Ekonomika

Abstract. Evaluation of financial position and operating effectiveness of a company is a relevant problem Therefore, separate aspects of a company’s activity may be measured in different approaches. The purpose of the article is to present the system of a pyramidal analysis of the net profitability ratio and to evaluate the net profitability of travel organizers and travel agencies.
The research object was financial statements of travel organizers and travel agencies for the period 2009–2011. The methods used for this purpose were analysis of academic materials, financial statements of travel organizers and travel agencies, filing of information, comparison, and summarizing.

Net profitability analysis of travel organizers and travel agencies  783.5 KB

Jau parsisiuntė: 74

Abstract. The purpose of the study was to evaluate the attitudes of Lithuanian consumers towards the country of origin (COO) of wine. The main factors that influence the effect of COO and the mechanism of its formation were identified. The effects of social stereotypes, described by a Stereotype Content Model, on consumers’ attitudes are also analyzed, identifying the competence and warmth of the COO as important antecedents of consumers’ attitudes. The region of the origin of wine (appellation, protected designation of origin – PDO) have been identified as another important place-of-origin cue determining the consumer’s choice. A quantitative empirical research method – online survey – was used for the purpose of the study. The results have revealed that there are three types of wine consumers’ involvement: cognitive involvement, emotional product involvement, and emotional situational involvement, and that the importance of wine’s COO and region of origin (appellation, PDO) for consumers differs depending on the type and level of a consumer’s involvement. The existence of a statistically significant correlation among consumers’ attitude towards the COO of wine and the country’s competence and warmth has been proven, together with a possible relation between the type of a consumer’s involvement (cognitive, emotional situational or emotional product involvement) and the influence of COO competence and warmth on consumers’ attitude towards a wine. The research has also revealed an important positive relationship among consumer identification with the COO of wine, evaluation of COO competence, and the warmth and consumer attitude towards the COO of wine.
Key words: country of origin of wine, consumers’ attitude, consumers’ involvement, stereotype content model

Attitudes of Lithuanian consumers towards the country of origin of wine  1.24 MB

Jau parsisiuntė: 63

Abstract. This study is devoted to the problems of improving the banking risk management, taking into account the new regulatory and technological requirements based on the use of modern technology and combining the latest achievements in artificial intelligence, numerical mathematics, statistics and information technology.
The paper analyzes the characteristics of banking risks, the main methods of assessment used in practice. The authors propose new prospective approaches to assessment, based on the most modern methods of data analysis,
identify prospective directions for banking information system improvement and suggest the possibility of their implementation.
The example of Ukrainian banks shows the main problems of using new approaches to risk assessment and its information support. The article proposes the ways to overcome them.
Key words: banking risk management, artificial intelligence, banking risks estimation, data analysis

Risk management in banks: new approaches to risk assessment and information support  1.15 MB

Jau parsisiuntė: 59

Abstract. There are a number of different financial market institutions such as banks, credit unions, leasing and insurance companies, as well as capital market players in Lithuania. The bank sector makes the largest part of the financial market (more than 80%). Thus, the bank sector has a considerable influence on the country’s economy. Banks are not specialized in Lithuania, i.e. they are universal banks which seek to provide quite a wide range of financial services. The successful performance of a bank mostly depends on how it succeeds to manage the risks. The problems of risk management are becoming an object of exceptional attention while enhancing the variety of analysed risks as well as developing the investigation instruments both in the whole world and in Lithuania. Loans make the largest part of bank assets. So, the loan risk management is one of the most important guarantees of safe banking. To manage effectively the bank credit risk, it should be adequately evaluated.
Key words: banks, credit risk, credit risk management, credit quality, non-performing loans

Main risks in the Lithuanian banking sector: analysis and evaluation  1.56 MB

Jau parsisiuntė: 88

Abstract. The article considers local peculiarities of the world stock indices in 2007–first half 2012 and offers a comparative analysis of the indices. The research is based on the time series decomposition of the most liquid European, Asian, USA, and Brazil stock indices. The aim of the research was to localize and describe the crisis effects on index dynamics in time and scope by using wavelet decomposition techniques. This approach allows to identify clusters of stock indices and to study their common and individual features. The window transformation method is used for the investigation of index returns’ volatility dynamics. This method allows to investigate the nature and characteristics of the identified critical waves in the stock markets studied. The combined application of wavelet transform, neural networks and SSA is proposed for the prediction purposes. This approach is used for the return forecast of the German index DAX30.
Key words: economic crisis, stock index returns, the wavelet transform, neural networks, SSA

