"Celotno posojilo Mestne hranilnice ljubljanske je šlo v žepe akcionarjev in po drugih napačnih potih." Mestna hranilnica ljubljanska in propad industrijske delniške družbe Karel Pollak

Author(s): Mitja Suncic / Language(s): Slovenian / Issue: 2/2009

Ljubljana City Savings Bank and the Decline of Karel Pollak Industrial Joint-stock Company This year it is the 120'h anniversary of the establishment of Mestna hranilnica ljubljanska (Ljubljana City Savings Bank). On the basis of the archives of this monetary institution, the author of the following contribution explores the previously unknown event, never mentioned before in the historical overviews published to date, of the crediting of the major leather industry joint-stock company Karel Pollak in the period between both World Wars. The discussion focuses on the dynamics of the business relationships between the creditor and borrower with the emphasis on the increasingly tense relations in the time when the Karel Pollak company found itself in financial trouble. In the middle of 1920s the Ljubljana City Savings Bank granted a mortgage credit to the family joint-stock leather industry company Pollak in the amount of 25 million dinars, which was extremely generous for the circumstances of that time. The issue was not problematic until the Great Depression, which affected the Pollak leather company severely. A two-year conflict ensued between the City Savings Bank and this company, during which the owners of the company resorted to many dirty and unethical business moves. The dispute concluded with the bankruptcy of the Pollak joint-stock company and the takeover of its factories, carried out by the City Savings Bank. However, the consequences of the granting of this credit did not only affect the Pollak family - the Ljubljana City Savings Bank also suffered considerable financial losses.

"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian / Publication Year: 1994

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

(NE)POUZDANOST FINANSIJSKIH IZVEŠTAJA U PROCESU KVALITETNE PROCENE BONITETNOSTI KORISNIKA KREDITA

Author(s): Aleksandar Vasiljevic / Language(s): Serbian / Issue: 06/2013

Regardless of supporting or challenging balance analysis as reliable indicators of borrower solvency, a legal obligation exists, to keep record of each borrower’s balances in the past three years and the intersecting balance at the time of loan application. Balance sheet data from the last official annual income of the borrower is the basis of balance sheet classification of assets and creating indicators for banks. Regardless of the regulations prescribed by the NBS and indicators that are observed in the balance sheets of the Borrower, each bank decides how to evaluate individual balance indicators which makes the basis of credit risk management. Balance data cannot provide a reliable insight in the quality of borrower’s business without the analytical analysis of balance sheet items. The need for engagement in the analysis of balance sheet items is increasing with the growth of loan maturity, but for loans with maturity over 5 years, the balance sheet analysis is meaningless because it is a long enough period in which the quality of business cannot be predicted on the basis of history and the present balance sheet indicators.

(Ne)zaštićenost trećih osoba ugovorima o osiguranju od autoodgovornosti u Bosni i Hercegovini

Author(s): Alma Smailhodžic / Language(s): Bosnian / Issue: 20/2017

Under the Motor Vehicle Damage Liability Insurance Contract, a legal relationship is established between the insurer and the insured. However, if in the traffic accident the damage is caused to a third person, that person is entitled to compensation directly to the insurer of the motor vehicle liability insurance contract between the insurer and the owner of the vehicle engine, but not according to the basis of this contract, but according to the basis of the law itself. For this this kind of insurance we call extracontractual or legal insurance. The circle of third persons, the people who have the right to compensation by motor vehicle use in the movement, does not have the same magnitude in all countries. There are many factors that influence the width of the circle of third persons (the level of economic and civilizational development, the material possibility of certain countries, etc.). The development of insurance law up to now shows the trend of expanding the protection of the damaged, as well as an ever smaller number of people and victims of traffic accidents who are left out of the law for compensation.

