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Rizik je prisutan u svakodnevnom životu te predstavlja određenu nesigurnost ili opasnost koja se može dogoditi u budućnosti i imati neželjene posljedice. Najčešće vrste rizika su: kreditni rizik, kamatni rizik, rizik likvidnosti, operativni rizik i valutni rizik. Valutni rizik jedan je od najznačajnijih rizika, te nas on upozorava da promjena deviznog tečaja utječe na vrijednost aktive i pasive financijskih institucija koje su denominirane stranom valutom. Valutni rizik se najčešće mjeri pomoću izvješća o valutnom gapu, VaR metodologijom i metodom očekivanog gubitka. Gap izvješće osnovni je model mjerenja valutnog rizika. VaR metodologija je metoda koja se najčešće koristi za izračun valutnog rizika. Postoje tri osnovna modela za izračun VaR-a, a to su RiskMetrics model, povijesna simulacija i Monte Carlo simulacija. Kako bi valutnim rizikom što lakše upravljali tu će nam pomoći terminske transakcije, financijski derivati i operacije na novčanom tržištu davanjem ili uzimanjem kredita. Veoma veliku ulogu ima i diversifikacija portfelja kako bi se što lakše smanjio rizik barem jednog faktora koji utječe na cjeloviti portfelj. Za izgradnju portfelja bitna su četiri koraka:upoznaj samog sebe, upoznaj svoju investiciju, upravljanje rizicima i uravnoteženje portfelja. U ovome radu izračunate su standardne mjere rizika za tri odabrana tečaja te su prikazani primjeri izračuna VaR metode i povijesne metode na odabranim portfeljima. Risk is present in everyday life and represents a certain uncertainty or danger that may occur in the future and have unintended consequences. The most common types of risk are: credit risk, liquidity risk, interest rate risk, operational risk and currency risk. Currency risk is one of the most significant risks, and he warns us that changes in foreign exchange rates can affect the value of assets and liabilities of financial institutions denominated in foreign currency. Currency risk is most often measured using the currency gap report, the VaR methodology and the expected loss method. The Gap report is the basic model for measuring currency risk. VaR methodology is the method most commonly used to calculate currency risk. There are three basic models for calculating VaR, namely the RiskMetrics model, the historical simulation, and the Monte Carlo simulation. In order to manage currency risk as easily as possible, it is possible to manage forward transactions, financial derivatives and money market operations by taking or lending. Portfolio diversification also plays a very important role in order to minimize the risk of at least one factor that affects the entire portfolio. There are four important steps to building a portfolio: getting to know yourself, getting to know your investment, managing risk, and balancing your portfolio. In this paper, standard risk measures for three selected exchange rates are calculated and examples of calculation of VaR methods and historical methods on selected portfolios are presented.

The aim of this paper is to investigate socio-economic development drivers of NUTS 3 regions in the Czech Republic. The aim is fulfilled by examination of the relationship between one of the regional development factors – the companies’ size structure and the development of the region from both socio and economic views. We derive from the theory of diversification and prior empirical findings, and empirically test the role of companies’ size in regional development. We use a balanced dataset of 14 regions covering the years 2000 – 2016 that provides the information about regions’ socio-economic performance in terms of GDP and unemployment rate. We hypothesise that unemployment rate in the regions with higher share of small firms is less sensitive to the general trend of the whole economy. However, the higher share of small firms leads to improved regional GDP. Our findings confirm that small firms accelerate economic growth while playing a role of a social stabiliser in Czech regions. Our conclusions could help in designing the regional policy in the Czech Republic., Cilj ovog rada je istražiti pokretače društveno-ekonomskog razvoja NUTS 3 regija u Češkoj. Cilj se ostvaruje ispitivanjem odnosa jednog od čimbenika regionalnog razvoja - strukture poduzeća i razvoja regije sa socijalnog i ekonomskog stanovišta. Polazimo od teorije diversifikacije i prethodnih empirijskih nalaza te empirijski testiramo ulogu veličine poduzeća u regionalnom razvoju. Koristimo uravnoteženi skup podataka za 14 regija za razdoblje 2000. - 2016. koji pružaju informacije o društveno-ekonomskim rezultatima regija u terminima BDP-a i stope nezaposlenosti. U radu se polazi od hipoteze da je stopa nezaposlenosti u regijama s većim udjelom malih poduzeća manje osjetljiva na opći trend čitavog gospodarstva. Međutim, veći udio malih poduzeća dovodi do poboljšanog regionalnog BDP-a. Dobiveni rezultati potvrđuju da mala poduzeća ubrzavaju gospodarski rast istovremeno igrajući ulogu socijalnog stabilizatora u češkim regijama. Dobiveni zaključci mogli bi pomoći u osmišljavanju regionalne politike u Češkoj.

Unatoč sve većem udjelu energije dobivene iz obnovljivih izvora u ukupnoj strukturi potrošnje energije, prirodni plin ostaje vrlo važna komponenta u energetskoj bilanci. Ukapljeni prirodni plin ima sve veću ulogu u globalnoj energetskoj strukturi, između ostalog i iz razloga što je prepoznat kao tranzicijski energent na putu prema potpunom prestanku korištenja fosilnih goriva. Uspješnim završetkom izgradnje terminala za prihvat, skladištenje i otpremu UPP-a na otoku Krku, koji je 1. siječnja 2021. pušten u komercijalni rad, Republika Hrvatska je ostvarila strateški nacionalni prioritet u osiguravanju sigurnosti opskrbe plinom. Terminal za UPP značajno utječe na diversifikaciju dobavnih pravaca i omogućava opskrbljivačima prirodnim plinom u Republici Hrvatskoj i susjednim zemljama dobavu prirodnog plina iz izvora iz koji su do sada bili nedostupni regionalnom tržištu. Samim time značajno se izmijenila geostrateška pozicija Hrvatske kao poveznice prema tržištima ovog dijela Europe., Despite the growing share of energy from renewable sources in the overall structure of energy consumption, gas remains a very important component in the energy balance. Liquefied natural gas has an increasing role in the global energy structure, among other things due to the fact that it is recognized as a transitional energy on the way to the complete cessation of the use of fossil fuels. With the successful completion of the construction of the terminal for reception, storage and dispatch of LNG on the island of Krk, which was put into commercial operation on January 1, 2021, the Republic of Croatia has achieved a strategic national priority in ensuring security of gas supply. The LNG terminal significantly affects the diversification of gas supply routes, which enables Croatia to supply gas from sources from which gas has not been able to reach Croatia, and changes Croatia's geostrategic position as a link to the markets of this part of Europe.

Unatoč sve većem udjelu energije dobivene iz obnovljivih izvora u ukupnoj strukturi potrošnje energije, prirodni plin ostaje vrlo važna komponenta u energetskoj bilanci. Ukapljeni prirodni plin ima sve veću ulogu u globalnoj energetskoj strukturi, između ostalog i iz razloga što je prepoznat kao tranzicijski energent na putu prema potpunom prestanku korištenja fosilnih goriva. Uspješnim završetkom izgradnje terminala za prihvat, skladištenje i otpremu UPP-a na otoku Krku, koji je 1. siječnja 2021. pušten u komercijalni rad, Republika Hrvatska je ostvarila strateški nacionalni prioritet u osiguravanju sigurnosti opskrbe plinom. Terminal za UPP značajno utječe na diversifikaciju dobavnih pravaca i omogućava opskrbljivačima prirodnim plinom u Republici Hrvatskoj i susjednim zemljama dobavu prirodnog plina iz izvora iz koji su do sada bili nedostupni regionalnom tržištu. Samim time značajno se izmijenila geostrateška pozicija Hrvatske kao poveznice prema tržištima ovog dijela Europe.

Diversifikacija poljoprivrednih gospodarstava obuhvaća proširenje osnovne djelatnosti poljoprivrednika na proizvode višeg stupnja dovršenosti, ponudu ugostiteljskih i turističkih usluga, kao i pružanje obrazovnih i demonstracijskih sadržaja. Svrha je diversifikacije osigurati rast i stabilnost dohotka poljoprivrednika te neizravno ublažiti nepovoljne demografske trendove u ruralnom prostoru. Cilj je rada na primjeru članica Europske unije utvrditi čimbenike diversifikacije, njihovu korelaciju sa socioekonomskim pokazateljima te odrediti u kojoj su mjeri oni prisutni u hrvatskoj poljoprivredi. U radu je, na primjeru EU28, utvrđena statistički značajna povezanost (p < 0,05) između diversifikacije poljoprivrednih gospodarstava i pokazatelja produktivnosti, veličine poljoprivrednih gospodarstava, obrazovanja poljoprivrednika i određenih tipova proizvodnje. Upravo navedeni pokazatelji svrstavaju Hrvatsku u red slabije razvijenih zemalja Europske unije, umanjujući potencijal razvoja dopunskih djelatnosti na poljoprivrednim gospodarstvima. Rezultatima rada potvrđena je pretpostavka da je diversifikacija prisutnija u zemljama s razvijenijom poljoprivredom pa je njezino uključivanje u poslovnu praksu poljoprivrednih gospodarstava sredstvo jačanja poljoprivrede i općenito ruralne ekonomije Hrvatske., The diversification of family farms includes the extension of the basic agricultural activities to value-added products or services as food processing, catering and tourism services as well as educational and demonstration content. The purpose of diversification is to increase the level and stability of farmers' income and, indirectly, to mitigate unfavorable demographic trends in rural areas. The aim of the paper is to identify the diversification factors, their correlation with socioeconomic indicators, and to determine to what extent they are present in Croatian agriculture, based on the examples from EU member states. Taken into account the examples from EU 28 the results show statistically significant correlation (p < 0.05) between the presence of diversifying activities on family farms and agricultural productivity, average farm size, farmers' education and certain types of production. The aforementioned indicators put Croatia in the line of less developed countries of the European Union, thus reducing the potential for diversifying activities in the Croatian rural economy. The results of the paper confirm the assumption that diversification is more present in countries with more developed agriculture. Consequently, its inclusion in the business practice of farmers is an instrument of strengthening Croatian agriculture and rural economy in general.

