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Prof. Rasa Kanapickiene
Vilnius University

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0 Financial Risk Management
0 Investment Management
0 Accounting, auditing and accountability
0 Financial fraud
0 Internal control system

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Journal article
Published: 18 May 2021 in Economies
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The research aims to examine and evaluate the accounting information disclosure (AID) quality of the non-current tangible assets in the annual financial statements of private sector entities of Lithuania and identify characteristics of these enterprises that have an impact on the AID quality. The research model of the AID quality in the financial statements is created. Based on the national accounting standards’ legal requirements, the original checklists were structured, and the disclosure quality indexes (DQIs) allowing evaluation of AID (both mandatory and voluntary) quality were formed. The empirical results show that Lithuanian enterprises’ AID quality was sufficient and average during the investigation period. The significant AID quality change was not observed during the short term (2007–2008), i.e., when Lithuania was going through a significant change in the economy, where the rapid growth was followed by the financial crisis. In addition, it was investigated whether significant changes were observed during the long term (2007–2016) when Lithuania was transforming from a developing to a developed country. The results show that during this period the disclosure of mandatory (for all enterprises) and voluntary information did not change significantly, while additional (for large and medium) AID quality increased. Multiple panel regression analysis showed that the enterprise’s characteristics (such as its size, debt-paying capacity, indebtedness, tangible assets, and profitability) appeared to have a statistically significant effect on the AID quality. The research findings could contribute to helping shareholders, potential investors or creditors, financial analysts, and other stakeholders when making decisions in regard to the evaluation of the AID quality as well as helping regulators to increase standards for information transparency and comparability.

ACS Style

Rasa Kanapickiene; Greta Keliuotyte-Staniuleniene; Deimante Teresiene. Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania. Economies 2021, 9, 78 .

AMA Style

Rasa Kanapickiene, Greta Keliuotyte-Staniuleniene, Deimante Teresiene. Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania. Economies. 2021; 9 (2):78.

Chicago/Turabian Style

Rasa Kanapickiene; Greta Keliuotyte-Staniuleniene; Deimante Teresiene. 2021. "Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania." Economies 9, no. 2: 78.

Journal article
Published: 02 April 2021 in Journal of Risk and Financial Management
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The COVID-19 pandemic and induced economic and social constraints have significantly impacted the confidence of both consumers and businesses. Despite that, comprehensive studies of the impact of the COVID-19 pandemic on the consumer and business sentiment are still lacking. Thus, in our research we aim to identify consumer and business confidence indicators’ reaction to the spread of the COVID-19 pandemic in the Eurozone, the United States, and China. For this purpose, we used the method of correlation–regression analysis. We chose the consumer-confidence index, manufacturing purchasing manager’s index, and services purchasing manager’s index as dependent variables; and the number of confirmed cases of COVID-19, the number of deaths caused by COVID-19, and the mortality rate of COVID-19 infections as independent variables. The results showed a relatively rapid and robust effect of COVID-19 in the short period, but longer-term results depended on the region and were not so unambiguous: in the case of the Eurozone, the spread of COVID-19 pandemic did not affect the consumer-confidence index (CCI) or, in the cases of the United States and China, affected this index negatively; the purchasing managers’ index (PMI) in the services sector was significantly negatively affected by the mortality risk of COVID-19 infection; and the impact on the purchasing managers’ index (PMI) in the manufacturing industry appeared to be mixed.

ACS Style

Deimante Teresiene; Greta Keliuotyte-Staniuleniene; Yiyi Liao; Rasa Kanapickiene; Ruihui Pu; Siyan Hu; Xiao-Guang Yue. The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators. Journal of Risk and Financial Management 2021, 14, 159 .

AMA Style

Deimante Teresiene, Greta Keliuotyte-Staniuleniene, Yiyi Liao, Rasa Kanapickiene, Ruihui Pu, Siyan Hu, Xiao-Guang Yue. The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators. Journal of Risk and Financial Management. 2021; 14 (4):159.

Chicago/Turabian Style

Deimante Teresiene; Greta Keliuotyte-Staniuleniene; Yiyi Liao; Rasa Kanapickiene; Ruihui Pu; Siyan Hu; Xiao-Guang Yue. 2021. "The Impact of the COVID-19 Pandemic on Consumer and Business Confidence Indicators." Journal of Risk and Financial Management 14, no. 4: 159.

