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#05 Bulgaria’s Capital Markets in the Context of EU Accession: A Status Report

Author(s): Stefan Petranov,Jeffrey Miller / Language(s): English / Publication Year: 1999

The objective of this report is to contribute to the discussion on the capital market reform in Bulgaria in preparation for eventual integration into the European Union. The report views the accession issue on two levels. The first one is whether the necessary capital market institutions and legislation are in place, while the second one is whether capital markets function in a manner that supports economic growth and development. The impetus for the development of the capital markets in Bulgaria was the first wave of the mass privatization program. This program was similar to the program implemented earlier in the Czech Republic. At the same time the Czech Republic is among the first countries in transition that has been invited to negotiate accession with the European Union. For these reasons it is useful to compare the process of capital market developments in both countries. However, it should be taken into consideration that because of the problems that have surfaced recently in the Czech capital markets, the Czech example does not necessarily furnish solutions to the problems that are likely to arise. A large number of the companies are listed on the Bulgarian Stock Exchange-Sofia, but in practice the majority of the smaller ones have not been traded at all. While the unadjusted market capitalization figure amounts to roughly 0 million, this includes all investment funds, holding companies and all shares in partially privatized state owned companies. The actual figure for shares not held by the Government and available for trading on the BSE-Sofia is probably closer to 5 million. This works out to 1 per participant in the mass privatization program, which is a little above one-month’s salary. The market also has very low levels of turnover. Turnover figures at the individual company level are available only for trades on the BSE-Sofia. Most company shares have been traded very few times since the stock market opened. Only eight companies have traded shares in more than half of the sessions for which they were registered.

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(Prior)knowledge of accounting as a comparative advantage when selecting accounting service providers

Author(s): Blaženka Hadrović Zekić,Dina Liović,Ivana Dražić Lutilsky / Language(s): English / Issue: 1/2018

Regardless of the type and size of a company, a prerequisite for successful business operation, which involves complex activities, is having various skills and competencies, knowledge and resources. Engaging in entrepreneurship requires a combination of legal knowledge and knowledge in areas such as management, economics, psychology, art and many others. Knowledge in the field of economics inevitably includes accounting knowledge, which is essential for the functioning of any company. The purpose of this paper is to investigate to what extent entrepreneurs in the Osijek-Baranja County outsource accounting services, how they select accounting service providers and to what extent the accounting knowledge they had before undertaking an entrepreneurial venture affects the choice of an accounting service provider. A structured questionnaire is used to explore the effect of (prior)knowledge of accounting on the selection of accounting service providers. The target population are micro, small and medium-sized enterprises operating in the Osijek-Baranja County area. The objective of the research is to gather information on the entrepreneurs’ (prior)knowledge of accounting, the ways of selecting accounting service providers and the possible influence of recommendations on their choice. The survey results provide an insight into how accounting service providers attract clients, which factors are decisive in choosing an accounting service provider and whether the entrepreneurs’ (prior)knowledge affects the outsourcing of accounting services.

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10 lat członkostwa Polski w Unii Europejskiej. Skutki włączenia do jednolitego rynku europejskiego

Author(s): Małgorzata Czermińska / Language(s): Polish / Issue: 1/2014

The inclusion of Poland to the common market for goods meant the abolition of customs duties and quantitative restrictions on agricultural products in mutual trade with the countries of the European Union (customs duties on industrial goods have already been abolished by the Europe Agreement) and the application of the Common Customs Tariff on imports from third countries. Freedom of movement of goods after the accession to the EU accounted for Polish entrepreneurs a chance, because the fulfillment of EU norms and standards means full access to the common market, amounting to more than 500 million inhabitants. Particularly noticeable was the impact of accession on foreign trade, which, thanks to the membership not only gained easier access to the common market, but also new opportunities to increase trade with third countries. Since Polish accession to the EU gradually increased trade in agricultural products as well as their participation in the Polish foreign trade. Emigration of Poles also increased significantly, especially to countries that with effect from 1 May 2004 opened their labor markets, namely the United Kingdom, Ireland. In the final evaluation of the benefits of joining the common market and free movement of goods, persons, services and capital far outweigh, in both the scale of the economy and at the micro level, the costs associated with membership in the European common market.

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16 Years of the Euro Area – Increase of GDP and Payment Balance

Author(s): Jan Ostoj / Language(s): English / Issue: 3/2016

The paper makes an attempt at description of the impact of monetary integration on the most important macroeconomic indicators of the Euro area against the background of those countries which retained their national currency. As the main indicator describing changeability of economic growth in the EU countries the author assumed the average annual real GDP growth calculated in relation to the base value of GDP in 2003. The profile of payment balance (BPM5) of selected countries focuses on relations resulting from financing of trade turnover account balance by balance of the financial account and, particularly on direct and portfolio investments. The analysis was conducted in the context of basic relationships from the theory of the optimum payment area.

