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THE INFLUENCE OF NATIONAL CULTURE ON CERTAIN TYPES OF ORGANIZATIONAL CULTURE

Author(s): Gordana Nikčević / Language(s): English / Issue: 2/2014

Keywords: national culture; organization; management; organizational behavior

National culture, among other factors, largely determines organizational behavior. The paper relates to influence of national culture on certain types of organizational behavior such as: motivation, organizational changes and communication process. Introductory section emphasizes the importance of proper understanding of the relationship between national and organizational culture, especially emphasizing the role of cultural factors that largely determine organizational behavior in modern conditions. The author first provides an overview of different perspectives in defining national culture. To explain the influence of national culture on certain forms of organizational behavior, the author uses Hofstede dimensions of national cultures. In that context, the author analyzes the influence of national culture on motivation and organizational changes. Various forms of communication that represent the consequence of different cultural influences are anylyzed further in the article. Final section of the paper provides conclusions about influence of national culture on motivation, organizational changes and communication process.

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MANAGER’S ROLE IN RAISING THE LEVEL OF JOB SATISFACTION

Author(s): Ivana Simić,Nebojša Stojković / Language(s): English / Issue: 2/2014

Keywords: job satisfaction; staff; management; organization

Organizations, as a complex systems, in the structure of their subsystems have the human or social subsystem. It is a subsystem that has a significant influence on the functioning of the organization and its competitiveness. The quality of the social organizational subsystem is determined by the quality of the different variables that the subsystem includes. Job satisfaction is one of these variables. It is a variable that can have an adequate impact on the effectiveness and efficiency of the organization, as well as on its performance. The aim of the authors of this paper is to point out the nature, the significance, causes and consequences of job satisfaction, as well as the role of managers in raising the level of these organizational variables.

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VALUE AT RISK MEASURING AND EXTREME VALUE THEORY: EVIDENCE FROM MONTENEGRO

Author(s): Julija Cerović / Language(s): English / Issue: 2/2014

Keywords: Extreme value theory; Value at Risk; fat tails; GARCH model; peak over threshold; generalized Pareto distribution

The concept of value at risk (VaR) is a measure that is increasingly used for estimation of the maximum loss of financial position at a given time for a given probability. The aim of this manuscript is to show the most recent approaches for quantifying market risk. In particular, the manuscript investigates whether extreme value theory outperforms econometric calculation of VaR in emerging stock markets such as Montenegrin market. The paper is motivated by the desire that necessary attention is given to risks in Montenegro. Daily return of highly volatile stock EPCG (Elektroprivreda Crne Gore) from Montenegrin stock exchange is analysed for the period from January, 2004 – June, 2013. The sample of this structure and time dimension has not been discussed in empirical literature. Therefore, it is necessary to use the experience of the developed world's financial institutions which have studious approach to risk management, as well as the latest theoretical knowledge.

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BEHAVIORAL ANALYSIS OF ECONOMIC CHOICE: CONTRIBUTION TO IMPROVING ECONOMIC RATIONALITY

Author(s): Dragan Petrović / Language(s): English / Issue: 3/2014

Keywords: rational choice; behavioral economics; behavioral anomalies and biases; ‘new’ paternalism

If we start from the presumption that the aim of the theoretical analysis of the complex socio-economic reality is to provide certain knowledge by applying of which there can be improvement and betterment of that reality, then economical and theoretical mainstream usually does this starting from axiom of the rationality. On the other hand, if we keep in mind the current empirical data on the numerous problems and inefficient functioning of the economic actors, then the logical question that occurs is whether the presumption of the unlimited rationality of the economic subjects should be so easily idealised. Starting from the fact that the bihevioral economics has a special role in the powerful critical attack on the “strong core” of the neo-classical mainstream, this paper discusses numerous psychological limitations of the process of economic decision-making, and the possibilities of their overcoming. In relation to this, we especially emphasize the importance of the behavioral analysis and its instrumentalist support directed toward the improvement of economic rationality and the quality of human decisions.

