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ECONOMIC VALUE OF ECOSYSTEM SERVICES IN THE EASTERN ORE MOUNTAINS

Ondřej Vojáček, Jiří Louda

The Eastern Ore Mountains landscape has its specific and unique character. In particular, it is due to several specific landscape elements and biotopes, which either do not exist in other locations or are not as frequent. These locally specific ecosystems include notably montane meadows, clearance cairns and natural streams.
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THE DOWNSIDE RISK APPROACH TO COST OF EQUITY DETERMINATION FOR SLOVENIAN, CROATIAN AND SERBIAN CAPITAL MARKETS

Mirela Momcilovic, Dejan Zivkov, Sanja Vlaovic Begovic

The cost of equity represents significant input in the investment process evaluation, company valuation or in the process of an acquisition. In developed countries, the cost of equity is usually determined on the basis of Capital Asset Pricing Model – CAPM (Sharpe, 1964; Litner, 1965) according to which in the state of market equilibrium investors expect return from the security proportional to its systematic risk. The model uses beta coefficient of secutity as a measure of systematic risk. The CAPM disregards unsystematic risk, because the model assumes that investors hold highly diversified portfolios, which enable investors to eliminate unsystematic risk (see Wagner & Lau, 1971; Klemosky & Martin, 1975). Investors at developed markets, besides CAPM often use some other asset pricing models, like Arbitrage Pricing Model (Ross, 1976) or Fama-French Three-Factor Model (Fama & French, 1992; 1993).
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THE MARKETING-ENTREPRENEURSHIP PARADOX: A FREQUENCY-DOMAIN ANALYSIS

Slavka T. Nikolić, Nikola Gradojević, Vladimir Đaković, Valentina Mladenović, Jelena Stanković

The notion of entrepreneurship is not new, but entrepreneurship is continuously searching for new ideas while increasing their applications (Morris & Trotter, 1990; Morris, Lewis, & Sexton, 1994). Marketing and entrepreneurship are broadening their field of synergic activity, but some gaps in this interaction still remain (Bhuian, Menguc, & Bell, 2005). Numerous studies have indicated the link between marketing and entrepreneurship (Murray, 1981; Morris & Paul, 1987; Herron, Sapienza, & Smith-Cook, 1992; Hills & LaForge, 1992; Becherer & Maurer, 1998; Morris, Schindehutte & LaForge, 2002; Kraus, Harms, & Fink, 2010; Gilmore, 2011, Hills & Hultman, 2011; Hultman & Hills 2011; Kurgun, Bagiran, Ozeren, & Maral, 2011; Morrish, 2011; Busenitz, Plummer, Klotz, Shahzad, & Rhoads, 2014), but a number of research question have remained underexplored.
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WHY DO SOME MUNICIPALITIES APPLY ACCRUAL-BASED RULES MORE THAN OTHERS? EVIDENCE FROM TURKEY

Selver Seda Ada, Johan Christiaens

In recent decades, public sector accounting reforms have been one of the most striking aspects of the adoption of New Public Management (NPM) (Lapsley & Pallot, 2000; Christensen, 2007; Christensen & Parker, 2010; Ball & Craig, 2010; Pollanen & LoiselleLappointe, 2012). Accrual accounting, which is closely related to public-sector accounting reforms, has been studied in various contexts from various perspectives (Pallot, 1994; Shand, 1990; English, Guthrie, & Carlin, 2000; Ryan, 1998; Carnegie & Wolnizer, 1995; Barton, 1999; Carnegie & Wolnizer, 1999; Salinas, 2002; Carlin, 2005).
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THE INTEGRATIVE MANAGEMENT MODEL FOR RESTRUCTURING SMALL AND MEDIUM-SIZED ENTERPRISES (SME)

Andrius Tamošiūnas

Restructuring processes are continuous in market economies. Technological progress, diffusion of innovations results in market disruptions and convergences. The latter create new markets and value networks, impact the scope and scale of consumption and related businesses changing the nature of competition and market dynamics. Such evolution affects all sectors of economic systems including processes of integration and globalization, causing enterprises to restructure in order to maintain or strengthen their market position.
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INNOVATIONS AMONG PEOPLE. HOW POSITIVE RELATIONSHIPS AT WORK CAN TRIGGER INNOVATION CREATION

