Innovation Management, Entrepreneurship and Sustainability (IMES 2017)

Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises

Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises
(Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises)

Author(s):Chukwunonye Anyakoha, Chinyere Nwolisa
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:15-27
No. of Pages:13
Keywords:Financial innovation; Entrepreneurship; Sustainable development; Economic growth; Crowdfunding
Summary/Abstract:Purpose: The study is to analyzed the various sources of funding for small and medium scale enterprises (SMEs) in Lagos State of Nigeria, examine the challenges they face an accessing funding from theses source and to highlight available innovative means of financing enterprises via innovative means like crowdfunding. Design/methodology/approach: Empirical analysis was conducted using descriptive design. A total of 600 (six hundred) structured questionnaires were distributed to SME operators, of which a total of 500 (five hundred) were filled and returned. Findings: Conventional funding sources such as bank loans and retained profits were both difficult to access, and their usage is beset with numerous challenges. Furthermore, low level of knowledge of crowdfunding, scepticism and lack of appropriate regulatory framework are factors hindering successful operation of crowdfunding in Lagos State of Nigeria. Research/practical implications: This research work has implications for SMEs and also for regulators. For SMEs, it exposes a veritable alternative in accessing funds, while for regulators, it highlights a new frontier for monitoring and evaluation of internet utilization in fund raising. It also educates the member of the public who are internet savvy of the good use of the internet in supporting SMEs. Originality/value: This study has an originality value of using primary data collected by SME operators in Lagos Nigeria.

The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process

The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process
(The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process)

Author(s):Radovan Bačík, Richard Fedorko, Jakub Horváth, Marek Propper
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:28-37
No. of Pages:10
Keywords:motivation; disincentive; employees; work process
Summary/Abstract:Purpose: The aim of the article is to identify and describe the important relationship between the age of employees and the assessment of selected variables “work satisfaction“ and “motivation – lack of motivation“ on the basis of the research.Design/methodology/approach: The research made use of the material obtained from primary sources. The primary sources were data collected from questionnaires filled out by inhabitants of Slovakia. The sample consisted of employees of SME’s. Using the method of random sampling we identified 442 SME’s. Within this group were have reached out to a total of 665 employees. The research sample included 136 respondents. The research sample consisted of employees of various organizations, like those working in the manufacturing sector, commerce, services and administration.Findings: The analysis of the links between the age of employees and their motivation/ disincentives pointed to a statistically significant connection showing that older employees have lower level of motivation and lack interest in their career.Research/practical implications: Based on the results of the analysis we believe that it is really difficult to predict which direction the investigated issue will take in the future. Presented findings, however, indicate the fact that employees prefer different attitudes, opinions and ideas and often need to individually deal with many situations and forms of behavior. In practical terms, the findings will help SME’s to understand and influence motivation of different age groups of employees. Originality/value: The aim of this paper is to help SME’s to better understand links and the variables that influence motivation and employee satisfaction at work in today's ever-changing market environment.

The Role of Social Media in the Light of Building a Strong Online Brand Awareness

The Role of Social Media in the Light of Building a Strong Online Brand Awareness
(The Role of Social Media in the Light of Building a Strong Online Brand Awareness)

Author(s):Radovan Bačík, Ľudovít Nastišin, Beata Gavurova
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:38-47
No. of Pages:10
Keywords:social media; brand; marketing; tool
Summary/Abstract:Purpose: A brand is no longer what we tell the customer, it is what customers tell each other. The importance of using a social media mix for marketing purposes has never been greater than it is today. Ignoring these tools can have unfavorable effects on any company, whether in the form of lack of competitiveness or in the case of unnecessarily high costs for promotion with weak effect and targeting. We aim to examine the relationship between perceived knowledge of the use of social media along with the frequency of their use, their potential impact on subscribing to the content of the company's social media accounts.Design/methodology/approach: The paper examines the sample of 476 respondents questioned through the CAWI method - computer assisted web interviewing. A random sampling method has been used. All of them are active users of social media tools. Gathered data were subsequently processed with the methodical procedures of correlation analysis. Data collection took place during the first half of 2016.Findings: We came to the interesting findings of the existence of presented relationships. These are accompanied with specific information about the use of particular social media among respondents, which also implies a clear preference and thus serve as assistance in determining the right mix of social media which should be used by the company.Research/practical implications: The findings are subsequently transformed into a set of recommendations that help in setting the right marketing activities of companies in the online environment. There are also implications for the development of strong social media presence.Originality/value: This paper fulfils an identified need to study how brand-supportive behavior can be enabled. The paper cope with the ever-growing phenomenon of social media in connection with the marketing activities as it is a necessary tool for the successful marketing mix. Also, this issue has not been examined enough within our region.

Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic

Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic
(Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic)

Author(s):Irina Bondareva, Jana Plchová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:48-60
No. of Pages:13
Keywords:innovation activities; support instruments; small – medium enterprise; Global Competitiveness Index
Summary/Abstract:Purpose: The main objective of the paper is to evaluate the effectiveness of selected instruments of financial support for innovative SME SR by the state in the years 2014 - 2016 and to propose measures for their streamlining.Design / methodology / approach: The qualitative part of the research was done by the method of controlled interview on a sample of 20 innovative SME. For secondary analysis were used the data of the Ministry of Economy SR, Slovak Business Agency, Slovak Innovation and Energy Agency, World Economic Forum, Global Entrepreneurship Monitor, European Comission and other sources. During the processing of information, we have used general methods of scientific work and standard statistical methods, which allow us to meet the objectives of research.Findings: The results of the investigation indicate the reasons of SME SR low innovation activity, as well as the causes of SME low interest to use the examined financial instruments of innovativeness support from the state.Research / practical implications: The low efficiency of the examined forms of financial support of SME innovation from the state is identified, which is due to low awareness especially of start-up SME, the small volume of selected funds that only partially cover the real costs of SME for the development of innovation. The problem is also the inefficient distraction of funds selected for this purpose and the absence of feedback on the effectiveness of their use.Originality / value: The paper evaluates the effectiveness of selected instruments of financial support of innovative small and medium-sized enterprises by the state and includes proposals of measures for their streemlining.

Innovative Entrepreneurship in Poland against European Countries

Innovative Entrepreneurship in Poland against European Countries
(Innovative Entrepreneurship in Poland against European Countries)

Author(s):Arkadiusz Borowiec
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:61-71
No. of Pages:11
Keywords:innovative entrepreneurship; innovative activities; barriers to innovative activities
Summary/Abstract:Purpose: The purpose of the article is to address a question regarding the range and extent of innovative entrepreneurship of Polish companies in comparison to other European countries. The article raises a hypothesis according to which innovative ac

The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company

The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company
(The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company)

Author(s):Zdeněk Caha, Marek Vokoun
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:72-80
No. of Pages:9
Keywords:Ethical management; code of ethics; economic impact; prosperity; company
Summary/Abstract:Purpose: The number of companies that are introducing ethical management continues to grow globally, including the Czech Republic. A code of ethics is a tool for determining the infrastructure of a company, as well as manages it. Expert opinions on the possible economic impact of ethical management differ considerably. The aim of this contribution is to prove the possible relationship between the presence of a code of ethics in a company and its economic prosperity.Design/methodology/approach: A sample set of companies was selected in cooperation with the Czech Statistical Office. The data was collected on the basis of a questionnaire. In total questionnaires were sent to 710 targeted companies selected from random industries. In total, 297 responses were received, which is equivalent to a response rate of 41.83%. The purpose was to verify the hypothesis that the presence of a code of ethics in a company has no influence on its economic prosperity. The differences were evaluated using the standard, unpaired, two-tailed Chi-square test of relative frequency differences. We used R statistical software. Findings: Statistical analysis of the results attained in the questionnaire survey show that the presence of a code of ethics, or a lack thereof, has no demonstrable impact on the economic results of a company regardless of its size. Research/practical implications: Even though the results of the research show that the existence of a code of ethics has no demonstrable impact on the economic results of a company, this has not discouraged or hindered the increasing trend for companies to introduce ethical management, which reflects the positive impact companies believe it brings to their company culture and public image. Originality/value: The conducted research is unique and involves a relatively large sample set which introduces new findings to the field of ethical company management.

Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center

Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center
(Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center)

Author(s):Jean-Charles Cachon
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:81-92
No. of Pages:12
Keywords:Regional Innovation and Economic Diversification; Environmental Innovation and Rehabilitation; Sustainable Management
Summary/Abstract:Purpose: The paper describes a process that has spanned several decades in transforming what started as a Canadian remote polluted mining and smelting camp into a diversified economy aimed at sustainable management and community goals. Sudbury (Ontario) just gained scientific recognition with a Nobel Prize in Physics for a neutrino observatory located 2 200 metres underground. Previously, the United Nations had recognised the city for having restored the greenery of its devastated landscape through community cooperation. Mining firms were recognised for cooperative efforts between management and labour resulting in improved safety and reduced injuries and fatalities. Design/methodology/approach: This paper is based on multidisciplinary secondary data obtained from previous published and unpublished research as well as industry reports and other data. Comparisons are made with similar regions, such as Antofagasta (Chile).Findings: From 1886 to 1972, Sudbury was heavily polluted by record amounts of sulphur dioxide (more than Norilsk in Russia and over three times more than Marista in Bulgaria). Since 1972, local community labour and scientific leaders’ earlier efforts started to produce results. A diversified economy evolved through services (education, health care, retail). Research/practical implications: Data about recent developments in the various disciplines related to sustainability need to be gathered in a systematic way. Originality/value: The paper shows how an urban region of 165,000 with a heavy industrial base has transformed itself from an industrial ecological disaster to a significantly more sustainable community. The process leading to the necessary changes is described as driven by social change initiated by community groups, rather than urbanists and politicians. This paper reports on the positive developments associated with the implementation of economic diversification and sustainability principles in Sudbury since 1972.

A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region

A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region
(A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region)

Author(s):Jan Chocholáč
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:93-102
No. of Pages:10
Keywords:Communication mix; Direct marketing; Retail chain
Summary/Abstract:Purpose: The purpose of this paper is to analyse and compare some marketing strategies of direct marketing from the perspective of retail chains in the Pardubice region in selected period. Direct marketing is one of the most popular forms of communication mix used by retail chains in the Czech Republic, although prospectuses of each retail chain are very different. The aim of this paper is to compare and analyse prospectuses used by selected retail chains in the Pardubice region and imply some innovation for management of direct marketing strategies used by retail chains.Design/methodology/approach: The paper assumes the use of these scientific methods – primary qualitative research (survey among customers of analysed retail chains and testing hypothesis using chi-quadrate test), secondary qualitative research (comparative analysis and content analysis of prospectuses analysed retail chains). The article analyses 37 basic prospectuses and 10 special prospectuses used in December 2016 by these retail chains in the Pardubice region – Lidl Česká republika v.o.s. (Lidl), Penny Market s.r.o. (Penny Market), Tesco Stores ČR a.s. (Tesco), GLOBUS, spol. s r.o. (Globus), Kaufland Česká republika v.o.s. (Kaufland) and AHOLD Czech Republic, a.s. (Albert). Findings: The paper provides empirical insights about marketing strategies of direct marketing used by retail chains in the Pardubice region in December 2016 which was the period with the biggest turnover in 2016. Research/practical implications: The research provides the comparison and evaluation of prospectuses of retail chains in the Pardubice region in the selected period. The paper suggests innovative recommended marketing strategy for prospectuses of retail chains which they can use especially in Pardubice region. On the other hand results of this analysis can be used by retail chains in innovation of management of their marketing strategies at the national level. Small and medium enterprises can use some results of this analysis for advertising of their products in prospectuses of retail chains and for innovation of their marketing strategies.Originality/value: This paper analysed, compared and evaluated direct marketing strategy of the retail chains in the Pardubice region and suggested recommended and innovative direct marketing strategy for prospectuses of retail chains and for small and medium enterprises.

