Browse

You are looking at 1 - 10 of 1,506 items for :

  • Management Accounting, Financial Controlling, Cost Calculation, Investment x
Clear All
Open access

Piotr Mielus

Summary

IBOR manipulation imposed new benchmark regulations that forced the market to enter a path of the reform of the existing financial indices and the creation of new ones. The paper describes the evolution of two IBOR panels: one representing a global financial benchmark LIBOR, and the other representing a local PLN benchmark, WIBOR. The paper provides a quantitative analysis of partial quotes of IBOR panellists and suggests that economic integrity measures should be introduced for IBOR panels. The aim of the research is to define a set of tools that provide information regarding the efficiency of the process of the production of the interest rate benchmark. The research is supplemented with a behavioural analysis of the banks’ decision-making process that interferes the contribution of IBOR data. The integrity measures can help market users and financial authorities in evaluating the quality of current and past panels and identifying behavioural factors impacting on partial quotes of the contributing banks.

Open access

Patrick Idode and Gbenga Sanusi

Abstract

This study examines the effects of financial globalisation on the Nigerian economy using data from the Central Bank of Nigeria statistical bulletin and the Nigeria Bureau of Statistics reports from 1992 to 2017. Using both descriptive and inferential statistical analyses, the study reveals that financial globalisation has helped to mobilise foreign direct investment into the economy and the significant positive effect of personal remittances on per capita income of Nigerians. Therefore it recommends that favourable policies to attract and retain FDI and personal remittances from developed nations should be encouraged and African governments and economic actors should consider all stakeholders’ interests, and ensure that an international financial and trade system is “fair and reciprocal” to eliminate the persisting trends in abject poverty, predatory trade policies and the escalation of economic inequalities in Africa.

Open access

Anna Staszel and Artur Hołda

Summary

The aim of the study is to answer the question of how a slight change in the actuarial assumptions (regarding the discount rate used) can affect the amount of the provisions, and consequently create the level of costs in the entity. In order to find the answer the financial statements of 148 stock-exchange-quoted companies from 2007 to 2014 (1184 financial statements in total) were analysed, determining whether the changes in long-term provisions for retirement benefits provisions (due to the use of a different discount) have a significant impact on the financial statements of these companies. The research involved the use of deductive-inductive research methods in the form of literature review and analysis of the content of financial statements. The obtained results indicate that the estimation of the discount rate significantly affects the levels of costs related to creating provisions, which may be an effective tool for manipulating the financial result.

Open access

Anna Jędrzychowska and Ilona Kwiecień

Abstract

The article constitutes a legal and economic discussion of the economic factors which may and should be taken into account while calculating the benefits compensating the loss of income of the injured and of their families in case of death. The analyzed benefits are an important element of compensation of economic loss in personal injury cases where the compensation is the duty of the perpetrator (or the entity responsible for him/her) within the system based on tort liability. In light of the ubiquitous nature of TPL insurance, the payer is usually the insurance company liable under the granted guarantee. The scope of such cover results from the contract and/or legal acts. The subject calculation was based on an actuarial annuity which also takes into account the likelihood of the claimant and his/her relatives living until the subsequent periodical payments. The applied calculation is of an illustrative nature with regard to the considerations of the relevant economic assumptions made at the time of loss calculation. The discussion carried out in the article concerns the size and value of the economic factors that can be used in this model.

Open access

Anna Mazurczak-Mąka and Monika Turek-Radwan

Abstract

The aim of the article is to present the issues related to the work of auditors in the area of cost analysis as an element of the financial statement in an enterprise. Empirical studies were conducted on the basis of the financial statements published by selected companies listed on the NewConnect market in 2017, as well as the audit reports issued for those companies. The partial goals include the assessment of the percentage of certain types of opinions issued by independent auditors reviewing the financial statements of selected companies listed, as well as the identification of the areas regarding costs of activities, which are most often described in the explanations or qualified opinions in the research sample under analysis. The undertaken research are preliminary and in the future should be carried out on a larger research sample divided into industry sectors

Open access

Paweł Sekuła

Summary

The paper examines relationships between selected stock market indices in Western Europe, Central Europe, and the United States. The study focuses on two periods, from January 1998 to August 2006 and from September 2006 to December 2016. The first one includes stock quotes from before the financial crisis while the second one covers the crisis and changes in the economic situation in post-crisis years. Relationships between stock market indices in developed economies were more frequent and durable than in Central Europe, although they were subject to changes. In our investigation into Granger causality relationships we observed changes in these relationships and in their direction for stock markets in Central Europe, while bidirectional relationships between indices in developed economies remained stable over time. Changes in relationships between indices, in particular long-term interdependences, may result from the impact of the 2008 financial crisis. The increased number of causality relationships for the markets in Central Europe may testify to the advancing integration of the EU common market.

