GİRİŞİMSEL PAZARLAMA BOYUTLARININ İNOVASYON ve FİNANSAL PERFORMANS ÜZERİNE ETKİSİ: TR90 BÖLGESİNDE FAALİYET GÖSTEREN KOBİ’LER ÖRNEĞİ

Author(s): Fahrettin Pala,Abdulmuttalip Pilatin / Language(s): Turkish Issue: 47/2020

The purpose of this study is to reveal the effects of entrepreneurial marketing dimensions on firm innovation and financial performance. For this purpose, hypotheses were developed for the relationship between entrepreneurial marketing dimensions firm innovation performance and of financial performance. Structural equation modeling was used in the test of these hypotheses. The data of the study were collected by survey method from 309 SME managers operating in TR90 region (Trabzon, Ordu, Giresun, Rize, Artvin and Gümüşhane). The results of the analysis revealed that all of the interventional marketing dimensions evaluated within the scope of the research had a significant effect on the financial performance of the company. In addition, the results of the analysis revealed that variables such as opportunity orientation, innovation, customer concentration and value creation, which are among entrepreneurial marketing dimensions, have a significant effect on firm innovation performance.

The development of capital market and bank risk: The case of Iran

Author(s): Babak Jamshidi Navid,Parvane Shabantaheri / Language(s): English Issue: 1-2/2017

This paper is an attempt to investigate about relationship between the development of capital market and bank risk in Tehran Stock Exchange. Three hypotheses were presented in this research. This is a descriptive- correlative research. Multi-variable regression was used in this research. According to results of this research, there is a significant relationship between the development of capital market and bank risk. Additionally, there is significant relationship between Beta, income variety, and market value and capital market development. Also, due to effective role of bank in Iran economy bridge market, it is possible to point out its effective role in capital market. Results of this research confirm this claim. It is suggested to stakeholders and users of banking information and capital market to pay attention to bank risks regard their decision-making.

Features of cash flow compared to profit

Author(s): Edita Kastratović,Milica Kaličanin,Zoran Kaličanin / Language(s): English Issue: 3-4/2017

Taking into account modern business circumstances, it is easy to conclude that money represents the most significant and the most deficient of goods. One of the most important conditions for such a situation, among other things, is the irresponsibility of numerous business organization leaders. Due to a high degree of competitiveness and the globalization of the modern market, each business segment must be thoroughly planned. The problem of liquidity is one of the most modern issues that modern economic organizations encounter. The starting point for solving a large number of organizational-business problems are the financial statements of the organization, in the forms of a balance sheet, an income statement and a cash flow statement. The topic of this paper is the presenting of a real economic situation in which a business organization realizes, at the same time, profit but also negative cash flows. The necessary and essential roots to address this disparity are the proper planning of operations. It is necessary to apply some of the basic balance rules of financing that are reflected in the matching of fund maturity and funding sources. It is necessary to finance short-term funds exclusively from short-term sources. Otherwise, the liquidity of the organization can be seriously disrupted.

The economic aspect of special parallel relations between the Republic Serbia and the Republic of Srpska in accordance with the Dayton peace agreement

Author(s): Rajko Tomaš / Language(s): English Issue: 3-4/2018

The General Framework Agreement for Peace (Dayton Peace Agreement) in Bosnia and Herzegovina (B&H) gave the right to entities that make B&H to establish special parallel relations with adjoining countries. That possibility was so far used by the Republic of Serbia and the Republic of Srpska, as an entity within B&H. In this paper, we examine economic aspect of special parallel relations between Serbia and the Republic of Srpska. Demand structure in Serbia and the Republic of Srpska is similar, due to which we have put our analysis in the context of Linder hypothesis. Empirical analysis has confirmed that the two economies have a high level of similarity of export and that they are severe competition in the third markets. Both economies have a high level of economy diversification and a low level of export diversification. According to the logic of Linder hypothesis, economies of Serbia and the Republic of Srpska can use a relatively big potential possibilities of economic cooperation by the increase of specialization in production, i.e. by reducing economy diversification and increasing export diversification. It can be achieved by innovations in development of economies and their differentiation.

