Статьи журнала - Вестник Волгоградского государственного университета. Экономика

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"Зеленый" Спрос как фактор и условие экологической модернизации экономики

"Зеленый" Спрос как фактор и условие экологической модернизации экономики

Мишулина Светлана Ивановна, Бондаренко Татьяна Ивановна

Статья научная

Отечественные и зарубежные аналитики единодушны в оценке спроса на «зеленую» продукцию как фактора и условия, определяющих глубинуи скорость процессов экологизации экономики. С этой точки зрения несомненный интерес представляет анализ процессов формирования «зеленого» спроса в нашей стране. Роль, которую индустрия туризма играет в глобальной экономике и в процессах перехода к модели «зеленого» экономического роста, определяет значимость анализа влияния динамики совокупного «зеленого» спроса на экологизацию экономики регионов рекреационно-туристской специализации. В статье приведены результаты исследования составляющих совокупного «зеленого» спроса по основным институциональным субъектам экономики: домохозяйства, государство и корпорации. Анализируются факторы и условия его формирования. Особое внимание уделяется проблемам формирования «зеленого» спроса на продукцию индустрии туризма. Обосновывается вывод о низком уровне совокупного «зеленого» спроса в России, что свидетельствует о неготовности субъектов экономики изменить свое поведение в производстве и потреблении с целью снижения негативного воздействия на окружающую природную среду и требует принятия неотложных мер по формированию и эффективному использованию механизма стимулирования «зеленого» спроса и экологической трансформации экономики. Результаты анализа условий и динамики формирования совокупного «зеленого» спроса способствуют более глубокому пониманию сущности механизма экологической модернизации экономики в целом и отдельных ее секторов, создавая методологическую основу определения его структуры и функций.

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"Новая" Украина: энергетический цугцванг?

"Новая" Украина: энергетический цугцванг?

Митрофанова Инна Васильевна

Статья научная

Реализуемые в 2010-2013 гг. в Украине инвестиционные проекты в сфере ТЭК в рамках государственной программы повышения энергоэффективности, энергосбережения, увеличения производства возобновляемых энергоисточников могли бы привлечь в Украину не только инвестиции, новейшие мировые технологии, но и позволили бы значительно увеличить добычу собственных ресурсов, усилив при этом энергетическую независимость страны. В 2014-2016 гг. энергетическая реформа в «новой» Украине скорее имитировалась на фоне профанации идеи привлечения инвестиций в национальный ТЭК, а каждое следующее действие Украинского Правительства в этом направлении только ухудшает ситуацию (энергетический цугцванг). В стране сегодня фактически нет эффективной государственной политики в сфере нефтепереработки. В «Энергетической стратегии Украины до 2030 года» проблемам добычи и переработки нефти внимания фактически не уделено, реального государственного контроля за выполнением инвестиционных обязательств владельцами нефтеперерабатывающих заводов нет, система контроля качества нефтепродуктов фактически разрушена; отсутствуют стимулы к реконструкции и модернизации. Состояние энергосистемы страны не должно определяться только лишь политическими мотивами ее руководства, это может привести к необратимым стратегическим последствиям. В статье рассмотрены реперные направления коррекции энергетической стратегии Украины, но подчеркивается, что их реализация невозможна без прекращения военных действий, блокады Донбасса и выполнения Минских соглашений.

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"Программа С.Ю. Витте" Как модель формирования конкурентоспособной России на рубеже xix-хх веков

"Программа С.Ю. Витте" Как модель формирования конкурентоспособной России на рубеже xix-хх веков

Бессолицын Александр Алексеевич

Статья научная

В современных условиях страна стоит перед необходимостью выстроить модель новой догоняющей модернизации, и в этой связи предшествующий опыт российских модернизаций и его анализ представляется актуальным. Экономическая программа, предложенная министром финансов С.Ю. Витте, явилась моделью перехода страны к индустриальному развитию и способствовала формированию на рубеже веков конкурентоспособной России. В статье впервые комплексно проанализирована Записка Витте «Об изменении штатов Департамента торговли и мануфактур», подготовленная в министерстве финансов в конце 1893 года. Именно этот документ вошел в историю как «Программа Витте». В ходе реализации данной Программы были достигнуты реальные успехи, в том числе создание современных транспортных коммуникаций, мощного промышленного комплекса, включающего добывающие и обрабатывающие отрасли, формирование системы профессионального образования, что объективно повышало качество человеческого капитала и делало экономику страны конкурентоспособной на мировом уровне. Автор пришел к выводу, что экономика России развивалась в русле предложенной программы и после отставки Витте. Однако в силу, прежде всего, политических ограничений задачи, сформулированные в Программе, оказались реализованными не в полной мере. Тем не менее период Витте в истории России явился эпохой ускоренного роста и преодоления «отсталости», что вывело страну в начале XX в. в разряд ведущих мировых держав.

