Investing is the conversion of available savings to a specific asset, usually shares, bonds, real estate or investment fund units, with a simple purpose of increasing the amount of money invested in the future. Investments have several types, which are divided according to certain features: according to the investor's influence on the entity, according to the investor's permanent residence, according to the investor status, according to the investment object. Investment policy is often defined institutional investors including, where everything is more or less regulated. State investment policy is formulated in the program of activities of the Government of the Republic of Lithuania, taking into account economic and social-economic development forecasts of the Republic of Lithuania Investor's rights and protection, cooperation between the investor and the investment firms determine the Markets in Financial Instruments Directive.
Investing is the conversion of available savings to a specific asset, usually shares, bonds, real estate or investment fund units, with a simple purpose of increasing the amount of money invested in the future. Investments have several types, which are divided according to certain features: according to the investor's influence on the entity, according to the investor's permanent residence, according to the investor status, according to the investment object. Investment policy is often defined institutional investors including, where everything is more or less regulated. State investment policy is formulated in the program of activities of the Government of the Republic of Lithuania, taking into account economic and social-economic development forecasts of the Republic of Lithuania Investor's rights and protection, cooperation between the investor and the investment firms determine the Markets in Financial Instruments Directive.
This thesis analyses determinants that have influence on Venture Capital (VC) activity in Europe. Majority of previous researches used Jeng and Wells (2000) model, where VC demand (Investments) and supply (Raised Fund) side were tested, this model was applied to this research as well. The panel data analysis with fixed and random effects of 22 European countries period 2008 - 2018 was used for this paper and model was improved by introducing 18 new factors together with 9 selected from previous studies. Results revealed that fixed effects model were more appropriate to use in this research. Investment model revealed 9 significant factors: positive impact with GDP, Export, Starting Business, Scientific legislation and negative with 10Y Government bonds, FDI, Internet use, Patents and Protectionism. While Fund Raised model observed 5 significant determinants: positive connection with FDI and Corruption, while negative with Science employees, Patents and Corporate Tax. In previous studies variables were categorized in three sectors: macroeconomic, entrepreneurial and technological (Prohorovs & Pavlyuk, 2013). This model was improved by combining factors into the four sectors including also institutional sector. As a result 4 hypotheses were tested. 3 hypotheses find supported: Macroeconomic, Technological and Institutional variables had an effect on VC activity in European countries. Though, 1 hypothesis was rejected: Entrepreneurial variables did not have effect on European VC activity. These results highlight the importance of Macroeconomic, Technological and Institutional variables in Europe, while selected Entrepreneurial factors did not revealed significant impact (22 486 words).
This thesis analyses determinants that have influence on Venture Capital (VC) activity in Europe. Majority of previous researches used Jeng and Wells (2000) model, where VC demand (Investments) and supply (Raised Fund) side were tested, this model was applied to this research as well. The panel data analysis with fixed and random effects of 22 European countries period 2008 - 2018 was used for this paper and model was improved by introducing 18 new factors together with 9 selected from previous studies. Results revealed that fixed effects model were more appropriate to use in this research. Investment model revealed 9 significant factors: positive impact with GDP, Export, Starting Business, Scientific legislation and negative with 10Y Government bonds, FDI, Internet use, Patents and Protectionism. While Fund Raised model observed 5 significant determinants: positive connection with FDI and Corruption, while negative with Science employees, Patents and Corporate Tax. In previous studies variables were categorized in three sectors: macroeconomic, entrepreneurial and technological (Prohorovs & Pavlyuk, 2013). This model was improved by combining factors into the four sectors including also institutional sector. As a result 4 hypotheses were tested. 3 hypotheses find supported: Macroeconomic, Technological and Institutional variables had an effect on VC activity in European countries. Though, 1 hypothesis was rejected: Entrepreneurial variables did not have effect on European VC activity. These results highlight the importance of Macroeconomic, Technological and Institutional variables in Europe, while selected Entrepreneurial factors did not revealed significant impact (22 486 words).
