Ekonomika
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CORPORATE SOCIAL RESPONSIBILITY STRATEGIC IMPLEMENTATION IN FOREIGN MARKET: GLOBAL VS. LOCAL POLICY
Get PDFCorporate social responsibility (CSR), understood as a concept of socially responsible business behaviour, is becoming one of the important and actual business practices. Globally more and more MNEs are engaging themselves into CSR activities and see CSR as part of their corporate strategy. This paper presents an analysis of existing CSR strategic options for international companies to choose, and reveals what influences international companies’ decision what strategy and instruments to choose for implementing in a host country or market. In particular, the implementation of CSR strategic options and instruments in Belarus are analysed. The concept of this paper is based on the integration of a theoretical idea and business management practices. Since the object of the research is complex, it required the application of different research methods, such as theory analysis, system analysis, meta-analysis, survey, content-analysis, and expert interview methods. The findings of the study could be useful for foreign companies deciding to enter the Belarusian market, make M&A with local companies, for local managers responsible for CSR at their company, as well for researchers interested in CSR implementation in Eastern Europe
ANALYSIS OF ECONOMIC GROWTH CYCLES’ SYMMETRY IN THE MAIN ECONOMIC SECTORS OF EURO AREA COUNTRIES
No full textAbstract. With the European Union integration growing deeper and Euro area countries having the common currency, excluding possibility of a national monetary policy, academic society has raised a debate on economic stabilization opportunities in individual Euro area countries in case the common monetary policy would prove to be adverse. According to the optimum currency area theory, one of the necessary conditions for the successful functioning of the monetary union is the homogeneity of its countries. The possible economic shocks could have a different impact on the economy of individual Euro area countries in the presence of significant differences in their economy structure. Applying the Hodrick–Prescott method, this study identifies and analyses economic growth cycles in the main economic sectors of the Euro area countries. The results suggest that not all economic growth cycles of the Euro area countries sufficiently correlate with the Euro area average, and one of the predetermining factors is the differences in the economic structure.Key words: asymmetry of economic growth cycle, Euro area, value added structur
EVALUATION OF REGIONAL Β CONVERGENCE IN EU COUNTRIES AT NUTS3 LEVEL
Get PDFThe paper deals with regional economic differences: theoretical aspects of their causes, evaluation methods, and presents in empirical analysis of the EU countries. The β convergence methods were applied for empirical research. The results suggest that in most of the EU countries, regions were diverging during 1995–2008. The recent territorial differences in the EU are determined not by the factors of countries or their groups, but by economic differences inside the countries.
THE LABOUR POTENTIAL AND ECONOMIC FREEDOM: THEORETICAL BASE FOR DIALECTICAL UNITY
Get PDFThe content of the economic freedom as a category of modern economic knowledge and the dialectics of its correlation with the category of the personality labour potential are revealed in the article. The appropriate correlations are highlighted in the context of the authors’ model called “the conditional propeller”, the plot of which is revealed through the balance of human’s, society’s and state’s competence. Also, the article contains theoretical generalizations as regards the correlation of human “I” with the system of labour potential of a personality and gives practical recommendations concerning its consideration in the daily activities of a national government
FLUCTUATIONS OF LITHUANIAN ECONOMY: IDENTIFICATION RULES AND FEATURES
Get PDFThis article is focussed on the problem of economic-statistical calculations and includes an economic-statistical research of economic fluctuations. The author also discusses the rules for statistical identification of economic welfare, economic development features of Lithuania after it became a member of the European Union. The notion of specific economic indicators, their classification issues, and the role and place of economic indicators presenting a systemic view of the country’s economy through identification of economic activities and their development are also discussed.The article deals also with the methodologies based on various statistical methods and offers a methodology for revealing the components of economic fluctuations. A common notion is that the methodologies using analytical time series smoothed with the least squares method for revealing economic fluctuation components are best. The author proposes a methodology for calculating and evaluating the components of economic fluctuations, based on gross domestic product data
MODEL FOR EVALUATING THE ECONOMIC EFFICIENCY OF INVESTMENT PROJECTS: ARCHITECTURE AND MAIN ASPECTS OF APPLICATION
