BUSINESS PERSPECTIVES

BUSINESS PERSPECTIVES ● 2017

ANNUAL REPORT 2017

Foreword

Our team of Editorial Assistants and Technical Editors

Collaboration with Editorial Board members

Current Activities

Research Center for Innovative Financial Solutions

JIC INDEX

Publication of books and monographs

Development trends

Contacts

"Business Perspectives" was founded and works in Ukraine. It is now fifteen years old.

These years were very challenging for Ukraine, they were filled with ambitious plans and hopes, achieve-ments and, unfortunately, some disappointments.

They were also hard for our company. We gradually gained some experience and built up the vectors of our activities. It was not so easy. Actually, we learned ele-mentary functions and principles of publishing from zero, because we had no experience in advancing journals in the scientific community. There was no such experience in Ukraine at all. Even now we are one of the few working in this direction. It is very unfortunate that, for example, very few journals are WoS-indexed, and several dozens in all are Scopus-indexed.

We are full of ambitious plans. That is why the company constantly invests in logistical support, WEB-platform development, innovative projects and, most importantly, human resource development.

The company's purpose is not limited to the promotion of its own publications. We have supported and will support scientists from Ukraine and other countries with emerg-ing economies, and developing countries. For them, we apply full or partial financing of processing the best articles at the expense of the company. This is about 15 percent of the published articles.

We feel the impact of competition in the publishing mar-ket. This does not frighten, but inspires us. We believe in the future of Ukrainian science and are ready to work towards it. We finance the development and implementa-tion of the Journal's International Compliance Index (JIC Index) to help young and promising Ukrainian journals in their quest for best publishing practices. We are also ready to cooperate with such journals as a publisher and invite them to our publishing platform.

We are very grateful to all scholars who believed and still believe in possibility to create and develop Ukrainian

scholarly journals, which are open to the world society. Some of them are mentioned in this report, but we re-member everyone and thank you all.

We are also grateful to the scholars who have chosen "Business Perspectives" journals to highlight their re-search results – the AUTHORS of articles in our journals.

We will make every effort to meet your expectations. It is our hope that we will work together in future.

Liudmyla OstapenkoPh.D., Director of LLC “CPC “Business Perspectives”

Our team of Editorial Assistants and Technical Editors

Our team of Editorial Assistants and Technical EditorsLearn about the members who make up the ‘’Business Perspectives’’ editorial assistants and technical editors team. They are true experts in publishing work and really inspired by cooper-ation with scholars.

Annual Report January-December, 2017BUSINESS PERSPECTIVES

Tetiana Bilovol Alyona Kosenko Yaroslava Mospanova Olga Vorozhko Yurii Khyzhniak

Viktoriia Koilo Viktoriia Obravyt Tetiana Kozmenko Andriy Petrovskiy Yuliia Pavlychenko

Dariia Vanhanen Natalia Sereda Irina Miroshnyk Valeria Matiukhina Natalia Punchenko

Anna Mikhnenko Igor Miliavskyi Inna Nevhod Yevhenii Kozmenko Tetiana Dudka

Collaboration with Editorial Board members

Collaboration with Editorial Board members Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

The team of publishing company “Business Perspectives” thanks to Editors, Advising Editors, Reviewers for their work in support of our journals. We highly appreciate our collaboration and are grateful to each of them for all the efforts that they put in evaluating submissions to our journals during many years.

Especially we would like to highlight those editors who work with our company since the first days of the foundation and take an active role in the journals development.

