ANALYSIS OF POLITICAL AND ECONOMIC ENVIRONMENT FROM THE VIEWPOINT OF GENDER EQUALITY

Term “gender” means socially constructed roles of man and woman, which are ascribed to them according to gender marker. Thus, gender roles depend on concrete socio-economic, political and culturological context and experience influence of various factors according to race, ethnic origin, class, sexual orientation and age. Gender roles widely differ within each culture and cultures. Unlike the individual’s biological gender, the gender role can be changed. This concept implies the views, conditioned by culture, about the intellectual potentials of man and woman, their personal features and behavior. Gender, as a construct, is formed by the society, as a social model of man and woman, which determines their role and position in all the spheres of the public life. To measure gender, like other hard-to-measure events, is of importance, in order to compare the countries, to identify the problems and to try their correction. It may be said that it enables us to disclose focus of the problems and in case of existence of proper will to positively act on it. Gender is multi-component and hard to measure. Research of the gender equality problems is important for the global business. Gender is a cultural construct, within which our different cultures attach different values, roles and responsibilities to men and women. It should be mentioned that the problems of women’s rights along with other barriers impeding achievement of the gender equality, have long been significant for the leading countries of Europe and America. However, one problem still remains – barriers of the so-called “Glass Ceiling”, which impede carrier advance of the female representatives. At the same time, in the countries, being on the lower level, a woman is still considered to be a being of secondary importance, which has no right to work and, compared with a man, no equal conditions to be educated. To this are added the religious laws of Islamic countries, which sharply separate the rights of men and women from one another and often consider inacceptable the public activity of women. In the background of this diversity, in the present work we have analyzed apprehension of the gender roles and equality in Georgia and the influence of this factor on business

INDUSTRY AVERAGE FINANCIAL RATIOS FOR GEORGIA

Current work is the first attempt to calculate industry average financial ratios for Georgia. Although some researches provide ratios for separate companies or groups of companies, no industry wide data analyses is published at our best knowledge for the moment of publication of our research. Main reason for absence of works is lack of financial statements information. Only two years ago, publication of financial statements for some companies become required in Georgia by regulations. Current research uses first opportunity of information availability in digital format. Analyses were done for the companies for following industries according to European industry standard classification system (NACE): Education (Section P), Information & Communication (section J), Transportation & Storage (Section H), Manufacturing (Section C), Electricity, Gas, Steam and Air Conditioning Supply (Section D)

IDENTIFICATION OF INTEGRATION PROCESSES IN CONDITIONS ECONOMIC TURBULANCE AND THEIR USE IN DEVELOPMENT OF THE COUNTRIES WITH SMALL ECONOMY

Integration into the international economic processes and liberalization of foreign economic ties are a prerequisite for the economic development of those developing countries, which have small economy. Present level of globalization highlighted the issues of liberalization of economic activity, but by the scientists’ opinion the economic results of this process are ambiguous. Peculiarities and influence of liberalization on the national economy are of a controvercial character when interests of the general public are suffered in this process. The issue of integration into the world economy passes from economic to socio-political plane. The present thesis is clearly seen today in the activities of many states, among them, in the activities of Georgia, which at the world markets in conditions of crisis and turbulence is searching for the mechanisms of protection of national producers and grows the scales of protectionism. It is also logical that determination of optimal integrational processes and their use in small economies of developing countries remain urgent in conditions of the present-day turbulence

RENEWABLE ENERGY UTILIZATION FEASIBILITY FOR AGRICULTURAL COMPANY – GEORGIA CASE

There is no doubt that fossil fuels are expensive energy resources. Their use also leads to the environmental problems. Although there is a tendency of increase in renewable energy capacity, its share in global final energy consumption is relatively low. This paper aims to increase awareness of renewable energy role in corporation value creation. The research studies the potential of the use of agricultural biomass residues available for the company and evaluates several investment projects using the example of Geoagro ltd, and assesses their impact on company’s value. The paper also studies the feasibility of use of alternative renewable energies such as biomass and solar energy for company needs and finally assesses the profitability of the two. Regarding the methodology, the paper uses the standard financial valuation techniques such as Net Present Value and Internal Rate of Return in order to compare alternative investment projects. The results showed that the direct sell of biomass – hazelnut shells creates the highest value. While comparing the profitability of using alternative energies, it was showed that the best option is to eliminate natural gas use and switch to biomass fuel

