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Bankruptcies of Companies in the Czech Republic after New Financial Crisis

Author(s): Karina Benetti / Language(s): English Publication Year: 0

In 2006 was published a law no. 182/2006 Coll., On Bankruptcy and Its Resolution (Insolvency Act), which came into effect from January 1st, 2008. This law came into effect just at a time when the new financial crisis started getting stronger. This crisis meant for bankruptcies of companies is an important milestone, not only with regard to the number of bankrupt companies, but especially to the emergence of new ISO standards dealing with much needed risk management in business practice. The value of bankrupt companies was according to statistics since the beginning of the recent financial crisis until the end of 2008 in the amount of US $ 14.5 trillion, which is more than 145 times the amount for the Marshall Plan to rebuild Europe after World War II. In the Czech Republic from 2008 to 2012 to increase the number of corporate bankruptcies by 288%, but their numbers began from 2012 to decline. The aim of this paper is to analyze the number of corporate insolvency proposals and corporate auditions in the Czech Republic since the beginning of the recent financial crisis until the present (i.e. the last eight years).

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Hedging Case Study in the Exchange Rate Commitment Regime Environment

Author(s): Jaroslava Dittrichová,Libuše Svobodová,Ivan Soukal / Language(s): English Publication Year: 0

The paper deals with topic of hedging as an instrument of foreign exchange exposure treatment. This case study is focused on traditional export-oriented company PETROF, s. r. o. Analysis of scenarios is performed by the loss-profit comparison. The study dataset is consisted of internal financial statements gathered in period from 2010 to 2015 and provided the company representatives. Analyses are based on spot rates effective at studied periods and singed hedging contracts – forward derivatives. Analyses include data processing and proposals for consideration of macroeconomic factors that determine the company's business environment. Qualitative research is concluded with a discussion on proposed approaches and instruments. Despite the fact that in November 2013 Czech national bank entered foreign exchange interventions regime with exchange rate commitment of 27 CZK/EUR and so the companies knows the expected rate of the Czech currency, the topic is still current. The importance of the topic will be greater with the upcoming end of intervention regime in 2017 when we can expect increased volatility of the Czech crown again.

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Keynesian Model in Small and Medium Enterprises Development: Puzzling Case of Russian Regions

Author(s): Maria Ginzburg,Nadezhda Yashina,Elena Ivanova / Language(s): English Publication Year: 0

This study explores the potential effects of Keynesian demand stimulation for small and medium-size businesses in Russian regions. The authors tested the following hypotheses: (1) is there a connection between small and medium-size business development in any given region of Russia and regional output (Gross Regional Product – GRP); (2) the higher the share of electric power consumption in GRP of a given region, the more regional product is created in this region and the higher the share of this regional product can be redistributed by means of small businesses. To test these hypotheses, the authors developed three indices related to the development of small and medium-size enterprises and the GRP, produced in the provinces of the Russian Federation. One index (SMEDI) summarizes the level of development of small and medium-size businesses in a region; another (GRPI) – the level of Gross Regional Product, produced in a given region; and finally (EPCI) - the level of electric power consumption in the GRP of a corresponding region. Correlation analysis was used to analyze data for 83 federal subjects of the Russian Federation for 2010-2014. The results indicate a moderate relationship between SMEDI and GRPI, and no relationship between SMEDI and EPCI. We conclude that the level of development of SMEs in the regions of Russia in 2010-2014 depends on the level of GRP to a certain degree. The level of development of SMEs is directly proportional to increases in GRP. But Keynesian model of demand stimulation, if applied to the Russian economy, stumbles upon the problems of fiscal federalism and the excessive centralization of economic governance, and this fact does not create effective stimulus for economic growth and small business development in Russia.

