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Liquidity Management by Effective Debt Collection: a Statistical Analysis in a Small Industrial Enterprise
Get PDFThe financial viability of small companies depends on their ability to meet sales demands and collect receivables from the sales of goods and provision of services. The efficiency of debt recovery plays the fundamental role in determining the liquidity of a small business. Shortages of cash in the company are rarely subsidised not from external sources but most often from the owner’s own funds that such shortages are made up, including the amounts previously accumulated as a result of the so-called excess liquidity.The main purpose of the article is the hypothesis that application of statistical analysis in liquidity management can be a useful tool in effective debt collection in an enterprise.We looked at the monthly or short-term liquidity of a small business and its impact on the defined performance metrics of debt collection. The analytical tool is a dynamic econometric model that describes the impact of the efficiency of recovery for liquidity in small business
Social and Economic Consequences of the Recent Minimum Wage Rise in Lithuania
Get PDFThe government of Lithuania actively increases the minimum wage in 2012–2014: in-one-and-a-half year period it increased by 22 percent – from 246 EUR (850 LTL) to 300 EUR (1035 LTL). It is promised to increase the minimum wage in 2015 as well. The amplification of the competitiveness of the economy is one of the main conditions of economic development. This is emphasized by economists, Lithuanian government, and European Commission. The core issues of the competitiveness of Lithuania are the energy sector and the labour market. Such statement is provided by the European Commission in the 2014 report on Industry competitiveness. Therefore, the aim of this article is to evaluate the economic and social consequences of the increased minimum wage and their impact on the competitiveness of the labour force. In the first part of the article, changes of the minimum wage and their economic and social consequences are analysed. In the rest part of the article, the impact of these consequences on the competitiveness is evaluated
Analysis of the Development of the Unemployment Rate in Lithuania: Application of the SVAR Model
Get PDFThe paper analyses the dynamics of unemployment in Lithuania, using a structural vector autoregressive model (sVAR) with long-term restrictions proposed by Fabiani et al. (2001). In accordance with it, the unemployment rate is predetermined by economic shocks, some of them with long-term effects (structural) and some with short-term ones (cyclical). The greater part of changes in unemployment in the period of 2002 to 2014 were predetermined by cyclical shocks (of productivity and labour supply and demand). The cyclical unemployment, peaked in the years 2010 to 2011, amounted to ca. 6%. On the other hand, structural unemployment is slow to change, in the years of the economic boom (2006 to 2007) it amounted to ca. 8% (at the time, the cyclical unemployment was negative and the economy encountered overheating, while in 2014 structural unemployment was slightly higher and amounted to ca. 11%)
MACROECONOMIC DETERMINANTS OF LITHUANIAN GOVERNMENT SECURITY PRICES
Get PDFThis paper deals with the impact of macroeconomic fundamentals on Lithuanian government securities’ prices using quarterly data for the period 2000–2013, applying five major macroeconomic variables: gross domestic product, consumer prices, interest rates, money supply, and foreign direct investment. The two main goals of the paper are: 1) to identify macroeconomic variables which are the main driving forces behind debt security prices and 2) due to the lack of sufficient data on the Lithuanian government security index, to create and calculate a similar index from the primary and secondary market sovereign security prices. The research has been conducted using the methods of descriptive statistics, the vector autoregression model, the impulse response function, and the forecast error variance decomposition. The paper finds that, when consumer prices or interest rate rise up, sovereign security prices decline significantly and, on the other hand, money supply is the only factor that significantly and directly influences the government security prices. However, the effects of the gross domestic product and foreign direct investment were found to be statistically insignificant. Finally, the government security index is inert and rarely changes its long-term trend. These conclusions provide related persons with rich information in establishing the investment strategy or fiscal / monetary policy.This paper deals with the impact of macroeconomic fundamentals on Lithuanian government securities’ prices using quarterly data for the period 2000–2013, applying five major macroeconomic variables: gross domestic product, consumer prices, interest rates, money supply, and foreign direct investment. The two main goals of the paper are: 1) to identify macroeconomic variables which are the main driving forces behind debt security prices and 2) due to the lack of sufficient data on the Lithuanian government security index, to create and calculate a similar index from the primary and secondary market sovereign security prices. The research has been conducted using the methods of descriptive statistics, the vector autoregression model, the impulse response function, and the forecast error variance decomposition. The paper finds that, when consumer prices or interest rate rise up, sovereign security prices decline significantly and, on the other hand, money supply is the only factor that significantly and directly influences the government security prices. However, the effects of the gross domestic product and foreign direct investment were found to be statistically insignificant. Finally, the government security index is inert and rarely changes its long-term trend. These conclusions provide related persons with rich information in establishing the investment strategy or fiscal / monetary policy
The Relationship between Private Equity and Economic Growth
Get PDFThe purpose of this paper is to provide empirical evidence on the relationship between private equity, innovations, and economic growth in 13 European countries by using quantitative analysis. The objectives of the paper are as follows: description of private equity; examination of the relationship between private equity and economic growth; investigation of the methods used in the related topics; description and testing of the data used in the empirical research; estimation of the empirical model; reporting and interpretation of the results. The systematic, comparative and critical analysis of the scientific literature is used for determining the relationship between private equity, innovation, and economic growth. Further, the data are tested using unit root tests. The panel vector autoregressive model, Granger causality, impulse response, and variance decomposition analyses are applied for short-term causality. The main findings are as follows: granted patents are the most important measure of innovation, which influence private equity and economic growth. However, patents should be considered an input rather than an output of the private equity investment process. Therefore, granted patents attract private equity, and private equity impacts economic growth by commercializing granted patents in the short term
