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THE IMPACT OF SUPPLIER RELATIONSHIPS ON SUPPLY CHAIN PERFORMANCE OF TRADE COMPANIES IN BOSNIA AND HERZEGOVINA

Author(s): Safet Kozarević,Šejla Kozarević / Language(s): English Issue: 2/2021

The need for companies’ interconnection and advantages of mutual business cooperation led to the development of supply chain management in the 1980s. Along with the intensified market globalization process, companies have become aware of the need to develop efficient supply chains. A supply chain includes a series of activities from planning and organizing to controlling the flow of material and services from suppliers to the final customer. The supply chain effectiveness depends to a large extent on relationships with suppliers. Thus, relationships with suppliers and supply chain performance management are important topics in academic research due to their impact on supply chain profitability. It is particularly evident in the trade industry. Therefore, the purpose of this paper is to establish the relationship between supplier relationships and supply chain performance in the trade industry in Bosnia and Herzegovina. The empirical research is based on the primary data, collected by using a questionnaire. The respondents are 200 trade companies from the entire territory of Bosnia and Herzegovina. Various statistical analysis methods have been applied to answer the research questions addressing the issues of a potential relationship between supplier relationships and supply chain performance. The results have shown that supplier relationships positively impact flexibility, costs, and supply chain quality. There is a statistically significant interdependence between partnership and information exchange, as supplier relationships dimensions, and flexibility, costs, and supply chain quality, as supply chain performance dimensions. There is, also, a statistically significant impact of some companies’ characteristics on the information exchange, supplier partnership, flexibility, costs, and quality.

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EXAMINING THE EFFECT OF USER SATISFACTION AND BUSINESS INTELLIGENCE SYSTEM USAGE ON INDIVIDUAL JOB PERFORMANCE

Author(s): Amra Kapo,Lejla Turulja,Tarik Zaimović,Senka Mehić / Language(s): English Issue: 2/2021

Business intelligence systems are in widespread use today due to the many business benefits. Users are one of the key stakeholders in the business intelligence process. For optimal system adaptation, the user should be able to interact with the application in order to improve its capacity to contribute to decision-making. For the business intelligence process itself to be effective, it is necessary to define the user needs regardless of the type of work they do. If the user is satisfied and thinks that the system improves his/her performance or the quality of decisions made, they will want to use it even more. System usage has sometimes been viewed as a direct reflection of system performance; however, this is difficult to define in organizations where system usage is mandatory. Business intelligence systems are especially mandatory to use, as they are used in large organizations and require greater investment than other systems. This is why it is important to investigate the nature of system usage and its impact on individual performance. This research model deals with determinants that represent dimensions of the information system's success theory. Those determinants are: user satisfaction, intention to use, system usage, and individual performance. Obtained results show that increased user satisfaction and intention to use, lead to increased system usage and that both the increase in user satisfaction and system usage lead to a rise in individual user performance.

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EXPLORING THE LEVEL OF UTILIZING MANAGEMENT REPORTS IN DECISION-MAKING IN CROATIAN COMPANIES

Author(s): Mirjana Hladika,Berislav Žmuk / Language(s): English Issue: 2/2021

Effective business decisions have a positive impact on the overall business of a company. Each business decision should be based on relevant, high-quality, and reliable information prepared by a management accountant in accordance with managers' specific requirements. In order to be support the efficient decision-making process, the management accounting information should be appropriate for a particular business decision, and it should reflect the role, responsibility, and value it has for a manager that participates in the decision-making. This paper aims to investigate whether the management accounting information system is developed in Croatian companies. In order to collect data for the analysis, a web survey was conducted on a representative sample of Croatian companies. Overall, 225 companies from the real sector participated in the survey. The results have shown that managers consider management reports an important basis in decision-making. Furthermore, the findings of this study have shown that managers in large companies use management reports to a greater extent in decision-making than managers in micro, small, and medium-sized companies do.

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EMPIRICAL INVESTIGATION OF RISK MANAGEMENT PRACTICES

Author(s): Vilma Nasteckienė / Language(s): English Issue: 2/2021

In risk management research, dealing with known risks and helping companies foresee new risks are areas for subject matter experts. In practice, risk management is often perceived as a set of formal tools and procedures that must be delegated to the professionals. Despite this overall perception of risk, general managers, department managers, and other senior or line managers in organizations deal with questions associated with risk on a daily basis. They are, therefore, sometimes—even without consciously realizing it—involved in risk management practices. This article aims to analyze 'managers' involvement in risk management by empirically exploring how managers identify, assess, and respond to risks. Based on thematic analysis of observational and interview data, management practices used to manage risks were identified, and risk management as a non-linear process that is anchored on the strategic and operational levels and supported by learning from failures was defined. Two different ways of risk management can co-exist in an organization as a result of formal Enterprise Risk Management implementation.

