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The article deals with the practice of the tax authorities in different countries. The peculiarities of tax control in some foreign countries. Generalized positive features of the foreign tax authorities and are those that can be useful in the implementation of national practice.
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The article deals with methods for assessing the effectiveness of business investment. Highlights specific techniques that are used to determine the effectiveness of investments of the dairy industry. Adapted method for evaluating investments for the dairy industry
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The main objective of this article is to indicate transport accessibility (according to two criteria: fly&60 and 6×60×60) and information accessibility (on the Internet) of all Polish (28 ) and all Nordic (9 ) towns — members of the International Network of Cities Where Living is Good. The research was conducted using non-reactive methods: content analysis and desk research. The analysis has shown that the fly&60 criterion is met by eight Cittaslow towns (seven Polish and one Nordic), and the 6×60×60 criterion — by five towns (four Polish and one Nordic), which confirms the thesis on the peripheral nature of Cittaslow cities, which in fact may be perceived as an attracting factor. Their location, away from frequently used routes, may attract (some of them already do so) tourists seeking alternative forms of leisure, following a growing global trend of sustainable tourism. The level of accessibility to online information on the Cittaslow towns is varied, but rather low.
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The review of economic literature indicates that the 2007–2013 programming period has not yet been completely analyzed in terms of the EU funds and stock of FDI. Moreover, previous studies omitted most of the EU funds because they focused mainly on structural funds and cohesion funds. The main question of this paper is organized around whether there is a positive relationship between the stock of FDI and specific EU funds. We use a panel of 27 EU countries to analyze fifty policy variables from the 2007–2013 programming period with panel linear regression models. In contrast to analysis of previous programming periods, the results did not indicate that there was a statistically significant relationship between structural or cohesion funds and the stock of FDI. The results indicate instead that ceteris paribus FDI stock is influenced by EU funds for preservation and management of natural resources and the media 2007 programme. And more specifically that EUR 100 million increase of funds for preservation and management of natural resources increased FDI stock by 1,01%–2,02%. A one million increase of funds for media 2007 related programs increased FDI stock by 3,36%–4,29%. Additionally, the results indicate that there is an interaction between GDP per capita and funds for the preservation of animal and plant health, and GDP per capita with funds for solidarity and management of migration flows. This research is a pilot study. According to the author’s knowledge this is the first analysis that takes into account all EU policy variables, and not just a selected few as well as the first study that analyses FDI and all EU funds during the 2007–2013 programming period.
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The issue of the exhaustibility and limited of natural resources has been noticed, among others, as a result of intensive economic development and civilization progress. In the second half of the 20th the emission of industrial and municipal pollutants, mainly as a result of burning fossil fuels, also became a serious problem. The article presents the essence and manifestations of the economy in a closed circuit and its impact on shaping sustainable socio-economic development, as well as the analysis of the possibilities of implementing these principles in business practice and in everyday life. According to the authors, managing in a closed circulation appears to be the highest stage of civilization development. Closing the so-called the loop and the economic cycle is becoming real in many areas as a result of extending the life cycle of products, the use of an ever-wider range of waste as secondary raw materials — instead of primary raw materials, the use of renewable energy sources, rationalization of water and forest management, etc.
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Based on individual-level data from a cross-sectional sample of small and medium enterprises located in Poland and the Czech Republic we performed an analysis of the impact of entrepreneurial orientation on SMEs’ growth and development. The hypotheses outlined in the study were tested by using structural equation modeling. The study results revealed that overall there was a strong measure of agreement among SMEs from Poland and the Czech Republic. SMEs in Poland and the Czech Republic have a similar approach to pro-activeness, innovativeness and risk-taking. However, Polish firms are less likely to act aggressively. The results of the structural equation modeling indicate entrepreneurial orientation affects SME growth and development. In general, when enterprises seek to innovate and to outpace competitors they are rewarded for their efforts.
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The article The Public Organisations in the Contemporary Legislation of the Republic of Bulgaria (Legal Nature, Characteristics) focusses on a problem studied less in our Administrative law science, namely the Public Organisations. Within the executive branch, the public power is vested in them and they hold the authority over the other components in this structure. The article is about to clarify the features of a generic concept forming the fundament for structuring the Institutions and the Public Funds as a type of public organisation.
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Indonesia is a unitary state as asserted in Article 1 paragraph (1) of the Constitution of the Republic of Indonesia 1945. As a consequence of this, Indonesia dividing its territory into several regions. This study aims to analyze the form of regulation on financial relations among the central and regional governments, especially those that regulate balance funds to accelerate the equitable distribution of development. Types of normative research with legislative, conceptual, and philosophical approaches were used as the research method. In conclusion, the formulation of balancing funds between the central and regional governments prevailed so far has not yet reflected a sense of justice so that it can obstruct the occurrence of even distribution among regions.
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The objective of the paper is an attempt to develop a typology of border cities. The typology will focus upon geopolitical determinants and their outcomes viewed in static and dynamic terms, all in the theoretical aspect. The synthesis of both approaches enabled 18 possible types of border cities to be isolated. Three of these were discussed in the form of case studies (Cieszyn, Chełm, Przemyśl).
