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In this article the activities of Pension Fund of Ukraine in the capacity of main financial mechanism of the national pension system is examined. The structure of Pension Fund’s revenues and expenditures during the period of 2006–2011 is analyzed. An emphasis is made on the problems of efficient pension funds application as well as increased financial pressure on the Pension Fund in a demographic crisis
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Introduction. Business value is largely determined by intangible assets, namely intellectual and information resources. Ukrainian companies pay little attention to Research and Development. As a result, they lag behind in their core activities, development, patent and offer very few technological solutions. Therefore, studies related to intangible assets and their role in the creation of enterprise value are vital. The purpose of the article is to evaluate profits of owners who neglect intangible assets which influence the value of the company based at systematisation of the existing financial and accounting approaches. Results. The systematization of financial and accounting approaches to determining the value of the enterprise and assess the impact of intangible factors to the enterprise value. The authors have proved the difference in value of equity calculated according to the balance sheet and its market value caused by the hidden (off-balance) capital. The proposed analytical model of the enterprise includes loss of profits due to the influence of intangible factors. It identifies three important intangible factors affecting the value of the company, namely the number of loyal customers and the quality of loyalty; training skills and loyalty to the enterprise, and recognition of the brand. Conclusion. The present financial statements do not allow estimating the market value of enterprises, since not all the intangible factors are reflected in the financial statements. The management of intangible factors, such as a business enterprise reputation, knowledge and competence of staff, customer loyalty, remains controversial and methodologically unsolved and requires further studies.
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The article examines the role of the channel of the financial assets’ prices in providing equilibrium dynamics of economic development in the long term. The possibilities of the financial and monetary impact on macroeconomic proportions by adjusting the prices of financial assets in Ukrainian economy are considered. The author compares advantages and disadvantages of the profitability level of investment in real capital regulating in order to provide the potential size of production in the economy of Ukraine. It is concluded that the increase of alternatives available for private investment is necessary. The priorities of economic policy in enhancing the formation of production capital and in regulating of financial assets markets are also stated in the article
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Today in Ukraine published many scientific articles and monographs related to insurance, its problems in different directions and its prospects of development. However, there are almost no researches related to the retrospective analysis of the formation conditions of the modern insurance market. In particular, the period of insurance in Ukraine during 1988-1991 (transitional period, or period of demonopolization of insurance system), which has laid the foundation for a formation of the national insurance market, is highlighted quite fragmentary and intermittently. The author considers that awareness (understanding and disclosure) of mechanism of the industry transformation during a state system changes is necessary to distance in time. From this view, the disclosure of the problem is carried in terms of the present and after more than 20 years of insurance functioning in independent Ukraine. In this article, the period of demonopolization of insurance in Ukraine in 1988-1991 is analyzed in detail, including key financial indicators of the insurance business development (insurance share in GDP, the level of payments, etc.), legal provision of insurance and a comparative analysis of insurance business in Ukraine and in the most developed countries of the world (Japan and the U.S.) in 1989 are made. Also, the author has conducted a thorough study of state insurance companies’ transformations (Ukrderzhstrakh and Inderzhstrakh of the USSR) and the result of their transformations – appearance of the first commercial insurance companies in Ukraine. In the article the financial and legal prerequisites and transformational period conversion monopolization of insurance in Ukraine are investigated, which laid the foundations for the formation of the national insurance market.
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Introduction. Negative effects of the global economic crisis, contradictions of social and economic policies of Ukraine caused by insufficiently effective reforms and frequent changes in Ukraine’s legislation have led to numerous problems in the field of budgetary relations, including the excessive centralisation of budget funds, increasing public debt, insufficient provision of sources of real income for delegated local authorities, etc. These problems can be solved by means of the declared fiscal decentralisation. Its implementation will help to strengthen the financial basis of the local self-government, improve the social and economic situation and provide an increasing number of jobs and decreasing migration. The purpose of the paper is to evaluate the process of fiscal decentralisation and the changes, caused by it in relationships between budgets due to the delineation of expenditure responsibilities and sources of income in order to compare the obtained and expected results. Results. The main disadvantages of fiscal and tax reforms have been defined as follows: rapid implementation without proper substantiation and preparation; incomplete sectoral reforms and administrative-territorial reform that would precede the budgetary reform; increasing centralisation of budgetary funds despite the declared fiscal decentralisation; the handover of power from public authorities to local authorities without proper financial provision. In order to implement real fiscal decentralisation it was proposed to provide conditions for people’s active self-fulfilment when they set up their own business, promoting the increase of revenues into the budget; to ensure the delegated rights on expenditures of the amount of designated financial resources alongside with the handover of power from public authorities to local authorities; to improve the order of calculation of basic (reverse) dotation with the possibility of its adjustment due to the objective circumstances; to review the revenues of the local budgets in order to increase local revenues and reduce transfers from the state budget. Conclusions. Having conducted this research, a conclusion was drawn about insufficient effectiveness of the budget and tax system reforming, intergovernmental fiscal relations and declarative nature of many activities of fiscal decentralisation.
