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Publisher: Aleksandras Stulginskis University   (Total: 4 journals)   [Sort by number of followers]

Showing 1 - 4 of 4 Journals sorted alphabetically
Economics and Rural Development     Open Access   (Followers: 3)
J. of Water Security     Open Access   (Followers: 2)
Management Theory and Studies for Rural Business and Infrastructure Development     Open Access   (Followers: 2)
Science and Studies of Accounting and Finance : Problems and Perspectives     Open Access  
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Science and Studies of Accounting and Finance : Problems and Perspectives
Number of Followers: 0  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2029-1175 - ISSN (Online) 2351-5597
Published by Aleksandras Stulginskis University Homepage  [4 journals]

    • Authors: Astrida Miceikienė, Danutė Binkienė, Jūratė Savickienė, Vaida Butkuvienė
      Abstract: Agricultural cooperatives are an integral part of the social economy; therefore, their successful development is undoubtedly significant to the economy of country. The article deals with the issues related to the opportunities for the funding of agricultural cooperatives and problems thereof that have a decisive impact on the development of their activities. The study identified the needs of agricultural cooperatives for the financing, estimated traditional and alternative possibilities for the financing of agricultural cooperatives, analysed and summarized the challenges and potential solutions that would enable to improve the funding in the future. It was found that internal sources of financing are especially crucial for the agricultural cooperatives, especially for small ones: retained earnings, depreciation and amortization of long-term assets, net profit and asset sales revenue. However, such financing method is effective only as long as the company operates profitably. In the event of difficulties, the internal resources are often insufficient. The study revealed that two main funding trends are separated in the space of EU multiple financial possibilities. One is traditional, appealing exclusively to financial logic, and the other is an alternative form of financing, obeying social and ethical rules. The analysis of the possibilities for the use of traditional forms of financing of rural development found that these methods are not always possible in rural areas due to small-scale projects, lack of guarantees, high-risk, high costs for the project review. It should be noted that the main traditional source of financing such as bank loans are becoming less accessible. The losses incurred by banking sector in 2008-2009 as well as changed attitude towards the risks led to a significant change in lending policy. Agricultural cooperatives face the problem of financing, as the main banks in their activities focus on large companies and larger economic centres with less risk. In this case, it is essential to enable the agricultural cooperatives to use alternative sources of financing: funds of venture capital companies, investment funds and ethical banking funds. The study results revealed that alternative innovative financing methods are often more effective than traditional, but this capital market is not sufficiently developed in Lithuania. Innovation in finance to solve the needs of the rural sector should not be limited to financial institutions. The government can play a proactive role by promoting laws and regulations with new financial instruments or even raising awareness of existing ones to bring them to the attention of the financial and agricultural sectors.JEL Codes: Q13, Q14.
      DOI :
      PubDate: 2017-04-04
      Issue No: Vol. 11 (2017)

    • Authors: Vlada Vitunskienė, Lina Lauraitienė
      Abstract: Crop production risk - also known as crop-yield risk - is measured by yield variability. Crop-yield variability is well known to depend on the adverse weather phenomena such as drought, excessive/insufficient rainfall, hail, floods, extreme temperatures and others. Factors other than weather (e.g. plant diseases, plant pest infestation, or an environmental incident) influence the crop-yield variability as well. A high degree of yield variation of cereals, leguminous crops, rape and grain maize (their variation coefficient was 25.3, 28, 26.7 and 38.4 percent respectively over a quarter-century) indicates high-risk in crop production in Lithuania. This article focused purely on crop insurance-based risk management of the crop production risk affected by the extreme weather events. The aim of this study is to examine the crop insurance state and trends in Lithuania and to reveal the determinants which encourage or restrict the use of commercial crop insurance product in order to manage crop-yield risk on farms. Spatial analysis, farmers' survey, correlation and regression analysis methods and analytical tool “insured crops mapping” were used. Research results show that only about one tenth of the crop area is insured in Lithuania nowadays. On the other hand, insured area increased by more than threefold between 2008-2015. Simultaneously, empirical studies have found that the average crop insurance rate has dropped from 5.67 percent in 2009 up to 3.33 percent in 2015. Net financial result of crop insurance, expressed as ratio insurance payments to premium, averaged 0.98 during the past eight years (2008-2015). This shows that the commercial crop insurance products has minimized the crop-yield variability in value terms of the insured crops in the same period. The analysis reveals that a direct moderate correlation exists between the insured crop proportions and variables like soil productivity, farm size, insurable crop area proportion in UAA, crops represented proportion of total agricultural production and crop production intensity. The results of the regression analysis suggest that both first two explanatory variables – soil productivity and farm size – determined the proportion of insured crop area in 56.8 percent in LAU1 surveyed areas.JEL Codes: G22, Q14.
      DOI :
      PubDate: 2017-04-04
      Issue No: Vol. 11 (2017)

