rss_2.0Economics and Culture FeedSciendo RSS Feed for Economics and Culturehttps://sciendo.com/journal/JEChttps://www.sciendo.comEconomics and Culture 's Coverhttps://sciendo-parsed-data-feed.s3.eu-central-1.amazonaws.com/60cc06054f660c6fc53f62bd/cover-image.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20220521T224648Z&X-Amz-SignedHeaders=host&X-Amz-Expires=604800&X-Amz-Credential=AKIA6AP2G7AKDOZOEZ7H%2F20220521%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Signature=6fa67d0b1465daa9741eda869ae8a6b180bb28c2c19dbada46885f3d815f5e3c200300Culture as a Driver of Sustainable Development in Europehttps://sciendo.com/article/10.2478/jec-2021-0016<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The link between culture and sustainable development has been frequently debated by European authorities and academicians. Culture is treated as a tool for the implementation of Sustainable Development Goals (SDGs) and considered as the fourth pillar of sustainable development. The research goal is to investigate the relationship between culture-related indices and a country’s sustainable development based on European sample data.</p> <p><bold>Design / Methodology / Approach.</bold> To complete research, culture-related statistics indicators from Eurostat were collected and regressed against the SDG index, based on data covered 2016-2019.</p> <p><bold>Findings.</bold> The relationship between culture-related indices and SDG score was specified using European statistical data. The most significant impact on sustainable development measure was revealed regarding the factors “cultural employment” and “government expenditure on culture”.</p> <p><bold>Originality / Value / Practical implications.</bold> The current research differs from most studies that investigated cultural issues using the mathematical apparatus versus the commonly used practice of interviewing consumers or representatives of the cultural sector. The results of this research could be used by municipalities, the cultural private sector, and NGOs by arguing for funding and applying for EU grants. On the other hand, the results and approach of this research could be transposed to other regions to understand the common cultural impact on sustainable development in the non-EU part of the world.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00The Difference Between Legal Control and Material Control - Coordination of Access Rights in Shared Workspaceshttps://sciendo.com/article/10.2478/jec-2021-0011<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> Modern work is increasingly taking place in temporary workgroups embedded in decentralized work environments that transcend organizational boundaries. The first implementations of the shared workspace idea emerged in the 1990s in the CSCW research area and are now firmly integrated into the working world with systems such as Google Drive, OneDrive or Dropbox. However, when it comes to accessing documents, problems arise in terms of coordinating access to documents. Who can access the documents, modify them, and upload them back to the shared workspace? It should be noted that concurrent changes can lead to inconsistencies. Furthermore, incorrect changes to the content of documents can have economic and legal consequences. Who is responsible for this? Strict access control can avoid this problem if necessary. However, it contradicts the approach of agile cooperation, which benefits, among other things, from access to documents that is not restricted in terms of time and place.</p> <p><bold>Design / Methodology / Approach.</bold> The article proposes a semantic approach for access coordination of shared workspaces. Its basis is the legal distinction between the levels of legal control (owner) and material control (possessor). The owner of an object has the right and the duty to allow the other participants of the shared workspace to access it, i.e., to have material control. This is done through an agreement between the owner and the possessor, which specifies the conditions of material control. In addition to coordinating access, the owner is also responsible for arbitrating in case of conflict and deciding which changes are valid and which are not.</p> <p><bold>Findings.</bold> Transferring the distinction between owner and possessor leads to three possible classes of conflicts: Ownership vs ownership, ownership vs possession, and possession vs possession. Conflict schemes within these classes of conflict are analyzed in detail. On the one hand, it is possible to use strict, conflict-avoiding settings, but this tends to limit cooperation. On the other hand, greater cooperation agility can be enabled if the owner situationally controls access or if the owner has preset flexible response tactics in case a conflict arises. A closer look at possible conflict classes shows that it is necessary to adapt the legal concepts of owner and possessor to the cooperation situation.</p> <p><bold>Originality / Value / Practical implications.</bold> The concept of the legal distinction between owner and possessor has not yet been applied to the domain of access coordination in shared workspaces. This approach can introduce the previously missing semantics for access coordination, at least on an informal basis. It also improves participants’ awareness of the context of cooperation.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Evaluation of Key Factor of Digital Economy in European Unionhttps://sciendo.com/article/10.2478/jec-2021-0013<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> This article presents insights on the concept and key factors of the digital economy based on a literature review. The article focuses on the identification of the factors of the digital economy and evaluation of their importance in terms of the European Union countries. The aim of the article is to determine the factors of the digital economy and evaluate their importance.