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The main part of the tax system in Ukraine make the taxes, the payment of which can be easily avoided. It complicates the management of them and doesn’t give a possibility to fully realize the tax system potential. That’s why the structural changes in property taxation and taxation on incomes from saving on deposit accounts are quite necessary. The aim of this article is to evaluate the amount of the taxes which can increase the state budget incomes in case the structural changes in property taxation and taxation on interest incomes from deposit accounts are realized while constant level of total tax burden. The structural changes in property and interest incomes taxation give a possibility to receive additional 13.6 billion UAH or decrease the total tax burden by 0,6 percent without running a risk of losing a part of the budgetary incomes. The suggested structural changes don’t require significant reforms in the tax system of Ukraine. The introduction of the property tax and the tax on interest incomes from saving on deposit accounts will promote the realization of the social fairness principle in taxation.
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Working with the media – press, radio, television, suitable communication channels, when the advertising campaign is large enough to justify the costs, is of particular importance for the tourism companies. The distribution channel for the advertising is the mediator for delivery of the advertising message to the addresses, i.e. to the persons or persons and organizations for which it is intended. The right choice of communication channels and means to transfer the advertising message to a specific target group or audience in both domestic and external markets, presupposes knowledge of the basic features of each media, determining its advantages and disadvantages. Choosing the most appropriate advertising media and tools is performed by comparing the specific characteristics of the different distribution channels of an advertisement and the relevant promotion of the advertising message to the target groups. A SWOT analysis is being provided for the communication channels used by the orthodox monasteries in South-West Bulgaria.
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In today's unstable economic conditions for the enterprises, their governmental policies and industrial and commercial activity will become effective financial difficulties caused by a foreign national problems: unstable political situation, an inadequate legal framework, non-payments crisis, the decline in production and internal: inefficient use of funds, imperfect marketing, lack of production and financial management, imbalances in financial flows. The process of transition has not ended to this day. In today's unstable economic conditions for the enterprises, their governmental policies and industrial and commercial activity will become effective financial difficulties caused by a foreign national problems: unstable political situation, an inadequate legal framework, non-payments crisis.
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The development of economic processes and activities raises the need for adequate knowledge and skills related to fraud detection. The relevance of the study is related to the continuous change and development of the means and approaches used by the control bodies, the emerging phenomena and processes requiring innovative thinking and the developing technologies and software tools for financial fraud. The purpose of the research study is to identify the inherent characteristics of financial fraud and their perpetrators by analysing the regulations governing its manifestations and systematizing the types of financial fraud. The goal is achieved by performing the following tasks: defining the concept of "fraud"; outlining the main features of financial fraud; analysis of the legal framework; systematizing the types of financial fraud by certain indicators; examining the profile of the perpetrator of financial fraud. The thesis being defended is that financial fraud is a dynamic and complex phenomenon that requires adequate measures by the control and judicial authorities, taking into account the changes in the profile of the perpetrators and the methods of committing misconduct. As a result of the study, the legal regulation of financial fraud was systematized, criteria for their differentiation were drawn up and the characteristics and profile of the perpetrators of financial fraud were drawn up.
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The main theoretical aspects of asset management are focused in this article in order to outline the features directly related to the investment portfolios of the pension funds with the largest application and significance. This approach elucidates the causes for the current state of the investment activities of the pension companies in Bulgaria. The dynamics of the investment instruments and the structure of the investment portfolios in the country are studied to identify some of the leading and principal trends in the post EU accession period of Bulgaria under the conditions of global financial crisis. Interesting and contradicting conclusions are made about the changes in the investment structure of the pension funds.
