VGTU Journals (Vilnius Gediminas Technical University - Vilnius Tech)
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Optimal time-based and cost-based contracts in construction projects under asymmetric information
No full textA project owner (principal) delegates a project to a contractor (agent). Because the contractor has construction experience, he has private information about the project’s expected completion time. Besides, the contractor can exert an unobservable effort to shorten the completion time. Under an asymmetric information setting, we provide the optimal time-based contract and the optimal cost-based contract, both of which consists of one payment scheme. Additionally, we consider a menu of time-based contracts that consists of a series of contracts. By comparing three contracts, we demonstrate that the owner has a preference for the menu of time-based contracts over the other two. The pooling time-based contract is superior to the pooling cost-based contract. We also find that the social welfare under the pooling time-based contract is lower than under the menu of time-based contracts if the daily operating cost is low but it may be higher than under the menu of time-based contracts if the daily operating cost is high. For the pooling cost-based contract, whether it is better than the previous two contracts depend greatly on the proportion of cost borne by the contractor and the daily operating cost
Host government digitalization and Chinese OFDI entry mode choice: green-field investment vs cross-border M&A
No full textBased on a theoretical framework based on the perspectives of open governance, transparent governance, and smart governance, the article comprehensively explains the potential impact of host country government digitalization on Chinese enterprises’ OFDI entry mode selection. The results indicate that host government digitalization significantly promotes the probability of Chinese enterprises investing by greenfield investment mode; After using instrumental variable to eliminate endogenous interference and undergoing a series of robustness checks, this conclusion remains robust; Host government digitalization influences the OFDI mode choices of Chinese enterprises by suppressing corruption and strengthening intellectual property protection. Based on the research conclusions, we put forward policy suggestions on “how Chinese enterprises should make OFDI entry mode decision and optimize the project management after entry based on the level of host government digitalization“.
First published online 02 April 202
Educational efficiency and technology skill development: a cross-income country analysis
No full textThe relationship between educational efficiency, technology proficiency, and economic development remains a subject of debate, with existing empirical studies producing mixed results. Our study aims to clarify this association by investigating how advancements in technology skills can enhance educational outcomes and, in turn, stimulate economic growth. We employ a dynamic panel model with fixed effects, utilizing data from 2009 to 2022 that covers 23 lower-income, 23 middle-income, and 18 higher-income countries. Our findings reveal a significant positive impact of educational efficiency and technology proficiency on economic development, particularly in low-income countries, where the synergy between these factors drives accelerated growth. In higher-income countries, the influence of educational efficiency appears minimal, but the persistent benefits of technological competencies emphasize the critical role of technology in sustaining economic progress. Robustness checks affirm the strength of these results, leading to actionable policy recommendations that prioritize investments in education and technology to foster sustainable economic development across diverse income groups.
First published online 05 June 202
Identification of risk factors: a comparison of conventional and Islamic stocks
No full textThe study identifies the difference in the long-run risk factors for Conventional Capital Market (CCM) and Islamic Capital Market (ICM) in the post-Shari’ah-screening era in an emerging market. The sample includes macroeconomic variables representing the real sector (industrial production), money market (interest rate), international market (exchange rate) and external sector (exports and workers’ remittances) and two market indexes for 164 Months (01/10–08/23). Johansen cointegration and Granger causality tests are applied to document the evidence. Results support the integration of market indexes with macroeconomic indicators; however, market indexes lack mutual integration in the long run. The integrated group of variables differs slightly for ICM (exchange rate and industrial production) and CCM (industrial production). The real sector activity is reflected in the market, while the monetary sector is missing. The behaviour of the Islamic market is in line with the theory – a reflection of the real sector and lack of integration with interest rates. We recommend three policy actions, including improved facilitation of industrial production, prudent management of exchange rate, and a balanced monetary policy, as theory suggests the usefulness of stock indicators for monetary policymaking. The comparative study on macroeconomic risk factors in an emerging market enhances the understanding of a market with dual indexes, including CCM and ICM.
First published online 31 March 202
Assessing SME credit rating in supply chain finance with multi-phase QFD-based MULTIMOORA under uncertainty
No full textPresently, financial institutions have tentatively utilized supply chain finance as a means of assessing small and medium-sized enterprise (SME) credit rating. However, traditional techniques cannot satisfy the requirements of such assessments because financial institutions need to assess SME credit rating from the perspective of the supply chain and core enterprise rather than only from the perspective of SME. In this study, a hybrid technique with quantitative and qualitative criteria called multi-phase quality function deployment (QFD)-based MULTIMOORA under interval type-2 fuzzy set (IT2FS) is proposed to overcome the defects of traditional techniques. First, the quantitative values were converted into IT2FSs using the developed formulas. Second, a multi-phase QFD model is proposed to obtain the SME credit rating matrix by integrating the core enterprise credit rating matrix and the criterion relationship matrices among SME, core enterprises and supply chains. Third, IT2FS-MULTIMOORA is enhanced by considering the improved Borda Rule and extended reference point simultaneously to derive the final rankings; therefore, a weight-determining technique is presented based on the correlation coefficients. Finally, the proposed technique was applied to the SME credit rating assessment problem. Comparisons with other techniques and the sensitivity analysis results provide suggestions for financial institutions to provide loans to SMEs.
