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Sustainable development in accounting

Author(s): Marzena Remlein / Language(s): English Publication Year: 0

The purpose of this chapter is to present and discuss the essence and importance of accounting in the concept of sustainable development. Considerations are particularly focused on reporting CSR issues. The growing importance of the idea of sustainable development and the concept of Corporate Social Responsibility that arose on its basis, gave rise to the need for accounting systems to develop solutions enabling the provision of information on the methods and results of implementing these concepts in entities operating on the market. The interest in accounting with regard to the area of sustainable development has contributed to the development of vocabulary related to measurement, calculation, disclosure, reporting and verification of information on the activities of units for sustainable development. Reporting on Corporate Social Responsibility (CSR) is still largely voluntary and non-standardised. However, there are various international organisations that develop frameworks and voluntary standards for non-financial reporting, the so-called Social Reporting Standards. The most important EU legislative initiative in the field of disclosure concerning environmental, social and corporate governance information is Directive 2014/95/EU of the European Parliament and Council from 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity in formation by certain large undertakings and groups. The combination of financial information (financial statements) with non-financial information relating to the environment, society and corporate governance is included in the integrated report. In Poland, the requirement to present non-financial information related to CSR was introduced by the Accounting Act. Polish companies should prepare a separate report—“Statement on nonfinancial information”. In 2017, the Polish Standard of Non-Financial Information (SIN, 2017) was published to help enterprises fulfil their obligations under the EU Directive.

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Corporate Responsibility towards employees – Raben Group

Author(s): Natalia Jankowska / Language(s): English Publication Year: 0

Human capital management in an organisation is one of the key areas of company success and its competitive advantage, particularly in a service company such as Raben (Zając, 2014). As an entity operating in the Transport Forwarding Logistics (TFL) sector, its decisions in the area of human resources management depend on industry factors. This is evidenced, among others, by the structure of employees. The aim of this case study is: first, to draw attention to the problems that companies operating in specific sectors may face. The second goal is to identify their ability to implement the concept of a company responsible to employees. The company strives to take the goals set by the United Nations (SDGs) into account. These include taking care of appropriate employment structure, ensuring employee development, ensuring diversity, caring for work-life balance as well as safety in the workplace, and building relations with external stakeholders. The specificity of the industry in which the presented company operates makes it pursue a number of Sustainable Development Goals—both with regard to employees and in terms of environmental protection. Some need to be adapted accordingly.

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Social supermarkets as a solution to food waste and issues of poverty

Author(s): Blaženka Knežević / Language(s): English Publication Year: 0

The main objective of this chapter is to present and discuss a possible solution to food waste as a problem occurring in traditional food supply chains, on the one hand, due to food overproduction, and on the other, poverty as a result of economic and pandemic crisis in Europe. The structure of the chapter covers two areas: 1. Food waste as a problem in food supply chains. 2. Reduction of poverty by implementing social supermarkets as new players in the food supply chain.

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Sustainability in renewable energy businesses

Author(s): Gabriel Grabowski / Language(s): English Publication Year: 0

The sustainable development goal 7 (affordable and clean energy) seeks to ensure that energy is clean, affordable, available and accessible to all (SD Goals, https://unstats.un.org/sdgs/indicators). Replacing fossil fuel-based energy sources with renewable ones, which include: bioenergy, direct solar energy, geothermal energy, hydropower, wind and ocean energy (tide and wave), would gradually help the world achieve the idea of sustainability. Renewable energy technologies provide an excellent opportunity for mitigation of greenhouse gas emission and reduce global warming through substituting conventional energy sources (Panwar, Kaushik, & Kothari, 2011; Owusu& Asumadu-Sarkodie, 2016). Nevertheless, investment costs, as well as political environment andmarket conditions, have become barriers preventing countries from full utilisation of the potential to improve the quality of air or water. The aim of the chapter is to initiate discussion on the importance of renewable energy as wellas its environmental and society-related health aspects. Two short case studies presented in the text allow to describe projects concerning solar installations. In the first case, it is educational institution investing in thermal solar panel systems to supply heat for domestic hot water. The results of research conducted by Filho et al. (2019) on a small sample of universities from around the world indicate that in more than half of them, only a small share of energy consumption comes from renewable sources, whilst the European Union policy has identified promotion of energy efficiency in buildings, including educational ones, as a key objective of its energy and climate policy (EPBD Recast, 2010). In the second case study, thoughts on photovoltaic systems installed to supply buildings with electricity are contained and the problem of public resource support forms for that purpose are discussed.