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1893 Şikago Dünya Fuari’nda Osmanli Hipodromu Ve Şirket-İ Hamidiye

Author(s): Ahmet Şamil Gürler / Language(s): Turkish / Issue: 65/2011

The topic of Ottoman hippodrome which was a part of Ottoman exposition in the 1893 Chicago World’s Fair is tried to be researched in this article. The Company which organised the Ottoman hippodrome was established by Maronite entrepreneurs from Syria and was supported officially by Sultan Abdulhamid II and Ottoman government. Although the shows, performed by Arabian horses in the Ottoman hippodrome attracted a great attention, the company went bankrupt because of organisation faults and financial problems.

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2013-2015 Yılları Katılım Ve Geleneksel Bankacılık Karşılaştırması: Türkiye Örneği

Author(s): Selçuk Bakan / Language(s): Turkish / Issue: 36/2017

The fact that the interest, which is a must in the banking sector, is forbidden in the Islamic religion directs individuals to interest-free banking in Muslim societies. This case leads to an increased interest in the Islamic finance and Islamic banking in the world economy. In Turkey, the participation banking sector, which is the manifestation of interest-free banking, has demonstrated a rapid growth in recent years. This study provides information about Islamic finance, Islamic banking and participation banking, analyses some financial titles about the participation banking sector in Turkey between 2013 and 2015, compares and contrasts between general banking and participation banking, and analyses the state of participation banking sector. Findings show that while there was a decline in the participation banking sector in 2015 compared to 2013, there was a development in the traditional banking data in the same years. It is believed that the transfer of Bank Asya, one of the participation banks, from the Bank to the Savings Deposit Insurance Fund by the Banking Regulation and Supervision Agency and the subsequent process has an important effect in this decline. If necessary measures are taken for the participation banking sector and if the negative issues are not repeated, it can be said that this sector which is developing all over the world can continue its development in Turkey as well.

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410 Romanian Managers’ Opinion Regarding the Place and Role of the Organizational culture in the Sustainable Development Management

Author(s): H. C. Ion Petrescu / Language(s): English / Issue: 3/2011

In the sustainable development management, the following important elements are present and operate: rules of conduct, values, aspirations and expectations, beliefs, specific myths, learned behavior patterns, habits, visible symbols of the company, motivation / reward systems, rights and obligations, components of the organizational culture. These generate the way the activities of sustainable development are structured. The organizational culture influences the sustainable development at the economic, social and environmental level. It contains sustainable values for change, oriented towards the sustainable development management.

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5S Method in the Management of Product Flows in Warehouse in Manufacturing Company

Author(s): Agnieszka Piasecka-Głuszak / Language(s): English / Issue: 8.2/2017

Skill of application of particular principles of 5S method organizes supports and streamlines the processes taking place at a given workstation, influences effective organization and elimination of waste occurring during the flow of products from the time of acceptance to warehouse up to delivery to production lines. The aim of this article is to present the results of a survey conducted among employees of the Logistics Department about the knowledge of 5S method, its applications, benefits and difficulties in use in the flow of materials and components in the manufacturing company’s warehouse. The article consists of two parts, theoretical and empirical. The first presents the essence and structure, the stages of 5S and the second describes the use of 5S, the results of a survey conducted among employees about the knowledge of 5S in management of warehouse of manufacturing company and a sample warehouse audit card.

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A business-cycle-model with monopolistically-competitive Firms and Calvo wages: the case of Bulgaria after the introduction of the currency board (1999-2016)

Author(s): Aleksandar Vasilev / Language(s): English / Issue: 7/2018

We augment an otherwise standard business cycle model with a richer government sector, and add monopolistic competition in the product market, and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market. This specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999-2016), allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular. As nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which helps the model match data better.

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A Classification of Polish Households Based on a Credit Portfolio and Debt Service Ratio

Author(s): Paulina Anioła-Mikołajczak / Language(s): English / Issue: 5/2016

The aim of this paper is to show the diversity of Polish households’ financial behavior in terms of debt as well as an identification of households that are characterized by a high debt to income ratio. The article also attempt to assess the debt to income ratio as a measure of households over-indebtedness. To achieve the main objective, the cluster analysis method was used. Based on the households credits portfolio and the level of debt to income ratio, 11 homogeneous groups of households were generated. Five of them were characterized by a high debt to income ratio (>30%), which classify them as overindebted.

