AN APPLICATION OF FUNCTIONAL MULTIVARIATE REGRESSION MODEL TO MULTICLASS CLASSIFICATION

Author(s): Mirosław Krzyśko,Łukasz Smaga / Language(s): English / Issue: 3/2017

In this paper, the scale response functional multivariate regression model is considered. By using the basis functions representation of functional predictors and regression coefficients, this model is rewritten as a multivariate regression model. This representation of the functional multivariate regression model is used for multiclass classification for multivariate functional data. Computational experiments performed on real labelled data sets demonstrate the effectiveness of the proposed method for classification for functional data.

An Empirical Investigation of the Firm- and Country- Specific Debt Determinants in Four Nordic Countries

Author(s): Ingrid - Mihaela Dragota,Aura-Cristina Stefan-Dobrin / Language(s): English / Issue: 2/2016

This work adds to the debate on the determinants of debt-equity mix providing new insights for four Nordic countries - Denmark, Finland, Norway and Sweden, less studied in the existing literature. Using a sample of 79 companies from Nasdaq Omx Nordic Index for the period 1995-2014, and a panel data approach, we draw on a complex set of firm- and country- specific variables to find the determinants for the total debt and, respectively, for the long-term debt ratios. Our results support the hypothesis that the regulatory quality is the most important determinant for both types of leverage, next to the domestic credit to private sector as percentage of GDP. Regarding the firm-specific factors, the tax implications of debt are an important determinant. The substitution effect seems to be not applicable for the Nordic firms due to the positive relation between the leverage and the non-debt tax shield, whatever the measure for the leverage is analysed. We also find that companies with high volatility in earnings have a higher risk of bankruptcy and borrow less than others. We reinforce that profitable companies avoid debt, and that large companies are more indebted than the small ones

AN INVESTIGATION OF THE ROLE OF ENTREPRENEURSHIP AGENCIES FOR ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

Author(s): Solomon Akpoviroro Kowo,Olalekan Owotutu Sabitu,Kadiri Bola / Language(s): English / Issue: 2/2019

The study was designed to explore the role of entrepreneurship agencies in enhancing entrepreneurship development in Nigeria. This paper investigates the challenges, problems facing the entrepreneurship agencies in Nigeria. The research paper utilized an explanatory qualitative approach based on the in-depth interviews with ten Nigerian Organizations based in Ogun State Nigeria. The research also brought to knowledge the several challenges with entrepreneurship agencies in Nigeria including poor planning and execution of the programmes, general indiscipline of the officials and beneficiaries, inadequate funding, lack of coordination of the programme. The study demonstrates the need for the Federal Government of Nigeria, Organizations and Entrepreneurs to see the importance and perceived benefits of entrepreneurship agencies for entrepreneurship development. It is recommended that developing countries particularly Nigeria should adopt a good strategic plan on gainfully engaging the youth because youths are regarded as the future of the nation and the act of indiscipline by the officials of these agencies and beneficiaries should be eradicated.

Analiza amprentei de carbon din perspectivă statistică și bibliometrică

Author(s): Roxana Chiocaru,Marian-Cătălin Cucu,Alexandru-Constantin Gheorghe / Language(s): Romanian / Issue: 7/2018

Climate change ever more pronounced of these times causes humanity to seek to mitigate their causes them to act on his state of adverse natural events comfort. This paper aims to provide an overview of the subject and a twofold focusing of perspectives, one of them focusing on the quantitative analysis of carbon foot print publications (bibliometric analysis, using the Scopus and Science Direct platforms and the Eviewes software) and the other focusing on a logistic regression achieved with the SPSS software, which generated a profile of the person responding to the applied questionnaire from the point of view of the carbon footprint. The research was done for academic purposes and social awareness.

