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Innovation Management, Entrepreneurship and Sustainability (IMES 2017)

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

The 5th International Conference Innovation Management, Entrepreneurship and Sustainability (IMES 2017) took place on May 25-26, 2017 at the University of Economics, Prague. The conference was organised by the Department of Entrepreneurship of the University of Economics, Prague, Czech Republic in cooperation with Faculty of Management, Comenius University in Bratislava, Slovakia and Perm National Research Polytechnic University, Russia and other partners.Sound keynote speakers – William B. Gartner (Copenhagen Business School), Bengt Johannisson (Linnaeus University), Jerzy Cieślik (Kozminski University), Art Gogatz (World Innovation Team), Alistair J. Fee (Queen´s University Belfast), Lorraine M. Uhlaner (EDHEC Business School in Roubaix), Matt Johnson (Leuphana Universität Lüneburg), and Martin Lukeš (University of Economics in Prague), discussed the trends in the fields of innovation management, entrepreneurship and sustainability. The conference aimed to achieve academic excellence in a regional context and to establish a platform for mutual collaboration, exchange and dissemination of ideas among researchers and professionals.This conference proceedings contain contributions of the conference participants presented during both days of the conference. Authors of papers come from 20 countries all over the world, namely from Canada, Croatia, Czech Republic, France, Germany, Hungary, Chile, Lithuania, Nigeria, Paraguay, Poland, Russia, Serbia, Slovenia, Slovakia, Spain, Sweden, Switzerland, Turkey and USA. All these contributions have successfully passed the doubleblind peer-review process.

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Правната наука и бизнесът – заедно за устойчиво развитие на икономиката. Сборник доклади

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

The book is published as a result of a round table – project SPC – 167/2016, pursuant to contract for partial financing of scientific forum according to Regulation №3 of MES 27.11.2015. The reports published are not edited and corrected. The authors shall bear the full liability for their content and originality and mistakes due to their fault. This book or parts of it cannot be reproduced, distributed on electronic way and copied without the written consent of the publisher.

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Proceedings of the 11th International RAIS Conference on Social Sciences

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

This publication presents the Proceedings of the 11th International RAIS Conference on Social Sciences held at Johns Hopkins University, in Montgomery County Campus, Rockville, MD, on November 19-20, 2018. The Conference was organized by Research Association for Interdisciplinary Studies.

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Членството на България в Европейския съюз: единадесет години по-късно

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

This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Eleven Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 19 October 2018, was dedicated to the results of the Bulgarian presidency of the Council of European Union in 2018. It was patronaged by the UNWE Rector Prof. D. Sc. (Econ) Statti Stattev. The keynote speaker at the conference was Lilyana Pavlova, PhD, Minister for the Bulgarian Presidency of the Council of the European Union 2018, the first time Bulgaria chaired the rotating presidency. The authors dedicate their research topics in areas such as: practical results of the 2018 Bulgarian presidency of the Council of EU, contemporary financial issues and trends within EU and the Eurozone, banking trends, the common currency, risk management, Fintech, climate action and climate change, electricity production, Cohesion, competitiveness, multiannual financial framework, migration, social entrepreneurship, corporate identity, marketing efficiency aspects, multicultural projects and stakeholders management, etc.‘The Membership of Bulgaria in the EU: Eleven Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.

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EKONOMSKI RAZVOJ MALIH SREDINA BAZIRAN NA VLASTITIM RESURSIMA NASPRAM POSTOJANJA/NEPOSTOJANJA PODRŠKE GLAVNOG GRADA - STUDIJA SLUČAJA ZA OPĆINU TEŠANJ

Author(s): Ismar Alagić,Darko Petković / Language(s): Bosnian Publication Year: 0