Journal article
Published: 01 April 2021 in Risk Governance and Control: Financial Markets and Institutions
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The purpose of this paper is to determine the cross-market liquidity and price spillover effects across euro area sovereign bond markets. The analysis is carried out with the constructed minute frequency order-book dataset from 2011 until 2018. This derived dataset covers the six largest euro area markets for benchmark 10-year sovereign bonds. To estimate the cross-market spillover effect between sovereign bonds, it was decided to use the empirical approach proposed by Diebold and Yilmaz (2012) and combine it with the vector error correction model (VECM). We also employed the panel regression model to identify why some bond markets had a higher spillover effect while others were smaller. The dependent variable was the daily average spillover effect of a particular bond. As the spillover effects vary highly across different bonds, country-specific fixed effects were used, and the clustered standard errors were calculated for robustness reasons. Lastly, the cross-market spillovers were analyzed daily to compare them with the results of the model with intraday data. The analysis was performed with rolling 100-day window variance decompositions and a 10-day forecast horizon for six sovereign bonds and the overnight indexed swap (OIS) market. The results of the created time-series model revealed that intraday cross-market spillovers exist but are relatively weak, especially in the case of liquidity spillovers. As the cross-market linkages became much more robust with the model using daily data, the liquidity or price disbalances between different markets are usually corrected on longer intervals than minutes. Distance between countries is the most important explanatory variable and is negatively linked to the magnitude of both liquidity and price spillovers. These findings should be of particular interest to bond market investors, risk managers, and analysts who try to scrutinize the liquidity and price transmission mechanism of sovereign bonds in their portfolios.

ACS Style

Linas Jurkšas; Deimantė Teresienė; Rasa Kanapickiene. Liquidity risk: Intraday liquidity and price spillovers in euro area sovereign bond markets. Risk Governance and Control: Financial Markets and Institutions 2021, 11, 18 -31.

AMA Style

Linas Jurkšas, Deimantė Teresienė, Rasa Kanapickiene. Liquidity risk: Intraday liquidity and price spillovers in euro area sovereign bond markets. Risk Governance and Control: Financial Markets and Institutions. 2021; 11 (2):18-31.

Chicago/Turabian Style

Linas Jurkšas; Deimantė Teresienė; Rasa Kanapickiene. 2021. "Liquidity risk: Intraday liquidity and price spillovers in euro area sovereign bond markets." Risk Governance and Control: Financial Markets and Institutions 11, no. 2: 18-31.

Journal article
Published: 11 March 2021 in Economies
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The purpose of this paper is to determine the liquidity spillover effects of trades executed in European sovereign bond markets and to assess the driving factors behind the magnitude of the spill-overs between different markets. The one minute-frequency limit order-book dataset is constructed from mid-2011 until end-2017 for sovereign bonds from the six largest euro area countries. It is used for the event study and panel regression model. The event study results revealed that liquidity spill-over effects of trades exist and vary highly across different order types, direction and size of the trade, the maturity of traded bonds, and various markets. The panel regression model showed that less liquid bonds and bonds whose issuer is closer by distance to the country of the traded bond have more substantial spillover effects and, at the same time, are also more affected by trades executed in another market. These results should be of interest to bond market participants who want to limit the exposure to the liquidity spillover risk in bond markets.

ACS Style

Linas Jurksas; Deimante Teresiene; Rasa Kanapickiene. Liquidity Spill-Overs in Sovereign Bond Market: An Intra-Day Study of Trade Shocks in Calm and Stressful Market Conditions. Economies 2021, 9, 35 .

AMA Style

Linas Jurksas, Deimante Teresiene, Rasa Kanapickiene. Liquidity Spill-Overs in Sovereign Bond Market: An Intra-Day Study of Trade Shocks in Calm and Stressful Market Conditions. Economies. 2021; 9 (1):35.

Chicago/Turabian Style

Linas Jurksas; Deimante Teresiene; Rasa Kanapickiene. 2021. "Liquidity Spill-Overs in Sovereign Bond Market: An Intra-Day Study of Trade Shocks in Calm and Stressful Market Conditions." Economies 9, no. 1: 35.

Journal article
Published: 02 March 2021 in Sustainability
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All countries worldwide faced the COVID-19 pandemic and had to take actions to lower the economic shock. Financial authorities play an especially significant role in economics and can help to manage the negative consequences. This article focuses on the European central bank monetary policy and actions taken for COVID-19 risk management. This research aims to identify the significant factors influencing the long-term loans for enterprises’ credit conditions in a forward-looking approach and determine the impact of the spread of COVID-19 pandemic on banking sector credit risk, financial distress, lending growth, and financial soundness indicators. This research is focused on the credit transmission channel and the role of the Pandemic Emergency Purchase Program in different countries of the euro area. To reach the main goal, panel data regression models are used. Our findings showed that the banks’ risk tolerance is a principal factor influencing long-term loan credit standards. We also identified that the spread of the COVID-19 pandemic has a statistically significant negative effect on banking sector credit risk, financial distress, banking sector profitability, and solvency. Furthermore, after analyzing the euro area banking sector, we found that liquidity increased. Hence, it means that banks have enough funds to support sustainable economic growth, but on the other side, commercial banks do not want to take credit risk because of their risk tolerance. Our research findings show the mixed effect of the COVID-19 pandemic on financial stability: while the overall financial distress decreased and banking sector liquidity increased, the profitability and solvency decreased some extent.

