Fintech as financial innovation – the possibilities and problems of implementation

There is a growing competition between banks and fintech not only in advanced economies, but also in the emerging markets. However, it is yet to be observed in Latvia to the same extent. This paper aims to evaluate fintech’s level of development in Latvia compared to Europe. The paper identifies financial services using innovative technologies offered by fintech companies, analyses the advantages and disadvantages of these services in comparison with services offered by the traditional financial sector companies (banks, insurance companies, institutions involved in asset management and investment, etc.), and evaluates how prepared are consumers to use fintech services. This paper documents the results of the survey aiming to clarify how well-informed consumers in Latvia are about fintech services, their convenience, speed and safety, as well as the consumers' current satisfaction with banking services. The hypothesis of this paper is that Latvian society is not ready to use services provided by fintech, but prefers banking services instead. Survey results provide some evidence in favour of this hypothesis: they show that respondents are generally unaware about fintech services in Latvia and their associated innovations and new financial products. This paper makes several recommendations for managers of fintech enterprises, association of start-up enterprises and risk capital funds as well as state institutions.peer-reviewe

The connection between an airport type and revenue structure at Baltic States airports

Airports are not only engines of transportation of passengers and cargo, but also commercial enterprises offering services far beyond transportation, which is why their revenues are formed by both aeronautical and non-aeronautical sales. Aeronautical revenues of some large European airports are higher than non-aeronautical revenues, whereas some regional and secondary European airports demonstrate the opposite trend. The aim of this research was to determine if there is a connection between an airport type and the ratio of aeronautical and non-aeronautical revenues at Baltic States airports in way that is consistent with the previous research. The aim was attained in three stages. The first, the definitions of the main and secondary airports were constructed via discourse analysis. The second, the structure of airport revenues of the selected Baltic States airports was analysed. The third, conclusions were made regarding a connection between an airport type and the revenue structure of these Baltic States airports. On the one hand, the research results suggested there might be a connection between an airport type and the revenue structure although this question requires further research, and on the other hand, the financial analysis showed that airports with a higher share of non-aeronautical revenues than aeronautical revenues were more resilient to crises

Evolution of Management Controlling Framework: Literature Review International Strategic Management Conference

Abstract Purpose Definition of Management Controlling Framework (MCF) had undergone many changes during a short period of time. Definition change mostly reflected a scope transformation during this system development. The aim of this paper is to investigate evolution of Management Controlling Framework, to compare different approaches and discuss outcomes, to propose future development directions based on historical background. It presents a historical revision of different trends of management controlling systems in organisations, according to four indicators: scope, outcome, tools and contradictions. Design/methodology/approach A systematic literature review of publications in public sector, management and accounting journals since 1990 was conducted with the aim to answer the research questions: 1. How Management Controlling Framework are described? 2. What are the main characteristics of MCF? 3. How scope of Management Controlling Framework changed over time. 4. What are the main contradictions? Data analysis was performed using Theory of Inventive Problem Solving (TIPS, TRIZ), and a special part of this theory Laws of (technical) systems (LTSE). Findings Overall, the results confirm that Management Controlling Framework (MCF) can be described and trended through Laws of (technical) systems evolution. These findings provide the following insights for future research such as solve contradictions: 1. Overview, but not overload (detalization problem). 2. Subsidiary independent, but over control (HQ involvement problem) 3.Managing Innovation versus Managing Operations (development problem). 4. Differentiation and unification (culture problem). 5. Leadership versus review (GM problem). 6. Common understanding on the control way and results quantification (Measurement identity problem)

The Financial and Economic Aspects of Transport Infrastructure Development in Latvia

This paper is devoted to topical issues in the development of transport infrastructure as a key component of the transport system of Latvia. The level of development of transport infrastructure is measured by specific economic indicators, which in their turn depend on the volume and efficiency of acquisition of sources of funding. The paper sheds light on the economic indicators of the development of the transport infrastructure in Latvia and issues of funding of this sector. The data contained in this paper reveals the size and directions of public investment in the transport infrastructure development. The paper focuses on the necessity to create the effective investment mechanism for financing the transport infrastructure of Latvia as a useful instrument in making investment decisions. Based on the theory of decision making the authors developed Investment Decision-Making Concept, which can be used when selecting investment projects in the field of transport infrastructure and their evaluation. This paper is based on the litera ture review of previously published papers of these authors. The authors refine their conceptual approach for developing an investment decision making mechanism, proposed in earlier papers, and offer recommendations aimed at policy-makers, professionals, academics and those with a broad interest in the field