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Metody oceny kondycji finansowej przedsiębiorstw w Specjalnej Strefie Ekonomicznej Euro-Park Mielec

Author(s): Wojciech Lichota / Language(s): Polish Issue: 07/2013

This article was an attempt to assess the financial condition of five companies operating in Special Economic Zone Euro-Park Mielec. The assessment was made by the selected discriminatory or logit methods designed for companies operating in Poland and the modified points method of estimating credit risk. The obtained results indicate that all of the analyzed companies are not at risk of bankruptcy, but the used methods are not universal prediction bankruptcy models. Some of them have been prepared for shipping companies.

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HOW IMPORTANT IS EDUCATION IN CREATING SUCCESSFUL ENTREPRENEURS?

Author(s): Lorena Florentina Dumitrașciuc / Language(s): English Issue: 16/2019

The purpose of this study is to analyze the importance of formal and informal education in creating successful entrepreneurs. We started from the fact that the great successful entrepreneurs of the world gave up their studies and did not continue a formal education, and yet we all use their products and services for which they solve a number of problems for us. We conducted a focus group with 10 IT entrepreneurs, in which we discussed with them about the importance of education in creating successful entrepreneurs. Entrepreneurs said that education is extremely important, noting that there are a number of ways in which an entrepreneur can get an education.

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THE SIMPLIFICATION OF UPSTREAM OIL AND GAS BUSINESS LICENSE IN INDONESIA

Author(s): Emanuel Sujatmoko,Mailinda Eka Yuniza,. Deendarlianto,Tutuko Ariadji,Rina Mardiana,. Indrawati,Franky Butar Butar / Language(s): English Issue: 16/2019

Oil and Gas is natural resources in Indonesia which is the business related to is regulated in Law Number 22 of 2001 about Oil and Gas. There are two kinds of business related to oil and gas that are upstream and downstream. In upstream oil and gas business, there still a lot problem faced by the government and the enterprises. Thus, it is needed simplification license for upstream oil and gas in order to increase investment which will lead into effective and efficient public services. Normative law here is applied as method to analyse the regulations related to oil and gas industry license. Furthermore, the approach used here are statute approach and conceptual approach. The results reveal that the Licensing for Utilization of Resources and/or Infrastructure of Upstream Oil and Gas Business does not yet have a synchronization of authority in the issuance of these licenses. In order to obtain effective and efficient upstream oil and gas business licensing services, it is necessary to synchronize and harmonize regulations and it is need a one-stop licensing service as referred to the Presidential Regulation Number 97 of 2014 concerning Implementation of One Stop Integrated Services.

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Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment

Author(s): Sunday Abayomi Adebisi,Nimota Adefunke Bakare / Language(s): English Issue: 4/2019

Small and medium enterprises (SMEs) have been considered as one of the engines of economic growth, sustainability, and industrial development of a nation, however, the survival rate of SMEs in Nigeria has been seriously affected by the volatile environment in which they operate. The use of survival strategies has also been one of the major challenges facing the business since most people believe that strategies are only meant for large and multinational companies. This study, therefore, examines the survival strategies and sustainability of small and medium enterprises in a volatile business environment using a quantitative approach. The data were administered through a questionnaire to 350 respondents from small and medium enterprises in Lagos State, Nigeria. The questionnaire was analyzed with the use of the Structural Equation Model. The results reveal that there is a significant and positive relationship between survival strategies and sustainability of small and medium scale enterprises in Nigeria.

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Challenges for Banking Services in the Knowledge Economy

Author(s): Shahrazad Hadad / Language(s): English Issue: 3/2019

In this paper, we have covered many of the roles that banks play in the financial system. Banks act as delegated monitors that ensure that economic agents allocate their resources effectively, thus leading to the sustainable development of entrepreneurship. Moreover, they also play an important role in sharing risks in the economy and protecting economic agents against market fluctuations through various means such as financial derivatives. These are the positive aspects of the roles of banks, but it should be noted that the way banks act to ensure an acceptable rate of return can cause fragility and instability throughout the financial system. In fact, banks are most often at the center of financial crises, as in the case of the global financial crisis that began in the summer of 2007. Banks may even contribute to spreading the negative effects of these financial crises because small shocks can have major effects on the financial system and economy. Banks also play an important role by facilitating the access of economic agents to financing and contributing to the development of the economy. In addition, they are important for good corporate governance, especially in countries such as Germany where bankers hold positions on the boards of private companies and can represent more shareholders in voting decisions.

