Raksti konferenču krājumā un tēzes (BVEF) / Conference Papers and Abstracts

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The aspects of competency in the context of education situation in Latvia
(University of Latvia, 2019) Staskevica, Aija; Dunska, Margarita
Competency approach is a useful tool for various organisations and, in particular, academic institutions in order to develop qualitative education programme based on the up-to-date skills and behaviours that are currently required from employees. The goal of the research was to identify the main aspects of competencies in the field of higher education in Latvia as a result of which it would be possible to determine the possibilities for competency approach development. The research methods used are as follows: literary review, document analysis, data processing methods, statistical analysis and case study. The results of the analysis showed that competency-based approaches evolve in academic environment, the development of competency approach influenced significantly the form of study programmes at the University of Latvia, Faculty of Business, Management and Economics. On average, problem solving, communication and information skills of people in Latvia are at an appropriate level while digital and software skills are averagely lower than average in the EU. The results of the research can be applied in the academic field by developing educational programmes that would be based on today’s crucial key competencies. It was concluded that regardless of current difficulties in the field of education, knowledge of foreign languages is a competitive advantage of people of Latvia. Support should be provided to the digital and software skills. As well it is essential that institutions of higher education understand the aspects of competency, because they have to adapt their study process implementation according to new legislation related to competency approach.
Assessment of bank financial health in Latvia
(University of Latvia, 2019) Solovjova, Irina; Romanova, Inna; Rupeika-Apoga, Ramona; Saksonova, Svetlana; Kudinska, Marina; Joppe, Aina
Financially strong, trustworthy and reliable banks form the basis of every economy and are a vital precondition for the stable economic development of every country. The financial health of banks is important for different stakeholders, including bank clients, correspondent banks, state and others. Therefore, lack of appropriate measures for bank financial health can cause a number of risks for the bank stakeholders. Traditionally the assessment of bank financial health and reliability is done by the international rating agencies as Standard & Poor’s, Moody’s and Fitch. These ratings are widely recognized worldwide; however, due to different reasons ratings assigned by the international rating agencies historically are not available for the majority of European banks. Besides, after the global financial crisis of 2008 the number of banks with a rating by an international rating agency has substantially decreased. Therefore, the aim of the paper is to design a model allowing to assess bank financial health using publicly available information. The proposed model is based on the analysis of financial statements data of Latvian commercial banks in the period from 2003 till 2017, key macroeconomic indicators, and aggregate statistical data of Latvian commercial banks managed by the Financial and Capital Market Commission (FCMC). The methodology is based on the design of multiple choice model ordered logit using eViews 7.0. The paper determines the main factors affecting the bank financial health based on the Moody`s Investors Service Long Term Bank Deposit Ratings. According to the developed model, the main factors involve bank assets structure, level of credit risk, profitability, bank capitalization, stability of resource base as well as macroeconomic factors, including investment and unemployment.
Assessment of Latvian pension system in the context of European Pillar of Social Rights
(University of Latvia, 2021) Bule, Larisa; Rupeika-Apoga, Ramona; Romanova, Inna; Leitane, Liga
Latvian pension system is considered to be one of the most sustainable, but it should be mentioned that financial sustainability may be achieved in different ways and sometimes the aspects of sustainability are estimated without considering system’s ability to provide equity, equality and adequacy of retirement provision. The European Pillar of Social Rights has been proclaimed in 2017. According to this statement delivering on the principles and rights defined under the Pillar is the joint responsibility of the EU institutions, member states, social partners and other stakeholders. The 3rd chapter devoted to social protection and inclusion establishes the key approaches to determining the minimum income, old age income and pensions. In particular, everyone lacking sufficient resources has the right to adequate minimum income benefits ensuring a life in dignity at all stages of life, and effective access to enabling goods and services; workers and the self-employed in retirement have the right to a pension commensurate to their contributions and ensuring an adequate income; everyone in old age has the right to resources that ensure living in dignity. The aim of the paper is to estimate actual compliance of Latvian pension system with the requirements of the European Pillar of Social Rights. The main findings show that the European Pillar of Social Rights creates completely new challenges to Latvian pension system, e.g. an ability to stay financially sustainable and comply with the principles of adequate income provision and ensuring living in dignity. Therefore more extensive and complex options of system’s improvement should be proposed and assessed.
