University of Economics in Bratislava Faculty of National Economy Department of Finance Proceedings of the 17th International Scientific Conference FINANCE AND RISK 2015 vol. 1 23 – 24 November 2015 Bratislava, Slovak Republic Publishing House EKONÓM EDITORS Kristína Hudoková Jana Kočkovičová Marek Niňaj REVIEWERS Martin Alexy Ľubomíra Gertler Erika Neubauerová Erika Bartalosová Martin Geško Pavol Ochotnický Alena Bašová František Hocman Jana Péliová Katarína Belanová Kristína Jančovičová Bognárová Marcela Rabatinová Kornélia Beličková Marek Káčer Anna Schultzová Matej Boór Marián Kristeľ Juraj Válek Zuzana Brindzová Jana Kubicová Juraj Zelezník Anton Čiernik Jana Mikócziová Alena Zubaľová CONFERENCE ORGANIZING COMMITTEE Erika Bartalosová Jana Kočkovičová Michaela Tomčiková Zuzana Brindzová Marek Niňaj Juraj Válek Kristína Hudoková Ľubica Slobodníková Suggested citation: AUTHOR, A. Title of the Paper. In Proceedings of the 17th International Scientific Conference FINANCE AND RISK 2015 vol. 1. Bratislava: Publishing House EKONÓM, 2015, pp. xx-xx. ISBN 978-80-225-4218-0. Printer: Publishing House EKONÓM Cover design: Region Poprad, s.r.o. Conference website: http://www.far.nhf.euba.sk All papers passed double-blind review process. © 2015 Authors of the papers ISBN 978-80-225-4218-0 SCIENTIFIC COMMITTEE Dr. h. c. Prof. Ing. Rudolf Sivák, PhD. Vice-Rector for Development of the University of Economics in Bratislava, SR Assoc. Prof. Dr. Andreas Wörgötter Economics Department, OECD, Paris, France Prof. Dr. Nick Wilson Leeds University Business School, University of Leeds, Great Britain Prof. Dr. Jarko Fidrmuc International Economic Theory and Policy, Zeppelin University, Friedrichshafen, Germany Assoc. Prof. Ing. Petr Dvořák, Ph.D. Faculty of Finance and Accounting, University of Economics in Prague, Czech Republic Prof UEK. dr hab. inż Andrzej Chochół Rector of the Cracow University of Economics, Poland Univ. Prof. Dipl.-Ing. Dr. Mikuláš Luptáčik Dean of the Faculty of National Economy, University of Economics in Bratislava, SR Prof. Ing. Ján Lisý, PhD. Faculty of National Economy, University of Economics in Bratislava, SR Prof. Ing. Jan Široký, CSc. Faculty of Economics, VŠB – Technical University of Ostrava, Czech Republic Prof. Ing. Anna Schultzová, PhD. Faculty of National Economy, University of Economics in Bratislava, SR Prof. Dr. Maroš Servátka Macquarie Graduate School of Management, Macquarie University, Australia Prof. Ing. Marta Orviská, PhD. Faculty of Economics, Matej Bel University in Banská Bystrica, SR Prof. Ing. Pavol Ochotnický, CSc. Faculty of National Economy, University of Economics in Bratislava, SR CONTENTS Jan ŠIROKÝ, Jarmila ZIMMERMANNOVÁ, Jolana SKALIČKOVÁ THE ISSUE OF PROPERTY TAXATION ON THE EXAMPLE OF THE TAX ON IMMOVABLE PROPERTY ............................................................................................... 1 Aušrinė LAKŠTUTIENĖ, Aida BARKAUSKAITĖ RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENT AND ECONOMIC DEVELOPMENT IN BALTIC COUNTRIES ................................................................. 10 Daniyar BAIZAKOV, Altay ZEINELGABDIN, Yerlan ABIL, Anuarbek KARI SCIENTIFIC APPROACHES ANALYSIS TO DETERMINE THE SHADOW ECONOMY’S NATURE .................................................................................................. 19 Juraj VÁLEK THE SLOVAK BEER INDUSTRY AFTER THE ENTRY INTO THE EUROPEAN UNION ............................................................................................................................. 31 Claudia HILKER, Marián ZAJKO POSSIBILITIES OF BUSINESS RISK REDUCTION IN INSURANCE THROUGH SYSTEMATIC USE OF THE SOCIAL MEDIA AND BUSINESS INTELLIGENCE TOOLS ............................................................................................................................. 37 Erika BARTALOSOVÁ RATING OF INNOVATION PERFORMANCE AND COMPETITIVENESS OF THE VISEGRAD FOUR IN COMPARISON WITH THE EU MEMBER STATES............... 48 Marek KÁČER INITIAL AUDIT FEE DISCOUNT – THEORY AND REALITY .................................. 59 Błażej LEPCZYŃSKI, Marta PENCZAR SIZE, STRUCTURE AND FINANCIAL EFFICIENCY OF CEE’S BANKING SECTORS ......................................................................................................................... 66 Dániel HOMOLYA RISK MANAGEMENT METHODS AND BANKS' FIRM SIZE .................................. 76 Anna SCHULTZOVÁ IMPACT OF TAX REVENUES ON THE STATE BUDGET BALANCE AND PUBLIC DEBT IN THE YEARS 2004 – 2013 – FOCUSING ON THE SR - SELECTION ........ 86 Renata MAĆKOWSKA ADVOCACY OF INTERESTS IN PUBLIC SPHERE ................................................... 94 Martina HALÁSKOVÁ COMPARISON OF EXPENDITURE ON RESEARCH AND DEVELOPMENT IN EU COUNTRIES BY MEANS OF CLUSTER ANALYSIS ............................................... 