</p> <p><bold>Design / Methodology / Approach.</bold> Panel regression analysis was used to evaluate which indicator of selected digital economy indicators is the most important. Panel regression was chosen to have an overall view of all European Union as one unit.</p> <p><bold>Findings.</bold> Digital technologies are radically changing the way society, business or the whole economy operates. The survey of this article reveals that the high-quality infrastructure of the internet plays an essential role in the digital economy. In order to create value and improve the ICT sector performance in the whole economy, high-quality infrastructure in terms of the internet is needed. Only fast and high-stability connection ensures needed infrastructure and development in the digital economy. Business and government should invest in high-quality internet infrastructure to ensure the steady growth of the digital economy. To take full advantage of digital infrastructure and the digital economy, individuals should use it daily. Daily usage of the internet has a positive effect on the percentage for the ICT sector in GDP regardless of activities on the internet.</p> <p><bold>Originality / Value / Practical implications.</bold> Definition of the digital economy was suggested: the digital economy is considered to be all economic activities that include using or creating digital technologies to generate value-added of digital enablers and development of digital infrastructure, which is the key factor of the digital economy. High quality and available for everyone internet access is crucial for steady growth and the best performance of the digital economy. This study has several practical contributions. This survey may serve as a guide for understanding the concept and the factors of the digital economy for other researchers. We also propose a potential explanation why countries should invest in high technology infrastructure, and these results can help to create a new strategy for ICT sector expansion in different countries.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Human Capital Development at Higher Education Institutionshttps://sciendo.com/article/10.2478/jec-2021-0010<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> Currently, higher education institutions (HEIs) are faced with new challenges. They have to compete globally and take into account modern trends in education and science. Human capital becomes one of the most significant resources for HEI performance. The purpose of the study is to determine which factors influence human capital development at HEI.</p> <p><bold>Design / Methodology / Approach.</bold> Selected human capital development factors were analyzed at Latvian HEIs. Factors including existing laws and conformity assessment procedures and requirements were considered. A survey was utilized to determine the most influential factors in human capital development at Latvian HEIs. The survey results were analyzed by implementing CATPCA to identify the most critical factors.</p> <p><bold>Findings.</bold> The results show that essential elements of human capital at HEI are the pedagogical competence of the academic staff, their scientific competence, and the number of professionals from industry that are part of the academic staff. The CATPCA results revealed four main factors influencing human capital development at HEI, which could be divided into 1) staff competence and motivation; 2) legislation and development strategy; 3) availability of resources; 3) cooperation.</p> <p><bold>Originality / Value / Practical implications.</bold> Human capital is one of the key factors for the sustainability of HEIs in Latvia. By accounting for the factors that influence the development of human capital in HEIs, institutions can more effectively and proactively develop human capital management strategies, which allow the institutions to achieve performance in the long term.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Supply Chain Management Practices and Manufacturing Firms Performance: Professionals’ Experience in Nigeriahttps://sciendo.com/article/10.2478/jec-2021-0012<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The study aims at establishing how supply chain management (SCM) activities of manufacturing firms influence their performance optimally.</p> <p><bold>Design/Methodology/Approach.</bold> The research design adopted for the study is the survey research design; this is because we were interested in gathering information from a selected strategic fraction of a target population as it is not possible to meet them all. A structured questionnaire was used to collect data from two hundred and twenty-seven (227) professionals from the five selected manufacturing firms in Lagos. The data were analyzed by the structural equation modelling (SEM) technique to ascertain the causal effect of the latent exogenous variables on the latent endogenous variables in the study.</p> <p><bold>Findings.</bold> Based on the results of the SEM adopted in testing the research hypotheses, strategic partnership has a statistically significant positive effect on customer satisfaction of manufacturing firms. Customer relationship management was revealed to have a positive effect on firm performance from the path analysis. This is substantiated by the path coefficient (0.35) of customer relationship management on performance proxied by customer satisfaction. However, information sharing has a weak positive effect on performance proxied by manufacturing efficiency. This is substantiated by the path coefficient (0.11) of information sharing on performance though the effect is not significant as p&gt;0.05 and CR&lt;1.96. Material flow management has a positive effect on performance proxied by manufacturing efficiency. This is substantiated by the path coefficient (0.30) of material flow management on firm performance. There is a positive effect of lean production on performance proxied by innovation performance. This is substantiated by the path coefficient (0.25) of lean production on performance. Finally, participative design/engineering was revealed to have a positive effect on performance proxied by innovation performance. This is substantiated by the path coefficient (0.23) of participative design/engineering on performance.