The scientific literature emphasizes the importance of investment for business development, productivity and business value growth. The importance of corporate investment for the long-term growth of the country's economy is also emphasized. Companies operate in a constantly changing environment, so their decisions are affected not only by their financial situation, but also by external factors. Like corporate investment, taxes are important for business decisions and the country's economy. With the help of taxes, the government seeks to raise funds for the budget and regulate the economy. The relationship between corporate investment and taxation is widely discussed in the scientific literature but has not been fully explored. In the scientific literature the results of research on the relationship between corporate investment and taxation differ, therefore further analysis of this issue and empirical research are needed. The authors emphasize the importance of additional research of different sectors companies' investment and different taxes relationship. A better understanding of these links would enable fiscal policymakers and business managers to make better decisions that promote the growth of companies and national economies.
The blue economy is becoming the basis and the policy for new maritime technologies and sustainable maritime economic activity. According to the World Bank (2017), the challenges of the sustainable use of marine resources are related to the impact of climate change on rising sea levels, more frequent extreme weather events, and rising air temperatures. There is no doubt that this will have an impact on the performance of ocean-related business sectors. However, investment is needed for the blue economy to grow successfully. Financial institutions have an important role to play in financing sustainable projects. According to M. Janicka (2016: 27), financial institutions are usually associated with a policy of maximising profits rather than pursuing environmental action. However, there has been a change in the philosophy of these institutions, not only due to the increasing pressure on public authorities to take environmental issues into account, but also due to the changing attitudes of people in charge of financial institutions towards the environment. Investment decisions made by maritime businesses depend on many factors, but there is no doubt that successful profit-making should be reconciled with reducing resource intensity, making the development of the blue economy a modern-day pursuit. This may require significant investment from the public and private sectors. The term 'the blue economy' has been recognised for almost 15 years, but it is defined differently in various sources. R.E. Boschen-Rose et al. (2020: 835) define the concept of the blue economy as the sustainable use of ocean resources to promote economic growth, improve livelihoods, and enhance the state of ocean ecosystems. A. Alempijevi and A. Kovačic (2019: 97) describe the blue economy as a combination of sustainable development and green growth. Focus of the research: opportunities for sustainable investment in the development of the blue economy. Aim of the research: to identify sustainable investment opportunities in the development of the blue economy. Research methods: analysis of scientific literature, systematisation, generalisation and analysis of statistical data. The study shows that the successful development of the blue economy requires sustainable investment, and therefore needs to be given high priority. The European Union has put measures in place to finance this investment, and is creating a favourable environment to facilitate and encourage public and private investment in the blue economy. The study has revealed that the concept of sustainable investment should be understood as the concerted effort by technological progress, research, business and governments to invest in projects that include social, economic and environmental dimensions. A statistical analysis of sustainable investment trends in the development of the blue economy has shown that sustainable investment has the potential to grow in the future, but it is important to take into account the impact on the blue economy of the Covid-19 pandemic.
