7th International Scientific-Business Conference LIMEN 2021 - Leadership, Innovation, Management and Economics: Integrated Politics of Research SELECTED PAPERS, Graz, Austria, December 16, 2021
7th International Scientific-Business Conference LIMEN 2021 - Leadership, Innovation, Management and Economics: Integrated Politics of Research SELECTED PAPERS, Graz, Austria, December 16, 2021
Contributor(s): Vuk Bevanda (Editor)
Subject(s): Social Sciences, Economy, Law, Constitution, Jurisprudence
ISSN: 2683-6149
Published by: Udruženje ekonomista i menadžera Balkana
Summary/Abstract: Organizing is an evolutionary phenomenon, distinctive because of the laws of existence and maintaining all structures in all processes of their functioning. As such, it is a civilizational phenomenon also that occurs as a component of human, individual and social activities and as a factor in the overall development of man and society.On the other hand, as a deliberate human activity, organizing involves seeking solutions to problems that occur on the way to achieving specific goals. No goal can be achieved without appropriate or necessary, or at least minimal organization of conditions, factors, and processes needed for goal achievement. However, the new era requires new types of leaders and managers, and new forms of organization; demands those who are willing and able to lead the company/corporation/state, in a distinct competitive environment, with all the good and bad sides brought by the globalization of world economy.
The purpose of the annual LIMEN conference is to support the power of scientific research and dissemination of the research results with the objective to enhance society by advancing knowledge; policy-making change,lives, and ultimately, the world. Our objective is to continue to be the foremost annual conference on cutting-edge theory and practice of leadership, innovations, management, and economics, encouraging advancement via excellence,and interaction.
LIMEN conference aims to bring together the international academic community (experts, scientists, engineers,researchers, students, and others) and enable interactive discussions and other forms of interpersonal exchange of experiences and popularization of science and personal and collective affirmation.
The annual LIMEN conference is committed to the highest standards of publishing integrity and academic honesty ensuring ethics in all its publications. Conformance to standards of ethical behavior is therefore expected of all parties involved: authors, editors, reviewers, and the publisher. The conference organizer follows the Committee on Publication Ethics (COPE) guidelines on how to deal with potential acts of misconduct.
All received full papers prior peer review process are subject to plagiarism check with iThenticate by Turnitin software. Any identified plagiarism automatically disqualifies a paper. Afterward, all full papers are double-blind peer-reviewed by the reviewers drawn from the editorial committee or external reviewers depending on the topic, title, and the subject matter of the paper. Peer reviewers provide a critical assessment of the paper and may recommend improvements. Although the author may choose not to take this advice, we highly recommend that the author address any issues, explaining why their research process or conclusions are correct.
Association of Economists and Managers of the Balkans headquartered in Belgrade – Serbia along with the partner institutions, namely the Faculty of Engineering Management - Belgrade, Serbia; Modern Business School- Belgrade, Serbia; the University of Novo Mesto, Faculty of Business and Management Sciences, Slovenia; the University of Novo Mesto, Faculty of Economics and Informatics, Slovenia; Business Academy Smilevski - BAS,Skopje, North Macedonia; and BAS Institute of Management, Bitola, North Macedonia organized 7th International Scientific-Business Conference titled: Leadership, Innovation, Management, and Economics: Integrated Politics of Research – LIMEN 2021 on December 16, 2021.
Bearing in mind the challenges of a dynamic engagement in contemporary organizations, it is clear that the analysis of these important subjects should be applied interdisciplinary approach. For this reason, the main theme of the conference LIMEN 2021 was processed through the following key topics:• COVID-19 Pandemic Influence on Business Operations and Management• Leaders and Leadership• Entrepreneurship• Innovation• Creativity• Management of Small and Medium-sized Enterprises• Contemporary Strategic Management• Financial Management and Banking• Marketing Management• Project Management• GREEN Management• Natural Resource Management• Quality Management• Management of New Technologies• Management Information Systems• Education Management• Intercultural Management• Public Sector Management• Human Resources Management• Organizational Behavior• Business Ethics• Macroeconomics• Microeconomics• Finance• Marketing• Labour Law• Business Law
LIMEN 2021 keynote speaker was Prof. Dr Dominika Gałkiewicz representing the University of Applied Sciences Kufstein, Tirol, Kufstein, Austria with the topic “Sustainability Regulation and Reporting: Trends in the Dach Region”.