Analiza comparativă privind evoluția performanțelor în inovare pe perioada 2013-2016 în statele Uniunii Europene

Author(s): Manuela Hatnean / Language(s): Romanian / Issue: 7/2018

It is now widely accepted that economic development, increasing the quality of life and building a sustainable future for humanity have as a motor the innovation in all its forms, constantly present in all economic sectors. Innovation is a manifestation of the human mind's creativity, through which a different way of thinking leads to the creation of new products, services, technologies and / or to the improvement of the existing ones, with positive economic and social effects. Building on the recognition of the importance of innovation as a driver of development, at the EU level resources have been mobilized and strategies have been promoted to improve the Union's innovation performance. The paper examined the conceptual framework of innovation, the EU vision on the need to improve its performance in the field, and the European Innovation Index - as the main instrument currently used to measure the intensity of innovation in the European Union.

Analiza comparativă privind serviciile de tip eGovernment în administrația publică locală

Author(s): Romica Verebcean / Language(s): Romanian / Issue: 7/2018

The increasing use of information and communication technology, especially the Internet, directly influences the citizen's relationship with public administration institutions. Thus, at the beginning of this research, we have surprised the conceptual elements of the domain called eGovernment and the characteristics of the public services derived from the use of IT technologies by citizens. Starting from the necessity to use this type of service in the public administration in my research we selected a number of 20 mayors in Romania and by using the comparison method and through the graphical presentation of the results we made an evaluation of public information that is necessary for informing the citizens and which must be found on the websites of all city halls. This information was grouped into 5 indicators, each of them based on several comparative analysis elements, and the centralized results were graphically represented and centralized in an annex to this research. All the information selected for the analysis has started from the need to ensure free access to information for all citizens and the indicators that have been analyzed are: Accessibility of information on the mayoralty sites; Communicating with citizens; Services to the taxpayer, and the latest Information on the tourist attractiveness of localities and surrounding areas. I concluded this scientific work presenting the conclusions of this short research and the advantages of using electronic services in public administration.

Analiza eficienţei sistemului bancar al Republicii Moldova pe baza indicatorilor generali based on general indicators

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Author(s): Ana Spînu,Ecaterina Burlea / Language(s): English / Issue: 1-2/2018

Information about banking efficiency and its determinants may have important implications for regulators and banking supervisors in reforming and adjusting the legislative framework to internaţional standards and practices, but also in the diagnosis of system problems. In this study the authors have reflected negative and positive aspects of the Moldavian banking sector in terms of its efficiency.

Analiza fezabilității deciziei de investire într-un produs nou pe piața farmaceutică din România

Studiu de caz: Antibiotice Iași

Author(s): Andreea – Miruna Pușcașu,Elena-Loredana Raicu / Language(s): Romanian / Issue: 6/2018

The implementation of new investment projects is the main engine of a company's development. In order to rigorously substantiate the investment decision, it is imperative to carry out a feasibility study, especially in the case of complex investments, with a high degree of risk, such as the one consisting in creating and offering to the market a new product. The company Antibiotice Iași, one of the strongest in the pharmaceutical industry in Romania and an important player worldwide, aims to expand production through a new technological line. This new production process aims to patent and manufacture a new assortment of cream, considered as an innovative product in the sector. To substantiate the investment decision, we used both classical methods of risk assessment and modern methods. This study also contains a basis for the financing decision considering the financial analysis conclusions and opportunities in the field.

Analiza percepției privind creșterea performanței managementului carierei prin adaptabilitatea produsului educațional

Author(s): Rusalin Ionel Tînjeleu / Language(s): Romanian / Issue: 7/2018

The present paper intends to approach in conceptual plan how the product of education is perceived by the population and the impact of educational marketing on its performance development. At the operational level, the paper aims to study the impact of the educational product on the development of career management and the creation of an effective method of developing a career that uses education and educational marketing. Two main parts were structured: a theoretical part, in which the main concepts, notions, and an ample case study were delineated, through which the correlation between the notions described in the previous paragraph was made.

