SIECI INSTYTUCJI OTOCZENIA BIZNESU

Author(s): Adam Płoszaj / Language(s): Polish

The first decade of the 21st century is a period of unprecedented development of business environment institutions in Poland. New technology parks, business incubators, technology transfer centers, loan funds, and training and consulting centers were created all over the country. This was accompanied by the belief that these various entities must work together to work more effectively and effectively. The means to this end were to be formal networks of business support institutions, and the main role model was to be implemented at the initiative of the European Commission by the international network Innovation Relay Centers. Access to EU funds after Poland's accession to the European Union fueled the enthusiasm for creating new network initiatives, such as the National Innovation Network. The period of enthusiasm, however, passed quite quickly. It turned out that most of the networks ceased to operate just after the completion of the projects under which they were set up. Why did this happen? Was it right to model yourself on European networks? What were the effects of the business network in Poland? How should the networks of business environment institutions function?

GRZEGORZ W. KOŁODKO I ĆWIERĆWIECZE TRANSFORMACJI

Author(s): Grzegorz W. Kołodko / Language(s): Polish

Książka zbiera imponujący dorobek Grzegorza W. Kołodki poświęcony dwudziestu pięciu latom transformacji. Tom otwiera długa rozmowa o polskich przemianach, jaką z G.W. Kołodką przeprowadził Paweł Kozłowski. W drugiej części znajdziemy teksty G.W. Kołodki opublikowane w latach 1989-2014, artykuły i rozdziały książek. W części trzeciej zamieszczone zostały opracowane przez niego programy reform systemowych i rozwoju gospodarczego. Wreszcie w części czwartej znajdziemy eseje i felietony jego autorstwa. Książkę zamyka trzynaście wywiadów przeprowadzonych przez Marcina Wojtysiaka-Kotlarskiego. Rozmówcami byli: Marek Belka, László Csaba, Saul Estrin, Maria Jarosz, Andrzej K. Koźmiński, Ewa Łętowska, Elżbieta Mączyńska, D. Mario Nuti, Cezary Stypułkowski, Władysław Szymański, Vito Tanzi, Michał G. Woźniak i Jacek Żakowski. Tematem wywiadów jest ćwierćwiecze transformacji i rola, jaką odegrał w tym procesie Grzegorz W. Kołodko. Wyjątkowo obszerne indeksy osób i rzeczowy pomagają Czytelnikowi poruszać się w książce i wyszukiwać potrzebne informacje.

FINANCIAL AND ECONOMICAL PROBLEMS IN THE FIRST DECADE OF THE 21ST CENTURY

Author(s): / Language(s): English

This book contains the studies related to the conference with the title “The Financial and Economical Problems of the First Decade of the 21st Century” organized by the Department of Economic and Business Sciences, Faculty of Economic and Human Sciences at the Sapientia Hungarian University of Transylvania in Miercurea Ciuc on 6 November 2010. This period was marked by the financial crisis broken out in 2008 and the following global economic crisis; therefore, these were the most important topics of the lectures.

