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The globalization of financial markets achieved by dynamic technological advancements, financial market liberalization and the departure of capital controls have urged all MNC with foreign money streams the need to manage foreign exchange exposure risks introduced by a volatile exchange system. Today, multinational firms are striving to create methods and methodologies for an efficient and effective exchange risk management. The foreign exchange strategy embraced is essential to an MNC in the present-day condition because of the great inconstancy in transaction rates and needs to advance with the dynamic structure of the organization. Further, given the way that organizations are continually signing commercial and business contracts titled in foreign currencies, precise estimation and supervision of exposure and economic risks have turned out to be vital to the success of an MNC. This paper review the traditional types of exchange rate risks faced by the firms due to the surge of global quest for trade across borders. The paper further explains the importance of risk management strategies with special reference to hedging and outline the various hedging strategies both external and internal used by Multinational companies (MNC’s).
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Current policies in energy sector address issues including environmentally friendly technologies, clean and renewable energy supplies and encourage more efficient energy use. The biofuel policy aims to promote production and consumption of fuels made from biomass. Despite the presence of both positive and negative effects of biofuels the world production and consumption of biofuels have been increasing significantly. To a large extent, this is due to an active public policy in the field of stimulating the production and consumption of biofuels. The volume of biofuel production in the leading countries (USA, Brazil and the EU) has been analyzed. The influence of public policy in the sphere of biofuel production and consumption on energy, environment and food security of the state has been examined. Multivariable and paired correlation as well as regression analysis aimed to determine the price dependence of the main crops used as feedstock for biofuels production, the volume of their production or processing for biofuels and the volumes of biofuel production have been carried out. As a result of this analysis the impact of the public policies in biofuels on the еnergy, environment and food security has been identified.
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This paper takes a simple model with pollution and environmental quality and derives some novel results. In particular, pollution is shown to be a Giffen good. This is a very important finding with clear policy implications, namely that carbon taxes (and pollution permits) are counter-productive, as they lead to increase in pollution, and instead governments should administratively set emission caps.
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Considerable interest of environmental studies has appeared in the literature over the past decade. Environmental performance indicates a way to minimize environmental damages caused by business activity. It is evident that good environmental performance signals wise protection of the natural environment. However, it is still not entirely understood the factors that affect the environmental performance. As such, the purpose of this paper is to examine factors that contribute to the environmental performance utilizing the theory of Dynamic Capabilities and investigate the body of literature constituting the field. The outcome of this study is expected to provide useful direction for the policy makers and companies to combat environmental issues.
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The purpose of the research is to assess the efficiency of enterprises by the means of analysis of the functioning environment, which made it possible to identify reserves for improving the results of their economic activity. For the first time, it was proposed to use the positioning (relocation) technique of enterprise positions, although previously the method of analysis of the functioning environment was used to determine the technical inefficiency of business entities. Based on the calculated line of technical efficiency on the actual results of the enterprises, a new line of technical efficiency was constructed by moving their positions to improve the income (revenue) from sales of products and labor costs of hired workers and capital (fixed assets) in the context of maximizing profits in the environment functioning of economic entities. Itis proved that improvement of the position of an enterprise allows reducing expenses not only on capital, but also on wages of hired workers. Despite the ability to reduce capital expenditures and thus increase the cost of wage labor, almost all enterprises prefer saving capital over the possibility of investing in wage earners. The results of the study can be used by managers in planning the ways to achieve profit in the context of the sustainable development strategy of the enterprise.
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The article deals with the problems of the ecological system in Russia and the directions of their solution on the basis of economic and social development programs. Consumer attitudes of people to the environment is the main cause of the deterioration of its condition, which leads to a decrease in stocks of non-renewable natural resources. In addition, it threatens the existence of humanity. The environmental problems of our time require not only the introduction of resource saving technologies in all sectors of production, the use of alternative energy sources, but also ensuring the restoration of the already damaged ecosystem resilience and their preservation in the future.
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The article discusses the financial aspects of solving environmental problems in a "green" growth. The possibilities of saving natural resources make it necessary to develop and conduct an effective technological policy in the economy, which in turn should be manifested in the practical implementation of scientific and technological progress in the field of products, technologies and services. A state with environmentally sustainable and balanced economic reforms and creating an economic environment at the macro level can facilitate and accelerate the transition to a green economy. Numerous local, global economic crises of the last decade indicate the instability of the existing world economic structure. The world community continues to discuss the issue of building a new model of the economic system, which is called the "green" economy. Sufficiently strong inflow of investments along with the rapid pace of development of the "green" economy, gave rise to the bold expectations of the prevailing part of politicians and analysts in strong economic growth in the coming decades.
