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Eurasian Studies in Business and Economics 2/1
Series Editors: Mehmet Huseyin Bilgin · Hakan Danis

Hakan Danis
Ender Demir
Ugur Can Editors
Business Challenges
in the Changing
Economic Landscape
- Vol. 1
Proceedings of the 14th Eurasia
Business and Economics Society Conference
Eurasian Studies in Business and Economics 2/1
Series Editors
Mehmet Huseyin Bilgin, Istanbul, Turkey
Hakan Danis, San Francisco, CA, USA
Representing
Eurasia Business and Economics Society
More information about this series at http://www.springer.com/series/13544
Mehmet Huseyin Bilgin • Hakan Danis •
Ender Demir • Ugur Can
Editors
Business Challenges in the

Changing Economic
Landscape - Vol. 1
Proceedings of the 14th Eurasia Business
and Economics Society Conference
Editors
Mehmet Huseyin Bilgin Hakan Danis
Faculty of Economics MUFG Union Bank
Istanbul Medeniyet University San Francisco, CA
Istanbul USA
Turkey
Ender Demir Ugur Can

Faculty of Tourism Eurasia Business & Economic Society
Istanbul Medeniyet University Fatih Istanbul
Istanbul Turkey
Turkey
The authors of individual papers are responsible for technical, content, and linguistic
correctness.
ISSN 2364-5067 ISSN 2364-5075 (electronic)

Eurasian Studies in Business and Economics
ISBN 978-3-319-22595-1 ISBN 978-3-319-22596-8 (eBook)
DOI 10.1007/978-3-319-22596-8
Library of Congress Control Number: 2015954180
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Preface
We are excited to organize our 14th conference on October 23, 24, and 25, 2014, at
Hotel Silken Diagonal in Barcelona, Spain. We are honored to have received
top-tier papers from distinguished scholars from all over the world. We regret
that we were unable to accept more papers than we have. In the conference,
437 papers will be presented and 745 colleagues from 61 countries will attend the
conference.
We are pleased to announce that distinguished researchers Jonathan Batten and
José-Luis Peydró will join the conference as keynote speakers.
Prof. Batten is professor of finance in the Department of Banking and Finance at
Monash University, Australia. He is a well-known academician who has published
articles in many of the leading economics and finance journals and currently serves
as the editor of Emerging Markets Review and associate editor of the Journal of
Banking & Finance, Journal of the Asia Pacific Economy, and Research in Inter-
national Business and Finance.
Prof. Peydró is a prominent academician specializing in the fields of banking,
systemic risk, financial crises, and monetary policy. He is currently professor at
Universitat Pompeu Fabra, part-time professor of banking and finance at Cass
Business School, City University (London), advisor at Bank of Spain, and affiliated
professor at Barcelona Graduate School of Economics. Previously, he was a
visiting scholar at the University of Chicago and consultant at the Federal Reserve
Board and International Monetary Fund. He also serves as the associate editor of
the Review of Finance and associate editor of the Spanish Review of Financial
Economics. His research has appeared in many of the leading economics and
finance journals such as Econometrica, Review of Financial Studies, Journal of
Finance, American Economic Review, and Journal of International Economics.
EBES conferences have been an intellectual hub for academic discussion for our
colleagues in the areas of economics, finance, and business. Participants have found
an excellent opportunity for presenting new research, exchanging information, and
discussing current issues. We believe that our future conferences will improve
further the development of knowledge in our fields. In addition, based on the
v
vi Preface
contribution of the paper to the field, the EBES Award Committee has selected one
of the papers for the Best Paper Award. The Best Paper Award winner will be
announced during the conference.
We would like to thank all presenters, participants, board members, and keynote
speakers and are looking forward to seeing you all again at the upcoming EBES
conferences.
Best regards,
Istanbul, Turkey Ender Demir

Eurasia Business and Economics Society (EBES)
Eurasia Business and Economics Society (EBES) is a scholarly association for

scholars involved in the practice and study of economics, finance, and business
worldwide. EBES was founded in 2008 with the purpose of not only promoting
academic research in the field of business and economics but also encouraging the
intellectual development of scholars. In spite of the term “Eurasia,” the scope
should be understood in its broadest term as having a global emphasis.
EBES aims to bring worldwide researchers and professionals together through
organizing conferences and publishing academic journals and to increase econom-
ics, finance, and business knowledge through academic discussions. To reach its
goal, EBES benefits from its executive and advisory boards which consist of well-
known academicians from all around the world. Every year, with the inclusion of
new members, our executive and advisory boards became more diverse and influ-
ential. I would like to thank them for their support.
EBES conferences and journals are open to all economics, finance, and business
scholars and professionals around the world. Any scholar or professional interested
in economics, finance, and business around the world is welcome to attend EBES
conferences. Since 2012, EBES has been organizing three conferences every year:
one in Istanbul (possibly in the early summer) and two in Europe or Asia (possibly
in January and in fall).
In 2011, EBES began publishing two academic journals. One of those journals,
Eurasian Business Review—EBR, is in the fields of industry and business, and the
other one, Eurasian Economic Review—EER, is in the fields of economics and
finance. Both journals are published biannually and we are committed to having
both journals included in SSCI as soon as possible. Both journals are published by
Springer and currently indexed in the Cabell’s Directory, Ulrich’s Periodicals
Directory, RePEc, EBSCO Business Source Complete, ProQuest ABI/Inform,
IBSS: International Bibliography of the Social Sciences, and EconLit. In 2011,
EBES also started to publish the EBES Anthology annually to give opportunity for
the papers presented at the EBES conferences.
vii
viii Eurasia Business and Economics Society (EBES)
Furthermore, in 2014 EBES partnered with Springer which has started to publish
EER and EBR, along with a new conference proceedings series: Eurasian Studies in
Business and Economics. The new series includes selected papers from the EBES
conferences and expects its first title to be released early next year. The proceedings
are already indexed in the Thompson Reuters Proceedings Index and both EBES
and the Springer expect that the series will benefit greatly from the partnership.
On behalf of the EBES officers, I sincerely thank you for your participation and
look forward to seeing you at our future conferences. In order to improve our future
conferences, we welcome your comments and suggestions. Our improvement is
only possible with your valuable feedback and support.
I hope you enjoy the conference and Barcelona!
With my very best wishes,
Jonathan Batten
Contents
Part I Accounting and Corporate Governance

