The article is directed to determine the most appropriate method for evaluating cost of capital of a manufacturing sector and, using the methodology, to perform a case study of Lithuanian manufacturing sector. For evaluation of cost of capital, calculation of Weighted Average Capital Cost was chosen, as literature analysis distinguished this method as the most widely accepted and used. Some changes were made to the methodology of WACC evaluation in order to adapt the method for countries, which do not contain liquid, mature financial markets, like using country’s credit ranking to assess risk premium and adding this premium to base premium for maturelly developed equity markets. The case study of Lithuanian manufacturing sector was performed for the period of 2001-2016. Empirical study revealed that required rate of return on separate WACC components evolved differently between the years of 2001-2016. Average annual return on equity for the period 2001-2016 was 7.7%, while average annual return on debt was only 4.4%. In the year of 2015 weight of equity capital, first time during the analyzed period, exceeded 50%. In the same year, ratio of net profit before taxes to total assets of Lithuanian manufacturing sector also reached the highest value at the time, later surpassed in 2016. This fact demonstrates, that increased free cash flows from the operations were reinvested into further development of the companies. To maximize value of the shareholders, it would be preferable to pay out portion of earnings as dividends and finance growth with debt, as it is currently a cheaper alternative.

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Research background: Various methods for technological progress assessment and evaluation exist in the context of economic development. Each of the methods possesses distinct advantages and disadvantages in analysis of technological progress fluctuations. For most neoclassical growth theories, technological progress measures are included as exogenous variables, thus excluding evaluation of factors influencing technological progress variation throughout time. Purpose of the article: The aim of this article is to offer improvements on classical technological progress evaluation methodologies for manufacturing industries, separating effect of intersectoral technological progress spillover effect from internal factors influencing technological progress growth and perform analysis in the case of Lithuanian manufacturing industry. Methods: Earlier research papers used linear time series regression and vector autoregression methods to assess technological progress values and define equations explaining effect of different manufacturing level indicators on technological progress measure growth. This research paper uses results of previously mentioned methods and performs simulation analysis applying agent-based modelling framework. Findings & value added: The conducted vector autoregression analysis has showed that two variables which influence technological progress most significantly are labor productivity measure and gross profit value. Sensitivity analysis emphasizes that effect of these two variables on technological progress growth is substantially different. Increase in gross profit value affects technological progress growth for wider range of sectors from Lithuanian manufacturing industry (15 out of 18 analyzed sectors? technological progress measure values are affected by changes in gross profit, while changes in labor productivity influence technological progress values in the case of 9 sectors). Rising gross profit values also produce intersectoral technological progress spillover effect more significantly, while growth in labor productivity measure has stronger effect on technological progress fluctuations for sectors which are able to exploit this effect. Presented research suggests improved methodology for intersectoral technological progress spillover effect assessment in the context of manufacturing industries.

The goal for this research is to build a framework for analysis of technological spillover effect between sectors in Lithuanian manufacturing industry and assess whether predictors of the created model closely follow dynamic fluctuations of technological progress assessed values. Analysis of academic literature suggested using Granger causality test and vector autoregression (VAR) model to analyze intersectoral technological progress spillover effect in any manufacturing industry. Granger causality test can suggest a potential relationship between technological progress values of particular sectors in manufacturing industry while VAR model can define the exact form and extent of spillover effect. VAR models identify presence of intersectoral technological spillover effect in case of 15 out of 18 sectors in Lithuanian manufacturing industry. In case of a few sectors error terms of VAR models are not stationary suggesting that additional exogenous variables need to be included to increase accuracy of estimated coefficients before these models can be used in further analysis. After minor changes presented VAR models can be used for sensitivity analysis analyzing how changes in different sectoral level parameters affect economic development of manufacturing industry as a whole.

Įvadas. Erektilinė disfunkcija (ED) apibrėžiama kaip nuolatinis ar pasikartojantis vyro negalėjimas pasiekti ar išlaikyti erekcijos, pakankamos sėkmingam lytiniam aktui. Tai paplitęs sveikatos sutrikimas, dažniausiai pa­veikiantis vyresnius nei 40 metų vyrus. Numanoma, jog dėl senėjančios žmonių populiacijos, erekcijos sutrikimų dažnis bei jų gydymo poreikis laikui bėgant tik didės. Tikslas. Aptarti naujausią literatūrą, aprašančią avanafilio veiksmingumą erekcijos sutrikimų gydymui. Šis vaistas aprašomas aptariant jo veikimo mechanizmą, gydymo rezultatus bei sukeliamus nepageidaujamus reiškinius. Metodai. Rengiant apžvalgą, atlikta įprastinė ir išplėstinė literatūros paieška PubMed duomenų bazėje, naudojant raktažodžius ir įvairius jų derinius. Naudotasi ir surastų straipsnių literatūros sąrašais. Rengiant apžvalgą, iš viso buvo surasta 20 publikacijų. Atrinkus straipsnius pagal įtraukimo kriterijus, šioje apžvalgoje pasiremta 12 moks­linių publikacijų. Išvados. Lyginant su placebo grupėmis, avanafilis reikš­mingai pagerina vyrų, sergančių erekcijos sutrikimais, seksualinę funkciją.