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Bankruptcies of Companies in the Czech Republic after New Financial Crisis

Author(s): Karina Benetti / Language(s): English Publication Year: 0

In 2006 was published a law no. 182/2006 Coll., On Bankruptcy and Its Resolution (Insolvency Act), which came into effect from January 1st, 2008. This law came into effect just at a time when the new financial crisis started getting stronger. This crisis meant for bankruptcies of companies is an important milestone, not only with regard to the number of bankrupt companies, but especially to the emergence of new ISO standards dealing with much needed risk management in business practice. The value of bankrupt companies was according to statistics since the beginning of the recent financial crisis until the end of 2008 in the amount of US $ 14.5 trillion, which is more than 145 times the amount for the Marshall Plan to rebuild Europe after World War II. In the Czech Republic from 2008 to 2012 to increase the number of corporate bankruptcies by 288%, but their numbers began from 2012 to decline. The aim of this paper is to analyze the number of corporate insolvency proposals and corporate auditions in the Czech Republic since the beginning of the recent financial crisis until the present (i.e. the last eight years).

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Hedging Case Study in the Exchange Rate Commitment Regime Environment

Author(s): Jaroslava Dittrichová,Libuše Svobodová,Ivan Soukal / Language(s): English Publication Year: 0

The paper deals with topic of hedging as an instrument of foreign exchange exposure treatment. This case study is focused on traditional export-oriented company PETROF, s. r. o. Analysis of scenarios is performed by the loss-profit comparison. The study dataset is consisted of internal financial statements gathered in period from 2010 to 2015 and provided the company representatives. Analyses are based on spot rates effective at studied periods and singed hedging contracts – forward derivatives. Analyses include data processing and proposals for consideration of macroeconomic factors that determine the company's business environment. Qualitative research is concluded with a discussion on proposed approaches and instruments. Despite the fact that in November 2013 Czech national bank entered foreign exchange interventions regime with exchange rate commitment of 27 CZK/EUR and so the companies knows the expected rate of the Czech currency, the topic is still current. The importance of the topic will be greater with the upcoming end of intervention regime in 2017 when we can expect increased volatility of the Czech crown again.

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Keynesian Model in Small and Medium Enterprises Development: Puzzling Case of Russian Regions

Author(s): Maria Ginzburg,Nadezhda Yashina,Elena Ivanova / Language(s): English Publication Year: 0

This study explores the potential effects of Keynesian demand stimulation for small and medium-size businesses in Russian regions. The authors tested the following hypotheses: (1) is there a connection between small and medium-size business development in any given region of Russia and regional output (Gross Regional Product – GRP); (2) the higher the share of electric power consumption in GRP of a given region, the more regional product is created in this region and the higher the share of this regional product can be redistributed by means of small businesses. To test these hypotheses, the authors developed three indices related to the development of small and medium-size enterprises and the GRP, produced in the provinces of the Russian Federation. One index (SMEDI) summarizes the level of development of small and medium-size businesses in a region; another (GRPI) – the level of Gross Regional Product, produced in a given region; and finally (EPCI) - the level of electric power consumption in the GRP of a corresponding region. Correlation analysis was used to analyze data for 83 federal subjects of the Russian Federation for 2010-2014. The results indicate a moderate relationship between SMEDI and GRPI, and no relationship between SMEDI and EPCI. We conclude that the level of development of SMEs in the regions of Russia in 2010-2014 depends on the level of GRP to a certain degree. The level of development of SMEs is directly proportional to increases in GRP. But Keynesian model of demand stimulation, if applied to the Russian economy, stumbles upon the problems of fiscal federalism and the excessive centralization of economic governance, and this fact does not create effective stimulus for economic growth and small business development in Russia.

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Summary of findings

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

The aim of the research was to provide an insight into the conduct of Russian state-owned enterprises (SOEs) in natural gas and nuclear sector and test the following hypothesis:„Russian energy companies in natural gas and nuclear sector actin order to maximize their influence on CEE markets and to strengthen Russian geopolitical influence in this region.“ This section is intended to address the natural gas sector, i. e. Gazprom's conduct in the region of Central and Eastern Europe. For this purpose, a theoretical model based on the strategic approach to energy policy was developed.