Financial Aspects of Recent Trends in the Global Economy - Volume I

Author(s): / Language(s): English

Current global financial and economic crisis represents one of the key areas of policy makers as well as academics discussions. Together with debt crisis they may be considered as one of the most crucial challenges that official authorities are facing over the past few decades. Crisis period focused attention of economists to various areas of the financial aspects of recent trends in the world economy in the new global era. Financial liberalization together with the process of growing financial integration among countries in global content significantly contributed to rapid increase in the financial dependence of national financial markets. Intensification and internationalization of financial transactions, financial innovations and rising strength of financial institutions accelerated growing potential of the financial sector. It is not surprising that nowadays daily turnover in financial transactions significantly exceeds daily turnover in trade all over the world. As a result overall impact of financial sector activities on the real economy markedly increased over last few decades. Finally, a rising demand for more effective regulation of national financial sectors and international financial transactions seems to be a convenient way that policymakers suggest as the appropriate solution for current global financial challenges. Within this context we also point to an increasing relevancy of voices calling for new arrangement of international monetary system.Increased uncertainty considerably reduced allocation effectiveness of the financial markets during the crisis period. While the interest rates during the recession period generally decreased, costs of lending increased mostly for highly indebted countries. Economic crisis emphasized another crucial aspect of the current development in the world economy generally known as debt financing of economic growth and related negative trend in public debt development. Particular problems in the most indebted Eurozone countries affected not only stability of the euro exchange rate but also became the main reason for accelerating the process of fiscal unification, banking union formation and key adjustments in Eurozone stabilization mechanisms. As a result the pressures to strengthen financial discipline of the Eurozone member countries increased while the alternative scenarios of Eurozone reconstruction remained still alive (i.e. national bankruptcy, fiscal union). Another problem partially related to the current debt crisis represents a significant growth of the corporate debt, also known as corporate funding crisis. Accumulation of corporate debt during last few decades together with slow post crisis recovery in the main world economy centers raises the risk of upcoming corporate insolvency wave as a result of the huge wall of maturing debt signalizing refinancing difficulties in credit markets in United States, Europe and Asia.The last problem we emphasize as a direct consequence of negative aspects of the current crisis period is related to the rising indebtedness of households. In many countries an individual insolvency still deserves not sufficient attention of official authorities. Personal bankruptcy as a complex consolidation procedure is also not adequately implemented in the national legislation especially in the less developed countries considering wide aspects of this process.

Problemy zatrudnienia w organizacjach

Author(s): / Language(s): English,Russian,Polish

Podatek od wyjścia

Author(s): Aneta Nowak-Piechota / Language(s): Polish

The publication regards a special regulation – exit tax, which is imposed on taxpayers in connection with a change of residence (emigration) or a transfer of particular assets abroad. It can be imposed both on individuals and corporations. In this case there appears a fiction that a taxpayer disposes their assets and, therefore, is obliged to pay capital gains tax. Exit tax represents one kind of emigration taxes. It is not de facto a separate tax, but a special construction implemented usually to income tax systems. We can differentiate general and limited exit tax. The main aims of dissertation is to: 1) ascertain the objectives of exit tax; 2) establish whether exit tax provisions may be in compliance with EU law and, as a consequence, to indicate which regulations regarding this tax does not breach this law; 3)to present postulates to change model conventions on double tax treaties and tax treaty practice of countries that implemented exit tax; 4)determine relations between exit tax and provisions of Polish Constitution. Aforementioned aims of the dissertation lead to its main aim i.e. proposition of the frames of exit tax regulation that would realize its objectives and assumptions, be compliant with EU law and Constitution. It is worth, thus, ask a question: how provisions regarding exit tax should look like to fulfil aforementioned conditions? It is also crucial to present postulates concerning Poland’s treaty practice in connection with introduction of exit tax. // Monografia dotyczy szczególnego rodzaju uregulowania - podatku od wyjścia (ang. exit tax). Podatkiem tym są obciążani podatnicy w przypadku emigracji lub przeniesienia określonych składników majątku za granicę. W publikacji zaprezentowano istotę podatku od wyjścia, regulacje go dotyczące w wybranych państwach Europejskiego Obszaru Gospodarczego oraz omówiono problematykę tego rodzaju podatku w świetle prawa Unii Europejskiej, prawa międzynarodowego i Konstytucji RP. Celem głównym monografii jest zaproponowanie ram regulacji dotyczącej podatku od wyjścia, podlegającej wprowadzeni u do prawa polskiego, która realizowałaby zadania i założenia tego unormowania, a także byłaby zgodna z prawem Unii Europejskiej oraz Konstytucją RP. Książka stanowi zaktualizowaną wersję rozprawy doktorskiej - obronionej na Wydziale Prawa i Administracji Uniwersytetu Łódzkiego w 2017 roku i wyróżnionej Nagrodą Prezesa Rady Ministrów w 2018 roku.