Open access

Witold Wiliński

Abstract

The aim of this article is an extensive presentation of the fiscal policy conducted by the EU states in the years 2008–2015. The analysis concerns the legal regulations introduced at the EU level by the European Parliament and the Council, as well as the fiscal policies of governments of particular states. The first part of the article analyzes basic macroeconomic data in EU states concerning the level of debt, the level of gross domestic product (GDP) redistribution, and the level of economic growth in the analyzed period. The second part discusses the legal acts adopted by the European Parliament and the Council (the so-called ‘sixpack’ and the European Fiscal Compact), aimed at improving macroeconomic balance and ensuring supervision over the proper functioning of national finances. The third part analyzes the discretionary fiscal policies pursued in EU states. The main conclusions of this article are as follows: (i) EU countries recorded higher national debt levels and debt growth rates between 2008 and 2015 than most non-EU Organisation for Economic Co-operation and Development (OECD) countries; (ii) despite legal measures taken by the European Council and the European Commission in the form of the sixpack and the European Fiscal Compact, and despite discretionary fiscal measures such as in the form of the European Economic Recovery Plan, five EU countries (Cyprus, Greece, Italy, Portugal, and Spain) have experienced a steady increase in their national debt levels; and (iii) deep reforms in the composition and level of government expenditure are a prerequisite for reducing national debt levels and for achieving satisfactory economic growth in these countries.

Open access

Tomasz Sosnowski and Anna Wawryszuk-Misztal

Abstract

Using a sample of 104 companies that conducted initial public offering (IPO) on the Warsaw Stock Exchange between 2006 and 2016, we investigated the relationship between the accuracy and bias of the earnings forecast disclosed in the IPO prospectus and the firm corporate governance attributes. Applying multiple Ordinary Least Squares (OLS) regressions models, we focused on the role of the board size, the percentage of women on the board, the board age diversity measure, and the proportion of shares owned by the members of the board. Generally, our findings show that some characteristics of management and supervisory board improve the usefulness of earnings forecasts’ credibility. Especially, a more diversified board in terms of age and higher management ownership results in more accurate forecasts. This is the first study giving an insight into the role of supervisory and management board characteristics on precision of earnings forecasts revealed in the prospectus by Polish IPO companies.

Open access

Valentinas Navickas, Adriana Grenčíková and Jana Španková

Abstract

The aim of this study was to determine the level of use of social network job search different generations X, Y, Z. We have used the method of literature study, the questionnaire method and the statistical methods, the method of comparison and deduction in the article. We meet the concept of a social network on a daily basis and many people use them. Among the young people, there is probably no one in a civilized world who would not come into contact with them. They are part of not only private but also professional life. People of generation X consider work to be the most important value in their value list. In their work they are loyal, they do not seek changes voluntarily, because they prefer certainty. This generation is characterized by the fact that technology and technology are not at the same level as the younger Y generation, but generation X is adapting to technical and information progress. People called Generation Y are considered to be an ambitious generation for whom it is important to have an interesting job and a high standard of living. This generation is looking for changes and challenges in its work. Generation Y favors their personal life, family, and partner in the ranks of values before work. They are innovative, creative and they like to develop and train in their work. They work efficiently and flexibly. Generation Z is the first generation that has not experienced a world without the ultimate digitization, they are called “digital people” and there is nothing easier for them to live without living communication with the world, they are more comfortable in the home on the Internet. Generation Z addresses everything with modern technologies.

Open access

Stefanos Koffas

Abstract

Social movements, as collective entities, develop to stand up against the existing institutional status quo with a view to its reformation or radical transformation, while the degree to which they are political depends on wider socio-political factors. The diverse action that evolved through their organized mobilization marked the radical transformation of political response, but also the type of state intervention. Social movements exactly because they constitute wider socio-political undertakings that aim to bring about changes in the social, political, economic but also cultural processes, which seek to annul or sideline established standardizations, are considered one of the most readily available ways to express political and social claims; here they are understood to be dynamic interventions in institutionally and structurally complete social systems as in the case of the social state. Within the context of political mobilization and collective social action, social movements functioned at two interrelated levels: the level of expansion, but also of redefinition of social intervention processes in order to achieve the goals of the social state, and the cultural level, a symbolic promotion, in order to establish a greater degree of social justice. Mobilization of resources, collective behaviour for making claims, even contentious action and transaction with institutions and authorities, constitute views of social transformation and political process in the context of the creation and development of the social state.