Copyright terms are indicated in the Republic of Lithuania Law on Copyright and Related Rights, Articles 4-37.
ANALYSIS OF THE EFFECTIVENESS OF SOCIALLY RESPONSIBLE INVESTING FUNDS IN POLAND
The purpose of the article is a theoretical analysis of the concept of socially responsible investing. On the basis of the literature, the essence and the genesis of this concept has been shown in the article, as well as Polish SRI market was presented in a synthetic way. The article attempts to determine the effectiveness of socially responsible investment by example of SRI funds. The analysis includes the following investment funds: Inwestor Zmian Klimatycznych, PZU Energia Medycyna Ekologia, SKOK FIO Etyczny 1, SKOK FIO Etyczny 2, PKO Biotechnologii i Innowacji Globalny and one pension fund – OFE Pocztylion. On the basis of the literature review it can be assumed that Poland is in the initial phase of development of socially responsible investment. The reason for the low demand for this type of investment may be insufficient knowledge of investors on this topic. What is needed is broad-based information campaign on SRI among individual and institutional investors? The type of the article: Empirical study Keywords: socially responsible investment, efficiency, SRI founds. JEL Classification: A13, G11, G12. DOI: http://dx.doi.org/10.5755/j01.em.19.4.8101
ESSENTIAL LEADERSHIP SKILLS FOR YOUNG PROFESSIONALS IN TIMES OF CRISIS
This paper investigates the leadership skills needed for future leaders especially during economic turmoil. Based on an extensive literature review a list of the most important leadership skills was developed and a questionnaire was constructed to be used in structured interviews with experts and young leaders from five European countries (Greece, Latvia, Cyprus, Lithuania, Bulgaria). The results revealed the most crucial skills for future leaders in terms of future employability and during times of crisis. Based on the results, a leadership training programme was developed to train young leaders in these leadership skills. DOI: http://dx.doi.org/10.5755/j01.em.19.4.8382
POSSIBILITIES TO APPLY CLASSICAL BANKRUPTCY PREDICTION MODELS IN THE CONSTRUCTION SECTOR IN LITHUANIA
The paper presents the results of a research of the bankruptcy prediction models’ application in the construction sector in Lithuania. During the financial crisis, many companies in the construction sector went bankrupt. Therefore, the research aims to reveal if conventional bankruptcy prediction models are applicable in this sector. Moreover, Lithuanian researchers have contradictory opinions about the possibilities to apply bankruptcy prediction models. Empirical researches provide conflicting results as well. It should also be noted that earlier Lithuanian researches (1999-2013) featured small samples of companies which could have an impact on great errors of the research results. The above mentioned reasons encourage to evaluate the accuracy of bankruptcy prediction models by examining large samples of companies and evaluating real benefits obtained from the acquired information. The present study distinguishes by its large sample of companies that was selected for the first time (433 companies that were filed for bankruptcy in 2009-2013 were examined). To achieve the aim of the research, i.e., to evaluate the applicability of bankruptcy prediction models in Lithuanian companies of the construction sector, 5 classical statistical bankruptcy prediction models were chosen: 3 linear discriminant analytical models (Altman, Springate, Taffler) and 2 logistic regression models (Chesser, Zavgren). From Altman models, the Altman model for companies whose shares are not quoted in the stock exchange markets, Altman Z”-Score Model for the service companies and Altman Z”-Score Model for emerging countries were investigated. From Taffler models, Taffler (1973) and Taffler & Tisshaw (1977) models were analysed. The results of the research might be useful for both the executive managers of companies in the construction sector and investors who analyse the problems of the operation continuity. The type of the article: Research paper. Keywords: bankruptcy, bankruptcy prediction, bankruptcy prediction models. JEL Classification: G33. DOI: http://dx.doi.org/10.5755/j01.em.19.4.8095
Low level of innovation of the Polish SME sector continues to justify the need for an in-depth study of literature and empirical research on the response to questions about the reasons for the low innovation and ways of improving it? One of the main reasons, indicated in the literature, is the lack of prospective thinking and strategic orientation. The author investigates the relationship between two constructs: strategic orientation and innovation. Paper is a literature based research, which analysed the impact of strategic orientation on innovation consequences. The review of the literature conducted by the author, on the one hand, was aiming at the identification of the methodological aspects related to the study of the relationship between strategic orientation and innovation, and on the other hand, it was to indicate the