Around the Bloc: Lithuania Faces a “Cauliflower Revolution”
Outrage over high supermarket prices leads to a boycott and, maybe just maybe, lower prices.
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Outrage over high supermarket prices leads to a boycott and, maybe just maybe, lower prices.
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Fiscal policy can be of a discretionary or rule-based nature. This article discuses selectedexamples of fiscal rules as well as presents the advantages and disadvantages of following them. Theaim of the article is to solve dilemmas about the positive and negative consequences of strictregulations of contemporary fiscal policy. Therefore, a hypothesis is tested concerning whether thefollowing of rules in macroeconomic policy is a more beneficial solution than carrying out a discretionarypolicy. The hypothesis was not clearly verified. On the one hand, it was stated that it is usuallymore beneficial to follow standard rules due to higher reliability for markets. On the other hand, thatentails lower flexibility, which may be especially disadvantageous during a crisis.
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This article is a follow-up on the authors' research on the relationship and interdependence between accounting information, accounting analysis, and credit risk management in banks. Analysis of the quality of the loan portfolio, as well as bringing the key trends in the management of credit risk out are processes that need to be modernized, given the dynamics of economic phenomena in the banking sector. The purpose of this study is to present procedures for accounting analysis and credit risk assessment, and recognition of expected credit losses corresponding to the philosophy of IFRS 9 Financial Instruments.
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Goodwill is one of the most difficult categories of balance sheet law. It was known to Polish science and practice of accountancy as early as in the mid-war period of the 20th century. Official regulations pertaining to goodwill in Polish accountancy law appeared in 1991 in the Decision of the Minister of Finance on rules on bookkeeping dated 15th January. From that time on the attitude towards including and settling this specific element of assets changed with changes or updating key legal acts regulating the rules of accountancy. In spite of that the current rules of Polish balance sheet law are completely different from the regulations of International Accounting Standards as far as including and settling goodwill is concerned.
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The purpose of this research is to examine and analyze Good Corporate Governance inmoderating the relationship between Corporate Social Responsibility (as measured by economic,environmental and social), Default Risk (as measured by debt to equity ratio and debt to assetsratio) and Conservatism (as measured by earning / stock return relation, accruals and net assets)Earnings Management. The sample used is a manufacturing company during the period 2011-2015. The total sample used is 170 samples. Sampling technique used is saturated sample method.The analytical model used in this research with Structural Equation Modeling.The results showed that Corporate Social Responsibility, as measured by the economy andenvironment, has a positive and significant effect on earning management, while CorporateSocial Responsibility measured by social have negative and significant effect to earningmanagement. Default risk, as measured by debt to equity ratio and debt to asset ratio, has positiveand significant effect on Earnings Management. Also, conservatism measured by earning / stockreturn relation and accrual has adverse and insignificant effect on earning management.Good Corporate Governance moderates weakening the effect of Corporate SocialResponsibility as measured by economic, environmental to Earnings Management. Meanwhile,the interaction of Corporate Social Responsibility proxy by social with good corporategovernance has a positive and significant effect. Good Corporate Governance moderatesweakening the effect of default risk measured by debt to equity ratio on Earnings Management,while the interaction between default risk measured by debt to asset ratio with good corporategovernance has positive and insignificant effect, so GCG does not moderate the effect of defaultrisk as measured by debt to asset ratio to Earnings Management. Another result was that goodCorporate governance does not moderate Conservatism effect measured by Earning Stock Returnand accrual to Earnings Management on manufacturing companies registered in ISSI on theIndonesia Stock Exchange
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The greatest desires of the share investors are to predict the accurate future prices of the stocks and to take appropriate decisions. Becouse of financial decision making is an action which is directed towards future, includes uncertainty and risk compenents. The individual who will take these decisions is the main actor of the financial system. Initially, the traditional financial theories, which are exceedingly insufficient to explain the nowadays events are investigated. The study continues with research of behovioral finance approach, which has built sort of a bridge between psychology, sociology and finance sciences. Behavioral finance has defined an individual which can be affected from his emotions contrast to rational individual. A new world order formed with globalisation. Technological developments as for has increased the risks contrast with expected. Present financial tools and legal arrangements are not sufficient any more for this new system. In order to be able to form a new financial order, well analyze is required about the factors which affect the investors while they are making financial decisions and the risks which are formed by these factors. Otherwise, it will be impossible to develop new financial tools for avoiding these risks.