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Succession in Family Business: The Case of the Czech Republic

Author(s): Aleš Kubíček,Petra Štamfestová / Language(s): English Publication Year: 0

Transfer of ownership and leadership is still very actual topic abroad, but also in the Czech Republic. Succession is a long-term process of planning and managing while its aim is to ensure business continuity across the generations. As a family business grows older, the number of possible successors increases and also increases the risk of potential conflicts among them. Therefore, it is necessary to analyse principles that make succession successful. This article deals with family business succession. The aim of this article is to point out the importance of managing and planning the succession process in family businesses and to find out the main problems in succession. Theoretical part discusses what family business and succession are and also the current state of knowledge about the role of women in succession process. The literature review and an example from the Czech Republic emphasizes main issues that are influencing this longterm process. Focusing on these particular factors can help to families to make the succession more effective.

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NEOLIBERALIZAM, INSTITUCIONALIZAM ILI INTERVENCIONIZAM: MERE I PRINCIPI POSLE KRIZE COVID-19

Author(s): Miroljub Labus / Language(s): Serbian Publication Year: 0

Our response to whether the rapid growth of small open economies is feasible in the conditions of this coronary virus pandemic is negative. That should not disappoint us since it is better to fix imbalances than to have unsustainable growth. We study in this paper the implementation of economic policy measures in Serbia and Bosnia and Herzegovina with the aim to identify their origin in the doctrines of neoliberalism, institutionalism, and state interventionism. State interventionism with ad hoc solutions and the creation of imbalances was the dominant but not the exclusive basis for conducting economic policy. We expect this policy mix to continue in the post-Covid19 period. At the same time, we point out the similarity of this crisis with the Great Recession of 2009. If we ignore this, there is a significant risk that we will repeat the mistakes of the past, the negative consequences of which were present until this crisis. We are not a priori against state intervention but its transformation into state fundamentalism. To avoid that, we propose its phased mitigation as the crisis evaporates. We do not share the optimism that Serbia and BiH will have high and sustainable growth in the medium term without changing economic policy and eliminating fundamental disturbances in the economy.

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ORGANIZIRANO UKLJUČIVANJE U PROIZVODNE I RAZVOJNE LANCE RAZVIJENIH − JEDINI NAČIN BRŽEG RAZVOJA MALIH EKONOMIJA U RAZVOJU

Author(s): Ljubo Jurčić / Language(s): Serbian Publication Year: 0

Global industrial organization and international trade have entered a new era and changed the relative economic position of countries participating in the global market. Global supply or value chains are a key new paradigm within theories of international trade that explains modern vertical specialization of countries within the global organization of production.They provide development opportunities for countries participating in the chain. For a comprehensive understanding of the organization and functioning of the modern global economy and international trade, as well as opportunities for development within it, it is necessary,above all, to understand the functioning and create conditions for effective inclusion of own economy in global value chains (GVCs) as a new paradigm. Systematic, organized and encouraged development of European global value chains, would raise the development and production potential of the countries of the Western Balkans , as well as the added value(GDP) created in them. One of the obstacles to such policy is that profit and wealth are created on the difference in development among countries.

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NOVA RAZVOJNA PARADIGMA – POST-COVID RAZVOJ

Author(s): Tihomir Domazet / Language(s): Serbian Publication Year: 0

The relative development of Croatia in relation to the EU27 was 85.1% in 1986, and 59.5%in 2020, while the same ratio for Serbia is 66.0% (1986) and 37.5% (2020), and for allCEEC17 countries accounted for 62.0% (1986) and 70.4% (2020), respectively. So, simplified,it is a failure of convergence.Gross national income (GNI) is also unfavorable, so the GNI/GDP ratio CEEC17 was 85.0%in 2008 and 97.5% in 2019.Several CEEC17 countries essentially failed to resolve the crisis (2008), and then the whole world was hit by a pandemic, which can be classified as a natural disaster. Although almost all countries in the world are trying to solve the COVID-19 crisis by the common economic and financial measures, problems and doubts arise at the same time.There are some estimates of economic growth in the period 2021-2030, for example for Croatia2.0% on average per year, according to which individual development would still be significantly below the 1986 level. Thus, the question arises as to whether significantly higher growth and development can be achieved in the period 2021-2030, or what measures should be taken to achieve this.The new system is based on several postulates: (i) abandonment of existing economic models as well as economic theories that are no longer valid, (ii) creation of a development paradigm based on new social and economic relations brought by COVID-19, (iii) greater use of knowledge, technologies for the benefit of labor and society as a whole and (iv) a new relationship between economics and philosophy as the driving force of development.COVID-19 brings tremendous changes, and the existing Western civilization cannot provide answers to insoluble contradictions, which means that a new world and a new system is just emerging.A podcast to the new system is a possible contribution of regional connectivity to the new development paradigm.