Wavelet analysis of the crisis effects in stock index returns  1.29 MB

Jau parsisiuntė: 83

Abstract. The main objective of this paper is to investigate the characteristics of the institutional structure of the Ukrainian financial market and to analyze the impact of foreign direct investment on it. The following methods of research were used by the authors: economic-statistical, tabular, and comparative (in empirical analysis; to make comparisons across different types of financial institutions, to investigate and evaluate the volumes of foreign direct investment by countries and their relation to the size of the domestic financial sector); systematic and logical (determining and analyzing the scope of the positive and negative effects of foreign investment on the financial market of Ukraine).
The conclusions are as the follows: the structure of the financial market of Ukraine is rather nonbalanced and fragile; most foreign investors have changed their strategies on the Ukrainian financial market from aggressive to share-keeping; more attention should be paid to the development of the constructive policy concerning FDI to ensure the stability and even the development of the domestic financial market as well as to raise its investment attractiveness.
Key words: financial market, commercial bank, non-bank financial institutions (NBFIs), foreign investment, investment attractiveness

The financial market of Ukraine and the role of foreign direct investment  869.98 KB

Jau parsisiuntė: 72

Abstract. The objective of the article is to systematize the dynamic and especially static entrepreneurial networks as they look, appear, and act in a country with so-called emerging markets. This is accomplished on the example of Russia. Special attention is paid to relevant business goals and patterns to typical members of such networks, to why, when and how one passes from outsourcing in dynamic networks to static networking.
The article contains a field research based on (1) access to public databases like Spark-Interfax in Russia, with updated information on registered firms (their founders, affiliated companies, businesses) and (2) interviews with businessmen who agreed to comment on the problems under discussion.
As regards the results of the research, two points seem to be especially important. First, when, according to legislation, information on registered firms and their statistical reports is public, it is not too problematic to find out and monitor the activities of practically all types of business static networks in all industries. Second, when the business environment becomes more competitive, dynamic networks tend to be transformed into static ones not only due to considerable contract risks, but also because one needs to select from wider samples of possible suppliers the most competitive and those who are ready to invest into the technological innovations.
The general conclusion is that in countries with a dynamic economic growth and increasing competitiveness of the business environment, like in Russia, this advantage of static networking might prevail, especially if static networks appear as a result of selecting business partners from the firm’s experience in outsourcing.
Key words: static and dynamic networks, outsourcing, information networking, affiliated companies

Dynamic and static networking: main ideas and nature, specifics in a country with emerging market  757.94 KB

Jau parsisiuntė: 91

Abstract. The complexity of sustainable development and the diversity of regions generate lots of challenges for the implementation of sustainable development at the regional level. In the process of implementation of the global sustainable development objectives, regions are taking different development paths because they are impacted by a unique internal interaction of the drivers. The problem is how the initial conditions of a region define the drivers and their interactions in the process of sustainable development policy implementation.
The purpose of the study was to define a tool for the analysis of the interaction of drivers in the process of regional development moving towards sustainable development.
The study methods were scientific literature analysis, conceptual, methodological, and visual modeling, and synthesis of the ideas.
The paper concludes that an integrated scheme of drivers was used as an analytical method to explain how the difference in a region’s development level defines the path towards sustainable development. Synergy between the dimensions of a well-developed eco-centered region would be achieved by reforms in the economic and institutional dimensions. The scheme of a well-developed techno-centered region reveals a productive amalgamation among the institutional power, welfare level, and market mechanism. The scheme of a less-developed
techno-centered region reveals that reform actions are needed in all dimensions of sustainable development synchronically. Also, some extraordinary events or shocks have to happen to spur the reforms. The holistic view of the drivers suggests that a less-developed eco-centered region has to go the evolution path of social and environmental development, but with rapid reforms in both the institutional system and market relations.
Key words: sustainable development, region, institutions, development dynamics

Integrated scheme of regional sustainable development drivers  1.03 MB

Jau parsisiuntė: 58

Abstract. The purpose of this paper is to review the recent literature on economic inequality. In particular, the developments in the fields of economic growth, financial crises, happiness and skill (capital) biased technological progress are surveyed. By using the methods of systematic and narrative literature review and conducting meta-synthesis of the recent studies, it is shows that conventional wisdom is contested in all of the mentioned fields. The rising economic inequality is linked to financial crises as well as the slower and shorter economic growth. The Easterlin paradox is losing support. Skill-biased technological progress is possibly evolved into a capital-biased one.
Key words: economic inequality, financial crises, skill-biased productivity, capital-biased productivity, the Easterlin paradox

Economic inequality: a survey of recent literature  1.07 MB

Jau parsisiuntė: 95