Within publications from LIMEN 2021 conference:• 15 double peer-reviewed papers have been published in the Selected Papers - International Scientific-Business Conference LIMEN 2021 • 39 double peer-reviewed papers have been published in the Conference Proceedings - International Scientific-Business Conference LIMEN 2021• 70 abstracts have been published in the Book of Abstracts - International Scientific-Business Conference LIMEN 2021.
Altogether LIMEN 2021 publications have more than 600 pages. All full papers have DOI numbers and ORCID iD integration.
Participation in the conference took nearly 140 researchers with the abstracts/papers representing 16 different countries from different universities, eminent faculties, scientific institutes, colleges, various ministries, local governments, public and private enterprises, multinational companies, associations, etc.
- Print-ISBN-13: 978-86-80194-53-0
- Page Count: 168
- Publication Year: 2021
- Language: English
Significance of Innovations in the Time of Crisis – The Impact of COVID-19 Pandemic on Innovation Activities
Significance of Innovations in the Time of Crisis – The Impact of COVID-19 Pandemic on Innovation Activities
(Significance of Innovations in the Time of Crisis – The Impact of COVID-19 Pandemic on Innovation Activities)
- Author(s):Ivana Janjić, Milica Đokić
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:1-8
- No. of Pages:8
- Summary/Abstract:The outbreak of the coronavirus pandemic in 2020 is unquestionably one of the greatest challenges the world has ever faced. Aside from the terrible repercussions for human health, the current situation with COVID-19 pandemic has impacted all economies across the globe. Based on scientific literature, publicly available data and analytical reports, this paper will try to identify the changes in innovations potential of certain countries caused by the current pandemic. Observing the indicators of the Global Innovation Index (GII), comparative analysis will show how much has the pandemic affected the innovation capacity of the chosen countries and indicate the differences among them. Furthermore, the paper aims to research and to perceive the importance of undertaking innovations and R&D activities in crises such as the spread of coronavirus.
Changes and Adaptations of Business Models Caused by the Crisis Scenario
Changes and Adaptations of Business Models
Caused by the Crisis Scenario
(Changes and Adaptations of Business Models
Caused by the Crisis Scenario)
- Author(s):Pavel Adámek, Lucie MEIXNEROVÁ
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:9-17
- No. of Pages:9
- Summary/Abstract:Due to the fast-changing environment caused by the impact of the pandemic, a response to companies’ behavior is inevitable. These pandemic crisis scenario triggers searching for changes, adjustment, and adaptation of business models to seek new opportunities for competitive advantage. Therefore, the paper aims to analyze, identify and evaluate the impact of a pandemic on a firm´s business model, specifically to changes in its business elements. The research methodology applies a statistical apparatus mainly the Mann-Whitney U test, using the econometric software EViews for identifying the significance of individual business model elements within national economy sectors and branches before the pandemic and the current post-pandemic crisis. Data were obtained from 173 Czech and Slovak companies’ owners (executives). The findings represent the perception and view of businesses on the current post-pandemic crisis and their priorities changes in specific elements of business model.
Are SMEs Ready for the Transition Towards Circular Economy? Proposal for an Assessment Framework
Are SMEs Ready for the Transition Towards Circular Economy?
Proposal for an Assessment Framework
(Are SMEs Ready for the Transition Towards Circular Economy?
