Template-Type: ReDIF-Article 1.0
Author-Name: Olga Heralová
Author-Name-First: Olga
Author-Name-Last: Heralová
Author-Email: olga.heralova@cvut.cz
Author-Workplace-Name: CVUT Faculty of Civil Engineering, Department of Construction Management and Economics
Title: Merger Spin-off Project and Its Effect on Financial Health Of Post-Transformation Companies
Abstract: The purpose of this article is to examine the impact of business transformation on the financial health of companies undergoing transformation, using bankruptcy indices. Business transformation could be the way to support risk diversification, improve production efficiency, financial performance or implement changes in organizational structure due to changed internal or external conditions. The verification of the financial health of the companies involved should be carried out and documented in order to ensure that no one has been harmed in connection with the transaction, due to the criminal liability of the legal representatives. This is usually done in advance. The advantage of this article is to point out that the verification by means of bank indicators is also suitable to be carried out after the transaction, immediately after and with a time lag, and could be part of the internal control process. A specific type of transformation, the spin-off by merger project, is the focus of this paper. This paper examines the financial health of companies operating in the Czech Republic using Altman's Z-score and IN05 bankruptcy indices. The main contribution of the article is the verification of the applicability of bankruptcy indicators for assessing the impact of the spin-off by merger project on the financial health of companies after transformation for the needs of documenting the actions of statutory directors and other decision makers with the due diligence of a proper manager.
Classification-JEL: G30, G33, G34
Keywords: Bankruptcy indexes; Merger spin-off project; Transformation
Journal: International Journal of Economic Sciences
Pages: 1-12
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117099
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117099?download=1
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:1-12
Template-Type: ReDIF-Article 1.0
Author-Name: Eduard Hromada
Author-Name-First: Eduard
Author-Name-Last: Hromada
Author-Email: eduard.hromada@fsv.cvut.cz
Author-Workplace-Name: Czech Technical University in Prague
Title: Real Estate Insights on Mortgage Rates, Apartment Prices, and Rentals in Czech Republic
Abstract: This study examines the complex dynamics of the Czech real estate market, focusing on the interaction between mortgage rates and residential property prices, the influence of dwelling size on market price trends, and the impact of regional economic disparities on property values. We find that lower mortgage rates paradoxically raise house prices through increased demand, calling into question the effectiveness of monetary policy in improving housing affordability. This counter-intuitive effect highlights the complex interplay between fiscal policy and market responses. In addition, the analysis reveals a significant shift towards smaller dwellings, increasingly favoured by single-person households, reflecting changing demographic trends. This shift has clear implications for price dynamics and market accessibility in both the sales and rental sectors, suggesting a nuanced response to consumer preferences across different market segments. In addition, the research highlights a strong correlation between regional economic vitality and property prices, underlining the profound influence of the broader economic landscape in shaping property values in different areas. By integrating these critical aspects, the study provides a comprehensive and nuanced understanding of the factors influencing the Czech property market, offering valuable insights for policy makers, property developers and investors seeking to navigate or influence this market effectively.
Classification-JEL: R21, R31, G21
Keywords: Czech real estate market, mortgage rates, house prices, apartment size, real estate pricing, investment returns, housing affordability, economic analysis
Journal: International Journal of Economic Sciences
Pages: 13-29
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117102
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117102?download=2
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:13-29
Template-Type: ReDIF-Article 1.0
Author-Name: Jan Neugebauer
Author-Name-First: Jan
Author-Name-Last: Neugebauer
Author-Email: jan.neugebauer@vsci.cz
Author-Workplace-Name: Department of Economics, CEVRO Institute
Author-Name: Marek Vokoun
Author-Name-First: Marek
Author-Name-Last: Vokoun
Author-Email: marek.vokoun@vsci.cz
Author-Workplace-Name: Department of Economics, CEVRO Institute
Title: Economic and Political Dynamics of Globalization: A Review of Continuity and Change in Research Focus
Abstract: This paper delves into the multifaceted phenomenon of globalization and examines its contemporary manifestations. Globalization, characterized by increasing interconnectedness and interdependence among nations, has gained momentum through technological advancements, trade, and communication. In the context of historical dialectics, capitalism, and political economy, this study explores the evolving landscape of globalization and its implications for the modern world. The investigation aims to bridge the gap between past research and emerging trends, analyzing the complex relationship between economic interdependence and global dynamics. Through a systematic review of literature, including original research and review studies, the study uncovers a diverse array of topics, from geopolitical dynamics and ecological innovations to labor market disruptions and international trade evolution. While traditional themes such as inequality, technological advancements, and historical origins remain vital, contemporary discourse encompasses ecological sustainability, labor market transformations, and strategic geopolitical interactions. Notably, recent research highlights the role of economic diplomacy and strategies of dominant players, such as the EU, the US, and China, in shaping global markets. Furthermore, it emphasizes the intersection of technology, innovation, and globalization, particularly within industries and labor markets. Through an examination of the past, present, and future, this work aims to foster a comprehensive understanding of globalization's diverse dimensions, aiding policymakers, economists, and businesses in making informed choices.