DIFFERENCES BETWEEN AUDIT QUALITY PROVIDED BY INTERNATIONAL AND LOCAL AUDIT FIRMS: THE RESEARCH ON AUDIT CLIENTS’ PERCEPTIONS IN THE AUDIT MARKET OF LITHUANIA
Get PDFThe article investigates the quality of audit services that international and local (operating nationally) audit firms are offering. There has been a great amount of effort put in recent years to improve audit quality due to the increase of auditing scandals in various corporations across the world. To improve audit quality, it is crucial to assure that all the stakeholders of the auditing triangular relationship would be satisfied with the outcomes (what is provided) and the process (how the service is provided) of audit services. Considerable attention should be paid not only to the external users (third-parties), but also to the audit clients as their perceptions of what is a quality audit are very subjective.In the last couple of decades, there has been a lot of effort put into research whether the best international audit firms do actually provide audits of higher quality than the local audit firms that are based nationally. The main criterion that these firms are compared in a vast body of literature is the accuracy of the information that was provided to the third parties in auditors’ reports, i.e. in many studies the correct auditor’s report is used as a proxy for audit quality.The aim of this study was to investigate whether Lithuanian audit clients perceive audit services to be better in quality when employing local or international audit firms. This paper will theoretically discuss the audit quality differences between international and local audit firms, and it will present the results of the survey of Lithuanian audit clients.The survey used the questionnaire based on 12 audit quality criteria assessible for the client. The criteria represented audit service’s value added and the performance, i.e. how the audit was conducted. Results of the survey imply that both international and local audit firms provide their clients with the same level of added value and audit performance, except the following significant differences. It can be stated that Lithuanian audit clients perceive audit provided by local audit firms to be of a higher quality than those provided by international audit firms in terms of the insights on tax risks (value added criterion), partner’s involvement in their audit, and perceived competence of audit assistants (audit performance criteria).The article investigates the quality of audit services that international and local (operating nationally) audit firms are offering. There has been a great amount of effort put in recent years to improve audit quality due to the increase of auditing scandals in various corporations across the world. To improve audit quality, it is crucial to assure that all the stakeholders of the auditing triangular relationship would be satisfied with the outcomes (what is provided) and the process (how the service is provided) of audit services. Considerable attention should be paid not only to the external users (third-parties), but also to the audit clients as their perceptions of what is a quality audit are very subjective.In the last couple of decades, there has been a lot of effort put into research whether the best international audit firms do actually provide audits of higher quality than the local audit firms that are based nationally. The main criterion that these firms are compared in a vast body of literature is the accuracy of the information that was provided to the third parties in auditors’ reports, i.e. in many studies the correct auditor’s report is used as a proxy for audit quality.The aim of this study was to investigate whether Lithuanian audit clients perceive audit services to be better in quality when employing local or international audit firms. This paper will theoretically discuss the audit quality differences between international and local audit firms, and it will present the results of the survey of Lithuanian audit clients.The survey used the questionnaire based on 12 audit quality criteria assessible for the client. The criteria represented audit service’s value added and the performance, i.e. how the audit was conducted. Results of the survey imply that both international and local audit firms provide their clients with the same level of added value and audit performance, except the following significant differences. It can be stated that Lithuanian audit clients perceive audit provided by local audit firms to be of a higher quality than those provided by international audit firms in terms of the insights on tax risks (value added criterion), partner’s involvement in their audit, and perceived competence of audit assistants (audit performance criteria)
The Evaluation of Output Convergence in Several Central and Eastern European Ccountries
No full textThe Ukrainian integration into the world economic community means the unification of NATIONAL standards, the financial reporting, auditing and state financial control, its closest approach to the international requirements.It is difficult to overestimate the value of standardization for the economic environment and state administration. The advantages of standardization consist not only in the simplification of processes and procedures, but also in their strengthening due to reliability, which is based on the identity of understanding the rules and norms, and the high quality based on the approach regarding the questions of responsibility and introducing penalties for the possible violations.The author analyzes the development of the state financial control in Ukraine according to the INTOSAI standards. The article presents the necessity to develop and implement the national standards of financialcontrol in accordance with the INTOSAI standards
Monetary Policy and Alternative Measures of Inflation: Empirical Evidence for the UK
Get PDFThe issue of which measure of inflation ought to be targeted by policymakers has been extensively analysed, but the equally important issue of which inflation rate is actually targeted by policymakers in practice has been given much less attention. The paper addresses this question, using data for the UK, a country where differences among the alternative measures are especially marked. We estimate simple Taylor-like monetary policy rules, using several different measures of inflation. We find that plausible models can be obtained for each of the different measures, suggesting that it may not matter which is used in empirical analysis. Models using the RPI measure of inflation have a slight empirical advantage which reflects the ability better to explain monetary policy in more turbulent circumstances
Are the Well-known Economic Hypotheses about the Effects of Inflation and Devaluation Suitable for Ukraine?