Use of the Managerial Tools in the Czech Companies . . . . . . . . . . . . . . 3
Libuše Svobodová
Business Processes Intrinsic Accounting Quality Attributes Assessment
in Lithuanian Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Kristina Kundeliene
Implementation of Accounting Standards: Financial Reporting
in Albania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Sonila Gruda
Principle-Based Agricultural Business Accounting Policy Formation . . . 37
Neringa Stonciuviene, Danute Zinkeviciene, and Lina Martirosianiene
Transition from Tax Records to Double-Entry Bookkeeping
in the Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Determinants of Corporate Social Reporting in India . . . . . . . . . . . . . . 71
Mohammad Talha, Benjamin Christopher, and J. Karthikeyani
Board Evaluation in Italian Listed Companies . . . . . . . . . . . . . . . . . . . . 89
Franco Rubino, Bronzetti Giovanni, Romilda Mazzotta, Graziella Sicoli,
Tenuta Paolo, and Rija Maurizio
Corporate Social Responsibility Seen Through Codes of Conduct
in Czech Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Jaroslav Kacetl and Ilona Semradova
ix
x Contents
Part II Finance and Banking

Profits and Risks of Foreign Exchange Mortgage Loans:
Case of Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Michał Buszko
Graphs in Annual Reports of Banks: Trustworthy or Not? . . . . . . . . . . 147
Laivi Laidroo and Nele Tamme
Ecological Evolution of Financial Market: Ecologically Responsible
Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Leszek Dziawgo and Ewa Dziawgo
Common Characteristics of Financial Development in Balkan Region
Economies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
Erinda Imeraj
The Determinants of Formal and Informal Household Loan Selection:
Evidence from China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Chen Xue
Households Financial Behavior: Selected Aspects at the Time
of Turbulence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Danuta Dziawgo
The Relationship Between CSR Engagement and Firm Risk in Polish
Public Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Ewa Chojnacka
Internal Innovativeness and Management of Current Finances
of Enterprises in Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225
Małgorzata Okre˛glicka
Private Equity/Venture Capital Sector Specifics in Certain Clusters
of Countries Within Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
Elzbieta Grzegorczyk
Part III Economics

The Role of Institutions in Socio-Economic Development . . . . . . . . . . . 263
Alise Vitola and Maija Senfelde
Exchange Rate Volatility Exposure on Corporate Cash Flows
and Stock Prices: The Case of Poland . . . . . . . . . . . . . . . . . . . . . . . . . . 273
Lucie Tomanova
Reshoring as a Modern Form of Economic Competition Between
Developed and Developing Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . 287
Larisa Shahovskaya and Yana Matkovskaya
Contents xi
The European Economic Crisis: The Continental Threats for the System
of Higher Education in Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301
Irina Morozova and Tatiana Litvinova
Overcoming the ‘Underdevelopment Whirlpools’ on the Basis
of Ecologically Pure Industrial Production . . . . . . . . . . . . . . . . . . . . . . 313
Elena Popkova
The Development of Unemployment in the European Union’s Labour
Market Due to the Recent Economic Crisis, Using Cluster Analysis . . . 323
Tomáš Pavelka and Tomáš L€oster
Attitudes to Income Inequality and Preferences for Redistribution
in Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339
Ayfer Karayel
Application of Stochastic Cooperative Games in the Analysis
of the Interaction of Economic Agents . . . . . . . . . . . . . . . . . . . . . . . . . . 355
Pavel V. Konyukhovskiy and Alexandra S. Malova
The Use of Simulation Modelling in the Analysis of the Economic
Aspects of Diseases in Old Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369
Petra Maresova, Hana Tomaskova, and Kamil Kuca
Education Affects Health: Empirical Evidence from Turkey . . . . . . . . . 379
Furkan Besel and Fatih Yardimcioglu
Part IV Regional Studies

Soft Power Concept and Soft Power Indexes . . . . . . . . . . . . . . . . . . . . . 395
Kiymet Yavuzaslan and Murat Cetin
Enotourism: A New Profitable Business? Poland’s Case . . . . . . . . . . . . 411
Katarzyna Jesiotr and Elzbieta Szymanska
The European Union Policy Towards the Post-Soviet Countries
of Central Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423
Agnieszka Konopelko
Research of Cluster Structure in Regions of Russia (Case Study:
St. Petersburg) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437
Tatiana Jurievna Kudryavtseva
International Integration: From a Dream to a Political Dogma . . . . . . . 449
Aleksandrs Fedotovs and Oksana Sakalosh
Analysis of Agrarian Structure in Poland in 1921 and 2002 Based
on the Example of Selected Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . 461
Damian Walczak and Michal B. Pietrzak
xii Contents
The Eurasian Economic Union: Complimentary or Competitive

Structure to the European Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473
Katarzyna Czerewacz-Filipowicz
Fiscal Contractions in Eurozone in the Years 1995–2013:
Can Non-Keynesian Effects Be Helpful in Future Deleverage
Process? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483
Adam P. Balcerzak, Michał Bernard Pietrzak, and Elżbieta Rogalska
The Region of Southeast Europe: The Island of Missing Gas
Connectivity and Its European Implications . . . . . . . . . . . . . . . . . . . . . 497
Monika Moraliyska
EBES Executive Board
• Jonathan Batten, Monash University, Australia
• Iftekhar Hasan, Fordham University, USA
• Euston Quah, Nanyang Technological University, Singapore
• Peter Rangazas, Indiana University-Purdue University Indianapolis, USA
• John Rust, Georgetown University, USA
• Alexander Tatarkin, Russian Academy of Sciences, Russia
• Marco Vivarelli, Catholic University of Milano, Italy
EBES Advisory Board

• Hassan Aly, Department of Economics, Ohio State University, USA
• Ahmet Faruk Aysan, Central Bank of the Republic of Turkey, Turkey
• Michael R. Baye, Kelley School of Business, Indiana University, USA
• Idris Bin Jajri, Faculty of Economics and Administration, University of
Malaya, Malaysia
• Wolfgang Dick, ESSEC Business School, France
• Mohamed Hegazy, School of Management, Economics and Communication,
The American University in Cairo, Egypt
• Heather Hopfl, Essex Business School, University of Essex, UK
• Cheng Hsiao, Department of Economics, University of Southern California,
USA
• Philip Y. Huang, China Europe International Business School, China
• Irina Ivashkovskaya, State University—Higher School of Economics, Russia
• Soo-Wook Kim, College of Business Administration, Seoul National Univer-
sity, Korea
• Christos Kollias, Department of Economics, University of Thessaly, Greece
• Ali M. Kutan, Department of Economics and Finance, Southern Illinois Uni-
versity Edwardsville, USA
• William D. Lastrapes, Terry College of Business, University of Georgia, USA
xiii
xiv
• Rita Mårtenson, School of Business, Economics and Law, G€oteborg Univer-

