Work deals with the impact of global economic crisis on the financial management of small and medium sized companies. It highlights the differences in tools and management methods, justifying the need to strengthen stability and likvidity. It also stresses the importance of searching for financial risks and gives indications on how to identify, measure, and how to hedge against them. It furthermore describes the system Balanced Scorecard, which provides us with a balanced view of financial and non-scale dynamics of future performance.

The thesis is devoted to the development of value added tax in the period of financial crisis in European Union. The aim of the thesis is to answer a hypothesis, if European Union member states act according to economic theories in the field of VAT tax policy. The opening chapter explains the term of financial crisis, its development in USA and spreading out to other world markets. An introduction of the most important economic theories regarding taxes, which will serve as a theoretic background for the further analysis, follows the first chapter. The process of implementation and harmonisation of VAT European Union is described in the third part. The last unit is dedicated to the analysis itself, which is done by decomposition of VAT to rates and revenues of the tax. The development is displayed by comparison of the year 2008 and 2013.

This diploma thesis focuses on moral hazard in the recent financial crisis which was caused by the burst of the housing bubble in the United States of America almost nine years ago. The main contribution of this thesis is providing evidence of possibility to measure moral hazard. This measuring possibility is achieved by establishing key indicators which are linked to various types of moral hazard according to its origin or closest relation. The thesis also in part drafts a solution to moral hazard in the form of an effective regulation. This thesis is written comprehensibly and does not provide information about every detail of the financial crisis. Regardless of that it still provides most readers interesting and useful piece of information, which they probably have not encountered elsewhere.

In this thesis we analyzed methods contributing to corporate government improvement in order to enhance companies' efficiency, thereby preventing their bankruptcy during times of crisis. In the theoretical part we defined corporate governance, described its elements, influential factors and models. Particular attention was paid to the concept of effective governance and recommendations aimed at its achievement. Overall it was discovered that to be successful company should have such corporate governance system which will ensure maximization of shareholder value, respect for stakeholder rights, balance of strategically important long-term goals, effective supervision over managers' actions, regular audits and reliability of their results and transparent and frequent Board reports. In the historical part we gave an overview of main corporate governance developments which took place from the moment the first corporations emerged till the global financial crisis outbroke (its early outcomes are included as well). In the course of time the following findings were reached: owners should be involved in management of an organization, managers should act in best stakeholders' interests, remuneration schemes should be well thought-out, auditor and the Board itself should be independent, financial information should be adequately disclosed, etc. In the second chapter we examined corporate governance regulation in Europe as thesis topic implies focus on this region. In addition to the above mentioned corporate governance improvements regulatory measures are aimed at strengthening the role of non-executive directors, unambiguous description of auditor's and Board's duties, higher quality of information provided to investors, achieving gender balance on Boards. In the third chapter the analysis of case study was carried out. Northern Rock, which was a very successful bank for a long time, suddenly asked the Bank of England for financial support in September 2007 what immediately caused depositor run and 32 percent drop in its share price. Despite the fact that it was looking for a buyer for several months it failed to find the one who would be able to adequately compensate taxpayers, therefore in February 2008 it was nationalized. Several factors contributed to its downfall, however the main role is assigned to poor corporate governance whose improvement requires the undertaking of following measures: stricter criteria for auditor's independence, remuneration based on performance and aimed at long-term commitment, promotion of stakeholder activism, limitations on risks and creation of "honesty motivational" corporate culture. The principal conclusion was that good corporate governance should contribute to company's forward movement but at the same time it should respect accountability framework.

My master thesis analyses the transformation process of the Czech Republic in the field of foreign-trade relations. In the first part focuses on analysis of foreign trade under centrally planned economy and on development of relations with the most important groups of countries. The second part deals with transformation of foreign trade. I attend to particular periods of transformation process, development commodity and territorial structure. Further I deal with changes that came with the EU accession.Very actual is also financial crisis and effect on Czech trade. Conclusion of my master thesis evaluates export support in the time of financial crisis.