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Overal Conclusion

Author(s): Martin Jirušek,Roger W. Jr. Robinson / Language(s): English Publication Year: 0

After an exhaustive research process, several popular assumptions about the operations and behaviour of Rosatom and Gazprom were validated, while several others proved exaggerated or outright incorrect. Rosatom, in particular, faces competitors in a high-end (technically), high-cost marketplace,and hence is visible and monitored by prospective sovereign customers. The company, therefore, must show extra caution concerning the politicization of any of its actions for fear of market estrangement.

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Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia

Author(s): Dmitry Mitin,Maria Ginzburg,Nadezhda Yashina / Language(s): English Publication Year: 0

The academic circles and media commonly associate political uncertainty with aggravated economic risks, discouraged investments, and stunted economic growth. The goal of this survey is to explore the reaction of domestic businesses to political signaling. It allows addressing a key question regarding the perception of uncertainty in Russia: how sensitive are the economic agents to political trends? How robust is their assessment of the extent to which the rules of the game are changing, and what are the threshold levels of political change at which the uncertainty begins to affect economic decisions?

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Succession in Family Business: The Case of the Czech Republic

Author(s): Aleš Kubíček,Petra Štamfestová / Language(s): English Publication Year: 0

Transfer of ownership and leadership is still very actual topic abroad, but also in the Czech Republic. Succession is a long-term process of planning and managing while its aim is to ensure business continuity across the generations. As a family business grows older, the number of possible successors increases and also increases the risk of potential conflicts among them. Therefore, it is necessary to analyse principles that make succession successful. This article deals with family business succession. The aim of this article is to point out the importance of managing and planning the succession process in family businesses and to find out the main problems in succession. Theoretical part discusses what family business and succession are and also the current state of knowledge about the role of women in succession process. The literature review and an example from the Czech Republic emphasizes main issues that are influencing this longterm process. Focusing on these particular factors can help to families to make the succession more effective.

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Capital Structure and Capital Disparity across the Economic Subjects in the Agricultural Sector in the Czech Republic Before and After the Financial Crisis

Author(s): Jana Steklá,Marta Gryčová / Language(s): English Publication Year: 0

The financial crisis of 2008 had an impact on the entire economy of the Czech Republic, and especially for the Czech agriculture. The problem of the Czech agrarian sector lies mainly in its under-capitalization, which was amplified by the financial crisis. For this reason, the paper will focus on the capital structure. The aim of this paper will evaluate the development of the capital structure of agricultural subjects in the Czech Republic with respect to the legal form before and after the financial crisis.

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Pandemia COVID-19 a działalność podmiotów typu Real Estate Investment Trust (REIT) na wybranych rynkach nieruchomości

Author(s): Anna Mazurczak / Language(s): Polish Publication Year: 0

Purpose: The aim of the study is to assess the short- and long-term impact of the pandemic on the activity of REITs on selected global markets. Design/methodology/approach: The research tool consisted in an analysis of the available REIT market indices – FTSE NAREIT Index, and the basic capital market benchmarks, such as the S&P 500, Dow Jones and Russel 2000 indices. On this basis, it could be observed that REITs behaved in a similar way to the capital market, and the reactions of the main global REIT indices dynamically reflected the situation in which the global markets found themselves. Findings: Similar to the 2006-2008 financial crisis, REITs reacted dynamically to the global situation at the beginning of the COVID-19 pandemic. However, this effect has been short-lived so far, and the largest drops in rates of return were observed in the first stage of the pandemic, i.e. in March and April 2020. The long-term effects of COVID-19, on the other hand, relate to the verification of the perception of individual real estate market segments, reconstruction of investment strategies and the search for new directions for building property portfolios, which can be verified when the pandemic is over. Originality and value: The study is an attempt to join the international discussion devoted to the assessment of the impact of the pandemic on global economies, including real estatemarkets, regarding the functioning of REITs as one of the most common forms of indirectreal estate investment in the world.

