Business & Economics Archives - AUA Newsroom https://newsroom.aua.am/category/business/ News and views from the American University of Armenia Fri, 22 Mar 2024 12:57:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 CBE Dean Dr. Vache Gabrielyan speaks to CivilNet about the Armenian government’s plans to establish an Academic City and the uncertainty surrounding the initiative, given the lack of a defined educational component. /ARM/ https://www.youtube.com/watch?v=yoVEWZbhNY0#new_tab Fri, 22 Mar 2024 12:57:10 +0000 https://newsroom.aua.am/?p=62464 CivilNet

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Vahagn Ghazaryan (MBA ’20): Developing the Stamina of the Armenian Sales Market https://newsroom.aua.am/2024/03/21/vahagn-ghazaryan-mba-20-developing-the-stamina-of-the-armenian-sales-market/ Thu, 21 Mar 2024 11:27:46 +0000 https://newsroom.aua.am/?p=62421 During the Covid-19 pandemic, he established Stamina, which has become one of the most successful companies in the sales market of Armenia. 

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6 min read

Vahagn Ghazaryan received his Master of Business Administration (MBA) degree from the Manoogian Simone College of Business and Economics (CBE) at the American University of Armenia (AUA). Graduating from the MBA program changed the course of Vahagn’s professional development and equipped him with the necessary skills and knowledge to start his own business. During the Covid-19 pandemic, he established Stamina, which has become one of the most successful companies in the sales market of Armenia. 

How did you decide to pursue a master’s degree in business administration at AUA?

In 2017, when I applied to AUA’s MBA program, I was the branch director at Ingo Armenia. The common wisdom that was preached by our CEO, also an AUA alumnus, was that learning and development are crucial for success. At that time, I had a dream to establish my own business and had already experienced failure in doing so due to my lack of knowledge and experience in business administration. I decided to apply to the MBA program and improve my skills and knowledge in this field. I already had bachelor’s and master’s degrees, but I realized that I still didn’t have the relevant knowledge to start my own business. Regarding my choice of university, AUA was the only option that I considered. I think AUA’s MBA program is one of the best in the country. 

How would you describe yourself as an AUA student?

A noisy and flexible one. In terms of learning and developing my skills, I carefully chose the courses to study so that they would be relevant to my goals of starting my own business. I was working full time, attending class, and afterward, we went to the library to study. I had a tough and busy schedule, so I had to use my time effectively to learn what was most relevant to me.

How did the skills you gained in AUA’s MBA program propel you toward professional success?

I can name plenty of skills that influenced my career: team management, corporate finance, business strategy, people management, negotiation skills, project management, and operational management. I also appreciated that many of our lecturers had not only theoretical knowledge, but also practical experience. 

You established Stamina a few months after graduating from AUA. What role did AUA play in your decision?

It was the right time to put the knowledge and skills that I gained from the MBA program into practice and gain the full benefits of my AUA education. I wanted to understand the kind of expertise I should offer through my company in order to add value to other companies. The knowledge that I gained from the MBA program played a crucial role in creating the solutions and the products that we suggest to our clients and companies. I am confident that studying in the MBA program was a game-changer for me, and without this educational experience, Stamina would not exist today. 

What is the reason behind naming your company “Stamina?”

Stamina is defined as the ability to sustain mental and physical stress. During the Covid-19 pandemic, that was what we all needed — not only from a personal perspective, but also a business one. For businesses, stamina is more important than the speed of development. It is crucial for a company’s success. From the perspective of sales, stamina is the main competency for sales specialists to achieve. They hear “no” from the customers more often than “yes,” and they need to have the stamina not to quit. 

Why did you decide to establish your company during the COVID-19 pandemic?

As soon as I graduated, the COVID-19 pandemic started. In the face of economic recession and other challenges, I saw not only problems, but also an opportunity. At that time, I decided that the pandemic was the right time to start my business because some big companies were on the verge of closing, and the solutions we provided would improve the stamina of the businesses that wanted to survive that challenging period. 

We officially launched the company in May, and after a few months, the 2020 war erupted in Artsakh. If, in the case of the pandemic, we could forecast and plan our strategy based on that, in the case of war, we did not know what to do. For four months prior to the conflict, we had been generating zero revenue, and when we finally started to sell our products, the war began. It was a very difficult period for all of us in many aspects, but we survived. 

What is Stamina’s mission?