DEVELOPMENT DIPTYCH IN THE POST-SOCIALIST GROWTH EXPERIENCE−WITH REFERENCE TO SERBIA-

Author(s): Ljubomir Madžar / Language(s): English Issue: XI/2019

An unusual, seemingly incompatible combination of facts has occurred in a not so small number of post-socialist economies. All of them switched from collectivistically structured, administratively ruled economies to the market based, appropriately decentralized institutional systems. The firmly held theory and a mountain of empirical evidence implied that this historical institutional shift would greatly enhance efficiency of the economies and their badly needed growth potential. The actual movements did not follow the theoretically indicated directions and the performance of the newly reformed economies left much to be desired. Some episodes of the renowned extensive socialist growth delivered the rate of growth of the economy which turned out incomparably higher in comparison with current post-socialist times. Similarly and in line with that, the output of basic necessities expanded much more rapidly, hosing construction offered incomparably larger number of apartments and social policy system seems to have taken a more conscientious and more efficient care of the needed. Finding a job for people of quite different educational profiles was much easier and more reliable. On account of what is just enumerated, and equally discernible, on account of many unspecified results and thereby implied standards, the public developed the beliefs that the old collectivist system had been superior and that reforming economies towards decentralized structures and market coordination might have been a big strategic mistake. Public opinion surveys revealed high evaluation of the old socialist order and intensive yearning for bygone ways and means of going about material wherewithals and necessities of daily life.The paper comes to grips with the convictions relating to the alleged superiority of the socialist institutional order. The main point in proving that the old systems had in fact been inferior consists in underlining their unsustainability.The high rates of growth achieved in some past periods are not the true indicators of the old systems’ efficiency because they could not be maintained permanently. The very fact of the massive breakdowns of socialist arrangements is the best proof of their inferiority. A high rate which could only be maintained in the course of a limited period is neither superior nor preferable to the lower rate which is sustainable for an indefinite future. It is shown that formerly prevailing extensive growth unfolds through mechanisms which inevitably lead to irreparable deceleration and would ultimately end with secular stagnation. As stagnation is not acceptable as a systemic option, the arrangements ruling in socialist societies had to be replaced by the lump. The important fact is that dramatic slackening of the development trends began while socialist systems were in full operation and that low rates of growth cannot therefore be ascribed to the institutions which were introduced visibly later. Historic institutional turnaround pulling the economies out of centralist shackles came as a consequence of the already languished and developmentally blocked conspicuously paralyzed socialist systems; institutional innovations are not the cause but the result of the previously disabled and hopelessly stopped socialist development. Moreover, there are growth hampering and efficiency reducing legacies deriving directly from previous systems and policies, so that much of what is presently perceived as unsatisfactory – indeed paradoxically – is not the effect of the presently functioning system but arrives as a set of consequences of a nonexistent system, of the past socialist order which generates costs and losses even following its historic, definitive demise.The inefficiency of the socialist systems is analyzed on an additional plane. Having been based on coercion and terror, such systems have, generally speaking, imposed enormous costs in terms of human sufferings, annulment of human freedoms, impairing dignity and trampling on citizens’ rights which constitute an indispensable pillar of civilization. The prototype of the collectivist system is estimated to have, in one way or the other, annihilated between 12 and 15 million people, most of them representing nonsensically destroyed innocent lives. The system imposed and operating with so high and such costs cannot be sustainable and has to meet its historical debacle. With unbelievable waste in all principal walks of life it cannot survive. And – if it could, that would be a pity, a veritable evil course in the unfolding of civilization.