</p> <p><bold>Originality/Value/Practical implications.</bold> This paper demonstrates that a higher degree of acceptance, application, and enhancement in SCM methods would directly increase the performance of manufacturing firms, especially in third world countries.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Digital Transformation as a Competitive Factor in Supply Chain Management: Proof of Concept in One of the Largest Editorial Groups in Portugalhttps://sciendo.com/article/10.2478/jec-2021-0015<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> Through the adoption of the concept of the Proof of Concept, the main objective of this work is to highlight the approach that allows the framework and study of the viability of investments in the digital transformation of companies. The research focuses on the publishing sector and, mainly, on one of the largest publishing groups in Portugal and focuses on the strategic decision, due to the covid-19 pandemic situation, to adopt a Warehouse Management System to increase productivity, competitiveness, and sustainability of the company under study. Due to the need for confinement, publishers saw their sales drop drastically and the option of e-commerce implied the need for adjustments in the organizational dynamics associated with the distribution of products. The research/paper goal is to show the viability of investments in the digital transformation of companies in order to enlarge their efficiency and effectiveness.</p> <p><bold>Design / Methodology / Approach.</bold> As a methodology adopted in the first phase, the authors developed a framework of current challenges through the focus group technique. In the second phase, the authors conducted semi-structured interviews with the different managers of the group’s various companies and their departments. These methodological options aim to obtain more specific information on facts, the degree of relevance, validity, and reliability that is analyzed from the perspective of collecting information. Both methods provide elasticity in the approach and depth of the intended analysis, favoring spontaneous responses and the creation of openness to the approach of more complex and delicate topics.</p> <p><bold>Findings.</bold> Information technology investments do not automatically bring competitive advantages. It is essential to carry out careful management of the project and carefully analyze the economic and financial viability of the investment. The disruptive changes do not allow errors in investment. So, adopting a methodology that integrates the strategic analysis of the challenges and technical analysis of the assets and respective viability seems critical for the success of digital transformation projects, namely in the publishing sector.</p> <p><bold>Originality / Value / Practical implications.</bold> The digital transformation of companies is a current reality. The pandemic has highlighted digital as a factor of sustainability. However, this finding requires the preparation of management and the adoption of appropriate models and instruments. The present work presents a model that organizations can adapt to in a changing context.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00How Monetary Policy Affects the Lending and Economic Activity in a Banking System with Excess Liquidityhttps://sciendo.com/article/10.2478/jec-2021-0014<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The purpose of this paper is to examine the efficiency of the transmission mechanism of the monetary policy in a banking system with excess liquidity. More specifically, it aims to examine how the interest rates of the central bank bills and inflation rate affect total lending and the overall economic activity in the country. For this purpose, the analysis is based on the case of the Republic of North Macedonia, whose banking system has exhibited excess liquidity in the past decade.</p> <p><bold>Design / Methodology / Approach.</bold> The paper is based on two different VECM models, analyzing the impact of the central bank bills interest rates and the inflation rate, on lending and real GDP in the Republic of North Macedonia, for the period 2000 – 2019. The analysis also encompasses unit root tests for the variables of interest in order to determine their order of integration and choose appropriate statistical methods. The short-run causality is assessed using the Granger causality test, whereas the existence of the potential long-run relationship is examined using the Johansen cointegration test. In addition, in order to determine the magnitude of the mutual relationship, variance decomposition is employed in both estimated models. Moreover, the stability of the models when exposed to external shocks is observed through their impulse response functions.</p> <p><bold>Findings.</bold> Conducted analysis shows the negative long-term impact of the central bank bills interest rates on lending and real GDP in North Macedonia. However, no statistically significant impact in this regard is found in the short run. Opposingly, the inflation rate negatively affects lending and real GDP in North Macedonia in the short run, whereas, in the long run, it does not have a statistically significant impact.</p> <p><bold>Originality / Value / Practical implications.