Business Management

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  FORECASTING THE EFFECTIVENESS OF NON-STATE PENSION FUND INVESTMENT STRATEGIES: THE CASE OF GEORGIA

  This paper evaluates the effectiveness of Georgia’s non-state pension fund using monthly data for 2022–2023 and develops short-to-medium-term forecasts to 2030. We assemble indicators on pension contributions, investment returns, and the exchange rate, and define a fund-effectiveness measure to capture the system’s ability to meet obligations. ... This paper evaluates the effectiveness of Georgia’s non-state pension fund using monthly data for 2022–2023 and develops short-to-medium-term forecasts to 2030. We assemble indicators on pension contributions, investment returns, and the exchange rate, and define a fund-effectiveness measure to capture the system’s ability to meet obligations. Ordinary Least Squares (OLS) regression is used to estimate the relationship between effectiveness and its determinants; we verify time-series properties with Augmented Dickey–Fuller tests, assess Granger causality, and construct an ARIMA model to forecast dynamics under current policies. The results indicate a positive and statistically significant association between contribution inflows and effectiveness, while the link between investment returns and effectiveness is weak or negative during the sample period, consistent with portfolio transition, limited diversification, and market volatility. Exchange-rate movements appear positively associated with effectiveness, reflecting the valuation of foreign assets, but also imply additional risk to beneficiaries’ purchasing power. Forecasts suggest that, absent reforms, effectiveness is unlikely to rise materially by 2030. We discuss implications for policy design and governance. Priority actions include: strengthening risk management and diversification; aligning asset duration with liabilities; instituting foreign exchange risk hedging where appropriate; publishing clearer performance and risk disclosures; and enhancing default portfolio design and member choice architecture. The findings inform the calibration of contribution policy and investment guidelines for Georgia’s non-state pension system.

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  MANAGERIAL COMPETENCES IN REGULATED INDUSTRIES

  Background: Managerial competencies are vital in regulated industries, where organizations must balance strict legal compliance with competitiveness. Methods: This study applies Quinn’s managerial competency model to a Latvian pharmaceutical company, focusing on three factors: Processes and Results (F1), Human Relations and Innovation (F2), and ... Background: Managerial competencies are vital in regulated industries, where organizations must balance strict legal compliance with competitiveness. Methods: This study applies Quinn’s managerial competency model to a Latvian pharmaceutical company, focusing on three factors: Processes and Results (F1), Human Relations and Innovation (F2), and Public Interest (F3). Data from 55 employees were collected using a validated Likert-scale questionnaire. Reliability was confirmed with Cronbach’s Alpha (α > 0.7). Data analysis included descriptive statistics, correlation, and regression testing. Results: Correlation analysis revealed strong positive links between F1 (.821**) and F2 (.819**) with company performance, while F3 (.808**) showed weaker significance. Regression results confirmed that F1 (t = 3.759, p < 0.001) and F2 (t = 3.632, p = 0.001) significantly predicted performance (R² = 0.742), while F3 was excluded. Conclusions: Findings emphasize that process management and human relations are the most critical managerial competencies in regulated pharmaceutical contexts. Regulated industries demonstrate stronger alignment with public-sector management logic, where compliance, innovation, and stakeholder engagement drive performance.

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  THE PRACTICE OF WEBROOMING IN GENERATION Z: EMPIRICAL ANALYSIS ON PERUVIAN BUYERS

  This article focuses on the practice of webrooming among Generation Z youth residing in metropolitan Lima. The research seeks to answer the following question: How do convenience orientation and impulse buying propensity influence the practice of webrooming, and how does this practice impact channel integration and purchase preferences in physical ... This article focuses on the practice of webrooming among Generation Z youth residing in metropolitan Lima. The research seeks to answer the following question: How do convenience orientation and impulse buying propensity influence the practice of webrooming, and how does this practice impact channel integration and purchase preferences in physical stores? To address this, a conceptual model was developed based on relevant academic literature, which was validated through field research. An online survey with Likert-scale questions was conducted with a non-probability sample of 384 young individuals with webrooming experience. Data analysis was carried out using Structural Equation Modeling (SEM), a technique appropriate for the type of hypotheses and sample size. The main results reveal that: 1) convenience orientation negatively influences webrooming; 2) impulse buying in digital media is driven by factors such as website design, product features, and retailer strategies; and 3) webrooming moderates the relationship between channel integration and purchase intention in physical stores, particularly among Generation Z consumers. These findings contribute both to the academic field and to omnichannel retail management by providing a better understanding of the behavior of a key segment entering the Economically Active Population.