Search

Copyright of Social Inequalities & Economic Growth / Nierownosci Spoleczne a Wzrost Gospodarczy is the property of University of Rzeszow and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Modern information technologies and their impact on the analysis of financial activities of the enterprise are examined in the article. The analysis of software products is carried out. The most widespread applied automated programs for the analysis of a financial and economic condition and management of the enterprise which are applied in the conditions of the modern market are resulted. The main functions of computer programs used for analytical research in various enterprises and their general characteristics are described. Due to high-speed digitalization there is a general change in the conduct of business accounting, accounting, reporting, financial analysis, which are an integral part of the operation of enterprises. The introduction of automation of financial analysis of the enterprise is justified. It is determined that computer technology has greatly simplified the collection, generalization, transmission, maintenance of information, as well as increased the accuracy and efficiency of its analysis. It is characterized that modern IT-technologies make it possible to analyse process at the enterprises more accurately, faster, qualitatively that increasees efficiency of the enterprise's financial analysis which occurs due to the analysis terms reduction, use of considerable quantity of information on financial and economic activity, calculation mistakes decrease, various uses of modeling and optimization methods. It is established that the current information and communication technologies establish the need for constant improvement of analysis and accounting in enterprises, which will make the process of conducting them competitive, more efficient and high quality, as well as simpler and cheaper. Based on the comparative assessment of software products available on the market, it is determined which of them are the most optimal for large, medium and small enterprises. The directions of further scientific researchers are defined. [ABSTRACT FROM AUTHOR]

Copyright of Economic Sciences / Nauki Ekonomiczne is the property of Nauki Ekonomiczne and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Polish Statistician / Wiadomości Statystyczne is the property of State Treasury - Statistics Poland and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study analyses the environmental and social management practices' impact on the organisations' economic performance via the mediating role of social and environmental performance. Moreover, it investigates the impact of social and environmental performance on economic performance through the moderating impact of financial conditions. The primary data are collected through a survey-based questionnaire technique from the manufacturing sector of Oman. Data analysed through the confirmatory factor analysis and the application of structural equation modelling. Findings have suggested that environmental management practices and social management practices positively impact economic performance and that social and environmental performance have mediating effects. Further, the financial condition impacts social performance and economic performance but has an insignificant relation as a moderator between environmental performance and economic performance. These findings would aid the managers to construct meticulous policies for the sustainable growth of the organisations. Moreover, the manufacturing sector policymakers need to adopt EMP and apply social management practices to garner sustainable economic performance. This study has a significant contribution to the literature by highlighting the mediating effect of social and environmental performance and moderating the impact of financial conditions on the corporate sector's performance. [ABSTRACT FROM AUTHOR]

Any enterprise is interested in enhancing its own level of financial security, which demonstrates a stable financial-economic activity, the enterprise’s development and competitiveness. The article is aimed at a content analysis and a systematization of scientific views as to the essence of the concept of «financial security of enterprise», as well as development of a conceptual apparatus of management theory by means of the definition of financial security as an management object. The definition of the concept of «financial security of enterprise» is researched, modern approaches along with their features to its interpretation are analyzed. Based on the carried out content analysis and the defined essential characteristics, the authors proposed their own definition of the financial security of enterprise, which differs by its complexity and logical consistency with the basic categories of «security» and «finance». This authors’ own definition constitutes the basis for further research and allows to pay more attention to the content and coherence of the financial interests of a company with the available potential, the imbalance of which leads to financial security breaches and requires special managerial decisions.