Irena BakanauskieneProfessor, Head of Management Department, Faculty of Economics and Management, Vytautas Magnus University, Lithuania

Svetlozar (Zari) RachevProfessor, Department of Mathematics & Statistics, Texas Tech University, USA

Nada Korac KakabadsePh.D., Professor of Policy, Governance and Ethics and the Head of School, Marketing and Reputation at the Henley Business School, University of Reading, UK

Frank J. FabozziProfessor of Finance, EDHEC Business School and Senior Scientific Adviser at EDHEC-Risk Institute, France

Józef Antoni HaberPh.D., Honorary Professor of Jean Monnet Project of the European Union; Honorary Professor of the Ukrainian Banking Academy; Member of Ukrainian Economic and Philosophic Scientific Association; Head of the International Relations Department, Poznan School of Banking, Faculty in Chorzow, Poland

Natalya (Natasha) V. DelcoureDean, Professor of Finance, College of Business Administration, Texas A&M University-Kingsville, USA

Problems and Perspectives in Management

Investment Management and Financial Innovations

Collaboration with Editorial Board membersAnnual Report January-December, 2017BUSINESS PERSPECTIVES

Gregor KramerDr., Professor, Chair of Banking, Finance, and Accounting, Alanus University of Arts and Social Sciences, Germany

N. BosePh.D (Mechanical Engineering), Senior Professor in Mechanical Engineering, Department of Mechanical Engineering, Mepco Engineering College (PO) - 626 005 Sivakasi, Virudhunagar Dist. Tamilnadu, India

William J. CarnerProfessor, William Gordon Buckner Endowed Chair in Business, Westminster College, Fulton, Missouri, USA

Daniel StavarekPh.D., Dean, Head of Department of Finance and Accounting, School of Business Administration, Silesian University, Czech Republic

Monica DudianPh.D, Prof., Faculty of Economics, The Bucharest Academy of Economic Studies, Romania

Philemon OyewolePh.D., Department of Marketing, School of Business, Howard University, USA

Hussein AbdouPh.D., Professor of Banking & Finance, Business School at the Manchester Metropolitan University, UK

M. Ozgur KayalicaProfessor, Department of Management Engineering, Faculty of Management, Istanbul Technical University, Turkey

George S. SpaisPh.D., Adjunct Faculty Member, Hellenic Open University, Greece

Banks and Bank Systems

Environmental Economics

Innovative Marketing

Collaboration with Editorial Board members Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

Yueyun (Bill) ChenProfessor of Business Administration, Chief Financial Officer, Assistant Dean of Academic Assessment, University of the West, USA

Kudret TopyanPh.D., Professor of Economics and Finance, Department of Economics and Finance, School of Business, Manhattan College, USA

Michael KennedyHead of Department of Accounting and Finance; Departmental Research Leader, University of Bedfordshire, UK

Bora AktanPh.D., Professor of Finance, College of Business Administration, University of Bahrain, Kingdom of Bahrain; Research Fellow, EuroMed Research Business Institute, Asset Management and Emerging Markets Groups

Dimitrios G. KonstantinidesPh.D., Associate Professor, Department of Statistics and Actuarial-Financial Mathematics, University of the Aegean, Greece

Serge HaywardDr., Professor of Finance, Partner in “Education & Management Consulting Services”, France

Insurance Markets and Companies

Public and Municipal Finance

Current ActivitiesLimited Liability Company “Consulting Publishing Company “Business Perspectives” is a part of a network of publishing organizations and projects, which unites the common areas of activity in the field of publishing, as well as the community of founders and project initiators. The network is represented by the following companies and projects: LLC “Business Perspectives” (Ukraine), Kozmenko Science Publishing SP ZOO (KRS: 0000550582, Poland), Research Center for Innovative Financial Solutions (Ukraine), and the Journal`s International Compliance Index (Ukraine).

Current Activities

LLC “Business Perspectives” is the founder and pub-lisher of the following journals: 2003 – Problems and Perspectives in Management (open-access); 2004 – Investment Management and Financial Innovations (open-access), 2005 – Innovative Marketing (hybrid), 2006 – Banks and Bank Systems (open-access), 2010 – Insurance Markets and Companies (open-access), 2010 – Environmental Economics (open-access), 2012 – Public and Municipal Finance (hybrid).

The Company also publishes five scientific Journals: Nowadays and Future Jobs, Tourism and Travelling, Knowledge and Performance Management, Geopolitics under Globalization, Accounting and Financial Control, which were founded by Sp. z o.o. Kozmenko Science Publishing.