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The goal of this research is to test the effect of environmental disclosure on cost of capital. Also, to examines the environmental risk on its relationship on cost of capital. This study is derived on the stakeholder theory, legitimacy theory, and signaling theory. To implement the stakeholder theory, the companies can inform their environmental issues by disclosing their environmental management (Meng et al. 2014). They also disclose their environmental issue to fulfill both national and international regulation on environment to implement the legitimacy theory. Disclosure of environmental issue also indicates investor reliance. The larger disclosure will increase the more investor reliance (El Ghoul et al. 2011). Disclosure also indicate the signal of management to the investor. The design of this study is an explanatory research with quantitative approach. The populations in this study are the companies that listed on Indonesia Stock Exchange. The sampling technique based on purposive sampling. The data used is secondary data; consist of annual report of the company and financial report. The authenticity of this research is the first accounting study in Indonesia that examines environmental risks. The result shows that environmental risk can moderate the relationship between environmental disclosure and cost of capital.
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The idea of the essence of notions “energy independence” and “energy efficiency” was extended in the article taking into account the promising directions of developing energy saving, ensuring the harmonious system development. The energy policy in the populated localities of European countries was analyzed in the article and also their practical experience concerning the questions of energy independence and energy efficiency was studied. Special attention was paid to the Polish experience, because the country has the greatest number of energy independent populated localities among other European countries. The European experience of energy policy enabled to reveal economic, ecological, and social levers of forming and developing energy independence and energy efficiency of populated localities, forming the system of their management. The necessity of introducing consolidated state policy as to raising energy independence and energy efficiency of populated localities was proven, their priority directions and assistance in introducing the corresponding projects in the populated localities of Ukraine were determined. The necessity and peculiarities of energy management system for the need of project management in energy independence and energy efficiency of populated localities were investigated. Practical recommendations as to optimizing the management system of energy independence and energy efficiency of populated localities in Ukraine were developed.
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The purpose of the study is to investigate the impact of organisational culture on firm environmental performance in the context of the hospitality sector. The study used the quantitative research approach with descriptive and causal research design. The Denison organisational culture questionnaire was used to measure organisational culture. The Denison questionnaire contains four traits namely involvement, consistency, adaptability and mission. The questionnaire was distributed among 500 owner/managers of formal hotels and guest accommodations in South Africa. Data gathered were analysed using descriptive statistics and structural equation modelling. The results of the study indicate that the four traits of organisational culture (involvement, consistency, adaptability and mission) have significant positive impacts on the environmental performance of firms in the hospitality sector. The findings of the study can assist firms in the hospitality sector to understand the significance of internal intangible factors such as the organisational culture in the implementation of environmental sustainability initiatives.
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This study aims at finding out how the processes of socialization to make a river became fragrant in Bandung, West Java, Indonesia. By this socialization, there was a hope for introducing environmental literacy to the community, so that appeared the idea of the Fragrant River of Citarum. Having socialized, there were series of knowledge, cognitive skills, attitudes and responsibilities examined to introduce environmental literacy to the community, especially the upper Citarum inhabitants. This study is qualitative in method and a case study in approach. Through such data collection techniques as observation, interviews, and documentation studies this writing follows the Miles and Huberman’s interactive model in analyzing the data. The results of this study show that the environmental information literacy owned by the residents of the upper Citarum River is not good in maximizing the information and knowledge they have for the surrounding environment. However, Citarum Fragrant program was very effective in bring the information and knowledge to the community in overcoming the waste dumped to the river.
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This paper is devoted to the methodology for assessing the development of extra- and intra-integration structures. This methodology consists of three levels of economic assessment of the agro-industrial sector: the regional level, the economic sector level, and the enterprise level. The agro-industrial complex of the Altai Republic has positive business dynamics due to the development of the livestock industry. Through assessing the business outlook for agro-industrial integration using the three levels, it has been determined that the livestock industry has the greatest potential for creating large integrated structures in the Altai Republic. The study justifies the need for creating an internal cluster (intra-cluster) in the maral deer breeding sphere of the Altai Republic, and an external cluster (extra-cluster) in the sphere of meat-and-dairy cattle breeding in the Altai Republic and the Altai Territory. The authors propose a ‘business-as-usual’ and a target scenario for the development of the agroindustrial complex of the Altai Republic until 2025. The target scenario reflects the effectiveness of the proposed measures for the development of the agro-industrial complex of the Altai Republic. According to this scenario, the formation of intra-clusters and extra-clusters in 2025 will leadto an increase in total profits of the livestock industry enterprises under analysis by 451 million rubles and of budget allocations by 194.3 million rubles. The goal of this study is to develop theoretical and methodological guidelines for shapingand developing integrated structures in the agro-industrial complex.
