Primerjava in razmejitev med izbranimi gospodarskimi prekrški in gospodarskimi kaznivimi dejanji

Purpose: In the article, we are discussing demarcations between selected economic minor offences and selected economic criminal offences: Fraud in Securities TradingAbuse of Insider InformationDisclosure and Unauthorised Acquisition of Trade Secrets. By now, this topic has been given virtually no attention in legal literature. Criminal law theory has mainly addressed only the question of which criteria to use in order to recognise criminal offences amongst all unlawful actions, while on the other hand, law of minor offences has generally focused strictly on less serious unlawful actions. However, in practice, a certain action can sometimes correspond to the definition of both a criminal offence and a minor offence. Consequently, it is of the essence that the statutory elements of a particular unlawful action are precisely defined and clearly demarcated. Only this can ensure legal certainty that should be guaranteed to everyone already on the basis of the Constitution of the Republic of Slovenia. A problem arises if the statutory elements of a criminal offence and a minor offence completely overlap, which leads to legal uncertainty. Design/Methods/Approach: The research is based on a quantitative investigation in the course of which we conducted a survey in order to test our assumption. First, we used basic one sided t tests on the data from section 1 questions to try our general assumption. Afterwards, we designed three sets of factors using factor analysis in order to use them on questions from sections 2–6, 7 and 8. In the last part, we took all the designed variables and some other basic information on respondents and used them in regression models for analysis of factors that affect the opinion on adequacy of Slovenian legislation regarding sanctioning and prosecution of economic crime. Findings: With the research, we wished to obtain new knowledge on the adequate demarcation between selected economic minor offences and selected criminal offences. In practice, it is material that statutory elements of a particular unlawful action are clearly defined. On the basis of our findings we propose elimination of legal vacuum in which the chosen legal articles for minor economic offences and criminal offences overlap. Research Limitations / Implications: Limitations of the present article mostly relate to the availability of data and the willingness of state agencies for cooperation in the research. This relates to the quality of primary and secondary data, particularly to the issues related with consistency in data collection and data accuracy (unwillingness of the respondents to complete the survey and the problems of time and sectorial consistency in the definitions of individual statistical variables). Practical Implications: Results of the study can provide recommendations for the consequent changes in the studied legislation and clearer demarcation of legal articles on the chosen economic and criminal offences with the purpose of strengthening of respective legal protection. Namely, this is the only way to ensure legal certainty that should be guaranteed to everyone on the basis of the Constitution of the Republic of Slovenia. Originality/Value: Value of this article is in the empirical demonstration and normative arrangement of a specific field of law, i.e., the legislation in the field of sanctioning and prosecution of economic crime.Namen prispevka: V prispevku obravnavamo razmejitve med izbranimi gospodarskimi prekrški in gospodarskimi kaznivimi dejanji, in sicer: preslepitev pri poslovanju z vrednostnimi papirjizloraba notranje informacijeizdaja in neupravičena pridobitev poslovne skrivnosti. Gre za temo, ki v literaturi tako rekoč ni obravnavana. Kazenskopravna teorija se ukvarja predvsem z vprašanjem, po katerih merilih naj se med protipravnimi dejanji prepoznajo kazniva dejanja. Pravo o prekrških pa se praviloma ukvarja z lažjimi oblikami kaznivih ravnanj. V praksi se lahko zgodi, da kako ravnanje ustreza opisu kaznivega dejanja in prekrška hkrati. Zato je zelo pomembno, da so zakonski znaki določenega protipravnega dejanja točno določeni in jasno razmejeni. S tem se zagotovi pravna varnost, ki naj bi bila vsakomur zagotovljena že z Ustavo RS. Problem nastane, če se zakonski znaki kaznivega dejanja in prekrška popolnoma prekrivajo, kar lahko pripelje do pravne negotovosti. Metode: Raziskava temelji na kvantitativnem raziskovanju, kjer smo za preverjanje domneve naredili anketno raziskavo. Najprej smo z osnovnimi enostranskimi t testi preverili našo osnovno domnevo na podatkih vprašanj pri prvem poglavju, nato smo za vprašanja pri poglavjih 2–6, 7 in 8 oblikovali tri nabore faktorjev s pomočjo uporabe faktorske analize. V zadnjem delu smo vse oblikovane spremenljivke in še nekatere osnovne podatke o vprašanih uporabili v regresijskih modelih za analizo dejavnikov, ki vplivajo na mnenje o ustreznosti slovenske zakonodaje na področju sankcioniranja in pregona gospodarske kriminalitete. Ugotovitve: Z raziskavo smo želeli priti do novih spoznanj na področju ustrezne razmejitve med izbranimi prekrški in izbranimi kaznivimi dejanji. V praksi je zelo pomembno, da so zakonski znaki določenega dejanja točno določeni. Na podlagi novih ugotovitev lahko predlagamo odpravo pravne praznine, kjer se izbrani členi prekrškov in kaznivih dejanj prekrivajo. Omejitve/uporabnost raziskave Omejitve pričujočega članka se nanašajo predvsem na dostopnost do podatkov, pripravljenost državnih organov za sodelovanje v raziskavi. Navedeno se nanaša na kvaliteto primarnih in sekundarnih podatkov. Sem uvrščamo vprašanja doslednosti v zbiranju in stopnjo točnosti podatkov (nepripravljenost anketirancev izpolniti anketo oziroma intervju ter probleme časovne in sektorske doslednosti v opredelitvi posameznih statističnih vrst). Praktična uporabnost: Rezultati študije lahko ponudijo priporočila glede nadaljnje spremembe obravnavane zakonodaje in jasnejše razmejitve izbranih prekrškovnih oziroma kazenskih členov z namenom krepitve pravne varnosti. Izvirnost/pomembnost prispevka: Vrednost naslovnega članka je v empiričnem prikazu in normativni ureditvi posebnega pravnega področja, kot je zakonodaja na področju sankcioniranja in pregona gospodarske kriminalitete

