Ekonomika
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COMPETITIVENESS AND INNOVATION SYNTHESIS IN THE INTEGRATED GLOBAL ECONOMY
Get PDFThe article aims to show that the main and most important prerequisite for successful business development in the integrated global market becomes improvement of the competitiveness of countries and business firms finding new ways for economic growth and prosperity. Theoretical and empirical researches highlight the importance of competitiveness in a national framework for business growth and development in the current era of globalization. The article examines how the challenges of competitiveness and innovation interrelate and how their synthesis links with economic growth. Therefore, gaining competitiveness through innovativeness, the capability to be innovative is one of the most important prerequisites for creating successful businesses, sophisticated products and production processes and raising the standards of living
THE PREVAILING FEATURE OF CONSUMER NEEDS IN THE POSTMODERN ERA: CONSUMER NEEDS ANALYSIS IN THE LITHUANIAN MOBILE TELECOMMUNICATIONS SECTOR
Get PDFThe scientific problem lies in the fact that consumer needs in the postmodern1 era, as a response to the growing significance of the socio-emotional values in contemporary society, are stated rather than examined in a specific industry context to identify the feature of the needs which dominates in consumers within a specific industry. The paper presents an analysis of the motivating consumer needs within the Lithuanian mobile telecommunications sector, enabling identification of the prevailing type of consumers (based on the features of motivation needs), which affects consumer commitment to a specific service provider.This work aims at testing the assumption that the socio-emotional feature dominating in the needs of consumers in the postmodern era is characteristic of the consumer needs in the Lithuanian mobile telecommunications sector. The dominating feature of consumer needs was identified on the basis of the scientific literature examining the concept of postmodern marketing, which reveals the system of needs characteristic of contemporary consumers and its features.The analysis of consumer needs, made in the Lithuanian mobile telecommunications sector, is relevant in that motivating consumer needs are differentiated into the notional types depending on the characteristics of those needs. The practical outcome of the analysis is relevant as it explains the basic causes that determine the consumer commitment and/or buying/consumption decisions
FINANCIAL RISK ANALYSIS IN THE BUILDING SECTOR:A CASE STUDY OF ROMANIA (GALATI COUNTY)
Get PDFThe importance given to the problem of capital structure comes from the influence of debt on equity profitability (financial leverage) and the financial risk induced by debt. This paper is actually an analysis of the evolution of financial risk in the building sector during 2001–2008 on a sample of 11 enterprises in the Galati County, Romania. In this approach, we used information from the balance sheets of enterprises, provided by the Register of Commerce. To carry out this analysis two methods were used, which rely on the breakeven point and the leverage.Analysis of aggregate data reveal a low fluctuating trend of financial risk, which shows that by the end of 2008 the effects of the economic and financial crisis still have not been felt as much as statistics show in 2009. The conclusion that emerges from this study is that the world crisis produces major effects on the building sector, but they can be seen a bit later. The effects are disastrous for economy (lack of work, offs of staff, etc.), which is why the government began to seek solutions to relaunch this sector.p
FINANCIAL RATIOS OF THE COUNTRY’S ENTERPRISES IN THE FACE OF ECONOMIC GROWTH AND DECLINE
Get PDFThe author analyses financial ratios of Lithuanian enterprises by economic sectors in the period from 1998 to 2008. During the period in question, which was selected consciously and purposefully, Lithuanian economy experienced two recessions: the first one took place after the Russian crisis 1998 and the second started in 2008, together with the global financial crisis. In the period between the two crises, a rapid economic development was observed.In the paper, the efficiency of the sectors of Lithuanian economy is assessed using various financial ratios, reflecting various aspects of performance of an economic entity: its capability to secure income, to perform profitably, to properly manage liabilities, to make proper use of available potential, to avoid jeopardising its further performance. Since no common methodology for the assessment of economic efficiency has been developed, it is offered to form an integral aggregate ratio to make possible the intercomparison of economic sectors and to determine the level of efficiency based on a set of financial ratios but not on each of them separately. The experiments and calculations performed showed that most suitable is the weighted arithmetic mean method
ESTIMATING THE COST OF EQUITY IN THE BALTIC REGION
Get PDFDuring the last two decades the Baltic region has been subject to several episodes of investment volatility and political turmoil. Although financial liberalization processes undertaken in these countries could reduce the cost of equity, it seems that investors have been cautious in investing in the Baltic region. In this research, we estimate the cost of equity per industry sector in three Baltic countries (Estonia, Lithuania and Latvia) during the period 2005–2008 and conclude that the cost of equity seems to have increased during the period 2005–2007, indicating that the region was less financially integrated with the world capital market
