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SOCIO-ECONOMIC FACTORS INFLUENCING THE DEVELOPMENT OF RENEWABLE ENERGY PRODUCTION SECTOR IN POLAND

Tadeusz A. Grzeszczyk, Waldemar Izdebski, Michał Izdebski, Tadeusz Waściński

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).
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PATTERNS OF 50 ETF OPTIONS IMPLIED VOLATILITY IN CHINA: ON IMPLIED VOLATILITY FUNCTIONS

Pengshi Li, Yan Lin, Yuting Zhong

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.
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ALTMAN MODEL VERIFICATION USING A MULTI-CRITERIA APPROACH FOR SLOVAKIAN AGRICULTURAL ENTERPRISES

Roman Vavrek, Petra Gundová, Ivana Kravčáková Vozárová, Rastislav Kotulič

a successful business is good knowledge of past and current trends, for the right long-term decisions to be made. According to Brealey et al. (2011), knowing where a company stands today is a necessary prelude to contemplating where the company might end up in the future. One of the options for supporting short-term and long-term decisions is financial analysis and financial ratios. Financial ratios have traditionally been indicators of a corporate’s overall performance (Rahman et al., 2017) and may help to quantify the potential impact of internal ratings on financial performance (Belas et al., 2012; Klieštik et al., 2020).
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THE EFFECT OF SECTORAL DIVISION ON GDP PER CAPITA IN THE SLOVAK REPUBLIC

Peter Burger, Lea Šlampiaková

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.
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MODERATING ROLE OF USER EXPERIENCE AND IT RELIABILITY IN CONTROLLING INFLUENCE ON JOB PERFORMANCE AND ORGANIZATIONAL PERFORMANCE

Agnieszka Bieńkowska, Katarzyna Tworek, Anna Zabłocka-Kluczka

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).
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EMPIRICAL STUDY ON THE IMPACT OF EVALUATION OF INTANGIBLE ASSETS ON THE MARKET VALUE OF THE LISTED COMPANIES

Cristina Gabriela Cosmulese, Marian Socoliuc, Marius-Sorin Ciubotariu, Veronica Grosu, Dorel Mateş

The shortcomings in traditional financial reporting have become more than obvious, if we look at the results of different researches or studies in the field, but especially according to the thesis supported by Robert Eccles, from Harvard Business School, which shows that only 25% of the market value of a company can be attributed to its accounting value, the rest of 75% coming from the evaluation of the value created by IA (such as strategies, product innovation, customer loyalty, future profits, goodwill, etc), which are fully accounted for only extraordinary events, such as acquisitions and mergers of companies, or the sale of their subsidiaries (Eccles, 1991). Thus, only a small part of the factors that contribute to the creation of value are identified and presented in the reporting used by investors, which obviously creates an obstacle in understanding the mechanisms of value creation, taking into account the strategic importance of IA.
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THE INFLUENCE OF COMPETITIVENESS ON START-UP IN SMES SEGMENT

Ján Dvorský, Martin Čepel, Mihaela Simionescu, Pavol Ďurana

In a global economy, competition is the primary driver of market competitiveness. “Globalization causes large-scale changes in the technological, economic, political, and social fields of social development. These changes have a contradictory impact on the development of national economies and their competitiveness. Ceteris paribus, there is a tight interrelation between country’s economic competitiveness and a rate of its economic growth: the higher the rates of economic growth in the country, the bigger the chance for an increase in its national competitiveness and vice versa” Fyliuk et al. (2019). In this context, Ivanová and Čepel (2019) state that the key factor of the states’ increasing competitiveness is assumed to be the innovation performance of enterprises, which is projected through innovative business processes into the innovation performance of the economy as a whole.
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PERFORMANCE EVALUATION FRAMEWORK UNDER THE INFLUENCE OF INDUSTRY 4.0: THE CASE OF THE CZECH MANUFACTURING INDUSTRY

Martina Hedvičáková, Martin Král

The manufacturing industry is key to the Czech economy and has deep roots in its history. The manufacturing industry accounts for about 35% of the national economy. It also has a dominant position compared to other countries of the European Union. The manufacturing industry also contributed the most to the creation of the gross domestic product in 2018. It also plays a significant role in employment policy, with around 40% of the economically active population in the manufacturing industry. In the manufacturing industry, the largest employers are manufacture of transport equipment and manufacture of metal structures. The average wage in all sections of the manufacturing industry is also increasing year by year. The manufacturing industry also plays an important role in terms of innovation, new technologies and investments.
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SOVEREIGN CREDIT RATINGS AND ASIAN FINANCIAL MARKETS

Khansa Pervaiz, Zuzana Virglerová, Muhammad Asif Khan, Usman Akbar, József Popp

Sovereign credit rating (SCR) is an important utensil to judge the creditworthiness and competitiveness of an economy, which facilitates the potential investors to gain confidence in making investment decisions across the globe (Yang et al., 2019). It serves as a “credit passport” to investors to gain useful information about the financial markets in terms of dependable share prices, trim financial obstacles along with provocative effective investment (Mclean et al., 2012; Xu et al., 2019; Zhao et al., 2020). Higher SCR signals a relatively higher performance of companies/ economies (Cubas-Díaz et al., 2018). The efficient market hypothesis holds that financial markets are sensitive to new information, where a piece of information is translated into security prices, depending upon the development of such markets.
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THE USE OF INTERNATIONAL TAX PLANNING IN SUBSIDIARIES FROM THE FINANCIAL AND ICT SECTORS IN THE CZECH REPUBLIC

Vít Jedlička

the profitability of their company’s investments. They also encounter various types of costs – from the managerial perspective, these include paid taxes. Therefore, the management at multinational corporations takes advantage of the global digital economy and tries to plan tax liabilities in order to minimize them. Ignoring the opportunity to avoid taxes can result in a less competitive position. Tax planning has become an important tool for achieving better financial results. Within the global economy, the international aspect of tax planning is a key factor for multinational corporation management. The importance of tax burdens can also be seen in decision making on where to invest. Lower tax burdens can increase an investment’s profitability; therefore, managers incorporate rating tax legislation into their decision-making process for investment.
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