Market Realities Research Articles

The role of management consulting in the corporate governance system

The article is devoted to the study of topical issues related to management consulting in corporate governance. Management consulting plays an important role in the corporate governance system, helping companies to achieve their strategic goals and optimize their operations through innovative approaches and solutions. It has been determined that management consultants are becoming key figures in helping companies develop strategies, optimize processes and solve complex management problems. In the context of globalization and rapid technological transformation of business, management consulting is becoming an integral component for companies seeking to remain competitive and adapt to new market realities. The author characterizes that the development of management consulting is not only diverse, but also takes two main forms. On the one hand, (and this has developed historically), consulting is a method of improving the existing forms of management and business, because initially the consulting process was a process of imitating the experience of the most successful managers. On the other hand, consulting is becoming an independent profession. The article analyzes risk management in a corporate enterprise, which includes identification, assessment and mitigation of risks that may affect the organization's goals, operations or stakeholders. It is highlighted that corporate governance is the systems, processes and principles by which a business is managed, regulated and controlled. The importance of effective governance increases linearly with the size of the business and the number of shareholders. It is noted that foreign investors often look for companies with effective management, transparent and accountable business. For small and medium-sized enterprises seeking to expand their operations and enter foreign markets, having a sound corporate governance practice can be a significant advantage. For foreign investors, it demonstrates the reliability of the business, reduces the potential risks associated with investments, and can create more favorable conditions for investment. It is proved that the creation of reliable mechanisms is necessary to control the financial integrity and operational efficiency of the enterprise.

Innovative public procurement policy failure: a case analysis from Poland

Objectives: The rising popularity of innovation public procurement (IPP) sets a question about conditions as an effective tool of transformative policies, including the governance level, coordination and strategic development. The purpose of the article is to explore the failure of governance in a Polish IPP to present how IPP guidelines are implemented empirically. The other contributions refer to merging DARPA’s approach and IPP. Research Design & Methods: The research article presents conclusions from the case study of first large-scale trial of public procurement procedure with respect to an innovative partnership in Poland. Findings: The case is a rarely analyzed example of policy failure and shows that ignoring stakeholders’ needs, timeline constrains and market capacity can result in policy failure. Program history highlights that proper risk analysis and adaptation to the market context can prevent program failure. Implications / Recommendations: The article opens up a field for considering what steps are crucial in formulating IPP. The analysis leads to the main conclusion that transformative policy frameworks using demand- pull tools need to be embedded in the market realities and capabilities of national innovation systems. Article classification: research article

Crime, Trade Marks and Soft Trade Policy in the Interwar Era: Market Realities and the Merchandise Marks Act 1926

ABSTRACT This article explores a facet of the relationship between trade marks and the criminal law in the UK in the interwar era, a pivotal period of transition in UK economic policy from free trade to a more managed economy. Drawing together insights from legal, business and economic history, we show that, in the interwar years, the context of domestic politics and wider international trade policy, produced a greater focus on the relationship between trade marks and market-place understandings of the national origin of manufactured products. This context included the passage of the Merchandise Marks Act 1926, a criminal law statute that stipulated the circumstances in which imported goods were to be marked with an indication of national origin, and included a criminal offence regulating trade marks enforced by prosecutions brought by the Board of Trade. We argue that the criminal law regulating trade marks became entwined with ‘soft’ trade policy, i.e. a means of protecting the domestic/Empire market falling short of tariff protection. Drawing on substantial original archival research, we explore the problems that confronted the Board of Trade when it enforced the 1926 Act in view of market realities.

Antitrust Vigilance: Scrutinizing Anti-Competitive Impacts in Indian and International M&A for Equitable Economic Expansion

