Traditional farming in South East (SE) England is presented as a highly-evolved form of sustainable farming. The carrying capacity of traditional farming on a 2.75 ha family smallholding in SE England is assessed from production data recorded over a period of 8 years. The key elements of the farming system were mixed farming (livestock, dairy, arable and horticultural), self-sufficiency in terms of inputs and organic principles. Ten types of food were produced with the aim to comprise all the elements of a balanced diet. The holding and farming system are described and an analysis of the food produced is presented, in terms of weight and energy content, for the years 2010 to 2017. An average carrying capacity of 0.64 people ha⁻1 was demonstrated on the basis of food energy content alone. Carrying capacity increased to 1.09 people ha⁻¹ when production was re-proportioned to align with the UK Government’s currently recommended balanced diet. The latter figure is similar to carrying capacity estimates, derived from national statistics, for the UK’s total farmland in the middle part of the 20^th Century but significantly lower than theoretical predictions of national carrying capacity.

Service organizations in today’s globalized competitive business environment engaged in marketing strategies are geared toward responding to consumer needs and preferences and, at the same time, improve their competitive edge. Investigating the determinants of consumer preference is one of the important approaches to improving competitive edge of petrol station business. Despite significant studies on consumer behavior, especially factors that affect a new brand or products, there is limited empirical investigation on the premise of determinants of consumer preference particularly in petrol station business, thus creating a gap in this area. To this effect, this article intends to contribute in filling the knowledge gap by investigating the determinants of consumer preference and their impact on service station business in the Gambia. This article also identifies key marketing strategies that petrol station business can use to increase their market share. Using non-probability convenience sampling, data were collected from 200 customers of petrol stations using self-administered questionnaires. Descriptive statistics, correlation and regression analysis were applied to analyze data using IBM SPSS statistics Version 22. The results of regression analysis identify marketing program and additional ser- vices out of the eight variables (marketing program, additional services, petrol station image, location, price, product assortment, service quality and management of service station) as the major determinants of service station consumer preference in the Gambia. This implies that petrol station companies should engage key marketing program strategies such as sales promotion, innovative product advertising, event sponsorship or association besides the provision of additional services like windscreen cleaning, water and air pumping, convenience store, fuel and motor product accessories sales plus services in order to increase sales as well as retain a large number of buyers as loyal customers.

Purpose: This research is carried out to investigate the influence of firm characteristics and good governance characteristics to earnings management behavior. Furthermore, the research is expanded to determine the predictive discretionary accruals models in Indonesia. The author utilizing firm listed in Indonesia Stock Exchange during 2014 – 2018 as research object. Design/methodology/approach: The research samples is selected by utilizing the purposive sampling method. In addition, the data analyze is conducted through E-Views version 10. Three discretionary accruals models is used to define earnings management behavior. The research assumed firm characteristics factors such as financial performance, firm size, leverage, and share issuance activity and good governance characteristics such as board of directors’ size and auditor’s size. Findings: The research discovers that firm characteristics can accentuate the earnings management behavior significantly. In other hand, in good corporate governance characteristics only big four auditor is significant. The research also find that discretionary accruals model of Jones, Dechow, and Kothari are predictive in Indonesia. Practical implications: The discoveries of this research provide understanding for investors that enforcement on both governance and monitoring mechanism are essential approach to reduce earnings management behavior. Originality/value: The research investigated three models of discretionary accruals’ capability in predicting earnings management behavior, and found out all discretionary accruals model are still relevant to be use in predictive to define earnings management behavior in Indonesia.

Aim: The accountancy of Business revenues is an important factor to present the financial results. To make these results comparable at the international level, the new standard IFRS- 15 was developed by the two international standard determinants: The International Financial Accountancy Standards Board and The US GAAP. The new standard TFRS-15 of The Customer Contract Revenue Standard is designed for reconciling between the current two TMS-18 Revenue standard and TMS-11 construction contract and providing better comparison among the businesses, sectors and markets, and complying with the necessary explanations. Methodology: It is much easier to create financial tables by using only one standard. On January 1, 2018, the new standard was replaced with TMS-18 Revenue and TMS-11 Construction Contract standards and their interpretations. The new international standard was introduced on May 28, 2014 after countless international meetings with many participants and so many international discussions and comments taking many years. IASB and FASB postponed the initial starting date from January 1, 2017 to January 1, 2018 and so did Turkey. Thus, the standard will be analyzed and evaluated from this perspective. Findings: The revenue obtained from customers’ contracts should be explained in the deep notes in the new standard based on five stage-model of TFRS-15. Whether the new standard has any impact on business and, if any, how much impact it has on them depends on the industries. It is possible to say that the TFRS-15 standard could not succeed to diminish the discretion of the revenue description. Importance: The purpose of this study is to make cumulative knowledge contribution to the literature by means of explaining and evaluating the subject using enriched and international literature.

