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Inwestowanie na rynku międzynarodowym a ryzyko portfela. Analiza na podstawie głównych indeksów międzynarodowych

Author(s): Ewa Feder-Sempach / Language(s): Polish Issue: 2/2016

The aim of the article is to present theoretical research on international portfolio theory. The article describes the main research areas such as international efficient frontier, risk reduction through international diversification, the degree of risk reduction in different countries and sectors, and spread of international diversification into supra-regional level. The main objective is to present the impact of international diversification on portfolio risk based on the major international indices in the period of 2011–2015 with the use of expected rate of return and standard deviation. Portfolios from various regions of the world – Europe, the United States, and China – have been analysed. Empirical research has shown that the degree of risk reduction is connected with the level of international diversification. In the period of 2011–2015, the lowest risk characterized the S&P 500 portfolio, which in itself proved to be the most internationally diversified.

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Ratio analysis and Piotroski scoring system in the automobile industry in Croatia

Author(s): Morana Mesarić / Language(s): English Issue: 1/2014

To gain insight into operational efficiency, sustainable profitability, the ability to fulfil commitments, use of funds borrowed or investment risk or operational self-sufficiency, it is necessary to conduct analyses of financial statements usually known as ratio analysis. The paper provides analyses of five Croatian general distributors of the automobile industry. Ratios used in the analyses are those used in the Piotroski f-scoring analyses, which are famous for assessing financial capacities of enterprises on the stock exchange market. Based on ratios used in Piotroski scoring systems the assessment of five enterprises, as well as the sector as a whole was carried out. The analysis covers the period 2007-2012. That is the period of the rise, falling and recovery of the automotive industry throughout the world as well as the rise, falling and recession of the whole economy including the automobile market. In general, the sector itself is financially unstable and consequently risk exposed. Results are used for preliminary analyses and prediction of the future financial strength of the auto industry in Croatia.

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Enterprise performance measurement systems

Author(s): Milija Bogavac,Ljubomir Miljković,Zoran Lalić,Vesna Šotra,Vladimir Stojanović / Language(s): English Issue: 1/2014

Performance measurement systems are an extremely important part of the control and management actions, because in this way a company can determine its business potential, its market power, potential and current level of business efficiency. The significance of measurement consists in influencing the relationship between the results of reproduction (total volume of production, value of production, total revenue and profit) and investments to achieve these results (factors of production spending and hiring capital) in order to achieve the highest possible quality of the economy. (The relationship between the results of reproduction and investment to achieve them quantitatively determines economic success as the quality of the economy.) Measuring performance allows the identification of the economic resources the company has, so looking at the key factors that affect its performance can help to determine the appropriate course of action.

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Carsharing situation in Croatia

Author(s): Aleksandar Erceg / Language(s): English Issue: 1/2014

Carsharing is becoming very popular in the western world as an effective method to contain rising prices of fuel and vehicles. It was brought about as a possible solution to the changing condition of growing economies and population where there is an increased need for travel but there is also a need for expense economizing. Due to its role in reducing fuel consumption, controlling pollution and traffic congestion, there is an increased usage of carsharing services as an alternative transportation option in big cities. Today, worldwide several different carsharing methods are being used.This paper examines the current situation of carsharing in the world and two initiatives for starting carsharing programs in Croatia. The main goal of this paper is to define what carsharing is, how successful it is in the world and if there is potential for it in Croatia. The most developed carsharing regions in the world are Western Europe and North America. In the last several years Asia, Australia and South America have started carsharing projects and have the biggest growth in members and vehicles. Carsharing is still not recognized in Croatia. There were a few initiatives for starting the program but they failed. In order to determine the possibility and potential of carsharing in Croatia it is necessary to conduct further market research.