Proposal for an Assessment Framework)
- Author(s):Francesca Gennari
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:19-25
- No. of Pages:7
- Summary/Abstract:Small and medium enterprises (SMEs) contribute significantly to the European GDP and have a pivotal role in the ecological transition from linear to a circular economy (CE). SMEs, however, have more trouble than bigger firms making their business models circular. This article analyses the key factors that SMEs should manage for a strategic transition towards CE. Based on qualitative content analysis on the existing literature about CE in SMEs, we identify governance, relations with stakeholders and innovation as CE key pillars. It is also found that SMEs’ attitude toward them changes during the transition process. The article contributes to filling a gap in the re search about SMEs’ transition towards circularity and provides a conceptual framework for SMEs’ self-assessment in the transition path.
Using AI in SMEs to Prevent Corporate Insolvencies: Identification of Frequently Used Algorithms Based on a Literature Review
Using AI in SMEs to Prevent Corporate Insolvencies:
Identification of Frequently Used Algorithms
Based on a Literature Review
(Using AI in SMEs to Prevent Corporate Insolvencies:
Identification of Frequently Used Algorithms
Based on a Literature Review)
- Author(s):Rudolf Grünbichler, Raphael Krebs
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:27-41
- No. of Pages:15
- Summary/Abstract:Digitization in enterprises enables the application of artificial intel ligence, especially machine learning. One area of use for artificial intelligence is in the creation of an insolvency forecast for companies. With a literature re view, the current status on the usage of artificial intelligence in insolvency fore casting is presented. For this purpose, the two databases Scopus and Web of Science are searched for scientific papers on the topic of artificial intelligence and corporate insolvencies to get an up-to-date impression of the status quo. A particular focus is placed on small and medium-sized companies. It is shown that artificial intelligence methods provide better results compared to classical methods. The research reveals that the most important algorithms related to the prediction of potential corporate insolvency are artificial neural networks, decision trees and support vector machines as well as hybrid models.
The Impact of COVID-19 on the Small Businesses Economic Performance: Evidence from Italy Annalisa Baldissera1
The Impact of COVID-19 on the Small Businesses
Economic Performance: Evidence from Italy
Annalisa Baldissera1
(The Impact of COVID-19 on the Small Businesses
Economic Performance: Evidence from Italy
Annalisa Baldissera1)
- Author(s):Annalisa Baldissera
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:43-50
- No. of Pages:8
- Summary/Abstract:The purpose of this paper is to identify the effects caused by COVID-19 on the economic performance of Italian small businesses in the year 2020, with particular regard to the relationships between the determining variables of the operational management profitability. This survey can be useful in guiding the management of the firm, since it allows to intercept the management areas characterized by greater fragility which, as such, must be subjected to closer monitoring. The research considered a sample of 322 small Italian companies. To identify the impact caused by the pandemic on the performance of the selected sample, the research used a Pearson correlation analysis applied to the main variables of the operating area and ob served the five years 2016-2020 in order to understand the main variations that occurred in 2020 compared to previous years. The research showed that in 2020 the core business suffered a general loss of elasticity demonstrated by the presence of a significant reduction in the correlation between revenues and production costs (raw materials, services, employees and de preciation). The lower reactivity of costs to changes in revenues contributed to the sharp erosion of the net income of the companies in the sample.
Use of Internal Communication Channels and Employees Communication during COVID-19 Pandemic and Afterwards
Use of Internal Communication Channels and Employees
Communication during COVID-19 Pandemic and Afterwards
(Use of Internal Communication Channels and Employees
Communication during COVID-19 Pandemic and Afterwards)
- Author(s):Karmen ERJAVEC
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:51-57
- No. of Pages:7
- Summary/Abstract:The situation at the time of the pandemic COVID-19 and after wards posed great challenges for companies as they had to adjust to a “new normal”. This situation posed a challenge to the use of internal communication channels, employee engagement and satisfaction with the company. It is argued that the use of internal communication channels is an important factor in increasing employee engagement and satisfaction with the company. The study aimed to investigate the use of communication channels and their impact on employees’ satisfaction with their jobs, the meaning fulness of their work and their commitment to their company during the crisis COVID-19. An explorative qualitative and qualitative research approach was used to determine the use of communication channels and employee engagement during the COVID-19 pandemic and afterwards by Slovenian employees. The results of the statistical analysis show that there is a significant relationship between the use of communication channels and the satisfaction level of Slovenian employees. Finally, suggestions are made for organisational communication strategies in times of the pandemic.
