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Fiscal policy directions of small enterprises and anti-crisis measures on modern stage: during the transformation of Georgia to The EUPublicationresearch articleAbuselidze, GeorgeApskaitos ir finansų mokslas ir studijos: problemos ir perspektyvos / Science and Studies of Accounting and Finance: Problems and Perspectives, 2018, vol. 12, no. 1, p. 1-11The paper is aimed to determine the optimality of taxation, that can be used to plan and implement effective anti-crisis measures. Objective is not to define or diagnose crisis and suggest strategies, but to offer methodologies, that can be used to determine the influence of formal and informal institutions of company’s ongoing activities. To develop recommendations for avoiding business crisis situation and support its development. The theoretical and methodological basis of the research is the main provisions of the market economy, legislative and regulatory acts of Georgia and foreign countries, statistical data of Georgia, the global risks report, government bodies and business structures in this field. In the process of analysis of the actual material, together with the general scientific method of research, is used: systemic analysis, comparative analysis of scientific literature, statistical analysis, analogy and other methods. As a result of researches it is established that developed countries emphasize the importance of fairness, while developing countries are mainly focused on mobilizing budget revenues and lesser consideration of fair taxation principles, since the tax system performs a fiscal function more effectively than developing countries. In our opinion, the main idea of tax policy should be the optimal distribution of tax literacy on the basis of a direct definition of income of taxpayers or progressive taxation. Practical implementation of the proposed proposals will facilitate further improvement of the social climate in the country, revitalize small and medium businesses, and solve the problem of employment in the country. 189 166
- research articleChiladze, IzoldaApskaitos ir finansų mokslas ir studijos: problemos ir perspektyvos / Science and Studies of Accounting and Finance: Problems and Perspectives, 2018, vol. 12, no. 1, p. 12-19Profitability is one of the fundamental directions of the financial stability of enterprises. Resources in nature are finite. Thus, the effective use of resources by each enterprise is of great interest to the public. The Profit is a means of expanding of production, of material incentives, of growth of investments and state revenue. Profit is also used by enterprises to finance employees’ awarding charitable and other programs. So, in order to make the enterprise profitable, it is important for owners, employed personnel, the state, and the whole society. Consequently, the research of the factors that increase the profitability of enterprises is always relevant. Purpose of the article is to create a multifactorial model of profitability. Therefore, the object of research is the system of indicators of profit and profitability. The article discusses different indicators of profit and profitability of the enterprise. On the basis of their logical and qualitative analysis, the most general indicator was selected: the ratio of annual profit (profit before taxation) to total assets. The purpose of the research was exactly to create a new factor model of this indicator. Based on the logical analysis, synthesis and professional judgment methods, eight indicators were selected which influence the profitability change and whose insertion (layout) into one model is possible and reasonable. And the method of so-called absolute difference is used to measure the influence of factors affecting profitability. For the testing of this model, the article uses the data of the Teliani Valley financial information of the Georgian wine company. This company was very interesting because it was the most financially stable and high-profile one but it became unprofitable for the past three years. As a result of the logical and empirical analysis of the factor-indicators of the new multi-factor model, it is obvious that this model can be used in all branches of the economy, except for commercial banks. Annual use of this factor model of profitability will be intellectual assistance for management of companies in order to find negative factors for profitability change and to make relevant decisions.
108 139 Attractiveness of Latvian, Lithuanian and Estonian venture capital markets for international investorsPublicationresearch article ;Jakusonoka, IngridaZarina, KristineApskaitos ir finansų mokslas ir studijos: problemos ir perspektyvos / Science and Studies of Accounting and Finance: Problems and Perspectives, 2018, vol. 12, no. 1, p. 20-27Business start-ups, small and medium sized companies face financial difficulties to finance their innovative activities, which hinders innovative products from commercialization. This mainly results from the high risks and information asymmetries involved in such projects. Standard debt financers are reluctant to take these risks, besides the young enterprises lack collateral to receive the credit. However, the risk tolerance for investors differs as well. One of the alternatives for bank loans is venture capitalists, who rather become partners than creditors of young, innovative companies with growth potential. Particularly venture capital or the so-called “smart money” is what financially supports such business ventures, provides funding for technological transfer and commercialization. The authors of the present paper have chosen to examine and compare the venture capital attraction possibilities in the Baltic States using Venture Capital and Private Equity Country Attractiveness Index (by Groh