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1.
Sustainability and sustainability marketing in competing for the title of European Capital of Culture
Valentina Burksiene, Jaroslav Dvorak, Gabriele Burbulyte-Tsiskarishvili, 2018, original scientific article

Abstract: Background and Purpose: An analysis of the dimension of sustainability in the context of competing for the title of the European Capital of Culture (ECoC) is included in the article. The authors of the research agree that the proper integration of cultural policy into the social system impacts and changes cultural values and beliefs, shifting them towards sustainable behaviour and sustainability. Many authors analyse the interrelation between culture and sustainability, thus defining the role of culture for sustainability. However, few discuss possible approaches or tools, which may offer assistance in the matter of how to reach sustainability in the context of culture. Design/Methodology/Approach: Research is based on the comparative analysis of the applications of the respective cities. The TBL methodology is implemented using the content analysis method as a tool. The outcomes of the content analysis are then used for the elaboration of the qualitative multi-attribute model using the DEX methodology. Results: While analysing bidding documents for the ECoC we: a) define the importance of the marketing plan (described as a comprehensive action) and b) argue that ECoC marketing needs to be turned to “sustainability marketing” as it is described and defined by many authors. Conclusions: The ECoC Commission should consider the importance of culture for sustainable development and, respectively, should evaluate the marketing plan of applicants under the sustainability framework.
Keywords: culture, European Capital of Culture, marketing, sustainability, sustainability marketing
Published: 07.05.2018; Views: 67; Downloads: 3
.pdf Full text (808,91 KB)

2.
Measuring the concentration of insurance sector
Maja Dimić, Lidija Barjaktarović, Olja Arsenijević, Polona Šprajc, Janez Žirovnik, 2018, original scientific article

Abstract: Background and purpose: The goal of the paper is to determine the level of concentration in the insurance sector in the following eight countries of South and Eastern Europe: Serbia, Croatia, Bosnia and Herzegovina, Montenegro, Former Yugoslav Republic of Macedonia, Romania, Bulgaria and Albania in the period from 2007 to 2012. Design/Methodology/Approach: In this context, the analysed indicators of concentration were the market share of the four leading financial institutions (CR4), the Herfindahl-Hirschman Index (HHI), the coefficient of entropy (E), the coefficient of relative entropy (RE) and Gini coefficient (G). Results: The study showed that the insurance sectors in the analysed countries are highly concentrated on average (according to CR4 indicator), medium concentrated (according to HHI) with high levels of inequality of distribution of market shares between individual participants (in terms of G coefficient), and in the zone of relative uniformity and equality of business entities (according to RE coefficient). The research results point out that the existence of different levels of correlation between the analysed indicators of concentration in the insurance sector, which confirms the conclusion that, in order to obtain relevant and quality conclusions about the level of concentration, it is necessary to review and analyse several indicators of concentration integrally. Conclusion: In all observed indicators of concentration in relation with the density level GDP pc move in the zone of very low value, which on the one hand points to the fact that the analysed countries at a relatively similar level of development have significantly different levels of concentration, but also on the fact that some countries although at different levels of development, have similar levels of concentration.
Keywords: insurance sector, concentration level, concentration indicators
Published: 07.05.2018; Views: 100; Downloads: 1
.pdf Full text (1,09 MB)

3.
Evaluation of the influence of the macro-environment on the social innovation activity of enterprises
Liliya Satalkina, Nestor Shpak, 2018, original scientific article

