European Financial and Accounting Journal, 2009 (vol. 4), issue 2

Introduction

Science - Sense of Life

Petr Marek

European Financial and Accounting Journal 2009, 4(2):4-6 | DOI: 10.18267/j.efaj.64  

Dear readers, European Financial and Accounting Journal boasts about attribute "scientific". Therefore let me put a question whether people thirst for science. Most of us probably answered yes. From medical sciences we expect new remedies for old and new diseases, from technical research we hope for new inventions which will make our labor and personal life more pleasant, inquiry of agriculturalists could save humanity from hunger and knowledge of natural sciences from catastrophic consequences of global warming. However what people expect from social sciences especially from economic sciences? We must admit that most people expect just nothing from...

Articles

Sustainability of Microfinance Institutions in Financial Crisis

Lenka Dokulilová, Karel Janda, Pavel Zetek

European Financial and Accounting Journal 2009, 4(2):7-33 | DOI: 10.18267/j.efaj.65  

The aim of this paper is to clarify the problems of microfinance and the sustainability of microfinance institutions (MFI) in financial crisis. We find, that MFIs are often considered as one of the most effective and flexible strategies in the fight against global poverty. Due to several often unsolvable problems obstructing the easier and faster development of these institutions such as: ethnical problems, managerial resources, legal recourses, unfortunate recourses and other, the operations of MFIs are often not sufficiently efficient. The microfinance sector is in general known for its adaptability and quite healthy survival of past financial crises....

An Analysis of the Dependence of the Spanish Fisheries Industry on the Financial Instrument for Fisheries Guidance

José Antonio Vidal Hernandez-Mora, Marcos Antón Renart, María del Rocío Moreno Enguix

European Financial and Accounting Journal 2009, 4(2):34-64 | DOI: 10.18267/j.efaj.66  

Fisheries are an important economic sector in the EU subject to an important restructuring in the most recent years. The Financial Instrument for Fisheries Guidance (FIFG) has been the tool deployed by the European authorities to increase the competitiveness and to modernize this industry. As far as Spain is concerned, it has been verified that it is the European country receiving more funds in the recent years. The aim of this paper is to examine the financial situation of the Spanish fisheries firms, determining their indebtedness, solvency, and profitability. We also analyse if those firms included in the Fisheries sector show differences statistically...

Detection of Possible Tax-Evasive Transfer Pricing in Multinational Enterprises

Jaroslav Brada, Tomáš Buus

European Financial and Accounting Journal 2009, 4(2):65-78 | DOI: 10.18267/j.efaj.67  

In this paper we analyze possible source of tax evasion in the multinational entity (hereinafter "MNE"). We show that the tax obligation of the whole MNE depends on the ownership structure of companies, which form MNE and that the structure could be described by matrix form. Therefore the basic tax optimization tasks of MNE via transfer pricing can be understood as linear programming problems. In addition we propose a way to identify possible tax evasion realized via transfer pricing in MNE.

A Benefit of New Costing Methods for the Strategic Management

Bohuslava Knapová

European Financial and Accounting Journal 2009, 4(2):79-89 | DOI: 10.18267/j.efaj.68  

Strategic managerial decisions have the great influence on the growing performance of the company as an accounting entity and the successfulness in its business today. Managerial decisions on the strategic level of the management are concerned with the existing internal organizational and economic, responsibility structure of the accounting entity, which must create own strategy system in order to prosper under conditions of the external competitive environment. The strategic management is the conceptual and long-term starting point of the complete management. New costing methods, i. e. using of the target costing and life cycle costing, belong to...