Ekonomika
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INSURANCE SERVICE PURCHASE DECISION-MAKING RATIONALE: EXPERT-BASED EVIDENCE FROM LITHUANIA
Get PDFAbstract. This paper deals with the examination of the rationale for insurance service purchase decision making with a focus on Lithuania and its possible implications for both Lithuania and other developing insurance markets. This work proposes a model that reflects the several stages of the insurance service purchase decision making process, including the time dimension. This model is constructed on the basis of three hypotheses; these hypotheses are tested based on data collected by means of an insurance expert survey. The results confirm the existence of two stages of insurance service purchase decision making, where one’s intellect and income determine the inclination towards insurance and where the price and quality of an insurance service determine its purchase decision. The research reveals a relatively equivalent impact of both consumers’ intellect and income on their inclination towards insurance in general; however, it strongly indicates the consumers’ strong focus on the price of the service as opposed to its quality when deciding to purchase an insurance service. The research also discloses the higher complexity of the decision making process when purchasing life insurance services as compared to non-life insurance services.Key words: insurance consumer behaviour rationale, insurance service purchase inclination and decision stages, intellect vs. income, price vs. quality, complicated vs. trivial proces
A FIT BETWEEN INDIVIDUAL AND ORGANIZATIONAL VALUES AND ITS IMPLICATIONS FOR EMPLOYEES’ JOB SATISFACTION AND PERFORMANCE
Get PDFAbstract. The importance of studies on work-related values and attitudes is obvious as values are ascribed a central role in determining the fit between individuals and the employment organization. Responding to the importance of the issue, the paper emphasizes the meaning of the individual and organizational values’ fit for the organization, its possibility to become part of strategic planning and a goal for every manager in charge. The aim of the article is to explore the theoretical concepts on values’ fit and to compare it with the empirical research findings. The research question is how the individual and organizational values’ fit is related with the job satisfaction and performance of the employees. Adapted methods of the survey of job satisfaction measuringnine different facet scales, were used, performance results were obtained from the organization, and two different variables related to quality and sales were measured. The research was conducted in the Lithuanian Telecommunication company. The findings of the research emphasize that job satisfaction has significant correlations with individual and organizational values’ fit. Employees whose job satisfaction was higher had higher fit scores. The performance of employees had no significant correlation with job satisfaction scales.Key words: individual values, organizational values, values fit, job satisfaction, performanc
OPTIMIZATION MODELS OF THE UKRAINIAN POWER INDUSTRY
Get PDFAbstract. The paper deals with the environmental aspect of power industry development and uses unilateral and bilateral auction and games theory optimization modeling to simulate competitive market introduction to the Ukrainian electric power industry. The main goal of the research is to investigate how the transition will influence prices’, volumes’ dynamics and benefit distribution among market players while also addressing the problem of possible market fluctuations due to price sensitivity.Key words: electric power market, environment, competitive market introduction, auctions, games theor
THE MONETARY POLICY OF THE EUROPEAN CENTRAL BANK IN THE PERIOD OF SOVEREIGN DEBT CRISIS
Get PDFAbstract. The European Central Bank was forced to start using non-standard measures in order to manage the situation determined by the global financial and sovereign debt crisis, namely to sort out liquidity problems and expand credit supply. The European Central Bank is criticized for applying non-standard tools because of increase in inflation risk. However, the analysis shows that the inflation could be managed by the absorption of liquidity surplus. However, there is a negative side of using non-standard measures, such as a significant increase in the credit risk, which arises due to having government bonds in the balance sheet of the European Central Bank. In addition, this indicates that the European Central Bank indirectly finances governments.Key words: monetary policy, inflation, sovereign debt crisis, credit risk, quantitative easin
RELATIVE CAPITALIST SYSTEMS AND FAIRNESS IN THE BALTICS: THE CASE OF LITHUANIA
Get PDFAbstract. This paper deals with the concept of fairness as it is applied to economic decision making in different cultures. The objective of the research is to determine whether the concept of fairness can be applied universally throughout all cultures by doing a study in Lithuania and comparing it to similar studies done in other countries. Lithuania was chosen because it belongs to the group of the Baltic advanced transition countries with their own unique form of capitalism. We find that Lithuanians are more apt to consider price or wage changes as fair as long as there is an underlying macroeconomic reasoning for the price change. These effects were found to hold true in spite of the framing effects of loss aversion found in previous studies.Key words: behavioral economics, fairness, capitalism, Baltics, Lithuani
FAMILY POLICY AND ITS REALIZATION TRENDS IN LITHUANIA FOR 2005–2012
Get PDFAbstract. The purpose of the article is an overview of the objectives and criteria of theclassification used in state family policy in the sphere of economic relations, a discussion of family policy types and sub-types, relations between forms and types, and their characteristics in contemporary conditions. It discloses the significance of a systemic approach to family policy, emphasizes that family policy can be investigated both as a separate system and as a subsystem emphasizes that a particular family policy must reflect the inherent relations of the subsystems and components, i.e. an implementation area of family policy, its targets, goals, priorities, directions and state’s ability to provide economic support draws attention to the fact that family policy should be associated not only with the family as a general institution but also with individual family forms, describes the trends of public financial social assistance for families raising children and for poor residents in 2005–2012.Key words: family policy, types of family policy, family forms, benefits for families raising children, financial social assistance for poor resident
NET PROFITABILITY ANALYSIS OF TRAVEL ORGANIZERS AND TRAVEL AGENCIES
Get PDFAbstract. 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
TESTING THE WEAK-FORM EFFICIENCY HYPOTHESIS IN THE UKRAINIAN STOCK MARKET VERSUS THOSE OF THE USA, RUSSIA, AND POLAND
Get PDFAbstract. Objective. This empirical research was made to test a weak-form market efficiency of the stock market index in Ukraine as compared with other countries’ stock indexes. Data. Daily data were investigated for the period from August 2008 to October 2011. Methods. We applied different statistical tests to verify the hypothesis that the Ukrainian stock market follows a random walk. Main results. The main research findings are: the daily returns are not normally distributed; I.I.D. tests and the Kendall test support the random walk hypothesis. Test results on autocorrelation and variance stability were ambiguous. The reported results may be considered as the first approach to the further research on the efficiency of the Ukrainian securities markets.Key words: Ukraine, stock market, efficiency, tes
LABOUR MARKET TRENDS AND THEIR IMPACT ON HUMAN RESOURCE MANAGEMENT IN LITHUANIAN COMPANIES
Get PDFAbstract. During the last decades, organizations operate in changing labour market conditions. Labour markets of many countries, including Lithuania, are in a continuous state of changes which demand a new approach to the management of human resources. The purpose of this study was to identify the key factors that transform labour markets and to outline how this transformation is impacting human resource management practices, particularly human resource specialists’ functions and competences. To achieve this purpose, a detailed review of literature was performed and a research based on the questionnaire method was conducted in 2011–2012 in 92 Lithuanian companies. The research included 160 respondents – specialists of human resourcesdepartments. The research has demonstrated that, in the changing labour market conditions, the functions of human resource specialists have become more diverse and are increasingly directed towards fulfilling the needs of the business.Key words: labour market, human resource management, functions, competence
RISK MANAGEMENT IN BANKS: NEW APPROACHES TO RISK ASSESSMENT AND INFORMATION SUPPORT
Get PDFAbstract. 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 analysi