VGTU Journals (Vilnius Gediminas Technical University - Vilnius Tech)
Not a member yet
12536 research outputs found
Sort by
Firm credit rating changes, capital structure, and the asymmetric moderating role of debt capacity and financial constraints
No full textThis study analyzes how debt capacity and financial constraints impact credit rating changes. Using a comprehensive sample of European companies, we analyze rating upgrades and downgrades separately to allow us to uncover whether the effects differ. Our results show that only one of the four commonly used proxies for debt capacity can explain credit rating changes. Specifically, we find that debt capacity can influence both rating upgrades and downgrades, but financial constraints or profitability can only impact rating downgrades. Our results are robust to various model specifications. The Monte Carlo simulation results reveal that uncertainty related to factors causing rating upgrades increases sharply when debt exceeds 30% of total assets. Similarly, when debt exceeds 50% of total assets, uncertainty related to rating downgrades surges
The digital organization transformation (DOT) model: bridging digital transformation and organizational structures in construction firms
No full textDigital transformation is a pathway to improve productivity in the construction sector, but organizational structures still need more adaptation. There are no fully developed models at the level of factors and evidence between organizational structures and digital transformation. This paper analyzes the impact of digital transformation on organizational structures within the construction sector, utilizing a semi-structured interview and field inspection methodology to validate key organizational factors and evidence influencing this process. The research focuses on Colombia’s medium and large construction companies and aims to validate an integrated conceptual model of digital transformation and organizational structures. Results indicate that while technological tools have been adopted, the full potential of digital transformation still needs to be explored. The study highlights the factors and evidence that affect the variables of digital transformation and organizational structures. While technological tools are essential, they are unlikely to create a long-term competitive advantage. This research advances the understanding that the integrated implementation of digital transformation and organizational structures, grounded in validated factors and evidence, can drive enhanced decision-making, reduce inefficiencies, and improve productivity within the construction industry
A Hybrid Fuzzy AHP-TOPSIS approach for green supplier selection: a case study in Sri Lanka
No full textGreen supplier selection is an important component of sustainable supply chain management, particularly in emerging markets where environmental rules and institutional support may be inadequate. This study addresses the need for a structured, sustainability-focused decision-making strategy by presenting a novel hybrid framework that merges the Fuzzy Analytic Hierarchy Process (Fuzzy AHP) with the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The suggested methodology enables systematic evaluation of suppliers by including both subjective expert judgment and objective performance data under conditions of uncertainty. A case study conducted inside the Sri Lankan construction sector demonstrates the practical applicability of the concept. Suppliers were evaluated on four important criteria: environmental, economic, social, and technological. The data reveal that Supplier A is the most suited choice, excelling mainly in environmental and social dimensions. Environmental compliance emerged as the most relevant element in the selection process. By merging fuzzy language assessments with quantitative analysis, the hybrid Fuzzy AHP–TOPSIS method promotes the accuracy, transparency, and consistency of supplier evaluation. The results give valuable insights for industry practitioners, procurement managers, and legislators aiming to connect purchasing choices with long-term sustainability goals. Additionally, the framework gives an accurate platform for future research and application in similar scenarios, helping the growth of green purchasing practices in developing nations
Perception of primary school teachers towards role of creativity in learning: a qualitative study
No full textCreativity has become one of the most coveted skills in today’s ever-changing world, where the sustainability of an individual is based on his/her creative potential. The need to foster creativity and innovation has long been a priority in the educational and corporate spheres. The current research focuses on perceptions primary school teachers hold regarding creativity and its role in learning, along with the identification of the creative student. The data is collected through focus group discussion. Teachers unanimously accept the role of creativity in enhancing learning and facilitating the child’s overall development. The study could be replicated in different countries, and the gap between perception and reality could be identified. This gap identification could be considered a basis for providing developmental intervention to the teachers to foster creativity among the children and formulate policy for educational management at the school level
The six-stage model of profitable growth and entrepreneurship in Finland: a Delphi study
No full textOur research has focused on addressing the following research questions for the growth strategies of SMEs: (1) What are the stages of profitable growth, and what factors contribute to these growth stages? (2) Which critical factors must be addressed for an organization to progress to the next stages of growth? (3) What is the importance of management in identifying and addressing critical growth factors? We have utilized the Delphi method and emphasized the role of company managers who have experienced profitable growth process as experts. Based on our findings, we have developed a Six-Stage Model of Profitable Growth (SSMPG), which we explain in detail in the article. The SSMPG model is compared to the prevailing Death Valley and Startup growth company development models. The article identifies the most crucial factors for the profitable growth of SMEs at different stages of growth within the SSMPG model. This model emphasizes sales, profitability, the individual characteristics of the entrepreneur, and leadership, in contrast to the debt-driven growth models emphasized in the other approaches. Further research could explore developing a start-up business culture using the new phasing model in Europe and elsewhere. In the future, it is important to consider profitability at both the company level and within clusters and regions