</bold> Unlike many other studies in this area, this paper provides practical guidance for the monetary authorities in countries with excess liquidity in the banking system. Namely, its findings imply that central banks should reduce the interbank rate when faced with crises that cause liquidity disparities between banks. Failure to reduce interest rates during the crisis disrupts financial stability, which causes banks to withhold investing their liquid assets in the real economy.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00A New Sustainability Model – A Four Essential Quadrants Frameworkhttps://sciendo.com/article/10.2478/jec-2021-0009<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> This paper will present contemporary ideas on how, when, and where the four quadrants are vital to the sustainability of an organization and central to the future of the entity. There have long been suppositions and actual operational level models featuring three primary rudiments. Much of the prior research and modeling has centered on Economic, Social, and Environmental as the basis for sustainability within business models. This particular research brought new perspectives and addressed some deficiencies in the existing sustainability models.</p> <p><bold>Design / Methodology / Approach</bold>. A qualitative methodology aligned with an axiological philosophical assumption is evidenced throughout the explanatory review, and new open-ended interviews focused on values while discussing the nuances of sustainability. The methodology applied is a review of relevant literature on sustainability, critical thinking, CSR, and financial acumen that was utilized to augment the interviews.</p> <p><bold>Findings.</bold> This new and distinct perspective develops and puts forth four quadrants that are corollary to these three core elements. However, this version purports a more comprehensive and holistic framing with a focus on Financial Acumen, Critical Thinking, Creativity &amp; Innovation, and Corporate Social Responsibility (CSR). Each of these “new model” fundamentals provides a broader application for sustainability within a business strategy as companies look to distinguish themselves in the markets served. There is no doubt that executives are faced with a myriad of complex and, in some sense, extraordinary demands on the business.</p> <p><bold>Originality / Value / Practical implications.</bold> This sustainability model captures four imperatives for sustaining and improving business performance and, in the end, a sophisticated and authentic approach providing engagement by and with all stakeholders. Financial acumen must be comprehensive and create value; Critical Thinking must be pervasive throughout the organization; Creativity &amp; Innovation must drive systematic improvements throughout, and Corporate Social Responsibility should be a core business strategy for both employee engagement and creating external social influences. Though this last supposition can be argued such as Friedman put forth, there remains the awareness and recognition of the importance of CSR in a business model. This particular research will broaden the view of those involved with sustainability to now include critical thinking, creativity, and innovation.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Gender Impact on Personal Investment Strategieshttps://sciendo.com/article/10.2478/jec-2021-0003<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> This study is dedicated to investigating the peculiarities of personal investment decisions among female and male investors to analyse the gender differences that occur during personal investment strategy establishment processes. This study is based on the literature research and aims at exploring the existing knowledge on financial behaviour and gender influence on personal investment selection. The importance and originality of this study are that it assesses the collective evidence in the personal investment field and explores its processes through the prism of gender impact. The understanding of the gender bias impact on the personal investment strategy development process can play an important role in addressing the issue of gender inequality in finance and investment areas. This paper is dedicated to answering the question of how gender impacts personal investment strategies.</p> <p><bold>Design/ Methodology/ Approach.</bold> The major task was to conduct the research on the male and female personal investment decision peculiarities presented in literature sources and to prepare the survey to conduct practical research while applying theoretical knowledge and presenting the findings along with the suggestions on how to improve the female situation in investment field.</p> <p><bold>Findings.</bold> The most prominent finding to emerge from this study is that females lack knowledge and understanding in finance and especially investment areas; therefore, this leads to inadequacy in self-confidence in finance and investment matters and, as a result, neglect of successful personal finance management and, more significantly, poor investment strategy decisions.</p> <p><bold>Originality/ Value/ Practical implications.