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THE USE OF REGRESSION ANALYSIS TO DETERMINE THE ORDER OF DELAYS IN THE MANUFACTURING PROCESSES

Author(s): Sadudin Ibraimi / Language(s): English Issue: 2/2019

The effect of Supply Chain Management is very important on the performance of companies their life cycle. The paper tries to investigate the role of Supply Chain Management on company performance. Companies in order to be successful in the manufacturing sector of industries, they need to manage the data order and the performance of the company. Therefore, this paper tries to emphasize that the order parameters help in estimation of the order implementation during deadlines. Thus, the obtained results will provide insights to companies on manufacturing industries and to decision makers. The results will also help decision makers to be more accurate on their decisions about orders and reaching the results by the model.

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ETHICS INSTRUMENTS USED IN AUDIT MISSIONS

Author(s): Elena Hlaciuc / Language(s): English Issue: 2/2019

The audit practice is increasingly heading towards a generalisation of this field that does not seem to have a direct connection with the accounting system of economic entities. We live in a very active period for the business world, in which the performances of the economic entity are increasingly analysed, which makes the financial statements as real and transparent as possible. But this transparency and reliability of financial and accounting information is given and validated by a professional accountant, who is also called auditor.

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REFLECTIONS ON THE NOTION OF CAPITAL

Author(s): Elena Hlaciuc / Language(s): English Issue: 3/2019

From a general perspective, the capital represents a monetary value, a value resource that is to be strategically invested and from which future economic benefits are expected. Investors, capital holders - monetary resources, based on the knowledge and forecasts used, using realistic capitalisation rates, determine under minimum or maximum risk conditions the capitalised value of the invested capital for an investment. The business evaluators in carrying out the missions of evaluating the value of an enterprise can use in the income capitalization approach, the method which involves reporting a representative level at a capitalisation rate or multiplying by a multiple of income. The objective of this paper is focused on the analysis of the notion of capital or of the terms of social capital, financial capital, own capital, etc.

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RENEWABLE ENERGY UTILIZATION FEASIBILITY FOR AGRICULTURAL COMPANY – GEORGIA CASE

Author(s): Vakhtang Berishvili,Eter Gejadze / Language(s): English Issue: 1/2020

There is no doubt that fossil fuels are expensive energy resources. Their use also leads to the environmental problems. Although there is a tendency of increase in renewable energy capacity, its share in global final energy consumption is relatively low. This paper aims to increase awareness of renewable energy role in corporation value creation. The research studies the potential of the use of agricultural biomass residues available for the company and evaluates several investment projects using the example of Geoagro ltd, and assesses their impact on company’s value. The paper also studies the feasibility of use of alternative renewable energies such as biomass and solar energy for company needs and finally assesses the profitability of the two. Regarding the methodology, the paper uses the standard financial valuation techniques such as Net Present Value and Internal Rate of Return in order to compare alternative investment projects. The results showed that the direct sell of biomass – hazelnut shells creates the highest value. While comparing the profitability of using alternative energies, it was showed that the best option is to eliminate natural gas use and switch to biomass fuel.

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FORMATION OF THE INNOVATIVE ENTERPRENEURSHIP CULTURE: CAPABILITIES AND PROBLEMS

Author(s): Revaz Gvelesiani / Language(s): English Issue: 1/2020

A seriously growing “field of problems” of the entrepreneurship culture is not perceived, or is even ignored, often. In such cases, the strategy is recognized as relevant, and resources are focused on it. Barriers, inner conflicts, unsuccessful or defeated strategies and the refusal of the market is a result of all this. The entrepreneurship culture is an extremely sensitive parameter and, for its formation and development it is necessary to take and implement the rational decisions which should envisage in particular the aspect of the essence of the culture, while all this may be reflected only in the sensitive-to-culture management. An absolutely different way of starting the entrepreneurship, namely, the establishment of a company from the components, indicates an innovative entrepreneurship culture. Being in harmony with social values is a precondition for its success. Without changing the mentality in the digital entrepreneurship, enterprises are not able to implement a rapid and large-scale introduction of innovations that can bring a success. Considering that in the digital economy an accent is made on manufacturing the intelligent-intensive products, this factor makes it very actual to overcome the problems of digitalization of the entrepreneurship culture.

