Around the Bloc: Russia On Course to Drain $87 Billion Fund in 2017
Amid recession and low oil prices the government has used its once-overflowing wealth funds to fill holes in the budget.
More...We kindly inform you that, as long as the subject affiliation of our 300.000+ articles is in progress, you might get unsufficient or no results on your third level or second level search. In this case, please broaden your search criteria.
Amid recession and low oil prices the government has used its once-overflowing wealth funds to fill holes in the budget.
More...
The aim of the study was to analyze the concept of special economic zones and their impact on overcoming the economic crisis. Sought to answer the question what are the main objectives and functions of the special economic zones and what economic benefits were brought in the past 15 years. Analyzing the pieces of legislation and data from Polish and world literature the author shows the influence of the synergies instruments of a new concept of SEZ to reduce the risks of crisis in the region. Special economic zones are created from units spatially concentrated in order to create favorable conditions for developing a wide spread innovation activities. Despite the benefits of the SEZ, that solution has also many antagonists, therefore the creation of special economic zones is a controversial but effective economic solution.
More...
Celem artykułu jest teoretyczna identyfikacja i praktyczna weryfikacja społecznej wartości dodanej realizowanej przez towarzystwa ubezpieczeń wzajemnych (TUW) w Polsce. W artykule postawiono tezę, że strategiczne pole percepcji na osi "ekonomizacja-socjalizacja" w przypadku TUW jest bardziej zbliżone do pola zajmowanego przez sektor biznesowy o wysokim stopniu socjalizacji (np. realizujący model społecznej odpowiedzialności biznesu), niż przez podmioty ekonomii społecznej. W konsekwencji zakres działalności społecznej TUW na tle innych podmiotów ekonomii społecznej jest niewielki. Weryfikacja tej tezy nastąpiła w efekcie zaprezentowania specyfiki TUW jako podmiotów ekonomii społecznej, na podstawie konstrukcji miernika społecznej wartości dodanej oraz badań empirycznych związanych z kreowaniem społecznej wartości dodanej w TUW (w świetle analizy ich statutów oraz obszarów aktywności społecznej).
More...
One of the main objectives to be accomplished by the European Union law is to eliminate barriers to the functioning of domestic market and in particular improve the competitiveness of enterprises. After several years of efforts, the European Commission approved a proposal for the directive on a Common Consolidated Corporate Tax Base which is to remove obstacles to the functioning of internal market and increase tax harmonization. The article is aimed at presenting the essence of CCCTB in the theory of corporate finance and its importance for enterprises, based on the survey of Polish and EU companies. The paper addresses issues relating to tax in corporate finance. Canons of taxation will be discussed and special emphasis will be placed on principles behind formulating fiscal law provisions (including the EU law). Furthermore, the article presents the results of surveys into the importance of taxation cannons for Polish and EU companies.
More...
Fiscal policy can be of a discretionary or rule-based nature. This article discuses selectedexamples of fiscal rules as well as presents the advantages and disadvantages of following them. Theaim of the article is to solve dilemmas about the positive and negative consequences of strictregulations of contemporary fiscal policy. Therefore, a hypothesis is tested concerning whether thefollowing of rules in macroeconomic policy is a more beneficial solution than carrying out a discretionarypolicy. The hypothesis was not clearly verified. On the one hand, it was stated that it is usuallymore beneficial to follow standard rules due to higher reliability for markets. On the other hand, thatentails lower flexibility, which may be especially disadvantageous during a crisis.
More...
This research analyzed the amount of the corporate income tax paid by the companies listed on the national Stock Exchange and included in the valuation of the WIG20 index. However, income for tax purpose is calculated on accountancy regulation, tax system implement many amendmets, resulting in a different tax base for income taxation. Considering deffered tax calculation, the real tax burden paid by companies vary from nominal tax rate determined by tax regulation. The conclusion shows, that the effective tax rates are closely associated with a branch in which a company operates.
More...
Shadow banking systems were developing rapidly in the Western economies during the last two decades. Research from recent years show that within the last years equally important process of shadow banking development occurs in some emerging markets, and among others, in China. The system was not only a sophisticated part of China’s financial market, but played very important role in the development of the Chinese economy. The aim of this article is a description of the mechanisms of shadow banking development in China, characteristics of the main threats of this system and the regulatory approach in the country. Despite many threats, the shadow banking system plays an important role in the Chinese economy. There is a need for its regulation and support for further development.
More...
In this article we examine the sustainability of public debt stock in terms of solvency in CEE countries using Ata Ozkaya’s Stepwise Algorithm modified by Zivot-Andrews test to establish the level of integration variables. Such an approach allows us to examine the presence of structural breaks which occurred since the global financial crisis in the fourth quarter of 2008. We find that despite temporal fiscal turbulences during the crisis, all countries of Central and Eastern Europe have stabilised their fiscal policies
More...
