Identifying changes in insurance companies’ competitiveness on the travel services market
-
Received October 5, 2020;Accepted December 15, 2020;Published December 25, 2020
-
Author(s)Link to ORCID Index: http://orcid.org/0000-0002-1354-4838Link to ORCID Index: https://orcid.org/0000-0003-3665-0585Link to ORCID Index: https://orcid.org/0000-0003-4274-2507
-
DOIhttp://dx.doi.org/10.21511/ins.11(1).2020.06
-
Article InfoVolume 11 2020, Issue #1, pp. 53-60
- TO CITE АНОТАЦІЯ
- 518 Views
-
115 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
The purpose of the study is to develop methodological approach for identifying changes in the level of insurance companies’ competitiveness on the travel services market. Based on development of multifactor regression equation, integrated indicators of insurance companies’ competitiveness in 2016–2019 were calculated. The application of three-sigma rule allowed to divide insurance companies by competitiveness levels and to identify that during 2016–2019 most of insurers had sufficient and critical levels of competitiveness and the group of insurance companies with a high level of competitive position is small. The Markov chain theory was used as a research method to determine the probability of insurance companies moving to higher or lower competitiveness levels. The results of Markov’s method showed that the majority of insurance companies are most likely to remain in their initial groups and only insurers with low and sufficient competitiveness have high probability to change their positions. Companies with high competitiveness have very strong positions on the market and there is very low probability that other insurers will capture leaders’ market share in the coming years. So, the use of the developed approach allows predicting a decrease of insurance ability to compete on the travel services market and deciding on the necessity to change the competitive strategy.
- Keywords
-
JEL Classification (Paper profile tab)G17, G22, M31
-
References17
-
Tables4
-
Figures1
-
- Figure 1. Distribution of insurance companies according to the integrated indicator of competitiveness on the travel services market
-
- Table 1. Parameters of the regression model for calculating the indicator of insurance companies’ competitiveness on the travel services market
- Table 2. Statistical characteristics of distribution of integrated indicator of insurance companies’ competitiveness on travel services market
- Table 3. Scales of insurance companies’ competitiveness on travel services market
- Table 4. Matrix of insurance companies moving between groups according to the levels of their competitiveness on the travel services market
-
- Dyakonova, I., Kravchuk, A., Sheliuk, A., & Haber, J. (2020). Quantitative methods estimation of the competitiveness of insurance companies in the context of sustainable development. Financial and credit activity: problems of theory and practice, 3(34), 366-380.
- Fedyn, S., Zubretskaya, N., & Honcharov, A. (2012). Prognozirovaniye konkurentosposobnosti produktsii po sovokupnosti pokazateley kachestva na osnove neyrosetevogo modelirovaniya [Forecasting the competitiveness of products by a set of quality indicators based on neural network modeling]. Systemni doslidzhennia ta informatsiini tekhnolohii – System Research & Information Technologies, 3, 74-84. (In Russian).
- Khalimon, T. (2018). Forecasting Competitive Development of Telecommunication Enterprises: Methodological Measurement. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu – Scientific Bulletin of Uzhhorod National University, 17, 108-112. (In Ukrainian).
- Kneysler, O., Kryvytska, O., Shupa, L., & Huzela, I. (2019). Assessment of the competitive environment of the health insurance market. Problems and Perspective in Management, 17(2), 541-549.
- Kozlovskyi, S., Khadzhynov, I., Lavrov, R., Skydan, O., Ivanyuta, N., & Varshavska, N. (2019). Economic-Mathematical Modeling and Forecasting of Competitiveness Level of Agricultural Sector of Ukraine by Means of Theory of Fuzzy Sets under Conditions of Integration into European Market. International Journal of Recent Technology and Engineering, 8(4), 5316-5323.
- Kryvorotov, V., Kalyna, A., Tretiakov, V., Erypalov, S., & Patrushev, A. (2017). Prognozirovanie pokazatelej konkurentosposobnosti krupnykh proizvodstvennykh kompleksov [Prediction of Indicators of Competitiveness of Large-Scale Industrial Complexes]. Vestnik Ural’skogo federal’nogo universiteta. Seriya «Ehkonomika i menedzhment» – Bulletin of Ural Federal University. Series Economics and Management, 16, 880-908. (In Russian).
- Lee, H. S., Cheng, F. F., Nassir, A. M., & Razak, N. H. A. (2018). Does efficiency promote competitiveness of the insurance industry? Journal of Business Economics and Management, 19(4), 566-591.
- Mamedova, E. (2018). Assessment of the competitiveness of tourist insurance in insurance companies. Development Management, 16, 8-17. (In Ukrainian).
- Mamedova, E. (2019). Identifying the competitiveness of insurance companies on the travel insurance market. European Journal of Economics and Management, 5, 104-112.
- Pavlova, V., & Hubariev, R. (2013). Prohnozuvannia konkurentospromozhnosti pidpryiemstva metodom ekstrapoliatsii [Forecasting the competitiveness of the enterprise by extrapolation]. Prometei – Prometheus, 1, 160-163. (In Ukrainian).
- Pukala, R., Vnukova, N., Achkasova, S., & Smoliak, V. (2017). Improvement of the methodology for assessing the capital adequacy to cover the reinsurance default risk. Economic Annals-XXI, 165(5-6), 152-156.