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"Туристское пространство" как понятие: научные подходы к исследованию

"Туристское пространство" как понятие: научные подходы к исследованию

Шарафутдинов Владимир Насибуллович, Онищенко Елена Васильевна

Статья научная

В статье предпринята попытка обобщения различных точек зрения зарубежных и отечественных ученых на понятие «туристское пространство», его потенциал и структуру как объект конструирования. Выявлены и систематизированы основные научные подходы к пониманию туристского пространства (географический, экономический, экономико-географический, социальный, социокультурный, междисциплинарный), определены их характерные особенности. На основе проведенного анализа сделан вывод о том, что наиболее целостно концепция туристского пространства может быть представлена в рамках междисциплинарного подхода с привлечением специалистов различных сфер и областей, участвующих в создании, обустройстве и развитии туристских пространств регионов мира. На основе соединения многочисленных критериев типологизации туристского пространства, предложенных учеными, выделены основные его элементы. В заключении выявлены проблемные направления в исследовании туристского пространства, на взгляд авторов, пока не отраженные в понимании его сущности. Результаты исследования могут быть использованы при разработке базовой теории туризма, при формировании концепций и стратегий развития туризма в регионах России с целью повышения конкурентоспособности региональных турпродуктов и их продвижения на российском и международном рынке туристских услуг.

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Academic entrepreneurship and entreprenerial development in Nigeria: myth or reality?

Academic entrepreneurship and entreprenerial development in Nigeria: myth or reality?

Sulaimon Abdul-Hameed Adeola, Adebiyi Sulaimon Olanrewaju, Amole Bilqis Bolanle

Статья научная

This paper examines the process of commercializing research output of University staff without violating the extant rules within the system as well as providing practical application of theories. The research also determines the extent to which University staff engages in entrepreneurial activities. A survey research design through convenient sampling technique was adopted for collection of primary data via closed-ended questionnaire administered to University staff across different disciplines in the selected Federal Universities in Nigeria (Obafemi Awolowo University, Ile-Ife; University of Ibadan; University of Lagos). Fifty Academics of senior lecturership status were purposively sampled in these three Universities. The data collected were analysed using descriptive and inferential statistics as appropriate to each of the research objectives. The formulated hypotheses were tested using correlation and regression analysis. It was observed from the results that, there exist a significant positive relationship between main academic responsibilities and entrepreneurial development in Nigeria. The study concluded that, encouraging proper assortment of academic and entrepreneurial activities will increase research driven production and service activities in the country, thereby stimulating more societal beneficial research and reducing unemployment in the long-run. The study therefore, recommends policy option for the encouragement of research output(s) commercialization which will ensure harmonious town and gown relationship, consequently, harnessing the full potentials of good research outputs from academics. In addition, there is need for more incubation centers across the Universities in Nigeria to stimulate nurturing and proper transition of research driven business ideas from the University to the industry.

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Determinants of audit quality: evidence from Nigerian listed insurance companies

Determinants of audit quality: evidence from Nigerian listed insurance companies

Olabisi Jayeola, Kajola Sunday Olugboyega, Abioro Matthew Adekunle, Oworu Oyefemi Olympus

Статья научная

The studyexamines thefactors that determine audit qualityamonglisted insurance companies in Nigeria. The study adopts Ex-post facto research design, and 15 companies are purposively selected, out of 25 listed insurance companies in Nigeria as of 2018. Panel data is extracted from the annual account and reports of the selected companies over a period of ten years (2009-2018). Pearson correlation analysis, Ordinary Least Square (OLS) and Regression are the statistical tools used for the analysis. The results of the studyreveal a significant relationship between the audit firm size, audit tenure, audit fee, cash flow and audit quality (p 0.05). The studyconcludes that audit fees, audit firm size, audit tenure and cash flowfrom operations are major determinants of audit qualityas each of them has significantlycontributed toaudit qualityoflisted insurance companies in Nigeria. Therefore, the Nigerian listed insurance companies should place a high premium on audit firm size, audit fees, and short term audit tenure when engaging services ofan audit firm.