The Company supports the initiative of free distribution of scientific materials, that is why most of the Journals

are published in the Open Access. Full details informa-tion an business models used by every journal of the Publishing are in Table 1.

At the end of 2016, the composition of the editorial boards of each journal was substantially updated. Only scientists who make a significant contribution to the development of the journal and take an active part in its activities remain.

LLC “Business Perspectives” completely distances itself from editorial policy of journals, but closely follows their develop-ment. That is why the editorial board of each journal is unique, all journals tend to attract scholars both from developed coun-tries and countries with emerging economies. The geography of editorial boards of leading journals is shown in diagrams 1, 2 and 3.

Annual Report January-December, 2017BUSINESS PERSPECTIVES

Journal title Founder Business model

Problems and Perspectives in Management LLC “Business Perspectives” Open-access

Banks and Bank Systems LLC “Business Perspectives” Open-access

Investment Management and Financial Innovations LLC “Business Perspectives” Open-access

Environmental Economics LLC “Business Perspectives” Open-access

Innovative Marketing LLC “Business Perspectives” Hybrid

Insurance Markets and Companies LLC “Business Perspectives” Open-access

Public and Municipal Finance LLC “Business Perspectives” Hybrid

Knowledge and Performance Management Sp. z o.o. Kozmenko Science Publishing Open-access

Tourism and Travelling Sp. z o.o. Kozmenko Science Publishing Open-access

Accounting and Financial Control Sp. z o.o. Kozmenko Science Publishing Open-access

Geopolitics Under Globalization Sp. z o.o. Kozmenko Science Publishing Open-access

Nowadays and Future Jobs Sp. z o.o. Kozmenko Science Publishing Open-access

The geographical representation in the editorial boards is constantly expanding. It contributes to scientific ex-change through a greater variety of opinions in specific topics and fields. In 2017, editorial councils included ac-ademics from more than 60 countries, from Sweden to New Zealand and from Japan to the United States. Coun-tries of origin of the editorial board members of the jour-nals, published by the company are denoted by “green” on the world map (Picture 1).

LLC “Business Perspectives” is constantly investing in improving the publishing process. All manuscripts are tested for plagiarism by using the Similarity check. After publishing, in order to preserve scientific materials, each article is archived in Portico. The company also fully supports self-archiving policy and in no way restricts authors in this process.

Each manuscript, in accordance with world publishing practices, undergoes a “double-blind review”, which con-tributes to the impartiality of the reviewers; reports.

An effective publishing process is being set up, which op-timizes the length of the manuscript review and process-ing before the publication. More details in Table 2.

Table 2

Journal Title

Total number

of articles in 2017

The average terms between receipt of an article and its

acceptance before publication, in days

Problems and Perspectives in Management

146 78

Banks and Bank Systems 77 67

Investment Management and Financial Innovations 114 67

Environmental Economics 46 41

Innovative Marketing 20 32

Public and Municipal Finance 20 78

Current Activities

Table 1

Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

Detailed statistics on the number of articles published in the leading journals for the last 3 years are shown in Table 3.

Table 3

Year

Number of articles

Problems and Perspectives in

Management

Investment Management and Financial Innovations

Banks and Bank Systems

2015 125 99 37

2016 167 120 49

2017 147 114 77

30,77

7,69

7,697,697,69

7,69

3,85

3,853,85

3,853,853,85 3,85 3,85

Problems and Perspectives in Management

USALithuaniaUKUkraineIndiaPolandSwitzerlandItalyIrelandEstoniaHungaryAustria

47,50

10,007,50

5,00

5,002,50

2,502,50

2,502,50 2,50

2,50 2,50 2,50 2,50

Invesment Management and Financial Innovations

USAUkraineUKAustriaAustraliaIsraelFranceSpainKazakhstanBruneiCanadaNetherlands

25,00

10,71

10,713,57

3,57 3,57 7,14

3,573,57

3,573,573,57

3,57

3,573,57 3,57 3,57

Banks and Bank Systems

USAUKGermanyTurkeyIndiaSwitzerlandPolandLiechtensteinCzech RepublicLatviaUnited Arab EmiratesUordan Ukraine Austria