The Structure of Ownership in the Financial Sector across the European Union

Author(s): Michał Jurek / Language(s): English

The purpose of this book is to analyse the structure of ownership in the financial sector in the selected old (France, Germany, Greece, Italy, Sweden, the United Kindom) and new (the Czech Republic, Hungary, Poland) EU member states. This subject is particularly important to the proper understanding of the scale and scope of the process of financialisation in the EU countries. General objective of the book is the investigation and evaluation of the structure of ownership in the financial sector across the EU and its consequences with the special consideration of relations between this process and withdrawal of the State from the financial sector. In order to accomplish this target, extensive research is undertaken. It encompasses the analysis of the types of financial institutions functioning in selected countries. Areas of competition, cooperation and interdependence between different types of financial institutions are identified, as well as similarities and differences in the present composition and structure of the financial sector in particular EU countries and factors behind inter-country differences. Finally, comparative analysis of evolution of structure of financial sector and its driving forces in particular countries and group of countries is presented.

Řízení rizik v pojišťovnictví

Author(s): František Řezáč / Language(s): Czech

The aim of the monograph is to expand the reader’s theoretical knowledge of insurance-based risk management and to generalize the findings of specific research studies. At the same time it is intended to provide concrete evidence of insurance practice. The monograph is devoted both to an exposition of the theory of risk management and to the practice of risk management in selected insurance companies. Particular attention is paid to the relationship between risk and valuation. The publication also lists examples of models in risk management relating to both companies and individuals, specifically those involving solutions to protect against the risk of fire and flood.

EKONOMICZNE I POLITYCZNE UWARUNKOWANIA upadłości państwa

Author(s): Bartosz Totleben / Language(s): Polish

Przedmiotem rozważań Autora są zagadnienia upadłości państwa, w tym główne jego determinanty. Problematyka ta od pewnego czasu pozostaje w kręgu zainteresowań ekonomistów, a także - może nawet w większym stopniu - przedstawicieli innych nauk społecznych. Wynika to z ciągłych zmian, jakie zachodzą na świecie w ostatnich dekadach, m.in. gwałtownego wzrostu liczby państw. Nie zawsze są one w stanie samodzielnie funkcjonować i dochodzi wtedy do ich upadłości, jednocześnie powstanie niektórych z nich związane jest z rozpadem tych wcześniej istniejących. Zagadnienia te są więc jak najbardziej aktualne. z recenzji prof. dr. hab. Stanisława SwadźbyW pracy nie ograniczono się jedynie do określenia istoty procesu upadłości państw i jego determinant, ale też zaprezentowano analizę czynników prowadzących do upadłości państw, wykorzystując do tego metody statystyczne i ekonometryczne. Autor postanowił określić, w jakim stopniu zidentyfikowane determinanty zwiększają prawdopodobieństwo dezintegracji systemu społeczno-gospodarczego, którego finalnym efektem jest upadłość państwa. z recenzji dr. hab. Wojciecha Gizy, prof. UEKBartosz Totleben - doktor nauk ekonomicznych specjalizujący się w ekonomii politycznej oraz instytucjonalnej. Asystent w Katedrze Makroekonomii i Badań nad Rozwojem na Wydziale Ekonomii Uniwersytetu Ekonomicznego w Poznaniu. Autor i współautor kilkunastu publikacji naukowych z zakresu instytucjonalnych uwarunkowań funkcjonowania państwa, ze szczególnym uwzględnieniem problematyki państw upadłych.