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Determinants of liquidity management: evidence from Nigerian banking sector

Determinants of liquidity management: evidence from Nigerian banking sector

Kajola Sunday, Sanyaolu Wasiu, Alao Abdul-Azeez, Babatolu Ayorinde

Статья научная

The study examined the determinants of liquidity management in twelve Nigerian banks during 2009-2018. Liquidity ratio (LQR) and deposit to asset ratio (DAR) were used as surrogates for liquiditymanagement. As the potential liquidity management determinant indicators, five bank-specific variables (capital adequacy, size, asset quality, profitability and deposit growth) and three macroeconomic variables (GDP growth rate, inflation rate and interest rate) were used as proxies. Results from balanced fixed effects least square regression analytical technique show that size, profitability, GDP growth rate and inflation rate are important liquidity determinants in Nigerian banks. Specifically, bank size has a positive and significant influence on LQR, while GDP growth rate and inflation rate exhibit a negative and significant relationship with LQR. It further reveals a positive and significant relationship between profitability (ROA) and DAR. It is recommended that banks’ management should focus attention on both bank-specific (size and profitability) and macroeconomic (GDP growth and inflation rate) factors when deciding appropriate liquidity management strategy to be adopted. These four variables have the capacity to influence the profitability, sustainable growth and survival of banks operating in a volatile business environment such as Nigeria.

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Digitalization of the Russian agro-industrial complex: modern trends and development problems

Digitalization of the Russian agro-industrial complex: modern trends and development problems

Mitrofanova I.V., Inshakova E.I., Dovbiy I.P.

Статья научная

The study’s relevance is determined by the fact that digital transformation of the agro-industrial complex will help to cope with the global and national challenges facing agro-industrial production in Russia. This paper will explore the factors influencing the digitalization of the agro-industrial complex. The studyhypothesizes that the existing institutional environment and unavoidable risks of the digital gap present the main obstacles to the digital transformation of the Russian agro-industrial complex. The study employs the following research methods in the framework of the evolutionaryapproach: structural and functional, temporal and spatial, comparative and documentary analysis, along with statistical and graphical techniques. Special attention in the research methods was paid to drawing a comparison between the digital transformation of the agro-industrial complex in Russia and on a global scale. By using the proposed methods, analyzing trends and institutional backing for digital transformation in the agro-industrial complex is possible. Consequently, the factors and conditions that cause and lessen the digital divide in Russia’s agricultural sector were determined. The scientific novelty of the study lies in the identification and analysis of digital gaps (industrial, intra-industrial, time-related, human resource, social, market, and transformational ones) that inhibit the digital transformation of the agro-industrial complex. In this research, the authors prove that bridging these digital gaps will expedite the agro-industrial complex’s shift to Agriculture 4.0 in Russia.

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ESG-принципы как инструмент комплексного устойчивого развития сельских территорий

ESG-принципы как инструмент комплексного устойчивого развития сельских территорий

Курченков Владимир Викторович, Конева Дарья Александровна, Фетисова Ольга Владимировна

Статья научная

В статье рассматривается возможность применения популярных в коммерческой сфере ESG-принципов в качестве инструмента комплексного развития сельских территорий государства. Изучено действующее законодательство федерального уровня, регулирующее вопросы развития сельских территорий. На основе действующих нормативно-правовых актов сгруппированы меры поддержки сел, которые в настоящее время оказываются всеми уровнями власти в Российской Федерации. Подробно раскрыто современное содержание ESG-принципов с учетом имеющихся теоретико-методологических подходов к их использованию. Рассмотрены проблемы теоретического характера в сфере проработанности понятийного аппарата для таких понятий, как сельские территории и устойчивое развитие сельских территорий. В рамках исследования проведена комплексная оценка современного состояния сельских территорий государства в целом и отдельных регионов в частности. Обоснована возможность применения ESG-принципов в развитии сельских территорий, а также предложена модель управления комплексным развитием сельских территорий, являющаяся системой взаимосвязанных элементов ESG-модели и компонентов устойчивого развития. Описаны составляющие предложенной модели ESGEH-принципов, приведены преимущества ее использования. Результаты исследования могут быть применены при разработке документов краткосрочного, среднесрочного и долгосрочного планирования в сфере развития сельских территорий Российской Федерации, в регионах и муниципальных образованиях, а также внедрены в деятельность коммерческих организаций в селах.