ACS Style

Deimantė Teresienė; Greta Keliuotytė-Staniulėnienė; Rasa Kanapickienė. Sustainable Economic Growth Support through Credit Transmission Channel and Financial Stability: In the Context of the COVID-19 Pandemic. Sustainability 2021, 13, 2692 .

AMA Style

Deimantė Teresienė, Greta Keliuotytė-Staniulėnienė, Rasa Kanapickienė. Sustainable Economic Growth Support through Credit Transmission Channel and Financial Stability: In the Context of the COVID-19 Pandemic. Sustainability. 2021; 13 (5):2692.

Chicago/Turabian Style

Deimantė Teresienė; Greta Keliuotytė-Staniulėnienė; Rasa Kanapickienė. 2021. "Sustainable Economic Growth Support through Credit Transmission Channel and Financial Stability: In the Context of the COVID-19 Pandemic." Sustainability 13, no. 5: 2692.

Journal article
Published: 02 December 2019 in Economies
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The aim of the research is to examine and evaluate the accounting information disclosure quality of the non-current tangible assets in the financial statements of the municipalities of Lithuania and identify municipality characteristics having an impact on the accounting information disclosure quality. Although the question of Lithuania public sector accounting information disclosure quality has been relevant since the Public Sector Accounting and Financial Reporting Reform in 2010, this research is the first of its kind in Lithuania. Based on the legal and regulatory requirements and related scientific literature, the research model of the accounting information disclosure quality in the financial statements has been created. Using the content analysis of consolidated annual financial statements of Lithuanian municipalities (years 2013–2016), the disclosure quality index has been calculated, as well as the accounting information disclosure quality of the tangible assets has been evaluated and compared. The results show that the quality of accounting information disclosure of Lithuanian municipalities in 2013 was low (revealed 37.87% of the mandatory information), while in subsequent years, the disclosure of mandatory information increased (to 45.50% in 2016) and the quality of information disclosure became average. Multiple panel regression analysis revealed that specific factors such as size of the municipality, municipality debt-paying capacity, municipality tangible assets, and municipality revenue, have a statistically significant impact on the accounting information disclosure quality.

ACS Style

Rasa Kanapickiene; Greta Keliuotyte-Staniuleniene. Disclosure of Non-Current Tangible Assets Information in Local Government Financial Statements: The Case of Lithuania. Economies 2019, 7, 116 .

AMA Style

Rasa Kanapickiene, Greta Keliuotyte-Staniuleniene. Disclosure of Non-Current Tangible Assets Information in Local Government Financial Statements: The Case of Lithuania. Economies. 2019; 7 (4):116.

Chicago/Turabian Style

Rasa Kanapickiene; Greta Keliuotyte-Staniuleniene. 2019. "Disclosure of Non-Current Tangible Assets Information in Local Government Financial Statements: The Case of Lithuania." Economies 7, no. 4: 116.

Journal article
Published: 13 June 2019 in Risks
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In this research, trade credit is analysed form a seller (supplier) perspective. Trade credit allows the supplier to increase sales and profits but creates the risk that the customer will not pay, and at the same time increases the risk of the supplier’s insolvency. If the supplier is a small or micro-enterprise (SMiE), it is usually an issue of human and technical resources. Therefore, when dealing with these issues, the supplier needs a high accuracy but simple and highly interpretable trade credit risk assessment model that allows for assessing the risk of insolvency of buyers (who are usually SMiE). The aim of the research is to create a statistical enterprise trade credit risk assessment (ETCRA) model for Lithuanian small and micro-enterprises (SMiE). In the empirical analysis, the financial and non-financial data of 734 small and micro-sized enterprises in the period of 2010–2012 were chosen as the samples. Based on the logistic regression, the ETCRA model was developed using financial and non-financial variables. In the ETCRA model, the enterprise’s financial performance is assessed from different perspectives: profitability, liquidity, solvency, and activity. Varied model variants have been created using (i) only financial ratios and (ii) financial ratios and non-financial variables. Moreover, the inclusion of non-financial variables in the model does not substantially improve the characteristics of the model. This means that the models that use only financial ratios can be used in practice, and the models that include non-financial variables can also be used. The designed models can be used by suppliers when making decisions of granting a trade credit for small or micro-enterprises.