Assessment of the economic development of Latvia and Ukraine
(University of Latvia, 2020) Skribane, Irina; Broyaka, Antonina
The global financial crisis and the ensuing global recession not only adversely affected global growth and poverty, but also presented constraints and challenges to public policy. Even though the world economy is slowly returning to growth, the recovery was difficult and lasted for almost 10 years. Preparing for the future requires an assessment of the consequences of the crisis and future challenges. Since 2010 economic growth in Latvia has been one of the fastest in the EU (from 2011-2018, GDP, on average, increased by 3.5% annually), however in 2019 economic growth has moderated. Growth opportunities are limited both by the uncertainty in the external environment (“trade wars” on the global economy, the outcome of Brexit, slower growth in EU countries, etc.), and the existing economic structure, which also negatively affects the competitiveness of Latvian producers. In the competitiveness rankings regularly published by the World Economic Forum (WEF), Latvia lags far behind other new EU member states, incl. other Baltic States. The economy of Ukraine currently is in very difficult environment: carrying out the Anti-terrorism activity in the eastern part, occupation of Crimea, the uncertainty in the system of political processes, the economic instability and other factors slow down its development. The deepening of the political and economic crisis in Ukraine, on the one hand, and transformational processes towards expanding European integration, on the other hand, daily create new challenges that domestic economic entities have not encountered before, and which are difficult to predict. The aim of the research is to carry out a comprehensive assessment of the dynamics of macroeconomic indicators of the social and economic development of the national economies of Latvia and Ukraine over the past 10 years (from 2010 to 2019) and identify the factors influencing it, to improve the forecasting of further trends and the planning of anti-crisis measures. As a result of the study, possible directions of economic policy were identified to improve the economic structure of Latvia and Ukraine in order to promote their sustainable development and competitiveness in the world market.
A behavioural finance explanation of speculative bubbles: evidence from the bitcoin price development
(University of Latvia, 2019) Koehn, Maximilian-Benedikt; Cekuls, Andrejs
In 2008 a group of programmers, alias Satoshi Nakamoto, introduced bitcoin. Bitcoin is a cryptocurrency or virtual money derived from mathematical cryptography and is conceived as an alternative to government authorised currency. The founder anticipated, through bitcoin’s construction and his digital mining processes, that bitcoin prices would be relatively stable. However, the recent bitcoin price decline proves that bitcoin is extraordinarily volatile and is not that stable as hoped. Although some scientists have already shown that the fundamental value of bitcoin is zero, the price of bitcoin has reached over 19.000$ in December 2018. Since then, bitcoin prices dropped nearly 70% from their peak value and showed in addition to that the typical trends of a speculative bubble. Hyman Minsky and Charles Kindleberger discussed three different patterns of speculative bubbles. One is when price rises in an accelerating way and then crashes very sharply after reaching its peak. Another is when the price rises and is followed by a more similar decline after reaching its peak. The third is when the price rises to a peak, which is then followed by a period of gradual decline known as the period of financial distress, to be followed by a much sharper crash at some later time. One of the key findings of this study is that all these three patterns occurred during 2017-18 for the bitcoin price. Therefore, the purpose of this paper is to analyse the historical bitcoin prices in context with the typical five-step characteristics of a speculative bubble. Furthermore, each phase of a speculative bubble is explained by a behavioural finance approach and answer the price development of this cryptocurrency. The result is frightening, bitcoin can be seen as a perfect textbook example of a speculative bubble.
Bitcoin and stock market indices: analysis of volatility’s clusters during the bitcoin bubble based on the dynamic conditional correlation model
(University of Latvia, 2019) Cekuls, Andrejs; Koehn, Maximilian-Benedikt
The market of virtual currencies, called cryptocurrency, has grown immensely since 2008 in terms of market capitalisation and the numbers of new currencies. Bitcoin is one of the most famous cryptocurrency with an estimated market capitalisation of nearly $ 69 billion. The fact that Bitcoin prices have fallen about 70% from their peak value and most indices were down double-digit year to date (2018) with a high daily volatility create the appearance that there has to be a correlation. The purpose of this paper is to investigate the contagion effect between Bitcoin prices and the leading American, European and Asian equity markets using the dynamic conditional correlation (DCC) model proposed by Engle and Sheppard (2001). Contagion is defined in this context as the statistical break in the computed DCCs as measured by the shifts in their means and medians. Even it is astonishing that the contagion is lower during price bubbles, the main finding indicates the presence of contagion in the different indices among the three continents and proves the presence of structural changes during the Bitcoin bubble. Moreover, the analysis shows that specific market indices are more correlated with the Bitcoin price than others.