</bold> The main goal of the current study was to determine whether the gender difference exists in personal finance and especially investment area, to refine the reasons behind this phenomenon, to analyse what could be done to improve the situation and introduce suggestions for further research. The research was done based on relevant literature, reports, surveys, statistical data used for literature analysis, and Lithuania’s case study for the practical part of the research. The primary objectives were to find out what are the main peculiarities between males and females when it comes to personal investment strategy choices and to analyse financial literacy and investment fields through the female perspective. The main points revealed during this study were that men tend to invest more often than women, as females, in general, prefer to save rather than invest; women tend to choose less risky investment strategies compared to men or save rather than invest. The main factors of this phenomena are the influence of cultural, social, or psychological factors, low financial literacy level, differences in economic status, longer life expectancy, the lack of confidence when it comes to knowledge applied to the financial decisions; males are more likely to choose a higher-risk investment strategy and to be more confident in their investment ability even if they have less knowledge on the matter. The analysis of Lithuania’s case has also confirmed the main literature review findings and reported females to lack financial and investment knowledge, spare funds and prefer to save rather than invest or invest into the low-risk tools.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Creative Communication Tools in Vilnius Architectural Heritage Communicationhttps://sciendo.com/article/10.2478/jec-2021-0001<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The purpose of this study is to single out the tools of creative communication and to identify which of them are most used in the communication of architectural heritage in Vilnius.</p> <p><bold>Design / Methodology / Approach.</bold> Comparative analysis of scientific literature, qualitative expert interviews.</p> <p><bold>Findings.</bold> The communication of the architectural heritage is multifaceted because the heritage is multifunctional. Heritage communication operates through various channels and is focused on different target groups; however, in order for the communication to be effective, as expected, the coherence of communication is required, as well as a comprehensive approach to all aspects of communication. Structured communication is essential for the best communication impact.</p> <p><bold>Originality / Value / Practical implications.</bold> Heritage communication is an actively developing field that is receiving increasing attention from scientists and the public. Much attention is paid to heritage during various cultural events, during which the public has the opportunity to get acquainted with the usually inaccessible heritage or its premises. In this way, the revitalisation of heritage involves urban residents, communities, interested groups who, for cultural, religious or other reasons, are concerned with heritage preservation. Although much attention is paid to heritage communication and sponsors are being attracted, there are fears that the communication of architectural heritage is not sufficient due to the lack of funding for architectural heritage. The consequence of the lack of funding is the disappearance of architectural objects. Thus, the analysis of architectural heritage communication is a relevant and researched topic.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Market Structure analysis with Herfindahl-Hirchman Index and Lauraéus-Kaivo-Oja Indices in the Global Cobotics Marketshttps://sciendo.com/article/10.2478/jec-2021-0006<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The study is focused on the expected market dynamics of global cobotics markets. This study investigates the current market structure of the global cobotics market. The scientific aim of the research is to report the first data-based market structure analysis of the global cobotics market with the HHI index and with the LKI index analysis. With analysis we are able to show the diversification rate of the global cobotics market.</p> <p><bold>Design / Methodology / Approach.</bold> The methodology is based on conventional statistical index theory and statistics. The methodology is the calculation of the Herfindahl-Hirchman Index and the Lauraéus-Kaivo-oja Index. The authors compare the results of these two methodologies.</p> <p><bold>Findings.</bold> The Herfindahl-Hirschman Index (HHI) and the Lauraéus-Kaivo-oja Index are statistical measures of market concentration, and they can be used to determine market competitiveness. This paper demonstrates novel data analytics possibilities of new market data collected by the Statzon, Ltd with various comparative analytical results and findings. By our analyses we can help multiple industrial stakeholders make faster decisions and better strategic plans with the easiest and fastest access to accurate, reliable, and up-to-date cobotics industry statistics, forecasts, and insights. The finding is that this study reveals the current market structure of global cobotics. It is a novel finding and result.</p> <p><bold>Originality / Value / Practical implications.</bold> This paper demonstrates the novel and exciting possibilities of transparent index calculation tools. The authors provide original results. Authors underline that extra value added to stakeholders and customers will be provided by joint data pooling strategy of various data sources, which is a key approach of this paper. Real-time market structure analyses create reliable and knowledge-based information for decision-makers and stakeholders of the global cobotics industry.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Importance of Stakeholders within University Social Responsibilityhttps://sciendo.com/article/10.2478/jec-2021-0004<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The paper follows a definition of University Social Responsibility (USR) recently formulated by Kouatli in 2019. In accordance with the definition, the main objective of this study is to identify and establish the importance of individual stakeholders to the university. The article also includes several case studies demonstrating the possibilities of cooperation between university management and other stakeholders to address the social aspects of sustainable development primarily.</p> <p><bold>Design / Methodology / Approach.