The goal of this contribution is to describe and analyse the existing model of financing the public tertiary educational sector in the Czech Republic and de- fine important principles which are there applied. There are also mentioned strengths and weakness of current financing model after which possible ways of modification to more fair and efficient allocation of public recourses are discussed.
In this paper, the effects of financing of agricultural holdings in new member states of the EU and the development of these holdings are assessed. The income of a family-owned agricultural holding was accepted as the basic measure of a holding’s capability for extended reproduction and development. Selected elements of financial analysis were also applied. The level of family farm income and reinvestment of fixed assets was varied in EU-10 agricultural holdings over the years 2004-2009. The level of family farm income was mainly dependent on subsidies and subventions. A low dependence between the value of family farm income and net investment value was observed (R2=0.243), and a high dependence between labour productivity and labour profitability was observed (R2=0.734). Positive changes took place in the equipping of agricultural holdings with fixed assets. Growth of capital saturation of land was observed in all countries. Holdings taking advantage of external sources of financing had greater developmental capabilities. The net investment value was positively correlated with the debt ratio, although this dependence was low.
The present study is intended to discuss the way in which the state is constituted as a major element for the management of Brazilian university teams, pointing out, above all, the most recent moment that represents a hybrid model of development. To do so, empirical resources of research has been used: 1. Documents that belong to the file of the FPDU (an institution in the state of Paraná which is in charge of university teams), 2. The existing legislation on the theme, 3. Interviews with some of the agents who took part in the FPDU as members of the directory board throughout its history. It has been concluded that the state is directly responsible for the development of university sports in Brazil, mainly because between them there is an inter-dependence relationship through the financial support of sports.
Hungarian football used to be in the first line of the international arena but for the last five decades a steady and strong setback has been a characteristic feature. The main purpose of this paper is to discover the major problems related to the education of young players and to make suggestions to improve the current situation. The study is based on a research in which three different but complementary methods, called "triangulation" were used: fieldwork, content analysis and in-depth interviews. The results show that although sport had always been the area which served political interests, this situation has dramatically changed after 1989-1990. Since then moral and economic crisis could be observed and this has resulted in the collapse of the Hungarian football. Concerning the talent care program there is no a common educational project for young players. This could be explained by the lack of cooperation between professionals who believe that they have different professional and financial interests and act accordingly. In conclusion it can be stated that success could only be reached if politics and the central budget were be independent and the cooperation between decision makers and experts in football were stronger. The unskilled managers and coaches responsible for the education of young players should be exchanged for real professionals.
One of the main issues connected with terrorism – a “crime without borders”, a complex phenomenon the definition of which has proven elusive, is terrorism financing and money laundering. The Polish legislator – in the Polish Banking Law – imposes on banks (within the scope of their legal definition) a duty of counteracting money laundering and terrorism financing, which corresponds with the significant role of banks and other financial institutions when it comes to the prevention of terrorist crimes. On the basis of the Act on Counteracting Money Laundering and Terrorism Financing, a special system was created – the aim of the regulations is to facilitate successful performance by banks of their duties. In the Act, the office of the General Inspector of Financial Information was created, with an important task of controlling the realization of banks’ duties, as well as cooperation with relevant services and improvement of international antiterrorist activity. Beyond any doubt, the functioning of the Polish system could be guaranteed by broader legal and institutional frameworks on an international level, the achievement of which is contingent upon the activity of the European Union and the United Nations. A significant element in the fight against terrorism financing crimes is also proper training of the banking sector employees and officers, as well as ensuring proper communication and cooperation between them.
One of the main issues connected with terrorism – a “crime without borders”, a complex phenomenon the definition of which has proven elusive, is terrorism financing and money laundering. The Polish legislator – in the Polish Banking Law – imposes on banks (within the scope of their legal definition) a duty of counteracting money laundering and terrorism financing, which corresponds with the significant role of banks and other financial institutions when it comes to the prevention of terrorist crimes. On the basis of the Act on Counteracting Money Laundering and Terrorism Financing, a special system was created – the aim of the regulations is to facilitate successful performance by banks of their duties. In the Act, the office of the General Inspector of Financial Information was created, with an important task of controlling the realization of banks’ duties, as well as cooperation with relevant services and improvement of international antiterrorist activity. Beyond any doubt, the functioning of the Polish system could be guaranteed by broader legal and institutional frameworks on an international level, the achievement of which is contingent upon the activity of the European Union and the United Nations. A significant element in the fight against terrorism financing crimes is also proper training of the banking sector employees and officers, as well as ensuring proper communication and cooperation between them.