Business valuation: classical and advanced methods
(University of Latvia, 2020) Saksonova, Svetlana; Abramishivi, Neli; Papiashvili, Tatiana
The topic chosen by the authors implies a qualitative rather than quantitative research approach. The aim of this paper is having assessed the value of a particular company using classical and advanced approaches to analyse the evaluation results obtained using different approaches and give recommendations to company managers. To achieve the aim, the following objectives were set: explore different views on the interpretation of the company as a subject of evaluation; analyse the major methods of assessing the value of companies; having gathered empirical data, assess the value of the particular company using classical and advanced methods; conduct a sensitivity analysis by considering factors that influence the valuation of the company. In the framework of this research, we used the key methods of assessing the value of company’s business, based both on classical approaches, such as income approach and comparative approach (market approach), and on more advanced and less studied methods, such as EVA and ROV. As a result, the possibility of using advanced methods based on economic added value and real options was demonstrated. The results obtained in the framework of various methods are comparable, and the differences indicate the need for further research in this field.
The challenges for the profession of accountant in the changing global economic environment
(University of Latvia, 2019) Sneidere, Ruta; Bumane, Inga
Nowadays we observe dynamic growth in the global economic environment and rapid changes in information and communication technologies. These factors have a strong impact, they cause changes in the expectations of parties involved and greatly impact the conditions and competencies of any profession. Technological progress and the importance of behavioral competencies, both ethically and legally, exercising professional judgment and emotional intelligence will bring many challenges and opportunities for those who have chosen the profession of an accountant. The professional organizations of accountants are organizing different workshops and open discussions where participants exchange their experiences, share examples of best practice and the vision for the future. The purpose of the article is to explore the latest tendencies of development of the profession of accountant in the context of the changing global economic environment and to make recommendations for improving professional skills and competencies of accountants. The study is based on theoretical aspects of scientific researches that were carried out in different countries and the guidelines developed by the major professional organizations for education of the accountants, as well as on empirical research results. The study underlines the main key points regarding the skills and competencies of professional accountants – abilities to use information technologies in combination with expertise regarding accounting standards, economics, tax laws, as well as respect for professional ethics and maintaining professional competence. The challenge for professional accountants will be finding new ways to add value for their customers. During this research widely accepted quantitative and qualitative methods of economic science were applied including synthesis and logical constructive methods. The article has theoretical and practical significance, it provides recommendations which will allow to identify the directions for improvement in the education system of professional accountants.
Changes in the subjective assessment of quality of life in Latvia and the European Union: results of European quality of life survey 2016
(University of Latvia, 2019) Kristapsone, Silvija; Bruna, Silvija
Assessment of quality of life covers a variety of areas - economic conditions, housing, local environment, employment, education, household structure and family relations, work-life balance, health and healthcare, subjective well-being, quality of society. The assessment of quality of life does not always coincide with the macroeconomic indicators of the country, e.g. GDP. It includes a number of subjective indicators, which frequently show a different situation and trends than the macroenomic indicators. The European Quality of Life Survey (EQLS) is a tested tool of monitoring and analysing the quality of life in the EU and is seeing its fourth issue in 2016. The purpose of this article is to inspect changes in individual subjective well-being indicators among the Latvian society, as presented in the EQLS 2016 in the context of the EU countries, comparing to the EQLS results for 2011-2012. The following tasks were set to achieve that goal: 1) provide an insight into the current understanding of and problems relevant to the concept of quality of life and subjective well-being, 2) analyse the data resulting from the EQLS 2016, as opposed to the data of the EQLS 2011-2012, in Latvia and in the EU countries in general. Methods of descriptive and inferential statistical analysis used in the study. The sources of information used are the European Foundation for the Improvement of Living and Working Conditions databases for 2011-2012 and 2016, available from the UK Data Archive. Conclusions from the statistical analysis: Comparison between the indicators for Latvia and the average for the EU in both 2016 and 2011 revealed a lower self-assessment of well-being, on a scale of 10, among the residents of Latvia than among those of the EU in general. In the EU, seven out of eight of the selected subjective well-being elements retained the same assessment level as in 2011. In Latvia, the assessment dropped in 6 indicators. Only one indicator increased both in the EU and Latvia, and that is the satisfaction with the present state of the economy in country. On the subjective well-being ratings of the EU, Latvia places 21st (Satisfaction with education, Satisfaction with job and Satisfaction with the present state of the economy in country) to 28th (Satisfaction with accommodation). The EQLS data shows that the economic growth, social and economic reforms, social security efficiency in the surveyed five years of post-crisis in the EU have not significantly contributed to their personal assessment of quality of life.