direction and strength of that type of relationships. The conducted literature studies confirmed that the research implemented in this area is mostly of a quantitative nature, where the main tool is a survey questionnaire. The collected research material is often subjected to analysis with the use of the Structural Equations Models (SEM), regression analysis and confirmatory factor analyses. Most commonly, the tests are limited to the analysis of the situation in one country, and the study sample ranges from 100 to 500 units. The presented results of the research often concern the specific sectors of activity, such as: high-tech, financial sector, insurance firms, gardening, hotels) or are of cross-sectorial nature (manufacturing and service enterprises). DOI: http://dx.doi.org/10.5755/j01.em.19.4.8098
STATISTICAL ANALYSIS OF THE ECONOMIC INTEGRATION OF GEORGIA WITH THE EUROPEAN UNION AND PROSPECTS FOR DEVELOPMENT
At the present stage of development the process of integration of Georgia into the world economic system is getting deeper and deeper. That’s why for the formation of the right economic policy of the country it is necessary to assess these processes correctly and analyze the further perspectives. On the basis of proven statistical methods – statistical observation, grouping and methods of analysis – there have been analyzed the data of foreign trade of Georgia from the Geographical point of view, characterized the dynamic of the export and import stream, the commodity structure of foreign trade of Georgia on the basis of which there have been revealed the positive and negative sides of the current changes in this field. There have also been discussed the problems of indexes of foreign trade in Georgia. In order to calculate the main characteristics of foreign trade there have been used the stochastic models of the time series. On the basis of models selected as a result of testing the classical methods of regressive analysis there have been done the forecast calculations and on basis of the received results the corresponding conclusions have been reached. DOI: http://dx.doi.org/10.5755/j01.em.19.4.8531
THE OBSTACLES FOR START-UPS AND THE CRITICAL FACTORS FOR THEIR SUCCESSFUL DEVELOPMENT
Competitiveness of Nations in Global Economy
INFLUATION OF MIGRATION ON EQUILIBRIUM OF LABOUR FORCE MARKET
The article deals with the problem of migration influence on the balance of work force market in Lithuania. Evaluating quantitative aspects of emigration it has been stated that the process directly influences the decrease of the number of population n Lithuania, and it has had an indirect effect on other demographic and social economic process. Mass emigration of work force conditions the developments that lead to the situation when in some sectors o the country‘s economy there exists a significant lack of qualified work force. Thus, there arises some need to find a necessary supply of work force, e. g. to import it from other countries. These and other factors lead to the disbalance of work force market. This problem is rather actual and widely researched in the world science; however, in Lithuania the researches in this field are rather scarce. Despite the actuality and importance of emigration problem, the insight into its range, causes and possible ways of solution is rather limited. It is possible to approximately evaluate the amount of inhabitant’s emigration, but the emigration data of highly qualified specialists working in special sectors is not known at present. The same could be said about emigration causes and influence on the market balance of work force.
GOVERNMENTAL TRANSFER PAYMENTS FOR INDIVIDUALS: GROUND AND AFTER-EFFECT ANALYSIS
The article was prepared to analyze different foreign author’s opinions and researches aboutgovernment transfer payments allocated for social security of people that can be classed as poor. There areanalyzed issues of transfer payments implementation and the influence on to the residents consuming andcountry economics when transfer payments are diminished either grow. Government transfer paymentssystem planning should involve researches of the situation and ensure that necessary relief fromgovernment’s side will be delivered for the socially touched people and those who are making efforts to adaptin the changed situation. Analyzing the various authors articles noticed that the need of government transferpayments depend on the country, its background and the existing system. There can be separated positive andnegative issues cause by transfer payments growth. The main goal of imposed transfer payments is to smooththe consumption for people temporary lost the income either possibility to earn money also to pass goodexperience and values for offspring showing good examples. Most of the discussions and researches areaddressed towards negative results caused by transfer payments. Welfare payments, social insurance,handicap transfers, unemployment grants and other governmental transfers given to certain groups of peoplecan cause tendentious work losses, income reduction, dropping school and other, seeking to receive transferpayments.
