Energy security issues in contemporary Europe

Throughout the history of mankind, energy security has been always seen as a means of protection from disruptions of essential energy systems. The idea of protection from disorders emerged from the process of securing political and military control over energy resources to set up policies and measures on managing risks that affect all elements of energy systems. The various systems placed in a place to achieve energy security are the driving force towards the energy innovations or emerging trends in the energy sector. Our paper discusses energy security status and innovations in the energy sector in European Union (EU). We analyze the recent up-to-date developments of the energy policy and exploitation of energy sources, as well as scrutinize the channels of energy streaming to the EU countries and the risks associated with this energy import. Moreover, we argue that the shift to the low-carbon production of energy and the massive deployment of renewable energy sources (RES) might become the key issue in ensuring the energy security and independency of the EU from its external energy supplies. Both RES, distributed energy resources (DER) and “green energy” that will be based on the energy efficiency and the shift to the alternative energy supply might change the energy security status quo for the EU

Įmonių restruktūrizavimo aspektai ir jo įgyvendinimo būdai

Straipsnyje nagrinėjami tam tikri įmonių restruktūrizavimo aspektai. Pateikiamieji įvairūs įmonių restruktūrizavimo būdai ir priemonės skirstomi ir grupuojami pagal tam tikrus požymius. Mokslinėje literatūroje įmonių restruktūrizavimo būdai ir priemonės dažniausiai klasifikuojami pagal organizacinius, teisinius, finansinius ir strateginius aspektus. Įvertinant laikotarpio veiksnį, dažnai išskiriami pasyvusis ir aktyvusis įmonių pertvarkos būdai, kurių pirmasis dažniausiai taikomas, kai pavėluotai reaguojama į vykstančius negatyvius pokyčius ir apsiribojama operatyvinėmis antikrizinėmis priemonėmis, padedančiomis mažinti išlaidas. Taikant aktyvųjį įmonių pertvarkos būdą, siekiama įvertinti įmonės situaciją ir naujai suformuoti strateginį jos potencialą. Įvairiais aspektais skirstomos įmonių restruktūrizavimo priemonės skiriasi savo tikslais, turiniu ir įgyvendinimo technologija. Taikomų antikrizinių priemonių įvairovę lemia daugybė priežasčių ir tikslų, o restruktūrizavimo mastas priklauso nuo sričių gausos, reikalaujančių pertvarkų įmonėje. Įmonių restruktūrizavimo būdų pasirinkimui įtakos turi ir išoriniai bei vidiniai aplinkos veiksniai. Praktikoje įmonių restruktūrizavimo procese dažnai taikomas ne vienas kuris restruktūrizavimo būdas, o jų derinys

Įmonių bankroto grėsmės įvertinimas

Evaluation of enterprises’ bankruptcy threat is a means to evaluate the enterprises’ condition by quantitative parameters and establish the negative tendencies of the enterprises’ activity and the probability of bankruptcy. In the same way, based on the evaluation of enterprises’ bankruptcy threat. it is possible to propose effective strategic decisions on how the enterprise may get out of its difficult condition and avoid bankruptcy or reduce the threat of bankruptcy.Foreign scientists have tried to solve this problem for a lung time. Many foreign scientists have established models, created from certain financial ratios, for evaluation of enterprises’ bankruptcy threat. The American economist, E.I. Altman, has studied this area very extensively. He has created models fur two, five and seven financial ratios.Foreign countries do not use just financial ratios models. Many auditing and other activity companies, engaged in analytical reviews, prognosis and consultation, use not only financial but also non-financial ratios systems to evaluate the condition of enterprises. The English scientist, J. Argenti, has prepared such a different means of evaluation of enterprises’ bankruptcy threat. This method is based on both financial and non-financial ratios.Several financial and non-financial ratios models adapted for evaluation of enterprises’ bankruptcy threat in foreign countries were examined. This analysis, identified that when an enterprise selects any model for evaluation of bankruptcy threat, its reliability depends on the enterprise’s ability to gather and accumulate information about its own activities as well as to analyse and use this information effectively and in time. Direct application of these models to forecast the bankruptcy threat of Lithuanian enterprises would nut he effective, but to adapt it could be expedient.In Lithuania they arc trying to solve the problem of evaluating of enterprises’ bankruptcy threat (financial condition), i.e. to create systems for those financial ratios corresponding to the evaluation of the condition of the enterprises. In financial ratios systems, the activities and specific character of the institutions using them determine the selection of calculable ratios. However, the possibilities of those studies, connected with the evaluation of the condition of enterprises, are increasing. In analysing the condition of enterprises, describing the results of the analysis, and accumulating statistical data, the ratios systems, which arc used to evaluate the condition of enterprises, are being improved and new models are being sought.Straipsnyje analizuojama įmonių bankroto grėsmės išankstinio nustatymo problema: teoriniai ir praktiniai jos aspektai. Nagrinėjama užsienio šalyse ir Lietuvoje taikomų įvairių modelių, leidžiančių įvertinti finansinę įmonių būklę ir bankroto grėsmę, esmė, skirtumai ir naudojimo galimybės. Aptarti atskirų modelių pranašumai ir trūkumai. Atskleistas kompleksinio modelio formavimo ir jo naudojimo būtinumas, įvertinant bankroto grėsmę Lietuvos įmonių praktikoje