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ORGANIZIRANO UKLJUČIVANJE U PROIZVODNE I RAZVOJNE LANCE RAZVIJENIH − JEDINI NAČIN BRŽEG RAZVOJA MALIH EKONOMIJA U RAZVOJU

Author(s): Ljubo Jurčić / Language(s): Serbian Publication Year: 0

Global industrial organization and international trade have entered a new era and changed the relative economic position of countries participating in the global market. Global supply or value chains are a key new paradigm within theories of international trade that explains modern vertical specialization of countries within the global organization of production.They provide development opportunities for countries participating in the chain. For a comprehensive understanding of the organization and functioning of the modern global economy and international trade, as well as opportunities for development within it, it is necessary,above all, to understand the functioning and create conditions for effective inclusion of own economy in global value chains (GVCs) as a new paradigm. Systematic, organized and encouraged development of European global value chains, would raise the development and production potential of the countries of the Western Balkans , as well as the added value(GDP) created in them. One of the obstacles to such policy is that profit and wealth are created on the difference in development among countries.

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KAKO UBRZATI EKONOMSKI RAST I RAZVOJ ZEMALJA ZAPADNOG BALKANA?

Author(s): Radomir Božić / Language(s): Serbian Publication Year: 0

The paper points out the need, importance, determinants and policies of accelerating economic growth and development of the Western Balkan countries in the function of catching up and convergence with developed countries. The starting point is that to achieve this goal, adequate policies are needed at the macro and micro level, the implementation of which should ensure the strengthening of competitiveness of companies from these countries, appropriate integration into global value chains and catching up with market leaders from developed countries and at the same time convergence of the secountries with developed countries.The first part of the paper elaborates the experiences of Central and Eastern European countries, based on the application of information and communication technologies and the achievements of Industry 4.0 and their contribution to production and productivity growth, which for some of these countries was faster than in developed EU countries(EU15) and thus enabling them to catch up or reduce the development gap.The second part of the paper presents the experiences of developing countries, including Central and Eastern European countries, in the internationalization of their companies through foreign direct investment (OFDI), as determinants of acquiring and maintaining competitiveness and catching up with companies from developed countries as market leaders and contribute to the convergence of these countries with developed countries.The third part of the paper synthesizes the basic potentials, challenges and possible answers of the creators of economic and business policies of the Western Balkans as small open developing economies in the function of accelerating and sustainable economic growth and development at micro and macro level and their convergence with developed countries.

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NOVA RAZVOJNA PARADIGMA – POST-COVID RAZVOJ

Author(s): Tihomir Domazet / Language(s): Serbian Publication Year: 0

The relative development of Croatia in relation to the EU27 was 85.1% in 1986, and 59.5%in 2020, while the same ratio for Serbia is 66.0% (1986) and 37.5% (2020), and for allCEEC17 countries accounted for 62.0% (1986) and 70.4% (2020), respectively. So, simplified,it is a failure of convergence.Gross national income (GNI) is also unfavorable, so the GNI/GDP ratio CEEC17 was 85.0%in 2008 and 97.5% in 2019.Several CEEC17 countries essentially failed to resolve the crisis (2008), and then the whole world was hit by a pandemic, which can be classified as a natural disaster. Although almost all countries in the world are trying to solve the COVID-19 crisis by the common economic and financial measures, problems and doubts arise at the same time.There are some estimates of economic growth in the period 2021-2030, for example for Croatia2.0% on average per year, according to which individual development would still be significantly below the 1986 level. Thus, the question arises as to whether significantly higher growth and development can be achieved in the period 2021-2030, or what measures should be taken to achieve this.The new system is based on several postulates: (i) abandonment of existing economic models as well as economic theories that are no longer valid, (ii) creation of a development paradigm based on new social and economic relations brought by COVID-19, (iii) greater use of knowledge, technologies for the benefit of labor and society as a whole and (iv) a new relationship between economics and philosophy as the driving force of development.COVID-19 brings tremendous changes, and the existing Western civilization cannot provide answers to insoluble contradictions, which means that a new world and a new system is just emerging.A podcast to the new system is a possible contribution of regional connectivity to the new development paradigm.