Diversifikacija poljoprivrednih gospodarstava u segmentu turizma je svojevrsna inovacija u poslovanju i odgovor potrebama suvremenih turista. Cilj rada je istražiti profil posjetitelja maslinarskih gospodarstava, njihove motive i stav prema maslinarskom turizmu radi boljeg razumijevanja potražnje. Istraživanje je provedeno tijekom turističke sezone 2019. godine na uzorku posjetitelja (N=113) maslinarskih gospodarstava u Istri. Najvažniji motivi posjete su kušati, učiti i kupiti maslinovo ulje, pri čemu postoje razlike među posjetiteljima. Posjetitelji smatraju da je maslinarski turizam dodatni motiv za posjet destinaciji, ali i da su posjetitelji nedovoljno informirani o ponudi. Dobiveni rezultati poslužiti će u boljem planiranju ponude na maslinarskim gospodarstvima., Diversification of farms in the tourism segment is a kind of innovation in business and a response to the contemporary needs of tourists. The aim of the paper is to investigate the profile of visitors at olive farms, their motives and attitude towards olive tourism for better understanding of demand. The research was conducted during the 2019 tourist season on a sample of olive farms visitors in Istria (N = 113). The most important motives of the visit are to taste, to learn and to purchase olive oil, with some differences between visitors. Visitors believe that olive tourism is an additional motive for visiting a destination, but they also think that tourists are not sufficiently informed about the olive oil tourism offer. The obtained results can be used for better planning of touristic offer at olive farms.

Diversifikacija poljoprivrednih gospodarstava obuhvaća proširenje osnovne djelatnosti poljoprivrednika na proizvode višeg stupnja dovršenosti, ponudu ugostiteljskih i turističkih usluga, kao i pružanje obrazovnih i demonstracijskih sadržaja. Svrha je diversifikacije osigurati rast i stabilnost dohotka poljoprivrednika te neizravno ublažiti nepovoljne demografske trendove u ruralnom prostoru. Cilj je rada na primjeru članica Europske unije utvrditi čimbenike diversifikacije, njihovu korelaciju sa socioekonomskim pokazateljima te odrediti u kojoj su mjeri oni prisutni u hrvatskoj poljoprivredi. U radu je, na primjeru EU28, utvrđena statistički značajna povezanost (p < 0, 05) između diversifikacije poljoprivrednih gospodarstava i pokazatelja produktivnosti, veličine poljoprivrednih gospodarstava, obrazovanja poljoprivrednika i određenih tipova proizvodnje. Upravo navedeni pokazatelji svrstavaju Hrvatsku u red slabije razvijenih zemalja Europske unije, umanjujući potencijal razvoja dopunskih djelatnosti na poljoprivrednim gospodarstvima. Rezultatima rada potvrđena je pretpostavka da je diversifikacija prisutnija u zemljama s razvijenijom poljoprivredom pa je njezino uključivanje u poslovnu praksu poljoprivrednih gospodarstava sredstvo jačanja poljoprivrede i općenito ruralne ekonomije Hrvatske.

U ovome radu korištena je suvremena teorija portfelja Harryja Markowitza za stvaranje efikasnih portfelja unaprijed odabranih dionica. Izabrali smo četiri dionice sa Zagrebačke burze iz turističkog sektora. U prvom koraku iz povijesnih podataka kroz pet godina a preko dnevnih prinosa izračunavaju se očekivani povrat, varijanca i standardna devijacija za svaku pojedinu dionicu. Nakon toga izračunava se granica efikasnosti (Efficient frontier), kao portfelj od ove četiri dionice koji daje najbolji odnos prinosa i rizika. Svrha je pokazati kako najbolje kombinirati ulaganja u ove četiri dionice da bi dobili najbolji odnos prinosa i rizika. Rezultati rada jasno pokazuju da ima smisla ulagati u učinkoviti portfelj. Razlog tomu je da ovakva diversifikacija, u usporedbi s ulaganjem u pojedinačnu dionicu, ili povećava prinos uz dani rizik ili smanjuje volatilnost uz dani prinos. Osim toga, treba naglasiti da je ulaganje u jedan učinkoviti portfelj s vise dionica poželjnije od ulaganja u jedan učinkovit portfelj s manje dionica.

Rad se bavi razvojnim perspektivama ruralnog područja Grada Dubrovnika. Cilj je istražiti izazove s kojima se poljoprivrednici susreću u radu i svakodnevnom životu, utvrditi potencijale za razvoj te ponuditi razvojne smjerove ruralne lokalne zajednice u Gradu Dubrovniku. Empirijsko je istraživanje provedeno metodom ankete i polustrukturiranog intervjua među pedeset tri poljoprivrednika/ce u svibnju 2016. godine u selima i drugim naseljima u ruralnom prostoru koja pripadaju Dubrovniku. Utvrđena su tri komplementarna razvojna smjera: diversifikacija ruralnih djelatnosti koja je povezana s konkuriranjem za fondove Europske unije, osnivanje zadruga i razvoj zadružnog načina suradnje te prelazak na ekološku poljoprivrednu proizvodnju. U analizi se kritički sagledavaju razvojne prepreke u svim trima aspektima razvoja te se predlaže kako bi se razvojni potencijali mogli upotrijebiti na dobrobit lokalne zajednice. Slijedeći logiku neoendogenog ruralnog razvoja, autorice u zaključku ocrtavaju konture razvoja ruralnog područja Grada Dubrovnika koji bi, u socioekonomskom pogledu, u većoj mjeri integrirao Grad, ali ističu i prepreke na putu takvog razvojnog smjera u lokalnom kontekstu., In this paper, the authors discuss possibilities for development in rural areas belonging to the City of Dubrovnik. The purpose of the paper is to determine the challenges farmers face in both their work and their everyday lives and the prospects for development in their local community. A field study was conducted in May 2016 through surveys and semi-structured interviews of 53 farmers in villages and other settlements in rural areas belonging to Dubrovnik. The authors determined three complementary development objectives: diversification of rural activities, which is also connected to applications for EU funds; establishing cooperatives and developing cooperative-based means of collaboration; and transitioning to organic farming. In the analysis, the authors undertake a critical consideration of development obstacles to all three developmental aspects and suggest a means for potential for development to be used to benefit the local community. In accordance with neo-endogenous rural development, the authors conclude by presenting proposals for rural development that would go a long way towards a socio-economic integration of the City of Dubrovnik. The authors also emphasize obstacles within the local context that are standing in the way of this path towards development.

The main purpose of this article is to outline the current challenges of beer industry in Lithuania and provide suggestions for future development of organizations in this industry, by focusing on diversification strategy and social responsibility. The main challenges of Lithuanian beer industry are related to finding ways of future development in a constantly contracting market, as well as to find a competitive strategy of market penetration. In connection of these challenges, product differentiation creates new benefits for the consumers. However this strategy proves itself not being sufficient to reach the desired goals. Diversification of portfolio, being more risky, gives opportunity to target new customer groups and increase market presence. However, both strategies are less effective without changing the culture of drinking and consumer perceptions of beer. These issues will be addressed through the lenses of social responsibility, by emphasizing the promotion of responsible alcohol consumption and responsible behaviour of beer industry. As a result, the customers have to be ready to pay higher price for new products and develop a more responsible culture of beer consumption. To overcome outlined challenges, organizations in Lithuanian beer industry, must rethink their existing strategies and operations. Based on proposed future directions, the paper provides suggestions for business practices, how to implement differentiation strategy and actions in order to increase the level of social responsibility of various stakeholders.

