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=20210923T183640Z&X-Amz-SignedHeaders=host&X-Amz-Expires=604800&X-Amz-Credential=AKIA6AP2G7AKDOZOEZ7H%2F20210923%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Signature=056cb3ceda65878e0fbab9c39f875fd432f2d995d3aee9a3275fb96b40eda8c4200300A 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+00:00The Debtor’s Property Selling in the Cross-Border Insolvency Proceedingshttps://sciendo.com/article/10.1515/jec-2016-0010<abstract><title style='display:none'>Abstract</title><p> The title of this research is “The debtor’s property selling in the cross-border insolvency proceedings”. The insolvency proceeding gets the cross-border status also in case, if a debtor is an owner of the property outside of the main interests’ centre, namely, in another country. Therefore, there are many problematic cases when insolvency administrator (also called insolvency practitioner) defines the real estate in this other country and has to make a decision concerning the methods of selling the real estate in accordance with the law of the Member State in which territory the insolvency proceedings have been started. At the same time, the administrator shall provide that the property is sold in particular with regard to procedures for the realization of assets defined in the legislation of that country, where such real estate has been located. The article’s aim is to give a view of the features of the sale of the property in the insolvency proceedings and to define the possible lack and improvements in the cross-border insolvency concerning the selling of a debtor’s property. The European Parliament and the Council of the European Union has adopted Regulation (EU) 2015/848 of 20 May 2015 on Insolvency proceedings, which shall apply from 26 June 2017, with some exceptions Despite the regulation of the cross-border insolvency has been improved, the procedure of the property disposal is still incomplete in the cross-border insolvency proceedings. Within the study the following research methods are applied: the analytical method, comparative method, sociological method and descriptive method. The predicted value of the research is theoretical and also practical. The research should be useful for the insolvency proceedings administrators, the companies and the banks, other experts involved in the cross-border insolvency proceedings, as well as for students to improve their theoretical knowledge about the cross-border insolvency.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Evaluation of Digital Shadow Economy Prevention Measureshttps://sciendo.com/article/10.1515/jec-2016-0004<abstract><title style='display:none'>Abstract</title><p> Although during the past few years the scopes of shadow economy in Lithuania have slightly decreased, different forms of this phenomenon, in particular digital shadow activities, still generate a significant part of the overall value added. As no constant estimations of the scope of digital shadow economy have been made in Lithuania, alleviation of this problem is based on consequence fighting rather than reason elimination. Digital shadow economy poses a significant challenge for law enforcement agencies concerning its investigation and prevention. Hence, it is purposeful to research both theoretical and practical aspects of digital shadow economy prevention in order to identify the measures that could be used for the efficient reduction of the scope of this phenomenon. The aim of this research is to identify the measures of digital shadow economy prevention and compare the attitudes of governmental institutions and consumers towards the efficiency of these measures. The results of the empirical research showed that both consumers and experts agree that the level of tax morale has to be raised not only by using the measures of self-education but also by introducing long-term educational programmes; second, public authorities should ensure business friendly environment, actively implement the principles of justice and officially acknowledge and announce the concept of digital shadow economy; finally, for more efficient detection of the cases of digital shadow activities, it is necessary to reinforce current labour resources that should be specially trained to be able to disclose revenue hiding and tax evasion schemes, employed in e-trade.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Theoretical Aspects And Development Of The Mechanism For Risk Management In Small- And Medium-Sized Businesshttps://sciendo.com/article/10.1515/jec-2016-0013<abstract><title style='display:none'>Abstract</title><p> Modern scientific research in the field of risk management is mainly devoted to general questions of the market theory of risk management, including qualitative risk analysis, protection of the rights of property owners and the study of the problems of selection of the best strategies for profitable market investments. The development of risk management mechanisms for small- and medium-sized businesses in Lithuania compared to other European markets is happening too slowly. The situation is aggravated by unstable situation of the field itself, corrupted officials and the lack of advanced control strategies for internal and external risk management in organisations. All these factors confirm the need to develop new management tools in the field of risk management at such enterprises. The aim of this article is to develop the mechanism of risk management of small and medium-sized businesses and justify it scientifically. The methodology of the research is based on the principles of objectivity using methods of comparative, logical, mathematical statistics and system-structural analysis.