Introduction. Diagnostics of financial activity is one of the most important components of business economic analysis. It contributes to the indication of the competitiveness of a business, to monitor its liquidity, creditworthiness, financial stability and market position, and to develop mechanisms to guard against bankruptcy. All subjects related to the business life of the company and business should use financial analysis methodology to make data-driven decisions aimed at optimizing their interests. The process of diagnosis of the financial status of the enterprise is a complex concept that uses a combination of factors, which are the basis of methods of bankruptcy forecasting, assessing the borrower’s creditworthiness and analyzing the investment attractiveness of the enterprise. Appropriately based diagnosis helps to ensure that the financial resources are used rationally and therefore the efficiency and the competitiveness of the enterprise are managed. Purpose. The purpose of the research is to review and compare the methods and tactics used to diagnose the financial status of enterprises and the results of their activity. This will enable enterprises to identify and prevent shortcomings in financial activities, find reserves for improving the financial position of the company and its solvency. Conclusions. The article sets out the subject matter of the financial status of enterprises, together with relevant researched theoretical and methodical foundations and modern scientific approaches to its interpretation are generalized. The significance and necessity of diagnostics of financial conditions are substantiated. The fundamental stages of conducting financial diagnostics are identified, the collection of indicators employed is analyzed, the main tasks of action are formulated. Criteria and primary methods of diagnostics of the financial status of enterprises are considered.

The purpose of the study is to assess the financial condition of 18 districts and 9 municipals in West Java Province. Assessing the financial condition was based on a 10 (ten) point financial ratio model developed by Kenneth Brown. Data on financial ratios for the 2013-2016 period was obtained from audited financial reports published by the west java provincial supreme auditor. Analysis of financial ratios was based on descriptive statistics and conducting Independent t-Test analysis. Research results showed that both district and municipal governments in West Java Province have a good financial condition. However, the performance of financial condition score for district governments shows a downward trend. In general, there is significant difference in the financial condition of district governments and municipal governments. In general, municipal governments showed better financial condition than district governments.

In this article, we consider methods for analyzing the financial state of various authors. Based on the reviewed methods, an analysis was made and an assessment of the financial condition of the machine-building industry enterprise - PJSC «Kamaz». Based on the results of the analysis, conclusions and recommendations for improving the financial condition of PJSC «Kamaz» were formulated.

In the article the method of analysis of the financial condition of the commercial organization. The theoretical material is reinforced by practical calculations. The authors emphasize that a permanent and systematic analysis of the financial condition allows the organization to remain competitive and increase its potential in business cooperation. Furthermore, on the basis of financial analysis results it can be concluded that the extent to which the economic interests are guaranteed organization and its business partners.

The article is aimed at assessing the real financial condition of the JSC «Chernivtsioblenergo» and the JSC «Lvіvoblenergo» and defining possible ways to improve the management over the available assets of these two organizations. A comprehensive analysis of the financial condition of the above enterprises is carried out. Their liquidity and solvency is assessed; the corresponding indices for the analyzed period of 2015–2017 are calculated; the economic value of each indicator and its actual role in the studying of the enterprises’ statuses are summarized. The enterprises’ compliance with the «golden rule of financing» for the researched period is analyzed. The basic problems of the unstable financial condition of the organizations are determined with help of the calculated coefficients and the steps expedient for stabilization of the situation are suggested.

The main aim of this article is identifying optimization of the assets of national airlines by introducing innovative activities. The scheme of interaction of the main structural subdivisions of airline and the stages of economic mechanism for innovative activity of airline is developed. The tasks of strategic subdivisions of airlines, implemented in the functioning of the economic mechanism for innovative activity to ensure uninterrupted process of production and realization of services, are indicated. The asset management policy should seek to find a compromise between the risk of liquidity loss and the efficiency of work, which comes down to such important tasks as providing solvency and acceptable volume, structure and profitability of the assets.

The article defines the basic components of diagnostics and forecasting in favor of early warning and overcoming of crisis financial condition, the factors of identification and possibility of development of a crisis condition are researched. The concepts of diagnostics and of analysis of the entity’s crisis condition are differentiated. The factors forming the possibility of developing a crisis are defined as follows: the main negative circumstances, which can decisively influence the potential and change the financial balance of enterprise, by triggering the crisis mechanism. The constituents of the exogenous and the endogenous factors of the system of early warning of crisis condition are formed, allowing to identify, by means of the early warning indicators, the critical factors for survival and development of company. Generalizing the available in the economic literature proposals on the adjustment of a diagnostic system for the internal environment, the author proves the need for systematic analytical work to identify negative impacts that reduce financial mobility and flexibility, as well as determine the level of financial position of economic entity.