We can see today that in all countries there is a “strong resentment” of small towns towards major cities. It seems that no one is overly concerned regarding the situation in which cities such as: Zenica, Tuzla, Mostar and Tesanj in Bosnia and Herzegovina; Maribor, Celje and Kopar in Slovenia; Novi Sad, Kragujevac and Nis in Serbia; Split, Rijeka and Osijek in Croatia, point to a growing disproportion in the economic development in relation to capital cities. Even the destructive protests in Bosnia and Herzegovina over a year ago have not forced the ruling elite to do something to reduce the economic gap. The fact is that closing our eyes to the collapse of these economic and business drivers of any serious state – which BiH strives to be – only weakens the position of the main cities in the long run. This leads to sociological situations where all, or at least majority of the people, will want to live in the capital city (approx. 30% of the population of Serbia lives in Belgrade; 25% of the Croatian population lives in Zagreb; 35% of the population of Montenegro lives in Podgorica). The liquidity of the budgets of local communities in Bosnia and Herzegovina is seriously compromised with constant financial borrowing of the state which distributes these funds to the entities, which then direct the same funds mainly to public spending. The level of public spending and the internal debt is significantly increasing day by day, and the towns and municipalities that have not been able to use funds from the arrangements with the International Monetary Fund (IMF) for the purpose of local economic development, are now significantly involved in repaying the said foreign debt. Namely, at least 40% of the total budget of local government units in BiH falls to the funds from indirect taxes, and very often a lot more than that. Some of the most important criteria in determining the coefficients for the refund of VAT for the local communities are: the number of inhabitants, area and the number of students in secondary schools. From the above, it is evident that the criteria relating to the achieved economic results are largely marginalized in terms that those who achieve steady growth are not able to valorize it though higher return of VAT funds to local budgets. In terms of the state borrowing, cities and municipalities in BiH participate in the borrowing with only 1% of the total debt, while in the repayment of debts they participate with at least 8% in the total funds with which Bosnia and Herzegovina services its debt towards foreign lenders. Repercussions of this situation are particularly pronounced in the last 5 years, when, due to the consequences of the global economic crisis and global trends, weak and uncompetitive BiH economy is recovering very slowly and is having difficulty to start generating economic growth and promoting economic development. One of the positive examples in Bosnia and Herzegovina is the municipality of Tesanj, which for five years in a row achieved an increase in the number of employed people, in the number and revenue of firms operating in the municipality, in exports and in realized investments. Although the refund of VAT recorded a significant drop compared to the planned level, responsible budget planning, reduction of public spending and stable own revenues of the municipality contributed to the fact that municipal budget is increasing and is recording positive results. This paper will give an overview and analysis of assets directed from the local level toward higher levels of government in BiH, and the return of funds to the local community which largely ignores the criteria of results achieved in the economic field. Despite the smaller return of funds to those “successful”, there are phenomena of economic development that we will present in this paper.

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FISCAL FEDERALISM AND BORROWING OPPORTUNITIES OF LOCAL COMMUNITIES

Author(s): Željko Rička,Izudin Kešetović / Language(s): English Publication Year: 0

The principles of the European Charter of Local Self-Government were accepted and incorporated in the legislation of Bosnia and Herzegovina. Fiscal federalism is classified in the area of public finance theory that studies the system of collection and distribution of resources in the public sector with two or more levels of government. In practice, in the public sector we have an increasing presence of a trend of decentralization of powers and jurisdictions of the state through: the transfer of political power and the transfer of influence from higher to lower levels of government. Decentralization achieves some of the following goals: reducing the share of public sector in the overall economy, mobilization of public revenues while reducing the cost of public services, harmonization of responsibilities for local public expenditures and the available financial resources, boosting of own revenues of local authorities, promotion of cooperation between different levels of fiscal government in provision of public services. Characteristic of the mechanisms of financing of local government units in Bosnia and Herzegovina are different levels of development, which is why there is a need to find financing models that would meet the needs of local population and achieve the highest possible level of harmonization of standards, as well as a higher degree of fiscal decentralization. The theory and practice developed the forms of financial equalization: vertical financial equalization and horizontal financial equalization. According to the principles of the European Charter on Local Self-Government, local authorities have the right to adequate sources of financing which they shall freely use within the framework of their powers. Funding sources should be appropriate to their powers. Objectification of allocation of public revenues by levels of state organization is achieved through harmonized policy for allocation of public revenue and fiscal equalization policy at all levels of government. A significant part of the local units’ budget is quite meagre and strict. This is particularly true in local units in which most of the revenues are non-tax revenues. These non-tax revenues have established intended use (mostly for the cost of maintenance functions of the local community and large constructions). Such tying of revenue with precisely set use prevents local governments to be more flexible in allocation of budgetary resources. Based on the analysis of debt and borrowing of local government units, as well as research, we came to an assessment that there are real conditions and opportunities for local government borrowing in Bosnia and Herzegovina. Local units mainly borrow from a bank (or banks) in which they have deposited funds and whose accounts are used for cash management. There are few incentives and initiatives for borrowing by issuing of municipal bonds. One limitation is the lack of interest or knowledge to present all the costs and benefits of planned capital investments and to assess the financial potential and ability to repay debt. Promising modalities of financing of local communities in Bosnia and Herzegovina are those of public-private partnerships and emissions of municipal bonds that would require reliable demonstration of justification of borrowing purposes at the time of approval.

