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Identifying elements of the digital economy ecosystem
Full text linkPurpose. The aim of this article is to identify the key elements of the e-commerce and digital economy ecosystem using scientific literature. The article addresses the factors that are the driving force behind a digital company\u27s success in the digital economy and contributes to the basic knowledge of the digital economy concept.
Design/methodology/approach. For the scientific literature review, the method used was qualitative content analysis aimed at identification of the key components that are involved in the formation of the ecosystem of the economy.
Findings. The research results include the components identified that subsequently form the elements of the digital economy ecosystem. This allows for an assessment of what is already known about the practical aspects of the problem, using systematic literature review methods. Therefore, it becomes possible to analyze the concept of the digital economy and its transformation by considering its current elements – which are characterized as elements of previous trends – and make an attempt to determine their effect on various aspects of ecommerce.
Research limitations/implications. The new developments in the economy are based on the evolution of digital technologies. The research considers the concept of the digital economy. Globalization processes increase the speed of information exchange and emerging new commercial activities in digital technologies. To comprehend the significance of each component identified, the authors apply the results of previous research to combine the categories of digital economy ecosystem elements and definitions.
Originality/value. The article includes extensive analysis of the factors, suggesting that it can be regarded as novel in identifying the ecosystem elements for e-business in the digital economy. The concept of ecosystem implies certain functional characteristics that specifically regulate change or maintain the stability of a desired balancing state
Foreword
No full textIn 2020, a wide range of papers was received. All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, six accepted papers were included in the issue. For instance, the authors of the paper “Work, profit and dignity: Towards an integrative HRM paradigm” analysed two existing paradigms in human resource management. The authors’ conception that “an integrative model of management, including social theory of labour, is needed” could be the starting point of integrity research. Interesting conclusions were made about the tendencies of development of a new paradigm in connection with the pandemic. A topic of growing importance was addressed in the paper “In search of high-performance workplace factors among SMEs”. Creation of high-performance workplaces in SMEs could be a means of economic recovery after the pandemic. To protect academic integrity and prevent ethical issues, all submissions were automatically screened by the software Ouriginal (combined expertise of Urkund and PlagScan’s plagiarism detection solution). The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008
Work, profit and dignity: Towards an integrative HRM paradigm
Full text linkPurpose. The main purpose of this article is to present two opposing paradigms of management – economic and humanistic – and to indicate the sources and consequences of their dissimilarities.
Methodology. This article is conceptual in nature. It is based on a literature review. During the research, a comparative analysis was carried out to sort out the differences in the definitions of labour in economics and sociology. Findings. Economics and sociology have different understanding of labour. This difference is significant and gives birth to two opposing paradigms of HRM management. The dominant paradigm is the economic one, which does not take into account the humanistic nature of man. Therefore, an integrative model of management, including social theory of labour, is needed.
Research limitation and directions for future research. The article presents work in its historical aspect. It does not show how the pandemic contributes to the concept of work and changes it. Investigating whether remote work is the next step in the evolution of the concept of work might indicate the direction of future research.
Practical implications. The integrative approach ensures employees the achievement of material (financial) well-being and social well-being (social relations based on respect for dignity). This could prevent negative organizational behaviour such as mobbing or work-related phenomena such as occupational burnouts.
Originality/value. The paper is a conceptual article investigating how the notions of labour in economics and sociology influence the economic and humanistic paradigm of management. It also makes an original contribution regarding the impact of the COVID-19 pandemic on HRM methods
An analysis of factors affecting the performance of supplier SMEs
Full text linkPurpose. While the performance of each company is still an important factor in gaining a competitive advantage, in an open economy, the performance of an entire supply chain becomes a crucial factor in the competitiveness of many interconnected companies. In this study, factors that might influence the performance of small and medium-sized enterprises (SMEs) that provide production services for the contracting company are analysed. Methodology. In this study, the performance data of harvesting (n=46), timber transportation (n=23), and chipping (n=3) service suppliers in the supply chain of JSC Latvia’s State Forests (LVM) are analysed. Based on the supplier’s performance data, a group of experts, including two executive directors and five process managers, defined the problems and their root causes. The Ishikawa diagram and 5Why method were used. The root causes were redefined as hypotheses and regrouped into three groups: 1) workforce factors; 2) managerial factors; 3) contract-term factors. Hypotheses were verified by conducting a survey of suppliers’ employees (n=594) and executives (n=59). Findings. It was found that employees’ dissatisfaction with shift work and salaries which do not correspond to work responsibilities, along with suppliers’ disregard of the evaluation of employees’ skills, complicated work requirements, the lack of training for employees, and the direct manager’s insufficient knowledge about the skills needed for employees are the factors that significantly influence voluntary labour turnover and might lead to the leakage of skilled employees from suppliers, causing a performance decline. Meanwhile, there is no significant difference between high and low-performing supplier groups in terms of managerial knowledge, while a limited contract duration does not undermine low-performance suppliers’ efforts to improve performance. Value. In this study, factors that might cause performance problems for supplier SMEs are analysed. In the existing literature, it has been found that voluntary labour turnover might negatively influence the performance of a company (McElroy and Morrow, 2001; Brown et al., 2009; Eady and Nicholls, 2011). This study attempted to assess factors causing voluntary labour turnover among other factors. The main contribution of this study is to the literature regarding voluntary labour turnover, supplementing the factors that might cause it.
Hallmarks of Strategic Management Accounting: seeking to support decision-making processes
Full text linkThe objective of this paper is to systematize, classify and present diverse hallmarks regarding strategic management accounting that are essential to understanding this concept, its evolution over time, and its contributions to strategic decision-making and strategic targeting.
