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This paper aims to analyse the marketing practices embraced by SMEs managers to fulfil their organisation objectives in terms of profit. Based on a literature review, qualitative interviews and a quantitative research based on questionnaires implemented on Romanian and Maltese SMEs, we have acquired a broad imagine of the marketing practices used within these organisations. The primary pursued objective of the paper is to determine if the size of a SME (in terms of turnover and employee number), influences the marketing process. Moreover, the results of the case study (Romanian vs. Maltese SMEs) outline that SMEs managers, more or less, set short term marketing objectives based on “entrepreneurial instinct” or conjuncture, to overcome threats or to transform opportunities in short term profit. Thus, the study results represent a starting point for developing processes to help SMEs managers make a better use of the marketing orientation concept, in order to create long term business plans.

The first small and medium enterprises emerged in Romania in the early 1990s, having retail trade as their main business field. In time the situation evolved by the increase of the numbers of SMEs and by the business field diversification. The number of SMEs in Romania reported to the number of inhabitants is below the EU average. The objective of this paper is to identify the degree of implementation of the Marketing function in small and medium enterprises, in the western area of Romania, in order to identify solutions to improve the economic performance. By conducting an empirical research, the paper brings an insight into the economic reality in the western area of Romania.

During the last decades, strategic planning has spread across Italy so that, nowadays, a quite large number of cities have their own plan. This paper aims to provide an insight into the role of the financial evaluation in supporting strategic planning, under the methodological framework of the Feasibility Study. By discussing the case study of the Strategic Plan of Palermo, the paper highlights strengths and weaknesses of action projects and their dependence both on exogenous and endogenous factors. The paper concludes by stressing the role of financial evaluation as a means to identify weaknesses able to affect the project implementation, as well as to highlight the conditions to be exploited in order to improve the success probability for strategic projects.

This paper presents the results of the utilization and analysis of the key performance indicators (KPI's) in large transport companies, applying the model of the specially developed client application for managing the performance in the transport company. Transportation is one of the most important and vital sectors of the Romanian economy. The technological advancement and the use of indicators and management principles improves the moving load, delivery speed, service quality, operation costs, the usage of facilities and energy saving; the authors develop indicators for this sector to identify its current state, and predict its future. Transportation takes a crucial part in the manipulation of logistics. Reviewing the current conditions, a strong system needs a clear use of indicators, proper transportation instruments and techniques to link the procedures. The objective of this paper is thus to define the role of indicators in transportation in reference to further improvement. The study was undertaken to identify the situation of freight transport companies from Romania, to find its problems and to discover new solutions for improving the utilization of the fleets, improving average daily trips and increasing the transport capacity.

Internal service quality and organizational innovation are really important in satisfying the internal and external customers’ expectation and needs. Organizational innovation is actually one of the significant factors that can affect the internal service quality of the organization. This paper describes the development of Innovative Internal Service Quality (IISQ) Model in measuring the influence of organizational innovation (based on its three main determinants) towards internal service quality (reliability, responsiveness, tangibles, assurance and empathy) in MBKS while gender acts as the moderating factor. The paper examines three main determinants of organizational innovation (innovation leadership, managerial levers and business processes) which can affect the internal service quality of an organization as well as describes how those three determinants affect the internal service quality. It will help to provide future researchers with literature in studying the influence of organizational innovation towards internal service quality. This paper can contribute in developing an improved model for organizational innovation and internal service quality.

The paper is part of the final outcomes of the the EU research project “Estudio de la Amenaza Sísmica y Vulnerabilidad Física del Gran Santo Domingo”, as produced by the Italian partenership (Istituto di Ricerca su Innovazione e Servizi per lo Sviluppo, CNR-IRISS). The paper discusses the application of the multi-criteria approach to identify urban vulnerability with respect to seismic risk. Starting from the case study of Santo Domingo, Dominican Republic, the Italian research team provided a GIS-based design approach aimed at managing vulnerability as whole (whether physical, morphological, or social, and functional). The study depiscts and tests a wide range of indicators aimed at mapping seiemic vulnerabilty at urban district scale, according to both the probability of seismic event (the Haiti earthquake of 2010), and the site-specific vulnerability of the city. The research has been carried out with the specialistic supports of the Bureau de Recherches Géologiques et Minières -BRGM (Fr), and with the Istituto Geologico y Minero de Espana (IGME), who produced the seiemic micro-zoning mapping of the city. The GIS-based design approach, as well as the multi-criteria analysis made by the CNR research team, was here tested as innovative risk reduction planning method able at prevent and prepare to severe hazards.

Public art defined as artwork that is placed externally in public areas and mostly accessible for public appreciation and viewing purposes. The public art practice involves collaboration of stakeholders, promotes a sense of community and contributes to a substantial public realm. Therefore, to investigate the aesthetic and functional values of public art in the local context, this paper reviews several public art projects in Malaysia, as reference studies; examines the various typology and roles of public art installation. The outcome of this paper is hoped to provide a better understanding of public art for better quality of public realm.

This paper provides an overview of performance measurement implementation by Local Authorities in Sarawak. It discusses the importance of performance measurement and identifies the factors for achieving excellent performance among local authorities. The paper also raises the need to develop a measurement model for assessing the performance of local authorities and offers some suggestions to improve performance. It also discusses the philosophy of Government Transformation Program (GTP) towards achieving a fully-developed nation through excellent service delivery.

An Electronic-Control-Unit embedded within a car environment is constantly under attack of a continuous flow of modifications of specifications throughout the development life cycle until and beyond Start-of-Production. Root cause for modifications are for instance simply software or hardware errors, improvement for robust design or requirement changes to satisfy the forth-coming demands of the market to ensure later commercial success. Thus the pursuit for best in class products and self-preservation drives the need for modifications and effective methods to review all the side effects of changes before delivery. This paper focuses on the issue to tailor an automotive specific mechanism to guide the requirement change through all the stages determined by a typical automotive development until the settled feature meets the customer. The ability to control the requirement modification involves effective and reproducible procedures to deliver the so-called Request-for-Change (RfC, i.e. [1]) as specified. The Change-Management (CM) process should support all stakeholders with information such as the RfC transition status (i.e. reject, planned, implemented) and impact reports to the initial agreed objectives fixed by contract, which are product features, budget, schedule and quality. The research will not be limited, but focus the investigation of impacts of RfC during the early phase of the project, which are the Concept-Validation and Debugging-Phase. The second part of this paper will undertake the construction of risk management models, utilizing the RfC documentations and impact analysis information produced by the CM process. The research will lead to the understanding of the impact caused by a single RfC, and eventually summarizing the total risk faced by the project at any desired instance within the product life cycle. Finally the research will suggest a visualization model, which cultivates the data of continuous flow of requirement changes into early-warning system and fever curve of the project or a particular project milestone.