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The study of large urban centers as tourist destinations is done from different perspectives. Their analysis is important since they are carriers of important features for selecting the destination and its attractiveness. These arguments form the basis for defining the concept of "urban tourist destination" and define approaches that are relevant to the formation of conceptual and practical models to measure its attractiveness. The paper examines the different methods of measuring the attractiveness of the urban tourist destination. An emphasis is placed on research methodology based on the Global Power Index. An overview of the results of the application of this method is made and the ranking of the ten most attractive urban tourist destinations in the world for the period 2014-2016 is analyzed.
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The goal of the article is to define the nature and structure of management system of the technical instruments. The paper presents the definition of management of customs controls technical systems as an ordered set of actions of interrelated elements that provide use of technology during customs control. The aim of the operation is to improve the use of technical systems and special means of customs control. According to the law, the subject of administration is the State Fiscal Service of Ukraine, its structural units and officials. The object of management is technical systems and special means of customs control, namely the process of application. It is defined necessary valuation, accounting, analysis and ranking of needs, control over use, analysis of results and effectiveness of the use of technology, market monitoring, coordination, and information support the formation and training of employees. Clarification of goals and objectives that must be met to achieve them will form clear vision areas of improving handling process and use of technology to increase the efficiency of customs control.
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The global financial crisis since the beginning of the century has ushered in a new era of extremely low interest rates and contributed to a significant increase in global debt. The main problem facing the global economy today is the extent to which countries have fiscal space and, accordingly, what changes in economic policy are required to achieve debt sustainability. A good solution to this problem is the issue of economic growth indexed bonds. The purpose of this article is to review the characteristics and features of this instrument and, on this basis, to make recommendations for their implementation in debt management.
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Information is a key element of modern corporate governance, adapting the information process to controlling concept is a specific process that ensures successful corporate governance
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The article examines the specific conditions and characteristics, which underlie the development of the informal economy and competitiveness and their interrelation in transition economies. A system of competitiveness indicators has been defined, which were subsequently, taking into account the impact of the informal economy. The applied indicators enable the investigation of the determinants of competitiveness. The applied indicators were designed to reflect the specificities. transition countries. The analysis of these indicators reveals the specific characteristics of the informal economy and competitiveness in transition economies.
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The actuality of global supply chain management increases together with the growing rates of globalization and the extending specialization of organizations which makes them dependant on each other. The ways to increase the effectiveness of material, information, financial and knowledge flows management in the global supply chains are based on the proper evaluation of a great number of factors from the international environment, the strategic configuration of the supply chain concerning its members, the functions they perform and the location of their operations, as well as on the continuous coordination of the activities in the chain through information and knowledge exchange and the development of relationships of trust and cooperation. On the basis of a research, carried out in Bulgarian organizations participating in global supply chains, the paper reveals the integration practices applied in the relationships with their foreign partners. There are proofs for the absence of readiness amongst the researched organizations to apply practices characteristic for the highly developed countries as well as to make efforts for integration with their Bulgarian contracting parties.
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The economic development of Bulgaria is somewhat running behind compared to other European Union countries. This ongoing issue raises the necessity for an in-depth analysis of the causes which are impeding the dynamic growth of the country. In this regard, the paper has two objectives - first it aims at outlining the key economic features of business development in Bulgaria, which are strongly related to future exponential growth. The second and most important objective of the study is to offer practical solutions for improving the conditions for more efficient implementation of business processes. Achieving the goals that have been formulated requires the following task to be carried out, namely to analyze a set of indicators of the business environment that are a key factor for its development. The main thesis of the study is that identification the favourable opportunities for qualitative improvement of certain system indicators of the business environment creates prerequisites for stimulating the development of the Bulgarian economy. Based on the research, it can be concluded that in order to increase the overall competitiveness of Bulgarian enterprises, urgent measures are to be taken by the state to improve the conditions under which business entities operate.
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Air passenger transport is essential for society and economy. This article examines the development of the low-cost carriers market in Europe and the specific characteristics of low-cost airlines, which distinguish these airline operators from the other participants in the aviation market. It also analyzes the serious expansion of this market segment in Europe for the period 2005-2013 and formulates recommendations for possible improvement of the business strategy of low-cost airlines.
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The paper discusses the characteristics of charismatic leadership, as one of the major styles of leadership within the organizational context. The concept of charisma is defined, as well as the most important characteristics of charismatic leaders, in an attempt to answer the questions of where these leaders' capability to influence others stems from, what is it that distinguishes their behaviour from that of other types of leaders, and what are the most important positive and negative effects this style of leadership has on the followers.
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