Sektor MSP pełni kluczową rolę w rozwoju polskiej gospodarki. Jest on często postrzegany przez banki jako obiecujący i dochodowy, ale jednocześnie dość ryzykowny. Ryzyko to wynika najczęściej z dość krótkiej obecności tych firm na rynku oraz braku dobrej jakości zabezpieczeń spłaty kredytu. Analizując sytuację różnych grup podmiotów na rynku usług finansowych można powiedzieć, iż pozycja MSP jest raczej słaba. Wynika to z wielu czynników: gorszego dostępu do informacji, niższej ich jakości oraz niższego poziomu wiedzy merytorycznej w zakresie świadczonych usług finansowych. Jednym z wielu problemów, z którymi borykają się te przedsiębiorstwa jest utrudniony dostęp do zewnętrznych źródeł finansowania. Są one niezbędne do prowadzenia bieżącej działalności, jak również umożliwiają ich dalszy rozwój. Problem ten pogłębił od 2008 roku globalny kryzys gospodarczy i finansowy, a zwłaszcza brak zaufania m.in. pomiędzy instytucjami finansowymi i podmiotami gospodarczymi. Celem artykułu jest ukazanie wpływu globalnego kryzysu na relacje pomiędzy bankami a MSP.
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The sector of SMEs plays a key role in the economic development in Poland. On the other hand they belong to the group of units that is characterized with the weakest position in the market. Practice and theory show that SMEs seek for the financial means for running their activities and for investments. The problem with the financing strongly appeared in the time of the financial and economic crisis, when SMEs and entrepreneurs have suffered a double shock: a drastic plummet in demand for goods and services and the tightening in credit terms, which were ruthlessly disturbing their cash flows.
The article contributes to the overall body of knowledge about investments made by small and medium-sized enterprises (SMEs) and their sources of financing. The author conducts an empirical research through a direct interview method on two samples: a sample of 1,001 microbusinesses (meaning those with up to nine employees) and a sample of 1,202 SMEs with 10 to 249 employees. The research shows that only 41 percent of Poland’s SMEs carried out investments in 2004. Investment indicators were the highest among medium-sized enterprises (74 percent), while microbusinesses showed the lowest indicators (41 percent). In the case of individual types of investments (day-to-day maintenance and modernization, purchase of computer hardware and software, purchase of individual machines and equipment, purchase of means of transportation, construction of new plants and purchase of turnkey production lines), the highest investment indicators were invariably recorded among medium-sized enterprises. The percentage of investing companies increased with an increase in employment. The same is true of the percentage of companies declaring investment plans for the next 12 months. Most of the companies polled used their own funds to finance their investments. An important (though usually only supportive) role in financing some investments (in particular, the purchases of means of transportation, turnkey production lines, machines and equipment) was played by loans and leasing. In analyses by market segment, the following rule was observed: companies with a higher level of employment displayed a greater tendency to use loans and leasing programs. Other sources of funds for investment projects in the SME sector were of marginal importance. Comparative analyses reveal that the use of external sources of funds to finance SME investment projects in Poland is usually two to three times lower than in other EU countries and the United States. However, no evidence of discrimination against SMEs in lending by banks was obtained. Only 2.5 percent of the companies polled have been refused bank loans over the past three years. An increased propensity to invest among Polish SMEs could be stimulated by appropriate activities of the government, banks and entrepreneurs themselves.
Concept of innovation induces a high degree of association with the problem of high costs and the highest possible risk. Many companies solves a significant problem in the management of production associated with the financing of technological development and innovation. In every large company manufacturing managers declare that they have more projects they would like implemented as funds that may be used. Reasons for this are : low expected return, risk and unreliability associated with the project, and excessive optimism group managers. This article focuses on the theoretical aspects of innovation financing and outlines the importance of venture funds to finance innovation in companies. Summarizes and gives an overview of the most important works and basic ideas in this area of research, together with an outline of the capabilities and limitations posed by venture funds as a source of innovation funding for SMEs. Refine addresses factors affecting the financing of innova tion, and specifically discussed in this context the problem of asymmetric information, moral hazard, fiscal aspects and cash flow. Opens the problem size Companies. capital flows and based on extensive studies, particularly in the United States supports the view that small businesses have specialized as a suitable alternative to finance their venture capital for innovative projects.