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Express analysis of the condition of the economic complex of an old industrial region

Express analysis of the condition of the economic complex of an old industrial region

Mitrofanova Inna V., Rodionova Ekaterina V.

Статья научная

About 40 % of the Russian regions are classified as old industrial ones, where due to a fragmentary character of the government regional policy in the 1990s, the main investment resources were concentrated in the enterprises of the old city forming industries that hindered the innovative development of these regions contrasted to their technological backwardness. That’s why in the age when the industrial challenges emerge, the economic complexes of these regions are subject to risks, first of all, due to the threats and challenges connected with an intensive dynamics of the changes of exogenous and endogenous factors of the competitiveness of the production of basic industries. The economy of old industrial regions is apt to depressions together with the deficit of financial resources, inefficient reforms, absence of relevant plants of the reindustrialization. In this connection, a quick analysis of the beginning of stagnation and depression plays a very important role. We suggest and test the methodology of an express analysis of the condition of the economic complex based on the calculation of an integral indicator, which takes into account the main industrial coefficients (labour productivity, efficiency of use of the fixed assets, intensity of the renovation of machines and equipment, dynamics of the fixed assets renovation, share of the investments into the gross regional products, investments into fixed capital and budgetary efficiency of fixed assets use), which allows for quick identification of the beginning of the stagnation and reducing the time lag between the problem perception and the correction of the regional economic policy. The regions of the Southern Federal District have been used as the example of old industrial regions. In order to solve the problem of a depressive situation in a number of old industrial regions, an integrated State program for the efficient replacement in the old dominating industries of old enterprises by new modern plants within the national structural and industrial policy is indispensable. The leading role in their transformation is played with the modernization of the investment system, which fixes oan inertial scenario of the development, as well as its efficient replacement and efficient reindustrialization of the regional economic complex.

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Formation of investment portfolios of two assets based on forecast returns using the ARFIMA-GARCH model

Formation of investment portfolios of two assets based on forecast returns using the ARFIMA-GARCH model

Garafutdinov Robert V.

Статья научная

The paper tests the hypothesis that the formation of investment portfolios of two assets based on predicted returns obtained using fractal models with conditional heteroscedasticity (ARFIMA-GARCH) allows to obtain portfolios with better characteristics than those obtained using the ARFIMA model. A computational experiment on artificial data and real data from the Russian stock market was carried out. The software implementation of the hypothesis testing algorithm was carried out using Python and R programming languages. The following results were obtained. Average absolute forecast error of the ARFIMA-GARCH model differs from the ARFIMA model error within the limits of error, statistically significant difference is not revealed (it is true for both model and real data). At the same time, portfolios formed using the GARCH model have, on average, higher returns, and a better return to risk ratio in comparison with portfolios formed using the ARFIMA model. Therefore, the hypothesis about the benefits of fractal GARCH models is not rejected.

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Globalization, consumption patterns and political stability

Globalization, consumption patterns and political stability

Malinowski Grzegorz

Статья научная

Rapid changes in technology and economy that we observe nowadays are accompanied by rapid changes in traditional values and attitudes. In the contemporary world, a permanent proximity of internet, computer, television or smartphone makes us all citizens of the globalised, virtual world rather than a physical, geographical, real one. But even if people consider themselves to be citizens of the “global village”, a political architecture of the real world has remained based on the nation-state. One of the main characteristics of a nation-state is its territory defined by its borders. Recognition and respect of nation-state borders is considered to be a principle of national sovereignty, national interest and territorial independence, which shape international relations. Historically, rulers always usurped the right to control what happens on their territory, but there were some areas that had escaped their supervision. The first one is the sphere of science and more broadly - ideas. Whether it was religion, superstition or steam engine, ideas were unstoppable even for isolated countries. Second area is a realm of trade. Rulers were usually rather kind for merchants, therefore borders were always wide open for business people. It is worth mentioning that both ideas and trade are significant driving forces in the history of world. Their influence is sometimes stronger and sometimes weaker but it is always meaningful. Yet the very hypothesis of this article states that in contemporary, globalised world a third important factor has arrived. It was always present but until the economy hasn’t become globalized, its impact wasn’t noticeable. This third factor can be described as universalisation of western consumption patterns and it plays an important role particularly in developing countries.