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Family business and family business dynasties are notorious all around the world. The Waltons, the Fords, the Hiltons, the Bushes, the Kardashians, or the Murdochs – all of them shape up the world’s globalized economy. However, in Russia business dynasties are just passing through the stage of their initial development and setting. As a result, very little empirical research has been carried out so far to determine socio-physiological traits of its incumbents. This paper describes the peculiarities of the ‘founders of business dynasties’ (i.e., a group of business owners who have already worked with their relatives and wanted to transfer their firm to the next generation) in Russian and worldwide. The paper has been built under an ex-post-facto pilot scheme. Our data collection was carried out through polling of 90 persons, all subjects being owners, proprietors, or performing the duties of the director of a business company. Our results reveal some differences between the founders of business dynasties and other three groups of business owners (called ‘Singles in business’, ‘Dreamers’, or ‘The last link in business’). However, a highly significant correlation was found only in strong belief of the ‘Founders of business dynasties’ in usefulness of family relationships for business. This finding suggests a significant role of family relationships in business. Our results provide thus evidence on the continuing search for a secret of harmony in business-family relationships among ‘the Founders of business dynasties’ and its further spread within business community.
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This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.
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The essential characteristics of the company from a financial point of view represent the financial profile of that company. When analyzing the financial situation, these characteristics help understand a certain behavior in investments, financing and operation. These characteristics are mainly defined by the following factors: the business that company deals with; the groups of interests which revolve around the company; the financial flows which take place between the company and the environment; the management’s attitude towards the financial reports. If the first three categories have an objective character, the last one has a subjective character.
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The participants to the company’s economic life have diverse motivations and interests, but from the financial point of view they follow the same thing. More exactly, they want to be paid for the efforts they took, no matter the environment they come from, no matter the kind of effort they make, no matter the remuneration form. Also, we must understand that most of the people, by their psychological construction dislike the risk. This thing means, psychologically speaking, that one finds less pleasure when one gains a sum of money compared to the intensity of the pain when losing the same sum. If these perceptions also depend on the proportion of the wealth brought into play, however, for most of the people the perception remains generally valid. These perceptions are also manifested at the level of the organizations, which will be inclined to protect the interests than to take the risk. Again, the management has the task to let cooler heads prevail.
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Implementation of business processes in Ukraine has become more structured in recent years. If previously the only goal was to get the most profitable investment and pay-off in the short term, and the attention to drawbacks and considerable riskiness of these projects was given already in case of their occurrence, now there is another management approach. Thus, the decision to attract additional funds involves a detailed analysis of the potential and existing risks of the project. The management focuses on continuous monitoring of the project implementation. Accordingly, it is necessary to develop an effective mechanism to evaluate an investment project, the effectiveness of its implementation, but from the perspective of the company’s economic security aimed at identifying and diversifying risks.As such, the accounting system of the enterprise’s economic safety management is presented as to the investment projects execution based on the convergence of budgeting, management, financial accounting and elements of the economic analysis and control. The proposed system of investment project management is based on the definition of responsibility centers during the investment project implementation. The developed plan of actions and methods is aimed at creating effective tools for identifying risk factors and monitoring the investment projects effectiveness. Such a system provides an opportunity to operate an investment project promptly and flexibly, following clearly defined management tasks within the chosen strategy of enterprise’s economic security.System management of investment project, which is a part of the overall business management, contributes to the achievement of goals set by the company at a given level of risks and financial
