Current Issue : July - September Volume : 2018 Issue Number : 3 Articles : 5 Articles
The austerity implementation experience of the Estonian Government during the European\nfinancial crisis has high value both in practical terms when improving preparations for\nfuture crises, and as a case for academic research, especially when compared with the other\nBaltic States and Visegrad countries. The crisis response was even more complicated as a\nsimultaneous goal was set to fulfil Eurozone accession criteria. When studied carefully, the\nEstonian experience is valuable from the wider future perspective as it offers experience\nand answers to whether extreme austerity is an efficient solution to counter a financial\ncrisis, the economic and social costs it includes, the best administrative practices to be\nsuggested when implementing austerity and some hints how to implement unpopular\nausterity politically....
The presence of economies of scale allows industries and companies to have better profits.\nIn the present study, the translog cost function of a manufacturing company in Mexico is\nestimated during the period January 2013 to September 2016 to know the type of returns to\nscale that the company has. The results indicate that elasticity of production with respect to\ncost is one, where increases in production lead to increases in the same proportion in costs.\nThe theory indicates that there are 3 possible ways in which a company could operate with\neconomies of scale and minimize cost: the first is to analyze if the number of workers is\noptimal and we conclude that the number of employees is optimal. The second reason\nconsists of the ability to manage the costs of the company. Actually this company uses a\nstandard cost system which is proposed to analyze whether the management of the\ncompany is more effective to consider a new form of cost, so an analysis is done through\nActivity-Based Costing (ABC). The results indicate that for models that are manufactured in\nsmall and medium assembly lines, considering ABC costing would be beneficial. The third\nreason a company can operate with economies of scale is that the company must have\nflexibility in the use of inputs and thus organize its production process more effectively.\nAccording to the results, it is observed that there is very little substitution between labor\nand freight (-0.075) and between labor and administrative cost (-0.057)....
In the past thirty years, the United Arab Emirates non oil sector's contribution to GDP has\nbeen rising, the rise of a number of advantages of the industry, such as real estate, trade,\ntourism, construction, finance, shipping, processing industries. This led to the prosperity of\nthe UAE economic market. UAE has a stable political environment and security community,\nand keep a good relationship with the major countries. Although the UAE is involved in some\nareas of conflict, but it has no impact on the overall situation. It has a wealth of oil and gas\nresources, is one of the most affluent countries in the region and the world, of which the\ngovernment develop a comprehensive development strategy and efforts to develop non oil\nand gas industry.\nAlthough UAE has the most diversified economy in the GCC, the UAE's economy remains\nextremely reliant on petroleum(oil). With the exception of Dubai, most of the UAE is\ndependent on oil revenues. Petroleum and natural gascontinue to play a central role in the\neconomy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the\noil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively\nconservative in their approach to diversification, Dubai, which has far smaller oil reserves,\nwas bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget.\nThe United Arab Emirates attaches great importance to infrastructure construction, and regard\nit as the basis of economic and social development. Since 70s, the UAE government has\ninvested heavily in the construction of infrastructures, so as to create a favorable environment\nfor foreign capital to enter Dubai. The United Arab Emirates as the most important financial\nand traffic center of the area, perfect legal system, has clean government and a good\ninvestment environment. Although affected by the 2009 Dubai debt crisis and the 2014\ninternational oil prices and other unfavorable factors, but the overall economy is still\nmaintained growth momentum. As an important hub in the Middle East, and the ancient\nmaritime Silk Road of the important station, United Arab Emirates has \"The Belt and Road\"\nstrategic prospects. In the context of oil prices, the United Arab Emirates non oil economic\ndevelopment is still strong, the development of infrastructure gets maintain stable growth,\nand investment risk is low....
Nowadays, an omnipresent problem of resource scarcity and a need for reduction of waste\ngeneration make a discussion about eco-friendly production models more serious than ever\nbefore. Actions leading to a long-term sustainability of the Earth should not be treated as\nfashion but as normal practice no matter what branch they concern. A building sector is one of\nthe world�s largest waste generators. Fortunately, the Circular economy (CE) can help to\ndiminish an environmental impact of the construction industry. Remembering the business\nprinciple what gets measured gets done, there is a need to create new measures of CE thinking in\nconstruction companies. These can be helpful in the assessment of the degree to which CE is\nimplemented in the entities. However, so far there have been no scales of such\nmeasurement.The article presents two approaches; deterministic and probabilistic. First\napproach is responsible for the calculation of total performance of the company in terms of CE\non the basis of inputs given by experts. Second method allows calculating the probability of the\nconstruction enterprise maturity in terms of CE and thus reliability of the deterministic\nestimation of this indicator thanks to the Monte Carlo simulations. The scale is based on an\nanalysis of five phases of construction projects: design, production of building materials,\nconstruction processes, maintenance and end-of-life. Then, three levels of consideration are\nproposed in the model: organization, process, and workgroup. Results show that the scale can\nbe useful for measuring the circularity thinking in the construction sector....
Developing international trade relations leads to the idea that an implementation of a\nunitary and uniform legislation according to the requirements and provisions of\nInternational Accounting Standards and European Directives is mandatory so defining\naccounting harmonization is very important. The assessment of the company�s\nimplementation capacity is the basic principle to be followed before pursuing\nharmonization. By applying the legal regulations the companies provide financial\ninformation which must be accurate. In order to have a certain degree of confidence in the\nproduced information, it must be easily verifiable in terms of accuracy. Therefore, in order\nto support the accuracy and precision used in the context of measurement it is important to\nhave supporting documents that are sufficient and appropriate. The main purpose of the\nperformed work is to analyse the degree with which the accounting harmonization will\nenhance the credibility of the financial statements and add value to the company�s business\noperations. In order to do this, we have performed a qualitative research study by analyzing\nthe responses of a group of 20 professionals- 10 auditors and 10 accountants, given in the\ndistributed questionnaires during March-May 2017 within four companies, located in\nBucharest. The results proved that the harmonization process is useful and brings multiple\nbenefits to the professional�s day-to-day activities and that they play a very significant role\nin the process of harmonization by actively presenting various comparative analysis...
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