Aim of the Study: The main objective of our research, for the solutions of management, finance and accounting issues and auditing problems of SMEs is to reveal the benefits of independent audit. Methodology of the Study: Administrative, financial, and accounting problems of SMEs will be explained and the role of independent audit in solving these problems will be presented. Findings of the Study: We assume that the findings of this study will contribute towards the enhancement of good corporate governance that alleviates agency problems in business organizations. Importance of the Study: The enterprises have been becoming international along with the rapid transformation in the world trade in recent years. It is now mandatory to develop a common language in the field of accounting and auditing for the reason that enterprises are operating in different countries. At the end of this process, it has been implemented a worldwide uniformity with “International Accounting Standards" and "International auditing standards". The relevant changes were made in independent auditing for SMEs under certain criteria in order to adapt uniformity with new Turkish commercial code in our country. Independent audit as a result of economic change will become unavoidably compulsory for SMEs, which are over a certain scale, beyond that, the independent audit for the SMEs will be made on a voluntary basis in the interests their own in the future. We assume that the findings of this study will contribute towards the enhancement of good corporate governance that alleviates agency problems in business organizations. The findings have several implications regarding board members, managers, and organizations. Establishing corporate governance mechanisms and resolving agency issues are among the boards’ primary responsibilities.

Environmental and Social Impact Assessment (ESIA) is a tool for an integrated assessment of multifac- eted impacts of a proposed project. ESIA can identify areas of potential conflicts and prevent conflicts from occurring early through appropriate mitigation measures. This notwithstanding, conflicts and public opposition arising from implementation of proposed projects which have been subjected to ESIA have been observed in various sectors in different countries and jurisdictions. Kenya is one of the African countries endowed with substantial renewable energy resources including geothermal, wind and solar energy resources. The country is now scaling up the development and utilization of these resources to meet growing energy demand. However, implementation of environmental procedures mainstreamed in the development of renewable energy resources, if inappropriately applied, has the potential to slow down development and exploitation trajectory of these resources. While all proposed renewable energy projects are subjected to the ESIA process, in some instances challenges have emerged at implementation resulting in conflicts that could be avoided. There is a clear need to understand, empirically, which of the ESIA procedural steps is critical in underpinning conflict identification for appropriate application. To determine how each of the ESIA procedural steps is likely to influence conflict identification, a statistical analysis was carried out for ESIA procedures based on questionnaire survey responses from sampled ESIA practitioners in Kenya. This article presents findings on the effect of ESIA procedural steps in conflict identification using cumulative odds ordinal logistic regression with proportional odds. Results show that the overall effect (on the dependent variable conflict identification) of the variables, public participation and monitoring is statically significant, χ2(2) = 9.12, p = 0.01 and χ2(2) = 6.29, p = 0.04, respectively. Further, the exponential of the log odds of the slope coefficients indicate that the independent variables public participation, decision making, project implementation and monitoring are statistically significant [χ2(1) = 9.12, p = 0.00; χ2(1) = 4.04, p = 0.04; χ2(1) = 3.64, p = 0.05 and χ2(1) = 3.31, p = 0.00, respectively]. That is to say these independent variables have a statistically significant effect on the dependent variable conflict identification.