The field of mergers and acquisitions (M&A) has witnessed significant growth and evolution in recent decades, driven by globalization, technological advancements, and changing market dynamics. The increasing interconnectedness of economies, the rise of digital platforms, and the pursuit of strategic synergies have fuelled a surge in M&A activity across industries and regions. This has prompted policymakers, regulatory authorities, and industry stakeholders to scrutinize M&A transactions more closely to ensure they do not unduly harm competition, consumer welfare, or market stability. Moreover, the evolving landscape of competition policy, regulatory frameworks, and enforcement mechanisms has added complexity to the M&A process, requiring companies to navigate a myriad of legal, regulatory, and operational challenges when pursuing cross-border transactions. Against this backdrop, understanding the principles of antitrust vigilance, the regulatory frameworks governing M&A transactions, and the ethical considerations involved is essential for stakeholders involved in the deal-making process. Furthermore, the COVID-19 pandemic has reshaped the M&A landscape, with disruptions to supply chains, changes in consumer behavior, and economic uncertainties impacting deal activity and strategic priorities. As companies adapt to new market realities and navigate the challenges posed by the pandemic, there is a heightened need for vigilance in assessing the competitive implications of M&A transactions and promoting a competitive marketplace that fosters innovation, economic growth, and consumer welfare. In light of these developments, this dissertation aims to provide a comprehensive examination of anti-trust vigilance and regulatory frameworks in Indian and international mergers and acquisitions, exploring the complexities, challenges, and ethical considerations involved in managing M&A transactions for equitable economic expansion. By analyzing key concepts, principles, case studies, and future directions, this dissertation seeks to contribute to the advancement of knowledge and inform policy debates on competition policy, regulatory reform, and corporate governance in the context of M&A transactions.

Energy co-operatives in Spain: The role of social enterprises in the energy transition

Decentralized and small-scale forms of organization are reappearing in Spanish’s energy system. Co-operatives have a social approach based on three dimensions: the purpose of the initiative, the form of organization and ownership, and embeddedness. In this paper, we apply this analytical framework to twelve energy co-operatives in Spain. These collectively owned organizations are energy-marketing communities, and they have specific objectives: These are an ecological objective (to reduce energy consumption and generate renewable energy) and a social objective (to propose an alternative to the reality of the energy market and citizen empowerment). Energy co-operatives in Spain have been typified as social enterprises, and these social enterprises have experience in common energy service, with which they may mark their future role in local energy communities. These results show the consolidation of energy co-operatives as a sign of the maturity of Spanish society in the face of energy challenges.

Feasibility analysis of replacing lithium-ion battery with sodium ion battery

Since the beginning of the 21st century, the global energy crisis has become a pressing issue, prompting researchers to explore more efficient ways of utilizing energy production and storage technologies in our daily lives. In recent years, there have been major improvements in lithium-ion batteries (LIBs) technology, considerably improving living conditions globally. LIBs are currently commonly employed in electric cars. However, the efficient distribution of renewable energy and smart grids raises concerns, along with the long-term availability of lithium resources. The scarcity and rising costs of lithium metal in recent years have been attributed to substantial price fluctuations. Thus, LIBs have made it difficult to meet the increasing demands of both small and medium to large energy storage applications. Due to the readily available properties of sodium metal, it has similar chemical properties to LIBs. To alleviate these challenges, sodium-ion batteries (SIBs) can be used as the finest candidates for power supply. In recent years, different materials such as metal oxides and phosphates have been introduced as positive electrode materials for SIBs. The use of selected carbonaceous materials, transition metal oxides, intermetallic compounds, and organic compounds as negative electrode materials for SIBs has also contributed to recent developments. SIB is a promising next-generation replacement, but there are still some challenges in the market acceptance of SIBs. In this research, we summarize and compare the market application status of SIB and lithium iron phosphate (LFP), and propose the future development trajectory of SIB and LFP according to their respective characteristics. This will provide a unique insight into practical application problems and market realities.

The employee and their social security in flexible forms of employment on the example of Poland – selected issues. Part I

The regulation of employment and social policy – with safe and secure conditions of employment in terms of remuneration, safe employment conditions, protection in the event of dismissal, social dialogue, personal data protection, work-life balance, and finally a healthy, safe and well-adjusted work environment – constitutes the foundations of decent working conditions. At the same time, the task of a democratic state is to adjust the dynamically changing economic and market realities to ensure the maximum level of protection in the areas mentioned above relevant to each employee. This situation is also due to the radically progressing digitization that is changing the challenges of the modern labour market. In this article, the author endeavours to address the social security issue of selected flexible (atypical) forms of employment, including employee and non-employee forms of employment. The author chose fixed-term contracts and employment on digital platforms as the subject of analysis, while remaining aware of the multifaceted nature of social security. In this paper, she defends the thesis that the so-called “flexibility of employment relations” should be subject to the broader impact of social security regulations in situations where there are no normative obstacles to them being extended.