The main trends in the formation of the financial condition of enterprises in the agricultural industry of Ukraine for the period of 2012–2017 are investigated. In order to identify the current trends in the formation of financial condition, the structure of assets and liabilities of enterprises is presented, highlighting the specific features of the formation of enterprises' resources and the sources of their formation. The dynamics of the coefficients of financial stability and solvency of enterprises in the industry is studied. The analysis led to the following conclusions: the structure of the assets and sources of their formation has negative trends, the dependence on external funds increases, the level of solvency decreases, the share of non-current assets decreases, the value of worn fixed assets grows that negatively affects the efficiency level of production and financial activities of agricultural enterprises. Therefore, the importance of conducting timely operational and comprehensive analysis of enterprises in the industry with the aim of developing the appropriate management solutions to prevent crisis phenomena in economic and financial activities is increasing.

Creation of the system of value-oriented indicators with the subsequent monitoring of the enterprise’s value allows to predict and minimize negative consequences of crisis phenomena. The article analyses methodical approaches to the value-oriented management of finances of enterprises. The recommendations on its introduction into the domestic practice of financial management are substantiated. The main systems of indicators of value-oriented management are explained on the example of CJSC «Rosava». The financial condition of the enterprise is estimated and its main problems are defined in the short term. It is proved that using the value-oriented indicators should not be considered solely as an instrumentarium for diagnosing the crisis financial condition of enterprise. To obtain maximum effect from such use, they must be introduced into a holistic system of anti-crisis controlling, i.e. in the system of strategic and operational planning, motivation, analysis and control.

This study examines the effect of Human Capital and Physical Capital on Regional Financial Condition with a Management Control System as moderator. Participants were employees of the Regional Financial and Asset Management Directorates located in three major cities in the province of South Sulawesi, Indonesia. The participants were recruited from three different regions resulting in 75 participants in a three-wave data collection procedure. Four measures were developed (i.e. Human Capital, Physical Capital, Management Control System, and Financial Condition), which were constructively valid and reliable for research purposes. The results showed that Human Capital and Physical Capital directly influenced the Financial Condition. The effect of Human and Physical Capital was moderated by the Management Control System. Management Control System negatively moderated the effect of Human Capital while at the same time also positively moderated the effect of Physical Capital on Financial Condition. This study collected participant's perceptions towards the study variables without any further investigation to the objective measures. Although some scholars may find this as the lack of evidence against the actual Financial Condition, acknowledging experts' perceptions should provide a better understanding of the experienced Financial Condition. Various studies have investigated some factors which may affect Financial Condition. However, this study proposed an examination of the role of the Management Control System. In this case, a capital that is owned by the financial organisations cannot provide a direct impact on the Financial Condition without the role of the Management Control System.

Copyright of Studies in Law & Economics / Studia Prawno-Ekonomiczne is the property of Lodz Scientific Society / Lodzkie Towarzystwo Naukowe and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Introduction. One of the most important conditions for ensuring the proper functioning and development of the entire sphere of entrepreneurship is the economic security of enterprises, and an important part of this process is the diagnosis of the financial condition of economic entities. Diagnosis is the main tool that allows you to objectively assess the internal and external parameters of the enterprise, to investigate economic processes in their relationship. The use of an effective mechanism of financial activity allows at an early stage to detect violations of proportions in the phases of the cycle of capital circulation in the enterprise and to establish the reasons that caused them. Methods. During the preparation of the article, a systematic approach to the study was used, which allowed to assess the state of implementation of financial diagnostics in the domestic business practice; the method of theoretical comparison for improvement of legislative regulation and directions of procedures of financial activity; the method of expert assessments - in the development of organizational provisions for the implementation of the mechanism of financial diagnostics in Ukraine. Results. The article identifies the importance of diagnosing the financial condition of the enterprise, considers the nature and necessity of a systematic analysis of the financial condition of the enterprise. The essence of the concept "diagnostics", "financial condition" is considered in the proposed article. Peculiarities of effective management of the financial condition of the enterprise in the conditions of market economy of Ukraine and the role of economic diagnostics in the activity of the enterprise are determined. Discussion. Further research on the development of financial activities will be to substantiate the implementation of modern areas of assessment of the financial condition of economic entities, especially within the introduction of digital technologies. [ABSTRACT FROM AUTHOR]