Анализа финансијског положаја предузећа у условима глобализације

Author(s): Ljubiša Ševkušić / Language(s): Serbian Issue: 1/2020

Komparativna analiza problema siromaštva u Srbiji i zemljama u okruženju

Author(s): Petar Veselinović,Aleksandar Lukić,Danijela Pavlović / Language(s): Serbian Issue: 1/2020

Колико просечан потрошач у Србији зна о својим правима

Author(s): Ivana Đelošević,Branka Spasojević / Language(s): Serbian Issue: 1/2020

Franšizing: Između inovacije i imitacije

Author(s): Milica Stanković,Suzana Stojanović / Language(s): Serbian Issue: 1/2020

Demokratija, neoliberalizam i alternativa

Author(s): Slobodan Milić / Language(s): Serbian Issue: 1/2020

Poreski i računovodstveni aspekt rezervisanja

Author(s): Radmila Trklja,Milan Trklja,Bojan Labović / Language(s): Serbian Issue: 1/2020

Critical success factors in insurance companies

Author(s): Jasmina Selimović,Danijela Martinović,Džana Hurko / Language(s): English Issue: 1/2020

The topic of this research are critical success factors (CSFs) with a focus on factors that constitute the basis for the success of insurance companies. There are no critical success factors common to all enterprises, all areas and all activities. In insurance companies, key performance indicators primarily depend on the service quality and the level of customer satisfaction. In contemporary business conditions, the relevance of the service has been increasingly important. Therefore, the concept named 5P is suggested, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer’s service is to be perceived to be of high-quality, achieve client satisfaction and build client loyalty. The paper presents a research into the perception of insurance service and factors of insurance quality in the Federation of Bosnia and Herzegovina (FBiH) . Research results correspond to the 5P concept and reveal the security factor as the most important factor for the insured. A fast and efficient payment of claims, the attitude of the salespeople toward the insured, described in terms of respectful and knowledgeable staff, as well as the clarity of promotion and the availability of insurance service also ranked high.

Застосування зарубіжного досвіду стратегічного менеджменту управління персоналом вітчизняними підприємствами

Author(s): Ljudmila Romaniuk / Language(s): Ukrainian Issue: 4 (37)/2020

The purpose of the article is to define the measures for increasing the efficiency of strategic human resource (HR) management of domestic enterprises in order to improve their competitive positions, considering the international experiences and the current advanced state of human resource management strategy. The article is focused on the analysis of international best practices in HR management. The essence of the concept "strategic human resource management" is studied. The main approaches and factors of the development of a human resource management strategy by the leading corporations of the world are analyzed. The influence of an effective human resource management strategy on competitive positions of international companies is defined. The methods of building an effectively functioning team, the system of moral values and rules of relations between management and employees are analyzed. A survey of respondents was conducted to analyze human resource management strategy at domestic enterprises. The measures are proposed, which take into consideration the modern tendencies in strategic HR management, introduction of which will increase the work efficiency at the domestic enterprises and their overall competitiveness: ensuring the compliance of HR management strategy with the business strategy of the enterprise; implementation of the principles of meritocracy – a system of recruitment, selection and promotion of personnel based on professional and business qualities; development of highly effective and transparent systems for employees, including clearly structured processes of training, mentoring, rotation; creation of personnel reserve; creating a trusting atmosphere in the team; supporting of a steady financial and emotional conditions by creating an effective motivational system; creating of an effective employee evaluation system, based on performance and potential development as well as development of value scales; understanding the strategic importance and key role of talented personnel; implementing of high-level global standards such as safety, health, language, laws and regulations, local practices and etiquette. The realization of necessary strategic changes at different management levels and at the level of an individual enterprise depends on the strategy of human resource management.

Social capital and internationalization of commercial banks in Kenya

Author(s): Philip P. Omondi,Joyce W. Ndegwa,Timothy Chrispinus Okech / Language(s): English Issue: 1-2/2020

Purpose – tо study sought to delve into social capital and commercial banks' internationalization in Kenya drawing on the internationalization concept.Design/Method/Approach. The research adopted a positivist philosophical approach and used a descriptive cross-sectional research design targeting top and middle-level managers in Kenya's commercial banks. Data was collected using a structured questionnaire and analyzed using SPSS version 22.0 for both descriptive and inferential statistics. Structural Equation Modelling was used to establish the influence of social capital on commercial banks' internationalization in Kenya.Findings. The findings established a significant and positive relationship between the components of social capital: inter-cultural empathy, inter- personal impact and diplomacy, and commercial banks' internationalization.Practical implications. The results have significant consequences: Firstly, social capital has a positive and statistically significant relationship with commercial banks' internationalization. Secondly, all dimensions of social capital affect the acquisition of foreign market knowledge and financial resources. Thirdly, the use of individuals' social capital often changes during internationalization.Originality/Value. The study's novelty demonstrates the interaction of commercial banks' managers in Kenya on the application of social capital as an internationalization orientation process.Research Limitations/Future Research. The research contributes to the advancement of location theory. It opens avenues for future research to establish what extent social capital is beneficial to banks that have ventured into international markets.Paper type – empirical.

