Generolo Jono Žemaičio Lietuvos karo akademija

Progressive changes in many areas of the business environment and internal processes in business entities are increasingly the cause of crises occurring in them, in extreme cases resulting in the need to declare bankruptcy. Bankruptcies can be considered, on the one hand, as a manifestation of maladaptation to the requirements and transformations of the market, but more and more often they become a derivative of phenomena over which entrepreneurs have absolutely no influence. The paper attempts to analyze the scale of business bankruptcies in Poland in 2009-2021, which was based on data from the Central Statistical Office and the Central Economic Information Center. Exploratory research was carried out on a time sample of 12,960 entities for the years 2009-2021, which declared bankruptcy in the analyzed period and represented all enterprises of the Polish market from the time period adopted for the research. The analyzed sample took into account the number of bankruptcies of enterprises falling on particular years. The purpose of the article is to analyze the scale of the bankruptcy phenomenon in Poland over the period 2009-2021 and to try to identify the existing dependencies.

The dynamics of changes in the business environment, globalization of economies with the rapid progress in technology make entrepreneurs accept the growing level of risk of crisis situations. The economic transformations that have been taking place over the years have initiated the emergence of mechanisms for crowding out unprofitable enterprises from the market that do not match the requirements of the market economy. On the one hand, bankruptcies may be regarded as a manifestation of failure to adapt to market requirements and changes, but more and more often they become a derivative of phenomena beyond the control of entrepreneurs. In particular, we are talking about ever new types of risk that accompanies business activity. The fact that the catalog of occurring risks is still an open catalog is evidenced by, for example, the recent events related to the Covid-19 pandemic. This paper attempts to present the scale of the businesses bankruptcy in Poland in 2009-2018 and a cross-sectional analysis taking into account the geographical origin of the bankrupt entities, the legal forms where they operated and the industries they represented. The analysis of the phenomenon was based on the data of the Central Statistical Office and own research of the documentation of the National Court Register. The purpose of the paper was to analyze the scale of the bankruptcy phenomenon in Poland over the years 2009-2018 and an attempt to identify the existing relationships.

The purpose of the paper is to assess the impact of corporate governance on Vietnam banks’ performance measured by ROA (return on assets) and OER (operating efficiency ratio). The article uses a research method which is a quantitative research method through the construction of a binary Probit model with two aggregate variables, namely Macroeconomic indicators and financial index variables. The results are consistent with prior research findings, and more importantly, presents statistical justification for pursuing further corporate governance reforms to enhance Vietnam banks’ performance. These findings also lay a foundation for policy makers to make necessary changes to improve corporate governance (i.e role of board of directors, shareholder issues) of Vietnam banks in the future. Social Implications: the study used Vietnam listed banks’ financial data collected covering a period 2008 to 2018. The findings indicated that board size, CEO duality and large shareholder had statistically significant effect on bank performance in both ROA (return on assets) and OER (operating efficiency ratio). While institutional shareholders and foreign shareholders made no impact on Vietnam banks’ performance.

The Financial Services Authority of Indonesia (OJK) survey in 2016 has shown the financial literacy index in Indonesia was only about 21.8%. A lot of illegal investment in Indonesian society in recent years proves that the Indonesian people have not fully understood the benefits and risks of financial decision making. The research describes demographic factor and risk tolerance in the context of Indonesia’s society. The questionnaires distributed online and were obtained 850 respondents. To analyze the role of demographic factors on the willingness to take risks, we use Subjective Risk Tolerance, which is describing the respondent’s perception of risk. The result indicates that gender and age statistically insignificant in describing risk tolerance. Meanwhile, marital status, income, and education significantly important in determining risk tolerance. Gender equality in the working environment means women and men have an equal chance to get job and position in a company. This chance also means that women have a great chance to get more income and wealth than before. Marital status related to responsibility, the greater the responsibility assumes the smaller the level of risk tolerance. The better the knowledge, the better the understanding of the financial decision. Information processed and used to make a better decision. The result shows that in order to conduct an education program and increasing society’s knowledge, Government of the Republic of Indonesia, especially to The Indonesia Stock Exchange and Securities Firm should make attention to demographic factor and fit the investment product with investor’s profile.

The objective of this research is to acquire empirical evidence regarding the influence of firm size, firm leverage, firm age, audit quality, female directors, profitability, board size, audit committee size and board meeting towards earnings management of nonfinancial companies listed in Indonesia. Methodology/technique: the population under this research is non-financial companies listed on the Indonesian Stock Exchange (IDX) from 2014 to 2017. The samples were obtained secondarily are then selected through a purposive sampling technique by defining the sampling criteria. There were 127 non-financial companies listed on the Indonesian Stock Exchange which resulted in 508 data sets being available throughout the research. This research also uses hypothesis testing as part of the data analysis. The outcome of this research suggests that firm leverage, audit quality and profitability have an effect on earnings management for stable financial results. Meanwhile, firm size, firm age, female director, board size, audit committee size and board meeting do not have an effect on earnings management in non-financial companies listed on the Indonesian Stock Exchange.