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Impact of audit committee characteristics on earnings management in Nigerian listed consumer goods firms

Impact of audit committee characteristics on earnings management in Nigerian listed consumer goods firms

Olabisi Jayeola, Kajola Sunday Olugboyega, Owoeye Segun Daniel, Agbatogun Taofeek Osidero

Статья научная

This study assessed the impact of audit committee characteristics on earnings management of Nigerian listed consumer goods firms. The study adopted a correlational research design using secondary data extracted from the financial statement of selected 10 firms from 2010 to 2019. The selected firms were from 21 listed consumer goods firms listed in Nigeria as of 2019 using a judgmental sampling technique based on the availability of data. Correlation analysis, Unit-root test, Ordinary Least Squares (Fixed effects) regression were the statistical tools used for analysis with the aid of E-views Software, version 10. The study revealed a significant and negative relationship between Audit Committee Meetings, Audit Committee Size, Leverage, and Earnings Management (P 0.05). The study concluded that firms with adequate audit committees attribute moderate earnings management practices. The studysuggested that shareholders and regulatory bodies should ensure adequate and effective audit committee structure.

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Impact of banditry on agricultural output in Nigeria

Impact of banditry on agricultural output in Nigeria

Balogun Adekunle Alexander, Adewumi Pelumi Abdulmalik

Статья научная

This study aims to examine the impact of banditryon Nigeria’s agricultural output with an emphasis on herdsmen attacks between 2014 and 2020. The study employs a quantitative research method, with the source of data being a secondary source. The proxies used for the independent variable are the total number of deaths resulting from pastoralists’ attacks, the total number injured by pastoralists, and the total number of internally displaced persons, while the agricultural output percentage of GDP was used to proxy the dependent variable. The data was collected from the Central Bank of Nigeria (CBN) Statistical Bulletin, 2020, the Global Terrorism Database, 2020, and the Internal Displacement Monitoring Center Database, 2022. The data was analysed using Auto-regressive Distribution Lag (ARDL). The results of the study show that as the number of deaths from herdsmen attacks increases the agricultural output decreases, while the number of injured from herdsmen attacks has no significant effect on the agricultural output. Furthermore, the results reveal that as persons become displaced internally, agricultural output rises. The study recommends that the government should provide more securities aid to the farming communities, provide adequate healthcare for these communities, and also help the internally displaced farmers and others to settle quickly to their new environment and provide them with adequate tools to engage effectively in agricultural activities.

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Infrastructure development as a condition for improving the mechanism of innovative activity stimulation (on the example of Southern federal district subjects)

Infrastructure development as a condition for improving the mechanism of innovative activity stimulation (on the example of Southern federal district subjects)

Lebedeva Nadezhda Nikolaevna, Averina Irina Sergeevna, Zadorozhneva Yuliya Vladimirovna

Статья научная

The article discusses the concept of the mechanism of innovative activity stimulation, which represents a system consisting of actors with their goals; formal regulations (legislation); informal regulations and rules (business culture, adopted by the economic community); incentives and constraints (economic and non-economic in nature). The authors specify the understanding of infrastructure as a condition of the mechanism functioning, compare rating assessments (by the NAIDIT technique) of innovation activity of subjects of the Southern Federal District (SFD) and reveal significant inconsistencies. The comparative analysis of the main existing infrastructure elements of the innovation sphere (Krasnodar, Volgograd and Rostov regions) let make conclusions about their sufficiency or insufficiency in different subjects of the macro-region. The negative trends of innovative infrastructure development include: the lack of a unified information and analytical database and system for the promotion and support of innovative projects; the lack of consolidated data to assess the development level of the regional innovative infrastructure in formal source; the failure and the need for development elements, such as clusters and science-technology parks, support funds and the creation of extensive networks of centers for collective use. Directions of improvement of innovation activity are presented on the basis of comparing its peculiar indicators as well as analyzing and identifying missing infrastructure elements of the innovation system (scientific and investment, information and analytical, organizational and communicative) with the aim of increasing the efficiency of existing mechanisms of innovation stimulation in the regions. Scientific and practical significance of this work consists in the future use of its provisions and conclusions as additional theoretical and methodological substantiation of scientific developments in research of innovative activity stimulation, and also for its improvement in innovation policy of public authorities on defining the strategic priorities for regional development.

