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Organisational flexibility and possibilities for its assessment
Full text linkOverall changing environment requests changes in organisation management, one of them being organisational flexibility.
The aim of the paper is to characterise organisational flexibility and the advantages for its application, and to discuss different ways of its assessment.
Materials and methods are content analysis, logical-constructive methods and analysis of survey results performed by the author.
Main results – there are both advantages and disadvantages of organisational flexibility, however, in case it is properly applied advantages may be more. Different methods may be used for assessing organisational flexibility, none of them being superior over others.
Conclusions – basing on the survey results the author concludes that there are still ways for increasing flexibility in most of the Latvian organisations
The application of process-based approach for financial structure construction
Full text linkAn effective system of activity planning, company’s resource and potential measuring is an indispensible condition for realization of company’s strategic aims amidst dynamic business environment. Development of company’s financial structure serves as a basis of company’s division activity coordination for the benefit of unitary resulting effect.
The notion of financial structure as a tool of company management by delegation of authorities and substitution of administrative approaches for economic ones (business unit management) is common in economic and scientific literature. In given article the author presents a financial structure as a tool of combined process-based company management system. The aim of present article is the development of theoretical basis for construction of financial structure of a large multi-field enterprise in service industry, which will provide an opportunity of effective financial management both for independent business processes and the company on the whole.
The result of the article is an author-developed construction scheme for financial structure as a part of combined management model for an enterprise in service industry with company management process-based approach as a conceptual basis
Financial leverage in the case of an investment project with stochastic cash flow
Full text linkThe management science examines the investment and financing as business actions what generate intertemporal input-output cash flows. The decisions about investment and financing are important long-run decisions based on the prediction how money borrowing and lending and created cash flow will influence the business processes. In order to make rational decisions investor applies wide spectrum of the quantitative analysis methods. Information and knowledge transform the preferences of investor and is an important tool for uncertainty and risk reduction. However, the analysis of literature (see, for example, [1], [2], [3], [4], [5], [6]) indicates that the criterion for accepting long-term investments is the most controversial issue in financial management. James C. Van Horne, John M. Vachowiz Jr. state "Criterion for accepting long-term investments is probably the most controversial and difficult issue in financial management." In this paper different attributes of the intertemporal cash flows generated by investment and financing programs which influence the investor\u27s utility are investigated. A case of stochastic investment cash flows is considered. The main result is formulated as rule of credit contract selection: at a given amount of borrowed sum and given interest rate the contract with the largest interest enlarges the expected net present value of the created stochastic cash flow and reduces the probability that the net present value will become negative. The original concept of the credit contract scissors is introduced. The presentation of the material is illustrated with an example calculated using Microsoft Excel. The results of the present paper appear to be innovative, not discussed in literature available to the author of the present paper. The theoretical questions examined in this paper require further investigation
The coefficient of multiplier and the marginal propensity to import: the case of Latvia
Full text linkAny changes of aggregate expenditure in national economy involve the multiplier effect. Valuing possible effects of macroeconomic policy, one must take into account the coefficient of multiplier. Value of the coefficient depends first of all on the population‟s marginal propensity to consume (MPC) and typically exceeds 1. But besides the MPC there are other factors that may substantially affect the value of multiplier. One of these factors is the marginal propensity to import (MPI). It is usually stated that the MPI cannot exceed 1.
The aim of the paper is to estimate the value of multiplier in Latvian economy in order to check whether this value might prove below 1 due to high MPI. Calculations of the coefficients of multiplier, MPC, and MPI for period of 1995 – 2006 are made by author on the basis of Latvian statistics. Conclusions and implications for macroeconomic policy are suggested
The role of financial reporting for the development of business: evidence from Latvia
Full text linkIt is well known that the financial statement is the basic source of the financial information on the companies‟ activities in the business world. Not casually, Accounting is often said to be the „language‟ of business. The purpose of the financial reporting is presentation of objective and useful information on activity of the company to the broad audience of users. To what extent the information contained in the financial statements is objective and useful is determined by two factors: regulation and presentation of statements. The given paper reveals the problems of preparation of financial statements by Latvian companies, which occur because of regulatory legislation‟s imperfection and its differences with international standards, and also because of its accounting practices. The aim of this paper is to provide recommendations on financial statement quality improvements, which would ensure adequacy of financial information disclosure on Latvian companies‟ activitities and comparability of indicators of the financial reporting for international users. The qualitatively prepared financial statement, including the Intellectual Capital Report, the author considers as a factor, which ensures the strengthening of investment attractiveness of Latvian companies and development of Latvian business in the European market
Rethinking Semiotics in Architecture: ARCHITECTURE AS A PERCEIVED SIGN
Full text linkThe emphasis on the meaning of architecture according to semiotics has been prominent since ecology and social concerns became essential issues in architecture. The article revisits semiotics in architecture in light of recent neuroscientific research on perception, as an inhabitant can only read space through perception, which historically has been reserved for theories related to phenomenology and experience. Following a historical account of semiotics in architecture in the 20th century along with its impact on architectural thought and shortcomings, Umberto Eco’s semiotics of architecture in its connection to Hjelmslev’s linguistics has been elaborated to describe the potentials of an architectural sign model providing meaning and critical notions through its physical presence and existing cultural codes. In conclusion, an integrated version of the Hjelmslev-Eco model of architectural sign and multimodal perception theories is proposed to meet architectural semiotics’ initial theoretical promise of reaching out to society by reaching individual experience
Experimental tiny house settlements in the European context
Full text linkThe increasing quest for affordable housing and the impelling necessity to reduce the consumption of increasingly expensive energy sources has resulted in recent years in the growing interest of the public toward so-called “tiny houses”: small residences with minimal floor area to be heated and maintained and highest exploitation of all available inner space. “Tiny house” is in reality a quite inappropriate and scientifically inaccurate term to describe what should be rather simply called “small house” or “minimal dwelling”.