As a sales specialist for fifteen years — particularly in the insurance, retail, and healthcare fields — I found it challenging to identify qualified sales managers. Even when we did find them, they still needed training to develop their skills. I started the company aiming to change the understanding in Armenia of what sales specialists do. They are problem-solvers. It is all about human-to-human interactions and building trust between the company and its customers.

At that time, there were no sales outsourcing companies in Armenia, and we were entering the blue ocean — a market where you are the first one, and you need to set up your own rules and standards. It was very difficult for us to find clients that understood what we were selling. Our company model was new, and there were many questions about the purpose of Stamina and the solutions it provides. So, it was difficult for us to even communicate our message to businesses. 

As the first mission of our company was to create a new culture in Armenia for sales managers and overall sales processes, Stamina started with a focus on sales training. I am proud that during these three years, we have trained more than 3,000 students, a significant number in Armenia. We developed our own mobile application for our students to practice, created the only Armenia-based sales video content, and designed our own handbooks. 

Tell us about the development of your company. 

Along with our training programs, the second direction of Stamina, sales development, was created. It includes establishing sales departments in companies from scratch. We consult with them, analyze their business model, do market research, and develop their sales strategy. We also assist in hiring their sales specialists, onboarding them, and setting KPIs (key performance indicators). We develop the company’s sales processes and also help them execute the strategy by implementing customer relationship management (CRM) systems. We became a solution-providing partner for the well-known European CRM company Pipedrive, which has branches all over the world. This tool is used by more than 100,000 companies worldwide. A  year and a half after becoming a partner for Pipedrive, we upgraded our status and became an elite partner, enabling us to expand our geography. Now, we are Pipedrive’s only partner in the region.

The third and most recent direction of Stamina has been its function as a sales outsourcing company. Businesses often come to us with a product to sell but lack a sales team. We set up a sales team in Stamina, and then we present them our solution. 

We also have an annual event called Big Sales, where we gather all sales and marketing professionals from Armenia. It’s a one-day workshop to which we invite local and international speakers. Last year, more than 400 participants attended. We organize such events in order to always keep up with our mission of creating a new sales culture in Armenia and beyond. 

What have been some of your biggest achievements so far?

We have already conducted projects in the spheres of banking, insurance, solar systems, healthcare, hospitality, non-formal education, and different types of productions. Our partners include top organizations, such as the Central Bank of Armenia, Evocabank, Fast Bank, and several other banks in Armenia; Finca; World Vision Armenia; Nairi Insurance and other insurance companies; HP Inc.; Springfield; Red Invest Group; Mercedes Armenia; and so on. We are now expanding in geography and opening branches in Georgia, the United Arab Emirates, and, last year, we opened our second branch in the U.S. We have already conducted a couple of successful projects internationally. Four years ago, I couldn’t even dream of what we have accomplished today. However, I think we haven’t yet achieved what I would consider “big.” The best is yet to come. 

How do you see the change you are making in the market in Armenia?

We evaluate our results with the feedback of our customers and partners. Our customer satisfaction rate is 98%. I think we are on the right track to achieving our mission, as the second most in-demand job position in the Armenian market today is sales specialist, and I think we have our little contribution here.

One of the most important things I would like to highlight is that while expanding our geography, we do not hire employees from the countries in which we establish Stamina branches. Rather, we hire them in Armenia, and our employees work remotely for those international branches. We want to pay our increased tax rate in Armenia, rather than in foreign countries. 

What are your bigger plans moving forward?

My goal is to provide these quality services globally. I want the world to know about Stamina through our quality sales projects. We are now opening a marketing company to align the sales and marketing objectives and achieve even greater results. 

What motivates you in your life and career?

My son. My motivation also comes from the challenges I face in developing my business. 

What has been your most significant takeaway from your time at AUA?

Network. For instance, the game-changing point in my business was when one of my lecturers from the MBA program asked me to train his staff of about 170 people. Some of my lecturers became my friends and partners. Some of my best friends and partners have been my AUA coursemates. And, of course, the knowledge and skills I gained from AUA’s MBA program are irreplaceable. 

How important is it to maintain your connection with your alma mater? How do you see yourself doing so?

I hope I can help AUA with my experience and hiring efforts, as well as financially. We often hire University alumni, and out of our 20 employees, our head of business development, marketing director, and other Stamina team members are AUA alumni. Now, I am thinking about how to continue giving back to my alma mater, as the advantages I gained from AUA are invaluable. 