This study aims to examine the effect of intellectual capital on firm value through corporate reputation as a mediating variable. Intellectual capital is proxied by human capital, structural capital, and customer capital. Using the resource-based theory and signaling theory, this paper analyzes how the corporate reputation will be mediating intellectual capital to firm value. This study used 340 observations of companies that received an excellent category on the Indonesian Corporate Image Award (IMAC) which was listed on the Indonesia Stock Exchange in 2013 to 2017 with Partial Least Square (PLS) test processed with warpPLS version 5.0 software. This study shows that the first human capital, structural capital, customer capital, and corporate reputation have a significant effect on firm value. Second, structural capital has a significant effect on corporate reputation. Third, corporate reputation variables are able to mediate the influence of intellectual capital proxied by human capital, structural capital, and customer capital on firm value. This study is the first empirical investigation on the contribution of Intellectual Capital in generating value for corporate reputation. Furthermore, the study contributes to the literature on the link between Intellectual Capital and firm value by examining a sample of firms no yet explored in prior research and this study also uses the cost-based approach.

The authors have conducted a retrospective analysis of the historical and logical stages of establishing the financial reporting system in the Russian Federation for determining the development direction of public reporting of economic entities and justifying the need to prepare integrated corporate reporting that meets the information needs of interested parties. The use of a paradigm approach made it possible to justify the regularities of the formative stages of accounting environment, to distinguish the key foundations of complex accounting information, to determine the current needs of business informatization and preparation of integrated corporate reporting.

The analysis of integrated corporate reporting relevance, the usefulness of disclosing financial and non-financial indicators, that are essential in the reporting to assess business performance and create a value chain, is the subject of study. The authors found that the leading indicators of economic activity of interest to external and internal users of the reporting information are related to the investment attractiveness of the company, its sustainable development, efficiency, and profitability. Therefore, to analyze value creation efficiency, it is necessary to expand the range of assessment with the following cost factors: organization, customers, society, natural environment, innovation, risks, and corporate management. should be classified into the following groups related to the company’s performance: income-generating (possibility of growth, competitiveness, cost of capital, risks) and expense-generating (labor costs, transaction losses, cost of capital, risk management). In this paper, the authors suggest a model for an objective assessment of the company’s ability to create added value, given the management segments (economic, environmental, social) and various forms of capital, which allows determining the company’s business advantages, directions for maximizing opportunities and minimizing risks for each capital used and reducing the information gap between financial and non-financial information, as well as improving business transparency.

International fiscal regulation of transfer pricing solves important taxation problems of company groups to ensure fair distribution of the taxation base between different jurisdictions and in one country. The alternative to the arm’s length principle for similar problems is a concept of formulary apportionment approach. The need to solve such problems is pressing for the Russian consolidated tax groups too, primarily in the technology and capital-intensive industries. Russian Federation’s seven-year experience of creating the consolidated tax groups based on the formulary apportionment approach can be of interest to the specialists in any country researching such issues, because the government has acknowledged the current Russian system ineffective. Economic approach to formation of a sectorial cashgenerating unit grouped according to economically integrated businesses and an investor control concept over an investment facility is the basis of our research. Practical calculations were done for the current consolidated tax group, confirming the advantages of this approach for fair distribution of the taxation base for the technology and capital-intensive industries. We have drawn executives’ attention to the solutions enhancing investment attractiveness of the tax groups in conditions of restricted access to information for external users in the IFRS reports of a group.

The banking and finance sector is one of the most dynamic sectors that is continuously experiencing most of structural changes. Fast consolidation and concentration of banks globally has evoked active discussions on behalf of scientists and practitioners on the effect gained from concentrating on the efficiency and competitiveness of the banking system, financial and microeconomic stability of countries and economic development. Mergers and acquisitions of the banking sector are mostly encouraged by the target to get more authority in the international banking environment, to eliminate competitors from profitable activity and to strive for additional financial benefit for shareholders, to increase the range of the services provided, to use the resources efficiently, i. e. to create the value for shareholders and to contribute to the development of the financial sector. Therefore, the article analyses the bank mergers and acquisitions of the Lithuanian banking sector; it is assessed whether the bank mergers have created the value for shareholders and (or) the financial system. The research that has been carried out shows that mergers and acquisitions of the banking sector are take placing in order to increase the benefit for shareholders and to strive for the economy; the aspect of financial stability of such transactions appears in a short term and is most commonly inspired by the government. Modern Lithuanian banking sector has been formed by means of mergers and acquisitions; strategic investors helped transitive economy countries to guarantee the stability of the banking sector and to achieve the benefit of the economy of scale. Restructuring of the banking activities, i. e. the performance distribution can be a useful measure in ensuring stable activities of both the financial system and the accepting bank – to acquire a market share and to optimise its performance.