However, given the current great commercial popularity of the term “tiny house”, I will keep using this phrase throughout the paper. I will in any case exclude from my discussion the tiny house on wheels (since it is topologically closer to a trailer or a caravan than to a proper house and fits better in temporary camping areas than in a stable settlement), focusing instead on modular and container-like houses. I will also exclude multi-story housing from my discussion to focus solely on single-family houses with a garden (either as detached houses or as row house groups).
In the European context, the so-called “tiny house” – which is already quite common in countries with large buildable land such as Australia and the USA – has to face the restrictions of densely inhabited urban areas and rigid building regulations, which are normally more suitable for more traditional housing forms. In this paper, I will illustrate the broader historical development of minimal dwellings and the change of paradigm which has taken place in the last 100 years, concerning both social targets and public reception of the small house.
The content of this paper is based both on theoretical research on texts and paradigmatic examples and on my own direct experience as a planning architect currently involved in an ongoing planning process
Occupational Stress and Professional Deformation Among University Academic Staff
Full text linkOccupational stress and professional deformation is an important issue that should be studied not only within the different industries, but also within each company separately.
The results of numerous studies of educational sector indicate on high levels of stress in pedagogical profession; research also indicates on professional deformation of those working in educational sphere for a longer time period. The study (N = 100) involved the academic staff of one of the Latvian state universities, which is famous for its history, traditions and constant values. The aim of the research was to measure the stress level of the academic staff, and to find out if there is a correlation between the occupational stress and professional deformation.
The research applied occupational stress questionnaire (Fontana, 1991) and the survey for studying professional deformation (based upon the questionnaire by Rogov, 1999). For data processing SPSS 22 software was used. The research results highlighted professional deformation features as well as significant correlations between all professional deformation scales and occupational stress – the higher the occupational stress, the more significant behavioural changes.
The paper argues that academic staff should be informed and educated about the signs and expressions of professional deformation. Different techniques for reducing stress can be recommended, and it is also suggested for the management of the academic institution to pay a thorough attention to such issues as stress and professional deformation
Optimal Risk/Return Trade – Off of the 2nd Pillar Pension Plans in Latvia
Full text linkThe 2nd pension pillar in Latvia started to operate in 2001 but systematic quantitative research of all pension plans still has not done. There are 21 pension plans in 2nd pillar and participants always arise a question – which pension plan better to choose.
The aim of this research is to make a quantitative analysis of all 2nd pension pillar pension plans and define the best ones for participants with high, medium and low risk tolerance.
The general statistical analysis of the 2nd pillar pension system has done to bring out the risk/return ratio of each pension plan, the holding period return, the assets over participant ratio and the growth speed of the system in the last five years. Markowitz method of optimization is used to determine the optimal risk/return situation in active, balanced and conservative investment plans and identify the best pension plans by its strategy. The risks and returns of each pension plan were evaluated and compared to the several benchmarks. To test the people’s knowledge about their pension plans, the survey was carried out and compared with the viewpoint of professionals.
It was found that there is a large disproportion between the optimal allocation of 2nd pension funds and the actual investment structure. Lack of knowledge of the general public about pension plans was identified. Practical recommendations for pension plan participants have worked out in each risk category, depending on person’s risk appetite
Impact of the National Innovation System on Innovation
Full text linkPurpose. Aim of this research is, firstly – to outline the theoretical aspects connected with the impact of the national innovation system (NIS) on innovation. Secondly – to create and test the methodology for the analysis of the impact of the NIS on innovation for detecting the main innovation barriers. Thirdly – to elaborate recommendations for the companies and the government to promote the implementation of innovation in Latvia by improving the NIS.
Methodology. The research is organized in three sections. Introduction has explained the background and necessity of this research. The three sections include short overview of the main concepts and problematic issues connected with the key concepts of this research, description of the methodology and analysis of the impact of the NIS on innovation and recommendations for the promotion of innovation in Latvia improving the NIS.Proposed methodology of analysis is based on the analysis of literature carried out by the author of this research. It is tested on the analysis of impact of Latvia’s innovation system on innovation and includes interviews with experts of NIS and survey of innovative companies.
Findings. After analysis of the NIS of Latvia there were identified innovation barriers referring to the NIS in general as well as to the separate functions of the NIS. The research identified the following three broad issues: 1) the main function that initiates the development of knowledge and innovation (influence of the direction of the search) is not being implemented; 2) lack of cooperation between NIS participants; 3) inefficient and fragmented management of the NIS. The main innovation barriers are: lack of financial resources, lack of qualified personnel and the lack of appropriate support services.
Originality. Proposed methodology of analysis may be used by scholars as well as policy makers to assess the impact of the NIS on innovation and to determine the main innovation barriers, to investigate the mismatch between policies and problems, identify policy gaps and devise better policies for the promotion of innovation.This research can be used by owners/managers of companies in the making of decisions connected with the innovation process.
Category of paper: research paper