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Noutăți legislative în materie fiscală. Clarificări legislative de ultimă oră asupra unor aspecte susceptibile de interpretări eronate

Author(s): Adriana Duncea,Cosmin Ștefănescu / Language(s): Romanian Issue: 1/2021

În M. Of. nr. 197 din 26 februarie 2021 a fost publicată OUG nr. 13/2021 pentru modificarea și completarea Legii nr. 227/2015 privind Codul fiscal și a Legii contabilității nr. 82/1991 („OUG nr. 13/2021”).

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Význam daňových príjmov v rozpočtoch miestnych samospráv v Slovenskej republike podľa regiónov NUTS III a podľa veľkostných kategórií obcí

Author(s): Filip Flaška,Zuzana Rigová / Language(s): Slovak Issue: 1/2020

The process of decentralization of public administration in the Slovak Republic has strengthened the position and competencies of local governments. As a result of the implemented fiscal decentralization, the importance of revenues that local governments receive from local taxes has increased. Tax revenues significantly contribute to the financing of the tasks and competencies of local governments. The aim of the article is to analyze the importance of revenues from local taxes in the budgets of Slovak local governments according to their affiliation with NUTS III regions and according to the classification into size categories of municipalities. The authors revealed differences in the share of local taxes in the revenues of local governments located within different regions and by different size categories of municipalities in the years 2010 to 2018 by using selected indicators. In both analyzed indicators, local governments in the western part of Slovakia reached higher values compared to the municipalities of the Prešov and Košice regions.

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THE ROLE OF INTERNAL AUDIT IN EMERGENT RISKS MANAGEMENT

Author(s): Isabela-Raluca Bogasiu,Nicoleta Ardeleanu / Language(s): English Issue: 4/2020

The actual economic environment is in a continuous movement, being influenced by the phenomenon of globalization, by government policies, by technological evolution, etc. This dynamic also implies new challenges for both the business environment, as well as for accounting specialists and auditors, who are constantly required to identify new solutions. It is known that any business involves risks. Studies in the field have identified with success certain risks that can be foreseen and through an efficient risk management process, their negative impact on the entity could be limited. However, in the past few years the business environment has experienced another category of risks, such as emergent risks, having as a defining characteristic, the fact that they are unknown, unexpected, and their impact cannot be evaluated according to the classical models. As a result, the role of internal auditors to contribute to the improvement of the governance process, risk management and control of the entity, offers now new perspectives, which take into account the future impact, becomes more important and vital in the organization's activity.

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AUDIT OF THE IMPLEMENTATION OF THE NATIONAL ANTICORRUPTION STRATEGY AT THE LEVEL OF LOCAL PUBLIC ADMINISTRATION

Author(s): Nicoleta Ardeleanu,Isabela-Raluca Bogasiu / Language(s): English Issue: 4/2020

In Romania, the impact of the National Anti-Corruption Strategy SNA approved by Government Decision No. 583/2016 was lower than expected, but positive, according to the Progress Report of the Ministry of Justice and subordinate institutions on the implementation of the National Anti-Corruption Strategy 2016 – 2020. Thus, major measures are needed to develop and implement public anti-corruption politics and means of promoting the perception of the corruption process. At the level of the administrative-territorial unit of Prahova County, the processes of implementation of the National Anti-Corruption Strategy were audited with the identification and analysis of vulnerabilities associated with general and specific objectives, the evaluation of measures of institutional transparency and prevention of corruption, evaluation indicators, and standards for the publication of information of public interest.

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FINANCING PUBLIC EDUCATION IN THE REPUBLIC OF MOLDOVA

Author(s): Tatiana Manole / Language(s): English Issue: 4/2020

In this article we wanted to inform the reader about the process of financing education in the Republic of Moldova. Although the number of educational institutions and the number of pupils / students is decreasing, the state budget increases the allocations for this branch from year to year. This effort of the state budget must change the content of education by increasing the quality and performance in this area of priority importance for the state. We have demonstrated the increase of budgetary resources by increasing the amounts of value norms for a weighted student and for an institution, starting with 2014, the year in which in the Republic of Moldova pre-university education moved to a new funding methodology - based on standard cost per weighted student.

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CORPORATE GOVERNANCE POLICY AND ITS INFLUENCE ON THE FINANCIAL REPORTS TO THE PUBLIC INTEREST ENTITIES

Author(s): Delia-Mihaela Ibănişteanu,Florin-Cristian Gheorghe / Language(s): English Issue: 3/2020

For the global market players, financial and accounting information has become an essential component of the corporate governance mechanism. In the current context, the influence of corporate governance principles and codes on the structuring and quality of financial-accounting information in financial reporting is the basis for approaching quality financial reporting at the level of public interest entities. The impact of accounting phenomena and trends and those related to the transparency degree of information (central issue of governance codes) on the economic decisions of the financial-accounting information users reveal the importance of the present research study.