The thesis deals with the question whether the financial crisis caused changes in the structure of tax revenues in the EU Member States. It's necessary to specify trends in the tax mixes that helps us to determine whether the changes in the structure can be really caused by the crisis or it is EU long-term trend. The analysis focuses on indirect taxes, social contributions and direct taxes that are analyzed separately as personal income taxes and corporate income taxes. The analyzed period is the beginning of the crisis. These are mostly the changes in the turning period pre-crisis and crisis (2006 and 2007 are compared with 2008 and 2009). The analysis is performed by t-tests.

The objective of this thesis is to analyse which role Moral Hazard played in recent financial crisis. By combining theory of Moral Hazard, risk and Corporate Governance, this thesis describes the means by which Moral Hazard sneaks into economy. By his presence, economy can get on the track leading to financial crisis. This thesis brings unconventional views on some elements of the economic environment such as limited liability, risk insurance or management bonuses. Classic explanation of their impacts is critically thought through.

The subject of this research is the current Czech banking sector, respectively two of its chosen representatives Česká spořitelna and Komerční banka. These financial institutions are compared with basic economic indicators, with their parent banks Erste Group and Société Générale. The subject of the analysis, which is performed with emphasis on the comparison of parent and subsidiary companies, is the level of capital adequacy, return on equity, return on assets and loan to deposit ratio. The results of this investigation are put into context with the historical, political, regulatory and macroeconomic development. From the identified relationships is obvious higher production rate and economic stability of "Czech" banks, but consolidated results for the entire group do not have serious systemic problems in their functioning.

The number of dividend paying firms has been on the decline since the popularity of stock repurchases in the 1980s, and the recent financial crisis has brought about a wave of dividend reductions and omissions. This dissertation examined the U.S. firms and American Depository Receipts that are listed on the U.S. equity exchanges according to their dividend paying history in the previous twelve quarters. While accounting for the state of the economy, the firm’s size, profitability, earned equity, and growth opportunities, it determines whether or not the firm will pay a dividend in the next quarter. It also examined the likelihood of a dividend change. Further, returns of firms were examined according to their dividend paying history and the state of the economy using the Fama-French three-factor model. Using forward, backward, and step-wise selection logistic regressions, the results show that firms with a history of regular and uninterrupted dividend payments are likely to continue to pay dividends, while firms that do not have a history of regular dividend payments are not likely to begin to pay dividends or continue to do so. The results of a set of generalized polytomous logistic regressions imply that dividend paying firms are more likely to reduce dividend payments during economic expansions, as opposed to recessions. Also the analysis of returns using the Fama-French three factor model reveals that dividend paying firms are earning significant abnormal positive returns. As a special case, a similar analysis of dividend payment and dividend change was applied to American Depository Receipts that trade on the NYSE, NASDAQ, and AMEX exchanges and are issued by the Bank of New York Mellon. Returns of American Depository Receipts were examined using the Fama-French two-factor model for international firms. The results of the generalized polytomous logistic regression analyses indicate that dividend paying status and economic conditions are also important for dividend level change of American Depository Receipts, and Fama-French two-factor regressions alone do not adequately explain returns for these securities.

This study examines the effects of 2007/8 financial crisis on capital structure determinants of Johannesburg Stock Exchange (JSE) listed companies in South Africa. Data extracted from INET BFA Expert database was analyzed using regression models on the correlation between the leverage and company size, growth, profitability, tangibility, liquidity, non-debt tax shield along with Ordinary Least Squares based on the sample of JSE listed companies for the period of 2004 to 2013. The study examined two industries namely, Real estate and Retail industry. The results show that size, tangibility, profitability and liquidity have significant impact on the capital structure before, during and after financial crisis. Growth results were inconsistent over the period under review, and non-debt tax shield was found to be statistically insignificant. The study also shows that the 2007/8 had statistical significance on the capital structure of the listed companies in South Africa.