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THE EVOLUTION OF THE ORGANIC PRODUCTS AND CONSUMER BEHAVIOR

Author(s): Ruxandra Bejinaru,Daniela Mihaela Neamţu,Iulian Condratov / Language(s): English Issue: 1/2020

Within this paper we bring together the conceptual and practical issues regarding the organic products market and the consumer behavior specificity on this market. In the first section we introduce the importance and argue the conceptual approach. Throughout the second section, we review the evolution of the ‘organic’ concept and emphasize the necessity to promote this consumption trend both at European level and national level. The evolution of the ‘organic’ concept must be acknowledged in order to have proper meaning of its origin and usefulness. The third section presents some evidence at European level regarding the practicing of organic farming and agriculture. Section four describes the specificity of the consumer behavior on this niche market. In order to bring the suitable arguments, we present a categorization of consumers and their behavior, in section 5. Throughout the conclusion section we review the most relevant ideas and interpretations on the subject. We conclude that each type of behavior depends on previous factors that had an influence, directly or indirectly. In real life, marketing studies are directly interested to discover and analyze the triggers of consumer behavior which further determine the consumers’ act of buying and that is highly more important for such a domain like organic products.

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STORES INSTEAD OF FACTORIES. FROM DEINDUSTRIALIZATION TO MODERN TRADE - STATISTICAL ANALYSIS OF SUCEAVA

Author(s): Daniela Mihaela Neamţu / Language(s): English Issue: 1/2020

The role of industrialization was to turn Romania from a rather agrarian country into a country with an industrial profile. We can say that the communist period was marked by forced industrialization, which had even created an industrial tradition that characterized the centralized economy of the country. The Romanian retail is currently characterized by an accelerated development, which leads to increased competitiveness, crystallization of modern trade forms, consolidation of modern retail networks and, last but not least, the attainment of attractive profit rates. Today, after the period of the communist regime, characterized by strong industrialization, Suceava has become a powerful trade center. Many malls are located in the place of former factories, which have been left behind or moved out of urban centers. Romanians are doing shopping in over 60 malls today. Most of the modern retail spaces, about 75% of the total, are grouped in Bucharest, Cluj-Napoca, Timisoara, Iasi, Constanta, Craiova and Brasov. In a short time, the area of modern retail space per thousand people became the largest in the country. The paper presents and analyses the transition of Suceava, from a commercial dimension perpetuated since the medieval times until the late nineteenth - early twentieth century to an industrial dimension started, timidly, in the early twentieth century and continued into an advanced form after the Second World War, during the communist regime. The paper also presents the return to a commercial dimension, after the communist regime.

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EVALUATION OF EFFECTIVENESS OF PUBLIC EXPENDITURES IN PSYCHIATRIC HEALTHCARE TREATMENTS IN GEORGIA

Author(s): Vano Tsertsvadze,Lali Khurtsia / Language(s): English Issue: 1/2020

Health care system in Georgia appears to be one of the important priority of the country during last decade and varies within 9-11%. With regard to health care costs, mental health sector, share its funds within 2%. Although mental health financing and resource distribution are characterized by a growing tendency in Georgia, effective allocation of funds directed for psychiatric treatment remains underestimated. Evidence based government policies imply to offer differentiated services for people with mental health problems and are based on costeffectiveness analysis. Contemporary studies with the cost/benefit/effectiveness analysis, confirm the effectiveness of community services intervention. In particular, under the same expenditures, community services can make far more positive results by improving the quality of life of people with mental disorders rather than ordinary hospital services. Nowadays, costs for the inpatient services are three times higher compared to the ambulance treatments in Georgia. Taking into view the fact that the country spends 100 times less funds in financing of mental healthcare policies then developed countries and 12 times less than Eastern European countries, choosing appropriate policy which remains adequate ratio between treatment approaches on the bases of cost-effective studies arises in the political agenda. Investing funds in community services means taking out the same amount of funds from in patient, which is already scarce and significantly lower in comparison with the similar indicators in other countries. Thus, giving preferences to inpatient or outpatient services seems to be problematic without analyzing appropriate data and comparing benefit received from funding one treatment policy to the losses of another treatment policy as a result of finance reducing..

