Daiva Jurevičienė

Integrated Evaluation of Mutual Funds Performance

This paper analyzes evaluation methods of mutual fundsperformance, return and risk characteristics. Appropriate ratios are computed based on annual financial reports of investment funds and a model is made with an aim to evaluate financial situation of each investment fund separately considering assessments made by selected experts. The experts defined criteria and put certain significance weights and value estimations. The assessment of activities of the largest investment funds in terms of assets and participants, operating in 2008-2012 in Lithuania, is accomplished applying SAW assessment method.

Rizikos Kapitalo Fondai: Teoriniai Aspektai

The article deals with the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews the relation between the funds and the Government. According to the venture capital accessibility ratio, Lithuania is above the European Union average and overtakes such countries as Poland, Czech Republic and even Germany. However, the analysis of particular private capital transactions demonstrates that Lithuania could only compete with Central and Eastern European countries.

The Matter of Bankruptcy: Theory and Practice

Various opinions on internal and external reasons of bankruptcy origin are systemized in the article. Analyzing the impact of bankruptcy for state’s economy both negative (such as economic and social) and positive (such as merges or just closing of non effective companies) sides are pointed out. After analyzing the dynamics of bankruptcy of Lithuanian enterprises during recent years, the main factors which influenced the insolvency are stated. Article in Lithuanian

Būsto įsigijimo sąlygų įtaka jaunimui įsitvirtinti nacionalinėje darbo rinkoje

Ekonomikos raidos požiūriu svarbu, kad jaunimas sėkmingai dalyvautų darbo rinkoje. Didesnis jaunimo užimtumas ir mažesnis nedarbas reiskia ilgesnį atskiros gyventojų kartos ekonominio aktyvumo laikotarpį ir spartesne salies ūkio plėtrą. Lietuvos gyventojų užimtumo didėjimo tendencija būdinga vidutinio ir vyresnio amžiaus asmenims, bet ne jaunimui. Jaunimo iki 25 metų užimtumas daugiausia mažėja dėl padidėjusios emigracijos į Vakarų salis. Kiekvienais metais mūsų salį palieka nemažai protingų, issilavinusių jaunų žmonių. Dalis jų vyksta testi mokslų, stažuotis arba randa darbą pagal specialybe. Kiti savo diplomą iskeicia į nekvalifikuotą, bet geriau nei Lietuvoje mokamą darbą. Vykstant vienpusei darbo jėgos, ypac kvalifikuotos, emigracijai, salis patiria akivaizdžių nuostolių – prarandamos valstybės investicijos, įdėtos į žmogiskąjį kapitalą; mažėja sukuriamas produktas ir kt. Mokslinėje literatūroje pažymima, kad nuosavo būsto turėjimas prisideda prie emigracijos stabdymo. Straipsnyje nagrinėjama, kokią įtaką turi gyvenamojo būsto įsigijimo sąlygos jaunimo įsitvirtinimui nacionalinėje darbo rinkoje. Atlikta sociologinė aukstųjų mokyklų studentų apklausa parodė, kad dauguma jaunų žmonių siekia kuo greiciau pradėti darbine veiklą ir kuo didesnių atlyginimų, kad galėtų paimti būsto paskolą. Vyriausybė negali tiesiogiai dalyvauti atlyginimų didinimo procese (isskyrus minimalaus atlyginimo nustatymą), o keldama darbo užmokestį biudžetiniams darbuotojams bei valstybės tarnautojams, tik prisideda prie biudžeto islaidų didinimo. Todėl straipsnyje, isanalizavus būsto rinkos struktūrą Lietuvoje, gyvenamojo būsto įsigijimo galimybes, valstybės teikiamos paramos jaunimui problemas, teikiami pasiūlymai, galintys daryti įtaką jaunimo apsirūpinimo būstu problemos sprendimui.

Factors affecting personal customers’ trust in traditional banking: case of the Baltics

AbstractNobody disputes that trust is an important issue in choosing a financial service provider, especially in the area of new forms of banking. The goal of this paper is to assess the most important determinants of trust in traditional banking. The study was conducted in the Baltics and personal customers had to rank the distinguished factors. Using correlation analysis and binary logistic regression model it was found that the most significant factor influencing trust in all countries is provided information by the bank. In addition, in Lithuania – bank’s characteristics, in Latvia – customers’ risk perception and bank’s characteristics, in Estonia – respondents’ experience of cooperation with a bank were highlighted as significant. The following measures of fit are used in order to describe the created logistic models: contingency table test, Nagelkerke pseudo-R2, Pearson chisquare test, Wald test. However, there is a limitation – the survey was conducted online. Nevertheless, as Internet penetration...

Venture Capital Funds: Theoretical Aspects

The article deals with the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews the relation between the funds and the Government. According to the venture capital accessibility ratio, Lithuania is above the European Union average and overtakes such countries as Poland, Czech Republic and even Germany. However, the analysis of particular private capital transactions demonstrates that Lithuania could only compete with Central and Eastern European countries.