Augmented reality in marketing: a close look at the current landscape and future possibilities

PurposeThe purpose of this study is to consolidate the fragmented research on augmented reality (AR) as a marketing tool and provide a comprehensive understanding of its possible marketing applications.Design/methodology/approachThe study conducted a systematic review and bibliometric analysis of 103 papers on AR-marketing to identify the most prevalent topics and conceptual frameworks. Performance analysis and science mapping were utilized to examine the key marketing domains influenced by AR.FindingsThe analysis revealed that AR has had the biggest impact on marketing domains such as consumer acceptability, customer interactivity, retail, and destination marketing.Practical implicationsThe results of this study provide organizations with insights into the current state of AR-marketing, enabling them to successfully use AR to improve their marketing strategies. Furthermore, the study highlights potential areas for further research and development in AR for marketing.Originality/valueThis research offers a valuable, comprehensive overview of AR’s role in marketing by systematically reviewing and analyzing the existing literature. The findings open doors for organizations and researchers to explore AR’s potential applications in marketing strategies and future research opportunities.

Human Resources Management and the Impact of the Restaurant Opening Hours: An Exploratory Study

The hospitality sector is struggling with a generalized shortage of manpower to cope with the post-pandemic economic recovery. Furthermore, the work-life balance has become a very important issue when it comes to choose a place to work. This has been creating huge constraints in the hospitality industry in running and/or developing new businesses due to lack of qualified human resources. Considering the importance of this sector in the Portuguese economy, it is of paramount importance to better understand the origin of such constraints and how businesses can adapt to a new labour market reality. An exploratory study was conducted to understand how restaurant opening hours, as a top-level management decision, affects the work-life balance in the industry thus contributing to enrich the attractiveness of the jobs offered. To develop the study two groups of restaurants were studied. The first group is comprised of limited opening-hours restaurants, and the second group (as a control group), a non-limited opening hours restaurant. Semi-structured interviews were conducted with proprietors and/or top-level managers to ascertain how the decision on opening hours was weighed in the work-life balance concerns and what are the most important managerial implications, business profitability impacts, and staff retention indicators. Preliminary results seem to indicate that restaurant opening hours are one important top-level management decisions and the work-life balance has played a crucial role in the definition of the business model of the studied restaurants. By choosing limited opening hours, managers are able to schedule staff much easier and respect, as much as possible their work-life balance which then contributes to a more stable and motivated workforce. The results also show that this is only possible because restaurants manage to be profitable within the limited opening hours period. Further studies should be conducted to better understand how these new business model approaches could be used in larger-scale restaurants with non-limited opening hours.

COMPETENCIES OF THE FUTURE IN LIGHT OF THE CHANGES TAKING PLACE IN LARGE-SIZED COMPANIES

The reality of the labour market is that changes are determined by both internal and external factors. The COVID-19 pandemic and the Russo-Ukrainian War doubtlessly resulted in a significant transformation of the labour market. The consequences of both events belong to external factors, where the expectations of both employers and employees, as well the offers being made by both groups participating in the labour market, clashed anew, revealing the existing competencies and deficits in their scope. Given the aim of the article, the authors will focus primarily on the conditions created by employers in large-sized companies, and their influence on the reinforcement and development of competencies of the future. The conducted survey studies indicate the necessity to introduce changes in the process of work organisation; and of the kind which will foster the development of competencies of the future. The studies were conducted taking into account the social changes in the external environment of organisations and the changes which were imposed on employers, remote work among others, in response to the changing environment. Thus, the issues raised in the studies, apart from competencies of the future, include organisational changes faced by the employees. Based on the obtained results recommendations were formulated.

