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  • Journal of Business Management
    Vol. 21 (2023)

    The 21st issue of the Journal of Business Management consists of five papers that address very diverse research questions in the organisational behaviour, management sciences and entrepreneurship literature. The issue structure is based on the methodological approach employed in the papers; namely, the first three papers rely on literature reviews and the other two papers use quantitative approaches.

    “Organizational Citizenship Behaviour: Evolution of the Concept in the Scope of Industry 4.0 and Industry 5.0”, a paper by I. Serbinenko and I. Ludviga, opens the issue. The authors conducted a narrative literature review to shed light on the origin and dimensions of organizational citizenship behaviour (OCB) and how they may apply to the smart manufacturing context. The study provides suggestions on the use of the OCB scale adapted to the emerging Industry 4.0 and Industry 5.0 context.

    Further, M. Mock’s structured literature review provides a comprehensive overview of the quality assessment of integrated reporting. This includes a critique and future research plans to enhance reporting quality in existing organisations. The state-of-the-art review offers new insights into the use of integrated reporting that may be valuable for organizational researchers and standard practitioners alike.

    “Insights into Trends and Challenges of the Pharmaceutical Industry” by D. Araja presents the results of a literature review on the role of scientific business research in the development of the pharmaceutical industry. The paper contributes to current scholarly knowledge with new ideas on strengthening scientific research to support the healthcare sector and human health.

    A paper by R. Baah et al. is the first among the two empirical studies of the issue. It is devoted to the novel topic of wisdom among corporate managers and how wisdom is related to their pro-social intentions. The study contributes to the managerial decision-making literature by applying social practice wisdom theory and identifying major pathways of channelling wisdom into pro-social intentions of managers.

    Finally, M. Schönberger’s paper delves into the topical theme of artificial intelligence use among small and medium-sized enterprises in Germany. It contributes to AI research in entrepreneurship by identifying key AI applications and their benefits as well as by creating a theoretical ground for further empirical studies among SMEs that plan to implement AI solutions in day-to-day operations.

    All the papers were double-blind peer reviewed.

    The Journal of Business Management is indexed in such recognized international scientific databases as COPERNICUS, EBSCO and ERIH+.

     

    Inna Kozlinska, PhD

    Head of the Editorial Team

  • Journal of Business Management
    Vol. 20 (2022)

    Foreword

    In Memoriam: Professor Tatjana Vasiljeva

    This issue of JBM is dedicated to Professor Tatjana Vasiljeva, who served as the editor-in-chief of the journal and the rector at RISEBA University of Applied Sciences from February 2020 until May 2022 with full commitment. By continuing work on the journal’s development, we build on the genuine passion Prof Vasiljeva had for research and supporting doctoral students’ growth.

    JBM’s 20th issue features three broad themes: strategic management, intellectual capital, and robotics.

    In response to the ongoing socio-economic and political instability, part of the scholarly effort is put into finding ways of building strategic resilience of firms. Two papers of the current issue are devoted to this theme. “Strategic Resilience: A Systematic Review of Leading Literature” by T. Colberg deepens our understanding of how strategic and operational resilience can be explored and exploited as a response to unforeseeable challenges or opportunities in a company. In turn, “Resilience and Complex Adaptive Systems: A Perspective on Healthcare” by D. Araja sheds light on a special case of resilience within the healthcare system as depicted in the current literature. It suggests that inherent characteristics of a complex system such as flexibility and adaptability create a core of resilience in healthcare.

    Continuing the theme of strategic management, the paper by K. Schlosser and T. Volkova “Social Enterprise Strategic Leadership for Delivering Shared Value” brings together the streams of literatures on strategic leadership and social entrepreneurship to help social enterprises confront the challenges associated with the current dynamic business environment. Concordant with overcoming the challenges and achieving entrepreneurial success as expressed by higher profit and return on assets, J. Gercans empirically confirms that entrepreneurial orientation of SMEs is related to company growth. His paper “Entrepreneurial Orientations and SME Success Factors” also identifies the differentiating drivers of success for entrepreneurially oriented SMEs. Finally, the paper by J. Suarez focuses on a crucial operational component of strategic management, management accounting. “Hallmarks of Strategic Management Accounting: Seeking to Support Decision-making Processes” systematizes existing knowledge on the evolution and understanding of the strategic management accounting concept and its contributions to strategic decision-making and strategic targeting.  

    The empirical research paper by E. Pancenko and N. Titova, “Intellectual Capital and Competitiveness of Industrial Enterprises of the Baltic Countries”, represents the second broad theme of this issue – intellectual capital. It offers theoretical and practical contributions to assessing enterprises’ competitiveness using a dynamic approach. The authors suggest that the effective use of intellectual capital can lead a firm to gaining competitive advantage. Intellectual capital, just like the broader human capital of a firm, tends to be related to employees. However, the current trends in robotics and automation of work call into question the need for human employees in the future.

    Last but not least, in the third theme of the issue, robotics, the study by K. Prokopowicz, “Technological Unemployment: Who Is Afraid of Losing Their Job to a Robot?”, analyses employee perceptions of robots replacing them at the workplace. It turns out that the sampled employees in this study did not fear losing their jobs, yet they purposefully focused on developing teir own cognitive, social, and technical competencies to keep up with future challenges.

    All the papers were double-blind peer reviewed. Most of them were also presented at the ASBBMC conference in summer 2021.

    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.

     

    Inna Kozlinska, PhD

    Current Editor-in-Chief

  • Cover image of JBM Volume 19, 2021

    Journal of Business Management
    Vol. 19 (2021)

    In 2020, a wide range of papers was received. All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, six accepted papers were included in the issue. For instance, the authors of the paper “Work, profit and dignity: Towards an integrative HRM paradigm” analysed two existing paradigms in human resource management. The authors’ conception that “an integrative model of management, including social theory of labour, is needed” could be the starting point of integrity research. Interesting conclusions were made about the tendencies of development of a new paradigm in connection with the pandemic. A topic of growing importance was addressed in the paper “In search of high-performance workplace factors among SMEs”. Creation of high-performance workplaces in SMEs could be a means of economic recovery after the pandemic.
    To protect academic integrity and prevent ethical issues, all submissions were automatically screened by the software Ouriginal (combined expertise of Urkund and  PlagScan’s plagiarism detection solution). 
    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.

  • Journal of Business Management
    Vol. 18 (2020)

    Journal of Business Management Volume 18 mainly comprises papers which are the results of the international research project “Higher Education Institutions for Youth Entrepreneurship”. The papers “Development of youth entrepreneurship in Latvia: A comparison of youth’s and experts’ opinions”, “Problems in the development of youth entrepreneurship in the Republic of Armenia” and “Activation of youth entrepreneurship in Ukraine: Youth’s view of the problem” are devoted to problems of youth entrepreneurship in Eastern Europe.

    One of the papers is devoted to a topic of growing importance – women’s representation on boards.
    The final paper of this volume “Institutional governance matters in the context of social capital and international entrepreneurial entry: A multi-level perspective” is devoted to a better comprehension for institutional governance factors impacting the relationship between social capital possessed by the entrepreneurial ventures and their ability to enter into the international market. The results of these studies are useful not only for other researchers, but for policymakers as well.

    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, five accepted papers were included in the issue.

    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.

  • Journal of Business Management
    Vol. 17 (2019)

    "Journal of Business Management" continues the topic of previous journal editions on IT opportunities and application results including risks across industries. In addition to the issues mentioned above, the reader may also be interested in the experience of different countries in this area.

    Several articles in the publication are related to the financial sphere. Its digital transformation is leading to major structural changes in the financial sphere as well.

    As the socio-economic system accelerates, strategic foresight plays an increasingly important role in both companies and public administration. Strategic foresight connections with management innovations discussed in one of the edition conceptual papers too. All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, six accepted papers were included in the issue.

    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.

  • Journal of Business Management
    Vol. 16 (2018)

    We are living in turbulent times. Changes are accelerating rapidly. As a consequence, the instability of the entire system is growing. This situation demands from organizations quick and correct decisions which take into account changes in the external environment and utilise new possibilities.

    We can observe the growing influence of the finance subsystem on the global economy as a factor of instability. Many of the problems which organizations face on a micro as well as macro level are connected with the finance subsystem. Some papers of this issue of the journal are related to these problems, for instance, validation of insolvency (methodological research on the micro level) or the impact of Basel III on the banking system and economic development.

    One of the papers is devoted to long-term housing financing instruments (housing financing is one of the drivers of the entire economy).

    Regional investment policy (which includes finance policy) in Russia is discussed in one of the papers.
    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, 5 accepted papers were included in the issue.

    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.  JBM Issues No. 17 and No. 18 will be devoted to foreseeing challenges and opportunities for organizations on the macro and micro level.

  • Journal of Business Management
    Vol. 15 (2018)

    The instability of the entire socioeconomic system is growing. This situation demands from organizations quick and accurate managerial decisions which take into account changes in the external environment and utilise new possibilities.

    Rapid changes on the macro and micro level need proactive measures; for instance, organizations must think about connecting business decisions and business cycles (the topic of one of the journal articles in this issue).

    Top management team diversity in these conditions has become more important. The topic of alumni knowledge management is important for organizations and a sustainable higher education system.

    One of the papers (theoretical) is devoted to different trends in strategic management (research based on keyword analysis).
    All this and other problems are discussed in papers included in JBM Issue No. 15.

    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, 5 accepted papers were included in the issue.

    The Journal of Business Management has been indexed in COPERNICUS since 2017 and in EBSCO since 2008.

    Next year issues will be devoted to foreseeing challenges and opportunities for organizations on the macro and micro level.

  • Journal of Business Management
    Vol. 14 (2017)

    Quality of governance is playing a larger role in achieving sustainability in conditions of permanent instability in the business environment. Quality of governance is closely connected with stable long-term government policy, which must be based on a solid theoretical background. Some of the articles in this issue of the Journal of Business Management are related to this topic. In Eastern Europe, one of the crucial factors in the development of innovative entrepreneurship is financing. Two articles in this issue are devoted to problems of innovative business.

    One of this issue’s articles is based on the controversial statement that growing profitability in the banking sector is a factor of the sector’s sustainability.
    Small business currently plays a dominant role as a factor in employment and the economies of Eastern European countries in general. Nowadays cooperation is becoming an important aspect of small business development in several branches, especially in agriculture. One of this issue’s articles is devoted to cooperatives’ value systems in Poland.

    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, 10 accepted papers were included in the issue.

    As of 2017, the Journal of Business Management is indexed in COPERNICUS (it has been indexed in EBSCO since 2008).

  • Journal of Business Management
    Vol. 13 (2017)

    Nowadays it is becoming increasingly clear that we must deal with all manner of socio-economic system crises* and as history shows, this has always been a long and painful process.

    There is still a lack of papers devoted to problems connected with failures of the whole system. Researchers prefer to operate on an organizational level.

    How to achieve relative sustainability on an organizational level in conditions of rapid changes, including a permanently instable business environment – this is the main problem iscussed in the 13th issue of the Journal of Business Management.

    Only a few papers in this issue are devoted to evaluation of changes in the business environment. Most of the papers are devoted to different activities inside organizations which can help them to reach relative sustainability.

    Some papers in the issue are devoted to entrepreneurship education as one of sustainability’s preconditions (a factor with growing importance). Two papers are devoted to marketing management in the Russian Federation.

    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, 9 accepted papers were included in the issue.

    As of 2017, the Journal of Business Management is indexed in COPERNICUS (it has been indexed in EBSCO since 2008).

  • Journal of Business Management
    Vol. 12 (2017)

    The Journal of Business Management includes papers devoted to a wide range of management topics: idea management, design management, etc.

    A reasonable proportion of the papers in this issue are devoted to management possibilities which are connected with IT solutions.

    It is also noteworthy that two of the papers are devoted to the concept of the value system and its connection with management solutions.

    We believe that these research directions are becoming more and more important.

    All the papers were double-blind peer reviewed. Following the necessary corrections and additions resulting from the review process, 10 accepted papers were included in the issue.

    Head of the Editorial Board,
    Professor Dr. Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 11 (2016)

    In 2016 editorial board received papers from 8 countries. Range of topics are enough wide, but they are joint in how to make necessary decisions in conditions in growing of instability.

    For searching right solutions necessary to understand sources of instability and constantly follow the changes in the external environment of business. Some of the papers are devoted for searching best solutions in different industries (some of them in case of Latvia), some papers are devoted to new possibilities which come with using IT systems.

    All the papers were double blind peer reviewed. Following the necessary corrections and additions resulting from the review process the 11 accepted papers were included into the issue.

    Head of the Editorial Board,
    Professor Dr. Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 10 (2015)

    Management has relatively recently evolved into a legitimate field of research by separating from economics. This gradual separation, or specialisation, implies both positive and negative consequences. The weakening of the crucial linkage between economics and management is one of the evident consequences.
    The Journal of Business Management No.10 comprises some scientific papers that present studies situated on the border between Economics and Management.
    All the papers were double blind peer reviewed. Following the necessary corrections and additions resulting from the review process the 12 accepted papers were included into the issue.

  • Journal of Business Management
    Vol. 9 (2015)

    A portfolio of the 9th issue of The Journal of Business Management consists of papers presented at an online scientific conference “Business Psychology – Gateway to Sustainable and Successful Business” as well as papers submitted in the first half of 2015. Accordingly, the new issue is divided into two sections: business psychology (six papers) and management (five papers).

    Business psychology is one of the cornerstones of successful and sustainable business. Understanding of the science of human behaviour coupled with experience and knowledge of management and working environment ensures effective and sustainable performance for both individuals and organisations.

    The online scientific conference “Business Psychology – Gateway to Sustainable and Successful Business” brought together junior and senior researchers to discuss their academic interests and applied business cases in an innovative way.

    Topics covered in the selected papers include: organisational culture and climate, occupational stress, professional deformation and burnout, leadership, innovations, and idea management, amongst others.

    The papers devoted to management problems cover such issues as acquisition of firms, system of innovation management, idea management, etc. underpinning their theoretical and practical significance.

    Every paper went through the double-blind peer review process. Eleven papers were shortlisted as a result.


    Head of the Editorial Board,
    Professor Dr. Vulfs Kozlinskis

    Member of the scientific virtual conference
    “Business Psychology - Gateway to Sustainable
    and Successful Business” organising committee
    Dr.Maija Zakrizevska

  • Journal of Business Management
    Vol. 8 (2014)

    Nowadays growing instability of the socio-economic system is evident. Scholars of social sciences attempt to explain this by examining multiple, very diverse, reasons. Economists often refer to the debit crisis, long cycles, swelling resource prices; political scientists and economists – to the shifting centres of economic gravity; demographers – to changes in the demographic structure, sociologists – to the crisis of value system, etc.

    All these explanations, however, seem to have a significant common drawback, which is the lack of a systematic view. One of the most viable hypotheses asserts that it is the political sub-system in the socio-economic system that lags behind in its development from the economic and technological subsystems in the hierarchy. We must be dealing with the system crisis, which is inevitably long-term and, as history shoes, can span multiple generations.

    In conditions of growing instability entrepreneurs must find quick and insightful decision. We can identify two main approaches to dealing with this situation. The first option is to have a certain number of ready, previously tested, recipes that proved working well (e.g. financial management, fiscal regulation, personnel training). The second is to prepare entrepreneurs to be ready for spotting new opportunities and decisions in unexpected situations and uncertain environments. For successful implementation of these solutions substantial changes are necessary in business and enterprise education at the higher and lifelong learning levels. Education and training must be refocused towards development of creativity and other non-cognitive skills. Papers selected for the new issue of the Journal of Business Management address both approaches with the first being prevalent.

    The publications portfolio of the 8th issue of the Journal of Business Management comprises studies presented at the 7th annual International Scientific Conference “Business and Uncertainty: Challenges for Emerging Markets” hosted by Riga international School of Economics and Business administration in April 2014. The conference attracted scientists from eleven countries (mostly Eastern and Northern European).

    Head of the Editorial Board,
    Professor Dr. Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 7 (2013)

    Increasing uncertainty in global markets directly affects business management practices. Businesses re-focus on generating short-term solutions and, hence, on creating fast response systems. A number of papers in the journal are devoted to this theme –financial management, changes in organizational structure, etc.

    In 2013, the Editorial Board received twenty six papers. Some of them were presented and discussed during the 6th International Scientific Conference “New Business Solutions for Emerging Future” in Riga (Latvia) in April 2013. Researchers from five EU countries and Russia took part in the conference. The editors also received papers addressing several business research topics from other researchers, who did not take part in the conference.

    Every paper went through the double-blind peer review (by representatives of over ten HEIs from different countries). As a result of the reviewing process, twelve articles were shortlisted, most of which concern financial management.

    Head of the Editorial Board,
    Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 6 (2012)

    In 2012, the Editorial Board received 37 papers, which went through the anonymous peer review process by 2 subject experts (in some cases - 3) from 11 universities. As a result, 17 papers were accepted for publication in the 6th issue of the Journal of Business Management. The new issue comprises 3 chapters:
    1. Business management
    2. Finances
    3. Other topics.

    The first chapter focuses on the international economics and business management research. It is devoted to the issues of the global financial crisis, structural development of the Baltic States, the Latvian-Turkish economic cooperation, and health tourism development in Slovakia, amongst others. The second chapter includes the finance-related topics, such as the analysis of capital adequacy in the Latvian banks and application of the composite financial index in higher education institutions. The final chapter covers the wide range of research areas – from education quality to social entrepreneurship. The papers in each chapter are structured in the order of acceptance by the Editorial Board.

    One of the published papers (by Ron P. McIver, Australia) analyses changes in the global business environment using a comparatively new approach – the study of large, top 1000, listed companies in the periods preceding, covering, and following the global financial crisis (2005-2011).

    “History shows that economic development has been outrunning in socio-economic systems until present. Recent crises (financial, national debt) as well as the social unrest linked to them indicate the diminishing stability of the existing socio-economic system.

    We can attempt to explain this case in a traditional way – regulation mechanisms are not functioning properly, e.g., financial market regulation mechanism; political systems are functioning poorly, etc., or to look for long- (mid-) term cycles.

    However, it might occur that the problem is deeper. While the economy has been developing (globalisation, growth of labour productivity, growth of unemployment, and so forth), quantitative changes in the socio-economic system have caused qualitative changes. Hence, the new socio-economic system will emerge (emerges), which can ensure dynamic stability again, but in a comparatively long period of time”1.

    Most of the selected papers and published research results were presented and discussed in the course of two international scientific conferences:
    1. The 5th International Scientific Conference “Information Society and Modern Business. Knowledge Creation and Transfer into New Competences”, which was held in Ventspils University College on 26-27 April 2012.
    2. The 9th International Scientific Conference on Accounting and Finance in Transition, European and World Experience, and Public Policy Consideration (ICAFT-2012) held in Riga International School of Economics and Business Administration on 11-13 October 2012 held in Riga International School of Economics and Business Administration on 11-13 October 2012.

    The conferences attracted over 150 delegates – international researchers, academics, entrepreneurs, and policy makers – from Australia, Congo, Croatia, Estonia, Finland, Germany, Latvia, Lithuania, Poland, Russia, Serbia, Slovenia, the United Kingdom and other countries.

    Head of the Editorial Board, Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 5 No. Special Edition (2012)

    This special edition of Journal of Business Management’s 5th issue mainly consists of scientific papers that were presented during the 9th International Scientific Conference “Accounting and Finance in Transition, European and World Experience, and Public Policy Consideration”, or 9th ICAFT-2012. The conference was held in Riga International School of Economics and Business Administration (RISEBA) from the 11th to 13th of October 2012. Participants of the conference explored trends, concepts, experience, and issues generated by accounting and finance academics, researchers, practitioners, and policy makers in the context of dynamic political, economic and social changes. Representatives of 18 countries participated in the conference.

    Presented topics covered various aspects of financial management in the context of researched organisations’ strategies, as well as search of methodological approaches to tackle the most complex issues of financial and accounting policies’ practical application both in private and public sectors. In most cases the general tendency of research appeared to be the problem of adequacy and quality of information disclosure in financial reporting of different organisations, including enterprises, banks and public sector, as well as application of integrated performance measurement system.

    The articles published in this issue reflect most of the 9th ICAFT findings:
    - There is a positive relation between corporate sustainability and financial performance (N.Vitezic, T.Vuko, B.Morec).
    - Corporate social responsibility has been analysed mostly from the viewpoint of economic benefits a company possesses from its social orientation (N.Vitezic, T.Vuko, B.Morec).
    - Non-financial performance measurement indicators can be grouped according to proposed nonfinancial perspectives (A.Sobota, D.Peljhan).
    - High quality information disclosure is connected not only to references in financial statements, but even more to the financial statements being integrative and integral information (B.Ljutic, S.Jankovic, D.Vlasic).
    - Regulatory recommendations alone are not sufficient to guarantee work effectiveness of a board and directors (A.Lagzdins).
    - There is a limited evidence to support claims that different ownership structures (state-controlled, private or foreign-invested ownership) have a significant relationship with tax aggressiveness in China (G.Yuan, R.McIver, M.Burrow).
    - The growing diversity of accounting data efficiency measures are getting more sophisticated and multidimensional to encourage education providers not only towards cost minimization, but also to increase the output quality (B.Mörec, V.Vitezic, M.Tekavcic).
    - Decision time is the key indicator to determine costs of human resources (I.Purinsh, T.Reizinsh, G.Braslinsh, N.Svitlika).
    - Autonomous (devolution) and assigned by the state to municipalities (delegation) functions are presented without any logic system and do not match any classification (G.Zigiene).
    - Measurement and evaluation of long-lived assets is directly related to corporate governance and cannot be ignored, when developing investment strategies (I.Kuzmina, I.Kozlovska).
    - There are relationships between convergence and divergence and business performance in the information and communication technologies sector (S.Veneti, Z.Sevic, D.Maditinos).

    The presented research results determined the most disputable matters in the international financial thought. A number of points for discussions arose, for instance:
    - How does a managerial optimism as well as other psychological biases affect a firm’s investment decision process?
    - What is the role of different performance perspectives, when assessing efficiency of integrated performance management systems?
    - Is such hypothetical amount as a “fair value” sufficiently understandable, reliable, relevant and comparable to be suitable for financial reporting?
    - How should organisations plan their strategic positioning within the divergence-convergence recursive model in a timeline?
    - Does the corporate governance structure influence future cash flows and investment strategy of a company?

    JAnswers to these and other questions that arose during the conference discussions contribute to further development of theory and research of international experience and practice in the field of finance and accounting, thus also stimulating development of creative thinking and scientific research in future.

    Vice Chair of the ICAFT conference,
    Irina Kuzmina

    Head of the Editorial Board,
    Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 4 (2011)

    Journal of Business Management, issue No.4, mostly consists of papers (reports), which were presented during the International Scientific Conference "Changes in Global Economic Landscape – in Search for New Business Philosophy" that took place in Riga International School of Economics and Business Administration on 28 and 29 April 2011.

    Representatives of 12 countries – Austria, Finland, Estonia, Cyprus, Poland, Hungary, Portugal, Germany, Italy, United Kingdom, Latvia, and Greece – participated in the conference.

    Main findings of the International Scientific Conference were as follows (scientific articles published in this issue reflect most of these findings):
    1. The global economy‘s centres of gravity are shifting (towards east mainly, e.g. China, India, etc.). The shift of economic centres of gravity is tied with fundamental and long-term collisions (as history shows). Therefore, uncertainty in business increases, and it is the long-lasting period.
    2. The model of economic development based on demand stimulation (in a form of crediting) does no longer work. The time has come to pay off (or write off?) loans received earlier. The consumption society cannot be sustainable.
    3. Talents and technologies determine business achievements (especially in case of rapid changes in the world economy).
    4. A long-term business is becoming the one, which is concerned with satisfying primary needs of people (e.g. food industry), as well as high technologies.
    5. More close regional collaboration can positively influence the situation both on the country and business levels (including introduction of single currency).
    6. Constant concentration on short-term goals does not allow achieving long-term goals, including the investment-related ones.

    A number of points for discussion arose, for instance:
    1. Why improvement of macroeconomic indicators in Latvia does not influence its people?
    a) It requires time.
    "Slight growth and profit in the banking sector are anticipated only in the end of 2011".
    "Stable investments are required".
    "Salaries are below the productivity level, they can increase only in the mid-term, from now to 2014" (Andris Vilks).
    b) "The macroeconomic indicators do not fully reflect the real microeconomic situation" (V.Kozlinskis).
    2. The anticipated role of immigration
    In the short- and mid-term regulating immigration can bring positive impact, although the basic long-term solution is to improve the demographic situation (e.g. Canada‘s experience of 3-children families) (Greg McDonalds).
    The regulated immigration can attract highly qualified workforce, holders of capital, scientists.
    3. Some bright quotes:
    Massimo Merlino: "2T (talents and technologies) is the only strategy that can take out from the crisis. Intercultural research in this area is required".
    Signe Enkuzena: "The world‘s leading economies proved that an effective human resource training system is one of the business development cornerstones... Employees also admit that learning and improvement of skills enhance professionalism".
    Kari Liuhto: "The single currency fosters development of regional business and tourism".
    "The united investment agency of the Baltic region could attract foreign investments, foster inflow of capital, promote economic growth and more intensive competition among enterprises".

    Artis Pabriks: "Since the Baltic countries (Latvia, Lithuania, Estonia) joined the EU following the Northern neighbours, the need for mutual collaboration and integration have become very salient. However, there are differences between the Northern and Baltic countries – the Northern Countries are among the most successful and competitive in the world, while the Baltics fight for extra resources to support the social sector. One of the options for the Baltics is to learn from experience of the Northern neighbours".
    Jānis Zvīgulis: "The Latvian and global experience shows that not all investments are suitable for the development of Latvian economy. The strategically defined and appropriate investments are necessary, but not the doubtful ones. A lot of countries, including Latvia, define its attitude towards investments – how to increase the desired investments, especially, when the flow of funds decreases significantly".


    Head of the Editorial Board
    Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 3 (2010)

    Journal "Journal of Business Management", Issue No.3, consists of papers received in 2010.

    The majority of research papers were presented at the International Scientific Conference "Business competitiveness in local and foreign markets: challenges and experiences", complemented and improved after the Conference.

    Researchers, PhD students and practitioners from 4 countries sent in their papers in 2010. Each paper was reviewed by two reviewers and in some cases (if there were contradictory reviews) – by a third reviewer, usually from abroad.

    50% of papers received were acknowledged as appropriate, which indirectly testifies the increase in quality of research papers.

    The range of topics is very wide - from research on business environment to issues concerning evaluation methodology of specific enterprises.

    2009 was one of the most difficult years in current Latvian business history. The overall profit of all enterprises was negative and the number of insolvency cases increased considerably with the decrease in turnover, increase in tax burden and problems in the political situation that impeded the implementation of the necessary structural reforms. Therefore several papers included in journal describe the overall situation in Latvia.

    The authors of research papers through their contribution have attempted to provide solutions to basic problems plaguing businesses over the last few years.

    The results published in journal may be useful for researchers and practitioners.

    Head of Editorial Board
    Vulfs Kozlinskis

  • Journal of Business Management
    Vol. 2 (2009)

  • Journal of Business Management
    Vol. 1 No. Special edition (2008)