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Place Management: Decoding the Visual Image of a Siberian City

Author(s): Anastasia Kistova,Natalia Pimenova,Ksenia Vyacheslavovna Reznikova,Julia Zamaraeva,Natalia Koptseva,Natalia Nikolaevna Seredkina,Antonina Filko / Language(s): English Issue: 44/2016

The paper is dedicated to the process of visual perception of city representation and to the method of decoding, devised by Vayna Ch., enabling identification of those signs of urban environment to which people of different groups turn to in the process of perception of visual representation of the city and its further reproduction in their memory. Within the framework of semiotic structuralism, the city is represented as a text, which is read by city residents and visitors. Perception of city visual representation by city residents and visitors are envisaged as a process of individual decoding of signs important for the subject, expressed in objects, basing on which a person forms his or her impression of the city. The article reports the results of empirical research of perception of visual representation of Krasnoyarsk city by the decoding method, on the basis of which application features of this method for the local specificity have been revealed.

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Retesting Financial Decoupling Hypothesis: An Empirical Study

Author(s): Dimitry Burakov / Language(s): English Issue: 44/2016

In this article, we set ourselves a task to test financial decupling hypothesis by studying 18 national credit cycles in developed and developing countries, using monthly data on growth rates of loans to nonfinancial sector for the period from January 2002 to January 2015. The purpose of this article is empirical testing of two hypotheses: validity of financial decoupling for developing economies and empirical testing of Russian credit market’s sensitivity to shocks in other national economies. In result, we come to the following conclusions. Firstly, the relationship between credit cycles of countries in the sample over the studied period exists and persists in the short, and is absent in the long run. Secondly, testing the financial decoupling hypothesis between developed and developing countries does not confirm it in its classic state. In the short run, a number of sampled developing countries are sensitive to external credit shocks from developed countries. Third, we have found presence of both long and short-term sensitivity of Russian credit market to shocks in both developed and developing countries. These results confirm the necessity of reconsidering conventional theory of credit market and international finance, and also have tobe taken into account when conducting national monetary policy.

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Terms of Trade and Economic Growth in Thailand

Author(s): Malliga Sompholkrang / Language(s): English Issue: 44/2016

The purpose of this study is to examine the impact of the terms of trade and its volatility on economic growth in Thailand through the Auto Regressive Distributed Lag (ARDL) model. The analysis was employed with time series data from 1981 to 2015. Results of the bounds testing procedure confirm that there is a long run relationship between the terms of trade volatility with economic growth. Results show that only the volatility of the terms of trade significantly affects the economic growth of Thailand in the long run and in the short run. The study provides some interesting findings; the improvement of labor force quality, capital productivity, import and export prices, and the characteristics of trading partners should be considered when formulating policy in Thailand.

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The Short- and Long-Term Relationship between Input and Output in the Turkish Automotive Sector

Author(s): Halim Tatli / Language(s): English Issue: 43/2016

This study aims to discuss the short- and long- term relationship between the input and output variables of the Turkish automotive sector using a production model. This relationship, measured using the data for the period between 1982 and 2014, was analyzed using the ARDL bound test. In the long- term analysis, the effect of the input variables on the output was significant, with the FTP being the most effective on the output. In the short- term analysis, the effect of the input variables on the output variable was found to be significant.

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Strategic Focus as a Tool to Ensure Economic Stability and Security of Non- Financial Corporations as Socio-Economic Systems in Modern Russian Economy

Author(s): Yuri Gusev,Tatiana Polovova,Inessa Karnaukh / Language(s): English Issue: 43/2016

Considering potential threats to the economic security of non-financial corporations in the Russian Federation (RF) caused by inefficient strategic management, this article aims to develop a conceptual model of a strategy which would ensure the economic stability. The study is based on the statistical method that enabled to reveal a negative trend in the development of non- financial corporations in the current economic situation in Russia, this trend being a destabilizing factor of social and economic stability. The method of structural and logical simulation was used to develop a structural- logical model of long- term economic stability of non- financial companies seen as socio- economic systems. The strategic focus of the socio-economic systems is defined as a specific target- oriented category that allows assessing the shifts in the economic stability of the system. Thus, it is possible to say that the strategic focus is an indicator of quantitative and qualitative criteria of socio- economic systems performance. This idea enabled the authors to form a complex structural- logic “Model of economic stability and security of non- financial companies as socio- economic systems”. The method of monitoring and evaluating economic stability and security of socio- economic systems forms the basis for this structural- logical model. Such an approach allowed the authors to indentify whether the current strategic targets of socio- economic system are achieved. The findings were analyzed to form the conceptual provisions. Thus, this concept can be used to develop economic stability monitoring and management techniques considering the strategic aspect of the socio- economic systems operation in modern conditions. Besides, the findings of the research enabled to improve the methodology of strategic management and to ensure stable development of the real sector of the national economy.