</bold> The focus group method was used to identify all stakeholders. For individual focus groups, respondents rated their importance for universities on a scale from 1 to 7. Subsequently, different stakeholders were divided into relevant groups by factor analysis. The obtained outputs were used for the identification of important university stakeholders in the field of education and science.</p> <p><bold>Findings.</bold> The university’s most important stakeholders in education were found to include applicants for study and their parents, student, and academic staff, and last but not least, foreign students. In the field of science and research, the university’s main stakeholders are academics, enterprises, and the professional public. Emphasis is placed on how the university can cooperate with its stakeholders in CSR activities.</p> <p><bold>Originality / Value / Practical implications.</bold> The value of the proposed stakeholder framework can be seen in the identification of important stakeholders for universities. The paper also includes case studies related to the cooperation with the Czech university to fulfil its USR objectives.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Evaluation of Influencing Factors on Great Britain‘S Export Valueshttps://sciendo.com/article/10.2478/jec-2021-0005<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The research aimed at identifying the main factors influencing export values in the region of Great Britain (GB) for the period of the last 30 years.</p> <p><bold>Design / Methodology / Approach.</bold> In order to implement the investigation, the following tasks were intended: (1) To analyse scientific literature and mark out at least five non - dependent variables that impact export values of Great Britain. (2) Basing on findings, outlined in a scientific review, suggest or choose the methodology that is the most appropriate for this kind of tasks’ determination. (3) Collect the data for dependent and non-dependent variables (at least 30 samples). (4) Based on the presented methodology, determine the selected factors’ impact and make the statistical and economic analysis. The research was mainly done using quantitative analysis methods (descriptive, correlation, regressive analysis). Quantitative modelling and descriptive statistics methods are selected for investigation because they can suggest a different approach to analysing the factors influencing export values.</p> <p><bold>Findings.</bold> Five non-dependent variables were marked out as factors influencing the export values in the selected region: gross domestic product (GDP); the number of employees in the region; amounts of cargo transportation; average salary in the region and labour costs. Calculation of the correlation coefficients showed that all independent variables were statistically significant. There is a very strong relationship between export values and GDP, employment, and labour costs.</p> <p><bold>Originality / Value / Practical implications.</bold> <italic>Th</italic>e findings of this research can be applied in order to evaluate and determine the economic impact of the GB processes on the entire world, as Britain’s export values are among the top ten in the world. It is important to emphasise that the deeper analysis of the influencing factors of the volume of export in Great Britain showed an interrelation of these factors. So further investigation of this factor’s impact is essential.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00European COVID -19 Pandemic Data and Social Inclusion Policy in the European Union: Drivers-Driven Trend Analysishttps://sciendo.com/article/10.2478/jec-2021-0007<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The study is focused on the Covid-19 pandemic crisis in the European Union. This study investigates the current driving trends and trade-offs of the Covid-19 pandemic phenomenon and social inclusion trends in the European countries.</p> <p><bold>Design / Methodology / Approach.</bold> The methodology is based on conventional statistical index theory and statistics. The study investigates cases, deaths, and key Covid-19 statistics. The research design combines key social inclusion statistics of the Eurostat and the official Covid-19 statistics of the European Centre for Disease Prevention and Control. Covid-19 data is updated to 1.3.2021. Social inclusion variables are selected from the Eurostat database. Social inclusion variables cover poverty, material deprivation, income distribution, income, quality of life, employment, and education matters. Scattering matrices on the relationships among the key variables under review are reported.</p> <p><bold>Findings.</bold> The study reports basic trends of Covid-19 cases, deaths, deaths/cases and calculates these Covid-19 trends in 29 European countries. This study reports trade-off analyses of key social inclusion trends of the European Union countries. Key indicators are linked to economic income, income distribution, poverty, gender issues, and housing statistics. The 19 key indicators of social inclusion are analysed and reported with Covid-19 data. Statistical correlation analysis tables (2a and 2b) are calculated with key European social inclusion indicators. The study reveals some relevant aspects of the social inclusion policy of the European Union about the ongoing Covid-19 crisis and exit strategies.</p> <p><bold>Originality / Value / Practical implications.</bold> This conference paper demonstrates novel and exciting possibilities of integrated data pooling (The Eurostat and the European Centre for Disease Prevention and Control). Original results of key trend drivers are provided by the authors. Value-adding and interesting results are delivered for European governments and the business community. Results and findings of the study can be used in the planning of economic recovery and Covid-19 exit policies in the member states of the European Union.