Šiais spartaus žmonijos tobulėjimo ir technologinių pokyčių laikais, įmonėms darosi vis sunkiau rasti sau vietą rinkoje. Konkurencija darosi tokia aštri, kad verslas privalo labai aktyviai ieškoti naujų strategijų bei žengti koja kojon su technologijų pažanga, norėdami išlaikyti savo konkurencinius pranašumus. Ne išimtis ir nekilnojamo turto vystymo įmonės, kurios augant žmonių pragyvenimo lygiui bei keičiantis poreikiams, turi užtikrinti, kad jų produktai ar teikiamos paslaugos sugebės patenkinti klientų norus. Kaip ir kiekvienoje rinkoje, Nekilnojamojo turto (toliau – NT) vystytojai susiduria su didžiule konkurencija, kuri lemia jų išlikimą rinkoje, tad norėdami sėkmingai vystyti veiklą ir augti, verslininkai privalo peržiūrėti savo veiklą, produktus, ją modernizuoti, pasiūlyti naujus inovatyvius produktus ar paslaugas. Įmonės diversifikuodamos savo veiklą, didindamos teikiamų paslaugų ar gaminamų prekių kokybę bei diegdamos inovacijas didina savo konkurencingumą, taip užsitikrindamos aukščiausias pozicijas rinkoje. Darbo problema: Konkurencingumo teorinius aspektus analizuoja daug Lietuvos ir užsienio autorių. Analizuojant konkurencingumo sąvoką, svarbu išskirti veiksnius, lemiančius konkurencingumą bei įvardinti konkurencingumo didinimo priemones. Nors ir plačiau yra analizuojama konkurencingumo sąvoka, tarp autorių nėra vieningos nuomonės dėl konkurencingumui darančių įtaką veiksnių. Tiek Lietuvos, tiek ir užsienio autoriai išskiria skirtingas priemones konkurencingumui didinti bei konkurencingumui įtaką darančius veiksnius. Įmonės, siekdamos išlikti konkurencingos rinkoje bei vykdyti plėtros ir augimo strategiją, taiko veiklos diversifikavimo strategiją. Kadangi veiklos diversifikacija yra kompleksiška strategijos kryptis, kuriai nėra vieningo apibrėžimo, jos teorinius aspektus, tipus analizuoja daug Lietuvos ir užsienio autorių. Įmonių konkurencingumo didėjimas turi tiesioginę įtaką darbo vietų skaičiaus didėjimui, pragyvenimo lygio gerėjimui, naujų, inovatyvių sprendimų diegimui, todėl iškyla probleminis klausimas: ar diversifikuojant įmonės veiklą galima įgyti konkurencinį pranašumą? Darbo objektas: konkurencingumo didinimo vertinimas diversifikuojant įmonės veiklą. Darbo tikslas: įvertinti nekilnojamo turto įmonės konkurencingumo didinimo galimybes diversifikuojant veiklą. Darbo uždaviniai: 1. Išanalizuoti konkurencingumo ir diversifikacijos sampratos teorinius aspektus bei tarpusavio sąsajas. 2. Pateikti teorinį modelį, kaip pritaikant diversifikacijos strategijas, įgyti konkurencinius pranašumus nekilnojamojo turto įmonėms. 3. Įvertinti įmonės UAB „XNT“ esamą rinkos situaciją: įvertinanti rinkos konkurencingumą, poreikius, pasiūlą ir paklausą. 4. Pagrįsti nagrinėjamos įmonės konkurencingumo didinimo galimybes diversifikuojant veiklą. Darbo metodai: mokslinės literatūros analizė, antrinių informacijos šaltinių analizė, anketinė apklausa ir jos rezultatų analizė. Pirmoje darbo dalyje atliekama nekilnojamojo turto rinkos apžvalga, išanalizuojami konkurencingumo teoriniai aspektai. Antroje darbo dalyje pateikiama diversifikacijos teoriniai aspektai, kuriuos sudaro: diversifikacijos prielaidos ir tikslai, diversifikacijos samprata, diversifikacijos rūšys ir strategijos, veiklos diversifikacijos matavimas. Trečiojoje darbo dalyje pateikiama įmonės UAB „XNT\" konkurencingumo didinimo galimybių diversifikuojant veiklą tyrimo metodologija.Ketvirtojoje darbo dalyje pateikiami tyrimo rezultatai ir išvados, kurios apima: Įmonės išorinės aplinkos analizę pagal PEST, įmonės SSGG analizę, įmonės konkurentinės aplinkos analizę bei respondentų apklausos rezultatų analizę. Atlikus tyrimą buvo padaryta išvada, jog įmonei yra tikslinga taikyti horizontaliąją veiklos diversifikacijos strategiją klientams pasiūlant naujos statybos būstus, taip padidinant pardavimus bei užimamos rinkos dalį., Relevance of the topic. In these rapid development of human and technological change times, for businesses it is more and more difficult to find a place in the market. Competition becomes so sharp that the business must be very active in search for new strategies and to keep pace with advances in technology in order to maintain their competitive advantage. No exception is a Real Estate development companies, which are growing in order to fullfill people standards and changing needs, to ensure that their products or services will be able to meet customers' desires. As in any market, real estate developers are faced with fierce competition, which leads to their survival in the market and in order to develop a successful and growing busines companies must review their activities and products to offer new innovative products and services. Companies that are diversifying their activities, services or raising the quality of goods produced, increase their competitiveness thus securing the highest position in the market. Object of the thesis. The Assessment of the Increase in Competitiveness by Diversifying Activities. Aim of the thesis. To evaluate the possibilities of Real Estate company's competitiveness increase by diversifying activities. Objectives of the thesis: 1. To analyze the concepts of competitiveness and diversification, its theoretical aspects and interconnectedness. 2. To produce a theoretical model of how to adapt diversification strategies to gain competitive advantages in the Real Estate Companies. 3. To assess UAB XNT current market situation: assessing the competitiveness of the market, the needs of supply and demand. 4. To valide UAB XNT possibilities to increase its competitiveness by diversifying activities. Methods of the thesis. In the first part of the master‘s thesis a real estate market current situation and the analysis of competition theoretical background is presented. In the second part of the paper these theoretical aspects are presented: the definition of diversification, its types and objectives, different strategies. In this part of the paper a theoretical model for diversification strategy is presented. In the third part of the paper the methodology of the analysis is presented. In the fourth part of the paper the analysis of UAB XNT competitiveness, external and internal environment n, the analysis of competitors as well as the survey results are presented.

Cilj ovog istraživanja bio je usporediti hrvatsko tržište kapitala kao jedno tržište u razvoju, s njemačkim tržištem kapitala kao primjerom razvijenog tržišta, uz primjenu Moderne teorije portfelja. Dodatno, cilj je bio istražiti postoji li mogućnost diversifikacije rizika između dva europska, i u mnogo aspekata različita tržišta dionica, njemačkog i hrvatskog. U uzorak je odabrano devet dionica s hrvatskog dioničkog tržišta (indeks CROBEX10) te deset dionica s njemačkog tržišta kapitala (indeks DAX), a za analizu su se uzimali dvotjedni podatci. Definirale su se i obrazložile teorijske karakteristike moderne teorije portfelja i Markowitzovog modela, te hrvatskog i njemačkog tržišta kapitala s njihovim razvojem i indeksima. Provedena analiza pokazala je da su u 2016. i 2017. godini prinosi očekivano viši na hrvatskom tržištu kapitala, ali su rizici iznenađujuće viši na njemačkom dioničkom tržištu. Dodatno, dokazano je da se istovremenim ulaganjem na hrvatsko i njemačko tržište kapitala, ostvaruje bolja diversifikacija rizika. The aim of this study was to compare the Croatian capital market as one developing market, with the German capital market as an example of a developed market, using modern portfolio theory. In addition, the aim was to explore whether there is a possibility of risk diversification between two European, and in many aspects, different stock markets, German and Croatian. Nine stocks from the Croatian equity market (index CROBEX10) and ten stocks from the German capital market (DAX index) were chosen in the sample, and two-week data were analyzed. The theoretical characteristics of the Modern portfolio theory and the Markowitz model were defined and explained, as well as the Croatian and German capital markets with their development and indexes. The carried out analysis showed that in 2016 and 2017, yields on the Croatian capital market are higher as it was expected, but the risks are surprisingly higher in the German equity market. In addition, it has been proven that simultaneous investment in the Croatian and German capital markets will result in better diversification of risk.

Nuo senų laikų (XVI amžiaus) įmonių konkurencingumas bei jų konkurencinė sėkmę lemiantys veiksniai buvo svarbi ir tyrinėjama tema. Tokiu būdu buvo norima išsiaiškinti, kodėl tarp rinkoje esančių įmonių nėra lygybės, vienos pelningesnės kitos, skurdesnės. Laikui bėgant, vis labiau augant naujovių ir technologijų spartai, Lietuvai integruojantis į Vakarų ekonominę sistemą, konkurencingumas tarp organizacijų tampa aktualiu ir svarbiu tyrinėjamu objektu. Tokiai svarbai įtakos turi vis didėjanti konkurencinė kova tarp įmonių., In the XVI century, organization‘s competitiveness and its influencing factors were relevant topic, already. It was important to find out why some companies are richer and more successful than others, in these research. Competitiveness becomes more and more relevant and important study in this rapidly changing everyday innovation and successful Lithuania's integration into the Western economic system This topic is paying a special attention. Growing battle between the companies affects the relevance of competitiveness.

Diversifikacija poljoprivrednog gospodarstva/farme predstavlja upotpunjavanje ili proširivanje proizvodnog ili prodajnog asortimana uključivanjem novih proizvoda i usluga koji se razlikuju od dosadašnjih. Diversifikacija poljoprivrednog gospodarstva/farme je uobičajena praksa u ruralnim područjima širom svijeta. Uz povećanje financijskih, ekoloških i tržišnih pritisaka, diversifikacija nudi priliku za smanjenje rizika ostvarivanja prihoda te povećanje elastičnosti poslovanja poljoprivrednog gospodarstva/farme. Cilj ovoga rada je istražiti postotak diversificiranosti poljoprivrednih gospodarstava/farmi u državama članicama Europske unije (EU) kako bi se utvrdio trend diversifikacije kao i najviše zastupljene dodatne djelatnosti. Dostupne baze podataka obuhvatile su sljedeća vremenska razdoblja: 2000., 2003., 2005. i 2007. godinu kod većine država EU, izuzetak je Republika Hrvatska (RH) za koju je bila dostupna baza podataka za 2003. godinu i neslužbena baza podataka za 2007. godinu. Temeljem obrađenih podataka može se zaključiti da u zemljama Europske unije postoji proporcionalni odnos razvijenosti zemlje (BDP-a) i postotka diversifikacije, kao i trend povećanja broja diversificiranih gospodarstava uz istovremeni pad ukupnog broja poljoprivrednih gospodarstava. Republika Hrvatska je 2003. godine imala 5, 19%, a 2007. godine 7, 30% diversificiranih poljoprivrednih gospodarstava, ali uz vidno smanjenje broja diversificiranih, kao i ukupnog broja poljoprivrednih gospodarstava.

Tyrimo problema – kaip priimti geriausią ūkio diversifikavimo sprendimą? Darbo tikslas – nustatyti, kaip ūkio diversifikavimo sprendimą priėmė Lietuvos ūkininkai ir kokios pasiūlytos jį racionalizuojančios priemonės. Buvo ištirta 12 atvejų – ūkininkų ūkių, kurie diversifikavo ūkį. Nustatyta, kad ūkio diversifikavimo sprendimas buvo priimtas dažniausiai svarstant tik vieną galimą sprendimo alternatyvą. Nebuvo atlikta kompleksinė ūkio diversifikavimo sprendimo alternatyvų vertinimo analizė. Sprendimo priėmėjas, atsižvelgdamas tik į tuos veiksnius, kuriuos jis laikė svarbiais, priėmė sprendimą. Ūkio diversifikavimo sprendimas buvo priimtas skubotai. Dėl to sprendimo priėmėjai patyrė daug nuostolių, teko jiems papildomai investuoti, papildomai mokytis bei konsultuotis. Pateikiami siūlymai, leidžiantys priimti geriausią ūkio diversifikavimo sprendimą. The research problem – how to make the best economic diversification decision. It was analyzed in 12 cases – diversified farmer’s farm. It was found that the farm diversification decision was taken usually considering only one possible alternative solution. There was not carried out a complex farm diversification decision alternatives assessment analysis. Decision maker, subject only to those factors which it considered relevant, took the decision. Economy diversification decision was taken in haste. As a result, decision-makers have suffered many losses they had to make an additional investment, to study and to consult. This paper presents proposals to accept supposedly, best farm diversification decision.