Aim of the Study: The aim of the study is arguing about the statements, related with the elements to differentiate the profit, mentioned which are mentioned within the footnotes of the financial tables by analyzing those elements differentiating the TAS-TFRS profit from the profit calculated due to statutory records. Further; the savings on TAS-TFRS profit also the matters caused by savings are aimed to be evaluating within the framework of the study. Hence it is targeted to contribute for the discussion and prediction of TAS-TFRS profit. Methodology of the Study: The savings on TAS-TFRS profit are evaluated by analyzing those elements differentiating the TAS-TFRS profit from the profit calculated due to statutory records. Findings of the Study: Financial statements being prepared within the framework of the “Tax Legislation” and “General Communiqué on Accounting System Application (GCASA)” in Turkey are converted to another form those are available for the Turkish Accounting Standards (TAS)-Turkish Financial Reporting Standards (TFRS) by the companies meeting the requirements of reporting due to TAS- TFRS. At the end of the transformation held; the amount of profit calculated according to TAS-TFRS is differentiated from the profit amount within the statutory records. Despite of the existence of numerous reasons for the mentioned differentiation of profit amount, the two substantial elements here are suggested to be “the differences in valuation” besides “deferred taxes occurred because of corporate tax investment incentives”. Importance of the Study: The elements are mentioned within the study to ensure realizing the TAS-TFRS profit and discussing the savings on TAS-TFRS profit according to the users of financial statements. The absence of any academic study relating the topic within the literature makes this research important.

Biomasses in the forms of agricultural and forestry residues are gaining attention as alternative sources of energy due to various limitations of conventional sources of energy. Their applications as energy sources should be renewable and eco-friendly. The selection of biomass needs pairing with a suitable thermochemical process for the generation of biofuels and their precursors. This article communicates the investigation of acacia nilotica branch, bagasse, berry branch, coconut coir, corn cob, cotton stalk, groundnut shell, rice husk, rice straw and wheat straw as biomasses, for their considerations to ther-mochemical transformations. The authors explored the residues for their bulk density, calorific values, proximate analysis, ultimate analysis, ash fusibility characteristics and thermogravimetric analysis. The bulk density and calorific values of materials considered were quite low compared to that of conventional solid fuels. Therefore, they required palletisation for their economical utilisation as feedstocks for thermochemical conversions to energy carriers. The proximate analysis indicated that the fixed carbon:volatile matter of acacia nilotica branch was highest at 0.35, suggesting it as the most preferred feedstock for pyrolysis. The ultimate analysis showed that H/C (molar element ratios) of all residues were near to a constant value indicating the emissions of volatiles/gases were close to same quality after their specific thermochemical transformation. Ash deformation and fusion temperatures of mate- rials lied in the range of 900–1500°C, fixing the operating temperature limits for their transformations through combustors and gasifiers. Thermogravimetric analysis in the N₂ atmosphere indicated that the rate of pyrolysis was highest for all residues, in the temperature range of 300–500°C, suggesting the sufficiency of one reactor to carry out pyrolysis for the individual biomass. Thus, the analysis of biomasses for their thermochemical transformations is the prerequisite for their effective utilisations.

Purpose: This study aims to explore auditor’s perceptions of CEOs overconfidence in Egypt as one of the emerging countries. Design/methodology/approach: A quasi-experimental study is used on a sample comprises of 101 practicing auditors at public accounting firms in Egypt to assess (i) CEO overconfidence in a case scenario, (ii) the quality of earnings that would be provided by this overconfident CEO, and (iii) how overconfident CEO would be considered when they are assessing fraud risk, audit risk, audit effort and audit fees. Findings: The results suggest that not all the auditors in the sample were able to discover the same degree of overconfidence personal traits in a case scenario, and it was done by the sense, and they generally agree that overconfident CEO are more likely to provide lower earnings quality. Accordingly, they raise their assessment for audit fees as a result of an increase in fraud risk, audit risk, and audit effort. Practical implications: This study has significant implications for accounting and auditing professionals, market participants and regulators; where auditors should consider the overconfidence of the CEO during the audit process, market participants should consider managerial overconfidence when they are making investment decisions. Moreover, this study highlights the gap between auditing standards and the professional practice; which requires regulators to consider personal overconfidence traits as an indicator of financial reporting risk. Originality/value: This study helps in filling a gap in the literature; where auditor’s perceptions of CEOs overconfidence have not been fully investigated in emerging economies.

