Kovács Szilvia: A kunok története a mongol hódításig. (Magyar Őstörténeti Könyvtár 29.) Balassi Kiadó, Budapest, 2014. 329 oldal
More...
Ferenc Tóth (dir.): La correspondance consulaire Crimée du baron de Tott (1767–1770) (Centre d’Histoire Diplomatique Ottomane/Center for Ottoman Diplomatic History) Les Editions Isis, Istanbul, 2014. 266 oldal
More...Keywords: Mergers and acquisitions; Value creation; Event study;
Mergers and acquisitions in the new member states of European Union (EU-10) are investigated in the study. The author concentrates on mergers and acquisitions value creation issue in the region. Event study methodology is employed to investigate the scientific problem of value generation as a consequence of analysed transactions. Findings of the study show that there is statistically significant positive effect observed when analysing value variations as a result of mergers and acquisitions taking place in the EU-10 region. However, there are great differences observed when different countries or groups of countries are analysed in EU-10. This finding supports the conclusions of previous researches in the field stating that value creation in mergers and acquisitions varies greatly in separate regions or countries. It was also found during the research that transactions taking place in the Baltic states have generated the highest value increase in EU-10 during the period of 2004–2013.
More...Keywords: Maritime economics; Effectiveness; Integrated financial analysis of key performance indicators:
The maritime industry in Lithuania is based on the public, state, and private sectors, and on the interests, activities and partnership of business companies operating in the aforementioned sectors. Despite the management of the public sector in Lithuania being criticized for showing performance shortcomings, the state of Klaipeda’s seaport management and performance results refutes this criticism. The overall result of partnerships and co-operation is obtained – it reflects the port’s competitiveness level in the region. According to a report conducted by the International Monetary Fund, the potential output growth in 2014–2015 has declined since the global financial crisis. Policy actions are required to boost the productivity levels, and to foster capital growth. In order to achieve these objectives, it is essential to know the company’s financial situation better, because the better the financial state of the company, the more new port service users, cargo owners, shipping lines, and investors it attracts. The standard analysis of financial indicators is insufficient. Hence the method of integrated analysis is applied. The results of it might be considered as guidelines for both the state seaport authorities in order to improve the port’s competitive position in the region, and for the private companies for their business development.
More...Keywords: Diversification;Efficient frontiers; Mean-variance; Profitability; Risk;
In any investment, an analysis of the expected return and the assumed risk constitutes a fundamental step. Investing in financial assets is no exception. Since the portfolio selection theory was proposed by Markowitz in 1952, this methodology has become the benchmark in portfolio management. However, it is not always possible to apply it, especially when investing in emerging financial markets, which are characterised by a scant variety of available stocks and very low liquidity. In this paper, using the Colombian case, we will examine the challenges found by investors who want to create a portfolio using only stocks listed on a scarcely developed stock market.
More...Keywords: Wellbeing; Ecovillages; Quality of life; Flourishing; Happiness; Sustainable development;
Overarching policy objectives for national wellbeing are currently being developed by national governments, replacing the objective of economic growth. Maximising the quality of people’s lives, their happiness or subjective wellbeing has, however, been the conscious strategy of ecovillages.With up to a half-century of empirical experimentation, ecovillages offer an evidence base that can be utilised to benefit the wider society. In order to facilitate the research needed for appropriate government policies to deliver a high level of national wellbeing, this paper attempts to shed light on some twenty different elements—the common attitudes and practices of ecovillages—which have allowed them to succeed in this endeavour. Further research on the wellbeing of ecovillages is suggested to enable the wider society to focus on the process of achieving a higher level of wellbeing for sustainable development.
More...Keywords: Baltic countries; Foreign-owned bank; Business model;
The Baltic banking sectors are dominated by the subsidiaries of Scandinavian banks. Before the crisis in 2009, these banks were part of the shock creators in the Baltic countries, and later they became shock absorbers. Since the crisis, the question on the particularities of the business models adopted by foreign-owned banks has been often raised. This research analyses the similarities and differences between the business models of the Scandinavian bank subsidiaries in the Baltics. The main focus was to identify whether the subsidiaries of each bank’s Baltic group acted in a similar way or not during the period of 2006–2014. Banks in Lithuania, Latvia and Estonia are strongly dependent on the decisions of the parent banks in the Baltic region. The implications of this policy towards the subsidiary banks within the country can be positive if the group’s innovations are implemented in the Baltic region. However, the implications can also be negative if the parent bank makes inadequate decisions in regards to the situation of the country and does not take into account the needs of the country.