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Afeyan Research Grant Recipient: Dr. Vardan Baghdasaryan https://newsroom.aua.am/2024/03/13/afeyan-research-grant-recipient-dr-vardan-baghdasaryan/ Wed, 13 Mar 2024 08:48:22 +0000 https://newsroom.aua.am/?p=61968 Dr. Baghdasaryan was interviewed by AUA Communications Specialist Serena Hajjar Bakunts to obtain a first-hand account of his project.

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4 min read

YEREVAN, Armenia — The American University of Armenia (AUA) is pleased to announce the three recipients of a one-year research grant, which was made possible thanks to a generous donation by the Afeyan Family Foundation. The University is grateful to the Afeyan Family Foundation for supporting these research activities, selected to bring positive impact to Armenian research and development.  

The supported projects are in three disciplines that have been deemed priorities for the development of Armenia, namely economics, law, and medicine. AUA will continue to support faculty research through internal seed funding for the continuation of these projects beyond the first year, as well as to promote similar research among other faculty members. 

The research awards were announced on July 18, 2023, with immediate start dates. They are expected to be conducted during the academic year 2023-24, with each principal investigator delivering a mid-year status report as well as a final report upon completion of the project by August 30, 2024.

In a series of three articles, beginning with this one, we will profile each of the principal investigators’ projects. In this first article, we will focus on the research Dr. Vardan Baghdasaryan is conducting with the grant he has received from the Afeyan Family Foundation.

An associate professor in the Manoogian Simone College of Business and Economics, Dr. Baghdasaryan received a grant to lead a research project titled “Taxpayer Clustering and Fraud Identification with Non-Structured Transaction Level Data Using Natural Language Processing.”

Dr. Baghdasaryan’s team aims to develop an alternative approach for the identification of tax fraud by combining natural language processing (NLP) and unsupervised learning approaches for taxpayers clustering. The core of the approach is the application of NLP to non-structured transaction-level big data of the taxpayers with the purpose of understanding the “economic” and “business” proximity based on actual operations rather than the announced sector of operations. The ultimate goal is to demonstrate that recent advances in NLP and ability to analyze textual data can significantly improve the understanding of the taxpayers’ operations and business nature and contribute to the task of tax fraud identification.

Dr. Baghdasaryan was interviewed by AUA Communications Specialist Serena Hajjar Bakunts to obtain a first-hand account of his project:

  • What inspired your research project?

This is not our first experience of applying machine learning and AI tools to tax data, but we have always been interested in unlocking the potential hidden within unstructured textual data found in invoices and tax receipts. Currently, the State Revenue Committee (SRC) has limited means of analyzing that data, as it is hindered by noisy and mixed formats. Our goal is to develop effective algorithms that transform this unstructured data into a usable and coherent format, ultimately facilitating product-level analysis and unlocking insights that were previously inaccessible.

  • Where does your research process currently stand?

We are working with a specific subset of unstructured data buyer invoices. Our objective is to understand what companies acquire to produce their output and cluster them on that basis. Later, this clustering information will be used in conjunction with other data to uncover unusual reporting patterns. We have just finalized the preparatory stage of the project, which included acquisition and preliminary cleaning of the data and exploratory data analysis. We already see some patterns in terms of goods and services used and to what extent classifying this information will make it easier to understand the business processes of the taxpayers. 

  • Are students engaged in your project? If so, how many and in what capacity?

The core team of data scientists on our project includes two alumni of the Master of Science in Management (MSM) program: Zaruhi Navasardyan (MSM ’20) and Arsine Sarikyan (MSM ’20), who is also an adjunct lecturer for the “Advanced Topics in Data Analysis” course in the MSM program. Our project team is mostly comprised of women, which is rare for a research project in STEM. Our collaboration has endured throughout the last few years, and we have already published a couple of our interesting outcomes in peer-reviewed journals. On top of that, one of our Industrial Engineering and Systems Management program alumni is working with us as a research assistant. Ani Saribekyan (MEIESM ’22) is employed by the SRC, and she helps us with obtaining correct data in a timely manner. 

  • How do you see your research benefitting Armenia’s development?

Unveiling tax evasion is becoming increasingly difficult, because there are no more low-hanging fruit as was the case years ago. Additionally, businesses and technologies are becoming more sophisticated. In this regard, applying machine learning (ML) and artificial intelligence (AI) is a must. Indeed, a recent study by the Organisation for Economic Co-operation and Development shows that more than two-thirds of tax administrations around the globe are actively using these tools to improve tax collection and decrease tax evasion. We believe we are not only conducting a research project, but also contributing to the capacity of the SRC to use these ML/AI tools in their daily operations. This is extremely motivating for us. 

