Keith Bamwesigye – Alexandra Dolgošová – Aminata Lahai - ASSESSING THE IMPACT OF A8 IMMIGRANTS ON UK WAGES (Hodnotenie dosahu prisťahovalcov z krajín A8 na mzdy v Spojenom kráľovstve)
Abstract: The aim of this report is to analyse the effect of immigration from A8 countries on wages of UK residents using the UK Labour Force Survey data. The analysis fi nds no signifi cant overall impact of A8 immigration on the wages of those already resident in the UK. Our fi ndings suggest that it is not necessary for policy makers to impose additional restrictions on immigrants from the European Union. Furthermore, any potential negative effects on unskilled resident workers can be mitigated by policies such as a robust minimum wage.
Keywords: immigration, wages, EU, impact;
EEA – European Economic Area – comprises of the EU Member States and Iceland, Liechtenstein and Norway
EU – European Union
EU15 – [Was] the number of member countries in the European Union prior to the accession of ten candidate countries on 1 May 2004. (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom)
EU8/A8 – Central and Eastern European countries that entered the EU on May 1, 2004. (The Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia)
WRS – Workers Registration Scheme
JEL: J 61, J 68
str./pp. 147-167
Monika Šestáková - Soňa Ferenčíková - RESTRUCTURING OF THE BANKING SECTOR IN SLOVAKIA OVER THE LAST TWO DECADES (Reštrukturalizácia bankového sektora na Slovensku počas ostatných dvoch desaťročí)
Abstract: The paper analyses key changes in the structure and behaviour of the banking sector in Slo-vakia over the period of the last 20 years. Slovakia is a special case among CEE countries; it went through revolution under Czechoslovakia in 1989, splitting from the economically stronger part to become independent in 1993, transforming the economy including the banking sector, which resulted in the highest participation of foreign capital in it in the region. The country introduced the Euro and was able to cope successfully with the economic and fi nancial crisis. In the fi rst half of the 1990s, the Slovak banking system was ineffi cient, with a high share of bad loans. As a solution to these problems, the pre-privatization measures and the privatization itself at the turn of the millennium is briefl y analysed in the paper. The main form of privatization was the acquisition of local banks by foreign banking institutions. Foreign investors brought new knowhow and made the system more fl exible and competitive. Currently, due to high capital adequacy and cautious credit policy, the system is relatively stable and able to cope with increased risks in their environment.
Keywords: banking sector, monetary policy of the central bank, development of assets and equity of commercial banks, role of foreign capital, profi tability of banks, capital adequacy ratio, euro adoption in Slovakia, impact of the global financial crisis
JEL: G 20
str./pp. 168-187
Ričardas Mileris - THE IMPACT OF BANKS’ CREDIT POLICY CHANGES ON BUSINESS INVESTMENTS (Vplyv zmien v úverovej politike bánk na investície do podnikania)
Abstract: The business investments play one of the most important roles in the country’s economic growth, so the analysis of the investments statistics and the understanding of factors infl uencing the investments allow to forecast the country’s economic development. Large part of business investments consist of borrowed capital, which is often not easy to obtain during the economic downturn and recovery periods. In recent years, signifi cant business cycle fl uctuations were observed in many countries; likewise, the banks’ loan portfolio quality and amount indicators were affected. This research reveals the interrelations between banks’ loan portfolio and business investments in Lithuania and other EU countries. The quantitative statistical analysis helps to understand the changes in trends in current business investments.
Keywords: bank, investments, loan portfolio, macroeconomics, statistical analysis
JEL: C 38, E 32, G 21
str./pp. 188-204
Lea Škrovánková - Zsolt Simonka - ANALÝZA DÔCHODKOVÉHO SYSTÉMU V SÚČASNOSTI (Analysis of Contemporary Pension System)
Abstract: The paper examines the contemporary state-of-the-art of pension reform in Slovakia and deals with the analysis of actuarial accounts, which are currently used in European pension funds. As a result of the unfavourable situation in the area of citizen old age pension scheme, the Government of the Slovak Republic is facing one of the most complex tasks in recent years – the pension system reform. There are several reasons: aging of population, demographic development, rising number of pensioners, rise in pensions as a consequence of valorisation connected with infl ation, while with the ageing of population and increase in unemployment, the number of those who paid into the system decreased. This kind of situation is, in essence, in every country of the European Union, which is analysed in the present paper. The authors of the paper examined a three-pillar functioning pension system in detail. The main aim of the paper is to describe the pension reform that was based on the introduction of the second pillar. This way a completetly new pension system managed – apart from the Social Insurance company – also by pension management companies.