Current Activities

Picture 1

Diagram 1

Diagram 3

Diagram 2

Annual Report January-December, 2017BUSINESS PERSPECTIVES

Top Downloads from the Business Perspectives’ Website

Current Activities

1. Hospitality industry and the service culture in Europe

Author(s): Roxanna MichaelidesJournal: Tourism and Travelling

(open-access)

Abstract: The purpose of this article/research is to explore and analyze three most important factors that directly can affect the Culture of service in European Hospitality Industry. The paper of this study showed that relationship between the quality of education in Hospitality and Leisure, the poor recruitment and es-pecially the lack of continuing education influence the guest’s service and its quality.

2. Valuing synergies in strategic mergers and acquisitions using the real options approach

Author(s): Anna Loukianova, Egor Nikulin, Andrey Vedernikov

Journal: Investment Management and Financial Innovations (open-access)

Abstract: The purpose of the current paper is to elab-orate the model for assessing cumulative synergetic effect in M&A (Mergers and Acquisitions) deals on the basis of a real options approach. The majority of papers on the synergetic effects of M&A deals typically focus on a particular type of synergy, while the current paper pro-poses a model that accounts for the cumulative simulta-neous effect of different types of operating and financial synergies.

3. Organizational culture and job satisfac-tion among academic professionals at a South African university of technology

Author(s): Crispen Chipunza, Bulelwa MaloJournal: Problems and Perspectives

in Management (open-access)

Abstract: The South African higher education sector intro-duced structural changes, which resulted in the creation of universities of technology (hereafter referred to as UoTs). There, however, have not been any known studies that in-vestigated organizational culture and job satisfaction among academic professionals at these new types of institutions in the country. This study’s main objective was to determine perceptions of organizational culture and their impact on job satisfaction among academic professionals at a University of Technology in the Free State Province, South Africa.

4. Organizational attractiveness: an empirical study on employees attitudes in Lithuanian business sector

Author(s): Irena Bakanauskiene, Rita Bendaravičienė, Laima Barkauskė

Journal: Problems and Perspectives in Management (open-access)

Abstract: Measurement of employer’s attractiveness has been given much attention in many countries all over the world, but there was no extensive research performed in Lithuania so far, providing empirical evidence to define the landscape of organizational attractiveness in Lithuanian business sector. The aim of this study (N = 1020 respondents) is to identify which dimensions make organizations attractive as employers in Lithuanian business sector. The article employs a research approach based on a postpositivistic perspective.

The article titled “Hospitality industry and the service culture in Europe” by Roxanna Michaelides was published in “Tourism and Travelling” (Issue #1) and it reached the largest number of downloads from the Business Perspectives’ website.

Here is the list of 4 articles with the highest number of downloads:

Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

Research Center for Innovative Financial Solutions

RCIFSAnnual Report January-December, 2017BUSINESS PERSPECTIVES

The Research Center for Innovative Financial Solutions (hereinafter the RCIFS) was initiated in June 2017 by two publishing companies: Limited Liability Company “Consulting Publishing Company “Business Perspectives” and “Kozmenko Science Publishing”.

The purpose of the RCIFS is combining the efforts of scholars from different countries in order to investigate the issues of financial innovations introduction.

The RCIFS is a non-commercial organization that is fi-nanced by the means of sponsorship.

The main activities of the RCIFS are:

• participation in various research projects;

• organization and conducting of scientific and practi-cal conferences and seminars;

• participation in educational and grant programs in the field of financial innovations;

• writing of books and monographs.

The RCIFS`s participants are scholars from the United

States of America, Ukraine, Greece, Bosnia and Herzegovina, the United Arab Emirates and Egypt.

In 2017, the RCIFS initiated a project of writing a book “The Transformation of Accounting Systems in Different Countries under the Influence of Convergent Processes”.