(Нео)протекционизам и светска економска криза

Author(s): Branislav M. Pelevic,Vladimir M. Ristanovic / Language(s): Serbian / Issue: 4/2011

The collapse of international trade is aftermath of global economic crisis in 2008. Decline in trade was even higher compared with the period of the Great Depression and, moreover, international trade has recorded a much greater decline than the world’s gross domestic product. Previous causality has been confirmed in Serbia and global crisis hit the economy of Serbia with the lag of one quarter. Initial fall in output and trade was smaller in the world than in Serbia. Growingprotectionism is not among the main causes of the collapse of the trade, but it is its essential companion. Protectionism, however, can provide positive effects only in short term. It leads to a decrease in exports, employment and income in other countries, but will invariably have feedback - leading to the fall for products imported from countries that increased protection. Opening the market undoubtedly contributes to more efficient and dynamic growth.

10 lat członkostwa Polski w Unii Europejskiej. Skutki włączenia do jednolitego rynku europejskiego

Author(s): Malgorzata Czerminska / Language(s): Polish / Issue: 1/2014

The inclusion of Poland to the common market for goods meant the abolition of customs duties and quantitative restrictions on agricultural products in mutual trade with the countries of the European Union (customs duties on industrial goods have already been abolished by the Europe Agreement) and the application of the Common Customs Tariff on imports from third countries. Freedom of movement of goods after the accession to the EU accounted for Polish entrepreneurs a chance, because the fulfillment of EU norms and standards means full access to the common market, amounting to more than 500 million inhabitants. Particularly noticeable was the impact of accession on foreign trade, which, thanks to the membership not only gained easier access to the common market, but also new opportunities to increase trade with third countries. Since Polish accession to the EU gradually increased trade in agricultural products as well as their participation in the Polish foreign trade. Emigration of Poles also increased significantly, especially to countries that with effect from 1 May 2004 opened their labor markets, namely the United Kingdom, Ireland. In the final evaluation of the benefits of joining the common market and free movement of goods, persons, services and capital far outweigh, in both the scale of the economy and at the micro level, the costs associated with membership in the European common market.

1980 Sonrası Ülkemiz Ekonomisinde Yaşanan Krizlerin İktisadi Yapıya Etkisi

Author(s): Zübeyir TURAN / Language(s): Turkish / Issue: 2/2018

Financial crisis is defined as sharp fluctuations of prices and quantities, occurring in financial markets reflecting as drastic economic problems with payments defaults in the banking sector, which in no way is impendent from each other. Crisis in one sector contaminates other sectors within small time intervals, which initially seems to be in periods. Many financial crises have occurred in the world since the 1970s. Although, a turning point like 1990‟s affected most countries leading to economic instability. Like in the past, most developing countries are not similar in terms of their socio-economic structure, on the other hand financial crises witnessed show several similarities. These financial crises, enlarged with the panic observed in the international investment markets, complemented with speculative attacks has diverged the financial capital flow among countries. Unemployment figures of the world have risen at the point of crisis in the end of 2008. As a result of the contraction in the foreign trade due to the crisis, the Gross Domestic Product of our country has been declining in great proportions. The effect of the crises on our country's economy has been examined in the study.

2005-2015 Yillari İtibariyle Seçilmiş Gelişmekte Olan Ülkeler Çerçevesinde Doğrudan Yabanci Yatirim-Ekonomik Büyüme İlişkisinin Panel Veri Analizi

Author(s): Selin Ayaz / Language(s): Turkish / Issue: 35/2017

The world has entered a period of intense globalization, especially after the 1980s. After this process, international economic, political and cultural relationships have increased. The biggest impact of globalization on the economy has been the increase in foreign direct investments. In this study, the effects of foreign direct investment on developing country economies were tried to be analyzed by panel data analysis. Economic growth has been affected foreign direct investments in the negative direction, foreign direct investments have been affected fixed capital investments in the positive direction have been achieved by this study for the base period.