Factors affecting development patterns: econometric investigation of the Japan equity market

In this paper it is assumed that equity markets reflect the development of the overall economy of a country. Equity markets, among other factors, are considerably affected by factors such as inflation or deflation. Therefore, when inflationary or deflationary pressures appear, Central Banks try to manage those pressures in order to minimise their impact on the economy. In this paper, the case of Japan will be examined. Japan can be considered an example of a country which was under extended deflationary pressures for about three decades. In this study, the authors investigate different time frames for the Japan equity market. The research is based on Japan equity market (NIKKEI) returns. The authors aim to answer the question of whether the Japanese market complies with the Efficient Market Hypothesis (EMH) for different time frames, as well as test analytically if Japan’s stock market and economy have improved after the implementation of different attempts at Quantitative Easing (QEs), a Zero Interest Rate Policy (ZIRP) or a Negative Interest Rate Policy (NIRP) to curb deflationary impacts on the economy. The analysis and obtained results could be useful for risk and portfolio management, and could be extended to other markets

Application of models for forecasting of enterprise bankruptcy

The essence of the models, meant for forecasting of bankruptcy of enterprises, is a complex index, which covers various spheres of the enterprises' activity and which allows to evaluate the threat of bankruptcy of enterprises according to the fixed critical limits of values. Several models, meant for forecasting of bankruptcy of enterprises, which imply application of the lineal discriminant analysis, were selected, i.e. the Altman method (the first one - the two indices model, the second one - the model for enterprises, the shares of which quote at the securities exchange, the third one - the model for enterprises, the shares of which do not quote at the securities exchange), the Lis, Tafler and Springate methods. The analysis of Lithuanian enterprises, including the operating ones and the ones, which have gone bankrupt after the period under review, was done, seeking to ascertain feasibility of application of the models, meant for forecasting of bankruptcy

Diagnostics of bankruptcy threat to enterprises

The prepared diagnostics of bankruptcy threatening to the enterprises is submitted in the present thesis. Herein, bankruptcy threatening to the enterprises is being diagnosed as per three stages, i.e. the condition of the enterprise and the reasons, which have determined such condition, are being gradually concretized. The financial condition of the enterprises and the threat of bankruptcy are being evaluated at the first stage by applying the integrated model, which assists in achieving the generalized evaluation of the condition. The relative financial indices of the enterprise are being analyzed at the second stage seeking for diagnosing the problematic fields of the enterprise. The third stage, at which the absolute financial indices are being analyzed, is aimed at ascertaining the reasons, which have determined the condition of the enterprise. The size of the crisis, its activity factors are ascertained considering evaluation indices of the enterprise condition; they allow selecting substantially the bankruptcy prevention measures out of the possible leading set of internal and external measures

Application of models for forecasting of enterprise bankruptcy

The essence of the models, meant for forecasting of bankruptcy of enterprises, is a complex index, which covers various spheres of the enterprises’ activity and which allows to evaluate the threat of bankruptcy of enterprises according to the fixed critical limits of values. Several models, meant for forecasting of bankruptcy of enterprises, which imply application of the lineal discriminant analysis, were selected, i.e. the Altman method (the first one – the two indices model, the second one – the model for enterprises, the shares of which quote at the securities exchange, the third one – the model for enterprises, the shares of which do not quote at the securities exchange), the Lis, Tafler and Springate methods. The analysis of Lithuanian enterprises, including the operating ones and the ones, which have gone bankrupt after the period under review, was done, seeking to ascertain feasibility of application of the models, meant for forecasting of bankruptcy. Article in Lithuanian. Įmonių bankroto prognozavimo modelių taikymas Santrauka. Įmonių bankroto prognozavimo modelių esmė – kompleksinis rodiklis, apimantis įvairias įmonių veiklos sritis, leidžiantis  įvertinti  įmonių  bankroto  grėsmę  pagal  nustatytas  kritines  reikšmių  ribas.  Pasirinkta  keletas  įmonių  bankroto prognozavimo modelių, kuriuose naudojama tiesinė diskriminantinė analizė: Altmano (pirmasis – dviejų rodiklių modelis; antrasis –įmonių, kurių akcijos kotiruojamos vertybinių popierių biržoje, modelis; trečiasis –įmonių, kurių akcijos nekotiruojamos biržoje, modelis), Liso, Taflerio, Springate. Siekiant išsiaiškinti bankroto prognozavimo modelių taikymo tinkamumą Lietuvos įmonėms, buvo atlikta 20 Lietuvos įmonių, tarp kurių tebeveikiančios ir bankrutavusios po nagrinėjamo laikotarpio įmonės, analizė. Reikšminiai  žodžiai:  įmonių  bankroto  prognozavimas,  bankroto  prognozavimo  modeliai,  bankroto  tikimybė,  finansiniai rodikliai, įmonių veiklos būklė. First published online: 22 Dec 200