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ENVIRONMENTAL DISCLOSURE PRACTICE IN THE SERBIAN BANKING SECTOR

Author(s): Aida Hanić,Olivera Jovanović,Slavica Stevanović / Language(s): English Issue: 2/2021

This paper aims to: a) analyse the environmental disclosure practice in the Serbian banking sector, b) determine whether the degree of disclosure is higher in the case of big, i.e. systemically important banks, and c) examine if there is a positive relationship between the banks' CSR practice and their financial performance. The environmental disclosure index (EDI) based on 15 variables was employed to measure environmental disclosure performance for the Serbian banking industry. The data were generated through content analysis of the annual and sustainability reports of a total of 10 banks, five of which were classified as systemically important banks for the period 2015-2019. The sample was determined by the availability of reports for the analysed period and the bank establishment year. The results show that the majority of Serbian banks discloses their environmental policy (74%), the undertaken environmental activities with the local community (51%), and the utilization efficiency of water, energy, and paper (48%). Although the findings indicate that the environmental disclosure practice among all banks in Serbia is growing, the reports are not standardized. In addition, the systemically important banks in Serbia do not have a better disclosure practice. The econometric analysis implies that the bank's status does not influence the level of environmental disclosure and that there is no positive relationship between financial performance (ROA and ROE) and EDI. This study has implications for policymakers and accounting bodies in Serbia in standardizing non-financial reporting and creating certain green and sustainable banking guidelines.

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CRITICAL SUCCESS FACTORS IN E-MARKETING ADOPTION AND IMPLEMENTATION AMONG THE FAST-MOVING CONSUMER GOODS RETAILERS IN ZIMBABWE

Author(s): Reason Masengu,JJ Prinsloo,T. G. Pelser / Language(s): English Issue: 2/2021

The institutionalization of e-marketing strategies, their adoption, and implementation hinges on the customers' perceptions of the critical success factors that the literature identifies in terms of an online competitive advantage, online shopping infrastructure development, online customer relationship, and online shopping risk. To assess the critical success factors, a sample of 300 customers of the fast-moving consumer goods retailers throughout the provinces of Zimbabwe participated in this study. The results indicated that customers' province of residence, their education and computer literacy levels are significantly associated with the critical success factors (CSFs) of e-marketing adoption and implementation. However, the study found that gender does not significantly affect the e-marketing CSFs. It is suggested that the demographic characteristics, related to education, computer literacy levels, and the province of residence are the strategic criteria for niche market segmentation and development that the fast-moving consumer goods retailers need to leverage for the successful adoption and implementation of e-marketing.

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SELECTION OF MARKETS FOR TEXTILE EXPORT USING THE ADEQUATE PORTFOLIO

Author(s): Viktorija Stasytytė,Aleksandras Vytautas Rutkauskas,Eglė Celiešienė / Language(s): English Issue: 2/2021

Textiles is one of the largest industries in the world, creating significant volumes of trade, export, and jobs. In the European Union, this industry is essential and attempts to retain and increase competitiveness. Most of the textile and clothing sector production is exported; thus, adequate orientation to export markets is essential. The paper’s objective is to determine the countries suitable for exporting the textile production of Lithuania and similar countries using the adequate portfolio model. The adequate portfolio treats the export possibilities according to three parameters: return, reliability, and risk. Clothing annual average index data across countries obtained from the Eurostat database were used for calculations. After performing the research, three portfolio cases were proposed, and the most profitable export countries and their given return were determined. Research results can be applied to the whole country and for individual textile exporting enterprises.

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WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF MANUFACTURING COMPANIES IN KOSOVO

Author(s): Amant Fejzullahu,Florije Govori / Language(s): English Issue: 2/2021

This article aims to demonstrate the profitability of the manufacturing companies in Kosovo impacted by the managing practices in the working capital. We use multiple regression analyses to estimate the effect of working capital indicators on profit. The Pearson correlation is used to calculate whether the variables are positively or negatively correlated and to what extent. The sample includes thirty-six manufacturing companies for the period 2012-2013. The data show that the increase in cash conversion cycle (CCC) and extension in the receivables term positively influenced operating profit and net return on assets. On the contrary, the increase in payables days had a negative effect on the operating profit and the net return on assets. The rise in inventory days led to increased profit. Therefore, the companies' competitiveness is maintained mainly by extending trade credit terms to their customers and keeping the cash engaged longer in operating activities.