Evaluation of the 3rd pillar pension funds in Lithuania

The article emphasizes the increasing importance of the 3-super-rd pillar pension funds and necessity of their assessment in Lithuania. Identified private pension funds evaluation criteria and the expert survey carried out in this paper allowed to ascertain main parameters of evaluation and weigh them according to their importance. Moreover, there is used Delphi method together with Kendalls coefficient of concordance to assure that the attitude of experts and the results of survey are reconcilable and statistically significant. Finally, created model is tested using funds data analysis to assess its reliability. It is expected that scientific recommendations made based on the analysis of the theoretical studies and empiric research data will assist assessing the 3-super-rd pillar pension funds. In addition, it is supposed that these results will help investors to make a right decision choosing a particular 3-super-rd pillar pension fund and will be a useful tool to encourage investments into private pension funds in the future.

Satisfaction of Small and Medium-sized Companies with the Policy of Banks

Satisfaction with the policy of commercial banks concerning SMEs is one of the most important factors affecting the success of commercial banking activities. This paper analyses the scientific approaches to importance of SME satisfaction with the commercial banks. The analysis of scientific publications revealed that one of the most important factors affecting the satisfaction of small and medium-sized enterprises with banks is the policy concerning SMEs. Comparisons of the results of two studies, analysing satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs, are presented in this article. One study was conducted in Canada in 2002, another one – in Lithuania in 2011. These studies identified and investigated the factors influencing satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs, i.e., granting of loans corresponding business needs, offering appropriate financial services to business, creating favourable loan conditions, flexible response to changing business needs, business support by a bank during successful company activities period, business support by a bank in the critical moments of company activities, making timely financing decisions. It was found that all relationships between the factors and the satisfaction with the policy of commercial bank are linear and the correlation coefficients are quite high, indicating that the relationship between the factors is strong enough. However, these studies did not reveal statistical significance of the elements and their possible impact on the satisfaction with commercial banks policy. The current study includes all previously investigated factors and was conducted using the questionnaire method. The respondents were employees of Lithuanian small and medium-sized companies. Statistical analysis shows that only granting of loans corresponding business needs, offering appropriate financial services to business, creating favourable loan conditions, flexible response to changing business needs are statistically significant elements for satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs. In addition, it was found that there is no multi-colinearity, there are no outliers among investigated factors. The regression equation of satisfaction of small and medium- sized enterprises with the policy of commercial banks concerning SMEs indicating the weight of each statistically significant factor to the overall satisfaction with the commercial bank policy was created. In other words, the equation shows how satisfaction with the policy of commercial bank varies changing one of the most important factors and helps predicting changes in satisfaction.

3rd International Scientific Conference “Practice and Research in Private and Public Sector”

3rd International Scientific Conference “Practice and Research in Private and Public Sector”

The Influence of Home Purchase Conditions for the Youths’ Integration in the National Labour Market

Ekonomikos raidos požiūriu svarbu, kad jaunimas sėkmingai dalyvautų darbo rinkoje. Didesnis jaunimo užimtumas ir mažesnis nedarbas reiskia ilgesnį atskiros gyventojų kartos ekonominio aktyvumo laikotarpį ir spartesne salies ūkio plėtrą. Lietuvos gyventojų užimtumo didėjimo tendencija būdinga vidutinio ir vyresnio amžiaus asmenims, bet ne jaunimui. Jaunimo iki 25 metų užimtumas daugiausia mažėja dėl padidėjusios emigracijos į Vakarų salis. Kiekvienais metais mūsų salį palieka nemažai protingų, issilavinusių jaunų žmonių. Dalis jų vyksta testi mokslų, stažuotis arba randa darbą pagal specialybe. Kiti savo diplomą iskeicia į nekvalifikuotą, bet geriau nei Lietuvoje mokamą darbą. Vykstant vienpusei darbo jėgos, ypac kvalifikuotos, emigracijai, salis patiria akivaizdžių nuostolių – prarandamos valstybės investicijos, įdėtos į žmogiskąjį kapitalą; mažėja sukuriamas produktas ir kt. Mokslinėje literatūroje pažymima, kad nuosavo būsto turėjimas prisideda prie emigracijos stabdymo. Straipsnyje nagrinėjama, kokią įtaką turi gyvenamojo būsto įsigijimo sąlygos jaunimo įsitvirtinimui nacionalinėje darbo rinkoje. Atlikta sociologinė aukstųjų mokyklų studentų apklausa parodė, kad dauguma jaunų žmonių siekia kuo greiciau pradėti darbine veiklą ir kuo didesnių atlyginimų, kad galėtų paimti būsto paskolą. Vyriausybė negali tiesiogiai dalyvauti atlyginimų didinimo procese (isskyrus minimalaus atlyginimo nustatymą), o keldama darbo užmokestį biudžetiniams darbuotojams bei valstybės tarnautojams, tik prisideda prie biudžeto islaidų didinimo. Todėl straipsnyje, isanalizavus būsto rinkos struktūrą Lietuvoje, gyvenamojo būsto įsigijimo galimybes, valstybės teikiamos paramos jaunimui problemas, teikiami pasiūlymai, galintys daryti įtaką jaunimo apsirūpinimo būstu problemos sprendimui.