When the National Educational Blueprint was launched in 2013, it had explicitly articulated its intention to provide an education system that would take into account the challenges of the 21st century. Adaptive leadership which originates from evolutionary biological sciences perspective has made significant strides toward the understanding of leadership in Knowledge-Era as an adaptive process in an unpredictable 21st century environment (Heifetz, 2004). This research was an attempt to take the first step toward the integration of leadership competence with capability that might lead to anticipated leadership effectiveness leadership in Sarawak schools. First, this paper defined the adaptive leadership (Heifetz, Karnia & Kramer, 2004). Second, it explained how leadership capabilities ( Hazy, 2004 ) could be used to compliment leadership competency in adaptive leadership to ensure leadership effectiveness. Third, this paper explained the leadership effectiveness processes based on Vanderbilt assessment for leadership effectiveness in schools (Porter, Polikoff, Goldring, Murphy, Elliot & May, 2010). Finally, it discussed the implications of adaptive leadership and leadership capabilities on leadership effectiveness in Sarawak schools particularly.

Food safety has been fervently discussed throughout the world. Priority for food safety addresses issues in enhancing food safety systems in terms of exporting countries, contribution to consumers’ health and protection and advancement on food regulations and standards. Not all food industrial companies are able to follow demands highlighted by international bodies. Many developing countries lack the resources to participate in international trade because of the difficulties in complying with the requirements of the food safety standards. The underlying reasons for this are outdated laws, lack of knowledge in terms of limited coordination between organizations handling food safety issues, under-funding of national research institutes and lack of awareness for standards and quality. In moving towards the development of standards, consumer participation to demonstrate their concern over the quality and safety of food is correspondingly on the rise. In every aspect of food production, the company is required at each step in the food production chain to ensure food safety standards are not compromised and to show compliance with regulatory and customers’ requirement. In an attempt to address the issue of compliance with international standards, this paper will set to discuss international food chain perspective including food quality assurance in production processes, hazard characteristics in the production and distribution of food and generic food quality and safety standards. The aim of this paper is to identify public and private food safety and quality standard internationally and implementation of food quality standards in three different regions. At the end of this paper, the researchers seek to highlight some significant findings on quality assurance in the food industry and its benefits to consumers globally.

In this paper we analyze some specific conditions for local development. Our interest is oriented towards a multidimensional aspect of peripheral and rural areas. The rural areas considered as a productive system reflects a strong relationship between the agriculture and the other economic activities, In addition eco-systems must be protected and enhanced to develop innovation models that propose new roles and responsibilities for a new development vision. Following the implementation of the Smart Specialization Strategy and the Quintuple Helix Model this paper underlines the importance of connecting the innovation process with rural territories. We have considered some environmental and sectorial indicators for Sicily compared with the rest of Italy, to underline the role of peripheral areas for a new style of competitiveness based on the principles of sustainable development.

The focus of this paper is to show the necessity to change the existing policy on the importance of entrepreneurship and rural development in Serbia. It cannot be said that this area was not given importance in Serbia, but it can definitely be said that this is not done in the correct way, using all available resources (human, financial (own and foreign sources of funding), intellectual, etc). The aim is to draw attention to the necessity of reducing the public sector (which incidentally has been funded by the private sector through taxes), to the greater stimulation of the private sector (environment, sources of financing, etc.) and to a number of other measures that the Government of Serbia should take, which would be aimed at that for an estimated period of five to ten years, and see in practice that the number of employees in the private sector is ¾, and in the state administration ¼. Namely that the private sector is strong, stable and the state sector is efficient. Furthermore, the aim of this paper is to show us the necessity of using pre-accession funds for the purpose of rural development in Serbia, with the emphasis on legislative solutions that have existed even in the former SFRY.

The paper underlines the role of the agrarian landscapes, expression of cultural values and ecological protection of human activities, in the context of “Citta Metropolitane” planning. It aims to examine the significant contribution of cultural and natural resources to the development of complementary activities in the primary sector allowing an economic return for the community, as well as an equilibrated structure of the rural territory. Going through specific example related to the context of the Reggio Calabria “Provincia” and its main crops, the paper highlight the need of a method to promote the agricultural landscapes, having particular care to material signs documenting their evolution in relation to the production system. In conclusion, the paper points out the “agricultural landscape resource” role within the integrated plan of the Reggio Calabria “Citta Metropolitana” and its potential to support the expansion of economic activities.

The paper assesses the influence of IFRS adoption on management accounting of Czech unlisted companies under foreign control belonging to groups, for which consolidated financial statements in compliance with IFRS are prepared. As these Czech subsidiaries prepare their statutory accounts in compliance with Czech GAAP, IFRS are incorporated into management accounting in order to optimise reporting system costs for meeting information demands of all interested parties. The paper investigates the perception of management on the importance of IFRS for internal decision making. Our results, based on questionnaire survey, show that forced IFRS adopters steadily integrate the IFRS principles into management accounting subsystem. IFRS influence is derived from the structure of executive compensation schemes constructed by parent companies and has impact primarily on the definition of key performance indicators and other financial targets. We find also evidence that with increasing number of areas, in which management accounting utilises the IFRS-based measures, the (subjective) perception of their importance increases, too.

The Reputation Quotient is one of the popular measurements for corporate reputation. It has been tested within a cross-cultural setting among countries in the United States, Europe and Australia. However, there is no reliable evidence that the Reputation Quotient is fit for Malaysia. The purpose of this paper is to empirically examine the Reputation Quotient model when it was applied to measure corporate reputation for the Malaysian banking industry. We resort to the standard confirmatory factor analysis tests. Workplace environment dimension was found weaker in the second order test. This paper seeks to introduce Reputation Quotient studies in Malaysia.

This paper is based on the analysis of the wide use of active and interactive teaching methods in Russian higher education practice (580 situations). The contents of various types of problems related to the choice of these methods as well as the differentiation of knowledge and skills, that are not enough for the successful application of each group of methods, are described. The paper represents interpretation of the results obtained in studying of the use of active and interactive methods for solving educational, professionally oriented and communicative developmental tasks by lecturers. The relationship of didactic tools selection and its dependence on specialization of teaching (Humanities and Sciences), scientific pedagogical experience, age and commitment to professional development is revealed.