Abstract: Background: Nowadays the emphasis on social components in the general mainstream of innovation activity is one of the strongest grounds for the successful functioning and development of enterprises. In several countries, social innovation activity is becoming a product of business in general, with associated expectations regarding profit. Objectives: The goal of the article is to develop a toolkit for the evaluation of the influence of the macro-environment on the social innovation activity (SIA) of enterprises. Method: The methodology includes elements of theoretical and empirical research with the implementation of methods such as a literature review, all types of analysis, and methods of aggregation and integration. Questionnaires were used as a means of data collection. Results: The general methodological framework of diagnostics of the SIA macro-environment is distinguished. Based on a theoretical analysis of the SIA ecosystem and the experience of operating enterprises, the main factors of SIA macro-environment are determined. The general integrated index and its five-level interpretational model are proposed as a measure for the evaluation of the SIA macro-environment. Conclusion: The results presented provide data necessary for the argumentation of SIA strategy and tactics, as well as investment policy in this sphere.
Keywords: enterprise, social innovation activity, diagnostics, macro-environment, factors
Published: 07.05.2018; Views: 69; Downloads: 1
.pdf Full text (1,18 MB)

4.
An organizational framework for logistic platform and its subtypes in a search for more logistically attractive regions
Brigita Gajšek, Jure Kovač, Benjamin Hazen, 2018, original scientific article

Abstract: Background and Purpose: Regional sustainable economic growth on logistics bases requires the coordinated development of infrastructure, information and communications technology, and proactive education of logistics specialists. The goal is reachable with regional logistics platforms (RLPs). This current research develops a theoretical model for RLPs, consisting of (1) basic constituents, (2) an implementation area, and (3) stakeholders' and operational benefits. Design/Methodology/Approach: We employed a balanced qualitative and quantitative approach using multiple case study and survey methods. Results: Systematic case study research has identified 12 “most frequently” highlighted RLP constituents and 3 areas of implementation, which were further proven by a survey. RLP's beginnings may be spontaneous until a critical mass of interested stakeholders emerges with a clear vision and start-up energy for a breakthrough. A theoretical model for RLPs is proposed. Conclusion: The secret of a successfully developing a logistics region lies in its ability to develop a mechanism for the managing and coordinating a particular logistics system's development and operation, an area that should be further researched. This study's findings provide valuable insights into the many aspects of RLPs, which can be useful for regional authorities and business owners who are eager to stimulate regional economic growth.
Keywords: logistics platform, organizational structure, networking, governance, regionalization, transportation
Published: 07.05.2018; Views: 56; Downloads: 0
.pdf Full text (877,86 KB)

5.
Public support of solar electricity and its impact on households - prosumers
Jarmila Zimmermannová, Adam Pawliczek, Petr Čermák, 2018, original scientific article

Abstract: Background and Purpose: Currently, the idea of households - prosumers is broadly discussed in public governments, mainly in connection with both the energy security issues and the environmental issues. Therefore, the main goal of this paper is to present new agent model of household - prosumer and to compare two scenarios – “off grid household” and “on grid household”. The additional goal is to evaluate the impact of public support of solar electricity on the economic efficiency of household – prosumer projects (systems). Design/Methodology/Approach: The model is structured as a micro-level agent model, representing one household – prosumer. The model has the following general characteristics: one household with own electricity generation (photovoltaic panels), battery and in case of “on grid household” also connection to the grid. The main goal of the agent is to cover electricity consumption in household with minimal costs. The agent model of prosumer is tested and validated, using the empirical data. Results: The highest level of subsidy has significant impact on the economic indicators of selected scenarios. It causes lower investment costs at the beginning of the project and consequently shorter payback period (3-4 years earlier), positive cumulative cash flow, net present value and IRR in earlier period (approximately 5-10 years earlier, depending on the scenario). Conclusion: We can recommend to the government to continue with current system of subsidies, since it contributes to better economic indicators of particular solar electricity projects. On the other hand, the level of subsidy should be at least the same as in current year 2017, for the purposes of representing the significant part of the investment costs. Low level of subsidy has negligible impact on the economic indicators of households – prosumers projects. The developed agent model is suitable for the evaluation of economic impact of public support on households – prosumers.
Keywords: renewable electricity, photovoltaics, prosumers, households, public support, agent model, energy model
Published: 07.05.2018; Views: 64; Downloads: 1
.pdf Full text (2,04 MB)

6.
Editorial
Władzimierz Sroka, Joanna Kurowska-Pysz, Štefan Hittmár, 2018, preface, afterword

Published: 07.05.2018; Views: 19; Downloads: 1
.pdf Full text (226,93 KB)