ACS Style

Rasa Kanapickiene; Renatas Spicas. Credit Risk Assessment Model for Small and Micro-Enterprises: The Case of Lithuania. Risks 2019, 7, 67 .

AMA Style

Rasa Kanapickiene, Renatas Spicas. Credit Risk Assessment Model for Small and Micro-Enterprises: The Case of Lithuania. Risks. 2019; 7 (2):67.

Chicago/Turabian Style

Rasa Kanapickiene; Renatas Spicas. 2019. "Credit Risk Assessment Model for Small and Micro-Enterprises: The Case of Lithuania." Risks 7, no. 2: 67.

Journal article
Published: 01 December 2015 in Procedia - Social and Behavioral Sciences
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Analysis of financial ratios is one of those simple methods to identify frauds. Theoretical survey revealed that, in scientific literature, financial ratios are analysed in order to designate which ratios of the financial statements are the most sensitive in relation with the motifs of executive managers and employees of companies to commit frauds. Empirical study included the analysis of the following: 1) 40 sets of fraudulent financial statements and 2) 125 sets of non-fraudulent financial statements (unconditional audit report was issued for the sets of financial statements of these companies). The aim of the research is to distinguish financial ratios, the values of which could indicate the fraud in financial statements. Moreover, the logistic regression model of fraud detection in financial statements has been developed. The research is unique for being the first empirical study of its type in Lithuania.

ACS Style

Rasa Kanapickiene; Živilė Grundienė. The Model of Fraud Detection in Financial Statements by Means of Financial Ratios. Procedia - Social and Behavioral Sciences 2015, 213, 321 -327.

AMA Style

Rasa Kanapickiene, Živilė Grundienė. The Model of Fraud Detection in Financial Statements by Means of Financial Ratios. Procedia - Social and Behavioral Sciences. 2015; 213 ():321-327.

Chicago/Turabian Style

Rasa Kanapickiene; Živilė Grundienė. 2015. "The Model of Fraud Detection in Financial Statements by Means of Financial Ratios." Procedia - Social and Behavioral Sciences 213, no. : 321-327.

Journal article
Published: 01 December 2015 in Procedia - Social and Behavioral Sciences
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Assurance of competitive advantage is based on decision making process of managers by using SCM information. SCM is a set of techniques implemented by corporate management to design value-creating information related to costs drivers in value chain, for making strategic decisions and constantly aligning them with strategy in a highly uncertain business environment. In this research contingency theory is applied. Author examined three contingency factors on the use of the instruments of SCM. Study aims to explain the extent to which Lithuania's companies use SCM instruments regarding three following contingencies. SCM usage is more frequent in companies that experience a high level of competition intensity. SCM usage is higher in companies using strategy. SCM usage does not depend on company's size. Obstacles to use SCM are: unspecified financial accounting attitude to strategic decision making, a lack of knowledge, overheads in production process and resources of IT.

ACS Style

Darius Gliaubicas; Rasa Kanapickiene. Contingencies Impact on Strategic Cost Management Usage in Lithuanian Companies. Procedia - Social and Behavioral Sciences 2015, 213, 254 -260.

AMA Style

Darius Gliaubicas, Rasa Kanapickiene. Contingencies Impact on Strategic Cost Management Usage in Lithuanian Companies. Procedia - Social and Behavioral Sciences. 2015; 213 ():254-260.

Chicago/Turabian Style

Darius Gliaubicas; Rasa Kanapickiene. 2015. "Contingencies Impact on Strategic Cost Management Usage in Lithuanian Companies." Procedia - Social and Behavioral Sciences 213, no. : 254-260.

Journal article
Published: 01 November 2014 in Procedia - Social and Behavioral Sciences
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ACS Style

Rosvydas Marcinkevičius; Rasa Kanapickiene. Bankruptcy Prediction in the Sector of Construction in Lithuania. Procedia - Social and Behavioral Sciences 2014, 156, 553 -557.

AMA Style

Rosvydas Marcinkevičius, Rasa Kanapickiene. Bankruptcy Prediction in the Sector of Construction in Lithuania. Procedia - Social and Behavioral Sciences. 2014; 156 ():553-557.

Chicago/Turabian Style

Rosvydas Marcinkevičius; Rasa Kanapickiene. 2014. "Bankruptcy Prediction in the Sector of Construction in Lithuania." Procedia - Social and Behavioral Sciences 156, no. : 553-557.