Antropologia piețelor financiare. Teme, Abordări, Metode

Author(s): Narcis Tulbure / Language(s): Romanian

The book is an introduction to the overlapping subfields of the anthropology of financial markets and the anthropology of money. It is meant for a Romanian audience interested in understanding financial practices and processes taking place after the end of socialism from an anthropological perspective. The book includes a selection of unpublished essays and several articles formerly published in English. It aims both to present a systematic and critical introduction to some of the most recent theories pertaining to the anthropology of money/ financial markets and to illustrate the virtues of ethnographic approaches to postsocialist financial practices. While the first chapter is a critical essay on the state of the two subfields, the following four chapters of the book deal with the issues of local notions of (life) insurance and the social networks through which insurance policies are distributed, indebtedness and its local predicaments during the financial crisis started in 2008, the shifting notions of risk and the financial architecture built to tame it after the subprime mortgage crisis and the Great Recession it triggered, as well as culturally informed practices involving money in several Romanian mutual funds during the postsocialist period.

Prawo fuzji i przyjęć

Author(s): Maciej Mataczyński / Language(s): Polish

Przedmiotem książki jest omówienie podstawowych założeń leżących u podstaw nowelizacji ustawy z 24 lipca 2015 r. o kontroli niektórych inwestycji dokonanej ustawą z 19 czerwca 2020 r. o dopłatach do oprocentowania kredytów bankowych udzielanych przedsiębiorcom dotkniętym skutkami COVID-19 oraz o uproszczonym postępowaniu o zatwierdzenie układu w związku z wystąpieniem COVID-19. Nowelizacja wprowadziła nadzwyczajny reżim kontroli inwestycji zagranicznych. Prace nad Nowelizacją rozpoczęły się już w marcu 2020 r., krótko po wybuchu epidemii. Warto przypomnieć, że reakcją rynków finansowych na całym świecie na pandemię była krótkotrwała panika i wyprzedaż, która doprowadziła do drastycznego spadku kursów akcji. Polska, kraj wciąż traktowany jako rynek rozwijający się, a więc obciążony dodatkowymi ryzykami, doświadczyła równocześnie gwałtownego spadku wartości polskiego złotego i spadków notowań na warszawskiej giełdzie. Równoczesne zajście obu tych procesów sprawiło, że majątek polskich przedsiębiorców, w tym spółek należących do Skarbu Państwa, został z dnia na dzień drastycznie przewartościowany.  Rozważania rozpoczyna analiza kompetencji w zakresie kontroli inwestycji zagranicznych w Unii Europejskiej. Następnie omówiony zostaje zakres przedmiotowy i podmiotowy, w szczególności problematyka obejścia prawa. W dalszym ciągu przedmiotem analiz są przesłanki wyrażenia sprzeciwu oraz problematyka sankcji. Rozważania zamyka analiza wybranych zagadnień proceduralnych i kolizyjnoprawnych aspektów kontroli inwestycji zagranicznych. 

Politika hospodářské soutěže na železnici – teorie, zkušenosti a praktická aplikace

Author(s): Martin Kvizda / Language(s): Czech

A new chance and a new challenge has opened for the European railways, which can not be utilized by rigid state companies, but enterprising transport companies in the liberalized and competitive internal market of transport services. An integral part of the liberalization is also supervision of regular competition between carriers. But how to assess the fairness of competition on such a specific market such as railway transport services? How to identify the dominant carrier and its competitors? How to determine the strength of competition, the preferences of passengers and the possibility of using alternative transport services? The book seeks to reply not only in the theory of competition, but also in practical applications and real experiences.

