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RANKING THE FINANCIAL INEFFICIENCY FACTORS OF COMPANIES WITH THE COMBINED APPROACH OF DATA ENVELOPMENT ANALYSIS AND NEURAL NETWORK

Author(s): Negar Foroghi Mazandaran,Balal Karimi,Shadi Shahverdiani / Language(s): English Issue: 2/2025

The purpose of this article is to identify and rank the factors of financial inefficiency of companies. For this, a combined approach and two techniques of Data Envelopment Analysis (DEA) and Artificial Neural Network (ANN) are used. The work is done in two stages. In the first stage, we use the data envelopment analysis model and evaluate the efficiency of the companies. In the second stage, the efficiency score obtained for the companies is used and neural network methods are used to determine the factors of financial inefficiency in the companies admitted to the stock exchange. The results of the research show that the proposed approach identifies and prioritizes the factors of financial inefficiency of companies listed on the Tehran Stock Exchange.

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Assessing the Quality and Transparency of Financial Audit Reporting in the Context of Gender Differences – Evidence from Companies Listed on the Regulated Market

Author(s): Maria Grosu,Bogdan Narcis Firtescu,Raluca Andreev,Camelia Cătălina Mihalciuc / Language(s): English Issue: 1/2025

Analyzing the impact of gender differences in financial auditing has become an important research issue with the aim of promoting equity and fairness within profession, on the one hand, and to determine the impact that gender disparities may have on quality, diversity and innovation in financial auditing, on the other hand. Quality and transparency are important elements that characterize audit reporting as they contribute to providing reliable and relevant information to stakeholders. Including the impact of gender differences in this equation helps to highlight how quality is perceived, as well as to identify associated risks, evaluate the audit process and communicate audit results. The aim of this study is to investigate how the gender of the signatory of the audit report influences the level of quality and transparency of the issued report, the sample including the firms listed on the Regulated Market of the Bucharest Stock Exchange (BSE) that are subject to the audit of annual financial statements for period 2016-2022. Regression and multiple correspondence factor analysis models are applied on 469 observations. The results of this study show that the quality and transparency of reporting in financial auditing are influenced by gender differences, with mixed teams of auditors leading to higher quality of reporting. Obtaining these results underscores the importance of investigating and raising awareness of the impact of gender disparities in financial auditing and the need to address this issue with utmost care and objectivity in efforts to promote a fairer and more efficient audit profession.

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Bank Diversification, Competition and Earnings Opacity

Author(s): Japan Huynh / Language(s): English Issue: 2/2024

The paper explores the impact of bank diversification on earnings opacity. We aim at offering a comprehensive analysis by focusing on four dimensions of diversification: income, assets, funding, and loan portfolios. Using data from Vietnam over the period 2007–2022, we document consistent and robust evidence that increased diversification across all forms mitigates earnings management via discretionary loan loss provisions. To shed further light on this pattern, we examine how the banking complexity and opacity nexus varies with multiple measures of bank competition. We find that more intense competition in the banking system likely accentuates the impact of diversification on bank earnings manipulations. Our findings provide important implications related to bank business models and banking market structures in the era of financial deregulation and innovation.

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NETWORK TIES, ENTREPRENEURIAL CREATIVITY AND COMPETITIVE ADVANTAGE: THE MODERATING ROLE OF KNOWLEDGE INTEGRATION CAPABILITY

Author(s): Ni Made Rai JUNIARIANI,Dian Agustia / Language(s): English Issue: 2/2024

This study aims to examine the moderating effect of knowledge integration capability on the relationship between business ties, political ties, and entrepreneurial creativity on competitive advantage. We present the first model that links the ability to integrate knowledge, network ties, and entrepreneurial creativity with the background of MSMEs in Indonesia. This study’s data collection method is a questionnaire survey given to Indonesian MSME entrepreneurs. Meanwhile, 358 questionnaires have been qualified for further processing as part of the random sampling approach used in this study’s sample collection. Additionally, the survey data were acquired through the use of SmartPLS, and the study’s findings indicate that business ties, political ties, and entrepreneurial creativity all favorably impact competitive advantage. Knowledge integration capability reinforces the influence of business ties and entrepreneurial creativity on competitive advantage. But knowledge integration capability is unable to counteract the impact of political ties on competitive advantage. The results complement the literature related to the use of knowledge resources in achieving competitive advantage. Considering the important role of knowledge integration capability in the escalation of competitive advantage in corporations, MSME entrepreneurs are strongly advised to consider the available resource of knowledge. To preserve the competitive advantage, knowledge should be continuously expanded.