Qatar is exemplary for a country that has experienced fundamental economic and political changes in the last decades. One of the challenges that Qatar faces in achieving the national vision 2030 is the environmental development. This is by management of the environment such that there is harmony between economic growth, social development and environmental protection. Identity becomes an increasingly prominent topic in GCC region. It is a way of locating people within their social context and one with clear relevance to environmental attitudes and behaviors. This paper focuses on a valid input to strengthen the identity as a part of the urban context in Qatar and describe how it is relevant to the natural environment. There are many researches that have directly or indirectly addressed environmental identity, and that has shown the importance of identity in the building elements. This study analyzes data about three districts throughout Doha city- the capital of Qatar. The study aims at determining whether cultural practices were associated with stronger local identity. In this paper, a detailed review of the contemporary architecture in Qatar is carried out. This review demonstrates where ‘Traditional Criteria’ are available in three chosen contemporary areas in Doha- Native Function/ Activities responsive contemporary trend. An analytical study based on a survey process produces a framework of unifying cultural practice with contemporary architecture in the State of Qatar. The results of the cases study demonstrate what was learned and what was gained in understanding the Qatari contemporary architecture and how the cultural practice can be integrated to the contemporary architecture to support the identity of the country.

This paper is part of a larger research into the conditions and challenges of mainstream or opportunistic adaptation of climate change adaptation in Bangkok in which adaptation measures are implemented in an integrative way with autonomous urban redevelopment projects. When compared to the application of stand-alone measures, mainstream adaptation will require a longer implementation period as it pace of implementation is depended on the so called adaptation opportunities arisen from the redevelopment needs and moments. Consequently, the integration of adaptation into the autonomous redevelopments is a transformation process of continuous adaptation. This paper explores the potential role amphibious architecture, design and construction can play in the transformation challenge of Bangkok to become a flood resilient city on the longer term. It will focus on a typical neighbourhood, more importantly infrastructure, building, and public spaces. A typical outcome of this process would be a master plan detailing the improvement strategies. The chosen neighborhood will be analyzed in three steps, explained in the following. First we introduce and characterize the urban structure in terms of flood hazard, exposure and sensitivity. Then we provide a few adaptation measures into the real condition. Finally, approximate when and where these measures can be applied in the future that able to be upgraded to assess the spatial and temporal adaptation opportunities included in terms of different detail of scaling effects such as architecture and urban infrastructure.

This paper focused on studying the interrelationships between household's energy use and their lifestyle in electric-only multi dwellings of Higashida, Kitakyushu, Japan. Questionnaires survey concerning the house, family, and equipment characteristics of the residents were distributed in 2012. In the same period, the annual electricity use data base was collected from smart meters. In this paper, the result can be described as follows: 1) People consumed the most electricity of a year in the winter season, almost two times larger than summer season. 2) Four groups of household were classified by hierarchical cluster analysis based on the family attributes and lifestyles pattern, then the comparison analysis on electricity use were compared and discussed. 3) Based on multi regression analysis results, we found that the ownership number of air conditioning, clothes dryer, refrigerator, IH, floor area, family size, and education background of the householder are related with annual electricity use.

In this paper, the combined cooling, heating and power (CCHP) systems used in a new university campus, which is located in Changchun (in the severe cold zone of northeast of china), is evaluated. According to the simulation results, this paper analyzes the energy consumption of a conventional system and the CCHP systems. Furthermore, the environmental issues are assessed using the proposed emission model. In addition, in order to evaluate some benefits for energy-saving, emission reduction and economical aspects, a sensitivity analysis is carried out by comparing the power generation capacity of CCHP and the price of electricity and gas.

In recent years, the accelerated rate of urban growth in hot climate cities highlights the critical necessity of creating more outdoor spaces for different activities of citizens from leisure or recreation. Thermal sensation of users have not been fully explored in outdoor environments of hot and humid climate specially in early stages of design which affects thermal comfort in negative ways. This fact elucidates the need for considering human thermal comfort in outdoor spaces design with such climates. Recently, Egyptian climatic quality of space has received attention among climatologist and urban designers. In most cases, the climatic sensitive landscape design is absent on planning and site design levels. This paper discusses the climatic sensitive landscape design in public schools courtyards using ENVI-met simulation tool. A case study: EL-Sherouk school is selected and numerically simulated in elevated temperature during school time. The simulation results revealed high thermal discomfort after setting boundary conditions for the climate and the possible vegetation patterns. Finally, the paper concludes that specific patterns and types of trees among other landscape elements strongly ameliorate the microclimate within such schools courtyard size. They significantly attenuate the direct radiation modify the wind speed and direction; and fairly reduce temperature and change humidity. Design implications were proposed for a better microclimate in school courtyards.

This paper analyses corporate social responsibility in relation to corporate reputation building and management. It provides theoretical analysis of reasons for corporate social responsibility and main practices of corporate social responsibility in relation to building good corporate reputation. However, main findings of this paper are related to the examination how corporate social responsibility activities increases and enhances corporate reputation. This affect is analysed from the perspective of various stakeholder groups.

Purpose. Objective of this study is to determine differences in population income within the European Union and a correlation of the personal income with the social and economic situation in the country. Methodology. Firstly, research papers on an income inequality were reviewed – methods of generalization and synthesis of scientific literature were used in the study. Secondly, the method of comparison was used to analyze the situation of population income in Latvia and the EU during the years 2005-2013. Finally, the method of correlation was used to verify the population income coherence to other dimensions of a person’s life quality within the EU countries. Results. There are different dimensions of inequality, but income inequality is one of the most important indicators. Amount and level of income sufficiently affects prosperity and opportunities. There are remarkable differences in terms of the population income in the EU countries, and the income in Latvia is one of the lowest in the EU. Countries have diverse reactions to economic shocks – there is a different dynamic of the income after the economic crisis. Income is a sufficient factor for the quality of person’s life – there is a sufficient correlation between the level of income (measured by the income index) and the life expectancy at birth (measured by the health index), as well as between the amount of income and the risk of poverty and social exclusion. The population income can also be seen as the effect of economic activity in the country. With such approach, the results of research show a very varied competitiveness of nations that can sufficiently determine the social and economic development of the EU member states, including Latvia. The theoretical contribution. This study gives a compact summary on the income inequality issue. At individual’s level, the income is an essential factor influencing different dimensions of the life. The population income inequality can be included in the models of competitiveness of nations as indicator, but in the models describing sustainable development – as factor. Practical implications . Regions are formed in an interaction of political, social, cultural and spatial dimensions. If there are differences in these factors, the level of social and economic development among the regions may differ. This may result in the inequality of population income and other aspects of life. The EU is region that consists of 28 member states. To be sustainable, it is vital to avoid a substantial difference in the development within the Union. The results of research can be used to evaluate regional development performance, implemented in the EU and Latvia, as well as to consider future priorities and activities. Keywords: European Union, income inequality, poverty, sustainable development. Paper type : Research paper.