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This paper presents a conceptual framework for use, by organizational researchers, knowledge management practitioners and business analysts, as a guide to building Knowledge Management (KM) models. This is accomplished through a careful selection of ten prominent KM models which have been discussed critically and used to deepen the theoretical understanding of KM implementation and development. A critical review of ten KM models offers practitioners, as well as researchers, an examination of the ontological and epistemological backgrounds and origins of existing models’ in order to highlight the required components for composing effective KM models. There is limited research supporting the utilization, adaptation or even adoption of KM models that can assist managers seeking a competitive advantage through the implementation of KM processes. Authors of existing KM models claim to provide holistic KM models but when referring back to the central meaning of knowledge and management concepts those models do not generate a thorough coverage of the required characteristics and components. This paper has critically investigated ten widely acknowledged KM models but recognizes that there is a plethora of KM models emerging which have varied foci. The conceptual review of KM models is not an empirical investigation, moreover, a critical analysis that presents a conceptual framework for KM model building. In carrying out this research study, the paper presents the shortfalls of this theoretical research approach but nevertheless, the proposed conceptual framework is envisaged as having value to both practitioners and researchers. This paper sheds light on a series of concerns related to existing KM models, their origins, constructs, and contextualization. For organizational researchers, knowledge management practitioners and business analysts this research study elaborates on issues related to validity, applicability, and generalizability of KM models and defines a set of criteria for KM model building. The paper also impacts on the science of KM presenting perspectives, scope, and contexts in which knowledge is processed.
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The financial crisis had an impact on international financial reporting standards. The International Accounting Standards Board (IASB) prepared a new standard for financial instruments. The replacement changes the view to accounting data in financial statements and changes the view to data in organizations, especially banks, and financial institutions. Historical prices are replaced with expectation in the future, which is not anymore a decision of the managers but has its basis on business operations.
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Innovation is a tool that is often used nowadays to increase the competitiveness of businesses and to differentiate from competitors. It is known that innovation does not occur itself spontaneously. Increasing the innovation management capacities of enterprises will contribute to revealing new product, process and service varieties. Nowadays, even the EU framework programs support innovative projects and provide some supports for the increase of innovation management capacities of SMEs. In the scope of the study, indirect and direct approaches which can contribute to the innovation management capacities of SMEs and can influence this process are examined. In the theoretical part of the study, the concept of innovation, innovation management process and the factors that can affect this process are examined. In the application phase, nine different dimensions consisting of approaches and some concepts that can affect the innovation management process were determined and the relationship between these dimensions and innovation performance was examined by the analysis of interest. Data were gathered from 108 SMEs operating in manufacturing industry in Kahramanmaraş province by survey. In the analysis section the hypotheses tested in the context of the study showed some results like regarding innovation management processes, there is a positive, linear and medium / high level meaningful relationship between innovation performance and the level of applications under strategy, culture and environment, leadership, choice / planning, idea management, personnel, collaboration, communication. It is also seen that there is a positive relationship between the innovation performance of SMEs and manufacturing, market and financial performance.
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With the technological developments and globalization that took place in the beginning of the 21st century, studies about computer accounting education started. Some of the work done is related to perceptions of computer education education of high school students. In this application, Çankırı Karatekin University Faculty of Economics and Administrative Sciences examines the effects of the students' perceptions of computerized accounting education. In this direction, the necessary data were obtained from the questionnaires applied to the students who are studying at the Faculty of Economics and Administrative Sciences at Çankırı Karatekin University. In practice, frequency analysis was used for demographic characteristics, factor analysis, paired t test, Pearson Correlation test and multiple regression analysis were used for the other data. As a result, it has been determined that student characteristics affect the view of computer accounting course.
