Ekonomika 2019-11-15T14:16:28+02:00 Vincentas Giedraitis Open Journal Systems <p>Founded in 1960.&nbsp;Dedicated to publishing articles analysing the current economy, sectoral situation and development of business strategies for local and foreign markets, which contributes directly to Central and Eastern European economic development.</p> The Impact of Economic Crisis on the Financial Performance of the European Companies 2019-11-15T14:16:28+02:00 Nicoleta Barbuta-Misu <p>Financial-accounting information plays an important role in assessing and forecasting firms’ financial performance. But besides that, there are other external factors affecting the firm’s performance, such as the economic and financial crisis that causes imbalances over the economy and affect the business environment. Thus, based on financial statements data, in this paper, the determinants of financial performance are examined and also the impact of financial crisis on these factors is analysed using the fixed and random effects panel estimators. For this research it was used a sample of non-financial firms from European countries considering annual data from 2006 until 2015. The results achieved by panel data analysis show that crisis exerts a significant positive effect over financial performance as well as liquidity, assets turnover and labour productivity inducing that firms tend to do higher efforts to keep financial performance in face of a crisis. Financial performance is significantly and negatively influenced by leverage independently of the crisis effect showing that return on assets is lower than average interest rate.</p> 2019-10-28T00:00:00+02:00 Copyright (c) 2019 Authors Editorial Board and Table of Contents 2019-04-17T09:57:35+03:00 Ekonomika Journal <p>[text in English]</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press Author Guidelines and Bibliographic Data 2019-04-17T10:06:44+03:00 Ekonomika Journal <p>[text in English]</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press The R.B.Q. (Rational, Behavioral and Quantified) Model 2019-11-06T09:00:46+02:00 Constantinos Challoumis <p>[full article and abstract in English]</p> <p>This paper is about the classic methods used in the analysis of economics. More precisely, the R.B.Q. (Rational, Behavioral, and Quantified) model is about rational economics and behavioral economic analysis in conjunction with the quantification procedure (Q.E. method). Therefore, in this work are submitted the most common methodological approaches used in economics including a form of their combination. What follows is a critical examination that extendedly scrutinizes the terminology of axiomatic methods. One of the aims of this paper to represent the special characteristics of rational economics in comparison to the case of behavioral economics. Then provided is an analysis wherein the issues relevant to this are represented, and on the basis of which the main differences between the two concepts are showed. Hence, the aim here is to show the crucial attributes of these concepts. This study also uses a quantification method to show the behavior of these two economic theories within their relation to one another, demonstrating a complete view of them in a single economic model.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press A Simple Model for the Integration of Goods and the Capital Market with Unionized Labor Markets 2019-11-06T09:00:42+02:00 Domenico Buccella <p>[full article and abstract in English]</p> <p>The present work analyzes the effects of goods and capital market integration on welfare. In an imperfectly competitive industry with unionized labor, openness to competition via exports, the possibility of holding minority stakes into a rival company and undertaking Greenfield Foreign Direct Investment (FDI) exemplify product and capital market liberalization, respectively. Challenging the “lieu commune” that liberalization a priori improves the social welfare of an economy, making use of a game-theoretic approach, it is shown that a domestic government should design the appropriate interventions in product and capital markets depending on the precise pattern of economic integration.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press A Comparison of Lithuanian and Swedish Old Age Pension Systems 2019-11-06T09:00:37+02:00 Teodoras Medaiskis Šarūnas Eirošius <p>[full article and abstract in English]</p> <p>The aim of this study is to compare Lithuanian and Swedish pension systems from the point of view of their design and performance in order to elaborate reasonable recommendations to Lithuanian pension policy based on the best Swedish experience. Swedish income, premium and guaranteed old-age pensions system are compared with the analogous Lithuanian system of the “first,” “second” pillars and the “social” pensions. The main features of the systems are discussed, and the performance of the systems, mainly from the point of view of adequacy, is compared. The differences in system design and performance are identified, and the possible reasons of these differences are examined. Special attention is paid to differences in financing and the approach to the definition of benefits. The Lithuanian pension points approach is compared to the Swedish Notional Defined Contribution (NDC) approach. Each system is analyzed, and the relevance of transforming the Lithuanian first pillar pensions into a NDC system is examined.