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.

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.

Wpływ pandemii COVID-19 na rynek i efektywność ubezpieczeń na życie z ubezpieczeniowymi funduszami kapitałowymi

Author(s): Anna Ostrowska-Dankiewicz / Language(s): Polish Publication Year: 0

Insurance performs a variety of functions in the economy. Their basic task is to provide the insured with protection in case of occurrence of random events specified in the contract. Market practice shows that such a limited function of classic insurance proved to be insufficient, especially at the time when insurance products appeared which, in addition to their protective function, allow savings to be multiplied. Such products are life insurance with insurance capital funds. However, the emergence of the COVID-19 pandemic caused unexpected difficulties in the conduct of business by enterprises, including insurance companies. These difficulties manifested themselves in a periodic decline in premiums written, and in relation to life insurance with UFK also in a periodic deterioration of their effectiveness due to a slump in the financial markets. The aim of this paper is to present the impact of the COVID-19 pandemic on the market of life insurance linked with insurance capital funds and to discuss the trends in the volume of sales of life insurance with UFK and in the effectiveness of investments in insurance capital funds.

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.

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.

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.

РЕНТА И АРЕНДА В ЗЕМЕДЕЛИЕТО И ВРЪЗКАТА ИМ СЪС СТОЙНОСТТА НА ЗЕМЕДЕЛСКАТА ЗЕМЯ. ДИНАМИКА И ТЕНДЕНЦИИ В РАЗВИТИЕТО ИМ ЗА ПЕРИОДА 2001 – 2022 Г. В ЗЕМЕДЕЛСКА ОРГАНИЗАЦИЯ, ОБРАБОТВАЩА ЗЕМЛИЩА В РАЙОНА НА ДОБРУДЖА

Author(s): Stefan Byanov,Ivo KOSTOV / Language(s): Bulgarian Publication Year: 0

This study covers the concepts of rent and leases, according to the Bulgarian legislation and their growth factors: high labour productivity, EU agricultural subsidies and the growth in agrarian commodities prices. Furthermore, the relation between rent/lease and the value of agricultural land have been analyzed, as well also the dynamics and trends in their development for the period 2001 – 2022 in two Dobrudzha regions in Bulgaria. Finally, some main conclusions about the topic are presented.

Finansyzacja w Polsce w latach 2010–2020 – skala i problemy

Author(s): Paweł Marszałek / Language(s): Polish Publication Year: 0

The aim of the chapter is an attempt to assess the scale of financialisation in the Polish economy in 2010–2012. The starting point for the considerations is the synthetic characteristics of financialization – its definition, features and factors determining the phenomenon. Next, the consequences of financialization are discussed, and then – with the help of the most frequently used measures of this phenomenon – the scale of financialization in Poland is presented.

Nowoczesne rozwiązania finansowe wspomagające proces zarządzania finansami osobistymi

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

The purpose of the article is to determine whether and how the development of modern financial technologies determines consumers’ financial behavior. The paper seeks to answer the question of whether financial knowledge determines consumer attitudes toward modern financial tools. The article consists of three main parts. The first part presents the characteristics of modern financial solutions - mainly in the retail services segment. The second part presents the essence of financial education in the process of using modern technologies. The results of secondary research on the impact of financial education on consumer financial behavior and the results of own research on PFM (Personal Financial Management) applications are presented.

Bank w działalności jednostek samorządowych

Author(s): Janina Kotlińska / Language(s): Polish Publication Year: 0

Adequate financial resources are needed to enable local government units to carryout their tasks effectively. An important partner of the local government units is therefore the Bank, which has a corresponding offer. The aim of the study is to diagnose the extent of cooperation between self-governing units and banks over 30 years of activity of local authorities in Poland, on the basis of financial data that illustrate the extent of their demand for the services provided by banks in the context of their growing range of tasks, including chronologically: the emergence of new levels and self-governing units in 1999; Poland’s accession to the EU in 2004, the JST’s obligation to produce a multiannual financial forecast from 2010 onwards; introduction of an individual debt ceiling for JST from 2014

Dylematy banków spółdzielczych w dobie rewolucji cyfrowej 4.0 ze szczególnym uwzględnieniem wyzwań w sferze marketingu