sity, Sweden
• Panu Poutvaara, Faculty of Economics, University of Munich, Germany
• M. Ibrahim Turhan, Borsa Istanbul, Turkey
• Wing-Keung Wong, Department of Economics, Hong Kong Baptist University,
Hong Kong
• Naoyuki Yoshino, Faculty of Economics, Keio University, Japan
Organizing Committee
Jonathan Batten, PhD, Monash University, Australia
Mehmet Huseyin Bilgin, PhD, Istanbul Medeniyet University, Turkey
Hakan Danis, PhD, Union Bank, USA
Pascal Gantenbein, PhD, University of Basel, Switzerland
Ender Demir, PhD, Istanbul Medeniyet University, Turkey
Orhun Guldiken, University of Arkansas, USA
Ugur Can, EBES, Turkey
Busra Yaman, EBES, Turkey
Reviewers
Sagi Akron, PhD, University of Haifa, Israel
Mehmet Huseyin Bilgin, PhD, Istanbul Medeniyet University, Turkey
Hakan Danis, PhD, Union Bank, USA
Ender Demir, PhD, Istanbul Medeniyet University, Turkey
Pascal Gantenbein, PhD, University of Basel, Switzerland
Orhun Guldiken, University of Arkansas, USA
Peter Harris, PhD, New York Institute of Technology, USA
Gokhan Karabulut, PhD, Istanbul University, Turkey
Davor Labaš, PhD, University of Zagreb, Croatia
Chi Keung Marco Lau, PhD, University of Northumbria, United Kingdom
Gregory Lee, PhD, University of the Witwatersrand, South Africa
Nidžara Osmanagić-Bedenik, PhD, University of Zagreb, Croatia
Euston Quah, PhD, Nanyang Technological University, Singapore
Peter Rangazas, PhD, Indiana University-Purdue University Indianapolis, USA
Doojin Ryu, PhD, Chung-Ang University, South Korea
R. Baris Tekin, PhD, Marmara University, Turkey
Manuela Tvaronavičienė, PhD, Vilnius Gediminas Technical University, Lithuania
Part I
Accounting and Corporate Governance
Use of the Managerial Tools in the Czech
Companies
Abstract The presented article is based on the questionnaire survey, which was
conducted in 2014. There were almost 300 Czech enterprises in the study. Ques-
tionnaire investigation was focused on the tools used in the managerial accounting
in the interviewed enterprises. Specifically, there were questions involved on the
monitoring of costs, the use and creation of calculations, plans and budgets,
capacity utilization and efficiency, efficiency evaluation and monitoring of eco-
nomic results and evaluation of financial analysis. In the evaluation there were
involved physical persons and also legal entities. It is expected that individuals use
less the tools of managerial accounting. It is also expected that SMEs use less the
tools of managerial accounting than large companies. The last hypothesis is dedi-
cated to the efficiency of the company. It can be expected that firms that prepare and
monitor calculations, plans and budgets are aware of the importance of financial
analysis and evaluate it. A detailed research together with the analysis and critical
assessment of accessible materials will enable to identify the main objectives in the
field of study. The analysis of the initial state will consequently enable to identify
the key factors and knowledge.
Keywords Managerial accounting • Survey • Efficiency • Financial analysis
1 Introduction
Managerial accounting is an integral part of the enterprises. Managerial accounting

information include: information on the costs of an organization’s products and
services, calculations, budgets, performance reports and other information which
assist managers in their planning and control activities.
A fundamental purpose of managerial accounting is to enhance firm value by
ensuring the effective and efficient use of scarce resources. Thus, managerial
accounting systems should provide information that improves employees’ abilities
to make organizationally desirable decisions, thereby enabling employees to
L. Svobodová (*)
Department of Economics, University of Hradec Kralove, Hradec Králové, Czech Republic
e-mail: libuse.svobodova@uhk.cz
© Springer International Publishing Switzerland 2016 3

M.H. Bilgin et al. (eds.), Business Challenges in the Changing Economic
Landscape - Vol. 1, Eurasian Studies in Business and Economics 2/1,
DOI 10.1007/978-3-319-22596-8_1
4 L. Svobodová
achieve the organization’s goals and objectives (Caplan 1988; Horngren

et al. 2000). Additionally, managerial accounting systems should provide informa-
tion that helps align the interests of employees with owners by directing employee
effort and attention to activities that benefit the organization (Atkinson et al. 1997;
Lambert 2001). Viewed in this light, the information produced by a managerial
accounting system serves two important roles in an organization: to provide some
of the necessary information for planning and decision-making, and to motivate
individuals (Zimmerman 2000).
In the presented paper there will be not done the detailed description and review
of the managerial tools. It is not the main goal of the article (see the details in
Sprinkle (2003) and Langfield-Smith (1997)). Coman et al. (2012) focused on
Managerial accounting as a source of information for an efficient management in
SME. Lazar and Matušková (2012) focused on the variable and fixed costs.
Kupkovič and T oth (2004) focused in their article on Activity Based Costing as
on new managerial method of costing, budgeting and accounting system, practice
and technic, which represent causal relationship between creation of outputs and
activities that would consume enterprise sources. Through the medium this causal
relationship can try more accurately allocate costs. Direct costs would direct
allocate on individual outputs, indirect costs can through the medium multistage
cost allocation base to indirect costs. This calculation method needs the details
information about the activities and costs connected to it. Tappura et al. (2015)
focused on Cost-based calculations, Balanced Scorecard approach, Payback
methods and other management accounting methods for safety-related decision-
making. Knápková et al. (2014) and Jirčı́ková and Remeš (2007) focused on the
utilization of balanced scorecard and the effect of its use on the financial perfor-
mance of companies in the Czech Republic. Janeček and Hynek (2007) firstly focus
on the efficiency of firms in a knowledge economy. Janeček and Hynek (2010)
focused on the using of indicators counted for various groups of businesses as return
on assets, return on sales, level of leverage factor, intensity of capital turnover and
mainly return on equity. They compared efficiency of users and non-users Eco-
nomic Value Added (EVA) concept. Mohelská and Sokolová (2011) focused on the
competence and roles of territorial administration. Čámská and Scholleová (2014)
concentrate on valuation of entities. Štamfestová (2014) focused in the article on
business performance management in manufacturing companies in the Czech
Republic. Seidler (2011) wrote about responsible management of the correct way
to prosperity companies. Suchánek et al. (2013) presented the article focused on the
influence of Quality management on corporate performance. Šiška (2009) wrote
How to evaluate economic successfulness of an enterprise.
Use of the Managerial Tools in the Czech Companies 5
2 Goals and Used Methods
The article is based on primary and secondary sources. The primary sources are
represented more. They are represented by the results from the conducted ques-
tionnaire investigation and by ideas of the author. The secondary sources comprise
professional literature, information collected from professional press, legal regula-
tions, websites, discussions or previous participations in professional seminars and
conferences relating to the chosen subject. Then it was necessary to select, classify
and update accessible relevant information from the numerous published materials
that would provide the basic knowledge of the selected topic.
3 The Results of the Questionnaire Investigation
3.1 Description of the Project
In 2014, a survey was conducted among nearly 300 businesses. Firstly was
conducted pilot testing of questionnaires in spring 2014. Secondly was done the
current survey. Concretely were gained 295 questionnaires. Three of them were not
possible to use for next evaluation. The partial results will be presented in the
article. The survey involved 77 % of SMEs and 23 % of large enterprises from all
regions of the Czech Republic. One of questions was focused on the tools that are
used in the managerial accounting by the Czech enterprises. Next questions were
involved on the monitoring of costs, the use and creation of calculations, plans and
budgets, capacity utilization and efficiency, efficiency evaluation and monitoring of
economic results and evaluation of financial analysis. The last question was aimed
on the utilization of the technologies in the connection with managerial accounting.
3.2 Results from the Questionnaire
In the Fig. 1 there are presented the results from the first question. It was focused on
the tools used in managerial accounting by Czech companies. The results are
divided on the small and medium enterprises and on the large ones. Into evaluation
there were involved: Direct costs, Indirect costs, Type calculation formula, Calcu-
lation (full costs), Calculation (variable costs), Activity Based Costing, Controlling,
Benchmarking, Balanced Scorecard, Economic Value Added, Market Value
Added, Quality Management, Just in Time and Others.
The presented Fig. 1 clearly illustrates and confirms the hypothesis that small
and medium-sized enterprises use tools of managerial accounting less than large
enterprises. As a result, it may be noted that even individuals are using managerial
accounting tools less than large enterprises. The only one tool that small and
6 L. Svobodová
7
Others 4
3
33
Just in Time 15
18
77
Quality Management 30
47
28
EVA, MVA 16
12
12
Balanced Scorecard 10
2
28
Benchmarking 20
8
107
Controlling 45
62
23
Activity Based Costing 14
9
29
Calculation (variable costs) 12
17
73
Calculation (full costs) 25
48
126
Type Calculation Formula 19
107
149
Indirect Costs 39
110
211
Direct Costs 44
167
0 50 100 150 200 250
Total Large SME
Fig. 1 Tools used in managerial accounting and size of the company