Purpose. The role of CEOs’ is related to the strategy of organization and operational decisions formation that could have long-term consequences. They are responsible for everything what happens in the organization. As it is shown in the practice, during the willingness of organization to take up leadership positions, CEOs become especially important. The promotion of their operational efficiency becomes a relevant task developing the remuneration systems. The emphasis of the CEOs’ as a specific group of workers allows defining the scientific problem – what determinants are substantial for the quantitative differentiation of the CEOs’ remuneration. The purpose of the article - to identify the determinants affecting the remuneration of CEOs’. Methodology. The paper is based on the descriptive analysis of scientific sources, the comparative analysis of scientific literature and synthesis methods. Results. The analysis, systemization and evaluation of the scientific literature, researching the remuneration in general and the exact issue regarding the remuneration of the CEOs’, allowed to create a model, incorporating whole factors that determine the remuneration of CEOs’. This model is based only on the theoretical level. Therefore it still requires an empirical verification. Keywords: CEO, remuneration, remuneration determinants. Paper type : Theoretical paper.

This paper presents the results of a study conducted with several major actors from the French financial industry, which aimed at developing a process for developing responsible innovations by deploying a design thinking method. We begin by presenting the context for the study which includes a brief description of our approach for understanding and exploring the issues raised by responsible innovation in a practical context. Secondly, the design thinking method is introduced as a potentially suitable approach for addressing wicked problems and thus, the integration of responsible innovation. The paper will conclude with a presentation of the process for developing responsible products and services which was developed throughout the study. The main purpose of the paper is thus to demonstrate that integrating responsibility in innovation does not have to become a constraint if it is incorporated as a tool for stimulating the creative capacity of innovation teams.

The paper provides integrated theoretical analysis of such phenomena as non-formal learning and Google-based Web 3.0 tools for education within a wide social context of the Higher education goals in the new millennium. The research goal is to explore university students’ perceptions on Web 3.0-based non-formal learning with regard to the students’ future performance on the labor market. The paper provides empirical analysis and interpretation of statistical data that reveal challenges that students might face when being involved in non-formal learning with Google-based Web 3.0 tools use, benefits that students might gain from being involved in the mode of learning under study. The research findings also prove that non-formal learning with Google-based Web 3.0 tools use is expected to contribute to the development of cross-curricular generic competences.

This paper aims to highlight early and contemporary ideas on educational leadership from an Islamic perspective. It started with the definition of the term. Educational leadership in this context could be the process of guiding and influencing the members of the organization so that they will display initiative and love for the work that they do as a kind of worship towards achieving the common objectives of the organization. Educational leadership roles have been discussed in this paper. These are the visionary leader, the servant leader, the leader as a guide, the influential leader and the educative leader. The paper discussed also the styles of educational leadership that include brotherhood, collaborative, Shuratic or consultative and supportive leadership.

Modern development trends of knowledge-intensive industries determine the necessary reduction of time of the market waiting for technological novelties, which is achievable due to promotion of knowledge and innovations in an educational environment of large centers of higher vocational education formed in a new way. An efficient mechanism of solution for this task must become innovation educational projects at universities integrated with academic research. The paper deals with the prospects of using GIS-technologies and remote sensing ones as the main directions of implementing the innovation project in the sphere of environmental education. The main directions of perfecting the system of environmental education are grounded. In order to ensure the development of innovative thinking in future professionals, it is suggested to implement an integrated system of teaching, knowledge generation, project and innovative work of bachelors and master's degree students, their participation at the market of knowledge-intensive enterprises. The innovative approach to management of scientific and academic activity of the university is considered based on cluster organization of its activity. The paper suggests new models and technologies in the system of teaching that rely on the obtained experience of implementation of environmental education tasks and integration of modern technologies into it.

Purpose. The main purpose of the paper is to discuss the smart development of organizational trust by addressing its key tensions and contradictions. Methodology. The paper relies on the dialectical approach of dilemmas and paradoxes that surround the process of trust building. First, development of trust is perceived as a complex and organic process of bottom-up social interaction, not a product of mechanistic and interventionist top-down management. Thus, we rely on the complex dynamic systems approach (e.g. Glouberman and Zimmerman, 2002). Second, we regard trust development as continuous management of contradictions, thus we incorporate some key approaches of moral philosophy (“making tough choices in dilemma situations”) into the development of trust. Results. The dilemmas surrounding the development of organizational trust (e.g. short-term goals vs. long-term goals, performance vs. relationships, etc.) can be addressed based on three different ways of thinking stemming from the key streams of moral philosophy: ends-based thinking or utilitarianism (“do whatever produces the greatest good for the greatest number”), rule-based or deontological thinking (“follow the principle that you want everyone else to follow”) and care-based thinking (“do to others what you would like them to do to you”). Thus, smart development of organizational trust takes into account the inherent contradictions among organizational values, interests and goals. It seeks to align them in sustainable and productive ways in order to create value for organization and its stakeholders (despite their potential contradictions). The theoretical contribution. The existing theoretical research on trust does not sufficiently address the key dilemmas confronted by management. So far there was no attempt to link the dilemmas of trust development with the perspectives of moral philosophy. Practical implications (if applicable). The paper should enrich the manager’s mindsets in resolving the complex situations of trust building. Keywords: trust, smart development, dilemmas, organization, moral philosophy Paper type : This is a theoretical paper that attempts to combine the theoretical perspectives on trust building with major dialectic approaches of moral philosophy.