2008 Finansal Krizinin BİST 100 Endeksindeki Firmalarının Temettü Dağıtım Politikalarına Etkisi

Author(s): Hazal Tasci,Turhan Korkmaz / Language(s): Turkish / Issue: 3/2018

In this study, both the factors affecting the dividend policy and the effect of the financial crises on the dividend policy of the companies were examined based on the 2008 Crisis. For this purpose, the analysis period is divided into three parts as whole period; 2004-2016, pre-crisis period; 2004-2008 and post-crisis period; 2009-2016 and the analysis has been performed by exercising panel data method as using financial data of 43 firms listed in ISE 100 Index. Consequently, a positive relation has been detected among dividend payout ratio being a dependent variable, firm profitability, growth opportunities, retain earning/equity ratio and cash ratio. Contrary to expectations, a positive relationship was found between growth opportunities and dividend payout ratio. On the other hand, it is identified that the factors influencing dividend policy of the firms change and cash ratio increase substantially at crisis periods. Due to the current liquidity problem, many companies have reduced dividend payout ratios in 2009-2010, but continue to pay. This proves that the information content and signaling effect of the dividend is valid even in times of crisis.

2008 KRİZİ SONRASI TÜRKİYE’NİN YENİ PAZARLAR ARAYIŞI UZAK DOĞU ÜLKELERİ ÖRNEĞİ

Author(s): Nigar GULIYEVA / Language(s): Turkish / Issue: 40/2018

In 2008, as the global crisis in the US mortgage system in Turkey directly result from the failure of the much palpable in its impact on the country's export and import partners of Turkey has shown itself to direct. During this period, experienced declines in exports and imports with important foreign trade partner for Turkey, the country has gone to the quest for new markets. After the 2008 crisis, Turkey's changed in quest of new trade, usually made with Europe and other regions of imports to exports to the US side, in particular, has begun to shift towards Asia. Made after the 2008 global financial crisis, this study has attempted to examine Turkey's new market seeking, for example, it received mentions the trade with the Far-East countries, focused on products having a significant share in this trade.

2008 Krizinin Bulaşma Etkisi: Bir Finansal Kriz Göstergesi Olarak Hisse Senedi Fiyat Endeksi Üzerine Bir Analiz

Author(s): Ceren Kocabas / Language(s): Turkish / Issue: Special/2016

Contagion can be expressed as the spillover of any shock across countries, and a change in market sensibility. In this study, in addition to the expression of the notion of contagion within the literature, there will be an analysis of the 2008 crisis using monthly data of the variable of stock price indices from January 2004 to December 2013 using the MA(1)-GARCH(1,1)-M method. According to the results obtained, it was observed that there was an increase in stock price volatility in the crisis period, and it was determined that most countries in different parts of the world were affected by the crisis which arose in the American mortgage market, and that the contagion occurred because of the financial channel.

2008 Küresel Finans Krizinin Sektörel Bazda Şirket Mali Tablolarına Etkilerinin Analizi

Author(s): Fatih B. Gümüs,Levet Aydemir / Language(s): Turkish / Issue: 1/2014

The aim of this paper is to analyse the effects of 2008financial crisis on financial tables of firms consolidating and comparing some of the company statements sectorally which are quoted on BIST before and after 2008 crisis.The distinctions was made by taking into account the connections between sectors withthe features and work–segments of firms. The non-continuous firms in the period of 2005-2012 with their extreme values which also affect financial ratios significantly, are excluded from the study. In this context, balance sheets of 59 firms from Food Industry, Metal Industry, sectors depending on Construction, Cement Sector which distinguish from Construction sector with its balance sheet size and financial structure, and Automotive & Supplier Industry are investigated. The data is interpreted by considering features of sector and conditions of our country. As results of analysis, almost all sectors are negatively affected in varying degrees and operating worsefinancial structure in post-crisis period than pre-crisis period. Especially increasing use of foreign sources and costs of financing with decreasing equity have negative effects on profitability

2013-2015 Yılları Katılım Ve Geleneksel Bankacılık Karşılaştırması: Türkiye Örneği