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.

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Mher Matevosyan (MSE ’18): Introducing an Innovative Approach To Drug Discovery   https://newsroom.aua.am/2024/03/06/mher-matevosyan-mse-18-introducing-innovative-approach-drug-discovery/ Wed, 06 Mar 2024 06:33:24 +0000 https://newsroom.aua.am/?p=61869 He is the co-founder and CTO of Denovo Sciences, a startup that has developed an AI-powered platform for designing new drugs.

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5 min read

Mher Matevosyan (MSE ’18) received his Master of Science in Economics (MSE) degree from the Manoogian Simone College of Business and Economics (CBE) at the American University of Armenia (AUA). He is now the co-founder and chief technology officer of Denovo Sciences, a startup that has developed an AI-powered platform for designing new drugs. Once a student at AUA, Mher now teaches at his alma mater and aims to transfer his knowledge and experience to the younger generation of Armenia. AUA’s dynamic learning environment equipped him with the core skill set for his career and a propensity to think outside the box.

How did you decide to study in AUA’s MSE program when pursuing your second master’s degree?

As a mathematician, I imagined myself pursuing a possible career at the Central Bank of Armenia. Because the MSE program has been developed with the Central Bank, I determined that studying at AUA would support my career goals. Another reason for pursuing the MSE degree was that my brother, an AUA alumnus, was highly impressed with his experience of studying at the University and encouraged me to apply. 

How did the skills you gained in the MSE program help you in your career?

AUA provided us with a dynamic learning environment. The knowledge and skills I learned from the program’s Data Scraping course was the seed that led me to learn Python, a core skill set I draw upon in my career. I would also highlight the presentation skills I gained from AUA, as in the startup world, it is essential to know how to present your ideas in an effective and accessible manner. Another skill I acquired at the University was how to formulate problems and conduct scientific research, which has helped me greatly in navigating my current research process. Our team already has five articles published in international peer-reviewed Q1 journals. Overall, AUA helped me think outside the box. 

Can you tell us about the development of your professional experience following your graduation from AUA?

During my studies, I started to gain an interest in data science and machine learning and also gained some work experience in that sphere. Following my graduation, I decided to fully invest myself in data science and machine learning. I worked in a couple of companies before my colleagues and I founded our startup, Denovo Sciences.

What is the mission of Denovo Sciences?

The mission of Denovo Sciences is to make undruggable diseases a thing of the past. We have developed an AI-powered software that can work with multiple diseases that do not yet have a cure and generate new drugs to fight against them. Our goal is to develop a target-agnostic platform to be able to bring to the market new drugs for any type of disease. 

Our software helps identify new molecules that can become drugs. First, we pinpoint what causes a given disease and the particular structure of the protein or RNA we want to target. Then, we try to design a molecule that would inhibit the target. We input a particular target(s) into our software, which then generates different molecules that can potentially inhibit it. After conducting simulation studies to understand what works effectively, the software offers us some variants. Those variants pass through further testing until we are left with variants that satisfy all the properties we are interested in. There are many parameters that we check through our software. For instance, the molecule should not only interact correctly with the targeted disease, but it should also be soluble and nontoxic to blood. After checking these parameters, we give the final variants to our clients. 

How was the idea of Denovo Sciences born? How would you evaluate the need in the market for such a platform? 

The other two co-founders of Denovo, Hovakim Zakaryan and Vardan Harutyun, were my colleagues at the Foundation for Armenian Science and Technology. We came together in 2019 during a workshop conducted by Avak Kahvejian, who is a partner at Flagship Pioneering, a venture builder creating many notable startups. Kahvejian’s workshop focused on how they established those startups. We came up with the idea for our startup during that workshop and later became the co-founders of Denovo Sciences. Harutyunyan and I are mathematicians involved in data science, machine learning, and algorithms, while Zakaryan is a biologist. So, a natural conversation arose between a biologist and mathematicians about using mathematics to design new drugs. We brainstormed for six months to understand which approach was best, and we identified the acute need for drug development through AI

What have been some of the biggest achievements of Denovo Sciences so far?

Denovo Sciences started with just the three of us; today, we are a team of 12. One of our biggest achievements is having produced molecules with positive results that are tested on animals with the funds we have received. Our software front, through which we provide services, is now ready, and we already have clients and partners from the USA, France, Sweden, Singapore, and other countries. Within the framework of our partnerships, we have scientific collaborations and commercialized results. In 2021, we applied for and won the national competition of the Entrepreneurship World Cup (EWC) organized by the Entrepreneurship and Product Innovation Center (EPIC) at AUA and placed among the Top 25 EWC Global Finalists.