Diversification of activities is one of the main strategies of an enterprise. This is a complicated and controversial process. Some consider it to be a perspective approach, while others think that it is too risky and, therefore, unreliable. To solve this problem, diversification of enterprise activities should be measured. A survey of the methods of diversification measurement shows that they are not accurate and do not reflect the real situation. With the increase of diversification of enterprise activities, two parameters, the number of divisions and the relationship between their activities, vary. The indicator of diversification should assess and integrate both parameters. In this process, the effect of each of the above parameters on the organisational structure, determining the outcome of diversification, should be examined. In this environment, the variation in the number of enterprise activities (or their directions) is more important because the establishment of new divisions depends on it. The variation in the relationships between the particular activities does not necessarily lead to the emergence of a new division. The calculations based on the data obtained from Lithuanian construction enterprises show that the indicator of enterprise diversificiation offered in the present paper satisfies all the considered requirements, while the calculations of its values for actual enterprises demonstrate that it may be successfully used in practice., Lietuviška santrauka. Viena iš pagrindinių įmonių plėtros strategijų – jų veiklos diversifikacija. Šis fenomenas pasižymi dideliu kompleksiškumu, todėl yra gana prieštaringas. Vienais atvejais manoma, kad tai perspektyvus būdas, kitais – kad diversifikacija yra per daug rizikinga, todėl vargu ar prasminga. Norint atsakyti į šiuos klausimus, veiklos diversifikaciją reikia išmatuoti. Matavimo būdų apžvalga rodo, kad jie yra netikslūs ir neatspindi realios padėties. Stiprėjant įmonės veiklos diversifikacijai, kinta du įmonės parametrai – padalinių skaičius ir jų atliekamų darbų santykis. Diversifikacijos rodiklis turi abu šiuos parametrus tinkamai įvertinti ir sujungti. Tai atliekant reikia atsižvelgti į kiekvieno iš šių parametrų įtaka organizacinei įmonės struktūrai, svarbiausiam įmonės veiklos diversifikacijai padariniui. Svarbesnis yra įmonės veiklos krypčių skaičiaus kitimas, nes nuo jo priklauso naujų padalinių atsiradimas. Verslo variacija dar ne visada gali būti naujo padalinio atsiradimo priežastis. Pateikiamas įmonių veiklos diversifikacijos rodiklis atitinka visus šiuos reikalavimus. Jo reikšmių skaičiavimas realioms įmonėms parodė, kad jis gali būti taikomas praktiškai.

Many small businesses grow by taking opportunities to diversify, although there are risks because of limited resources on all fronts. Businesses should weigh up the risks and costs of opting for growth carefully against the benefi ts. Diversifi cation can take several forms, including new, related products or services to existing customers, new markets for existing products, new products for new markets. But the aim of every company is to decide when and how to diversify. Analysis of literature helps us to understand that fi nding best moment for diversifi cation is related to the product or companies life cycle. Business diversifi cation is one of the companies growth strategies and correlates with corporate life-cycle theory. Corporate life-cycle theory is an extension of the product life-cycle concept developed in marketing. But there exist at least two problems in employing the concept. Firstly, there is no consensus on the defi nition of life-cycle model. And secondly, there is no consensus on the methodologies of identifying each life-cycle stage. Author is trying to fi nd such methodology and adapt it to Lithuanian economic situation., Lietuviška santrauka. Straipsnyje atskleidžiama pagrindinė diversifi kacijos strategijos taikymo praktikoje problema – nėra aiškaus atsakymo, kai tikslinga diversifi kuoti įmonę, kokiems rodikliams egzistuojant (arba kokiam rodiklių deriniui) įmonė gali pasirinkti šią plėtros strategiją. Teorijoje žinomas diversifi kacijos rezultatas ir jos teikiami privalumai įmonei, nusprendus praplėsti veiklą giminingomis arba ne veiklos sritimis, taip pat diversifi kuojant įmonę geografi niu atžvilgiu, tačiau nekonkretina, kokioje situacijoje įmonė yra pasiruošusi diversifi kuotis. Autoriai bando spręsti šią problemą, pirmiausia nustatant sąlygas, kuriomis įmonei tikslinga diversifi kuotis. Ilgalaikis nesulaikomas gaminamo produkto senėjimas verčia įmonę jau nuo jo kritimo fazės pradžios galvoti apie naujo produkto gamybą. Todėl diversifi kacijos strategijos taikymas tiesiogiai siejamas su konkrečiomis gyvavimo ciklo fazėmis. Kita problema, su kuria susiduriama siekiant sukurti taikomąjį diversifi kacijos modelį, – gyvavimo ciklo fazių ribų nustatymo problema. Dauguma autorių, nagrinėjančių produkto gyvavimo ciklą, apsiriboja fazių aprašymu, vadybiniais produkto gyvavimo ciklo momentais, akcentuojant bendro ciklo pratęsimo galimybes, pateikiamos elgesio rekomendacijos kiekvienu ciklo etapu. Tačiau praktiškai nenagrinėjama, kaip galima būtų nustatyti, kurioje fazėje konkreti įmonė ar produktas yra, kaip galima būtų išmatuoti kiekvieną ciklo fazę ir pateikti tinkamų rekomendacijų. Tiksliau, trūksta gyvavimo ciklo kiekybinio vertinimo modelių.

Šiandieninėje rinkoje pagrindinėmis gamybinių įmonių veiklos plėtros koordinatėmis yra tapęs konkurencingumas, kuris susijęs su darbo išteklių profesionalumu, žiniomis bei inovacijomis. Konkurencingumą lemia daugybė veiksnių, tačiau šiandieninėje rinkoje svarbiausia tampa naujų produktų, kurie kuria didelę pridėtinę vertę, gamyba, naujų technologijų diegimas, modernių verslo metodų taikymas, tarptautinė prekyba bei elektroninio verslo plėtra. Kadangi kiekviena tiek gamybinė, tiek bet kuri pelno siekianti organizacija siekia didesnės rinkos dalies ir pelno didėjimo, tai yra būtina įgyti ilgalaikį konkurencinį pranašumą, kuris yra tapęs šiandieninio verslo dalimi. Gamybinių įmonių konkurencingumo didinimas diversifikuojant veiklą, gerinant kokybę bei diegiant inovacijas, įmonėms garantuoja populiarumą vartotojų tarpe., Nowadays, in order to establish a place in the market, expanding manufacture companies focus on the quality of labor resources, knowledge and innovation. Competitiveness is determined by a lot of factors – installation of innovative technologies, application of modern business methods, international trade and establishment of online business. All companies, manufacturing or not, seek to establish a better position in the market to increase the profits which is a way to establishing long-term competitive advantage. Improvement of competitiveness of manufacturing companies by diversifying activities, improving quality and installing innovations guarantees popularity among consumers.

Kao društveno konstruisani koncept kvalitet u sebi nosi određena značenja i vrednosti, a vrednovanje kvaliteta postaje snažna alatka društvenih izbora i akcija koje se preduzimaju u oblasti javnog predškolskog vaspitanja i obrazovanja. Svi vodeći dokumenti, od Konvencije o pravima deteta Ujedinjenih nacija, Generalnog komentara broj 7 na Konvenciju o pravima deteta Ujedinjenih nacija, do Evropske deklaracije o pravima deteta, preporuka Evropske komisije za investiranje u decu i Stratergije Evropske Unije 2020, direktno ili indirektno postavlјaju zahtev državama da obezbede dostupno i kvalitetno vaspitanje i obrazovanje za rani razvoj dece. Prepoznajući značaj društvenog konteksta u identifikaciji mesta i uloge predškolskog vaspitanja i obrazovanja, otvara se mogućnost razmatranja njegove dostupnosti u integrisanom sistemu. Pitanje dostupnosti predškolskog vaspitanja je veoma aktuelno, ali i kompleksno pitanje, jer u sebe uključuje i pitanja raspoloživosti i pristupačnosti, ali i socijalne inkluzije i različitosti odnosno diversifikacije. Kompleksnost se ogleda upravo u načinu konceptualizovanja društvenih praksi i javne politike. U radu je dat osvrt na politike i implementaciju integrisanog pristupa predškolskog vaspitanja i obrazovanja u Srbiji i implikacije na diversifikaciju, u okviru dostupnosti kao jedne od dimenzije kvaliteta. As a socially constructed concept, quality contains within itself certain meanings and values, and the appreciation of quality becomes a strong tool of social elections and actions that are being taken within the public preschool education. All the leading documents, from the UN Convention on the Rights of the Child, The General Comment 7 on the said Convention, to the European Declaration on the Rights of the Child, recommendation of the EU Commission for investment in children and the Europe 2020 strategy, directly or indirectly set requests for the states to provide accessible and quality education for early childhood development. By recognizing the importance of social context in identifying the place and the role of preschool education, we open the possibility of its availability in an integrated system. The question of accessibility of preschool education is current, but is also complex because it contains questions of availability and affordability, as well as social inclusion and diversification. Complexity is seen through the very method of conceptualizing social practices and public policies. The paper reflects on the policies and implementation of integrated approach of preschool education in Serbia and implications on the diversification, within the concept of availability as one of the dimensions of quality.

Pensiju fondi ir viena no lielākajām investoru grupām pasaulē. To pārvaldībā ir vairākus miljardus vērti aktīvi, ko tie klientu interesēs izvieto finanšu un kapitāla tirgos. Finanšu krīzes rezultātā, investori visā pasaulē piedzīvoja investīciju vērtības samazinājumu. Autors noskaidroja, vai pensiju fondu portfeļu struktūras izmaiņas ir skaidrojamas ar finanšu krīzi. Autors veica regresijas analīzi, lai noskaidrotu, vai pastāv sakarības starp finanšu tirgiem un pensiju fondu portfeļu struktūras izmaiņām. Iegūtie rezultāti norāda uz to, ka izmaiņas ieguldījumu portfeļos ir skaidrojamas ar Eiropas reģiona akciju cenu izmaiņām, ASV un Eiropas akciju tirgu indeksu korelācijas koeficienta izmaiņām un kopējām Eiropas akciju izmaiņām akciju portfeļos. Kopumā pensiju fondi ir uzskatāmi par racionāliem investoriem., Pension funds are one of the largest groups of investors in the world. There are assets worth of billions under their supervision which are being placed in the financial and capital markets by them on behalf of their clients. As a result of the global financial crisis, investors across the globe suffered losses on the value of their investments. The author determined if the structural changes of the pension fund portfolios could be explained with the impact of the financial crisis. The author conducted a regression analysis, to determine if there is a connection between the financial markets and the structural changes of the pension fund portfolios. The results obtained during the research suggest that the changes in the investment portfolios can be explained by the price changes of the equities placed in the European region, the correlation coefficient changes of the European and American equity market indexes and the overall equity changes in the European equity portfolios. To conclude, the pension funds can be considered as rational investors.

