Open Access

The market for external ratings is dominated worldwide as well as in the European Union (EU) by three major credit rating agencies (CRAs). These “Big Three” are Standard & Poor's (S&P), Moody's and Fitch Ratings. Due to the oligopolistic market structure and possible involvement in the 2008 financial crisis, the rating agencies have constantly come under criticism. This was associated with stricter regulatory requirements to ease the situation. The EU-Regulation on credit rating agencies („CRA-Regulation“) coming into force 2009 and its amendments in 2011 and in 2013 have mainly governed such regulation. The aim of the article is to analyse potential regulatory impact on the still inherent oligopolistic situation on the EU rating market in the context of the CRA-Regulation. Selected key figures are used to observe over a defined period of time if and how the dominance has changed. The motivation for this article is the observation, that political and private efforts to establish a European rating agency as a counterweight to the three major agencies and other approaches to increase competition in the rating market, followed, which has not been resounding to date. In summary, it is shown that new agencies have a potential impact on the EU rating market and that the three major rating agencies still dominate the market but within a changed environment.

Kurzfassung: Die vorliegende Untersuchung untersucht die Auswirkungen der Dauer eines Auslandsaufenthaltes von Studierenden sowie von arbeitsbezogenen Persönlichkeitsfaktoren und Charakteristika auf die interkulturelle Kompetenz und die Integration der Teilnehmer. Die Untersuchung erfolgte in Form einer korrelativen Querschnittstudie. Insgesamt 202 Probanden mit akademischer Ausbildung wurden untersucht. Es wurden die interkulturelle Kompetenz, Persönlichkeitsmerkmale und arbeitsbezogene Einstellungen gemessen, sowie demographische Faktoren des Auslandsaufenthaltes und die Integration in die Zielkultur. Es gibt einen positiven Zusammenhang zwischen der Dauer von Auslandsaufenthalten und kognitiver, motivationaler und verhaltensbezogener interkultureller Kompetenz.

The central aim of the investigation at hand is to deal with the problem areas of Human Resource Management, which arise by demographic changes and migration. The paper focuses on mutual relationships. Managers and human resource managers are considered as multipliers. Older employees, migrants and women are important potential. Therefore, following research questions have been investigated: Which competences are necessary to promote to recognise the potential of migrants correctly and to promote them? Do the multipliers have to be more sensitized for the issue diversity? Do they have to develop specific competences to make the system more permeable and to make the entry and promotion of migrants possible? Which competences should be promoted to increase the sensitivity for diversity? The questions were examined by a qualitative investigation to develop hypotheses for a quantitative study. Overall, 30 interviews with managers, human resource managers and diversity representatives of the large DAX companies were conducted. Furthermore, 17 employees with immigration background and 15 employees without an immigration background were interviewed. The data was transcribed and analysed by the qualitative content analysis according to Mayring (2010). Comparative analyses were made with single items with Likert Scales. The investigation of managers and employees is a highly diversified issue. Therefore, the main focus of the project lays on the problem areas, conflicts and competences of human resources managers in demographic-sensitive personnel management. In comparison, employees with and without an immigration background were asked. The results show an interesting field of tension between self-perception and perception of others and the assessment of the relevance of diversity attitudes and measures, competences and their implementation. Furthermore, a contrary perception regarding strains and stresses of person with and without immigration background is determined, which is developed in the consequences of migrations stress and experiences of discrimination. The results indicate the need of promotion of competences, especially regarding intercultural competence. A critical analysis of the results will be presented.

The accounting of small and medium enterprises is specific, compared to the accounting of large enterprises, for several reasons. First of all, lower business volume implies less demanding accounting in terms of less turnover and the number of accounts to be processed, lower financial reporting requirements, more favourable tax treatment is expected and the like. Practical experience in the years of application of EU-accounting directives, which represent the framework of financial reporting of companies at the EU level, pointed to certain difficulties or excessive administrative burden of small and medium enterprises in relation to the requirements for large companies and identified areas for improvement. The complexity of these regulations as well as problems in practical application have led to the need to develop and publish a revised single accounting directive (2013/34/EU). This Directive was primarily adopted with the aim of simplifying the accounting and financial reporting of small and medium-sized enterprises. Today, it is common for small and medium-sized enterprises to go beyond the borders of one country. In the internationalization of business, SMEs face many challenges and potential barriers. First of all, it refers to financial, human and procedural barriers, but also to informational barriers related to regulations, rules and laws of other countries. Since the accounting and tax treatment of the same business transaction may differ between countries, it seems entirely justified to investigate whether there are differences in the regulation and regulation of the accounting system between the two countries. This paper compares the characteristics of small and medium-sized enterprises’ accounting systems between two economically strongly connected countries, Germany and Croatia, which is the main goal of this paper. It is well known that financial reporting is a particularly important, final phase of accounting data processing. Namely, financial reporting system of these two countries is compared by using the method of comparison and classification analysis. The types and scope of financial statements have been defined and the content of financial statements that SMEs are obliged to compile and publish has been analysed. The paper pays additional attention to the analysis of similarities and differences between these two accounting regulations as well as current events in the implementation of the revised accounting directive into national legislation, especially in simplifying the financial reporting of the smallest, but numerically most represented micro enterprises. The important finding of the research show that some changes have been made but there is still room to improve accounting regulations for this segment of entrepreneurship.

With the increasing size and complexity of embedded systems, the impact of software on energy consumption is becoming more important. Previous research focused mainly on energy optimization at the hardware level. However, little research has been carried out regarding energy optimization at the software design level. This paper focuses on the software design level and addresses the gap between software and hardware design for embedded systems. This is achieved by proposing a framework for software design patterns, which takes aspects of power consumption and time behavior of the hardware level into account. We evaluate the expressiveness of the framework by applying it to well-known and novel design patterns. Furthermore, we introduce a dimensionless numerical efficiency factor to make possible energy savings quantifiable.