Around the Bloc: Lithuania Faces a “Cauliflower Revolution”
Outrage over high supermarket prices leads to a boycott and, maybe just maybe, lower prices.
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Outrage over high supermarket prices leads to a boycott and, maybe just maybe, lower prices.
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Fiscal policy can be of a discretionary or rule-based nature. This article discuses selectedexamples of fiscal rules as well as presents the advantages and disadvantages of following them. Theaim of the article is to solve dilemmas about the positive and negative consequences of strictregulations of contemporary fiscal policy. Therefore, a hypothesis is tested concerning whether thefollowing of rules in macroeconomic policy is a more beneficial solution than carrying out a discretionarypolicy. The hypothesis was not clearly verified. On the one hand, it was stated that it is usuallymore beneficial to follow standard rules due to higher reliability for markets. On the other hand, thatentails lower flexibility, which may be especially disadvantageous during a crisis.
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This article is a follow-up on the authors' research on the relationship and interdependence between accounting information, accounting analysis, and credit risk management in banks. Analysis of the quality of the loan portfolio, as well as bringing the key trends in the management of credit risk out are processes that need to be modernized, given the dynamics of economic phenomena in the banking sector. The purpose of this study is to present procedures for accounting analysis and credit risk assessment, and recognition of expected credit losses corresponding to the philosophy of IFRS 9 Financial Instruments.
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Goodwill is one of the most difficult categories of balance sheet law. It was known to Polish science and practice of accountancy as early as in the mid-war period of the 20th century. Official regulations pertaining to goodwill in Polish accountancy law appeared in 1991 in the Decision of the Minister of Finance on rules on bookkeeping dated 15th January. From that time on the attitude towards including and settling this specific element of assets changed with changes or updating key legal acts regulating the rules of accountancy. In spite of that the current rules of Polish balance sheet law are completely different from the regulations of International Accounting Standards as far as including and settling goodwill is concerned.
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The purpose of this research is to examine and analyze Good Corporate Governance inmoderating the relationship between Corporate Social Responsibility (as measured by economic,environmental and social), Default Risk (as measured by debt to equity ratio and debt to assetsratio) and Conservatism (as measured by earning / stock return relation, accruals and net assets)Earnings Management. The sample used is a manufacturing company during the period 2011-2015. The total sample used is 170 samples. Sampling technique used is saturated sample method.The analytical model used in this research with Structural Equation Modeling.The results showed that Corporate Social Responsibility, as measured by the economy andenvironment, has a positive and significant effect on earning management, while CorporateSocial Responsibility measured by social have negative and significant effect to earningmanagement. Default risk, as measured by debt to equity ratio and debt to asset ratio, has positiveand significant effect on Earnings Management. Also, conservatism measured by earning / stockreturn relation and accrual has adverse and insignificant effect on earning management.Good Corporate Governance moderates weakening the effect of Corporate SocialResponsibility as measured by economic, environmental to Earnings Management. Meanwhile,the interaction of Corporate Social Responsibility proxy by social with good corporategovernance has a positive and significant effect. Good Corporate Governance moderatesweakening the effect of default risk measured by debt to equity ratio on Earnings Management,while the interaction between default risk measured by debt to asset ratio with good corporategovernance has positive and insignificant effect, so GCG does not moderate the effect of defaultrisk as measured by debt to asset ratio to Earnings Management. Another result was that goodCorporate governance does not moderate Conservatism effect measured by Earning Stock Returnand accrual to Earnings Management on manufacturing companies registered in ISSI on theIndonesia Stock Exchange
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The greatest desires of the share investors are to predict the accurate future prices of the stocks and to take appropriate decisions. Becouse of financial decision making is an action which is directed towards future, includes uncertainty and risk compenents. The individual who will take these decisions is the main actor of the financial system. Initially, the traditional financial theories, which are exceedingly insufficient to explain the nowadays events are investigated. The study continues with research of behovioral finance approach, which has built sort of a bridge between psychology, sociology and finance sciences. Behavioral finance has defined an individual which can be affected from his emotions contrast to rational individual. A new world order formed with globalisation. Technological developments as for has increased the risks contrast with expected. Present financial tools and legal arrangements are not sufficient any more for this new system. In order to be able to form a new financial order, well analyze is required about the factors which affect the investors while they are making financial decisions and the risks which are formed by these factors. Otherwise, it will be impossible to develop new financial tools for avoiding these risks.
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Family business and family business dynasties are notorious all around the world. The Waltons, the Fords, the Hiltons, the Bushes, the Kardashians, or the Murdochs – all of them shape up the world’s globalized economy. However, in Russia business dynasties are just passing through the stage of their initial development and setting. As a result, very little empirical research has been carried out so far to determine socio-physiological traits of its incumbents. This paper describes the peculiarities of the ‘founders of business dynasties’ (i.e., a group of business owners who have already worked with their relatives and wanted to transfer their firm to the next generation) in Russian and worldwide. The paper has been built under an ex-post-facto pilot scheme. Our data collection was carried out through polling of 90 persons, all subjects being owners, proprietors, or performing the duties of the director of a business company. Our results reveal some differences between the founders of business dynasties and other three groups of business owners (called ‘Singles in business’, ‘Dreamers’, or ‘The last link in business’). However, a highly significant correlation was found only in strong belief of the ‘Founders of business dynasties’ in usefulness of family relationships for business. This finding suggests a significant role of family relationships in business. Our results provide thus evidence on the continuing search for a secret of harmony in business-family relationships among ‘the Founders of business dynasties’ and its further spread within business community.
