image001

 

image002

image003

J  .  A  . M  . I

Journal of Applied Management and Investments

 RUS    UKR

 

ISSN 2225-3467

 

 

icon2 Journal Home

icon2 Aims and scope

icon2 Editorial Board

   Current Issue & Archive

icon2 Authors Guidelines

icon2 Editorial Contacts

 

 

 

 

 

 

 

 

 

Current Issues & Archive

 Volume 7 Issue 4 2018                                  Abstracts

 

 

 

 

 

 

 A Model of the Net Present Value of “Zero-Interest” Instalment Schemes

M. Dash, T. Motukuri        

This study proposes a model for ‘zero-interest’ instalment schemes in terms of the net present value for the financial institutions and for the consumers. The proposed model is especially of use for the consumers, allowing them to assess the affordability of the scheme in terms of the amount of down-payment that they have to immediately pay, the period over which they can spread the payments, and their resultant savings. The model also suggests a simple process for financing institutions and consumers to select a scheme to optimise their respective net present values.

Keywords: ‘zero-interest’ instalment schemes, net present value, optimisation

JEL Codes: D14, G21, L68

Citation: Dash, M. and Motukuri, T. (2018), “A Model of the Net Present Value of “Zero-Interest” Instalment Schemes”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 179-184.

  

  West vs East: How Different Is Performance in European Winemaking

A. G. Goncharuk, R. Sellers-Rubio

This paper aims to find out how much the performance of winemaking has changed during the last decade and what are the main differences of winemaking productivity in the East and West of Europe. Using a sample of Spanish and Ukrainian wineries between 2008 and 2016, the authors estimated productivity change and its decomposition into efficiency change and technological change using Malmquist total factor productivity indices and DEA. Generally, results show a slight increase in total factor productivity in both countries, which is more dynamic in Ukraine. Furthermore, this growth is explained by the confluence of two factors acting with contrary signs. On the one hand, a decrease in wineries’ efficiency derived from their wrong management. On the other hand, a positive improvement in productivity as a consequence of a frontier shift, which is interpreted as technical change. Despite the huge gap in living standards and economic development between Western and Eastern Europe, authors found a shrinking gap in the capital productivity in winemaking of Spain and Ukraine. Together with the positive technological changes this gives hope on improving investment attractiveness of winemaking business in Eastern Europe, but also leaves Spain good chances on further efficient development of winemaking.

Keywords:  performance, productivity, efficiency, winemaking, technological change, Spain, Ukraine

JEL Codes:   L25, D24, L66

Citation:  Goncharuk, A.G. and Sellers-Rubio, R. (2018), “West vs East: How Different Is Performance in European Winemaking”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 185-200.

 

   Quality as the Main Competitive Tool and Its Role in Accounting Performance: An Empirical Study in Lighting Equipment Industry

M. (Stefan) Hint

The purpose of this article is to describe quality as an instrument of managerial performance in the sense of responding to the competitive environment, and how we can measure quality costs, also taking into account compliance factors, making it easier to explain. The author demonstrated that an economic entity that does not invest in quality under the present conditions of unprecedented competition in this area risks a considerable decline in market share, revenue and profits. The paper showed that the  emphasis on product quality in general, but especially concerning the production of lighting equipment, leads to a consolidation of production resulting in lower production costs, customer satisfaction and generation of future revenue, or in some cases keeping steady incomes.

Keywords: managerial accounting, quality, cost calculation, prices, lighting industry, management

JEL Codes:   M41, L15, L64

Citation: Hint, M. (2018), “Quality as the Main Competitive Tool and Its Role in Accounting Performance: An Empirical Study in Lighting Equipment Industry”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 201-213.

 

   The Relationship Between Inflation Rate and Nominal Interest Rate in Bolivarian Republic Of Venezuela: Revisiting Fisher’s Hypothesis

M. Kasim, B. Naima

Stability of economics over the world represented by understanding the relationship among the interest rate and inflation rate. This paper investigates the relationship between inflation rate and nominal interest rate based on Fisher equation, using a monthly frequency data in case of Venezuela between 1/1/1990 to 31/12/2016. The Dickey Fuller (ADF) test and Phillips-Perron (PP) test both have empirically used to check the unit root. Also, Johansen for Co-integration test is exploited to study the equilibrium relation for long run between the inflation rate and the nominal interest rate in the time series data. The result shows that both variables are non-stationary at Level I (0) in both tests (ADF and PP), after converting the variables to first difference I (1) with taking the log both of interest rate and inflation rate become stationary. The Johansen co-integration null hypothesis is failed to be rejected in both tests Trace-statistics test and Max-Eigen statistics. This means that the long-run equilibrium relation between the inflation rate and nominal interest rate in Venezuela during 1990 to 2016 is not existed, i.e. the Fisher hypothesis does not hold through the sub-period in Venezuela.