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SKRIVENI POKRETAČI RAZVOJA MALIH EKONOMIJA

Author(s): Brano Markić,Marko Markić / Language(s): Serbian Publication Year: 0

The relative position of economies in the global distribution of income is changing. The logical question is how can small economies progress in their relative position in generating and distributing income, how can they improve their relative position? The paper the reforeemphasizes and highlights the hidden drivers of small economy development that they can identify, activate and follow in order to improve their relative position in income distribution.Mathematical descriptions of economies based on assumptions and selection of the most important variables from the aspect of economic growth are described by growth models. Entrepreneurship in our time is an activity, a process, an invisible assumption and a driver of economic development. In the research methodology, the paper hypothesizes that entrepreneurship,measured by the rate of emergence (birth rate) of new enterprises and the growth of gross domestic product are significantly related. Based on empirical data for EU countries,this link exists, and can be interpreted as moderate. Gross domestic product growth and entrepreneurship are related, and their causal relationship has not been empirically determined.In addition to entrepreneurship, the paper emphasizes economic policy as another invisible, hidden, but important driver of economic development. Therefore, encouraging entrepreneurship through economic policy measures is another important invisible driver of economic growth.

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BANKARSTVO U BIH KAO DIO MAKROEKONOMSKE I POLITIČKE REALNOSTI, STRATEGIJA RAZVOJA I IZAZOVI U BUDUĆNOSTI

Author(s): Berislav Kutle / Language(s): Serbian Publication Year: 0

In the post-war period of development, BiH adopted regulations that, in addition to the transfer of knowledge from foreign banking, influenced the development of this sector. The banking sector has continued its further development by accelerating harmonization with EU regulations, so that BiH in this area is at the European level. Recently, however, government regulations have increasingly lagged behind current banking development needs.Banking in the future will be significantly different from today. The process of planning interest income should not be too demanding, as opposed to non-interest, which will be a great challenge for all those who have the appropriate infrastructure to implement it. Taking into account all global trends and their impact on banking, it will be necessary to look for solutions based on customer needs and preferences and define products accordingly. In this context, it is necessary to develop key competencies for a new way of doing business, create an organizational structure adaptable to new circumstances, create new products and make decisions that will increase the level of connectivity.

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OD LINEARNE DO CIRKULARNE EKONOMIJE: PRIMJER IZ BOSNE I HERCEGOVINE

Author(s): Zdravko Todorović,Igor Todorović / Language(s): Serbian Publication Year: 0

Waste is today considered one of the most significant environmental problems of the modern world. Man, with his activities, is a decisive factor in changing and polluting the environment. Nature does not know waste, waste is the work of man. The research problem is a waste-generating economy model. From the beginning of the industrial revolution, man decided to abandon the circular model of the economy and to move in a straight line. He adopted a linear model of the economy that takes resources from nature,processes them into products, which are thrown away after use and create waste. The linear economy model on the one hand brought rapid economic growth and development, increased productivity, population growth, raising living standards, development of new technologies and knowledge, but on the other hand the linear economy model created catastrophic environmental problems, uncontrolled use of resources, allowed rich global access to resources, changed political and military power, stratified the population into a small group of rich and mass poor, created excessive consumerism, led to drastic climate change and the like. The world has realized that the linear economic model must change.The first phase in the transition from a linear to a circular economy is the recycling economy. The goal is to recycle discarded products and return them as raw materials to a new process. A special problem is the cleaner “planet” than previous waste. The next phase is a systematic approach to economic change that aims to design business systems in such a way that products after use can be easily returned as raw materials to the business process and be zero waste. These changes require all stakeholders to be involved in the change process. Economic progress cannot be stopped, but it can be slowed down for sustainable development. The paper presents the development of economic models and presents the process of transition from linear to circular economy. A special contribution of the paper is the analysis of the state of the economic model in Bosnia and Herzegovina and the comparison with the circular model in the European Union. The discussion analyzes the situation in the field of circular economy in Serbia, Slovenia and Croatia.