FORMATION OF THE CONCEPTION OF SUSTAINABLE ORGANIZATION ON THE BASIS OF TOTAL QUALITY MANAGEMENT
The movement of sustainable development is covering bigger and bigger amount of problems, and the sustainability, sustainable development (it obliges the organizations to change their behavior regarding the stakeholders) and various sustainability strategies implemented on various levels are discussed on the global level. The long-term success of the organizations depends on their ability to integrate into the environment in the sustainable way, to feel the demands of the stakeholders, and to implement the sustainable activity. The conception of sustainability is an integral part of the TQM evolution. The conception of the sustainability and balance itself implies the ability of the organization to adopt the best experience, achieve and maintain the competitive advantages. Besides, the strategic management of organization stresses the attempt of the organizations to harmonize their activity and be sustainable. The article attempts to form the conception of sustainable organization on the basis of total quality management, while generalizing the scientific works in this area. The sustainability of organization covers such scientific disciplines as economics, management, sociology, business ethics, theory of social contract and at the same time includes such conceptions as sustainable development, social responsibility of the organizations, theory of stakeholders and accountability theory of the organizations. The scientific works mention a lot of tools, strategies, models and conceptions meant for organizations, which they are encourages applying in order to achieve sustainability. However, the attitude that forms the general view of the sustainable organization is lacking. The article was prepared, following the systemic and comparative analysis of the scientific literature and insights of the authors while making the assumptions that it could be difficult for the organizations to define the sustainability, joining of initiatives of sustainable development, sustainable business or sustainable organization. The article forms the conception of sustainable organization that allows endeavoring for sustainability in the organization on the basis of total quality management. The purpose of the article is to form the conception of sustainable organization on the basis of total quality management.
THE ISSUES AND PERSPECTIVES OF CONTEMPORARY QUALITY MANAGEMENT
THE INSIGHTS FOR IMPROVEMENTS OF THE HIGHER EDUCATION INSTITUTIONS ACTIVITIES IN THE CONTEXT OF CHANGES
The purpose of this article is to reveal the possibilities to improve the quality of the university’s activities and studies. Methodology – the article is prepared on the basis of systemic and comparative analysis of scientific literature, case studies, conclusions of domestic and world-wide experiences in quality assurance of Universities, Bologna process documentation analysis and their implementation experiences. Scientific problem and novelty – there are gaps in the research of management of improvement processes in Universities in the context of dynamic changes. The article discusses the impact of globalization processes that make impact to Universities and study quality assurance methods and tools. Peculiarities, problematic areas and obstacles of effective quality management system (QMS) implementation are defined in the article. There are defined models of University’s management systems, departmental interactions, identification and achievement of general goals, customer requirements. Authors of the article propose evolutionary change of study quality and improvement of university as a whole. It is advised to implement general principles of quality management and subsystem of control of main study processes in the first stage. Second stage shall include the implementation of requirements defined by European University Association. The third stage shall achieve continuous improvement based on EFQM Excellence model, recognized international standards for Universities and accreditation requirements. Recent globalization in economy, science and studies require additional efforts to integrate newest management methods, principles of sustainability and social responsibility. The quality outcomes shall be achieved throughout systematic processes of integrated QMS, and shall develop citizenship of students and academic community as a whole.
THE ROLE OF INNOVATION ECONOMY UNDER THE CONDITIONS OF ENTERPRISE IN INTERNATIONAL COMPETITION
The enterprise, pursuing greater profit, first of all can and should operate formation of internal conditions and them is effective to use; to reduce average expenses of manufacture and to reach greater economy on which depends its competitive advantages. This problem is solved through strategy of management by economy which enable the enterprise to estimate, choose and in the long term to coordinate factors of competitive advantage, competing with other enterprises.Economies of innovation are return of investments in the innovations used in production enabling to form competitive advantages in decreasing average total costs.Strategy of factors of innovation economy is an estimation selection and coordination for the future of factors received from a return of investments in the innovations by means of which the businessman can expect reduction of average total costs of production, enabling to form competitive advantages.
strategy of factors of innovation economy.