Purpose. According to the author of the paper, the basic assumption of Corporate Social Responsibility as the management concept, is the conviction that it should be oriented towards not only its own profits but it also should take into consideration social interests and, simultaneously, bring about an increase in the value of the company. The main objective of the paper is to analyze the essence of Corporate Social Responsibility as the source of competitive advantage and innovation on the example of the selected company. Methodology. In the paper there are briefly presented the theoretical assumptions of the essence of Corporate Social Responsibility, followed by the analysis of its impact on the performance of the selected company. There is indicated some basic information on the selected company, with special consideration of the examples of initiatives in the area of Corporate Social Responsibility introduced by the enterprise. There is also made a comparison of the number of clients visiting one of the stores of the selected company and the amount of takings of that store in the selected month of 2013 and 2014. Results. The initiatives presented in the paper, undertaken by the selected company, among others, in the field of Corporate Social Responsibility, so far, have resulted in the achievement of good financial results by them. The actions for the benefit of Corporate Social Responsibility are also reflected by numerous awards and distinctions, achieved by the company, in the categories of customer service and implementation of innovation. The conducted analysis allows for the conclusion that enterprises paying attention not only to the achieved profits but also taking into consideration the social aspect, are able to achieve the leading and competitive position on the market. Summing up, it is possible to conclude that running a socially responsible business, we help not only others but also ourselves. The theoretical contribution. The basic theoretical contribution of the paper is to indicate the essence of Corporate Social Responsibility, and then, to transfer the theoretical assumptions into the practical example reflecting the significance of initiatives of Corporate Social Responsibility developed by the selected company. Practical implications . In the paper, there is presented the practical example of the development of the concept of Corporate Social Responsibility in the selected company. The indicated specific initiatives in the field of Corporate Social Responsibility, undertaken by the selected company, may bring about the orientation of similar enterprises towards the opportunities to approach the development of the CSR strategy by appropriate social progress, investment of the resources, time and skills to provide the society with benefits. The analysis of the impact of these initiatives on the results achieved by the company, its performance, constitute an actual example of practical implication of the validity of the development of the concept of Corporate Social Responsibility in this company. Keywords: Corporate Social Responsibility, Effectiveness, Business Management. Paper type : Research paper.

The paper considers the role of interactive forms of teaching, the project method in particular, in the implementing action and student-centered approach in the formation of socio-cultural and professional competences. The project method appears as a pedagogical technique, which is based not on integration of actual knowledge, but its application and acquisition of new knowledge and skills, including self-education. This determines the obvious advantage of this method in the study of disciplines, containing creative component, in the field of advertising in particular. Moreover, the most important advantages of the project method are the following: ensuring a high level of cognitive interest and students’ motivation, integration of theoretical knowledge into practice, development of the individuality, development and realization of students’ creative abilities. The paper concludes by presenting professional competencies, developed within project method.

Purpose. The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers. Methodology. This paper investigates eighteen equity mutual funds by using weekly mutual fund returns over the period from January 2009- November 2014. The period referred to as the term of analysis coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced dramatically. During the study period, WSE has climbed from 27680,04 to 53949,58 increasing 33,4% annually on averages, during this 5-year 10-month period in which the relevant quantitative easing period experienced. Jensen’s Alpha and Treynor&Mazuy regression analysis methods are applied so as to measure selective ability and market timing of fund managers, respectively. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Results. Except for a single fund, betas of funds are computed less than 1, which means that funds are less risky than the Warsaw Stock Exchange. The results reveal that only two funds have positive Jensen alphas that are not statistically significant. According to Treynor&Mazuy(1966) model, solely three funds are positive but statistically insignificant. The study concludes that fund managers don’t have selective and market timing ability. The theoretical contribution. Studies on fund manager performance are scant in Poland as in other emerging economies. The study aims to contribute academic literature for following studies about Polish mutual fund performance. At the same time, the study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Practical implications (if applicable). The study suggests that Polish equity fund performances could not outperform the Polish stock index either in selective or in market timing ability. In this era of quantitative easing, which lasted 5 years and 10 months, Polish stock market increased 33,4% annually on average. However, among 18 equity funds studied, neither of them could outperform the Polish index. Keywords: Polish funds, selectivity skills, market timing, performance evaluation, equity funds. Paper type : Research paper.

Purpose. Recent two decades of consumer research shifted from the paradigm of classical rational consumer who is making decision in a clearly prescribed sequence using accountable indicators for the assessment of alternatives and decision towards the paradigm of consumer whose decisions are irrational and affected by a number of contextual factors. One field of studies of consumer irrationality deal with consumer heuristics (Kahneman and Tversky, 2000; Ariely, 2010), that is, mental shortcuts made on the basis of selectively collected and weighted information pieces to ease the decision. Another wide field of studies is ambient marketing (part of sensory marketing) that researches how various ambient scent related conditions might influence consumer emotions and behaviour (Olahut and Plaias, 2013). However, no attempts have been made to relate these two fields to test whether ambient scent changes heuristic related decision making and behaviour. Thus, the purpose of this paper is to identify the relationship of ambient scents’ type and intensiveness with decision making heuristics. Methodology. Factorial 2x2 experimental design with control group was performed. Ambient scent type (vanilla vs. peppermint) and intensiveness (8 (1mg) vs. 16 sprays (2mg) of scent concentrate in the same room) were manipulated as between subject variables. Risk averse vs. risk seeking behavior, effect of anchoring heuristics and affect (risk and benefit) heuristics were tracked as dependent variables. Respondents were drawn from homogeneous students’ sample and randomly assigned to experimental and control groups. Results. Evidence suggests that there are effect of ambient scent on decision making heuristics, thus fulfilling the missing gap to relate ambient environment to decision making heuristics. However, not all heuristics were affected by experimental conditions. Subjects were bidding significantly lower amounts under low anchor conditions, when vanilla scent was around (if compared to peppermint and control group). Affect risk was perceived as lower in peppermint ambient scent conditions, if compared to control group. Intensity of ambient scent also had influence on affect risk: subjects perceived less risks under high scent intensity conditions. The theoretical contribution. Although there are a number of research on various heuristics effect on decision making, as well as a vast research in ambient scent effect field, the paper is among pioneering works that combine two types of non-cognitive factors on decision making, and test the results. Practical implications . By manipulating environmental scenting conditions, marketers may reduce or increase consumers risk perception and as a consequence influence their purchase decisions. Marketers could use peppermint scent in high intensiveness in the situations where they want consumers to undertake higher risks (expensive purchases, gambling, insurance), since stakes were higher under peppermint condition. Keywords: ambient scent type, ambient scent intensiveness, heuristics, risk averse-risk seeking, anchoring, affect. Paper type : Research paper.

