VGTU Journals (Vilnius Gediminas Technical University - Vilnius Tech)
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Factors influencing follow-on public offering of shipping companies from investor perspective – a hybrid multiple-criteria decision-making approach
No full textThe shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors
A model for construction sector development in middle-income sub-Saharan African countries
No full textBuildings and other constructed facilities form the essential framework of a country’s physical and economic infrastructure. Construction serves as a key capital input to production, driving economic growth and wealth generation. This impact can be particularly transformative in low-to-middle-income countries. Physical infrastructure, including construction, is a powerful engine of economic growth and is closely related to national economic performance. However, not all studies agree with the commonly held belief that construction investment has a positive impact on economic growth, particularly concerning the amount of investment and the relationship between construction investment and economic growth. So far, cross-country studies dealing with the construction sector-economic growth relationship have used indicators of national output and construction that are not strictly comparable between countries. This article reviews the main strands of the literature on the role that the construction sector plays in the national economy and economic development. It also uses novel data drawn from the “capital file” of the PENN World Table (version 10.1) to assess the development pattern of the construction sector in two groups of sub-Saharan African (SSA) countries on the middle-income status of economic development, for the period between 1990 and 2019. The study reveals that construction shares, measured as the proportion of gross fixed capital formation attributable to construction in the gross domestic product, revolve around a norm determined by the level of built assets preceding the reference period. The results of the study could have policy implications for the economic sustainability of the construction industry in SSA.
first published online 17 May 202
Measuring the technological competitiveness of economies with the PTCE method: PRC vs. USA 2000–2020
No full textThe relationship between China (PRC) and the United States (USA) has reached an unprecedented level of tension, mainly due to economic and technological rivalry. This study introduces an original quantitative method, the Pentagon of Technological Competitiveness of Economy (PTCE) to measure the technological competitiveness of both countries from 2000 to 2020. The findings reveal that while the USA remains a global technological leader, the PRC is emerging as a formidable challenger. Although the USA still holds the lead, signs of decline are visible, while the PRC exhibits a remarkable upward trajectory in technological competitiveness. The findings provide actionable recommendations for policymakers. To reinforce its position as the unrivaled technological leader, the USA should prioritize enhancing capabilities in areas such as patents, scientific articles and the export of high technology and STEM-related products. For the PRC there is an unprecedented opportunity to surpass the USA in technological leadership by strategic investments in research, innovation and human capital development. The novelty of this research lies in two main areas: (i) its significant contribution to competitiveness analysis through the introduction of the PTCE method and (ii) its provision of a comprehensive assessment of the shifting technological dynamics between the USA and the PRC
High-quality marine economic development in China from the perspective of green total factor productivity growth: dynamic changes and improvement strategies
No full textHigh-quality marine economic development (HMED) is regarded as a new development pattern of the marine economy in China. This paper aims to examine the dynamic changes and improvement strategies of HMED from the perspective of the green total factor productivity (GTFP) growth. First, the GTFP growth of the marine economy in China’s coastal regions for the period 2007–2020 is calculated using the bootstrapped Malmquist index. Second, the dynamic changes and spatial impacts of the GTFP growth are characterized using kernel density estimation (KDE). Moreover, a novel analytical framework to study the improvement strategies of the GTFP is developed. Within this framework, the fuzzy set qualitative comparative analysis (fsQCA) method is used to explore the paths to achieve HMED. The findings show that: (i) the GTFP growth for coastal regions shows significant fluctuations, suggesting that a stable pattern of marine economic development has yet to be established; (ii) the regional distribution of GTFP growth varies significantly, with provinces with fast GTFP growth gathering resources from neighboring provinces, resulting in a siphon effect; (iii) for coastal provinces that lack certain development conditions, the combined effect of other advantageous factors can be used to achieve HMED. Finally, this study presents policy recommendations for achieving HMED, which can provide insights into the design of China’s future marine economic policies.