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EVALUATION POLICY IMPACTS OF HOUSEHOLD WASTE MANAGEMENT IN PALEMBANG CITY

Author(s): Lisdiana Lisdiana,Sri Suwitri,Yopie Warella,Hartuti Purnaweni / Language(s): English Issue: 2/2020

The question of household waste is a complex problem because it adversely affects society with its effects. In addition, lack of public understanding of the consequences that can be inflicted by household waste makes waste management increasingly difficult to be solved. This research aims to observe the policy evaluation impact of household waste management in Palembang City. The research method used by researchers is qualitative research. Data collection techniques through in-depth interviews, observations, and documentation, while supplemented with audio-visual material that allows it to be taken in that field. The finding shows that the domestic of waste management policy in Palembang City has not run effectively. While, in the policy implementation of household waste management, it is necessary for community participation in handling the garbage that is found in its own home. The evaluation of the impact consisting of individual impact and society will be the high volume of household waste in Palembang City that can be solved by reducing the use of disposable goods and plastics. In addition, managed household garbage by doing garbage sorting that corresponds to the type and the formation of Garbage bank as a place to manage the garbage in recycling and economical value.

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CONNECTING CORPORATE SOCIAL RESPONSIBILITY AND COMPETITIVE ADVANTAGE ON THE RETAIL SECTOR OF BOSNIA AND HERZEGOVINA

Author(s): Natasa Tandir,Senad Redžić / Language(s): English Issue: 2/2020

Many companies are unaware of the influence of CSR activities on customer buying decisions, its correlation with building trust towards the company and its long-term effect on customer loyalty. By focusing the research towards examining the familiarity of customers with the CSR concept and evaluate its general influence on consumer behavior on the retail market of Bosnia and Herzegovina the end goal was to determine possible connection between CSR, trust and customer buying decisions. Survey data demonstrate, CSR activities are a motivating factor for purchasing decisions in favor of the company implementing them. CSR activities influences the grow of trust which customers have towards the company but not at a much larger scale then the affect on purchasing decisions. Result that seems slightly surprising is that trust towards the company does influence purchasing decisions but at a very low volume. The influence of CSR would grow with consumers comprehension of the concept and information transfer from companies and their activities.

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THE REGULATION OF THE LIMITED LIABILITY COMPANY WITH A SOLE PARTNER IN THE EUROPEAN UNION

Author(s): Eugenia Gabriela Leuciuc,Irina-Ştefana Cibotariu / Language(s): English Issue: 2/2020

The limited liability company with a sole partner has existed from the beginning in the most controversial corporate form. This fact contradicts the principles governing the body of legal entities in general and companies in particular. The normative consecration of the sole proprietorship was made to the detriment of the economic enterprise based on the theory of the patrimony of affectation by finally opting for its grafting on the foot of the limited liability company due to the numerous practical advantages of operating this type of company. This vision also characterizes the way the regulation of the limited liability companies with sole partner is made at the level of the European Union based on the provisions of the Council Directive 89/667 / EEC of Dec. 21st, 1989 on the company law in respect of the limited liability companies with a sole shareholder as amended by Council Directive 2006/99 / EC of November 20th, 2006.

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STRATEGIC TEACHING PLAN FOR THE TRAINING OF STUDENTS TOWARDS THE CREATION AND MANAGEMENT OF FAMILY BUSINESSES IN BARCELONA, SPAIN

Author(s): Linda G. Rodríguez,Dario F. Guevara,Pilar S. Gonzalvo / Language(s): English Issue: 2/2020

Family businesses are one of the main drivers of the economy, hence the relevance of studying them. There are several contributions from national specialists on the subject of family businesses, but the studies and tools developed with the purpose of to professionalize to this type of companies are insufficient. Therefore, the main objective of this research is to design a strategic teaching plan with interdisciplinary characteristics for the training of students towards the creation and management of family businesses in Barcelona, Spain, responding to the needs and demands of society. The methodology used is of a quantitative nature, with a scope according to the level of knowledge obtained with said research: exploratory-descriptive. It also required a non-experimental descriptive transactional type, all in order to investigate the incidence and provide a vision of the study community. The unit of analysis used was the teaching staff of the area of Organization of companies. Based on the proposed strategic teaching plan, it is intended that teachers first acquire the same skills that students are required to manage and lead family businesses.

