The dividend payment is the very important part of investment decision for many stockholders. Results of this text identify finance factors that influence the management in dividend policy within the examined branch “Production and distribution of electric energy, gas and water”. Seven regressive models were created and they identify and define the effect of individual factors on the dividend payment among individual owner’s types. The retained earnings, the rate of return of invested assets in total and the size of company have the positive effect on the dividend payment. For the purpose of better interpretation the individual factors were quantified in form of the chance that the company will pay the dividend when compared to the fact that the company is not going to pay any dividend. The resulting regressive model was subsequently validated using the classification table and the receiver operating characteristic curve.
Zarko Markus, Djurdjica Perovic, Sanja Pekovic and Stevo Popovic
Background: Sports and recreational tourism are forms of tourism that imply active involvement of tourists in various sports activities during their vacation, and it can be said that the main motive of such a vacation is a sport.
Objectives: This research aimed to determine the relationship between sports and recreational activities and tourist satisfaction based on the questionnaire related to the behaviour and satisfaction of tourists during their stay in Montenegro.
Methods/Approach: Regression analysis has been conducted in order to assess the interaction between sport-recreational activities and previous experience in Montenegro, and their effect on tourist revisit intention.
Results: Empirical results demonstrate the influence of sports and recreational services on tourist satisfaction measured by tourists’ revisit intentions. Distinguishing between sports, and health, spa and wellness facilities and services, the findings indicate that health, spa, and wellness facilities and services have a higher impact on revisit intention than sports activities. In addition, the interaction effect between different sports and recreational activities and previous experience in Montenegro did not provide a more amplified effect on tourist satisfaction.
Conclusions: Establishing closer links between workers who provide sports services and those providing other tourist services is one of the main challenges in the future of the development of sports tourism in Montenegro, as one of the most critical aspects that can provide tourist satisfaction. The data study can be used for more efficient and effective decision making and strategy development of sports and recreational activities in the tourism industry.
Accounting it’s an important component of the economic information system. E. Horomnea believes that through specific means and procedures, accounting provides: clarifications of the past and the present of the economic entities, pertinent analyzes that are directed to the market; provides guidance on the strategic future; provides motivations and solutions for the decisions made. This article will analyze the evolution of managerial accounting from traditional costing to the new guidelines, when the issue of creating added value and managing third parties needs represents the future of any information system. After 1987 there are continuous changes and concerns, not only at Romanian level but at world wide scale.
Research Background: The on-going debate concerning the exact relationship that exists between inflation and government expenditure especially in the long and short run prompted this research.
Purpose: The study assesses the relationship between government expenditure and inflation in Nigeria. Apart from government expenditure and inflation rate, other variables such as exchange rate and money supply are included to ensure a robust model.
Research Methodology: Secondary data from 1980 to 2017 were collected and analysed using the Johansen Cointegration analysis and vector error correction model.
Results: The results showed that apart from the bi-directional relationship that exists between the variables, there exists a strong relationship between government expenditure and inflation rate and that a significant impact is sustained from the short run through the long run. The exchange rate and money supply also exhibit a strong association with government expenditure.
Novelty: The study has underscored the importance of the inflation rate in Nigeria as it affects government spending by focusing more on inflation rather than the movement that was the focus of most of the previous studies. It has also shown the causality flow from both inflation and government expenditure, which hitherto remains contentious.
Reinvestment decisions are based on basic the economic literacy of entrepreneurs because they do not want to affect future liquidity or development activities. The main goal of the article is to suggest a simple decision tree model to describe profit reinvestments in a general way based on results of a primary pilot study (128 interviews), where reinvestment behaviour is affected by specific factors like risk taking, competitive advantage or business experience. After that a decision-making tree is suggested to explain the process of reinvestment as determined by the manager.
Intellectual capital is not sufficiently depicted in the annual reports of Polish companies, although it plays an important role in the operation and market valuation of enterprises. The aim of the paper is to evaluate the possibilities of using the KCETM method for depicting intellectual capital in the enterprise annual report – in particular, in the integrated reports. The KCE method developed by Lev has been modified in the area of normalized revenues, of which the evaluation method is not controlled by the audit, which results in its subjectivity. We adopted the category of gross profit generated by an enterprise from sales (including a large share of costs of earnings) which is reported by the enterprise. On the basis of the financial data from annual reports, we conducted the Knowledge Capital Earnings measurement of selected IT companies and this method was evaluated by comparing the results with the market and financials indicators of the companies and their Market-to-Book Values.
