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Loan financing is one of the most famous and yet the most common forms of corporate financing. The availability of credits by the banking sector for the various size categories of enterprises, which operate in individual selected regions, we focused on a questionnaire survey, which evaluation is the main contribution of research.
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Financial efficiency of an entities operating in full operating cycle conditions is influenced by environmental characteristics. That paper analyzes one of the financial results measured by cash tied in inventories in e-commerce full operating cycle financially constrained V4 entities. In recent decades, the countries of Central and Eastern Europe there are significant changes in national economies. Many of them joined the European Union in 2004. Among the EU Member States noteworthy is the largest group of countries of Central and Eastern Europe: Czechia, Poland, Slovakia and Hungary. On 15 February 1991 they have concluded an agreement on the formation of the Visegrad Group. It was aimed at expanding cooperation between these countries and in the initial phase of accession to the European Union and NATO. Analysis of the changes that have taken place in companies using online sales in the countries of the Visegrad Group is the subject of this article.
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This contribution analyses the number of newly established as well as closed down entrepreneurial units in the Czech Republic between 2008 and 2015 with regard to the legal form of business as well as the field of business activity. The aim is to use the non-public sources of Czech Statistical Office and assess the trend in the number of entrepreneurial units in the Czech Republic. The methods of comparative analysis and trend analysis were used to monitor individual types of business activities as for the number of established and closed entrepreneurial units. The types of economic activities with high entrepreneurial activity were determined by means of net balance and average annual growth rate. The contribution reacts to the conclusions of a European Commission study Flash Eurobarometer (2012), which assesses the Czech Republic as one of four EU countries where a growing number of people prefers self-employment to employment. The authors consider the differences among various entrepreneurial activities and among legal forms of business to be a starting point for a discussion about support to particular fields of business, about private investment and forms of financial flows on both national and international levels.
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Risk management is one of the main priorities in the Common Agricultural Policy (CAP) for 2014-2020. Crop insurance belongs to the three CAP indicated types of instruments for financing risks, along with mutual funds and income stabilization tool. In Poland crop insurance is the only available instrument and despite its obligatoriness and subsidizing the market penetration amounts to 40%. The aim of this paper is to present development of agricultural insurance in quantitative terms and its main contributory factors. The answers were provided based on the qualitative and quantitative analysis. The data come mainly from the official statistics and information provided by The Ministry of Agriculture and Rural Development. The results show that apart from very high costs of crop insurance, resulting from a long-term loss ratio of more than 100% for , a very important determinant affecting crop insurance purchasing decisions is the subjective assessment of prosperity in agriculture as well as the scope and type of state aid (investment-related benefits are stimulating while revolving loans are inhibitive).
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Tax administrations worldwide provide taxpayers with favour and offer them the opportunity to set up transfer pricing system according to pre-agreed criteria. When taxpayer´s system complies with, tax administrator does not dispute the transaction. Any predefined arrangement leading to the recognition of transfer pricing system by tax administrator can be defined as a safe harbour. During the review process of current sources, it was found out that there is no relevant research available focused on assessing the appropriateness of introducing safe harbour system for both businesses and government. At the same time even the OECD does not work with data that would conclusively prove the impact of transfer pricing regulation on companies´ behaviour. For this reason, a research was conducted in this area with focus on the potential of safe harbour to affect tax contributions of enterprises. Financial data were rendered from Amadeus database. The impact of safe harbour system was observed on the time series development of taxation of particular cluster. Cluster analysis was selected as the most suitable method for grouping companies.
