Template-Type: ReDIF-Article 1.0 Author-Name: Marek Jošt Title: The Development of Legislation of Foundations in the Czech Republic since 1990 until now with a Focus on Transparency Abstract: The article analyzes the development of the foundation´s legislation since 1990 until now. This period is divided into four phases depending on the effectiveness of individual legislation. Special emphasis is placed on the transparency elements contained in the individual legislation. The article compares the analyzed legislation to show their advantages and disadvantages. The article also mentions the researches dealing with the transparency of Czech foundations in the past. These researches show a low level of transparency of Czech foundations and low confidence in their activities. The Act on Foundations and Endowment Funds can be considered the highest quality law in terms of transparency. However, this law has failed to achieve a significant degree of transparency, mainly due to the state´s unwillingness to enforce its implementation through the tools it had available. The current effective new Civil Code does not deal with transparency and can not be expected to contribute significant to increase its level and increase confidence in the Czech foundation sector. Keywords: New civil code, Nový občanský zákoník, Foundation, Act on Foundation and Endowment Funds, Nadace, Zákon o nadacích a nadačních fondech Classification-JEL: K15, M41, M42 Pages: 5-23 Volume: 2017 Issue: 4 Year: 2017 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=502.pdf File-URL: http://www.vse.cz/cfuc/502 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:4:id:502:p:5-23 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/502 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Poulová Title: Capital Structure of Czech Joint Stock Companies Abstract: This article is aimed at the analysis of capital structure of joint stock companies based in the Czech Republic operating in agriculture, industry and building, using the basic principles and ratios of financial analysis. The levels of debt ratio are judged not only according to industry classification but also according to the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. Lastly, the liquidity is analysed as a characteristic of short term financial management. The results show that the level of leverage does not change significantly during the followed period. Considering the resources of financing, the share capital plays dominant role being supplemented by retained earnings, apart from payables bank financing is also very important liability. As far as the capital structure theories are concerned, arguments for validity of both are founded. Keywords: Capital structure, Kapitálová struktura, Liquidity, likvidita, Return on assets, Joint stock companies, Debt ratio, Fixed assets coverage, Akciové společnosti, Věřitelské riziko, Zlaté bilanční pravidlo, Rentabilita celkových aktiv Classification-JEL: G32 Pages: 25-39 Volume: 2017 Issue: 4 Year: 2017 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=503.pdf File-URL: http://www.vse.cz/cfuc/503 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:4:id:503:p:25-39 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/503 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Pavlík Title: Financial theory approach to the investigation of the impact of Basel III capital adequacy on commercial banks Abstract: The aim of this paper is to summarize results of modern investigation of Basel III impact. In order to do so, the author has analyze methodology of more than thirty studies focused on the impact of increased capital adequacy, adopted under Basel III framework, on the lending activity of commercial bank. The paper presents main methodology within both macro and microeconomic approach. Complex macroeconomic models simulate impact of increased bank´s equity on profit function of the bank considering at the same time changes of total risk weigheted assets or banks´ balance structure. Within the microeconomic approach, the paper puts emphasis on CAPM, as a most widely established methodology, and assumptions formed about the real M-M effect for banks. As a result, the paper brings an evidence of consensus about mainly marginal efect of increased equity of commercial banks on lending spreads within vast majority of existing studies. The important factor to consider is the lenght of the implementation period. In the long-term there is expected no significant effect of increased equity on loans pricing. Somewhat bigger differences remains as for impact of higher equity on loan volume. Differences between estimated impact on loan volume roots mainly in different assumptions about elasticities of loan demand and cost of access to new equity considered within scenarious adopted by the studies. Keywords: Capital adequacy, Kapitálová přiměřenost, Bankovní regulace, Banking regulation, Impact of Basel III, Dopad Basel III Classification-JEL: G21, G24, G28 Pages: 41-56 Volume: 2017 Issue: 4 Year: 2017 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=504.pdf File-URL: http://www.vse.cz/cfuc/504 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:4:id:504:p:41-56 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/504 Template-Type: ReDIF-Article 1.0 Author-Name: Mariana Peprníčková Author-Name: Lucie Jandová Title: The Level of Creative Accounting in the Practice of Czech Accounting Entities Abstract: The paper provides overview of existing foreign research in creative accounting in practice over last five years and perform own research to evaluate form and level of use of creative accounting methods in practice in Czech Republic. The questionnaire survey focuses on accountants, controllers, financial managers and other financial professions. The survey shows that the most extensive application is a choice of the depreciation and valuation methods, use of estimated items and accruals, leases or provision of loans between related parties. In general, techniques focus more on items of income statement and cash flow and less on balance sheet items. The methods are most likely to be found in companies with a turnover more than CZK 5 billion, and least likely for service companies with a turnover up to CZK 200 million. 36% of respondents perceive creative accounting positively and 42% negatively. Keywords: Creative accounting, Kreativní účetnictví, Adjustments to financial statements, Questionnaire survey, Manipulace účetních výkazů, Dotazníkový průzkum Classification-JEL: M41 Pages: 57-86 Volume: 2017 Issue: 4 Year: 2017 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=505.pdf File-URL: http://www.vse.cz/cfuc/505 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:4:id:505:p:57-86 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/505