<abstract xmlns="http://www.w3.org/1999/xhtml">

The goal of this paper is to present early warning models used in the process of bankruptcy recognition that should meet the terms of good economic condition. Economic condition of a company on a capital market is good when the goal of the business is achieved, namely the increase in value, that occurs with the increase in earnings per share. The results show that the higher scores in a discriminant model, the lower the EPS growth rate. Correlation and linear regression models are applied on a group of observations from companies listed on Warsaw Stock Exchange.
</abstract>

Faculty of Economics and Sociology, Department of Corporate Finance

Faculty of Economics and Sociology, Department of Capital Market and Investments

Are Bankruptcy Models Adequate for Condition Assessment of Companies Listed on Warsaw Stock Exchange?

<abstract xmlns="http://www.w3.org/1999/xhtml">

The research aimed to check whether investment fund managers maintain costs similarly from period to period. The research verified the hypothesis that managers maintain costs in the subsequent periods at a similar level. The study used a method based on contingency tables which are used to analyse the persistence of performance. In this study, we replaced performance with costs, assuming that managers also control these values. Costs were defined as: (1) total costs, (2) total costs minus management fees and (3) active management costs (expressed as the active expense ratio). Based on the results obtained, it should be stated that managers maintain costs at a similar level from period to period in the case of the split using the median. On the other hand, the results indicate that the costs were not maintained at a similar level in subsequent periods when broken down into quartiles. Considering the detailed results for funds divided into quartiles, it is clearly visible that most managers keep the costs close to the average value. Less frequently, costs from period to period are changed to be allocated to the extreme quartiles.
</abstract>

Mutual Funds’ Cost Persistence

<abstract xmlns="http://www.w3.org/1999/xhtml">

This study explores the relationship between CFO qualifications and a firm’s internal control weakness (ICWs). We use three measures for CFO competence: financial/accounting background, seniority, and education. Using a sample of Taiwanese listed firms from 2012 to 2015, the results of this study show a negative relationship between CFO financial/accounting background and seniority with internal control weakness, indicating firms with higher quality CFOs experience a lower number of ICWs. CFO education level, however, is not related with a firm’s internal control weakness. The results imply that capable CFOs can effectively implement a good internal system. The result of this study provides practical and policy implications.
</abstract>

An Associate Professor of Framingham State University

Department of Accounting, Economics, and Finance

The Relationship Between CFO Qualifications and Internal Control Weakness

<abstract xmlns="http://www.w3.org/1999/xhtml">

This study applied a logistic regression model to determine the odds ratio of selecting clean versus unclean energy as the main household fuel choice. This study also undertook to establish the coefficients of the factors determining household fuel energy choice. A large microeconomic dataset from KIPPRA’s comprehensive study and analysis on fuel use patterns in Kenya (2010) was employed to carry out the analysis. This study employed a multinomial logit regression model to determine the fuel choices and patterns of cooking fuels in urban Kenyan households. The results showed that in addition to income, there are several socio-demographic factors such as education, gender, and age that were important in determining household fuel choice. To encourage clean fuel use, the authorities should carry out public education campaigns, and ensure the availability of these fuels in all areas to avoid harmful effects of biomass fuels and kerosene, and more modern and efficient appliances should be made available at affordable rates to ensure more efficient use of these forms of clean energy.
</abstract>

Household Fuel Choice in Urban Kenya: A Multinomial Logit Analysis

<abstract xmlns="http://www.w3.org/1999/xhtml">

The issue of the relationship between financial literacy and entrepreneurship is still not a fully explored research area. On the one hand, there are common views that financial literacy and education in finance are necessary in every individual’s life, and that an insufficient level of financial literacy may result in erroneous economic decisions. On the other hand, research on the impact of narrowly defined financial literacy on business start-up decisions is still rare. As a result, there are no clear indications regarding the need for education in the area of finance in order to stimulate entrepreneurial decisions, including the survival of launched economic undertakings. This article deals with the relationship between financial literacy and chosen entrepreneurial aspects such as 1) Phases of Entrepreneurial Activity; 2) Entrepreneurial potential; 3) Motivation; 4) Involvement in the technology sector; and 5) Business exit reasons. All of the above aspects are embedded in the context of financial literacy. The article sheds light on the relationship between financial literacy and entrepreneurship and creates a background for further attempts to deepen understanding of this issue.
</abstract>

Associated Professor of University of Information Technology and Management in Rzeszów

Assistant Professor of Comenius University Bratislava

Faculty of Management, Department of Entrepreneurship

Associated Professor of Comenius University Bratislava

Financial Literacy and New Business Entry

<abstract xmlns="http://www.w3.org/1999/xhtml">

Scope of the article will cover analysis of special customs procedures and other facilitations that can be used in MRO business. The two research questions that are answered in the paper are: what customs procedures can be used, how they work and if those can reduce costs of MRO operations significantly. There are two research methodological approaches used in this article: qualitative and quantitative. Results show a great difference in savings between two variants, in which one would present a very basic level of special customs procedures usage and a variant in which all presented possibilities would be applied. Research results showed many possibilities for changes in the customs strategy of a company interested in evolving it and generating savings from many facilitations due to usage of special customs procedures as well as a compact explanation of how the application of a special procedures process looks. This article may be interesting for both: scientists and specialists working in the field of customs as well as for the companies working internationally with a lot of imported materials needed to perform work on an engine or aircraft. The authors’ conclusion is that even small companies might learn a lot from the analysis given in this article, due to the fact that the knowledge gathered here can give a greater understanding of customs knowledge presented in this article, combined with knowledge about other taxes will give an extraordinary advantage on the market for companies in MRO, or a similar industry.
</abstract>

The Role of Customs Procedures in Reduction of Maintenance, Repair and Overhaul Costs in the Aviation Industry

<abstract xmlns="http://www.w3.org/1999/xhtml">

The collapse of the USSR significantly affected the economic and political situation of all the republics which gained sovereignty as a result. Among them were countries such as Estonia and Kazakhstan. This article considers whether these countries have coped with the new political conditions. Using known economic indicators, a comparison was made of the economic and financial situation of both countries, pointing to the potential causes of diversification of their socio-economic development. Currently, Estonia is considered the most developed country of the 15 former members of the USSR, and Kazakhstan is in 5th place. The research carried out in this paper shows that the current economy of Kazakhstan is clearly moving away from that Estonia needs radical measures to achieve economic acceleration. The authors, analyzing the strategic activity of Estonia and Kazakhstan and the independence of financial management, concluded that these have had a significant impact on the current state of economic and financial development of the countries in question.
</abstract>

University College of Applied Sciences in Chełm

Estonia and Kazakhstan. Financial and Economic Fate of Economies After the Collapse of the USSR

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