Корпоративно управление в развитите пазарни икономики и в България

Author(s): Evgeny Peev / Language(s): Bulgarian Publication Year: 0

The paper presents а comparative analysis of corporate governance in Bulgaria and developed market economies. It focuses on key issues, namely: (i) согроrate governance systems; (ii) governance structures; (iii) legal system; (iv) the impact of corporate governance on economic development. The emerging Bulgarian system of corporate governance challenges our conventional understanding of "insider-outsider" dichotomy for financial systems in market economies. In Bulgaria, capital markets are underdeveloped but banks are not major shareholders of non-financial companies. This creates credit constraints to companies and hampers corporate growth.

Актуални проблеми на управлението на корпорациите в България

Author(s): Pencho Penchev / Language(s): Bulgarian Publication Year: 0

The paper reviews the main problems that have to be resolved by the manager teams of the corporations at the present stage of the country development. They are related to the role of international and domestic environment and the overcoming of the conflict between the corporations' goals and their resources; elaboration of managerial solutions and improvement of the managers' knowledge and skills; the strategic planning system and the implementation of adequate organizational structures; implementation of appropriate motivation mechanisms.

Соціально-трудові відносини в регіоні в умовах децентралізації

Author(s): Denis Vasylychev / Language(s): Ukrainian Publication Year: 0

The article describes the system of social and labor relations in the framework of decentralization state management system. The author outlines that priority of decentralization lies in determination of main directions of regional management of social and labor relations as well as specification of means and methods of their implementation by formation of regional social development strategy.

Bánffy Dezső miniszterelnök és Khuen-Héderváry Károly horvát bán „párviadala”

Author(s): László Katus / Language(s): Hungarian Publication Year: 0

Utility Price Cuts and Sector-Specific Taxes in Network Industries

Author(s): Iván Major / Language(s): English Publication Year: 0

The petition opened with the question: “Would you like to pay 10 to 20% less for electricity, gas, water consumption, and sewage treatment?” “Of course,” replied millions of Hungarians. “Are you in favor of the government passing on Hungary’s accumulated debt to banks, telecommunications firms, and commercial networks by levying sector-specific taxes instead of reducing debt with your direct contribution, for instance by hiking value added tax on goods and services?” Once again, the reply was are sounding “Yes.” But if the following were added to the petition: “Do you accept that in the wake of the price cuts and sector-specific taxes suppliers will turn a loss and be compelled to cut staff, stall network development projects and, ultimately, reduce the quality of electricity, gas, water supply,etc.?,” it would spark outrage. Likewise, if suppliers added on more and more charges to cover their losses, broad disgruntlement would certainly ensue. These questions and findings are not mere figments of the imagination,but the current reality in Hungary.

Captured by Power

Author(s): András Deák / Language(s): English Publication Year: 0

At the beginning of January 2014, the agreement signed by Viktor Orbán and Vladimir Putin at a meeting in Moscow elicited considerable public debate. This debate, however, was quite fragmented. It was not so much the cacophony of genres, or the cavalcade of domestic, foreign, or energy policy arguments, or the ideological or visceral viewpoints that were most striking, but rather the unstructured nature of the debate, and the divergent nature of the questions asked by those debating the subject. Two basic questions should be separated at the outset: First, what kind of energy policy options are there, and how well-founded is the Paks expansion plan in a technical sense? Is there a need for it? Second, what aspects guided the government, and within that the premier and his inner circle, in making this decision?

КАЧЕСТВО НА АКТИВИТЕ И РЕГУЛАТОРЕН КАПИТАЛ – НОВОТО ПРЕДИЗВИКАТЕЛСТВО ПРЕД БАНКОВИЯ МЕНИДЖМЪНТ

Author(s): Daniela Feschiyan,Radka Andasarova / Language(s): Bulgarian Publication Year: 0

In recent years, EU banks have been faced with the challenge of applying tighter supervisory requirements, on the one hand, and on the other, adapting to changes in accounting legislation in the context of the mandatory application of IFRS 9 Financial Instruments. The main results and conclusionsof a theoretical-methodological and empirical study of the impact ant implementation of IFRS 9 to bank regulatory capital are presented. The complication of normative regulation for supervisory and reporting purposes raises a number of difficulties and questions for banks. A credible and timely assessment of the potential impact on regulatory banking capital resulting from the adoption of IFRS 9 Financial Instruments is required. In Bulgaria these issues are very important as an open European economy in order to create favorable conditions for a stable financial and banking system.