Could e-commerce activities drive to climate change mitigation? Novel evidence from panel quantile regression model
No full textThis study aims at shedding light on how e-commerce contributes to climate change in European Union countries. To explore this relationship, we introduced a novel index designed to measure the evolution of climate change as the dependent variable, while considering e-commerce activities as the independent variable within 2011 to 2022 period. Our investigation of the correlation between these variables employed a panel quantile regression model. The outcomes revealed a statistically significant increasing trend for higher quantiles. This finding indicates that, as we traverse the climate change index from lower to higher percentiles, the impact of e-commerce becomes more conspicuous and is statistically significant. This underscores that the influence of e-commerce on climate change intensifies as we move towards the upper percentiles of the climate change index. To address how e-commerce affects climate change, it becomes imperative to introduce and enforce the concept of environmental responsibility in the management of e-commerce activities. This could involve adopting sustainable practices, optimizing packaging materials, and encouraging eco-friendly delivery methods. Policymakers and businesses alike should consider these findings in their efforts to strike an equilibrium between the convenience of e-commerce and the need to curb its environmental impact
Sleep quality and trading behavior of individual investors on the stock market
No full textThere are various factors that influence the trading behavior of individual investors in the stock market. This study, based on data from 405 individual investors, is the first to investigate the relationship between sleep quality and investors’ trading behavior in the stock market. Sleep quality is assessed through factors such as sleep time, duration, number of awakenings during the night, and napping habits. By applying various regression methods (Logit, PCA, PLSR, GMM), the results show that increased sleep duration causes passive investors to hold fewer stocks in their portfolios during bull market years and to increase their holdings when the market declines. Conversely, for active investors, an increase of sleep duration prompts them to hold a greater number of stocks in their portfolios during bull market periods, and decrease their holdings during bear markets. Moreover, good sleep quality is correlated with improved investment performance for passive investors. Research also indicates that afternoon naps and nighttime sleep affect investors’ trading frequency. This study provides valuable insights into investors’ trading behavior in the stock market. We encourage investors to enhance the quality of their sleep and incorporate regular midday naps to remain mentally alert, ultimately leading to increased investment returns
Comparative efficiency testing of a composite hydraulic cylinder
No full textThe paper points to the increasing use of composite materials in hydraulic components. This entails many benefits, such as weight reduction which is particularly important in aviation. However, new problems arise with the use of new materials. With regard to a hydraulic actuator whose cylinder is made of a composite material, one of the issues is ensuring adequate efficiency, comparable to that of a steel cylinder. The efficiency of a hydraulic actuator is related to friction processes in the structural nodes and to leaks in the cylinder. This paper presents the original results of volumetric, hydraulic-mechanical and total efficiency tests of three designs differing in the material used as a liner of a cylinder. The materials considered as liner were CFRP composite, polyurethane F180. In addition, a steel liner was considered as a reference. Variations in actuator efficiency depending on the liner used were indicated
A literature review of common factors affecting labor productivity in Asia: 25 years of insight
No full textConstruction is one of the largest sectors of the Asian economy as it accounts for approximately 14.8% of Asia’s GDP. This, together with the fact that labor productivity is a key factor affecting project performance, makes enhancement of productivity a significant contributor to economic growth. Yet, previous studies have not provided a well-defined terminology together with an understanding of the prioritization of factors, which decision-makers need to take into consideration to enhance productivity in a structured manner. A structured literature review has been carried out, focusing on identifying factors affecting labor productivity in Asia, and calculating the aggregated rank. Hypothesis-testing revealed that the ranking could be generalized across the different regions in Asia. A full rank aggregation considering Asia as a whole reveals the five most important factors to be: “Incomplete design”, “Skill and experience (of laborers)”, “Competency of the project manager”, Materials”, and “Client and consultants”. Today’s research on factors affecting labor productivity is fragmented. By making a structured rank aggregation, and comparing findings between studies, a unifying understanding to the relative importance of factors affecting labor productivity has been established. The relative importance gives input to on-site mangers and helps enhancing managerial strategies to improve labor productivity
Achieving sustainable urban mobility with a modified VIKOR method to improve the selection of a park and ride system
No full textIn many European cities, municipal authorities have placed restrictions on private transport in city centres to comply with national and European regulations aimed at reducing traffic congestion, air pollution levels, polluting gases emission from transport and the consequences on climate change that have affected the quality of life of the inhabitants. Park and ride (P&R) facilities are key elements to introduce restrictions on private transport in city centres to reduce congestion. In this paper, a methodology is proposed, through multi-criteria decision methods, to determine a sustainable P&R rating and classification. The optimal solution or set of solutions, for P&R facilities is determined by taking into account sustainability criteria: environmental, economic, functional and social. A modified VIKOR multi-criteria decision method was developed and applied by using the Mahalanobis distance by taking into account the correlation between variables. The proposed methodology provides the most sustainable alternatives of P&R and allows local authorities to prioritize necessary actions to achieve more sustainable urban mobility. The method developed was applied to study the P&R system designed for the city of Madrid