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SKRIVENI POKRETAČI RAZVOJA MALIH EKONOMIJA

Author(s): Brano Markić,Marko Markić / Language(s): Serbian Publication Year: 0

The relative position of economies in the global distribution of income is changing. The logical question is how can small economies progress in their relative position in generating and distributing income, how can they improve their relative position? The paper the reforeemphasizes and highlights the hidden drivers of small economy development that they can identify, activate and follow in order to improve their relative position in income distribution.Mathematical descriptions of economies based on assumptions and selection of the most important variables from the aspect of economic growth are described by growth models. Entrepreneurship in our time is an activity, a process, an invisible assumption and a driver of economic development. In the research methodology, the paper hypothesizes that entrepreneurship,measured by the rate of emergence (birth rate) of new enterprises and the growth of gross domestic product are significantly related. Based on empirical data for EU countries,this link exists, and can be interpreted as moderate. Gross domestic product growth and entrepreneurship are related, and their causal relationship has not been empirically determined.In addition to entrepreneurship, the paper emphasizes economic policy as another invisible, hidden, but important driver of economic development. Therefore, encouraging entrepreneurship through economic policy measures is another important invisible driver of economic growth.

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BANKARSTVO U BIH KAO DIO MAKROEKONOMSKE I POLITIČKE REALNOSTI, STRATEGIJA RAZVOJA I IZAZOVI U BUDUĆNOSTI

Author(s): Berislav Kutle / Language(s): Serbian Publication Year: 0

In the post-war period of development, BiH adopted regulations that, in addition to the transfer of knowledge from foreign banking, influenced the development of this sector. The banking sector has continued its further development by accelerating harmonization with EU regulations, so that BiH in this area is at the European level. Recently, however, government regulations have increasingly lagged behind current banking development needs.Banking in the future will be significantly different from today. The process of planning interest income should not be too demanding, as opposed to non-interest, which will be a great challenge for all those who have the appropriate infrastructure to implement it. Taking into account all global trends and their impact on banking, it will be necessary to look for solutions based on customer needs and preferences and define products accordingly. In this context, it is necessary to develop key competencies for a new way of doing business, create an organizational structure adaptable to new circumstances, create new products and make decisions that will increase the level of connectivity.

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OD LINEARNE DO CIRKULARNE EKONOMIJE: PRIMJER IZ BOSNE I HERCEGOVINE

Author(s): Zdravko Todorović,Igor Todorović / Language(s): Serbian Publication Year: 0

Waste is today considered one of the most significant environmental problems of the modern world. Man, with his activities, is a decisive factor in changing and polluting the environment. Nature does not know waste, waste is the work of man. The research problem is a waste-generating economy model. From the beginning of the industrial revolution, man decided to abandon the circular model of the economy and to move in a straight line. He adopted a linear model of the economy that takes resources from nature,processes them into products, which are thrown away after use and create waste. The linear economy model on the one hand brought rapid economic growth and development, increased productivity, population growth, raising living standards, development of new technologies and knowledge, but on the other hand the linear economy model created catastrophic environmental problems, uncontrolled use of resources, allowed rich global access to resources, changed political and military power, stratified the population into a small group of rich and mass poor, created excessive consumerism, led to drastic climate change and the like. The world has realized that the linear economic model must change.The first phase in the transition from a linear to a circular economy is the recycling economy. The goal is to recycle discarded products and return them as raw materials to a new process. A special problem is the cleaner “planet” than previous waste. The next phase is a systematic approach to economic change that aims to design business systems in such a way that products after use can be easily returned as raw materials to the business process and be zero waste. These changes require all stakeholders to be involved in the change process. Economic progress cannot be stopped, but it can be slowed down for sustainable development. The paper presents the development of economic models and presents the process of transition from linear to circular economy. A special contribution of the paper is the analysis of the state of the economic model in Bosnia and Herzegovina and the comparison with the circular model in the European Union. The discussion analyzes the situation in the field of circular economy in Serbia, Slovenia and Croatia.