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Purpose – The main aim of this paper is to present the possibilities of investing in collectibles market more closely. Design/methodology/approach – The investments in collectibles market are one of the forms of the alternative investments. Collectibles are seen as a store of value due to their permanence, portability and rarity value. Collectibles can be used to diversify portfolios and protect against inflation. The analysis of investments on the “investment wine” market is presented in a special way. The author discuss the main features of this market and present indexes describing the market situation and creating a benchmark for this new group of alternative instruments. An analysis of wine investments profitability against the background of selected classical and alternative instruments was also made. Findings – The author point out that investor profits are not always the most important, but non-economic reasons such as the development of passion, sensory experience, prestige and recognition of the environment are equally rewarding (collectibles are often referred to as emotional assets). The investments in collectibles market are as an interesting alternative to classical instruments, but still only for wealth people. Originality/value – The article constitutes a contribution to research and debate on the situation in the global capital market and on the possibilities of investing in collectibles market.
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Purpose – The aim of the article is to assess the condition of the Polish cryptocurrency market on the background of the development of this market in the world and to present possible development perspectives. Research methodology – As part of the cryptocurrency market evaluation, quantitative and qualitative data included in statistical surveys and quantitative reports, national and foreign literature on the subject and case studies for specific solutions implemented on the discussed market. Findings – The development of the global cryptocurrency market and the history of the most popular cryptocurrency Bitcoin is presented. Assessment of the condition and structure of the Polish cryptocurrency market against the background of the global cryptocurrency market. The possible paths of cryptocurrency market development in Poland and in the world were also presented. Originality/value – An overview of the functioning of the financial system based on cryptocurrencies and its importance for economies. Indication of possible development prospects for the crypto market in Poland and in the world.
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Purpose – The aim of the article is to present the concept of an IT system that allows forecasting of the bitcoin cryptocurrency rate in relation to the euro. Design/methodology/approach – For the needs of pursuing such a formulated goal, an artificial neural network model – a multi-layer perceptron was developed. As part of the research, the input variables on which the BTC exchange rate was based were selected. Relevant data from daily quotations of exchange rates of selected currencies and metals were also obtained. The data was subjected to appropriate mathematical processing in order to adapt them for use during teaching, validation and testing of the artificial neural network. Originality/value – The results of the conducted experiments confirmed the high effectiveness of forecasting in one and two days perspective. High values of the regression coefficient (R) and small mean square error (MSE) indicate that the developed prediction system correctly predicts the rates of the analyzed cryptocurrency not only in relation to historical data, but also for current and future values.
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The article discusses the issue of a relationship between the failure to ensure legal certainty related to reasonable and legitimate expectations and possible claims for damages lodged by private entities against the host country. The changes in the system of regulation of investments in wind power plants in Poland which affected the profitability of such ventures were an impulse for analysing this issue. The presentation of changes in the regulatory environment of wind power plants in Poland combined with an analysis of changes in the methods of acknowledgement of liability for damages in French law may result in very interesting conclusions for both the Polish legislators and private operators engaged in wind power generation. The French jurisprudence and doctrine may provide a wider spectrum of potential legal grounds for compensation claims in the this field and provide an impulse for further more detailed analysis.
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Directive 2015/2376 introduced the duty to automatically exchange the information on all on advance cross-border rulings and advance pricing arrangements that can have a potential impact on the tax base of other EU counties. The changes implemented by the Directive are of considerable importance: an automatic, systematic and effective exchange of data on cross-border tax rulings should enable tax authorities to take more effective actions towards detecting tax avoidance and evasion. The perspective of enhancing the international cooperation between tax administrations of EU Member States is also an important factor. The aim of the article is analysing Polish solutions that fall under the scope of the Directive, with a special emphasis laid on advance pricing arrangements (APAs). The paper presents the current legal status for Polish advance pricing arrangements and examines the dynamics of their use by Polish taxpayers in years 2007–2017. Next, it looks at the use of Polish APAs, in comparison to the similar measures taken in other EU Member States. The article also analyses whether future changes in Polish tax law may stimulate increased interests in instruments that limit the tax risk of taxpayers. In order to reach the research objective, the analytical and comparative method was used, with particular reference to the source materials and legal acts, as well as reports from the Ministry of Finance, the European Commission and the European Parliament.
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The business activity of real estate development companies depends on very many macro as well as micro factors. The main determinants of their operation on the real estate market include those of a supply-demand as well as institutional-legal nature. In practice, it turns out, however, that even in the case of excellent financial and sales results for at least a few years, they are faced with increasingly large problems and limitations, which first influence a decrease in growth rate, and later can be a source of problems with financial liquidity. The aim of the work is to identify the most important current determinants connected with the business activity of real estate development companies, accounting for both regulatory as well as market risks. A study states that in 2017–2018, conditions of management in the housing sector have changed and symptoms of their deterioration are visible. The results of the carried out analyses indicate that the investment boom and very favorable climate for carrying out activities connected with real estate development, especially on the housing market, which has been around since at least 2015, began to show increasingly clearer symptoms indicating a halt in the growth rate and a worsening situation of real estate developers at the beginning of 2018. The applied research methods include a study of the source literature and current legal regulations, as well as the analysis of statistical and financial data derived from rich, both primary and secondary empirical databases. The financial data used in the study relate primarily to the leading development companies listed on the Warsaw Stock Exchange.
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