The creative team includes scientists from the USA, Italy, Croatia, India and Ukraine. The leader of the project is RCIFS`s member, Doctor of Economics, Professor Fedir Zhuravka.

Plans for the future:

In 2018, the Research Center for Innovative Financial Solutions plans to implement the following projects:

1. Expansion of research activities by attracting new members, primarily from the EU countries and Asia.

2. Publication of the book “The Transformation of Accounting Systems in Different Countries under the Influence of Convergent Processes”.

3. Launching new research projects, concerning, par-ticularly, books and monographs writing.

Tetiana BochkariovaAssistant Coordinator of the RCIFS

Fedir ZhuravkaCoordinator of the RCIFS, Doctor of Economics, Professor

JIC INDEXA scientific journal has a future only when it seeks to meet international standards, first of all, the standards of publication ethics

JIC INDEX Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

LLC “CPC “Business Perspectives” seeks to improving the scientific periodicals of Ukraine and increasing its scientific status in the world. That is why “Business Perspectives” introduced a new system for evaluating scientific journals in 2017. Due to the hard work, the International Compliance Index Journal (JIC Index) ap-peared. The fundamental principles of this evaluation system are the impartiality and comprehensiveness that is achieved through the involvement of scholars, publishing specialists and librarians as experts in evaluating the scientific journal.

The mission of the project is to determine the guide-lines for the promotion of academic journals into the international scientific environment on the basis of compliance with the international standards of publishing and the principles of publication ethics. Experts have developed a system of evaluation con-sisting of 91 criteria, which divided into the follow-ing groups:

• Presence (absence) of mandatory attributes of the scientific journal;

• Manipulating with the name of the journal, the found-er, the publisher;

• Manipulating with the content of the journal’s or pub-lisher’s site;

• Innovations and sustained trends in publishing;

• Compliance with the principles of publication ethics;

• Formal signs with respect to articles that indirectly indicate their quality;

• General information concerning publication process;

• Journal’s Editorial;

• General characteristics of the journal and its site.

JIC Index is a complex indicator, which includes: 1) the achieve-ments of the journal (a set of factors that ensure its develop-ment and which are given a score in points ranging from 0 to max for each factor, which is ≤ 10) – factor stimulants; 2) non-compliance with the norms and established requirements (a set of factors that hamper the development of the journal and which are given a score in points ranging from 0 to min for each factor, which is ≥ -10) – factor de-stimulants. A set of factors and their maximal (minimum) values are unchanged and apply to all journals.

JIC JOURNALS’ INTERNATIONAL COMPLIANCE INDEX

INDEX

Serhiy KozmenkoDoctor of Economics, Professor, Author of the idea

JIC INDEX

Table 4

Diagram 4

Annual Report January-December, 2017BUSINESS PERSPECTIVES

Depending on the value of JIC Index a journal can be ap-plied to one of 5 categories:

• А – 0,500 and higher;

• B – from 0,400 to 0,499;

• C – from 0,300 to 0,399;

• D – from 0,200 to 0,299;

• E – to 0,199.

Sine September 2017, the JICI project evaluated about 200 scientific journals that were established in Ukraine. Some of them are currently issued abroad. Unfortunately, it should be noted that the qualitative composition of indexed journals is unconvincing. Only 6 journals were included to Category A , that is, only 3% of the total number. At the same time, 65 journals were included at the lowest category E, that is, more than 33.5%. Detailed statistics are shown in Table 4.

It should be noted that the share of journals belonging to the category, increases with a decrease in the quality of this category, as illustrated in Diagram 4.

05

10152025303540

The relative number of journals from each category to the totalnumber of journals, %

Category A

Category B

Category C

Category D

Category E

Category The number of journals included to the category % of total number of indexed journals

A 6 3,1%

B 13 6,7%

C 50 25,8%

D 60 30,9%

E 65 33,5%

Total 194 100%

Publication of books and monographsOne of the priorities of the LLC «Consulting Publishing Company «Business Perspectives» is publication of books and monographs.