    • Authors: Vilija Aleknevičienė, Inga Basevičiūtė
      Abstract: The article presents the methodology for joint-stock companies’ capital structure formation based on the maximization of EVA and its testing on the joint-stock companies operating in Lithuanian milk processing industry. The analysis of previous researches showed the tendency to pay increasingly more attention to value-based performance measures rather than the accounting profit when making financial decisions, including the formation of company’s capital structure. Despite the fact that most scientists consider EVA being an appropriate measure for looking target (optimal) capital structure, some studies contradict the appropriateness of this measure for long-term horizon financial decisions. The analysis in this study is implemented by using the data of joint-stock companies operating in Lithuanian milk processing industry over the period 2004-2014, data of Baltic Security Exchange Market and Moodys‘s Credit Agency. The cost of equity and debt capital is calculated by using CAPM. The equity beta for simulated capital structures is calculated using the average asset beta, and the debt beta is calculated from the financial debts and financing costs, Cohen (2007) formula of debt beta and regression analysis. EVA is calculated as the difference between NOPAT and costs of invested capital. An average EBIT, adjusted by the amount of interests for simulated capital structures, and the average capital invested during the research period are used in this study as well. The results revealed that the target capital structures of joint-stock companies operating in Lithuanian milk processing industry are different: some companies have to increase financial leverage, while the others – to reduce it in order to maximize EVA. One of the main reasons of different target capital structures is different systematic, especially business, risk. The estimation of risk is based on market data. Consequently, in case of market‘s inefficiency it is better to estimate risk by using the accounting data because NOPAT variation coefficient strongly negatively correlates with the target capital structures of the companies analysed.JEL codes: G31, G32, M21.
      DOI :
      PubDate: 2017-04-03
      Issue No: Vol. 11 (2017)

    • Authors: Sabina Jurkaitienė, Deimena Kiyak, Elena Bružaitė
      Abstract: There isn‘t enough information about the components that influence a business solvency in scientific literature. In order for business to prepare for a change in solvency. Methodological analysis evaluates the resulting variables: cash flow, obligations, fixed asset and current assets change, Share capital, their relative indices, but it excludes external influence on these variables. The goal of the research was to evaluate the business environment  factors impact to the solvency of businesses. During the evaluation of the business environment only macroeconomics influence on solvency was analyzed, because of the research goal, internal insolvency reasons weren‘t evaluated. We chose these independent variables: GDP value and its change in Lithuania and the European Union, inflation, unemployment rate, tax burden, shadow economy  scale, corruption control index ,  the amount of companies in the sector, the amount of bankrupt companies in the sector and Lithuania, interest rates, cargo turnover change in the country, political stability and government efficiency indicators. Business environments influence on companies solvency was assessed using the linear regression method. Sample for the research – warehousing and logistics related services businesses divided into groups by their employee quantity. According to the findings made, businesses solvency is statistically highly correlated with external influences and every one of these influences were calculated individually using linear regression equations. This showed the external influences severity on the chosen variable. A conclusion was made that business environment influence on a companies solvency is different from dependent variable solvency rating and companies size. During the evaluation statistically important ties were found in companies, which employ more than 49 employers. Other relationships that were found: interest rates and inflation growth reduce a companies solvency rating, Shadow economy  decrease and the increase of corruption control increases the companies debt coefficient. The increase of businesses in the particular sector reduce companies debt coefficients.JEL codes: C10, E60, E32.
      DOI : 
      PubDate: 2017-04-03
      Issue No: Vol. 11 (2017)