Get PDFEvaluation of investment projects is a complex multilateral process which also entails a great responsibility as its results form a basis for adopting investment decisions. These decisions, to a large extent, depend on the reliability and justification of the evaluation results: therefore, the process must be based on clear logic, acceptable assumptions and the duly selected methods that have been tested in practice. The paper contains an overview of the main principles of investment projects’ evaluation and a detailed analysis of the main requirements for the model architecture and its evaluation process.The authors propose a model for evaluating the economic efficiency of investment projects that has been described in detail and tested in practice. The model consists of a coherent evaluation scheme made of three phases and detailed algorithms of internal procedures. Such an architecture of the model enables a comprehensive analysis of investment projects of different types and a validation of the objectivity of evaluation results
TAXATION AND ECONOMIC SUSTAINABILITY
Get PDFMacroeconomic theory says that taxes play a repressing role in an economy. Introduction of new forms of taxation, the increase of tax rates and augmentation of tax income of the Government puts a downturn risk on consumption and therefore on economic growth. Knowing that, governments of different countries start to competing among themselves by lowering corporate tax rates and trying to boost economic growth by using foreign investments. On the other hand governments are pushed to lower personal tax rates in order to satisfy their electorate. It has been strongly believed that countries with lower tax rates have better prospects for the future growth. However, small tax income is limiting governmental spending and might cause serious imbalances in the economy. As the Irish example shows, smaller taxes cannot guarantee a sustainable growth of the economy. Thus, the relationship between taxation and economic development needs rethinking.This study aimed to test the efficiency of taxation in terms of sustainable economic development and to discuss the factors that are the most important here.A comparative analysis of EU countries was used in the research. The results suggest that the harmfully small tax rates could have violated the sustainability of some European economies
CLUSTER APPROACH AS ONE OF DETERMINANTS FOR INCREASING COMPETITIVENESS OF RIGA FREEPORT
Get PDFThe cluster-based approach offers a new way of dividing and understanding an economy and competitiveness. The main objective of the present study was to reveal the influence of industrial clusters on Freeport’s of Riga business competitiveness and integrated development. The cluster environment stimulates competitiveness and competition inside the cluster and the industry. One of the reasons for the current problems of Latvia’s competitiveness is the low level of business entities’ co-operation and business integration in the national economy of Latvia and the Freeport of Riga in particular. Companies are isolated in their approaches to increasing their competitiveness and entering the global market. In many cases it is too hard a task for a single company. Authors formulate the business entities’ co-operation and integration as a gateway to an integrated development and higher competitiveness in the global market. The cluster environment stimulates the integrated development of all business entities within the cluster. The article was written using scientific, normative and legal sources and data, systemizing good practice in other branches, as well as the results on authors’ systematic researches on the topic. The monographic method, method of logical analysis and synthesis, analysis of statistical information and the expert method wre applied
THE ROLE OF HUMAN CAPITAL IN VALUE CREATION: THEORETICAL INSIGHTS
Get PDFThe growth of the modern knowledge-based economy is becoming less dependent on tangible assets and, respectively, hinges more on the intangibles which are defined as human capital (HC). Despite the great number of scientific works dedicated to the HC phenomenon, the interest in this field had its “ups and downs” which caused changes not only in the notional concept itself, but also in the approach to its importance in value creation by measuring the returns of its investments. The purpose of the article is to analyse the evolution of these approaches. The nature of the article is both theoretical and analytical; it is based on quite an abundant list of scientific publications by Lithuanian and foreign authors. Adequate research methods were used in the study, such as a systematic analysis of scientific literature, logical comparative analysis and generalization. The originality of the study is ingrained in the fact that it reveals changes in the concept of human capital since its rise in the late 1960s until the most recent ideas which were formed and are still under development in the 2010s
INTEREST RATE PASS-THROUGH IN LITHUANIA
Get PDFThe paper considers the pass-through of the interbank and retail interest rates for the case of Lithuania. The need for the interest rate transmission analysis has grown during the volatile market period caused by the global financial crisis. The objective of the article is to check theoretical and statistical aspects of domestic currency (litas) interest rate pass-through from interbank to retail interest rates and, specifically, to determine whether the recent global financial crisis has affected this process. Methods used in the article include a systemic analysis of related studies, historical data analysis and statistical testing. The analysis is expanded to cover the alternative interest rate-related variables in order to check the consistency of the pass-through of the litas interest rate over the period from October 2004 to December 2010. Results of the research show that though the lending interest rates have increased and the interest rate relationship has transformed over this period, there is no proof that changes in the bank interest rate setting policy has led to abnormal profits for banks