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Sustainable agriculture: Development of organic farming. Case study of the Czech Republic

Author(s): Pavel Kotyza,Luboš Smutka / Language(s): English Publication Year: 0

Sustainability is a crucial topic in today’s agricultural policy discussion. Agriculture faces 2 challenges—feeding increasing number of people, while being sustainable and reducing negative environmental effects. Agriculture will require “structural transformation” to meet goals of global society—the Sustainable Development Goals. Land management, bio-diversity and soil degradation are often correlated with farming practices. Thus, having sustainable agriculture requires transformation of farming practices, and organic farming belongs to potential directions. For over 3 decades, organic farming has gained on importance, market share as well as popularity among consumers, producers and policymakers. Health concerns, public support and market potential convinced farmers to introduce non-conventional farming practices. On the contrary, organic farming is often criticized for lower production potential, higher pricing and labour intensity. In the Czech Republic current organic production is rather extensive (on pastures), and products are not sold as organic due to the market oversaturation. However, slow but increasing trend in crop production, which could lead to improved farm economies is observed. The future of organic farming development as individual by side effects related to organic farming are considered to be of the key significance for long-term sustainability of agricultural activities. Organic farming is not a solution to current society issues, butit could be considered as innovative alternative approach for future generations.

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Innovations on rail freight market

Author(s): Dora Naletina,Mate Damić / Language(s): English Publication Year: 0

Ten years ago, the European Union recognized the importance of stopping further development of road freight transportation and the need for making rail freight a more prominent branch of industry. Rail transportation used to hold a more relevant position, but because of slow response to changes on the market and no investments in modernization, it now occupies only around 10%of the share in freight transportation in most EU member states. Most members have initiated the implementation of the restructuring and liberalization of rail market, with the aim of establishing a multimodal transportation network and reducing negative impact of road freight on the environment. The Croatian market is no exception, of course. It has liberalized the rail freight market since the Accession to the EU, while the rail passenger traffic is still monopolized by a company owned by the state. The Croatian national carrier HŽ Cargo has decided to face the competition by restructuring the current business and giving a sharper focus on innovation (intermodal terminals, RO-LA, and digitalization of business operations). The above-mentioned topics are analysed in the following chapter.

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Brand as an innovation—The case of Czech wine

Author(s): Jan Zavodny Pospisil / Language(s): English Publication Year: 0

The Czech Republic is not a typical wine-growing country, yet winemaking and viticulture are among the oldest Czech crafts. Although the situation is slightly improving today, domestic wine production is not very preferred by Czech consumers since more than two-thirds of the wine that Czechs drink each year is imported. In the long term, the worst situation prevailed with the sales of a young wine. The cause was twofold: On the one hand, the market was already penetrated by imported Beaujolais nouveau, which became a synonym for the young wine. On the other, a peculiar Czechs’ taste for young wine was also an obstacle. As a young wine, many Czechs drink partially fermented must from grapevine fruits called “Burčák”. The young wine market was therefore seemingly penetrated with a low possibility of new brands entering it. The proposed case study will describe an ongoing campaign in which a new brand, “Svatomartinské víno”, was created. With this brand, it was possible to change the Czech consumers’ view of immature wines fundamentally. Thanks to the innovative branding approach, the product, which Czech consumers had neglected for many years, became a superior and must-have product for broad consumers. Also, the relationship between the brand and consumers has been established. The new brand has become a potential for many other related events. Last but not least, the consumption of domestic wine increased, which led to the support of local wineries and related regions.

