Search results for "Restructuring"

STRATEGIC CHOICES FOR THE ECONOMIC DEVELOPMENT THE REPUBLIC OF LATVIA AS EU MEMBER STATE

2012

After joining the EU in 2004, came to an end an important phase of the economic development of Latvian, which opened as new opportunities, as new challenges. Accession to the EU can be viewed on the one hand, the transitional period, on the other hand, it can be characterized as the period when Latvia was standing at the new crossroads and was ready for new, fundamental alternatives. Accession of Latvia in the EU contributed to the deepening of economic integration, radically changing the situation, as in financial, as in labor markets. Since 2004 Latvian experienced both, rapid economic growth, with GDP growth exceeded 12% per annum, and a significant recession, when GDP fell by nearly 18%…

Risk Profiles for Re-Profiling the Sovereign Debt of Crisis Countries

2014

This paper uses a risk-management approach to re-profile the sovereign debt of countries facing debt crises. Using scenario analysis we develop a risk measure of the sovereign's debt -- Conditional Debt-at-Risk -- and an optimization model is used to trace risk profiles that tradeoff expected cost of debt financing against the Conditional Debt-at-Risk. The risk profiles are particularly informative for crisis countries, as they allow us to identify, with high-probability, debt unsustainability. We develop risk profiles for two Eurozone countries with excessive debt, Cyprus and Italy, both in their current form and under various forms of restructuring or rescheduling, and show how to assess …

Working under pressure: economic recession and third sector development in Europe

2016

Purpose – The context conditions for third sector organizations (TSOs) in Europe have significantly changed as a result of the global economic crisis, including decreasing levels of public funding and changing modes of relations with the state. The effect of economic recession, however, varies across Europe. The purpose of this paper is to understand why this is the case. It analyses the impact of economic recession and related policy changes on third sector development in Europe. The economic effects on TSOs are thereby placed into a broader context of changing third sector policies and welfare state restructuring. Design/methodology/approach – The paper focusses on two research questions…

1936. Frustrated Hopes: The Great Depression, the Second Republic and the Civil War

2020

The Great Depression was accompanied by the collapse of the monarchical regime and the establishment of a modern democracy with the Second Republic in April 1931. The new regime had to balance the importance of gaining domestic and international respectability (using orthodox fiscal and monetary policy) with efforts to shift towards a moderate protectionist policy, and enact land, labour and educational reforms. There were fierce confrontations from 1934 on, eventually culminating in a civil war in 1936. The consequences included a long-lasting impact on economic growth; autarky and interventionist policies; a huge loss of human capital; poverty and rising inequality; and a 40-year-long dic…

Restructuring the defence industry and arms production in Russia

2000

AT THE BEGINNING OF 1997, after five years of failed reforms in the defence industry, there took place a substantial change in the administrative structure running this sector. The Ministry of Economic Affairs took over the restructuring of the defence industry and thereby defined a new way of tackling reforms in this industrial sector. Three elements stand out in the new approach: intersectorality, a predominance of civilian elements and a greater realism. This approach, therefore, represents a break with the idea in force up to that moment of the best way to tackle problems related to the defence industry, which was greatly conditioned by its Soviet heritage. Although two years later this…

Arms exports and restructuring in the Russian defence industry

2004

The defence industry has been one of the industries most seriously affected by the Russian economic crisis since 1992. The main restructuring policy applied in the industry during the first years of transition was conversion, that is, trying to re-use military resources for productive civil ends. By the mid-1990s, however, such a policy was already considered a failure, and since 1997 the Ministry of Economy has taken over the running of the defence industry and changed the direction of reform. In the summer of 1999 the responsibility for the running of the defence industry was transferred to five independent agencies, and this remains the situation. From 1997 the aim was still to restructu…

Developing cross-industry innovation capability: regional drivers and indicators within firms

2017

ABSTRACTThe role of firms in the process of regional renewal and path development is a somewhat neglected area in the existing literature. With few exceptions, the literature is mainly concerned with aggregated development paths. To cover this gap, the current study turns its attention to cross-industry innovation capability (CIIC) building in firms and discusses how conditions for innovation and learning in a region drive this process. We introduce a new concept of CIIC – that is, the firm’s ability to transform knowledge and ideas from different industries into new products, processes and systems and/or its ability to adapt existing products, processes and systems to new industries – and …

2013

Today, integration of supply networks (SNs) out of heterogeneous entities is quite challenging for industries. Individualized demands are getting continuously higher values in the global business and this fact forces traditional businesses for restructuring their organizations. In order to contribute to new performances in manufacturing networks, in this paper a collaborative approach is recommended out of modularity structure, cloud computing, and make-to-upgrade concept for improving flexibility as well as coordination of entities in networks. A cloud-based framework for inbound and outbound manufacturing is introduced for complying with the production of individualized products in the tu…

Influence of insolvency of a football club in Poland on the right to participate in league games

2020

AbstractThe study is devoted to the issue of the impact of sports club insolvency in Poland on the right to participate in league games. In this respect, not only the regulation of insolvency law is of the key importance. There are also crucial organizational rules established by the sports association (the Polish Football Association—Polski Związek Piłki Nożnej) determining admission to league games of only such sports clubs which have adequate financial liquidity. It should be stressed that the Polish Football Association (hereinafter “PZPN”) regulations do not allow to take part in competitions sports club in bankruptcy. This topic has become particularly relevant in 2020 in the context …

Corporate spin-offs value creation : parent & spin-off view

2015

Corporate spin-offs have gained popularity over the past few years. Despite of this in Finnish media and university teaching this phenomenon has gained little attention. This study aims to fulfill this knowledge gap. Spin-off is a restructuring procedure where company splits into two separate legal entities via pro-rata transaction basis. I researched this phenomenon by event-study methodology which has been quite popular also in earlier studies. I have com-pared parent and spin-off stock performance in order to reveal potential value gains for investors. Parent company is analyzed also from the announcement period where we find strong positive abnormal returns associated with announcement …