Comparative Analysis of the EU Public Sector Internal Audit Methodology and Requirements
(University Latvia, Faculty of Economics and Management, 2016-05-12) Faitusa, Ivita; Grima, Simon; Baldacchino, Peter J.
Abstract. There is currently no standard or requirement guiding the approaches taken by the European Union (EU) Public Sector internal audit. Therefore, the approaches taken by each country, although having some similarities are different. The aim of this research is to compare the Latvian state administration internal audit approach with approaches of the following specific European countries: United Kingdom, Malta, Estonia, Lithuania, Latvia and Poland and evaluate each country’s internal audit approach according to internal audit maturity determinants. The latter have been determined from literature, the Compendium report. Thereby, shedding light on the Latvian’s internal audit approach maturity. The methodology includes a comparative study of 5 European countries’ public sector internal audit methodologies, by carrying out a documents analysis and evaluation of the existing normative acts, analysing cases and other scientific findings of internal audit methodology and legislation. Authors recommend introducing a common internal audit procedures manual, standards and guidelines for the public sectors in the EU Member States. They believe that this will improve internal controls and internal audit data analysis around Europe. The main results of the study will highlight the maturity of each of these countries’ internal audit approaches and their pros and cons. It will also highlight where improvements might be required or where changes are necessary. Keywords: internal audit, public sector, internal control JEL code: M42
Comparative analysis of the European Union crowdfunding service providers regulation and regulatory barriers for crowdfunding in the Baltic States
(University of Latvia, 2021) Katalkina, Oksana; Saksonova, Svetlana
The issue of conflicting national frameworks on crowdfunding and dispersed structures of investors and products has drawn significant attention in the European Union. Some Member States introduced national rules to regulate their crowdfunding platforms, while others left some aspects of the activity unregulated. This variation of national licensing, diverging definitions of business models and application of existing EU legislation are considered to contribute to crowdfunding market fragmentation. Some surveys demonstrate that crowdfunding regulatory heterogeneity in the Member States negatively affects the market. In the paper, this heterogeneity is revised on the example of Latvia, Lithuania, and Estonia, since the crowdfunding market is fully regulated only in Lithuania. From this point of view, the Regulation (EU) 2020/1503 on European Crowdfunding Service Providers for Business was an ultimately expected event for the crowdfunding market. Therefore, the aim of the paper is to analyse the regulatory barriers for crowdfunding in Latvia, Lithuania, and Estonia and to compare them with those of the European Union Crowdfunding Service Providers Regulation. To achieve the aim of the paper, generally accepted methods of research have been used, including literature source study, comparative analysis and synthesis, legal act analysis. The paper results include the analysis of existing regulatory barriers for crowdfunding in the Baltic States and their comparison with the Regulation, highlighting crucial aspects and revealed differences. In addition, the comparison of current crowdfunding market performance with the actual regulatory barriers in force in the states is provided in the paper.
A comparison of Business Excellence Models
(University of Latvia, 2019) Veselova, Andzela
Nowadays, there is a rising trend of implementing different Business Excellence frameworks also known as Quality Models for the improvement of organizational business performance. Models or Quality Award Model are used to recognize the best practice in the different areas. Many countries of the world adapt these models as their quality improvement tools for business assessment in comparison with the competitors. The research is focused on the review of the major Business Excellence Models such as Deming Prize, European Foundation for Quality Management (EFQM) and Malcolm Baldrige National Quality Award (MBNQA) and their influence. The research is primarily based on theoretical approach that has applied comparative analysis as a measurement tool to identify the emphasis of different quality models. The aim of research is to explore the common features and the differences of Business Excellence models based on their emphasis of the framework criteria. The tasks of the research consist of exploring basic Business excellence models, comparing different Business excellence models and making conclusions on best application of the respective model. The research methods: scientific publications analysis, comparative analysis as a measurement tool to identify the emphasis of different Business Excellence models. The results of the survey show that Business excellence models are tools that help the companies to improve the business performance and the general business performance increasing the efficiency of the country. In terms of application of the Business Excellence model criteria most companies show common features, meanwhile the differences stand out in the approach, namely, one part of the models relates to the satisfaction of the customers and the other – to business results.