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THE IMPACT OF ECONOMIC SYSTEM ON ENVIRONMENTAL POLICY IN THE REPUBLIC OF SERBIA

Author(s): Marija Petrović-Ranđelović,Snežana Radukić / Language(s): English / Issue: 3/2014

Keywords: economic system; reforms; environmental policy; Republic of Serbia

Political and economic changes in the former socialist countries in the early 90s of the 20th century have not only opened up possibilities for the future democratic development of these countries, but also an opportunity for solving economic, political, social and environmental situation in the context of building a new, market economic system. The unfavourable environmental situation in Serbia is caused by many factors, among which frequent changes in the economic system in the past and inadequate economic and system solutions occupy a significant place. A critical approach to the impact of economic system solutions to the political and institutional arrangements for environmental protection in the SFRY, FRY, Serbia and Montenegro and RS is therefore a suitable starting point for understanding the importance and the need to take a more active approach to solving environmental problems in Serbia. It is also a goal of this work. In addition, solving the problems in the field of environmental protection is crucial for achieving sustainable development and improving the competitiveness of the Serbian economy.

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THE STRATEGIC INTENTION OF MULTINATIONAL ENTERPRISES IN CORPORATE SOCIAL RESPONSIBILITIES IN NIGERIA

Author(s): Ja’afaru Garba Sule,Akeem Tunde Nafiu,A. A. Ameh / Language(s): English / Issue: 4/2014

Keywords: multinational enterprise; social responsibility; development; strategy; profit repatriation; objectives

Multinational Enterprises (MNEs) around the globe are integrators and the grace for economic flight. One major helping hand given by Multinational Enterprises in the provision of capital intensive social amenities and infrastructures is obvious in the area of their social responsibilities. In this vein, the study examined the strategic intention of multinational enterprises in corporate social responsibilities in Nigeria. In the quest into the subject matter, this study gathered data and information through primary and secondary sources. The study randomly selected 500 respondents from the population of the study area (Nigeria). Data were analyzed with Likert Scaling Method and simple percentage method. It was discovered that some MNEs have demonstrated a Two-aim approach (which implies a win-win) as a strategy to keep their operations going in Nigeria, and likely, other developing countries of the world. It was concluded that the rationale behind their commitment to corporate social responsibilities is to establish balance of objectives between the Multinational Enterprises’ home countries and host countries. The study therefore recommended that MNEs and the host countries should maintain two-aim approach, so as to ensure that the objective of one party is not hurt.

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GLASS CEILING PHENOMENON IN TRANSITION ECONOMIES - THE CASE OF SOUTH EASTERN SERBIA

Author(s): Danijela Stošić,Jelena Stanković,Vesna Janković Milić,Marija Radosavljević / Language(s): English / Issue: 4/2014

Keywords: glass ceiling; discrimination; business performances; South Eastern Serbia

The aim of the paper is to test the existence and the height of the glass ceiling for women in South Eastern Serbia. Research aims to determine the difference in level of education between employed men and women, the participation of women in managerial positions, as well as the level of management in which they participate equally or participate at all. These issues are analyzed in the context of industry, type of ownership and size of the enterprise. The additional aim of the paper is to make a comparative analysis of business performances of enterprises in which women have share in managerial positions, compared to the enterprises with all-male management structure.

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EMPLOYEE MOTIVATION AND REWARD SYSTEM IN LOCAL GOVERNMENT

Author(s): Bojana Novićević Čečević / Language(s): English / Issue: 4/2014

Keywords: contemporary business conditions; motivation system; rewarding employees; motivators; team work

Since the beginning of the 80s of the last century, many changes in the contemporary business environment have contributed that the economy of Serbia have problems regarding business improvement and motivating employees. Business improvement, employees motivation and knowledge generating is certainly a major problem in most of transition countries. Facing new circumstances, business systems require flexible behavior, regard to changes in business environmental conditions. Knowledge and team work are main and key drivers of business productivity growth in all business areas, and because of that motivation and rewarding of employees are condition and assumption of productivity growth in private and public business sector. In this paper, authors research and analyze the system of motivating and rewarding employees in local government, which evolve under specific political, security and economic conditions.

