Journal of Business and Innovation (Бизнес & Инноваци)

COMPARISON OF CONSUMER LIFESTYLE SEGMENTATION MODELS: APPLICATIONS OF AIO, VALS, LOV, AND LOHAS MODELS

Ugtakhargal Baldangombo — 2025-08-28

Lifestyle segmentation models serve as important analytical tools for understanding consumer behavior, preferences, and purchase decision-making processes. These models classify consumers into lifestyle-based segments by analyzing psychological and social factors such as daily activities, interests, values, opinions, and attitudes. As a result, they enable marketers to develop more targeted strategies, optimize product development, strengthen brand positioning, enhance communication, and increase customer loyalty.
This study reviews four widely used lifestyle segmentation models: AIO (Activities, Interests, Opinions), VALS (Values and Lifestyles), LOHAS (Lifestyles of Health and Sustainability), and LOV (List of Values). Each model has its own historical background, theoretical foundation, research methodology, and application scope. The aim of this research is to analyze and compare these models from both theoretical and practical perspectives.

MATHEMATICAL MODEL OF DETERMINING OPTIMAL STRUCTURE OF LIVESTOCK AND ITS INCOME MAXIMIZATION

Altankhuyag Davaajav — 2025-08-28

The livestock sector is highly dependent on natural and climatic conditions, and disasters can have consequences such as livestock population decline, reduced fertility, increased livestock diseases, and loss of herd structure. This can lead to increased poverty and unemployment in society and the economy, a decline in the standard of living of the people, and an impact on the sector’s production, creating economic instability.
Therefore, by optimizating and managing of the livestock structure, it is possible to stabilize production volume and economic efficiency of the sector. In this article, a new dynamic growth model that provides the optimal structure of livestock is proposed, and the forecast of the sheep flock of Zavkhan aimag has been done until 2034. Then, the policy of maximizing the income from sheep wool
was formulated as a linear programming problem. Based on statistical data, and the numerical results were performed on the “Matlab” program. The proposed approach can be used as an advanced management tool at the national, regional, aimag, soum, and household levels.

MACHINE LEARNING APPLICATIONS IN ACTUARIAL RISK ASSESSMENT AND PRICING

Barsbold Bazarragchaa — 2025-08-28

This study explores the potential of applying machine learning models in actuarial premium calculations by classifying policyholders based on their risk levels.
Among the various insurance products available in the market, health insurance known for its high loss ratio was selected as the focus of this research. Based on population morbidity data, the most significant variables were identified and used to develop and evaluate machine learning models that classify risk levels according to each category of the International Classification of Diseases (ICD). Furthermore, for each ICD category, the study examines the distribution patterns and descriptive statistics of the corresponding treatment cost data. Based on this analysis and the machine learning outputs, risk assessment recommendations are proposed using the z-score methodology.

MANAGEMENT INNOVATION AND FINANCIAL PERFORMANCE: THE CASE OF AMOEBA MODEL IN CHINESE ENTERPRISES

Yilana — 2025-08-28

This study investigates the financial impact of Amoeba management, a decentralized organizational model emphasizing internal accountability and profitbased autonomy, on firms operating in diverse industries across China. Using panel data from 2010 to 2023 and applying a Difference-in-Differences (DID) framework, we compare changes in both Return on Assets and Return on Equity between firms that adopted the Amoeba model and comparable non-adopting firms. The analysis reveals that seven out of eight industry pairs exhibited positive treatment effects, with particularly strong improvements observed in production-intensive sectors such as dairy, steel, beverage, and heavy machinery manufacturing. To ensure robustness, we also compute DID estimates using three-year averages before and after adoption, which confirm the main findings. Results vary across industries, with one sector (e-commerce) showing a negative effect and several others indicating that Amoeba adoption may help mitigate losses during challenging periods.

THE ISSUES OF CRYPTOCURRENCY VALUATION

Damdindorj Nyam-Ochir — 2025-08-28

The fastest growing and most widespread payment and investment tool in the world is virtual assets, including cryptocurrencies. The concept of electronic money, Ecash, first emerged in 1983, and in 1989, the first electronic payment tool, DigiCash, began to be used for micropayments in the United States. Since then, the cryptocurrency Bitcoin has emerged, and in just over a decade, it has become a cryptocurrency with a market value of 1.8 trillion US dollars, accounting for more than 60% of the global cryptocurrency market. Therefore, we aimed to study how to assess the value of cryptocurrencies in this market, and currently, there are few provisions on valuation methods in the International Valuation Standards and other legal documents. According to our research and imagination, the researcher believes that it is appropriate to use different approaches to measure the value of the asset depending on its type.

THE RELATIONSHIP BETWEEN THE BOARD OF DIECTORS AND FINANCIAL PERFORMANCE OF A MINING COMPANY

Zolboo Chuluunkhuu — 2025-08-28

The performance of the Board of Directors can be determined by the financial performance of the company. Recently, there has been a lot of talk about the insufficient governance of state-owned companies in Mongolia. The independent variables are the size of the Board of Directors, the number of female members on the Board of Directors, the independence of the Board of Directors, the overlap between the CEO and the Board of Directors, the number of Board meetings, and the size of the company’s state ownership, and the control variables are the size of the company and the age of the company. Depending on the company, the variables are return on equity (ROE), return on assets (ROA), and net profit (NPM). The study results confirmed the hypothesis that the performance of the Board of Directors has an impact on financial performance. However, the hypothesis that the appropriate structure of the Board of Directors determines good governance cannot be fully confirmed and determined in the current situation. This is because an appropriate board structure, or an appropriate governance structure that can produce high results, is considered a proven assumption in countries with a high average governance rating.

CURRENT STATE AND EMERGING CHALLENGES IN THE AUDIT SECTOR OF MONGOLIA

Bayalag Ganbaatar — 2025-08-28

This study aims to evaluate the current state of the audit sector in Mongolia and identify the key factors affecting audit quality. The research framework is based on three core dimensions: input (auditor’s knowledge, experience, and ethics), process (quality control and independence), and output (usefulness and reliability of audit reports). Using a qualitative survey method, 70 professional auditors were surveyed.
The findings highlight that factors such as audit team competence, quality control systems, and auditor independence have the strongest influence on audit quality.
The study proposes recommendations to improve institutional support and strengthen national audit firms’ capacity.

WORK LIFE BALANCE IMPACT ON JOB BURNOUT (In case of concrete industry)

Zolzaya Gantsetseg — 2025-08-28

This study explores the influence of work-life balance on job burnout. The research was conducted among 100 employees working at a concrete batching plant in Mongolia. The primary aim of the study is to emphasize the role of worklife balance as a significant underlying factor contributing to employee burnout. The findings reveal that when work interferes with personal life, and personal life interferes with work, burnout factors tend to increase. Conversely, when work and personal life positively reinforce each other, burnout levels decrease. Data were collected using a structured questionnaire distributed via an online tool (Google Forms), and statistical analysis was performed using the Stata software package.

THE IMPACT OF ARTIFICIAL INTELLIGENCE USE ON STUDENTS’ CREATIVE THINKING

Anujin Sukhbat — 2025-08-28

This study assessed the frequency and attitude of AI use among 39 students at the School of Business of the Mongolian National University of Science and Technology, and four performance criteria of AUT tasks. The results of the study revealed that while the use of Generative AI has a positive impact on fluency, flexibility, and elaboration, it may have a negative impact on originality. Therefore, it is necessary to develop and implement teaching methods that use AI appropriately and in a way that supports creativity. This study is the first practical study conducted among Mongolian students in this area.