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THE ROLE AND IMPORTANCE OF THE PUBLIC-PRIVATE PARTNERSHIP IN THE REPUBLIC OF SERBIA IN FINANCING LOCAL ECONOMIC DEVELOPMENT

Author(s): Andrijana Jovanović / Language(s): English Publication Year: 0

Due to the current needs of the construction of new public infrastructure, investment in goods of general interest and the public interest by providing services in the Republic of Serbia, it is necessary to create a framework to attract private investment, notably through the establishment of public-private partnerships, which would specifically be aimed to increase the number of private investments, contribute to the development of infrastructure and reduce public debt. With the Law on public-private partnerships and concessions, which was adopted in November 2011, the concept of public-private partnership was introduced to the legal system of the Republic of Serbia for the first time, and thus it was allowed to state and local authorities to fulfil the needs for infrastructure and public services and to achieve this model, with clearly established rules of conduct. The law regulates the models for public-private partnerships and concessions, and the Commission of a public-private partnership is established. The Commission has a consulting, informative, expertise and educational role in relation to the formulation and implementation of public-private partnerships, and it is authorized to produce methodological documents, determining the need for new forms of financing apart from traditional budgetary funding. Linking public and private sectors enables support to ongoing development and implementation of local strategies for sustainable development, in order to improve the quality of life. The essence of private sector involvement in traditional public affairs is to reduce the fiscal pressure on local budgets, accelerating infrastructure investments, improving services, and encouraging the growth of output and job creation.

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Public Sector Financial Support for SME Innovativeness: Case Study of Selected CEE countries

Author(s): Solomon GYAMFI,Henry Junior Anderson,Jan Stejskal / Language(s): English Publication Year: 0

The impact of innovation on economic development cannot be underestimated. Innovation has been touted as the anchor on which firms can nick a competitive advantage for themselves. Over the years, public sector interest in innovation has been emphasized due to the impact innovation has made on economic development of some nations. Different public sector support systems are available to firms to access for their innovative activities. Small and Medium Scale Enterprises (SME’s) play vital role in the economies of most countries. Despite their contribution to development, they are constrained by inadequate funds to engage in R&D for innovation. In the light of this, the research sought to find out whether the innovativeness of SME’s from Selected CEE Countries determines the public financial support from the government or the European Union. The logistic regression model was employed using the harmonized European Union Community Innovation Survey 2012-2014 data for the empirical analysis. Our results indicate that SME’s that are engaged in innovative activities attract public financial support from national government and/or the European Union. This is because, the public sector financial support from the government and the EU target firms that are already engaged in innovation or show potential to be innovative.

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Does Czech Republic Suffer from Baumol´s Cost Disease?

Author(s): Irena PALIČKOVÁ / Language(s): English Publication Year: 0

This paper deals with Baumol´s cost disease theory. This theory is usually used to explain the different dynamics of some sectors of the economy, particularly public sector and to explain the growing share of the public sector in total resources. The aim of the paper is to verify the validity of Baumol´s theory on data from the Czech economy using the time series from 1995 – 2017. It was found that the Czech economy shows some symptoms of Baumol´s cost disease. These include, in particular, the growing share of the tertiary sector in total gross value added and employment, declining trend in labor productivity in the tertiary sector, declining expenditure on goods and rising spending on services spent by households. It was also confirmed that wage growth in the tertiary sector is determined by wage growth in the secondary sector, which is in line with Baumol´s theory. Although the share of the public sector in total resources in the Czech Republic is increasing, the share of public expenditure in GDP has a decreasing trend. This may be due, inter alia, to the faster growth rate of GDP recently.

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Public Funding of Business R&D Activities in the Czech Manufacturing Sector 2010 – 2014

Author(s): Marek Vokoun,František Stellner / Language(s): English Publication Year: 0

The analysis aims at the Czech manufacturing sector and innovation activities between 2010 and 2014. A panel of three Community Innovation Surveys is analyzed. This paper evaluates public funding of business R&D. The analyzed sample consists of 9316 observations of which 4313 are about R&D spenders, and 1942 are about new-to-the-market innovators. This paper estimates the model based on three stages of the innovation business process. The probability to innovate (full sample), the R&D expenditures per one employee and sales from innovated goods and services per one employee (new-to-the-market innovation sample) are analyzed. Central government funding and EU Programmes funding contributed to the innovation intensity (R&D expenditures). In the case of the innovation output, the additional contribution of public support was measured. Local and central government programmes, EU programmes, and also the variable describing support from the Framework/Horizon programmes were statistically insignificant. Public funding led to some extent to a crowding-effect of private sources in the manufacturing sector among new-to-the-market innovators.