medium-sized companies use more than large businesses is monitoring of the direct
costs.
It was expected that SMEs companies will use less the tools of managerial
accounting such as Controlling, Benchmarking, Balanced Scorecard, Economic
Value Added or Market Value Added, Quality Management or Just in Time than
large companies. Balanced Scorecard is the less used managerial tool by the
respondents. The reason should be the sophistication of this method. The managers
need to classify four perspectives. The first one is financial situation of the com-
pany, customer perception, internal business processes and learning and growth of
the company. The biggest difference in the results is in the controlling, 39 %. Large
companies have mostly the specialists and departments that focused on this field.
On the other hand 28 % of the SME use controlling as managerial function like
planning, organizing, staffing and directing when control in management means
setting standards, measuring actual performance and taking corrective action. The
same number of large and SME calculate it. They are represented by 107 respon-
dents in each group. The same can be noted for benchmarking. Each group is
represented by 28 companies. It was not expected that SME will calculate the
Economic Value Added. The reason should be the information from the financial
accounting. The companies that use tax records instead double-entry bookkeeping
cannot calculate it, because Economic Value Added is based on financial account-
ing statements such as balance sheet and income statement. The tax record use other
statements based on different data. The calculation of Economic Value Added is not
easy due the opportunity costs that are not easy to quantify for a lot of accountants.
When we focus on the calculation, 37 % of large companies used calculation of
full costs. On the other hand SME used mostly the type calculation formula. Totally
is mostly used the calculation of full costs. It is possible to state that it is mostly the
easiest type of calculation in the companies. The calculation of variable costs is
used only in the 10 % respondents. The less used calculation method in both groups
and also overall is Activity Based Costing with the identification, classification and
evaluation of the activities that relate to the object of the calculation.
Table 1 presents the results of tools used in managerial accounting in the
percentage of companies. The results are again divided on the SME and large
companies and on the overall results.
The Fig. 2 presents the same data from other point of view. One hundred and
nine small and medium companies used both, direct and indirect costs. Seventy-
four companies used one of the methods. Forty-two SMEs do not used direct and
indirect costs. In the large companies used 39 companies both methods, 6 compa-
nies used only one of them. It is surprising that 22 large companies do not monitor
direct and indirect costs. We can give question whether it is really true. The
explanation may be that companies use different terminology for monitoring of
costs. Another can be e.g., misunderstanding of question. The next one should be
the mistake be rewriting. But it is not expected in such rate. Or it may be a reality.
Both variables show a statistical point of view of dependency (for example by
chi-square). The two variables are not statistically significantly independent.
8
Table 1 Tools used in managerial accounting and size of the company

Type Calculation Activity Economic value Just
Direct Indirect calculation Calculation (variable based Balanced added, market Quality in
costs costs formula (full costs) costs) costing Controlling Benchmarking scorecard value added management time Others
SME 74 % 49 % 48 % 21 % 8% 4% 28 % 4% 1% 5% 21 % 8% 1%
Large 66 % 58 % 28 % 37 % 18 % 21 % 67 % 30 % 15 % 24 % 45 % 22 % 6%
Total 75 % 53 % 21 % 25 % 10 % 8% 37 % 10 % 4% 10 % 28 % 13 % 3%
L. Svobodová
148
2 39
109
80
1 6
74
64
0 22
42
0 20 40 60 80 100 120 140 160
Total Large Small and medium
Fig. 2 Number of used methods (direct and indirect costs) in managerial accounting and size of
the company
1
4 1
0
14
3 9
5
23
2 6
17
95
1 28
67
159
0 23
136
0 20 40 60 80 100 120 140 160
Total Large Small and medium
Fig. 3 Number of used calculation methods together (type calculation formula, calculation full
and variable costs and activity based costing) in managerial accounting and size of the company
The Fig. 3 presents the number of used calculations methods together (type
calculation formula, calculation full and variable costs and activity based costing)
in managerial accounting and by size of the company. One hundred and thirty-six
10 L. Svobodová
46
We keep tax records 2
44
38
We have not the capacity 1
37
36
Financial analysis is not important for us 5
31
42
Activity 24
18
127
Profitability 49
78
98
Liquidity 39
59
0 20 40 60 80 100 120 140
Total Large SME
Fig. 4 Indicators used in the financial analysis
SME do not use calculation in their businesses. Sixty-seven of them use one of the
method and 17 use two methods. Only five companies used three methods and none
used four. The results give a warning signal. We can assume that some companies
sell certain products below cost without knowing it. In the large companies there is
better situation, as was expected. Twenty-three large companies do not use calcu-
lations. Twenty-eight of them use one of the methods, six companies use two
methods, nine companies three methods and one company use four methods. It
can be stated based on the results that large businesses should use more tools of
calculations.
The Fig. 4 and Table 2 presents results from the next question aimed on the
financial analysis. The questions were detailed as follows: In the financial analysis
we evaluate those indicators: Liquidity, Profitability, Activity. Next group was
focused on the reason not doing the results from the financial analysis. It is not
important to count the financial analysis in our company. We do not count the
financial analysis in our company, we have not the capacity. We do not count the
Table 2 Indicators used in the financial analysis