The article examines the economic literature on the approaches to the analysis of receivables of the enterprise. The sequence of receivables analysis has been made by stages: definition of purpose, objects, tasks of analysis, work on sources of information, quantitative and qualitative analysis of receivables, evaluation and generalization of analysis results, development of appropriate recommendations to improve the efficiency of the enterprise. The system of indicators for the qualitative analysis of receivables of the enterprise has been generalized. According to the proposed system of indicators, the relevant calculations were made on the example of the food industry enterprise and recommendations were given to improve the status of settlements with debtors. The analysis carried out in this sequence will allow to assess the real state of receivables of the enterprise, as well as to identify problematic aspects of receivables management, to develop measures to reduce overdue and doubtful receivables.

The article is aimed at researching the conceptual apparatus of the definition of «financial stability», determining the theoretical and methodological aspects of its formation and studying the list of factors influencing the management of financial stability of enterprise. Theoretical bases of formation of financial stability of enterprise are analyzed. The authors’ own vision of definition of the economic category of «financial stability of enterprise» is presented. Such types of financial stability as internal, external, general and inherited are considered and analyzed in detail. It is determined that the financial stability analysis provides an opportunity to assess the ability of enterprise to adapt to the environment and to identify its level of independence from the external sources of financing. Given the diversity of approaches to the analysis of economic activity, definition of some functions of financial stability is suggested. A summarized list of principles of carrying out an analysis of financial stability of enterprise is proposed. It is determined that the management of financial stability of enterprise is a complex system of forms, methods and principles of developing and making managerial decisions on ensuring the constantly growing profit, maintaining the level of solvency and creditability, preserving the financial equilibrium.

Currently, the socio-economic content of the concept of sustainable development in relation to enterprises and corporations is actually replaced by a system of managing financial risks of investment, the effect of which aims to prevent a financial crisis. Major financial strategies ceased to be functional; they acquired a role comparable to the corporate economic strategy, and began to control the establishment of criteria of risks and the feasibility of enterprise’s existence. The goal of the present research is to provide methodological support to the process of returning the priority of the financial concept of sustainable development from the sphere of financial growth (permanent capital growth) to the sphere of financial and economic development, by offering a new analytical tool of strategic level that does not contradict the interests of large businesses in its application. Taking into account the great contribution of transnational corporations to the initiation of global crises implemented with the help of stock market tools, the version of the financial-analytical method (visual modeling), which we present in the paper, reduces the dependence of corporate governance on the financial market assessment and directs risk management process in the field of real capital management of associations of enterprises. Stability of development based on the model is achieved by the programmability of the process of changing the special types in the development of complex financial stability, which is a key difference from the existing developments. Gradual qualitative development of a corporation with controlled destabilization rather than the general criterion of capital growth is the target for the formation of strategic and programmable sequences of the onset of complex profiles of financial stability. The sphere of corporate financial management of service enterprises can be considered as the scope of application of the results obtained. At further adaptation of the modeling results it is possible to use the modeling in the management of large corporate associations of practically any branch. The scale of application of the model is connected with the prospects of development of research in this direction

