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This paper analyses and presents the possible trends in the international oil and gas market under the waves of globalization; the study and research show the reforms and confrontation of the international energetic platform within the globalization of the International market. The road towards independent energies and economic growth to build and maintain the economy strong can be balanced differently from time to time between energy production and consumption. The necessity for such a global growth in economy and profts has led in particular most oil and gas companies to fnd new ways to dominate again the international oil and gas market by enhancing their investments to sustain their energy businesses. Furthermore, the sharp rise in energy prices poses major risks in the short term to global inflation and if it continues it may also affect the energy importing countries. The conclusions show that the sharp rise in commodity prices has turned out to be more pronounced than previously expected, moreover, the price fluctuation are fnally complicating the policy options as different countries emerge from the global recession, so adapting production strategies for the future requirements to satisfy the needs of the international market rely more on new energy insights and sustainable possibilities.
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Globalization processes create new organizational, economic and many other changes within society. There are many positive and negative social effects, and globalization is treated as an important part of the new world order and as a way of adapting and promoting new social values. It is increasingly turning into a new concept within the action of social relations as it encourages the opening of a new era of development. Under the influence of globalization, new directions of economic development in Croatia have been opened and this is an important scientifc issue. There are numerous benefts of globalization and differences in speed and approach have often been driven by regional trends, policy opportunities and economic factors. Croatia has a continuous and constant development of globalization parameters measured according to the KOF globalization index with occasional turbulent periods that resulted in short-term declines in correlations. The Covid-19 pandemic has turned into a major disaster for the glob al economy and it is clear that the further development of global relations will take some new dimensions. This paper aims to establish the correlation between the globalization effects and related integration processes in the world with the detection of the situation in the Republic of Croatia. The scientifc contribution is manifested through knowledge of the laws that govern globalization processes and inclusive forms of their further development.
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Industrial policy refers to the policy of industrial development, where the term “industry” encompasses the organization and strategic management of human and material resources. The aim of this policy is primarily to stimulate and secure the tracking of structural adjustments and restructuring of companies in order to empower them to grasp the changes within the business environment and to face the economic challenges and increased competition on a global scale. Inclusive and sustainable industrial development means that all parts of society have equal benefts from industrial progress, which, in addition, enables the satisfaction of basic social and human needs. Such industrial development enables a continuous increase in the living standard for all people and new technological solutions for environ mentally friendly industrialization. Successful implementation of inclusive and sustainable industrial development in the age of globalization requires approaches that use globally available knowledge, technology, innovation and capital. The determination of the Republic of Serbia to join the EU entails the obligation to respect inclusive and sustainable industrial development. In order to achieve sustainable industrial development in the Republic of Serbia, it is necessary to promote the circular economy and educate business entities. Business entities must be introduced to the importance of more effcient use of material resources and possible savings in industrial processes, through the organization of promotional and educational gatherings and the use of services of centers that are active in this sector.
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The level of resources invested in STEM, innovation and R&D has never been higher, resulting in new technologies that are promising higher return rates and a new competitive edge. Technology development is influencing the way the work is performed, thus changing the structure of the organization, content of work and demand for workers` skills. Thus, technology development changes industries, organizations and occupations. When occupations are displaced, many workers are forced to reconsider their possibilities at the labor market and to broaden their job perspectives by upgrading their skills portfolio. At the same time, due to the increase in production productivity, new products and services are offered, and new markets emerge. Thus, new jobs are instated and new skills for performing them are required. Technology development led by automation (including AI, ML, etc) and digitalization have found creative and efcient ways to change traditional business models, not necessarily through resource internalization and standard employment agreements. This paper is elaborating on the concept of job and employment, and the effect technology advancements have on labor markets. Findings are related to newly emerging forms of employment and their implications for organizations and workers.
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The main purpose of economic research is to monitor the performance of a particular national economy and analyse the factors that determine its growth and fluctuations. Gross domestic product is primarily used to assess the performance of the economy. It is, however, also necessary to look at the labour market situation. COVID-19 pandemic is one of the factors that have impacted the Slovak economy and the labour market situation. The purpose of the paper is to evaluate the changes in the labour market and the performance of the Slovak economy in connection with the COVID-19 pandemic. The pandemic has resulted in lower economic performance. Particularly affected were the accommodation and food service activities, wholesale and retail trade as well as the manufacturing industry. Consequently, the labour market situation reflected these phenomena in decreased employment and increased unemployment rates.
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As a synonym for the industrial development of the 20th century, the automobile industry is considered the “industry of all industries” and the backbone of the development of mass production. It is one of the pillars of the global economy and a signifcant driver of macroeconomic growth, stability and technological development. The core of the industry (production of cars, parts, assemblies and components) interacts with a wide range of business actors in the value chain, which multiplies the positive impact on economic growth and development. The economic importance of the automotive industry far exceeds its quantitative dimensions. The automotive industry has signifcantly contributed to the introduction of the concept of integrated supply chains and modular procurement, so all changes in the automotive industry have a specifc “echo” in the entire economy. The Covid-19 pandemic caused major problems in the functioning of supply chains, which had unprecedented consequences for the automotive industry. Currently, the biggest problem is the months-long shortage of semiconductors, caused by the reorientation of manufacturers to semiconductors for mobile phones, video game consoles and laptops. The paper analyzes the decline in car production and sales, lower-income, layoffs and problems with car delivery.
