Competitiveness, Clustering and Knowledge Management of Greek Manufacturing Industry at Post-Crisis Era

The globalization and the increasing competition especially during the latest years of crisis provide a new environment for SMEs. In the “knowledge-based economy”, firms’ competitiveness is strongly related to technical know-how and skills. The important keys for the survival, growth and development of SMEs are related to technological and scientific improvements, cooperation, innovation capacity and knowledge management. This is the first study which attempts to present the above characteristics of Greek manufacturing SMEs at the post-crisis era.

Business Plan – a Business “Must Have”?

The business plan is seen as a complex structured document, which provides logical and factual answers to individual questions about the business. These questions are key to a successful start-up and implementation of longterm business activities. However, there has been a growing opinion in recent years, that a business plan is an inapropriatte tool considering the turbulent environment of nowadays. The aim of our studies is to identify the extent of use of a business plan as an important planning document in SMEs. There are many business owners who do not have a business plan and pay little attention to their planning activities. To better understand how the Slovak entrepreneurs perceive planning, we conducted a questionnaire survey. This reveals very interesting findings about the attitudes of Slovak businessmen to planning and planning documents. Survey results and recommendations are key parts of our article.

Economic Security of Enterprise and the System of its Ensuring

In modern conditions of unpredictability of economic activity, enterprises represent an open dynamic system. Functioning and development of the enterprises is influenced by numerous external and internal factors. Multiple threats of economic security may lead to negative consequences in form of solvency and financial stability violations, profitability reduction and other deterioration in the enterprise. In this regard, the relevance and the need of ensuring economic security of enterprises are increasing. The issues of economic security are relatively new to the national science. At the same time, a sufficient number of scientific literature devote to this topic. In this article is presented the analysis and the systematization of various definitions of economic security. On its basis, the authors have identified five main approaches. The relationship between economic security and other economic categories such as sustainability, effectiveness, development and independence was explained. In order to counter threats of economic security and to ensure stable functioning of enterprise, the system of economic security is developed and presented in the paper. Under this system, main ways of increasing the level of economic security of enterprises was presented. Ensuring of economic security of each enterprise serve as a basis for sustainable development both businesses and the economy as a whole.

Estimation of Investment Perspectives in the Baltic Stock Market

Short analysis of stock market and stock indices of Baltic countries is presented in the article. Theoretical aspects of importance of fundamental economic analysis, presented by Lithuanian and foreign authors for investigation of investment market is analysed and presented in the research. Research of correlation analysis and stochastic dependence test between chosen stock indices and macroeconomic indicators of Baltic countries is fulfilled. After analysis of the 2004–2013 year period statistics, the relationship between macroeconomic indicators and stock indices in the long term is established. After evaluating the results of the research, macroeconomic indicators, mostly influencing the changes in Baltic stock markets are picked out and their influence on stock indices is described. Investment perspectives in the Baltic stock market are estimated in the near future using macroeconomic forecastings of every country.

The Critical View on Innovation Activity in SME´s Sector in Slovakia

Innovations are the drive of economic development advancing the possibilities of future competitiveness in the form of new knowledge and increasing economy´s efficiency and performance, particularly through small and medium enterprises (SME). To strengthen innovation activities is one of the main tasks of SME nowadays. The aim of the article is to give the critical view on innovation activity in SME´s sector in Slovakia. Because of the need to use a systemic approach the stress will be given to identifying main factors influencing innovation activity of Slovak SME. Presented will be results of own empirical research devoted to identification of main barriers to develop innovation activity identified among SME. Formulated will be presumptions and recommendations for relevant public institutions as well as for SME to overcome the barriers. For the research purposes we will utilize evaluation of relevant secondary data as well as results of own empirical research.

Perceptions of Construction Industry to Managerial Competences in Construction: Lithuanian Case

The article presents the results of study conducted during the MBAIC project. The main task of the project was to deepen Directive’s 89/48/EWG ideas, which will lead to creation of proper European system of comparison, certification and mutual recognition of managerial qualifications in construction. During the project, the survey on managerial competences in construction was conducted. The project resulted with new postgraduate studies for construction managers were created forming common platform of managerial knowledge. The scope of knowledge included in didactic material was agreed with representatives of European construction industry. This base of knowledge will extend the foundations of recognition and certification of managerial qualifications in construction, in EU.

Research Issues of Exploring the Link Between Turnover Intention and Turnover Behavior with Organization’s Motivation Profile

Employee turnover has always been a problem for both employees and employers. Replacing employees may be costly, both in recruiting and training employees to obtain satisfactory levels of performance over time. The main theme discussed in the paper is turnover intention and it’s connection with organization’s motivation profile. High levels of employee turnover may decrease the quality and stability of services that organizations provide and as a result, that will increase client dissatisfaction with the services provided by the organization. That’s why it is very important for organizations to control their turnover percentage. The purpose of the study is to analyze the turnover intention based on key variables and connect them with organization’s motivation profile. The main principal objectives in the research are: to differentiate factors that influence employee turnover; to reduce turnover by changing organization’s motivation profile.In the research as main methods content analysis, interviewing and case studies will be used. A survey will be conducted, questioners to collect information from respondents will be made. And as mentioned, for data collection case studies, interviewing will be used.

Foreign Market Selection Methods in a Changing International Trade Environment: the Case of Lithuanian SMEs

International business environment is changing: globalization, trade sanctions, domestic regulations, international operations across different cultures, importance of communication, demand of sustainable supply chains and other factors force companies to diversify their markets continuously, adapt foreign market development strategies and meet market requirements at a large scale. A dilemma for SMEs is obvious as the future road in foreign market selection is uncertain: global or regional approach has to be followed. The objective of this paper is to unravel and assess market selection methods and market diversification situation as well as analyze their future strategic international trade trends in regional and global perspective. Implemented on-line survey of 450 Lithuanian vendors aimed to unlock and answer methods used in market selection, analyze market diversification situation and assess future approach towards regional and global development. The survey results reveal the perspective of Lithuanian vendors regarding their approach to use market selection methods, a demand of more formal and research based approach as well as development components versus promotion. By incorporating view on diversification, market selection methods and future market entries methods, the paper provides with a more complete view on international trade strategies development set for SMEs and their five-year vision of regional integration approach.

Fleet Strategies in Business Aviation Segment: Homogeneity Versus Heterogeneity

Compared with many studies focused on business models and strategies of scheduled airlines, the evident research gap exists in the field of strategies in business aviation segment. Business models in business aviation segment are defined entirely according to an ownership status, respectively nature of operation. Complex analysis of business aviation airlines strategies is absent despite the dynamics of the business aviation segment. In our research we have focused on identifying different fleet strategies in business aviation segment since the fleet is the basic asset of an airline. By comparing several fleet aspects of 30 business aviation operators in three world regions we have proved the existence of different fleet strategies in business aviation segment and therefore the need for further and more complex research of business models in the particular segment.

Bank Soundness in the Latvian Banking Market

Bank soundness is crucially important for the stability of the whole financial system. The goal of the paper is to reveal the contributing factors to bank soundness in the Latvian banking market. Multifactor regression analysis was applied as a core research method. Bank soundness was proxied by Risk index calculated for Latvian banks. Profitability, liquidity and asset quality ratios of individual banks extracted from BankScope data warehouse were used as explanatory variables. Research period covers 2007–2014. The regression model was created, based on financials of Latvian banks as for 2013. The reliability of the model was tested, using the financials from 2014 reports.