ADEQUATE PORTFOLIO AS A CONCEPTUAL MODEL OF INVESTMENT PROFITABILITY, RISK AND RELIABILITY ADJUSTMENT TO INVESTOR‘S INTERESTS
In the paper formation of adequate portfolio will be discussed in details as well as the experience of adequate portfolio application to practice like quantitative model in making financial investment decisions and projecting sustainable development strategies of complex systems will be summarized. The main attention is paid to the assessment of investment profitability possibilities reliability, as a core framework of the whole decision-making system, of course, taking into account the values of profitability possibilities and investor’s ability to manage risk.
Modelling and Simulation of Business Systems
FRAMEWORK OF THE ANALYSIS OF ENTERPRISE BUSINESS SYSTEM: IKEA CASE STYDY
In order to get a clear view on how a firm and its external environment form and develop their own business system, the Enterprise business system approach is discussed in the paper. The framework developed here is based on the dominant management models: ‘Five forces’ model of a competitive strategy (Porter, 1980), ‘Flagship model of five partners’ (Rugman and D’Cruz, 2003), and the model of ‘the firm and its web of relational actors’ (De Wit, Meyer, 1998). As a result of the paper, theoretically based and empirically tested IKEA business system model is presented. IKEA is one of the worldwide MCN companies in furniture industry, which has its own specific vertically based business system with structutally controled and standartisized subsystems . The paper presents the deep case study and analysis of IKEA.
EVALUATION OF THE EFFECT OF FACTORS OF EXTERNAL ENVIRONMENT ON THE STRATEGY OF EXPORT PRICING
Despite that in scientific literature the importance of influence of external environmental factors on the strategy of export pricing is often being declared, however, a comprehensive analysis, which consolidates identification of the most significant factors, evaluation of their effect and aspects of formation of the strategy of export pricing that allows to increase the quality and effectiveness of decisions made in respect of pricing, is missing. In the article the environment of the strategy of export pricing, which is generally defined as a uniform entirety of forces affecting the decisions on price, where the effect of factors producing direct and indirect influence intertwine, is analyzed. The most significant macro environmental factors and the factors of industrial market environment have been determined and their effect on the formation of the strategy of export pricing has been examined.
factors of industrial market environment
VENTURE CAPITAL IMPACT ON THE REGION‘S COMPETITIVENESS
As government debt risk strategy plays an important part in the development of the domestic economy, it is important not only to understand how debt managers operate in nowadays, but to be able to identify opportunities given by continuously changing debt handling modes and ways to improve approach to the debt risk management. The aim of the article is to reveal novel trends in government debt risk management in terms of intended increase of the country competitiveness. Theoretical standpoints and practical approach of an issue have been employed. The article offers survey of recent changes in the strategies of government debt risk management and presentation of feasible trends to optimise the field in achieving the increase of country competitiveness as a subsequent outcome. Advanced novelties in government debt risk management have been revealed. Action trends for government debt risk managers have been suggested.
THE INTERFACE OF TECHNOLOGIES LIFE CYCLE AND STRATEGIC DECISIONS OF COMPANIES FOR COMPETITIVENESS SECURITY
In order to compete successfully in today’s global market the companies must be flexible and dynamic, managing quickly react into the changes of a market. The reduced life cycles of the products, which forces the companies to create and commercialize the new technologies much faster if compared with previous periods, have particularly sharpened the competitive fight in the sector of modern technologies. Considering the technological progress and the desirable position in the market, a company must choose a clear competitive strategy and to set an appropriate moment of a modern technology introduction into market. The integration and entering of new technologies in the market, by using the new technologies for development of new products, processes and services, is one of the possible ways of successful business management in a modern global market. The processes of new technologies integrations internally, their adaptation in the market and the coordination of the customers needs and expectations are necessary for the mentioned. Such competitive fight has brought in some certain changes in a traditional logic of business organizing: the competitive advantages are acquired by such companies, which joins and coordinates the competitive actions the best, but not necessarily those, which only create the new technologies. There are many companies, which having great products and managers of the highest qualification fail, and the reason of the failure become not execution of the necessary at the beginning of the process – to know exactly what the origins of the business are.