Dotais darbs apskata ilgtermiņa sakarības starp Baltijas fondu biržām un nosaka potenciālos ieguvumus no atlasīto akciju diversifikācijas. Darbā tika atklāts, ka pastāv būtisks ieguvums, investējot kapitālu Latvijas un Lietuvas uzņēmumu akcijās, pateicoties ilgtermiņa negatīvai kopsakarībai starp abu valstu indeksiem. Vienlaicīgi, tika konstatēta potenciālā ilgtermiņa saikne arī starp Igaunijas un pārējo Baltijas valstu indeksu vērtībām. Tālākajā gaitā tika izstrādāti un piedāvāti ienesīgākie akciju portfeļi pie minimāli iespējamiem volatilitātes radītājiem. Optimālā akciju portfeļa izvēle būs atkarīga no izvēlētās tirdzniecības stratēģijas un investora toleranci pret risku., The following paper examines the long-term relations between the Baltic stock exchange markets and describes the potential benefits from diversifying into selected stocks. The research findings suggest that substantial benefits exist from investing in stocks of Latvian and Lithuanian companies due to both state indices long-term negative interconnection. At the same time, the possible long-term relation was found between Estonian and other Baltic state indices. Further on, the most profitable minimum variance stock portfolios were developed and proposed. Choice of the optimal portfolio will depend on selected trading strategy and investor’s level of risk tolerance.

Almost all, without any exceptions, European Union countries face the threats in obtaining supplies of energy resources. In the light of it, the European Union implements an energy policy that helps in pursuing to solve energy security problems, but the latter is often facing challenges and achieved results are often weak compared to the dynamic environment. Considering the fact that consumption of energy will grow in the future, while volumes of production will grow, despite the rapid development of the modern technologies used in energy sector, in the political map of the world wee will see more countries dependent on energy imports and having negative energy balances. Thus, in the future the weight of energy supply security ensuring issue in agenda of international relations will maintain its relevance and will be of particular interest to the European Union, seeking to strengthen its competitiveness. This reflects the problem of this work. This work – Estimation of the changes in security of energy resources supply: the case of European Union – aims to fill an analytical gap existing in the energy policy. The objective of this Master's work is to assess the security of energy supply in the European Union and to propose direction of its increase. In order to achieve the Master's work objective there are set the following tasks: 1. To define meaning of the energy supply security in the theoretical context; 2. To formulate a model for the energy supply security assessment; 3. Employing formulated model to evaluate the security of energy supply changes in the European Union; 4. Through the evaluation results reveal the directions of enlargement of energy supply security. Master's work covers the subject of energy supply security assessment in the European Union. In the work there are applied different methods of research: a theoretical analysis, comparison, evaluation, modeling, statistical and mathematical calculations, interpretation. Analytical study in this Master’s work has covered the subject of the distribution of trade (import and export) with the main energy resources (oil, gas, coal) by trade partner of twelve European Union countries. In this work the estimated the weight of energy resources in the national and international agenda justifies the importance of this factor to transformation of present and the future world. The approach of research, which to a significant extent is based on proposals submitted by E. Gnansounou, is supplemented and integrated by alternative indicators, which provide a model with theoretical value and extends the possibilities of using empirical data. It should be noted that in the master’s work employed research without significant restrictions could be used in assessing the vulnerability not only of the import of energy resources, but also the threat arising from the acquisition of other resources in foreign markets. This underlines and extends the boundaries of the practical applicability of the model constructed in this work. In the author's opinion, the work reflects the theme formulated, the established objective and tasks are reached. The construction of a relatively specific analytic access required introducing a valid creative input and interdisciplinary assessment, that emphasizes scientific value and theoretical significance of the work. In the future, researches on energy supply security could be to enriched by analysis of investment into energy supply security, because the question on the balance between the costs for security enforcement and other areas remains open. Also, in order to diversify the markets there remains uncertain benefit of selected economic directions, the strength of external suppliers’ interrelationships. These mentioned issues could be identified as issues for future researches pursuing to enhance the assessment of energy supply vulnerability.

Šiame darbe nagrinėjama geoenergetinių procesų Vidurio ir Rytų Europos šalyse įtaka Lietuvos geoenergetinei padėčiai ir energetiniam saugumui. Tyrime konstruojamas geoenergetinis valstybių tarpusavio sąveikos modelis, juo naudojantis bandoma paaiškinti Rusijos energetinę politiką Vidurio ir Rytų Europoje ir šios politikos pasekmes Lietuvai. Darbe tiriamos skirtingos Rusijos energetinės politikos strategijos atskirų VRE šalių atžvilgiu, taip pat bendradarbiavimo ir konkurencijos tendencijos tarp Vidurio ir Rytų Europos šalių. Teigiama, jog dėl Rusijos siekio užkirsti kelią bendrai Vidurio ir Rytų Europos šalių energetinei politikai šios šalys gali netekti galimybės diversifikuoti savo energijos išteklių tiekimą. Tyrime konstatuojama, kad Vidurio ir Rytų Europos šalys didžiausią strateginę reikšmę Lietuvai šiuo metu turi kaip energijos išteklių tiekimo iš alternatyvių tiekėjų (Azerbaidžano, Turkmėnistano, Kazachstano, Irano) tranzito šalys, be to, VRE šalys gali atlikti svarbų vaidmenį spaudžiant ES valstybes formuoti bendrą ir tvirtą energetinę politiką, kuri ne tik padėtų apibrėžti aiškesnius energetinius santykius su Rusija, bet ir skatintų konvergencijos tendencijas tarp pačių Vidurio ir Rytų Europos šalių. The main purpose of this paper is to find out what is the impact of geoenergetic processes in Central and Eastern European countries on Lithuanian geoenergetics. In order to do this, several tasks were accomplished. First, theoretical model of geoenergetic interaction between states was constructed. This model is grounded on the causal relations between states-consumers of energy resources, transit states and states-producers in ceteris paribus conditions. The main outcome of this model is the conclusion that the comparative geoenergetic power of states depends on the quantity of actors in each part of geoenergetic chain of states-producers, states-consumers and transit states. The more actors exercise the same geoenergetic role, the less comparative power each of them has in relations with other actors, which perform different geoenergetic role. Second, the geoenergetic position of Central and Eastern European countries was identified. These countries are important actors in transporting energy resources from the East to the West, therefore, in geoenergetic relations with other countries they perform the role of transit states. However, despite being important transit states, they are dependent on one main energy supplier – Russia. Therefore, their comparative geoenergetic power is limited because of the lack of geoenergetic actors in the suppliers’ part of geoenergetic chain. Third, Russian energy policy in Central and Eastern European countries was analyzed. There are... [to full text]

Ako želimo da predškolsko vaspitanje i obrazovanje stvarno poprimi odlike otvorenosti, autentičnosti i demokratičnosti u kome se dete sagledava kao kompetentno biće sa autentičnim načinom izražavanja i učenja, u kome se uvažavaju njegove potrebe i prava, ali i njegovih roditelja i u kome se gradi odnos participacije sa porodicom i širom lokalnom zajednicom, onda pitanje diversifikacije programa ne bi trebalo da postavljamo. Pitanje u kojim pravcima je moguće vršiti diversifikaciju ostaje i dalje otvoreno za promišljanje i ne može se ponuditi jedan, univerzalni odgovor. Kompleksnost diversifikacije se ogleda upravo u načinu konceptualizovanja, kao rezultat različitih teorijskih, ali i ideoloških, polazišta u razumevanju deteta i detinjstva, učenja i razvoja, uloga odraslih i uloge javne politike. S obzirom da je pitanje diversifikacije veoma aktuelno pitanje, mi moramo da prepoznamo teorije i prakse i prisutne paradigme i diskurse u njima koji prate diversifikaciju. Prikaz dominantnih diskursa i implikacija prisutnih paradigmi i diskursa u teorijama i politikama koje proističu iz njih učinjen je s namerom da se problematizuje koncept diversifikacije i ukaže kako teorijska polazišta utkana u diskurs drugačije vide dete, a onda i samu diversifikaciju i samim tim nose sa sobom i drugačija rešenja. If we want preschool education to really take the characteristics of being open, authentic and democratic, in which a child is seen as being competent with authentic way of expression and learning, in which his/her needs and rights, as well as his parents’, are observed, in which the relationship of participation is built together with the family and wider local community, then the question of programme diversification should not be posed. The question in what directions diversification can be performed through still remains open to rethinking and do not offer a universal answer. The complexity of diversification is reflected in the way of conceptualizing as a result of various theoretical and ideological starting points in understanding the child and childhood, learning and development, the role of adults and the role of public policy. Considering to the question of diversification highly topical issue, we have to recognize the theory and practices and present paradigms and discourses that accompany them in diversification. Preview of dominant discourses and the implications of present paradigms and discourses in the theories and policies arising from them has been made with the intention to problematize the concept of diversification and show how meanings and understanding weaved into theoretical assumptions differently see the child, diversification and consequently provide different solutions.

Straipsnyje analizuojami investicinių fondų veiklos vertinimo metodai, grąžos ir rizikos rodikliai. Remiantis metinėmis Lietuvoje veikiančių investicinių fondų finansinėmis ataskaitomis apskaičiuojami rodikliai ir, atsižvelgiant į ekspertų nustatytų kriterijų ir jiems priskirtų reikšmingumo svorių vertinimus, sudaromas modelis, padedantis įvertinti kiekvieno investicinio fondo finansinę būklę atskirai. Pritaikius daugiakriterinį SAW vertinimo metodą atliktas visapusiškas Lietuvoje veikiančių didžiausių investicinių fondų 2008–2012 m. veiklos vertinimas pagal valdomo turto dydį ir dalyvių skaičių. This paper analyzes evaluation methods of mutual funds performance, return and risk characteristics. Appropriate ratios are computed based on annual financial reports of investment funds and a model is made with an aim to evaluate financial situation of each investment fund separately considering assessments made by selected experts. The experts defined criteria and put certain significance weights and value estimations. The assessment of activities of the largest investment funds in terms of assets and participants, operating in 2008–2012 in Lithuania, is accomplished applying SAW assessment method.