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THE IMPACT OF SOCIAL MEDIA ACTIVITIES ON RAISING BRAND AWARENESS DURING THE COVID-19 PANDEMIC: THE CASE OF FASHION INDUSTRY IN KOSOVO

Author(s): Visar Rrustemi,Granit Baca / Language(s): English Issue: 2/2021

The aim of this research is to identify social media activities that affect the increase of brand awareness in the fashion industry in Kosovo. The research considers five different social media activities (advertising, influencers, sharing, entertainment, and interaction), and to the best knowledge of the authors, this is the first experiment to consider these factors all together, as well as the first one addressing brand awareness in Kosovo. Quantitative methods were used on a sample of 224 respondents, including confirmatory factor analysis and regression analysis. The analysis was conducted by using the AMOS statistical software. The findings indicate that activities, such as interaction and advertising, have a significant impact on brand awareness, unlike entertainment, sharing, and influencers’ behaviour. The findings provide marketers with recommendations regarding social media activities and the challenges that must be considered before they are implemented.

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Erotic appeals in advertising: visual attention and perceived appropriateness

Author(s): Simona Bažantová,Eliška Štiková,Michal Novák,Daria Gunina / Language(s): English Issue: 24/2021

Erotic appeals in advertising are sometimes considered unethical or provocative. This study addresses how consumers perceive advertisements with erotic appeals regarding eye movement and subjective appropriateness. This study is methodologically based on eye-tracking to capture the participants’ visual attention and semi-structured interviews to obtain further in-depth information on the perceived appropriateness of erotic appeal in a particular advertisement from the respondent’s perspective. The results show a difference in how consumers look at advertising according to their perceived appropriateness of an erotic appeal and indicate the importance of a suitably chosen protagonist concerning the target group. Concerning the chosen protagonist, marketers must pay attention to the strength and congruence of the erotic appeal.

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Utjecaj veličine poduzeća na prinose dionica: pogled na dioničko tržište Srednjoistočne Europe

Author(s): Denis Dolinar / Language(s): Croatian Issue: 7/2021

This paper examines the presence and strength of the firm size effect on returns of selected stocks that represent the equity market in Central and Eastern Europe (CEE). In the empirical research monthly stock returns were used for the period from January 2011 till December 2020. The data sample consists of 46 stocks that are constituents of at least one of the three regional stock indices quoted on the Vienna Stock Exchange: the CECE EUR, the CECE MID EUR and the CECE SRI EUR index. Thus, research covers 8 countries: Poland, Hungary, the Czech Republic, Slovenia, Croatia, Romania, Bulgaria and Serbia. The methodology framework consists of two steps. The first step is related to the construction of the two size-mimicking portfolios, which take into account firms’ market capitalisation. In general, the paper follows an estimation process of the SMB variable of the three-factor Fama-French (1993) model. In this research, the SMB variable quantification is defined as a difference in returns of the two size-mimicking portfolios. The second step deals with a statistical test of the small-firm size premium. Research results show the presence of a statistically significant risk premium for small companies at 0.834 % on average per month for the observed period. This indicates that CEE portfolio investors and financial managers should not neglect this firm-size effect when estimating the required rate of return on stocks.

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Economic impacts of the manufacturing industry in Sululta

Author(s): Milkessa Jagemma Tolera,Hailu Worku / Language(s): English Issue: 7/2021

Manufacturing industries in Ethiopia's urban areas have been overgrowing in the last few decades, which have led to ever-mounting demand for labor, capital, and raw materials. Two questionnaires were independently administered with a representative random sample of 149 members from the local manufacturing industries and 20 high-ranking officials from the study area to answer research questions. Moreover, input-output model was used comprehensively in guesstimating indirect economic impacts of a diversity of activities. Prominent findings from the study indicate that economic impact was extensively dispersed throughout the existing sectors.