Doctrines which substantiated introduction of market economy elements and priority of development of real sector, e.g. industry, on certain stage of the development of national economy have held an important place in the history of economic thought. Classics were the very first to develop such doctrines. (Silagadze, A., 1996, 2000, 2001, 2006-2016; Силагадзе, А.: 1991, 2009-2013, 2016; Kharitonashvili, J., 2008; Silagadze, A., Atanelishvili, T.: 2006-2007, 2010- 2011, 2013-2014; Силагадзе, А., Атанелишвили, Т. 2010). The issue was quite challenging on the first stage of building of capitalism in Georgia (19th century). Niko Nikoladze, a Georgian public figure (1843-1928), emphasized the high priority of the issue in those times. (Nikoladze, N.: 1960-2003, 2006; Gamezardashvili, D., 1983; Janelidze, O., 1998; Silagadze, A., (Editor), Atanelishvili, T., Goshadze, G. (Edit.), Demetrashvili, T., Zurabishvili,V. (Edit.) - 2005; Silagadze, A., Atanelishvili, T., 2004). His attitudes are still important in post-Soviet Georgia which heavily depends on import. The fact is that instead of using rich local resources, Georgia tends to import goods which the country has a real ability to produce itself. Poor development of real sector of economy has remained an Achilles’ heel for years. Tourism is a priority for the country, but during economic crises touristic flows stop and if there is no alternative, the country will face a deep crisis. (Tvalchrelidze, A., Silagadze, A., Keshelashvili,G., Gegia, D., 2011; Силагадзе, A.Н., Сидоров, В.А., Ядгаров, Я.С.: 2016). According to the conclusion made in this article, Niko Nikoladze’s doctrine which complies with “classic” attitudes, also complies with both “classic” and national economic doctrines of Germany. It also complies with Ilia Chavchavadze’s economic doctrine with the difference that Ilia believed that agriculture was of highest priority while Niko Nikoladze believed industry to be the most important. In general, his economic doctrine implies priority development of national industry, deepening of west-east sea and railway ties, construction of ports, supporting export, careful demilitarization, and improvement of market mechanisms of price formation, etc.
More...
This article is a follow-up on the authors' research on the relationship and interdependence between accounting information, accounting analysis, and credit risk management in banks. Analysis of the quality of the loan portfolio, as well as bringing the key trends in the management of credit risk out are processes that need to be modernized, given the dynamics of economic phenomena in the banking sector. The purpose of this study is to present procedures for accounting analysis and credit risk assessment, and recognition of expected credit losses corresponding to the philosophy of IFRS 9 Financial Instruments.
More...
Benin's economy relies mainly on tax revenues. This paper analyses the role of investment in the relation between tax revenue and economic growth in Benin. It employed the Fully Modified Ordinary Least Squares technique to estimate the long run relationship among the variables of the model. Results indicate positive effect of tax revenues on economic growth. This effect is improved by the private investment while deteriorated by public investments which level remains low. This result emphasizesthe problem of public resources allocation in Benin. Other determinants of economic growth include investment, annual population growth rate, and trade. The study recommends that fiscal policy must promote private investments. Tax revenues must be directed to more productive investments. The results also favour trade open policy.
More...
Die Bearbeitung hat ein Ziel: Charakterisierung grundlegenden Faktoren, welche bezeichnen die Besonderheit der Kreativität in der Tätigkeit der Finanzinstitutionen. Die Kreativität der Finanzinstitutionen hat, besonders in der Marktwirtschaft und in Globa lisierungsbedingungen, besondere Aufgaben zu erfüllen. Es ist die wichtigsten das Zutrauen der Kunden halten und die beste Qualität der Diensten sicherzustellen.
More...
In this study, it was aimed to examine the relationship between the deviation from financial sustainable growth rate (SGR) and the financial ratios. In this context, actual growth rate (AGR) and Higgins (1977) SGR were determined over the 3-year average of 2013-2015 period of 69 publicly traded manufacturing companies listed on the Borsa İstanbul. Correlation analysis and univariate cross-section regression analysis methods were utilized to investigate the effect of AGR-SGR difference on the return on assets, return on equity, price/earnings ratio, debt ratio, current ratio and to determine the most influential component of SGR. The 3-year average SGR of 69 firms examined was 10%, while the SGR for the 46 over-growing companies was 6% and for 23 undergrowing companies SGR was 18%. According to the findings of the analyses a negative relationship between the AGR-SGR and the return on asset and return on equity was found and it was seen that the most influential component of SGR was profit margin. Overall it was concluded that over-growing firms operated with lower SGR due to their low profitability while high profitability of under-growing firms led to high SGR.
More...