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CAN FINANCIAL LITERACY DRIVE ACTIVE INVESTMENT STRATEGY? EVIDENCE FROM UNDERDEVELOPED CAPITAL MARKET

Author(s): Jasmina Okičić,Damir Selimović / Language(s): English Issue: 2/2020

The main goal of this paper is to determine the empirically analyse the relationship between financial literacy and investment strategy of individual investors from the underdeveloped capital market of Bosnia and Herzegovina. The OECD INFE Core Questionnaire (2011) was mainly used for measuring financial literacy. Using the purposive sampling technique, 89 individual investors were selected. The research was conducted in Bosnia and Herzegovina during the third quarter of 2019. To gain a better understanding of the relationship between entrepreneurs’ financial literacy and their decision making styles we primarily use structural equation modeling. The research findings have revealed a statistically - significant impact of financial attitudes, financial behaviour and financial knowledge on active investment strategy. Findings suggest that active investment approach may be raised via enhancing the financial literacy of the investors. Therefore, these results may produce useful pieces of information which might be helpful in the creation of tailored-made training programs which would meet the needs of investors in Bosnia and Herzegovina.

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ARTIFICIAL INTELLIGENCE AND CYBER SECURITY – FACE TO FACE WITH CYBER ATTACK – A MALTESE CASE OF RISK MANAGEMENT APPROACH

Author(s): Narcisa Roxana Mosteanu,Kevin Galea / Language(s): English Issue: 2/2020

The work paper aims to underline the benefits of using Artificial Intelligence to improve the business productivity, and in the same time to address awareness in order to overcome fear in exploring new technology, because of cyber-attacks. How vulnerable are businesses to computerization? 100%. Internet is a virtual space available for everyone. Storing data on any device that can be connected to the internet can become vulnerable in any given second. This article comes to show how we can use cybersecurity to protect our business, presenting in the same time cases of risk management form Malta.

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IMPACT OF FIRM SIZE ON THE EXPORT PERFORMANCE IN MANUFACTURING COMPANIES IN BOSNIA AND HERZEGOVINA

Author(s): Nedim Čelebić,Suada Štitkovac,Sanel Halilbegovic,Adisa Omerbegović Arapović / Language(s): English Issue: 2/2020

Exports play an important role in the economy of Bosnia and Herzegovina, influencing the level of economic growth, employment and the balance of payments. The objective of this research is to analyze impact of the firm size (revenue and number of employees) on export performance in manufacturing sector in Bosnia and Herzegovina. These are performed to test whether the firm size has a positive effect on the export performance. Secondary, audited financial performance data of 4077 manufacturing companies, covering the period from 2012-2017 were analyzed. A knowledge gap is clearly visible since Bosnia and Herzegovina is still having more imports than exports, which is resulting in negative trade balance. Descriptive statistics were used in the means of correlation and regression in order to analyze impact of firm size on the export performance and provide the evidence that firm’s characteristics, such as size and revenue have impact to the export performance of manufacturing companies in Bosnia and Herzegovina. Results confirmed the main hypothesis that the firm size has a positive effect on the export performance in manufacturing companies in Bosnia and Herzegovina. Those results are expected to help and guide governments and companies in Bosnia and Herzegovina behave and make significant changes when it comes to exporting. Since no similar research was previously conducted in the country, it will be a contribution to the poorly developed research area. Further research should explore related topics such as impact of industry on competitive advantage in international trade.

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"SHADOW TAX" - ONE OF THE CHALLENGES OF MANDATORY ACCUMULATIVE PENSION SCHEME OF GEORGIA

Author(s): Shota Karalashvili / Language(s): English Issue: 2/2020

In Georgian pension system the precedent of accumulative pension model indicates on existence of relevant signs of European standards. Until 2018 there was operating only one-stage pension system. So the accumulative pension model is a novelty for any party involved in the process; therefore, in Georgia the challenges accompaning various changes are characterized by a special specificity. We would like to focus on one of the challenges that equally affects all three parties involved in the mandatory funded pension scheme, including state, employer and employee. We must underline the following fact: if we want to overcome this challenge, we must implement changes not only in retirement, but also in the areas of taxation and labor sphere.