CREATING KNOWLEDGE-BASED SOCIETY AND KNOWLEDGE ECONOMY: THE MAIN PRINCIPLES AND PHENOMENA
Get PDFTheoretical problems and priorities of the scientific research on creating knowledge-based society and knowledge economy are described and analyzed in the article.A new concept of knowledge-based society and knowledge economy creation and development processes is described. The main idea is that knowledge-based society and knowledge economy creation and development processes may be attributed to the category of global transformation processes, therefore, all general phenomena and characteristics of global transformations are absolutely typical of the creation and development of knowledge-based society and knowledge economy.The processes of creating knowledge-based society and knowledge economy are analyzed in the general context of global transformations processes.The main principles of creating knowledge-based society and knowledge economy, as well as the main phenomena of knowledge-based society and knowledge economy creation processes are described.Creating and modernizing knowledge-based society and knowledge economy are very complicated processes oriented to the formation of a new quality of society and a qualitatively new lifestyle. These processes may be described as especially complicated, because they pursuie a new quality in two aspects:• knowledge-based society and knowledge economy, compared to “traditional” society and economy, are in all cases described as qualitatively new;• creation and development of knowledge-based society and knowledge economy take place under conditions of global changes, which means that qualitative changes take place in all global space, the essence of those changes being creation and spread of knowledge-based society and knowledge economy.The universal principle of the “new quality creation” is characterized. This principle shows that new quality always forms itself or is formed on the ground of conjugation when elements of different origin, which have never before belonged to the same system, merge into a common interaction system, and that the conjugation processes may be of two types–those of integration and synthesis. The general and some specific phenomena of creating knowledge-based society and knowledge economy are characterized
TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY
Get PDFThis paper presents a framework that builds upon agent-based modelling for investigating the behaviour of consumers in the insurance industry. Consumers are modelled as agents and clustered in groups reflecting their income levels. Agents that model consumers are characterised by their socio-demographic features and interact with other insurance consumer-agents by means of local and global social networks. Furthermore, the environment in which they evolve models the impact of external factors such as mortality, disease and other accident rates as well as insurance culture. This makes that consumer-agents accumulate experience, improve their understanding and knowledge of financial products, and thus develop their perception of need for security and consider the usefulness of insurance services. In turn, the framework enables to model the construction of the customers’ insurance product purchase decision.p
GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS
Get PDFConventional wisdom suggests that openness of an economy promotes economic growth. There is still argument among economists concerning how a country’s macroeconomic variables and its economic growth interact in numerous econometric studies by using panel data. This paper examines the impact of openness on economic growth for the EU-15 area in 1996–2003. In our empirical work, we have used the panel data technique which is also called longitudinal data or cross-sectional time series data. Panel data is generally concerned with choosing among three alternative regressions that are named fixed effects, random effects and pooled model estimation. The variables used are growth, openness, price level, investment and government share of RGDP. We find that openness has had a weak but negative impact on economic growth in this region over this period. Also, we have found that an increase in investment and a decrease in government expenditure have supported economic growth in the EU-15 countries
EVALUATION OF INVESTMENT PROJECTS IN CASE OF CONFLICT BETWEEN THE INTERNAL RATE OF RETURN AND THE NET PRESENT VALUE METHODS
Get PDFResults obtained by employing the net present value (NPV) and the internal rate of return (IRR) methods allow to objectively determine the effectiveness and attractiveness of an investment project and to compare investment projects differing in scope, length or the amount of expected profit. While results obtained by the NPV and IRR methods normally correlate, contradictions are possible in individual cases. Such contradictions are called ‘conflict between the IRR and NPV methods’. The paper deals with the main characteristics of NPV and IRR, analysing the substance of the conflict and cases of its manifestation. A technique for the resolution of the NPV and IRR conflict is proposed