The Role of Lean Marketing in Enhancing Marketing Effectiveness: An Exploratory Study at the General Company for Petrochemical Industries – Basra-Iraq

Nowadays we face many challenges and difficulties that prevent developments towards the age of lean marketing to arise after the failure of costs and small business economics in the face of corporate compensation, flexibility and the economics of diversification. In light of this, the reason for choosing the subject of the study is the prevalence of the philosophy of agility in all aspects of organized life, and here there must be a role for marketing in initiating the philosophy of agility in order to reduce waste in every marketing activity, as well as the importance of the role of marketing effectiveness. It is one of the important concepts that organizations implement to achieve their goals in order to organize them in the labor market and seek to increase their profits if it is applied properly. The problem of the study revolves around several fundamental questions, the most prominent of which is how does lean marketing contribute to enhancing marketing effectiveness? What is the nature of the relationship and influence between the lean marketing methodology and marketing effectiveness? The importance of the study lies in the field dimension based on attempts to diagnose and analyze the reality of lean marketing and its relationship to marketing effectiveness in the company. The study field aims to diagnose and analyze the reality of the lean marketing methodology and its impact on the effectiveness of suspense. The General Company for Petrochemical Industries in Basra was chosen as the study community. A deliberate sample consisting of (60) individuals from different levels of management was elected. A questionnaire form was designed to collect data related to the variables of the study. Descriptive approach to measure the indicators of the adopted variables according to the five-point Likert scale was used. Data were subjected to descriptive and inferential statistical analysis using (SPSS) program, and the study reached several conclusions, the most prominent of which is that there is a strong, positive, and statistically significant correlation and influence between: the dimensions of lean marketing and the dimensions of marketing effectiveness. The most important recommendations of the study were to strength the company’s direction to adopt the lean marketing methodology which contributes to enhancing marketing effectiveness.

Numerical Methods for Option Pricing

Nowadays, financial markets have become more complex and have given rise to more research opportunities, one of which focuses on research related to the pricing of various financial instruments used in options trading. In this essay, a gradual process of reflection is used to deepen the option pricing theory. Firstly, an effective mathematical method for pricing option contracts is using the binomial tree model, a relatively straightforward way of calculating the value of an option. However, it has only two upward and downward trends and has limitations that are the most different from the actual market conditions. That is why the study will have to continue in-depth to get as close as possible to the real situation in the market. The next step is to make the model more in line with market reality by adding a possible rate of change, resulting in the Trinomial Tree Model. The model incorporates the possibility of future price increases, decreases, or stabilization (the third change). The Trinomial Tree Model follows the no-arbitrage principle and removes the assumption of a risk-free market opportunity. This paper derives a method for constraining market prices under risk-neutral conditions. This is crucial for investors seeking profitable outcomes in options trading. The main objective of this research-based paper is to develop a complete theory of option pricing in a one-step trinomial tree model.

Features of the development of the Russian banking system in 1996-1999.

This work is devoted to the crisis quadrennial of 1996-1999 in the history of Russia and the relationship with the changes that have occurred in the Russian banking system. The author identifies two stages in the development of domestic banking: its formation in 1991-1995, which ended with the exit from the August crisis of 1995, which showed that the banking system has not yet adapted to the requirements of market reality. The second stage was the crisis four–year period of 1996-1999, the peak of which was the default and devaluation of the ruble, as a result of which the main activity of banks turned from participating in a speculative game to working with the real sector of the economy and the population. As part of the study of the second period, the author, among other things, considers the issue of anti-crisis measures taken by the Government of the Russian Federation. The author analyzes a large layer of sources and bibliographies, actually building a chronology of the development of the banking sector in Russia in 1996-1999. The novelty of this work consists in the fact that until now there are practically no generalizing historical works about the history of the banking system of Russia in the Russian historiography. The author comes to the following key conclusions: as a result of the 1998 crisis, in which there was a collapse of government securities, which are the basis of both speculative activities of credit institutions and collateral for their resource base, the banking community began to focus mainly on working with the real sector of the economy and the needs of the population. During the period under review, a reform of the banking system was carried out, including the establishment of a set of strict banking standards and reporting that serve to increase the reliability of credit institutions and the possibilities of effective regulation of their activities, and the elimination of the technical backlog of the Central Bank in the automation of control and payment spheres was carried out.

Dismantling rentier logic: Tenants struggles in Argentina

In the conversation "Dismantling Rentier Logic: Tenants Struggles in Argentina," Ana Vilenica and Moisés Quiroz engage with Garvazio Munoz from Inquilinos Agrupados (IA), delving into Argentina's housing crisis and its effects on renters. Garvazio Munoz provides a historical perspective on tenant organising in Argentina, starting with Juana Rouco Buela's leadership in the 1907 tenants' strike against steep rent increases and the Movimiento de Inquilinos Peronistas of 1973. The conversation pivots to contemporary challenges, with Munoz describing the harsh reality of Argentina's housing market – a sector plagued by dollarization, deregulation, and speculative practices that exacerbate accessibility issues for ordinary Argentinians. Munoz critiques the cultural norm of homeownership, pointing to the growing necessity and practicality of renting in today's economic landscape. The dialogue delves into the government's recent shock measures, with Munoz expressing concerns about a looming social crisis. Munoz also highlights the practical operations of Inquilinos Agrupados, emphasizing their grassroots approach and significant political and media presence.