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Ulaganje u poslovanje putem franšize

Author(s): Dubravka Mahaček,Maja Martinko Lihtar / Language(s): Croatian Issue: 2/2013

A business can be launched by establishing a new entity, purchasing an existing entity or through a franchise.There are certain prerequisites for starting a business, the most important ones being a quality idea and start-up capital. Potential start-up difficulties are inadequate financing, existing competition as well as the process of building your own market position. By purchasing an existing business some risks maybe avoided and the opportunity for gaining profit may arise. Profitable operation is possible only if this business has up-to-date products and no outstanding liabilities. This paper discusses franchising business opportunities and the requisite investments and costs, which will bring success if they are accompanied by franchisee’s efforts. The paper aims to present the main characteristics of a franchise business, the necessary investment and the costs which arise in the process, as well as advantages, disadvantages and experiences with this kind of business.

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Uloga i značenje menadžmenta u osiguranju

Author(s): Luka Stanić,Jerko Glavaš / Language(s): Croatian Issue: 2/2013

The conditions in which insurance organizations operate now in the Republic of Croatia are significantly altered compared to a few years ago. Changes in the economic system, which are still pending, alter the terms of the business of insurance organizations in Croatia and they require continuous monitoring of the environment, quick action, innovation and improvement of insurance services to meet the needs of users. Management has a key role in the implementation of organizational adjustments of insurance organizations in market conditions. In this article, the author discusses about management in insurance field with special emphasis on asymmetric informations and the role of information systems in modern management of these organizations. The work is complemented by the practical aspects of the insurance business.

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Lean manadžment u neproizvodnoj organizaciji

Author(s): Mladen Žvorc / Language(s): Croatian Issue: 2/2013

This paper examines the possibilities of a lean approach to non-manufacturing functions, i.e. a market-oriented organization. This refers to purchasing, shipment, storage, sale and delivery of goods; marketing, etc. A lean approach to business operations is discussed and several lean business methods are developed on the basis of which lean management can be used not only in manufacturing, but also in non-manufacturing organizations.

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Analiza ključnih aspekata upravljanja konfliktima u području primarne zdravstvene zaštite

Author(s): Josip Mesarić,Nedjeljko Kovačić,Stjepan Rudan / Language(s): Croatian Issue: 1/2012

Conflicts represent states of personal and organizational imbalances. Because of different interests (personal and organizational), different goals, different ways of realization of business activities, different values, priorities, perception of reality, cultural differences and psycho-sociological differences among groups and individuals, many conflicts arise in organizations. In this paper we explore organizational conflicts from different aspects in order to find out key types of conflicts according to the participants, frequency of their occurrence, their main causes and consequences, ways and strategies for their resolution. Research was conducted in eight institution of primarily health care in Croatia and encompassed 185 respondents. Research was based on questionnaire with 28 complex question for which answers in Lickert scale was proposed. Analysis has showed that interpersonal and some specific intergroup conflict arose frequently. There are also some consequences that arose frequently and strategies used in conflict resolution. All this aspects of conflicts were explored regarding to sociological and managerial characteristics of respondents. We also analyzed relations among causes, consequences and strategies used in conflicts resolutions.

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Sustavi zasnovani na znanju u procesu odlučivanja u prodaji

Author(s): Damir Ivković,Marijana Zekić-Sušac / Language(s): Croatian Issue: 1/2011

The paper deals with modeling knowledge based systems with the aim of increasing the quality of decisionmaking in the segment of wholesales. Expert systems, as a technique of knowledge based systems, are computer programs that use the knowledge from an expert in a specialized area in purpose of decision support. A review of previous research of knowledge based systems in sales is given in the paper, as well as the possibilities of their adjustment to the user needs and preferences. In order to test those abilities,an expert system aimed for decision support in the process of selling goods to a certain customer is designed. The suggested knowledge base uses production rules to represent knowledge. By using the expert system shell ExSys Corvid, an expert system is built which showed in its testing phase that it is possible to make the sale process faster and more efficient. Some benefits and limitations of the suggested system are discussed in the paper.