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MATERIALITY AND STAKEHOLDER ENGAGEMENT IN SUSTAINABILITY REPORTING: DOES IT MATTER?

Author(s): Erwin Saraswati,Muhammad Alif RUMANSYAH,Ayu Aryista DEWI / Language(s): English Issue: 2/2024

Materiality analysis and stakeholder engagement are crucial processes in sustainability reports which aim to identify material issues and prioritize them based on stakeholder interests. Subjectivity in the process of determining materiality and stakeholder engagement can affect the quality of sustainability reports because management can determine the information to be published and eliminate negative information related to sustainability. This research aims to investigate the influence of board of directors’ activity, presence of independence commissioners, company financial performance, and size on materiality disclosure and stakeholder engagement in mining companies in Indonesia. Content analysis and multiple regression analysis were carried out on 70 sustainability reports. The research results show that the involvement of the board of directors and the quantity of board members have a positive and significant effect, while the presence of independence commissioners and company size do not have a significant effect on materiality and stakeholder disclosure. It is noteworthy that disclosing materiality in sustainability reports is a crucial aspect of business practices, irrespective of the company’s financial status or size. This research contributes to the disclosure of materiality and stakeholder involvement in the reporting of companies operating in Indonesia from the perspective of stakeholder theory and legitimacy theory.

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RISK-BASED REGULATION AND SUPERVISION OF SECOND-TIER BANKS: EXPERIENCE OF EU COUNTRIES

Author(s): Gulzhan Alina,Liudmyla ZHURAKHOVSKA,Gulnar DUGALOVA,Zhuldyz UTEGENOVA,Balnur OMAROVA,Yerzhan MURZATAYEV / Language(s): English Issue: 2/2024

The aim of the study was to determine the impact of increased capital adequacy standards of second-tier banks on their performance. The study is based on second-tier banks of EU member states, as these countries are the first to implement the Basel Committee recommendations, so their experience should be studied and taken into account when building risk-based regulation of second-tier banks of Ukraine and Kazakhstan. The study covers the period of 2009–2022, as the Basel III regulations were adopted after 2008, and they began to operate for the second-tier banks of EU member states in 2013. The study was conducted using econometric modelling with an analysis of the dependence of banking indicators on the capital structure established by Basel III. Functional interrelationships of the dependence of Net Interest Income, Profit, Return on Assets, Return on Equity, Risk Costs to Operating Income were tested. The impact of capital adequacy requirements on the performance of second-tier banks was determined: capital adequacy requirements have a positive impact on net interest income and profit of second-tier banks. The obtained results can be used to substantiate increasing capital adequacy requirements to increase the reliability of the banking system as an element in the system of factors of economic growth of the national economy.

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Cost Optimisation of Supply Chains in the Food Industry: Cost Function Modelling

Author(s): Ion Popa,Sorina Geanina Stanescu,Anișoara Duică,Elisabeta Ilona Molnár,Mircea Constantin Duica / Language(s): English Issue: 69/2025

The food industry faces complex challenges in managing supply chains, significantly affecting operational performance and costs. This paper explores the critical factors influencing the efficiency of food supply chains, such as product perishability, seasonality, climate change, and high logistics costs. The study uses an applied approach based on modelling a cost function that integrates the main components of supply chain expenses — procurement, transportation, warehousing, production and distribution — and how they are affected by industry-specific challenges. The proposed cost function allows for assessing the impact of these variables on total costs and identifying critical areas for optimisation. The results obtained demonstrate that monitoring logistical conditions, adjusting stocks based on seasonal forecasts and optimising transport routes are essential measures to reduce losses and increase the competitiveness of companies in the food industry. The study's applied impact consists of providing a practical cost optimisation tool applicable to manufacturers and distributors. The conclusions emphasise the importance of an integrated approach to risk and cost management in the food industry, providing recommendations for sustainable practices and strategies to increase long-term competitiveness.