The blue economy is becoming the basis and the policy for new maritime technologies and sustainable maritime economic activity. According to the World Bank (2017), the challenges of the sustainable use of marine resources are related to the impact of climate change on rising sea levels, more frequent extreme weather events, and rising air temperatures. There is no doubt that this will have an impact on the performance of ocean-related business sectors. However, investment is needed for the blue economy to grow successfully. Financial institutions have an important role to play in financing sustainable projects. According to M. Janicka (2016: 27), financial institutions are usually associated with a policy of maximising profits rather than pursuing environmental action. However, there has been a change in the philosophy of these institutions, not only due to the increasing pressure on public authorities to take environmental issues into account, but also due to the changing attitudes of people in charge of financial institutions towards the environment. Investment decisions made by maritime businesses depend on many factors, but there is no doubt that successful profit-making should be reconciled with reducing resource intensity, making the development of the blue economy a modern-day pursuit. This may require significant investment from the public and private sectors. The term 'the blue economy' has been recognised for almost 15 years, but it is defined differently in various sources. R.E. Boschen-Rose et al. (2020: 835) define the concept of the blue economy as the sustainable use of ocean resources to promote economic growth, improve livelihoods, and enhance the state of ocean ecosystems. A. Alempijevi and A. Kovačic (2019: 97) describe the blue economy as a combination of sustainable development and green growth. Focus of the research: opportunities for sustainable investment in the development of the blue economy. Aim of the research: to identify sustainable investment opportunities in the development of the blue economy. Research methods: analysis of scientific literature, systematisation, generalisation and analysis of statistical data. The study shows that the successful development of the blue economy requires sustainable investment, and therefore needs to be given high priority. The European Union has put measures in place to finance this investment, and is creating a favourable environment to facilitate and encourage public and private investment in the blue economy. The study has revealed that the concept of sustainable investment should be understood as the concerted effort by technological progress, research, business and governments to invest in projects that include social, economic and environmental dimensions. A statistical analysis of sustainable investment trends in the development of the blue economy has shown that sustainable investment has the potential to grow in the future, but it is important to take into account the impact on the blue economy of the Covid-19 pandemic.
The blue economy is becoming the basis and the policy for new maritime technologies and sustainable maritime economic activity. According to the World Bank (2017), the challenges of the sustainable use of marine resources are related to the impact of climate change on rising sea levels, more frequent extreme weather events, and rising air temperatures. There is no doubt that this will have an impact on the performance of ocean-related business sectors. However, investment is needed for the blue economy to grow successfully. Financial institutions have an important role to play in financing sustainable projects. According to M. Janicka (2016: 27), financial institutions are usually associated with a policy of maximising profits rather than pursuing environmental action. However, there has been a change in the philosophy of these institutions, not only due to the increasing pressure on public authorities to take environmental issues into account, but also due to the changing attitudes of people in charge of financial institutions towards the environment. Investment decisions made by maritime businesses depend on many factors, but there is no doubt that successful profit-making should be reconciled with reducing resource intensity, making the development of the blue economy a modern-day pursuit. This may require significant investment from the public and private sectors. The term 'the blue economy' has been recognised for almost 15 years, but it is defined differently in various sources. R.E. Boschen-Rose et al. (2020: 835) define the concept of the blue economy as the sustainable use of ocean resources to promote economic growth, improve livelihoods, and enhance the state of ocean ecosystems. A. Alempijevi and A. Kovačic (2019: 97) describe the blue economy as a combination of sustainable development and green growth. Focus of the research: opportunities for sustainable investment in the development of the blue economy. Aim of the research: to identify sustainable investment opportunities in the development of the blue economy. Research methods: analysis of scientific literature, systematisation, generalisation and analysis of statistical data. The study shows that the successful development of the blue economy requires sustainable investment, and therefore needs to be given high priority. The European Union has put measures in place to finance this investment, and is creating a favourable environment to facilitate and encourage public and private investment in the blue economy. The study has revealed that the concept of sustainable investment should be understood as the concerted effort by technological progress, research, business and governments to invest in projects that include social, economic and environmental dimensions. A statistical analysis of sustainable investment trends in the development of the blue economy has shown that sustainable investment has the potential to grow in the future, but it is important to take into account the impact on the blue economy of the Covid-19 pandemic.
