Publisher: Vilnius University   (Total: 39 journals)   [Sort by number of followers]

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Accounting Theory and Practice     Open Access   (Followers: 4)
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J.ism Research     Open Access   (Followers: 4)
Jaunujų mokslininkų darbai     Open Access  
Kalbotyra     Open Access  
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Lietuvių kalba     Open Access   (Followers: 1)
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Literatūra     Open Access  
Lithuanian Surgery : Lietuvos Chirurgija     Open Access  
Nonlinear Analysis : Modelling and Control     Open Access   (Followers: 1)
Organizations and Markets in Emerging Economies     Open Access   (Followers: 4)
Politologija     Open Access  
Problemos     Open Access  
Psychology     Open Access  
Religija ir kultūra     Open Access   (Followers: 5)
Respectus Philologicus     Open Access  
Scandinavistica Vilnensis     Open Access   (Followers: 3)
Semiotika     Open Access   (Followers: 3)
Slavistica Vilnensis     Open Access   (Followers: 1)
Socialinė teorija, empirija, politika ir praktika     Open Access  
Socialiniai tyrimai     Open Access   (Followers: 2)
Sociology : Thought and Action     Open Access   (Followers: 1)
Taikomoji kalbotyra     Open Access   (Followers: 4)
Teisė : Law     Open Access  
Verbum     Open Access  
Vertimo studijos (Translation Studies)     Open Access  
Vilnius University Open Series     Open Access   (Followers: 2)
Vilnius University Proceedings     Open Access   (Followers: 3)
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Socialiniai tyrimai
Number of Followers: 2  

  This is an Open Access Journal Open Access journal
ISSN (Online) 2351-6712
Published by Vilnius University Homepage  [39 journals]
  • Compliance of Financial Statements of Small and Very Small Companies with
           the Provisions of Business Accounting Standards

    • Authors: Giedrė Balkytė Milda Kvekšienė Lina Striaukaitė
      Abstract: At the end of the financial year, companies’ accounting departments prepare sets of financial statements which are the most important regulated information source for assessing the company’s financial state and its performance. Article 16 of the Law on Financial Statements of Enterprises of the Republic of Lithuania states that financial statements are prepared in accordance with this Law, Business Accounting Standards (BAS) or International Accounting Standards. In the Explanatory Note it must be indicated according to which accounting standards the financial statements were prepared. According to the Lithuanian Department of Statistics, the domestic market is dominated by very small and small enterprises. These companies have a significant impact on the country’s economy. The financial statements of most of them are not audited and this lack of audit can cause some country-wide problems. The audit of annual reports according to Article 24 of the Law on Financial Statements of Enterprises of the Republic of Lithuania must be performed in enterprises if at least two indicators on the last day of the financial year exceed the following values: 1) the value of assets is 1,800 thousand euros; 2) net sales revenue during the budgetary year are 3,500 thousand euros; 3) the average annual number of employees according to the list during the budgetary year is 50 employees. The issue of accounting and financial statements’ quality were examined in various aspects not only by Lithuanian authors Legenzova (2016), Legenzova and Kancereviciute (2012), Guptor and Rudzioniene (2018), Lakis and Miniotaite (2016), Miniotaite (2017), Deveikis (2018, 2020), but also foreign authors such as Abbod et al. (2018), Franczak (2019), and Goncharenko et al. (2016). Most of these authors indicate compliance with the provisions of the regulations to be among the important factors determining the quality of financial statements. In order to improve the quality of financial statements in Lithuania, new initiatives are regularly brought forward to the Ministry of Finance and the Parliament to introduce measures in legislation that would improve the quality of financial statements of for-profit limited liability units. In 2015, the Parliament’s Audit Committee drafted a package of legislative changes. It proposed measures to improve the quality of financial statements as well as obliged entities to provide mentioned statements to the Register of Legal Entities for proper monitoring of the submitted documents. Those changes in the legislation, however, were not implemented. To implement public policy in the field of financial liability, the Authority of Audit, Accounting, Property Valuation and Insolvency Management (AVNT) for several years has been conducting a quality survey of the financial statements (Explanatory Notes) of 100 companies. In performing the analysis of the financial statements of the companies, AVNT assessed whether they comply with the provisions of the Business Accounting Standards and the submission of compulsory information in accordance with the requirements of the 6th Business Accounting Standard of “Explanatory Note”. For this study, unaudited companies are selected on the basis of the highest net sales revenue and the highest value of assets on the balance sheet. The results of this study show that the quality of financial statements is not improving (AVNT, 2020). It is difficult for small and very small companies to constantly monitor and comply with the requirements and alterations of the financial statements preparation standards. This gives rise to the following question: How much do the financial statements of small and very small companies match with the provisions of the Business Accounting Standards' Linartas (2020) argues that the quality of financial statements is poor in companies that are managed by one or more owners. This might be due to the fact that the owners of such companies receive the information about their companies’ financial state and performance directly and have no interest in disclosing it in the financial statements. The object of the research are sets of financial statements of small and very small enterprises. The aim of the research is to analyse the compliance of the financial statements of small and very small enterprises with the provisions of the Business Accounting Standards. The objectives of  the  research are the following: 1. To assess the compliance of the general composition of financial statements of small and very small enterprises submitted to the General Meeting of Shareholders and the Register of Legal Entities with the provisions of 1st BAS “Financial Statements” and the Law on Financial Statements of Enterprises; 2. To analyse the compliance of the individual parts of financial statements of small and very  small  companies  with the provisions of the Business Accounting Standards. The chosen methodology for this research includes systematization, grouping and summarization of data as well as document content analysis. The research methods are the analysis and synthesis of legal acts regulating the composition of financial statements and requirements for the preparation of separate reports, as well as of scientific literature. Furthermore, systematization, grouping and summarization of data and analysis of document content were applied to the analysis of financial statement data. In order to analyze the compliance of the financial statements of small and very small enterprises with the provisions of the Business Accounting Standards, 72 sets of financial statements  of  private  limited  companies  operating  in Western Lithuania were obtained. The criteria for small and very small enterprises were met by unaudited reports of 66 companies. The research shows that in some companies the General Meeting of Shareholders approv...
      PubDate: Sun, 06 Dec 2020 00:00:00 +000
       