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The aim of the paper is to explore possible relationship between adopting and using XBRL as a reporting language for small and medium sized companies and development status of the economy and to explore possible relationship between adopting and using XBRL as a reporting language for small and medium sized companies and the existence of XBRL Jurisdiction. Methodology used in the research project is focused on the current experiences of using XBRL by insurance and banking sector companies and by companies in other sectors with accordance to regulations for insurance and banking sector companies and for small and medium sized enterprises in European Union member states. Research is then focused also on the existing relationship between XBRL usage and the development status of the economy and other social factors. Preliminary results in the field of problems in the process of creating and implementing XBRL by small and medium sized enterprises in the future are dependence of automation on taxonomy preparation level. The second side of problems to overcome is linked to costs of adopting XBRL, which are highly changeable and not easily predictable. The other problem is linked to taxonomies already in use, which are subject to changes and transformations what can cause problems for software systems designed for older taxonomies. In some European Union countries XML reporting format is required by state legislation for small and medium sized enterprises with no other option. XBRL also requires more skills from accounting experts than simpler XML based reporting.
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The present paper focuses on the comparison of the development of corporate tax revenue of the largest European countries for the period of 1965 - 2014, followed by identification of selected differences between the countries and characterization of causes of this different development. Different amount of the corporate tax revenue is often affected by different types of fiscal policy and existing deficit tendencies of fiscal economy of countries. The main aim of this paper is to analyze and compare the differences in the development of tax revenues between the countries themselves in space and time by using the method of dynamic conditional correlations, while interpretation of the results is based on traditional macroeconomic indicators. The method allows us to compare the development of corporate tax revenue and structure of tax components between each pair of analyzed countries separately, what is in comparison with the commonly used (e. g. panel) models considered to be its main positive aspect. A new look on the measurement and evaluation of the selected revenues allows us to explain the structure of revenue components (especially the tax ones) for the implementation and testing of fiscal consolidation.
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This paper studies the factors that the corporate management should take into consideration when choosing one of the two strategies of inorganic growth – strategic alliances or mergers and acquisitions (M&A). The aim of the paper is to demonstrate that this decision should be made after a thorough analysis of the costs and the potential rewards of each of the two strategies from the perspective of a set of internal and external factors (related to the environment, the industry, the nature of the transaction and the internal resources of the company). To achieve this goal a comparative analysis is made of three complementary methodological frameworks that can be applied to reduce the risks from the implementation of external growth strategies in the current scenario of internationalisation and globalisation of business activities.
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We use a semantic differential based instrument to assess the main factors in demand attitudes of Bulgarian customers. We aim to find out whether specific marketing techniques could alter the demand for such a traditional product as the wine in Bulgaria. Given the fact that the Bulgarian customer only recently received the possibility to know them, we find that foreign wines are evaluated mainly with a prejudice of past knowledge, not linked to the actual product. We discover a rigidity in such prejudice and adhering to "standard" definitions of "prestige" and quality of wines. Most likely demanded in Bulgaria will continue to be mainly Bulgarian wines.
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This paper analyses the process of expanding company’s interests on international markets. The process of internationalization is essential to continue the business activities of an entity and specific factors shall be evaluated as part of the decision-making process. The motives for orientation to foreign markets could be market share expansion, economies of scale and competitive advantages, geographical diversification and country-specific risk mitigation, access to resources and knowledge, etc. The author notes challenges to the internationalization of the companies as well as preparedness for de-internationalization as a possible scenario.
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A black swan is an extremely rare event with severe consequences. It cannot be predicted beforehand, though many claim it should be predictable after the fact. The purpose of this study is to examine the ―Black swan effect‖ on the Shanghai Stock Exchange Composite Index (SSE Composite index, SSEC) and eight macroeconomic indicators of China. We apply an econometric methodology consisting of unit root test, descriptive statistics, linear regression and correlation analysis based on the monthly statistics for the period 2007-2019. China's stock market crash on August 24, 2015 affected global stock markets, indicating a possible black swan event. The explored time period is divided into two sub-periods: January 2007- July 2015 and August 2015- December 2019 due to the Black Swan Event of August 2015 in China when China‘s stock index lost 30% of its value in 3 weeks sparking. Our findings show that a Black swan event of 2015 has a negative effect on the SSE Composite index. We can conclude that there was some kind of psychological effects on the Chinese stock market that caused positive and negative trends of SSEC indices. The main results confirm that the consumer price index, exchange rate, interest rate, unemployment, GDP and Trade balance are important explanatory macroeconomic variables that have a significant impact on SSEC index. We may conclude that Black swan events affect the macroeconomic conditions in the economy of China.
