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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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CODES OF CONDUCT AND SUCCESSFUL COMPANIES

Author(s): Liliana Scutaru / Language(s): English Issue: 3/2020

The main purpose of the paper is to analyze the codes of conduct of successful companies in Romania, in terms of their content and the message they convey. We consider the analysis of their design criteria, the vision and the values according to which companies are guided in business, what are the particularities of these codes, to what extent the code contributes to the company's success. If the organizational culture comprise a set of unwritten values and principles according to which a company is guided in business, the code of conduct represents a series of values and principles in written form. Can codes of conduct contribute to a company's success? This is the question we intend to answer in this approach that we undertake through this paper. The analysis reveals that all successful companies declare through the code of conduct the mission, the values and principles that guide them in business.There are certain keywords referring to the policies adopted and there are also values and principles that are particularly found in codes depending on the industry in which the companies operate. We have also identified certain particular features of codes of conduct.

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HUMAN RESOURCE MANAGEMENT STRATEGIES IN THE CHINESE MULTINATIONAL CORPORATIONS: IDEOLOGY, INSTITUTIONS, AND CULTURE

Author(s): George Babu,Caifeng Li,Yuting Hou / Language(s): English Issue: 3/2020

With the Peoples’ Republic of China (PRC) having inextricably been interconnected with the international economy and with the increasing footprints of the Chinese firms globally, management styles too needed to be evolved accordingly. The generic literature on internationalization of firms does not account for the ideological and institutional aspects specific to China and thus does not do justice to the way the Chinese Multinational Corporations (MNCs) have evolved. Unlike most Western MNCs, the Chinese MNCs keep their roots, in letter and spirit, as they expand internationally. That said, increasing global engagement means they somehow need to align and absorb globally recognized human resource management (HRM) practices. Differences in terms of industries, provincial regulations, national priorities as expressed in the communist party policies, etc., could also be observed. In this literature review, various key aspects of global human resource management that are applicable to the Chinese MNCs are presented.

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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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ANALYSIS ON THE POSSIBILITIES OF INCREASING THE COMPETITIVENESS OF CULTURAL ORGANIZATIONS THROUGH RESOURCE MANAGEMENT

Author(s): Amalia Cristina Nedelcuţ / Language(s): English Issue: 1/2021

In order to increase the competitiveness of artistic events organized by cultural entities in the Cluj area, we carried out an analysis on the managerial tools in relation to the resources used, with the intention of coordinating them. The literature reveals that the degree of performance can be related to the level of competitiveness of an organization; the present study seeks to highlight the causal relationships between the specific use of a managerial tool within artistic entities and their competitiveness potential. The study, based on a survey, determined that managerial tools are not fully exploited in cultural organizations, whereas empirical data suggest that in the field of organizational resources the management of financial resources stands at the forefront. Therefore, we conclude that managers must focus on other priorities in resource management, the control and professionalization of financial management alone not generating increases in competitiveness (performance). The need for investments from the sponsors is directed towards technology, the management by the organizers as a whole of the resources, with emphasis on the professional development and the numerical growth of the involved staff being able to generate efficient performances, sources of increasing competitiveness.

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ROLE OF SERVANT LEADERSHIP IN ACHIEVING AND DEVELOPING EMPLOYEE’S CAREER SATISFACTION AND INTENTION TO REMAIN WITH THE ORGANIZATION: AN EMPIRICAL STUDY OF TOURIST COMPANIES IN ERBIL CITY, KURDISTAN REGION OF IRAQ

Author(s): Dalia Khalid Faeq,Daroon F. Abdulla,Zana Majed Sadq / Language(s): English Issue: 1/2021

This paper aims to study the role of servant leadership in achieving along with developing employee’s career satisfaction and intention to continue with the organization in the tourist companies in Iraqi Kurdistan Region the city of Erbil. This paper has find out that there is a positive correlation and significant effect of servant leadership on career satisfaction along with employee’s intention to continue with the organization. This paper provides a set of recommendations, based on the findings, such as organizations have to make sure that all managers and supervisors are obliged to the style of servant leadership. This would play an important role in rising the degree of job satisfaction of workers and the purpose of remaining with the company.