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Uspon i pad „Baruna Ciganina”: dvanaest epizoda iz života Julija pl. Zigeunera Blumendorfskoga

Author(s): Hrvoje Gržina / Language(s): Croatian Issue: 61/2021

The article brings highlights from a hitherto almost completely unknown biography of the Viennese nobleman Julius Zigeuner Edler von Blumendorf, mostly from the time of his stay in Zagreb (1878-1894). Since there is almost no mention of him in scholarly literature, basic biographical data have been collected from newspaper articles and archival sources, and a part of his life has been reconstructed. Thus, his life can be followed from the beginnings of service industry in the Croatian capital, through his acquisition and spending of a large inheritance, all the way to his financial ruin caused by gullibility and reckless financial investments. Zigeuner’s life story is told through twelve sections dealing with various aspects of his diverse activities. After an introduction, information is provided about his life from his birth on June 5, 1852 until his arrival in Zagreb in 1878, his first Zagreb deals, his acquisition of the rich inheritance of the Viennese industrialist Alfred Skene, his charity work, business investments, construction of a villa in Zagreb, activities in Zagreb’s Voluntary Fire Department, short-term involvement in photography and the founding of the Amateur Photographers’ Club Zagreb, his debauched life and spending of inheritance, and the lawsuits that largely marked his life after leaving Zagreb, up to his death in Vienna on January 19, 1897.

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ANALIZA POSLOVNIH PROBLEMA MALIH I NEOVISNIH TRGOVACA U VARAŽDINSKOJ ŽUPANIJI

Author(s): Ivica Črepinko,Dinko Primorac,Goran Kozina / Language(s): Croatian Issue: 32/2021

This paper analysis a business problems of small and independent traders e.g. their impact on the development of the economy in northwestern Croatia; especially Varaždin County. Since small and independent traders are extremely important for the trade in northwestern Croatia, this paper aims to show their impact on certain factors in the economy and to synthesize the basic problems that affect their development. Through empirical research the paper identifies the strengths and weaknesses of independent traders. Through the analysis in the research this paper contributes to a better understanding of the business of small and independent retailers, moreover the importance of the need for their good positioning in the market, and better connections with regular and potential consumers.

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DOPRINOS TEKSTILNE INDUSTRIJE SJEVEROZAPADNE HRVATSKE UČINKOVITOSTI UKUPNE TEKSTILNE INDUSTRIJE U REPUBLICI HRVATSKOJ

Author(s): Kristina Maršić,Anica Hunjet / Language(s): Croatian Issue: 32/2021

As a branch of manufacturing industry, textile industry is of great significance to the economy of Republic of Croatia. As one of the oldest industry branches, it encompasses production of clothing and textile, manufactured with both natural and artificial materials. Textile products and the necessity to dress are a significant part of each household’s essential consumption. Direct codependency between the production of textile and the production of clothing items is very high, although their connection to the rest of the industry does not show any sihigh, although their connection to the rest of the industry does not show any significant correlation with regards to development. This paper is to analyze quantitative business success indicators for the textile industry of Republic of Croatia; said indicators being productivity, profitability and cost effectiveness; with the objective of positioning and foreseeing the future macroeconomic trends within the industry Apart from the analysis of the aforementioned business success indicators, this paper also provides the values of basic macroeconomic indicators, as well as business success indicators for certain textile businesses in the northwestern region of Croatia. Based on the business efficiency analysis, this paper is to illustrate the importance of the textile industry in the northwest to the development of the Croatian textile industry as a whole. Furthermore, this paper is to define guidelines necessary to achieve improved efficiency and further future growth of this part of Croatia, as well as of the entire economy.

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DRUŠTVENA ODGOVORNOST U TRGOVAČKIM DRUŠTVIMA U VLASNIŠTVU GRADA VARAŽDINA

Author(s): Marijan Cingula,Damira Keček,Ivan Čehok / Language(s): Croatian Issue: 32/2021

The paper presents the research of social responsibility in corporations owned by Varazdin Municipality. Social responsibility is observed in the context of business ethics with an emphasis on social responsibility in state-owned corporations, because the corporations owned by municipalities (COM), according to the ownership criteria, are remarkably like state-owned corporations (SOC). Corporations owned by local municipalities in Croatia are not state-owned corporations, but these entities are neither private companies nor public companies if they are not listed on the stock exchange. As the cities and counties are both municipalities very similar to the state and governed by the same political structures, the corporations owned by local municipalities are managed in the same way as state-owned companies. Thus, the research of social responsibilities in locally owned corporations can be pilot research of social responsibility in state-owned corporations on the national level of the Republic of Croatia.