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The textile industry is among the strongest export-oriented industries in Bulgaria for the past 10 years. The predominant part of the manufactured products is intended for foreign markets, and the products sold abroad represent a significant share in the total exports of Bulgaria (20.7% in 2001 and 12.2% in 2009). At the same time, those employed in the industry are approximately ¼ of those employed in the manufacturing industry at the end of the first half of 2010. The strong export orientation of the sector and the low added value created due to the high share of toll production determine its high vulnerability to shocks occurring in major external markets, primarily within the EU. These are the observations in the years of economic crisis and slow recovery in Europe and United States (2008-2010) when a significant decline in Bulgarian textile exports was registered. However, the industry retains its competitive advantages, which is evident from the analysis of average export prices, geographical and commodity structure of exports, as well as from registered recent positive trends relevant to the second half of 2010.
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The competitiveness of the Bulgarian economy has been constantly improving its position for the past three years while in 2010 there was a significant retreat. Clusters are an important tool and are an essential part of the theories to promote competitiveness. Despite attempts to implement them in Bulgaria through state-sponsored projects, the latter does not add new value to the previous two projects and exacerbates their weaknesses.
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Purpose: The effects of the global COVID-19 pandemic are difficult to estimate, but the impact on the tourism industry is undeniable. This also applies to consumers’ behavior in the tourism market, whose attitudes towards travel may change radically. The aim of this chapter is to analyze substitution processes in the tourism market caused by the COVID-19 pandemic. Design/methodology/approach: This paper is a review in nature and includes papers on tourism economics, particularly the tourism market, as well as secondary data on changes in tourism (tourism participation and consumer behavior) due to the COVID-19 pandemic. Findings: The Covid-19 pandemic does not have to be the factor slowing travels, as it may affect internal substitution on the tourism market. In the situation of the Covid-19 pandemic, all internal substitution options listed in the chapter were noticed on the tourism market in Poland. Research limitations/implications: As long as the emergency situation restricting the functioning of the tourism market continues, the results of the study cannot be definitive. Practical implications: The results can be useful for tour operators, especially in the process of planning tourism development after the crisis caused by the pandemic. Social implications: The chapter indicates changes in consumer behavior on the tourism market caused by COVID-19 pandemic, which may characterize tourists after the end of the pandemic. Originality and value: The article identifies types of internal substitution that occurred in the tourism market in Poland as a result of the COVID-19 pandemic.
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The global pandemic has exposed serious flaws in supply chains, as the focus on cost reduction and maximization of value added has led to the adoption of heterogeneous supply chains.During the COVID-19 pandemic, global supply chains were put to the test with export restrictions and various external shocks. The purpose of this paper is to understand how companies can better navigate the turbulent environment they have found themselves in and adjust their supply chains to be better prepared for any future disruptions. The first part deals with how COVID-19 caused disruptions in supply chains in the form of immediate shocks and the persistent uncertainty afterwards. The second part addresses an analysis of managerial actions taken by Slovenian companies and explores appropriate steps taken to cope with the issues explained in the first part. The third part deals with long-term actions that will betaken by Slovenian companies to avoid the same supply chain problem in the future. WhileCOVID-19 is proving to be quite a challenge for supply chains, both globally as well as in Slovenia, it is also a learning opportunity and a catalyst for some much-needed changes. In the past, the changes in supply chains were mostly focused on cost-cutting and COVID-19 has exposed the risks that were created as a result. While there is no one-size-fits-all solution,all supply chain managers will also have resilience in mind when deciding on the way forward. This includes improving the sharing of information up and down the supply chain,fostering relationships with strategic partners, using technology to better understand and manage the supply chain, and diversifying sourcing as well as distribution. The companies in Slovenia we have interviewed were better prepared for the disruptions in their supply chains then we initially expected.
