Generolo Jono Žemaičio Lietuvos karo akademija

Modern corporate governance standards and principles is becoming vital issues in developing countries such as Vietnam, China, India, Indonesia, Myanmar, Bangladesh, etc. The 2006 Taiwan Conference on Corporate Governance showed current company system needs not only back-end CG solution such as “golden parachute” but also internal mechanisms. There are also a few researches which have been done in the field of international corporate governance standards. This paper chooses a different analytical analysis style and among its aims is to give some certain systematic conclusions on China corporate governance (CG) system. First, it separates China standards into two (2) groups: China 2001 and Taiwan 2002 CG principles covered in group 1 and, group 2, including corporate governance principles from Hong Kong conclusion paper and KPMG guides, while it uses OECD principles as reference. Next, it separated independent contents with analysis and identified differences between these above set of standards which are and have been encouraged to use as reference principles for many organizations. In addition to, it aims to build a selected China comparative set of standards for corporate governance system in the post-crisis and scandal time. Last but not least, this paper illustrates some ideas and policy suggestions in order to overcome obstacles in China corporate governance system such as: insider trading, false financial reporting and concentration of state ownership.

National finance sustainability is likely an essential issue for the country’s development. These aggregated perceptions change the nation’s public sector and the security of citizens’ lives. Therefore, a significant focus on the broad improvement of finance studies could be an essential issue. Besides, that activity could be organized in connection with the applicable higher education programs. On the other hand, the government’s finance management understanding is treated differently in various countries. That is becoming increasingly essential condition that such a discussion does not directly benefit the common development of financial education in recent years. One of the possible ways to deal with personal finances in different economic conditions could be changing attitudes to finance knowledge among top management in universities. The young people could be supported by financial education programs that are clearly incorporated into their underground or postgraduate courses. The correct management of these programs helps to improve student learning experience and the economic well-being. Moreover, the learning based on the transparent public administration believably educate patriots of the country and the peoples’ intolerance to non-transparent activities of public servants. The other important task of the paper is to reveal how public debt and public spending management could influence the issues of fiscal policy sustainability. In addition, this paper also tries to clarify questions about economic importance on financial education in the all levels of studies. Furthermore, the theoretical task of the paper is to show the size of the government debt, government debt service and expenditure in Lithuania and Latvia, during the last crisis in the first decade of the twenty first century. Then the overpaid debt services can be given to the hypothesis that an ordinary individual has less than EU average standard of financial and/or economical education. This conceptualization of the tax burden can encourage each citizen of the country to be responsible for the public servants’ activity and for the transparency of a budget planning process. The public revenue improvement is a really challenging procedure. Since using the same concept of taxes as fixed costs for public sector when person directly received nothing, but additional payments for the majority of public sector services. Therefore, confusion of terms is fairly constant, which once again shows the need for public finances literacy in the all areas of study programs for scholars. An authorized Lithuania’s tax burden usually comprises more than thirty percent from the country’s nominal gross domestic product in recent years. Nevertheless, political leaders and experts are suggesting the necessity of increasing Lithuania’s accumulated tax burden. However, there may be a fundamental mistake that social insurance contributions and compulsory health insurance contributions to the funds are not calculated into private individuals and legal entities tax burden. Fortunately the last year’s budget already considers social payments as a part of tax revenues. Unfortunately there are diminutive amount of signs in the continuity of Lithuania’s fiscal policy in the twenty first century.

This study examines the impact of 2008 financial crisis on firms’ productivity in Latvia, Lithuania, and Romania by using the World Bank’s Enterprise Financial Crisis Survey data. The Work Bank carried out the survey to have a short, quick, and cost-efficient evaluation of the effect of the 2008 global financial crisis on companies in European and Central Asian countries. We find that different firm-specific variables affect the firm’s productivity in Latvia, Lithuania, and Romania. Firms benefited from huge market potential and this location proximity to capital city can improve the chance of being less affected from the crisis only in Latvia. On the contrary to the findings for Latvia, the capital city variables are not statistically significant for firms in Lithuania and Romania. Working capital financing matters for firms in Latvia and Lithuania while short-term leverage is important for firms in Lithuania and Romania. More interestingly, we observe that R&D expenses may not able to improve firms’ performance at the time of financial crisis.