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Storytelling in business—How to increase customer engagement

Author(s): Iwona Olejnik / Language(s): English Publication Year: 0

Storytelling, as a marketing innovation, is the market communication tool that allows present the facts in a coherent and attractive way so as to stand out from the competition and more effectively influence the consumer’s imagination and engagement. It can be concluded that the history of storytelling itself dates back to the beginnings of mankind, when humans started to transfer knowledge from generation to generation. The chapter indicates that storytelling evokes emotions in customers, and these in turn affect commitment and action. The most important and primary elements of storytelling include superior message, conflict, characters (the archetypes) and plot. Each good story can be based on a few important points, which are well described by the concept proposed by American writer Joseph Campbell. In addition, the chapter also presents examples of sources of inspiration for storytelling. Among them, it is worth mentioning, for example: history of the company’s founder or president, the beginnings of the company, employees’ stories or milestones (successes or failures). The last part presents two case studies of the use of storytelling by enterprises. These are examples from the Polish market regarding the use of storytelling in employee recruitment and customer engagement.

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GESTIONAREA COMUNICĂRII EFICIENTE CU ANGAJAȚII

Author(s): Diana Duca / Language(s): Romanian Publication Year: 0

Traditionally, and this tradition still persists in the Republic of Moldova, theevaluation is seen in terms of requesting all kinds of reports, notes, minutes, tests, projects, etc. What you need to be aware of is that not every activity can be provenby a written document. There are aspects of the activity that can be appreciated bydirect observation or as a finished product. Hence the role of the manager to possessskills and competencies of observing, comparing and correcting the processes thattake place in the led units, as well as competencies to appreciate people's contribution to achieving objectives, motivating them, implementing /using mechanisms for informing about results and subsequent cycles of activities. or here, decisive is the managerial competence of communication, which can be a defensive one, which provokes evaluation and judgment; desire for control; strategic andcalculated approach to the message by the subordinate; neutral approach; showingsuperiority; showing self-confidence; or a supporting one, which causes description;problem-solving orientation; spontaneity in conveying the message and reaction;empathic approach; recognition of equality between sender and receiver; arguing thecontent of the message. In the present paper we highlight some practical aspects ofcommunication between managers and subordinates based on the results of research:chief-subordinate relations and subordinate-chief, conducted on a sample of about200 people employed in employment, most of them in education.

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Digital Transformation in Romania and Bulgaria

Author(s): Krasimir Shishmаnov / Language(s): English Publication Year: 0

Innovative approaches to and methods for designing successful business strategies have changed consumer requirements and habits. Traditional business processes have thus been adapted to a virtual environment and the process of digital transformation.Digitization is a process which can be defined as transforming business models and processes into digital ones. In most cases, they are a combination of different types of operations, such as e-commerce, Internet marketing or smart manufacturing. One of the major advantages brought by digitalisation is the improvement of workforce through the use of robots, CNC machines (digital software control), computers and mobile devices.

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The Leading Woman in the Knowledge-Based Economy

Author(s): Diana Elena Zaharia (Ştefănescu),Bogdan Ștefănescu / Language(s): English Publication Year: 0

This scientific approach takes into account the analysis of the leadership type, present in the Romanian cultural institutions in terms of identifying the opinion and attitude of the members of the organizations towards the management, as well as the level of their involvement in the accomplishment of the management act, considering that these are important elements that ensure the achievement of the organization's objectives. The research methods used are the following: Observation and analysis of documents and quantitative analysis based on questionnaires.Research Question: Is women accepted as a leader in the contemporary knowledge-based economy?Research hypothesis: Does the gender of the leader influence the organizational performance of cultural institutions in Romania?Purpose of the research: To make a comparison between leadership styles related to gender differences.