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Purpose – The purpose of in this study is to reveal the changes in environmental costs as a result of technological investments made by the production company using technology effectively. Design/methodology/approach – In this study, in a company located among the top 50 companies were investigated the effects of technological developments on environmental costs. The interview method technique was used to obtain information from authorized persons are working in the environment, project and accounting units of the company were evaluated within the framework of trend analysis method. Findings – In environmental costs have been determined changes as a result of occurring various technological investments and depending on production capacity to the production business units in which the company operates. Some of the technological investments were done by the company were effective in reducing the environmental costs of the company. Some of the technological investments are done by the company that caused to increasing of environmental costs of the company, but it has ensured that the company continues its business without harming the environment. Purpose – Due to the presence of concept of social responsibility and full explanation concept are important concepts in accounting science, it will be possible to demonstrate the changes in the environmental costs arising from technology investments as a result of monitoring of environmental costs by companies in financial reports or sharing the environmental costs in the studies. This case study will increase the value of such studies by examining on different sectors.
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Purpose – The aim of this study is to explain why biodiversity today becomes one of the priority issues for accounting in the framework of natural capital based society value formation process. Design/methodology/approach – In this study, normative research approach has been adopted and; norms and standards related to biodiversity accounting were examined. The Natural Capital Protocol and the Biodiversity Standard No. 304 which were published by Natural Capital Coalition and Global Reporting Initiative respectively constitute the scope of the research. Findings – The problems to be experienced in the flow of ecosystem and abiotic services negatively affect the social value formation contrary to sustainable development principle by reducing the ability of future generations to meet their own needs. For this reason, entities should design and execute their business models in accordance with the natural capital based management approach. In other words, they must carry out their activities in a way that does not disrupt the continuity of ecological functions and therefore habitats should be protected or restored. Biodiversity accounting is the main tool for the execution of this kind decision processes. It is seen that the information related to the areas with high biodiversity value, the significant effects of the products and services on biodiversity, the protected or restored habitats and the species in the protection lists are subject to sustainability reporting. Discussion – Disclosures made within the scope of biodiversity accounting make the positive and negative effects of entities on the continuity of ecosystem and abiotic services flows visible. For this reason, biodiversity accounting plays an important role to enable the effectiveness of the natural capital based social value formation process by shaping the perspective of the society on environmental problems.
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The capital structure of a firm refers to the debt and equity within the long term financial structure of said firm. Decisions regarding the allocation of capital within the capital structure are of grave importance for firms. While debt represents a borrowing relationship between the lender and the debtor, equity represents how the rights of ownership of a firm is allocated between the shareholders of the company. Such differences create a fragile balance between a business’ profitability and risks, making decisions regarding capital structure extremely important. Factors affecting decisions concerning capital structure can be categorized as micro or macro factors. While micro factors have to do with firm-specific issues such as size, liquidity, or profitability, macro factors are external forces such as inflation, interest or exchange rates. The aim of this study is to determine the impact of macro factors on a firm’s decisions regarding their capital structure. An application has been carried out by using panel data on various manufacturing firms listed on the BIST100 index. The findings of this study indicate that some key macroeconomic factors have certain effects on firms.
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The aim of the study is to examine accounting practices in the process of globalization. For this purpose, previous work on this subject will be examined within the framework of international accounting standards and a general evaluation will be made about accounting practices. As a result, IFAC and the IASC Foundation are the main institutions driving the global accounting climate, and IASB (International Accounting Standards Board) was established in 1973 to create a common accounting system for companies worldwide. Internationally accepted accounting standards have been established under the name of the field and also Turkey Accounting Standards (TAS) and Turkey Financial Reporting standards (IFRS) has emerged as accepted standards in Turkey.
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The study presents relevant aspects regarding the evolution of the audit reporting after the economic recession. The motivation of the author to tackle this topic about the new tendencies in audit reporting was the actuality and importance granted to the new extended audit report. Thus, at the level of the speciality literature, a variety of studies on the evolution of the reporting in audit and the role it has were analysed. Following the conceptual delimitation and the presentation of the speciality literature’s study, the author undertook empirical research which targeted the amendments made to the audit report for the years 2015 respectively 2016. The result of this analysis shows that the majority of the entities listed on the stock exchange have respected the new structure of the audit report for the year 2016.
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