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Joanna Gocłowska-Bolek

Abstract

In the article, a phenomenon of urbanization of Latin America was analysed in terms of its impact on the level of competitiveness of the cities. A role that cities play in Latin America’s economy was emphasized. The author has examined a number of reliable reports on competitiveness of the cities and on this basis formulated its assessment of the level of competitiveness on a global basis, including identifying strengths and weaknesses of the cities, key areas for strong economic development and proposes recommendations. Based on the analysis of available data and source reports, the main trends in urbanization have been identified that may affect the dynamics of the Latin American city's competitiveness.

Open access

Babulia Mghebrishvili

Abstract

The article emphasizes significance of the laws within the legal framework for performing marketing activities, timely solution of the problems and protection of the consumers’ interests. The author describes the process of development of the legal framework for business in Georgia and pays particular attention to the activities performed after signing and effectiveness of the Association Agreement with the European Union. With respect of protection of the consumers’ rights, the article provides analysis of Georgian laws: Code of Food Safety and Free Circulation, Code of Food/Animal Fodder Safety, Veterinary and Plants Protection, Georgian Law on Advertising, Technical Regulation on Additional Requirements to Labeling of Food Products, Technical Regulations on Providing Information on the Products to the Consumers. In the author’s opinion, significant weakness of the legislation affecting marketing is the fact that Georgian Law on Protection of Consumers’ Rights suspended in 2012 has not been enacted yet while the draft law is ready and published. On the basis of analysis of legal framework the author concludes that the consumers’ rights, in general, are protected in the country by the effective legislation but the main thing is not only existence of the laws but rather their enforcement. For this purpose, states the article, Georgian government has adopted the resolution (2015) Food/Animal Fodder Safety State Control Rule, according to which the relevant state structures control the respective businesses and protect the consumers’ rights in this way. The process of improvement of the legal basis affecting marketing in Georgia is still in progress.

Open access

Georgios Chatzinas, Maria Markopoulou and Simeon Papadopoulos

Abstract

The financial assistance provided by European Stability Mechanism during the recent European crisis was accompanied with severe austerity measures and strict reforms that changed significantly the economic environment in the countries that accepted it. The present study examines whether these changes affected the capital structure of the European firms in these countries. Using accounting data for firms in Cyprus, Greece, Ireland and Portugal, the researchers created a balanced panel database and applied the Shyam-Sunders and Myers (1999) methodology to investigate whether pecking order or trade-off hypotheses can better explain the financing decision of the firms in these countries during the period before and after the outset of the ESM financial assistance. The results indicate that the firms’ capital structure decisions are explained by both theories in Greece, Cyprus and Portugal before the beginning of the EMS program, while only by trade-off in Ireland. On the other hand, after the beginning of the ESM program the firms’ capital structures are better explained by trade-off hypothesis in Greece and Cyprus, while nothing changed in cases of Ireland and Portugal. The fact that Greek and Cypriot tax rates increased the most among the four examined countries may explain at least partially the above differentiations. So, the economic environment is a primary factor that affects the explanatory power of each capital structure theory. Moreover, a change in economic environment may lead to a change in the dominant capital structure theory.

Open access

Mirela Ujkani Miti, Nertila Çika and Sotiraq Dhamo

Abstract

Since 2008 in Albania, financial reporting is carried out based on international standards and national accounting standards, which are in compliance with International financial reporting standards. In our paper, we want to focus on the "Financial Statements Disclosures" as one of the components of the full package of financial statements. Often there is an erroneous view or attitude that compiles disclosures is something simple and easy. But even for their preparation, the accounting principles and rules should be strictly followed. Through the literature review we will highlight the role and importance of preparing of the financial statements disclosures on financial reporting, the care that should be shown in their preparation and the importance they have for users of financial statements. This also for the fact that, as simple as it may seem in its preparation, this statement has a high level of significance, and may even serve as an "indicator" for detecting fraud, assisting decision-making processes, and so on. The objectives of our paper will be realized through comparative, descriptive and statistical analyzes, using primary and secondary data. Primary data will be provided by the questionnaire addressed to target groups: accountants-because they prepare disclosures; auditors and tax inspectors because they are the users of financial statements disclosures as they use these notes to understand the truth and credibility but also to discover frauds and mistakes. Secondary data will be gained from the literature review and the national accounting standards study of our country. The primary data analysis will serve first to understand the level of preparation of the financial statements disclosures and then to understand the role and importance of their information in the preparation of the full set of financial statements, with the purpose of giving the true and fair view of the activity of the entity, thus contributing to the increase of transparency. Secondary data analysis will serve to understand better the theoretical framework for the disclosures and the information that they carry. In the end, we will provide necessary recommendations regarding the disclosures and information they need to carry to ensure a higher quality of financial reporting.

Open access

Lina Maria Maya Toro and Manuela Gallon Bedoya

Abstract

A private equity fund is an investment vehicle managed by a professional team, whose main objective is to provide a medium or long-term return to its investors through capital investments in companies that are not listed on the stock exchange. In Colombia the first professional managers of private equity funds arrived in 2005, Since that date, several companies have been formed dedicated to this, such as Valorar Futuro, an investment fund which bought Aderezos and Higietex. The aim of this research was to determine the impact of the leverage of a private capital fund on the economic growth of a company. Financial balances of the companies Aderezos and Higietex were obtained from 2013 to 2017 and analyzed. Finally, it was found that the private capital fund allowed growth in the companies Aderezos and Higietex.