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DEVELOPING BONUS PLANS FOR MANAGERS IN ORDER TO MAXIMIZE VALUE FOR OWNERS

Author(s): Ljiljana Bonić,Dejan Jakšić,Kristina Mijić / Language(s): English / Issue: 4/2014

Keywords: bonus plan; bonus bank; bonus; investment yield; economic value added; shareholder value added

Rewarding managers in the corporate enterprise means that they receive profit for achieving planned performance and for achieving above the planned level they receive various types of stimulation. Bonuses are the most common form of incentives for managers which are paid in proportion to their contribution to the success of the business. In the corporate enterprise it is necessary to develop such a system of rewarding managers which will motivate them to act in accordance with the interests of owners and encourage them to undertake those risky business activities that will contribute to the maximizing of the value for owners. In order to ensure guidance for managers towards continuous improvement of companies' performances, developed bonus plans should be based on performance measures important to the owners (measures are based on: concept of accounting result, concept of economic results and cash flow concept). For rewarding top managers, the application of measures based on the concept of the accounting result that directly correspond to the price of shares is the most appropriate for the calculation and payment of bonuses (yield rate implied by the price of shares, yield rate provided by the manager in the strategic plan, as well as the price of the capital). For managers of business units it is not always possible to establish a direct link between rewarding and the movement of share prices, therefore the most suitable criteria for the calculation of bonuses are the criteria based on the concept of economic result (most suitable is EVA) and criteria based on the cash flow (most suitable is SVA). Rewarding managers of the operational level of management is linked to performance, which in essence represent macro or micro value drivers, which can be directly linked to the performance of these managers. Rewarding managers also implies that short-term and long-term incentives are balanced in their compensatory package, which would apply to the bonuses. Efficient compensatory system should contribute to the harmonization of the individual goals of the managers and the objectives of the owners, in the short and long term, and to ensure fair distribution of bonuses in the management structure. Rewarding managers by bonus disbursement should ensure readiness and loyalty of the management to achieve the expected yields for the owners not only in short, but in the long run as well.

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NEEDS AND SPECIFICS OF ENSURING EFFECTIVE INTERNAL AUDIT

Author(s): Tadija Đukić,Milica Đorđević / Language(s): English / Issue: 4/2014

Keywords: internal audit; internal audit effectiveness; measures of effectiveness; factors of effectiveness

In modern business conditions, internal audit has significant potential for creating added value for the company and improving its operations. The extent to which internal audit will realise its objectives is primarily determined by the level of its effectiveness. In this regard, the authors of the paper, in addition to highlighting the importance of internal audit for achieving the strategic goals of the company, deal with the specifics of ensuring its effectiveness. These specifics are related to the issue of measuring the effectiveness of internal audit, as well as to identification and analysis of the factors that largely determine the achieved level of effectiveness of internal audit.

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ECONOMIC ASPECT OF ELECTRONIC CIRCUIT DESIGN AND MANUFACTURING IN REPUBLIC OF SERBIA

Author(s): Miljana Milić,Ivan B. Marković,Jelena Milojković / Language(s): English / Issue: 4/2014

Keywords: effects of FDI; electronic circuits; IC design; electronic circuit testing; IT

Almost every activity of an electronic system design is closely related to technical as well as to other fields of science. The most important aspect for the future “life in the market” of the electronic product is the economic aspect. Foreign direct investment can greatly affect the R & D in the field of electronic industry. The fact that the electronic circuits’ industry affected and affects all areas of social development, requires the establishment of the correlation between electronic circuit design and manufacturing, and economics in general. In this paper, we will try to analyze the position of Serbia’s electronic industry perspectives on the global electronic circuit market, considering costs of their development and manufacturing.

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THE IMPERATIVE OF IMPROVING THE FINANCIAL REGULATORY FRAMEWORK UNDER CRISIS CONDITIONS - A CONTRADICTIO IN ADJECTO OF THE NEOLIBERAL PARADIGM

Author(s): Borko Krstić,Mirjana Jemović / Language(s): English / Issue: 1/2015

Keywords: neoliberalism; global financial crisis; financial regulatory framework

The global financial crisis has caused massive interventions by monetary and fiscal authorities, such as the rehabilitation of failed banks, insurance companies and other financial institutions and insertion of huge amounts of money into the financial system, with a view to their rescuing and preventing further spread of the crisis. Such an environment has challenged the basic postulates underlying neoliberalism as the ruling economic doctrine of the 1980s. In this regard, the question is whether the imperative requirements for improving the financial regulatory framework have caused a substantial relativization of the hitherto dominant neoliberal paradigm.