Baigiamojo darbo tikslas - Pasinaudojant mokslinės literatūros teorijomis, išanalizuoti dabartinę UAB „Kautra“ situaciją Lietuvos ir užsienio rinkose bei plėtros galimybių perspektyvas. Teorinėje darbo dalyje apžvelgiama medžiaga, kuria remiantis buvo rašomas darbas. Pateikiamos skirtingų autorių strategijos formuluotės, apžvelgiami būdai, kokius žingsnius reikia atlikti, kuriant veiklos strategiją. Atliekant didžiausios Lietuvos keleivių vežėjos UAB „Kautra“ strategijos formavimo teorinius sprendimus, naudoti mokslinės literatūros palyginamosios analizės sisteminimo metodai. Empiriniam tyrimui, taikytas kiekybinis tyrimo metodas. Darbo pabaigoje suformuluota naujoji įmonės misija ir numatyta vizija, kuri aprėpia 10 metų. Taip pat nustatomos nagrinėjamos įmonės bazinės strategijos bei jų alternatyvos. Final aim of this work is: While using theories of scientific literature, analyze current situation of Ltd Kautra in Lithuanian and international markets, also, to analyze development opportunities and prospects. In theoretical part there is presented analysis of different authors strategy definitions. Also, there are mentioned ways and steps needed for strategy creation. While making theoretical decisions of Lithuania's largest passenger carrier Ltd. Kautra, were used systematic methods of comparative analysis. At the end of the work is presented new company’s mission and vision 10 years ahead. Also are established basic strategies and alternatives of analyzed company.

Tyrimo objektas – Lietuvos II pakopos pensijų fondų veikla. Darbo tikslas - išanalizuoti II pakopos Lietuvos pensijų fondų veiklą 2006 - 2010 m. bei įvertinti galimo sukaupti turto dydį pensijų fonduose. Darbo pagrindiniai uždaviniai: išnagrinėti pensijų sistemą, gyvavusią šalyje iki ir po 2004 m. pensijų sistemos reformos; išanalizuoti ir susisteminti pensijų fondų pasirinkimo kriterijus, akcentuojant pelningumo, rizikos rodiklius bei fondų mokesčius; pateikti trumpą II pakopos pensijų fondų apžvalgą Lietuvoje; atlikti kiekvienos strategijos pensijų fondų dalyvių ir sukauptų aktyvų dinamikos analizę; išanalizuoti pensijų fondų portfelių struktūrą ir jų diversifikaciją; išnagrinėti pensijų fondų taikomus mokesčius, uždirbtas investicinės grąžas bei įvertinti riziką; įvertinti galimo sukaupti turto dydį pensijų fonduose. Tyrimo metodai – mokslinės literatūros, straipsnių, teisės aktų reglamentuojančių II pakopos pensijų fondų veiklą, pensijų fondų ataskaitų analizė, loginė analizė ir sintezė, lyginamoji analizė. Statistinių duomenų lyginamoji analizė ir sintezė, struktūrinė analizė, detalizavimas, grafinio vaizdavimo metodas. Atlikus tyrimą nustatyta, kad sukaupto turto dydis II pakopos pensijų fonde labiausiai priklauso nuo gaunamo darbo užmokesčio, pradedančio kaupti amžiaus ir fondo pelningumo. Mažiausiai priklauso nuo fondo taikomų mokesčių. Sukaupiama suma nėra didelė dėl mažų įmokų į fondus, tačiau kaupti verta, nes mirties atveju sukauptas turtas yra paveldimas. Subject of the research: activities of Lithuania’s pillar II pension funds. Aim of the paper: to analyse activities of Lithuania’s pillar II pension funds in 2006 - 2010 and to assess size of possibly accumulated assets in the pension funds. Main tasks of the paper: to analyse pension system, existing in Lithuania before and after pension reform 2004; to analyse and systematize pension fund selection criteria, stressing profitability, risk indices and fund fees; to present a brief review of Lithuania’s pillar II pension funds; to perform dynamic analysis of every strategy pension fund members and accumulated assets; to analyse pension fund portfolio structure and its diversity; to analyse the fees applied by pension funds, earned investment returns and to assess risk; to assess size of possibly accumulated assets in the pension funds. Research methods: analysis of scientific literature, articles, legal acts regulating activities of Lithuania’s pillar II pension funds, pension fund reports, logic analysis and synthesis, comparative analysis. Comparative analysis and synthesis of statistic data, structural analysis, detailing, graphical depicting. After having performed the study, it is established that size of the assets accumulated in the pillar II pension funds mostly depends on the salaries, age of the person who starts to accumulate and profitability of the fund. It is least dependent on the fees applied by fund. Accumulated amount is not large due to low instalments... [to full text]

Portfelj je skup investicijskih proizvoda koji drži pojedinac ili organizacija radi smanjenja rizika ulaganja. Prilikom izgradnje portfelja investitori donose dvije odluke: odluku o alokaciji imovine i odluku o odabiru vrijednosnica. U izgradnji portfelja važna su četiri koraka koja treba pažljivo isplanirati. Investicijski savjetnik može puno pomoći u izgradnji portelja. Da bi to postigao treba dobro upoznati potencijalnog investitora, osobito njegov odnos rizika i prinosa kao i toleranciju rizika. U skladu s željenom tolerancijom rizika izgrađena su tri investicijska stila: konzervativni, usmjereni i agresivni. Diversifikacija je osnovna strategija upravljanja rizikom koju poduzima inevstitor nesklon riziku. Prije izbora dionice treba provesti fundamentalnu analizu aktivnosti poduzeća kao i pogledati komentare analitičara. Stalno učenje pomaže da se bude informirani ulagač, ne onaj koji stalno dobiva na burzi jer takvog nema.

U kognitivnoj lingvistici dosta se pažnje posvećuje fenomenu polivalentnosti istih izvornih domena kao prijenosnicima različitih vidova metaforičkog značenja. Ovaj rad, s druge strane, nastoji dodatno osvijetliti neopravdano zapostavljen i puno slojevitiji obrnuti odnos metaforičke diversifikacije, u kojem različite izvorne domene dovode do istih ciljnih domena, a time i do hipotetički pretpostavljenog istog značenja. Postojanje takve uvjetno nazvane 'konceptualne sinonimije' može se provjeriti samo sustavnom analizom jezičnog korpusa pa će u svrhu takvog istraživanja poslužiti interaktivna internetska baza podataka Metalude A. Goatlyja, koja na oko desetak tisuća primjera engleskih metafora klasificiranih po tzv. korijenskim analogijama pruža obilje materijala za provjeru navedene početne pretpostavke. Svrha je, dakle, ne samo kvantificirati učestalost takvih metaforičkih odnosa i interakcija u danom korpusu nego i provjeriti njihov stvarni pragmalingvistički i semantički potencijal promatrajući mogućnost njihove međusobne zamjenjivosti na konkretnim jezičnim primjerima i u istom značenjskom kontekstu. Ako bi se takva mogućnost uporabne, a time i značenjske podudarnosti pokazala točnom u dovoljnom broju primjera, onda se postavlja i dodatno pitanje motiviranosti odabira različitih metaforičkih rješenja za isto značenje kao i njihov konativni i ekspresivni potencijal u jezično funkcijskom, ali i ideološkom smislu koji nagovještavaju pojedini autori. U retoričkim strategijama to postaje onda činjenica od znatne uporabne vrijednosti.

Radom je dan pregled razvoja softvera za upravljanje portfeljom koji sadrži vrijednosne papire. Prikazan je životni ciklus softvera od ideje do konačnog proizvoda. Obrađena je teorijska osnova za izradu softvera, koja je u ovom slučaju iz područja ekonomije, a tiče se moderne teorije portfelja. U tom poglavlju često se mogu vidjeti i osobna mišljenja autora o mogućim primjenama na hrvatskom tržištu kapitala i njegovom unaprjeđenju. Razjašnjeni su pojmovi poput tržišnog rizika, diversifikacije portfelja, premije rizika i dr. Projekt je planiran prema standardima upravljanja projekta, te su predstavljena osnovna teorijska znanja iz upravljanja projektima. Predstavljeni su korišteni alati i tehnologije, među kojima su PHP, MySQL, WAMP i ARIS. S PHP-om su se pisale skripte za manipulaciju podacima, baza je izgrađena korištenjem MySQL alata, a sve se to izvršavalo na WAMP serveru. U ARIS-u su napravljeni use case dijagrami na osnovu kojih se radila aplikacija. Naglašeni su postupci osiguranja kvalitete softvera, korišteni standardi, te nadzoru i kontroli kvalitete u softverskoj industriji općenito. Ovaj rad je osnova za realizaciju i moguću komercijalizaciju ideje i samog proizvoda opisanog u radu.