How do you see the contribution of Denovo Sciences in the development of AI and health sciences in Armenia? 

We are a small company, but we hope to achieve a certain level of impact on the development of biotech startups in Armenia. There are now more companies that work on similar projects. One of the contributions I would mention is that three of our team members are currently teaching at AUA, aiming to transfer the knowledge and experience we have acquired to the younger generation of Armenia. Our company has also recently launched a webinar series, where we invite prominent guest speakers from the industry to educate those who are interested in these topics. Our international partnerships and peer-reviewed publications spotlight Armenian minds on the international stage and put us on the global scientific map.

You are now an adjunct lecturer at AUA. How does it feel to be back at the University in a new role?

A year ago, I started teaching Cheminformatics, a course in the Zaven and Sonia Akian College of Science and Engineering’s B.S. in Data Science program. Teaching is an interesting and fun experience, but I also feel a great deal of responsibility before my students. I would say that one of the advantages of teaching is that you learn a lot, especially when you teach very niche topics. You think that you know the topic fully, but when you find yourself in the role of instructor, you realize that there is always more to learn about it. 

What are your larger plans moving forward?

It is difficult to plan with certainty in the startup world. In the ideal case, I would like to launch more startups, as I love to create new things. Simultaneously, I want to contribute to the development of my local community in Armenia and to the international community as well.

Regarding our work in Denovo Sciences, we have two business models: one is developing our software, which is already a reality, and the second is developing our own drugs, which is a time-intensive and costly process. We do not want to limit ourselves to selling the generated molecular structures to our clients. Our goal is to develop the molecules, test them in our laboratories, and develop the drugs ourselves. If we can treat one or two incurable diseases with the new drugs we design, we will make a huge impact globally. In the startup world, if you are not ambitious, your startup will not succeed. You will not make a significant impact through your startup if you do not aim for big goals. Creating a startup necessitates that you adopt this mindset. 

What advice would you give young people who want to bring their ambitious ideas to life?

Stay curious and explore what is possible and what is not. As you are still young, do not be afraid to make mistakes. 

Five years have passed since your graduation from AUA. In what ways do you see yourself engaging with your alma mater in the future?

Firstly, I want to continue teaching at AUA. It would be great to establish a collaboration between Denovo Sciences and the University when AUA opens its new science laboratories. Also, when teaching at AUA, I always look for bright minds who can become future team members at Denovo Sciences. I would be happy to build more bridges with AUA.

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Afeyan Foundation Support Promotes Research at AUA  https://newsroom.aua.am/2024/03/01/afeyan-foundation-support-promotes-research-aua/ Fri, 01 Mar 2024 06:32:24 +0000 https://newsroom.aua.am/?p=61766 The supported projects are in the disciplines of economics, law, and medicine, which have been deemed priorities for Armenia's development.

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3 min read

YEREVAN, Armenia — The American University of Armenia (AUA) expresses gratitude to the Afeyan Foundation for its support of the University and its research activities: efforts that will make a positive impact on Armenian research and development. As a result of a generous donation made by the Foundation, AUA is pleased to announce the recipients of a one-year research grant. 

The supported projects are in the disciplines of economics, law, and medicine, which have been deemed priorities for the development of Armenia. AUA will continue to support faculty research through internal seed funding for the continuation of these projects beyond the first year, as well as to promote similar research among other faculty members.

With extensive backgrounds in the life sciences, engineering and education, numerous highly successful entrepreneurial ventures — notably Flagship Pioneering and Moderna, Inc. — and significant accomplishments in the non-profit sector through the Afeyan Foundation and the Aurora Humanitarian Initiative, the Afeyan family is immersed in several philanthropic endeavors in Armenia, the United States, and elsewhere. 

This generous gift to AUA will foster multidisciplinary research and collaboration within the University, which is on its path to grow, and make a greater impact in Armenia. “The research activities will allow students to tackle complex challenges more efficiently by enabling closer collaboration, knowledge sharing, creative problem solving, and systems thinking. We hope to support the development of the next generation of leaders, scientists, and well-rounded citizens who could contribute to Armenia’s growth,” said the Afeyans in a recent statement.