Author(s): Grzegorz Kotliński / Language(s): Polish Publication Year: 0

The aim of this study is to answer the following questions: How can the business of cooperative banks be shaped in the face of the challenges of the digital revolution 4.0? What dilemmas do member banks pose in this situation? What are the marketing challenges facing the entire cooperative and individual banking sector? How can we secure and maintain an edge on local markets in the digital revolution 4.0? Cooperative banks were forced to take measures to meet the demands of the digital revolution. Most of them benefit from the support offered to them by their member banks. However, this makes it difficult to achieve economies of scale (some activities are duplicated rather than centralised) and to maintain a unified identity across the sector and makes it difficult to achieve coherent marketing. The managers of the individual cooperative banks have to make decisions which either lead to a gradual loss of autonomy or to difficulties in establishing an identity on the local markets. This situation needs to be considered, as the Digital Revolution 4.0 offers many opportunities that can be used properly to streng then the coherentidentity of the entire industry, while at the same time enabling more efficient marketing and increasing operational efficiency.

Polski Ład z perspektywy opodatkowania dochodów osób prawnych

Author(s): Jacek Uchman / Language(s): Polish Publication Year: 0

Purpose: The aim of the paper is providing the characteristics and general evaluation of influence directions and tax efficiency of selected regulations introduced to the Corporate Income Tax Act, so called Estonian CIT, minimal income tax and enterprise restructuring taxation (introduced to corporate income tax as a part of Polish Deal). Design/methodology/approach: Due to the recent time of introducing the solutions and limited accessibility of empirical data, the method of the analysis of possible financial consequences and the legal-comparative method have been used. The demonstration of basic financial consequences for business entities and the budget that result from the introduced regulations has been attempted. Findings: The evaluation of the Estonian CIT construction from the point of view of facilitation of the business development activity and cheapening of self-financing costs is generally positive. The minimal income tax as an attempt in insulating the corporate income tax using multipart tax base is not evaluated in such an unequivocal way. The revenue taxation, being a part of the tax base, may bring regular income to the budget. The effective estimation and control of the remaining elements of the tax base may be more difficult.

Wpływ przyjętej polityki rachunkowości na wyniki analizy finansowej – decyzje jednostek w warunkach niepewności

Author(s): Zofia Wierzbińska,Marek Wierzbiński / Language(s): Polish Publication Year: 0

The purpose of this paper is to present the impact of the adopted accounting policy and its impact through the financial statements on the results of the financial analysis—by influencing the base data used in this analysis. The issues presented in the paper are issues in the area of individuals’ decision-making allowed by law—and they still provide the entity with tools to improve its “financial image”. Deliberate, aggressive data distortions would have a far-reaching impact.

Przyczyny i skutki zatorów płatniczych w przedsiębiorstwach w sektorze B2B w Polsce i krajach europejskich

Author(s): Agata Sierpińska-Sawicz / Language(s): Polish Publication Year: 0

The aim of the article was to analyse overdue invoice payments that generate payment backlogs and their economic consequences. Based on the data taken from the European Payment Index Reports, the analysed period was divided into two sub-periods: 2016–2019 and 2020–May 2023. The level of payment backlogs in the first period was mainly affected by internal factors—instruments of the trade credit policy, such as dates and forms of invoice payment and precautions undertaken against the risk of loss of receivables. From 2020, the increase in payment backlogs was caused by macro factors such as the economic situation, the level of inflation and interest rates or exchange rate policy. The negative effects of payment backlogs, such as additional costs of penalty interest, debt collection costs, deterioration of financial liquidity, loss of income, problems with staying on the market, limited implementation of innovations and development, redundancies and the lack of new hires after 2020 have clearly intensified. On a macro scale, they will be one of the causes of the economic slowdown.

Religia jako czynnik kulturowy a rozwój rachunkowości w wybranych państwach azjatyckich

Author(s): Małgorzata Czerny / Language(s): Polish Publication Year: 0

The chapter presents the influence of belief systems (religion) as a cultural factor on the development of accounting in Indonesia, India and China. Contrary to appearances, this influence is not limited only to the development of a specific system of economic ethics in terms of Weber’s theory, so into accounting ethics. The chapter present show belief systems determine the attitudes and the needs of stakeholders, so also the scope of information provided by accounting, the rank of accounting principles, the scope of disclosures, as well as the development of, among others, accounting and controlling techniques. To illustrate this process, Asian countries that are economically developed and religiously diverse (Hinduism, Buddhism, Confucianism, Islam) were selected.