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COST REDUCTION STRATEGY – PROCESS AND EFFECTS

Author(s): Nadica Figar,Vladimir Ivanović / Language(s): English / Issue: 1/2015

Keywords: cost reduction strategy; stages in cost reduction; tools for cost reduction; program of layoffs; corporative culture

The strategy of cost leadership, although always current, acquires special importance in the time of crisis. Cost reduction, savings program, savings measures, etc. are used as synonyms for this strategy; finally, all of these express the need to reduce costs for an enterprise. Enterprises make the cost reduction program which includes mandatory stages of reduction, reduction tools and the most appropriate strategies. The choice of tools depends on the chosen strategy, but the stages cannot be skipped or omitted within the strategies. Firstly, the present paper presents five stages through which the cost reduction program must pass, then a set of tools that can be used for reduction, and the differencies between cost reduction strategy and program of layoffs.

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DETERMINATION OF TRANSFER PRICING IN MULTINATIONAL COMPANIES

Author(s): Ljilja Antić,Tatjana Stevanović,Jana Gudurić / Language(s): English / Issue: 1/2015

Keywords: transfer pricing; multinational companies; costs; methods

The issue of transfer pricing in multinational companies assumes strategic importance in modern business conditions. Evaluation of performance and goal congruence of all supsidiaries and multinational companies as a whole are determined by the applied rules and methods of transfer pricing. Determination of transfer pricing in multinational companies has become more complicated with differentiation of the tax systems of the countries in which subsidiaries are located. Due to different tax rates on income, companies transfer their profit from high-tax countries to low-tax countries. According to that, the aim of this work is to indicate the importance of transfer pricing and methods of their determination in multinational companies. During the preparation of this article, analysis methods based on relevant and available foreign literature and practices, methods of synthesis and methods of comparison will be applied. The aim of this paper is to indicate to the domestic and professional public the phenomenon of transfer prices and their implications on the performance of subsidiaries and multinational companies as a whole.

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THE IMPORTANCE OF INFORMATION TECHNOLOGIES FOR AUTOMOTIVE CLUSTER OF THE REPUBLIC OF SERBIA

Author(s): Aleksandra Anđelković,Nada Barac,Marija Radosavljević / Language(s): English / Issue: 1/2015

Keywords: enterprise networking; information technology; automotive cluster; correlation analysis; cluster analysis

Enterprise networking occurs as a consequence of the globalization and the tendency to increase the ability to meet customer requirements. The functioning of networked enterprises as complex interorganizational networks in modern conditions is impossible without the implementation of appropriate information technology (IT). They provide stronger partnerships, fast and easier sharing of information, more transparency and less distorted information. The importance of the application of IT will be highlighted through the advantages of IT, as well as factors that may limit the process of their application. The analysis was conducted based on a sample of 28 enterprises which are the cluster members. The general conclusion based of the analysis is that there is a link among IT implementation and achievement of positive effects in certain business segments (Sharing information, Supply reliability, Inventory reduction, Cost reduction, Fast delivery, Product quality, Process continuity), which means that enterprises that have implemented IT generate positive effects in the observed fields. The analysis was performed by application of the following statistical tools: descriptive statistics, Fisher's exact probability test, correlation analysis and cluster analysis.

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DOMESTIC AND EXTERNAL FACTORS OF CURRENCY CRISES

Author(s): Milan Marković / Language(s): English / Issue: 2/2015

Keywords: currency crises; exchange rate; speculative capital; expansionary monetary policy; monetary stability

The aim of this paper is to explain the essence and basic causes of currency crises in the last decade of the twentieth century. In doing so, we won’t dwell on the description of the crisis of individual countries. We will analyze the aggregate (essential) factors which determine and encourage the development of currency crises. Research shows that poor macroeconomic policies and adverse external shocks are the most important and the most common factors of currency instability. These are the following determinants which are often associated: long retention of appreciated exchange rate, the bad conduct of monetary policy in a fixed exchange rate regime and the negative impact of speculative capital.