7.
Multi-objective optimization algorithms with the island metaheuristic for effective project management problem solving
Christina Brester, Ivan Ryzhikov, Eugene Semenkin, 2017, original scientific article

Abstract: Background and Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks. Design/Methodology/Approach: The decision-making problem is reduced to a multi-criteria 0-1 knapsack problem. This implies that we need to find a non-dominated set of alternative solutions, which are a trade-off between maximizing incomes and minimizing risks. At the same time, alternatives must satisfy constraints. This leads to a constrained two-criterion optimization problem in the Boolean space. To cope with the peculiarities and high complexity of the problem, evolution-based algorithms with an island meta-heuristic are applied as an alternative to conventional techniques. Results: The problem in hand was reduced to a two-criterion unconstrained extreme problem and solved with different evolution-based multi-objective optimization heuristics. Next, we applied a proposed meta-heuristic combining the particular algorithms and causing their interaction in a cooperative and collaborative way. The obtained results showed that the island heuristic outperformed the original ones based on the values of a specific metric, thus showing the representativeness of Pareto front approximations. Having more representative approximations, decision-makers have more alternative project portfolios corresponding to different risk and profit estimations. Since these criteria are conflicting, when choosing an alternative with an estimated high profit, decision-makers follow a strategy with an estimated high risk and vice versa. Conclusion: In the present paper, the project portfolio decision-making problem was reduced to a 0-1 knapsack constrained multi-objective optimization problem. The algorithm investigation confirms that the use of the island meta-heuristic significantly improves the performance of genetic algorithms, thereby providing an efficient tool for Financial Responsibility Centres Management.
Keywords: 0-1 multi-objective constrained knapsack problem, project management portfolio problem, multi-objective evolution-based optimization algorithms, collaborative and cooperative meta-heuristics
Published: 04.05.2018; Views: 128; Downloads: 2
.pdf Full text (993,98 KB)

8.
Innovation leaders, modest innovators and non-innovative SMEs in Slovakia
Ľubica Lesáková, Petra Gundová, Pavol Kráľ, Andrea Ondrušová, 2017, original scientific article

Abstract: Background and Purpose: The field of innovation represents for small and medium enterprises (SMEs) a fundamental challenge. If the number of innovative SMEs is to rise, it is necessary to identify key factors determining their innovation activity and eliminate the innovation barriers. The main purpose of the paper is to present the results of primary research focused on identification (evaluation) of key factors and barriers determining innovation activities in Slovak SMEs. The division of SMEs into three groups of enterprises: innovation leaders, modest innovators and non-innovators enables to identify the differences in managers’ perception of the main factors and barriers determining innovation activities in various types of SMEs and to formulate policy implications for Slovak SMEs. Design/Methodology/Approach: Results of the empirical research were processed using MS Excel and the statistical analysis of the data in R3.2.4. statistical system was done. For statistical tests we assumed significance level (α = 0.1). Results: Evaluating the importance of the key factors a majority of enterprises (64.71%) indicated financial resources as the most important factor for the innovations. There is no statistically significant difference in individual (analysed) factors between innovation leaders, non-innovators and innovation followers (modest innovators). The results gained from Fisher exact test (p-value = 0.11) indicated a small difference in evaluating the significance of individual barriers between innovation leaders, non-innovators and modest innovators. Majority of enterprises also see as the main barriers to develop innovation activities bureaucracy and corruption and inappropriate state support of innovation activities. Conclusion: The main implications (conclusion) coming from the research are basic recommendations for state policy makers as well as SME’s managers to foster innovation activities in enterprises. They refer to the areas of financial resources, high-quality human resources, cooperation and participation of SMEs in different networks and clusters, systematic institutional support to SMEs, well-created vision and clearly formulated aims, and willingness of enterprises to innovate. Recommendations are summarised following the results of factor’s and barrier’s evaluation.
Keywords: innovations, small and medium enterprises, factors, barriers, Slovak Republic
Published: 04.05.2018; Views: 138; Downloads: 0
.pdf Full text (815,32 KB)

