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The aim of this paper is to critically analyze introduced in 2008 changes in the rules of subsidizing employment of people with disabilities and their impact on the sector sheltered workshops and employment of people with disabilities. Subsidies for the employment of people with disabilities, introduced in 2004, provided an important instrument for the support of all employers that employ disabled people. However, the allocation of large sums of sheltered workshops than employers operating in the open labor market, would be compensation for expenditure on the creation of special working conditions and rehabilitation in the sheltered workshops. The reduction of these amounts and equalization grants transferred to sheltered workshops with employers from the open labor market was particularly unfavorable for sheltered employment sector and has become the major cause of the resignation of sheltered workshop of this status.
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Financial aspect remains a key aspect of decentralization from the point of view of local self-government, and a kind of test illustrating the nature and scope of the processes of decentralization is the category of financial independence of local governmental units, referred to in Anglo-Saxon literature as local financial autonomy. The aim of the research is to demonstrate the essence and the key role of this category in terms of the local financial system, as well as the identification and evaluation of key determinants limiting the scope of the revenue autonomy of local government in Poland. The most important determinants are stated as follows: limited stability and performance of self-government units, excessively limited range of local taxation powers, frequent practice of imposing additional tasks to the regional and local authorities without appropriate financial compensation, dominance of income transfer in the system of local government finances, dysfunctional income equalisation system of local government, restrictive system of rationing local deficit and debt, excessive politicisation of the local government.
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One of the new and fundamental paradigms of International Accounting Standards is to use the valuation balance sheet at fair value, wherever this valuation may give the nature of forecast to financial reports. Fair value, in contrast to the historical purchase price, reflects the future economic benefits that the owner of the asset reaches under its ownership. The main objective of this article is to attempt to assess the fair value from the viewpoint of the overriding accounting principles and its impact on the entities’ information system. This article attempts to answer the question of the extent to which fair value measurement enables the users of financial statements to assess the situation due to financial-asset entity because of the fact that fair values are on the grounds of estimates based on certain assumptions. Accounting as a key element of the financial system should ensure that its data presented are reliable, accurate and trustworthy.
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This study aims to analyze the interrelation between the opportunism of entities and institutions and the systemic risk growth. The applied research method involves, inter alia, the investigation of the essence and types of opportunism, the analysis of the credit risk transfer, the identification of the moral hazard and systemic risk stimulators. Moreover, ways to reduce opportunism and its negative follow-ups have been presented. It has been indicated that the moral hazard applied by major financial institutions leads to a crisis of trust. It translates into the growth of a systemic risk. The quality of the institutional environment needs to be enhanced. The mechanisms and instruments that should enforce bearing the consequences of their actions and limit excessively-risky behaviours are recommended.
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This study examines 16 country selection strategies based on inter-market value, size, momentum, quality and volatility effects. We investigate a sample of 78 countries for the period 1999-2014. Having considered country-specific dividend tax rates, market liquidity and openness for investment flows we can state that chosen strategy based on earnings to price ratio proves useful for investors. Momentum strategies should be approached with caution, as they appear effective only in small markets and may lead to loses in large markets. Selecting low leveraged and illiquid countries also proves beneficial. The relation between volatility displays different characteristics for open and closed economies.
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In the paper the measures of the social network analysis were discussed in terms of their relevance to describe an interlocking directorates’ strategy with the suggestion of closeness and eigenvalue as best suited. The statistical analyses were presented. The analysis of the aforementioned measures’ statistical properties and their links with board size and degree revealed that it is hard to optimize them simultaneously by simply increasing a value of degree. As closeness is rather linearly linked to degree, insomuch as increasing eigenvalue, as latter requires the analysis of the network structure in order to optimize benefits to costs ratio.
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The aim of the article is to analyse the financial standing of real estate development companies listed on WSE and to fix on this basis their competitive position in Poland in the years 2007-2013. Liquidity, debt, turnover, profitability and market efficiency ratios were used to construct the taxonomic measure of investment attractiveness (TMAI). It was the basis for a comparative assessment of the companies financial condition. The financial condition of the company determines its survival and development opportunities in a competitive and changing market environment, and therefore – it is an indicator of competitive position. The group of companies with a stable competitive position and good financial condition is small. Most companies showed frequent changes in the ranking. Entities whose financial condition underwent systematic deterioration dominated in the examined population. TMAI indicator has a generally low value, which means that the financial condition of the realtors is weak.
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International Medieval Congress, University of Leeds, Institute for Medieval Studies, 7-10 July 2014 (A. Krstić - N. Isailović); Međunarodni naučni skup "Vladar, monah i svetitelj Stefan Nemanja" - prepodobni Simeon Mirotočivi i srpska istorija i kultura 1113-1216 (V. Jovović); Druga medievistička radionica u Rijeci - Rijeka 2014 (M. Ivanović).
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Јосиф Бродски: МИСАО НА ТЕБЕ Јосиф Бродски: FIN DE SIECLE Јосиф Бродски: ПОЕЗИЈА КАО АНТРОПОЛОШКИ ЦИЉ Јосиф Бродски: ГОВОРЕЋИ О МУЗИЦИ Јосиф Бродски: ПИСМО Л. И. БРЕЖЊЕВУ
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The point of departure in this paper is that the optimal goal system for the member states’ competitiveness is pooled sovereignty versus confrontation with the EU. Under the pressure of global crisis the EU has turned defi nitely to the systemic architecture and it expects its member states to follow this systemic accommodation as well. Therefore the theory of differentiated integration has come to the fore in the European Studies that has demonstrated the process by which some member states have turned from the mainstream in the Union to the negative and regressive way of differentiation. This paper tries to argue that the negative and regressive way of differentiation simultaneously endangers the global competitiveness of the member states.
