Home

Controlling is a method, which is most often used in contemporary organizations (Bieńkowska & Zgrzywa-Ziemak, 2011; Tworek, 2019c). “Importance of controlling increased sharply” (Guenther, 2013, p. 272), which in practice is confirmed by the growing number of job offers for controllers, and in theory by the number of academic centers dealing with this subject (Schäffer & Binder, 2008). However, it is still considered by many as “a concept that is still subject of many controversies” (Mocanu, 2014, p. 62), and the diversity in the perception of this method is confirmed, among others, by information in the job announcements appearing on the job market (Behringer, 2011). The multi-threaded history of controlling promotes differences in the perception of controlling in the world, as well as the relative diversity of controlling solutions in organizations (e.g. Horvath, 2002).

Today market players at all levels, from business operators to countries, strive to be competitive. This aspiration is not passive, and is not only about maintaining current positions. As a result of the global economic development of the world, the growth of global markets forces particular countries to increase the economic scale of the economic growth, otherwise they will lose their positions. The pursuit of an increasing share of international markets becomes the basis for a country’s competitive capacity. Only by keeping pace with the growth of the single market warranty that they remain competitive. Therefore, development becomes a hallmark of competitiveness. In this context, it is important for both science and practice to fully analyse the phenomenon of economic development.

The implied volatilities are prospective estimates which reflect future expectations about underlying asset volatility. The implied volatility can be seen as the market participants’ assessment of the uncertainty of the underlying asset. Implied volatilities are obtained by matching a set of market option prices with given strike price and time to maturity to those produced by Black-Scholes-Merton model (BSM model) using the same strike price and time to maturity. When the implied volatilities are plotted against various strike prices or different moneyness, one can obtain the implied volatility smile curve, while the pattern of implied volatilities across time to expiration is usually referred to as the term structure of implied volatilities.

The presumption that the production structure of an economy is the fundamental determinant of economic performance has been confirmed by previous economic literature. There is growth observed in a country when the production structure is composed of commodities with intense returns (Reinert, 2008; Andreoni & Scazzieri, 2014). Moreover, Andreoni (2014) has noted that the proximate source of innovation is a further source of importance in economic activities with increasing returns. According to Fourastié (1951), sectors are developing along with technological and innovation developments, but not evenly. In the sectoral structure of the national economy of the Slovak Republic, the main focus had been initially on agriculture, fishing and mining, until the industrialisation process began.

The EU policy is largely shaped by the idea of sustainable development, which is based on the assumption of satisfying the developmental aspirations of the present generation in such a way as to enable the next generations to achieve the same aspirations (Brundtland, 1987). For economists, the suitable way to sharpen this idea is to consider the various resources (including renewable and nonrenewable natural resources) that communities hold at any particular time. Resources passed to future generations should be comparable (in terms of the ability to provide an adequate standard of living) with the stocks inherited by their ancestors (Streimikiene & Mikalauskiene, 2016).