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The globalization of financial markets achieved by dynamic technological advancements, financial market liberalization and the departure of capital controls have urged all MNC with foreign money streams the need to manage foreign exchange exposure risks introduced by a volatile exchange system. Today, multinational firms are striving to create methods and methodologies for an efficient and effective exchange risk management. The foreign exchange strategy embraced is essential to an MNC in the present-day condition because of the great inconstancy in transaction rates and needs to advance with the dynamic structure of the organization. Further, given the way that organizations are continually signing commercial and business contracts titled in foreign currencies, precise estimation and supervision of exposure and economic risks have turned out to be vital to the success of an MNC. This paper review the traditional types of exchange rate risks faced by the firms due to the surge of global quest for trade across borders. The paper further explains the importance of risk management strategies with special reference to hedging and outline the various hedging strategies both external and internal used by Multinational companies (MNC’s).
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Current policies in energy sector address issues including environmentally friendly technologies, clean and renewable energy supplies and encourage more efficient energy use. The biofuel policy aims to promote production and consumption of fuels made from biomass. Despite the presence of both positive and negative effects of biofuels the world production and consumption of biofuels have been increasing significantly. To a large extent, this is due to an active public policy in the field of stimulating the production and consumption of biofuels. The volume of biofuel production in the leading countries (USA, Brazil and the EU) has been analyzed. The influence of public policy in the sphere of biofuel production and consumption on energy, environment and food security of the state has been examined. Multivariable and paired correlation as well as regression analysis aimed to determine the price dependence of the main crops used as feedstock for biofuels production, the volume of their production or processing for biofuels and the volumes of biofuel production have been carried out. As a result of this analysis the impact of the public policies in biofuels on the еnergy, environment and food security has been identified.
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This paper takes a simple model with pollution and environmental quality and derives some novel results. In particular, pollution is shown to be a Giffen good. This is a very important finding with clear policy implications, namely that carbon taxes (and pollution permits) are counter-productive, as they lead to increase in pollution, and instead governments should administratively set emission caps.
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Considerable interest of environmental studies has appeared in the literature over the past decade. Environmental performance indicates a way to minimize environmental damages caused by business activity. It is evident that good environmental performance signals wise protection of the natural environment. However, it is still not entirely understood the factors that affect the environmental performance. As such, the purpose of this paper is to examine factors that contribute to the environmental performance utilizing the theory of Dynamic Capabilities and investigate the body of literature constituting the field. The outcome of this study is expected to provide useful direction for the policy makers and companies to combat environmental issues.
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The purpose of the research is to assess the efficiency of enterprises by the means of analysis of the functioning environment, which made it possible to identify reserves for improving the results of their economic activity. For the first time, it was proposed to use the positioning (relocation) technique of enterprise positions, although previously the method of analysis of the functioning environment was used to determine the technical inefficiency of business entities. Based on the calculated line of technical efficiency on the actual results of the enterprises, a new line of technical efficiency was constructed by moving their positions to improve the income (revenue) from sales of products and labor costs of hired workers and capital (fixed assets) in the context of maximizing profits in the environment functioning of economic entities. Itis proved that improvement of the position of an enterprise allows reducing expenses not only on capital, but also on wages of hired workers. Despite the ability to reduce capital expenditures and thus increase the cost of wage labor, almost all enterprises prefer saving capital over the possibility of investing in wage earners. The results of the study can be used by managers in planning the ways to achieve profit in the context of the sustainable development strategy of the enterprise.
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The article deals with the problems of the ecological system in Russia and the directions of their solution on the basis of economic and social development programs. Consumer attitudes of people to the environment is the main cause of the deterioration of its condition, which leads to a decrease in stocks of non-renewable natural resources. In addition, it threatens the existence of humanity. The environmental problems of our time require not only the introduction of resource saving technologies in all sectors of production, the use of alternative energy sources, but also ensuring the restoration of the already damaged ecosystem resilience and their preservation in the future.