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UTICAJ PANDEMIJE VIRUSA KORONA NA OPORAVAK I RAST PRIVREDNIH SUBJEKATA U MALIM EKONOMIJAMA ZAPADNOG BALKANA − S OSVRTOM NA REPUBLIKU SRPSKU

Author(s): Dragan Mikerević,Đoko Malešević / Language(s): Serbian Publication Year: 0

The coronavirus pandemic has threatened not only our lives but also the maintenance of economic life. Prohibitions and restrictions, introduced due to epidemiological reasons, disrupted the established global, regional and even local supply chains, which ultimately affected the reduction of the volume of business activities of companies. That is why the financial performance of companies in the Republic of Srpska, as well as in most economies in 2020,is worse than it was before the coronavirus. In order to remain on the market and eventually grow, the economy in the Republic of Srpska does not have long-term available capital, so the chance should be sought through debt restructuring and other forms of financing and the precondition for that is a much more favorable business environment than the existing one.

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SMEs Sustainability in Times of Crisis

Author(s): Otilia-Maria Bordeianu,Claudia-Elena Grigoras-Ichim,Lucia Moroşan-Dănila / Language(s): English Publication Year: 0

The global crisis generated by the COVID-19 pandemic among the population and at the level of companies, state institutions, etc., underlined the importance of analysing its impact at different levels (intern, national and international level). The concepts of sustainability, development and growth must be aware, adapted and implemented more and more frequently, even constantly, in order to cope with the current evolution of the economy (and not only). The paper is an empirical research conducted in the North-East Region of Romania, aiming to analyse the impact of COVID-19 on local companies (especially SME’s), in the context of existing correlation between the COVID-19 impact on resizing, restricting, changing the number of active employees, changing revenue, changing turnover and changing profit, based on the Spearman correlation coefficients. In this sense, it was important to implement sustainability strategies and ensure the activity and resources of companies in the long term, because the effects of an economic crisis (natural resources, human resources, not only financial) are felt in 2021 and will be felt in the future 10 years. The paper concludes with two practical solutions to ensure the sustainability of the companies involved in the study, solutions that can be applied by all companies that have been affected by the COVID-19 pandemic.

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Relationship between cyclical fluctuations in the banking and the services sector in Poland

Author(s): Robert Skikiewicz / Language(s): English Publication Year: 0

The aim of the paper is to explore the relationship between the business tendency survey indicators for the banking sector and the sections and divisions of the services sector in Poland. In the paper, the results are presented of analyses conducted on the basis of data from the business tendency surveys. The time range of analyses covers the period from the first quarter of 2003 to the first quarter of 2020. The data for the banking sector stem from the survey which is carried out quarterly by the Department of Market Research and Services of the Poznań University of Economics and Business. The data for the eleven sections and two divisions of the services sector (according to the Polish PKD code classification) were obtained from the survey conducted by Statistics Poland on a monthly basis. The monthly data were transformed into quarterly with the use of two formulas. In the paper, the results are presented of cross-correlation analysis, in which the maximum length of lags and leads equal four quarters was adopted.