PUBLICATION OF BOOKS AND MONOGRAPHS

This project was launched in 2005.

Books and monographs are published in English, Ukrainian and Russian.

As of today, 13 books and monographs have been published.

The main focus and key aspects of the publications are related to the global financial and economic cri-sis, finance, insurance, banking, corporate finance, risk-management, innovations, etc.

Our authors represent the following countries: the United States of America, the United Kingdom,

Germany, Italy, Czech Republic, Australia, Turkey, Nigeria, Tunisia, Ukraine, etc.

Readers and other interested parties have the op-portunity to familiarize themselves with the contents of the books using the preview option, as well as to purchase them directly through the website of the Publishing Company.

According to the viewing statistics, the most popular publications are: «World financial crisis: causes, con-sequences, ways of overcoming», «The Truth about the Global Financial Crisis» and “Centralization of Treasury Management”.

Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

Development trendsLLC “Business Perspectives” is fully aware of the scale of experience and innovative charac-ter of leading international publishing companies and scientometric databases. When issuing hundreds and indexing thousands of academic journals, they almost do not include journals from emerging or new economies. Therefore, given their experience, in the near future we aim to take the lead in the publication of academic peer-reviewed journals in Ukraine. Besides our core business, we strive to operate as the leader of the best publishing practices for promising journals and to finance our own projects aimed at the editors’ professional enhancement and the development of Ukrainian journals founded by universities and research institutions.

DEVELOPMENT TRENDS

Up to the present, we only published our own jour-nals, that is, those in which we are the founders. At the moment, we take measures to attract journals, (primarily Ukrainian) established by leading univer-sities and academic institutions, to the “Business Perspectives” publishing platform. At the same time, our partners are invited to transfer the journals for publication on terms free of financial expenses on their part. Partners can use one of two business models for the journals’ further development: first, the journal is issued as an open access one defining the costs for processing articles at the average for Ukraine, which are compensated by authors or their sponsors; second, the journal is issued and is sub-scribed (all articles are closed, and publisher costs are compensated through subscribing and selling articles). A hybrid model may also be applied when

the share of articles in the subscription journal is on open access. Since the solvency level of the vast majority of Ukrainian scientists is extremely low and universities and other academic institutions do not compensate authors’ expenses for the publication, “Business Perspectives” assumes core funding of the project.

“Business Perspectives” has some ambitions as to project launched in the second half of 2017, the Journal’s International Compliance Index (JIC Index). The project is currently assessing journals from Ukraine, Russia, and Belarus. According to 2018 plans, the total number of analyzed Ukrainian journals should be at least 700, and meaningful progress should be made in the evaluation of Russian and Belarusian jour-nals. It is expected to start assessing journals from

Annual Report January-December, 2017BUSINESS PERSPECTIVES

Poland, Slovakia, Czech Republic and other countries. The project is planned to be popularized among edito-rial offices of journals and universities, as well as to present it at the Ministry of Education and Science of Ukraine.

Editorial boards will work on expanding the geography of authors, whose articles are submitted, as well as on attracting the manuscripts that have been co-authored with scholars from around the world. At the same time, the publishing company is committed to invest in the effective manuscripts verification for text borrow-ings and other plagiarism manifestations, and in the published articles archiving.

The company hopes for further development of jour-nals and, based on this, plans to submit them for indexing to the world-class scientometric databases which adhere to the publishing ethics principles.

Increasing individual articles and journals availability in libraries around the world is a compulsory compa-ny’s activity.

DEVELOPMENT TRENDS Annual ReportJanuary-December, 2017 BUSINESS PERSPECTIVES

BUSINESS PERSPECTIVES

BUSINESS PERSPECTIVES ● 2017

CONTACT USHryhorii Skovoroda Lane, 10 Sumy, 40022, Ukraine

+380 (542) 775 771

+380 (63) 289 1070

head@businessperspectives.org https://businessperspectives.org