Get PDFIn Ukraine, the well-known position of the Keynesian theory of the utility of moderate inflation is not confirmed. There is no such a level of price increase which would cause the improvement of the economy. Any inflation reduces the real GDP.If inflation falls short of the devaluation, the real GDP index increases the more the more is the lag. If no lagging, the GDP decreases.Devaluation is not always beneficial for exporters and for the country on the whole as claimed by the traditional theory of foreign trade. If devaluation has been done, exporters must lobby curb domestic prices.Emission may give a positive result only if the government will manage to keep inflation.The most effective direction of emission is to invest in companies and to cover the budget deficit. Additional emissions as a support of banks destroys the economy at any inflation. The IMF, providing loans or help to Ukraine, should prohibit this action because it is one of the powerful ways of thefts
DISCLOSURE ON INTELLECTUAL CAPITAL IN ANNUAL REPORTS OF NASDAQ OMX BALTIC-LISTED COMPANIES
Get PDFAccording to the current accounting standards, only a minor part of intellectual capital is presented in financial statements. Nevertheless, more and more companies in Lithuania and abroad reveal information about their intellectual capital in their annual statements. Therefore, the object of this paper is the disclosure of information on intellectual capital, and the aim is to reveal the trends of disclosure of information on intellectual capital based on annual reports by Nasdaq OMX Baltic-listed companies in the years 2010 to 2012. The main method applied in the present article is content analysis. Results. On the grounds of the described research methodology, the content analysis of annual reports dated from 2010 to 2012 by Nasdaq OMX Baltic-listed companies was performed. By applying the “QDA Miner” software, intellectual capital-related terms were calculated and distributed into three categories (human, relational, and organizational) in terms of the assets and liabilities. The obtained results of the three countries were compared in order to reveal the trends of development; furthermore, a correlation analysis was conducted to reveal the relationship between the market capitalization of a specific country and the level of disclosure on the intellectual capital of enterprises. Conclusions. The present research reveals that the total disclosed information on the intellectual capital of the Nasdaq OMX Baltic-listed companies was increasing each year from 2010 to 2012. On the other hand, the research shows that the trends and the structure of the disclosed information on the intellectual capital are different in each Baltic country. The highest amount of information was revealed by Lithuanian enterprises and the lowest amount is shared by Estonian enterprises. The best-covered information on the intellectual capital presents the employees as an asset while the most scantily revealed information describes intellectual liabilities.According to the current accounting standards, only a minor part of intellectual capital is presented in financial statements. Nevertheless, more and more companies in Lithuania and abroad reveal information about their intellectual capital in their annual statements. Therefore, the object of this paper is the disclosure of information on intellectual capital, and the aim is to reveal the trends of disclosure of information on intellectual capital based on annual reports by Nasdaq OMX Baltic-listed companies in the years 2010 to 2012. The main method applied in the present article is content analysis. Results. On the grounds of the described research methodology, the content analysis of annual reports dated from 2010 to 2012 by Nasdaq OMX Baltic-listed companies was performed. By applying the “QDA Miner” software, intellectual capital-related terms were calculated and distributed into three categories (human, relational, and organizational) in terms of the assets and liabilities. The obtained results of the three countries were compared in order to reveal the trends of development; furthermore, a correlation analysis was conducted to reveal the relationship between the market capitalization of a specific country and the level of disclosure on the intellectual capital of enterprises. Conclusions. The present research reveals that the total disclosed information on the intellectual capital of the Nasdaq OMX Baltic-listed companies was increasing each year from 2010 to 2012. On the other hand, the research shows that the trends and the structure of the disclosed information on the intellectual capital are different in each Baltic country. The highest amount of information was revealed by Lithuanian enterprises and the lowest amount is shared by Estonian enterprises. The best-covered information on the intellectual capital presents the employees as an asset while the most scantily revealed information describes intellectual liabilities