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ONE OF THE KEY ITEMS OF THE FINANCIAL STATEMENTS- REVENUE ADJUSTMANT

Author(s): Manana Mchedlishvili,Naira Tabatadze / Language(s): English Issue: 2/2020

Revenue is an income arising in the course of entity’s ordinary activities. Revenue, together with income, is an indicator estimating the financial performance and financial position of an entity and is important in this regard for the users of financial statements. IFRS 15, as the standard regulating recognition, measurement and presentation of revenue, establishes the principles which ensure preparation of the information based on the economic content of contracts with customers, the terms of recognition and the credibility of the revenues. From the existing principles of income recognition, the standard has ignored inconsistencies and weaknesses and has provided recognition of the income with a more reasonable structure. The standard provides the five-step model framework of recognition of the revenue which specifies the main actions to be implemented by an entity for the purpose of simplification of the financial reporting preparation procedures and improvement of the economic content of the information. The regulations of this standard will contribute to delivery of useful information to its users.

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APPROACH TO DEVELOPMENT OF AN INTEGRATED PLAN TO ENSURE BUSINESS CONTINUITY IN THE POST-PANDEMIC PERIOD, BASED ON INTERNATIONAL MANAGEMENT SYSTEMS STANDARDS

Author(s): Gabriela Elena Biţan,Stelian Mircea Olaru,Youssef Hassani,Iulian Cristian Costache / Language(s): English Issue: 3/2020

The COVID-19 pandemic has caused an unprecedented disruption to the global economy and world trade, with production and consumption falling dramatically in many economic. Organizations around the world have responded in many ways, from implementing working from home and restricting non-essential employee travel to canceling events. Under the new conditions, organizations must be prudent, analyze and review their short-term action plan to ensure the sustainability of the organization. Most large organizations have developed a business continuity plan. In contrast, small and medium-sized organizations have relatively limited resources to assess changes in the external environment and to develop and adopt such plans. In the context of these evolutions, the implementation of management system defined by international standards has become essential to ensure that products and services meet the imposed requirements. The main objective of the paper is to develop the approach for an integrated business continuity plan to facilitate the continuation and resumption of activities in safe conditions, both for people and for the environment, by integrating international management system. This approach can be applied by any organization, regardless of size or field of activity, but the priorities may differ, depending on the field in which the organization operates.

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REGIONAL DETERMINANTS OF EXPORT COMPETITIVENESS IN MANUFACTURING INDUSTRY IN CANTON SARAJEVO, BOSNIA AND HERZEGOVINA

Author(s): Nedim Čelebić,Amir Muzur,Ermin Cero / Language(s): English Issue: 3/2020

Located in Southeast Europe, Bosnia and Herzegovina suffered from the negative trade balance. There is an increase of export performance; however, the import value is much higher exceeding the export value. To solve that issue, this research aims to investigate regional determinants and its impact on export competitiveness of manufacturing industry in Canton Sarajevo, the center of economy of Bosnia and Herzegovina. Regional determinants assessed are foreign ownership, urbanization, and localization. Regression analysis using SPSS software was conducted. Type of manufacturing industry, urbanization, and localization were the independent variables, meanwhile export competitiveness was the dependent variable. Type of manufacturing industry shows positive impact on export competitiveness. There are 94 out of 490 exporting companies in Canton Sarajevo that belong to manufacturing industry. Out of 94 companies, the most represented companies are fabricated metal products. The manufacturing industry plays a significant role to the export competitiveness in Canton Sarajevo. The biggest urbanization ratio percentage was 23.08% in 2018. The biggest localization ratio percentage was 9.33% in 2016, meaning that localization dropped in years. According to the export incomes data, results show that a small municipality, such as Ilijaš, gains the biggest export incomes. The regression analysis shows positive linear correlation between variables.

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AN ANALYSIS OF ROMANIAN ENTREPRENEURS’ PERSONALITY TRAITS

Author(s): Geanina Brînză,Alexandru Anichiti / Language(s): English Issue: 3/2020

Entrepreneurship is a powerful driver of economic growth. It creates new companies and jobs, nurtures new skills and creates opportunities. The term "entrepreneurship" became increasingly used because it is associated with economic development in a country or a region. Currently, entrepreneurs worldwide are encouraged to identify new business opportunities and to transform them into successful businesses with the purpose of creating new jobs. The aim of this paper is to present an analysis of the personality traits that define an entrepreneur, carried out through a literature study, focusing on data supplied by the Global Entrepreneurship Monitor (GEM) and the European Commission (EC).

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