Author(s): Selçuk Bakan / Language(s): Turkish / Issue: 36/2017

The fact that the interest, which is a must in the banking sector, is forbidden in the Islamic religion directs individuals to interest-free banking in Muslim societies. This case leads to an increased interest in the Islamic finance and Islamic banking in the world economy. In Turkey, the participation banking sector, which is the manifestation of interest-free banking, has demonstrated a rapid growth in recent years. This study provides information about Islamic finance, Islamic banking and participation banking, analyses some financial titles about the participation banking sector in Turkey between 2013 and 2015, compares and contrasts between general banking and participation banking, and analyses the state of participation banking sector. Findings show that while there was a decline in the participation banking sector in 2015 compared to 2013, there was a development in the traditional banking data in the same years. It is believed that the transfer of Bank Asya, one of the participation banks, from the Bank to the Savings Deposit Insurance Fund by the Banking Regulation and Supervision Agency and the subsequent process has an important effect in this decline. If necessary measures are taken for the participation banking sector and if the negative issues are not repeated, it can be said that this sector which is developing all over the world can continue its development in Turkey as well.

21. YÜZYIL ENERJİ SAVAŞLARINDA TÜRK CUMHURİYETLERİ’NİN YERİ ve ÖNEMİ

Author(s): Çagri Kürsat Yüce / Language(s): Turkish / Issue: 17/2013

Energy consumption and the need to continue on a global scale, as in the past and in recent years. Oil and natural gas will continue to be the primary energy source until 2030 despite all the alternatives to meet this need. As a result of this situation, energy resources will continue to be one of the most important determinants of the twenty-first century. In addition, at least a half century, dominance of oil in the field of energy will continue to. Energy experts frequently reported that the “cheap oil” era has ended and price volatility in the oil market will continue to today.The Caucasus and Turkestan (Central Asia) regions including the Turkish Republics maintained its importance throughout history due to various reasons. Today, however, due to the rich energy resources, especially oil and natural gas, they took part in the world’s agenda. In this study, the important actors of the energy wars and reserve status of the energy resources of the Turkish Republics in the Caucasus and Turkestan regions were briefly described. In addition, as well as importance of energy resources for the region and the world’s nations, beginning in the late twentieth century and growing competition over energy resources of the Caspian Sea were discussed today.

30 godina Konvencije UN o ugovorima o međunarodnoj prodaji robe

Author(s): Katarina Jovicic,Slobodan Vukadinovic / Language(s): Serbian / Issue: 1/2011

The article discusses the importance and scope of the UN Convention on Contracts for the International Sale of Goods (Vienna Convention) and its contribution to the unification of the Law of international sale of goods. Although it does not regulate all matters relating to international sale of goods, the Vienna Convention is undoubtedly the most frequently used source of law for contracts for the international sale of goods. Containing substantive rules to regulate this, the most common, legal operation in international business, the CISG, 30 years after being signed, confirms its successful implementation throughout the world. The paper analyses parts of the Vienna Convention, as chapters of this article, through the prism of the views of leading international scientists, which were presented at the International Conference held at the University of Belgrade Faculty of Law in November 2010. The paper underlines current and outstanding issues regarding the application and interpretation of the CISG, and the solutions to these problems proposed by different authors. This article pays particular attention to issues of content and conclusion of the sales contracts, lack of conformity of delivered goods, and remedies for non-performance of the contract and the exclusion of contractual liability. In addition, the paper analyses the advantages and disadvantages of international conventions as a source of uniform rules governing contracts for the international sale of goods, as well as the relation of the Vienna Convention and other (especially newer) instruments of unification, which may be applied to regulate this most common legal operation in international business.

