The Impact of Acquisitions on Corporate Performance Results During the Period of Economic Slowdown: Case of Lithuania

AbstractAn extensive scientific debate in various countries is inspired over the economic consequences of corporate acquisitions which are executed using different strategies and under different economic conditions. However there is a lack of researches that evaluate corporate acquisitions using different valuation techniques in Lithuania. Therefore in this paper, the impact of corporate acquisitions on profitability ratios and economic value added of the Lithuanian companies during the period of economic slowdown is evaluated. The research sample includes Lithuanian companies, listed at the NASDAQ OMX Vilnius Stock Exchange, which acquired at least one company during the period of 2008 – 2010. The impact of acquisitions is estimated by profitability ratios and economic value added. The research results evidence that both profitability ratios and economic value added decrease during short-term after an acquisition in majority cases. However the recovery can be observed during the last quarter, indicating that acquisitions are beneficial during the economic slowdown

Intercalibrating the national classifications of ecological status for very large rivers in Europe: Biological Quality Element: Phytoplankton

The European Water Framework Directive (WFD) requires the national classifications of good ecological status to be harmonised through an intercalibration exercise. In this exercise, significant differences in status classification among Member States are harmonized by comparing and, if necessary, adjusting the good status boundaries of the national assessment methods. Intercalibration is performed for rivers, lakes, coastal and transitional waters, focusing on selected types of water bodies (intercalibration types), anthropogenic pressures and Biological Quality Elements. Intercalibration exercises were carried out in Geographical Intercalibration Groups - larger geographical units including Member States with similar water body types - and followed the procedure described in the WFD Common Implementation Strategy Guidance document on the intercalibration process (European Commission, 2011). The Technical reports are organized in volumes according to the water category (rivers, lakes, coastal and transitional waters), Biological Quality Element and Geographical Intercalibration group. This volume addresses the intercalibration of the Very large river Phytoplankton ecological assessment methods. Thirteen countries (Austria, Belgium (Flanders), Bulgaria, Croatia, Czech Republic, Estonia, Germany, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia) participated in the intercalibration exercise and harmonised their benthic invertebrate assessment systems. The results were approved by the WG ECOSTAT and included in the EC Decision on intercalibration (European Commission, 2018). In addition, four countries (Italy, Finland, Norway, Sweden) provided justification for excluding Phytoplankton BQE assessment system.JRC.D.2-Water and Marine Resource

The Interaction of Public Debt and Macroeconomic Factors: Case of the Baltic States

Recent scientific discussion focuses on problems of public debt assessment and management caused by changing economic environment; thus, it is relevant to evaluate and compare how global financial crisis has affected public debt in countries with similar economies – the Baltic States. Research methods are the following: systematic literature analysis, logical comparative and generalization analysis, mathematical statistics. It has been found that Estonia has the lowest debt; export volume is one of the most significant factors related to public debt in all Baltic States

THE ANALYSIS OF CHANGES IN COMPETITIVENESS AND FISCAL POLICY OF LITHUANIA AND UKRAINE IN THE CONTEXT OF CYCLICAL DEVELOPMENT OF THE ECONOMY

Станкявічене Ю., Сінявічене Л., Кошеленко В. Аналіз змін в конкурентоспроможності та податково-бюджетної політики Литви та України в контексті циклічного розвитку економіки.Проведений аналіз показує, що рівень розвиток економіки Литви вищий, ніж у України, що призводить до підвищення конкурентоспроможності Литви. Ця ситуація призвела до стійкого економічного зростання і зниження витрат на  уряд. Цей показник розраховується співвідношенням державних видатків до ВВП. З метою підвищення конкурентоспроможності основних литовських і українських урядів є підвищення ефективності бюджетної політики та стабільності. Це може бути досягнуто за рахунок підвищення ефективності державних витрат, боротьби з бюрократією та корупцією.Станкявичене Ю., Синявичене Л., Кошеленко В. Анализ изменений в конкурентоспособности и налогово-бюджетной политики Литвы и Украины в контексте циклического развития экономики. Проведенный анализ показал, что уровень развития Литовской экономики выше, чем у Украины, что приводит к повышению конкурентоспособности Литвы. Такую ситуацию определил устойчивый экономический рост и снижение размера правительства, измеряемого отношением государственных расходов к ВВП. В целях повышения конкурентоспособности, главной задачей правительств Литвы и Украины являются повышение эффективности и стабильности налоговo-бюджетной политики. Это может быть достигнуто за счет повышения эффективности государственных расходов, борьбой с бюрократией и коррупцией.Stankeviciene J., Sineviciene L., Koshelenko V. The analysis of changes in competitiveness and fiscal policy of Lithuania and Ukraine in the context of cyclical development of the economy. The article evidenced that the degree of Lithuanian economy development is higher as compared to Ukraine which leads to higher competitiveness of Lithuania. Such situation was determined by more stable economic growth and reduced size of government sector which is measured by the government expenditure to GDP ratio. In order to enhance the competitiveness of Lithuania and Ukraine, the main objective of governments is to increase the effectiveness and stability of fiscal policy. This can be achieved by increasing the efficiency of public spending, reducing bureaucracy and corruption