The blue economy is becoming the basis and the policy for new maritime technologies and sustainable maritime economic activity. According to the World Bank (2017), the challenges of the sustainable use of marine resources are related to the impact of climate change on rising sea levels, more frequent extreme weather events, and rising air temperatures. There is no doubt that this will have an impact on the performance of ocean-related business sectors. However, investment is needed for the blue economy to grow successfully. Financial institutions have an important role to play in financing sustainable projects. According to M. Janicka (2016: 27), financial institutions are usually associated with a policy of maximising profits rather than pursuing environmental action. However, there has been a change in the philosophy of these institutions, not only due to the increasing pressure on public authorities to take environmental issues into account, but also due to the changing attitudes of people in charge of financial institutions towards the environment. Investment decisions made by maritime businesses depend on many factors, but there is no doubt that successful profit-making should be reconciled with reducing resource intensity, making the development of the blue economy a modern-day pursuit. This may require significant investment from the public and private sectors. The term 'the blue economy' has been recognised for almost 15 years, but it is defined differently in various sources. R.E. Boschen-Rose et al. (2020: 835) define the concept of the blue economy as the sustainable use of ocean resources to promote economic growth, improve livelihoods, and enhance the state of ocean ecosystems. A. Alempijevi and A. Kovačic (2019: 97) describe the blue economy as a combination of sustainable development and green growth. Focus of the research: opportunities for sustainable investment in the development of the blue economy. Aim of the research: to identify sustainable investment opportunities in the development of the blue economy. Research methods: analysis of scientific literature, systematisation, generalisation and analysis of statistical data. The study shows that the successful development of the blue economy requires sustainable investment, and therefore needs to be given high priority. The European Union has put measures in place to finance this investment, and is creating a favourable environment to facilitate and encourage public and private investment in the blue economy. The study has revealed that the concept of sustainable investment should be understood as the concerted effort by technological progress, research, business and governments to invest in projects that include social, economic and environmental dimensions. A statistical analysis of sustainable investment trends in the development of the blue economy has shown that sustainable investment has the potential to grow in the future, but it is important to take into account the impact on the blue economy of the Covid-19 pandemic.
The aim of this Master's work is to make analysis of EU investment policy for business establishment in Lithuania. The aim is reached after presenting theoretical EU investment policy base, also analyzing basic environment and conditions for business in Lithuania as part of EU, and ascertaining factors of EU investment policy implementation. Empirical research shows the importance and evaluation of measures of EU investment policy for business establishment in Lithuania. After the analysis of the theoretical foundations of public policy there was found the insights of the EU investment policy for business establishment in Lithuania, which was the subject of this paper, it is appropriate to assess the impact of policies on a particular field, which is business establishment. The preferred method in this case is the decision-theoretical evaluation, an ex-ante, taking into business needs. Analysis of business environment and business conditions showed that Lithuanian economic development is lower than the EU average, and although business conditions are not very poor, the tax system is not conducive to the establishment of businesses. The empirical study confirms defended statements: 1. the investment policy is not focused on direct business start-up financing. Business investment in the establishment of policies have only an indirect impact on the improvement of business conditions and the attractiveness of the setting up of new companies. 2. The measures offered for the business in Siauliai region, such as financial instruments (loans), guarantees and partial compensation of interest, provided consulting and information services, project of development of industrial park and improve road and energy infrastructure, they increases the attractiveness of the region for business establishment, but they are not enough to develop entrepreneurship. Based on the findings of the research the recommendations were offered for national and local institutions. Core of the recommendations is the promotion of entrepreneurship, improve business environment and implementation of projects dealing with the improvement of the business establishment issues.
The aim of this Master's work is to make analysis of EU investment policy for business establishment in Lithuania. The aim is reached after presenting theoretical EU investment policy base, also analyzing basic environment and conditions for business in Lithuania as part of EU, and ascertaining factors of EU investment policy implementation. Empirical research shows the importance and evaluation of measures of EU investment policy for business establishment in Lithuania. After the analysis of the theoretical foundations of public policy there was found the insights of the EU investment policy for business establishment in Lithuania, which was the subject of this paper, it is appropriate to assess the impact of policies on a particular field, which is business establishment. The preferred method in this case is the decision-theoretical evaluation, an ex-ante, taking into business needs. Analysis of business environment and business conditions showed that Lithuanian economic development is lower than the EU average, and although business conditions are not very poor, the tax system is not conducive to the establishment of businesses. The empirical study confirms defended statements: 1. the investment policy is not focused on direct business start-up financing. Business investment in the establishment of policies have only an indirect impact on the improvement of business conditions and the attractiveness of the setting up of new companies. 2. The measures offered for the business in Siauliai region, such as financial instruments (loans), guarantees and partial compensation of interest, provided consulting and information services, project of development of industrial park and improve road and energy infrastructure, they increases the attractiveness of the region for business establishment, but they are not enough to develop entrepreneurship. Based on the findings of the research the recommendations were offered for national and local institutions. Core of the recommendations is the promotion of entrepreneurship, improve business environment and implementation of projects dealing with the improvement of the business establishment issues.