The Impact of Technological Progress on the Future of Work: Insights from a Survey on Alternative Employment Contracts in OECD Countries

AbstractTechnology is changing how individuals work and the nature of the job contracts they take. New job market realities include gig work, working for multiple employers, part-time, and on short-term contracts. This study aims to understand whether individuals believe that technological change will lead their industries to experience an increase in alternative work contracts, including self-employment as well as temporary and multiple employer contracts. Through an OECD survey carried out in 25 countries, we find that most individuals expect these work conditions to become more common. However, people’s opinion highly depends on their country of residence and industry of work.

Revising the theory behind corporate governance and management control: A reflection and roadmap

I reflect on attempts to revise the theory behind corporate governance and management control in light of evolving organizational and market realities. First, I discuss the resistance to early attempts by prominent neoclassical economists to revise the theory of the firm. Second, I discuss the outcome of that resistance—an economic theory that is largely unable to describe common governance systems and management controls found in practice as well as new systems and controls aimed at increasing the environmental and social responsibility of the firm. Finally, I describe recent efforts to revise the theory by relaxing the assumption of narrow self-interest, incorporating insights from stakeholder theory, and incorporating important individual and social factors left out of the theory. I conclude by discussing how these revisions provide a roadmap to further revisions in the theory to improve its usefulness to researchers, practitioners, and policymakers.

Creativity or market reality – Co existence of AI generated and human created works

Creativity or market reality – Co existence of AI generated and human created works

Analysis of Metaverse and International Marketing Strategy: A Case Study by Using Roblox as a Sample

Virtual reality technology is significantly affecting global business marketing strategies. This article uses Roblox as a case study to explore the application and impact of virtual reality in international marketing. The article reviews the current status of virtual reality, analyzes the importance of international marketing and traditional models, proposes the impact of virtual reality on international marketing strategies, and predicts potential changes in the future market. The study found that while there are challenges to international marketing of virtual reality, these limitations can be overcome with sound strategies. This article provides theoretical support and practical guidance for enterprises’ marketing in virtual reality.

Modern challenges to logistics in SMEs in Bulgaria and the EU

The article is dedicated to the modern challenges of logistics in SMEs in Bulgaria and the EU. In modern conditions, dynamic market realities impose new requirements on business entities. As the basis of the market economy, small and medium-sized enterprises must monitor technical and technological changes and organize their activities in such a way as to be competitive. The analysis and evaluation of logistics activities in business organizations is of great importance in view of their efficiency and competitiveness. on this basis, the state of the organization is analyzed and strategies for future development are drawn up. Like any other activity, logistics is associated with a number of problems that complicate its activity. This predetermines the purpose of the article, namely to examine and evaluate the process of logistics management in SMEs, to determine the potential of modern logistics processes of these business entities, to take preventive measures in order to solve set tasks and to assess the degree of influence of their activity on the economic situation.

ИСПОЛЬЗОВАНИЕ ИНФОРМАЦИОННЫХ РЕСУРСОВ СИСТЕМЫ ВНУТРЕННЕГО КОНТРОЛЯ ПРИ НАЛОГОВОМ МОНИТОРИНГЕ КОМПАНИИ

The main instrument for regulating the company’s activities is financial control. In the current market realities, companies are increasingly showing interest in internal control as the main means of regulation. Proper implementation of the internal monitoring system is the key to the effectiveness of companies. Its analysis is aimed at acquiring a set of tasks that help expand the company’s control features and increase the effectiveness of its further work. The key purpose of using the internal control system in this case is to ensure the most perfect and reliable reflection of information about activities in the financial statements. In this paper, the basic concepts of the internal control and monitoring system of this system are studied. However, the emphasis is on a more detailed coverage of the concept of tax monitoring and consideration of the aspect of methodological recommendations for collecting evidence in tax monitoring.