  • Analysis of the Impact of Changes in the Functional Distribution of Income
           on Aggregate Demand

    • Authors: Justinas Statkus Zita Tamašauskienė
      Abstract: Over the past decades, there have been significant changes in the functional income distribution. The decreasing wage share in national income, the causes and consequences of this phenomenon have become the subject of both research and political debate. Over the past decade, research in the most developed countries has shown that economic growth has been influenced by wage share rather than a profit share. The decline in the wage share in countries’ incomes may have been the cause of slowing economic growth or a sluggish post- crisis recovery (Blecker, 2016). The decline in the wage share is one of the key aspects of changes in income change, which also includes an increase in personal income inequality (Hein, 2015). Although much research has been done on changes in the distribution of personal income, the problem of the functional income distribution has not been sufficiently explored. The concepts of income distribution and functional income distribution seem similar at first glance, but this is not the case. The distribution of income is described as the income earned in a country’s economy distributed among the total population. This indicator is usually calculated at the household level (i.e. the total income of all household members is calculated), taking into account the number of household members and their age. Meanwhile, the functional distribution of income is described as the distribution of national income between the two factors of production – labour and capital. This means that income is distributed between employees and capital owners. Theoretically, it is stated that 2/3 of  income goes to labour and 1/3 to capital. The impact of changes in wage and profit shares on aggregate demand is quite complex and depends, among other things, on the country specification, data sources and coverage, the measurement of different variables and the statistical methods used in the surveys. Bhaduri and Marglin (1990) analyzed the impact of changes in the functional distribution of income on consumption,  investment,  exports,  and  imports. The essence of the model is that wage share has a dual effect on the economy, at the same time it is business expenditures and the main factor of private household consumption (Storm andNaastepad, 2017). As the effects of changes in the functional distribution of income impact the components of aggregate demand in national income differently, the ultimate impact on aggregate demand is not clear. If the decline in the wage share has a positive effect on aggregate demand, it is considered to be profit- led aggregate demand, if it has a negative effect, demand is wage-led. In the macroeconomic  field,  aggregate  demand is understood as the total amount of final products and services produced in a country over a period of time that buyers can and want to purchase at a certain price level. Gross demand consists of 4 components: consumption, investment, exports and imports. This is the demand for the country’s gross domestic product (Basu and Gautham, 2019). By way of analysis, the main determinants of aggregate demand included in the researches can be identified. The most frequently included  factors  in the investment function are income, wage, profit, less frequently used factors are inequality of personal income and marginal propensity of employees to consume. In investment functions, the main factors are income, profit and wage income. Factors such as capacity utilization and business expectations are less frequently included in investment functions. The rest of the world’s income and export prices are usually included factors in the export function. However, less frequently included factors in the export function are housing assets. On the other hand, import prices and unit labor costs are the most commonly influenced factors in the import function. Less commonly used factors in the import function are investment costs. Based on the Bhaduri and Marglin model, a number of studies have been conducted to assess the impact on consumption, investment, import, export and to determine whether the economy is wage-led or profit-led (Naastepad and Storm, 2006; Hein and Vogel, 2008; Stockhammer and Ederer, 2007; Stockhammer and Stehrer, 2011; Onaran and Galanis, 2014). In their research, the authors make a clear distinction in which countries aggregate demand is profit-led and which is wage-led. In empirical studies, economic growth is stimulated either by exports or domestic demand. In the post-war period, most studies found wage-led domestic demand in almost all countries, but net exports can turn a particular economy into a profit-led one. Some researchers have studied the impact of changes in the functional income distribution on aggregate demand in individual countries, while others in groups of countries. In most of the countries (UK, Italy, Netherlands, Austria, Norway, Sweden, Denmark) analyzed in the empirical studies, domestic and aggregate demand was wage-led. Also, economic growth in most countries was driven more  by  domestic  demand  than by export. One of the worst examples of increasing economic growth is noticeable in Spain. The aim was to do this through internal devaluation – by reducing unit labor costs. However, the increase in net exports was smaller than the decrease in domestic demand, which had a negative impact on economic growth.
      PubDate: Sun, 06 Dec 2020 00:00:00 +000
       
