Ekonomika

The article presents a detailed investigation of the top management / Chief Executive Officer (CEO) remuneration package and reveals why this is important to the economy. The goal of this paper is to examine the CEO pay (salary + bonus), wealth delta, cumulative value of options held and total compensation throughout Continental Europe and the United Kingdom across a number of various sectors during years 2005 and 2006. Attention is turned to the pre-crisis data analysis which might instigate the argument that CEO compensation was one of the main reasons which lead management to the excess risk taking and reckless decision making. Therefore, it might be concluded that the relationship between risk and executive remuneration can be more subtle and complex than it has been thought. The paper applies the multiple regression model supported by research hypothesis postulation tested by the correlation method and T-test approach.

Empirical investigation in CEO compensation across continental Europe and United Kingdom  1.58 MB

Jau parsisiuntė: 24

In the modern world of globalization, emigration has become one of the most vital events that should be reflected in the population statistics due to its impact on the size and structure of the country’s population. The importance of correct evaluation of emigration is very high because, by influencing the efficiency of government policy making, it can help to avoid the negative consequences of emigration. However, many national statistical institutions of different countries fail to provide accurate statistics on emigration because of various obstacles which arise in the usage of administrative data sources. Politicians, researchers and experts engaged in the analysis of demographic development and the migration phenomenon are especially not satisfied with the amount and quality of the current statistical information provided by the official statistics. One of the important tasks for every NSI is not only to reflect the stocks and flows of emigrants, but also to provide their demographic and socioeconomic characteristics for the in-depth analysis of the determinants and consequences of emigration. Unfortunately, administrative data sources are usually unable to provide reliable statistics on the volume of undeclared emigration as well as on the characteristics of emigrants. Thus, the article discusses the benefits of conducting household surveys for obtaining information about characteristics of emigrants and filling this gap.

The practice of using household surveys for estimating undeclared emigration  1.03 MB

Jau parsisiuntė: 24

The aim of higher education institutions has been recently broadening, which in turn fostered the competitiveness in attracting students, teachers and financing. Unmistakably, higher education institutions are able to attain these goals only via constant improvement of study quality. Nevertheless, the swelling scale of competition at the country’s and international levels in the higher education sector highlights the image of a higher education institution as another considerable factor.
This article presents a specified concept of the image of an organization. This concept is specified while considering the peculiarities of higher education institutions; based on it, the conception of a higher education institution’s image is characterized, its main typologies are distinguished, a structural model and hierarchical levels are presented. The theoretical premises are supported by a student survey of the Faculty of Economics of Vilnius University, one of the most prestigious higher education institutions in Lithuania.

The image of a higher education institution, its structure and hierarchical level: the case of the Vilnius University Faculty of Economics  1.03 MB

Jau parsisiuntė: 32

In this study, the evolution, content, trends and perspective of commodity science as a predecessor of quality management sciences and as an education subject are analyzed. The new models of the interface of commodity science with other disciplines, of the coverage of contemporary quality sciences and of quality management development stages are presented. Also, analysed are the aspects of quality experts’ and quality managers’ formation at Lithuanian universities, business schools and colleges. The article was written using scientific, normative and legal literature, systemising the good practices of Western universities, commodity and quality related international organisations and the results of author’s systematic researches of commodities and services quality problems. The author formulates the insights for the future development of commodity science and quality management as a subject of science and education.

Commodity science as a predecessor of quality management sciences  1.76 MB

Jau parsisiuntė: 21

The world economic recession has a significant adverse impact on social economic development in Lithuania. The article aims at assessing the possible long-term social consequences of the economic downturn in Lithuania if no actions are taken from the Government, as well as at designing recommendations on the implementation of measures with a view to mitigate the consequences of the recession.
The article analyses various social economic indicators in Lithuania with the aim to highlight the impact of the recent economic downturn on different aspects of living standards in the country. The article seeks to provide evidence on the critical need to address social problems in Lithuania as well as to outline the next steps to be taken to mitigate the negative consequences of the economic downturn.
The analysis has shown that in Lithuania, the major negative social consequences of the economic decline for the population manifest themselves in job losses and income decrease, which in turn result in the rising long-term unemployment, growing social exclusion, higher emigration and other negative consequences. With regard to this, long-term negative consequences of the economic recession could be mitigated by addressing two vital issues, namely job losses and a decrease in household income in Lithuania.