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press Evaluating the State of Health Care Institutions: The Case of Lithuanian Municipalities 2019-11-06T09:00:32+02:00 Vaida Breimerytė Vytautas Kėdaitis Algirdas Miškinis Kęstutis Trainavičius <p>[full article and abstract in English]</p> <p>Huge differences between the territories that are divided into the city and district municipalities are found after examining theoretical and methodological literature, obtaining abundant statistical information on the status of health care institutions in Lithuania, disclosing the system of indicators describing that status, and taking into account the analysis of the data of all the statistic residents of the Territorial Health Insurance Funds (THIF) and those registered at the outpatient primary personal health care institutions (OPPHCI). The number of residents who have registered at the OPPHCI of city municipalities is different from the rates provided by the statistics. Therefore, in the calculation of health indicators, a meaningful selection of them will more accurately reflect the status of health care facilities. Of these indicators, it is important to select not only those that best describe the existing medical care level in the municipalities but those that are also informative. The system of indicators was selected on the basis of the Delphi method. This article analyzes the state of the health care institutions in Lithuania and the qualitative and quantitative indicators of health care and their evaluation at the municipal level. The authors of this article used multivariate statistical methods in evaluating the state of health care institutions. The reliability and the validity of the obtained results are verified by two models; thus, the stability and suitability of the models are tested in investigating the state of health care institutions in Lithuania. The final aim of the study is to evaluate the administrative units of different territories and, from the medical level perspective, identify the best performing and most lagging municipalities.&nbsp;</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press Are there Multiple Bubbles in the Stock Markets? Further Evidence from Selected Countries 2019-11-06T09:00:27+02:00 Feyyaz Zeren Veli Yilanci <p>[full article and abstract in English]</p> <p>In this study, the existence of multiple bubbles in 15 selected countries is researched by means of the GSADF unit root test developed by Phillips, Shi, and Yu (2015). The data set consists of a weighted average of the monthly price/earnings ratios with the different start dates for countries whose data could accessed. As a result of the conducted analysis, the existence of multiple bubbles was detected for all the countries examined. The results demonstrate that bubbles in stock markets occur before the local and global crisis periods. We therefore conclude that the GSADF method may be used as one of the early warning systems of a financial crisis. It is significant for policymakers and investors to know these signs in terms of financial stability and profitable investments.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press The Determinants of Corporate Dividend Policy in Poland 2019-11-06T09:00:22+02:00 Justyna Rój <p>[full article and abstract in English]</p> <p>The purpose of this research is to examine the factors that determine the dividend policy of non-financial firms listed on the Warsaw Stock Exchange (WSE) in Poland and that of the annually paid dividends. Up to now, many empirical studies related to dividend policy were carried out, showing the differentiation of factors affecting the dividend policy and their interaction. Thus, with this study, it would be possible to give a view on the dividend policy of corporations listed on the WSE for the period from 2008 to 2016. The study covers non-financial companies listed on the WSE in Poland. The Tobit regression is used to identify the impact of factors influencing the companies’ distribution of dividends. The variables that may explain a firm’s dividend decision and that were used in this study are selected based on the theory and available empirical researches and then also determined by data availability. These are profitability, investment opportunities, measures of size, leverage, and liquidity. As a result of this study, the factors that determine the dividend policy of companies were verified in the context of the companies listed on the WSE. Moreover, it indicates which of the existing theories on dividend policy could be applied to the capital markets of Poland. Thus, it provides new insights into the theory of dividend policy.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press Loan and Grant Support for Students in the Context of the Diversification of Funding Sources for Higher Education 2019-11-06T09:00:17+02:00 Alla Sokolovska Larysa Rainova Tetiana Zatonatska <p>[full article and abstract in English]</p> <p>This paper considers the mechanism of direct state support for students in European countries using loans and grants: their functions, forms, schemes, and conditions for provision. The peculiarities of the state preferential educational loan in Ukraine and the reasons for its curtailment since 2011 are determined. Nowadays, it is established that the main form of state support for Ukrainian students who receive higher education in public procurement comes with academic and social scholarships, whereas students who receive higher education under a contract of preferential state lending yet after the curtailment of the program are deprived of any state support. The necessity of restoring the program of preferential state lending for students and the directions of its improvement, such as the establishment of an interest rate on a loan based on the level of inflation, the establishment of a minimum amount of annual payments on a loan as a percentage of the minimum salary, the distribution of the risk of non-repayment of a loan between the state, the borrower and his parent, are all substantiated. This is done taking into account the financial capabilities of the Ukrainian state and the high levels of hidden income. We consider the establishment of conditions needed for the development of a system of commercial educational loans, by providing for the provision of a state guarantee on it and partial state subsidy of interest rates. We consider the areas of improvement of scholarship support of students and substantiate the necessity of introducing education at least for orphans, children deprived of parental care, and disabled children.</p> 2019-04-17T00:00:00+03:00 Copyright (c) 2019 Vilniaus universiteto leidykla / Vilnius University Press