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Financial behaviour of households in European Union countries—similarities and differences in the 2004–2016 period

Author(s): Sylwester Białowąs,Robert Skikiewicz / Language(s): English Publication Year: 0

Household financial behaviour reflects preferences concerning inter-temporal choice and strongly influences the whole economy. Allocating consumption, in time, households balance their exposure to liquidity risk and modify their ability to withstand financial shocks. Consumer sentiment is the main factor summing up all the preferences that shape the decision-making processes of households. The financial services sector has been internationalised over the past few decades, gradually leading to unification of the supply and further, to the unification of the financial behaviours of households. However, even within the EU, important differences in financial behaviour can be anticipated between consumers living in various countries. The aim of the paper is to estimate the relationship between economic sentiment and the shaping of household saving rate and household debt-to-income ratio. The ESI (EconomicSentiment Indicator) was used as a measure of cyclical fluctuations in the economy. Another aim of the paper is to find similarities and differences of financial behaviour in the case of households in European Union countries. We find that country segments are highly interpretable. Our conclusions feature implications, both academic and managerial, and directions for future research. The data used in analysis stem from Eurostat and the European Commission. The analyses cover only 19 of the European Union countries due to the limited availability of data for some countries. Analyses include the 2004–2020 period. We used the following statistical methods for analysis: correlation analysis, Ward methodand ANOVA.

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The propensity of Polish households to consume and save within the context of the COVID-19 pandemic

Author(s): Jacek Jankiewicz / Language(s): English Publication Year: 0

The aim of this paper is to analyse changes in the propensity to consume and to save in Polish households by means of qualitative indicators of consumer sentiment. The available data made it possible to observe the evolution in attitudes over the course of more than 20 years in Poland including the period of COVID-19 pandemic. The presented results also include an analysis of the changes in the level of household uncertainty, which can be observed in the assessments and forecasts of both their own financial situation and the country’s economic condition. Taking into account the fact that consumer demand is the most important element of GDP, the obtained results do not indicate a quick return of the Polish economy to a path of dynamic growth. Among households, not only has the willingness to buy durable goods decreased, but at the same time, the uncertainty related to their own financial situation has grown.

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Programy przebudowy miast wobec wyzwań społecznych, ekonomicznych i środowiskowych kształtowania terenów zurbanizowanych

Author(s): Anna Bernaciak,Alona Revko / Language(s): Polish Publication Year: 0

Purpose: The main aim of the study is to depict the characteristics of some of the most common concepts of urban reconstruction (compact city, sustainable city, smart city, as well as their hybrids), present practical aspects of the indicated urban policies and attempt to verify their implementation. Design/methodology/approach: The study is based on the presentation of selected theoretical concepts. In the empirical part, the authors use the method of case studies, presenting the effects of municipal investments and practical obstacles occurring during their implementation. They form assessments based on current media reports, articles in specialist press, as well as statements made by residents. Findings: Contemporary cities are spaces of various challenges that become sources of conflicts as well as places of unmet needs and unfulfilled ambitions. Although the decision-makers make their decisions in connection with these challenges, their interventions are not always effective. The concepts of a compact city, a smart city and a sustainable city serve as recipes for the problems of modern cities: both the short-term ones and those which require shaping a comprehensive policy for the development of cities and urban areas. However, cities are not always properly diagnosed, and local authorities often lack specialists who could consciously and skilfully propose an optimal therapy. Originality and value: The study presents an original analysis of selected case studies which relate to the shaping of the space of Polish cities. The study focuses on the challenges of shaping urban areas in relation to contemporary trends in city planning and design determined by the importance of such issues as the quality of life of residents, the quality of space, its democratisation and sustainability, the presence of art, closed circulation or the use of modern technology and creativity in the process of managing modern cities and their space.

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Pandemia COVID-19 a działalność podmiotów typu Real Estate Investment Trust (REIT) na wybranych rynkach nieruchomości