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EVALUATION THE PERFORMANCE OF EXCHANGE TRADED FUNDS (ETFs) LISTED ON THE INTERNATIONAL STOCK MARKETS

Author(s): Zuzana Janková,Radek Doskočil / Language(s): English Issue: 1/2021

Exchange traded funds (ETFs) are one of the most popular and fastest growing classes of financial assets available in today's markets. Due to the significant increase in popularity, ETFs allow investors to diversify their portfolios through a basket of assets from different countries that are traded on international stock markets. The aim of this study is to analyze the performance of ETFs on different continents. The sample in this research is 40 ETFs listed on the stock exchanges in the USA, Europe, Asia-Pacific and Emerging markets. The monitoring period is 2015 to 2019. Standard indicators such as Tracking error, Jensen alpha, Treynor ratio, Appraisal ratio, Information ratio are used to evaluate ETFs performance. The results of this research showed that ETFs from the USA show the best performance, according to the selected measurement methods. The Treynor ratio has also been shown to be skewed, as ETFs with identical systemic risk but different overall risk are not quantified correctly.

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CATEGORIES OF DECISION-MAKING PROBLEM IN THE ECONOMIC POLICY

Author(s): Revaz Gvelesiani / Language(s): English Issue: 2/2021

In economic policy, the preparation of sound decisions depends on: How well the capabilities of the action and their consequences are secured empirically, i.e. how rational is the existing and acceptable knowledge of management; To what extent the decision-making problem is subject to analytical explanation (based on the logic of the decision). Usually, a practical knowledge of management is the more limited; the less the recommended actions involve or abstain from previous activities (i.e. the far they are from theoretical-economic experience). Analytical access to the decision-0making problem is hampered by the complexity of well-thought-out actions. In the economic policy, the assessment of the status and range of the decision-making problems depends on how implicitly the actions, changes and development aimed at the state of society are perceived.

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MAPPING THE LITERATURE ON INTEGRATED THINKING: A BIBLIOMETRIC ANALYSIS

Author(s): Ana-Carolina Cojocaru (Bărbieru),Svetlana Mihaila,Galina Bădicu,Anatol Graur / Language(s): English Issue: 2/2021

The goal of this research is to elucidate the idea of integrated thinking, which was introduced in the Integrated Reporting (IR) initiative for the disclosure of non-financial data, because it has not been thoroughly studied and there is no consensus on its meaning. The literature on integrated thinking is thoroughly examined in this study combining the two bibliometric indices: Elsevier’s Scopus and Clarivate Analytics’ Web of Science databases. The databases on the issue have a high level of complementarity, according to our searches. Their combined use has allowed us to track the volume and impact of studies on the issue in great detail. The main countries, publications, authors, articles, intellectual foundations, and themes are all identified. We also mapped the networks of co-authorship, co-citations, and co-keywords in integrated thinking research using Bibliometrix..

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REVEALING AUDITOR AND AUDITEE SATISFACTION IN THE EVOLUTION OF ACCOUNTING SOFTWARE (PHENOMENOLOGY STUDY IN THE REGIONAL GOVERNMENT OF SOUTH NIAS DISTRICT)

Author(s): Ya'atulo Warae,Eni Duwita Sigalingging,Erwin Abubakar,Iskandar Muda,Alexandru-Mircea Nedelea / Language(s): English Issue: 2/2021

The development of the evolution of accounting software has made significant changes to the ease of financial information and decision making for leaders in each organizational unit, especially for accountants who work in the audit department (as auditors) and in accounting (as auditees). The purpose of this study is to determine the essence of satisfaction for auditors and auditors behind the evolution of accounting software. This research is a qualitative research with interpretive phenomenology method. The research data were obtained through indepth interviews and observations. The results showed that each informant has his own perception about the evolution of accounting software. Informants (auditors and auditees) consider that the evolution of accounting software provides convenience and satisfaction in the process of completing their work as accountants, especially in presenting data quickly and accurately. Furthermore, informants have confidence in carrying out their duties as accountants even though they are not from an accounting education background because accounting software provides applications that are easy to learn and familiar to ordinary people. Accountants are required to be professional in their fields because their work is not just debiting, posting and printing financial reports because accounting software has not been able to carry out some of the functions of accountants in validating transaction data, making analyzes, conducting reconciliation, evaluating and recommendations, therefore accountants are required to have competence and expertise to support optimal performance. As a recommendation from the informant to the leaders of each organization that even though the evolution of accounting software has provided job satisfaction and helped the work processes of accountants, to achieve good and optimal performance is largely determined by the principle of the right man on the right place.