The Relationship between Managers’ Emotional Competencies and Organizations’ Financial Performances
The Relationship between Managers’ Emotional Competencies
and Organizations’ Financial Performances
(The Relationship between Managers’ Emotional Competencies
and Organizations’ Financial Performances)
- Author(s):Agneš Slavić, Maja Strugar Jelača, Nemanja Berber, Radmila Bjekić
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:59-66
- No. of Pages:8
- Summary/Abstract:The topic of emotional intelligence has attracted considerable interest from both academics and practitioners. Emotionally intelligent leaders have the ability to express, understand and regulate their own as well as others’ emotions. Previous evidence suggests that emotionally intelligent leaders play a crucial role in encouraging employees to perform at their best at work, which in turn can improve the financial performance of the organization. Still, there is little empirical evidence to support these claims from developing countries. Therefore, the research question of this paper is: Which of the leaders’ emotional competencies are required for outstanding financial performance of the organization? In this study, emotional competencies are analyzed through the self-awareness and self-management clusters. This study proposed and tested the relationship between managers’ emotional competencies and an organization’s financial performances, such as growth in profits, profitability, return on assets (ROA) and return on equity (ROE). Empirical data were obtained via a questionnaire survey involving 300 employees from 80 organizations in the Republic of Serbia. The methodology used in the study is a well-known ESCI questionnaire. The findings revealed a weak positive correlation among emotional self-awareness, aspiration for success and adaptability as emotional intelligence competencies and financial performances, whereas emotional self-control and optimism did not have any statistically significant relationship with financial performances. The results provide implications regarding the development of emotionally intelligent leaders, supporting emotional competence at the organizations.
HR Department: How Business Ownership and Activity Type Affect Its Existence in the Albanian Companies
HR Department: How Business Ownership and Activity Type
Affect Its Existence in the Albanian Companies
(HR Department: How Business Ownership and Activity Type
Affect Its Existence in the Albanian Companies)
- Author(s):Amalia Tola
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:67-76
- No. of Pages:10
- Summary/Abstract:Human Resources Management is an important function of organizational management. The way an organization uses its human resources for the development and implementation of its strategies can strongly affect its performance. Human Resources Management (HRM) in the context of a market economy is still a new concept in Albania. About thirty years after the transition from a centralized economy towards a free-market economy, the job relations in Albania are undergoing important changes; therefore, businesses should be able to successfully face the fast development of technology, globalization effects, and the need to have an efficient and effective labour force to fulfill, in the best way possible, the economic objectives. The role of the HR department is crucial towards such achievements; however, this role and its potential towards organization success is not fully appreciated by the Albanian private sector companies and often the HR department is not existent, or its role is vague. This paper uses literature review and quantitative research to analyse the role of the HR department as a key function of organizational management and to explore the extent of HR department presence in the big companies in Albania, in the view of ownership and type of business activity
The Role of Integrated Marketing Communications in Building a Brand and Improving Business Performance
The Role of Integrated Marketing Communications
in Building a Brand and Improving Business Performance
(The Role of Integrated Marketing Communications
in Building a Brand and Improving Business Performance)
- Author(s):Milena Cvjetković, Milovan Cvjetković, Saša Stepanov
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:77-86
- No. of Pages:10
- Summary/Abstract:Organizations through various forms of marketing communications strive to increase brand awareness and create a brand image in the market. Through these communications, relationships between consumers and companies are developed, to build customer loyalty. Correlation relations showed that there is a great dependence between the variables of marketing communication and the variables of brand building and business performance. The regression model found that marketing communications have the greatest impact on brand recognition in the market, highlighting the impact of public relations and direct marketing. It has been confirmed that economic propaganda, sales promotion and internet marketing are the best predictors of market participation as business performance of an organization. The results of the research indicated that the impact of marketing communications on brand building is greater if the organization is ready to conduct adequate marketing research and to the greatest extent satisfies the needs and requirements of consumers.