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The article discusses the financial aspects of solving environmental problems in a "green" growth. The possibilities of saving natural resources make it necessary to develop and conduct an effective technological policy in the economy, which in turn should be manifested in the practical implementation of scientific and technological progress in the field of products, technologies and services. A state with environmentally sustainable and balanced economic reforms and creating an economic environment at the macro level can facilitate and accelerate the transition to a green economy. Numerous local, global economic crises of the last decade indicate the instability of the existing world economic structure. The world community continues to discuss the issue of building a new model of the economic system, which is called the "green" economy. Sufficiently strong inflow of investments along with the rapid pace of development of the "green" economy, gave rise to the bold expectations of the prevailing part of politicians and analysts in strong economic growth in the coming decades.
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The goal of this research is to test the effect of environmental disclosure on cost of capital. Also, to examines the environmental risk on its relationship on cost of capital. This study is derived on the stakeholder theory, legitimacy theory, and signaling theory. To implement the stakeholder theory, the companies can inform their environmental issues by disclosing their environmental management (Meng et al. 2014). They also disclose their environmental issue to fulfill both national and international regulation on environment to implement the legitimacy theory. Disclosure of environmental issue also indicates investor reliance. The larger disclosure will increase the more investor reliance (El Ghoul et al. 2011). Disclosure also indicate the signal of management to the investor. The design of this study is an explanatory research with quantitative approach. The populations in this study are the companies that listed on Indonesia Stock Exchange. The sampling technique based on purposive sampling. The data used is secondary data; consist of annual report of the company and financial report. The authenticity of this research is the first accounting study in Indonesia that examines environmental risks. The result shows that environmental risk can moderate the relationship between environmental disclosure and cost of capital.
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The purpose of the study is to investigate the impact of organisational culture on firm environmental performance in the context of the hospitality sector. The study used the quantitative research approach with descriptive and causal research design. The Denison organisational culture questionnaire was used to measure organisational culture. The Denison questionnaire contains four traits namely involvement, consistency, adaptability and mission. The questionnaire was distributed among 500 owner/managers of formal hotels and guest accommodations in South Africa. Data gathered were analysed using descriptive statistics and structural equation modelling. The results of the study indicate that the four traits of organisational culture (involvement, consistency, adaptability and mission) have significant positive impacts on the environmental performance of firms in the hospitality sector. The findings of the study can assist firms in the hospitality sector to understand the significance of internal intangible factors such as the organisational culture in the implementation of environmental sustainability initiatives.
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This study aims at finding out how the processes of socialization to make a river became fragrant in Bandung, West Java, Indonesia. By this socialization, there was a hope for introducing environmental literacy to the community, so that appeared the idea of the Fragrant River of Citarum. Having socialized, there were series of knowledge, cognitive skills, attitudes and responsibilities examined to introduce environmental literacy to the community, especially the upper Citarum inhabitants. This study is qualitative in method and a case study in approach. Through such data collection techniques as observation, interviews, and documentation studies this writing follows the Miles and Huberman’s interactive model in analyzing the data. The results of this study show that the environmental information literacy owned by the residents of the upper Citarum River is not good in maximizing the information and knowledge they have for the surrounding environment. However, Citarum Fragrant program was very effective in bring the information and knowledge to the community in overcoming the waste dumped to the river.
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This paper is devoted to the methodology for assessing the development of extra- and intra-integration structures. This methodology consists of three levels of economic assessment of the agro-industrial sector: the regional level, the economic sector level, and the enterprise level. The agro-industrial complex of the Altai Republic has positive business dynamics due to the development of the livestock industry. Through assessing the business outlook for agro-industrial integration using the three levels, it has been determined that the livestock industry has the greatest potential for creating large integrated structures in the Altai Republic. The study justifies the need for creating an internal cluster (intra-cluster) in the maral deer breeding sphere of the Altai Republic, and an external cluster (extra-cluster) in the sphere of meat-and-dairy cattle breeding in the Altai Republic and the Altai Territory. The authors propose a ‘business-as-usual’ and a target scenario for the development of the agroindustrial complex of the Altai Republic until 2025. The target scenario reflects the effectiveness of the proposed measures for the development of the agro-industrial complex of the Altai Republic. According to this scenario, the formation of intra-clusters and extra-clusters in 2025 will leadto an increase in total profits of the livestock industry enterprises under analysis by 451 million rubles and of budget allocations by 194.3 million rubles. The goal of this study is to develop theoretical and methodological guidelines for shapingand developing integrated structures in the agro-industrial complex.