    • Authors: Silva Katutytė
      Abstract: Wide range of users is using financial reports’ information for decision making. The quality of their decisions depends on the quality of financial reports. Scientists do not have a united opinion on which method of measuring the quality of financial reports should be applied. They offer a wide range of the financial report quality measuring methods. Therefore the user of financial report information faces the problem on what basis the financial report quality measuring method should be chosen. The aim of this paper is to identify the motives for choosing the method of measuring of financial reporting quality. The research in this paper is implemented by using comparative analysis, generalization and monography methods. The publications of researches on quality of financial reports in scientific literature have been analyzed. The analysis of concepts of financial reporting quality has been performed. The motives for choosing the method of measuring the quality of financial reports have been identified. Summarizing the concepts of quality of financial reports offered by various scientists it may be stated that financial reporting quality is the conformity of financial reports to established requirements of reporting and suitability for users’ needs and decision making. It was identified that the method of measuring financial reporting quality is chosen on the basis of the aim the user of financial information is measuring the quality of financial reports. The most frequently used methods were methods of evaluation of qualitative characteristics, earning management and real value. Less frequently used methods were accounting conservatism, timely loss recognition, audit results, transparency of financial information disclosure, internal quality control and misstatements. The systematized information on financial reporting quality concept, measuring aims and methods will be useful for fulfilling future investigations on financial reporting quality measuring methods, identification of advantages and disadvantages of various measurement methods in order to background the selection of financial reporting quality measuring method.JEL codes: M41.
      DOI :
      PubDate: 2017-04-03
      Issue No: Vol. 11 (2017)

    • Authors: Daiva Raziūnienė, Gintarė Verbickaitė
      Abstract: The financial auditors are required to provide the assurance for the public whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. The International Federation of Accountants, the International Auditing and Assurance Standards Board formulated general guidelines and principles of audit materiality assessments and provided that in auditing standards (IAA 320 and IAA 450). Financial auditors have independently to determine the materiality threshold and make professional decision about information significance according to International Auditing Standards. The aim of the article is to analyze tools of the proper consideration of the concept of materiality in financial statement auditing and provide interpretations of the materiality concept formation in the scientific resources and determine the factors of materiality. Based on the methods of information systematization and comparison paper analyzes the evolution of the materiality concept in scientific resources, discloses the role of Lithuanian scientists developing the conception of materiality and describes the matter of the materiality process. The conception of materiality includes quantitative and qualitative factors. Materiality, in general, can be understood as highly important information. The auditors evaluate significance and importance of the information making assumptions about the financial interests of consumer’s needs and attitudes. The article indicates the sequence of the materiality determination activities, identifies quantitative and qualitative materiality factors, provides the working materiality threshold.JEL codes: M42.
      DOI :
      PubDate: 2017-04-03
      Issue No: Vol. 11 (2017)

    • Authors: Ivana Váryová, Iveta Košovská
      Abstract: Each legal form of entrepreneurship requires the individual approach from the accounting point of view as every entrepreneur subject does not meet the definition of an accounting entity pursuant to the Act on Accounting. The paper´s aim is to compare the legal entrepreneurship forms from accounting point of view and to assess different alternatives of expense verifiability. The theoretical research has been applied for reaching the paper's aim. Basic input materials are legal norms. Generally accepted basic research were used when preparing the article. Based on the results it can be stated that entrepreneurs registered in the Business Register do not have a possibility to select from individual alternatives of keeping the evidence for their management and are obliged to keep the system of double entry bookkeeping. Natural persons are not obliged to register in the Business Register therefore they can select from various possibilities of verification of incurred expenses. One feasibility is presented by the system of double entry bookkeeping or single entry bookkeeping. The systems of keeping tax records or applying fixed expenses are others. The keeping of tax records is less administrative intensive compared to bookkeeping. Keeping of tax records is advantageous for an entrepreneur as he is not the subject of the Act on Accounting while he is not an accounting entity. The easiest alternative  for the entrepreneurs is not to verify real incurred expenses but to apply fixed expenses in the amount of 40 % from achieved income.JEL Codes: M41.
      DOI :
      PubDate: 2017-04-03
      Issue No: Vol. 11 (2017)
School of Mathematical and Computer Sciences
Heriot-Watt University
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