Kazalniki uspešnosti managerskih prevzemov z uporabo metode analitičnega hierarhičnega procesa

Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.Ozadje in namen:. Na področju managerskih prevzemov (MBO) je bilo v Sloveniji opravljenih malo raziskav. Ra­ziskave so se osredotočale predvsem na motive prevzemov družb ter stopnjo uspešnosti prevzemov. Namen prispe­vka je analizirati indikatorje, ki napovedujejo stečaj ali finančno prestrukturiranje družb, ter preveriti, kako se le-ti razlikujejo pri uspešnih in neuspešnih družbah. Metodologija: V raziskavo smo vključili 23 MBO v Sloveniji v obdobju od 2005 do 2008, uporabili pa smo sledeče finančne in nefinančne indikatorje: dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, pri čemer smo uporabili metodo analitičnega hierarhičnega procesa. Glavni cilj raziskave je s pomočjo izbranih finančnih in nefi­nančnih indikatorjev raziskati, ali imajo ciljne družbe, kjer se stečaj ali finančno prestrukturirane nista pričela, v večini primerov višje agregirane vrednosti, kot tiste, nad katerimi se je pričel stečaj ali finančno prestrukturiranje. Tako smo s pomočjo izbranih indikatorjev prikazali enega izmed možnih načinov, kako ugotoviti, da bo posamezen MBO uspešen oz. neuspešen. Rezultati: Ugotovili smo, da se slabši rezultati večinoma pojavljajo pri ciljnih družbah na področjih dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, kadar gre za neuspešne MBO, kakor pa v primerih uspešnih MBO. Nadalje smo glede na izbrane indikatorje rezultate razdelili v štiri kvartale. Ugotovili smo, da je večina ciljnih družb, kjer so bili MBO neuspešni, uvrščena v slabši kvartal od večine ciljnih družb, kjer so bili MBO uspešni. Zaključek: Glavni prispevek je v ugotovitvi, da se izbrani finančni in nefinančni kazalniki razlikujejo, kadar gre za uspešne in neuspešne MBO. To znanje bo pripomoglo k preprečevanju podobnih dogodkov v prihodnosti