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Features of small business development in Ukraine

Author(s): Yevhen Matviyishyn,Taras Mahats / Language(s): English Issue: 2/2015

The study is to show the main aspects of small business development in Ukraine. The features of business formation in the first years of independence have been observed, among which the power and business fusion, the use of political rent and so on. The features Ukrainian legislation which regulates the activities of small businesses were described, and the latest legislative changes aimed at simplifying these activities. It is suggested to improve the conditions of freelancers’ activities due to introducing simplified requirements for documenting their work in Ukraine. Attention is paid to defend the interests of small businesses in Ukraine through their NGOs.

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Trust in Effective International Business Cooperation: Mediating Effect of Work Engagement

Author(s): Małgorzata Chrupała-Pniak,Damian Grabowski,Monika Sulimowska-Formowicz / Language(s): English Issue: 2/2017

Objective: This study aims to analyse the relationships between relational competence and its trust-building processes with individuals’ traits considered as psychological antecedents of inter-organizational relationships (IORs), outcomes. We hypothesize that organizational trust-building competence, situational trust, trust propensity, and autonomous motivation of cooperating teams and their managers influence IORs outcomes through work engagement of cooperating people. Research Design & Methods: We addressed 210 managers and 982 employees responsible for inter-organizational cooperation from medium and big companies. As explanatory model we adopted the job resources-demands (JR-D) model. Correlation, regression, mediation analyses with bootstrapping, and structural equations modelling (SEM) were used. Findings: Our analyses confirmed positive role of both organizational competences and psychological states of individuals, as valuable mediators in translating the potential of personal traits of teams and managers into IORs outcomes. Implications & Recommendations: As both psychological variables of people responsible for the course of IORs and relational competences of organizations play a vital role in reaching outcomes in IORs attention should be paid simultaneously to both aspects. Our findings highlight the necessity for interdisciplinary research in the field of IORs. Contribution & Value Added: We expose the multilevel and multifactor character of relationships between the antecedents of firms success in IORs, with the use of relationships theory in organization science, and theories proposed by psychology of work and organization.

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Technological and economic design of asphalt mixture composition based on optimization methods

Author(s): Henrikas Sivilevičius,Kęstutis Vislavičius,Justas Bražiūnas / Language(s): English Issue: 4/2017

The asphalt pavement made of high quality materials and having the optimal composition best resists destructive effects of environmental factors and vehicles. The optimal content of the mineral materials of the asphalt mixture and a bituminous binder is selected employing calculation and experimental methods. The properties of the designed asphalt mixture must meet the requirements of technical specifications thus reducing its cost. The paper presents algorithms for simulating the composition of the asphalt mixture applying mathematical programming techniques. The algorithms allow designing the asphalt mixture with minimal bitumen content, a low cost of the mineral part and the densest gradation assessing technological requirements for producing the mixture. Optimal bitumen content is calculated considering bitumen capacities specified for different types of rock and determined employing the most recent standard sieves screening for narrow fractions. For verifying the new proposed algorithms, a numerical experiment on the materials most commonly used in asphalt mixing plants was done. The analysis of findings indicates that the application of the algorithms assist in comparing real results.

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A literature review of the factors limiting the application of BIM in the construction industry

Author(s): Chengshuang Sun,Shaohua Jiang,Mirosław J. Skibniewski,Qingpeng Man,Liyin Shen / Language(s): English Issue: 5/2017

Building Information Modeling (BIM) has had a profound effect on the construction industry. It has greatly improved coordination among stakeholders, enhanced productivity, and increased profits. However, many factors still limit the application of BIM in the construction industry. This study conducts a literature review to identify these negative factors. Firstly, twenty-two sub-factors are identified and classified into five categories: Technology, Cost, Management, Personnel, and Legal. Secondly, some suggestions for eliminating these limiting factors are given. Finally, the study also identifies further research directions for improving BIM theory and applying BIM technology widely and successfully. The results of this study will provide support for practitioners who are using or plan to use BIM.