More...Keywords: Foreign direct investment (FDI); Agriculture and fishing sector; Environmental impact of FDI; Globalization; FDI and CO2;
This work focuses on the relationship between Foreign Direct Investment (FDI) and the environment. More specifically,it investigates the impact FDI inflowing the “agriculture and fishing” sector of OECD countries exerts on Carbon dioxide(CO2) emissions level deriving from sectoral fuel combustion. To this end, apurpose-built data set containing statistics for 30 OECD countries over 25 years (from 1981 to 2005) is analyzed through the econometric technique of panel data. A part from other evidence, the result of the analysis shows the existence of negative relationships characterizing the technique (–0.0848), scale (−0.0036) and cumulative (–0.0044) effects of FDI on CO2. From an environmental-economic point of view, this outcome would mean that an increase of the considered type of FDI reduces the CO2 level. It might be concluded, therefore, that FDI plays a beneficial role in the environment. However, a more in-depth look at the quantitative aspect of the coefficients achieved and just mentioned would help us to highlight more appropriately the neutral role FDI has on the considered environmental feature. In terms of policy considerations, this evidence does not allow us to argue against those strategies aimed at enforcing the flow of FDI into the sector under our consideration.
More...Keywords: Quality of life; Environmental quality; Environmentally responsible behaviour; Consumption of environmental services; Assessment;
This paper deals with quality of life in terms of the environment and develops a system of indicators to assess this. An improvement in quality of life is the main aim of sustainable development and is evaluated by applying various factors and indicators. The environmental dimension is one of the major influences on quality of life, and this can be assessed by applying the following groups of indicators: environmental quality, environmentally responsible behaviour and consumption of environmental services. These groups are related because responsible behaviour has a positive impact on environmental quality and leads to greater consumption of services provided by the environment. This paper presents the concept of assessing the environmental dimension in quality-of- life measurements and the main associated indicators. These dynamics were investigated and compared in Lithuania and other EU member states, with policy recommendations developed.
More...Keywords: Human-resource outsourcing; Services; Management model;
Despite the growth of human-resource outsourcing in both the manufacturing and service sectors, it has been very complicated to measure this until now. Among scholars, outsourcing began to be analysed in the manufacturing sector when certain functions were transferred to subcontractors. In practice, outsourcing is related to tactical, strategic and restructuring issues. This article highlights the advantages of outsourcing human resources and examines outsourcing models, based on that there is derived human resource outsourcing management model and tested among service companies.
More...Keywords: Unemployment; The causes of poverty; Links between unemployment and poverty; Women;
High unemployment and poverty rate is one of the sorest social and economical problems those interfere relevant application of advantages provided for women by economics. After having analyzed the change trends of women unemployment and poverty rate, under the article it is sought to define their inter-correlation. Scientists’ approach towards the links of unemployment and poverty differs even though it is most frequently highlighted that unemployment is one of the main reasons of poverty. However, the link assessment of the women unemployment rate and women at risk of poverty rate disclosed that there exists strong direct interrelationship not in all 28 countries of the European Union. It is also defined that currently, women unemployment rate in 28 countries of the EU, is lower than men; however, their risk of poverty rate outweighs the indicator of men.
More...Keywords: Modernization; Agricultural holdings; Measure; Rural development indices;
This study analyze some specific aspects of the implementation of the Rural Development Program between the Apulia Region (in Southern Italy) and Lithuania for the period 2007–2013 and highlight the limitations characterizing the possibility of building an analysis framework aimed at understanding how it actually affects the regional and country agricultural system. More specifically, by referring to a specific measure of the rural development program (Measure 121 of Axes I), the aim is to analyze whether there are difference of investment activity implemented. To this purpose, we have worked at collection all the information available at the Managing Authority of Apulia Region and Lithuanian Institute of Agrarian Economics. The observation of the gathered data, in fact, makes us observe the existence some difference between two country, in particular in Lithuania there is preference for a larger number of small projects that provides more homogeneous development of rural areas and promotes entrepreneurship, in Italy (Apulia Region) mostly large projects were financed. The aim to this study is to make an early attempt to conceptualize a framework through the analysis of the Rural Development Program 2007–2013 between Italy (Apulia Region) and Lithuania, the measure 121 it is implemented. The results of this study evidence a large number of small projects in Lithuania aimed at provide a more homogeneous development of rural area.
