European Financial and Accounting Journal, 2014 (vol. 9), issue 1
Articles
Private and Public Debt
Vratislav Izák
European Financial and Accounting Journal 2014, 9(1):4-21 | DOI: 10.18267/j.efaj.112 
In the paper we provide some empirical evidence of the development of private debt to GDP ratio in the sample of 18 EU Member States. We use detailed national accounts published regularly by the OECD-financial assets and liabilities by institutional sectors (flow of funds). The ratio of private to public debt culminated mainly in the year 2007 and since 2008 this ratio has the tendency to decline. Spillovers across private and public debt have revealed mainly a mutual dependency. Cross-country differences have been discovered in both household's and non-financial corporation's debt.
Fiscal Decentralisation and Economic Development in Selected Unitary European Countries
Irena Szarowská
European Financial and Accounting Journal 2014, 9(1):22-40 | DOI: 10.18267/j.efaj.113
The article provides direct empirical evidence on fiscal decentralisation and economic development in selected European countries in a period 1995-2012. The research (based on data taken from OECD Fiscal Decentralisation Database and OECD) is performed on a panel, which contains 17 unitary countries. Explanatory variables are not examined in individual regressions, but study newly uses Generalized Method of Moments. For a model specification, Dynamic Panel Data Model Wizard is applied. Results of dynamic panel analysis suggest positive and statistically significant impact of expenditure decentralisation and stronger but negative effect of revenue decentralisation...
Investment of Czech Institutional Sectors in the Business Cycle
Lukáš Kučera
European Financial and Accounting Journal 2014, 9(1):41-61 | DOI: 10.18267/j.efaj.114
Paper deals with the analysis of investment in the business cycle. Analysis is based on available quarterly data for the Czech Republic since 1st quarter 1999 till 1st quarter 2014. It concludes that investment on the macroeconomic level is highly pro-cyclical component of demand, which fluctuates in the business cycle more than GDP. Investment of individual institutional sectors, which together forms investment of the national economy, behaves in the business cycle highly differentiated. Investment of households, for example, develops the same way as GDP and its volatility is quite low. Investment of government institutions, on the contrary, is strongly...
Determinants of European Firm's Innovation and the Role of Public Financial Support
Jan Huňady, Marta Orviská, Beata Šarkanová
European Financial and Accounting Journal 2014, 9(1):62-84 | DOI: 10.18267/j.efaj.115
Innovation activities at firm-level are often significantly influenced by factors that determine the outcome of the innovation process. The primary aim of this paper is to study and empirically verify the role of several determinants that affect company innovations in the European Union. The dataset for the analysis comes from Flash Eurobarometer 394 survey carried out in early 2014 and covers issues related to innovation activities, commercialization of innovation and also public support. We summarize the answers on selected questions from the survey by country, and subsequently based on the dataset, we perform regression analysis. In line with our...
Is There a Feedback Mechanism in Accounting?
Krzysztof Drachal
European Financial and Accounting Journal 2014, 9(1):85-95 | DOI: 10.18267/j.efaj.116
The aim of this paper is to present some considerations about the (market) reality and the accounting. The considerations are some kind of a discussion, how accounting systems are linked by the feedback mechanism with managers. Various aspects of modern markets are presented. In particular, the role of globalization processes, increasing role of financial institutions and role of information are discussed. It is argued that the accounting becomes more interdisciplinary topic and some skills from new technologies become a must on modern markets. The discussion is illustrated by some particular examples. It is argued that there is a strong feedback mechanism...