Ekonomika
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DYNAMIC PRICE AS BARGAINING RESULT FOR REVENUE MAXIMIZATION IN RETAIL
Get PDFThe application of dynamic price and its modeling was an authentic revolution for the traditional concept of price setting in business environment. The article reviews the essence and the main principles of dynamic price as a bargaining basis. Dynamic price fluctuation range in this paper is collated with the zone of agreement and introduced as an overlap between the maximum purchase price that the buyer is willing to pay and the minimum sell price that the seller is willing to accept. Therefore, the aim of this paper is to analyse the dynamic price as the bargaining basis, research problems, and to assess the dynamic price efficiency based on the dynamic price setting model experiment results. The experimental results suggest that dynamic price is a successful tacit bargaining practice
GREEN BUSINESS: CHALLENGES AND PRACTICES
Get PDFAbstract. The paper deals with the relatively new worldwide trend of adding a “green” slant to business. The purpose of the research was twofold: firstly, to clarify the definition of “green business”, secondly, to test the hypothesis that the differences in business penetration by “green” ideas in various countries are to a large extent determined by national specifics in terms of economic development and public consciousness. Authors compare and contrast the commonly found definitions of “green business”, clarify a distinction between the “green business” notion and that of “sustainable business”, define the main agents of the business “greening” trend, discuss what it means to be “green” and what business practices qualify it as “green”. A quantitative empirical research method – a survey via a questionnaire distributed to respondents by e-mail or handed in directly – was used for the second purpose of the study. The survey was conducted by the authors in Lithuania and Ireland. The collected primary data were processed with the SPSS program and analysed by methods of correlation analysis. The research has revealed considerable differences in the “green” attitudes and practices of Lithuanian and Irish companies, the former being more concerned with costs than benefits of becoming “green”, and the latter demonstrating awareness that being “green” opens new revenue-raising opportunities.Key words: green business, environmental awareness, green attitudes and practice
THE RELATIONSHIPS OF CASH FLOWS: EVIDENCE FROM LATVIAN COMPANIES
Get PDFThe paper deals with the subject of relationships among the different cash flows, as well as earnings, of a company. The aim of the paper is to establish the direction and strength of mutual relationships between different cash flow measures, as well as with earnings, and to provide recommendations for the prediction of future cash flows and earnings. The methods of the research include content analysis, the calculation of relative indicators, average and median measures, as well as regression and correlation analysis. There is an empirical study of the data of 52 Latvian companies, which has resulted in testing the hypotheses put forward and substantiated in the paper. A typical Latvian enterprise relies on the operating cash flow to create the investing cash flow and does not need to rely on the external sources of financing. The author concludes that investment does pay, and, based on the assessment of results of the developed model, the investing cash flow should be used in cash flow prediction, while it should not be used in earnings prediction. The increase in financing cash flow causes a company investments to increase
EFFECTS OF CORPORATE GOVERNANCE ON MANAGEMENT EFFICIENCY OF LITHUANIAN STATE-OWNED ENTERPRISES
Get PDFAbstract. Management efficiency of state-owned enterprises (SOE) is being widely discussed not only in Lithuania, Central Eastern Europe, but also globally (mainly focusing on such countries as China, having state monopoly in most of the industries). Moreover, this topic is interesting to scholars both in the context of public governance reforms and a specific area of public administration. On the other hand, the topic of SOEs management is quite specific due to its duality: firstly, it is an area of public governance with an intensive intervention of the government, and secondly, SOEs are autonomous enterprises having dual – social (e.g., creation of work places, implementation of state-level projects, etc.) and economic (e.g., profitability, return on investment, etc.) – goals. Following the paradigms of (post) new public governance, principal agent theory, corporate governance guidelines established by such international organizations as the OECD, World Bank, International Monetary Fund and others, this paper is focusing on the management and performance of SOEs, trying to find an evidence of positive effects related to the implementation of corporate governance principles in Lithuanian SOEs. The paper seeks to identify those aspects of corporate governance which are the most relevant in terms of their potential effect on the management efficiency of Lithuanian SOEs.Key words: state-owned enterprises, corporate governance, principal agent theory, management efficienc
ANALYSIS AND PREDICTION OF THE BANKRUPTCY RISK IN ROMANIAN BUILDING SECTOR COMPANIES
Get PDFAbstract. In this study, the bankruptcy risk of the companies acting in the Romanian building sector was evaluated. The main purpose of this paper is to present, using the scoring method, the classification of enterprises according to their financial performance into both successful and bankrupt companies, To achieve this goal, we used two well-known models: Conan & Holder, and Altman. Based on financial data for the period 2008–2012, we performed a comparative analysis of bankruptcy risk and noted that the same company could be classified differently by these two models. The results may constitute a landmark for Romanian companies in substantiating decisions and in order to analyze the financial failure from at least two perspectives.Key words: scoring method, failure risk, bankruptcy prediction, financial ratios, discriminant analysi
A CAUSAL MACROECONOMIC MODEL OF DEVALUATION AND INFLATION IMPACT ON THE ECONOMY OF UKRAINE
Get PDFAbstract. The macroeconomic model of Ukraine, based on a complete system of real microeconomic mechanisms (formation of prices, costs, salary, manufacturers’ and state incomes, taxes, etc., trade and transfers among all agents) has been developed. The groups of goods, producers and consumers behaving equally in the conditions of devaluation and inflation have been formed. The core of modeling the interrelation between price, cost price and income is dividing all goods into those of final and intermediate consumption. The traditional macroeconomic hypotheses (equilibrium, SNA balances, influence of money supply, etc.) turned out to be particular cases. The model can be modified for any country. It was has been found that both devaluation and inflation always reduce the real GDP. Conditions of the growth of the value added of exports have been defined. A relationship among emission, devaluation, and inflation has been derived.Key words: macroeconomic model, microeconomic mechanisms’ system, intermediate consumption, non-equilibrium, new goods’ aggregation, devaluation, inflatio