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Finansiranje istraživanja i razvoja u svijetu, jugoistočnoj Evropi i Bosni i Hercegovini

Author(s): Fikret Čaušević / Language(s): Bosnian,Croatian,Serbian Publication Year: 0

Ovaj rad analizira finansiranje naučnog i istraživačkog rada, počevši od globalnog i regionalnog konteksta, završavajući sa specifičnostima i ulaganjima za ove namjene u Bosni i Hercegovini. U prvom dijelu analiziran je globalni kontekst, koji sadrži i analizu deset zemalja s najvećim ulaganjima za ove namjene, kao i strukturom izvora finansiranja po sektorima. U skladu s posljednjim dostupnim podacima UNESCO-a, koji se u vrijeme pisanja ovog rada na globalnom nivou odnose na 2018. godinu, vodeće zemlje po relativnom ulaganju u istraživanje i razvoj bile su Južna Koreja i Japan, dok po apsolutnim iznosima dva vodeća mjesta zauzimaju SAD i Kina. Drugi dio ovog rada fokusiran je na uporednu analizu ulaganja u istraživanje i razvoj u zemljama centralne i jugoistočne Evrope. U ovoj grupi zemalja dominira Slovenija, koju slijede Republika Češka i Mađarska. Treći dio je u cijelosti posvećen specifičnostima Bosne i Hercegovine, kao i nekim od ključnih faktora vrlo niskog nivoa ulaganja za istraživanje i razvoj u ovoj zemlji. U četvrtom dijelu prezentirani su neki od uspješnih primjera bosanskohercegovačkih kompanija po ključnim industrijskim granama u kojima je Bosna i Hercegovina ostvarila natprosječne rezultate u poređenju sa zemljama jugoistočne Evrope, u kontekstu niskih ulaganja u istraživanje i razvoj, s jedne strane, i vrlo dobrih izvoznih rezultata mjerenih Indeksom ekonomske kompleksnosti i Indeksom kompleksnosti proizvoda, s druge strane.

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Uloga i značaj kompanija u oblikovanju i funkcionisanju inovacionog sistema

Author(s): Zijada Rahimić / Language(s): Bosnian,Croatian,Serbian Publication Year: 0

Kontinuiranim jačanjem istraživačko razvojnih aktivnosti i inovativnih sposobnosti kompanije postižu dugoročno održive konkurentske prednosti na sve kompleksnijim i neizvjesnijim tržištima današnjice. Istovremeno, stvaranjem novog znanja, inovativnom primjenom postojećih znanja i tehnologija, te olakšavanjem njihovog transfera doprinose izgradnji ekonomije znanja i konkurentnosti zemlje. Jedan od stubova ekonomije znanja jeste efektivan inovacioni sistem, u kojem posebno mjesto i ulogu imaju kompanije. Cilj rada je predstaviti i analizirati doprinos kompanija efikasnom funkcionisanju inovacionih sistema, ispitati vezu i uticaj inovativnosti i izdataka za istraživanje i razvoj na globalnu konkurentnost. Kao metodološki okvir za analizu efekata inovacijskih sposobnosti korišten je Globalni indeks inovacija (GII), kao i Indeks globalne konkurentnosti (GCI), u kojem inovacije i sofisticiranost predstavljaju jednu od tri kategorije konkurentnosti. U fokusu analize bio je odnos između inovacijskih inputa i inovacijskih outputa, kao i odnos između GII i GCI Bosne i Hercegovine, zemalja zapadnog Balkana i grupe odabranih zemalja Evropske unije (EU). Rezultati istraživanja pokazuju da postoji statistički signifikantna veza između inovacijskih inputa i outputa. Evidentne su razlike u jačini veze između varijabli inovativnosti i konkurentnosti za zemlje zapadnog Balkana i za izabrane zemlje članice EU. Takođe je utvrđeno da izdaci za istraživanje i razvoj značajno utiču na vrijednost indeksa konkurentnosti.

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Financing research and development around the world, in Southeast Europe and in Bosnia and Herzegovina

Author(s): Fikret Čaušević / Language(s): English Publication Year: 0

This paper analyses the financing of research and development, starting from the global and regional contexts and moving on to the specifics of such investment in Bosnia and Herzegovina. The first section presents an analysis of the global context and of the 10 highest investing countries, as well as a breakdown of the sources of such financing by sector. Based on the most recent data from UNESCO, which were for 2018 at the time of writing, South Korea and Japan invested most in research and development in relative terms, while the US and China did so in absolute terms. The second section contains a comparative analysis of investment in research and development by the countries of Central and Southeast Europe. This group is led by Slovenia, followed by the Czech Republic and Hungary. The third section is dedicated to the case of Bosnia and Herzegovina and certain factors affecting the country’s very low level of spending on research and development. The fourth section presents a number of successful examples of investment by Bosnian companies in key branches of industry where the country has achieved above-average results for the Southeast European region, as well as very good export results, as measured by the Economic Complexity and the Product Complexity indices.