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Solving the ally-versus-acquire dilemma through the dual lenses of subjective and objective views

Author(s): Chiung-Hui Tseng / Language(s): English Issue: 3/2017

Nowadays many firms seek hard-to-imitate assets via allying with or acquiring other firms that own desired resources. As such, how to choose between alliances and acquisitions becomes a critical decision, and one important determinant is interfirm factors. This study probes three crucial yet underexplored interfirm differences, and develops scales to capture managers’ perceptions of the differences that, based on managerial cognition literature, dictate the ally-versus-acquire choice. Further, we argue that managers adjust their judgement across varying objective conditions. Each perceived difference is thus paired with a moderator identified respectively from the resource-based view, competitive dynamics, and collaborative capability literature. Evidences on Taiwanese firms show that a larger resource-deployment difference enhances acquisition likelihood, while greater differences in marketing praxis and human resource management increase alliance formation. Moreover, the resource-deployment difference leads to alliances for relatively younger partners, and the difference in human resource management favors acquisitions when focal firms have more interfirm governance experience.

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Employer Branding and Talent Management in the Digital Age

Author(s): Alina Mihalcea / Language(s): English Issue: 2/2017

In the digital age, organizations need to reinvent themselves at a structural level and to become agiler. Digital maturity of human resources management implies a shift from traditional paradigm on workplace towards engagement, learning and development of employees and search for talent. This paper focuses on identifying the major trends and strategies concerning talent management programs and development of digital skills for employees and managers. The study reveals that in an open talent economy, employer brand is very important in recruiting and retention of high potential employees and must be focused on learning & leadership development, mobility, rewards and competency systems. At present, in order to obtain a business value, one of the major challenges that HR needs to face is the development of digital skills for managers and employees.

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Bezpieczeństwo eksploatacji pomp ciepła i urządzeń chłodniczych – w odniesieniu do środowiska naturalnego

Author(s): Wojciech Tuchowski / Language(s): Polish Issue: 03/2017

The article presents the problem of exploitation of refrigeration systems and heat pumps in terms of refrigerant emissions to the atmosphere. These substances are responsible for destroying the ozone layer, and to a large extent for the greenhouse effect. Safe exploitation of devices containing refrigerants aims to reduce their emissions and reduce energy consumption to propel them. The article presents a definition of indicators ODP and GWP. An analysis of the index TEWI for water source heat pump operating period of 10 years and interpreted its individual components was made. The calculations were performed in regard of four refrigerants: R-404A, R-407C, R-410A and R-600a.

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Leadership Competencies Among Managers

Author(s): Paweł Korzynski,Anna Baczyńska / Language(s): English Issue: 2/2017

Purpose: The aim of this paper is to present the results of a survey conducted among managers (N=38) in the framework of the project “Development of the Bounded Leadership Theory”. The research juxtaposes two types of variables: (1) leadership competencies outlined in Kozminski’s theory (i.e. anticipatory, visionary, value-creating, mobilizing, self-reﬂection) with (2) three psychological predispositions of leaders, such as intelligence, personality and ability to inﬂuence others. The tested predispositions represented three groups: non-variable traits, or permanent characteristics (intelligence), partially variable characteristics (personality) and variable characteristics (inﬂuence tactics).Methodology: A total of 38 middle and senior managers, students of the MBA programme at Kozminski University, took part in the survey. Participants flled out a preliminary version of the Leadership Competence Questionnaire, as well as tests pertaining to intelligence, personality and inﬂuence tactics. The hypotheses were tested using Spearman’s rho correlation. The research has brought interesting results relating to the correlation between the fve tested competencies and leadership predispositions.Findings: Permanent and partly stable characteristics do not correlate with leadership competencies, i.e. a high score in leadership competencies is not necessarily synonymous with high intelligence levels or positive personality traits. Correlations have been observed between mobilization skills and inﬂuence tactics in the surveyed sample, i.e. legitimacy and personal appeals that leaders have recourse to and, in the case of value-creating competencies, an interesting correlation with legitimacy.Originality: The study constitutes an important contribution to the extant literature, as – first and foremost – it represents a new approach to the understanding of leadership competencies. Secondly, it reveals correlations between complex skills, i.e. competencies, and permanent, relatively permanent and variable characteristics of contemporary leaders. Thirdly, it is the starting point for further research on leadership competencies.