Kazalniki uspešnosti managerskih prevzemov z uporabo metode analitičnega hierarhičnega procesa

Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target compa­nies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future. Keywords: Management buy-outs; Management; Bankruptcy models; Financial and non-financial indicators; the an­alytic hierarchy processOzadje in namen:. Na področju managerskih prevzemov (MBO) je bilo v Sloveniji opravljenih malo raziskav. Ra­ziskave so se osredotočale predvsem na motive prevzemov družb ter stopnjo uspešnosti prevzemov. Namen prispe­vka je analizirati indikatorje, ki napovedujejo stečaj ali finančno prestrukturiranje družb, ter preveriti, kako se le-ti razlikujejo pri uspešnih in neuspešnih družbah. Metodologija: V raziskavo smo vključili 23 MBO v Sloveniji v obdobju od 2005 do 2008, uporabili pa smo sledeče finančne in nefinančne indikatorje: dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, pri čemer smo uporabili metodo analitičnega hierarhičnega procesa. Glavni cilj raziskave je s pomočjo izbranih finančnih in nefi­nančnih indikatorjev raziskati, ali imajo ciljne družbe, kjer se stečaj ali finančno prestrukturirane nista pričela, v večini primerov višje agregirane vrednosti, kot tiste, nad katerimi se je pričel stečaj ali finančno prestrukturiranje. Tako smo s pomočjo izbranih indikatorjev prikazali enega izmed možnih načinov, kako ugotoviti, da bo posamezen MBO uspešen oz. neuspešen. Rezultati: Ugotovili smo, da se slabši rezultati večinoma pojavljajo pri ciljnih družbah na področjih dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, kadar gre za neuspešne MBO, kakor pa v primerih uspešnih MBO. Nadalje smo glede na izbrane indikatorje rezultate razdelili v štiri kvartale. Ugotovili smo, da je večina ciljnih družb, kjer so bili MBO neuspešni, uvrščena v slabši kvartal od večine ciljnih družb, kjer so bili MBO uspešni. Zaključek: Glavni prispevek je v ugotovitvi, da se izbrani finančni in nefinančni kazalniki razlikujejo, kadar gre za uspešne in neuspešne MBO. To znanje bo pripomoglo k preprečevanju podobnih dogodkov v prihodnosti. Ključne besede: managerski prevzemi; management; stečajni modeli; finančni in nefinančni kazalniki; analitični hi­erarhični proce

Corporate Governance of Banks in Poland and Slovenia

This paper focuses on the analysis of the characteristics of corporate governance in banks in Poland and Slovenia between 2005 and 2013. It studies the impact of corporate governance in these banks on their performance. The results of our research show that Slovenia achieved lower average scores for the variables and indicators related to the transparency of corporate governance than Poland. The density of banks with the highest corporate governance index scores was higher in Poland than in Slovenia. When examining the impact of corporate governance on bank performance as measured with net interest income, the regression analysis showed that its impact is positive in both countries and that it is statistically significant in Slovenia

The Importance of Corporate Governance of Banks Concerning the Ownership in the International Environment

The analysis of the factors of corporate governance is divided into four thematic sections. In the first part corporate governance is defined as part of the broader economic context. The second part deals with the principles of corporate governance. In the third part, the relation between the index of corporate governance and individual indicators (an indicator of commitment, transparency, and disclosure, caring for partners, and control and audit) regarding ownership is defined. An analysis was undertaken for the countries of Central and Eastern Europe. A higher level of foreign ownership had a positive correlation with the corporate governance index. On the other hand, the correlation between state ownership and corporate governance index was not clear. The prevention of poor banking practices does not only lie in controlling functions, but also in the general corporate and risk-taking cultures, and the social perception of managerial roles, regardless of ownership structure

Kazalniki uspešnosti managerskih prevzemov z uporabo metode analitičnega hierarhičnega procesa

Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target compa­nies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future. Keywords: Management buy-outs; Management; Bankruptcy models; Financial and non-financial indicators; the an­alytic hierarchy processOzadje in namen:. Na področju managerskih prevzemov (MBO) je bilo v Sloveniji opravljenih malo raziskav. Ra­ziskave so se osredotočale predvsem na motive prevzemov družb ter stopnjo uspešnosti prevzemov. Namen prispe­vka je analizirati indikatorje, ki napovedujejo stečaj ali finančno prestrukturiranje družb, ter preveriti, kako se le-ti razlikujejo pri uspešnih in neuspešnih družbah. Metodologija: V raziskavo smo vključili 23 MBO v Sloveniji v obdobju od 2005 do 2008, uporabili pa smo sledeče finančne in nefinančne indikatorje: dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, pri čemer smo uporabili metodo analitičnega hierarhičnega procesa. Glavni cilj raziskave je s pomočjo izbranih finančnih in nefi­nančnih indikatorjev raziskati, ali imajo ciljne družbe, kjer se stečaj ali finančno prestrukturirane nista pričela, v večini primerov višje agregirane vrednosti, kot tiste, nad katerimi se je pričel stečaj ali finančno prestrukturiranje. Tako smo s pomočjo izbranih indikatorjev prikazali enega izmed možnih načinov, kako ugotoviti, da bo posamezen MBO uspešen oz. neuspešen. Rezultati: Ugotovili smo, da se slabši rezultati večinoma pojavljajo pri ciljnih družbah na področjih dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, kadar gre za neuspešne MBO, kakor pa v primerih uspešnih MBO. Nadalje smo glede na izbrane indikatorje rezultate razdelili v štiri kvartale. Ugotovili smo, da je večina ciljnih družb, kjer so bili MBO neuspešni, uvrščena v slabši kvartal od večine ciljnih družb, kjer so bili MBO uspešni. Zaključek: Glavni prispevek je v ugotovitvi, da se izbrani finančni in nefinančni kazalniki razlikujejo, kadar gre za uspešne in neuspešne MBO. To znanje bo pripomoglo k preprečevanju podobnih dogodkov v prihodnosti. Ključne besede: managerski prevzemi; management; stečajni modeli; finančni in nefinančni kazalniki; analitični hi­erarhični proce

Factors of a Successfully Implemented Compulsory Settlement

In Slovenia, many companies try to avoid bankruptcy with the introduction of a compulsory settlement procedure, but only a handful of companies successfully complete the compulsory settlement in the sense of a final repayment of creditors in accordance with the adopted financial restructuring plan. The article identified the factors affecting the confirmation of a compulsory settlement as well as the factors affecting the final repayment of creditors and, thus, permanently eliminated the causes of insolvency. The factors were divided into internal and external, whereby the impact of factors on a successfully completed compulsory settlement was verified using quantitative and qualitative research methods

LiDAR-Based Maintenance of a Safe Distance between a Human and a Robot Arm

This paper demonstrates the capabilities of three-dimensional (3D) LiDAR scanners in supporting a safe distance maintenance functionality in human–robot collaborative applications. The use of such sensors is severely under-utilised in collaborative work with heavy-duty robots. However, even with a relatively modest proprietary 3D sensor prototype, a respectable level of safety has been achieved, which should encourage the development of such applications in the future. Its associated intelligent control system (ICS) is presented, as well as the sensor’s technical characteristics. It acquires the positions of the robot and the human periodically, predicts their positions in the near future optionally, and adjusts the robot’s speed to keep its distance from the human above the protective separation distance. The main novelty is the possibility to load an instance of the robot programme into the ICS, which then precomputes the future position and pose of the robot. Higher accuracy and safety are provided, in comparison to traditional predictions from known real-time and near-past positions and poses. The use of a 3D LiDAR scanner in a speed and separation monitoring application and, particularly, its specific placing, are also innovative and advantageous. The system was validated by analysing videos taken by the reference validation camera visually, which confirmed its safe operation in reasonably limited ranges of robot and human speeds