Anti-crisis management of enterprises as precondition of sustainable entrepreneurship

The paper examines the principles, stages and measures of enterprise anti-crisis management. Various interpretations of the concept of anti-crisis management are presented. The author supports the systemic treatment of enterprise anti-crisis management, when anti-crisis management is viewed as a complex of measures ranging from diagnostics of the financial condition of enterprises and their crisis to the development and implementation of special measures to prevent the critical condition. The content and concept of anti-crisis management are compared and linked with the concept of enterprise restructuring and its interpretations. The author describes the stages of enterprise anti-crisis management which can be implemented in the event of detecting negative trends in the activities of enterprises or when an enterprise faces a critical situation or when deciding on the continuity of its activities. An important role is played by the assessment of the financial condition of enterprises which can be performed using the express or comprehensive bankruptcy threat diagnostics. Such diagnostics allows for determination of the gravity of an enterprise’s financial condition, that is, the stage of the crisis. The identified financial condition of the enterprise and its gravity determine the nature of the anti-crisis measures applicable to the enterprise. The implementation of an enterprise anti-crisis management plan must be accompanied by the control of the process

The diagnostics of bankruptcy threat to enterprises

Disertacijoje nagrinėjama įmonių bankroto problematika: bankroto diagnostika, jo prognozavimo metodai ir prevencijos priemonės. Pagrindinis disertacijos tikslas – parengti kryptingą įmonių bankroto grėsmės diagnostikos sistemą, adaptuojamą greitai kintančioms verslo sąlygoms, sudarančią galimybę iš esmės padidinti bankroto numatymo patikimumą. Disertaciją sudaro įvadas, keturi skyriai ir mokslinį darbą apibendrinančios išvados, taip pat literatūros šaltinių sąrašas, autorės publikacijų disertacijos tema sąrašas ir priedai (pateikti elektroninėje laikmenoje). Įvade aptariama tiriamoji problema, darbo aktualumas, aprašomas tyrimų objektas, formuluojamas darbo tikslas ir uždaviniai, aprašoma tyrimų metodika, ginamieji teiginiai, darbo mokslinis naujumas, darbo rezultatų praktinė reikšmė. Įvado pabaigoje pateikiama disertacijos struktūra. Pirmajame skyriuje analizuojama įmonių bankroto statistika, bankroto veiksniai ir prieţastys, įmonių krizės stadijos ir įmonių bankroto prevencija, kurios kertinė dalis yra bankroto diagnostika. Antrajame skyriuje atliekama kritinė mokslinės literatūros, skirtos finansinės analizės, įmonių bankroto diagnostikos, prevencijos ir jų metodų bei priemonių problematikai, analizė. Nustatoma esamo įmonių bankroto diagnostikos (tame tarpe bankroto prognozavimo modelių) metodinio potencialo atitiktis praktikos poreikiams. Trečiajame skyriuje aprašomi empiriniai tyrimai, atlikti siekiant patikrinti populiariausių įmonių bankroto prognozavimo modelių patikimumą ir tinkamumą. Tyrimo rezultatais grindžiami reikalavimai baziniam įmonių bankroto grėsmės diagnostikos sistemos komponentui – integruoto vertinimo modeliui. Pateiktas tokio modelio prototipas ir jo adaptavimo specifinėms taikymo sąlygoms algoritmas. Ketvirtajame skyriuje išdėstoma parengta kompleksinė, kryptinga, naujais principais grindžiama įmonių bankroto grėsmės diagnostikos sistema, susidedanti iš trijų susietų skirtingo turinio analizės komponentų. Taikant šią sistemą įmonių bankroto grėsmės diagnostika atliekama pagal principą: nuo bendriausio (integruoto įverčio) iki konkretaus (probleminių sričių įverčių ir diagnozuotą būklę lėmusių prieţasčių) vertinimo. Nustatytos diagnostikos etapų tarpusavio sąsajos ir jų turinys. Disertacijos tema yra išspausdinta 15 mokslinių publikacijų: šeši straipsniai – EBSCO Business Source Complete duomenų bazėje referuojamuose žurnaluose, du straipsniai – recenzuojamuose mokslo žurnaluose ir septyni – konferencijų, kuriose padaryti pranešimai, straipsnių rinkiniuose.Daktaro disertacij

The risk of development of Lithuanian derivatives markets

Derivative financial instruments play a very important role in financial markets, but they are seen as rather contradictory and their impact on financial markets and the stability of these markets has not been comprehensively examined. Therefore, the aim of this article is to systematise the potential risks of derivatives in the context of the past global financial crisis, and the recent situation in Lithuania. In particular, growing international tension and deteriorating economic situation, make it necessary to re-analyse the recent crisis, its causes and consequences. The 2007–2008 global financial crisis revealed the challenges and risks of derivatives and showed the tremendous impact that their imprudent use may have on the stability of a financial system. The Lithuanian economy recently joined the euro, but its macroeconomic fundamentals show certain risks. Infrastructures of the derivatives market, liquidity and an adequate supervisory framework are necessary to maintain stability