Визначення напрямів реалізації стратегії управління персоналом підприємства в контексті забезпечення її взаємозв’язку із конкурентною стратегією підприємства

Author(s): Ljudmila Romaniuk,Ihor Kharchenko / Language(s): Ukrainian Issue: 4 (37)/2020

The purpose of the article is to identify and substantiate the implementation of human resource management strategy in accordance with the competitive strategy of an enterprise and to develop its characteristics. The analysis of the essence of a company's competitive strategies has been made: cost leadership, differentiation, optimal costs, targeted strategy of low costs and differentiation as well as requirements for qualification and assessment of personnel that are determined in accordance with these strategies. The competitive strategy of the enterprise determines the human resources management strategy, which should ensure the achievement of competitive strategy. The corresponding human resources management strategy is carried out by realization of following objectives: recruitment and selection of personnel, development and enhancement of skills and competences, determining the required level of expertise, development of personal qualities, ensuring the adaptation of personnel, further training, maintaining the necessary motivation of personnel and establishment of corporate culture. The constituent elements that are necessary in order to implement the human resources management strategy – the requirements for each of the objectives – were identified. These sets of requirements were developed in 2019 for the enterprises of the Kropyvnytskyi city „LLC Agrokhim“ and „LLC Astra-S“ (Ukraine). It is of a great importance for the modern enterprises to implement a strategic human resources management. Along with the ongoing improvement of the personnel management it is necessary to introduce strategic management and to provide conformity with competitive strategy of an enterprise. In order to forecast the needs of an enterprise regarding the personnel and to define the requirements to the personnel it is necessary to have a clear description of distinctive features for the realization of the human resources management strategy and to analyse the corelation of the human resources management strategy with competitive strategy of the enterprise. The level of importance of the specific requirements to the personnel changes depending on the competitive strategy of the enterprise, since different strategic directions or preferences cause the need for different types of employees. The developed guidelines for the realization of the human resources management strategy shall contribute to ensuring its compliance with the competitive strategy of the enterprise as well as achievement of competitive advantages.

Condo Hotels in Poland − An Outline of the Phenomenon and Research Directions

Author(s): Joanna Kowalczyk-Anioł,Magdalena Zwolińska / Language(s): English Issue: 2/2019

The dynamic development of condo hotels in Poland has prompted the authors of this article to undertake an investigation into this phenomenon, which is new to the CEE region. The aim of the article is to present the general characteristics and factors of development of the current and prospective market of condo hotels in Poland, thereby filling in the knowledge gap located at the boundary between the studies of real estate market, investment market, geography of tourism and land management. Basing on an overview of the scientific literature, the desk research method and an analysis of the available offer, the authors present the hybrid condo hotel concept and the nature of the Polish market of condo-type tourism real estate − its size, geography, determinants and factors of investment risk. The authors have also outlined further research directions, in particular in the broad perspective of tourism studies, which so far has been neglected and is new to Poland.

THE WOMEN ENTREPRENEURS FAILURE FACTORS IN THE CASE OF GOJJAM ZONES

Author(s): Getaneh Yenealem Ayene,Nebyu Adamu Abebe / Language(s): English Issue: 17/2020