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Green finance, financial reporting and evaluation

Author(s): Nadya Velinova-Sokolova / Language(s): English Publication Year: 0

Greening the financial system goes beyond lending and investment standards by considering both the impact of environmental and social risk on the financial system, and the impact of the financial system on environmental and social risks. The greening of the financial system will require going beyond current measures. The accounting and audit standard-setters already require climate-related risks to be considered in the financial statements. As with any other risk, investors need the corresponding information from financial statements and audit reports to make effective investment, voting and other engagement decisions, as well as to fulfil their own net zero commitments. The aim of this paper is to analyse and systematize the key challenges to understand the role of green financing in economic growth, their valuation and financial reporting. The author put forward the provision on the valuation and measurement of green finance in contexts of financial reporting. The article also examines the provision on the existence of causal relationships between the "green" financial and "green" economy and analyzed the challenges of management of green finance in Bulgaria. Further research is needed to mobilise the necessary resources, bridge obvious knowledge gaps and make progress in addressing questions on how to close the green finance gap.

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Паричният режим на Китай по пътя на трансформацията

Author(s): Kamellia Penkova / Language(s): Bulgarian Publication Year: 0

The specific monetary regime is highly important to the overall monetary policy structure. In terms of changing economic conditions a change in the monetary regime could be necessary. This paper aims to analyze the monetary regime in the People's Republic of China and to determine whether there is a transformation in its nature. For this purpose, a historical review of the indicators targeted by the Central Bank of China is made, the de jure monetary regime is determined. Furthermore, are stated conditions that a monetary policy regime should fulfill to be called an inflation targeting. Finally, an analysis was made to establish whether the de facto monetary regime is inflation targeting.

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GOVERNMENT EXPENDITURE ON ENVIRONMENTAL PROTECTION AND ENVIRONMENTAL PERFORMANCE. EVIDENCE FROM EU COUNTRIES

Author(s): Adina Dornean,Ada-Iuliana Popescu,Dumitru-Cristian Oanea / Language(s): English Publication Year: 0

During the last few years, environmental protection has become a much-debated topic at international, continental, and national level. The necessity of a green recovery is justified because such as COVID-19 virus had spread across borders, in the same way, the impact of climate change will be felt across the world. Thus, a green recovery is much needed based on policies that will simultaneously support economic recovery and environmental protection through investments in green projects. In this context, in December 2019, European Union (EU) launched the European Green Deal (EGD). In accordance with the EU’s environmental policies, one of the EGD goals is for Europe to become the world’s first ‘climate-neutral’ region, with net zero GHG emissions by 2050.As a result, every EU member state has to make efforts to first accomplish this objective at national level. In this article, we want to investigate if, at this time, the EU member states and their governments allocate more funds and spend more money for environmental protection. Furthermore, we will investigate if there is a correlation between the government expenditure on environmental protection and environmental performance, measured according to the environmental performance index (EPI). For this purpose, we will apply the sigma-convergence approach to highlight the evolution over time of the cross-national dispersion in environmental spending for the period 2012-2021. Also, we want to identify if there is correlation between governmental expenditure and EPI. The results show that countries with higher government expenditure on environmental protection recorded a higher environmental performance index (EPI).

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УЛОГА ЈАВНИХ ФИНАНСИЈА У ПОСТИЗАЊУ ЦИЉЕВА ЗЕЛЕНОГ ЕКОНОМСКОГ PACTA И ОДРЖИВОГ РАЗВОЈА

Author(s): Branka Topić Pavković / Language(s): Serbian Publication Year: 0

The concept of the green economy is being promoted as a tool to achieve sustainable development, and the question of how to facilitate the green transition is becoming a global challenge for the coming period. On the other hand, recent climate disasters - extremely high temperatures in certain parts of the world, deadly floods, storms, extreme cold, fires, etc. - are more than enough signs that a change in lifestyle and awareness is needed and that concrete action is expected from those responsible. Governments are expected to increase public investment, mitigate the costs of more severe weather events, and use other fiscal tools in ways that facilitate and support private sector green transformation. However, recent crises and countries ’efforts to cushion new market shocks have called into question the momentum and future investments in greening. This paper focuses on unanswered questions and ways to address the challenges of greening in the future of the fiscal framework of national economies. Governments play a key role in catalyzing the technological innovation needed for an environmentally sustainable and decarbonized economy. Historically, government has a remarkable results of supporting key stages of technological innovation. This is particularly apparent for low-carbon energy technologies, where high-impact innovation is capital intensive and requires a long time horizon. The objective of this paper is to highlight the challenges that climate change poses for fiscal policy implementation and fiscal sustainability, 'while also highlighting some of the actions that developed countries have taken in this direction.