Purpose: This study was conducted to examine the impact of financial inclusion and banking performance in Indonesia. The study uses 4 financial inclusion indicators, among others: (i) the ratio of third-party funds to gross domestic income, (ii) the ratio of credit to gross domestic income, (iii) the number of ATMS, (iv) the number of branch offices. Design/methodology/approach: The purposive sampling method is used to select the research sample. The descriptive statistical test and hypothesis test is used to analyze the data using e-eviews program. This research uses the population of data from the National Banking annual report either go public or not during the year 2014 to the year 2018. The study assumed financial inclusion can increase bank performance. Findings: By conducting a regression analysis, researchers found that several indicators of financial inclusion can help improve banking performance using ROA and NIM ratios, as well as some indicators of financial inclusion that do not demonstrate its influence. The results of this study drove banking as one of the formal financial institutions to increase financial inclusion. Banks can earn more profit if financial inclusion increases. Practical implications: These findings will be very helpful to government or management to maximize their firm performance using provides services that are able to accommodate the needs of the society, whether it has a small business (SME) and the overall economic development. Originality/value: This article provides a new insight of some indicators of financial inclusion that do not demonstrate its influence to banking performance.

Experiments were performed in a pilot-scale bubbling fluidized bed gasification reactor with air as a fluidizing agent. Birch wood chips and sand particles were used as biomass and bed materials. Average molar product gas composition was 0.214 of CO, 0.212 of CO₂, 0.103 of H₂, 0.074 of CH₄ and 0.397 of N₂. A kinetics-based model was developed for the gasification process and simulated using commercial software Barracuda®. The model is validated against the measured gas compositions. The validated model was used to study the product gas compositions for olive waste and straw pellets. The effects of equivalence ratio (ER) on the product gas composition for birch wood was also studied in one of the simulations. Birch wood gave the highest (20.5 mole %) CO production rate and lowest (9.0 mole %) H₂ production rate. The product gas flow rate was 1.96 Nm³ per kg of biomass and the lower heating value of the product gas was 6.65 MJ/Nm³. The CO concentration decreased from 25 to 13.2 mole %, whereas CO₂ concentration increased from 17 to 19.5 mole % when increasing ER from 0.2 to 0.3. The CO and H₂ concentrations for the olive waste were 8.1 and 56.1 mole %. The CO and H₂ concentrations for the straw pellets were 6 and 73.4 mole %.

Purpose: This study aims to look at the influence of religiosity, profit and loss sharing and corporate image on consumer intentions of Muamalat bank financing in Madiun. Design/methodology/approach: this study used a quantitative approach with a sample of 220 Muslim respondents in Madiun. And data analysis used smart PLS. Findings: The results of the analysis found that religiosity has a significant positive effect on consumer intentions, profit and loss sharing has a significant negative effect on customer intentions and corporate image does not affect consumers' intention of Muamalat bank financing in Madiun. Practical implications: From the results will be as a marketing strategy to increase customers financing Muamalat banks, and find out the factors - factors that influence consumer intentions by looking at community religiosity and giving a low perception of profit and loss sharing of Muamalat bank financing in Madiun. Originality/value: The factor of religiosity can increase the consumer's intention of Muamalat bank financing in Madiun and the perception of profit and loss sharing can reduce the consumer's intention of Muamalat bank financing in Madiun.

Purpose: The aim of the study is to reveal the relationship between economic growth and tourism receipts between 1995 and 2018 for Turkey.

Design/methodology/approach: Econometric analysis method was used in the research. The existence of a long-term relationship between variables was questioned by the Johansen Cointegration Test. Least Squares Method was used for regression analysis.

Findings: The results suggest that there is cointegration between economic growth and tourism receipts. In the long-run tourism receipts effect economic growth positively. According to the estimated model with Least Squares Method, each %1 increse in the tourism receipt increases GDP %0.21 and the percentage change in the tourism receipts can explain the %86 of the percentage change in GDP in the %95 confidence interval.

Practical implications: This research has significant implications for both policy makers and investors. The government has to consider the effect of the tourism industry while planning the investments, expenditures and incentives.

Originality/value: This study allows to make forecast for the future and gives opportunity to make comparison for the subsequent researchers with the latest findings in this field.