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Hybridization Revisited: New Insights from the Evolutionary Approach

Author(s): Tomasz Olejniczak,Masato Itohisa / Language(s): English Issue: 2/2017

Purpose: This article is a conceptual paper based on an extensive literature review performed as a preparation for replicating a study of Japanese hybrid factories in Central and Eastern Europe.Methodology: It focuses on hybridization showing that although the concept itself originates in evolutionary biology, its application in the feld of International Business bears a strong resemblance with the cultural approach and Japanization.Findings: Given some recent criticism of the hybridization studies, this article argues that the literature applying the concept would beneft from going back to its origins (i.e. the evolutionary approach), which in itself is a well know paradigm in organizational studies and could help in overcoming current conceptual limitations.

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Spending Reviews – a Tool to Support the Effcient Management of Public Funds

Author(s): Marta Postuła / Language(s): English Issue: 2/2017

Purpose: Respective European Union member states’ interest in using spending reviews varies as there are no international mandatory regulations. The EU legislation contains general indications as to maintaining a rational fscal policy, from the provisions of the TFUE, expanded in the Pact for Stability and Growth, and elaborated in 2011.Methodology: Adopting an interpretative research approach, this article elaborates a multiple explanatory case study design to discover how existing theories about public spending reviews are conceptualized by practitioners in their natural contexts.Findings: The deteriorated state of many countries’ public fnances, as a result of the global fnancial crisis, has increased the interest in advanced innovative consolidation and fscal stabilization methods. Spending reviews are among the most developed and advanced methods. Such reviews were conducted both by countries that had applied this instrument before (Netherlands, Denmark, Finland, United Kingdom, Australia), and by those that introduced them for the frst time (Ireland, Canada, France). However, reviews are applied in countries characterized by signifcant economic advancement and mature public management systems.Originality: This article analyses and draws conclusions from several selected countries’ experience to date in using spending reviews. The budget functions are compared using information from the implementation of the spending reviews. This article contributes to flling two main gaps identifed in the literature review.

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Adventurous Foreign Direct Investment

Author(s): Michał Zdziarski,Justyna Światowiec-Szczepańska,Michael Troilo,Łukasz Małys / Language(s): English Issue: 2/2017

Purpose: The aim of this paper is to explore the phenomenon of an advanced form of internationalization: foreign direct investment (FDI) in a distant location. We label this transaction “adventurous FDI”, and explain how this new concept is related to, yet distinct from, other widely studied theories: born global companies, the LLL model, and the Uppsala model. We propose a theoretical typology of adventurous FDI based on two critical factors for risktaking: distance and embeddedness.Methodology: We present a theoretical proposal of a typology of AFDIs. To support our proposal, we illustrate the typology with examples from a longitudinal study of foreign direct investments undertaken in the years 2007-2009 by Polish frms. Selection of the time period for this study is justifed by the fact that the number of FDI transactions and AFDIs has almost doubled in the observed time period. We apply methods of social network analysis to identify embeddedness of FDIs and use geographic distance measures to classify transactions on a distance scale.Originality: Current theories of foreign direct investment (FDI) focus broadly on either gradual learning or instant globalization. We identify a new category which we term “adventurous FDI”. The distinctive features of adventurous FDI includes the exploration of many unknowns related to distant locations and the use of advanced internationalization forms. We propose that embeddedness in country networks is instrumental to adventurous FDI, as the rapid learning inherent in such network arrangements enables frms to overcome the ambiguity associated with vast geographic, psychic, and cultural distance.

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