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Financial Inclusion and Labour Market Participation of Women in Selected Countries in Africahttps://sciendo.com/article/10.2478/jec-2021-0002<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose</bold>: This study investigates the impact of financial inclusion on female labour force participation in Africa. It also complements the existing studies by evaluating how advancement in information and communication technology (ICT) and Trade openness (TO) modulate the relationship between financial inclusion and female economic participation in selected African countries.</p> <p><bold>Design/methodology/approach</bold>: The study focuses on twelve African countries while the empirical evidence is based on Fixed Effects, Random Effects and Generalised Least Square estimators (GLS). Data over the period of 2005-2016 are sourced from the World Bank Development database and IMF international Financial Statistics.</p> <p><bold>Findings:</bold> The results show that financial inclusion has a non-monotonic relationship with female labour force participation. The study establishes that if the level of financial inclusion can be increased to the range of 33-57 per cent, it would improve the level of women participation in economic activities. The results further show that ICT moderates the nexus between financial inclusion and female economic participation at a threshold level of 38.17 per cent. These findings persist when the TO is used as the moderating factor at a threshold value of 80.90 per cent. The results are robust enough to suggest an alternative proxy for female labour force participation and alternative estimation techniques.</p> <p><bold>Originality/value/practical implications:</bold> Ending gender inequality has become one of the priorities in the global development policies in which most African nations domesticate the same for their national planning. There are voices at every corner in Africa demanding the possibility of achieving gender equality in employment, among others. This article is one of the few articles that evaluate whether financial inclusion can be used to accelerate female economic participation in Africa.</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00Identification of Lithuanian International Trade Risk in Beverageshttps://sciendo.com/article/10.2478/jec-2021-0008<abstract> <title style='display:none'>Abstract</title> <p><bold>Research purpose.</bold> The article aims to identify the risk groups arising in foreign trade in the four main groups of processed beverages at a national level.</p> <p><bold>Design / Methodology / Approach.</bold> Processed agricultural drinks do not fall into the category of essential food. The article examines four main drink groups: waters (including mineral waters and aerated waters, with additive), beer, wine, and other alcoholic (e.g., spirits, liqueurs, whiskies, rums, gins, vodkas, etc.) beverages. The case of Lithuania is presented. Analysis and assumption of scientific literature and TOPSIS method are used. The study does not aim to assess all risk factors but to identify the groups of risk factors and to rank them according to their importance for each processed beverage sectors supply chains.</p> <p><bold>Findings.</bold> Based on the scientific literature analysis, the eight risk groups were identified and were evaluated according to their importance for the beverages supply chain. Experts ranked risk groups taking into account their importance for international processed beverages trade for each product group. The results show that the most important is the Demand risks group for all processed beverages, and the least important is Political risk. The significance of other risk groups for a particular beverage supply chains differs. Supply risks were second in the ‘water with add’ group, while in the ‘other alcohol’ group, it is in fourth place. For the ‘other alcohol’ group, supply risks are less significant. Production risks are one of the most important in the wine trade. Financial risks are one of the most important in the ‘other alcohol’ group. Management and operational risks play an essential role in the beer supply chains. The least significant is three risk groups: Logistical and infrastructural risks, Policy and regulatory risks, Political risks.</p> <p><bold>Originality / Value / Practical implications.</bold> The identified risks groups in the four main groups of processed beverages can help shape the country’s trade policy, mitigate trade risks, and effectively manage the agricultural trade beverage subsector. Research results can be practically used both for government or business decisions and for the public sector (trade associations).</p> </abstract>ARTICLE2021-06-17T00:00:00.000+00:00The Issues of the Management of Receivables: Lithuanian Casehttps://sciendo.com/article/10.1515/jec-2016-0011<abstract><title style='display:none'>Abstract</title><p> Constant changes in business environment determine the significance of receivables to business. The analysis of the current situation in Lithuania has revealed that a substantial part of business enterprises are facing the problem of overdue receivables. This issue emerged as extremely topical after the beginning of the economic crisis in 2008. A number of scientific studies confirmed that the level of receivables has a significant impact not only on smooth business operation but also on operational results and serves as the cause of numerous economic and social problems, faced by both business enterprises and the state. Rising level of receivables determines slower recovery of total economics because it has a negative impact on the sustainability of the public sector of the country. In addition, the scientists highlight economic problems such as production capacity losses, general decrease in competitiveness and failure to satisfy the debt claims. The social problems include the increase in unemployment rate, fall of living standards, dissatisfaction with poor economics of the country and uncertainty about the future. The aim of this article is to analyse the impact of receivables on business in Lithuania. The methods of the research include scientific literature analysis and statistical data analysis.