ПРИЗНАВАНЕ НА ФИНАНСОВ АКТИВ ПРИ ОПЕРАТОР ПО КОНЦЕСИОНЕН ДОГОВОР

Author(s): Maria Markova / Language(s): Bulgarian Publication Year: 0

When we discuss concession agreements, the relationship with the operator is more often associated with the recognition of vested rights in the context of an intangible asset. There is also another possible relationship between the two parties, as a result of which the operator should account for a financial asset. This second hypothesis will be reviewed in the current report. The main goal of the report is to promote a mechanism for a successful partnership between the state and the private operators. The report also outlines some specific national peculiarities, related to the possibility for recognition of afinancial asset under a concession agreement.

ERM II и насоките на ОИСР за корпоративно управление в българските предприятия с държавно участие

Author(s): Bistra Boeva / Language(s): Bulgarian Publication Year: 0

This report explores and presents systematically a contemporary issue with practical dimensions which had not yet been discussed by the Bulgarian academics. The issue with the corporate governance of a specific subject in the market economy - the state-owned enterprises (SOEs). The focus of this article is on how and at which extent the Guidelines on corporate governance of SOEs, OECD/15/, are applicable in Bulgaria and whether the status quo allows it. The research is based on limited academic data available – publications by the European Commission, International Monetary Fund, World Bank, etc. The paper presents legislative acts and rules for corporate governance of state-owned enterprises. An analysis was conducted on company data – limited annual statements of some Bulgarian SOEs. Guidelines on corporate governance of SOEs, OECD (2015), were used as a framework for the present research.

A Research Study of Nonlinearity Experiencing in the Rate of Current Account Deficit to the Bulgarian Tourism National Product

Author(s): Stoyanka Petkova-Georgieva,Zlatina Karadzhova / Language(s): English Publication Year: 0

The nonlinearity in any rate of current account deficit is an important task of research because of the so-called Regime Switching Models: TAR, SETAR, Markov Switching Model, etc. Usually, the behavior of time series exhibit breaks is associated with structural changes in government policy or financial crises. In the present research it is used as an example the calculated data about the rate of current account deficit to the Bulgarian Tourism National Product. The series are hard to be modelling because of the structural change of the government policy about the Bulgarian Tourism National Product. The basic hypothesis that is tested in the conducted research is that when there is a case of changes in the time series in their structure it is impossible the principles of linearity assumption to be applied. In the traditional econometrics as a science the linearity is an important assumption but there are practical evidences in which most of the time series do not provide this assumption. These cases of such time series behavior are called nonlinearity series. It is important to test the linearity assumption because of the differing between the ways of modelling the series in the case of linearity and nonlinearity using the date of the rate of current account deficit to the Bulgarian Tourism National Product. If any series do not provide the linearity assumption and also have change in the structure then the case can be modelling with TAR, SETAR or Markov Switching Model. We provided the research by questioning whether there is nonlinearity in the rate of proportion of current account deficit to the Bulgarian Tourism National Product and it is experienced with four nonlinearity tests: Kaplan Test, McLeodLi test, BDS Test and Tzay Test.

Оценка на програмите за публично финансиране

Author(s): Stoyan Kanatov / Language(s): Bulgarian Publication Year: 0

Conducting various assessments is an important element of the implementation of the European Structural and Investment Funds. There are clearly defined goals and responsibilities for the evaluations in each programming and implementation cycle (preliminary, intermediate and subsequent). The implementation of the evaluation process in many countries from Central and South-eastern Europe is a result of the requirements noted in the regulations on the European Structural and Investment Funds. The aim of this paper is to present the role of the theoretical and methodological knowledge in the public financing programs assessment, to review the main methods for conducting an impact assessment as well as to conduct a comparative analysis on these methods.

Способи за избягване на нередности и финансови корекции

Author(s): Stanislava Tzvetkova / Language(s): Bulgarian Publication Year: 0

Applying financial corrections is the most widespread way to sanction violations related to improper spending of EU funds. European and local institutions, including the European Commission, European Court of Auditors and the control authorities of the Member States are the ones who should ensure the legality and regularity of operations, financed from the EU budget. Any irregular or not due cost should be penalized and bound with corrective actions to protect the budget and to comply with the legal framework.

