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This article aims to verify the hypothesis of the growing importance of state ownership in the world economy in recent years. For this purpose, we analyze state-owned enterprises on the Fortune Global 500 list from 2005 to 2012. SOEs on the list were examined by the share in total revenues, profi ts, employment, assets and equity. Furthermore, the group was studied by country and industry. The results allow for a positive verifi cation of the hypothesis (the return of the state-owned enterprises) in relation to the world’s largest companies. The number of state-owned enterprises on the list during the period increased from 49 to 95. The increases were also observed in the share of state-owned enterprises in other categories. This was the result of the growth of the Chinese economy, where SOEs have a particularly significant role.
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The major objective of this article to attempt to show the model of a knowledge-based economy (KBE) as a stage in social, economic and institutional transformation, which has already been reached by highly developed economies. The research problem considered is examined against the background of the con-cepts A. Toffler’s waves of civilization and, J.A. Schumpeter’s waves of innovation with the use of the elements of historical and comparative analyses. The introduc-tion outlines the context, objectives and the reasons for taking up the topic. The main part of the article presents the process of the evolution of the economy from a model of the agrarian economy, through the industrial and service-based economies to the knowledge-based economy and describes in detail the three stages of advancement of the knowledge-based economy with corresponding metrics. The last paragraph of the article presents the conclusions drawn from the analyses.
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The development of information technology, increased demand for mental work, shortening product life cycle and competing of the quality meant that knowledge is widely considered to be one of the most important resources of the organization. Taking into account activities related to the process of knowledge management (such as the acquisition of knowledge from the environment, identifying its role in the organization, knowledge sharing) and their sources (internal and external stakeholders), it can be noted that any knowledge management requires the involvement of employees. Based on the analysis of the employees engagement, it was found that managing knowledge should be supported by affective commitment and focused on work organization and environment. They exhibit a specific type of behavior. Recognizing this problem, interesting empirical research was carried out. Its goal was to identify the prevalence of involvement of employees in knowledge management and the desired employee behavior in various activities of this processes. The study conducted among enterprises of Lubuskie province. The research used a survey method. It was found that the surveyed enterprises implement the activities related to knowledge management in a selective manner. In the light of the adopted criteria only one (out of 102) of the surveyed companies could be considered as knowledge management. It also seems that the attention is not focused on the creation of knowledge, but its acquisition and protection. Taking into account the results of research on behavior conducive to knowledge man-agement, it can be concluded that the climate for creativity exists at the level of teams, but not the organization.
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The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market. The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises the years between 2004–2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from the DEA’s point of view.
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This paper deals with the issue of political constraints put on economic policies that derive from the distribution of power in democratic societies. Poland and Sweden are both euro-outsiders that are obliged to adopt the euro, but recent developments within the Eurozone and related to the 2008+ crisis engendered widespread reluctance among the public to give up national currencies. Within a short time, the general support for the euro turned strongly negative, making it a grave challenge for politicians to pursue the adoption of the common currency. On this background, we reflect on the alleged correspondence between these two countries that would allow to follow similar policies toward euro introduction. We point to the idiosyncrasy of the Swedish case that makes it virtually impossible to emulate its policies by a country like Poland with very different long-term goals and starting conditions. By doing so, we highlight the context of policymaking that seems crucial to a successful art of political economy.
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Export is crucial for economy. It influences the level of economic growth, balance of payment and social welfare among many others. Therefore, increase in exports often becomes one of the main objectives of governments. This raises the question of how to support export activity of the companies in order to ensure the expected increase in export. Approaches towards this problem differ significantly. The fact that this support is covered mainly from public funds raises the question of the justifiability and effectiveness of such assistance. The aim of this paper is to investigate whether to support export activity at all, and if so, how to do it effectively. To achieve the goal of the article the author analyzed both Polish and foreign literature, with special emphasis on the newest trade theories. The Author analyzes secondary data describing factors that determine export activity, describes the profile of a company becoming an exporter and investigates actual connection between the offered support and the increase in export activity.
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The development of clusters seems to be a natural consequence of the observed trends in the global economy. The increased interest in the creation and development of clusters can also be seen in most of the countries of the European Union, however, the experience of EU countries in this field is different. In addi-tion to strong clusters with a long tradition, new clusters are created with much lower potential. Clusters compatible with the most important EU documents are to play the role of organizations supporting regional development and ensuring the growth of innovation of the European Union in the new programming period. The Japanese economy is based on the important role of clusters in this area, which along with the US and the European Union is among the largest economies in the world. The experience of Japan in this area is much longer. A lot of still functioning clusters were created in this country in the XVII and XVIII centuries. The aim of this study is a comparative analysis of the socio-economic situation of the European Union and Japan, with special emphasis on the role that clusters play in those economies. The result of the analysis is to identify the factors that allow for the effective operation of enterprises within created cluster structures. The analysis of Japan's experience in this area is a valuable source of information for policy guidelines developed to support clusters in the EU.