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A Company’s Success Through Social Dialogue During Crisis

Author(s): Camelia Konrad / Language(s): English / Issue: S2/2009

We are living in times of economic, social, political and ecological crisis, a situation of deep confusion where political events affect social problems generated by the economic crisis, altogether on natural unbalance. This is a disconcerting scenario, which, more than ever needs government, state and union’s intervention, in order to apply a social dialogue as the most efficient measure against crisis.

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A Comparison of Variables Selection Methods and Their Sequential Application: A Case Study of the Bankruptcy of Polish Companies

Author(s): Mikhail Zanka / Language(s): English / Issue: 1/2020

Research background: Even though in recent decades, a lot of new techniques were developed, there is still a lack of studies aimed at comparing the performance of variable selection methods. Bankruptcy prediction is an excellent example of the conservative research field with the tendency to use classical approaches. Although the results of studies in this field are directly applied in banks and other financial institutions, variables selected for these models can be biased by the author’s preference for one technique. Purpose: This work aims to compare different variable selection approaches and introduce a new methodology of sequential variable selection that can be applied when the low-dimensional model is preferred. Research methodology: This study has been conducted on Polish companies’ insolvency data from the period of 2007–2013. The risk has been modeled with logistic regression; hence variables have been selected with approaches suitable for linear models. Results: The one-step methods did not lead to sufficient dimensionality reduction, while the sequential approach provided compact models keeping the high-performance level. Also, this method allowed us to identify the main financial determinants of insolvency for studied companies, which are the volume of total assets and the ratio of profit to total assets. Novelty: This paper compares different variable selection methods and demonstrates the effectiveness of their sequential application for dimensionality reduction.

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A Conceptual Model of the Incubation of New Technology-Based Ventures: a Social Capital Perspective

Author(s): Joanne L. Scillitoe,Alok K. Chakrabarti / Language(s): English / Issue: 3/2009

Technology incubators are newer organizational forms that are created to support and accelerate the development and success of affiliated ventures, particularly new technology-based ventures. Current literature regarding incubators has suggested that an understanding of the incubation process is important when seeking to understand how affiliated ventures develop and grow. However, very little is known about the incubation process, particularly the incubation of technology-based ventures. Prior literature suggests that technology-based ventures develop in terms of both business and technological development and that the incubation process varies along these dimensions. Thus, understanding the incubation of technology–based ventures must consider the differing but simultaneous dynamics of business and technological development. Drawing from the social capital, entrepreneurship, incubation, and organizational learning literature, a conceptual model of the incubation of new technology-based ventures within technology incubators is presented.

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A cross-national survey on norm and nature of idea generation in new product development

Author(s): Kamran Davari Nikou / Language(s): English / Issue: 1/2019

The nature of idea generation in new product development is challenging, competing, risky, and requires an interdisciplinary approach. Being aware of the types, sources, techniques, and metrics of ideation is crucial for the achievement of effective and efficient idea generation. The present research attempts to identify the support mechanisms used within different national cultures in terms of generating new product ideas. A descriptive survey was conducted in order to exemplify idea generation norms in new product development and to establish the nature of this process from a multidisciplinary perspective. Then, an explorative qualitative research was carried out with the participation of 78 experts from 39 countries. Subsequently, partial raw data were refined, categorized, and interpreted via content analysis. The literature on idea generation in new product development ought to be more explorative rather than confirmative; it also needs to adopt a wider perspective because of the multidisciplinary nature of the phenomenon it is concerned with. Since successful idea generation can be cultivated along with the development of human capital, more importance should be attached to interdisciplinarity in human resources, multidisciplinarity in human skills, and perceptual vision than to technical excellence.

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A Dairy Cooperative in the Making: History, Ethnicity and Local Culture in an Economic Enterprise

Author(s): Árpád Töhötöm Szabó / Language(s): English / Issue: 03/2015

The paper presents the case study of a newly launched – or re-launched – dairy cooperative in Szeklerland, and investigates how different layers of local traditions, new views of rurality and new roles of peasantry, as well as ethnic struggles interplayed in its formation and functioning. While the cooperative can primarily be perceived as a local economic institution, its analysis offers the possibility to shed a new light on the connections between different levels in agri-businesses and on the different, seemingly non-economic factors acting from the background. The cooperative was launched in 2012 within a favorable framework of other local, ethnic initiatives, but it is seen as the successor of a successful cooperative that was nationalized in 1948. Two strong historical experiences shaped its launching: the successes of cooperatives before WWII and the failures and negative impacts of cooperatives during socialism. The investigation can unfold the ways how these discursive strategies, the emergence of new rural elite, the restructuring of agriculture, the idea of autonomy and a sort of ethnic economy gave impetus or impeded the functioning of the cooperative and its shift from subsistence to market.