The Afeyans’ support also highlights the importance of investing in Armenia’s human capital and the critical requirement for the country’s workforce to be equipped with the skills necessary to be productive in the digital age. They add: “This is even more important for Armenia, as its growth potential lies in its people and their ability to be creative, agile, and open-minded. AUA can play a unique role in adapting education for the digital age by emphasizing interdisciplinary collaboration, teaching foundational learning skills enhanced through technology, and creating opportunities to master not only technical skills, but also soft skills needed to navigate future uncertainty.”

The research awards were announced on July 18, 2023, with immediate start dates. They are expected to be conducted during the academic year 2023-24, with each principal investigator delivering a mid-year status report as well as a final report upon completion of the project by August 30, 2024.

The three recipients of the Afeyan Research Grant are Manoogian Simone College of Business and Economics Associate Professor Dr. Vardan Baghdasaryan, Zaven P. and Sonia Akian College of Science and Engineering Assistant Professor Dr. Varduhi Yeghiazaryan, and College of Humanities and Social Sciences lecturer Siranush Sahakyan.

Dr. Baghdasaryan’s team seeks to demonstrate that recent advances in natural language processing (NLP) and how the ability to analyze textual data can significantly improve the understanding of taxpayers’ operations and business and contribute to the task of tax fraud identification.

Dr. Yeghiazaryan’s team aims to design and implement a graphics-processing-unit-accelerated, deep-learning-based procedure for fully automated parallel segmentation and pixel-level classification of hyper-spectral images of atrial tissue undergoing radio-frequency ablation procedure, incorporating spatio-spectral information from the original image and segmentation output.

Sahakyan’s team will study the court decisions of the Anti-Corruption Court of Armenia in corruption cases (both criminal and civil), proposing adequate and feasible measures to address identified problems through implementation of evidence-based policy in the justice sector.

Each research project will be spotlighted in greater detail in forthcoming articles.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values. AUA’s Office of Development stewards the University’s philanthropic efforts exclusively for educational purposes.

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MBA Program Chair and Alumna Collaborate on Transdisciplinary Research https://newsroom.aua.am/2024/02/19/mba-program-chair-alumna-transdisciplinary-research/ Mon, 19 Feb 2024 11:45:52 +0000 https://newsroom.aua.am/?p=61300 The study is entitled "Firm Ownership, Strategic Behaviour and Entrepreneurial Resilience: An Empirical Study from Armenia."

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3 min read

YEREVAN, Armenia Seeking to advance transdisciplinary research American University of Armenia (AUA) Master of Business Administration (MBA) Program Chair and AUA Manoogian Simone College of Business and Economics Associate Professor Dr. Mane Beglaryan, in collaboration with international faculty Dr. Francisco Bastida, professor at Prince Sultan University (Riyadh, Saudi Arabia) and researcher at the International Doctoral School of the University of Murcia (Murcia, Spain), and MBA alumna Dr. Anush Drampyan (MBA ’16) have successfully completed a research project entitled “Firm Ownership, Strategic Behaviour and Entrepreneurial Resilience: An Empirical Study from Armenia.”

The ongoing impact of COVID-19 on entrepreneurship underscores the crucial role of owner-managers in demonstrating traits and characteristics that enable them to weather such adversities. The formation, success, longevity, and survival of small and medium-sized enterprises (SMEs) are closely tied to the effectiveness of owner-manager decision-making and strategic foresight. The characteristic traits and behavioral strategies displayed by owner-managers during crises are not only vital determinants of firm performance and competitive advantage, but also essential for survival and success in times of extreme adversity.

“Our research, based on a representative sample of Armenian SMEs, focuses on how owner-managers exhibit strategic competitiveness and entrepreneurial resilience through the adoption of digitalization. Amidst the consequences of COVID-19 for entrepreneurship, our findings offer significant implications for both research and practice,” explained Dr. Bastida.

Among the aforementioned implications is early threat identification, according to which SMEs must promptly recognize threats like pandemics to take necessary measures. The study’s empirical analysis reveals that acknowledging the negative impact of crises helps mitigate the effect on net operating income. The second implication is digitalization opportunities: SMEs that leveraged digital sales growth and transitioned to an e-business model were better equipped to withstand the pandemic’s impact. These adaptive strategies allowed them to retain previous investment opportunities and cushion the financial blow of COVID-19.

“In summary, owner-managers play a pivotal role in navigating unprecedented situations like COVID-19, and their behaviors and characteristics significantly influence SME resilience and success,” added Dr. Bastida. 