Purpose. The work is dedicated to systematization of basic directions for financial analysis taking into account the specific features of railway industry. Methodology. In the course of the research there were used the methods of analysis and synthesis to study the content and basic provisions of scientific publications on the chosen topic. Findings. The railway industry has a specific system of financial relations. Knowing the objective development laws of the industry technological system, you can create an appropriate mechanism for managing it and its resources. The selection of the necessary method of analysis and system of indicators, which will provide a comprehensive study and representation of the enterprise activity, is fundamental for the adoption of management decisions. Financial analysis is an important element of analytical work for the needs of modern management. With the help of financial analysis it is possible to determine the place of the enterprise among other subjects of the industry; to assess the structure of capital and the dynamics of enterprise development. Consequently, the quality of the decisions taken completely depends on the analytical substantiation. Financial analysis is carried out according to certain groups of economic indicators, which give an overall assessment of the financial condition of the enterprise, the profitability of its activities and long-term solvency. The analysis of the financial and economic condition is an important part of effective management of the formation, placement and use of rail transport resources. The features of conducting and interpreting the analysis results of the financial condition at the structural units of PJSC «Ukrzaliznytsia» – regional branches, branch affiliates, production units (if they have a balance sheet), – are explained by the specifics of their economic activities. Originality. The obtained results allow us to consider financial reporting as an informational and analytical provision of financial analysis taking into account the specifics of the corporate railway industry relations. The method of financial analysis should be consistent with the strategic objectives of the business entity, which are determined by the system of strategic management and investment and financial planning of the railway industry. Practical value. The assessment of the financial condition of an enterprise can be objectively carried out using a system of indicators that take into account the technological specificity of the rail transport, comprehensively characterizing the results of its activities and reflect the competence of management through the quality of the decisions taken.

This research intended to measure the influence of reputation of public accounting firm, auditor switching and leverage against the acceptance of going concern opinion with financial distress as a moderating variable. This study used manufacturing companies that listed on the Indonesia Stock Exchange (IDX) in 2015-2018 as population. The sample selection used purposive sampling and obtained 100 units of analysis. Data analysis method used logistic regression and interaction test with IBM SPSS 24 tools. The study showed that auditor switching had a positive influence on going concern opinion. Meanwhile, the reputation of the public accounting firm and leverage had no effect on going concern opinion. In addition, the results of the study showed that financial distress strengthened the effect of leverage on going concern opinion. However, financial distress was unable to moderate the influence of the reputation of the public accounting firm and auditor switching towards the acceptance of going concern opinion. The conclusion of this study is companies that change its auditor will most likely receive going concern opinion if company’s continuity is disrupted, all Public Accounting Firms attempt to work independently and objectively, and leverage has different effect on every company. Distressed companies will most likely receive going concern opinion if they have high leverage ratio. [ABSTRACT FROM AUTHOR]

The development of local government units is determined by many factors. The most important is the financial condition, which determines the possibilities of the effective implementation of tasks, both current and as an investment. In the face of an unstable macroeconomic environment, as well as growing expectations of residents regarding the improvement of living standards, local government finance management takes place under conditions of strong pressure and great uncertainty. Therefore, a rational budget policy is a prerequisite for achieving the approved development goals. It should be based on greater control of the performance and discipline in the use of budget funds. The purpose of this article is to assess and compare the financial situation of small towns and large cities in Poland in 2012-2018. The study used budget indicators in the areas of revenues, operating surplus and indebtedness. The study made it possible to draw conclusions regarding the development opportunities of Polish cities. [ABSTRACT FROM AUTHOR]

Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Contabilidade & Controladoria is the property of Revista de Contabilidade & Controladoria RC & C and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Technical, technological, IT and organisational progress is most evident in industry. In a situation where innovations are accompanied by structural and political changes, it is all about restructuring. In Poland, restructuring processes occurred most frequently in the 1990s. Currently, the phenomenon still occurs, but on a much smaller scale, with the transformations concerning generic, personnel and processes structures. The textile industry is still significant and is a hallmark of the Łódź region in Poland. The recent past has shown that companies from the textile industry, although very fragmented, remain on the market and are doing well in the new economic system. The purpose of the study is to assess the financial condition of municipalities and cities with district rights in the context of the restructuring activities of the textile sector, with particular emphasis on local government units of the Łódź region in the years 2007-2017. The work consists of three parts. In the first, the authors include theoretical premises for the restructuring of enterprises. The second part contains research hypotheses which have been empirically verified with an econometric model developed in the last part of the work. The purpose of the econometric model is to describe the relationship between the self-financing indicator and the explanatory variables, which largely describe the financial condition of enterprises in the textile sector in Poland over the period between 2007 and 2017. The results of the research conducted allow to conclude that the financial condition of communes and cities with district rights is diverse, and is affected by factors related to the location, type and level of development of local government units. In addition, the restructuring which took place in industry, in particular the textile industry, had a positive impact on the financial condition of local governments, in particular on their level of self-financing. [ABSTRACT FROM AUTHOR]

The purpose of the research is to expand theoretical and methodological approaches to assessing the investment attractiveness of industrial enterprises. Modern methodological approaches to the issue were analyzed to highlight their advantages and disadvantages and provide a common toolkit of each approach. Based on the results of a critical analysis of the relevant scientific literature, a classification of existing theoretical and methodological approaches is proposed with the allocation of four classification groups which are combined, market, strategic and financial accounting approaches. The article substantiates the expediency of using an integrated rating approach to assessing the investment attractiveness of industrial enterprises. This approach is based on the involvement of a wide range of statistical, financial and mathematical tools, as well as on the study of the impact on the investment attractiveness of "hard" external and "soft" internal factors with ranking their significance for the resulting indicator. The proposed approach involves the assessment of a two-level system of factors, the first level of which includes factors characterizing the efficiency of activities, and the second level includes indicators of financial stability and solvency of industrial enterprises. The advantages of this approach are the attraction of versatile coefficients that allow the most complete characterization of the investment attractiveness of a particular enterprise. The results of the research create the necessary basis for further systematic study of the problem of estimation investment attractiveness in the context of the most complete realization of the economic potential of industrial enterprises, determining the investment potential of territories, regions and industries. Together with the qualitative indicators of the significance of factors based on expert assessments, the proposed approach allows determining ways to increase the level of the industrial enterprises' investment attractiveness. [ABSTRACT FROM AUTHOR]

Motivation: Many methodological problems are associated with measuring and forecasting the company's financial standing. Various methods have been developed to assess the current and future financial standing of enterprises. Their usefulness requires development and verification based on the example of a specific enterprise. The evaluation of one of these methods is the subject of this article. Aim: The research objective of the article is to propose a method for assessing the financial situation of a company and to carry out a forecast of the financial condition of an economic entity based on this method. To analyse the condition, indicator analysis and one of the methods of multivariate comparative analysis (MCA) were used -- a synthetic measure was constructed, and then the time series analysis method was used (the model of the internal structure of the examined process was estimated). The study also attempts to determine the company's financial condition forecast. The results of the study were presented based on the example of a company representing the food industry -- the Wawel SA company. Results: In this study, the financial condition of the company was presented using a synthetic measure, which is a tool for multivariate comparative analysis (MCA). A model of the internal structure of the examined process was also estimated, based on which a forecast of the financial condition of a selected company representing the food industry was determined. The analysis showed that the presented methods are very useful for assessing and forecasting the company's financial condition. [ABSTRACT FROM AUTHOR]

Copyright of Cracow Review of Economics & Management / Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie is the property of Cracow University of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study of the going concern audit opinions is an important component within the enhancement of firms’ responsibility and stewardship. A going concern audit opinions implies that the independent auditor doubt the future of the firm. This study aimed to examine the drivers of the likelihood of the going-concern audit opinions. Previous studies revealed that there were inconsistent drivers influencing the going-concern audit opinion. This study shows similar results to prior works. The result indicates that firms’ financial condition and profitability significantly affect the likelihood of the going-concern audit opinion, while firms’ size and leverage are not the determinants of the intensity of the going concern audit opinion.