Firms´ Behaviour in Selling Regional Brands and Customer Loyalty in E-commerce
Firms´ Behaviour in Selling Regional Brands
and Customer Loyalty in E-commerce
(Firms´ Behaviour in Selling Regional Brands
and Customer Loyalty in E-commerce)
- Author(s):Ondřej Mikšík, Halina Starzyczná
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:101-109
- No. of Pages:9
- Summary/Abstract:The paper aims to present research results on regional brand sales and customer loyalty. The object of the research was small and medium-sized enterprises in the Czech Republic selling regional products and operating in e-commerce. The subject of the research is broadly defined. The paper first deals with the current state of knowledge. The theoretical background is focused on professional literature and studies oriented on regional branding and e-commerce. Both the VosViewer method and the historical method are used in the theoretical discussion. The empirical research includes primary qualitative research. It is qualitative research focusing on SMEs operating electronic sales of goods including regional brands. The research focuses on the business strategy, the establishment of e-stores, the nature of the offer, as well as customer loyalty and performance of the businesses. The results indicate a lower orientation of respondents in the researched issues, not attaching importance to customer relationship management. Customer loyalty is perceived, which is confirmed by the respondents’ behaviour according to them. However, half of them do not evaluate it at all, nor do they monitor repeat purchases in the context of behavioural loyalty.
Complexity of Creating Customer Experience under the Influence of Digital Transformation
Complexity of Creating Customer Experience
under the Influence of Digital Transformation
(Complexity of Creating Customer Experience
under the Influence of Digital Transformation)
- Author(s):Gregurec Iva, Lucija Tomašek, Larisa Hrustek
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:111-119
- No. of Pages:9
- Summary/Abstract:In a digital context, the customer experience represents a complex field of competition for companies in the process of retaining loyal and attracting new customers. The digital transformation paradigm, in the technological and business aspect, should create value for the customer and increase the customer experience easier. However, challenges such as dynamic market changes and disruptions leading to increasingly complex customer requirements, make customer journey management a critical field for companies. This paper presents a preliminary review and provides insight into the problems of building loyalty and increasing customer experience under the influence of digital technologies. The recognized problems, according to secondary data, indicates that the potential of customer experience management with the help of digital technologies was not achieved. In this paper, recommendations for the elimination of mentioned problems were defined and how usage of digital technologies can contribute to building loyalty through analysis, monitoring, and support of customer journey.
Customer Buying Behaviour in International E-commerce through Empirical E-shop Data
Customer Buying Behaviour in International E-commerce
through Empirical E-shop Data
(Customer Buying Behaviour in International E-commerce
through Empirical E-shop Data)
- Author(s):Daniel Kvíčala, Halina Starzyczná
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:121-130
- No. of Pages:10
- Summary/Abstract:The article deals with customer e-loyalty. The main objective of the research was to investigate customer buying behaviour, hence customer e-loyalty in e-commerce, and the implications of this for e-shops. Specifically, it concerns how customers behave at e-shops, how often they buy from the e-shops and what kind of revenue they bring to the e-shops. First, the theoretical background of the research is presented, based on some studies. The theoretical discussion proceeds from the broader context of loyalty. The core of the theory is e-loyalty. Secondary research and its results are then characterized. The subject of the research is the analysis of empirical e-shop data related to the manifestations of behavioural e-loyalty. Indicators in forming about the proportion of loyal customers on the main variables of interest, concerning the total number of all customers, the number of visits to the e-shop, the number of transactions and the sales volume, were evaluated. Also, the subject of the research is a company operating e-shops in selected countries and its customers. The research covers a total of 13,418 customers. The results obtained contradict the claims of some authors that e-loyalty is one of the key factors for the success of e-shops and that e-loyal customers generate a substantial part of the volume of purchases and sales.