Purpose. The main purpose of the paper is to understand characteristics of the information sharing process in complex systems on the base of public safety management and also identify the role of emergency call centres in this area. Methodology. The purpose of the publication has been achieved on the basis of research carried out under the research project titled "Coordination, communication and trust as a factors driving effective inter-organizational collaboration in the system of public safety management". This project was financed by the National Science Centre based on decision no. DEC-2012/07/D/HS4/00537. To achieve the purpose of the article, the desk research method and empirical investigations were carried out. Desk research was based on the analysis of international scientific literature and on analysis of internal documents, ordinances and regulations of police, fire brigade and medical rescue services in Poland. Furthermore, 54 semi-structured interviews were conducted with employees in selected emergency call centres across Poland. Results. As a result of research and analysis, the process of information sharing in complex systems was characterised and on the base of public safety management, this process was exemplified. Furthermore, the significance of emergency call centres in this area was identified. The theoretical contribution. Complex systems theory is characteristic of contemporary organisations and the modern world. It constitutes that all components of the system are interrelate and interact with each other [1] . Moreover that these systems interrelate with other systems and with their surroundings [2] . Therefore they need proper communication and information sharing to support relations within systems, between systems and between systems and their environment. From the perspective of complex system theory, the public safety management system constitutes a complex structure of units, subgroups and modules, configured differently for each situation dependant on needs. In this area, communication is a priority in modelling organisational behaviours and coordinating actions [3] . Therefore it is an appropriate research area in the field of information sharing and complex systems. Realised analysis makes a contribution to the development of research on more effective and more flexible management in complex systems and situations. For this reason they fit to sub-theme "Management intelligence for smart, sustainable and inclusive economy". Practical implications . The framework of analysis presented in the article should be useful for managers of public safety as well as for all managers dealing with complex systems. Keywords: information sharing, complex system, complexity theory, public safety management, emergency call centre. Paper type : Research paper. [1] Jiang, H. and Zhang, Q.-P. (2014), Development and Validation of Team Creativity Measures: A Complex Systems Perspective. Creativity and Innovation Management, 23: 264–275. [2] Chiva, R., Ghauri, P. and Alegre, J. (2014), Organizational Learning, Innovation and Internationalization: A Complex System Model. British Journal of Management, 25: 687–705. [3] Kozuch B., Sienkiewicz-Malyjurek K., Kozuch A.J.: Effective Organisational Communication in Local Emergency Networks, Wulfenia, vol. 21, No. 7, 2014, s. 193-219.

The paper reveals methodological foundations and components of the pedagogical model of forming the primary school teacher's cultural and aesthetic competence as the basis of his professionalism. The relevance of the problem of creating favorable conditions for forming the cultural and aesthetic competence in primary school teachers in pedagogical higher education institutions that is determined by a number of controversies described by the author. The paper contains the goal, objectives and research methods, it characterizes the phases of approbation of the model created by the author. Special attention is paid to the basic grounds for modeling the process of forming the cultural and aesthetic competence of primary school teacher proceeding from the learner-centered approach – they are works of Russian and foreign scholars. The author of the paper suggested has analyzed the structural components of the model proposed and briefly described the results of the pedagogical experiment on approbation thereof.

Organizational change is a risky and challenging endeavor for any type of organization. There are many aspects to change management and one important aspect is persuasion. Persuasion helps to implement a successful change management program. A social hub is person who has social ties to many other people compared to most people. In popular culture, this type of person is also called a popular person. In organizations, there are popular employees who are in fact a social hub. These employees have influence on other employees and they can persuade others towards a particular belief. In this paper, we investigate the role of persuasive social hubs for organizational change. We believe persuasive social hubs can be used to achieve organizational change. In social studies, it is hard to replicate conditions and isolate certain factors. Therefore, in this paper, we benefit from computer simulations and isolate the effect of persuasion by stabilizing all other factors. Our analysis revealed that using social hubs increase the chance of success in organizational change.

The aim of this article is to present and compare the methods of smart specialization identification on the example of Polish regions. In the paper the systematic literature review was conducted in order to identify the methods of smart specialization design. The article presents: (i) the idea of smart specialization strategy in regions, (ii) the presentation of chosen methodological approaches to identify smart specialization at the regional level (iii) the comparison analysis of methods of smart specialization identification in Polish regions. As far as smart specialization is a new idea on European Union, the paper gives a complex overview of methodological approaches to smart specialization identification. The results shown in this paper can be useful in future assessment of the influence of smart specialization on the development of regions.

The paper discusses reforms to the higher education system in Russia in the context of its integration into the European education realm. The authors single out key decisions and actions taken within reformation of education: desacralization of the education process, introducing technologies to education, and configuring Russian education according to Western patterns. The paper examines rationalization as an umbrella notion for changes in the higher education system. The concept of formal rationalization is defined, its risks and drawbacks for higher education are discussed. The authors single out markers of formal rationalization in administration and structure of higher education institutions on the basis of own sociological research. Characteristic traits of the bureaucratic worldview in Russian higher education institutions are analyzed. The causes of formal rationality traps in higher education are discussed.

This paper discusses the importance of properly set up of communication strategy in project management. It describes one of the lesser known methods of creativity in communication - game theory. Game theory is relatively young mathematical discipline with the wide possibility of application into lots of scientific fields. From its beginning it is connected with the economy, but today it is the essential of many of managerial fields. In presented paper we want to present the particular examples of the game theory use in economy and management, mostly in project management with the intention towards the Czech environment. We pay lots of attention to the use of the model of Prisoner´s dilemma; we will present surprising conclusions of practical problems through the game theory. Next the paper illustrates the effect of the creative methods on the success of communication with all stakeholders of the project. It defines the proper setting of the communication strategy as one of the factor in the elimination of risks in projects. It judges the relation between the game theory and creativity towards the successful finalization of the project through the presentation of practical examples. It confirms the Bitlon’s and Cumming´s (2014) hypothesis, that the use of game theory makes possible to understand the stakeholders´ needs and their interests in a better way and to finalize the project successfully. This paper arose as one of the outputs of project KEGA No. 003/DTI-4/2014 with the title Diagnose system for identifying of competencies of managers of national and international educational projects.