RESOURCE POLICY OF BANKS WITH FOREIGN CAPITAL IN UKRAINE: PECULIARITIES AND PRIORITIES
Get PDFAbstract. The goal of the research was to reveal the characteristic features of resource policy in banks with foreign capital during the period of the Ukrainian banking sector post-crisis recovery. Modern changes of the banking system’s structure are described. The reasons for foreign capital outflow and foreign banks’ withdrawal from the market are identified. The peculiarities and distinctions of resource policy implementation by Ukrainian and foreign banks are investigated. Changes of resource policy riskiness in the post-crisis period are estimated by using the loan-to-deposit ratio. The mechanisms of risk reduction are recommended.Key words: bank, resource policy, deposit, loan, foreign capita
ECONOMIC CONTEXT OF VOLUNTEERING AND LABOUR MARKET IN SPORT
Get PDFAbstract. Volunteering for society is of multidimensional significance nowadays. From the organisation’s position, it represents a cheap source of work, mostly in the fields where there are several reasons for the work not being done by professionals, or possibly where it saves time for the employees who can more intensively perform other activities. It is of economical significance not only in the calculation of costs and expenses in the non-profit organizations’ management, but also on the macro-economical level. Therefore, several countries perform conversions of volunteering into full-time jobs, possibly into the economic value of volunteering in the respective country’s GDP creation. The problem probably lies in the fact that the acquired data depend more on the volunteering evaluation and are hardly comparable among the respective countries.From the marketing point of view, the other significance is found in creating goodwill and its spread by the organizations dealing with volunteering that can be used in systematic work with the media, in acquiring new volunteers, and in creating new types of stimuli for them.This research deals with the commitment and motivations of the young generation of Czech students of the Faculty of Physical Education and Sport of the Charles University in Prague (further FTVS UK) and of the following foreign universities and independent graduate schools: West Virginia State University (further WVSU) in the United States of America, and Deutsche Sporthochschule Köln (further DSHS) in the Federal Republic of Germany. The acquired results show that Czech students engage in volunteering very little in comparison with the foreign ones. Czech students have even stated that they do not have sufficient motivation for volunteering. If they engage, then it is mainly in the field of sports, which is quite understandable in the case of students of sports branches of study. Actually, over 85% of FTVS UK students only volunteer in the sports domains occasionally or very seldom, and they usually do it at sport events. At the same time, foreign German and U.S. students volunteer in sport clubs as a regular activity, also more students volunteer than in the Czech Republic. From the institutional point of view, sport clubs appear to be the most important promoter of volunteering in all of the mentioned countries.For students of the studied universities, the main reason for becoming a volunteer is “to acquire new experiences”. Another reason is the fact that they want to “support a good idea / project”. The research has shown that American students consider volunteering to be a moral obligation. In fact, volunteering in their society is a completely ordinary thing which makes citizens to be proud. For American students, to be serviceable to other people is the most important factor. This can be justified by the fact that volunteering is so popular in the USA because it is accepted as an ordinary part of life. On the contrary, German students prefer the fun standpoint connected with volunteering when performing volunteering. At the same time, Czech students give priority to an interesting environment to volunteer in. In general, regarding the respondents’ motivations we can state that students of these three universities evaluate volunteering as being a very good experience for them, and they mostly want to keep on doing it. However, this motivation was lower for the FTVS UK students in absence of any reward for their work. This implies that the Czech students perceive the essence of volunteering differently from foreign students.Key words: volunteering, volunteering in sport, benefits of volunteering for NGOs in sport, volunteers’ motivations, stimuli and motivating factors for volunteerin
THE MODEL OF CRIMINAL ACTIVITY AND EFFECTIVE CARTEL DETERRENCE
Get PDFCartels, or secret agreements between competitors, are universally recognized as the most harmful of all types of anticompetitive conduct. Facing the challenges associated with globalization of the market economy, competition authorities in all parts of the world are increasing their efforts to design and implement modern instruments, effective enforcement procedures and adequate sanctions in order not only to detect and punish, but also to deter cartels.In this paper, we analyze the deterrent properties of the competition policy within the legal framework of the European Union. Applying the classical deterrence theory based on the model of criminal activity, we identify two key factors that affect the degree of deterrence of anticompetitive behavior: adequate sanctions and the probability of detection. We further discuss the level of fines, leniency programs and direct settlement procedures, both the latter as instruments to enhance the probability of cartel detection.By employing the methods of meta-analysis and meta-synthesis of economic and legal literature, cartel case studies, and descriptive statistical analysis, our attempt is to show that during the past decades the European competition authorities have focused on efforts to increase the effectiveness of cartel prosecution and to achieve better deterrence by numerous alterations in the European competition law, such as extensions of the fine spectrum or leniency programs or introduction of a direct settlement procedure, and that these efforts have proven to be rather successful for preventing the formation of anticompetitive agreements