et al.) data for 2012-2018. Venture capital market development is currently a very topical issue for the Latvian government, taking into consideration the critical importance of venture capital for financing innovation. Becoming the leader in the venture capital sector and No. 1 choice of start-up companies in the Baltics are now the objectives of the government of Latvia. It was therefore relevant and important to compare venture capital attraction possibilities in Latvia, Estonia and Lithuania to see and analyse in which aspects Latvia lags behind its neighbouring countries and in which it succeeds. The paper compares the six main factors or key drivers which determine the attractiveness of venture capital markets. According to Groh et al. (2016), these factors are: 1) Economic Activity; 2) Depth of Capital Market; 3) Taxation; 4) Investor Protection & Corporate Governance; 5) Human & Social Environment and 6) Entrepreneurial Culture & Deal Opportunities. However, the results of the research reveal that the main problems for international investor attraction in the Baltic States are underdeveloped capital markets and low economic activity. Latvia, unfortunately, is the most unattractive for international venture capital investors. Nevertheless, it has experienced the fastest growth during six years, which means that there is potential for becoming a leader in the venture capital sector. The present paper reveals the aspects to be improved for becoming more attractive for venture capital investments. 146 88 Listinguojamų bendrovių akcijų kainų ir finansinių rodiklių tarpusavio ryšysPublication[Relationship between stock prices and financial ratios of the listed companies]research article ;Jakusonoka, IngridaZarina, KristineApskaitos ir finansų mokslas ir studijos: problemos ir perspektyvos / Science and Studies of Accounting and Finance: Problems and Perspectives, 2018, vol. 12, no. 1, p. 28-36Ryšys tarp listinguojamų bendrovių akcijų kainų ir finansinių rodiklių pasaulyje jau seniai analizuojamas įvairiame kontekste - tiriamos skirtingų sektorių bendrovių akcijų kainų tarpusavio ryšys su skirtingais finansiniais rodikliais skirtingu laikotarpiu, todėl rinkos sąlygoms keičiantis taip sparčiai, iškyla būtinybė atnaujinti tyrimus šia tematika. Ankstesnių mokslinių tyrimų analizė parodė, kad yra daug skirtingų finansinių rodiklių, kurie gali turėti įtakos akcijos kainai. Tyrime naudojami 2010–2017 metų Lietuvos pieno perdirbimo akcinių bendrovių, listinguojamų Baltijos šalių biržoje, duomenys. Siekiant nustatyti, kokie finansiniai rodikliai daro įtaką akcijos kainai, suskaičiuotos vidutinės metinės akcijų kainos ir atlikta koreliacinė analizė. Statistiškai reikšmingi ryšiai nustatyti tarp akcijos kainos ir ilgalaikio turto apyvartumo ir absoliutaus trumpalaikio mokumo, tai yra didėjant ilgalaikio turto apyvartumo bei absoliutaus trumpalaikio mokumo rodikliams, akcijos kaina mažėja. Skaičiuotas Spirmeno koreliacijos koeficientas atskirai kiekvienos bendrovės atveju. Įvertinant koreliacinės analizės rezultatus, sudarytas statistiškai reikšmingas tiesinės daugialypės regresijos modelis, kuriame aprašyta kaip akcijos kaina priklauso nuo ilgalaikio turto apyvartumo ir bendrojo trumpalaikio mokumo rodiklių: didesnis ilgalaikio turto apyvartumas mažina akcijos kainą, o bendrasis trumpalaikis mokumas didina. 212 382
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;Pilvere-Javorska, Aija ;Pilvere, IrinaRivza, BaibaApskaitos ir finansų mokslas ir studijos: problemos ir perspektyvos / Science and Studies of Accounting and Finance: Problems and Perspectives, 2018, vol. 12, no. 1, p. 37-46Stock market is alternative place to bank lending for company’s finance and contributor to economic development. Baltic States is market, which traditionally is perceived as one, however it is comprised of 3 separate stock markets. Research aim was to conduct comparative analysis of stock market development performance post-recession in the Baltic States.. In order to perform analysis, number of listed companies, their market capitalization and structure in Baltic States were analyzed and also compared to main economic indicators structure in 2008-2018 6 months. The main research methods are: analysis, synthesis, the logical construction method, the induction and deduction methods, as well as time series analysis. Authors have determined main stock market performance indicators and compared stock market indicators structure with Baltic region’s economic structure. Research results indicates that number of listed companies had increased only in Estonia, also market capitalization there had experienced their value to more than double in analyzed period. In Lithuania number of companies had declined, while market capitalization the growth was slower when compared to in Estonia, while more linear. In turn, stock market capitalization and number of listed companies in Latvia were declining in 2008-2018 6 months. Overall number of listed companies in Baltic States was decreasing, while their market capitalization is increasing, but still is only 60% of value it was in pre-recession year 2007. In Estonia and in Lithuania average listed companies are larger in size, when compared to in Latvia. Size of average listed companies on stock market in Estonia and in Lithuania more than doubled in size, while in Latvia it showed insignificant growth. Stock market indicators’ structure had insignificant deviations from the main economic indicator structure in 2008, while in 6 months 2018 dynamics in Latvia stock market parameters had dropped in the structure among all 3 Baltic States. Overall, in Latvia stock market is lagging behind, when compared to one in Estonia and in Lithuania in analyzed period, thus all 3 Baltic States has had asymmetrical recovery and development speed post-recession. 92 62