More...Keywords: Digital shadow economy; Digital shadow consumption; Snowball method; Factors of digital shadow consumption;
Increasing volumes of e-trade contribute to motivation of consumers to obtain commodities and services in electronic space. At the same time, upsurge of e-trade determines rising scopes of shadow economy in respect of favourable conditions for traders and service providers to operate in e-space evading tax paying. The purpose of the article is to identify the factors of digital shadow consumption. In order to fulfil the defined purpose, the empirical research – survey of consumers (e-trade participants) – was performed. The research of the scientific literature has revealed that thus far the problem of consumers’ participation in digital shadow economy has been basically analysed focusing on the impact of e-payment systems on shadow economy. Nevertheless, the rapid spread of e-services determines the changes in the concept of shadow economy itself. It remains indistinct which features indicate whether economic activities performed in e-space should be accounted or not. Widely exploited e-spaces such as social network platforms, alternative future currencies, e-trade systems, cyber computer games or online gambling terminals generate turnover of real money (or its electronic equivalent), which is not officially accounted. The problem raised in this article is highly topical for Lithuania, where online networks as well as mobile connection systems are comparatively advanced (with reference to the data of Lithuanian Department of Statistics, the number of households possessing a computer and the Internet access made over 65% in 2013). Intense exploitation of advanced IT technologies and online networks is considered as a breeding ground for generation of digital economy, a part of which is presumed to be digital shadow. The results of the research have revealed that the most significant factors of digital shadow consumption include lower prices of products and services in digital black markets, unfavourable economic situation in the country, technological advancement, IT advantages, time saving obtaining a product/service in the local market and lack of opportunities to obtain a desired product in the local market. The majority of the consumers neither verify the status of a trader nor request (or not always request) purchase confirmation documents, which highly contributes to motivation of an illegal trader to maintain e-activities unregistered, this way escaping revenue taxation.
More...Keywords: Theory of constraints; Cost; Cost minimization;
With the globalization, intense competition and technological advances, the inadequacy of the traditional management and cost accounting methods that meet the needs of firms and achieve their goals has led to the development of new methods, such as theory of constraints. Theory of constraints, developed by Goldratt in 1980s, is defined as effectively managing the constraints that prevent firms from achieving their goals. In the theory of constraints, it is focused on increased restricted contribution margin, reducing inventories and operating expenses. Thus, profitability can be improved by directed enterprise resources efficiently. The purpose of the study is to provide effectively managed constraints by defining constraints that prevent their targets and thus to increase the profitability of firms. For this purpose, theory of constraints practice was carried out in a furniture firm which operates in the Mediterranean Region. As a result, it is found that, there are capacity constraints in the firm and the profitability will increase 42% after the elimination of this constraint.
More...Keywords: Exchange rates; Exchange rate determination; Interest rates; Government bond yields; Foreign exchange market;
This research shows how U.S. and German government bond yields can determine the EUR/USD exchange rate in the short run. After presenting the discussion on fundamental, technical and microstructure approach exchange rate determination models, a conclusion is made that out of the components of fundamental models the interest rates could be the best determinants for explaining exchange rate fluctuations in the short term. For the research the mostly traded currency pair, the EUR/USD, was chosen and 2-year, 10-year U.S. and German government bond yields were selected as determinants of the exchange rate. After performing the linear regression procedure it has shown that the model can determine 5 per cent of the daily EUR/USD fluctuations with a change in 2-year U.S. government debt yield being the greatest determinant in the model. It affects the exchange rate as it is stated in the uncovered interest rate parity model – when the yield increases, the USD declines against the euro and vice versa. Another finding is that an increase in the German 10-year government bond yield increases the price of the euro and the increase in the U.S. 10-year debt yield leads to an appreciation of the USD.
