Culture as a Driver of Sustainable Development in Europe

Research purpose. 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. Design / Methodology / Approach. To complete research, culture-related statistics indicators from Eurostat were collected and regressed against the SDG index, based on data covered 2016-2019. Findings. 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”. Originality / Value / Practical implications. 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.

The Difference Between Legal Control and Material Control - Coordination of Access Rights in Shared Workspaces

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.

Supply Chain Management Practices and Manufacturing Firms Performance: Professionals’ Experience in Nigeria

Research purpose. The study aims at establishing how supply chain management (SCM) activities of manufacturing firms influence their performance optimally. Design/Methodology/Approach. 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. Findings. 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>0.05 and CR<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. Originality/Value/Practical implications. 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.

Human Capital Development at Higher Education Institutions

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.

How Monetary Policy Affects the Lending and Economic Activity in a Banking System with Excess Liquidity

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.

Evaluation of Key Factor of Digital Economy in European Union

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.

Digital Transformation as a Competitive Factor in Supply Chain Management: Proof of Concept in One of the Largest Editorial Groups in Portugal

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.

Evaluation of Influencing Factors on Great Britain‘S Export Values

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. The 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.

Gender Impact on Personal Investment Strategies

Research purpose. 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. Design/ Methodology/ Approach. 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. Findings. 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. Originality/ Value/ Practical implications. 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.

Market Structure analysis with Herfindahl-Hirchman Index and Lauraéus-Kaivo-Oja Indices in the Global Cobotics Markets

Research purpose. 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. Design / Methodology / Approach. 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. Findings. 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. Originality / Value / Practical implications. 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.