Roads in Lithuania are financed only from collected road taxes; however, this funding is not sufficient for road maintenance and improvement. Lithuanian Road Administration under the Ministry of Transport and Communications allocates the funding received from European Regional Development Fund as follows: improvement of pavement of regional roads, implementation of traffic safety and environmental measures, and implementation of Gravel Roads Paving Programme. Since 2004 road projects in Lithuania have been financed from European Union funds. Unfortunately these financial resources are not sufficient for the implementation of all road investment projects in Lithuania. The problem of selecting the most effective road investment projects is becoming more and more acute. Road investment project alternatives have to be appraised in an integrated manner using mathematical models in addition to economic, social and environmental criteria. Scientific problem – road investment projects are often appraised from economic, social and environmental viewpoints separately by applying different mathematical models and without using the principle of sustainable development and multi-criteria appraisal methods for integrated analysis of road investments. [.]
Roads in Lithuania are financed only from collected road taxes; however, this funding is not sufficient for road maintenance and improvement. Lithuanian Road Administration under the Ministry of Transport and Communications allocates the funding received from European Regional Development Fund as follows: improvement of pavement of regional roads, implementation of traffic safety and environmental measures, and implementation of Gravel Roads Paving Programme. Since 2004 road projects in Lithuania have been financed from European Union funds. Unfortunately these financial resources are not sufficient for the implementation of all road investment projects in Lithuania. The problem of selecting the most effective road investment projects is becoming more and more acute. Road investment project alternatives have to be appraised in an integrated manner using mathematical models in addition to economic, social and environmental criteria. Scientific problem – road investment projects are often appraised from economic, social and environmental viewpoints separately by applying different mathematical models and without using the principle of sustainable development and multi-criteria appraisal methods for integrated analysis of road investments. [.]
Roads in Lithuania are financed only from collected road taxes; however, this funding is not sufficient for road maintenance and improvement. Lithuanian Road Administration under the Ministry of Transport and Communications allocates the funding received from European Regional Development Fund as follows: improvement of pavement of regional roads, implementation of traffic safety and environmental measures, and implementation of Gravel Roads Paving Programme. Since 2004 road projects in Lithuania have been financed from European Union funds. Unfortunately these financial resources are not sufficient for the implementation of all road investment projects in Lithuania. The problem of selecting the most effective road investment projects is becoming more and more acute. Road investment project alternatives have to be appraised in an integrated manner using mathematical models in addition to economic, social and environmental criteria. Scientific problem – road investment projects are often appraised from economic, social and environmental viewpoints separately by applying different mathematical models and without using the principle of sustainable development and multi-criteria appraisal methods for integrated analysis of road investments. [.]
Roads in Lithuania are financed only from collected road taxes; however, this funding is not sufficient for road maintenance and improvement. Lithuanian Road Administration under the Ministry of Transport and Communications allocates the funding received from European Regional Development Fund as follows: improvement of pavement of regional roads, implementation of traffic safety and environmental measures, and implementation of Gravel Roads Paving Programme. Since 2004 road projects in Lithuania have been financed from European Union funds. Unfortunately these financial resources are not sufficient for the implementation of all road investment projects in Lithuania. The problem of selecting the most effective road investment projects is becoming more and more acute. Road investment project alternatives have to be appraised in an integrated manner using mathematical models in addition to economic, social and environmental criteria. Scientific problem – road investment projects are often appraised from economic, social and environmental viewpoints separately by applying different mathematical models and without using the principle of sustainable development and multi-criteria appraisal methods for integrated analysis of road investments. [.]