Grzeszne spółki: synteza 15 lat badań teoretycznych i empirycznych

Author(s): Paweł Niszczota / Language(s): Polish Publication Year: 0

In the narrowest sense, sin stocks are shares in companies engaged in the production of alcohol, tobacco, or gambling. Starting with the article by Hong and Kacperczyk (2009), they have been attracting an increasing interest from researchers. In this article, I attempt to synthesize recent theoretical and empirical work on morally controversial companies, by presenting (1) differences in the way sin stocks are defined, (2) work on estimating the sin stock premium, (3) determinants of propensity to invest in sin stocks, and (4) studies analysing selected cases in which sinful investments can be perceived differently. These could include (a) delegating investment decisions to fund managers who have behaved nobly in the past, (b) delegating decisions to algorithms, and (c) short-selling sin stocks. Additionally, I present several potential directions for researchers interested in sin stocks.

Finanse ewolucyjne

Author(s): Paweł Kliber / Language(s): Polish Publication Year: 0

In the article we present an evolutionary approach to the theory of finance, which becomes more and more popular in the recent years. This approach, known as ‘evolutionary finance’, differs from both the classical financial theory, based on the general equilibrium theory, and the more recent behavioural approach. As the behavioural approach, the evolutionary finance takes into account financial behaviours of real agents, which very often differ much from the ones proposed by the classical theory. But evolutionary finance (unlike the behavioural approach) also tries to provide explanations of these behaviours. These explanations provide an analysis of processes of historical evolution or some evolution-like processes (i.e. the processes that share the same mechanismas the biological evolution). In the chapter, we provide a brief overview of literature connected with this topic.

Czego nauki prawne mogą się nauczyć od ekonomii? Sprawa pomocy publicznej po pandemii COVID-19

Author(s): Jakub Kociubiński / Language(s): Polish Publication Year: 0

This chapter provides an overview of the newest European Union’s State aid acquis regarding interpretative trends revealed during the wave of COVID-19 relief measures and on this basis seeks to identify areas where law can learn from economics, in-line with the so-called More Economic Approach which is often proclaimed but rarely attained in state aid evaluations. The paper begins with a brief outline of the EU State aid instruments used to remedy economic disturbances. Then the analysis moves to the examination of identified problem areas – a risk of moral hazard resulting from extending subsidies beyond the absolute necessity and an issue of imposing conditions on the aid beneficiaries to ensure their adaptation to new, post-crisis market conditions. At the conclusion, the challenges associated with integrating economics into legal texts are analysed and recommendations are formulated.

УТАЙКИ ОТ ПРЕЧИСТВАТЕЛНИТЕ СТАНЦИИ ЗА ОТПАДЪЧНИ ВОДИ (ПСОВ) – УПРАВЛЕНСКИ ПРАКТИКИ И ПЕРСПЕКТИВИ ЗА ИЗПОЛЗВАНЕТО ИМ В ЗЕМЕДЕЛИЕТО

Author(s): Lilia Ananieva-Zlateva / Language(s): Bulgarian Publication Year: 0

Modern societies face serious global environmental problems related to the environmental impact arising from the processes of production and consumption of goods and services. Economic growth as a factor necessitates the development of strategies for managing processes related to the prevention and protection of the environment from harmful influences, on the one hand, and efficient use of natural resources, on the other.Object of the present report research is the sludge from the wastewater treatment plants (WWTP), as the elaboration affects aspects of their management and the possibilities for their subsequent utilization in the agriculture.The purpose of this report is, based on an analysis of the current situation in the management of sludge from wastewater treatment plants (WWTP), on one side, and based on modern practices of their utilization, on the other, to identify the possibilities for their subsequent application in Bulgarian agriculture.In accordance with the purpose that is set, a descriptive-analytical method will be used for the report elaboration, through which an overview of the sector will be made, as well as the current practices for the utilization of WWTP sludge in agriculture in the countries of the European Union. The analysis can support stakeholders in developing sustainable strategies applicable to the conditions for both sectors development, in the context of the circular economy principle.

THE TEXTILE INDUSTRY IN BULGARIA

Author(s): Radoslav Radev,Velichka Marinova / Language(s): English Publication Year: 0