In this article, we consider methods for analyzing the financial state of various authors. Based on the reviewed methods, an analysis was made and an assessment of the financial condition of the machine-building industry enterprise - PJSC «Kamaz». Based on the results of the analysis, conclusions and recommendations for improving the financial condition of PJSC «Kamaz» were formulated.

Method to determine indices that describe financial condition and investment attractiveness of an enterprise is proposed. Management solutions and investment decisions may be taken on the basis of this method.

This article acknowledges the lack of skills and poor financial governance within South African municipalities but argues that these factors are an insufficient explanation of their increasing fiscal distress, which was found at over 90% by 2016. It employs the concept of financial condition to construct an econometric function for South African local government. This financial condition function confirms that the fiscal framework of South African local government is distressed. The article further concludes that as service delivery improves, so does the fiscal distress. This applies even to municipalities that receive audit outcomes without material findings. As an illustration, the article uses the collective debt incurred by municipalities to Eskom – the energy utility company. The article argues that it is mathematically impossible to settle this debt within the current local government fiscal framework. The conclusion confirms the importance of constructing the financial condition function as an enabler for improved local government financial health.

This paper examines cost efficiency in the Spanish municipal public sector, in a specific geographic area (the Canary Isles, Spain), with respect to financial condition and different types of municipal debt. The study focuses on municipalities dependent on tourism and on the consequences to them of the Great Recession, doing so via a two-stage analysis. In the first, the order-m method is used to evaluate the cost efficiency of 77 Canary Isles municipalities, for the period 2008-12. In the second stage, we examine the effect produced on cost efficiency by different types of borrowing (long term, short term, financial and commercial) together with other financial, economic, political and quality variables, using the model developed by Simar and Wilson (2007), based on a truncated bootstrap regression with panel data. Empirical analysis shows that in times of crisis there is a significant relationship between the components of financial condition and cost efficiency. In conclusion, municipal cost efficiency increases with commercial debt, but decreases with financial debt. Furthermore, certain socioeconomic variables affect the levels of cost efficiency.

The enterprises of the oil and gas complex, selected to achieve the purposes of the research, are subordinated to the State. The financial performance of the oil and gas sector companies determines the financial position of the industry as a whole and can serve as an indicator of investment attractiveness or inattractiveness. Most enterprises have an outdated and depreciated material and technical base, inefficient disposal of financial resources, which lead to losses. The state of the industry in Ukraine is reflected in the research data of the Institute of natural resources management, and is characterized by the inability to effectively manage the existing potential of the oil and gas complex. Comprehensive analysis of the indicators of the financial state of the oil and gas companies was conducted using the method of grouping (distribution of oil and gas sector enterprises by types of economic activities); grouping, comparison and compilation of analytical data using tabular method (data on financial state of enterprises of oil and gas sector, indicators of estimation of dynamics of oil and gas enterprises, factor analysis of returns on equity (by Dupont method); analysis of current receivables and accounts payable of entrepreneurs, the analysis of the results of the research (depreciation of fixed assets of enterprises); the schematic (compiling the Resource Management Index) and the matrix (the matrix of the correlation of financial results and the dynamics of gross and net profit indicators) representation of research results. To establish the input of the author's approach to the existing literature, a comparison of the obtained results of the functioning of the oil and gas sector with the data of the Institute for Natural Resources Management, based on the aggregated Resource Management Index, has been done. The application of the above mentioned research methodology makes it possible to characterize the financial status of enterprises in the oil and gas sector in a comprehensive way. The list of measures to improve the situation is suggested and assumes the introduction of management of oil and gas sector at the state level and managing the financial state of enterprises of the oil and gas sector.