Bankacılık Düzenlemelerinin Bankacılık Performansı Üzerine Etkileri

Author(s): Burak Büyükoğlu / Language(s): Turkish

One of the important sectors of financial markets is the banking sector. For this reason, the banking sector is one of the sectors that dominate the market in terms of its effects. One of the most important factors expected to affect the sector is the banking regulations put into practice by regulatory authorities and policy makers. By minimizing risks, banking regulations ensure continuity in performance improvement and stability of financial markets. In this context, it is important to examine the effects of banking regulations on the performance of the banking sector. In this study, it is aimed to evaluate the effects of banking regulations on the performance of the banking sector. In the study, the effects of basic banking regulation indicators determined as capital adequacy, liquidity and total provisions on banking performance indicators were examined. The generalized moment method was applied with the annual data of the banking sectors of Croatia, Serbia, Bosnia and Herzegovina and Turkey, which have different development levels, for the 2010-2019 periods. In the literature review, it is observed that banking regulations have positive and negative consequences for countries with different levels of development. For this reason, it is foreseen that the regulations to be made by the regulatory authorities and lawmakers, taking into account the country and sector differences, will be more beneficial. According to the results obtained from the study, the effect of capital adequacy, which is one of the most important indicators of regulations, on banking performance has been significant and positive in Croatia, Bosnia and Herzegovina and Serbia. This shows that although the development levels and sector performances of the regulations are different, the effects of the regulations on the banking performance are generally positive for the countries.

Davranişsal Finans: Yatırımcı Tercihleri, Piyasa Anomalileri Kısayollar ve Yanlılıklar

Author(s): / Language(s): Turkish

The main purpose of researching behavioral finance and investment preferences is to understand investor psychology by evaluating investment behavior in a real framework and to associate it with the behavior supported by standard finance theories. Behavioral finance; explains the irrational behavior of the players in the market and their deviations from market efficiency. The source of the anomalies observed in the markets shows that some financial assets are under the influence of psychological tendencies in the decision-making processes of individuals. Because of their biases, investors prefer to trade only in the market for which they have more information, rather than a thorough analysis of all available and relevant information. In this case, various prejudices and biased behavioral patterns emerged, and the economics literature expanded by also addressing psychology. In this context, this book aims to give an idea to the readers by covering many aspects of behavioral finance. At the same time, this research has various implications for seeing, analyzing and understanding market trends more clearly.

Horizons of Law in Business and Finance

Author(s): / Language(s): English

These conference proceedings constitute a selection of the best papers submitted to the 15th International Scientific Conference "Law in Business of Selected Member States of the European Union" which was organized by the Department of Business and European Law, Faculty of International Relations, Prague University of Economics and Business, Czech Republic. The conference was held in the University ́s premises from 25 to 27 October 2023 and welcomed speakers and participants from abroad (Belgium Latvia, Netherlands, Poland, Romania, Slovakia, Spain, Turkiye, United States) and the Czech Republic. The conference was held hybrid format. Although the on-site participation was encouraged, the conference was streamed online for those who could not join the conference venue in person and to reach a wider audience. The selection of the papers for the conference volume was very rigorous. The papers were submitted and presented in English. All the papers included in this volume passed a rigorous double-blind peer review successfully and were checked for their originality using the iThenticate software kindly provided by the University. The participants ́ papers were presented in specialized sections which correspond to the subheadings of the present volume: 1. Section: Business and Corporate Law; 2. Section: European and International Aspects of Doing Business; 3. Section: Banking, Finance and Insurance Law. The conference has been supported by the Internal Grant Agency Project No. IG 43/2023 “Law in Business of Selected Member States of the European Union (15th annual conference)” of the Prague University of Economics and Business. All published papers successfully passed the double-blind peer-review process by at least 2 independent reviewers - experts with a PhD in the relevant field. The conference organizers will be happy to welcome the readers at the conference to be held next year. The date of the conference is to be announced in due course. For more information on the call for papers for the upcoming conference please check the conference webpage at https://lawinbusiness.vse.cz/. Wishing you a nice read.

Непреходността на счетоводната теория

Author(s): Daniela Feschiyan,Snejana Bacheva,Roumiana Pozharevska,Nikolay Oresharov,Rositsa Ivanova,Diana Petrova,Hristina Oreshkova,Maia Natchkova,Katya Zlatareva,Liliya Rangelova,Atanaska Filipova-Slancheva,Maria Markova,Lilyana Dzhoneva,Kalina Kavaldzhieva,Radka Andasarova,Iavor Bachev,Dimitrinka Urumova-Lunin,Gabriela Dimcheva,Angel Petrov / Language(s): English,Bulgarian

The collection of scientific articles titled "The Timelessness of Accounting Theory" features contributions from faculty members and doctoral students from the "Accounting and Analysis" department. This publication is dedicated to the 80th anniversary of Prof. Trifon Trifonov, Ph. D. The collection contains 18 articles addressing various issues related to accounting theory and its timelessness. Most of the articles are written in Bulgarian, with two in English.