Social consequences of economic downturn (2008) in Lithuania  982.77 KB

Jau parsisiuntė: 25

The study of monetary policy concentrates on the systematic analysis of the interaction between the major monetary policy targets and macroeconomic indicators as signals to policymakers about possible changes which may influence the macroeconomic stability. In this respect, the purpose of this article is to justify the arguments supporting the role and importance of monetary policy and its proximate targets for ensuring macroeconomic stability. The object of the study is the impact of monetary policy on macroeconomic changes.
The method is analysis of monetary theory, scientific literature and documents. Such a methodological position enables justification of the influence of the key targets of the monetary policy on the global economic processes related to inflation, finance stability and economic growth.

Monetary policy creates macroeconomic stability  871.76 KB

Jau parsisiuntė: 26

During the last two decades the Baltic region has been subject to several episodes of investment volatility and political turmoil. Although financial liberalization processes undertaken in these countries could reduce the cost of equity, it seems that investors have been cautious in investing in the Baltic region. In this research, we estimate the cost of equity per industry sector in three Baltic countries (Estonia, Lithuania and Latvia) during the period 2005–2008 and conclude that the cost of equity seems to have increased during the period 2005–2007, indicating that the region was less financially integrated with the world capital market.

Estimating the cost of equity in the Baltic Region  1.71 MB

Jau parsisiuntė: 23

Although there are many different interest rates in the economy, in theoretical and applied model building these distinctions are usually ignored by assuming that there is only one, “true” interest rate. Hence, the aim of this article is twofold. First, we empirically examine whether such assumption is plausible for the Euro area yield curve data. Second, using different time spans we try to assess the impact of the financial crisis on the validity of this assumption. For both purposes, the principal component analysis technique will be employed.

Testing the homogeneous interest rates assumption by principal component analysis: the euro area case  1004.61 KB

Jau parsisiuntė: 22

Since financial system development is a necessary condition of the long-run economic growth, in this paper we address the question about the factors that may drive in particular the development of stock market segment. We propose a set of potential determinants and then empirically verify their importance, employing panel data methodology. We focus our attention on the thirteen CEE states and look for the conclusions that may be specific for transition economies in this region. Finally, we formulate the finding that large budget deficits
have affected significantly and adversely the CEE countries’ stock markets growth.

Stock market development in CEE countries – the panel data analysis  500.1 KB

Jau parsisiuntė: 24

The paper starts with a brief discussion of two aspects of convergence hypothesis. The first one (theoretical) refers to standard growth theory, the second is of normative character and pertains to axiological aspects of socio-economic policy, also including the EU cohesion policy. Not aiming to provide any comprehensive evaluation of that policy from the viewpoint of its actual effect on elimination of differences in social and economic development among the European regions, the paper provides selected reflections concentrated on:
• an attempt of formulating a viable interpretation of cohesion policy (CP) as a form of ‘regulated capitalism’; the attempt in question refers to the normative approach towards public regulation in a market economy but defines the general rationality and fundamental objective of cohesion policy in terms of setting activities directed towards provision of the public goods that stimulate and facilitate exchange of goods and services among regions, thus contributing to the dynamization and endogenization of growth in poor or less developed regions;
• the need of growth endogenization as the main objective (and main condition) of effective implementation of cohesion policy, provided that the definition of such endogenization is broader than that employed in the new growth theory. In particular, not rejecting the new growth theory definition of endogenous growth, the author pays special attention to the necessity of maximizing the regional value added through raising the level of processing broadly understood region-specific economic, social and others factors and resources;
• correlations between the effects of distribution and growth within the scope of cohesion policy. It is analyzed from the perspective of three important questions: (1) Are the aims of social cohesion and growth competitive, or mutually complementary and reinforcing? (2) Why the hypothesis of regional convergence fails to explain the EU perspective, despite two decades of ongoing efforts of implementing active cohesion policy and regional policy? (3) Whether, and to what degree, the elimination of differences in the level of regional development is a legitimate strategy in the light of the controversy ‘equality vs. effectiveness’.

Selected reflections on external support and endogenization – with special consideration for the European Union  486.85 KB

Jau parsisiuntė: 29