The Contribution of Technological Change on EU’s Exports Performance
(Elsevier, 2013) Pereiraa, Elisabeth T.; Cerdeira Bentoa, João Paulo; Priede, Janis
Cooperation between China, EU and the Baltic States – economic benefits and risks
(University of Latvia, 2020) Steinbuka, Inna; Kuznieks, Andris
The study is aimed at exploring the ways to deepen and expand the cooperation between China, EU and the Baltic states within different partnership formats. The authors argue that the strategic political, economic and security risks should be carefully assessed. However potential risks should not be exaggerated and should not overshadow new opportunities of EU – Baltics - China cooperation for growth and jobs creation.
Critical evaluation of the necessary changes of the interaction of employers, employees, local authorities, state and other stakeholders of the education system
(University of Latvia, 2020) Dzelme, Juris; Sloka, Biruta; Tora, Ginta; Buligina, Ilze
Expansion of business creates globalization, which should be balanced by the localization and development of adequate changes in education. Aim of the paper is to find the ways to solve the social problems linked with the globalization. The review of the existing problems reveals many shortcomings of the classical “free market” theory. The increased speed of exchange of information demands special care to improve the accessibility and quality of education, using life-long learning and distance education. The appropriate attitudes, skills and knowledge should be proposed to support innovations, localization of economics and organization of interaction between employers, employees and other involved parties (state authorities, local communities) to cope with the future challenges. Research methods used in this paper are scientific publications and previous research analysis, statistical data analysis for the critical evaluation of social structure, interaction of people and possibilities for the cooperation. The dispersed knowledge, necessary for the successful action of economics belong to different actors. Creation of trust between all involved actors becomes more important now. Education must give not only skills and knowledge, but also attitudes and morality. All stakeholders of the education system should participate to support changes in education and lifelong learning according to the fast changes in the social structure. The main part of the interaction should be informal. Cooperation and negotiations, using local networks, are the most effective way to receive the knowledge and skills and to create trust and motivation. Innovations should be linked with the development of local networks and other necessary changes in the social structure. Informal regulations, trust and morality should support management. Humanities, art and philosophy must be used by the education system to form the attitudes and motivation.
The demand of Public Administration management’s staff competences in the future
(University of Latvia, 2019) Lakstigala, Ineta; Balina, Signe
The development of the competences of the staff of the Latvian Public Administration has been drawing more and more attention. The aim of the development of the human resources is a professional, motivated, advanced and honest staff of the Public Administration. It means that it is necessary to evaluate the competences of the staff in order to upgrade them and understand what is in demand nowadays. Improved personal and professional competences are regularly needed to improve the quality, efficiency, development of creative thinking, knowledge and adaptation to the trends and demands of the 21 st century. It is therefore important to understand whether employees are in line with a specialised profession in order to improve and maintain the skills of employees, who have played an important role in the work process as a result of the rapid development of technology today. It is therefore important to find out what competencies will become an integral part of human work. The aim of the research is to understand, what kind of competences in the future are going to be in demand for Public Administration staff. The methods used in the research work are going to be the analysis of the documents and data analysis. The results of the research are going to be used in practice by evaluating and upgrading the competences of the Public Administration staff.
Demographic inequalities as determinants and consequences of the COVID-19 pandemic in Latvia
(University of Latvia, 2021) Krumins, Juris; Dahs, Aleksandrs
Since early March 2020 Latvia is fighting the COVID-19 pandemic. Lessons learned from this crisis will be instrumental in shaping future public health policy. Any policy response to the pandemic must be tailored to the particular risks within population in order to avoid the unnecessary social and economic damage on a national and international scale. Available literature on the topic highlights region-specific demographic factors associated with elevated population vulnerability to the effects of the COVID-19 pandemic. This study aims to ascertain the role of a pre-existing demographic inequalities in Latvia in the onset and progression of COVID-19 pandemic and lay groundwork for projecting the impact of this pandemic on the demographic development of Latvia and its regions. Methods used in the study include literature review, as well as statistical and spatial analysis of the identified demographic parameters. The study is concluded by a discussion on the future demographic effects of the current pandemic. Data used in this study are obtained from Central Statistics Bureau of Latvia database and the information materials published by National Centre for Disease Prevention and Control. Initial conclusions indicate that demographic disparities among regions and municipalities make some of them more vulnerable to various effects of the pandemic. Economic stimulus measures implemented in response to COVID-19 crisis may have a positive effect in limiting the damage inflicted by the crisis to the demographic situation in the country. However, this positive effect may be mostly limited to the international migration processes.