Keywords: pension, pension scheme, pay-as-you-go fi nancing, funding fi nancing, actuarial formulas
JEL: J 1, K 3
str./pp. 205-221
Miroslava Szarková - MANAŽÉRSKE KOMPETENCIE V PERSONÁLNOM MARKETINGU (Managerial Competences in Personnel Marketing)
Abstract: Current fi nancial crisis, has signifi cantly increased the number of free labour force on the labour market, while at the same time modern methodologies and approaches have arisen in the recruitment process. This need created thorough foundations for personnel marketing theory development, as well as practical tools used, and in this respect, a new attention is paid to competences used in the area of personnel marketing. The aim of the article is to analyse theoretical approaches towards the defi nition of competences in personnel marketing, and within empirical research to defi ne their contents and structure. The article provides the list of competences within the area of personnel marketing in the way corporate managers in Slovakia perceive them.
Keywords: competence, competence in personnel marketing, personal marketer, labour market
JEL: M 5, M 12, O 15
str./pp. 222-233
Katarína Máziková - Norbert Seneši - ZMENY V TRANSFEROVOM OCEŇOVANÍ V SLOVENSKEJ REPUBLIKE (Changes in Transfer Pricing in the Slovak Republic)
Abstract: In today’s globalized world, there are numerous links between business entities, which results in the realization of transactions between these entities. Transactions between dependent persons need not always be carried out under normal market conditions, which affects profi t in accounting and income tax base. Transfer pricing is a current theme of international scope, which covers a number of disciplines, including in particular taxation, accounting and business management. As a result of legislative changes in transfer pricing in Slovakia, a number of fundamental changes occurred in the previous period. The most signifi cant of them can be considered as the extension of the application of transfer pricing rules since 2015 also for domestic dependent persons, while previously this obligation was related only to foreign dependent persons. Furthermore, during the 2014 there was also issued a new guidance of the Ministry of Finance of the Slovak Republic determining the content of the documentation about the transfer pricing method, which for some taxpayers represents a reduction of administrative burden, for others its increase.
Keywords: transfer pricing, transfer pricing documentation, dependent persons, taxpayer, tax base, income tax
JEL: H 25, H 26
str./pp. 234-241
Lenka Kalusová - MODELOVANIE VPLYVU FAKTOROV DETERMINUJÚCICH FINANČNÚ ŠTRUKTÚRU PODNIKOV V ODVETVÍ VÝROBA STROJOV A ZARIADENÍ (Modelling the Impact of Factors Determining the Financial Structure of Enterprises in the Machinery and Equipment)
Abstract: The issues of obtaining various funding sources and afterwards the possibilities of shaping fi nancial structure remain to be current topics of discussion. During the period of the global fi nancial crisis, the conditions for obtaining bank loans tightened, the access to these sources of funding was diffi cult. The possibilities of obtaining some funding sources are therefore infl uenced not only by internal fi rm factors, but also by macro-environment and industry factors. Therefore, in this paper we focus to research the infl uence of the direction and intensity of selected factors on the fi nancial structure of enterprises. We used the method of multiple regression analysis as the main research method. The research results show interesting facts about the factors that determine the fi nancial structure of enterprises.
Keywords: financial structure, factors model, macroeconomic factors, industry factors, firm factors
JEL: G 30, G 32
str./pp. 242-255
Jana Mikócziová - DYNAMICKÝ PRÍSTUP K OPTIMALIZÁCII KAPITÁLOVEJ ŠTRUKTÚRY PODNIKU (Dynamic Approach to Optimizing Corporate Capital Structure)
Abstract: The optimal capital structure issue is investigated by both theoretical and empirical models, some of which are static and some are based on a dynamic approach. The dynamic approach is based on the assumption that the actual capital structure may not be optimal, and analyzes the process of the gradual adjustment to the optimum. The aim of the paper is – based on theoretical models of corporate capital structure – to point out some possible reasons for the deviation from the optimal capital structure and the possibilities of its optimization, as well as to explain the dynamic empirical models and the resulting determinants of adjustment speed.
Keywords: capital structure, leverage, trade-off model, pecking order theory, dynamic model of capital structure, adjustment speed
JEL: G 32
str./pp. 256-262
Peter Ondrčka - ZDAŇOVÁNÍ VÝNOSU Z PRODEJE CENNÝCH PAPÍRŮ V ČESKÉ REPUB-LICE A VE VYBRANÝCH ZEMÍCH EVROPSKÉ UNIE (Taxation of Proceeds from Securities Trading in the Czech Republic and in Se-lected EU Countries)
Abstract: The subject of this paper is the effectiveness of selecting the securities portfolio in relation to investment risks. The examination focuses on the risk of changes in income securities trading. Comparison of the proceeds of the securities portfolio in relation to legislative changes in taxation revenue is next to examining the risks of changes in interest rates and infl ation a precondition of portfolio optimisation.
Keywords: capital market, portfolio selection, tax rules, fundamental analysis, technical analysis, evaluation, risk management, portfolio theory, optimisation, tax time test
JEL: G 1
str./pp. 263-270
