Rima Tamošiūnienė

Mass appraisal of residential real estate using multilevel modelling

Mass appraisal, or the automatic valuation of a large number of real estate assets, has attracted the attention of many researchers, who have mainly approached this issue employing traditional econometric models such as Ordinary Least Squares (OLS). However, this method does not consider the hierarchical structure of the data and therefore assumes the unrealistic hypothesis of the independence of the individuals in the sample. This paper proposes the use of the Hierarchical Linear Model (HLM) to overcome this limitation. The HLM also gives valuable information on the percentage of the variance error caused by each level in the hierarchical model. In this study HLM was applied to a large dataset of 2,149 apartments, which included 17 variables belonging to two hierarchical levels: apartment and neighbourhood. The model obtained high goodness of fit and all the estimated variances of the parameters in HLM were lower than those calculated by OLS. It can be concluded as well that no further neighbourhood variables need be added to the model to improve the goodness of fit, since almost all the residual variance can be attributed to the first hierarchical level of the model, the apartment level.

Current research approaches to economic security

Economic security has been and will be a key concept in international economic relations. Nowadays the analysis of this concept became as urgent as it has never been earlier. This paper examines four approaches covering the evolution of the concept „economic security” during history. The process of economic security maintenance is carried out differently in each period of the history. This difference is determined mainly by the evolution of threats. It is proved that threats are modified in the conditions of globalization, so that nowadays it appears another variable in this equation: national vulnerability and economic resilience. That is why; economists have been keeping an eye on what does it mean and who is the object of economic security. DOI: http://dx.doi.org/10.4995/ICBM.2015.1537

ŠALIES KONKURENCINGUMO POKYČIO OPTIMIZAVIMAS

Currently, different countries are seeking for effective decisions how to increase and maintain high national competitiveness. Considerable financial resources are allocated for implementation of means created to promote competitiveness. The limitation of financial resources requires effective use solutions. This paper presents the model to solve the task of optimal financial resources allocation among the competitiveness factors. The model is prepared using stochastic programming approach. In order to verify practical acceptability of the suggested model, the empirical research is performed on Lithuania’s case.

Investment Efficiency Evaluation of Customer Relationship Management System: Theoretical and Practical Aspects of Return on Investment Methodology Application

Visame pasaulyje įmonės investuoja į rysių su klientais (CRM) sistemų kūrimą, CRM programinės įrangos įsigijimą ir diegimą, taciau įvairūs statistiniai duomenys skelbia, kad sėkmingo diegimo apimtis sudaro tik apie 30 %. Daugelis organizacijų diegia brangias CRM sistemas gerai nesuvokdamos, su kokiais sunkumais susidurs ir kiek sąnaudų tam reikės. Dažnai tokio požiūrio rezultatas yra nusivylimas, kad į CRM sistemą buvo investuotos milžiniskos lėsos, taciau sistema neatnesė lauktos naudos. Kad rysių su klientais valdymo kompiuterizavimas įmonei duotų ekonomine naudą, sios sistemos įsigijimo ir diegimo sąnaudas bei gaunamą naudą reikia grįsti kaip ir kitas investicijas, skiriamas verslo plėtrai ar turtui įsigyti. Sąnaudų ir naudos įvertinimas bei investicijų efektyvumo finansinio vertinimo metodų taikymas gali padėti įmonei priimti teisingą sprendimą dėl CRM investicijos. Straipsnyje nagrinėjamas investicijų grąžos (ROI) vertinimo metodas, jo teoriniai bei praktiniai taikymo aspektai. Pristatomi CRM sistemų sąnaudų ir investicijų efektyvumo vertinimo tyrimo Lietuvoje rezultatai.

Does firm’s higher innovation potential lead to its superior financial performance? Case of CEE countries

AbstractInnovation is one of the most commonly used word in the business and academic world. Naturally the firms are willing to innovate to leverage on future profits and growth generated by the new products and supported by temporary monopolistic positions on the market. However, the question is about how much the companies should invest to record higher profitability. The authors tried to answer this question analyzing the companies within the Central and Eastern European region taking intangible assets as innovation proxy. It was concluded that the companies having higher investments in the intangible assets are able to generate higher margins. However, positive effect of possibly higher innovation potential is seen only if investments in intangibles are substantial, i.e. over 10%.

Financial Resource Allocation in a Project Portfolio: Analysing the Necessity to Integrate Sustainability into Resource Allocation

Abstract Resource allocation in a project portfolio is a complex decision-making process that is influenced by multiple and very often conflicting objectives. Furthermore, companies are coming under strong social pressure to integrate elements of sustainability into their decision-making process, which makes this process even more complex. Nowadays, the concept of sustainability is widely applied by many companies through their mission statement and strategy. It is also one of the most popular research fields for scholars. Despite the fact that sustainability is considered one of the most important challenges of our time, the integration of sustainability into project or project portfolio management (especially in resource allocation) is not fully recognised. This paper presents a literature-based analysis of the use of the sustainability concept in project management and therefore makes suggestions on how to integrate sustainability into resource allocation in a project portfolio.

The model of intellectual capital evaluation in publicly listed companies

The majority of publicly listed companies are trying to adapt to investors requirements and to provide as much information about company as possible. Company‘s potential of generating value added and ability to increase potential percentage of dividends attracts investors. Nevertheless, it appears that financial reports of publicly listed companies do not reflect all information, which is disposed by a respective company. Intellectual capital, being the most important factor of value added creation, is not being reflected in the financial reports and not even being managed by directors or managers. This paper provides the model of intellectual capital evaluation in publicly listed companies, which could potentially be a tool for evaluation, control and management. : http://dx.doi.org/10.4995/ICBM.2015.1269