Reliability as Main Factor for Future Value Creation

The main objective of the paper is to present the solution to the problem of possibilities’ reliability management, which is an important problem of uncertainty (risk) economics. Also, the paper aims to propose adequate methods of stochastic optimization and reveal their broad implementation possibilities. Along with that, the concept of utility function is being disclosed, when we take into account not only the possibilities of prices and costs, but also their reliability, in order to achieve the highest value added in this process. The original methods of stochastic optimization are used, while searching for the optimal allocation of invested capital among the investment assets. Adequate investment portfolio is treated as theoretically sound and practically effective instrument for investment decision-making in capital and currency markets, as well as for other problems related with optimal resource allocation. The adequate portfolio supplements the modern portfolio by adding the third portfolio parameter – the reliability of return. Also, the utility function based on return, reliability and risk is used to find the optimal investment possibility for particular investor. The formed portfolio solutions were tested in the markets of NYSE, UK and France.

Internationalization and Multiple Discrimination: the Case of Employment Regulation

The article analyses European Union anti-discrimination law development in Member States and differences between protected grounds of discrimination. On this basis, the analysis covers recognition of the social complexity, internationalization and discrimination of foreigners for different grounds. The process of internationalization and migration, covering social, political, economical, cultural, legal processes, the non-discriminatory protection of a foreigner as a member of the society has become complicated, when attempting not to discriminate people arriving from the other countries and to have equal possibilities. The problems of discrimination are valid and significant for the civil society itself. The article also discusses the concept of multiple discrimination in European Union anti-discrimination law, legal regulation and protection against multiple discrimination in Europe and separate legal regulation of the Member States. This article argues that internationalization processes bring new approaches of interpretation of European Union employment equality law and contemporary challenges, introduces recent cases of equal treatment of employees during employment at private companies.

Pro-Environmental Municipal Governance Developments in Latvia: Sustainability and Integration Principles in the Practice

Studies being presented here have been done as initial part of wider research-and-developemnt (R&D) programme, aiming to investigate preconditions and all instruments set necessary for environmental governance adequate integration into legally required societal (sustainable) development governance/planning framework and municipal governance practice. This have been done studying governance by its triple complementary dimensions of governance content, governance process and governance stakeholders and approaching municipality as a complex and interactive socio-ecological system. Accordingly, pilot investigations have been done as various thematical case studies in preselected model municipalities – six studies/pilot studies, based on the integrated case study research methodology, including and complementary applying document studies, interviews, surveys, observations and focus groups. Existing development planning and other instruments combined with municipal planning capacities are neither sufficient nor effective, and, since step-wise developmental process for sustainability principle integration seems to be not perspective as quite similar also with integration principle as for complex planning process and also as for thematical meaning of integrations of environmental governance into develoment one. Since environmental sector planning documents are not mandatory anymore at local municipalities, environmental sector planning process and content in the development planning practice is often limited, but few ad hoc available and used formal environmental planning instruments are neither sufficient or used just temporaly. There is to be seen necessity to develop innovative methodologies and tools as done during this research-and-development project.

Brand Value Assessment in Terms of Contemporary Global Challenges

Brand represents one of the most important assets of the company. Brand-managing activities are typically related to brand positioning and integration with marketing campaigns, and can involve complex decisions. The branding of an organization is indeed a dynamic system with many cause-effect relationships as well as intangible and heterogeneous variables. In order to assess the value of individual brands can be used various models developed worldwide, based on different input data and valuation methodologies. We assume that individual environment in which company operates and consumers’ perceptions in different countries influence the ability and usability of these models in other countries. Therefore, we applied chosen well-known brand value models on the set of Slovak companies and validated their assessment ability in specific condition of the Slovak Republic. This was provided by the critical comparison of calculated values with the official values of brands of these companies listed in the Slovak journal. Through this, we pointed out the importance of the development of unique brand value model, which will be constructed in the specific condition of individual countries and highlight the weak assessment ability of foreign models.

Challenges of MCA in Public Investment Projects

Paper investigates peculiarities of management of public investment projects subject to State Investment Program (SIP) in Lithuania. Using comparative analysis for compatibility of European Structural and Investment Funds (ESIF) and SIP management systems as well as utilizing multi criteria analysis (MCA) techniques with attention to the Euclidean distance author reveals challenges of rationality of evaluating, selecting and implementing public investment projects according to the requirements of inclusive growth applicable to the country under ESIF management system. In this regard, there is as well noticed that current regulations for pubic investments under SIP in the country inevitably requires significant improvement in order to ensure the rational use of the state budget funds and comply with the requirements for inclusive growth as set under ESIF management system. Subsequently possible solutions proposed focusing on improving specific tasks of the management process of evaluating, selecting, implementing public investment projects.