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The article discusses the issue of a relationship between the failure to ensure legal certainty related to reasonable and legitimate expectations and possible claims for damages lodged by private entities against the host country. The changes in the system of regulation of investments in wind power plants in Poland which affected the profitability of such ventures were an impulse for analysing this issue. The presentation of changes in the regulatory environment of wind power plants in Poland combined with an analysis of changes in the methods of acknowledgement of liability for damages in French law may result in very interesting conclusions for both the Polish legislators and private operators engaged in wind power generation. The French jurisprudence and doctrine may provide a wider spectrum of potential legal grounds for compensation claims in the this field and provide an impulse for further more detailed analysis.
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Directive 2015/2376 introduced the duty to automatically exchange the information on all on advance cross-border rulings and advance pricing arrangements that can have a potential impact on the tax base of other EU counties. The changes implemented by the Directive are of considerable importance: an automatic, systematic and effective exchange of data on cross-border tax rulings should enable tax authorities to take more effective actions towards detecting tax avoidance and evasion. The perspective of enhancing the international cooperation between tax administrations of EU Member States is also an important factor. The aim of the article is analysing Polish solutions that fall under the scope of the Directive, with a special emphasis laid on advance pricing arrangements (APAs). The paper presents the current legal status for Polish advance pricing arrangements and examines the dynamics of their use by Polish taxpayers in years 2007–2017. Next, it looks at the use of Polish APAs, in comparison to the similar measures taken in other EU Member States. The article also analyses whether future changes in Polish tax law may stimulate increased interests in instruments that limit the tax risk of taxpayers. In order to reach the research objective, the analytical and comparative method was used, with particular reference to the source materials and legal acts, as well as reports from the Ministry of Finance, the European Commission and the European Parliament.
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The business activity of real estate development companies depends on very many macro as well as micro factors. The main determinants of their operation on the real estate market include those of a supply-demand as well as institutional-legal nature. In practice, it turns out, however, that even in the case of excellent financial and sales results for at least a few years, they are faced with increasingly large problems and limitations, which first influence a decrease in growth rate, and later can be a source of problems with financial liquidity. The aim of the work is to identify the most important current determinants connected with the business activity of real estate development companies, accounting for both regulatory as well as market risks. A study states that in 2017–2018, conditions of management in the housing sector have changed and symptoms of their deterioration are visible. The results of the carried out analyses indicate that the investment boom and very favorable climate for carrying out activities connected with real estate development, especially on the housing market, which has been around since at least 2015, began to show increasingly clearer symptoms indicating a halt in the growth rate and a worsening situation of real estate developers at the beginning of 2018. The applied research methods include a study of the source literature and current legal regulations, as well as the analysis of statistical and financial data derived from rich, both primary and secondary empirical databases. The financial data used in the study relate primarily to the leading development companies listed on the Warsaw Stock Exchange.