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The development of the entrepreneurial spirit among future employees is extremely important for a sustainable development. The creativity, the sense of initiative and the entrepreneurial spirit will help the current graduate, future employee, to develop their critical thinking, to be creative, innovate in their field of activity, be productive, flexible and autonomous and also capable to manage a project, within the limits of their skills. This research introduces the most important results concerning the entrepreneurial spirit among future employees for a better integration on the labor market and a significant contribution to the sustainable local development. The data were collected through a questionnaire applied on a representative sample of teachers in the pre-university education who carry out their activity in theoretical, technology and vocational high schools in the county. They served in outlining an overview on the impact that development of the entrepreneurial spirit has on the prospects of sustainable local development through current graduates, future employees. Regardless of their level of education, the teaching staff represents the main transmitter of training and development of the entrepreneurial spirit within the lifelong learning cycle.
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In 2020, many pressures have accumulated affecting the real economy and the existing economic theories describing and explaining them. These pressures include the global economic crisis, natural and climate disaster, political tensions and the COVID-19 pandemic, which are mutually reinforcing and represent a temporal turning point in the practice and theory of economics and management. The shock of 2020 also undoubtedly concerns the principles and methods of managing a logistics company. The study analyses and critically evaluates the current method of evaluating the efficiency of logistics company management and the business model corresponding to this method. The economic, social and natural consequences of the hitherto economic activity of logistics companies were indicated. In order to overcome the identified negative effects of their activities, new evaluation criteria and a new business model were proposed. It is postulated that the so-called economic resilience (RE), which consists of a set of specific criteria related to economic productivity, safety and agility. Economic productivity ensures the financial profitability of business activity, safety refers to sanitary and social guarantees, and agility to effective market adjustments. The proposed business model should be composed of three key mechanisms – sectoral, innovative and cultural. The sectoral mechanism is created by the driving forces of competition, the innovative mechanism - striving to improve the existing facts, and the cultural mechanism – the applicable ethical and moral standards.
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In the face of an increasingly unstable economy caused by the global pandemic, a large number of economists ask the question whether the current patterns and models of business management or supply chains are still appropriate and adapted to the current economic situation. In many sectors, the global changes triggered by COVID-19 have put into question the use of existing business models. It seems that the principle of “optimum” no longer exists. Continuous improvement of supply chains or lean and agile management will no longer prove themselves in the present conditions. The tendencies to shorten supply chains keep safety stocks at the lowest possible level and optimize costs by all links led to an economic disaster in the face of the global pandemic. Business, sectors and economies cannot expect a stable, long-term economic environment. Forecasts of future developments, based on an analysis of historical patterns, are currently unlikely and inadequate in the context of rapidly changing local, international or global markets. Uncertainty and the existing market disruptions require decision-makers to rethink potential business or supply chain management alternatives in such a turbulent environment. Currently, a number of local and global trends can be identified to indicate the upcoming changes in business and society. Their long-term impact on the management of the enterprise, including social capital, will certainly be significant. Among many trends, it is possible to indicate the increasingly stronger position of emerging markets, which are involved in global production. Another significant trend is demographic change and migration creating a new face of the workforce. The development of new technologies or the ubiquitous network nature blur the existing boundaries between various sectors of the economy on a global scale.
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The ability of a company to generate profit for its investors is key to its long-term performance, sustainability and competitive position. The present study examines the movements in the main indicators characterizing the return on investment in some enterprises in the automotive sector in Bulgaria for the last 4 financial years and attempts to identify the main factors that determine the observed dynamics. For this purpose, the methods of financial analysis and regression analysis of panel data were used. The results of the applied methods are interpreted in terms of the specifics of the sector.
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The object of study in this article is the accounting normative and regulatory framework of the Republic of Bulgaria for the period 1990-2021, in the context of the possibilities for its dynamic harmonization. The purpose of the study is based on the experience gained over the past thirty years in the field of national accounting framework, to outline existing patterns, to identify trends and problem areas in the field of accounting legislation in order to improve the organization of national accounting, in the context of its updating.
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