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COMPETITIVENESS AND DEVELOPMENTAL TRENDS OF THE NEW INDUSTRIAL POLICY OF THE REPUBLIC OF SERBIA

Author(s): Ivana Kostadinović,Zorana Kostić,Ivana Ilić / Language(s): English / Issue: 2/2015

Keywords: new industrial policy; the European integration process; The Competitive Industrial Performance Index (CIP); the development and competitiveness of the industry

The achieved level of economic development determines the degree of industrial development in one country. The aim of this paper is to identify the key determinants of the new industrial policy of Serbia, in the context of European integration processes. The same is based on the analysis of strategic documents of Serbia and the European Union, governing the industrial development for the period up to 2020. Particular attention is paid to the monitoring of developmental dynamics and trends in improving industrial competitiveness. It has been noted that the achieved level of industrialization defines the industrial competitiveness of a national economy. Serbia needs an efficient, industrially competitive economic structure that will be able to meet the growing demands and challenges of the market. Only a properly designed and consistently applied industrial policy can follow the European developments in the future.

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ATTITUDES OF SERBIAN URBAN RESIDENTS TOWARD TOURISM DEVELOPMENT

Author(s): Darko Dimitrovski,Veljko Marinković,Vladimir Senić / Language(s): English / Issue: 2/2015

Keywords: Attitudes; tourism development; urban residents; city of Kragujevac

Tourism is one of the main driving forces of economic development in modern era, offering new opportunities for employment, increase in living standard and improvement of quality of life in the cities. Over time, tourism has had influence on urban environment and its inhabitants, through reshaping their initial attitudes regarding benefits and deficiencies of its further development. Urban population is not homogeneous and as such is not uniform in perception related to tourism development, but some general conclusions can be drawn. This study aims to understand perception of residents about tourism development in city of Kragujevac, given that city authorities are keen to extend number of tourist visits and overnight stays within their tourism campaign efforts. The objective is to identify key factors related to the significance of tourism development based on attitudes of inhabitants of Kragujevac, as well as to determine whether there are differences in attitudes based on age and place of birth of the respondents. Through factor analysis seven factors surfaced, including: economic development, healthy and clean environment, development of local communities, sport and entertainment, preservation of environment, culture and real-estate. Results suggest that there is statistical difference in attitudes among respondents’ in terms of their age and place of birth.

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CORPORATE LIQUIDITY MANAGEMENT: IMPLICATIONS AND DETERMINANTS

Author(s): Ksenija Denčić-Mihajlov,Marina Malenović / Language(s): English / Issue: 2/2015

Keywords: liquidity indicators; determinants; post-crisis period; market index

Corporate liquidity is influenced by many factors which derived both from the company itself, as well as from the company’s environment. This paper focuses on the internal determinants of corporate liquidity. The aim of this paper is to show which company’s performance indicators are main determinants of the liquidity of selected companies in Serbia, Croatia and Montenegro, and whether these determinants are specific only to the companies in this region. The companies that make sample are non-financial companies whose shares are parts of regional capital market indices - BELEX15, CROBEX10 and MONEX20. The values of the liquidity indicators of these companies indicate solid liquidity. The most important determinants of corporate liquidity are firm size, leverage and capital structure. The results show that the dominant motive of holding liquid assets in our sample is precaution, that indicates the way the crisis has affected the business operation of the analyzed companies.

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Analysis on Immigration from EU10 States in Ireland between 2004 and 2010

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Analysis on Immigration from EU10 States in Ireland between 2004 and 2010

Author(s): Arnold Weiszenbacher / Language(s): English / Issue: 2/2015

Keywords: immigration; EU10 Member States; sector analysis; displacement; exploatation

Following the EU enlargement in 2004, Ireland decided to carry out an economic experiment by not imposing restrictions on the labour market. In this paper we investigate the economic and social impact of these measures, showcasing the difficulties encountered by immigrants, with disproportional earnings related to their qualifications, improper representation in the sectors of the economy and exploitation being preeminent. Negative impacts to the labour market such as displacement are also discussed. We conclude that immigration doesn’t pose a threat to the native workforce and can have a positive effect on the receiving country as long as the migrant population has the same rights as native workers.

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