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Role and importance of companies in shaping and functioning of the innovation system

Author(s): Zijada Rahimić / Language(s): English Publication Year: 0

By continuously strengthening research and development (R&D) activities and innovative capabilities, companies are achieving long-term sustainable competitive advantages in today’s increasingly complex and uncertain markets. At the same time, by creating new knowledge, innovative application of existing knowledge and technologies, and facilitating their transfer, they contribute to building a knowledge economy and the country’s competitiveness. One of the pillars of the knowledge economy is an effective innovation system, in which companies have a special place and role. The aim of this paper is to present and analyse the contribution of companies to the efficient functioning of innovation systems, to examine the relationship and impact of innovation and R&D expenditures on global competitiveness. The Global Innovation Index (GII) and the Global Competitiveness Index (GCI), in which innovation and sophistication represent one of the three categories of competitiveness, were used as a methodological framework for analysing the effects of innovation capabilities. The focus of the analysis was the relationship between innovation inputs and innovation outputs, as well as the relationship between the GII and GCI of Bosnia and Herzegovina, the countries of the Western Balkans and the group of selected countries of the European Union (EU). The research results show that there is a statistically significant relationship between innovation inputs and outputs. There are obvious differences in the strength of the link between the variables of innovation and competitiveness for the countries of the Western Balkans and for selected EU member states. It was also found that R&D expenditures significantly affect the value of the competitiveness index.

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Wpływ pandemii COVID-19 na rynek i efektywność ubezpieczeń na życie z ubezpieczeniowymi funduszami kapitałowymi

Author(s): Anna Ostrowska-Dankiewicz / Language(s): Polish Publication Year: 0

Insurance performs a variety of functions in the economy. Their basic task is to provide the insured with protection in case of occurrence of random events specified in the contract. Market practice shows that such a limited function of classic insurance proved to be insufficient, especially at the time when insurance products appeared which, in addition to their protective function, allow savings to be multiplied. Such products are life insurance with insurance capital funds. However, the emergence of the COVID-19 pandemic caused unexpected difficulties in the conduct of business by enterprises, including insurance companies. These difficulties manifested themselves in a periodic decline in premiums written, and in relation to life insurance with UFK also in a periodic deterioration of their effectiveness due to a slump in the financial markets. The aim of this paper is to present the impact of the COVID-19 pandemic on the market of life insurance linked with insurance capital funds and to discuss the trends in the volume of sales of life insurance with UFK and in the effectiveness of investments in insurance capital funds.

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Pojęcie równowagi na konkurencyjnym rynku ubezpieczeń

Author(s): Łukasz Kuryłowicz,Adam Śliwiński / Language(s): Polish Publication Year: 0

The article shows the possibility of analyzing the insurance market by using the Rothschild–Stiglitz equilibrium model and its subsequent modifications. As an example the Polish market of compulsory third party liability insurance was used. The first part of the article describes this market, both in terms of its structure and the financial results of insurance companies operating in the group 10 of insurance. In the next part, the main focus is on describing the assumptions of the Rothschild–Stiglitz model both for the markets characterized by full common knowledge and those operating under the conditions of information asymmetry. In the last part, the authors used the Rothschild–Stiglitz model to simulate the market behavior after having introduced a new type of insurance contract which allowed access to information collected byon-board ADR recorders. The simulation showed that, in accordance with the model, the use of new technologies can bring the market closer to the state of equilibrium.

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Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń. Studium przypadku holdingu American International Group, Inc.

Author(s): Lyubov Klapkiv,Faruk Ulgen / Language(s): Polish Publication Year: 0

The aim of the article is to analyze the institutional conditions of instability that occurred on the insurance market during the global financial crisis (GFC) on the example of the American International Group, Inc. The global financial crisis of 2007–2008 called into question the ability of liberalized financial markets to function in a stable manner in the long term and questioned the positive contribution of financial innovation to economic development. Numerous and varied factors played a role in this process: low interest rates, easy and accessible credit, loose regulations, “toxic” mortgage loans leading to high-risk financial operations in innovative products. As a result of the crisis, attention has shifted to the banking sector as it has been the most important source of instability in the financial market. The insurance sector is usually considered a minor player in the financial market but clearly regulated. The total assets of European Union banks in 2019 accounted for EUR 49.3 trillion, and the total assets of the EU insurance sector: EUR 12,706.1 billion. However, the case of AIG shows that the role of insurance companies in generating and spreading financial instability is underestimated. It can also be concluded that the insurance sector in the United States of America still remains insufficiently regulated. The collapse of AIG was a combination of defects and violations in the regulatory mechanisms and the lack of appropriate legislation, which allowed for the appearance of certain elements of fraud in the functioning of the insurance market.