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Professor Mihai Ristea or About (AC)Counting at the Turn of the Millennium

Author(s): Daniela Artemisa Calu / Language(s): English Issue: 69/2025

When people fully embrace their profession, they develop a deep, indescribable connection. And yet, a play on words draws an interesting connection between accounting and what Professor Mihai Ristea represented in accounting: He truly counted!

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ONE PRICE FOR EDUCATION

Author(s): Enes Huseinagić / Language(s): English Issue: 17/2022

It had been discussed about tuition fees for the past decades. The abolition of tuition fees has been discussed by many institutions, parliaments, etc. with the aim of unique solutions in the protection of the constitutional rights of citizens because some schools and faculties use the growing influx of pupils and students who acquire a certain level of education through part-time learning and taking exams. A lot of tuition fees and contributions put pressure on those who want to study. Specifically - who charges, how much, and from whom - is the basis of a long-running story about the abolition of unpopular tuition fees. Private institutions, such as universities, high schools, language learning centers, and organizers of music and cultural education - charge tuition fees from directly interested persons for instructional - teaching assistance and testing of acquired knowledge for organized forms of education, vocational training, specialization, and retraining. Most secondary and higher education schools, faculties, and other organizations dealing with verified forms of education charge candidates in the form of „enrollment“ or „advance“ fees for exams, exercises, seminars, and other forms of „assistance“, namely most often at its discretion, without the insight of the competent authorities and the consent of the society at all.

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Dynamic Pricing Model Factors: Configure-to-Order Product and Business-to-Business Sales Perspective

Author(s): Joni Koskinen,Tomi Kanniainen,Janne Härkönen,Harri Haapasalo / Language(s): English Issue: 1/2025

Purpose: Dynamic pricing is a pricing strategy in which product prices are dynamically adjusted based on factors relevant to the pricing model. This study aims to fill a research gap in understanding the dynamic pricing of Configure-to-Order (CTO) products in the business-to-business (B2B) sales context. The primary objective is to understand the dynamic pricing model factors that influence the pricing of CTO products. Study design/methodology/approach: This study involved a qualitative exploration of mechanical industry product pricing through an extensive literature review and thematic analysis of rich data mainly obtained through semi-structured interviews. Findings: The findings suggest that the widely discussed pricing model challenges significantly affect configure-to-order (CTO) pricing models. CTO-specific challenges stem from product complexity, high customization, and unique configurations, which make pricing more intricate. This study clarifies the dynamic pricing model factors relevant to the business-to-business CTO product context in the mechanical industry, and highlights how configurability shapes these factors. This unique aspect of CTO products introduces additional dimensions to pricing considerations, which require tailored approaches for effective implementation. Originality/value: The original contribution is provided by identifying the dynamic pricing model factors for business-to-business configure-to-order products in the mechanical industry context.

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STRATEGIJA UPRAVLJANJA RIZICIMA POSLOVANJA U OSIGURAVAJUĆIM KOMPANIJAMA

Author(s): Žana Janković,Jovana Balaban,Mladenka Balaban / Language(s): Serbian Issue: 25/2022

Insurance companies are daily faced with numerous risks that arise from the insurance activity itself, as well as risks that arise from the insurance company’s operations, namely: from the placement of free funds, the fulfillment of obligations based on insurance premiums, as well as the reconciliation of sources and placement of funds at their disposal. Given the nature of the insurance business, risk management is an inseparable part of all company activities. Risk management can be defined as the identification, analysis and economic control of those risks that threaten assets or those capacities that bring profit. The aim of this paper is to indicate ways and strategies of risk management in the business of insurance companies.