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The world suffered a huge loss since the frst quarter of 2020 when the COVID-19 crisis started. Most of the businesses’ activity collapsed and the economy fell dramatically down. Other businesses have been struggling over the past months due to the coronavirus pandemic – temporarily closing in the face of lockdowns, or keeping their doors open while drastically scaling back operations. However, even in this unpleasant environment, in which reined the uncertainty and many entrepreneurs had to shut down their companies, multiple businesses managed not only to survive but to flourish during the last couple of years, despite the circumstances. This paper’s objective is to analyze this tendency of some of the world’s biggest multinational corporations headquartered in different continents, namely North America, Europe and Asia. There are several sectors well represented in the process, such as e-commerce, courier, stock exchange, gambling and subscription streaming services (e.g. Amazon, AliExpress, DHL, Netflix). Such multinational corporations succeeded to be adaptable and resilient in order to stay afloat in these ever-changing times and, in this way, to increase their revenues during the pandemic, but also to expand their reach or even grow their market, getting to new customers right in the middle of the chaos generated by the COVID-19 pandemic. The study is based on the fnancial results of the successful businesses – top companies in their feld.
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The precondition for the development of any economy is the existence of a sufcient number of promising and developing SMEs. The basic element of successful SME development is the socio-economic business environment, which motivates to develop business. The paper analyses the socio-economic factors of the business environment in the regions of the Slovak Republic in the context of the development of SME business activities. The authors used survey methods to identify and better understand the socio-economic factors that stimulate business development, as well as barriers to the development of SME business activities in the regions of the Slovak Republic. To assess the relationship between the socio-economic level of the regions and the development of business in the regions, the authors constructed a composite indicator, which made it possible to compare and monitor the development of selected indicators. The authors used more complex multidimensional statistical methods for the calculation.
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The economy of Bosnia and Herzegovina (BiH) is facing multiple problems, such as the outflow of young and capable personnel, unfavorable economic, legal and political environment for starting and running a business, unadapted education system to the requirements of the labor market, etc. The subject of the research is the overall business environment and factors that are of key importance for the entrepreneurial sector. The aim of this paper is to identify the situation, problems and needs of the business sector in BiH and establish measures that can contribute to economic recovery. The results of the research, which presents the views of 52 business entities in BiH, show that entrepreneurs face many obstacles in their business. The paper proposes measures to ensure a more efcient business that would encourage entrepreneurs to start and run a business. This would increase competitiveness and contribute to the overall economic development of BiH.
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The current economic environment poses challenges for the function of fnancial management and the fnancial function in general, on several levels. Organizations are required to change existing priorities, with an emphasis on cash management and forecasting activities, as well as risk management. Challenges in the business environment require organizations to raise additional capital. They need efcient fnancial management that will create an adequate capital structure, in order to react positively to changes in the business environment and use the available fnancial resources optimally and better meet the requirements in terms of obligations. The COVID-19 pandemic poses a challenge to organizations around the world, forcing them to rethink their existing business models as they struggle to survive. The paper frst examines the impact of the COVID-19 pandemic on organizations and their business, and especially on fnances and the process of fnancial management, and then points out the importance and techniques of fnancial management that are necessary for the success of organizations. This paper aims to point out the importance of efcient fnancial management and the application of its essential concepts in order to achieve the success and development of business organizations, especially in a challenging environment.
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Technological development has played an integral role in the transformation and progress of the fnancial sector. Reductions in time, costs, efciency, are some of the opportunities that the Fintech sector stimulates. In this paper we will examine the advantages of technology integration in fnance and FinTech’s interaction with other sectors such as banking but also the risks it carries. We will analyze Fintech implementation in Albania market and the challenges faced for development. If we take into consideration how quickly the economic, social, cultural and natural conditions are changing, of course fnding, applying and developing new alternatives is the right solution. FinTech is therefore seen as the future of the fnancial sector. In conclusion, Albania as a developing economy and unknown with new technologies, regardless of all the difculties, is open to innovations and can be seen as a new market for the development of FinTechs.
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This paper deals with the evaluation of the fnancial performance and fnancial position of IT companies in the consolidated group. The subject of the investigation is a consolidated group consisting of a parent company domiciled in Germany and its subsidiary in Slovakia. The article aims to point out the mutual relations within the consolidated group through correlation coefcients. The examined relations are in the area of proftability, indebtedness, liquidity and some macroeconomic indicators. The paper set out two objectives of the research: 1) within the consolidated group, the mutual relations between the parent company and the subsidiary are not signifcant; 2) within the consolidated group, the mutual relations between the parent company and the subsidiary are signifcant. Interesting conclusions emerged from the comparison of correlation coefcients.