100 Martin ALEXY FINANCIAL HEALTH OF CITIES IN SLOVAKIA .................................................... 111 Brikenda VOKSHI FINANCIAL CRISIS: INFLUENCE, CONSEQUENCES AND THEIR IMPLICATION ......................................................................................................................................... 118 Eva SIKOROVÁ, Lucie MEIXNEROVÁ, Petr NOVÁK, Michal MENŠÍK BUSINESS, FINANCIAL, ACCOUNTING AND LEGISLATIVE ASPECTS OF THE DEVELOPMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE CZECH REPUBLIC ...................................................................................................... 125 Marianna KRŠEKOVÁ, Renáta PAKŠIOVÁ FINANCIAL REPORTING ON INFORMATION ABOUT THE FINANCIAL POSITION AND FINANCIAL PERFORMANCE IN THE FINANCIAL STATEMENTS OF THE PUBLIC SECTOR ................................................................ 136 Kristína JANČOVIČOVÁ BOGNÁROVÁ PERFORMANCE MEASUREMENT MODELS ......................................................... 146 Kristína JANČOVIČOVÁ BOGNÁROVÁ, Alena BAŠOVÁ THE INFORMATION CONTENT OF ECONOMIC VALUE ADDED ...................... 152 Dana KISEĽÁKOVÁ, Jarmila HORVÁTHOVÁ, Beáta ŠOFRANKOVÁ, Róbert ŠTEFKO EMPIRICAL RISK ANALYSIS AND ITS EFFECTS ON THE ENTERPRISE PERFORMANCE BY USING 3-D ENTERPRISE RISK MODEL WITH FOCUS ON SLOVAKIA .................................................................................................................... 159 Matej BOÓR OPTIMAL GOVERNMENT SIZE IN EUROPEAN UNION IN INTERACTION WITH ECONOMIC GROWTH ................................................................................................ 170 Erika NEUBAUEROVA, Nadiya DUBROVINA THE MAIN FEATURES OF TAX SYSTEMS, SOCIAL CONTRIBUTIONS AND SOCIAL TRANSFERS DEVELOPMENT IN EU COUNTRIES ................................ 181 Olena RAYEVNYEVA, Erika NEUBAUEROVÁ, Irina AKSYONOVA THE COMPARATIVE ANALYSIS OF HIGHER EDUCATIONAL INSTITUTIONS FUNDING IN DIFFERENT COUNTRIES .................................................................. 191 Mateusz FOLWARSKI THE CONTROVERSY ASSOCIATED WITH THE POST-CRISIS REMUNRATION OF THE EXECUTIVE OF MAJOR FINANCIAL INSTITUTIONS IN THE COUNTRIES OF CENTRAL EUROPE ....................................................................... 201 Jana KOČKOVIČOVÁ EVOLUTION OF TAX EVASION IN THE SLOVAK REPUBLIC............................. 210 Jaroslav VOSTATEK REVIEW OF THE OCCUPATIONAL PENSION SCHEMES AND PRODUCTS ..... 217 Jana PELIOVA EXPERIMENTAL INVESTIGATION OF FACTORS INFLUENCING THE WILLINGNESS TO PAY TAXES ................................................................................. 228 Khrystyna PAVLYK, Jana PELIOVA SOCIAL ENTERPRISES IN SLOVAKIA AND UKRAINE: FOCUS ON FINANCES ........................................................................................................................................ 233 Marek NIŇAJ THE IMPACT OF AN ECONOMIC SECTOR ON CAPITAL STRUCTURE DETERMINANTS OF AUSTRIAN BUSINESS ENTITIES ....................................... 242 Miroslav TKÁČ, Ivan LÁSKA INCREASING THE EFFICIENCY OF PUBLIC EXPENDITURES THROUGH THE COMPLEX SYSTEM OF LABOUR MARKET FORECASTING .............................. 252 Alena ZUBAĽOVÁ IMPLEMENTATION TRENDS OF THE CREDIT INCOME TAX INTO THE PERSONAL INCOME TAXATION IN OECD COUNTRIES ..................................... 262 Kristína JANČOVIČOVÁ BOGNÁROVÁ, Alena BAŠOVÁ EVALUATION OF ECONOMIC EFFICIENCY IN THE ENERGETIC SECTOR ..... 268 Alena BAŠOVÁ EVALUATION OF THE NATURAL GAS INDUSTRY AND ITS CHANGES IN THE CURRENT REGULATORY PERIOD ........................................................................... 276 Štefan RYCHTÁRIK, Pavol LATTA FINANCIAL STABILITY IN SLOVAKIA IN LOW INTEREST RATES ENVIRONMENT ........................................................................................................... 286 PAPERS Proceedings of the 17th International Scientific Conference FINANCE AND RISK 2015 vol. 1 THE ISSUE OF PROPERTY TAXATION ON THE EXAMPLE OF THE TAX ON IMMOVABLE PROPERTY Jan ŠIROKÝ1 Jarmila ZIMMERMANNOVÁ2 Jolana SKALIČKOVÁ3 1 Moravian University College Olomouc, Department of Economics, Kosmonautů 1, 779 00 Olomouc, Czech Republic, [email protected] 2 Moravian University College Olomouc, Department of Economics, Kosmonautů 1, 779 00 Olomouc, Czech Republic, [email protected] 3 Moravian University College Olomouc, Department of Economics, Kosmonautů 1, 779 00 Olomouc, Czech Republic, [email protected] ABSTRACT The generally accepted economic theory considers land, labour and capital the essential production factors. The first named factor - land - is de facto the only one which is determined from the view of its layout and cannot be extensively expanded. At the same time, land creates the basis for