Nagrinėjama elektros energijos Lietuvoje gamybos ir tiekimo problematika tiek istoriniu požiūriu, tiek politinės strategijos aspektais siekiant šalies energetinės nepriklausomybės. Šiuo požiūriu išskiriami 3 pagrindiniai laikotarpiai: tarpukaris, sovietinis periodas, naujausia istorija po 1990 m. Tarpukariu Lietuvos elektros energijos gamyba rėmėsi šiluminėmis elektrinėmis, kūrenamomis įsivežtine akmens anglimi ir dyzeliniu kuru, o taip pat naudojant Lietuvoje išgaunamas durpes. Šalies energetika buvo priklausoma nuo Belgijos kapitalo, turėjusio koncesiją Lietuvoje ir užkėlusio elektros vartojimo kainas pasinaudojant monopolistine padėtimi. Lietuvoje planuota didinti hidroelektrinėse gaminamos elektros energijos dalį, tačiau tai įgyvendinta tik sovietiniu periodu, pasinaudojant Nemuno kilpa netoli Kauno, kur paleista 1960 m. pastatyta didžiausia hidroelektrinė. Augant poreikiams ir dėl menkų hidroresursų elektros gamybai to pasirodė nepakankama, dėl to pastatyta šiluminė elektrinė Elektrėnuose, kūrenama iš SSRS tiekiamu skystu kuru. Vėliau Lietuvos pasienyje su Baltarusija, diktuojant centrinei Sovietų Sąjungos valdžiai pastatyta atominė elektrinė, kurios I reaktorius paleistas 1983 m., II – 1987 m. Atominė elektrinė tapo Lietuvos nuosavybe po 1990 m. už dyką. Lietuvai įstojus į ES 2009 m. gruodžio 31 d. ji buvo uždaryta, šį kartą diktuojant kitai Sąjungai (ES). Tokiomis sąlygomis pagrindiniu Lietuvos elektros energijos šaltiniu liko Rusija. The problems of generation and supply of electricity in Lithuania are analysed both in historical and political strategy terms in order to achieve Lithuanian energy independence. From this point of view, three main periods are distinguished: the interwar, the Soviet period, the recent history after 1990. During the interwar period Lithuanian electricity generation was based on thermal power plants which used imported coal and diesel fuel, as well as peat extracted in Lithuania. The country's energy was dependent on the Belgian capital, which had a concession in Lithuania and caused electricity prices to rise, taking advantage of the monopolistic situation. In Lithuania it was planned to increase the share of electricity generated in the hydroelectric plant, but this was implemented only during the Soviet period, taking advantage of the Nemunas loop near Kaunas, where it was started to use the largest hydroelectric power station built in 1960. This was not enough due to the growing needs and low water resources for electricity generation; therefore, a thermal power plant was built in Elektrėnai which used liquid fuel supplied by the USSR. Subsequently, a nuclear power plant was built at the Lithuanian border with Belarus, under the authority of the Soviet Union's central government; the reactor I was launched in 1983, and the II was launched in 1987. The nuclear power plant became the property of Lithuania after 1990 at no cost. When Lithuania joined the EU on 31st December 2009, it was closed, this time under the authority of the other Union (EU). Under these conditions, Russia remained the main source of electricity in Lithuania.

Straipsnyje nagrinėjama ūkininkų ūkių veiklos diversifikacijos, kaip vienos iš kaimo plėtros priemonių, reikšmė kaimo vietovių vystymui. Struktūriniai pokyčiai žemės ūkyje lėmė būtinybę didinti kaimo ekonominių veiklų įvairovę. Atliktas tyrimas parodė, kad diversifikacijos taikymą ūkininkai siejo su asmeniniais tikslais ir motyvais, realiai gaunama nauda – siekiu padidinti pajamas, pagerinti ūkio narių užimtumą, racionaliau panaudoti turimus ūkio išteklius. Tačiau asmeninių tikslų siekimas ir realizavimas taip pat lėmė kokybinius ir kiekybinius, tiek teigiamus, tiek neigiamus pokyčius kaimo vietovėse. Agricultural policy for rural development policy is becoming due to the new challenges involved in agricultural business. The toward structural changes that accelerated the decline in the number of workers in agriculture. The rapid decline of the employment of rural inhabitants in agricultural, they have to look for other activities and livelihoods. One of the organization's business development strategy is diversification. One of the special features of diversification application to agricultural business organizations is the fact that diversification is also one of the rural development tool, i. e. one of the ways to tackle unemployment, falling living standards and socio-economic problems of rural areas. Thus, it meets the objectives of the national interest and to this it is supported by financial means. The research problem is concerned with expediency of support for diversification of farming activities, or is it realizable objectives of rural development policy (public interest) by supporting farmers? The aim of research – to assess consequence of farmer's farm activity diversification for development of rural areas. An investigation showed that application of the diversification of the farmers were linked to personal goals and motives, the actual benefits – on purpose to increase income, to improve agricultural employment, to use more rational of available economic resources. However, striving of personal goals and implementation also resulted in qualitative and quantitative, both positive and negative developments in rural areas. Farmers farm diversification have contributed to the increase of rural areas attractiveness, to the reduce of demographic processes averse in rural areas. Diversification of farmer's farm activity have significantly improved the quality of life of rural people and in solving social and economic problems. Diversification of activity lead to increase of income, create of new / additional jobs not only the farm family members, but also for other rural inhabitants, create a healthy environment, promote healthy lifestyles, support social ties with neighbours. Significance of diversification of farmer's farm activity for the quality of life was ambiguous. An investigation showed that in some cases, relations between people become worse, was disturbed a rest of local residents, increased traffic, noise, etc. Observations, discussions with farmers and members of rural communities revealed that the impact of diversification on the sociocultural development of rural areas mostly depends on the moral values of the people, which predetermine the life quality of the person and the rural community as a whole. Performed case studies have shown that farmers' farm diversification was / is important as a implement of rural development promotion. It is important to note also the fact that rural development is long process. Farmer 's farm diversification is still sufficiently innovative process in rural areas. In most studied cases, the application of diversification is still in development stage and expected in the future importance of its positive development in rural areas should increase

Baigiamajame magistro darbe yra nagrinėjama aktyvaus tarptautiniu mastu diversifikuoto portfelio sudarymo ir valdymo problematika. Techninė pažanga ir investicinių priemonių įvairovė leidžia investuotojams investuoti į įvairias pasaulio rinkas kuriant tarptautinius ar globalius investicijų portfelius. Tai suteikia investuotojams galimybę kovoti su tokiais išsivysčiusių kapitalo rinkų iššūkiais kaip šalies sisteminės rizikos padidėjimas dėl įvairių verslo šakų tarpusavio integracijos, nepakankamais kai kurių rinkų augimo tempais, tačiau iškelia ir naujų iššūkių. Pagrindinis jų yra efektyvaus portfelio sudarymo menko informuotumo, didelio neapibrėžtumo ir rinkų nepastovumo sąlygomis iššūkis. Šiame darbe yra nuosekliai nagrinėjami investicijų portfelių sudarymo metodai ir modeliai įvertinant jų taikymo galimybes darbe analizuojamai problemai spręsti. Remiantis atlikta analize, parenkamas modelis geriausiai tinkantis tolesnei plėtotei, vertinami pagrindiniai mokslininkų siūlomi jo papildymai ir taikymo interpretacijos nuosekliai pereinant prie pirmos tikslo dalies įgyvendinimo – aktyviam tarptautiniu mastu diversifikuoto investicijų portfelio valdymui skirto teorinio – hipotetinio modelio pasiūlymo. Atlikus tarptautinės diversifikacijos privalumų ir trūkumų analizę, pagrindžiamas jos taikymo būtinumas ir nauda. Atlikta pagrindinių tarptautinės diversifikacijos vykdymo būdų apžvalga leidžia parinkti, autoriaus nuomone, geriausią šiuo metu Lietuvos investuotojams prieinamą –... [toliau žr. visą tekstą] The master thesis examines problems of the active internationally diversified investment portfolio selection and management. Technical progress and variety of investment objects (financial assets) allow investors to invest in different world markets developing international or global investment portfolios. It gives opportunities to deal with such challenges of developed capital markets as high systematic risk and limited growth of some markets, but as a result investor must accept some new challenges. The most important of them is an efficient portfolio selection in terms of low information level, high uncertainty and market volatility level. The models of investment portfolio selection are analyzed evaluating opportunities to use them solving in this thesis examined problem. On the basis of the conducted research a model which is most suitable for further development is chosen, the main supplementary supplements and interpretations of applications are analyzed, leading to the implementation of the first part of the set goal which is the suggestion of theoretical–hypothetical model for active management of an internationally diversified investment portfolio. The careful consideration of the advantages and disadvantages of international diversification proves the necessity and benefits of its application. Main methods’ of international diversification analysis gives opportunity for the thesis author to chose the best investment’s method possible for Lithuanian investors – the... [to full text]

Plati tvarkaraščių sudarymo uždavinio sritis yra industrinių, taip vadinamų gamybinių, tvarkarščių sudarymas. Yra trys gaminių tvarkaraščių klasės: darbų fabrikas, atvirasis fabrikas ir srautinis fabrikas. Bendra uždavinio specifikacija gali būti apibrėžta tokiu būdu: yra darbų aibė ir mašinų aibė, kurios tarpusavyje turi sąveikauti tam tikru specifiniu būdu. Paprastai šios problemos yra sunkiai išsprendžiamos tradiciniais (tiksliaisias) metodais. Metaeuristiniai algoritmai dažniausiai pateikia tiktai artimus optimumui sprendinius, tačiau per apibrėžtą laiką. Šiame darbe įgyvendinta keletas metaeuristikų: genetiniai algoritmai (besiskiriantys jų parametrų reikšmėmis) ir tabu paieškos algoritmai (besiskiriantys sprendinio aplinka). Kai kurios genetinio algoritmo strategijos pasiūlytos kaip genetinio algoritmo parametrų tyrimo išvada. Aštuoni algoritmai yra tiriami atsitiktinėms gamybinių tvarkaraščių sudarymo problemoms, lyginant pradinius sprendinius ir minimumus, pasiektus sprendinius ir minimumus, skaičiavimo trukmes ir skirtumą tarp pradinių bei pasiektų sprendinių. Pabaigoje pateikiama išvada apie tai, kad vieno tipo genetiniai parametrai (kryžminimo ir mutacijos lygiai) yra ypač reikalingi algoritmo konvergavimo, diversifikacijos ir intensifikacijos prasme, kito tipo (iteracijų skaičius ir populiacijos dydis) turi priklausyti nuo resursų, trečio tipo (elitizmas) yra geri “buferiai”. Galiausiai, kuomet paprasčiausios formos tabu paieška yra silpnesis konkurentas... [toliau žr. visą tekstą] A wide area of scheduling problem is industrial so called shop scheduling. There are three classes of shop scheduling: Job Shop, Open Shop and Flow Shop. General problem specification could be specified as follows: there is set of jobs and set of machines, which should interact with each other in some specific way. Typically these problems are hard to solve in traditional (exact) methods. Metaheuristics algorithms mostly produce only nearby-optima, but in proper time. We implemented several metaheuristics: genetic algorithms (separated by values of their parameters) and several Tabu search algorithms (separated by neighborhood of solution). Some strategies of genetic algorithms are suggested as conclusion of genetic algorithm parameter research. Eight algorithms are examined for random shop scheduling problems in terms of initial solutions and minimum, gained solutions and minimum, processing time and difference between initial and gained solutions. In the end, author concludes, that one kind of genetic parameters (crossover and mutation rates) are especially demanding in sense of algorithm convergence, diversification and intensification aspects, other (number of iterations and population size) should depend on resources, third (elitism) is good “buffers”. Finally, while with its simplest form, Tabu search seems to be less competitive in algorithm effectiveness research, its dynamic modification outperforms all proposed genetic algorithms, but both – tabu search with... [to full text]

Po svom kemijskom sasatvu prirodni plin pripada u ugljikovodike, po energetskom potencijalu i po sistematizaciji energetskih oblika u primarne, konvencionalne, neobnovljive oblike energije u kojima je pohranjena u kemijskom obliku, a po porijeklu i po namjeni u fosilna goriva. Može se transformiarti u sve ostale korisne oblike energije. Na globalnom planu, s obzirom na znatne rezerve, njegova će upotreba, po nekim predviđanjima, rasti do iza polovice ovog stoljeća. Osnovni globalni i regionalni problemi u dostupnosti i raspoloživosti prirodnog plina su transport na velike udaljenosti, od mjesta proizvodnje do mjesta potrošnje, a osnovni problem korištenja plina u plinskim sustavima neravnoteža je između dobave i potrošnje. Oba problema rješavaju se sličnim principima, a to je sažimanje obujma ukapljivanjem ili stlačivanjem (radi isplativosti transporta ili radi stvaranja skladišnih zaliha za pokrivanje sezonskih razlika između dobave i potrošnje, te vršne potrošnje izazvane dnevnim ili satnim oscilacijama). Dnevne i satne oscilacije potrošnje mogu se pokrivati i uvođenjem zamjenskog plina. Jedan od ekološki, energetski i ekonomski najprihvatljivijih zamjenskih plinova je ukapljeni naftni plin (LPG) miješan sa zrakom, radi prilagodbe zbog razlika u sastavu i ogrijevnoj moći (Wobbeov indeks). Kod dobave prirodnog plina, ali i kod pokrivanja vršne potrošnje, bitna je racionalno osmišljena diversifikacija dobavnih pravaca, izvora i oblika (plinovodi, LNG ; CNG) te skladištenja prirodnog plina i uključivanja postrojenja za pripremu ili proizvodnju zamjenskog plina. Budući da je osnovni cilj energetske politike svake zemlje sigurna i pouzdana opskrba potrošača energijom, pri planiranju energetskog sektora prirodnog plina potrebno je sagledati regionalni kontekst, a na domaćem planu voditi računa i o diversifikaciji oblika energije te o formiranju slobodnog energetskog tržišta.

Žiniasklaida, kaip visuomenės institucija, ypatinga tuo, jog jai būdinga tiek ekonominė, tiek ir politinė veikla. Privatus ir viešas prekių ir paslaugų gamybos pobūdis sąlygoja tai, kad žiniasklaida atlieka svarbią politinę funkciją, informuodama ir konsoliduodama visuomenę, o taip ekonominę - pajamų generavimo - funkciją. Todėl šalia demokratinių įsipareigojimų, žiniasklaidos organizacijos yra taip pat ir verslo įmonės. Tačiau rinkos dėsnių ir komercinės žiniasklaidos dominavimas apsunkina demokratinių funkcijų įgyvendinimą. Nuo 1980-ų metų pabaigos Lietuvos žiniasklaidos raida gali būti skirstoma į keturis etapus: liberalizacijos, diversifikacijos, marketizacijos ir antrąjį diversifikacijos etapą. Pagrindinis dėmesys straipsnyje skiriamas Lietuvos žiniasklaidos organizacijoms ir auditorijoms, taip pat augančiam žiniasklaidos sistemos vaidmeniui politiniame ir socialiniame gyvenime. Kokį vaidmenį atlieka žiniasklaida demokratinėje visuomenėje? Koks jos santykis su galios institucijomis? Kas lemia žiniasklaidos galią? Kokios problemos iškyla realizuojant šią galią? Šie ir kiti klausimai yra kontekstualizuojami ir diskutuojami šiame straipsnyje. The media as a social actor is particular in the sense that its activities are both economic and political. The production of goods and services is often both private and public; therefore, the media is playing an important political function in informing and consolidating the public, as well as the economic one of generating revenue. Thus, apart from their democratic responsibilities, the media are also run as business enterprises. However, dominance of the market mechanisms and of commercial media makes the fulfilment of democratic functions complicated enough. Since late 1980s, the evolution of the Lithuanian media has passed four phases including liberalization, diversification, marketization and the second phase of diversification. Reflecting on the recent developments of the media in Lithuania, the article focuses on the media organizations and audiences, also increasing role of the media system in political and social life. What is the role of media in a democracy? What is its relationship to the power institutions? What does it make the media powerful? What kind of problems do emerge in executing the power? These and other questions are contextualized and discussed in the article.

Pastaraisiais dešimtmečiais pasaulyje vyksta intensyvūs procesai, kurie lemia spartų verslo aplinkos ir ūkio subjektų veiklos kitimą. Įmonės funkcionavimas tokiomis sąlygomis neišvengiamai susijęs su rizika, kurią stengiamasi diversifikuoti. Šiems tikslams dažnai išnaudojamos verslo junginių galimybės. Susijungimai ir įsigijimai vis dažniau versle naudojami kaip strateginių sprendimų realizavimo būdai. Susiliejimų ir įsigijimų motyvai gali būti labai įvairūs, bet visada išlieka bendras principas - susijungusios kompanijos vertė turi būti didesnė nei atskirų kompanijų suminė vertė. Tačiau neretai verslų susiliejimai, kurie ekonomiškai galėtų būti pelningi ir sėkmingi, pralaimi dėl prasto susiliejimo realizavimo, kitiems nepasiseka dėl aktyvų ir pasyvų, tokių kaip apyvartinės lėšos, įmonės rekonstrukcijos kaštai ar net nekokybiško produkto kokybės garantijos kaštų neteisingo įvertinimo. Šiame straipsnyje aptariama pagrindiniai verslo junginių tipai ir jų sudarymo motyvai. Diversifikacijos efektai ir realizavimo būdai aptariami nagrinėjant Lietuvos verslo junginių pavyzdžius. In recent decades, the world is an intensive process that leads to rapid changes in business environment and activities of economic agent. In these conditions, the functioning of enterprises inevitably involves risks that is attempted to be diversified. Possibilities of business compounds are often used for these goals. Incorporations and acquisitions are being used in the business more often as the methods for implementation of strategic business decisions. The motives for incorporations and acquisitions may be very different, but always a general principle remains - the value of incorporated enterprise must be higher than the total value of single enterprise. However, business incorporations, which could be economically profitable and successful, often lose due to poor implementation of incorporation; others fail due to wrong assets and liabilities, such as circulationg asset, costs for business reconstruction, or even due to incorrect assessment of quality assurance costs of defective product. This article discusses main types of business incorporations and the motives of their formation. Effects of diversification and ways of implementation are discussed on the analysis of examples of Lithuanian business incorporations.

Pastaruoju metu akcentuojant spartų Lietuvos ekonomikos augimą, šiame straipsnyje siekta įvertinti kaimo ekonominės plėtros tendencijas ir pasiūlyti priemones, kurios skatintų spartesnę kaimo ekonominę plėtrą. Tyrimų aktualumas grindžiamas tuo, jog analizuojant šalies ekonominę plėtrą, kaimo ekonomika nėra išskiriama arba ji sutapatinama su žemės ūkio sektoriaus plėtojimusi. Kaimo ekonominė plėtra, jos tendencijos įvertintos remiantis kaimo gyventojų pajamomis ir išlaidomis, nedarbo, nelygybės ir skurdo lygio rodikliais. Nustatyta, kad 2000 - 2004 m. laikotarpiu teigiamų poslinkių kaimo ekonomikoje buvo: mažėjo nedarbas ir užimtų kaimo gyventojų priklausomybė nuo žemės ūkio veiklos, didėjo kaimo gyventojų pajamos. Spartesnė kaimo ekonominė plėtra sietina su žmogiškųjų išteklių plėtra, žemės ūkio diversifikacija, finansine parama. When the rapid development of Lithuanian economy is emphasized more and more the tendencies of the rural economic development were evaluated and the measures promoting the more rapid rural economic development were suggested in the article. The actuality of investigations is grounded on facts that when analysing the country's economic development rural economy isn't distinguished or identified with the development of agricultural sector. The rural economic development and its tendencies were evaluated on the ground of rural inhabitants' incomes and expenses as well as on the rates of unemployment, inequality and poverty levels. It has been determined that there were positive changes in the rural economy during the years of 2000-2004. They are as follows: the decrease of unemployment, the increase of rural inhabitants' incomes, and the decrease of the dependency of the employed rural inhabitants upon agriculture. The more rapid rural economic development should be associated with the development of human resources, financial support and agricultural diversification.

Object of research – benefits of inbound tourism and their impact to the state economy. Subject of research – inbound tourism development analysis and estimation. Purpose of research – analyze concepts and definitions of inbound tourism and it’s impact to the state economy as well as for see development perspectives. Research tasks – describe tourism definitions and evaluate rural tourism in it; analyze impact of the inbound tourism on the national economy by defining it’s influence on economical growth and regional development, employment rate and net export; appraise rural tourism development possibilities and trends in odder to gain from inbound tourism advantages. At the end , will be provided the conclusions about the importance of inbound tourism and the impact it makes on national economy and recommendations, which can help to improve the quality or tourism product as well as rural tourism services in order to gain form inbound tourism benefits. Research methods – analysis of scientific literature, logical thought, representation pf graphic data, oral questioning, comparison of information methods.