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Organizations are currently dependent on Information and Communication Technologies. In this sense, Enterprise Resource Planning and Systems, Applications and Products in Data Processing have had great organizational relevance over time, given the ability to aggregate and manage the information underlying the business. The underlying objectives of the paper focus on presenting the importance of ticket management within the scope of a service inserted and supported by the Agile methodology, more specifcally in the management of access for ERP SAP users within the scope of an IT project. The methodology adopted is based on Agile SCRUM and the practice established in the organization under study. The main results emphasize that, given the complexity of Enterprise Resource Planning and Systems, Applications and Products in Data Processing, organizations are confronted with the dynamics inherent in the management of Information and Communication Technologies projects.
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Currently, there are organizations dedicated to providing support services to hospitals in order to collaborate to optimize the provision of health care, contributing to increasing the effectiveness and efciency of the health system. The paper aims to present the problem from a system modeling perspective when developing an Information Systems Master Plan. The research methodology adopted is Design Science Research, given its characteristics and suitability to the feld of Information Systems research towards the creation of the artifact. The expected results are centered on the process underlying the development of an Information Systems Master Plan that allows reflecting the organizational reality and creating conditions to outline strategies to guide and optimize the implementation and safe use of Information and Communication Technologies.
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The development of industry and technology has brought about changes both in company operations and in the business environment operations. Industry 4.0 is a digital revolution that is based on innovative technological solutions and in which technology occupies an important place in the production process, business entity, but also in the lives of individuals. It encompasses new technologies the implementation of which causes costs, requires time, but also requires knowledge. In accordance with the Industry 4.0 requirements, changes in environmental management accounting ensued, because today most countries strive to achieve a healthy life and do business in a healthy environment. Environmental management accounting allows collecting data and making business decisions that will have an impact on company performance and environmental performance. The aim of this paper is to identify the advantages and disadvantages of Industry 4.0 as well as the impact of Industry 4.0 on environmental management accounting.
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The development of information and communication technologies and the creation of knowledge bases has resulted in a large number of incremental and radical innovations in various spheres. The condition for the survival of companies in the knowledge economy is to meet the increasingly sophisticated needs of consumers. In order for companies to follow this trend, it is necessary to constantly improve (innovate) their products and/or services and create added value for the consumer, which is a source of creating and maintaining a competitive advantage in the market. As innovations “repose” in the knowledge of individuals, companies invest a significant amount of fnancial resources in the education of their employees because they represent a part of the intellectual capital of the company. The subject of this paper is the analysis of the relationship between investment in R&D and market cap. The aim is to show how investing in research and development affects the market value of companies.
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The digital transformation, bringing new challenges for education and jobs, would require learning new skills and to strengthen the ability of people to adapt to challenges in new occupations that emerge in labour markets. Universities are undergoing a digital transformation that affects the teaching, learning, research activities and upskilling of university educators. The paper aims to point out why the educational and digital competencies of university educators need to be developed and operational. The framework of professional activities of university educators would require the strengthening of digital competences. Currently, the integration of digital skills and literacy into study programs is becoming a necessity for higher education. This measure requires innovative approaches and educational mastery of university educators. Therefore, upskilling and professionalization of university teachers employing a competence-based model of further education deserve special attention. The programs of relevant digital and pedagogical competences would promote the empowerment of faculty staff.
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A brand is a collection of all tangible and intangible elements of a product or service which make it unique. Design is one of the most important components of a brand. Design consists of all those characteristics that influence the way how a product appeals to a consumer, what impression a product leaves on a consumer and how a consumer benefts from a product. It comprises all the characteristics of a product or service that influence the appearance of a product or service and the way how it works. When speaking about brand design, it is usually the key brand elements which are thought of, such as a logo, a color scheme, typography and other design components that make a brand differentiate from competitors’ ones and recognizable to consumers. According to the extant literature, insufcient attention seems to be paid to studying the contribution made by design in creating relevant brands. This paper is aimed at indicating the significance design has in the brand creation process, the signifcance of certain individual elements, such as the packaging design and colors. In the paper, a special reference is made to design and drivers of the values of luxury products.
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Language is culturally transmitted. It means that the language people use is the result of influences different factors had upon them: parents, educators, colleagues, and media. When conveying a message, it is important to think not only about the words that help with clarity but, also, it is crucial to consider the meanings of different words. In the business world, for companies operating in foreign countries, the language used plays a central role in how these companies are perceived, thus the language and the culture of that country coexist. In today’s world, effective communication is critical to a company’s success since it strengthens relationships, improves decision-making, and improves problem-solving abilities. Yet, successful business communication means that the communication must include the application of ethical standards during communication. Thus, this paper aims at presenting the relationship between communication and business, with emphasis on ethical language.
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