We keep
Financial analysis is We have not tax
Liquidity Profitability Activity not important for us the capacity records
SME 26 % 35 % 8% 14 % 16 % 20 %
Large 58 % 73 % 36 % 7% 1% 3%
financial analysis in our company, we keep tax records. The results are not
surprising again.
Large enterprises use more financial analysis tools, which are essential in
evaluating the effectiveness of the company. Conversely, some small businesses
that keep tax records cannot calculate the financial analysis. In the sample reported
that answer 42 companies. Next 37 and 31 SME may keep tax records. A total of
68 SME responded that they do not have the capacity to process financial analysis
or the results from the financial analysis are not essential for them. It is possible to
expect that some of them use double-entry bookkeeping. The most often used tools
by large companies are the assessment of profitability and liquidity. It is the same in
the SMEs. Sixteen percent of the SME would like to evaluate the financial analysis
but they have no the capacity. Twenty percent of the SME cannot shadow the
results from the financial analysis because they keep tax records.
4 Conclusion and Discussion
Other issue that should be solved can be the clusters of the companies. After
detailed statistic processing it is possible to present that there are three clusters of
the companies. One is compounded mostly from small enterprises. Second two are
comprised from all types of the companies. The next results from the questionnaire
investigation are aimed for example on the plans and budgets. From the results it is
evident that companies that prepare plans and budgets used also tools of financial
analysis.
The results of the survey confirmed all three hypotheses. Individuals and small
and medium-sized businesses use less tools of managerial accounting than large
ones. It may be a lack of capacity, lack of data and difficulties in needed monitoring
data. Many small businesses used managerial accounting tools, but they may not
fully realize it. The last hypothesis was usage of plans and budgets and financial
analysis. Small and medium-sized enterprises use less indicators of financial anal-
ysis and they do not so often prepare plans and budgets, as large enterprises.
The managerial tools, budgeting and also financial analysis are very important
also in the connection with investment into new equipment, technologies etc. It is
necessary to take into account with those investments the budgets, calculations and
others. It is also possible recommend to calculate net present value, use payback
12 L. Svobodová
method, internal rate of return or accounting rate of return when the company
prepares the large investment action.
Acknowledgements This paper is written with financial support from specific university research
funds of the Czech Republic Ministry of Education, Youth and Sport allocated to the University of
Hradec Králové Faculty of Informatics and management, project no. 2111/2014.
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Business Processes Intrinsic Accounting
Quality Attributes Assessment in Lithuanian
Organizations
Kristina Kundeliene
Abstract The most important accelerator in everyday life is rapid growth and
development in the area of information technology. Economic efficiency of man-
agement decisions is determined by objective and timely information, which must
be supplied by the accounting system to the company’s managers. Changes in the
external surrounding of the business organizations and importance of timely infor-
mation enforce to recoil and to give special attention to accounting quality of
business processes, accounting quality assessment questions. There was performed
an empirical research, which gave important findings about business processes
intrinsic accounting quality attributes intensity and association between them in
Lithuanian organizations. The results of the research highlighted that in several
business processes the expression of accounting quality characteristics is different
and depends on organization’s activity; internal quality characteristics in all busi-
ness processes aren’t the most evident and between these attributes there is only
positive correlation.
Keywords Business processes • Accounting quality attributes • Intrinsic quality •

Measurement • Evaluation
1 Introduction
In each company the biggest flows of information emerge in the accounting area.
Today’s business environment, globalization processes, technological progress and
other factors determine the necessity to manage it. Company’s leaders, managers
need timely, actual and relevant information for decision making. Growth and
development of information technology is the most important accelerator for
every business organization today. Only objective and timely information must
be given to the company’s managers in order to adopt efficient management
K. Kundeliene (*)
Accounting Department, School of Economics and Business, Kaunas University of
Technology, Kaunas, Lithuania
e-mail: kristina.kundeliene@ktu.lt
© Springer International Publishing Switzerland 2016 15

M.H. Bilgin et al. (eds.), Business Challenges in the Changing Economic
Landscape - Vol. 1, Eurasian Studies in Business and Economics 2/1,
DOI 10.1007/978-3-319-22596-8_2
16 K. Kundeliene
decisions. This is an essential task of the information technology driven accounting

system. There is generally accepted that information is vital to the company success
and its ability to remain competitive in the market. Over the past years development
and expansion of information technology has modified the performance of tradi-
tional accounting systems and much more information can be processed, depicted
and warehoused quite easily. The use of contemporary accounting systems allowed
to reduce the amount of daily routine tasks by automating them; instantly generate
reports for decision making process and etc., but also raised challenges, which has
not been previously encountered in the traditional accounting systems. Such chal-
lenges are the necessity to give special attention to systems maintenance and safety
(error retrieval, defense from computer viruses and other invasions, etc.). Indicated
changes in the business organizations external and internal surrounding encourages
to respond and focus on accounting quality of business processes, accounting
quality assessment questions.
Investigations in the accounting quality field were interested in such scientists as
Xu et al. (2003), Bushman et al. (2004), Biddle and Hilary (2006), Ruzevicius and
Gedminaite (2007), Barth et al. (2008), Bharath et al. (2008), Kundelienė (2009a, b,
2010, 2011), Dumitru (2011, 2012), Fan and Zhang (2012), Rusu 2012), Miculescu
and Miculescu (2012), Pascu and Horomnea (2013), Hribar et al. (2014), etc.
Research object—attributes that characterize intrinsic accounting quality in the
organization business processes and the association between them.
The research goal—to evaluate the expression of intrinsic accounting quality
attributes in Lithuanian organizations’ business processes and to determine if
the interrelationships between intrinsic accounting quality attributes exists.
Research methods. Empirical research is based on quantitative methodological
approach. Results of the empirical research were obtained by applying structural
questionnaire, data analysis. Results were processed by using quantitative
research methods (correlation, cumulative percent and etc.).
2 Theoretical Background and Hypothesis for Business