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THE EVOLUTION OF PAYROLL SOFTWARE THAT CAN REPLACE THE MANUAL METHOD IN INDONESIA

Author(s): Yulisfan Yulisfan,Iskandar Muda,Alexandru-Mircea Nedelea / Language(s): English Issue: 2/2021

The development and evolution of software related to the payroll process is very important not only with regard to employee databases but also to the compensation of each employee whose data is very confidential, the payment system to be carried out, the accounting journal that can be generated, data security, calculation of income tax as well as employee’s social security, health and pension calculations. This research is to ensure that the impact on the use of software Krishand1Payrollvery helpful in the process of replacing Microsoft Office Excel with various business considerations that are better, more accurate, faster and safer. Themethod in this research uses descriptive methods to explain problems that occur at this time or occur as they should when the research was carried out. Computer-based accounting information system related to payroll, inthis case is done by Krishand1Payroll can help companies to be able to leave processes that are done manually using Microsoft Office Excel and this can improve company performance and data security because of the security access facilities for administrator, application, operator, and data entry functions. And also all calculations and payments become faster and more accurate.

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RESULTS OF COVID -19 ON SMALL AND MEDIUM PRACTICE AUDITING FIRMS

Author(s): Manana Mchedlishvili,Nana Zazadze / Language(s): English Issue: 2/2021

As a result and the influence of covid-19, many enterprises faced problems like they had never before. For many small businesses, it is important to have a trusted consultant in the form of small and medium-sized audit firms, who we can ask for help and advice during the current crisis. Although covid-19 has posed many challenges, it has also become a catalyst for both business and small and medium-sized firms, to undergo their digital transformation. Firms with small and medium practices should switch to automated auditing remotely, because it enables a more cost-effective, efficient and quality audit. They need to develop the ability to offer cloud-based consulting services. Experts adapt to the changing environment created in the field of business, properly change the processes of preparation and submission of financial statements, the information disclosed in the financial statements and re-evaluate the possibilities of maintaining the activities of enterprises in the near future.

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HOW ECONOMIC CLUSTERS COULD ADDRESS THE LOW RESILIENCE UNDER PANDEMIC DISRUPTIONS OF THE INWARD PROCESSSING INDUSTRIES OF THE REPUBLIC OF MOLDOVA

Author(s): Elina Benea-Popușoi,Ecaterina Rusu / Language(s): English Issue: 3/2021

The paper aims at examining how economic clusters could address the low resilience of the Moldovan industries relying on inward processing. The authors conceptualize the notion of economic resilience under pandemic disruptions. They justify economic clusters contribute to building the resilience of their companies-members, particularly in the Republic Moldova. The analysis reveals despite some opportunities, Moldovan inward processing exports have turned out especially sensitive to the crisis. The dependence on lohn limits the ability of Moldovan enterprises to recover from disruptions. The research suggests that Moldovan companies capitalize on the experience of companies in the European Union, by forming or joining economic clusters. The authors hold the case of Republic Moldova reconfirms the direct correlation between the weak clusterization and the low level of economic resilience, thereby pointing to a vicious circle. To break this circle, authors conclude, Moldovan companies need to connect to the European Union's economic clustering process.

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GEORGIA’S TRADE RELATIONS WITH CIS AND EU MEMBER STATES

Author(s): Babulia Mghebrishvili,Tamaz Zubiashvili / Language(s): English Issue: 3/2021

The article provides analysis of Georgia’s trade relations with the countries of the Community of Independent States (CIS) and the European Union. The authors attempted to demonstrate that Association Agreement with EU and its fulfillment does not prevent Georgia’s trade relationships with the CIS countries, among them with Russia. This was evidenced by the results of analysis of factual figures of trade relations. After making Deep and Comprehensive Free Trade Area Agreement with the European Union, Georgia’s trade relationships have expanded with both, CIS and EU countries. Foreign trade growth rates with CIS countries exceeded that with the EU countries. The authors regard that this is result of high visibility and Georgian products. At the same time, competitiveness of Georgian goods corresponds to the requirements at CIS markets. Goods of independent Georgia, with Georgian named as the country of origin find their way to the European markets only now. Their visibility level is low. Authors of the article regard that to improve products visibility at the EU markets, Georgian businesses should, primarily rely on the markets of the countries of former socialist countries. In addition, attention should be paid to development of export and import strategies and high professionalism of the trade personnel.