Author(s): Anna Mazurczak / Language(s): Polish Publication Year: 0

Purpose: The aim of the study is to assess the short- and long-term impact of the pandemic on the activity of REITs on selected global markets. Design/methodology/approach: The research tool consisted in an analysis of the available REIT market indices – FTSE NAREIT Index, and the basic capital market benchmarks, such as the S&P 500, Dow Jones and Russel 2000 indices. On this basis, it could be observed that REITs behaved in a similar way to the capital market, and the reactions of the main global REIT indices dynamically reflected the situation in which the global markets found themselves. Findings: Similar to the 2006-2008 financial crisis, REITs reacted dynamically to the global situation at the beginning of the COVID-19 pandemic. However, this effect has been short-lived so far, and the largest drops in rates of return were observed in the first stage of the pandemic, i.e. in March and April 2020. The long-term effects of COVID-19, on the other hand, relate to the verification of the perception of individual real estate market segments, reconstruction of investment strategies and the search for new directions for building property portfolios, which can be verified when the pandemic is over. Originality and value: The study is an attempt to join the international discussion devoted to the assessment of the impact of the pandemic on global economies, including real estatemarkets, regarding the functioning of REITs as one of the most common forms of indirectreal estate investment in the world.

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Pojęcie równowagi na konkurencyjnym rynku ubezpieczeń

Author(s): Łukasz Kuryłowicz,Adam Śliwiński / Language(s): Polish Publication Year: 0

The article shows the possibility of analyzing the insurance market by using the Rothschild–Stiglitz equilibrium model and its subsequent modifications. As an example the Polish market of compulsory third party liability insurance was used. The first part of the article describes this market, both in terms of its structure and the financial results of insurance companies operating in the group 10 of insurance. In the next part, the main focus is on describing the assumptions of the Rothschild–Stiglitz model both for the markets characterized by full common knowledge and those operating under the conditions of information asymmetry. In the last part, the authors used the Rothschild–Stiglitz model to simulate the market behavior after having introduced a new type of insurance contract which allowed access to information collected byon-board ADR recorders. The simulation showed that, in accordance with the model, the use of new technologies can bring the market closer to the state of equilibrium.

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Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń. Studium przypadku holdingu American International Group, Inc.

Author(s): Lyubov Klapkiv,Faruk Ulgen / Language(s): Polish Publication Year: 0

The aim of the article is to analyze the institutional conditions of instability that occurred on the insurance market during the global financial crisis (GFC) on the example of the American International Group, Inc. The global financial crisis of 2007–2008 called into question the ability of liberalized financial markets to function in a stable manner in the long term and questioned the positive contribution of financial innovation to economic development. Numerous and varied factors played a role in this process: low interest rates, easy and accessible credit, loose regulations, “toxic” mortgage loans leading to high-risk financial operations in innovative products. As a result of the crisis, attention has shifted to the banking sector as it has been the most important source of instability in the financial market. The insurance sector is usually considered a minor player in the financial market but clearly regulated. The total assets of European Union banks in 2019 accounted for EUR 49.3 trillion, and the total assets of the EU insurance sector: EUR 12,706.1 billion. However, the case of AIG shows that the role of insurance companies in generating and spreading financial instability is underestimated. It can also be concluded that the insurance sector in the United States of America still remains insufficiently regulated. The collapse of AIG was a combination of defects and violations in the regulatory mechanisms and the lack of appropriate legislation, which allowed for the appearance of certain elements of fraud in the functioning of the insurance market.

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Porządkowanie liniowe z wykorzystaniem wskaźników finansowych zakładów ubezpieczeń w Polsce

Author(s): Anna Gierusz,Agnieszka Pobłocka / Language(s): Polish Publication Year: 0

Insurance companies play a very important role of investors and stabilizers in the economy of a country and of the world. In Poland, in 2019, 58 insurance companies conducted insurance activities. How to rate/evaluate insurance companies, their financial condition, using many technical and economic indicators at the same time? How to choose diagnostic variables? How to build a ranking of insurance companies according to a specific aggregation criterion of selected insurance characteristics? The aim of the study is to assess the financial condition of insurance companies according to synthetic objective functions containing simultaneously many technical and economic insurance values. Secondary goal is to determine the hierarchy of the surveyed insurance companies according to one of the synthetic measures applied. For this purpose, one of the methods of multidimensional comparative analysis will be used–linear orderingfor pattern and non-pattern methods using set of insurance statistics from financial results published by The Polish Chamber of Insurance.

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