Increasing the Competitiveness and Performance of Enterprises Focusing on Innovation Activity – Empirical Survey

Increasing the Competitiveness and Performance of Enterprises Focusing on Innovation Activity – Empirical Survey
(Increasing the Competitiveness and Performance of Enterprises Focusing on Innovation Activity – Empirical Survey)

Author(s):Simona Činčalová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:103-112
No. of Pages:10
Keywords:Innovations; Competitiveness; Development
Summary/Abstract:Purpose: The paper focuses on selected factors increasing the competitiveness and performance. It analyses specific factors, such as human resources, corporate culture, access to customers, quality and cost of production, but especially innovation activity. Innovations in general are an integral part of the activities of each company because of new technologies and new possibilities of solving those situations in this period. Innovations that are correctly applied, can give the companies a competitive advantage through the cost savings and performance improvement.Design/methodology/approach: The paper uses an empirical survey, 15 interviews with the directors and top management of the selected companies. The interview were done directly in enterprises in the second half of 2016 and lasted a half an hour. This is a random selection of companies which were willing to answer the questions (response rate was 50 percent due to addressing the known) and operates in the Czech Republic. The data were supplemented by the theory in this field and documentary analysis, including internal documents, descriptions of internal processes, employee magazine articles.Findings: There are many factors of competitiveness. Companies are trying to get as many competitive advantages as they can. The paper suggests that the innovations are one of the best ways.Research/practical implications: The paper contains factors for increasing the competitiveness and performance of companies. It suggests that the innovations are the most effective way for the development of enterprises and they should focus on them for the success. But this topic deserves a future research.Originality/value: The paper complements and extends findings of Czech and foreign studies in this field. There are lots of studies about competitiveness and its increasing (f. e. Lu, Shen and Yam (2008), Enright and Newton (2004), Bhatnagar and Sohal (2005)), but no study is comprehensive about the Czech Republics´ enterprises.

Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany

Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany
(Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany)

Author(s):Lucia Coskun, Branislav Mišota, Jozef Chajdiak
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:113-124
No. of Pages:12
Keywords:Digital communication mix; Digital marketing; Small and medium wine companies; Open innovation
Summary/Abstract:Purpose: The study analyses how small and medium wine companies in three European countries (Czech Republic, Slovakia and Germany) proceed when building innovative digital communication mix. The aim of the paper is to compare the differences between the countries and companies. We tried to draft the possibilities of the open innovation in the marketing communication mix using digital channels.Design/methodology/approach: To collect the data a questionnaire was used. The data from three European countries were collected: Czech Republic, Slovakia and Germany. The research joined 49 small and medium wine companies from more than 200 companies which were asked. At the sample of 49 companies differences between the countries were compared. Quantitative statistical research methods were used for the analysis. Findings: Small and medium wine companies use the possibilities of smart and mobile devices very seldom. Usage of e-commerce applications in the digital communication mix is underestimated as well. This relates mostly to Slovak wine companies.Research/practical implications: The paper drafts the open innovation usage possibilities of available software frameworks such as application programming interface (API) from the internet giants like Google for improvement of the digital marketing communication mix with minimal resources.Originality/value: The main contribution of this paper is the analysis of small and medium wine companies and possibilities in the digital communication mix as well as a draft of the usage of the open innovation in their digital communication.