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IMPLEMENTATION OF DIGITALIZATION ON THE REVENUE CYCLE TO IMPROVE THE QUALITY OF DECISION MAKING MORE TIMELY IN INDONESIA

Author(s): Yulisfan Yulisfan,Iskandar Muda,Alexandru-Mircea Nedelea / Language(s): English Issue: 3/2021

Revenue from product sales is the most important component for a company where the role of the information system in the revenue cycle plays an important role on capturing any single information related to the market, customers, availability of supplies for sale, payment systems from customers, product delivery time to customers, and how quickly this information can be gathered to become an information that can support decision making. This researchintends to get certainty that the use of digitizing the revenue cycle process will create a very positive impact on companies with better, faster, more accurate, and safer business considerations, as decision-making materials that can be made faster at any time. The method in this research uses descriptive methods to present a complete picture of social conditions or is intended for exploration and clarification of a social phenomenon or reality, by describing a number of variables. Digitalization in the revenue cycle can be done by implementing a barcode system and adding the existing information in the company database to a cellular tablet which become a tool for the sales team, so that the system will mutually integrate and update information data after the sales execution process is carried out. Prior to the system implementation, information can only be received by decision makers within the next 2 working days after the sales execution process is carried out.

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PARALLELISMS BETWEEN INDIVIDUAL AND ORGANIZATIONAL CAREER

Author(s): Nicoleta Isac,Waqar Badshah / Language(s): English Issue: 3/2021

In the conditions of the competitive economy, a special role has the capitalization of the human and the managerial potential. Career management aims at planning and modeling the progress of employees within the organization in relation to the needs assessments of the organization, but also in relation to the performance of the potential and individual preferences of employees. Career involves the interaction between organizational and individual factors and this paper presents the parallelism between organizational career management (OCM) and individual career management (ICM). The purpose of this paper is to study the theoretical and applied aspects of the career. In order to highlight these aspects, a research was undertaken within an organization, which allowed the study of the career process and the major influencing factors.

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ON THE METHODOLOGY OF THE ANALYSIS OF BUSINESS ACTIVITIES OF ENTERPRISE

Author(s): Merab Jikia / Language(s): English Issue: 3/2021

In general, the business activity is characterized by an intensity of use of the advance (internal) capital. Capital of an enterprise is in constant motion and moves from one stage of the turnover cycle to another: M > E > . . . > T > . . . E2 > M1 The faster the capital turnover cycle, the more goods the enterprise will produce and sell with one and the same invested money. Delays in the reserves at any stage, lead to a slowdown in the capital turnover cycle, which requires additional capital investments and may cause a deterioration in the financial state of the enterprise. The effect of acceleration of the capital turnover is primarily manifested in the increase of the volumes of production, n output without attracting additional financial resources. In addition, the acceleration of capital turnover increases the amount of profit, since at the initial stage of capital turnover in monetary form, it returns with an increase. If the production and sale of products is unprofitable, then accelerating the turnover of capital resources worsens the financial results of the enterprise. Therefore, we can conclude that the enterprise should strive not only to accelerate the capital movement at all stages of its turnover, but also to maximize its return, which is reflected in the increase in the amount of profit per capital of one Euro. All this is achieved through the rational and economical use of the resources and inadmissibility of losses and overspendings at all stages of the capital cycle. As a result, the capital returns to its original state with an increased amount, i.e. with a profit.

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MANAGEMENT PROCESS ADMINISTRATION IN ENTERPRISE RESOURCES PLANNING (ERP) SYSTEMS APPLICATIONS AND PRODUCTS IN DATA PROCESSING (SAP) IN PTPN III SEI DADAP

Author(s): Putri Dewi Kemala Lubis,Irna Triannur Lubis,Iskandar Muda,Alexandru-Mircea Nedelea / Language(s): English Issue: 3/2021

An integrated information system is a necessity to assist companies in solving problems for the management of business transactions. System Application and Product (SAP) application is an application that is able to provide solutions to these problems. The purpose of this study was to determine how the Enterprise Resource Planning (ERP) System Application and Product (SAP) management process at PTPN III Sei Dadap. The research method used in this research is descriptive qualitative. The results of the study can be concluded that the administrative activities of the management process in the Enterprise Resource Planning (ERP) System Application and Product (SAP) at PTPN III Sei Dadap have been integrated in real time quickly, effectively and efficiently. This can be seen from the gradual implementation of Enterprise Resource Planning (ERP), starting from the preparation of global templates, pilot projects, roll out, business planning and consolidation, and finally the business intelligent dashboard.

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