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Quality of Life in The Republic of Moldova: Assessment, Challenges, and Solutions

Author(s): Alexandru Stratan,Tatiana Colesnicova,Anatolii Rojco,Larisa Savga / Language(s): English Publication Year: 0

This chapter assesses the quality of life in the Republic of Moldova, identifying key challenges and proposing solutions to improve living conditions. It discusses the significant decline in quality of life indicators, such as disposable income, consumer spending, poverty levels, and demographic trends. The research highlights the disparity between urban and rural areas, the impact of economic recessions, and social issues such as health, education, and environmental quality. The authors propose comprehensive measures to enhance income, labor remuneration, pension security, access to quality education, environmental protection, healthcare, and overall living standards.

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Еволюция на институционалната теория в процеса на счетоводна хармонизация в публичния сектор

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

The development of accounting standardization and harmonization in the public sector is dependent on many dynamic and interrelated processes, including economic, political, environmental, etc. The reached level of the Institutional theory reveals how the government makes the decision to perceive common accounting practices in order to obtain institutional legitimacy. Although, these accounting models differ from contemporary accounting practice in the global aspect. The question is how will adequacy public sector accounting harmonization be reached in the absence of the European conceptual framework for financial reporting. The purpose of the study is to analyze theoretically existing public sector accounting practices in the context of the development of the Institutional theory.

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АНАЛИЗ И ОЦЕНКА НА ЮТИЛИТИ КОМПАНИИ В САЩ

Author(s): Ivan Dinkov Hristov / Language(s): English Publication Year: 0

In this paper some of the utility companies in the USA have been examined in terms of dividend payouts, current financial evaluation and potential for future growth. They provide services that are necessities and that is why, these companies are being regulated by the local governments. Dividend payouts, current financial evaluation and potential for future growth will be used to draw some conclusions about investing in that sector.

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THE BLUE ECONOMY” INVESTMENTS PROMOTION

Author(s): Milen Baltov / Language(s): English Publication Year: 0

The idea of the „blue economy” is related to the promotion of economic growth, social inclusion, and living standards in line with ensuring environmental sustainability of the coastal areas at the seas, oceans and rivers. It refers to the decoupling of socioeconomic development through sea-related sectors and activities from environmental degradation. The blue economy has diverse components, including established traditional maritime industries such as fisheries, tourism, and maritime transport, but also new and emerging activities, such as offshore renewable energy, aquaculture, seabed extractive activities, and marine biotechnology and bioprospecting. A number of services provided by ocean ecosystems, and for which markets do not exist, also contribute significantly to economic and other human activity such as carbon sequestration, coastal protection, waste disposal and the existence of biodiversity.

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The management effectiveness of the company – the determinant of economic growth

Author(s): Tsvetelina Nenkova / Language(s): English Publication Year: 0

In modern conditions, against the backdrop of dynamically developing socio-economic relations on an international scale, the issues related to the management effectiveness and the possibilities for its improvement are becoming increasingly widespread and relevant. Its role as a key factor for the "viability of any business organization" defines it as a critical determinant in the discussion of alternative solutions and the identification of strategic directions affecting the functioning and the economic development of the company. This fact makes its determination and analysis into an objective necessity.

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How artificial intelligence is changing investment management

Author(s): Radostin Boyadzhiev / Language(s): English Publication Year: 0

Artificial Intelligence (AI) is a key technology that is changing our lives right now. But the predictions are that it will lead to even greater changes in our lives. It is currently used in: marketing and advertising, online shopping, automobiles, personal digital assistants, smart homes, pattern recognition, manufacturing, logistics and many other fields. Despite its use in our everyday life, it should be noted the fears of some people, mostly related to the loss of jobs. But how is AI changing the world of investing? The introduction of this technology in the field of investment and portfolio management is associated with activities such as: fundamental and technical analysis; Risk Management; portfolio optimization and reduction of management costs. The report will look at how AI is being used in each of these areas of investment management.

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