Purpose. The paper is aimed to present the new approach to the promotion of university students’ entrepreneurship which was elaborated and researched in the Faculty of Engineering Economics and Management of Riga Technical University within the study course „Economics of Entrepreneurship”. Methodology. It is argued that opportunity identification (Baron, 2006), opportunity creation (Sarasvathy, et al., 2003) and opportunity development (Virtanen, 2010) are the prerequisites for the creation of new economic values which makes the heart of entrepreneurship (Drucker, 1993). In order to make the study process more entrepreneurship enhancing, it is necessary to avoid traditional teaching and learning methods such as lectures, literature reviews and examinations (Gibb, 2002). Instead, the working out of opportunity-centered (Rae, 2003) and problem-based (Tan & Frank, 2006) study models, maximally “pushing” students into entrepreneurship through the structuring of learning like an entrepreneurial process (Hjorth & Johannisson, 2007) should become the key elements of contemporary advanced education for entrepreneurship. Therefore the “Opportunity-oriented 7-step-problem-based learning model for developing students’ entrepreneurship” (Oganisjana, 2015) was elaborated and tried out in secondary schools of Latvia and Malaysia within ASEM (Asia-Europe Lifelong Learning Research HUB) from 2011 to 2014. The analysis of the results of the research served as a basis for adapting this model for university students with its further application in practice within the framework of the National Research Program EKOSOC-LV in the autumn semester of 2014. It was qualitative research for discovering the aspects of the new approach to the teaching and learning process and getting students’ feedback in the beginning and in the end of the course. Students filled in Google Drive electronic forms and sent them to the authors. The questions of the reflections concerned what students liked and disliked in the course, what and who helped or disturbed them while working in teams, what and who surprised them, what they considered in the course to be especially important to them and what they would recommend to change, etc. The qualitative content analysis of the texts of the reflections provided the discovery of the factors which promote and hinder the opportunity–oriented problem-based teaching and learning for entrepreneurship in the university. Results. Students evaluated the course very positively, mentioning: 1) the given opportunity to solve real life problems and work with entrepreneurs; 2) development of their creativity, presentation, analytical and social skills, 3) the democratic atmosphere and teachers’ enthusiasm, professionalism and positive attitude towards them. However there was certain criticism related to overload with work, not clear instructions in some cases and the time of the lectures which took place very early in the morning. The theoretical contribution. The paper presents an entrepreneurship promoting study model, which links and unites two stages of lifelong learning: secondary school and university, thus making a universal theoretical basis for solving this topical educational problem. Practical implications “Opportunity-oriented 7-step-problem-based learning model for developing students’ entrepreneurship” can be an appropriate basis for organising studies not only in secondary schools and universities, but as well in adult and kindergarten education. Keywords: development of entrepreneurship, opportunity-oriented learning, problem-based learning. Paper type : Research paper.

Over the last decade or more, the development of professional competencies has come into sharp focus for higher education. The paper considers the results of studying the organizational and pedagogical conditions for developing the professional competencies of undergraduate students through independent learning. Due to the transition to a two-tier education system, a weighing factor of the independent learning has increased, causing the necessity to reframe a traditional model of organizing the process of teaching. As pointed out by employers, the level of graduate competencies does not always correspond to the operational tasks for bachelors in the field of quality management; the tasks are related to the development, implementation and maintenance of quality management systems and system efficiency analysis. Bachelors should be able to plan activities, set goals, make decisions, but this is impossible without developing the self-organization and independent learning. The necessary pedagogical conditions for developing the professional competencies during the process of independent learning have been identified. The paper provides some examples of organizing the students’ work in making projects, classroom activities, individual home tasks and tests on the Moodle e-learning platform.

Purpose. The purpose of this paper is to present a model for evaluation of effectiveness of manufacturing companies by financial and non-financial indicators in relation to corporate sustainability. Methodology. Sustainability is a multidimensional concept based on a balance of environmental, social and economic pillars. It is difficult to evaluate it because it is expressed by many variables which most of them are non-financial ones. Data envelopment analysis is based on assessing the quantity of consumed inputs by the produced outputs and estimation of production possibility frontier; it computes a scalar measure of efficiency and determines potential improvements of inputs and outputs without requiring explicit specification of functional relations between inputs and outputs and setting weights of variables. Results. Based on the computation of the CCR super efficiency DEA model the companies are divided into four groups: sustainable, pro-social, pro-environmental and unsustainable companies. The theoretical contribution. The paper brings innovative perspective on sustainability measurement in terms of environmental and social inputs needed to ensure economic results. The use of financial indicators for evaluating corporate performance is limited though and it is no longer adequate for corporate stakeholders who are increasingly interested in the company’s impact on the environment and society. Practical implications . The model outputs allow users to identify the position of a particular company and to reveal weaknesses in the effectiveness of a company, thus the model can serve its users as a basis for decision-making and performance management. The graphic presentation of the results makes the model outputs clear and easy to understand because it is obvious at a glance which companies are effective – sustainable and which are not.

The paper considers the level of presence of new information propagation media based on the use of digital and web communications and constructed on the principles of interactivity, openness, horizontal links in daily life of students and teachers of higher education institutions as a case study of Khabarovsk city. The focus is on significance of using the new media in performance of academic, upbringing, research and other processes at higher education institutions. Main results of sociological research carried out at Khabarovsk higher education institutions in 2014 are presented. The active use of the new media in daily practices of main subjects of the educational process (teachers and students) is demonstrated. The paper also considers the lack of due paying attention by regional Russian educational institutions of higher vocational education to using the new media in their functioning, which curtails the opportunities of fulfilling the professional and educational interests of teachers and students and weakens the positions of the universities in the media space.

The selection of material for teaching phonetics is a topical problem in the practice of teaching Russian as a foreign language. In this article the tongue twister, as the material for the development of phonetic skills at the elementary level of teaching Russian to foreigners, will be discussed. It is proposed to work only with one tongue twister during daily phonetic exercises. It is also important to organize the work with different types of activities. This paper presents a set of tasks (about 20 exercises) and builds on the principle “from syllable to phrases and sentences”, which can be done in a short time. In addition, this paper describes the tasks employing tongue twisters by studying grammatical material. These methods can be called effective because they develop different skills, introduce diversity, dynamism in the learning process and help to combat fatigue.

Purpose. The main purpose of the research is to define business information transparency conception and to investigate its evaluation possibilities. Methodology. Research is based on analytical approach, there were invoked a systematic, logical and comparative analysis of scientific literature. Results. The transparency of the financial and non-financial information is one of the key factors which governs the stakeholders trust on the company. Various studies show that business companies tend to reveal only positive non-financial information and conceal not so good news. Thus, social report is used as a mean of advertising (Transparency International, 2009; Wensen et al., 2011). Of course such practice is intolerable because it reduces confidence on given information. Consequently transparent display of business information plays a significant role to the company. Both results of scientific research and practise observations announce about the necessity to get deeper knowledge how to assess the transparency of the business information. The theoretical contribution. Results of the research will contribute to further development of business information transparency assessment. Practical implications. Revealed business information transparency valuation possibilities could be used creating business information transparency assessment methodology and by separate company assessing its own business information disclosure. Keywords: transparency, business information, evaluation. Paper type: Theoretical paper.

The present paper is focused on the problem of teaching foreign students such disciplines as “Country studies” and “History of Russia”, which appear to be compulsory for the international students, getting higher education in Russia. Studying these disciplines, students meet some difficulties due to various reasons, beginning with poor knowledge of Russian language and ending with ethical problems. A lecturer needs to cross this socio-cultural and linguistic barrier and find solutions in order to give the full information in accordance with the educational working program. The research has an applied character. It is based on the sociological survey conducted among the foreign students of National Research Tomsk Polytechnic University. The aim of the paper is to demonstrate real difficulties of students and lecturers at studying and teaching disciplines “Country studies” and “History of Russia” and to offer solutions for overcoming these problems.