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Digitalizacja rozliczeń VAT na tle zasady proporcjonalności

Author(s): Mateusz Bujak / Language(s): Polish Publication Year: 0

Purpose: The main objective of the following article is an analysis of the newest digitization tools included in Polish legislation with emphasis on their compliance with proportionality principle expressed in the jurisprudence of courts. Design/methodology/approach: In the study, the author used methods such as the analysis of legislative solutions, VAT gaps, and VAT settlements obligations across the Europe. The author also cites opinions of tax law experts to indicate their attitude to new solutions. Findings: The incompatibility of new digitization solutions with the proportionality principle has been demonstrated, mainly in the scope of imposing too much information burdens that are largely unjustified in terms of combating the VAT gap or complying with VAT obligations. The introduced solutions made the fulfillment of obligations even more complicated and introduced uncertainty relative to the legal basis of the new solutions. However, positive changes emerged, leading to some extent to compliance with the principle of proportionality in the simplifying changes in the last amendment to the law.

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Koncepcje opodatkowania zysku w sektorze cyfrowym

Author(s): Szymon Mamajek / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to present and compare the proposed, as well as so far implemented digital tax models in selected countries, with particular emphasis on Poland. To the extent necessary, the issue of economic value creation using digital interfaces and the digital business models based on them will be discussed, which will be necessary for further consideration of the tax challenges associated with the digital economy. Design/methodology/approach: The goal was accomplished by analysing the literature on the subject, researching legislation or drafts there of, and other sources, including reports, policy papers, and Internet sources. The study examined, among other things, the European Commission’s draft directives, as well as Austrian, Spanish, Polish and Turkish legislation on the taxation of digital services. Findings: Digital taxes in the countries that were the focus of this chapter show numerous commonalities with the DST model developed by the European Commission. In those tax jurisdictions, the biggest changes can be observed in terms of the object of taxation, which was restricted for Austria, Spain and Poland and expanded for Turkey. Significant differences are also observed in the definitions of the taxpayer with threshold values for local income, as well as tax rates. Of the analysed digital tax models, the Spanish ISDS had the most in common with the DST model and the Polish VOD tax had the least. As far as the Polish proposal for a full DST model is concerned, some doubts about the legal quality of this solution have been raised in the literature.

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Potencjalne implikacje podatku od transakcji finansowych dla rynku i inwestorów na Giełdzie Papierów Wartościowych w Warszawie

Author(s): Przemysław Gerschmann,Anna Siwiec,Wojciech Świder / Language(s): Polish Publication Year: 0

Purpose: The main aim of the chapter was to present the idea and the current state of work on the financial transaction tax (FTT) at the national and EU level. Moreover, in the empirical part, it was decided to estimate the burden of this tax on investors on the Warsaw Stock Exchange in order to assess the legitimacy of introducing FTT from the point of view of the domestic capital market. Design/methodology/approach: The research method used in this chapter is the review of the literature and legal acts concerning the financial transaction tax (FTT). In the empirical part, the tax burden on investors on the Warsaw Stock Exchange (WSE) was estimated. Additionally, based on data collected from the WSE and the tax rate proposed in the 2015 Polish FTT project,a simulation of the state budget revenues from this tax was carried out. Findings: The amount of the state budget revenues from the financial transaction tax on the Warsaw Stock Exchange estimated in the chapter is between PLN 416.1 and 654.4 million. The estimates were made taking into account the stock exchange turnover in 2015–2020 and assuming the tax burden only on individual investors trading instruments on their own behalf. The introduction of the tax with the rate proposed in the 2015 FTT project was assessed negatively, taking into account the further development of the Polish capital market and the competitiveness of GPW S.A. compared to other European exchanges. In the event of a possible implementation of the FTT in the future, it is the amount of the tax rate that is important. FTT should be introduced with a lower rate than the proposed one, and bearing in mind the time—tax should be proposed in the period of high volume and low volatility on the WSE. There after, the tax rate could be increased if turnover and volatility were not distorted.

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