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The present writing is the edited version of the talk given at the time when the author received the Bibo Prize. It attempts to interpret the institutional transformations of the recent years with the set of tools of social choice. The institutions bargained about during the process of the system change had included some problems of effi ciency and competition right from the outset which havebecome more dominant with changes in the power relations and hence preferences of the main parties. The actor, however, wording institutional transformation has over-valued the necessary extent and depth of transformation and has transformed the necessary institutional reforms into a moment of constitution-making in the background of which there had been the over-assessment of uncertainty in the system and a drive towards absolute certainty. The writing does not only see a political mistake in the assumption of this objective but also the exclusive assertion of power rationality on the side of the main actor. The political and social consequences of transformation, including the weakening of the set of democratic institutions as well as the distortion of the system of social norms warn that the achievements of political science as a discipline for understanding the political world should be enlarged by a critical eye to enable it to refl ect upon current and important issues.
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The article concerns the entry barriers in Hungarian political markets since the regime change of 1990. First, it delineates the markets corresponding to the different levels of the “political pyramid”, namely the markets for participation, parties and government. Following the cue from industrial organization theory it continues with an analysis of entry barriers, hard and soft, along with their operationalization for empirical research. Two hypotheses are examined in this context. On the one hand, it is assumed that electoral reforms involving higher entry barriers induce lower participation in the market for parties and vice versa. According to the empirical section this assumption holds for the period in question as the only major upheaval in the electoral system in the 2010–2014 governing cycle duly led to dramatic changes in the number of party lists. On the other hand, the proposition is made that for the incumbent on the market for government electoral reform serves the purpose of electoral success by manipulating entry barriers. This hypothesis was also confirmed as the ruling Fidesz party ushered in strategically motivated modifi -cations to the electoral system. Based on this analysis, the ideal types of in cumbent and contender strategies are formulated with respect to electoral reform in particular,, and entry barriers in general.
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Penal populism, which advocates severe punishment of criminals, has greatly infl uenced justice policy measures in Central and Eastern Europe over the last decade. International research has found that radical and populist right-wing political parties and the tabloid media have taken a leading role in legitimizing the discourse of penal populism. This paper investigates the Hungarian discourse of penal populism revolving around the recent criminal policy reform known as the ‘three strikes’ measures. We explore the interpretive frames of the main populist and the anti-populist actors through content and frame analysis of the political communication and the media. Our results show that penal populism was dominant in the Hungarian political discourse of the criminal justice policy reform. The role of the media, including the tabloid press, however, has been rather controversial: explicit penal populism has been present only in a tiny minority of the analyzed media sources. Yet, by the frequent and expressive portraying of crime in a descriptive manner without offering any social explanations, the Hungarian media might have potentially contributed to an atmosphere legitimizing penal populism. The results thus partly contradict previous fi ndings and offer a more nuanced view on how penal populism is being constructed and promoted in Hungary.
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The paper addresses the question whether government performance is measurable. What are the opportunities and limits in this regard? The main argument is that at fi rst the researcher needs to specify the type of “performance” that is to be measured. Most importantly political (ultimately: winning elections) and policy (measured on social impact) performance should be differentiated. Further differentiations are also suggested, based mostly on international literature. The paper argues – to some degree against the mainstream beliefs and practice in Hungary – that the performance is measurable and is / would be necessary to be measureed.
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Disruption of continuation of construction companies may be due to an unstable market, unclear legal regulations, changes in the prices of raw materials, tendering procedures, lack of funds and the way of management. Usually this means declaring of bankruptcy liquidation. The trustee are managing. The task of the trustee is to make optimal use of the assets of a bankrupt company to satisfy its creditors as much as possible, at the lowest cost. In business practice, this means obtaining cash as a result of selling off the assets of the wealth, or the continuation of construction projects not completed before the bankruptcy. The decision making process by the trustee requires the use of useful information. Therefore, the aim of this article is an attempt to answer the question whether, the accounting of construction companies in liquidation bankruptcy provides useful information reporting for trustee. The article uses an analysis of the literature, analysis of legal regulations, and the observation of economic practice.
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The banks rule is mandatory creation of impairment losses on loans, which take the form of either created specific provisions (in the case of banks using the provisions of the Accounting Act and applicable regulations), or impairment losses the value (in the case of banks applying the provisions of International Accounting Standards). All banks in Poland for reporting needs to be sent to the Polish National Bank, as well as the needs of the tax law, determine the size of specific provisions, notwithstanding the provisions of accounting. Specific provisions are at the expense of the bank, and thus have a huge impact on the financial result of the bank, also in terms of tax. The tax system provisioning is not entirely favorable for the banks, because the current tax rules assume that the specific provisions are included in the cost of the tax, but after the fulfillment of the strict rigors of the tax law. The purpose of this article is to present the tax issues related to the creation of specific provisions in Polish banks and an indication of the problems arising from these solutions. The article uses a national literature in this area and legal acts; a method of analysis. At the end of the article conclusions presented. The paper is an attempt to answer the question how the current legal arrangements for the taxation of specific provisions are advantageous for banks. The article can be an indication not only to the chief accountants of the bank but also for the management of the bank.
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