CHANGES OF LABOUR MARKET DURING THE RECESSION: IN CASE OF LITHUANIAN
The science problem stated that to increase employment and to decrease unemployment is social and economic necessity in every country. The Lithuania integration to ES had direct influence to structure of Lithuania labour market, reduced level of unemployment, but macroeconomic indexes reversed market structure. The unexpected vicissitude of negative economic processes signify period of recession. The main indexes of labour market help to indicate employment figures and unemployment problems. The object of work is Lithuanian labour market. So it was analysis of processes in Lithuanian labour market and factors which have influence to market structure. The purpose of work is to make research of Lithuanian labour market in recession period. The results of labour market research showed that the level of unemployment is related with economic processes, so government policy and decisions have to be diverting to reduction of unemployment damages and help the unemployed. A sudden increase in unemployment signified slowdown of salary especially in the constructional and financial agency sectors, slumping of demand and growing number of registered unemployed. Small and medium sizes companies confronted with financial difficulties. These companies try to reduce activity outlay, so employers downsize, minimize salaries. The main decision of government is organizing of vocational training, to provide the right qualifications for the job.
NOVEL TRENDS IN GOVERNMENT DEBT RISK MANAGEMENT
As government debt risk strategy plays an important part in the development of the domestic economy, it is important not only to understand how debt managers operate in nowadays, but to be able to identify opportunities given by continuously changing debt handling modes and ways to improve approach to the debt risk management.The aim of the article is to reveal novel trends in government debt risk management in terms of intended increase of the country competitiveness.Theoretical standpoints and practical approach of an issue have been employed. The article offers survey of recent changes in the strategies of government debt risk management and presentation of feasible trends to optimise the field in achieving the increase of country competitiveness as a subsequent outcome. Advanced novelties in government debt risk management have been revealed. Action trends for government debt risk managers have been suggested.
COMPETITIVENESS OF NATIONS IN THE GLOBAL ECONOMY. IS EUROPE INTERNATIONALLY COMPETITIVE?
The Lisbon Agenda from 2000 aims to make the European Union the most competitive economy in the world in 2010. This paper discusses the concept of international competitiveness of nations. While journalists and politicians believe that it is important for a country to be competitive, economist have often a different opinion. The World Economic Forum (WEF) presents two indices: the Global Competitiveness Index (GCI) and the Business Competitiveness Index (BCI). While Europe and the EU on average seem to be not very competitive, several of the European countries are internationally highly ranked. For the WEF a consequence of competitiveness is high standard of living. The paper shows that several of the European countries belong to the ones with the highest living standard in the world. In the sample, 40 European and 4 non-european countries are included. Finally, it could be shown that the correlation coefficients between the rankings of GCI, BCI and livings standards are high and positive.
THEORETICAL ASPECTS OF ECONOMIC GLOBALIZATION IMPACTS ON EMERGING ECONOMIES
The main object of this article is economic globalization. The problem of the research could be defined as: how economic globalization influences emerging economies of the world. The principal purpose of the article is systemization and description of knowledge and information (found in a large number of sources) about the globalization concept, economic globalization concept, today’s emerging economies of the world and to present a coherent overview on such aspects as the evolution of developing economies to emerging economies, main drivers of economic globalization in emerging economies, challenges emerging economies face in a new globalized economic system. Conducting theoretical studies of impacts of economic globalization on emerging economies the method of comparative analysis and systematization of scientific literature were employed.