Purpose. The aim of this paper is to present theoretical framework for measuring value of social innovations. The paper examines measurement of social innovations in the context of their multidimensionality and the triple bottom line (TBL) approach. Methodology. A scientific literature review and an analysis of international independent research projects on the topic of social innovations, developed by the European Commission, OECD, The Young Foundation and etc., has been done. The basis of the analysis are the theoretical frameworks for measuring value of social innovations and identification of key measurement indicators. Results. A theoretical framework for measuring social innovations’ value through the dimensions of social needs by adapting the TBL approach is presented. The theoretical contribution. Nowadays the relevance of innovation measurement has become a significant concern for both private and public sector not only at micro level but in mezo and macro levels as well. The core of social innovation is to meet the social needs by creating new or substantially and significantly improving or updating: products, services, processes, markets, platforms, organizational forms and business management models (Porter, Kramer, 2011; Caulier- Grice et al., 2012; Schmitz et al., 2013). Social innovation occurs within such dimensions as: demography, environment, new communities, poverty reduction, health care and welfare, ethical trade and service trends (European Commission, 2011, 2013). The value created by social innovation is shared in economical, social and environmental dimensions. The TBL was chosen as the basic approach for measuring value of social innovations because it covers all the above mentioned dimensions. Because of the same purpose “common good” the assignment of the appropriate measurement indicators can be integrated in measurement of the value of social innovation through TBL approach. The paper expands our understanding about measuring social innovations’ value on the theoretical basis. Our analysis contributes to the development of a universal measurement model for social innovations’ value with several insights. Practical implications . This paper presents the theoretical background that is needed in order to develop a measurement model for social innovations. The development of such framework would allow measuring value created by social innovations and its impact through the TBL approach dimensions. Keywords: Social Innovations, Measurement, Triple Bottom Line. Paper type : Theoretical paper.

Purpose. The main purpose of the research is to analyse the role and qualities of management accountants in Polish companies. In particular the paper intends to address three research questions: 1) how management accountants work is organized? 2) which tasks of management accountants are the most important and which factors influence their formation? 3) which qualities of management accountants in the field of knowledge, skills and personality traits are the most important? Methodology. Survey method has been selected for the research. The questionnaire used had three parts: company description, the organization of management accounting in the organizations and management accountants characteristics. The survey was based on 208 questionnaires. Results. The study has shown that the most important tasks performed by the management accountants are budgeting and cost control (4.33 on a five-point scale) and performance measurement (4.26). According to the respondents on the formation of these tasks, the greatest impact have: a) external factors such as orientation to the customers' needs and increasing competition as well as b) internal factors: recommendations from the company headquarters and implementation of IT system. Respondents also pointed to a number of important features which must distinguish management accountants in terms of a) knowledge (the most important of them are: understanding the business processes and the use of IT tools – respectively, 86.06% and 82.21% of the respondents pointed them as important or very important), b) skills (analytical thinking – 96.63%, interpretation of financial and non-financial data – 93.27%), and c) the personality characteristics (the ability to work under pressure – 86.54%, adapt to change – 87.02%). The theoretical contribution. From the theoretical point of view, the research allows for a comparison of changing role of management accountants in Polish companies with the results of numerous studies in this area (e.g. Kaplan 1995c; Cooper 1996a; Bhimani i Keshtvarz 1999; Burns i Scapens 2000; Drury, Tyles, 2000; Pierce, O’Dea, 2000; Scapens et al., 2003; Brewer 2008) and also research carried out in Poland (e.g. Sobanska, Wnuk, 2000b; Szychta 2005; Zarzycka 2012). Practical implications (if applicable). From a practical point of view, the research could raise managers’ awareness about the role of management accountants in the organization and the importance of their tasks. The results of conducted study may help practitioners to identify requirements placed before them, assess their significance and in the longer term to indicate areas which require improvement. Keywords: management accountants, controllers, management accounting, Poland, survey. Paper type : Research paper.

Purpose. Value created by acquisitions and the impact of this process on performance results of a company is one of the topics widely discussed in the scientific literature since the acquisition of a company is one of the strategic development decisions and is ambiguously seen as a mean of company’s growth. Acquisitions are especially beneficial during the economic slowdown as likelihood to overpay for the assets reduces. Moreover, an acquisition enables elimination of the competitive threats and allows adapting of company’s resources and capacities to rapidly changing environment what is especially important when economy goes down. Since corporate acquisitions in Lithuania are not as frequent and accustomed as in other countries, there is a lack of scientific researches evaluating the impact of this process on corporate performance results using different evaluation methodologies. Therefore, the purpose of this paper is to evaluate the impact of acquisitions on the company’s profitability and economic value added during the period of economic slowdown. Methodology. We apply the methodology based on the data from financial statements. In order to evaluate the impact of acquisitions on corporate performance results, the financial data of Lithuanian companies listed in the NASDAQ OMX Vilnius Stock Exchange were used on following conditions: a company made at least one acquisition during the period of 2008 – 2010 and used a consolidation strategy (as identified by Scherer and Ross, Dutz and others authors, this strategy is more successful during a recession if compared to diversification strategy). Pursuant to Chatterjess and Meeks, Sharma and Ho, Bruner, Wan and other authors, the profitability ratios and economic value added (EVA) were used in our research; the indicators were calculated quarterly and we evaluated their changes in the short term, i.e., one year before and after the acquisition. The calculations of EVA in this case are based on past data; the forecast is not needed, so the results of the economic benefits generated by a company in each period can be considered as accurate. Results. The estimation of the return based on data from financial statements confirms the results of other researches: we found that the profitability ratios of the most companies went down after an acquisition or improved only slightly; however the return on assets increases during the first quarter after an acquisition. The valuation of EVA evidenced that this indicator increases during the corporate acquisitions if compared with the prior quarter; however we found that EVA tended to decline in the third quarter after the acquisition which also confirms findings of other researchers. The theoretical contribution. As there is a lack of scientific researches evaluating the impact of corporate acquisitions on performance results of a company, the paper will partially fill this gap. Practical implications . The obtained results evidence that the acquisitions impact performance of the companies; however since this effect is negative rather than positive in the short term, a company should assess a longer period of time and apply more evaluation methods before taking such a decision. Keywords: economic slowdown, corporate acquisitions, profitability ratios, economic value added. Paper type : Research paper.