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Labour and Social Relations as the Economical Category and the Efficiency of the Regional System of Labour and Social Relations

Author(s): Tatyana Aleksandrovna Shindina,Ekaterina Mikaelovna Kolmakova,Galina Aleksandrovna Vlasova,Nina Aleksandrovna Orlova,Irina Dmitrievna Kolmakova / Language(s): English Issue: 42/2016

An economic instability which is associated with the continuing economic crisis of 2008-2010, aggravated by oil prices downturn and Western economic sanctions against Russia, leads to deterioration of the of regions of the Russian Federation. A systemic regulation of social and labour relations in the Russian economy is important in order to return the Russian economy to sustainable development at the present stage. The aim of our research is development of the main ways to increase the functional efficiency of regional system of the social and labour relations. Authors offered a methodology based on evaluation of efficiency of the social and labour relations of the region. The systemic approach, which presupposes the overall and deep studies of social and labour relations, was also used in the research. Mathematical method of statistics factor analyses) and the method of expert review were also used. On the basis of the authors' methodology (evaluation of the efficiency of the social and labour relations) the rating of Ural region territories was prepared in terms of the efficiency of social and labor relations regulation, identified the advantages and disadvantages of the social and labour relations regulation in different regions of the Russian Federation. The results of the research allow define the strategy of development of the social and labour sphere of the region in modern conditions.

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Transitions Online_Around the Bloc-Dozens Detained in Raids on Ukrainian Tax Offices

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Transitions Online_Around the Bloc-Dozens Detained in Raids on Ukrainian Tax Offices

Author(s): TOL TOL / Language(s): English Issue: 05/30/2017

Corruption crackdowns have tended to fizzle out in Ukraine. Will this one be any different?

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Impact of Risks on the Enterprise Performance in the European Union by using Enterprise Risk Models

Author(s): Dana Kiselakova,Beata Šofranková,Jarmila Horvathova / Language(s): English Issue: 41/2016

We analyse an impact of systematic and unsystematic risks on the performance of production systems in the period of 2003- 2015 by creating of novel enterprise risk models, with focus on Slovakia within the euro area. The method of this paper is based on the methodology of Capital asset pricing model in comparison with Building- up I Model and Building- up II Model (proposed in Czech Republic), used by the valuation Cost of Equity and its applications on Slovak conditions. For the risk analysis we used and compared data of food sectors in selected countries of the EU. By testing hypotheses was confirmed Hypothesis 1 that the valuation Cost of Equity with application of systematic risks using historical data (based on CAPM) was lower than the valuation with application of business and financial risks using expected market data (based on Building-up I). Results proved that systematic risks have a lower impact on the enterprise performance than unsystematic risks. Finally, we constructed novel 3- dimensional Enterprise Risk Models according to Slovak market conditions using our approach to modelling, scoring of risks and prediction models. We confirmed Hypothesis 2 that the enterprise performance reached the better position with the application of systematic risks and forecasting of risk parameters using prediction methods and ex ante data (in ERM2) than with the application of risk parameters based on historical data (in ERM1). Models can be applied by the modelling and strategic planning as early warning models worldwide.

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Optimum Size of Government Spending in Indonesia

Author(s): Jaka Sriyana / Language(s): English Issue: 41/2016

The purpose of this study is to analyze the optimum size of government spending that maximizes economic growth in Indonesia. This research considered non linear models in analysis of economic growth as a function of government spending and other economic variables. Using the time series data of the period 1970 - 2014, the empirical model reveals that relationship between government spending and economic growth follows the inverted U- curve. This finding confirms the existence of Armey curve for the Indonesian case. The optimum level of government spending that maximizes economic growth was found at 12.552% of GDP which is lower than the recent level. The result reflects that Indonesia is not in the safe fiscal zone. This upward trend in the share of government spending in the recent years meant that the government spent more money but it yields low economic growth. This result indicates that the country had excessive government expenditure in the 2010s, but it failed to encourage the national economy on the high stable economic growth. This paper recommends the government to evaluate the quality of allocation in order to achieve higher economic growth.

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The Political Economy of Public Spending on Italian Rail Transport: A European View

Author(s): Giacomo Di Foggia,Ugo Arrigo / Language(s): English Issue: 40/2016

The public expenditure on railways is largely unexplored in Europe. This is surprising because the size of government financial support to the industry is remarkable. Filling a dozen years of missing information, this paper rebuilds the total public spending on the Italian railway since 1992 making it comparable. This research complements a significant lack of information of public interest since these data have been published from 1966 until 2001, year of the last data release. From then the extent of public support to the industry has remained indefinite. Our results serve: scholars aimed at comparing such expenses with other countries, policy makers aimed at taking superior data-supported decisions when it comes to budgeting and industry professionals for intelligence purposes. Thus, reducing the long-lasting asymmetric information in this domain - a key threaten to the sector growth. Results of this paper enable a proper comparison of the government spending on railways among different countries such as Italy, France and Great Britain as an exercise.