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A Different Approach to Knowledge

Author(s): Ivona Orzea / Language(s): English / Issue: S1/2009

Defining knowledge is not an easy job because it is one of those concepts that don’t have a universal definition. It can be looked upon as the processing of information with the main purpose of gaining understanding of the events occurring in the surrounding environment. It is a concept deeply influenced by the personality of the holder, its beliefs, attitudes and culture. Knowledge is dynamic, it moves up and down, it becomes obsolete easily hence the challenge for companies to understand how they can use it in order to gain a competitive advantage. The main purpose of this paper is to present the processes of transformation that knowledge undergoes into an organization, its dynamics and how companies can use it into their advantage.

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A Dynamic Model of Non-Performing Loans of the Largest Micro-Lender in Indonesia

Author(s): S JUWITA,M. Shabri Abd. Majid / Language(s): English / Issue: 59/2018

This study is aimed at empirically exploring the short- and long-term relationships between lending interest rate, total deposits, total loans, and non-performing loans of the largest micro-lender in Indonesia. It also attempts to investigate both bivariate and multivariate causalities among these variables. For this purposes, an Autoregressive Distributed Lag (ARDL) and a Vector Error Correction Model (VECM) approaches are adopted using the quarterly data over the 2003-2015 period. The nonperforming loans were positively affected by their total loans and total deposits, but they were negatively impacted by the lending interest rate. As for the dynamic causalities, the total loans and lending interest rate bidirectionally Granger caused the non-performing loans, but the non-performing loans were unidirectionally Granger caused by the total deposits. These findings imply that to enhance the capital structure of the small- and medium- enterprises in the country through the distribution of small-scale loans by the largest micro-financing banks in Indonesia, the bank should design a proper credit policy with a lower lending interest in order to have lower level of non-performing loans.

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A housing regime unchanged: The rise and fall of foreign-currency loans in Hungary

Author(s): Adrienne Csizmady,József Hegedűs,Diána Vonnák / Language(s): English / Issue: 2/2019

This paper analyses the expansion and crisis of the foreign-currency (FX) loan market and responding mortgage rescue programs in Hungary, assessing changes in the housing regime. We argue that the existing, malformed housing regime has not changed significantly and remains vulnerable to similar events. During the economic growth of the 2000s, mortgage based growth seemed feasible for both institutional actors and individuals; a shared narrative emerged. As FX loans became unaffordable after 2008, conflicting interests in placing blame and paying for losses lead to the fragmentation of this narrative. We argue that the coping strategies and broader behaviour of the participants reinforced the disproportionate elements of the housing regime. After 2015, housing policies again rely on economic stabilisation, now subsidised by the EU, incentivizing market solutions for private home ownership and disregarding the experiences of the past decades.

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A Lesson in Valuation from Estonia: The Difference Between the Fundamental Value of Equity Under Distributed and Traditional Profit Taxation Systems

Author(s): Mark Kantšukov,Priit Sander / Language(s): English / Issue: 1/2018

Corporate value creation and management are one of the key issues for any business enterprise. A gap exists in research into the implications of the distributed profit taxation (DPT) system in Estonia for corporate value creation. Under the Estonian system of corporate taxation, companies need not pay income tax on undistributed earnings, allowing them to postpone income tax liability indeterminately. This theoretical paper compares the relationship between a company’s equity value and taxation of profits under traditional (or classical) (TPT) and DPT systems. A TPT system is a system where the amount of corporate income tax is determined by the profit the company earned during the taxation period. We show that fundamental equity value under a DPT system should be higher vis-à-vis equity value under a TPT system (ceteris paribus). To illustrate this, we use a dividend discount model and values from a hypothetical company. The equity value under DPT is also higher when financial leverage is considered. The results suggest that conventional valuation models and their inputs should be adjusted when valuing Estonian companies. Ignoring these adjustments runs the risk of undervaluing the equity of Estonian companies, as well as the equity of companies operating under similar tax regimes.

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A microeconomic perspective on net working capital

Author(s): Luminița Gabriela Istrate / Language(s): Romanian / Issue: 36/2016

The financial resources consist of components which are characterized by common features, but also have traits regarding their formation and use, generating social and economic effects which differ considerably from one of their parts to the other. The financing made by banks of some activities in industry, construction, agriculture, services and trade enables the companies to increase the quality and volume of their products and of the services offered. Also, there is a better orientation of these companies towards the requirements of the internal and foreign markets with beneficial effects on reducing the macroeconomic imbalances inherent in an economy in full process of catching-up with the standards of the developed countries.

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