THE STUDY OF ENVIRONMENTAL MANAGEMENT TOOLS SYSTEM
The object of this article is to identify the system of environmental management tools and the international typology of its elements; to analyse the evolution of their launch in Lithuania and in the international context, as well as to formulate the insights of their more effective use. The article was prepared by using the logical analysis and general conclusions of scientific, standard, statistical literature and the descriptions of environmental organizations’ activities also on the ground of the research of Lithuanian organisations’, which was carried out by the author of this article. In the article, there is summarized the system of international environmental certification and of the other assurance tools of sustainable development, that unites eco-labelling of products, the certification of settling and recreation services, forests’ and wood supply chain, as well as buildings’ energetic certification, the certification of IT equipments, mobile phones TCO ecologic and ergonomic certification, the identification of packing materials, the certification of environmental management systems and others. In the article are revealed the peculiarities and problem fields of the development evolution of environmental management systems (ISO 14001, EMAS) and other tools in Lithuania and in the international context. For more objective comparison of sustainable development in different countries and regions, the author suggests a new index – the quantity of certificates (ISO 14001, EMAS, ecological products’ and others) per 1000 inhabitants of a country. Though the implementation of ISO 14001 systems in Lithuania has grown up significantly in recent years, we still lag behind not even the most developed countries of the world, but also behind some new EU members, if we count this index for 1000 inhabitants. In the meanwhile, there are no EMAS environmental systems implemented in Lithuania, even though they are successfully planted in other EU and Baltic states. There’s strongly recommended for the State authorities that perform the environmental politics in Lithuania to strengthen the infrastructure of environmental certification, to execute a real development of “green purchases”, to give an incentive to the organisations of our Country to create and certificate EMAS environmental systems and to draw in the secondary schools to “Kids’ ISO 14000” programmes, that were very effective in the other countries of the world.
GLOBALIZATION INFLUENCE ON COMPETITIVE EDUCATION AND KNOWLEDGE SPREADING ACTIVITY
In this paper the main globalization directions, concerned with competitive education and knowledge spreading are evaluated and the main implication fields are described. The education and knowledge phenomenon in various regions and countries is under pressure to meet demand of this new global activity. The incoming system of knowledge spreading and competitive education gaining offered to be settled into the given structural components. It also comments on its impact on political decisions, society and economy as a whole. It is mentioned that In the way of accepting challenges, provided by globalization, high level of cooperation in the place of competition is needed between public and private sectors as well as between national, regional and global institutions.
DEVELOPMENT OF QUALITY CULTURE IN THE UNIVERSITIES
In the area of higher education, however, the adoption of quality control has been superficial and diluted by the exercise of academic freedom, as well as being hampered by lack of shared vision and lack of a match between quality management and educational processes. Further, the prevailing culture of universities is often based on individual autonomy which is jealously guarded (Colling & Harvey, 1995). This type of culture is usually difficult to combine with the need for teamwork, which is an important feature of all quality management efforts (Boaden & Dale, 1992; Lagrosen et al., 2004). Cultural change is being recognised as an important aspect of total quality development. However, the issue surrounding quality culture in higher education has not been comprehensively studied. Objective of the paper: This paper will discuss the issues of quality culture and its development in the universities. Methodology: The research methods were the literature review and document analysis.
THE IMPACT OF TRANSACTION COSTS ON OUTSOURCING CONTRACTS: THEORETICAL ASPECTS
The reduction of transaction costs prompts higher requirements and results in split of resources and production for an enterprise. However, in the process of globalisation, when trade barriers are falling down, transaction costs are becoming an increasingly important issue. Transaction costs are connected with searching and upholding reliable business partners, negotiation, formation of the contract and its control. For evaluation the negative factors of the economic decline, it is discussed whether it is worth joining in associations and making different procurement transactions during this period of the economic decline. Most companies in this period concentrate their effort on survival, but not on development, so business initiative obviously shrinks during such economic periods. What is more, it is significantly limited by increasing costs for credits and low liquidity of the stock markets. That is why transaction costs emerge because of the formal trade barriers such as import restrictions and tariffs. Transaction costs are inevitable as well as transport costs, and they take the significant part of all costs of any contract. Transfer costs economics, which previously was mostly used for the evaluation of outsourcing decision processes, now is considered to be an applicable theoretical background for outsourcing decisions.
TOTAL QUALITY MANAGEMENT INSTALLATION: HUMAN ASPECT
The main problems to implement ISO: implementation and big system‘s financial maintenance, costs of training and reorganization of current management system, and stand against the installation of QEMS of personnel. Incorporation of all the personnel onto the development of quality system is non-performance of one of the main tasks of ISO development. The accomplished psychosocially risk analysis proved that psychosocially risk analysis of the personnel of the company is acceptable and this is very important for company, because if employee feels well he works fine so it means that company has good worker which also improve company‘s QEMS. The aim of work – to descry certified management systems influence to service or product quality and it’s influence for the personnel of the company. Tasks of work: To find a sense of quality and environmental management system (QEMS) influence to variation for management quality and product quality using the information from the sovereignty and middle managers and personnel of company. Fulfill the psychosocially risk analysis of the personnel, after the installation QEMS.