Nowadays energy efficiency is a global concern for the maritime organization and business. Rising operating costs, mainly fuel prices and stricter environmental regulations are forcing the ship- ping industry to find more effective ways of designing and operating the ships in an energy-efficient manner. An analysis of the energy system of ships and understanding the different energy flows can contribute to better energy management and efficiency in the ships. Keeping this objective in mind, the energy systems of typical medium-sized container ships are analysed in this paper based on the vessel’s operating data and equipment parameters collected by the crew over three months. The study focuses on the energy and exergy balances of the main components. It has been shown that more than 80% of total energy consumption is caused by the propulsion plant, while the electric power generation accounts for 14–17%. Up to 60% of the energy supply is lost to the environment through the cooling system, radiation, friction and exhaust from diesel engines. Exergy losses caused by the exhaust gas and heat transfer are other contributors. Roughly 6% of the fuel exergy input is lost due to heat transfer. The exergy lost through the exhaust gas flue mainly from the main engine is estimated at 12% of the total exergy input. There is considerable potential for waste heat recovery on container vessels. However, to improve the overall energy efficiency, a techno-economic study has to be carried out on waste heat recovery solutions for each category of vessels and trading mode.

This paper provides an overview of the leading role that energy efficiency plays in the development of modern socio-economic systems, which serve as the foundation for building green economies. The main purpose of the paper is to develop a methodological toolkit for assessing energy efficiency of large industrial complexes and test it on the world’s largest metallurgical complexes. The central object of the research is the Ural Mining and Metallurgical Company (UMMC), which mainly specializes in the production of copper and copper-based products. The study follows a comparative analysis of a set of preliminary selected energy efficiency indicators obtained from UMMC with those of the world’s leading copper manufacturers and copper-based products. At the same time, in accordance with the methodical approach, it is proposed to divide the energy efficiency indicators of an industrial complex into three levels: the level of an industrial complex as a whole (1); the level of certain types of products manufactured in the industrial complex (2); the level of the technological process (3). To obtain summarized (synthetic) energy efficiency estimates of the industrial complex, the hierarchy analysis method has been proposed. For the comparative analysis of energy efficiency indicators of UMMC, the authors chose the following companies: Norilsk Nickel and Russian Copper Company and leading world companies, such as Glencore Xstrata Plc (Switzerland), Codelco (Chile), KGHM Polska Miedz SA (Poland), and Vedanta Resources (India). The obtained results revealed that UMMC strongly lags behind in a number of key energy efficiency indicators. During 2010–2016, a negative trend was observed in the majority of UMMC enterprises. The results also showed the practical applicability of the given methodical approach and the possibility of its wide use in solving energy efficiency problems of Russian industrial complexes for their strategic development.

The volatile nature of the renewable energy sources requires energy storage to compensate for the imbalances and to provide reliable base load. Power-to-Methane technology facilitates long-term high capacity renewable energy storage in the form of Synthetic Natural Gas (SNG) in the gas network. Unlike hydrogen, SNG usage in the network has no restrictions and natural gas appliances can operate on SNG. The two inputs required to produce SNG in the methanator are hydrogen and CO2 and they can be obtained from several sources. This leads to multiple possible process flow configurations in SNG production, each of them with varying performance. An optimization model has been developed in GAMS to analyse the performance of these various configurations. The objective of this research is to determine the optimal configuration, key cost factors and their effects on the production cost to identify the areas that require further development for cost reduction. This work also aims to determine the production cost per unit of SNG and the factors with most significant influence on the production cost by implementing a factorial design and a multivariate analysis (analysis of variance) approach. Methanator, electrolyser, biogas upgrader and hydrogen storage are considered as the fundamental process units in this work. The lowest production cost identified in the first year of production is 0.432 €/kWhSNG. The discounted production cost obtained shows that the lowest cost in 20 years from now is 0.143 €/kWhSNG. The variable with the most influence on the production cost is the capex of the methanator followed by the capacity of the methanator.

Purpose: The manufacturing companies must keep attention over challenges and for the moment of adopt technology and practices instead of observation of competition amongst competitor companies.To create automobile business successful in India, companies are essential to adopt better cost accounting techniques to minimize cost of products and service costs.

Design/methodology/approach: This research investigates the application procedure of Target Costing (TC) in automobile companies in India. This study employed Target Costing as a dependent variable while Profitability; Growth; Net Tangibility Assets (NTA); EPS and Firm Size are independent variables. The study adopted convenience sample of top ten automobile companies listed on BSE of India and panel data has covered from 2014-15 to 2018-19 years. Data was analyzed through using statistical techniques of descriptive statistical analysis, Pearson’s Correlation, Simple Regression and Multiple Regression analysis and using the SPSS.