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The relevance of the crisis situation diagnosis is confirmed by the diagnosis decisions designed and applied in the business practice, audit reports, bank assessment methods and company‘s own concernment. The aim of the research is to define crisis development stages and possible preventive means and to design the crisis diagnosis system in the anti-crisis management process in a company. The paper deals with four stages of crisis development: prodromal crisis (CP), acute crisis (CA), and chronic crisis (CC). Crisis resolution (CR) is the final goal of any crisis management. When a crisis is overcome, its performance stabilizes and a company starts to grow. Therefore, the main point in company’s manage-ment process is to notice the barrier when company’s performance starts going down, in order to foresee the result which can cause crisis situation in a company.
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The aim of the paper is to investigate the impact of global economic crisis 2007–2009 on earnings management in European listed companies. In the first section concepts of economic and financial crisis are explained from the perspective of economic theory. Then the concept of earnings management is presented. Hypothesis development constitutes the third part of the paper. The main hypothesis postulates that macroeconomic conditions of crisis restrain earnings management. The next section explains the methodology of empirical study. Using adapted Dechow model, earnings management is measured in more than 36 thousand firm-level observations from 27 European countries. Then using panel regression with fixed effects the magnitude of earnings management is investigated from the perspective of crisis and non-crisis period. The last section presents results of the study, which provide evidence that during the crisis period earnings management is curbed. Additionally, the analysis shows that macroeconomic conditions associated with economic crisis like GDP drop rates and increase of unemployment affect differently the magnitude of earnings management.
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Marketing through sports flourished in the 1990s and continues to represent a key strategic domain for marketers today. From hosting a special event during the Super Bowl to officially sponsoring an Olymic team to underwriting a local tenis tournament, sports marketing has grown over in the past ten years to a crowded, billion-dollar global industry (DeVous, 1994). Sports marketing is the specific application of marketing principles and processes to sport products and to the marketing of non-sports products through association with sport (Shank, 2005:3). Sport marketing is a subdivision of marketing which focuses both on the promotion of sports events and teams as well as the promotion of other products and services through sporting events and sports teams. It is a service in which the element promoted can be a physical product or a brand name. The goal is to provide the client with strategies to promote the sport or to promote something other than sport through sports. Sport marketing is also designed to meet the needs and wants of the consumer through exchange processes (Lovelock, et all, 2004).
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The research paper provides a comment of the international experience and financial innovations during the transition from traditional mediation to Prime and ECN Forex brokers, the electronic system Electronic Communication Network (ECN), which eliminates the role of the agents, scalping as an elegant Forex strategy, the use of the leverage and the „golden accounts” as an alternative to the Unallocated Metal Accounts.
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From a global perspective the main share of incomes generated by insurance companies in the member countries of the European Union comes from insurance intermediaries – brokers and agents. With reference to this, there is a trend of unification of Bulgarian primary and subordinate insurance legislation with that of the EU countries in order to achieve synchronization and improvement of new relationships in the field of insurance. An emphasis should be put on the extremely positive and beneficial effect the European directives have on the Insurance Code in the country. This allows for a precise definition of the processes in the basis of insurance and reinsurance intermediation of brokers and agents. On the other hand, all activities and services beyond the scope of intermediation could also be differentiated clearly.