Alternative Securities Markets as Financing Sources for SMEs – Selected Aspects of AIM and NC

Small and medium-sized enterprises are the foundation for the development of each contemporary national economy. Their number affects macroeconomic indices of economies and directly translates into the labour market created by SMEs. This article aims to investigate the key conditionings behind the macroeconomic significance and legal factors of the financial market operation in Poland and the UK, with particular emphasis on the stock exchange as the fundamental element of the capital market. Both AIM and NewConnect are platforms dedicated to SMEs, which have been allowed easier access to this capital market segment by minimising mandatory legal conditions. This study analyses the number of listed companies and their capitalisation values in 1999–2015, covering: the rules of the financial market operation, with a special focus on the legal bases of the stock market operation in the economies investigated; legal conditions for the development of this economic segment; and a detailed analysis of the number of participants and capitalisation values achieved on the Warsaw and London Stock Exchanges, in particular AIM and NewConnect. This paper builds on source data from various annual reports and stock exchange publications drawn up and made available by stock exchanges and financial supervisors. The attempt to compare the indices and capacities of the WSE and the NC with the biggest European player is motivated by the fact that the Warsaw Stock Exchange is classified as the largest and most dynamically growing stock exchange in Central and Eastern Europe.

Online Grocery Shopping: a Boom, Hype, or Black Ice?

Buying groceries online is no longer a novel phenomenon: recent studies (2016) show that in Germany, approximately 30 percent of potential buyers have already purchased groceries online. Together with the latest grocery shopping services from the online giant Amazon (e.g. Amazon Fresh and Amazon go), this growing sector of online food and drink retail comprises an attractive field for economic research. General research objectives in this field investigate sustainable business models, planning of logistics structures, and changes in buyer behaviour. The purpose of this present study was to analyze buyer behavior in the field of online food retail based on a process design derived from principles of Quality Management. A convenience sample of 822 valid data records was collected from November– December 2016 using a sophisticated online survey tool. The data set contains responses from 256 individuals who had already bought groceries online, while the rest of the respondents had not previously purchased groceries online. The study strongly underscores the great potential of online retail grocery industry, while also detailing the potential risks associated with this business model, such as low profit margins and packaging issues.

Liability of a Technical Supervisor of Construction: Analysis of Lithuanian Case Law

The article deals with the liability issues of a technical supervisor of construction in Lithuania. It is established in statutory law that a technical supervisor of construction is liable against an owner jointly with other parties involved in the construction (contractor, designer); however, it provides no explanation as to how this liability is distributed between the parties. Analysis of case law of the Supreme Court of Lithuania is used as a basis for crystallizing the rules applied by the courts in defining liability of a technical supervisor of construction and distributing it between other construction players. It has been found out that the liability attributed in case law to the technical supervisor of construction found guilty for defective construction works usually varies from 15% to 20%. The findings of this research may be used in systems for predicting court judgements and decision support systems for judicial disputes.

CBME 2017 Gender Equalities on the Czech Labor Market in Comparison with EU

The paper deals with the equality of women and men in the labor market in the Czech Republic compared with the European Union in connection with the strategy for the period 2010–2015. The aim of the research was based on analysis of available statistical data to describe and assess the evolution of the situation in this area in the last five years, assess the benefits of the Strategy and to assess the achievement of the objectives that the European Commission has identified. Data is processed and analysed from the perspective of the whole of the European Union, with a focus on the Czech Republic. Based on the analysis of available statistical data, and through selected indicators described the current situation in selected areas of the issue of the achievement of the equality between women and men in the Czech labor market. The obtained data are compared to the data from 2009 and by the method of induction is evaluated the achievement of the rate of equality between women and men in the labor market and also the contribution and the rate of implementation of the strategy, the primary objective is mentioned in all areas to achieve this equality.

The Public Debt of Latvia: Short-Term and Long-Terms Aspects

The article investigates the structure and dynamics of public debt of Latvia for the period from 2006–2016 year. The relevance of the study long-term effects of public debt on the economy of Latvia is predetermined by a significant increase in its volume of low GDP growth rates in recent years. This article discusses conceptual approaches and criteria for evaluation of the public debt. An analysis of the main reasons for the growth of public debt of Latvia after joining the EU, considers its specific characteristics and consequences as compared with the more developed EU countries on the basis of these annual reports of Latvia Treasury over the past ten years. Analysis of the structure of the debt of Latvia on maturity shows that an effective public debt management necessarily involves consideration of the long-term effects of the growth of public debt to the public. High level of the external indebtedness in the structure of Latvian public debt is a factor of the growth of “debt overhang” even following Maastricht criterions of public debt. As a result of the research is justification of differentiated approach necessity to the evaluation of public debt with considering of intertemporal effects.