Analiza politicilor de ordine publică și siguranţă națională în plan european

Author(s): Olga Jîmbei / Language(s): Romanian / Issue: 7/2018

This study aims to analyze public policy and national security policies at European level in accordance with the impenitent norms and actions of the European Union in this respect. The analysis aims to identify the main risk factors, the estimates of their influence on public order and national security, how the Union aims to address these dangers, and some examples of some Member States. By bringing these examples, we want to identify the objectives of action and how specialised representatives perform their tasks, what resources they use, what is the rate of criminality and how much money they spend.

Analiza raporturilor dintre bugetul de stat și bugetele locale în România

O perspectivă regională

Author(s): Lenuța Păuc / Language(s): Romanian / Issue: 7/2018

In this study we follow the analysis of budgetary interrelations between state budget and local budgets according to some preset requirements concerning their functionality, the administrative and financial local autonomy, the predictability, the attribution of revenues in relation to the responsibilities and the regional development objectives assumed since 1998 in Romania. From that time to the end of 2016, our analysis follows, at the same time, the regulations of different budgetary interrelations and their dimensions from a regional perspective (based on data from Ministry of Regional Development and Public Administration and National Institute of Statistics), in order to reveal the adequacy of promoted interrelations to rationality requirements applicable to the public budgetary system and the implementation of regions development objectives. The main conclusions of the study indicate a coherence problem of budgetary interrelations, problems in achieving regional development objectives, but also insufficient transparency, objectivity and responsibility of the implicated actors - we formulated some alternative suggestions of improvement.

Analiza stanu zabytków nieruchomych oraz ograniczeń w zakresie ich obrotu rynkowego w Polsce

Author(s): Janusz Jasiński / Language(s): Polish / Issue: 2/2015

The historic buildings in Poland represent a significant share in the overall resource properties, important and also the specific segment of the market. The specific monuments evidenced by the fact that in addition to material values ??they possess an intangible asset, representing the achievements of previous generations. Therefore, the laws protect all the monuments, while their owners and imposing an obligation to care for them regardless of their state of preservation, or that an entry in the official registers. The article state characteristics of immovable monuments - their number, types and ownership structures, the scope of required renovation works. Based on the above characteristics, discussed the specific functioning of the real estate market. The analysis showed that the Polish area is very diverse in terms of the quantities, types and forms of protection, location, legal status, and needs repair and restoration. In turn their special legal protection and related constraints in managing and marketed testify about the specifics of this segment of the real estate market.

Analiza trendów atrakcyjności inwestycyjnej polskich miast na prawach powiatu w latach 2010 i 2017

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Author(s): Dorota Burzyńska,Małgorzata Jabłońska,Grzegorz Bartosik / Language(s): Polish / Issue: 113/2019

Background: Investment attractiveness is a set of factors that make a given area stand out from the others and gives more benefits to potential investors than in other regions. The development of investments in the regions is determined by many factors that are largely influenced by local government units. Cities with poviat rights play a special role in the three-tier administrative structure of Poland. As they implement their own development policies, they have an impact on the development of local entrepreneurship, including the level and quality of investments. Research purpose: The purpose of the study is to determine the level of investment attractiveness in cities with poviat rights in Poland and compare the results obtained in 2010 and 2017. Methods: Based on the theoretical foundations that allowed us to understand the phenomenon of investment attractiveness, as well as data from the Local Data Bank of the Central Statistical Office, a correlation method was calculated that allowed for a comparison of the investment attractiveness of cities with poviat rights in 2010 and 2017. To this end, a set of variables was defined and divided into microclimate that presents the most important areas taken into account by potential investors when choosing a place for new economic activities. A set of 17 variables was used for the analysis, which were grouped in 5 microclimate. Conclusion: The analysis contained in this study was aimed at creating an image of the investment climate across the entire country. The results show that the investment attractiveness of cities with poviat rights depends mainly on the policy pursued by local governments. Geographical conditions do not guarantee that the region will be attractive to investors only due to its good location. Examples include cities such as Łódź, where the increase in investment attractiveness is largely due to revitalization activities, and Lublin, where the authorities have developed a comprehensive strategy of attracting investors to the city.