Aldona Glińska-Neweś, Agata Sudolska, Arkadiusz Karwacki, Joanna Górka

Nowadays it is more and more frequently emphasized that organization’s ability to innovate is an explanatory factor in determining its competitiveness. It refers to the fact that contemporary organizations act under permanent pressure of economic, technological, political and social changes. Taking into account such an unstable environment, the issue that becomes significant is enhancing organizational capacity to respond to external changes with some novel products, processes, ideas etc. (Nonaka & Takeuchi, 1995; Bessant, Lamming, Noke, & Philips, 2005; Bessant & Tidd, 2007; Ellonen, Blomqvist, & Puumalainen, 2008; Pietrzak & Łapińska, 2015).
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THE IMPACT OF SOVEREIGN WEALTH FUND OWNERSHIP ON THE FINANCIAL PERFORMANCE OF FIRMS: THE EVIDENCE FROM EMERGING MARKETS

Dariusz Urban

Sovereign Wealth Funds (SWFs) are still considered to be new-born institutional investors, in international financial markets, as well as innovative investment vehicles, despite their relatively long history. Several funds have been operating at a global level for more than fifty years, however the number of those created after the year 2000 represents the majority of the total in existence. For many years, these state-run funds have been almost anonymous investors, existing in the shadows, maintaining a low profile in the public eye. SWFs have been regarded as investment vehicles established in order to manage, in a rational and profitoriented way, pools of national wealth for future generations.
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THE PRESENT STATUS OF SUSTAINABILITY CONCEPT IMPLEMENTATION BY BUSINESSES IN SELECTED INDUSTRIES IN THE SLOVAK REPUBLIC

Viera Marková, Petra Lesníková, Alena Kaščáková, Miroslava Vinczeová

The significance of the business sustainability concept has been increasing not only abroad where it has been pursued by professionals as well as the general public for a longer time, but also here in Slovakia. It has evolved from the understood universal concept of sustainable development centred on bringing solutions to global problems and issues. It is mainly concerned with the use of limited natural resources, environmental exploitation, a fight against poverty, society polarization, etc. In a more comprehensive understanding, it involves the change and replacement of current production and consumption models with future, more sustainable ones. Looking at the complex and sectional issues of sustainable development, a positive relationship with the business sector can be observed.
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HEALTHCARE SYSTEMS AND PERFORMANCE EVALUATION: COMPARISON OF PERFORMANCE INDICATORS IN V4 COUNTRIES USING MODELS OF COMPOSITE INDICATORS

Pavlína Hejduková, Lucie Kureková

Healthcare systems have been providing clients with services of an increasingly higher quality thanks to many positive developments in healthcare, primarily the high level of expertise of healthcare personnel, improvements in technology, and speedier approaches to treating illnesses. However, the healthcare system has struggled with other various negative aspects: inappropriate structuring, poor management, or ineffective financing. In light of these negative aspects and the support and development of the positive, these systems should be managed properly and their performance should be evaluated (Hejduková & Kureková, 2016b).
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FACTORS AFFECTING SENSITIVITY OF COMMERCIAL BANKS TO BANK RUN IN THE VISEGRAD COUNTRIES

Pavla Klepková Vodová, Daniel Stavárek

The recent financial crisis has shown that liquidity risk plays an important role in the contemporary financial system. This is especially true for economies that are traditionally based on banks and credit markets. A liquidity shock may propagate through a real channel or an information channel and then affect the entire financial system (Frait & Komárková, 2011). As a systemic banking crisis can have costly consequences such as declines in gross domestic product growth, real house prices and real equity prices and increases in unemployment rate, real public debt, among other effects (Reinhart and Rogoff, 2009), it is not surprising that most regulators, policymakers and academics devote significant attention to various aspects of liquidity risk measurement and management.
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