The greatest desires of the share investors are to predict the accurate future prices of the stocks and to take appropriate decisions. Becouse of financial decision making is an action which is directed towards future, includes uncertainty and risk compenents. The individual who will take these decisions is the main actor of the financial system. Initially, the traditional financial theories, which are exceedingly insufficient to explain the nowadays events are investigated. The study continues with research of behovioral finance approach, which has built sort of a bridge between psychology, sociology and finance sciences. Behavioral finance has defined an individual which can be affected from his emotions contrast to rational individual. A new world order formed with globalisation. Technological developments as for has increased the risks contrast with expected. Present financial tools and legal arrangements are not sufficient any more for this new system. In order to be able to form a new financial order, well analyze is required about the factors which affect the investors while they are making financial decisions and the risks which are formed by these factors. Otherwise, it will be impossible to develop new financial tools for avoiding these risks.
More...
Based on the results of the study, it can be concluded that changes in fund names have an impact on the size of fund flows even within a period of up to twelve months. The largest inflow of capitals to funds was demonstrated for positive changes, especially in the period from four to nine months after the change. In turn, the largest outflow of capital for negative changes was noted mainly in the period from seven to twelve months.
More...
The crisis that broke out in September 2008 has caused disturbances in the functioning of many economies. In response to the crisis, both governments and central banks have taken many steps. In the early stages they did not usually go beyond conventional tools. However, over time, the instruments started to become more and more unconventional. In the case of Hungary, the crisis has caused many unfavorable phenomena, both in the real and in monetary sphere. The National Bank of Hungary has developed non-standard monetary policy instruments that, on the one hand, improve the stability of the national financial system and, on the other, support the government’s program. This article will attempt to answer a question on the effectiveness of the central bank’s tools.
More...
Economics and ethics are practical sciences. The common research subject of both sciences is man. Economics is looking for an answer to the question of how to manage in business life. Ethics looks for the answer to the question of how to live. Because man is a person, his value brings consequences for all areas of human activity. This also applies to the market. The market is one of the foundations of economic life and is a great good for people and societies. The market is defined in different ways. It is worth comprehensively describing what the market is, emphasizing its personal character. In economics, attention is paid to market failure, understood mostly as the ineffectiveness of management (deviation from the model market, which is perfectly competitive). The negative impact of the market on society is also identified. Although moral aspects are increasingly taken into account in the concept of market failure, there is no general theory that attempts to capture market in moral aspects. Therefore, it is worth asking whether such a theory is possible. The construction of the moral theory of market failure can be a reference point to the analysis of market practices and institutional conditions from an ethical point of view.
More...
This research analyzes cause-related marketing (CrM) from the perspective of companies. The study aims to achieve a better understanding about what managers think about CrM by analyzing the level of acceptance and usage of this marketing tool, based on the UTAUT model. Using in-depth interviews as research method, we conclude that managers see the benefit of company partaken in initiatives as such, but not necessarily CrM. The reasons why managers choose to participate in Cause-related Marketing initiatives originate from the mix obtained through improving the firm by doing something considered socially positive. CrM was well evaluated by the participants and considered well positioned in terms of acceptance and usage, based on four factors: performance and effort expectancy, social influence, and facilitating conditions. Interviewees expressed excitement towards CrM and believe in it as a powerful tool to improve the firms’ image and consumers feeling towards it. While the literature uses several concepts (Corporate Social Responsibility or Social Marketing), the interviewees emphasize genuine caring and showing interest, time and funds to support consumers social concerns.
More...
The aim of this paper is to show crowdfunding as a significant segment of the alternative finance market as well as the prospects of its development. The article presents the main idea of crowdfunding and describes its kinds and its scale by showing the value of crowdfunding market in selected European countries. It also emphasises some main advantages and disadvantages of this form of financing from beneficiaries’ (project authors) perspectives. In this context, the author identified the factors that determine the effective development of crowdfunding in Poland.
More...
The capital structure of a firm refers to the debt and equity within the long term financial structure of said firm. Decisions regarding the allocation of capital within the capital structure are of grave importance for firms. While debt represents a borrowing relationship between the lender and the debtor, equity represents how the rights of ownership of a firm is allocated between the shareholders of the company. Such differences create a fragile balance between a business’ profitability and risks, making decisions regarding capital structure extremely important. Factors affecting decisions concerning capital structure can be categorized as micro or macro factors. While micro factors have to do with firm-specific issues such as size, liquidity, or profitability, macro factors are external forces such as inflation, interest or exchange rates. The aim of this study is to determine the impact of macro factors on a firm’s decisions regarding their capital structure. An application has been carried out by using panel data on various manufacturing firms listed on the BIST100 index. The findings of this study indicate that some key macroeconomic factors have certain effects on firms.
More...