ANALYSIS OF FINANCIAL EFFECTS OF TOURISM ON ECONOMY OF SERBIA

Author(s): Miloš Pjanić,Jelena Andrašić,Vera Mirović / Language(s): English / Publication Year: 0

Tourism, as one of the key pillars of the economic base of each country, is based on a largenumber of business activities that are micro, small and medium sized. One of the basic functions oftourism as the economic sector of each country is its direct and indirect impact on the growth of grossdomestic product (GDP). Key factors that will affect tourism and directly or indirectly determine itscontribution to GDP are: resource availability, expertise, political and social stability in the countryand investments. The development of tourism at the same time encourages employment, job creationand the improvement of the balance of payments structure of each country. Tourism as an economicbranch consists of a large number of economic and non-commercial activities and is one of the mostprofitable activities in the world, which contributes to the overall development of the economy. It ispresent in all countries, but it is manifested by its effects and extent. The aim of the paper is to pointout the significance of tourism as one of the fastest growing economic activities in the economic developmentof Serbia.

ANALYSIS OF FINANCIAL STRENGTH AND LIQUIDITY OF LISTED COMPANIES IN TOURISM SECTOR IN CROATIA

Author(s): Vlasta Roška,Dalija Kuvačić / Language(s): English / Publication Year: 0

The main goal set in Croatian Tourism Development Strategy is to place Croatia among the 20 leading tourist destinations in the world. Companies in the tourism sector need constant investments in increasing attractiveness and competitiveness. Good liquidity and financial strength of the companies in tourism are necessary for new investments. The main aim of this paper is to determine how well the companies in the tourism sector on the Zagreb Stock Exchange cover their liabilities, short or long term, from their profit or from the working capital. The analysis of the companies listed on the Zagreb Stock Exchange is based on four indicators: Financial strength, Quick Ratio, Current Ratio and Financial Stability Coefficient. These four indicators are calculated for years 2017, 2012 and 2008. Statistical data processing was done with SPSS program. The research result showed that the management of touristic companies listed on the Zagreb Stock Exchange achieves better liquidity and solvency in 2017 than in 2012 and 2008.

ANALYSIS OF PROFIT AND LOSS STATEMENT OF THE LISTED COMPANIES IN CROATIA

Author(s): Vlasta Roška,Dalija Kuvačić,Zvonko Merkaš / Language(s): English / Publication Year: 0

The efficiency of business results of listed companies is significant for investors. If total revenues increase from the year to year, especially business revenues from regular activities, investors receive a positive result of their investment. However, investors pay special attention to the efficiency of costs management, especially of operating expenses to create a revenue. If companies have a bigger increase in revenue than in business expenditures, the management and the investors are satisfied. If lower growth in expenditures is accompanied by faster growth of revenue, management and investor can expect a good reward, bonus or dividends. The main goal of this paper is to determine how successful are managers of listed companies on the Zagreb Stock Exchange for the selected business year in the research period from 2008 to 2017 in increasing of profits of shareholders in the way to maximize the revenues and minimize the expenditures and have they managed to achieve results prior to the financial crisis. The data are processed statistically with the SPSS programme. Vertical analysis of companies listed at the Zagreb Stock Exchange has pointed out a need for improvement of revenues from regular business, i.e. sales. Horizontal analysis of listed companies shows that proportions of the profit and loss statements from 2008 have not yet been achieved. Also, the cost-effectiveness indicators show that a company’s management is a little bit more efficient today than in the past, but the reason is financial revenue, and not the increase in sales operation.