Methodology. Based on a qualitative and analytical methodology, a total of 66 papers on the topic obtained from Scopus and Science Direct were analyzed, and information was categorized according to certain criteria. The main idea is that strategic management accounting may contribute, through the supply of strategic and innovative information, to supporting how companies are strategically managed and their strategic decisions.
The general conclusion is that this branch of accounting is still in a stage of consolidation, with developments in diverse areas to face the challenges derived from globalization, the free market, technological change and global competition, along with diverse challenges in training, management styles, and awareness of the importance of making decisions based on relevant and integral external and internal information.
JEL Classification: M410, M190
Implementation of a circular economy-based business model for landfill management companies
Full text linkDemand for raw materials by the world economy could increase by a further 50% in the next 15 years. In order to reverse the trend, a circular development model has to be adopted, which would keep materials and their value in circulation. This is the only solution able to maintain sustainability alongside economic growth.
The Latvian waste management system currently relies heavily on landfilling, with a landfilling rate of over 70% in 2014. In a period when waste policies guarantee the supply of secondary raw materials and prevent valuable materials from getting lost in landfills or incineration, it is of vital importance to start shifting to a circular economy-based business model, particularly for landfill management companies.
The purpose of the research paper is to develop a business model for a landfill management company that will facilitate efficient management of resources and their sustention within the economic cycle. The authors have developed the research based on mathematical modelling of resource flows for maximum economic benefit from their management. The model is dynamic as it depends on a wide range of parameters and the economy – changes in independent variables directly affect the model output. The methods used in the paper will be economic assessment with material flow analysis as well as systems dynamics for decision making. The research is limited to analysis of municipal waste. One of the main findings and practical implications will be a tool for decision-making based on the authors’ industrial symbiosis model. Industrial symbiosis fits perfectly into the circular economy concept and is an option for Latvian landfill management companies in promoting resource efficiency, especially taking into account that Latvia is underperforming in the management of primary resources.
The originality of the paper is underscored by the lack of similar studies in Latvia. The research will be of a value for specialists in the municipalities, responsible for waste management, and for waste management companies, allowing them to improve their business model as well as to foresee and decrease operational risks and optimize transportation costs. The paper is designed as a research paper
Development of youth entrepreneurship in Latvia: A comparison of youth’s and experts’ opinions.
Full text linkFostering entrepreneurial initiative and business skills at an earlier age are the key factors for successful foundation of new enterprises and development of entrepreneurship.
The aim of this research is to study the youth business environment and indicate the main factors important for development of youth entrepreneurship in Latvia. The importance of more than 40 different factors such as knowledge, education, access to finance sources, motivation, support, etc. is assessed by a survey of young people aged 15-35.
Methodology. The mixed method design was used for this research. The opinions of prospective young entrepreneurs, as the results of a quantitative survey and qualitative questions, are compared with a business environment assessment by experts, using quantitative indicators and qualitative argumentation. The experts evaluated support instruments of youth entrepreneurship, political and economic stability, level of corruption and bureaucracy and other factors. The experts’ views are also studied to identify the impact of state tax policy, access to funding, level of financial and entrepreneurial literacy and other factors on opportunities for starting a new business.
Findings. It was found that there are some differences in perception between experts and young people of support instruments in early stages of entrepreneurship, the importance of entrepreneurial education, funding and the main factors hindering the development of youth entrepreneurship.
Value. Practical recommendations have been worked out to develop youth entrepreneurship in Latvia.
Do Financial Intermediaries Promote Availability of Financial Instruments for Micro-Enterprises?
Full text linkThe aim of the study is to investigate the role of financial intermediaries in promoting the availability of financial instruments for micro-enterprises in Latvia. The EU financial assistance policy for supporting business activity is accomplished on a national scale through tailor-made financial instruments implemented by financial institutions. Thus, the latter have been entrusted to act as intermediaries that offer government support to companies that have hitherto had difficulty in obtaining the necessary funding. Such aid schemes significantly facilitate access to finance for companies, especially micro-entities that have faced financial constraints in recent years.
Design/ methodology/ approach. The study examines the model of corporate financing established for accessing financial instruments in Latvia and scrutinizes the functions of government institutions involved in the model. Some of the practical aspects of financial mediation have been uncovered through individual interviews with financial experts. A survey of Latvian enterprises, covering 1879 micro-enterprises, provides an overview of the remaining limitations on obtaining external financing, including state aid. It highlights the attitudes and perceptions of micro-enterprises on the likelihood of obtaining financial instruments.
Originality/ value. The role of financial intermediaries in ensuring the availability of financial instruments in Latvia has not been studied before and has mainly been made visible through everyday practice. Although the JSC Development Finance Institution Altum, as the principal intermediary, has been actively involved in implementing new forms of support, the study has revealed areas for potential improvement in providing better access to financial instruments for micro-enterprises
Complex model of evaluation of long-term housing financing instruments
Full text linkThe aim of this research is to develop a complex model for evaluating the benefits of long-term housing financing instruments and to determine the indications of appropriate instruments for Latvia.
Research methodology: Analytic hierarchy process method, Delphi method, document analysis method, statistical methods.
The findings of the research show that it is important to develop existing long-term housing financing instruments and create new instruments in Latvia to attract investment to the housing sector and improve the housing situation in Latvia. The authorities responsible for housing policy in Latvia should conduct detailed research on possibilities for the implementation of new longterm housing financing instruments, especially in the form of green bonds and energy efficiency investment funds.
The novelty of the research comprises the complex model developed to determine appropriate long-term housing financing instruments for Latvia