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Purpose: Beginning from the assumption that accrual accounting is useful in ensuring the high performance of management systems, this article investigates explanatory factors concerning the level of accrual accounting adoption in municipalities on the Indonesia island of Java. Design/methodology/approach: Data collection in this study was based on a structured questionnaire sent to the Head of Accounting Sections of 119 Javanese municipalities. The instrument for content and construct validity and reliability was tested. Then, the hypotheses were tested using Structure Equation Modelling (SEM) by SmartPLS. Findings: The results indicate that the variables of top management support, adequate training programs, and the quality of information technology has a significant effect on the level of accrual accounting adoption and key are factors influencing the level of accrual accounting adoption. They also indicate that organizational culture is an important moderating influence between these variables and the level of accrual accounting adoption. Research limitations/implications: One of the limitations of this study is that data collection using a survey method through a questionnaire likely does not capture the wider knowledge of respondents; in addition, the questionnaires were distributed only to Javanese municipalities. The findings of this study and the limitations inherent in it can lead to some further research opportunities. For example, further research can examine neglected variables such as the size of the organization and its social capital and also the importance of organizational variables such as local political support and support from external auditing processes. Originality/value: To the best of the researcher's knowledge, no study of Indonesian municipalities has tested the impact of factor such as top management support, and organizational culture as a moderating effect on the level of accrual accounting adoption.
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Purpose – The aim of this study is to explain why biodiversity today becomes one of the priority issues for accounting in the framework of natural capital based society value formation process. Design/methodology/approach – In this study, normative research approach has been adopted and; norms and standards related to biodiversity accounting were examined. The Natural Capital Protocol and the Biodiversity Standard No. 304 which were published by Natural Capital Coalition and Global Reporting Initiative respectively constitute the scope of the research. Findings – The problems to be experienced in the flow of ecosystem and abiotic services negatively affect the social value formation contrary to sustainable development principle by reducing the ability of future generations to meet their own needs. For this reason, entities should design and execute their business models in accordance with the natural capital based management approach. In other words, they must carry out their activities in a way that does not disrupt the continuity of ecological functions and therefore habitats should be protected or restored. Biodiversity accounting is the main tool for the execution of this kind decision processes. It is seen that the information related to the areas with high biodiversity value, the significant effects of the products and services on biodiversity, the protected or restored habitats and the species in the protection lists are subject to sustainability reporting. Discussion – Disclosures made within the scope of biodiversity accounting make the positive and negative effects of entities on the continuity of ecosystem and abiotic services flows visible. For this reason, biodiversity accounting plays an important role to enable the effectiveness of the natural capital based social value formation process by shaping the perspective of the society on environmental problems.
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The capital structure of a firm refers to the debt and equity within the long term financial structure of said firm. Decisions regarding the allocation of capital within the capital structure are of grave importance for firms. While debt represents a borrowing relationship between the lender and the debtor, equity represents how the rights of ownership of a firm is allocated between the shareholders of the company. Such differences create a fragile balance between a business’ profitability and risks, making decisions regarding capital structure extremely important. Factors affecting decisions concerning capital structure can be categorized as micro or macro factors. While micro factors have to do with firm-specific issues such as size, liquidity, or profitability, macro factors are external forces such as inflation, interest or exchange rates. The aim of this study is to determine the impact of macro factors on a firm’s decisions regarding their capital structure. An application has been carried out by using panel data on various manufacturing firms listed on the BIST100 index. The findings of this study indicate that some key macroeconomic factors have certain effects on firms.
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The aim of the study is to examine accounting practices in the process of globalization. For this purpose, previous work on this subject will be examined within the framework of international accounting standards and a general evaluation will be made about accounting practices. As a result, IFAC and the IASC Foundation are the main institutions driving the global accounting climate, and IASB (International Accounting Standards Board) was established in 1973 to create a common accounting system for companies worldwide. Internationally accepted accounting standards have been established under the name of the field and also Turkey Accounting Standards (TAS) and Turkey Financial Reporting standards (IFRS) has emerged as accepted standards in Turkey.
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The study presents relevant aspects regarding the evolution of the audit reporting after the economic recession. The motivation of the author to tackle this topic about the new tendencies in audit reporting was the actuality and importance granted to the new extended audit report. Thus, at the level of the speciality literature, a variety of studies on the evolution of the reporting in audit and the role it has were analysed. Following the conceptual delimitation and the presentation of the speciality literature’s study, the author undertook empirical research which targeted the amendments made to the audit report for the years 2015 respectively 2016. The result of this analysis shows that the majority of the entities listed on the stock exchange have respected the new structure of the audit report for the year 2016.