Financial condition of basic units of territorial government is a complex phenomenon. Some authors associate it with the financial situation of the particular commune. Knowledge of the conditions influencing the situation enables governing bodies of the territorial government to make proper financial decisions. The aim of the article is an attempt to evaluate the diversity of factors shaping financial condition of communes of Siedlce subregion between 2014 and 2016. Essential data was taken from the Local Data Bank. The following features were taken into account while shaping the level of particular variables in Siedlce subregion: the measure of central tendency as well as the measures of dispersion and concentration. The conducted research indicated that communes in the studied region were the most diverse as far as their own revenue was concerned. However, they were the most homogenous when it came to the cycle of rotation of budgetary appropriations.

The paper is devoted to the study of determinants determined the level of financial security of economic systems. It is shown that the financial security of an economic system implies the achievement of a level of financial stability that will contribute to simultaneously maintaining financial equilibrium and ensuring targeted growth in line with the development strategy. The level of financial security of rail transport in Ukraine was analyzed and it was determined that the decline in its security was the result of a complex interaction of external and internal factors, the main of which were tight government regulation, shifting the financial burden of social responsibilities to Ukrzaliznytsya, PJSC, lack of competition in the transportation of the main nomenclature of cargo and the unsatisfactory state of non-current assets. Based on the Argenti’s method, it is shown that the consequence of the inefficient financial management of Ukrzaliznytsia, PJSC are the reduction of its insolvency. Three main determinants of the financial security of rail enterprises were identified: a reduction in traffic volumes, an unstable capital structure and the impossibility of timely repayment of current liabilities. An additive model for assessing the impact of selected determinants on the level of financial security of Ukrzaliznytsia, PJSC is proposed. The analysis of the model parameters showed that the greatest impact has the index of industrial production, which is due to the predominant formation of its own financial resources of rail transport due to income from freight traffic. A complex of measures designed to improve the financial condition of rail enterprises was proposed. It is substantiated that in order to equalize existing threats, it is necessary to take political decisions aimed at improving the financial condition of Ukrzaliznytsia, PJSC by reducing the intensity of leaching of its financial resources, as well as implementing an anti-crisis financial strategy aimed at optimizing the capital structure and financial rehabilitation of rail enterprises.

Article on the topic "Bank deposit as a direction of investment activity’s activation of insurers in life insurance" is dedicated to the analysis of the financial condition and the free funds of insurance companies. Bank deposit is the most famous financial instrument, but little attention is paid to it from the study of the deposit as an object of investment. Therefore, the purpose of the study is to consider a bank deposit as a source of intensification of the investment activity of insurance companies. The article collected and processed information about banks, their condition in the financial market, which allowed to identify the main participants of the banking sector. The rating analysis showed high scores, which are confirmed by indicators of the size of assets, capital, loan portfolio, financial results of banking institutions as the leaders of the banking system. In terms of the proposed criteria for a banking institution, as an investment partner in order to reduce the risk of non-profitability of the project, the most reliable banks with a stable financial and economic status were selected in the market of banking services. Banking institution plays a role of an object that deposits funds of insurance companies for a long-term period. In addition to this, bank deposit was considered as an object of investing funds for insurers for long-term accumulation of funds. The analysis of deposit proposals, financial and economic state of banking services in banks was conducted. The deficiencies of the banking system of Ukraine in the field of long-term accumulation of funds are revealed, as well as, the imperfections in accumulation of funds are described. Investment project is proposed, planning for the investment income with regards to the storage of temporarily free assets of insurance companies is conducted. In the process of research, the authors have improved approaches to develop and define investment projects: the definition of "reliable bank", analysis of its deposit offers, forecasting of investment return on deposit commitment. To activate the investment activity of insurance companies, life insurance for an investment proposal is designed according to the direction of placement of insurance reserves in bank deposit. Thus, the analysis showed that the planned indicators considerably exceed the actual figures of companies’ investment income.