Journals Published by Vilnius Tech
Not a member yet
12596 research outputs found
Sort by
A new closed-form solution for optimal portfolio selection with liquidity risk
No full textIn the literature on optimal portfolio selection problems, it is rare that closed-form solutions are found. It is even more so when liquidity risk needs to be taken into consideration. In this paper, we present a closed-form solution for the optimal weights of a portfolio that consists of a risky and riskless asset under a new key assumption that the liquidity risk is directly proportional to the wealth of the portfolio invested in the risky asset. The solution found is for the Constant Relative Risk Aversion (CRRA) utility function, after successfully solving the associated HJB (HamiltonJacobi-Bellman) equation exactly. Due to the presence of liquidity risk, the research findings reveal that the optimal weights are consistently lower than those found by [19]. Finally, the quantitative impact of the proposed solution is discussed
Striving for carbon neutrality in EU region: examining the role of environmental policy stringency in geopolitical risk and energy transition
No full textGlobal economic policymakers are facing increasing demands from diverse environmental constituents to prioritize sustainable development through the implementation of strict environmental policies, energy transition strategies, and the reduction of fossil fuel consumption by fostering technological advancement. This study aims to assess the moderating role of environmental Policy Stringency (EPS), among Geopolitical Risks (GPR), Energy Transition (ET), Technological Innovation (INV), and environmental degradation (CO2 emission). This study relies on empirical datasets spanning the years 1990 to 2022 in 13 EU countries and employed an extensive range of econometric techniques., Dynamic Ordinary Least Square (DOLS), Fully modified Ordinary Least Square (FMOLS), Canonical Cointegration Regression (CCR), and Method of Moment Quantile Regression (MMQR) to examine the data. The empirical findings demonstrate that interaction of GPR*EPS, INV*EPS, and ET*EPS plays a crucial role in promoting environmental sustainability and lowering CO2 emissions. Whereas, environmental degradation is attributed to higher geopolitical instability and increased economic activities. Further, Quantile Regression (QR) and Feasible Generalized least square (FGLS) methods are employed to check the robustness empirical findings of the primary techniques. Based on our comprehensive empirical research findings, we can put forth constructive policy recommendations aimed at addressing environmental concerns and achievement of SDGs 7 & 13 in EU region
Augmented reality vs. monetary rewards: which drives pro-environmental behavior more effectively among the Indonesian workforce?
No full textPurpose – This study examines how augmented reality-based green training influences pro-environmental behavior among employees in Greater Jakarta, Indonesia. It also examines the role of green commitment in shaping employees’ environmentally responsible actions. In addition, the study investigates whether green financial rewards moderate these relationships. The analysis focuses on how intrinsic and extrinsic motivations interact to influence sustainable behavior in the workplace.
Research methodology – A cross-sectional quantitative survey was conducted among 200 employees in Greater Jakarta using convenience sampling. Structural equation modeling with partial least squares was used to test the hypothesized relationships and moderating effects among the variables.
Findings – The findings show that AR-based green training has a significant positive effect on employees’ pro-environmental behavior. Green commitment also has a significant positive effect on pro-environmental behavior. Green financial rewards do not significantly moderate these relationships. The negative interaction coefficients suggest a possible crowding out effect. This implies that in practice, external motivators may dampen the effect of internal motivators, such as training and employee engagement.
Research limitations – The design of this study is cross-sectional, and this restricts the ability to conduct causal analysis. The population studied can only comprise employees within greater Jakarta, and this might restrict the overall ability to generalize findings. Future re- search focuses on studying changes over longer periods through various designs that can aid in observations over time. Results can also gain more external validity if more demographical samples get studied.
Practical implications – Implementation of organizational measures to increase the qualifications and sustainability-oriented working culture could provide the greatest benefits for the organizations. Moreover, incorporating augmented reality learning into the organizational operations could contribute to this goal. In addition, values associated with sustainability must be embedded into the organizational operations through persistent organizational communications and role-modeling by the leadership. It can be observed from the outcome measurements that the financial incentives are less effective or sometimes even decrease the internal motivation associated with pro-environmental behavior.
