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Ligita Gaspareniene

). Country comparison. CIA Factbook. Retrieved Sept. 14, 2014, from Invest Lithuania. (2014). Foreign direct investment in Lithuania: tendencies and prospectss. ISSUU. Retrieved Sept. 09, 2014, from Ivestors’ Forum Tax Group. (2011). Favourable and clear Lithuanian tax system for everybody. Investors’ Forum. Retrieved Sept. 12, 2014, from http

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Birutė Galinienė and Justina Stravinskytė

Not To Hedge?, p. 1-6 MSCI Index Research (2011), Global Investing: The Importance of Currency Returns and Currency Hedging, p. 1-6 Mina, J., Xiao, J. Y. (2001), Return to RiskMetrics: The Evolution of Standard, RiskMetrics Group, Inc., 119 p Vaičiulis M., the director of the Bank of Lithuania’s Banking Service’s interview to “Verslo žinios” newspaper (2013) Official statistics portal of Lithuania. The list of statistical indicators

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Gitana Dudzevičiūtė and Agnė Šimelytė

Energy Consumption and Economic Growth in Lithuania. The Engineering Economist, 22 (5), 510-518. doi: Campo, J., and Sarmiento, V., 2013. The Relationship between Energy Consumption and GDP: Evidence from a Panel of 10 Latin American Countries. Latin American Journal of Economics, 50 (2), 233-255. doi: Chen, P. Y., Chen, S. T., and Chen, C. C., 2012. Energy Consumption and Economic Growth - New Evidence from Meta Analysis. Energy Policy, 44 , 245-255. doi: http

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Gediminas Šlefendorfas


The paper is mainly devoted to the bankruptcy prediction models and their ability to assess a bankruptcy probability for Lithuanian companies. The study showed that the most common type of companies in Lithuania is a private limited company, therefore, the main objective was to analyse such companies’ financial information and by using these results, create a new bankruptcy prediction model, which would allow to predict the bankruptcy probability as accurately as possible. 145 companies (73 already bankrupt and 72 still operating) were chosen as a primary sample and by using multivariate discriminant analysis stepwise method a linear function ZGS has been created. To achieve that, 156 different financial ratios were selected as a primary input data by using correlation calculation between bankruptcy and still operating companies and Mann - Whitney U test techniques. The results showed that 89% of companies were classified correctly, which states that the model is strong enough to predict bankruptcy probability for private limited companies operating in Lithuania in a sufficient accuracy.

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Camilla Jensen and Aušrytė Rastenienė

. A., & Cavusgil, S. T. (2004). Innovation, organizational capabilities, and the born-global firm. Journal of International Business Studies, 35(2), 124-141. Kolasa, M., Rubaszek, M., & Taglioni, D. (2010). Firms in the great global recession: The role of foreign ownership and financial dependence. Emerging Markets Review, 11(4), 341-357. LB (2013): Lithuanian Economic Review. May 2013. Bank of Lithuania, Vilnius. Lee, S. H., & Weng, D. H. (2013). Does bribery in

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Virgilijus Rutkauskas and Laura Gudauskaitė

. (1992). Error correction models and agricultural supply response. Eur Rev Agric Econ, 2, 111-120. Hendy, D. F., Juselius, K. (2000). Explaining Co-integration Analysis: Part I. Energy Journal 21, 44. Land in Europe: prices, taxes and use patterns. (2010). European Environment Agency, No. 4/2010. Lithuanian Institute of Agrarian economics. (2018) FADN survey results. [Data file]. Retrieved from: MacKinnon, J. G. (1991). Critical values for cointegration tests - chapter 13. In: Engle, R

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Tomas Reichenbachas

Economics Vol. 57, 132-145. Kanngiesser D, Martin A., Maurin L., Moccero D., 2016: Estimating the Impact of Shocks to Bank Capital in the Euro Area. European Central Bank mimeo. Kiyotaki N., Moore J. 1997: Credit Cycles. Journal of Political Economy. Vol. 105 (2) 211-248. Kuodis R., Ramanauskas T., 2009 From Boom To Bust: Lessons From Lithuania. - Pinigų studijos 2009/1 Meeks R. 2012: Do credit market shocks drive output fluctuations? Evidence from corporate spreads and defaults. - Journal of Economic

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Kamile Jamontaite, Saida Ahmedova, Abdullah Okumus and Selen Ozturk

), “Evaluations of the Emplementation of National Export Developement Strategy: Case Study of the Republic of Lithuani”, Intelectual Economics, Vol. 6 No. 1, pp. 776-797. European Commission. (2014), “Turkish tariff quota system for certain processed agricultural products”, available at,, referred on 23/05/2016. European Commission. (2016), “Lithuania Cap in your country. European Commission”, available at, http

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Liudas Jurkonis, Šarūnas Merkliopas and Karolis Kyga

References A.Butkevičius: LJL shares transfer to LG will help company to become profitable, <>, viewed on 6th, July, 2016 Baltic institute of Corporate Governance, “CEOs in Lithuanian State-owned Enterprises”, 2013 Baltic institute of Corporate Governance, “Guidance on Board effectiveness”,>, viewed on 6th, July, 2016 Contract on the establishment of national investments

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Viktorija Cohen, Ivan Akulich and Aleksey Sverlov

simultaneous-equation system of gravity models, Research in International Business and Finance, 42, p. 353-364 Mažylis L. (2010). Šalia ne Europos: Europos Sąjungos kaimynystės politikos iššūkiai Rytų kaimynėms, Monografija, p. 216, Vytauto Didžiojo universitetas, Kaunas. Ministry of Foreign Affairs of the Republic of Lithuania. Retrieved from: Access Date Miškinis A., Dultsau I. (2012). Economic impact of EU-Belarusian trade, Ekonomika Vol. 91(2) p. 49-65 Pukšto