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Problems of Attracting Foreign Investment in Russia

Author(s): Elena Mikhajlovna Kryukova,Ekaterina Alexandrovna Vetrova,Olga Urzha,Zainab Alieva,Elena Konovalova,Natalia Bondaletova / Language(s): English Issue: 40/2016

In the current international economic relations, the research is devoted to the relevant problem of modern Russian economy, namely the article considers the problems of attracting foreign investment, the fall of the ruble and fears of foreign investors in investing their capital in the Russian economy. The relevance of the research of the problem of attracting foreign capital is determined by the need to improve the economy by strengthening its investment base. Socio-economic and political development in Russia at the present stage is aimed at shaping the developed open market economy. At the same time, the most important condition for attracting foreign investment in our country is the creation of favorable investment attractiveness.

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A Framework for Assessing Sustainability of Farming Enterprises

Author(s): Hrabrin Bachev / Language(s): English Issue: 39/2016

This paper gives an answer to two important questions: „what is sustainability of farming enterprises?“ and „how to assess sustainability of farming enterprises?“. First, major shortcomings of dominating approaches for assessment of sustainability of farming enterprises like individual and family farms, agro- companies, agro- cooperatives etc. are summarized, and the needs for improvement underlined. Second, evolution of the “concept” and the major approaches for assessing sustainability of farming enterprises is discussed. More adequate definition of the farming enterprise’s sustainability is suggested as ability of a particular form to maintain its governance, economic, social and ecological functions in a long term. Finally, a specific for the conditions of Bulgarian agriculture framework for assessing sustainability of farming enterprises is proposed. The later includes a system of appropriate principles, criteria, indicators, and reference values for evaluating governance, economic, ecological and social aspects of farming enterprise’s sustainability as well as an approach for their integration and interpretation. The ultimate objective of this study is to work out an effective framework for assessing sustainability of farming enterprises of different type in the specific economic, institutional and natural environment, assist farm and agro- business management and strategies, and agricultural policies and forms of public intervention in agrarian sector.

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The Impact of Entrepreneurial Financial Activities on Financial Indicators: Evidence from All Companies Listed in Muscat Security Market

Author(s): Syed Ahsan Jamil,Faris Nasif Al Shubiri,Mawih Kareem Al Ani / Language(s): English Issue: 39/2016

This paper aims to analysis the impact of entrepreneurial financial activities on financial indicators of all sectors as industrial, financial and services listed in Muscat Security Market from 2008 to 2014. The sample of 109 firms has been selected from a total population of 115 firms. The model of study consist of five main financial activities related to entrepreneurial activities as independent variables, which include output of employment and prices, oil and gas, public finance, money, banking and financial institutions, foreign trade and balance of payments wherein every activity is measured by three variables. The dependent variable is financial indictors consisting of market and profitability indicators. The results show there is a statistical significant impact of three entrepreneurial activities of output of employment and prices, money, banking and financial institutions, foreign trade and balance of payments on market indicator and in all entrepreneurial activities on profitability indicator. Researchers strongly recommends to adoption of entrepreneurship in the government's planning and long term strategy at the country level and special attention for all economic activities that contribute to the promotion of entrepreneurial concept directly or indirectly through the influence in all economic sectors and this interaction could add effective economic value that will reflect positively on economic growth.

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Peculiarities of Improving Internal Financial Control in the Russian Corporations

Author(s): Tatyana Evgenevna Karmanova,Elena Nikolaevna Podsevalova,Luydmila Antonovna Mityurnikova,Anna Silaeva,Marija Anatolevna Atamanova / Language(s): English Issue: 39/2016

The problem of the need for internal financial control is common to businesses of all types and volumes, but is especially acute in corporations due to the fact that in our time they were able to achieve such a scale in which the collapse of a corporate system may have an impact on the economy of many countries. In addition, at the moment the relevance of the chosen topic is determined by the transition to the reporting tool that is new for Russian economic agents – International Financial Reporting Standards (IFRS), as well as Russia's accession to the World Trade Organization (WTO) and intensification of globalization processes. Together, this makes it possible to integrate the Russian economy into the new systems, including international experience in their practice, taking into account national specificities. However, scientific research pays not enough attention to the disclosure of the principles and mechanisms of internal corporate financial control in a market economy, which is capable of operating in the management system of Russian corporations. In addition, the lack of systematization of existing knowledge and methodological approaches is observed, which determined the choice of the topic, goal and objectives of the study, its logic and structure. The article examines the methods and elements of financial control, financial fraud and ways to identify and prevent it. The article also discloses principles of financial control systems and proposes measures aimed at creating an effective system of internal financial control in the Russian corporations.