Originality/Value – The research adds to the topic of sustainability studies by focusing on the use of augmented reality as a novel approach to environmental education. The work also supplies empirical evidence concerning the boundary conditions of the Motivation Crowding Theory within a workplace sustainability setting
Balancing workplace stress: empirical insights from the IMPRESS project
No full textPurpose – This study aims to investigate the relationship between workplace stressors, resources, and perceived stress among employees by analysing survey data collected via the IMPRESS project. The objectives were to test the direct effects of stressors and resources on stress, and the moderating role of resources.
Research methodology – Stressors, resources, and stress were measured using the Job Demands-Resources framework and the Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for statistical analysis.
Findings – It was found that several stressors, particularly those related to roles and responsibilities, have a significant direct impact on stress levels.
Research limitations – The study limitation is the geographical focus which being limited to Latvia.
Practical implications – The principal conclusion is that managing stressors, e.g. role overload, role conflict and work-life balance, is critical, and well-defined work processes can significantly contribute to employee well-being.
Originality/Value – The authors found that the COVID-19 pandemic did not significantly change workplace stressors, with roles and responsibilities remaining the dominant factor both before and during the pandemic
Impact of financial development, trade, and energy consumption on environmental footprint in India: evidence from QARDL and wavelet coherence approach
No full textThe aim of this study is to analyze the impact of financial development, trade openness, renewable energy, and nonrenewable energy consumption on CO2 emissions in India by analyzing the quarterly data from 1980 to 2020. Quantile ARDL and Wavelet Coherence methods are employed to examine the nexus. In the long and short run, nonrenewable energy consumption, financial development, and trade openness have a positive impact on CO2 emissions. When emissions are already high, it suggests that financial development may also lead to increased CO2 emissions. Moreover, Renewable energy consumption has a negative impact on CO2 emissions irrespective of the emission level that whether it is high or low in the nations, which shows that if financial enhancement increases, carbon emissions decrease. Finally, we test the EKC hypothesis, and the QARDL findings support the EKC in India. Additionally, the wavelet coherence study found a causal relationship between the CO2 emissions and independent variables, and the findings under the Wald test reject the parameter constancy for all variables. To create effective policies for environmental deterioration, the empirical findings of the current analysis can be used as guidelines for policy implications
Sustainable last mile delivery: are e-consumers ready for courier services by electric vehicles?
No full textDriven by the expansion of e-commerce and rising environmental awareness, this study is set within the context of growing market demand for sustainable and low-emission solutions in the courier industry. The aim of the article is to verify the readiness of e-consumers and the determinants to use an eco-innovative method of last-mile delivery by electric vehicles (EVs) in the courier services. A quantitative authors’ conceptual model including Technology Readiness and Technology Acceptance Model was developed and verified. Perceived ease of use significantly impacts perceived usefulness, and both strongly predict adoption intention. The growing shift toward electric fleets among couriers aligns with e-consumers’ readiness, however, the study offers important insights. Technological optimism influences adoption of last-mile deliveries by EV indirectly, e-consumers’ innovation and trust show an unsatisfactory effect. Although environmental awareness improves perceptions of use, it does not directly translate into higher adoption intent. The findings emphasise the importance of a holistic strategy that combines technological functionality, environmental values, and realistic expectations to promote the integration of EVs into courier logistics. Providers should focus on operational improvements and education, presenting EVs above all as efficient and easy to integrate with existing logistics systems, striving for their integration with sustainability and circularity
How does green innovation determine corporate physical investment? New empirical evidence
Full text linkDue to the escalating issue of global warming and other environmental concerns, green innovation has garnered significant attention. However, there is a dearth of literature addressing the impact of green innovation on industrial investment. Therefore, the present study aims to investigate how green innovation affects corporate physical investment. We utilize a wide array of financial data from a panel comprising 11 Asian economies and employ the system GMM (generalized method of moments) to test the underlying hypothesis. The empirical findings reveal a positive and statistically significant effect of all proxies for green innovation, including patent registrations, the development of environmental technologies, innovation intensity, and green growth innovation, on corporate physical investment. The empirical analysis yields a crucial policy implication, emphasizing the importance of prioritizing green innovation and the adoption of modern technology. These initiatives not only boost investment volumes but also contribute to achieving environmental sustainability. By exploring the intricate relationship between green innovation and corporate physical investment, the current study introduces innovative insights to the literature on financial and environmental economics.