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Objective: The aim of the present study is to examine whether the European Union budget comprises significant resources for financing measures relating to social cohesion. The analysis is based on the contents of the Europe 2020 Strategy. Given the constraints of space and for the sake of clarity of the argument, the author focuses on the role of the EU budget rather than all measures aimed at social cohesion undertaken by EU institutions or targeted by policies of individual Member States. Methodology: Documents, studies and reports published by the European Commission constitute the main source of information. In addition, the author has taken into account macroeconomic data demonstrating the deterioration of the social situation since 2009, as well as the instruments that the European Commission has deployed since 2013 in order to respond to post-crisis challenges. Conclusions: It can be roughly estimated that more than 40 percent of total resources within the Multiannual Financial Framework 2014–2020 shall be allocated to the social cohesion policy. Opportunities afforded by the implementation of the Europe 2020 Strategy include primarily the definition of objectives whose priority is indisputable and the introduction of the hitherto neglected analysis of certain socio-economic indicators, classified by country or region and, in certain cases, examined in more detail than required by the European Commission. The monitoring of objectives is conducive to the introduction of new solutions and implementation tools, as exemplified by the new instruments within the Multiannual Financial Framework 2014–2020, as well as the adjustment of available funds in light of the most pressing challenges. The European Semester has facilitated the task of comparing progress in strategy implementation by individual Member States, as well as the provision of recommendations for each of them and an individualized approach. Research implications: This article contributes to the discussion on further integration of the European Union’s social dimension, with particular emphasis on the need to work out a common approach to immigration policy. Originality: The author presents her own opinions regarding current events in terms of the post-crisis social cohesion policies of the European Union, taking into account the European Commission’s financial instruments
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Artykuł podejmuje próbę zainicjowania dyskusji wokół możliwego sposobu myślenia o gospodarce społecznej jako o integralnej części koncepcji społecznej gospodarki rynkowej, a nie „sektorze ekonomii społecznej”. W odwołaniu do konstytucyjnego zapisu o społecznej gospodarce rynkowej jako podstawie ustroju gospodarczego Polski, przeprowadzono krótką analizę fundamentalnych zasad, w oparciu o które ma być ona wdrażana: wolności działalności gospodarczej, własności prywatnej, solidarności, dialogu i współpracy partnerów społecznych, w odniesieniu do rozwiązań szeroko rozumianej gospodarki społecznej. Postawiono tezę, że gospodarka może być zarazem rynkowa i społeczna, i że „uspołecznienie” gospodarki wpływa pozytywnie na jej efektywność i konkurencyjność. Następnie zaprezentowano możliwe kierunki argumentacji na jej poparcie. Na zakończenie autorka podkreśla, że chociaż widać pozytywne zmiany w dokumentach programowych wyznaczających sposób budowania gospodarki społecznej w Polsce, takich jak Krajowy Program Rozwoju Ekonomii Społecznej, to ciągle przebija się w nich myślenie sektorowe. Zmiana tego sposobu myślenia jest wyzwaniem na przyszłość.
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Spółdzielnie socjalne to stosunkowo młoda forma prawna podmiotów ekonomii społecznej. Artykuł przedstawia sytuację zarejestrowanych spółdzielni socjalnych, których siedziba znajduje się w Warszawie. Punktem wyjścia jest ogólny stan warszawskich spółdzielni socjalnych w ujęciu statystycznym. Przedstawiono przyczyny tworzenia spółdzielni oraz wpływ projektów i dofinansowania z Europejskiego Funduszu Społecznego, a także strukturę zatrudnienia w spółdzielniach. W artykule znajduje się katalog produktów i usług oferowanych przez spółdzielnie oraz przykłady działalności społecznej. Autor prezentuje również zarówno czynniki sprzyjające rozwojowi spółdzielni socjalnych w Warszawie, jak i bariery oraz problemy, z którymi borykają się członkowie spółdzielni.
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Celem artykułu jest krótkie omówienie rodowodu i miejsca ekonomii społecznej w aspekcie rozwoju społeczności lokalnych i, szerzej, regionu. Ekonomia społeczna jest oparta na partycypacji i współpracy, dlatego też w artykule zostanie poruszona kwestia roli i zasad tworzenia partnerstwa zarówno na poziomie lokalnym, jak i regionalnym. Zamierzeniem autorek jest również przedstawienie funkcji ekonomii społecznej w kontekście rozwoju, głównie na poziomie społeczności lokalnych, jak również regionalnych planów wzmacniania społeczności gmin i powiatów Małopolski w zakresie wykorzystania instrumentarium tego sektora.
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Contracts for difference (CFDs) are complex financial derivatives that are traded on international financial markets. They offer new, better opportunities for speculative profits, risk hedging and execution of arbitrage trades. Traders use them more for diversification of investment portfolios. In this context are considered some new aspects and possibilities of contracts for differences on listed shares, stock indexes, commodity goods, government bonds and exchange-traded funds (ETFs). To justify their positions, the author uses real examples and diagrams.
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Innovation and innovation management are one of the priority areas of economic research in recent decades. Limited resources and the inability to restore them requires finding ways to more effectively use. In this regard, of particular importance is the stimulation of research and development at national and international level.
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In 2015 the Prize in Economic Sciences in Memory of Alfred Nobel was won by Angus Deaton. He was awarded for his analysis of consumption, poverty, and welfare. In this paper we have presented the model of consumption co-authored by Deaton (AID model) in the context of postulated rationality of consumers. Also, Deaton’s research over long-run consumption, global poverty and connected phenomena was shortly discussed. Deaton’s merits in moving the spotlight from aggregated data to individual data was stressed. Additionally, the paper presents some biographical information.
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