Open access

Ayşe Şahin

Abstract

How can we define business ethics? Which principles are inherent in it? Business ethics propose several principles to be considered by companies, commercial entities, as well as other entities such as NGO’s, cooperatives, public organizations etc. First, this study will clarify the meaning and scope of business ethics and the principles included, such as integrity, fairness, trust, openness, truthfulness etc. Secondly, I will try to examine different facets of business ethics. I will approach this concept especially from a legal perspective and try to determine which aspects of this concept have been integrated into law. Business ethics has reflections especially in business law and corporate governance and is being “legalized” by the corporate codes of conduct. This study aims to clarify that business ethics are mentioned explicitly in Turkish law, in the Code of Corporate Governance concerning public companies and discuss legal impact of this regulation. As a result of this quotation in the Turkish Legislation, there could be revealed several questions. One of the questions is whether ethical standards might be a source of liability of the board and directors. In my presentation I would like to examine to what extent ethical standards interrelates with corporate governance codes and the liability of directors. Business ethics can be described as a source concept and a set of principles, that gives rise to fields such as “corporate governance”, “corporate responsibility”, “liability of directors” and “human rights in business” concerning especially working conditions of the employees. Business ethics has an intersection with all the mentioned fields. In the second part of this study, I will try to clarify the connection of business ethics with corporate governance principles in business and then conclude how business ethics has been adopted into legal system and how it shapes and affect business practices especially in Turkish law.

Open access

Larisa Korganashvili

Abstract

Foreign trade is the main factor in the country's integration into the world economic system. It promotes the socio-economic development of states, especially developing countries. After the restoration of state independence, Georgia actively cooperates with different countries within the framework of bilateral and multilateral agreements. Its foreign trade activity is based on a high level of openness of the economy and liberal policy, features of the market economy and new vectors of development. Georgia has been a member of the World Trade Organization since 2000 and has one of the most liberal and competitive trade regimes across the world. Georgia's foreign trade turnover has a cyclical growth pattern with a combination of periods of its fall. Over the entire post-Soviet period, the country has a negative trade balance and a high dependence on imports. Export characterizes a high degree of concentration of geographical structure and low level of diversification. The article analyzes the current state of Georgia's foreign trade, shows the main indicators of the country's foreign trade for the period of 1994-2014, and examines the main trends in its development and the importance of export diversification to improve the efficiency of foreign trade.

Open access

Forbeneh Agha Jude, Chi Collins Penn and Ntieche Adamou

Abstract

The objective of this paper is to determine the primary issue causing commercial banks to lend to SMEs. Indeed, this paper focuses on the supply side approach to bridge the research gap in understanding the financing lacuna, which has often been overlooked due to the tendency to analyse financing gap from the demand side only. The paper discusses the nature of the decision-making process from interviews with bank loan officers utilising verbal protocol analysis to give insights into the decision making of bank loan officers in the processing of bank funding proposals. To achieve the objective of the study, we used a qualitative research approach characterised by the collection of information through semi-structured interviews with loan officers responsible for small and mediumsized enterprises of four (4) commercial banks in Cameroon. The information resulting from the transcription of interviews was analysed using content analysis. The result derived from the analysis revealed that confidence is the paramount issue urging commercial banks to grant loans to SMEs. Indeed, from existing embedded relationship overtime, commercial banks obtain valuable information about the behaviours of SMEs. Based on this information a certain degree of confidence and trust emerges causing banks to supply loans to SMEs. From the aforementioned analysis, we formulate: “The theory of confidence lending decisions of commercial banks.”

Open access

Abderzag Fouzi

Abstract

The study aimed to test the effect of deposits, real interest rate, population and economic reforms on the Banking credit from Algeriancommercial banks represented by the size of credit facilities. The study used annual data for the period from 1997 to 2017. Where the Multi regression model was estimated using a method of Ordinary Least Squares OLS. Results of the analysis showed that there is a positive relationship with a statistically significant between the credit facilities and the deposits and the variable of economicreforms, while the real interest rate and population size have been linked by significant negative relationship.

Open access

Jaana Sepp

Abstract

The aim of the current paper was to assess the care workers’ psychosocial and physical health; patient’s safety and examine the variations of care workers’ working conditions in the national nursing homes. The NOSACQ- 50 questionnaire was used as a research method. The majority of the care workers in nursing homes complain about physical pain, especially low back pain, and work-related stress. The study results show, that several specific features, such as management safety priority, commitment and ability, are found to influence the six dimensions of safety climate. Based on these results, the importance of good communication practices, management commitment and effective safety training to ensure a strong safety climate and safe behaviour among health care workers is highlighted. Mutual support from the employers to the care workers is needed to create safety as an organizational value. Thus, an effective assessment tool for the evaluation of safety level in nursing homes could be proposed based on the results of this study. The current paper presents a Reciprocal Health Care Model for determination the levers of safety improvement in nursing homes. The model refers to the importance of management safety priority and abilities as well as peer safety communication and trust in the safety ability.