Findings: The result of the target costing impact on profitability has reported by Pearson’s correlation result shown a negative relationship. Similarly, Target costing impact on Return on sales examined by simple regression analysis and revealed that there is positive correlation. Finally, Target costing impact on financial performance examined by multiple regression results revealed that there is positive correlation with Revenue from Operation; Profitability; Return on Sales (ROS) and Growth, while negative correlation revealed by Margin from Operation; ROA; Net Tangibility Assets(NTA); EPS and Firm Size.

Originality/value: Target Costing has been identified as a popular technique to accomplish automobile company’s goals. Target costing consist exclusive approach to decide target price for the product and services. Target Costing ensure that new product price would be competitive in the market with substantial quality of products and services. This research investigates the application procedure of Target Costing (TC) and examined financial performance of Indian Automobile companies.

The aim of this study was to examine the opinions of farmers on a consulting project, which was established for organic dairy farms in Northern Germany involving different animal health experts who participated in the meetings. Furthermore, the properties of measures that are of decisive importance for implementation on the farms were identified to improve consultancy services for dairy farming. Once a year, the farmers met on a host-farm in one of three groups consisting of five to nine farms, a facilitator and an expert. At each meeting, a host-farm was visited and the analysed data of all participating farms of the previous year were presented to the group members. Each farmer had the possibility to report on success stories and issues concerning his herd. During discussions, the farmers first proposed mutual farm-specific measures for improving herd health and animal welfare. Afterwards, the expert named possible interventions and commented on the given measures of the farmers. All measures were noted by the facilitator. At the end of each meeting, each farmer could choose which of the given measures he wanted to implement. Open group-interviews as well as anonymous questionnaires for the farmers were used at the meetings in winter 2016/2017 to evaluate their perception of this consulting project and to determine which properties of measures were important for implementation on the farms. Based on the results of this study, the participating farmers were very positive towards this kind of consulting project. They favoured the participation of an expert during the meetings and the analysis of farm-specific data. Farmers mostly chose measures for implementation proposed by farmers and approved by the expert, followed by those proposed by the expert only. Measures were chosen when they were practical in the implementation, effective, efficient and took a low additional workload for implementation.

The development of organic agriculture in Bangladesh has been slow. According to the Bangladesh Bureau of Statistics (2018), approximately 12,000 farmers in Bangladesh produce organic crops on around 7,000 hectares of land. The transition from conventional to organic farming has been an issue of debate, especially in the context of developing nations such as Bangladesh. The debate stresses the urgency for the transition to preserve environment and health and to ensure a safe, sustainable and environmentally friendly food production system, but also emphasizes the pressure of maintaining food production for a large growing population. We focus on the debate in the context of Bangladesh, and question whether it is the proper time and stage in the development process to attempt the transition from conventional to organic food production systems. We ask why the organic rice market is not expanding in Bangladesh and explain the slow market growth through the two main factors of income constraint and lack of awareness among people about the environmental and health detriments of non-organic farming. The exploratory study finds that it is not mainly the lack of awareness but the income constraint that can be principally attributed to the slow expansion of the organic rice market in Bangladesh. Through exploring consumers’ awareness about organic farming methods and their demand for organic products, this study shows how income as a major constraint, besides price, affects consumers demand for organic and non-organic rice in Bangladesh. Income being identified as the major barrier reveals the potential of the organic rice market to grow in the future, as Bangladesh continues its journey towards becoming a middle-income country.

Starting from the research assumption that the Corporate Governance Code issued by Bucharest Stock Exchange (BSE) aims at building an internationally attractive capital market in Romania, based on best practices, transparency and trust that encourages companies to build a strong relationship with their shareholders and other stakeholders, communicate effectively and transparently and show openness towards all potential investors, in this paper we would like to present the degree of compliance of the companies listed on the Bucharest Stock Exchange with the principles and provisions of the Corporate Governance Code. The aim of this paper is achieved by presenting and commenting on the principles issued by the BSE regarding the corporate governance and by analysing the Corporate Governance Reports of the companies, presenting at the same time the compliance of the listed companies with these principles and provisions, by using the data issued in 2018 by the entities included in our study, namely the listed companies on the main market of the Bucharest Stock Exchange. Our analysis reflects that, although the provisions and principles of the Corporate Governance Code are not mandatory for the listed companies, they are largely implemented in the activity of companies because an efficient corporate governance system can represent a competitive advantage for any economic entity in the context of globalisation.