Portfel wierzytelności niebankowych. Rynek, metody i determinanty wyceny

Author(s): Mateusz Mikutowski / Language(s): Polish

Książka przedstawia dogłębną analizę szybko rozwijającego się rynku wierzytelności niebankowych, ze szczególnym uwzględnieniem ich wyceny. Autor – korzystając z bogatego doświadczenia praktycznego związanego z realizacją projektów w zakresie wyceny portfeli wierzytelności, projektów transakcyjnych na rynku wierzytelności, restrukturyzacją przedsiębiorstw finansowych i modelowaniem finansowym – analizuje wpływ determinant biznesowych na proces wyceny portfeli wierzytelności. Zaprezentowane algorytmy i procedury umożliwiają precyzyjne szacowanie ich wartości i mogą być wykorzystane w działalności inwestycyjnej oraz obrocie rynkowym. Pozycja jest kierowana do specjalistów zajmujących się rynkiem finansowym, pracowników działów analitycznych firm windykacyjnych, a także naukowców i studentów szczególnie zainteresowanych tematyką wyceny aktywów.

Evaluarea sectorului Bancar Moldovenesc pentru anul 2015

Author(s): Alexandru Fală / Language(s): Romanian,Moldavian

This paper represents a brief analysis of trends in the banking sector in the context of the decapitalization of 3 important banks and the crisis of credibility generated for the entire system. From the wide range of indicators that reflect the state of the banking sector, a narrower set of parameters were selected, the examination of which allows for a diagnosis with a high degree of accuracy. The analysis of the situation in the sector was carried out by researching the following components: the evolution of the exchange rate, the attraction of storage resources, the lending activity and the quality of the loan portfolio, aspects related to the liquidity of financial institutions and the level of capitalization of the banking sector. The analysis of these indicators allows a more accurate understanding of the magnitude of the crisis in the banking sector, as well as its resilience to other similar shocks. The conclusions of this short diagnosis must serve as an analytical basis for the extensive plan to rehabilitate the banking sector.

Ratingul transparenței și calității acționariatelor bancare

Author(s): Adrian Lupușor,Dumitru Pîntea / Language(s): Romanian,Moldavian

The rating does not reflect the level of solvency of the banking institutions, nor the profitability and profitability indicators. Thus, banks with a poor score do not necessarily present any risks for financial stability. At the same time, the rating does not aim to give any assessments regarding the level of transparency and quality of commercial bank shareholders, but only provides a comparative analysis in this regard.

Reakce na americký zákon o snížení inflace. Shrnutí a doporučení vyplývající z diskuze kulatého stolu Národního konventu o EU konaného dne 28. dubna 2023

Author(s): Kateřina Davidová,Tereza Novotna / Language(s): Czech

In August 2022, the US Congress passed the Inflation Reduction Act (IRA). This law is a response to the multiple crises of recent years, from the current climate crisis, to the Covid and energy crises, to rising inflation, and together with the adopted CHIPS and Science Act, it continues the trend of protecting the US industrial base against a rapidly expanding China. The core of the law is a massive investment package that has $369 billion available for climate and energy projects over the next ten years, especially in the field of clean technologies. US investment in climate measures will increase from 0.6% of GDP to 1.2% of GDP, and it is expected that the US will reduce its greenhouse gas emissions by 40% by 2030 compared to 2005. In addition, the investment does not have a maximum upper limit, so it is likely that much more money will flow into the clean economy as a result. It is estimated that IRA investments will create 9 million jobs over the next ten years, almost 1 million new jobs per year.