Елементи на новото икономическо управление на Икономическия и паричен съюз в рамките на Европейския съюз и тяхното приложение в България

Author(s): Hristo Draganov / Language(s): Bulgarian Publication Year: 0

The processes of supplementing the economic governance of the Economic and Monetary Union of the European Union developed dynamically the last four years. The elements of the new economic governance of the Economic and Monetary Union are actually mechanisms for economic regulation implemented as part of the EU law or as intergovernmental arrangements of the Member States. The analysis of the implementation in Bulgaria of the new instruments for establishing financial stability, sound fiscal policy and sustainable economic growth shows that the country meets the essential obligations under the application of EU law and the intergovernmental participative arrangements.

Модел и проблеми на финасирането на програмата по инструмента за предприсъединителна помощ за трансгранично сътрудничество между Република България и Република Сърбия 2007 – 2013 г.

Author(s): Stoyan Kanatov / Language(s): Bulgarian Publication Year: 0

This paper presents in detail the legal foundation, the structure and the practical functioning of the Instrument for Pre-Accession Assistance (IPA). The author focuses on the particulars related to the IPA between Bulgaria and Serbia for the period 2007-2013. It explains the different levels of governance, national structures for planning and implementation of the IPA goals as well as the institutions engaged in the realization of the program on Serbian side. The research explains the financial parameters of the program as well as the complex flow of the funds, auditing and verification processes, type of payments and operational challenges for the parties engaged under IPA.

REPUBLIKA SRPSKA POSLIJE COVID-19 − ŠTA DALJE?

Author(s): Zora Vidović / Language(s): Serbian Publication Year: 0

Iako je u posljednjih nekoliko godina globalna privreda iskazivala znakove usporavanja, zdravstveni razlozi bili su glavni okidač za najveći i najbrži ekonomski pad u istoriji čovječanstva. Bez obzira na činjenicu da kriza izazvana virusom korona nije otpočela kao ekonomska, već zdravstvena, vrlo brzo se pretvorila u veliku svjetsku ekonomsku krizu, sa značajnim i ozbiljnim posljedicama. Istovremeno, pomenuta kriza predstavlja najveći izazov pred kojim su se našle sve vlade i ekonomije širom svijeta još od vremena posljednje ekonomske krize iz 2008. godine. Brzina i snaga kojom je pandemija „udarila” na sve ekonomije sugerisala je da bi oporavak globalne, ali i pojedinačnih privreda mogao da bude trom i spor, što je, s druge strane, zahtijevalo gotovo promptne reakcije i intervencije kreatora politika u ma kojoj zemlji.

OTVORENE INOVACIJE: TEORIJA I PRAKSA SA OSVRTOM NA PERIFERNE DRŽAVE

Author(s): Janez Prašnikar,Daša Farčnik,Tjaša Redek / Language(s): Serbian Publication Year: 0

In this paper, we studied the application of open innovation in companies and the role of government policies in this area. We presented the results of a major European project, the European Academic Network for Open Innovation (OI_Net). The project was implemented in the period 2014-2016, and 35 countries and 500 representative companies from all countries participated in it. In this paper, we present the results for Slovenia, as one of the countries participating in the project. The research showed that Slovenian companies lag behind European countries in the field of open innovation. Furthermore, it has been shown that in the initial phase of the development of open innovations, the size of the company, industry and export orientation of the companies are important. Top management support is even more important. We projected these results on the countries of the Western Balkans and considered the possibilities of using industrial policy to transfer knowledge in this area. Creating an innovation market in the Western Balkans would also require common regulation in at least two areas, namely competitiveness and intellectual property rights (IPR).

MONETARNA POLITIKA U USLOVIMA GLOBALNE PANDEMIJE U ZEMLJAMA KOJE PRIMENJUJU REŽIM VALUTNOG ODBORA

Author(s): Nikola Fabris / Language(s): Serbian Publication Year: 0

The coronary virus pandemic began in China at the end of 2019 and spread rapidly throughout the world in 2020. It has led to a number of business constraints that have further resulted in a significant decline in economic activity, the collapse of a large number of businesses,rising unemployment, a slowdown in cross-border flows, and a significant decline in investment activity and aggregate demand. Against such backdrop, economic policy makers around the world had to implement a wide range of incentives from their fiscal and monetary policy arsenals.Countries under the currency board arrangement are in a very specific position as most of the classical monetary policy instruments are not available to them. However, the application of monetary policy incentive instruments is also necessary in these countries given that the crisis induced by the pandemic has not bypassed them. Therefore, the paper analyses the possibilities of applying adequate monetary policy measures in countries having the currency board regime in place.