360 DERECE PERFORMANS DEĞERLEME YÖNTEMİ İLE PERFORMANS DEĞERLEME: BANKA ŞUBESİ ÇALIŞANLARI ÜZERİNDE NİTEL BİR ARAŞTIRMA

Author(s): Aras Dogan / Language(s): Turkish / Issue: 42/2019

This study focuses on how the key competencies of employees are evaluated using 360 degree performance evaluation system. 360 degree performance appraisal of employees is evaluated not only from superiors but also from himself, subordinates, peers and customers. The main aim of this study is to evaluate six key competencies acknowledged by 360 degree performance evaluation system. With this purpose semi-structured interviews were conducted with eight bank branch employees and the data were arranged and interpreted by means of descriptive analysis. The findings show that seven employees’s performance is above the desired level. But one employee’s performance is below desired level. It is believed that this research will contribute qualitative performance evaluation using 360 degree performance evaluation process.

4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT "ICGSM"

The circular Economy. BFU. Burgas, 11 - 12 may 2017

Author(s): / Language(s): English / Publication Year: 2017

The conference proceedings “ 4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT “ICGSM” are a collection of the papers presented by the lecturers and PhD students – participants in the 4-th International Conference on Governance and Strategic Management (ICGSM).

A benefit-based approach for increasing the effectiveness of promotions

Author(s): Marusya Ivanova / Language(s): English / Issue: 2/2012

The purpose of this paper is to reveal some insights for increasing the effectiveness of promotions. To achieve this purpose, first, the existence of multiple customer benefits of promotions is proved. It is empirically validated that promotions deliver three utilitarian (monetary savings, higher quality and shopping convenience) and two hedonic (variety and pleasure) benefits to the customers. Second, a structural equation model is estimated to measure the relative contribution of these benefits on the customers’ overall evaluation of promotions. The research suggests that in order to increase their effectiveness, promotions must be framed by focusing not only on their primary benefits but also on all other benefits with a significant contribution to customers’ attitudes towards promotions. Finally, a benefit-based segmentation is conducted. Four market clusters are identified (none-benefit, allbenefit, utilitarian-benefit and hedonic-benefit customer segments). Further, these clusters are profiled using demographic and psychographic variables.

A CAUSALITY ANALYSIS OF THE RELATIONSHIPS BETWEEN GROSS FIXED CAPITAL FORMATION, ECONOMIC GROWTH AND EMPLOYMENT IN SOUTH AFRICA

Author(s): Daniel Francois Meyer,Kazeem Abimbola Sanusi / Language(s): English / Issue: 1/2019

In terms of macro-economic policy, gross fixed capital formation, which is the major component of domestic investment, is seen as an important process that could accelerate economic growth. This study re-examines the controversial issue of causality between domestic investment, employment and economic growth using South African data. The traditional assumption of causality running from investment to economic growth has remained inconclusive while empirical findings on the investment and employment growth nexus are also largely unsettled. The study makes use of quarterly data from 1995Q1 to 2016Q4 within the framework of the Johansen cointegration and Vector Error Correction Models (VECM). The empirical findings suggest that a long run relationship exists between domestic investment, employment and economic growth, with causality running from economic growth to investment and not vice versa. The results also demonstrate that investment has a positive long-run impact on employment. The empirical evidence further suggests bi-directional causality between employment and economic growth, while evidence of uni-directional causality, from investment to employment, is also found. The major implication of the study is that although there is bi-directional causality between economic growth and employment, economic growth does not translate to increased employment in the long run confirming “jobless growth”. Investment is found to be a positive driver of employment in the South African economy in the long-run. The study concludes that, in order to stimulate employment, investment enhancing policies, such as low interest rates and a favourable economic environment should be put in place to accelerate growth. Measures to promote economic growth, such as improved infrastructural facilities and diversification of the economy, should be further engineered so as to encourage increased investment.

A Challenge for the Financial Market

Author(s): Jacek Binda / Language(s): English / Issue: 3/2017

The money is a widely accepted commodity, by means of which it is possible to determine the economic value of purchased goods and services and make payments.Over the centuries, "money" has evolved many times. Their constantly changing character, generates questions on their future aspect. In the reference to the cryptocurrencies questions are focused on their nature and compliance with the definition of money.