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Interest costs are a component of operational costs of trading companies. They are covered from the margin. Their size varies depending on the interest rate, foreign exchange rate, investment management efficiency, financial indebtedness, sales and other controlled and uncontrolled determinants. This paper examines the dynamics and factors of the size of the costs of interest rates of trade companies in Serbia for the period 2013 – 2017. The empirical results of the research show a continuous reduction of the interest costs in the last years of the analyzed period. This had a positive effect on the performance of trade companies in Serbia.
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Purpose – The accuracy and reliability of the data provided by the production enterprises, which are the main locomotives in the growth and development of the country's economies, can be possible by the continuous self-renewal of the accounting practices from an innovative point of view. In general, accounting practices constitute the Tax Procedural Law, Accounting Practice General Communiqués and Financial Reporting Standards. The fact that the accounting processes of the manufacturing enterprises are complicated and the estimations and resilience’s due to the accounting practices lead to frequent errors and fraud cases. These practices, which arise as a fraud or error against the law, cause the users of the financial statements to make a wrong decision. For this reason, the study aims to determine the errors and tricks in the enterprises producing in Gaziantep.
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Food is considered one of the welfare indicators that reflects in a very simple and efficient manner the human condition. Food consumption is shaped by a multitude of factors among which the most important are income level, lifestyle, knowledge, demographic changes, food habits and traditions. Considering the income growth in recent years in Eastern Europe this allowed the population from this region to reduce the gap in terms of expenditure on food compared to Western Europe. In order to identify main changes and trends in terms of consumer preferences on the European food market, a secondary data analysis was accomplished. An important increase was observed towards health and wellness food but with a lower rate compared to convenience food which seems to be the fast growing sector also in the coming years. Healthy eating behavior should be further encouraged also by integrating it with convenience food.
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This report presents and analyses the characteristics of special purpose vehicles securitizing real estates, i.e. selling their own securities and investing the proceeds from such sales in real estates. These vehicles are relatively new economic entities in Bulgaria. They are the only companies obligated to make investments in real estate’s by law. Similar companies operate in USA, Great Britain and other countries. The purpose is to ensure inflow of free cash of individuals and legal entities to the economic turnover and its investment in real estates. On the other hand, real estate’s may be provided for use under rental or lease conditions or lease or management contracts, which enables their owners to generate revenues. The Law on Special Purpose Vehicles requires from these companies to allocate at least 90% of their profits for the particular financial year that are formed in a specific manner.
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Preliminary control or ex-ante control is a successful mechanism, which supports managers in the decision-making process. It focuses on the search for consistency between the applicable law (International, European and national), internal acts and contracts. The goal is to provide that sufficient confidence of management, compliance with regulatory requirements, subject and achieve its objectives relevant to the price for control of them. The described mechanism for carrying out ex ante controls of legality when renting real estate structuring and demonstrated the universality of the inspection function fully in support of management.
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In the study, it is aimed to measure comparatively the financial performances of Small and Medium Sized Enterprises (SME) traded at Borsa Istanbul (BIST) between 2013-2017. For this purpose, totally 10 financial ratios, particularly current ratio, stock turnover rate, debt / assets ratio, debt to asset ratio, accounts receivables turnover rate, fixed asset turnover rate, net profit margin ratio, assets profitability, operating profit margin ratio and cost of sales / net sales ratio, were used by benefitting the information obtained from the financial statements of companies operating in BIST SME Industry Index. The weights of the obtained financial ratios were determined by Mean Weight (MW) method and the financial performances of the 27 enterprises operating in the BIST SME Industry Index were tried to be determined by using Gray Relational Analysis (TIE) method, one of the multi-criteria decision making methods.
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As a result of the population growth in the world and the socio-economic changes, changes in human needs, habits and tastes have also changed the consumption structure. This change manifests itself more particularly in food products based on agricultural and animal products. In recent years, the increase in imitation and adulteration in these products has caused consumers to become conscious. This shows that consumers are turning to local products that they think are relatively natural and giving priority to purchasing. In this study, it was aimed to determine the factors affecting the purchasing of local products and whether these evaluations differ according to the sociodemographic characteristics of the consumers. Data were collected from consumers living in the city centre of Siirt using the survey method.
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In this study, the short term announcement effects of mergers and acquisitions on share price will be analyzed in the sectorial basis in Borsa Istanbul. The aim of the applying analysis into sectoral basis is to emerge in which sectors mergers produce more effective results. In this direction, mergers and acquisitions of companies registered in the first 4 sectors where the highest acquisitions and mergers took place between 2013 and 2016 in BIST were determined and the analysis was applied with t test method. As a result of the analysis, it was found that the acquisition and merger event did not affect the excess return. When the literature on the subject is examined, it is observed that there is no significant change in the stock prices of the companies on the buyer side, on the other hand, there is a relatively significant change in the stock prices of the purchased company.
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