT ACTIONS IN THE FINANCIAL STATEMENTS: THE CASE OF HOTEL COMPANIES IN THE REPUBLIC OF SERBIA

COVID-19 PANDEMIC AND FRAUDULENT ACTIONS IN THE FINANCIAL STATEMENTS: THE CASE OF HOTEL COMPANIES IN THE REPUBLIC OF SERBIA

Author(s): Marko Milašinović,Biljana Jovković,Predrag Dragičević / Language(s): English / Issue: 36/2022

Keywords: COVID-19; fraud; financial statements; hotel companies; Beneish M-score model;

The quality of information presented in the financial statements of companies may be impaired due to fraudulent activities. One of the frequently used instruments that indicates that fraud has been committed in the financial statements is the Beneish M-score model. The purpose of the research is to examine the exposure of hotel companies in the Republic of Serbia to the risk of fraud in financial statements, as well as to determine whether there has been a change in that risk due to the COVID-19 pandemic. The research was conducted on a sample of 100 randomly selected hotel companies, and their financial reports for 2019 and 2020 were observed. There was a high risk of fraud based on the recognition of costs of sales, management and administration, and borrowing in both observed years, as well as a high risk of fraud based on the recognition of income and gross margin index in 2020. Further, it was determined that in the year of the COVID-19 pandemic, there was an increase in the risk of fraud in the financial statements based on the gross margin index and recognition of selling, management and administration costs. Microenterprises are exposed to a higher risk of fraud based on the recognition of costs of sales, management and administration compared to medium-sized ones. Limited liability companies are more exposed to risk based on the recognition of sales revenue, accrual item and total risk (measured by the 8-variable model) compared to joint-stock companies. On the other hand, joint-stock companies are more exposed to the risk of fraud based on gross margin and general risk of fraud (measured by the 5-variable model) compared to limited liability companies.

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Value Conflicts as Value Indicators

Value Conflicts as Value Indicators

Author(s): Eveli Neemre / Language(s): English / Issue: 1/2024

Keywords: philosophy of science; value awareness; value conflicts; value-free science; values in science;

In this article, I present my view that only through value conflicts can we become aware of the relevant values influencing science. The discussion about values in science has been ongoing for the past decades; unfortunately, a crucial part of the discussion—value awareness—has not been addressed. This article tries to bridge this gap by focusing on the problem of value recognition through analyzing several cases of value conflicts. I will show that unless some value conflict occurs, the values influencing science remain invisible to us. This means that to discuss the relevant influences of values in science, we need to focus on value conflicts occurring in science. Only then can we recognize the values influencing science and have a meaningful debate about them. This article is the first foray into the issue of value recognition and can help clarify some unaddressed issues in the values in science debate.

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NATIONAL ACADEMIC AND SCIENTIFIC BOOK FAIR

NATIONAL ACADEMIC AND SCIENTIFIC BOOK FAIR

Author(s): Author Not Specified / Language(s): English / Issue: 01/2022

Keywords: World Book; Copyright Day; Scientific Book Fair;

On April 22-24, 2022, the first national book fair for academic and scientific publications was held. This event was organized by the Academy of Sciences of Albania, the Academy of Sciences and Arts of Kosova, in cooperation with the National Book and Reading Center. It was held as part of celebrations for the Academy of Sciences of Albania's founding on its 50th anniversary, and it was perfectly timed to open on “World Book and Copyright Day”.

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The communication language and the fair trial in Cameroon

The communication language and the fair trial in Cameroon

Author(s): Cyrille Monkam / Language(s): English / Issue: 59/2024

Keywords: language; means of communication; litigants; fairtrial; rights;

This paper deals with the incidence of communication channels treatment during court proceedings in a multilingual context like Cameroon. On the one hand, I will defend on the one hand the idea according to which the unbalanced treatment enshrined in the constitution, which confers preferential treatment to the so-called official, but imported languages and a marginal role to other local languages termed as national as well as other means of expression, affects the communication before courtrooms. The use of the former is reserved for an elitist minority group while that of the latter for a majority illiterate group. On the other hand, there has been an effort on the part of the state to curb this discrimination through the linguistic assistance. But still, there are challenges that confirm the legitimate fears of litigants, better lay-litigants of violation of their rights of access to justice and fair trial at large. The paper then suggests to the State to enhance the promotion of national languages, to emphasize on the training of judicial personnel and public awareness.

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