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Porządkowanie liniowe z wykorzystaniem wskaźników finansowych zakładów ubezpieczeń w Polsce

Author(s): Anna Gierusz,Agnieszka Pobłocka / Language(s): Polish Publication Year: 0

Insurance companies play a very important role of investors and stabilizers in the economy of a country and of the world. In Poland, in 2019, 58 insurance companies conducted insurance activities. How to rate/evaluate insurance companies, their financial condition, using many technical and economic indicators at the same time? How to choose diagnostic variables? How to build a ranking of insurance companies according to a specific aggregation criterion of selected insurance characteristics? The aim of the study is to assess the financial condition of insurance companies according to synthetic objective functions containing simultaneously many technical and economic insurance values. Secondary goal is to determine the hierarchy of the surveyed insurance companies according to one of the synthetic measures applied. For this purpose, one of the methods of multidimensional comparative analysis will be used–linear orderingfor pattern and non-pattern methods using set of insurance statistics from financial results published by The Polish Chamber of Insurance.

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РЕНТА И АРЕНДА В ЗЕМЕДЕЛИЕТО И ВРЪЗКАТА ИМ СЪС СТОЙНОСТТА НА ЗЕМЕДЕЛСКАТА ЗЕМЯ. ДИНАМИКА И ТЕНДЕНЦИИ В РАЗВИТИЕТО ИМ ЗА ПЕРИОДА 2001 – 2022 Г. В ЗЕМЕДЕЛСКА ОРГАНИЗАЦИЯ, ОБРАБОТВАЩА ЗЕМЛИЩА В РАЙОНА НА ДОБРУДЖА

Author(s): Stefan Byanov,Ivo KOSTOV / Language(s): Bulgarian Publication Year: 0

This study covers the concepts of rent and leases, according to the Bulgarian legislation and their growth factors: high labour productivity, EU agricultural subsidies and the growth in agrarian commodities prices. Furthermore, the relation between rent/lease and the value of agricultural land have been analyzed, as well also the dynamics and trends in their development for the period 2001 – 2022 in two Dobrudzha regions in Bulgaria. Finally, some main conclusions about the topic are presented.

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Nowoczesne rozwiązania finansowe wspomagające proces zarządzania finansami osobistymi

Author(s): Anna Warchlewska / Language(s): Polish Publication Year: 0

The purpose of the article is to determine whether and how the development of modern financial technologies determines consumers’ financial behavior. The paper seeks to answer the question of whether financial knowledge determines consumer attitudes toward modern financial tools. The article consists of three main parts. The first part presents the characteristics of modern financial solutions - mainly in the retail services segment. The second part presents the essence of financial education in the process of using modern technologies. The results of secondary research on the impact of financial education on consumer financial behavior and the results of own research on PFM (Personal Financial Management) applications are presented.

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Dylematy banków spółdzielczych w dobie rewolucji cyfrowej 4.0 ze szczególnym uwzględnieniem wyzwań w sferze marketingu

Author(s): Grzegorz Kotliński / Language(s): Polish Publication Year: 0

The aim of this study is to answer the following questions: How can the business of cooperative banks be shaped in the face of the challenges of the digital revolution 4.0? What dilemmas do member banks pose in this situation? What are the marketing challenges facing the entire cooperative and individual banking sector? How can we secure and maintain an edge on local markets in the digital revolution 4.0? Cooperative banks were forced to take measures to meet the demands of the digital revolution. Most of them benefit from the support offered to them by their member banks. However, this makes it difficult to achieve economies of scale (some activities are duplicated rather than centralised) and to maintain a unified identity across the sector and makes it difficult to achieve coherent marketing. The managers of the individual cooperative banks have to make decisions which either lead to a gradual loss of autonomy or to difficulties in establishing an identity on the local markets. This situation needs to be considered, as the Digital Revolution 4.0 offers many opportunities that can be used properly to streng then the coherentidentity of the entire industry, while at the same time enabling more efficient marketing and increasing operational efficiency.

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