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Regional economic integration under the conditions of globalization (the case of the Eurasian Economic Union (EAEU))

Regional economic integration under the conditions of globalization (the case of the Eurasian Economic Union (EAEU))

Tolstel Marina S., Russkova Elena G., Yalmaev Rustam A.

Статья научная

The process of globalization has significant influence on the national economies. Globalization brings new possibilities as well as new challenges for all actors of the world economy, while the developing supranational associations conduct a more sophisticated economic, social and structural policy, which allows both to offset the negative effects of globalization, and to improve the competitiveness of its members. The emergence of new international economic integration organizations predetermines the need to rethink the patterns of developing the models of international integration processes, especially in the context of their influence on the economies of member states under the conditions of globalization. The modern economics is not yet able to determine the full effect of the integration processes for member states. The analysis of the globalization’s indices dynamics (the KOF Index of Globalization, the DHL Global Connectedness Index (GCI)) as the indicators of countries’ engagement into global economic processes, shows the low level of regional economic integration and the mismatch of economic cycles and payment balance that impose serious constraints to their further development. Economic studies show that the EAEU members do not receive economic benefits from international integration due to many reasons, including the economic and political instability in member states that creates barriers for future prosperity of the EAEU. Using the results of practical research into regional integration problems, the authors analyze the ways to improve the situation and propose their own solutions for the identified problems. Thus, the aim of our paper is to describe the methodology for estimating the influence of regional integration on the national economies’s development under the conditions of globalization (the case of the Eurasian Economic Union (EAEU)); to present current economic situation of countries and to show consequences of their involvement in integration processes for socio-economic development.

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SWOT-анализ в системе стратегического управления: особенности применения и пути адаптации к объектам мезоуровня

SWOT-анализ в системе стратегического управления: особенности применения и пути адаптации к объектам мезоуровня

Цулая И.Н.

Статья научная

Анализируются основные недостатки, свойственные такому инструменту стратегического управления, как SWOT-анализ. Сделан вывод, что наряду со SWOT-анализом в его традиционной форме целесообразно проводить и так называемый обратный SWOT-анализ.

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Supply chain integration and product performance of Nigeria Bottling Company

Supply chain integration and product performance of Nigeria Bottling Company

Babatunde Bayode Olusanya, Sanusi Bolanle Mistura, Adegbile Godwin Kehinde

Статья научная

This article explored the impact of supplychain integration on the performance of the Nigeria Bottling Company by identifying customer integration, supply chain partner coordination, and information sharing as components of supply chain integration. A descriptive survey was used as a research method. The study population consisted of consumers of Nigeria Bottling Company products in the city of Ibadan. Because of the infinite nature of the population, Godin’s formula was used to determine the sample size of 384 respondents who were randomly selected from the capital city of Ibadan. Primary data for the study were obtained through a survey of respondents. The study used both descriptive and inferential statistics when analyzing data using SPSS version 23. The results showed that supply chain integration has a strong positive impact on performance, with an r value of 0.645 in the hypothesis tested, i.e. an impact of 64.5%. The studyconcluded that supplychain integration has a significant impact on product performance and therefore recommends that managers at the Nigeria Bottling Company improve their supply chain performance, especially information sharing, to ensure productivity.

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The main challenges and constraints of the economic development of taiwan

The main challenges and constraints of the economic development of taiwan

Neszmlyi Gyrgy Ivn

Статья научная

Beyond a comprehensive review on Taiwan's economy, the main objective of the present study was to find answer to two questions. The first issue is whether Taiwan followed a classical model of the Asian Newly Industrializing Economies (ANIEs), or in spite of similarities at first sight, it rather had its own, individual way of development. To examine this question the author made a comparison between Taiwan and the Republic of Korea (South Korea) and beside the obvious similarities, a number of significant differences were found. The other main question this study was focused on is the present and future economic and social challenges which influence Taiwan's future development as well. From among these characteristics the author pointed out the issue of the high exposition (especially in terms of FDI) and growing dependence on mainland China (the People's Republic of China), the need for a shift in terms of the main drivers of the future economic development to preserve Taiwan's competitiveness and mitigate the risks of brain drain and social unrest. It looks evident that Taiwan has to give up insisting to the principle of low labour costs, and this may give impetus to the two-decades long salary stagnation and to the domestic consumption. Taiwan may only be competitive in the future if it gave an increasing focus to the domestic R&D and innovation in the new industries and also puts more emphasis on sustainability.

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