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By Disobedience to Success: When Brand Value should be Measured in a Different Way than how the Theory Recommends

Abstract

Brand value building and managing is an interdisciplinary issue with serious impact on company's effective market performance. Knowing this, more and more companies try to extract the competitive advantage of a valuable brand. But there are a lot of practical restrictions that result from universal application of formulated theory without respecting national specifics and which often lead to company's activities in scope of branding and brand value measuring not being successful. This is the reason for scepticism towards the implementation of brand management activities, especially in former socialistic countries where the tradition of brand is not so developed due to the long-term application of principles of planned economy. So, the undesirable spiral mechanism is evident – domestic companies apply inconvenient methods of branding and brand value evaluation – brand value decreases – companies rather do not build and manage theirs brands – brands lose their competitive potential in comparison with foreign competitors and the market deforms – only strong foreign brands applying their national branding mechanisms survive – the impression of the so called ‘good practice’ is created – the domestic companies apply inconvenient methods of branding and the circle starts again. According to this, the aim of this paper is to critically discuss the applicability of selected brand valuation methods in the specific conditions of Slovak republic and to verify its applicability in the context of framework conditions of their applicability. To achieve this aim, after the application of selected criteria, we applied the following methods of brand value measurement: royalty savings and brand value added.

Open access
Compensation for Those Indirectly Affected by the Death of a Household Member

Abstract

This article demonstrates the size of the budget gap that arises in a household after the death of that member who was the breadwinner of the family. It also describes how this gap can be covered by motor vehicle liability insurance. One source of funding for this gap could be, for example, an annuity for indirect victims. In many EU countries, people who are members of the household of the deceased are considered to be affected as a result of his death. Those indirectly affected will include the family members and relatives of the deceased (spouse, parent, child, sibling, and cohabitant). The person responsible for the death should pay compensation to the family members of the deceased. One of the elements determining this compensation should be the loss of income to the family of the deceased. The second element is compensation for the lost personal contribution. This paper presents the study of literature as an introduction to the relevant issues. The problem of compensation for lost income will be illustrated by legal regulations and calculations based on the account actuarial-term annuity. The study focuses on the selected EU countries. This article is part of a broader study by the author on the material consequences of personal injury and sources of their financing.

Open access
Cultural Adaptation of Erasmus Students in Latvia and Host University Responsibility

Abstract

Internationalisation of education and student mobility (incoming and outgoing) has become a significant factor in the sphere of higher education. These processes lead to interaction between local students and exchange students, as well as between exchange students and host universities. Being in the foreign country for a certain period (one or two semesters) requires some cultural and social adaptation that could or could not be problematic for various reasons. In order to maximise benefits for the exchange students and host universities, it is important to identify existing problems and to offer possible solutions. The aim of the current paper is to research the critical aspects of cultural adaptation process of ERASMUS students in Latvia. The international group that consists of a professor of the University College of Economics and Culture and three exchange students from Italy and Spain carried out the research. The empirical methods used were the following: a survey of ERASMUS students (non-probability purposive sampling) and semi-structured interviews with the host university ERASMUS coordinators. The data processing methods were the descriptive statistics as well as the thematic content analysis. On the basis of critical issues identified during the research process, the authors worked a set of practical solutions aimed at the host institutions.

Open access
Determination of the Value of Intangible Assets in the Companies of Lithuania

Abstract

In accordance with generally accepted accounting standards, most intangibles are not accounted for and not reflected in the traditional financial accounting. For this reason, most companies account intangible assets (IAs) as expenses. In the research, 57 sub-elements of IAs were applied, which are grouped into eight main elements of IAs. The classification of IAs consists in two parts of assets: accounting and non-accounting. This classification can be successfully applied in different branches of enterprises, to expand and supplement the theoretical and practical concepts of the company's financial management. The article proposes to evaluate not only the value of financial information for IAs (accounted) but also the value of non-financial information for IAs (non-accounted), thus revealing the true value of IAs that is available to the companies of Lithuania. It names a value of general IAs. The results of the research confirmed the IA valuation methodology, which allows companies to calculate the fair value of an IA. The obtained extended IAs valuation information may be valuable to both the owners of the company and investors, as this value plays an important practical role in assessing the impact of IAs on the market value of companies.

Open access
Factors Influencing Customer Trust in Mobile Banking: Case of Latvia

Abstract

The banking sector has developed and extended the use of its services in the past decade. In fact, nowadays mobile banking (M-banking) is the most developing service offered by a bank. In order to encourage customers to use m-banking services, it is extremely important to get clients to trust the M-banking services provided by the bank. This article discusses private clients’ trust in mobile banking in Latvia. Hence, the goal of the research is to identify the key factors driving individual customer’s confidence in mobile banking. In order to determine the weight of each factor, expert evaluation method based on analytic hierarchy process (AHP) was used. The results showed that the most vital factor affecting private clients’ trust in mobile banking is customer characteristics, especially customers’ computer literacy. However, after summarizing all the subfactors, it became clear that the most powerful in the trust-building process is convenience/practicality of using a mobile application. However, there is a limitation – the survey was conducted by interviewing experts, which means that the results may differ from the responses of the clients themselves.