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PROCESNI PRISTUP U CILJU ZADRŽAVANJA KORISNIKA

Author(s): Slađana Babić,Radmila Bojanić / Language(s): Bosnian Issue: 24/2022

Customer retention is a key activity for maintaining the competitive advantage of every company and its successful business. Today, users are becoming more demanding, expecting a higher level of service, and in this context they do not have an understanding of the organizational and internal communication barriers within the company. They perceive all organizational units, whether they are financial, technical, sales or any other department, to exist only in the service of users. On the other hand, key participants in the same business process may have different understandings of their role and importance in the process. Therefore, many organizations have failed in their efforts to retain customers, instead of recognizing the importance of a process approach for retaining customers. This paper explores the role and importance of the process approach for the successful operation of the organization through the identification of key business processes that affect customer retention, finding a universal process with the stated goal and the interrelationship of performance indicators with organizational goals.

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ИНОВАЦИЈЕ И ИНТЕЛЕКТУАЛНИ КАПИТАЛ КАО КОНКУРЕНТСКА ПРЕДНОСТ ПРЕДУЗЕЋА ДАНАШЊИЦЕ

Author(s): Ivica Zdravković / Language(s): Serbian Issue: 24/2022

The goal of most business strategies is to achieve a sustainable innovative advantage that means a competitive position in the market. Innovation and progress eliminate the danger of competition dominance and the constantly present danger of substitutes. Competitive advantage is key to the survival of companies and the basic mission is to mobilize the creators of innovation, and these are individuals who use their knowledge to create new products and new services. New market moments is reflected through higher profits, better market positioning in the eyes of users, but also through more efficient and effective business processes. Companies needs to make strategic decisions permanently in order to define the priorities of innovation projects and their market goals. Despite the development in the field of theory and practice of innovation, there is no way to guarantee a quality innovation policy of the company and it differs from company to company. The main difference between innovation policy is made by individuals who have the task of devising and translating an idea into a new value. Applied knowledge creates new value, because knowledge is not consumed or lost by application, but increases and enriches, it can be used by many people countless times, and it is equally useful for everyone.

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ULOGA I ZNAČAJ INTERNOG KOMUNICIRANJA U PROCESU UNAPREĐIVANJA RADA U ORGANIZACIJI

Author(s): Zoran Lukić,Nemanja Lukić / Language(s): Bosnian Issue: 24/2022

In this paper we will define the basic elements of communication, how communication affects people and intragroup dynamics of the organization. The importance of organizational communication as a dominant factor in improving work and business results is increasingly discussed in modern management. The culture of internal communication is an integral part of the development of the organization, where the process of work and production derogates to a significant extent if this factor is absent.

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UPOTREBA PREDIKTIVNE ANALIZE U CILJU ZADRŽAVANJA KORISNIKA

Author(s): Slađana Babić / Language(s): Bosnian Issue: 22/2021

Customer retention is a key activity in sustaining the competitive advantage of each company and its successful business. In addition, the economic system that is developing under the influence of information and communication technologies (ICT), the existance and the use of the Internet, infiltrates in all spheres of business. Users are becoming more educated and demanding, both in terms of new services and customer support. They expect a personalized approach and behavior from the company in line with the new competitive market trends. This study examines how company can notice changes in customer behavior in a timely manner in order to retain them, using modern information and communication (ICT) technologies, and thus gain a competitive advantage. It also elaborates in which way and at which moment the company must respond to the needs of users, in order to keep them and defend itself from the competition, and at the same time to avoid a negative impact on business in terms of decreased revenues and increased costs by the decisions made in the process.

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POJAM I KARAKTERISTIKE KORPORACIJE I SAVREMENIH SISTEMA KORPORATIVNOG UPRAVLJANJA

Author(s): Branko Đurić / Language(s): Bosnian Issue: 22/2021

This text was created as a result of a more extensive theoretical review and research of corporate governance systems, their regulatory legal norms, with their characteristic determinants that greatly distinguish them from each other, with the presentation of the corporation as an organizational form within the corporate governance system. Corporate governance refers to the way a company (corporation) is organized and contains the laws, rules and principles on which the organization is based and run. There are two basic types of corporate governance systems in the world: ▪ A single-modal system (some call it the Anglo-Saxon, outsider or market model), which originated and is practiced in the United Kingdom, the USA and Canada, and ▪ The dual system (many call it the insider or continental model), and is mostly used in Western European countries and, today, increasingly in some European countries in transition. Most authors here include Japan. Because of that, however, we will give an overview of the Japanese system of corporate governance ▪ Japanese-Eastern model of corporate governance (some authors also refer to it as a hybrid).

