VGTU Journals (Vilnius Gediminas Technical University - Vilnius Tech)
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The EU Green Agenda legal framework and economic growth in developing countries: a panel EKC approach
No full textWith the rapid rate of climatic change and environmental degradation, sustainable economic growth with conservation of the environment has turned into a question of highest priority and concern for the world, especially for developing nations. The study aims to interpret the European Green Agenda legal framework and its implications for the green economy of developing countries using the Environmental Kuznets Curve EKC as a basis of panel estimation. The research method used is quantitative, using data from 1990 to 2024 from the World Bank Indicators. The econometric approach is based on panel data employing the Environmental Kuznets hypothesis for further empirical estimation. The variables included in the model are Carbon Intensity CO2, and GDP per capita growth in a panel of 6WB countries such as Kosovo, North Macedonia, Albania, Montenegro, Bosnia and Herzegovina and Serbia. The main hypothesis testing is that the developing countries face greater CO2 emission in their attempt to grow economically, which is also the main hypothesis under the Environmental Kuznets Curve. The study finds a U-shaped relationship function between GDP per capita growth and Carbon Intensity CO2 in the case of the Western Balkans under study circumstances. The greater the GDP per capita growth (above the turning point level of 4259.69), the greater the Carbon intensity. The study further concludes that the EKC hypothesis does not have universal implications depending on the stage of country development and the period under investigation. This study is very important for several reasons: first, it is the first testing the basic EKC hypothesis for the Western Balkan countries and adds to the literature the fact that the EKC hypothesis is not universal; second, by using econometric models of panel data, it tests the EKC hypothesis and proves the opposite, an U function; between CO2 and GDP per capita growth and third, the study emphasizes the importance of the European Green Agenda towards sustainable economic growth and environmental protection
From engineering to aesthetics: morphology and constructive techniques of the New Bridge of Ronda (Spain)
No full textThis study analyzes the morphology and construction techniques of the New Bridge of Ronda, focusing on its key engineering elements. Existing publications on the bridge’s construction history, along with research on stone bridge technologies, were used to identify elements in the New Bridge. The morphological characteristics and materials used were analyzed to deduce the techniques employed. The research shows that the New Bridge follows construction methods typical of stone bridges from Roman times, despite being built in the 18th century. Its height required large abutments and multi-level vaults, resembling medieval bridge designs, resulting in a unique structure compared to most stone bridges. This paper fills the gap in knowledge about the construction techniques and morphology of the New Bridge, offering a deeper understanding of its design. The value of this study lies in its contribution to the understanding of the New Bridge’s construction methods, shedding light on its historical significance and aiding in its preservation. This study enhances the appreciation of the New Bridge, supporting efforts for its preservation for future generations
The impact of public debt on economic growth: determining of factors and their interactions
No full textThis article suggests that the expenditure multiplier and the interactions among its key components can help explain whether increasing public debt encourages or inhibits economic growth. As per the theoretical underpinnings of the effect of debt on growth, its influence is observable in regard to private consumption, import and investment. The size of the expenditure multiplier depends on factors like the tax rate and the marginal propensities to consume, import, and invest – each influencing the multiplier differently. Specifically, the effect is positive in relation to marginal propensities to consume and invest and negative in relation to the tax rate and marginal propensity to import. Our findings show that in countries with relatively lower government effectiveness, debt has a greater impact on growth, mainly due to higher tax rates rather than high import levels. Conversely, in countries with higher government effectiveness, the influence of debt on growth remains similar regardless of tax rates, if the propensity to import is low. In cases where the public sector dominates the economy, the impact of debt on economic growth is determined by factors other than the multiplier effect.
How does digital transformation moderate the link between ESG ratings and financial constraints?
