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Kaunas, Lithuania

ISM University of Management and Economics is an institution of undergraduate, graduate and post-graduate education in business, management and economics. The University serves as an advanced centre of market analysis, executive training and leading academic thought.ISM University of Management and Economics was established in Kaunas in 1999 as the first privately owned institution of management education in Lithuania. The main founders of ISM are BI Norwegian Business School and The Norwegian Industrial and Regional Development fund. The predecessor of ISM was the Business Training Centre, well-known executive training institution in Lithuania.Since the 1995, when the Business Training Centre took the beginning, the main motive power was to contribute to the development of Lithuanian business community in providing up to date management knowledge. By offering a variety of executive courses, management training programs, market research, personnel evaluation, BMC was recognized as a leading institution of management training and consulting in Lithuania. Now BMC is the training and consulting department at ISM. Wikipedia.

Kurschus R.-J.,Rechtsanwalte Insolvenzverwalter | Sarapovas T.,ISM University of Management and Economics | Cvilikas A.,Kaunas University of Technology
Engineering Economics

The prediction of companies’ crisis and assessment of crisis probability is an important theoretical and practical problem which is being analyzed by various authors from finance, business administration and law perspectives. Various authors have presented different models for company’s crisis identification, but most of them are based on the quantitative assessment of financial ratios. Such models have a limited usability because the lack of factors assessed in case of small and medium companies. In SMEs sector the company’s crisis identification is specific because of the nature of SMEs business management which creates the strong dependability of business results on human resources and environmental factors. In this study the set of qualitative and quantitative factors is proposed to support the development of company’s crisis identification models for SMEs. The proposed set of criteria allows identification of the real situation in the company regarding not only the financial statements but also a wide variety of factors related to company’s management capabilities, competencies of human resources, possible impact of internal and external environmental factors and other important non-quantitative aspects. The prosed set of criteria might be used for the development of company’s crisis identification model which would help to forecast the possible company’s crisis in SMEs sector. © 2015, Kauno Technologijos Universitetas. All rights reserved. Source

Buoziute-Rafanaviciene S.,Kaunas University of Technology | Sarapovas T.,ISM University of Management and Economics | Barsauskas P.,Kaunas University of Technology
Engineering Economics

Executive succession is one of the most important events in organization, which has strong implications for future organizational performance. According to the literature analysis, effective and successful socialization is mutually advantageous for organizations and for individuals. It is agreed that the successor's socialization process has an impact for future organizational performance success. Among the outcomes of successful socialization there are newcomer's job satisfaction, commitment to the organization, longevity in the organization, performance proficiency and some others. Application of socialization theory allows to foresee why some CEO successions lead to a change in an organization's strategic direction while others do not. However, how the socialization process differs in differently sized organizations still requires further discussions and elaborations. The paper explores the stages of executive succession, executive integration process received as taking charge and socialization, and describes socialization outcomes. The authors revealed that a limited attention is paid to the analysis of executive's socialization differences in small, medium and large organizations. The paper aims to identify the elements of executive successor's socialization process and explore how they differ in small, medium and large organizations. After exploring the elements of executive socialization process, the conceptual model was developed. A quantitative research methodology was employed in order to identify the executive socialization differences in small, medium and large organizations. The survey was implemented in rapidly growing or/and most profitable Lithuanian organizations which experienced the CEO change within the last 3 years. The results of the survey revealed that the success of executive socialization was moderate in all differently sized organizations. Socialization process in organizations received a rank mean from 7.41 to 7.81 and indicated that there was room for improvement. However, the differences of executive's socialization process in differently sized organizations were revealed. In small organizations, proactive leadership effectiveness is higher than in medium or large organizations, i.e. newly appointed executives tend to more enhance their own transition experience. In a large organization, the selection and pre-hire planning process is better organized and implemented than in small and medium organizations. In medium size organization, selection and pre-hire planning, proactive leadership effectiveness and acculturation process received the lowest rank means comparing to small and large organizations. The results of the survey allowed identifying the differences of socialization process in small, medium and large organizations and indicating the gaps for improvement. Therefore, further research should be carried out identifying the executive socialization improvement elements in the context of executive succession. Source

Navickas M.,ISM University of Management and Economics | Gudaitis T.,Vilnius University | Krajnakova E.,Alexander Dubcek University, Trencin
Business: Theory and Practice

The article focuses on the importance of financial literacy to management of personal finances in a young household. Responsible management of personal finances should be fostered since early stages of life, as financial mistakes made during the years of youth can be costly and difficult to correct in the future. Moreover, a high level of financial literacy has a positive impact on day-to-day decision making and leads to higher saving rates, which improves the quality of life in the long run. The paper deals with main factors affecting the low level of financial literacy in Lithuania and other countries. Results of the survey of Lithuanian residents are compared to results of similar foreign researches. © 2014 The Authors. Published by VGTU Press. Source

ISM University of Management and Economics | Entity website

Dkojame, Js klausimas isistas ISM Universitetui. Atsakym pateiksime Js nurodytais kontaktais

ISM University of Management and Economics | Entity website

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