First published online 10 September 202
Sustainable food supply chain screening and relationship analysis with unknown criteria weight information
No full textSustainable food supply chain management (SFSC) can control food loss and waste by reducing resource consumption and environmental pollution, thereby ensuring sustainable food consumption and production patterns. Scholars have investigated specific aspects or links in SFSC but rarely studied the sustainability evaluation and selection of a whole supply chain to provide management suggestions under uncertain decision-making environments. This paper presents a comprehensive multiple criteria decision-making method called the SMAA-ORESTE method for SFSC selection. To reduce experts’ efforts, the holistic acceptability index in the SMAA-2 method is used to screen inferior SFSCs from a large number of alternatives. Then, the ORESTE method is combined with the SMAA method to evaluate SFSCs under uncertain information. The ORESTE method can specifically analyze the relationship between alternatives, and the SMAA method can analyze alternatives with unknown criteria weights by Monte Carlo simulation. The proposed method ensures the robustness and credibility of obtained ranking results. An illustrative example validates the applicability and robustness of the proposed method in selecting SFSCs with unknown criteria weights
Job satisfaction and its contributing factors, relationship to economy, analysis among four types of organization
No full textThe study examines job satisfaction among workers in four types of organizations (Czech companies, foreign companies, transitory companies, and state institutions) in the Czech Republic. Using Spector’s determinants of job satisfaction, along with innovation and organizational support, a survey was conducted. The analysis involved multi-linear regression, mean, and standard deviation tests. Results show a positive correlation between job satisfaction and factors like communication, nature of work, co-worker relationships, working conditions, contingent rewards, supervision, promotion, and pay across all organizations. We also observed that innovation had a positive correlation with job satisfaction in foreign companies and state institutions, but the impact was not significant. However, there was a significant inverse relationship between innovation and job satisfaction in Czech and transitional companies, though not significant for transitional ones. Organizational support significantly impacted job satisfaction in Czech and transitional companies, but for foreign companies and state institutions, it was not significant. Consequently, the paper suggests that much attention should be given to the area with less satisfied parameters. This research can guide HR, managers, employers, and policymakers in enhancing worker satisfaction based on their abilities or contributions to organizational effectiveness and improving the organization’s economic situation
Simultaneous inversion of the source term and initial value of the time fractional diffusion equation
No full textIn this paper, the problem we investigate is to simultaneously identify the source term and initial value of the time fractional diffusion equation. This problem is ill-posed, i.e., the solution (if exists) does not depend on the measurable data. We give the conditional stability result under the a-priori bound assumption for the exact solution. The modified Tikhonov regularization method is used to solve this problem, and under the a-priori and the a-posteriori selection rule for the regularization parameter, the convergence error estimations for this method are obtained. Finally, numerical example is given to prove the effectiveness of this regularization method
HR innovation in mediating entrepreneurial motivation in improving the competitive ability of Palu Fried Onions MSMEs
No full textPurpose – This study aims to describe the competitive ability of MSMEs Palu Fried Onions (BGP) from the point of view of human resources, namely innovation and the influence of motivation.
Research methodology – This research was conducted on 141 active BGP MSMEs in Palu and tested using quantitative methods using SEM-PLS analysis testing.
Findings – The study results show that Human Resource Innovation is proven to affect the ability of the Palu Fried Onions MSMEs.
Research limitations – A limitation of this study is that it focuses solely on the competitive abilities of BGP MSMEs from the perspective of human resources, specifically innovation and motivation, and does not explore other potential factors that might influence their competitiveness.
Practical implications – The results of this study have the benefit of being practical considerations for driving BGP MSMEs to increase their competitiveness; besides that, the results of this study also expand the variation of the Diamond Model or the Diamond Model of production factors to be competitive.
Originality/Value – Rather than focusing solely on traditional factors, this research delves into the innovative realm of human resource innovation and motivation as key drivers of competitiveness
Mechanism of introduction of quality management system at the enterprises of the construction industry: case of the Republic of Kazakhstan
No full textPurpose – The aim of the research was to apply the principles of the quality management system in order to establish a framework for implementing quality management practices within the construction industry.
Research methodology – The study involved analysing the global experience of certifying enterprises according to ISO 9001 standards. The research used a qualitative approach, analysing QMS documentation, case studies, and literature to gain a comprehensive understanding of QMS implementation in established companies.
Findings – It resulted in the development of a system model for introducing and implementing the quality management system in construction industry enterprises, following the ISO 9001 standard.
Practical implications – The enterprises of the Republic of Kazakhstan are not exceptions from world practice, including the enterprises of the construction industry. However, there are few construction industry enterprises that would be certified according to quality management standards, including the ISO 9001 standard. Some do not have the financial and human resources to implement a quality management system, others lack understanding of where to start.
Originality/Value – The study also focused on generalising and providing detailed insights into the processes involved in implementing the quality management system at construction industry enterprises
Making abstract values tangible: how European University Alliances construct their visual identity in the perspective of creativity
No full textThe European University Initiative established 64 transnational alliances of higher education institutions. Each of these European Universities Alliances seeks to align universities to enhance academic excellence and competitiveness of the European Higher Education Area. While branding of higher education institutions has become a professionalized practice, creating a transnational alliance poses challenges beyond traditional academic visual identity. The aim is to map out visual and discursive self-representation patterns of European University Alliances on their websites, involving European values such as for example, international cooperation, student mobility, and inclusivity. Using multimodal discourse analysis, this study examines online construction of academic identities of selected European University Alliances. It analyses (1) composition, colour, and typography used in European University Alliances’ logotypes; (2) the features of photographs and graphics; and (3) the typology of names and keywords in mission statements. The findings highlight the importance of generic imagery and compositional devices evoking positive emotional responses as well as recognizable cultural symbols and colours that align with the values of academia and “Europeanness”