9.
The indifferent, the good Samaritan, the brave and the agent in Allais paradox situation
Anita Kolnhofer-Derecskei, 2017, original scientific article

Abstract: Background and purpose: Mainstream economic models do not take ownership into consideration. Only after the findings of behavioural economists was endowment effect widely observed. Endowment effect means that goods that one owns are valued higher than other goods not held in endowment. At the same time the principal-agent literature is concerned with how the principal (such as employer) can motivate his agent (say the employee), to act in the principal’s interests and also for their holdings. The main problem is that acting in somebody’s else’s interests can influence our values as well. Moreover, the principal as owner suffers from endowment effect. Both situations can be treated as a risky decision. Risk confuses our rationality in a predictable way. Design/Methodology/Approach: Due to this it was observed how foreign students from various cultural backgrounds decided (n=186 answers) in a risky financial situation by focusing on Allais’ classic gambles. I also presented their preferences over certain and uncertain outcomes regarding the owner of the final win; i.e. how they choose for themselves or on behalf of one of their best friends. One famous experiment - which tested the descriptive validity of the axioms’ expected utility theory - was Allais. Allais handled probabilities and outcomes in high hypothetical payoff financial gamble situations; he found that when offering two similar options, the common consequences will not be removed by the actors. I was interested in what happens when the actors take risks on behalf of others. It was used between-subjects technique on an extended multicultural sample. Regarding the two different topics, three hypotheses were tested (1); based on Allais paradox (2); observed ownerships (3); the comparison of two phenomena. Results: The results show that the subjects responded differently when they needed to decide about their own properties rather when their friends’ properties were concerned. When a sure safe outcome was offered to the subjects, they took more risk on behalf of their friends rather than own. Moreover, the subjects do not take into consideration that the same attributes must be ignored, so Allais paradox was verified. Conclusion: The goal of this paper is then twofold. First, it was established a conceptual link between Allais-type behaviour and ownership problem. Second, Allais axiom was used to characterize different roles. Knowing predictable patterns of seemingly irrational heuristics in human behaviour can improve economic theory. At the same time, this knowledge helps us to avoid irrational decisions.
Keywords: Allais paradox, endowment effect, principal-agent problem, risk
Published: 04.05.2018; Views: 114; Downloads: 2
.pdf Full text (1,01 MB)

10.
Financial system and agricultural growth in Ukraine
Olena Oliynyk, 2017, original scientific article

Abstract: Background/Purpose: An effective financial system should increase the efficiency of economic activities. This study provides evidence regarding the importance of financial development for agricultural growth in Ukraine. Methodology: We used non-integrated and integral indicators, time series and regression analysis to investigate the link between the financial development and agricultural growth. Results: The results based on integral indicators shows that the financial development does not affect agricultural growth in Ukraine. The study based on non-integrated indicators, which characterizes various aspects of the financial system’s banking component and agricultural growth, provided a significant link between the financial system and agriculture growth. The regression models revealed if bank deposits to GDP (%) increases the value added per worker in agriculture increases exponentially. The results of the study indicate that, agriculture is more sensitive to lending changes than the vast majority of other sectors of the economy. The increasing lending of one UAH (Ukrainian hryvnia) resulted in retail turnover growth of 1.62 UAH, while agricultural gross output, growth was UAH 5.06. Conclusion: Our results reveal a positive relationship between financial system’s banking component and agriculture growth in Ukraine. The results indicate the necessity for continued research into further developing universal methodological approaches of appraising the nexus of the financial system’s banking component on agriculture growth in general as well separate farm groups. The results of our study has important implications on policy making authorities efforts to stimulate agricultural growth by improving the efficiency of the financial system’s banking component.
Keywords: agricultural growth, the integral indicator of the agricultural growth, the integral indicator of the financial development, time series analysis, regression analysis, financial system
Published: 04.05.2018; Views: 104; Downloads: 1
.pdf Full text (762,63 KB)

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