Ekonomika
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CLUSTERIZATION: EFFECTS ON SOME INDUSTRY SECTORS OF LITHUANIA
Get PDFIn this paper we focus on clusterization in Lithuanian wood products manufacturing and in computer, electronic and optical products manufacturing industries. These sectors were chosen upon analyzing Jucevičius (2003) and Jucevičius (2009) who describe them as having undergone a clusterization process. We use graphical and statistical analysis to find that clusterization has had a positive effect on the mentioned industries. Our analysis also covers a brief review of clusterization theory, development and current state. We also note that clusterization is supported in the European Union, which might be one of the major reasons why it has been accepted in Lithuania. Finally, we argue that competent practitioners who focus on clusterization professionally are scarcely available in the labour market, and clusterization theory is far from mature and requires a lot of academic input
THE EFFECTIVENESS OF INTERNAL DEVALUATION IN LITHUANIA AND LATVIA
Get PDFIn the face of economic crisis, Baltic governments had to choose between internal and actual devaluation. Eventually, the first path was chosen to tackle the external and domestic macroeconomic instability. The aim of this study was to evaluate the effectiveness of the internal devaluation policy in the Baltic economies. Using qualitative research methods and graphical analysis, we have evaluated whether the choice of internal devaluation or deflation was appropriate in the exceptional recession period and whether it helped to eliminate the imbalances of the boom period. Obviously, fiscal consolidation helped to ease the tensions and restore confidence in the markets. However, we believe that the internal devaluation policy was efficient only temporarily in Latvia and Lithuania. This policy was hampered by the sectorial mismatches between labour demand and supply, which resulted from a strong surge in unemployment. A. detailed cos–benefit analysis of the internal devaluation policy option requires a more formal econometric analysis which will be implemented in the future research
THE IMPACT OF MACROECONOMIC INDICATORS UPON SME’S PROFITABILITY
Get PDFProfitability is one of the most volatile company’s financial indicators: it is affected not only by internal but also by external, macro factors. Therefore, this research was aimed at evaluating the macroeconomic impact on SMEs’ profitability. The paper presents the model with the macroeconomic factors affecting the profitability of a SME, which includes the macroeconomic indicators such as population and firms’ number in a country, exports and imports, FDI, GDP, unemployment, inflation, taxes paid, average salary, and several others. The paper also deals with the dynamics of corporate profitability in Lithuania and shows a correlation between macro factors and corporate profitability. Most of the selected macroeconomic indicators such as inflation, average wages, the number of enterprises, the monetary base were found not to be statistically significant and had no strong correlation with corporate profitability. The VILIBOR interbank interest rate changes and the unemployment have the gretest impact on profitability
ESTIMATION OF DEFAULT PROBABILITY FOR LOW DEFAULT PORTFOLIOS
Get PDFThis article presents several approaches to estimating the probabilities of default for low default portfolios, their advantages and disadvantages, and provides exemplary calculations using data of one external credit register of Lithuania. The results show that three approaches seem to be most appropriate: those of K. Pluto and D. Tasche (2005) without correlation, and those of N. M. Kiefer (2006) and A. Forrest (2005) without correlation. The first one could be easily implemented by banks; however, if the ordinal ranking of obligors is incorrect, then the monotony of probabilities of default is not ensured. The same problem exists with the second approach. The A. Forrest (2005) approach without correlation ensures the monotony of default probabilities and allows estimating conservative PDs; however, it requires programming skills, otherwise iterative recalculation will be very time-consuming
HOW DO NEW EU MEMBER STATES COMPLY WITH THE FLEXICURITY CONCEPT?
No full textAbstract. The paper analyses the state of implementation of flexicurity policy components in the NMS and, by using panel regression analysis, estimates the impact of employment protection legislation, expenditures for active employment policies, participation in lifelong learning and net replacement rate on labour productivity and on long-term unemployment. The empirical analysis has shown that the labour markets in the NMS, on the overall, are not more rigid as compared to the EU-15; however, problematic remains low expenditure on active labour market policies, education and social protection, and the low participation in lifelong learning. NMS must, according to the results of the panel linear regression, improve their performance in the mentioned areas in order to improve their labour productivity and decrease long-term unemployment.Key words: flexicurity, labour market, labour productivity, long-term unemployment, European Unio
THE ETHICS OF BANKING: ANALYSIS AND ESTIMATES
Get PDFWith the banking business developing, the system of bank values is becoming increasingly relevant. Adherence to the norms of the bank’s ethics helps developing and improving ties among the bank’s employees as well as relations with the clients. Appropriate behaviour and social culture on the part of the staff shape the image of the bank and stimulate loyalty in the clients. The sophisticated and reliable operation of banks can be judged both in terms of its legal and economic aspects, and ethics. The article addresses the ethics requirements for banks’ staff, deals with the analysis and assessment of the application of ethical norms in the process of rendering financial services, and reveals the principal provisions laid down in banks’ codes of ethics and estimations
THE CONCEPT OF INTERNAL CONTROL SYSTEM: THEORETICAL ASPECT
Get PDFAnalysis of the concept of internal control system is an important subject that involves the analysis of the latest scientific results, and on its basis to perform an updated analysis of the concept of internal control system which meets the modern business conditions and tendencies. Such an assumption has been made upon exploring famous scientists’ concepts of internal control system, in which the basic values needed for internal control system: (honesty, trust, respect, openness, skills, courage, economy, initiative, etc.) were not included. Only a modern concept of internal control might ensure an effective internal control system.The main purpose of the authors was to explore control, the concepts and conceptions of control, internal control and the system of internal control, as well as to present their own idea of the concept of internal control system and to compile a structural scheme of their conception. The structural scheme may alleviate the process of compiling a new model of an effective internal control system. The structural scheme of the conception may also be used in compiling a model of internal control system in different branches of industry
A COMPREHENSIVE PUBLICATION “OPERATIONS AND ETHICS OF FINANCIAL INSTITUTIONS” (AS CIENTIFIC STUDY BOOK) By Dr. Filomena Jasevičienė
No full textCORPORATE SOCIAL RESPONSIBILITY: COMPARATIVE ANALYSIS OF THE STATE OF PLAY IN LITHUANIA AND BELARUS
Get PDFThe article reviews the essence and main principles of social responsibility. The content and conception of social responsibility of a business organization is discussed mainly through elaboration of the reasons for business organizations to bear and implement social responsibility. The approach to corporate social responsibility in Lithuania and Belarus is analysed and discussed by comparing the attitudes regarding a wide range of elements related to the corporate social responsibility and its implementation. The approach of business actors of the two countries is collated through different perspectives and angles
THE INFLUENCE OF INVESTMENT INTERMEDIARIES ON THE CORPORATE SECTOR DEVELOPMENT OF UKRAINE
Get PDFAs the world experience shows, countries with the developed market economy are characterized by a high level of investment intermediation, as well as by an effective cooperation and interdependence of investors and corporations. The practice of domestic corporations shows also the objective dependence of the development level of intermediation and corporate sector that is stipulated. So in this study, the impact of investment intermediaries on the corporate sector development was estimated on the basis of econometric modeling. The result of the research is a proof of investment intermediaries operation in the domestic corporate sector that generally requires finding the way to increase the impact of their activities on the development level of the corporate sector. Investment intermediators’ activation opportunities as to corporate sector investments with some challenges are shown in their investments into the Ukrainian corporate sector