TOOLS AND MODELS FOR RATIO ANALYSIS BASED ON GEORGIAN COMPANIES DATA

The main purpose of the research is to identify two types of benchmarks required for the financial ratios analysis based on Georgian data. To obtain the benchmarks of the first type - industry average, the financial statements for 2018-2019 years of 131 companies in the manufacturing industry were processed. Due to absence of financial market data, a market imitation study was conducted to obtain the second type of benchmarks – ratios of the high performance companies. To achieve this, a survey of 26 representatives of financial industry companies was conducted through a questionnaire, containing the financial ratios of 9 companies from manufacturing industry. Respondents selected companies whose stock prices, in their opinion, would increase or decrease according to their financial ratios. To check the validity of the results we conducted: a follow-up interview with several respondents, a regression analysis of results, and a financial analysis of two high-rating and three low-rating companies using forecasts and free cash flow valuation. As a result of the research, we obtained two types of benchmarks - industry averages and a set of ratios of "high performance" companies. We saw that none of the coefficients taken separately explain the respondents' choices, and that the survey results are consistent with the forecasts and the analysis of the value of the company. During the research, we developed a methodology on how to identify high-performing companies despite virtually non-existent capital market in Georgia. The methodology can be used for other, similar studies. The results are important for anyone who uses financial analysis. It will be interesting for researchers, for example, to study current processes in economics and companies and, hopefully, will contribute to capital market development in Georgia

Assessment of a value at risk in heavy construction equipment energy efficiency projects

Purpose: Energy efficiency projects can save money for companies but are not always accepted with great enthusiasm. High risk may be the reason of hesitancy. Current research designed model that can assesses risk by considering volatile factors that affect value of the project and evaluated energy efficiency investments.Methodology: Model calculated Value at Risk using Monte Carlo simulation. Financial risk of two heavy equipment energy efficiency projects in Georgia was evaluated.Findings: Results indicated that if investment costs are high compared with present value of energy savings (90%) risk may be substantial but its level drops to the low level if investment costs are lower (70%).Significance: Research and elaborated model can help manages to quantify risks and make thorough decisions regarding investment in energy efficiency projects.peer-reviewe

Environmentally Relevant Concentrations of 17α-Ethinylestradiol (EE2) Interfere With the Growth Hormone (GH)/Insulin-Like Growth Factor (IGF)-I System in Developing Bony Fish

The aim of this study was to evaluate whether effects of environmental estrogens on fish growth and reproduction may be mediated via modulating the growth hormone (GH)/insulin-like growth factor I (IGF-I) system. To this end, developing male and female monosex populations of tilapia were exposed to 17α-ethinylestradiol (EE2) at 5 and 25 ng EE2/l water from 10-day postfertilization (DPF) until 100 DPF. Under exposure to both EE2 concentrations, sex ratio shifted toward more females and body length, and weight were significantly reduced in males. The growth-reducing effect was associated with significant changes in hepatic IGF-I expression, both in males and females and with significant alterations of IGF-I mRNA and GH mRNA in the brain. The changes in IGF-I and GH mRNA were accompanied by altered estrogen receptor α (ERα) expression in brain and liver. These findings point to an influence of estrogenic exposure on the endocrine GH/IGF-I axis. In addition, the EE2 treatment resulted in significant changes of ERα and IGF-I expression in ovaries and testis, suggesting that the estrogens interact not only with the endocrine but also with the autocrine/paracrine part of the IGF-I system. Overall, our results provide evidence that EE2 at environmentally relevant concentrations is able to interfere with the GH/IGF-I system in bony fish and that the impairing effects of estrogens reported on fish growth and reproductive functions may rather result from a cross talk between the sex steroid and the IGF-I system than be toxicologica