The Development of Global Internal Audit Methodology Approaches
(Accounting Department Faculty of Management University of Lodz, 2015-10-09) Faitusa, Ivita
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes (IIA Definition, 2009). “…Whenever the advance of civilization brought about necessity of one man being intrusted to some extent with the property of other, the advisability of some kind of check upon the fidelity of the former would become apparent”(Richard Brown ,1961). The aim of this research is to clarify global internal audit historical methodology approaches. The objectives to reach the aim of research are to research internal audit historical development, to identify main facts of internal audit evaluation, to compare the development of internal audit approaches in the world and in the European Union Member states public sector. The main results of the study are Internal audit development is different in regions of the world author releases several stages of internal audit development – before and after formation of The Institute of Internal auditors (1941), before and after Standards for the Professional Practice of Internal Auditing approving (1978), Information technologies period (21th century). Keywords: internal audit, standards, internal control Topic of paper: Internal Auditing Methodology: history, case/field study
Digital competence rating and economic development in the EU
(University of Latvia, 2019) Rozite, Kristine; Balina, Signe; Freimane, Rita
Diffusion of information and communication technologies (ICT) in different areas has accelerated the growth of the global economy. It has large impact to the business by transforming processes, creating new services, industries. ICT development requires new technologies and new approaches to innovate and integrate. The European Commission stated: "The Internet and digital technologies are transforming the lives we lead, the way we work – as individuals, in business, and in our communities as they become more integrated across all sectors of our economy and society". The access to high-speed digital infrastructures, skills of the effective usage of highly developed digital technologies represents the prerequisite productivity and the social inclusion in the digital economy. Development of new technologies and applications demands respective skills and competences of the citizens. That also leads to problems related to measurement of the level of digitization of the economy. There are several institutions that evaluate digital competences. The Digital Economy and Society Index (DESI), developed by the European Commission, is a composite index that summarises relevant indicators on Europe’s digital performance and tracks the evolution of EU member states in digital competitiveness. The aim of the paper is an empirical verification of the assumption that ICT factors (measured by DESI components) affect national economic development. This study uses statistical and econometrical methods to examine the relationship between ICT factors, digital competence indicators and economic development in the EU through statistical evidence. A panel data analysis confirmed significant linkage between ICT factors (infrastructure, competence, investment and trade size) and economic growth in the EU countries. Taking into consideration the digitalization trends, could be stated that there is still a huge potential for progress and growth.
Dynamics of real labour productivity and real compensation in Latvia
(University of Latvia, 2019) Freimane, Rita; Priede, Janis; Skapars, Roberts
Relationship between labour productivity and wages is an important issue not only for economists, but also for policy makers. In the last decades, we have witnessed that in the EU15 wage growth has been lagging productivity growth. At the same time in Latvia, also in some other central and eastern European member states, wages increased more than productivity, rising concerns about disbalance in the economy. However, comparison of wage level and productivity level in Latvia and respective levels in the EU15 shows that wage level in Latvia is much below the EU15 average value in absolute terms, but also in relation to productivity level. To understand whether dissimilarities in wage and productivity development are dangerous for Latvia's economy, it is worth looking at the situation in different economic sectors, as well as make comparisons with other EU countries. The aim of the paper is to investigate the dynamics of real labour productivity and real compensation in Latvia in different economic sectors and compare with the other EU member states. The empirical analysis was conducted with comparative analysis and panel data regressions for the period from 2000 until 2017. For robustness checks, different alternative specifications compared. Our results confirm significant linkage between real labour productivity and real compensation, but not one-to-one, and the gap persists. The gap between these two variables depends on cyclical conditions, the different economic sector with their specifics, the Russian sanctions and labour market structure. The finding of the study is a necessary input for the further microanalysis of the industry which would lead to better policy-making regarding productivity improvements in Latvia.

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