First published online 31 March 202
Agility sustainable supply chain in automobile industry
No full textAutomobile industries are facing rapid and unanticipated changes in their business environment. New strategies are needed to remain competitive in the market for those companies. The supply chain plays a crucial role in automobile companies, and improving the supply chain helps them to be successful in the competition. The agile paradigm allows companies to be flexible in the competition, and also sustainable paradigm helps them to popularity among the organizational system. The primary purpose of this study is to combine agile supply chain and sustainable supply chain as one strategy. For this purpose, 73 factors obtained from previous studies and the Fuzzy Delphi Method and Fuzzy Best Worst Method were used to find the best factors and rank them. The results show that 26 elements accepted and after ranking Quality, Supply chain configuration, Customer satisfaction, Suppliers ’green initiatives and Top management vision were the best five factors. In addition, the results confirmed the finding and the new model for an agile sustainable supply chain
How big data development influences enterprise green technology innovation? The moderating role of digital inclusive finance
No full textExisting research thoroughly discussed the dividend effect of big data development (BDD), but few analyses have been conducted from a micro perspective of enterprises’ green development. With the exogenous policy shock of the National Big Data Comprehensive Pilot Zone, this study takes Chinese A-share listed companies as the research objects. We adopt the difference-in-differences model to systematically assess the impact of BDD on enterprise green technology innovation (GTI) and the moderating role played by digital inclusive finance (DIF) between the two. The study reveals that BDD significantly contributes to enterprise GTI. Furthermore, the facilitating effect of BDD on GTI is more significant in large enterprises, state-owned enterprises, enterprises with higher degrees of local government data openness, and enterprises with higher levels of the real economy. The moderating effect test shows that DIF significantly moderates BDD and enterprise GTI. Mechanism tests show that BDD promotes enterprise GTI through three channels: strengthening regional environmental regulation, alleviating enterprise financing constraints, and enhancing enterprise human capital. This paper provides valuable ideas for emerging economies planning to promote sustainable growth through BDD policies.
First published online 15 April 202
Evaluating smart city technology efficiency and citizen satisfaction using data envelopment analysis
No full textThis study employs Data Envelopment Analysis (DEA) to evaluate the efficiency of the top 20 smart cities in converting Research and Development (R&D) investments into desired outcomes. Using national R&D expenditure (2015–2022) as input and ten criteria from the IMD 2024 Smart City Index report as outputs, the analysis reveals varying levels of efficiency among leading smart cities. Seven cities achieved perfect efficiency scores, while others, including some high-ranking cities, showed unexpected inefficiencies. This study provides valuable insights into resource utilization and identifies specific areas for improvement across structural and technological dimensions. The limitations include the focus on top-performing cities and the use of national R&D data as a proxy for city-specific investments. The findings of this study offer a foundation for policymakers and urban planners to optimize resource allocation and improve smart city initiatives, contributing to the ongoing development of sustainable urban environments in the face of technological advancements and urban challenges
Construction development and prospects in Lithuania: a review
No full textThe paper examines the development and current state of the Lithuanian construction sector, focusing on the impact of legal, economic, and technological factors. The aim of the research is to evaluate the dynamics of sectoral growth and to identify possible future changes in line with national priorities and European Union regulations. The applied methods include legal analysis, statistical data review, and comparative analysis. The results revealed key challenges such as workforce shortages, rising costs, and uneven levels of digitalization. The paper presents proposals to promote sustainability, competitiveness, and innovation in the construction sector in the near future and summarizes the Lithuanian construction sector challenge.
Article in English.
Statybos plėtra ir perspektyvos Lietuvoje: apžvalga
Santrauka
Straipsnyje nagrinėjama Lietuvos statybos sektoriaus raida ir dabartinė būklė, daugiausia dėmesio skiriant teisinių, ekonominių ir technologinių veiksnių poveikiui. Tyrimo tikslas – pagilinti statybos sektoriaus raidos suvokimą, įvertinant jo augimo dinamiką ir nustatant galimus būsimus pokyčius, atsižvelgiant į nacionalinius prioritetus ir Europos Sąjungos reglamentus. Tyrime taikyti metodai apima teisinę analizę, statistinių duomenų apžvalgą ir lyginamąją analizę. Rezultatai atskleidė pagrindinius sektoriaus iššūkius: darbo jėgos trūkumas, didėjančios išlaidos ir netolygus skaitmeninimo lygis. Straipsnyje pateikiamos rekomendacijos, kaip artimiausiu metu skatinti statybų sektoriaus tvarumą, konkurencingumą ir inovacijas, taip pat apibendrinami pagrindiniai Lietuvos statybų sektoriaus iššūkiai.
Reikšminiai žodžiai: BIM, inovacijos, Lietuvos ekonomika, statybos sektorius, teisinė sistema, tvarumas
Business ambience for implementing Just-in-sequence strategy – the automotive industry in Serbia: case study
No full textPersistent issues in the automotive industry – such as delivery delays and frequent stock-outs – indicate that the vision of perfectly synchronized flows of raw materials, parts, and components within complex industrial production and logistics systems remains a significant challenge. To mitigate demand variability and uncertainty, companies often maintain high levels of safety stock, which significantly increases costs and erodes competitiveness. At the same time, such supply chains are characterized by limited responsiveness, resulting in unfulfilled targets related to reduced lead times and reliable customer deliveries. As a response, supply chains in the automotive sector are increasingly opting for the implementation of Just-in-Sequence (JIS) strategies to ensure adaptation to diverse product requirements and cost savings, as well as enhance both responsiveness and efficiency. Within this context, the objective of this research is to identify key elements necessary for the successful implementation of the JIS strategy in an automotive company. The research findings reveal notable differences in the perceptions of employees from Production, Logistics, and Sales sectors regarding the importance of the analysed variables and the potential for implementing a JIS strategy