No full textThis research aims to examine the moderating role of digital transformation in the link between ESG ratings and financing constraints faced by firms. A sample is a dataset consisting of 4255 listed companies operating in China from 2012 to 2022. The results showed that higher ESG ratings contribute to reducing financing constraints and that digital transformation positively enhances this relationship. In addition, the results also reveal that long-term ESG ratings contribute more effectively to reducing financing constraints. This study provides guidance for managers to practice ESG practices in the long term and insights for firms to find solutions to financing dilemmas. This study’s originality lies in demonstrating that higher ESG ratings alleviate financing constraints, with digital transformation enhancing this effect, providing novel insights into the interplay between sustainability efforts and technological advancement in corporate finance. The findings offer valuable implications for firms integrating ESG practices and digital strategies to optimize financial performance
Assessing the commercial potential of high-tech production business targets in risk-generated innovation economies using fuzzy set methods
No full textThe purpose of the article is to develop a methodology that will make it possible to use attitudes and expressions of professional language to the maximum extent when selecting business goals of high-tech entrepreneurship during the development, production and sale of the latest products and to reduce the sensitivity of the assessment to small deviations of the factors and increase its reliability. It is proven that the proposed method allows to use the attitude and expression of professional language to the maximum when choosing a business goal. At the same time, the sensitivity of the assessment to small deviations of the factors decreases, and the reliability increases. It has been investigated and established that when using fuzzy methods in the decision-making process in high-tech production, unlike the existing ones, there is an opportunity to actively use fuzzy estimates and different points of view of people who carry out planning or decision-making, as well as fuzzy information expressed in words
Relationship of CSR, innovation, human resource practices, and competitive advantage: a test of two mediation models
No full textIn the dynamic business environment, manufacturing companies need a competitive advantage for long-term survival, and this can be achieved by focusing on CSR, HR practices, and innovation. While CSR is often viewed as a tool for enhancing corporate reputation and addressing societal concerns, its potential to drive innovation and contribute to a sustainable competitive advantage remains underexplored. Additionally, the role of human resource practices in mediating these relationships is not well understood. This research seeks to address the gap in the literature by examining the relationships between CSR, innovation, human resource practices, and competitive advantage, and investigating how these elements interact to help organizations gain a competitive edge in a rapidly evolving market environment. The current research aims to highlight the influence of CSR on competitive advantage. Moreover, it also examined how mediation mechanisms of innovation and HR practices influence the effect of CSR on competitive advantage. The current study utilized quantitative research approach and the data were gathered from the managers of manufacturing companies in Jordan. The results highlighted that CSR significantly influences innovation, HR practices, and competitive advantage. Furthermore, innovation and HR practices both significantly mediate the relationship between CSR and competitive advantage. The findings of this study can act as a guideline for managers of Jordanian manufacturing companies aiming to achieve competitive advantage
Bibliometric and visualized analysis of work engagement in business management
No full textWithin business management, the growing interest in work engagement stems from its recognised role in mitigating employee well-being, bolstering job satisfaction, and optimising organisational outcomes. This review comprehensively explores the knowledge structure of work engagement in business management, analysing 563 publications from the Scopus database spanning 2005 to 2023 through performance analysis, co-citation analysis, co-authorship analysis, keyword co-occurrence analysis, and content analysis. This review outlines prevailing trends and identifies influential scholars, articles, institutions, and leading countries. It illuminates the current state of scientific collaboration, providing a rationale for developing countries to seek academic cooperation with developed countries. Additionally, it delves into six current themes and four future directions, providing a robust theoretical framework for future research endeavours
Engagement and flow in the job satisfaction of volunteers at a non-governmental organization (NGO) in Peru
No full textThe objective was to analyze how engagement and the state of flow influence the job satisfaction of volunteers. The design was non-experimental, cross-sectional, and the sample consisted of 1023 volunteers, selected through non-probabilistic convenience sampling. Validated questionnaires were used: a) the Utrecht Work Engagement Scale (Schaufeli et al., 2003); b) the Flow Experience Scale (Bakker, 2008); and c) the Job Satisfaction Scale SL-20/23 (Meliá & Peiró, 1998). Reliability was assessed using Cronbach’s alpha. Exploratory and confirmatory factor analyses were conducted. Data were collected and processed using SPSS, AMOS, and SEM. Both flow (0.703) and engagement (0.557) have a significant influence on the job satisfaction of volunteers, with both factors being relevant for improving job satisfaction. The state of flow is a stronger predictor than engagement. It is concluded that there is a significant and positive influence of engagement and flow on the job satisfaction of volunteers. The study of these topics confirms the importance of fostering engagement and flow among volunteers to enhance their job satisfaction
Financial performance and capital structure dynamics of the high-tech startups in the Baltic region
No full textThis study examines young fast growing technology startup companies in Baltic region. Employing unique datasets of startups financial accounting data from Lithuania, Latvia and Estonia comparative and correlation analysis between growth, profitability and financial leverage indicators reflects how lifecycle stages influence startups profitability and capital structure. By analysing the development patterns of innovative products, investment phases, and capital structures, the research aims to uncover the strategic choices made by startups at different stages of their lifecycle and the implications of these choices on their financial performance. By comparing startups with other control groups in hi-tech and traditional industries research provides empirical evidence on the unique developmental trajectories of startups which enhances the strategic decision-making capabilities of investors and policymakers by providing a deeper, empirically grounded understanding of how startups differ from other sectors in terms of growth, profitability, and capital structure dynamic
Emergent approach to business resilience: a study of Ukrainian enterprises
No full textThis study aims to profile the emergent behavioral responses of small and medium-sized enterprises (SMEs) in Ukraine to radical market changes and identify the cause-effect relationships that ensure their resilience through an emergent approach to strategic management. The article analyzes the results of a survey of 500 enterprises within the project “Advisory Support to SMEs in Ukraine Amid the Military Crisis”, implemented by CMC-Ukraine with support from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). Data were analyzed using MS Excel and RStudio. The study found that strategic decision-making profiles varied by sector. Grouping responses by functional areas (marketing, operations, finance, HR, digitalization) helped identify emergent strategy frameworks for different company clusters. These best practices were applied in the project “Access to Finance and Support for the Resilience of SMEs in Ukraine”, funded by Deutsche Sparkassenstiftung für Internationale Kooperation, which ran from February to August 2023