Sustainability Aspects of Real Estate Development: Lithuanian Case Study of Sports and Entertainment Arenas

The principles of sustainability have become particularly important in the real estate and construction sector over the past decade. Despite extended efforts to evaluate the sustainability aspects of the real estate development, very few attempts have been exposed in the scientific literature pursuing integrating the investors and real estate developers’ responsibility for the local community, regional economy and environmental problems within their financial expectations. The paper presents methodology enabling evaluating the balance of real estate development sustainability and financial viability issues during the feasibility study process. The Model for Real Estate Investment Evaluation Based on Sustainable Development Aspects proposed by the authors was applied to the case study of Lithuanian sports and entertainment arenas. By using multi-criteria decision analysis sustainability assessment of multi-functional arenas was carried out which disclosed that positive sustainability effects lays down on the owner’s and operator’s monetary liabilities

New resonance approach to competitiveness interventions in lagging regions: the case of Ukraine before the armed conflict

Regional competitiveness is considered to be an alternative basis for the determination of regional interventions. However, the composite competitiveness indicator is quite sensitive to the weights of sub-indicators, no matter what methodology is being used. To avoid this uncertainty in the determination of regional interventions, we proposed a new non-compensatory resonance approach that is focused on the hierarchical coincidence between weaknesses of NUTS 1 and NUTS 2 regions measuring the extensive and intensive components of competitiveness. Such a coincidence, being perceived as a resonance effect, is supposed to increase the effectiveness of interventions triggering synergetic effects and stirring up local regional potentials. The components of competitiveness are obtained through synthesising DEA methodology and Hellwig's index, correspondingly focusing on the measurement of technical efficiency and resource level. In analysing Ukrainian regions, no correlation between resonance interventions and the composite competitiveness indicator or GDP per capita was found, pointing toward a completely different direction in resonance approach. In western Ukraine, the congestion of six NUTS 2 regions was defined as a homogeneous area of analogous resonance interventions focused on improving business efficiency.Web of Science171562

Why do regions differ in vulnerability to СOVID-19? Spatial nonlinear modeling of social and economic patterns

Certain groups of determinants (economic, environmental, social, healthcare) with the highest vulnerability identify the reasons for regional differentiation in morbidity and mortality from COVID19. This defines the necessity to find appropriate combinations of factors characterizing the vulnerability of a region. The methodology and tools to explain the regional specifics of population vulnerability to COVID19 are investigated through a systematic consideration of many public health factors, environmental, social and economic specific nature of regions. The aim of the article is to study the reasons for regional differentiation of population vulnerability (morbidity and mortality rates) from COVID-19. The authors investigate a nonlinear spatial model in which the stepwise algorithm of individual factor variables is added/removed from the model specifications step by step by the Aitken method depending on their correlation with morbidity and mortality from COVID-19 in the region. The FarrarGlober method is used to eliminate the multicollinearity of factors, the Spearman test is used to detect the heteroskedastic effect, and the Darbin-Watson test is used to check the presence of autocorrelation between the residues. As a result, the specification of the model with the highest adequacy in terms of p-value and tstatistics is formed. Relevant socioecological-economic vulnerability indices of regions to mortality and morbidity from COVID-19 are identified. The obtained results allow making adjustments in the state and regional programs concerning the mobilization of economic and healthcare systems

Factors of Lithuanian industrial competitiveness in export policy provisions

The article analyses the essential factors of country’s industrial export competitiveness and theoretical and methodological aspects of evaluation of competitiveness. According to the performed experimental evaluation the factors of competitiveness of Lithuanian industrial export were identified, the model of competitiveness factors of Lithuanian industrial export was formed. Evaluation of factors of competitiveness of Lithuanian export indicated that the model formed is an acceptable tool for country’s economic-social analysis, strategic planning and information.Straipsnyje analizuojami pagrindiniai šalies pramonės eksporto konkurencingumo veiksniai ir konkurencingumo vertinimo teoriniai bei metodologiniai aspektai. Remiantis atliktu ekspertiniu vertinimu nustatyti Lietuvos pramonės eksporto konkurencingumo veiksniai, suformuotas Lietuvos pramonės eksporto konkurencingumo veiksnių modelis, kuris gali būti taikomas kaip šalies ekonominės-socialinės analizės, strateginio planavimo ir informavimo priemonė

Įmonių socialinės atsakomybės įtaka jų konkurencingumui

Influence of corporate social responsibility on competitive abilities of corporations is analyzed in the article. While assessing the role of CSR in the processes of competitive advantages formation on the academic ground, the following traditional models of the competitive abilities analysis can be used: the model of five forces, the model of resource based approach and the model of network approach. Every model of the company’s competitive ability analysis has its advantages and disadvantages. Each of them can be useful in researching the connection between competitive advantages and CSR because they emphasize different aspects of the origins and the importance of advantages. The summarized scheme of the formation of competitive advantages, connected with CSR, is presented in the article. Meeting requirements of consumers is considered to be the centre-line of business oriented towards the market. The complex of marketing established for this purpose has to be founded on the principles of social responsibility. Meeting the requirements of consumers the interests of other groups and members of the society must be considered, so it is necessary to find out about these interests during the interactions with stakeholders. The tension between business and society is obviously unprofitable for both sides, thus its prevention and elimination are very important strategically. [...]

Factors of predictability of Lithuania’s economy

The expansion of European Union have determined and will determine in the future many changes in older and in newer member countries. Baltic countries - Lithuania, Latvia and Estonia - example not only extremely high rates of growth, but also as example of countries with less and less predictable future. The Baltic countries desire to become Euro currency countries. This is aim easier to achieve if business cycles in the Baltic countries and in other EU countries are symmetric, with low inflation and predictability of growth rates. We do affirm that the predictability of Lithuania's economy, comparing with older and bigger countries of market economy is not satisfactory. The circumstances, which determine such situation, are: still going on restructuring of the economy, in this final stage of transition to market economy background in all fields of economy and culture; still going on adaptation of human resources to new requirements, accompanied with the growing rate of migration; still to big dependence of the growth rates of economy on the successes of such big companies as Ignalina Nuclear Power Plant and "Mažeikių Nafta" oil refinery in export markets. The unpredictability also aggravates the bubbling real estate market. Paper intends to shed the light on the Lithuania's business cycle symmetry as compared to selected countries. Structural vector autoregressive model is employed in order to recover the underlying demand and supply shocks and further calculate correlation coefficients. Data for estimation covers ten years period starting with the end of 1993.If countries will experience asymmetric shocks and subsequently diverging business cycles, grave consequences like output loss and rise in unemployment may arise. Since the Baltic countries are geographically and economically perceived as EU "periphery" we check the hypothesis that their shocks might be uncorrelated with "core" EMU member shocks. Low correlation would suggest that at least currently these countries are not suitable good enough candidates for Euro zone at the moment. Our estimation indeed discloses troubling signs in this aspect. Symmetry among Baltic States and other EU countries business cycles is low. This finding clearly signals about potential welfare losses arising from asymmetric shocks after Euro accession. This suggests that some shocks might have been specific to economic reforms undertaken during transition and further development in the region. Demand shock correlation on average is lower than supply shock correlation. We think that increasing trade volumes with EU members and common EMU policies may alleviate the particular problem and force more converging business cycle fluctuations. The influence of the closure of Ignalina Nuclear Power Plant to the growth rate may be estimated as potential loss of as many as 2,8 percent points of growth rate, not taking into account potential loss yearly 4 - 5 billion Lt for acquiring Tradable CO2 Emission Permissions