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Motivation: The motivation to address the topic was the observation of numerous cooperation of polish enterprises with foreign competitors with simultaneous existence of competition process between them. Thus, domestic enterprises decide to establish coopetition links with their foreign competitors, the aim of which is to enter the markets currently occupied by domestic producers. Particular attention was paid to the phenomena of internationalization strategies with the focus on glocalisation strategy which is caused by the abovementioned coopetition agreements.Aim: The aim of the article is to identify coopetition phenomena as the dominant tool in the implementation of the glocalization strategy in the internationalization of enterprises in Poland. In addition, a specific aim is a comparative analysis of various internationalization strategies, with particular emphasis on glocalisation, to identify possible impacts on market participants in which these strategies have been implemented.Materials and methods: Research methods are divided into two parts: systematic review and study. The first part reviews numerous of meta-analysis in the fields of main problems discussed in the course of the paper. The study part presents own qualitative research that contains the data of ten industries for the occurrence of one of three internationalization strategies and possible cooperation between competitors. The source of the materials are the author’s own observations, meta-analysis from worldwide scientific journals, press reports as well as official company announcements.Results: In the conclusion it was primarily stated that coopetition can be the dominant strategy for foreign enterprises in order to implement the strategy of glocalisation in various industries in Poland. Furthermore, significant differences might be observed between the effects of implementing particular internationalization strategies on the example of the analysed enterprises.
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Motivation: One of the basic problem in macroeconomics is issue of wealth of nations. In the past, a significant part of economists, used to identify the scale of economy, or dynamics of its growth, with the life rate. Nowadays, the evaluation of wealth of a society comes down to the rating the quality of life in a given country. In the mainstream of macroeconomics discourse, Gross Domestic Product (GDP), alongside with its derivatives, is used as a key method of measurement. Unfortunately, those indicators do not include a number of key aspects, that influence the wealth ratio. Because of that, throughout the years a new, expanded approach and new indicators were developed, for example the Human Development Index (HDI). It seems essential to consider their cognitive value in the context of a modern approach to the economy of happiness. For this purpose, an overview of the most popular wealth and quality of life indicators was compiled, and was confronted with non-economic data considering the processes happening in societies, with a main focus being the interpretational disparities, and possible different outcomes.Aim: The aim of the article is the evaluation of quality of life rate by overviewing available solutions and methods, and confrontation of the result with public statistic data considering the selected countries of the European Union (EU).Materials and methods: The systematic review and critical analysis of sources, aggregated macroeconomics data analysis and public statistics were used. Data published by Eurostat, Organisation for Economic Co-operation and Development (OECD), World Health Organization (WHO) and the World Bank were considered empirical material.Results: There are significant differences in the evaluation of life quality between the indicators used in the main economics discourse and the empirical data from other studies i.e. social and medical.
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Motivation: The motivation to raise the issue was to draw attention to disadvantages as and advantages of various project management concepts, in particular the group of agile and traditional methodologies within information technology (IT) projects.Aim: The aim was to demonstrate the statistical profitability of migration to the methodologies better suited for the adaptive industry in which the software-producing enterprises operate. The detailed aim was to show positive dependencies, if the management concept is correctly selected to meet the expectations of the client and the project.Materials and methods: The conclusions were based on a comparative analysis of a group of methodologies, as well as a verification of the research carried out by Scott Ambler + Associates company.Results: The conclusion was that the traditional approach to project management does not fit into the canon of modern and adaptive techniques, that would meet the requirements set in the era of globalization by flexible IT projects. In addition, the analysis of responses provided by the respondents shows how drastically a change in approach to the entire project cycle affects the probability of success and reduces misunderstandings between client and contractor.
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Motivation: Currently produced video games are becoming more and more technologically advanced, which contributes to the intensive development of the video games market. Supplementing the specificity of this market as well as presenting the financial situation of the CD Projekt company operating in this market were the main motive for choosing the subject of the article.Aim: The aim of the article is to characterize the video games market in Poland as an example of the creative industry and compare the revenues of this market with financial results of CD Projekt.Materials and methods: In the theoretical part descriptive analysis were used, while in the empirical part comparative analysis. The empirical material consists of KPT, Newzoo and CD Projekt reports.Results: Based on the conducted analysis, it has been shown a small impact financial situation of CD Projekt on the results of video games market in Poland in 2015. The characteristics of the video games market in Poland has shown that the popularity of e-sport is growing and technologies virtual reality (VR) and augmented reality (AR) have high potential.
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