ANALYZING ACCOUNTABILITY AND TRANSPARENCY AS MAJOR TOOLS FOR LOCAL GOVERNMENT ADMINISTRATION IN NIGERIA

Author(s): Oluwaseun SALAKO,Olalekan Ajibade / Language(s): English / Issue: 15/2019

This study is aimed at examining the relationship that exists between accountability and transparency on local government administration. The study also investigated the effect of these tools which can help promote citizen’s engagement and participation thereby improving the quality of services delivered. With reliance on primary and secondary data, the paper observed that the goal of improving accountability, transparency and reducing inefficiency at the local government level should not be viewed in isolation, but as part of the broader issue of governance and public management. The theory of accountability and social contingency theory of accountability proved useful in highlighting issues that affects accountability and transparency in Nigeria’s local government administration. The study thereafter recommends that local government chairmen should discharge their responsibility effectively and efficiently with high level of transparency and accountability as these will enhance the standard of living of ordinary citizens so as to give a new sense of direction to local government administration in Nigeria and that local government legislators should use their independence to carry out effective oversight function and continue to make laws that will benefit their locality.

Ani krezus, ani bankrut. Kondycja finansowa Gazpromu

Author(s): Szymon Kardaś / Language(s): Polish / Publication Year: 2018

W 2018 roku Gazprom – największy, kontrolowany przez państwo, rosyjski koncern gazowy – przyjął rekordowy w historii program inwestycyjny. W 2017 roku spółka odnotowała także największe w historii wpływy ze sprzedaży gazu i innych dóbr i usług. Jednocześnie w latach 2007–2017 ponad sześciokrotnie zmniejszyła się kapitalizacja koncernu, a całkowite zadłużenie osiągnęło w 2017 roku rekordowy poziom 55,2 mld USD. W związku z powyższym warto przyjrzeć się kondycji finansowej największego rosyjskiego koncernu gazowego, który zachowuje status znaczącego dostawcy gazu na rynek europejski (34% udziału w rynku UE w 2017 roku).

ANOTHER LOOK AT THE STATIONARITY OF INFLATION RATES IN OECD COUNTRIES

Author(s): OlaOluwa S. Yaya / Language(s): English / Issue: 3/2018

The need to understand the stationarity property of inflation of any country is paramount in the design of monetary targeting policy. In this paper, unit root hypotheses of inflation rates in 21 OECD countries are investigated using the newly proposed GARCH-based unit root tests with structural break and trend specifications. The results show that classical tests over-accept unit roots in inflation rates, whereas these tests are not robust to heteroscedasticity. As it is observed from the pre-tests, those tests with structural break reject more null hypotheses of unit roots of most inflation series than those without structural breaks. By applying variants of GARCH-based unit root tests, which include those with structural breaks and time trend regression specifications, we find that unit root tests without time trend give most rejections of the conventional unit roots. Thus, care should be taken while applying variants of the new unit root tests on weak trending time series as indicated in this work. Batteries of unit root tests for discriminating between stationarity and nonstationarity of inflation rates are recommended, since in the case of over-differenced series, wrong policy decision will be made, particularly when inflation series is considered in a cointegrating relationship with other variables.

APPLICATION OF ARTIFICIAL NEURAL NETWORKS TO COST FACTORS STIMULATING INNOVATION – THE CASE OF SLOVAKIA

Author(s): Anna Zaušková,Maria Lyakina,Vladimir Tretyak,Renáta Miklenčičová / Language(s): English / Issue: 1/2020

Artificial neural networks are means of processing complex data, and they use a number of interconnected processors and computational paths for their work. The architecture of the human brain inspires artificial neural networks, they are able to "learn" and analyse complex sets of data that would be difficult for simpler algorithms to handle. This work will show what a neural network is, its mathematical model, and how the neural network method is implemented in solving the interrelationships between inputs and outputs in the companies of the Central Europe. One hundred fifty-five small and medium-sized Slovak enterprises are the subject of modelling, where the inputs are the costs of training employees and the costs of science and research in the post-Soviet country. The output is the company's net turnover and it is analysed using the SPSS program. The first part is a description of neural networks; it explains what a neural network is and its classification. The second part of the methodology describes the methods used in the processing of the scientific article. It also mentioned the SPSS program, which was used on artificial neural networks. The following section presents the results of the analysis and the importance of the inputs are available. In the discussions section, the possibilities of further use of the given issue and finally the summary are discussed.