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Determinants of Leviathan in the European Countries

Author(s): Lenka Maličká / Language(s): English Issue: 39/2016

The article focuses on factors that influence the government size, in literature known as revenue- maximizing Leviathan using the instrument of taxing. The theory admits two possibilities how to constrain the tax maximizing incentives of the “beast”, constitutional constraint and intergovernmental competition. Investigation on Leviathan´s determinants is made using the cluster analysis of 30 European countries during the period from 1995 to 2014. After segmentation of countries into five clusters the regression models of fixed effects and random effects using panel data were estimated for each cluster. The influence of public deficit on Leviathan seems to be stable and negative. The influence of redistribution needs reflecting the population out of working age and country size on Leviathan is significant but varies depending on cluster. The importance of fiscal decentralization, which is according to overwhelming literature considered as a main constraint to the Leviathan, is feeble. The article is published within project VEGA no. 1/0559/16.

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Management of tourism transport

Author(s): Gabriela Cecilia Stănciulescu,Casiana Răduț,Dan Matei Diaconescu / Language(s): Romanian Issue: 35/2016

Undoubtedly, the relevance of transport activities in relation to tourism activities is essential, because it is extremely important and necessary to offer feasible information about tourism services to help consumer to choose the mode of travel to destinations ideal holiday. The methods used in the development of this hypothesis were explanation, exemplification (brief presentation of each mode of transport) comparison etc. Analyzing the current situation of national, European and World Wide tourism transportation, the paper proposes practical applications able to explain that the conduct of economic activities as an integral part of the sector of trade and services within a national economy, would not be possible without the involvement of transport, whether by road, rail and air and naval. The results of the analysis are perfectly applicable offering guests the opportunity to reach the most remote corners of the world in a short time, high degree of comfort and affordable price.

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Българската филмова индустрия: „слънцето и сянката“ на прехода. Пазари, политики, дефицити

Author(s): Bilyana Tomova / Language(s): Bulgarian Issue: 3/2014

Object the present study is the Bulgarian film industry, the subject of the analysis are the crises in its genesis during the transition. The main research hypothesis is that crises have a form of market and non-market failures, and are a reflection of the specificity of the product, the national cinema market and cultural policy during the period under review. And part of the defects are a reflection of the global crises of the emergence of new business models related to digitalization. In the course of the study outlined the paradox in the Bulgarian film industry: a serious economic contribution of macro level (value added, employment, number of firms), in combination with the instability of micro producer companies and monopolized and integrating markets of distribution and exhibition. As a result-limited access of the audience and the low efficacy of film production. Output from this harrowing development through crises are transformations-transformations to new business models through new sectorial policies

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Practical aspects of quality data procesing and a rule –based expert system for quality of life evaluation

Author(s): Irena L. Atanasova / Language(s): English Issue: 04/2014

One of the most important chalenges the European Union was facing at the begining of the 21st century was to balance economic development with the improvement of quality of its citzens life. A new aproach for asesing the quality of life using the ten-degre global scale is revealed in this article. The aptnes of this aproach to exploring the social area and determining the quality of life of people in diferent countries and regions are also discused. There are being examined some practical aspects of seting up an expert system for social area.The article describes the implementation of such a system for evaluating the quality of life – QLIFEX. The expert system is an inovative research project based entirely on qualitative methods, which aims at helping in understanding of how in an era of great changes residents from diferent countries live and work in diverse economic organizations, and how they would rate their work and life.

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Measuring the evolution of the financial globalization

Author(s): Andrei V. Stoian / Language(s): English Issue: 04/2014

The evolution of the world is constantly taking place and different regions or countries are becoming more and more interlinked. The financial integration betwen the most important economies of the world has enhanced and together with the positve atributes, the vulnerabilties and risks asociated in one country can have negative repercusions into some other. These get ransmited via the gros capital flow and can have devastating efects for some regions. Therefore, it is worth taking into account he creation of a financial globalization index in order to measure the level of financial integration that he world or particular groups of countries have reached and also to study the paterns for the last decades.

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Correlation between public funding and non-ferrous industry. Evidence from CEE and Romania

Author(s): Brîndușa Sterpu / Language(s): English Issue: 08/2016

The paper aims at presenting important approaches of the influence of the public funding to industry, especially non-ferrous, in the Countries from Eastern Europe (CEE) and Romania. Studies presented in the paper show that the industry funding had been sustained by the European Commission in the community area, but particularly in CEE area. The impact of industry funding will never be exactly measured, but important data can be presented in order to foresee the future development of the European industry. Specific for non-ferrous industry, in the article there are presented important items, as turnover, value added cost, exports, production, which are correlated to EU funds absorption in order to measure the efficiency of the public funding for 2007-2013 period (national and EU funds) and the welfare of the CEE and Romanian non-ferrous sector.

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