Processes Intrinsic Accounting Quality Attributes
Assessment
The analysis of scientific literature had shown that researchers have different
interpretations on the accounting quality and especially in the accounting quality
measurement field. Various authors and organizations (Morais and Curto 2008;
Chaffey and Wood 2005; Heidmann et al. 2008; Financial Accounting Standards
Board 1980; Miculescu and Miculescu 2012; Dumitru 2011) distinguished quite
different indicators for the accounting quality measurement and it was stimulus to
investigate this question more detailed. There was performed discernment of
essential business processes accounting quality attributes with assistance of experts
(Kundeliene 2010). The most important attributes for business processes
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some great attempt, and set down her failure to the account of her
sins. She instantly declared that she would atone for the latter,
provided her desires were accomplished, by finding a pilgrim who
would go from France to Jerusalem, on foot, and who at every three
steps he advanced should go back one. The wished-for success was
achieved, and after some difficulty a pilgrim was found, strong
enough, and sufficiently persevering to perform the pilgrimage. The
royal pledge was redeemed, and there only remained to reward the
pilgrim, who was a soldier from the neighborhood of Viterbo. Some
say he was a merchant; but merchant or soldier, Catherine knighted,
ennobled, and enriched him. His arms were a cross and a branch of
palm tree. We are not told if he had a motto. It, at all events, could
not have been nulla vestigia retrorsum. They who affirm that the
pilgrim was a merchant, declare that his descendants lost their
nobility by falling again into commercial ways—a course which was
considered very derogatory, and indeed, degrading, in those
exclusive days.
I may mention here that Heraldry has, after all, very unfairly treated
many of the doers of great deeds. No person below the degree of a
knight could bear a cognizance of his own. Thus, many a squire may
have outdone his master in bravery; and indeed, many a simple
soldier may have done the same, but the memory of it could not go
down to posterity, because the valiant actor was not noble enough to
be worthy of distinction. In our English army, much the same rule still
obtains. Illustrious incompetence is rewarded with “orders,” but plain
John Smith, who has captured a gun with his own hands, receives a
couple of sovereigns, which only enable him to degrade himself by
getting drunk with his friends. Our heraldic writers approve of this
dainty way of conferring distinctions. An anonymous author of a work
on Heraldry and Chivalry, published at Worcester “sixty years since,”
says—“We must consider that had heraldry distributed its honors
indiscriminately, and with too lavish a hand, making no distinction
between gentry and plebeians, the glory of arms would have been
lost, and their lustre less refulgent.”
But it is clear that the rule which allowed none to bear cognizance
who was not of the rank of a knight, was sometimes infringed. Thus,
when Edward the Black Prince made the stout Sir James Audley, his
own especial knight, with an annuity of five hundred marks, for
gallant services at Poictiers, Audley divided the annuity among his
four squires, Delves, Dutton, Foulthurst, and Hawkeston, and also
gave them permission to wear his own achievements, in memory of
the way in which they had kept at his side on the bloody day of
Poictiers.
The fashion of different families wearing the same devices had,
however, its inconveniences. Thus, it happened that at this very
battle of Poictiers, or a little before it, Sir John Chandos reconnoitring
the French army, fell in with the Seigneur de Clerment, who was
reconnoitring the English army. Each saw that the device on the
upper vestment of his adversary was the same as his own, blue
worked with rays of gold round the border. They each fell to sharp,
and not very courteous words. The French lord at length remarked
that Sir John’s claim to wear the device was just like “the boastings
of you English. You can not invent anything new,” added the angry
French knight, “but when you stumble on a pretty novelty, you
forthwith appropriate it.” After more angry words they separated,
vowing that in next day’s fight, they would make good all their
assertions.
As the general rule was, that squires could not bear a cognizance,
so also was it a rule that knights should only fight with their equals.
For knights are bound to feel no blows

From paltry and unequal foes;
Who, when they slash and cut to pieces,
Do all with civilest addresses.
It is in allusion to this rule that Don Quixote says to Sancho Panza:

“Friend Sancho, for the future, whenever thou perceivest us to be
any way abused by such inferior fellows, thou art not to expect that I
should offer to draw my sword against them; for I will not do it in the
least; no, do thou then draw and chastise them as thou thinkest fit;
but if any knight come to take their part, then will I be sure to step in
between thee and danger.”
Knights, as I have said, have had honor conferred on them for very
strange reasons, in many countries, but in none for slighter reasons,
perhaps, than in France. We may probably except Belgium; for there
is a living knight there, who obtained his order of chivalry for his
pleasant little exhibition of gallantry in furnishing new-laid eggs every
morning at the late queen’s table, when every hen but his, in the
suburban village of Laecken had ceased to lay!
Dumas, in his “Salvandire,” satirically illustrates how knights were
occasionally made in the days of Louis XIV. The hero of that dashing
romance finds himself a captive in the prison of Fort l’Evêque; and
as the king will not grant him permission to leave, he resolves to
leave without permission. He makes the attempt by night, descends
from the window in the dark, is caught by the thigh on a spike, and is
ultimately carried to a cell and a bed within his prison-walls. The
following day the governor waits upon him, and questions him upon
the motives for his dangerous enterprise. The good governor’s
curiosity is founded solely on his anxiety to elicit from the prisoner,
that the desire of the latter to escape was not caused by his
dissatisfaction with any of the prison arrangements, whether of
discipline or diet. The captive signs a certificate to that effect, adding,
that his sole motive for endeavoring to set himself free, was because
he had never done anything to deserve that he should be put under
restraint. A few days after, the governor announces to the recluse
that the certificate of the latter has had an excellent effect. Roger
supposes that it has gained him his liberty; but the governor
complacently remarks that it has done better than that, and that the
king, in acknowledgment of the strict character of the governor’s
surveillance, has created him chevalier of the order of St. Louis. If all
the prisoners had succeeded in escaping, as nearly as Roger, the
governor would probably have been made Knight of the Holy Ghost!
The king of France had many such faithful servants; but history
affords many examples of a truer fidelity than this; particularly the old
romances and legendary history—examples of faithfulness even
after death; but, though there may be many more romantic in those
chronicles, I doubt if there is any one so touching as the proof of
fidelity which a knighted civilian, Sir Thomas Meautis, gave of his
affection for Lord Bacon, to whom that ancient servant of the great
lawyer, erected a monument at his own cost. Hamond Lestrange
relates a curious incident, to show that these two were not divided
even after death. “Sir Thomas,” says Lestrange, “was not nearer to
him living than dead; for this Sir Thomas ending his life about a
score of years after, it was his lot to be inhumed so near his lord’s
sepulchre, that in the forming of his grave, part of the viscount’s body
was exposed to view; which being espied by a doctor of physic, he
demanded the head to be given to him; and did most shamefully
disport himself with that skull which was somewhile the continent of
so vast treasures of knowledge.”
Other knights have been celebrated for other qualities. Thus, Sir
Julius Cæsar never heard Bishop Hackett preach without sending
him a piece of money. Indeed, the good knight never heard any
preacher deliver a sermon without sending him money, a pair of
gloves, or some other little gift. He was unwilling, he said, to hear the
Word of God, gratis.
Other knights have cared less to benefit preachers, than to set up for
makers or explainers of doctrines themselves. Thus the Chevalier
Ramsay held that Adam and Eve begot the entire human race in
Paradise, the members of which fell with their procreators; and in
this way the chevalier found in an intelligible form “the great, ancient,
and luminous doctrine of our co-existence with our first parents.” The
Chevalier deemed that in teaching such doctrine he was rearing
plants for a new Paradise; but he was not half so usefully engaged
as some brother knights who were practically engaged as planters.
We may cite Sir John St. Aubyn, who introduced plane-trees into
Cornwall in 1723; and Sir Anthony Ashley, the Dorchester knight,
who enjoys the reputation of having introduced cabbages into
England about the middle of the sixteenth century.
In contrast with these useful knights, the person of the once famous
Chevalier de Lorenzi seems to rise before me, and of him I will now
add a few words, by way of conclusion to my miscellaneous volume.
It is perhaps the tritest of platitudes to say that men are distinguished
by various qualities; but it is among the strangest if not most novel of
paradoxes, that the same man should be remarkable for
endowments of the most opposite quality. The eccentric knight
whose name and title I have given above, is, however, an illustration
of the fact; namely, that a man may be at once stupid and witty. It
was chiefly for his stupidity that Lorenzi was famous, a stupidity
which excited laughter. I must, nevertheless, say in behalf of the
brother of the once celebrated minister of France at the Court of
Florence, in the days of Louis XV., that his stupidity so often looks
like wit, as to induce the belief that it was a humor too refined for his
hearers to appreciate.
Acute as Grimm was, he seems to have undervalued the chevalier in
this respect. That literary minister-plenipotentiary of the Duke of
Saxe Gotha could only see in the chevalier the most extraordinary of
originals. He acknowledges, at the same time, Lorenzi’s high feeling
of honor, and his frank and gentle spirit. The chevalier was crammed
with scientific knowledge, but so confusedly that, according to
Grimm, he could never explain himself in an intelligible way, or
without exciting shouts of laughter on the part of his hearers.
Madame de Geoffrin, when comparing the chevalier with the
ungraceful M. de Burigny, said that the latter was awkward in body,
but that Lorenzi was awkward in mind. As the latter never spoke
without, at least, an air of profound reflection, and had therewith a
piquant Florentine accent, his mistakes were more relished. I do not
think much of his misapprehension when introduced, at Lyons, to M.
de la Michaudière, in whose company he dined, at the residence of
the commandant of the city. The gentleman was addressed by an old
acquaintance as Le Michaudière, and Lorenzi, mistaking this for
L’Ami Chaudière, persisted in calling the dignified official by the
appellation of Monsieur Chaudière, which, to the proud intendant of
Lyons, must have been as bad as if the chevalier had certified that
the intendant’s father was a brazier.
He was far more happy, whether by chance or design, I can not say,
at a subsequent supper at M. de la Michaudière’s house. At the table
sat M. le Normant, husband of Madame de Pompadour, then at the
height of her brilliant infamy. Lorenzi hearing from a neighbor, in
reply to an inquiry, that the gentleman was the consort of the lady in
question, forthwith addressed him as Monsieur de Pompadour,
which was as severe an infliction as husband so situated could well
have endured.
This honorable chevalier was clearly not a religious man—but
among knights and other distinguished personages in France, and
elsewhere, at the period of which I am treating, the two terms were
perfectly distinct, and had no necessary connection. Accordingly, a
lady who had called on Lorenzi one Sunday morning, before eleven
o’clock, proposed, at the end of their conversation, to go with him to
mass. “Do they still celebrate mass?” asked the chevalier, with an air
of astonishment. As he had not attended mass for fifteen years,
Grimm gravely asserts that the Florentine imagined that it was no
longer celebrated. “The more,” adds the epistolary baron, “that as he
never went out before two o’clock, he no longer recollected that he
had seen a church-door open.”
The chevalier, who was Knight of the Order of St. Stephen of
Tuscany, and who had withdrawn from the French Army, with the
rank of colonel, after the conquest of Minorca, had a great devotion
toward the abstract sciences. He studied geometry and astronomy,
and had the habit, says Grimm, to measure the events of life, and
reduce them to geometrical value. As he was thoughtful, he more
frequently, when addressed, made reply to abstruse questionings of
his own brain than to persons who spoke to him. Grimm, after saying
that the Knight of St. Stephen was only struck by the true or false
side of a question, and never by its pleasant or amusing aspect,
illustrates his saying by an anecdote, in which many persons will fail
to find any remarkable point. Grimm encountered him at Madame
Geoffrin’s, after his return from a tour in Italy. “I saw him embroiling
his senses with the genealogies of two ladies in whose society he
passes his life, and who bear the same name, although they are of
distinct families. Madame Geoffrin endeavored to draw him from
these genealogical snares, observing to him:—‘Really, chevalier, you
are in your dotage. It is worse than ever.’ ‘Madame,’ answered the
chevalier, ‘life is so short!’” Grimm thought he should have done rank
injustice to posterity if he had not recorded this reply for the benefit
of future students of laconic wit. And again:—Grimm shows us the
chevalier walking with Monsieur de St. Lambert toward Versailles.
On the way, the latter asked him his age. “I am sixty,” said the knight.
“I did not think you so old,” rejoined his friend. “Well,” replied the
chevalier, “when I say sixty, I am not indeed quite so old, just yet; but
—” “But how old are you then, in reality?” asked his companion.
“Fifty-five, exactly; but why may I not be allowed to accustom myself
to change my age every year, as I do my shirt?”
One day, he was praising the figure of a lady, but instead of saying
that she had the form of a nymph, he said that her shape was like
that of Mademoiselle Allard. “Oh!” cried Grimm, “you are not lucky,
chevalier, in your comparison. Mademoiselle Allard may be
deservedly eulogized for many qualities, but nobody ever thought of
praising her shape.” “Likely enough,” said Lorenzi, “for I do not know,
nor, indeed, have I ever seen her; but as everybody talks about
Mademoiselle Allard, I thought I might talk about her too.”
If there was satire in this it was not of so neat a quality as that
exhibited by him at Madame Greffon’s, where he was spending an
evening with Grimm and D’Alembert. The last two were seated, and
conversing. Lorenzi stood behind them, with his back to the
chimney-piece, and scarcely able to hold up his head, so overcome
was he by a desire to sleep. “Chevalier,” said Grimm, “you must find
our conversation a horrid bore, since you fall asleep when you are
on your legs.” “Oh, no!” exclaimed the chevalier, “you see I go to
sleep when I like.” The naïveté with which he insinuated that he liked
to go to sleep rather than listen to the small talk of a wit and a
philosopher, was expressed with a delicious delicacy.
Of his non-sequential remarks Grimm supplies several. He was once
speaking disparagingly of M. de St. Lambert’s knowledge of chess.
“You forget,” said the latter, “that I gained fifteen louis to your thirty
sous, during our campaign in Minorca.” “Oh, ay,” answered the
knight, “but that was toward the end of the siege!”
It was at this siege that he used to go to the trenches with his
astronomical instruments, to make observations. He one day
returned to his quarters without his instruments, having left them all
in the trenches. “They will certainly be stolen,” said a friend. “That
can’t be,” said Lorenzi, “for I left my watch with them.”
And yet this “distraught” knight was the cause, remote cause, of the
death of Admiral Byng. He discovered, by mere chance, in his
quarters at Minorca, a book of signals as used by the English fleet.
He hastened with it to the Prince de Beaubeau, who, in his turn,
hastened to place it before the Marshal de Richelieu. The
commanders could scarcely believe in their good fortune, but when
the naval combat commenced it was seen that the English observed
this system of signals exactly. With this knowledge it was easy to
anticipate all their manœuvres, and they were obliged to withdraw
with disgrace, which Byng was made to expiate by his death. The
chevalier never thought of asking for a reward, and his government
entirely forgot to give him one.
When about to accompany M. de Mirepoix, who was appointed
embassador to London, he packed up his own things and that so
perfectly that it was not till he had sent them off that he discovered
he had left himself nothing to travel in but the shirt and robe-de-
chambre which he wore while employed in thus disposing of the rest
of his wardrobe.
He lived in a small apartment at the Luxembourg, as persons of like
rank and small means reside in the royal palace at Hampton Court.
One day, on descending the staircase he slipped, and broke his
nose. On looking round for the cause of his accident, he observed a
whitish fluid on the steps; and, calling the porter, he rated him
soundly for allowing this soapy water to remain on the staircase. “It is
barley water,” said the porter, “which a waiter from the café spilled as
he carried it along.” “Oh! if that be the case,” replied the chevalier, in
a mild tone, and with his hand up to his mutilated nose, “if that be the
case, it is I who am in the wrong.”
Grimm adds, in summing up his character, that he was richer in
pocket handkerchiefs than any other man. As his apartment was just
under the roof of the palace, and that he, almost every day on going
out, forgot to take a handkerchief with him, he found it less trouble to
buy a new than to ascend to his room and procure an old one.
Accordingly, a mercer in his neighborhood had a fresh handkerchief
ready for him every day.
The history of eccentric knights would make a volume of itself. Here,
therefore, I will conclude, grateful to the readers who may have
honored me by perusing any portion of the miscellaneous pages
which I have devoted to illustrations of chivalry, and, adding a remark
of Johnson, who says, touching the respect paid to those who bear
arms, that “The naval and military professions have the dignity of
danger, and that mankind reverence those who have got over fear,
which is so general a weakness.”
THE END.
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Textbook Business Challenges in The Changing Economic Landscape Vol 1 Proceedings of The 14Th Eurasia Business and Economics Society Conference 1St Edition Mehmet Huseyin Bilgin Ebook All Chapter PDF

