The paper gives an analysis of changes in the refinery business ownership structure in two “new” EU members: Poland and Croatia, after their shift to market based economy. The key area of analysis refers to the state control over refinery assets as a tool of national energy security. Refinery sectors in both countries are presented focusing on their respective strengths and weaknesses. Changes in ownership structure of three major players: INA, LOTOS and PKN ORLEN are reviewed in order to establish how they affected sustainability and development of these entities. The paper takes into account not only the interests of Poland and Croatia, but also refers to Hungary, Czech Republic and Lithuania. The analysis was performed with regards to the general trends and expectations in the European refinery sector. Our conclusions indicate that state control over key refinery assets represent a valuable tool for energy policy and, in cases when lost, it has to be compensated by other measures. If refining capacity is left unchecked and uncontrolled energy security of the country is easily threatened. This situation often leads to an almost paradoxical situation where the energy security of individual EU member countries can easily be in conflict with the overall EU energy security policy and guidelines.
Our paper tackles the issue of the European energy security and economic growth. Specifically, it evaluates the relationship between natural gas consumption and economic growth in the European Union (EU). Channels along which natural gas is supplied to the EU energy markets yield dependence from the Russian Federation which presents a threat to the European energy security. Our sample includes panel time series data over the period from 1997 to 2011 for a 26 EU countries. Based on neoclassical growth model, we create a multivariate model including gross fixed capital formation and total labor forces of a country as additional explanatory variables. Using panel cointegration tests, we found that there exists a long-run relationship between economic growth, natural gas consumption, labor and capital. In the short-run there is bidirectional causality between natural gas consumption and economic growth. The causality running from economic growth to natural gas consumption is positive. On the other hand, the causality, which runs from natural gas consumption to economic growth, is negative.
Do foreign controlled firms exhibit a different environmental performance from domestically controlled ones for ‘developed countries’? The aim of this paper is to examine whether foreign firms are more environmentally sustainable than their domestic counterparts, i.e., the Pollution Halo Hypothesis generally analysed in developing countries. By using firm-level panel data over the time period 2002-2006, this study explores the differences in environmental performance -measured by air and water pollution emissions—of Italian dirty-firms with different types of ownership: Foreign multinational enterprises (FMNEs), National multinational enterprises (NMNEs) and Domestic enterprises (DOMESTICs). Econometric results show that foreign ownership does not influence air and water pollution emissions, suggesting the lack of evidence of a Pollution Halo Hypothesis in developed countries.
The article analyses an in-house procurement concept in the contexts of scientific doctrine, substantive law and legal practice. The Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC is discussed in the part of provisions regulating cases where a public contract between public entities is not a subject to public procurement procedures. In addition, statistical data of in-house procurements in Lithuania are presented and threats of in-house procurement concept application as well as possibilities of improvement thereof are assessed.
The banking and finance sector is one of the most dynamic sectors that is continuously experiencing most of structural changes. Fast consolidation and concentration of banks globally has evoked active discussions on behalf of scientists and practitioners on the effect gained from concentrating on the efficiency and competitiveness of the banking system, financial and microeconomic stability of countries and economic development. Mergers and acquisitions of the banking sector are mostly encouraged by the target to get more authority in the international banking environment, to eliminate competitors from profitable activity and to strive for additional financial benefit for shareholders, to increase the range of the services provided, to use the resources efficiently, i. e. to create the value for shareholders and to contribute to the development of the financial sector. Therefore, the article analyses the bank mergers and acquisitions of the Lithuanian banking sector; it is assessed whether the bank mergers have created the value for shareholders and (or) the financial system. The research that has been carried out shows that mergers and acquisitions of the banking sector are take placing in order to increase the benefit for shareholders and to strive for the economy; the aspect of financial stability of such transactions appears in a short term and is most commonly inspired by the government. Modern Lithuanian banking sector has been formed by means of mergers and acquisitions; strategic investors helped transitive economy countries to guarantee the stability of the banking sector and to achieve the benefit of the economy of scale. Restructuring of the banking activities, i. e. the performance distribution can be a useful measure in ensuring stable activities of both the financial system and the accepting bank – to acquire a market share and to optimise its performance.
The article describes the research of the development of the shadow economy, defines its essence, discloses main reasons for its occurrence; describes its structure, Identifies factors that promote its development; evaluates the system of combating measures and reveals the results of controlling it. Policy implications are being suggested.
Sustainable development and efficiency of public sector remain priority of governments. Hence, governments are concerned with assessment, plan and measure of functions performed by public institutions. However, various problems related to the methodology of functional review are indicated. The paper aims to develop the model appropriate for the planning and execution of functional reviews in public institutions. The research is based on the method of systemic analysis what let us carry out comparative analysis and synthesis of prevailing models developed by different scholars and practitioners. Suggested model contributes to sustainable development of public institutions by providing consistent guidelines relevant for various stakeholders.