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ANALYSIS OF THE INFORMATION ON THE SOCIAL ASPECTS SUBMITTED IN THE SUSTAINABILITY REPORT BY THE COMPANIES IN ROMANIA WHICH USE THE SUSTAINABILITY REPORTING STANDARDS DEVELOPED BY GRI

Author(s): Geanina Iulia Boțoteanu Rădăcină / Language(s): English Issue: 3/2020

Starting with the financial year for 2017, public interest entities in Romania that register more than 500 employees are obliged to publish non-financial information in the administrator's report or in a separate report. This information refers to environmental, social, human rights, anti-corruption and bribery issues, as well as other aspects considered significant. The objective of this article is to analyze the information reported by the Romanian companies that use the reporting standards issued by the Global Reporting Initiative, regarding the social aspects.

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DOES EARNINGS MANAGEMENT PRACTICE AFFECT THE PERFORMANCE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA?

Author(s): Oyefemi Olympus Oworu,Jayeola Olabisi,Olagunju Adebayo,Efetobore Okorodudu / Language(s): English Issue: 1/2020

The study investigated the effect of earnings management practices on the financial performance of listed consumer goods firms in Nigeria. The study adopted ex-post-facto design to collect data for the study on the events already in existence. The purposive sampling technique was employed to select 10 firms out of 21 listed firms contingent on the availability of data. The study generated secondary data, over a period of eleven years 2008-2018, from the audited financial reports of sampled firms. The data were analyzed using descriptive and inferential statistics coupled with multiple regressions. In the model, Return on Asset (ROA) was used to measure financial performance while Earnings per Share (EPS), Operating Cash Flow (OCF), and Firm Size (FSIZE) were surrogates for earnings management. The study showed a significant and positive influence of EPS on ROA (p-value < 0.05). However, there was an insignificant and a positive influence of OCF on ROA (p-value < 0.05). The study suggested a significant contribution of earnings management to the performance of consumer goods firms in Nigeria. Hence, it is recommended that auditors should ensure a transparent and audit quality to protect investors’ interests. In addition, investors should exercise restraints in placing much reliance on earnings per share and firm size while making vital investment decisions.

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INNOVATION OF HUMAN RESOURCES MANAGEMENT IN THE CONTEXT OF THE ORGANIZATIONAL SUSTAINABILITY

Author(s): Carmen Mihaela Boteanu,Gabriela Elena Biţan,Ionica Oncioiu,Ana Maria Ifrim / Language(s): English Issue: 1/2020

This article analyzes the role and the place of innovation in the sustainability process of an organization and in the economy. The authors consider that the fundamental economic changes that take place permanently, influence the quality of the innovative process within the companies and their sustainability. The need to approach an innovative process in sustainability is a necessity in this days when companies have to reinvent themselves to continuing working. Applying new information technologies and building partnerships between higher education system and business environment is an obligation for each organization in the process of reorganizing and restructuring the assumed mission. The need to develop new approaches and to identify new priorities for development will provoke companies to focus on the innovation process in the context of sustainability. The objective of this paper is to propose a model that integrate the concept of innovation management in the process of develop a sustainable company.

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BOARD CAPITAL AND BANK EFFICIENCY: INSIGHT FROM VIETNAM

Author(s): Maria Kontesa,Esmie Obrin Nichol,Jia-Sing Bong,Rayenda Brahmana / Language(s): English Issue: 2/2020

This study investigates the role of board capital on bank’s efficiency for a sample of 45 banks in Vietnam over 2011–2015. Using robust panel regression, we find board capital is important in making Vietnamese bank efficient even after controlling its endogeneity issue. This study further documents that networking capital and experience capital are the important factors, but not education for bank efficiency. The findings of this research contribute to the entrenchment hypothesis in agency theory, where networking and experience can be the bargaining power for manager (agent) in securing their compensation. It also contributes to human capital theory and resource base view theory where it shows networking and experience are stratetic human capital resources for bank efficiency. The findings imply that shareholders should consider the networking and experience of board members during board elections. Future research may engage with the intervention of corporate governance monitoring or test it in other developing countries context.

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DOES FINANCIAL FLEXIBILITY ENHANCE FIRM VALUE? A COMPARATIVE STUDY BETWEEN DEVELOPED AND EMERGING COUNTRIES

Author(s): Seda Bilyay-Erdogan / Language(s): English Issue: 2/2020

This paper investigates the effect of financial flexibility on firm value, on a comparative basis between developed and emerging countries in Europe. Our dataset covers 4,334 companies from 15 developed and 1,436 companies from 6 emerging countries in Europe for the period between 2000 and 2016. First, depending on companies’ maintenance of leverage that is below-predicted levels for a successive number of years, I identify the financially flexible companies in the sample. Second, I examine whether financial flexibility affects firm value. Our results demonstrate that firms’ financial flexibility positively contributes to firm value in all estimations. Furthermore, this study presents unprecedented evidence that the effect of financial flexibility on firm value is more significant for emerging countries when compared to developed countries in Europe. Moreover, I demonstrate for the first time that firm characteristics, including firm size and age, which proxy for asymmetric information within a company, negatively moderate the relationship between flexibility and firm value. Managers, both in developed and in emerging countries, who aim to surge their firm value up, should give importance to the maintenance of financial flexibility in their capital structure decisions. Last, managers of relatively smaller and younger companies should put more emphasis on becoming financially flexible if they want to improve their firms’ value.