This paper focuses on an analysis of the financial resources that companies in the Czech Republic deploy for corporate training purposes. The sample set consisted of 607 companies. The companies were divided into four categories according to their size: micro companies (1-9 employees); small companies (10-49 employees); medium-sized companies (50-249 employees); and large companies (250 or more employees). The hypothesis was put forward that the rate of utilization of external financial resources is related to company size, whereby the larger the company, the greater the extent to which they utilize external financial resources for corporate training purposes. The hypothesis was tested for each category of company size separately.
The instrument to be applied in order to raise net circulating capital is stepped coupon bonds, a novel solution non-existent on the Polish market. Restructuring factoring applied sporadically in Poland and Germany is an instrument reducing the demand for the corporate net circulating capital. The article presents the idea of these instruments and the possibility of using them by a company in financial difficulty.
Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.
Very often, touched on the issues on the basis of economic theory and practice in the legitimacy of the business MSP and the role they play in the economy. Much attention is paid to the sources of supply of the capital of the group of companies, and in fact the problems experienced in this matter.
The goal of this contribution is to analyse principles of financing the public tertiary educational sector in the Czech Republic and evaluate a connection to quality results of institutions. There are also mentioned strengths and weakness of implementation a link between quality results and financing the schools whereon an analysis of situation in the Czech Republic is done. This analysis includes evaluation of income items of public higher schools’ budgets and their impact to factor of quality after which possible ways of modification are discussed.
Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.
Ecological agriculture is a dynamically developing part of agriculture in Poland and the world alike. Production done by ecological methods yields agricultural products in such a way as to maximise production methods which do not interfere with the balance of nature. To boost the credibility of ecological products among consumers both in Poland and throughout the world, it is essential that the oversight and certification of these products be bolstered. The aim of this paper is to analyse the conditions for development and for the control and certification system of ecological agriculture in Poland.
The financing of innovations is an extensive problem which is theoretically greatly developed and elaborated. This problem represents an important topic of the economic research viewed from diverse angles in last decades. The contribution focuses to the development of theoretical views on the financing of innovations, together with different accompanying problems. It summarizes the possibilities and sources of the innovations financing with accent on the role of banks, financial markets, venture capital and government agencies. In the conclusion we are attempting to review and evaluate the described possibilities of innovation financing.
The kindergartens audited by NIK, both state and private, provided appropriate conditions for children’s preparing for learning at primary schools. The kindergartens audited had qualified staff, proper teaching materials and equipment. Although some kindergartens have limited the number of optional classes, NIK observes first positive results of the governmental programme called Kindergarten for a Penny (Polish: Przedszkole za złotówkę) – a significant decrease in payments for kindergartens that parents make. Moreover, since September 2013, municipalities have had at their disposal an additional source of financing for fulfilling their tasks related to kindergarten education, in the form of an earmarked subsidy from the state budget.
The rapid urbanization and technological advancements of the twenty first century have given rise to the concept of smart cities, which use innovative technologies to enhance the efficiency, sustainability, and quality of life for their residents. This paper explores the various financing mechanisms employed to fund smart city initiatives, examining their effectiveness and addressing the challenges associated with each. The study also investigates the evolving landscape of smart city financing, considering the role of public-private partnerships, government funding, and other financial instruments. There are also recommendations for future urban development strategies.
A convertible bond may be an attractive financial instrument that helps to achieve the optimal capital structure of a company. In this paper, we analyze 562 issues of bonds from the American market between 2002-2013. Using regression trees analysis, we give some hints with respect to the design of convertible debt financing, which is the main goal of the paper, considering the most important characteristics of the issuers’ financial standing and the parameters of issued convertibles. Our research let us formulate a few conclusions. Firstly, we identified some relationships between a conversion premium, a conversion period and a conversion ratio applied by issuers. Secondly, it turned out that most of the issuer’s financial characteristics were not statistically significant for the issued convertibles. Finally, we found out that the share of fixed assets in the balance sheet amount seems to be one of the most important factors determining the internal structure of issued hybrid instruments, which supports the assets substitution theory.
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