More...Keywords: Bank profitability; Regression analysis; Latvia; Lithuania;
The issues regarding measuring and managing bank performance are always on the agenda due to the critically important role of banks in the national economies of new member states of the European Union. The goal of the given study is to explore drivers of bank profitability in Latvia and Lithuania. Research period covers 2008–2014. Performance of the banking sector is proxied by profitability ratios. The set of explanatory factors involves financial and non-financial measures. The core research method is a multiple regression analysis. Data processing is performed in SPSS environment. The paper contributes to the scope of knowledge regarding bank performance drivers and the research results provide the basis for the future studies in the related field.
More...Keywords: Banks; Efficiency; Bootstrap dea; Bootstrap regression; Malaysia;
The paper follows Simar and Wilson’s (2007) two-stage procedure to analyze the efficiency of the Malaysian banking sector. In the first stage, we employ the bootstrap Data Envelopment Analysis (DEA) method to compute the efficiency of individual banks during the period 1999–2008. We then use bootstrap regression to examine the impact of origins on bank efficiency, while controlling for the potential influence of contextual variables. The DEA results indicate that the Malaysian banking sector has exhibited increase in efficiency over the sample period. We find that banks from the Asian countries to be relatively more efficient compared to foreign banks from other regions and their domestic bank peers. In essence, the empirical evidence rejects the home field advantage hypothesis, but lends support to the “limited form” of the global advantage and the liability of unfamiliarness hypotheses.
More...Keywords: E-commerce; Consumer acceptance; ICT; Robotic mannequin;
In Ethiopia e-commerce for apparel products is growing by leaps and bounds among customers. It plays a significant role in the development and economic growth of country. Moreover, many companies are more active in focusing on online trade. It is very important to focus on the consumer acceptance towards e-commerce for apparel. According to famous researches consumer acceptance is one important ingredient for the companies to be successful and profitable. An investigation has been made to identify the key factors related to acceptance of e-commerce for apparel products in Ethiopia. An online survey has been used for this research to obtain the feedback from the customers all around Ethiopia; their feedback/response has been assessed using statistical analysis techniques. The results revealed that the inability to physically interact with an item, fear of risk security and privacy and lack of e-commerce infrastructure are the main barriers that prevent the consumers from online apparel product shopping. Acceptance levels are likely to be influenced by offering infrastructure like encouraging the use of Information and Communication Technology (ICT), improving the level of information on clothing sizes and fit on product web pages, trailing different checkout processes and different levels of information on product web pages, adding customer ratings and reviews to the website, offering free returns, providing virtual fitting, robotic mannequin which can adopt their precise, individual body shape and Substantial changes have been identified in this work to broaden the acceptance of e-commerce for apparel in Ethiopia.
More...Keywords: Design thinking; Innovation; Strategy; Latvia;
As never before, turbulent business environments, scarcity of resources, hyper-competition and globalization have put significant competitive pressures on many businesses. Rapid specialized technology developments and increased global access to geographically unlimited markets allow consumers seemingly to have infinite choices for the best satisfaction of their needs in choosing desired products. Providing value to customers becomes vital to any organization to sustain the business in future. As a main task of design through design thinking is to seek value to customers, fosters management thinking from chaotic fluctuations in external turbulence and enables sustainable order in actions. This is why awareness of extended design application is becoming crucial hot topic nowadays among academics and practitioners. The aim of this paper is to analyze awareness of design application and design thinking in Latvia, to highlight potentials of these innovative management methods and tools to build new organizational capabilities and sustain competitiveness in the challenging business conditions, to improve the welfare of society and create better environment for living. Research was conducted to find out the stage of design application in broader sense leading to design thinking and design driven innovations was carried out in Latvia. 374 responses were collected from randomly selected companies in Latvia and as a results, due to national and regional specifics based on development level of micro and macro factors influencing entire innovation ecosystem, majority of business managers still focus on short-term business decisions and cost-reduction with limited awareness of design broader usage as a powerful innovation method for product development, improvement of business processes and renewal of business models. Research findings prove the necessity to change thinking model of business management in order to develop the skills and capabilities to recognize emerging new driving forces of innovation unfolded through design thinking to ensure continuous value generation, order in external chaos and sustainable competitiveness.
More...