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The authors of the article made an attempt to verify the hypothesis that in 2006–2016 in Poland there was convergence of the standard of living of residents of voivodships (NUTS 2 regions). The values of the measure of the standard of living calculated by the authors by dynamic development pattern method were used to assess the standard of living in the analyzed period. Beta-convergence was verified by cross-section absolute and conditional spatial models of convergence of SAR and SARAR types. Sigma-convergence was verified by measures of dispersion and concentration of the standard of living in 2006–2016. The calculations made point to occurrence of beta- and sigma-convergence of the standard of living in Polish voivodships. However, the estimated values of index of convergence and yearly average rate of convergence of the standard of living seem to be quite high; in fact, much higher than expected. It may be a consequence of clustering phenomenon, which we probably observed.
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The authors propose to assess the level of economic security of regions by means of calculating the integral index of security. The proposed approach includes six consecutive steps: definition of the system of indicators affecting the level of economic security of a region; formation of a statistical array of estimated indicators; standardization of estimated indicators; calculation of weighting coefficients for each of the indicator using the expert method; determination of the intermediate and integral index of the level of economic security of a region; interpretation of the results of assessment and rating of regions by level of economic security. The proposed method was developed on the data of Ukrainian regions.
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In the modern world, banking products and services have entered into the lives of people. The global financial crisis and bankruptcy of Corporate Commercial Bank in the summer of 2014 in our country showed many problems in the banking sector globally and in our country. Countries, institutions, citizens and businesses have suffered greater or lesser losses. And the result is - decline in confidence in banks. If those bank customers were more competent, their losses would be significantly smaller. This is a serious problem that needs to be investigated and resolved.
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Customer loyalty and engagement to the brand and/or company becomes an increasing company asset. To keep this situation the enterprises began to use as an important CRM tool a customer loyalty programs. Customer’s frustration of the using of loyalty programs has a negative effect on the customer buying behavior and the organization’s profit. In this paper I highlighted as very important determinants of customer frustration of using customer loyalty programs their concrete design and their type as well as their service.
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There are a lot of opportunities for financing of SMEs in international business which they implement successfully. In recent years the signed contracts for factoring have increased gradually in Bulgaria and in Europe. Two main issues are presented in the paper. Firstly, the definition and the functions of factoring are reviewed and secondly, the role of factoring for SMEs is analyzed.
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The article discusses the main theoretical considerations when assessing the value of the share capital of public companies. The principles of business appraisal and the factors that affect the value of the company are discussed. The main approaches to business valuation are presented: asset approach, income approach and market approach. A specific methodology has been proposed to determine the intrinsic value of the stock based on three complementary models: the Discounted Dividend Model, the Residual Income Model, and the Market Multiplier Price/ Book Value of Equity. The methodology is used to determine the value of alternative, corporate and business strategies, to manage the value of the company in relation to large-scale deals such as mergers, acquisitions and emerging markets, and to assess the possibility of attracting additional capital resources.
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The paper is motivated by numerous studies on cost of equity calculation. Empirical test prove that certain CAPM modified models cannot provide correct values of the cost of equity of companies from emerging markets. Thus, the applicability of the RojoRamirez et al. (2011a, 2011b) approach for cost of equity estimation is tested for seven Bulgarian REITs. The results show that the cost of equity values calculated by the RojoRamirez et al. (2011a, 2011b) are more adequate than those obtained by the CAPM.
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The subject is neither new nor an exception to modern economic life, and as seen in the introduction, it has long been used intentionally or not on a global scale and nationally. The article focuses on the different definitions of fraud and abuse as well as the possible definitions in the financial statements. There is a place for the possible motives for doing them, as well as the role of the internal audit to prevent them. There are also possible actions and approaches for their reduction, as well as recommendations for their legislative restriction.
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The currency board system that has been introduced and sustained in Bulgaria since 1997 is assessed on the basis of its impact on the macroeconomic conditions in the country. The assessment is founded on the theoretical advancements on the topic and on the empirical observations on the role of the currency board in Bulgaria when macroeconomic crises and external shocks occur. The conclusions for the procyclical and conservative nature of the system are the basis of development of three scenarios for the future of the currency board in Bulgaria – a realistic, an optimistic and a pessimistic one. The main prerequisites for their implementation are outlined. The associated risks are stated.
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This paper uses HP filter and production function of the Cobb-Douglas form to measure and compare output potential and output gap. We find that Albania’s economy is performing near or above potential. Both the univariate and the multivariate ways result in similar results. We use a two-sided smoothing lambda of 100 for the HP filter. The results lead us to conclude that the policy interest rate of the Central bank has not been as low to stimulate economic growth as we have been led to believe. Central Banks measures of output potential of 4% seem to be higher than the recent data suggests. More studies should be performed to measure neutral interest rate to conclusively say that a lower policy interest rate should be pursued by the central bank.
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