Keywords:  nominal interest rate, inflation rate, Fisher Hypothesis, United Kingdom, co-integration, relationship, Johensen test, Bolivarian Republic

JEL Codes:   E31, E43

Citation:    Kasim, M. and Naima, B. (2018), “The Relationship Between Inflation Rate and Nominal Interest Rate in Bolivarian Republic Of Venezuela: Revisiting Fisher’s Hypothesis”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 214-224.

 

 

   Development of Changes in Corporate Governance Considering Its Non-Financial Factors through the Companies´ and Investors´ Lens

A. Krýslová

The aim of this paper is to extend the existing knowledge of the IPO influence on corporate governance with regard to the impact of non-financial factors. The paper brings a new perspective by defining non-financial factors that are affecting key aspects of corporate governance and focuses on the non-financial factors that influence corporate governance in the IPO phase and after its implementation. This paper closely examines non-financial factors that play the most important role in the companies’ and investors´ lens. Variability of non-financial factors in time is described and the basis of the relevant implementation that can move the company into the next successful phase of its financial future is proposed. Corporate governance does not have a global form or standard. The form of corporate governance is shaped by many different influences and is country-specific. Therefore, the Polish market was set as a reference point in order to eliminate the impact of these differences on the final outcome of the research.

Keywords: corporate governance, IPO, non-financial factors, investor

JEL Codes: G34, G41

Citation: Krýslová, A. (2018), “Development of Changes in Corporate Governance Considering Its Non-Financial Factors through the Companies´ and Investors´ Lens”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 225-235.

 

 

   Measuring Models and Trends in International Factoring: 2009-2018

G. V. Satya Sekhar

Financial markets have traditionally been the major source of long-term funds for the economy in line with the development objective of the state. Factoring as a tool of ‘Asset liability management’, provides institutions with protection that makes an acceptable amount of risk, and the models relating to international factoring  enable to measure and monitor risk. The year 2018 has faced various risks due to unexpected situations like Brexit, Euro Currency, financial turmoil etc. The author concluded that the tides in economic conditions are affecting the dollar price, flow of currency and also the volume of international factoring.

Keywords: international factoring, foreign currency, import factoring, export factoring, receivables management

JEL Codes: G12, G32, D53

Citation: Satya Sekhar, G.V. (2018), “Measuring Models and Trends in International Factoring: 2009-2018”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 236-245.

 

 

     Comprehensive Assessing the Enterprise Development Considering the Educational and Professional Potential of Employees in Management System

R. Skrynkovskyy, T. Protsiuk, O. Ogirko, N. Pavlenchyk

This paper aims to substantiate the theoretical positions and develop practical recommendations for the development of tools for analytical assessment of enterprise development taking into account the educational-professional potential of the personnel (in the management system) as a factor of the effectiveness of the functioning of the enterprise and the formation of its prospect. The obtained results improve the analytical method of the complex assessment of the enterprise development, which, unlike the existing ones, takes into account the following inalienable structural components (absolute business indicators): 1) the scale of enterprise development considering the level of educational-professional potential personnel in the management system; 2) the level of quality of enterprise development. The authors established that in order to ensure the effective development of any enterprise, the following two basic (fundamental) requirements must be fulfilled, namely: 1) a quality system of enterprise management; 2) high (or optimal, desirable) level of competitiveness and investment attractiveness of the enterprise, which directly depends on the educational-professional potential of employees in management system. It is determined that the educational-professional potential of personnel should be understood as the possibilities, knowledge and skills, competence and practical skills, which employees have mastered in educational institutions or during through self-education.

Keywords: enterprise, enterprise development, management system, employees, educational and professional potential

JEL Codes: M12, I25, O15

Citation: Skrynkovskyy, R., Protsiuk, T., Ogirko, O. and Pavlenchyk, N. (2018), “Comprehensive Assessing the Enterprise Development Considering the Educational and Professional Potential of Employees in Management System”, Journal of Applied Management and Investments, Vol. 7 No. 4, pp. 246-255.

 

 

 

 

 

J A M I

(c) 2011-2018 Journal of Applied Management and Investments