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PREVENTIONAL AUDIT: IMPLEMENTATION OF SOX CONTROL TO PREVENT FRAUD

Author(s): Karina Nazarova,Viktoriia Mysiuk,Volodimir Gordopolov,Viktor Koval,Irena Danilevičienė / Language(s): English Issue: 1/2020

The Euro-integration vector of Ukraine economic development and business in the open economy zone expands the economic and social potential of domestic enterprises and requires the formation of a reliable information environment to ensure the corporate interests of their investors (in the first) and other users of information (in particular). Today, corporate fraud is the most widespread form of economic crime in Ukraine and the world, which affects about 48% of domestic enterprises. The study attracted substantiated attention to the negative tendency towards the growth of economic crime in Ukraine, which in the end focuses on the fact that domestic business should apply a set of measures to withdraw part of the business from the “shadow economy”. As a result, such measures will help increase the attractiveness of Ukraine’s business investment. The study systematized and analyzed the progressive experience of developed countries, in the first place, the United States, in the fight against economic fraud. The study provides all grounds for asserting that it is quite feasible to achieve the tangible reduction of economic (financial) fraud with preventive measures (which is rather quick and effective). It is proved that the lack of aspirations of the enterprise management to overcome fraud leads to the formation of new money laundering schemes, and not control mechanisms – prevention of opportunities for committing fraud.

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The agency and the company contract. The legal nature of the relationship between the administrator and the commercial company

Author(s): Dana-Lucia Tulai / Language(s): English Issue: 2/2019

The issue of the legal nature of the relationship between the administrator and the company has generated much doctrinal debate over recent years. We share the theory of the dual nature of these relationship. The administrator, in their relations with the company, acts as an agent, under the stipulations of the agreement that they concluded, accepting the status and powers fixed by the constitutive act or by the decision of the General Assembly of the Associates. In his direct relation with third parties, the administrator has the identity of a body of the company, having powers of representation derived directly from the law. The source of the attributions and power of representation of the administrator will be primarily legal and only secondarily conventional.

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THE ENVIRONMENTAL ASPECT OF CORPORATE SOCİAL RESPONSIBILITY: DOCUMENT ANALYSIS OF SOCAR

Author(s): Namig Mirzayev / Language(s): English Issue: 25/2021

Over the recent years, the interest in the concept of corporate environmental responsibility has been increased in Azerbaijan, like in many other countries in the world. A lot of companies in the country are directly or indirectly involved in one or more environmental responsibility activities. This paper intends to examine the leading Azerbaijani energy company, SOCAR’s (The State Oil Company of Azerbaijan Republic) CSR practices focusing on the environmental dimension to determine to what extent it is fulfilling its reponsibility toward the environment. To do the research, a qualitative method was also used, specifically document analysis method. The secondary data on environmental activities and initiatives are culled out from the annual sustainability reports of the company. Moreover, the available literature on corporate environmental responsibility is undertaken for the theoretical underpinnings on the subject.

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PROFITABILITY OF DAIRY FARMS IN CENTRAL KOSOVO

Author(s): Reuf Shkodra / Language(s): English Issue: 22/2020

This research is conducted with a sample of dairy farmers - beneficiaries of direct payments for milk quality in Central Kosovo, respectively in the region of Pristina. It is aimed to provide a better understanding of the operations of those farms, and also to measure their competitiveness by using profitability ratios. In Kosovo the average production goes up to 3050l, while in the sampled farms the average was 4480l. Holstein Frisian and Simmental are the most used cow breeds in Kosovo, and also in this study. The sample is derived from the list of beneficiaries’ farms of direct payments for milk quality in Central Kosovo, respectively in the region of Pristina. Results showed that mid-size farms (10-25 heads) and large farms (25< heads) tend to have higher profitability and efficiency than small farms (1-10 heads). Generally, all farms had low labour productivity and low asset turnover. Feed cost has the highest portion of the total cost (up to 72%), and with a given cost of production (av. 0.25 Euro), and selling price (av. 0.30 Euro), direct payments contribute with 21.4% to incomes from the milk.

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