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Business Challenges in the Changing

Economic Landscape - Vol. 1:

Eurasian Economic Perspectives: Proceedings of the 24th

Eurasian Economic Perspectives: Proceedings of the 28th

Eurasian Economic Perspectives: Proceedings of the 20th

Entrepreneurship Business and Economics Vol 2

Eurasian Economic Perspectives: Proceedings of the 26th

Financial Environment and Business Development

Eurasian Business Perspectives: Proceedings of the 26th

Country Experiences in Economic Development Management

Mehmet Huseyin Bilgin

Business Challenges in the

Ender Demir Ugur Can

ISSN 2364-5067 ISSN 2364-5075 (electronic)

Library of Congress Control Number: 2015954180

Springer Cham Heidelberg New York Dordrecht London

Printed on acid-free paper

Springer International Publishing AG Switzerland is part of Springer Science+Business Media

Istanbul, Turkey Ender Demir

Eurasia Business and Economics Society (EBES) is a scholarly association for

Part I Accounting and Corporate Governance

Part II Finance and Banking

Part III Economics

Part IV Regional Studies

The Eurasian Economic Union: Complimentary or Competitive

EBES Advisory Board

• Rita Mårtenson, School of Business, Economics and Law, G€oteborg Univer-

Keywords Managerial accounting • Survey • Efficiency • Financial analysis

Managerial accounting is an integral part of the enterprises. Managerial accounting

© Springer International Publishing Switzerland 2016 3

achieve the organization’s goals and objectives (Caplan 1988; Horngren

2 Goals and Used Methods

3 The Results of the Questionnaire Investigation

3.1 Description of the Project

3.2 Results from the Questionnaire

0 50 100 150 200 250

Total Large SME

Fig. 1 Tools used in managerial accounting and size of the company

Table 1 Tools used in managerial accounting and size of the company

0 20 40 60 80 100 120 140 160

Total Large Small and medium

0 20 40 60 80 100 120 140 160

Total Large Small and medium

0 20 40 60 80 100 120 140

Total Large SME

Fig. 4 Indicators used in the financial analysis

Table 2 Indicators used in the financial analysis

4 Conclusion and Discussion

Štamfestová, P. (2014). Business performance management in manufacturing companies in the

Keywords Business processes • Accounting quality attributes • Intrinsic quality •

© Springer International Publishing Switzerland 2016 15

decisions. This is an essential task of the information technology driven accounting

2 Theoretical Background and Hypothesis for Business

For knights are bound to feel no blows

It is in allusion to this rule that Don Quixote says to Sancho Panza:

The Works of Shakespeare, same as above.

Notes and Emendations of Shakespeare.

Lilian, and other Poems. By Winthrop

Lays of the Scottish Cavaliers. By William E.

Firmilian; a Spasmodic Tragedy. By T. Percy

Simms’ Poetical Works. Poems: Descriptive,

Lyra, and other Poems. By Alice Carey. 1

The Poets and Poetry of Ireland. 1 vol., 8vo,