Marija Džunić, Nataša Golubović
Business environment is An important determinant of national competitiveness and sustainable long-term economic growth. Business environment quality determines the risk as well as returns from investment and
therefore affects investment decisions. The business environment is largely, if not totally, beyond the control of the firms and their management. It results from existing political, legal and regulatory framework; macroeconomic policies; institutional infrastructure; social and cultural context within which transactions take place, the quality of physical and social infrastructure and many other factors. Empirical research has shown that corruption represents a serious obstacle to entrepreneurship and business (Kaufmann & Wei, 2000; Meon & Sekkat, 2005). Hellman et al. (2000) consider corruption, in addition to governance quality and state capture, a factor that significantly shapes business environment in transition countries.
Jarosław Michał Nazarczuk, Stanisław Umiński
The establishment of Special Economic Zones (SEZ), and other types of privileged areas, is a common policy approach adopted by countries in order to attract domestic and foreign capital, increase exports or employment, increase trade openness or facilitate minor economic transitions within the country. By setting a preferential business climate, with lower taxes and tariffs made available in a restricted territory, governments promote investment inflow and encourage flourishing businesses to grow and cluster within zones, thus generating positive spill-over effects to the neighbouring areas.
Ivana Kraftová, Iveta Doudová, Radim Miláček
In July 2014, the German agency GTAI (Germany Trade & Invest) released a comprehensive document named Industry 4.0 with a subtitle, Smart Manufacturing for the Future, identifying Germany as a potential global leader in digital economy development based on the definition of Industry 4.0. (MacDougall, 2014) When the elements of electronics and information technology in industrial processes were used in the late 1960s, the imaginary door opened to the start of the industrial revolution, the fourth in row.
Miroslava Knapková, Alena Kaščáková
Households represent one of the economic subjects entering to the market mechanism. The microeconomic theory focuses on households mostly as units of consumption, savings, partly as production units. Households participate on the side of the supply as well as on the side of the demand (Samuelson & Nordhaus, 2013; Mankiw, 1999). Households´ specific status on the supply side arises from the fact that households offer their ability to work at the labour market. When considering households on the demand side, mostly demand for goods and services that satisfied households´ needs must be included.
Jozef Čech, Marian Šofranko
Traditional methods of economic evaluation by techniques of investment and ﬁnancial analysis with regards to the speciﬁcs of business, engineering and project economics are well known, e.g. (Gillespie, 2013; Newnan et al., 2013; Mian, 2011). Their use in mining evaluation is well adopted. The groundwork in the given ﬁeld was done and provided in (Gentry & O’Neil, 1984) with following (Runge, 1998). More sophisticated math approach is represented by application of option value paradigm added to classical investment analysis, taking into account managerial aspect of decision ﬂexibility during the project’s life. One of the ﬁrst application to mining appeared within (Xiaoli & Elbrond, 1996) and to take a more recent, e.g. within (Hall & Nicholls, 2008) and (Saluga, 2011).