  • Risk Factor Management in Medical Tourism Organizations

    • Authors: Šarūnas Banevičius
      Abstract: Tourism, as the third largest export sector in the world, is of great importance to global communities (UNWTO, 2018). Global Wellness  Institute  (2018) until 2022 predicted for the medical tourism industry an average of ≈8% of annual growth; however, with one of the highest risks, i.e. disease risk (in this case COVID-19), since April 6 2020, 96% of the world’s countries have travel restrictions:
      About 43 percent of states have closed all or part of their borders.
      About 21 percent of states have introduced travel bans for passengers from certain countries affected by COVID-19.
      About 27 percent of states have suspended all or part of their international flights to their
      The remaining 9% of states have applied the following travel restrictions: (i) the  requirement to immediately dissociate or quarantine, normally within 14 days since the arrival at destination; (ii) annulment or revocation of the visa upon arrival; (iii) travel bans for passengers arriving from certain regions (UNWTO, 2020). As a result, the tourism industry, alongside with medical tourism, is experiencing a major recession and the GWI (2018) forecast for 2022 loses its meaning. As a new form of tourism, medical tourism has become one of the fastest growing sectors of the tourism industry. Medical tourism can be defined as a “purposeful trip abroad to receive medical care” (Keckley and Underwood, 2008). Medical tourism can be viewed from two perspectives (Plianbangchang, 2018):
      Reactive means medical care that pays special attention to the treatment or elimination of existing diseases; Rehabilitation of the disabled is a conventional medicine that is sometimes called the sickness
      Proactive approach to health ensures/preserves the well-being, these services are focused on health promotion and disease Heung et al. (2011), Ganguli and Ebrahim (2017), Tham (2018), Nilashia et al. (2019) found that the development of medical tourism in Australia, Hong Kong and Singapore is mainly influenced by the following factors:  competence/human  capital,  infrastructure  and superstructure, government approach/policy/regulation, the range of developed services, communication between different market segments, investment opportunities, lack of strategic planning, underdeveloped public-private partnerships and international cooperation, shortcomings in marketing and branding strategies, lack of a unified accreditation and certification system. However, the authors did not single out and assess one of the most important phenomena hindering development – the consequences caused by risk factors. Lithuanian researchers studied the risk in various aspects:  patient  safety,  adverse  event  management, risk factor management and assessment (Kaleininkaitė and Trumpaitė, 2007; Buškevičiūtė and Leškevičiūtė, 2008; Kanapeckienė and Jurkuvėnas, 2009; Staliūnienė, 2009; Mekšriūnaitė and Rudaitis, 2013; Paškevičius, 2014; Stasytytė and Aleksienė, 2016; Jankauskienė and Kostereva, 2019; Babinskas and Kanapeckienė, 2019, etc.), however, the management of tourism risk factors has not been sufficiently studied yet. The  following  authors  have  examined  the  risk management  of  medical  tourism  in  foreign  literature: Wybo,  2004;  Camillo,  2015;  Mutalib  et  al.,  2016; Winsena et al., 2016; Hasan et al., 2017; Plianbangchang, 2018;  Ravulakollu  et  al.,  2018;  Nilashia  et  al.,  2019; Lubowiecki-Vikuk and Dryglas, 2019; Hyder et al., 2019. The problem of the research is how to effectively manage the risk factors of medical tourism. The aim of the research is to develop a management model after analysing the risk factors of medical tourism. Objectives  of  the  study:  (1)  to  define  medical tourism  risk  factors;  (2)  to  analyse  risk  management algorithms. Research methods: comparative logical analysis of scientific literature, modelling, generalization. Medical tourism organizations can be called complex socio-technical  organizations  that  operate  in a complex dynamic environment. As a result, these organizations are exposed to external and internal risk factors that need to be identified, analysed, assessed, prioritized, and managed. In this work, the author solved the problem: how to effectively manage the risk factors of medical tourism. During the analysis of the performed scientific literature, it was found that we can ensure a successful risk cleaning process by keeping with the following consistency: risk analysis, anticipation of possible accidents/factors, strategic planning, ensuring control and  feedback,  risk  profiling,  during  which  all possible risk factors are classified and prioritized. The risk of medical tourism involves two stages: first, when patients are abroad and second, when patients leave the hospital and return to their place of residence. Lack of information and insufficient communication between the doctor abroad and in the home country is another negative effect of medical tourism as the continuity of patient care is interrupted. Health information is not transferred from foreign hospitals to the home country, which can lead to several consequences, such as the inability to identify potential complications in a timely manner and the toxicity caused by the drugs used (Carrera and Lunt, 2010). Cammillo (2015) has attributed the emergence of medical tourism risk to the lack or scarcity of str...
      PubDate: Sun, 06 Dec 2020 00:00:00 +000
       
 
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