REAL ESTATE MARKET AND SLOWDOWN INTERACTION IN COUNTRIES WITH TRANSITION ECONOMY
Euro zone countries with transition economy are more and more exposed to the processes ofeconomic globalization. Their development and growth perspectives are valued in relationship with globalfinancial slowdown aspects as well as in relation to business enterprise’s and household’s economicalexpectations. Rapid growth of international capital markets, investment flows and opportune credit policyamong new open economy countries activated real estate market boom. Economic crises are often related toreal estate market busts. Countries, wishing to reduce recession or prevent financial crisis, have to monitorand supervise the real estate market. Purpose of the article is to investigate the real estate market andslowdown interaction in countries with transition economy. Main conclusion is, that slowdown ofaccumulation in real estate market and slowed down growth in construction sector leads to real estate marketrecession as well as to economic slowdown.
THE HUMAN DIMENSION IN THE PROJECT QUALITY MANAGEMENT: THEORETICAL ASPECTS
Changes in modern environment foster organizations to switch from traditional functional management towards project based organizations. Authors of scientific literature analyse the issues of project based organizations’ management. This paper analyses theoretical aspect of effective project quality management threw human dimension, which is one of the most important project management dimensions. Theoretical research of the problem is based on analysis of project based organization conception, project quality requirements and EFQM Excellence model. The paper analyses the importance of human dimension and the factors that influence successful work of project team in the process of project quality management. The analysis of scientific literature showed, that the problem analysed in this paper is widely studied in foreign researches but it is scarcely analysed in Lithuania. Conclusions of this paper will serve as presumptions for further empirical research that will be performed in the institutions of high education.
The transformation period towards market economy is inevitably referred to the new approach of solutions to different kinds of socio-economic issues. One of the latter is a pension reform. Having chosen the proper solution to those problems is certainly one of the major questions. The version of Lithuanian pension reform is clearly expressed as a trend of the reduction of the liability and rising of responsibility of the future pensioners. The realization of this option confronts with a series of economic and social problems. Analyzing the economic issues of pension reform there must be identified three major problems. The first concerns the “disadvantaged generation” of pensioners. The second is a risk problem related to the savings funds choice, their profitability, investment opportunities. Third, the evaluation of the various storage options and risk factors. The economic problems can not be dissociated from the social standard change.
Non-observed economy exists in the whole world. There is a lot of scientific literature analysing non-observed economy. Scientists describe shadow economy from various points of view: economical, legitimate, social etc. This article analyses the definitions, conception and the size of non-observed economy. There are three chapters: the definition and conception of non-observed economy, methods of measuring the size of non-observed economy, the size of non-observed economy in the world. Scientific problem: there are a lot of scientific works written until now about non-observed economy. But now we must develop the methodology how systemically to define and evaluate the non – observed economy. Object of study: to systematize the opinion of scientists about non-observed economy and its size evaluation. Summarize the estimations of non-observed economy size in the world made by the scientists. Methodology: methodical analysis and comparative method of study.
WEB SITE LOCALIZATION AS A METHOD OF QUALITY IMPROUVEMENT
Integration and globalization processes increase the need for companies to be competitive; at the same time the Internet allows expanding products and services distribution channels. Thus, the company's presence online is becoming a question of vital importance for business prospects. The growing use of the Internet has caused the expectation that the Internet will create a new standardized method of communication, which would allow the seller and buyer to communicate comfortably despite their cultural differences. However, empirical studies have shown that even in the electronic communication customers still need to feel associated with seller by culture. Thus, in order to meet customer expectations and expand the markets, it is necessary to know the differences of Web site quality perception in different countries. The cultural analysis of user interface should provide useful information for designers, and perhaps, even change the perception of web site functionality, aesthetic and emotional experience. The article aims to review and compare the different classifications of cultural dimensions, to identify the most important cultural dimensions in the web site context, the priorities of web site localization and to propose the algorithm of cultural dimensions’ integration into web site quality model.