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00The Role of Human Capital for National Innovation Capability in Eu Countrieshttps://sciendo.com/article/10.1515/jec-2016-0014<abstract><title style='display:none'>Abstract</title><p> Innovation is essential for economic growth in developed countries. One of the most important sources of innovation is human capital. In this article, state of human capital in EU countries is investigated in order to show the relationship between human capital and national innovation performance. In the first part, theoretical assumptions of human capital importance for innovation processes are analysed. Secondly, measures of human capital are analysed and a measurement model is presented. This model is applied for investigation of state of human capital in 26 EU countries during 2002-2012. Results showed that quality of human capital is the most important factor for innovation performance. Quality indicators have even higher correlation with innovation in countries with low share of innovative enterprises (enterprises with high-level of new technology acceptance and usage). The aim of research is to analyse the theoretical importance of human capital investment for national innovation capability in EU countries, and to determine human capital aspects that foster innovation performance. Therefore, objectives are as follows: to analyse theoretical assumptions of human capital importance for innovation processes and to present the current state of research; to analyse available human capital measures and create a human capital measurement model; and to analyse state of human capital in EU countries as well as its relationship with national innovation capability.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Evaluation of Eu Cohesion Policy Impact on Regional Convergence: Do Culture Differences Matter?https://sciendo.com/article/10.1515/jec-2016-0005<abstract><title style='display:none'>Abstract</title><p> Attention to the harmonised economic growth by promoting regional economic convergence was paid in the 1960s, at the commencement of European economic integration. It served as a basis for initiation of programs intended to reduce disparities among regions. For the current programming period (2014-2020) over 350 billion euro was allocated to promote cohesion (more than 340 billion for 2007-2013 and about 213 billion for 2000-2006) and a considerable part of that funding went specially to promote regional convergence; therefore, the analysis of regional convergence in the EU countries is essential due to both economic and financial reasons. Regional policy can be considered successful if regional disparities are found to be decreasing; however, research on convergence/divergence issue has not provided any unambiguous conclusions. We aim to enrich this field of analysis by incorporating cultural dimension while analysing the factors influencing regional convergence. In order to identify a causal link between culture and economic outcomes, we define culture as the customary beliefs and values that ethnic, religious and social groups transmit almost unchanged from generation to generation. Our research hypothesis is that regional policy impact on regional convergence differs between groups of countries characterised by historically diverse cultural experience. Using panel data approach like FD and covering the two last programming periods along with a set of variables to control country-specific economic environment, we investigate whether the success of Cohesion policy has depended on cultural differences in the north, south, west and central-east groups of European countries.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Identification of Indicators’ Applicability to Settle Borrowers’ Probability of Defaulthttps://sciendo.com/article/10.1515/jec-2016-0007<abstract><title style='display:none'>Abstract</title><p> Borrowers default risk is one of the most relevant types of risk in commercial banking and its assessment is important to secure business profitability and avoid huge losses during economic turbulences. This leads to necessity to investigate topics related to assessment of borrowers’ default probability and applicability of factors, which would enable to capture the newest trends of borrowers’ markets. Leading economic indicators (in addition to financial and other economic indicators) are often suggested as forward-looking in scientific literature. However, there is still a discussion going on applicability of financial ratios and economic indicators. As the problem is relevant in theoretical view as well as for practitioners, this article aims to identify applicability of leading economic indicators for the estimation of default probability. Further, the qualitative criteria for factor selection were identified and used when using detailing, grouping and SWOT analysis methods. Based on current scientific literature analysis, this paper concludes that although leading economic indicators are able to capture forward-looking signals, they should be used with careful analysis of its drawbacks and in combination with financial factors in order to avoid overshooting effects. The limitation of the article is the analysis of factors based on rather theoretical analysis than estimation of quantitative criteria. This suggests that every time using leading economic indicators requires using empirical study of particular indicators’ set.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00en-us-1