- Quah, D. (2001). Searching for prosperity: A comment. Carnergie-Rochester Conference Series on Public Policy, 55, 305-319.
- Sidorin, A. (2013). Analiz i prognozirovanie konkurentosposobnosti innovacionnoj produkcii [Analysis and forecasting of competitiveness of innovative products]. Naukovedenie – Science of science, 1, 1-24. (In Russian).
- Širá, E. (2012). Perception of Competitiveness of Insurance Companies in the Slovak Republic Based on Settlement and Comparison of Competitiveness Indexes. Scientific Annals of the „Alexandru Ioan Cuza” University of Iaşi Economic Sciences, 59(2), 153-172.
- UNWTO. (2020). Word Tourism Barometer May 2020. Special focus on the Impact of CODID-19.
- Varshavska, N. (2018). Estimation and forecasting of the competitiveness level of the national agro industrial complex of Ukraine. Ekonomika ta derzhava – Economy and state, 3, 105-109. (In Ukrainian).
- Vnukova, N., Kavun, S., Kolodiziev, O., Achkasova, S. & Hontar, D. (2020). Indicators-Markers for Assessment of Probability of Insurance Companies Relatedness in Implementation of Risk-Oriented Approach. Economic Studies Journal, 1, 151-173.
-
-
Conceptualization
Nataliya Vnukova, Elza Mamedova
-
Methodology
Nataliya Vnukova, Nataliya Opeshko, Elza Mamedova
-
Supervision
Nataliya Vnukova
-
Writing – original draft
Nataliya Vnukova, Elza Mamedova
-
Writing – review & editing
Nataliya Vnukova, Nataliya Opeshko
-
Data curation
Nataliya Opeshko
-
Formal Analysis
Nataliya Opeshko, Elza Mamedova
-
Project administration
Nataliya Opeshko
-
Software
Nataliya Opeshko
-
Validation
Nataliya Opeshko
-
Funding acquisition
Elza Mamedova
-
Investigation
Elza Mamedova
-
Resources
Elza Mamedova
-
Conceptualization
-
Determinant factors of market share: evidence from the Indonesian Islamic banking industry
Problems and Perspectives in Management Volume 16, 2018 Issue #1 pp. 392-398 Views: 1847 Downloads: 241 TO CITE АНОТАЦІЯMarket share is one of the performance indicators for the Islamic banking industry in Indonesia. Actually, the policy makers had set up the 5% market share to be achieved in 2008. Unfortunately, this target finally was met at the end of 2016. This study is going to examine the determinants of market share in the Indonesian Islamic banking industry. From the empirical result, we can see that some of the variables had an impact on market share. The variables impacting market share are the default rate, operational efficiency rate, the yield of profit sharing, and conventional bank’s interest rate. The other variables such as profitability ratio and liquidity ratio don’t have an impact on market share. The result implies that Islamic banks should strengthen the internal factors to accelerate their growth and performance.
-
Retraction: The effect of human capital on performance of East African commercial banks
Banks and Bank Systems Volume 15, 2020 Issue #2 pp. 56-66 Views: 1034 Downloads: 136 TO CITE АНОТАЦІЯRetracted on the 7th of July, 2020 by the Journal’s Editor-in-Chief request dated July 3th 2020. The type of retraction – plagiarism.
The Editor-in-Chief of the journal was asked to retract this article because of plagiarism. The request came from the author of the article, which was published 8 months before the retracted article was published in “Banks and Bank Systems” journal. The author(s) insisted that the article completely repeated his own, i.e. contained a high level of plagiarism that could not be corrected.
Editorial staff carried out an investigation into plagiarism in the article published. When the manuscript was submitted to the Journals for consideration, the authors signed the Cover letter and attested to the fact that their manuscript is an original research and has not been published before. After that, the manuscript was accepted for consideration by the Managing Editor and was tested for plagiarism using the iThenticate program. Plagiarism was not detected. Later, after the article complaint and the statement of plagiarism, we used all the sources and resources provided by the complainant, the article was re-tested for plagiarism, and plagiarism was established
According to the results of the investigation, the editorial board decided to retract the article on July 7, 2020.
The authors were notified of such a decision. -
Cash level and corporate performance: evidence from the Gulf Cooperation Council countries
Investment Management and Financial Innovations Volume 17, 2020 Issue #4 pp. 14-24 Views: 748 Downloads: 186 TO CITE АНОТАЦІЯThis study aims to examine the connection between cash level and corporate performance, as well as the cash level determinants for all nonfinancial firms in the Gulf Cooperation Council (GCC) countries. The empirical analysis employs numerous statistical techniques such as panel regression models and the Generalized Methods of Moments (GMM). The main result of the study confirms a positive relationship between the cash level and both the corporate performance and the firm value, which signifies the role of cash in supporting the corporate productive activities in times of rare cash. The results also show that large firms, especially those with less leverage, experience better corporate performance. Additionally, the results demonstrate that when using different levels of cash holdings as well as different levels of firm size, both the magnitude and the significant positive effect of the cash level on corporate performance and firm value are not altered. For the determinants of the cash level, the results confirm that the most important variables are product competition, free cash flow, corporate liquidity, capital expenditures, and financial constraints. The results do not confirm that the amount of dividend paid has a significant influence on the cash level. All results are robust to the various econometric specifications employed in this study.
Acknowledgment
This study is supported by Kuwait University research sector, grant number IF-03/18.