The conclusions from the analysis confirmed a strong correlation of intellectual capital (evaluated by modified KCETM method) with market indicators and return on equity. The method of intellectual capital evaluation of Market-to-Book Value did not give results related to market and financial indicators.
Therefore, based on the reported gross profit on sales, the KCETM method should be recommended as a measure in the integrated reporting of an enterprise.
Brand value building and managing is an interdisciplinary issue with serious impact on company's effective market performance. Knowing this, more and more companies try to extract the competitive advantage of a valuable brand. But there are a lot of practical restrictions that result from universal application of formulated theory without respecting national specifics and which often lead to company's activities in scope of branding and brand value measuring not being successful. This is the reason for scepticism towards the implementation of brand management activities, especially in former socialistic countries where the tradition of brand is not so developed due to the long-term application of principles of planned economy. So, the undesirable spiral mechanism is evident – domestic companies apply inconvenient methods of branding and brand value evaluation – brand value decreases – companies rather do not build and manage theirs brands – brands lose their competitive potential in comparison with foreign competitors and the market deforms – only strong foreign brands applying their national branding mechanisms survive – the impression of the so called ‘good practice’ is created – the domestic companies apply inconvenient methods of branding and the circle starts again. According to this, the aim of this paper is to critically discuss the applicability of selected brand valuation methods in the specific conditions of Slovak republic and to verify its applicability in the context of framework conditions of their applicability. To achieve this aim, after the application of selected criteria, we applied the following methods of brand value measurement: royalty savings and brand value added.
Economics represents a social science, directly concerning the factors and determinants of commerce, production, distribution, government, management and naturally consumption of goods and services, but unlike the natural sciences, it is unique in the area of hardly finding a broad consensus, whether we talk about rules, methodology, economic processes or basic axioms. Economic cycle would not exist in an economically ideal world where the prices of goods and factors of production are very flexible, people have full information about what is happening in the economy, government and unions do not regulate prices, and so on. Since the real world differs from an economically ideal world, economic cycle presents inevitable reality in every market economy. The aim of our research paper is to analyse essential monetary determinants and the practical aspects of the theory of the business cycle. Moreover, we focus on the instruments of central banks and their impact on the economic cycle, inextricably affecting the socio-economic development and the state of business environment and commerce.
The essential research intention in this work is oriented toward considering the nature of entrepreneurial activities regarding to the volume of representation, according to some stages of the entrepreneurial process for defined groups of countries, different development degree in crisis conditions. The analysis of research data has drawn some conclusions, which have largely confirmed hypotheses. Obtained results, after the application of adequate statistical procedures, emphasize the existence of negative correlation, degree of economic development and the rate of economic growth. They are partly explained by the place and causes of analysed crisis circumstances, the degree of integrity of financial and economic systems, as well as the heterogeneous economic structure, as the main resistance to negative economic trends. The defined groups of countries of different development degrees show different differences in all the degrees of the entrepreneurial process. There is a positive correlation between the volume of entrepreneurial activities and the rate of economic growth, but on behalf of the countries of the lower development degree. Crisis conditions in the least developed countries generate an additional pressure on entrepreneurial activities; while the relatively stable environment of highly developed countries enables some individuals to find business possibilities outside the entrepreneurial sector.
Counterfactual impact evaluation (CIE) is a scientific quantitative approach mainly based on experiments and quasi experiments. CIE is trying to prove a causal relationship between outputs and outcomes. CIE does not take into account coherence of external incentives of companies with internal incentives that have or may have an impact on the behaviour of enterprises. The paper sets up internal evaluation indicators for businesses, counterfactuals useful for creating a more complex metrics evaluating businesses in the area of performance. The aim of the paper is to present model situation using the elementary principle of counterfactual impact evaluation based on “the Overall Equipment Effectiveness (OEE)”.