Open access
Professional Development of School Principals in the Pilot Program of ‘Pedagogical Flexibility’: The Israeli Case

Abstract

The past decade constitutes a significant turning point in the orientation of policy makers in the Israeli educational system. This period is characterized by comprehensive structural and pedagogical reforms intended for the promotion of the system’s achievements. ‘Pedagogical Flexibility’, a reform in the professional development of teaching staff implemented in 2015, constitutes a significant breakthrough in the perception of development and learning in Israel. The school principals play a main role in leading the reform and in the development of a new organizational culture in the staff as well. This led to the creation of focused learning frameworks for school principals who sought to improve their knowledge and skill in the leadership of the reform. The article presents the main points of the first pilot program implemented in the North District for the training of 20 school principals in the reform and the main findings from the evaluation of the program, data from a questionnaire, and a focus group. In addition, the article proposes a critical look at the program effectiveness and indicates further focuses for future learning. The article presents a view of the role of the school principal in the leadership of the professional development in Israel and reviews theoretical aspects that arise from the research regarding this issue.

Open access
Professional Roles as the Structural Component of Professional Identity of Higher Education Teachers in Samples of Riga and Smolensk

Abstract

The strengthening of professional identity (PI) of teachers of higher education institutions (HEI) is one of the ways to improve the quality of educational process. Performance of professional role(s) can be identified as the key component of PI. The contemporary university teacher performs many professional roles: she/he is a lecturer, researcher, supervisor of students’ research works, expert, and so on. Multi-role activity of a teacher is considered as a characteristic feature of the profession by the colleagues in Latvia, Russia and other countries. This research is based on the data obtained during the implementation of the Project ‘Professional Identity of Contemporary Pedagogue’ in 2014–2016 by the researchers from Riga (Latvia) and Smolensk (Russia). In the realization of the project, the six-component structural model of the content of HEI teacher’s PI was created and the survey was carried out using the questionnaire ‘HEI Teachers’ Professional Identity’ developed by the project participants. Overall, a total of 198 teachers were surveyed in Riga and Smolensk. The aim of this article was to analyze and compare the data obtained for the PI component ‘Professional Roles’ in the samples of HEI teachers of both the countries. The data were analysed using statistical methods. The results showed that teachers of both the countries perform their professional roles at a high level. Overall, the answers of teachers of the two countries were well agreed. However, some peculiarities in the data of Riga and Smolensk were observed, and some problems of PI of HEI teachers were identified, which require attention of executives of the education reform and teachers.

Open access
Are the EU Member States Ready for the New Union Customs Code: Emerging Legal Issues On the National Level

Abstract

In 2016, the European Union has launched a new and ambitious project for the future regulation of international trade in the European Union and the rules of its taxation: since the 1 May 2016, the new Union Customs Code (UCC) has entered into force. It revokes the old Community Customs Code (CCC), which was applied since 1992, and passed in the form of EU regulation sets brand-new rules for the application of Common Customs Tariff and calculation of customs duties (tariffs) in all the EU Member States. It is oriented to the creation of the paperless environment for the formalisation of international trade operations (full electronic declaration of customs procedures) and ensuring of a more uniform administration of customs duties in the tax and customs authorities of the Member States in the European Union. Therefore, the article raises and seeks to answer the problematic question whether the Member States of the European Union themselves are ready to implement these ambitious goals and does the actual practice of the Member States support that (considering the practice of the Republic of Lithuania). The research, which is based on the analysis of case law in the Republic of Lithuania (case study of recent tax disputes between the taxpayers and customs authorities that arose immediately before and after the entry into force of the UCC), leads to the conclusion that many problematic areas that may negatively impact the functioning of the new Customs Code remain and must be improved, including an adoption of new legislative solutions.

Open access
Bankruptcy Practice in Countries of Visegrad Four

Abstract

Numerous economists and analysts from all over the world have been trying to find an appropriate method to assess company health and to predict its eventual financial distress for many years. No economy is a small isolated subject, and the bankruptcy of a company can cause through its stakeholders′ significant impact on the sustainable economic development. Otherwise, companies are very complicated entities, and it is not a simple task to estimate company’s future development. Together with the best-known Z-Score model of bankruptcy prediction developed by Altman, numerous models worldwide that are based on different methodologies have been developed. We assume that individual state’s economy has major influence on the final form of these models as well as there are several common characteristics between Slovak economy and economy of countries of Visegrad Four. Therefore, we applied chosen bankruptcy prediction models developed in countries of Visegrad Four on the set of Slovak companies and validated their prediction ability in specific condition of the Slovak economy. On the basis of the provided calculations, we compared gained results with the prediction capability of other popular prediction models also applied on the data set of Slovak companies. Through this, we pointed out the importance of the development of unique bankruptcy prediction model, which will be constructed in the specific condition of individual countries, and highlighted the weak forecasting ability of foreign models.

Open access
Econometric Modelling of Influence of Level of the Social and Economic Infrastructure On Quality of Life of the Population

Abstract

In this article, the index approach to an estimation of situational multifactor economic categories is considered: a level of development of a social and economic infrastructure of region and population living conditions. Author’s mathematical models of formation of the integrated estimated indexes formulated on principles of the factorial analysis of hierarchies are used. The constructed estimated integrated indexes form a basis of ranging of territories, both in an annual cut and in dynamics on years that, in turn, allows to analyse the change in ratings of territories (during 5-10 years): on a level of development of an infrastructure and quality of life of the population. Authors give results of computer modelling of an index of development of a social and economic infrastructure. Here authors use additional parameters for the measurement of an index of capital investments in an infrastructure. Further, authors model an index of quality of life of the population. Here the methods used are the analysis of hierarchies, the factorial analysis and a method of the main things a component. Then the interrelation analysis between tendencies of change of indexes through comparison of ranks of territories is made. Theoretical offers of authors are accompanied by quantitative results of modelling experiments on materials of 30 Chinese provinces for the period of 10 years period.

Open access