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KNJIGOVODSTVENI OBUHVAT KOD PRIBAVLJANJA SREDSTAVA ZA RAD

Author(s): Radovan Spremo / Language(s): Bosnian Issue: 21/2020

Fixed assets represent all assets that, in principle, enter their total value, are not consumed in one reproduction cycle, but their value due to physical and moral use gradually decreases, while retaining their original form to the end. Their cost in the business process is calculated by numerical methods using appropriate methodological procedures. The calculated amount represents depreciation, i.e. the value of spent fixed assets in a given time period. Fixed assets include real estate, plant equipment and intangible assets. Fixed assets can occur in the form of things and rights. In addition to this division, the division of fixed assets from the aspect of functional and time is also important for accounting. According to this functional and time criterion, fixed assets can be classified into three categories: fixed assets in use, fixed assets out of use and fixed assets under construction.

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FISCAL FEDERALISM - THEORETICAL APPROACH

Author(s): Muhamed Bajrić,Lejla Skopljak / Language(s): English Issue: 10/2018

One of the most complex financial functions in state administration is collecting and distributing of fiscal revenues. This matter, besides economic, legal, sociological and demographic aspects includes a number of other aspects. Regulating this matter is an interdisciplinary approach and often it is the main stumbling block in organizing inter-ethnic and other relationships in a complex social community. Particularly the issue is compounded by the federally regulated state communities, and there are a number of problems in the unitary states that follow. Keeping this in mind, it is necessary constantly to seek out newer and more contemporary techniques that could contribute to the improvement and development of solving these issues. The theoretical approaches in this paper can be the basis for an analysis of existing solutions and possibly stimulate reflection on some new approaches to addressing conflict issues.

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KONKURENTSKA SPOSOBNOST PREDUZEĆA SA ASPEKTA UPRAVLJAČKOG RAČUNOVODSTVA

Author(s): Slobodan Pešević / Language(s): Serbian Issue: 20/2020

All information derived from accounting is of the utmost importance, both for internal and external users. However, greatest importance for the management of a company (or enterprise, corporation, etc.), and that information that deals with the identification, measurement, accumulation, analysis, preparation, interpretation and communication of financial and non-financial information which management uses to plan, evaluate and control the processes that take place within the company, this information is prepared by the most important part of accounting, called Management accounting. The emphasis is on the usefulness of the information and not on the techniques of information provision.

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ПЛАНИРАЊЕ ЉУДСКИХ РЕСУРСА У ФИРМИ ЗА ПРИВАТНО ОБЕЗБЕЂЕЊЕ

Author(s): Goran Popović,Slobodan Župljanin / Language(s): Serbian Issue: 20/2020

Human resources (HR) have been given a key role by the modern business world. Today, there is no doubt that the success of an enterprise depends on the people who work in it, more precisely - on their knowledge, ability, motivation to work, excellent team collaboration and a good schedule for the right jobs, which they can perform with the most success. The transition from personal to HR management marked a new era in business, shifting the focus from those who manage to those who work, and the final recognition that the success of an enterprise rests on the quality of personnel. No matter how good a manager is, a successful manager will not be able to accomplish the mission of the company without well-selected employees. This paper will discuss human resource planning at a private security firm. This will take into account the mode of operation of the security firm, the specificity of the allocation and engagement of human resources, which change the place of work in accordance with the assignment schedule, so it is necessary to have certain psychophysical characteristics in order to perform such jobs with success. Security operations also imply the presence of certain security risks and, in certain circumstances, require licenses to carry and use weapons and possess other certificates. All these features will make HR planning in a security firm a more complex process than e.g. in a manufacturing company, but that is why it will be important to plan the structure and volume of human resources properly.

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