First published online 03 September 202
Analysis of the Darcy-Brinkman flow with viscous dissipation and non-homogeneous thermal boundary condition
Full text linkThis study investigates the steady-state Darcy-Brinkman flow within a thin, saturated porous domain, focusing on the effects of viscous dissipation and non-homogeneous boundary condition for the temperature. Employing asymptotic techniques with respect to the domain’s thickness, we rigorously derive the simplified coupled model describing the fluid flow. The mathematical analysis is based on deriving the sharp a priori estimates and proving the compactness results of the rescaled functions. The resulting limit model incorporates contributions of viscous dissipation and thermal boundary conditions and thus could prove useful in the engineering applications involving porous media
The dynamics of the FDI-productivity nexus in BRICS: a wavelet coherence study
Full text linkThe current study investigates the interrelationship between FDI inflows and total factor productivity (TFP) in BRICS economies comprising Brazil, Russia, India, China, and South Africa, along with newly added members Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Previous research has often overlooked the country-specific factors that influence how productivity impacts FDI inflows. To address this gap, the study introduces methodological innovation by employing the Method of Moments Quantile Regression (MM-QR) with fixed effects, using annual data from 2012 to 2022. This method accounts for unobserved heterogeneity, allowing for a detailed analysis of how TFP affects FDI across different countries and quantiles. The study adds novelty by utilising wavelet coherence analysis to explore co-movements and causal relationships between FDI and key macroeconomic variables at different time scales. The results show that FDI inflows have a positive and significant relationship with GDP and trade openness while exhibiting a negative association with TFP. Over the long term (16–32 weeks), coherence remains relatively weak, but TFP demonstrates a more consistent impact on FDI inflows compared to the other variables. The study recommends that BRICS nations should enhance FDI’s impact by improving trade integration and regional cooperation to attract high-value investments and foster sustainable growth.
First published online 24 September 202
Assessing the impact of economic variables on Romania\u27s real estate market evolution: risk, uncertainty, and investment dynamics
Full text linkThis study examines Romania’s real estate market (2003–2023), analyzing economic variables’ impact on housing demand and investment trends through PLS-SEM and regression analysis. It addresses housing affordability challenges, particularly for younger generations, highlighting rising prices, increasing costs, and limited mortgage access as key barriers to homeownership. Furthermore, it explores the socio-economic implications of affordability issues, emphasizing their links to inequality and financial vulnerability.This study examines the shift from consumption to investment in the market, emphasizing the rising demand for real estate. It explores the impact of the sharing economy, particularly short-term rental platforms like Airbnb, on housing prices and affordability. Analyzing economic variables within a supply-demand framework, it distinguishes between new and existing housing stock while incorporating a LCC perspective. The research identifies high-growth market segments, providing insights for policy formulation and investment optimization. It contributes to the debate on government interventions in housing, evaluating whether support should target supply or demand for affordability. Using an ECM, the study examines investment impacts, particularly capital gain speculations, on housing demand, assessing interest rate fluctuations and mortgage dynamics. By integrating historical and current housing prices, it improves market analysis and forecasting, clarifying economic variables’ influence on investment behaviour and stability.
First published online 28 January 202