Classification-JEL: F60, F63, P10
Keywords: globalization; interdependence; research review; emerging topics;
Journal: International Journal of Economic Sciences
Pages: 30-57
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117083
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117083?download=3
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:30-57
Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Peterka
Author-Name-First: Pavel
Author-Name-Last: Peterka
Author-Email: ppeterka15@gmail.com
Author-Workplace-Name: Jan Evangelista Purkyn? University in Ústí nad Labem
Author-Name: Dominik Stroukal
Author-Name-First: Dominik
Author-Name-Last: Stroukal
Author-Email: dominik@stroukal.cz
Author-Workplace-Name: Metropolitan University Prague
Title: Evidence Against the Undertaxation of Digital Companies from the Weighted Effective Tax Rate Method Analysis
Abstract: This study scrutinizes the prevalent belief that traditional companies face a more substantial taxation burden compared to digital firms. Our research delves into the effective corporate tax rate (ECTR) for an extensive sample of 463 global companies, encompassing 217 digital and 246 traditional entities, over the period from 2010 to 2020. Utilizing a unique dataset, our analysis reveals that the effective tax rates for digital and traditional companies do not significantly diverge. Contrary to common perceptions, in certain years, digital companies shouldered a heavier tax burden. This finding suggests that to achieve parity in taxation between digital and traditional firms, digital entities would have warranted tax relief, particularly between 2012 and 2015 when their tax rates were demonstrably higher. Furthermore, our models highlight a gradual increase in the effective corporate tax rate for digital companies over time, reflecting their growth and stabilization in the market. Throughout the entire period under study, including each individual year from 2010 to 2020, the difference in the effective tax rate between digital and traditional companies did not exceed an average of three percentage points across the selected countries. This threshold of three percent is notably the same as the digital tax proposed by the European Commission as a provisional measure. Since the observed difference consistently fell below this margin, imposing an additional 3% tax on digital services would, in effect, impose a disproportionately higher tax burden on digital firms than on their traditional counterparts.
Classification-JEL: H21, H26, E61
Keywords: Digital services tax, digital economy, tax policy, weighted effective tax rate
Journal: International Journal of Economic Sciences
Pages: 58-80
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117089
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117089?download=4
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:58-80
Template-Type: ReDIF-Article 1.0
Author-Name: Stefan  Petrov
Author-Name-First: Stefan 
Author-Name-Last: Petrov
Author-Email: st.petrov@unwe.bg
Author-Workplace-Name: University of National and World Economy
Author-Name: Svetlana Aleksandrova
Author-Name-First: Svetlana
Author-Name-Last: Aleksandrova
Author-Email: saleksandrova@unwe.bg
Author-Workplace-Name: University of National and World Economy
Author-Name: Silvia Kirova
Author-Name-First: Silvia
Author-Name-Last: Kirova
Author-Email: skirova@unwe.bg
Author-Workplace-Name: University of National and World Economy
Title: Environmental Effects of Green Bonds and Other Forms of Financing in the European Union
Abstract: Prioritising the implementation of environmental policies is a cornerstone for European Union member states. While sharing common objectives, individual countries apply their own approaches to implementing and financing the sustainable development and green transition, considering the national economic characteristics.This raises the crucial question of the extent to which various funding sources contribute to the success of environmental policies. In the past decade, many instruments for financing sustainable development have emerged, with green bonds prominently positioned as a pivotal tool for directing financial flows towards the achievement of green objectives.This paper studies the relationship between the different instruments for financing, such as the availability of issued green bonds, the extent of total debt, economic development, fiscal instruments, and on the other hand the specific indicators used to evaluate the effects of implementing the environmental policies. The study focuses on the environmental policies of European Union member states and associated member states from 2015 to 2022, with the intent to examine the effect of policies on indicators like energy consumption, greenhouse gas emissions, and economic losses from extreme weather events. Through correlation analysis, the study aims to specify the direction and significance of the influence of each independent variable on the dependent indicators. The findings reveal that green bond financing serves as a catalyst for positive changes in reducing energy consumption and carbon emissions, while general government debt emerges as a significant factor in financing environmental policies.
Classification-JEL: G15, H54, Q56
Keywords: sustainable finance, green bonds, environmental policies, environmental effects, greenhouse gas emissions
Journal: International Journal of Economic Sciences
Pages: 81-105
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117097
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117097?download=5
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:81-105
Template-Type: ReDIF-Article 1.0
Author-Name: Vilem Cap
Author-Name-First: Vilem
Author-Name-Last: Cap
Author-Email: Vilem.cap@seznam.cz
Author-Workplace-Name: Prague University of Economics and Business
Author-Name: Marek Feurich
Author-Name-First: Marek
Author-Name-Last: Feurich
Author-Email: feurichmarek@gmail.com
Author-Workplace-Name: Prague University of Economics and Business
Author-Name: Martin Lukavec
Author-Name-First: Martin
Author-Name-Last: Lukavec
Author-Email: lukavec@gmail.com
Author-Workplace-Name: Prague University of Economics and Business
Title: "Action and reaction" - a new public sector effectiveness assessment methodology
Abstract: The main contribution of the paper is the development of a new way of assessing the efficiency of public administration using statistical methods - multivariate regression (identification of exogenous factors) and residual analysis (identification of regression residuals). The methodology presented is intuitive, practical and, if appropriately set up, globally applicable for the evaluation of a wide range of processes taking place in the public sector on the principle of "action and reaction". Putting the methodology into practice can go some way to satisfying the "taxpayer hunger" for information about whether the money they pay in taxes is being used wisely. It makes it possible to assess efficiency in a particular institution or to compare similar processes in several institutions over a given period of time. The methodology has been developed on the basis of audit findings (prepared by the supreme audit institution for the public sector in a democratic state) and their implications. The developed methodology brings a new perspective to the traditional claim that public sector effectiveness is virtually impossible to measure and that factors for objective evaluation of public sector managers cannot be easily established.
Classification-JEL: H83, H50, C80
Keywords: Performance audit, Supreme audit institution, Evaluation, Public administration, Efficiency, Public finance
Journal: International Journal of Economic Sciences
Pages: 106-146
Volume: 13
Issue: 1
Year: 2024
Month: May
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117104
File-URL: https://eurrec.org/RePec/aop/jijoes/0090ES.rdf117104?download=6
Handle: RePEc:aop:jijoes:v:13:y:2024:i:1:p:106-146