OPOREZIVANJE UTANJENE KAPITALIZACIJE − UPOREDNA ANALIZA PORESKIH SISTEMA CRNE GORE, SRBIJE I BOSNE I HERCEGOVINE

Author(s): Mirko Andrić,Milan Lakićević,Saša Vujošević / Language(s): Serbian Publication Year: 0

The paper pays special attention to the tax treatment of thin capitalization in the tax systems of Montenegro, Serbia and Bosnia and Herzegovina, as well as to the activities that are undertaken in these countries in order to prevent tax evasion and profits’ transfer to the so called “tax havens”. In this context, special attention is given to the tax treatment of dividends paid and interest paid in comparative tax systems. Having in mind the fact that reduced capitalization is a form of tax evasion in the international framework, it is necessary to point out the implementation of agreements on the prevention of double taxation, as well as of the multilateral conventions, in order to prevent tax evasion and profits’ transfer to the so called countries of preferential tax jurisdictions. Thin capitalization is associated with an inadequate capital structure and arises as a result of the unequal tax treatment of dividends,as return on equity, and interest as return on borrowed capital. The capital structure means the relationship between equity and long-term debt. In cases when the equity is disproportionately smaller in relation to the borrowed capital, such a capital structure is considered as thin capitalization and most often represents a relationship between related parties. Thin capitalization can occur as a result of financial and tax reasons. It is most often caused by tax reasons, where various manipulations are used to tax redirection from one legal entity to another related legal entity that is under the tax jurisdiction of another state. The paper aims to analyze the treatment of thin capitalization in the tax systems of Montenegro, Serbia and Bosnia and Herzegovina and to consider the possibility of tax evasion on this basis.

INOVACIJE I KONSTANTNO PRILAGOĐAVANJE IZAZOVIMA PRIVREDE SA CILJEM OČUVANJA STABILNOSTI U SAVEZNOJ REPUBLICI NEMAČKOJ U VANREDNIM USLOVIMA IZAZVANIM PANDEMIJOM VIRUSA KORONA

Author(s): Zoran Malešević / Language(s): Serbian Publication Year: 0

If we observe the time period of the previous 18 months, we can see that the economic systems of all countries are facing great challenges. The corona pandemic, which was initially mistakenly thought to have no impact on economic developments or that economies will suffers light changes and possibly small losses, proved to be an imposed economic constant. The Corona has become a significant factor in adjusting economic trends and creating economic policies. This has forced many countries to adapt to the new situation. From the very beginning of the pandemic, the Federal Republic of Germany has taken very serious approach to program development and innovation in order to preserve its economic stability. The state has invested large financial resources in order to preserve small, medium and large enterprises and to mitigate the negative consequences as much as possible.

Finanse wobec wyzwań Nowej Gospodarki

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

Monografia jest zbiorem tekstów powstałych z okazji Konferencji Katedr Finansów, która odbyła się 14 i 15 września 2023 r. w Centrum Edukacyjnym Usług Elektronicznych Uniwersytetu Ekonomicznego w Poznaniu. Na tom składa się 12 rozdziałów poruszających zagadnienia z różnych obszarów finansów: radykalnej niepewności i wiedzy niedoskonałej, finansów osobistych w kontekście ich metapersonalizacji, finansów publicznych, w tym problematyki podatkowej, czyli podatku od deszczu oraz podatku bankowego, a także pomocy publicznej w czasie pandemii COVID-19, bankowości komercyjnej w kontekście uwarunkowań wyniku finansowego banków w Polsce, przemian pracy w sektorze finansowym pod wpływem pandemii COVID-19, finansowania nowoczesnych technologii, bankowości centralnej, walut cyfrowych banku centralnego, bezpieczeństwa finansowego w czasach kryzysu i gwarantowania depozytów w okresie niestabilności lat 2008 i 2023. Autorzy poszczególnych rozdziałów reprezentują różne ośrodki naukowe (Uniwersytet Ekonomiczny w Poznaniu, Uniwersytet Ekonomiczny w Krakowie, Szkoła Główna Handlowa w Warszawie, WSB Merito w Poznaniu, WSB Merito w Szczecinie, Akademia Górnośląska im. Wojciecha Korfantego w Katowicach, University of London) oraz praktykę gospodarczą (Związek Banków Polskich), przez co monografia przynosi wieloaspektowe spojrzenie na finanse oraz Nową Gospodarkę, jak też na wyzwania związane ze współczesnymi kryzysami, z transformacją energetyczną i cyfrową oraz ze zrównoważonym rozwojem.