This study was designed to assess the Women Entrepreneurs Failure Factorsin the Case of Gojjam Zones. In particular, the study investigated how Individual reason, Competition, General environment and corporate policy affect women entrepreneurs in small businesses. Therefore, to understand and analyze business failure factors a case of Women Entrepreneurs in the case of Gojjam Zones, the researchers have adopted a quantitative research approach. The researcher collects data through questioner. Information from the participants was analyzed by using statistical package for social sciences. For this study the target populations are business companies operating in Gojjam Zones for the last five years (from 2006-2010 as of Ethiopian Calendar). Do you to data unavailability we failed to know exactly the number of women owned/managed business in the two zones/West Gojjam & East Gojjam/, the Sample Size of this study is determined using Infinite Population (where the population is greater than 50,000) sample size determination formula of Godden, (2004). Based on the formula a sample of 384 women entrepreneurs was chosen for the study. Both tables and frequency distributions were utilized to draw valid conclusions. From the study that individual characteristics/Motivations, managerial skills, knowledge & experience, and fear of failure/ of a woman were statistically significant at 5% level of significance. Hence, immediate environment factors are significant at 5% level of significance and thus these variables have an effect on women entrepreneurs’ business failure. However, availability of infrastructure and government incentives were found to be statistically insignificant. Finally depicts existence of marketing strategy, financing strategy incentives to motivate employees, and cooperation among partners are statically significant at 5% level of significance thus they have an effect on business failure. However, withdrawal of a partner is not a significant variable.

HYBRID METHODOLOGY AND MATERIAL CHANGE OF INTEREST RATE BENCHMARKS

Author(s): Michał Kruszka / Language(s): English Issue: 17/2020

The development of financial markets over the past several decades pointed out a very important role of financial benchmarks, which are used as a reference price for financial instruments or to determine interest payments. However, after the global financial crisis, allegations emerged that interbank interest rate benchmarks had been manipulated. A significant decrease in the size of interbank transactions was observed as well. Both elements lower the credibility of the interest rate benchmarks used so far. Taking into account the responsibility for financial stability, the EU bodies adopted a regulation on benchmarks (BMR) in 2016. The main purpose of this paper is to provide an analysis of this piece of legislation from the perspective of legal continued viability of interest rate benchmarks. The main subject of the analysis was the development of the EURIBOR and LIBOR methodology. The results of the analysis showed that the new hybrid methodology, which utilises eligible transaction data, transaction-derived data, and databased expert judgement, is a robust evolution of the quote-based methodology. It means that administrators did not change benchmark’s underlying interest, and no one should diagnose the risk to the continued viability of EURIBOR and LIBOR rates.

THE IMPACT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE FACTORS ON INVESTORS’ BEHAVIOR - AN EXPERIMENTAL STUDY IN THE REALM OF SUSTAINABLE INVESTMENT

Author(s): Dana Ioana Rusu / Language(s): English Issue: 17/2020

Sustainability has become in recent years one of the major challenges for society as a whole and for the business world. This study examines the relationship between environmental, social, and governance (ESG) factors, corporate financial performance (CFP), and investing behavior. Using a sequential 2 × 2 between-subjects experiment, the goal is to investigate how various investors incorporate into their judgement and decision-making process, the financial and sustainability information presented to them in four different combinations. Results indicate that integrating sustainability and responsible business behavior into an organization’s corporate strategy does not significantly influence investors’ stock price assessment or allocation of funds. This conclusion holds irrespective of how the company’s financial evolution looks like (improving/declining revenues and earnings). Age and other various demographics do not affect the results, while investors’ view on the relevance and the reliability of the ESG material provided to them has a mediating effect on their long-term investment approach.

SMALL BUSINESS TAXATION IN ETHIOPIA: A FOCUS ON LEGAL AND PRACTICAL ISSUES IN INCOME TAX CATEGORY

Author(s): Israel Woldekidan / Language(s): English Issue: 17/2020

The expenses, which are incurred by the government in carrying out its inherent duties, are covered by imposing tax to its citizens. Thus, a business, small or large, is obliged to contribute its share to cover the government expenses in the form of ‘tax’. This article analysis the legal and institutional framework of small business taxation in Ethiopia. It identifies and examines the types and mode of calculation of the different types of taxes imposed on small business entities; income tax, turn over tax and excise tax. Beyond that, it examines the tax treatment of small business on termination, and post-cessation income tax. Moreover, it examines the tax administration issues of small business taxation in Ethiopia. In the end, the article forwards a recommendation to address the ongoing problems of small business taxation in Ethiopia. The authors employed empirical qualitative research methodology.