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DRUŠTVENO ODGOVORNO POSLOVANJE I KOMUNICIRANJE VOLONTERA U REALNOM I DIGITALNOM MEĐUNARODNOM OKRUŽENJU

Author(s): Violeta Vidaček-Hainš / Language(s): Croatian Issue: 32/2021

The importance of corporate social responsibility is a challenge in both in local and international environments. The article presents networking examples of students and volunteers who participated in international McNair Scholars Exchange Program from the USA and students from Varaždin, Croatia. The goals of international collaboration between students from Varaždin, Chicago, Orlando and Pittsburgh are the development of professional and social competences for communication in an international environment and the raising of awareness for the individual needs of social disadvantaged groups though volunteering projects. This collaboration program includes elements of service learning and volunteering, intercultural learning and scientific professional components. Students are networking in international research teams and preparing projects linked to socially disadvantaged groups/students with disabilities, socially/economically disadvantaged backgrounds and the national minority in the process of higher education. Students communicate with direct use of digital technology. The quality evaluation includes quantitative and quality measurement and provides positive feedback. Acquiring knowledge and competences could raise the students’ level of competitiveness in future employment.

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ERP SUSTAVI U MALIM PODUZEĆIMA VARAŽDINSKE ŽUPANIJE

Author(s): Suzana Keglević Kozjak,Tanja Sestanj-Perić,Monika Peharda / Language(s): Croatian Issue: 32/2021

The aim of this paper was to investigate accounting information systems in small enterprises and to examine the use of comprehensive solutions such as Enterprise resource planning (hereinafter: ERP) systems. The use of ERPs in the Republic of Croatia is significantly below the EU-27 average and far from the percentage in which ERPs are used in more developed EU countries, and the benefits of a well-implemented ERP system can be significant for the company. These facts motivated us to conduct research on the use of ERPs in small businesses from Varaždin County. The research showed that small companies from Varaždin County, which is in the high 4th place according to the criteria of county development in the Republic of Croatia, use ERP systems to a much greater extent than the average for all companies with more than 10 employees in the Republic of Croatia. In line with our expectations, these are mostly ready-made ERP solutions. Most respondents invest in this segment satisfactorily, but do not plan significant future investments. Since, according to Eurostat data, the use of ERP systems at the national level is much worse than in Varaždin County, government could play a significant role through institutional assistance to small businesses in the Republic of Croatia in introducing ERP systems, as in some more technologically advanced countries.

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PRIJENOS INTELEKTUALNOG KAPITALA I ZNANJA UNUTAR VITKE ORGANIZACIJE

Author(s): Tomislav Gluhak,Fabio IVINIĆ / Language(s): Croatian Issue: 32/2021

The subject of this review paper is the transfer of intellectual capital and knowledge within a lean organization. The research methods used in the preparation of this paper are common methods used in the social sciences, which enable the process of processing research results. For the purpose of collecting secondary data, a desk survey was conducted. The main secondary data sources include foreign professional literature: books, scientific journals in the field of intellectual capital transfer and knowledge within a lean organization. The results showed that the exchange of information and learning within the organization have a positive impact on the successful implementation of lean practices, and the transfer of intellectual capital provides access to valuable complementary expertise, which leads to more successful implementation of lean practices in the organization. The literature in the segment of lean practices and lean management is extensive, with many studies examining the effect of lean practice on the transfer of knowledge and intellectual capital within the organization.

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PRIMJENA OPTIMIZACIJE U ONLINE TRGOVANJU - PRIMJER PODUZEĆA U SJEVERNOJ HRVATSKOJ

Author(s): Karla Gašparić,Iva Gregurec,Damir Dobrinić / Language(s): Croatian Issue: 32/2021

In the earlier stages of its creation, the Internet was used for specific purposes such as the exchange of information within large companies or government institutions. By expanding the availability to end users, the amount of information that could be found on the Internet also increased. In order for users to be able to quickly and easily find relevant information for them, they use search engines. By using search engines, website owners prioritize search engine optimization, which is the focus of this paper. By collecting secondary data, the theoretical basis of the concept and role of optimization was created, as well as the basic parts and types of optimization. As part of the empirical research, a survey questionnaire was created with the help of which a quantitative research was conducted on micro and small companies in northern Croatia. The questionnaire was sent to the e-mail of experts (digital marketing or marketing experts in general) of 52 companies, of which 10 experts fully answered all questions and their answers were subjected to statistical analysis presented in the paper. The aim of this paper was to get acquainted with the level of use of optimization by companies operating in the northern Croatia, including familiarity with the concept of optimization. Based on the obtained results, it can be concluded that companies are mostly familiar with the concept of optimization, which is used in their companies. However, although they use a number of factors that are important for increasing search engine rankings, yet the awareness of the benefits and role of optimization in business is still not fully formed.

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