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Communication about A Business Model within An Organisation in the Opinion of Czechs and Polishhttps://sciendo.com/article/10.1515/jec-2016-0003<abstract><title style='display:none'>Abstract</title><p> Business models are nowadays a popular topic in management science. The concept of ontology of business models in particular is used in numerous scientific works within this scope. The issue of shared understanding of a business model within an organisation is becoming essential in this regard. Therefore, this work presents the opinions of young Czechs and Polish studying on faculties of management on the issue of the subject matter of a business model in the dimensions of the way it is communicated within an organisation. The study has been conducted with the aid of a survey. Hundred and twenty persons altogether have given their answers, of which 50% were Polish and the other 50% were Czechs. The existence of statistically important correlation between independent variables (‘nationality’, ‘seniority’) and opinions concerning particular dimensions of communicating about business models within an organisation (dependent variables) has been proven. The existence of these correlations (despite their very low level) in the light of a generally formulated research problem may constitute a premise for conducting further studies on the issue of cultural conditionings of communicating about this problem as well as the way it is practised in Polish and Czech enterprises.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Combining Environmental and Spatial Discount Rates for Valuation of Assets According to International Financial Reporting Standardshttps://sciendo.com/article/10.1515/jec-2016-0002<abstract><title style='display:none'>Abstract</title><p> Application of discount rate in finance and accounting is founded on the concept of time value of money. Discounted cash flow model is widely used for asset valuation under the International Financial Reporting Standards (in abbreviation, IFRS). The discount rate applied in valuation models normally is the best rate of return that investors would earn alternative investments. With emergence of ecological economics as a separate branch of economics, the concept of ecological (or in other words, environmental discount rate) has been elaborated. Muller (2013) in his paper ‘The Discounting Confusion: an Ecological Economics Perspective’, argues that traditional discounting can undermine long-term sustainability of the economy. In his work, Frank G. Muller considered adjusting the traditional discount rate in order to arrive at an environmental discount rate, which would help to ensure the sustainability of the economy. Hannon (2001) and Perrings (2001) in their paper ‘An Introduction to Spatial Discounting’ consider another variation of the discount rate - spatial discount rate. Spatial discount rate represents the rate at which the diffusion of environmental effects of economic activities is discounted over space. By February 2016, neither the application of environmental nor spatial discount rates under IFRS has been considered. The purpose of this paper is to analyse the implications that environmental and spatial discounting would have for the application of discounted cash flow model according to IFRS. The research methods applied are methods of economic analysis and synthesis.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00The Role of Stakeholders in Cultural Entrepreneurship Managementhttps://sciendo.com/article/10.1515/jec-2016-0012<abstract><title style='display:none'>Abstract</title><p> The skills and knowledge of the owners and employees of cultural enterprises on economic use of financial resources do not guarantee valuable artistic results. Therefore, a substantiated question has arisen: how to evaluate management in enterprises with bad financial ratios and outstanding artistic indicators. The existing definitions of cultural management (Aageson, 2008; Hagoort, 2007; Klamer, 1999; Stam, 2006; Nordman, 2003) also do not provide precise suggestions for determining the most important indicators in the evaluation of cultural management. The question is how to evaluate management in cultural entrepreneurship by determining the most important indicators for a cultural enterprise’s performance improvement. In order to define the goal of the stakeholders’ (artists, clients, media, arts scholars, third parties providing funds, cooperation partners) engagement, it is necessary to analyse the area of an enterprise’s activities, and in what way and by what kind of activities it is possible to engage the stakeholders. During the course of empirical research, it is planned to disclose, analyse and interpret the subjective reasons of pursuit. Although a numerical evaluation of stakeholders was obtained during the research and data analysis performed by Spearman’s rho correlation calculations, the obtained results during the interpretation have not been generalised. The research results reveal the role of the cultural enterprise’s stakeholders’ engagement in the evaluation of management, point to the importance of the goals’ analysis as well as the analysis of each stakeholder’s engagement, and define the criteria for evaluating the activities in cultural entrepreneurship.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00Application of Is-Mp-Ia Model and Taylor Rule to Cesee Economieshttps://sciendo.com/article/10.1515/jec-2016-0001<abstract><title style='display:none'>Abstract</title><p> In this paper, the extended framework of the IS-MP-IA model has been tested. Since the appearance of the Romer’s (2000) model, a bulk of studies with its extensions have been published. Perhaps, the most notable amongst them were those proposed by Hsing (2004, 2013) and Giese and Wagner (2006) - which are integral part of this paper. The application of the extended Romer (2000) model to selected Central Eastern and South Eastern Europe (CESEE) countries (Albania, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Macedonia, Moldova, Romania, Russian Federation, Slovak Republic, Slovenia and Ukraine) shows that on an average, higher world output and lower world interest rate and inflation have positive effect on real output. A lower government consumption to gross domestic product (GDP) ratio also increases the real output. However, the insignificant government consumption implies that the Ricardian equivalence might hold in these economies. Hence, fiscal prudence is needed, and the conventional approach of real currency depreciation, in order to stimulate exports and raise real output, is not recommendable for the selected CESEE countries. The results from this paper can be useful for the policymakers and the academia. They prove the theoretical and empirical value of the Romer’s IS-MP-IA model. From a methodological point of view, we use generalised method of moments (GMM) estimator for dynamic panel data models, that is, first-differenced GMM.</p></abstract>ARTICLE2016-07-06T00:00:00.000+00:00en-us-1