“Engaging in transdisciplinary research and working across various disciplines is a rewarding pathway to extend one’s conventional scholarly training to other disciplines,” reflected Dr. Beglaryan. “Having a senior international scholar in finance and accounting on the team galvanized our curiosity in examining the relationship between entrepreneurial resilience and financial performance. By integrating the “digital capabilities framework” into strategic foresight, this work makes significant contributions to entrepreneurship research, while uniquely positioned in the country context of Armenia. To our knowledge, this is the first research in Armenia examining strategic foresight that leads to the display of a firm’s competitiveness through entrepreneurial resilience during exogenous shocks. While research on foresight is a management and strategy concept, we bring to the table the added emphasis on the firm at large rather than a few upper-management strategists, including every single manager that becomes pivotal for driving important strategic decisions that yield firm-level competitiveness.”

This collaborative study has been presented at the EURAM 2023 Annual Conference. The European Academy of Management is a learned society founded in 2001 to advance the academic field of management in the continent. With members from 60 countries in Europe and beyond, EURAM provides its members with opportunities for rich debates on a variety of research management themes and traditions. Currently, the research is undergoing review in a leading peer-reviewed entrepreneurship journal. 

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.

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CBE Faculty Published in Applied Economics Journal https://newsroom.aua.am/2024/02/15/cbe-faculty-published-applied-economics-journal/ Thu, 15 Feb 2024 17:35:05 +0000 https://newsroom.aua.am/?p=61211 The study is titled “Effectiveness of the main national pro-poor targeted program in Armenia: evidence from the period 2004–2018.”

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2 min read

YEREVAN, Armenia The Manoogian Simone College of Business and Economics (CBE) at the American University of Armenia (AUA) is pleased to announce a new publication in Applied Economics from AUA Adjunct Associate Professor and Invited Scholar at SKEMA Business School Dr. Aleksandr Grigoryan and CBE Associate Professor and Vice Provost for Integration Dr. Knar Khachatryan, in collaboration with Dr. Pundarik Mukhopadhaya from Macquarie University in Australia. The study, titled “Effectiveness of the main national pro-poor targeted program in Armenia: evidence from the period 2004–2018,” was conceived with the support of the Center for the Promotion of Economic Education and Research foundation of the Central Bank of Armenia. 

Using the Armenian Household Survey data for 2004–18, the study explores the causal effect of family benefits, the country’s main poverty targeted program, on multidimensional and monetary poverty. The authors find that only 40% of the total fund of this targeted program reached the severe multidimensional poor households. The regression estimation based on bias-corrected dynamic panel data models revealed that an increase in the proportion of households receiving family benefits mostly resulted in a decrease in the incidence of severe multidimensional poverty. However, it had no significant effect on moderately poor households and those who are vulnerable to poverty. 

The program significantly benefited only those households who were poor in terms of their health expenditure. The authors further observed that the impact of these benefits was significant on the extreme monetary poor, but the effect was inconclusive on those who lived below the national upper poverty line. The study’s findings suggest that in the country’s current development stage, targeted poverty programs should focus on enhancing capabilities and human capital development. Additionally, in order to address the social assistance coverage gap, the government needs to enhance incentive mechanisms for the main actors in the social protection system.

The study contributes to the existing literature in two ways. As the authors state: “Firstly, since poverty is not confined to money metrics alone, we examine the efficiency of targeted welfare programs from multidimensional poverty and monetary poverty perspectives. Our study focuses on the post-reform outcomes and provides insight into policy improvement directions. Secondly, our study is the first to explore the issue of a post-Soviet economy. An examination of poverty-targeted programs in such economies is important, since they carry the heavy legacy of a centrally planned economy in designing and implementing public programs.”

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values. 

 

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MBA Program Chair Published in JSBED https://newsroom.aua.am/2024/02/09/mba-program-chair-published-jsbed/ Fri, 09 Feb 2024 08:57:20 +0000 https://newsroom.aua.am/?p=60962 The collaborative study was produced by Dr. Mane Beglaryan, along with Dr. Gregorio Sánchez-Márin and Dr. Gabriel Lozano-Reina.

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YEREVAN, Armenia — A collaborative study by American University of Armenia (AUA) Master of Business Administration (MBA) Program Chair and Associate Professor Dr. Mane Beglaryan, along with Dr. Gregorio Sánchez-Márin, professor of management at the University of Alcala, and Dr. Gabriel Lozano-Reina, associate professor at the University of Murcia, has been published in the Journal of Small Business and Enterprise Development. 