Lately, economists and policymakers have been paying even closer attention to the hidden economy. Indeed, it makes a difference to the economy how much money goes into the state coffers. In order to uncover the hidden economy however, it is necessary to be familiar with its nature and manifestations. In this paper, with the aid of previous research and literature we attempt to illustrate the characteristics of the hidden economy in Hungary before and after the regime change and to map out the steps that have been taken to uncover it. This publication was preceded by a systematic literature review on the definition, causes, and effects of the hidden economy, consisting of the collection of both data and literature related to the domestic hidden economy. The following summarize the results from the synthesis of literature: The Hungarian hidden economy existed even before the regime change and took a variety of different forms. These include tips, bribes, informal payments, unauthorized work and patchwork, moonlighting, unauthorized rental of real estate, use of social property for personal gain, gains from the infringement of customs and exchange law, tax fraud by craftsmen and retailers, theft of public property, and corruption. Since 1990, not only have the dynamics of the hidden economy strengthened, but its types of activities have changed significantly as well. These include, but are not limited to: omitting a portion of revenue from the register; recognizing non-incurred material production costs among expenditures; including an excessive portion of personal household maintenance costs among production costs; organizing business and study trips abroad; finder’s fee; end-of-year depreciation or 'transfer' of inventories; wages of registered employees paid out of pocket; employment of unreported employees; parallel company formation; economic activity of unincorporated individuals and the income generated thereby. The following are among the concrete steps taken in recent years to uncover the Hungarian hidden economy: the temporary employment booklet; the simplified entrepreneurial tax; the Electronic Trade and Transport Control System; online cash registers; the connection of vending machines to the tax office.

Social entrepreneurship is a relatively new topic of interest within the academic and the literature on it is limited. With the increase of interest in recent years from various interest groups the concept of social enterprise has become more widespread. The purpose of this paper is to explore the link between social entrepreneurship and voluntourism, as one of the types of special interest tourism. Voluntourism, according to the concept of sustainable community development, relate all the stakeholders of such development. Moreover, social entrepreneurship could become an important vehicle for sustainable development of destinations. This paper proposes that niche tourism products and more specifically, voluntourism projects, under the prism of social entrepreneurship, can become the means towards Croatian product diversification and long-term environmental, social and economic sustainability. Quantitative research was conducted and the methodology entails a case study approach. Results indicate that there are limited number of projects concerning social entrepreneurship in voluntourism in Croatia and also that discussed projects are not recognized. This study assessed the situation in Croatia and although it was comprehensive under conditions of limited data availability, it cannot speak to social entrepreneurship in voluntourism globally, but it can offer foundation for future research in this area.

The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favorable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and its subsidiaries.

The objectives of this paper are to investigate the relevance of guidelines on good corporate governance (CG) to family public interest companies (PICs) within the small state of Malta and to recommend how existing guidelines may be improved and tailored for such companies. An explanatory mixed-methods empirical approach is adopted with a structured questionnaire being first administered to 17 respondents in 12 PICs owned by different families. This was then followed by semi-structured interviews with the representatives of 11 of these PICs. Findings indicate that there is a need for the existing guidelines to be improved for them to become more in line with the needs of PICs which are characterised by dominant family interests. In this respect, this paper recommends possible principles and guidelines that may be used by the relevant authorities either to improve the existing PIC guidelines or to issue a new set of guidelines aimed specifically for family PICs. Given the peculiarities of such companies, it is clear that the guidelines have to contain elements that address the CG structure, such as the need to formally document a family governance plan. Clearer guidance is needed on the appointment and composition of the Board of Directors, on the employment, conduct, compensation and performance evaluation of managers, as well as on the composition of the ownership of family PICs. Additionally, the paper concludes that a relevant factor for family PICs in carrying out improvements to their CG is that they continue to place more importance than other PICs to their continued existence.

Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable its being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes.