The advanced experience of foreign countries and the possibilities to apply it for the formation of tourism clusters in Lithuania have been analyzed in this scientific study. The research carried out by the authors shows that clusterization of tourism sector is one of the most effective means to insure competitiveness of national tourism products in the international market.

Keywords: tourism sector, tourism sector competitiveness, tourism clusters.

JEL Classification: L83

INTERNATIONAL ECONOMICS AND TRADE, TRANSITION ECONOMIES

Jekaterina ROJAKA

BALTIC STATES’ COMPETITIVENESS: BEFORE AND AFTER THE GLOBAL CRISIS

The aim of this article is to look more closely at international competitiveness assessment, developments and progress of the three Baltic countries, to investigate the emerging challenges on their way to enhance competitive position and evaluate the countries’ perspectives.

Keywords: international competitiveness, business environment, assessment, crisis

JEL Classification: F43/O11/O57

FINANCE AND FINANCIAL ECONOMICS

Andrzej CWYNAR

VALUE-BASED MEASUREMENT AND MANAGEMENT OF FIRM PERFORMANCE: RECONCILIATION TABLE

The article discusses internal (residual income measures) and external (stock return measures) value-based metrics. It reveals their similarities, differences and associations among them.

Keywords: value-based metrics, performance measurement and management, residual income

JEL Classification: G31/G34/G39.

Valdonė Darškuvienė, Jonė Šakalytė

eefficiency of stock exchange network formation as a change in market concentration

The paper focuses on stock exchange network efficiency as related to consolidation and concentration in the finance industry. The study aims to assess changes in securities market concentration in st1:place w:st="on">Europe based on analysis of formation of networks among European stock exchanges.

Keywords: stock exchange, efficiency, concentration, networks.

JEL Classification: AA12/D49/G20

Dalius RAŠKINIS

THE PHENOMENON OF FINANCIAL BUBBLES: THE CASE STUDY OF st1:country-region w:st="on">LLITHUANIA

This study is dedicated to the analysis of financial bubbles, their consequences and the case study of financial bubbles in st1:country-region w:st="on"> Lithuania. It can be deduced that the formation of financial bubbles must be thoroughly investigated and controlled in order to soften the possible consequences of future market inadequacies.

Keywords: finance, financial markets, financial bubbles, economic crisis.

JEL Classification: GG01/ G10

Mart SÕRG, Danel TUUSIS

DOES INTEREST RATE MATTERS: EMPIRICAL STUDY OF ESTONIAN PRIVATE PERSONS

Current study is focused on the financial indebtedness and borrowing decision making of Estonian private persons. Study is based on results of 324 questioners. Study shows that interest rate cannot be considered as the main determinant of borrowing decision neither in any other consumption decision.o:p>

Key words: Consumption, savings, credit behaviour, interest rate influence

JEL Classifications: EE21/D14.

ENVIRONMENTAL AND RESOURCE ECONOMICS

Remigijus ČIEGIS

SUSTAINABLE DEVELOPMENT ASSESSMENT

The article discusses i style="mso-bidi-font-style:normal">the assessment of sustainable development. According to the collected theoretical and practical material, the possibilities of assessment of sustainable development are reviewed from the viewpoint of principles of environmental economics and sustainable development.

Keywords: Lithuanian economy, development, sustainable development, assessment, indicators.

JEL Classification: QQ01/O47

Aistė PIKŠRYTĖ

SUSTAINABLE DEVELOPMENT AND THE ADMINISTRATION OF WATER RESOURCES: FROM ENVIRONMENTAL CONFLICTS TO REGIONAL INTEGRATION

The article encompasses the analysis of water resource administration problems and their solutions. The case analysis is carried out in the article in order to justify the presumption that sustainable development enables managing the water resource administration problems most effectively.

Keywords: Sustainable development, water resource administration, water scarcity, environmental conflicts, regional environmental cooperation/integration.

JEL classifications: /span> QQ01/Q25/Q56

PUBLIC AND SOCIAL ECONOMICS

Jonas ČEPINSKIS, velina SAKALAUSKAITĖ

CCORPORATE SOCIAL RESPONSIBILITY DURING ECONOMIC CRISIS IN LITHUANIA

The paper examines the formation of corporate social responsibility (CSR) concept, its benefit and cost, and the economic crisis influence to corporate social responsibility. The authors analyze social responsible business in st1:country-region w:st="on">Lithuania and evaluate CSR changes during economic crisis, its influence to business financial performance.

Keywords: corporate social responsibility, economic crisis, business financial performance.

JEL classifications: M14/G01/M21.

Artūras GREBLIAUSKAS

SINGULARITIES OF GAMBLING TAXATION

The paper deals with singularities/span> of gambling taxation, which impact state taxation income and security of gamblers.

Keywords: gambling state regulation, competition in gambling market, gambling taxation policy.

JEL Classifications: BB41/D40/H21.

Agnė ŠNEIDERIENĖ, Violeta PUKELIENĖ, Vytautas JUŠČIUS

CORPORATE SOCIAL RESPONSIBILITY IN THE ACTIVITIES OF MULTINATIONAL COMPANIES

In the article there are nalyzed the concept of corporate social responsibility, theoretical aspects of this idea and the main approaches to corporate social responsibility, the advantages of implementing this idea. The article summarizes the results of the research, pursued in two transnational companies operating in Lithuania.

Keywords: corporate social responsibility, global economy, transnational corporations.

JEL classifications:: F23/ M14.