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Athletes—the invisible resources of sports organizations
105-110Views:307Sports organizations must prepare an annual report on their operation and assets, pursuant to the current Act on Accounting. However, when preparing this report, one must face the difficulty of defining the value intellectual assets and human resources represent, and the impossibility of its inclusion in financial statements. Therefore there is a significant difference between the value shown in accounting and the fair value of sports organizations.
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The effects of global real economic crisis on the markets for fossil and renewable fuels
51-56Views:309The 2008/2009 world economic crisis had significant impact on the oil and fuel markets. The crisis developed from the meltdown of American and European mortgage and financial markets and rapidly involved the global real economy. As each country reacted differently to the crisis, the changes in the fuel market also showed significant geographic variation. In our present research, the actions of the US, German and Hungarian fuel markets were analysed for the answer to the reasons for the differences in crisis reactions. We examined the tendency of fuel consumption, the changes of price elasticity for gasoline and diesel and the possible effects of the crisis on the regulatory system.
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Agrarian budget as an instrument of agrarian development policy of Serbia
Views:260Purpose of the research is to emphasize the role of agrarian budget in development of Serbian agrarian economy and to examine the problem of agricultural and rural development financingsupport.Furthermore, in this research initial reforms of economic measures have been analyzed concerning Serbian agrarian policy. The goal of this paper is to provide an insight into the role of agricultural budget in agrarian policy of Serbia.The first part of the study gives an overview of macroeconomic situation in Serbia and impact of the financial crisis on Serbia’s economy. Second part includes analysis of the topic item, i.e. agrarian budget role in Serbian agrarian sector. It includes review of relevant literature and researches already conducted on legislation and practice of Serbian agrarian policy as well as examination of statistical data regarding present agrarian budget for 2009.The research focuses at the Serbian agrarian budget for 2009 and agrarian policy of the present Serbian government administration.
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Analyzing soundness of nationalized banks in India: a camel approach
73-78Views:376Performance of the economy of any country is largely dependent on the performance of its banking sector. Since, banking sector constitutes a major component of the financial service sector. Soundness of the banking sector is essential for a healthy and vibrant economy. The efficiency, productivity, profitability, stability and a shock free economy is possible only when a country is having a sound and healthy banking sector. The present research work has been undertaken to analyze the soundness of five nationalized banks in India. In order to measure the performances of these banks CAMEL MODEL Approach has been applied, incorporating important parameters like Capital Adequacy, Assets Quality, Management Efficiency, Earnings Quality and Liquidity. The finding of the study shows that Bank of Baroda has been ranked at the top position, the Union Bank of India and Dena Bank secured the 2nd position, the next was the State Bank of India which secured the 4th position and in the last position was the UCO Bank which secured the 5th position.
JEL Code: G2, G12, G21, G32& G33.
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DIVESTITURE POST MERGERS AND ACQUISITIONS IN INDIA – REASONS AND MODEL TO PREDICT
Views:233Divestitures post-acquisition are a common occurrence yet the jury is still out on whether they represent correction of prior mistakes or are a restructuring tool to improve performance in the hands of managers evaluating overall portfolio of assets. We take a sample of 1,344 deals buy Indian public listed buyers from 2000 to 2020 of which 13% were followed by a divestiture to create models to predict if an acquisition is likely to be followed by a divestiture or not using logistic regression and discriminant analysis. Our model is more than 75% accurate in its prediction even when tested on unselected data (new data for the model). We find support for portfolio theory and reject the correction of prior mistakes theory to explain post-acquisition divestitures. We support the theory that financial constraints leads to post acquisition divestiture. We also support the theory on indigestion that post acquisition divestitures are due to cookie-jar problem where buyers are finding it difficult to integrate. Increased volatility and poor mean stock price returns both contribute to conditions leading to such divestitures. The model constructed is useful for shareholders and other stakeholders to predict whether a divestiture will follow an acquisition or not. Managers can also use the model to predict eventual outcome of their acquisition decisions.
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Economic results of Croatian farms
53-58Views:323The objective of the paper is to provide an overview of the situation and performance of Croatian farms. Croatian farmers rarely keep business books and therefore farm level business data are deficient. Croatian accession to the European Union in 2013 brought numerous innovations to agricultural sector. One is introduction of Farm Accountancy Data Network (FADN) which aims to determine the impact of the Common Agricultural Policy on national agriculture of EU member states. The sample of Croatian FADN comprises 1,250 commercial farms. The paper brings results of agricultural sector financial analysis for the period 2011-2013. Total farm output decreased, but since the stronger decrease trend occurred in total inputs, this led to positive trend of gross and net farm income in the year 2013. Positive results are also shown at efficiency and productivity of Croatian farms. In the years 2011 and 2012 farms operated below the efficiency level while in 2013 efficiency increased above the efficiency level. In the observed period there was a 70% increase in productivity. The analysis shows that the most efficient farms are those in vegetables and flowers type. It also has the highest debt ratio due to their capital intensiveness. The vegetable and floriculture farms have the largest gross farm income in all three analysed years, but with a large drop in 2013, while the farms in type pigs and poultry have largest increase of gross farm income in last observed year.
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Investment analysis of plum brandy production – methodology approach
103-105Views:271The major prerequisite of successful entrepreneurship venture is quality of decision-making process. Decision in investment is the most important financial decision. It is a part of both long-term business planning process and strategic business definition. Using available investment appraisal methods, entrepreneur should make positive or negative investment decision. Within the development of the economic theory and the practice many of methods made decision-making process rational and gave the scientific and practical base for successful project evaluation.
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The impact of the “greening” of the common agricultural policy on the financial situation of Polish farms
49-55Views:507This paper presents an assessment of the impacts of introducing the greening scenario of the CAP, proposed by the European Commission as an alternative for the reformed CAP after 2013. In the past, the CAP has undergone numerous transformations in response to the changing macroeconomic environment and in reaction to developments in the farming sectors in EU countries. On the 12th of October 2011, the Commission presented a set of legal proposals designed to make the CAP a more effective policy to encourage more competitive and sustainable agriculture and vibrant rural areas. The proposal brings various new elements under consideration, some of them raising strong controversies such as introducing “greening” as a component of direct payments. Changes in the direct payments scheme in line with the EC proposition include forcing adjustments in the cropping pattern and creating ecological focus areas (EFA) on 7% of the farm land ; the consequences of such a proposal on the size and structure of agricultural production, and thus on the economic performance of farms and the whole agricultural sector are uncertain. The authors analyse historical changes to the CAP with a focus on a growing importance of the environmental component of the CAP, discuss different scenarios of shaping the direct payments system and present the results of modelling the impacts of greening the CAP on the Polish farming sector with the use of the LP optimisation model. The study was based on Polish FADN data. Results show that the majority of farmers in Poland comply with the crop diversification constraint of greening. However, establishing the required EFAs and necessary diversification on farms with simplified cropping structures will have a negative impact on the volume of agricultural production as well as on farm incomes.
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