Distinct organ-specific up- and down-regulation of IGF-I and IGF-II mRNA in various organs of a GH-overexpressing transgenic Nile tilapia

Several lines of GH-overexpressing fish have been produced and characterized concerning organ integrity, growth, fertility and health but few and contradictory data are available on IGF-I that mediates most effects of GH. Furthermore, nothing is known on IGF-II. Thus, the expression of both IGFs in liver and various extrahepatic sites of adult transgenic (GH-overexpressing) tilapia and age-matched wild-type fish was determined by real-time PCR. Both IGF-I and IGF-II mRNA were found in all organs investigated and were increased in gills, kidney, intestine, heart, testes, skeletal muscle and brain of the transgenics (IGF-I: 1.4-4-fold; IGF-II: 1.7-4.2-fold). Except for liver, brain and testis the increase in IGF-I mRNA was higher than that in IGF-II mRNA. In pituitary, no significant change in IGF-I or IGF-II mRNA was detected. In spleen, however, IGF-I and IGF-II mRNA were both decreased in the transgenics, IGF-I mRNA even by the 19-fold. In agreement, in situ hybridisation revealed a largely reduced number of IGF-I mRNA-containing leukocytes and macrophages when compared to wild-type. These observations may contribute to better understanding the reported impaired health of GH-transgenic fish. Growth enhancement of the transgenics may be due to the increased expression of both IGF-I and IGF-II in extrahepatic sites. It is also reasonable that the markedly enhanced expression of liver IGF-II mRNA that may mimick an early developmental stage is a further reason for increased growt

Organ-specific expression of IGF-I during early development of bony fish as revealed in the tilapia, Oreochromis niloticus , by in situ hybridization and immunohistochemistry: indication for the particular importance of local IGF-I

The cellular sites of insulin-like growth factor I (IGF-I) synthesis in the early developing tilapia (0-140 days post fertilization, DPF) were investigated. IGF-I mRNA and peptide appeared in liver as early as 4 DPF and in gastro-intestinal epithelial cells between 5-9 DPF. In exocrine pancreas, the expression of IGF-I started at 4 DPF and continued until 90DPF. IGF-I production was detected in islets at 6 DPF in non-insulin cells and occurred throughout life. In renal tubules and ducts, IGF-I production started at 8 DPF. IGF-I production in chondrocytes had its onset at 4 DPF, was more pronounced in growing regions and was also found in adults. IGF-I mRNA and peptide appeared in the cytoplasm of skeletal muscle cells at 4 DPF. In gill chloride cells, IGF-I production started at 6 DPF. At 13 DPF, IGF-I was detected in cardiac myocytes. IGF-I-producing epidermal cells appeared at 5 DPF. In brain and ganglia, IGF-I was expressed in virtually all neurones from 6 to 29 DPF, their number decreasing with age. Neurosecretory IGF-I-immunoreactive axons were first seen in the neurohypophysis around 17 DPF. Endocrine cells of the adenohypophysis exhibited IGF-I mRNA at 28 DPF and IGF-I immunoreactivity at 40 DPF. Thus, IGF-I appeared early (4-5 DPF), first in liver, the main source of endocrine IGF-I, and then in organs involved in growth or metabolism. The expression of IGF-I was more pronounced during development than in juvenile and adult life. Local IGF-I therefore seems to have a high functional impact in early growth, metabolism and organogenesi

IMMUNOPHENOTYPIC CHARACTERISTICS OF INFLAMMATORY BREAST CANCER

The investigation enrolled 31 patients with inflammatory breast cancer (IBC) treated at the N. N. Blokhin Cancer Research Center from 2006 to 2008. IBC is diagnosed on the basis of signs of rapid progression, such as localized or generalized breast induration, red- ness and edema. IBC accounts for less than 5% of all diagnosed breast cancers and is the most lethal form of primary breast cancer. We studied tumor markers of the immunophenotype of IBC and levels and subpopulations of immunocompetent tumor-infiltrating cells. We found that expression of HLA-DR is in negative correlation with MUC-1 expression and lymphoid cells tumor infiltration is asso- ciated with the increase in T-cell subpopulations