The paper, titled “Linkages between high-performance work practices and family-centered goals: implications for financial performance in family firms,” examines the impact of Abilities, Motivation, and Opportunities (AMO)-oriented human resources (HR) practices on the financial performance of family small- and medium-sized enterprises (SME). The authors also examine the mediating role of Family-Centered Goals (FCG) in this relationship. Using a sample of 339 Spanish family firms, the findings confirm the effectiveness of High-Performance Work Practices (HPWP) in the form of AMO- oriented HR practices and the significant mediating effect of FCGs. The focus of family SMEs on preserving family wealth has a negative net influence on the effectiveness of HPWP, thereby making HR practices more socio-emotionally oriented at the expense of their financial impact.  

By examining the mediating effect of FCGs, the study advances and extends socioemotional wealth (SEW) theory in the context of HRM by considering the relationships between HR practices and firm performance as a mixed gamble approach. Also, the findings offer practical insights for family managers, family owners, and HR practitioners, suggesting the need to align HR practices with family goals and strategically balance socioemotional and financial wealth considerations.

“Family firms are unique given their focus on maintaining their SEW, displaying a reservation to implement proper HR practices that compromise financial performance and efficiency.  Those in strategic key positions among family firms must diligently manage HR strategies in order to harmonize family and firm goals. This is our second successful publication on family firms and the outcome of continued collaboration with two of my international colleagues. Fostering academic collaboration that results in a publication in a highly reputable peer-reviewed journal aligns with AUA’s scholarship of discovery, elevating the research agenda, institutional visibility, and fostering international scholarly networks,” notes Dr. Beglaryan.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.

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MSM Program Chair and Alumna Publish Joint Study on Impact of Location-Based Tax Incentives for Non-Farm Rural Enterprises in Armenia https://newsroom.aua.am/2024/01/10/60584-msm-program-chair-alumna-publish-study-impact-location-based-tax-incentives-non-farm-rural-enterprises-armenia/ Wed, 10 Jan 2024 10:45:32 +0000 https://newsroom.aua.am/?p=60584 The research, conducted by Dr. Vardan Baghdasaryan and Arsine Sarikyan, provides insight into the complexities of place-based tax incentives.

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2 min read

YEREVAN, Armenia American University of Armenia (AUA) Master of Science in Management (MSM) Program Chair Dr. Vardan Baghdasaryan and alumna and adjunct lecturer Arsine Sarikyan (MSM ’20) published their joint study on “Location-Based Tax Incentives for Non-Farm Rural Enterprises in Armenia” in the Journal of Development Studies. Within the realm of economic research, this publication sheds light on the impact of tax exemptions on the performance of rural non-farm small businesses in Armenia.

The article investigates the effectiveness of location-based tax incentives granted to businesses in specific geographic areas, particularly border communities in Armenia. This intervention, initiated in 2015, aimed to promote social and economic development in regions affected by military conflicts by granting pervasive tax exemptions.

“In the pursuit of precision and impartiality in our research, our foremost challenge was ensuring the comparability of treatment and control groups,” Sarikyan explains. “Faced with insufficient tabular data, I recalled a valuable lesson from our coursework on utilizing satellite night-time luminosity data, which can be used as a robust estimator for overall economic activity — both formal and informal. Drawing upon this knowledge, we engineered a night light score for targeted areas, which enabled us to successfully validate the crucial common trend assumption, thereby enhancing the reliability of our study’s outcomes.” 

According to Dr. Baghdasaryan, the study contributes to discussions on the effectiveness of tax exemptions in promoting business growth. The specific contribution is the consideration of the unintended consequences of such policies, as ignoring these consequences can mask the outcomes of the reforms. In this particular case, the policy also resulted in a drop in tax audits; ignoring this would underestimate the impact of the intervention.

The research conducted by Dr. Baghdasaryan and Sarikyan provides valuable insight into the complexities of place-based tax incentives. Their work encourages a deeper understanding of the multifaceted dynamics between fiscal policies and business performance, particularly in the context of rural development. As discussions on economic interventions continue, this study serves as a crucial reference for policymakers and researchers alike.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.

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In an interview with CivilNet, CBE Dean Dr. Vache Gabrielyan discusses the economic calculations under the “dry port” project planned in Gyumri. /ARM/ https://www.youtube.com/watch?v=sk3HlBBiafc#new_tab Mon, 18 Dec 2023 06:39:23 +0000 https://newsroom.aua.am/?p=60354 CivilNet

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The post In an interview with CivilNet, CBE Dean Dr. Vache Gabrielyan discusses the economic calculations under the “dry port” project planned in Gyumri. /ARM/ appeared first on AUA Newsroom.

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