Labour Productivity in the Croatian Hotel Industry
Labour Productivity in the Croatian Hotel Industry
(Labour Productivity in the Croatian Hotel Industry)
- Author(s):Justin Pupavac, Vinković Kravaica Anastazija
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:131-137
- No. of Pages:7
- Summary/Abstract:The main goal of this paper is to assess labour productivity in the Croatian hotel industry. The purpose of this paper is to determine the level of productivity of employees in the hotel industry in order to improve the performance of the Croatian hotel industry. In order to achieve the goal and purpose of this research, many scientific methods have been applied, of which the survey method (N = 452), descriptive statistics methods and cluster analysis methods have been singled out. The main finding of this paper suggests that every other employee in the hotel industry shows a low level of labour productivity
The Effects of the Application of Artificial Intelligence in Material Handling – A Systematic Literature Review
The Effects of the Application of Artificial Intelligence
in Material Handling – A Systematic Literature Review
(The Effects of the Application of Artificial Intelligence
in Material Handling – A Systematic Literature Review)
- Author(s):Abdullah Al Al Mammun, Adhie Prayogo, László Buics Buics
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:139-150
- No. of Pages:12
- Summary/Abstract:In this article, the authors are examining the application opportunities of artificial intelligence in the material handling industry. A structured literature review with the help of a mapping study is being conducted in the study to show how the material handling industry can benefit from the implementation of artificial intelligence. The paper will demonstrate how artificial intelligence can assist in transforming material handling processes from manual to autonomous operations impacting greatly the overall efficiency and effectiveness of different industries. The paper is using the Scopus and Science Direct databases to show what are the advantages and the constraints based on the selected articles.
Boosting Agribusinesses with Brands during COVID-19 Pandemic
Boosting Agribusinesses with Brands during COVID-19 Pandemic
(Boosting Agribusinesses with Brands during COVID-19 Pandemic)
- Author(s):Horațiu Oliviu Buzgău, Smaranda Adina Cosma
- Language:English
- Subject(s):Social Sciences, Economy
- Page Range:87-100
- No. of Pages:14
- Summary/Abstract:Agribusiness is one of the major forces in global economic development. Since the 1980s, diversification has been seen by agribusiness as one of the right strategies to improve and increase its status, but the COVID-19 pandemic has exposed the vulnerabilities of agribusiness. In this new context, companies have capitalized on the marketing dimension, shaping their identity to transfer and add value, especially to end consumers. The brand is an intangible bridge that strengthens entrepreneurial capital. The paper aims to analyze the impact of the COVID-19 pandemic on the main players in the agribusiness industry, taking into account marketing performance indicators such as turnover, rating and brand value before and during the COVID-19 pandemic. Exploratory research was performed based on the analysis of secondary data. Given the annual agribusiness reports, the first ten agribusinesses were generated and analyzed using the rankings on turnover, profit and brands developed by Forbes, Brand Finance and Interbrand. The research classified agribusiness taking into account the market they addressed: B2B, B2C, or mixed formula. Only Nestlé is present in all the rankings. From the rating point of view, the pandemic generated by the new Coronavirus did not produce notable implications on the brand of the big players in the international agribusiness. For Romanian agribusinesses, Transavia, Cris-Tim, Vel Pitar are in the top ten in terms of turnover and brand value. The study emphasizes the complementarity of analyzes and the interdependence between them.