Organizational Development: Case of Retail Enterprises Structure

Organizational Development: Case of Retail Enterprises Structure
(Organizational Development: Case of Retail Enterprises Structure)

Author(s):Igor V. Denisov, Alexander L. Bobkov
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:125-135
No. of Pages:11
Keywords:Organizational structures; organizational development; cluster analysis
Summary/Abstract:Purpose: The purpose of this study is to prove the repetition of the organizational structure changes of enterprises. From the point of view of our research objectives, such paired scientific concepts as vertical and horizontal; tall and flat; mechanical and organic can be considered as two basic types of organizational structures. The hypothesis of the authors is that these two types of structures dialectically replace each other, and qualitatively change in the process of enterprise growth. However, at the same time, these structures retain their defining properties of either serial or parallel at each new level of development.Design/methodology/approach: The retail sector was chosen as the object of analysis as its structure can be characterized by separate retail points, allowing the use of statistical data processing. A common method for determining groups that combine objects that are homogeneous by certain criteria is cluster analysis. This is a means of exploratory analysis designed to naturally partition the initial data set into groups. To identify clusters, the computer program IBM SPSS Statistics was used. The analysis was carried out according to the data of retailers in the Czech Republic.Findings: As a result of this analysis, six clusters were identified. By analyzing the average values of the variables in these clusters, four groups of trading organizations can be distinguished. The first group includes 1,105 small trade organizations, employing the smallest number of people (on average 5.4) and, for the most part, represents individual small shops. The second group (491 organizations) includes retail chains of small shops. The third group (70 organizations) includes fairly large individual stores such as supermarkets. Finally, the fourth group (29 organizations) includes large retail chains, employing on average more than 200 people and with over 23 outlets. Research/practical implications: The results of the cluster analysis as a whole confirm the hypothesis. But of course, this research should be considered only as a first step. To obtain more convincing proof for the alternation of successive and parallel organizational structures, a more in-depth study is required, which includes an analysis of the structure of specific organizations. Originality/value: The results suggest that the general scheme of retail organization evolution can be categorized as universal, since the approaches underlying it can be used when taking into account the necessary features of retail organizations in any country or separate region with a market economy.

The Role of Global Cities in Creation of Innovative Industry Sectors. Case Study – Life Sciences Sector

The Role of Global Cities in Creation of Innovative Industry Sectors. Case Study – Life Sciences Sector
(The Role of Global Cities in Creation of Innovative Industry Sectors. Case Study – Life Sciences Sector)

Author(s):Sławomir Dorocki, Piotr Raźniak, Anna Winiarczyk-Raźniak, Marta Boguś
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:136-146
No. of Pages:11
Keywords:life science; biotechnology; pharmacy; innovation; global cities
Summary/Abstract:Purpose: The purpose of this article is to analyse the location of the life sciences industry as an example of the innovation industry in global cities and the role of cities as centers of innovation and progress. Two of the most developed sectors of the life science: biotechnology and pharmacy were analyzed. The analysis made an attempt on identification the most important factors which have influence on the development of the innovative sectors in the cities. The study was based on the detailed analysis of two cities with the highest global development index of the life scences: New York and Basel.Design/methodology/approach: Research based on the The EU Industrial R&D Investment Scoreboard. Determination of the most innovative cities of the LS sector in 2015/2016 was possible thanks to Potential Index of Life Sciences (PILS). It is based on the standardized values of the total R&D value in the city, the average value per company, year growth of R&D expenditures for companies and number of companies in the city. In the research, the case study of the two most innovative cities in the life sciences sector was used.Findings: The greatest agglomerations are particularly important in the development of innovative industries which have well-developed scientific and research functions apart from their industrial functions. This is caused by a strong connection with the scientific background and human resources as well as greater availability of capital through a dense network of informal contacts on the science-industry line. As our research shows, LF industry is growing in metropolitan areas like NY, London, Tokyo and Paris, as well as smaller centers like Basel, Leverkusen, Athlone, Hamilton. The common feature in thee areas is the presence of research centers and educational institutions forming industrial clusters.Research/practical implications: The analysis of the importance of the cities for the development of innovative industries allows to understand the meaning of the factors influencing the innovativeness of the industry. In the future, it will be possible, to determine the role of cities, including global cities in the model of development of the innovative industries in the world. It allows for spatial analysis of the phenomenon.Originality/value: The subject of the life sciences industry development and the role of the cities was usually taken in the aspect of the World City Network. The following, detailed analysis may complement the published data of the official reviews and the role of the innovation in the so- called global cities.

Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management

Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management
(Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management)

Author(s):Nataliya Dubrovskaya, Felipe Martinez
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:147-156
No. of Pages:10
Keywords:Higher Education; Sustainability; Competencies
Summary/Abstract:Purpose: This paper presents the review of the extent to which sustainability-related courses are included in business and management education curricula at selected Higher Educational Institutions (HEI) in the Czech Republic. It demonstrates how HEIs incorporate sustainability issues into preparation of future managers. Design/methodology/approach: The paper research design is qualitative analysis of business and management curricula. It is based on the investigation of courses that names are directly connected to sustainability (Palma et al., 2011). Courses mentioned in the study plan are reviewed. This paper considers curricula of public universities in the Czech Republic that offer accredited programmes in business and management. It explores curricula of academic programmes in business and management at HEIs as a preliminary reference for the research. The results provide insights for further quantitative and qualitative research. Findings: Of 14 public universities that offer “Business Economics and Management” specialization of “Economics and Management” programmes, 6 universities (around 43%) include sustainability-related courses into their curricula. Most of these courses (56%) are elective, compulsory optional courses take 38% and the rest 6% is compulsory. These courses include sustainability management, corporate social responsibility (CSR), sustainable development, environmental impact assessment (basics) and some other subjects.Research/practical implications: The paper provides evidence for representation of sustainability-related courses in business and management programmes. However, the present study has lack of confirmation if students graduate with sustainability capabilities. The key competencies in sustainability (KCS) framework (Wiek et al., 2011) supports implementation of sustainability-related courses into academic programmes that prepare future managers. The further research will explore competencies that sustainability-related courses form.Originality/value: This research demonstrates the HEI attention to sustainability courses in programmes that focused on economic pillar of sustainable development. The paper contributes to HEI programmes development by suggesting the possible way of including sustainability competencies into non-sustainability oriented programmes.

Foreign Direct Investments as a Tool of the Expansion of Chinese Corporations in V4 Countries

Foreign Direct Investments as a Tool of the Expansion of Chinese Corporations in V4 Countries
(Foreign Direct Investments as a Tool of the Expansion of Chinese Corporations in V4 Countries)

Author(s):Tomáš Dudáš
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:157-167
No. of Pages:11
Keywords:Foreign direct investments; China; Visegrad group countries
Summary/Abstract:Purpose: China is rapidly changing nowadays from a foreign direct investment (FDI) host country to a major investor country on a global scale. Many Chinese corporations are expanding into the international markets and they use FDI as a tool of expansion at an increasing rate. The aim of this paper is to map the expansion of Chinese corporations into the Visegrad group (V4) countries (Czech Republic, Hungary, Poland, and Slovakia) through FDI in these countries.Design/methodology/approach: The paper collects FDI data from the official government (Chinese and V4) and private databases to map the Chinese FDI in V4 countries since the beginning of the 21st century. The data will be used to create a comparative study of the V4 countries to localize the most important avenues for the Chinese expansion in these countries.Findings: Using several sources of Chinese OFDI data we demonstrated that these countries are on the periphery of the attention of Chinese companies. However, the FDI activities of Chinese companies clearly increased in the V4 countries after 2005 and this trend is likely to continue also in the coming years. The Chinese FDI projects in V4 countries are mostly concentrated in various sectors of the industry with machinery and electronics being the most important sectors. The events of the last several years show an increased interest of Chinese companies in the energy sector of the V4 countries, what will require a lasting policy response from the governments of the V4 countriesResearch/practical implications: The paper synthesizes several sources of Chinese OFDI data and includes (limited) policy implications for V4 governments facing giant state-owned Chinese corporations.Originality/value: The paper fills a void in an increasingly important research area as the expansion of Chinese corporations in Europe accelerated in the last years.

Are Publicly Supported Companies in the Czech Food and Drink Industry Performing Better? Initial Findings from the Microdata

Are Publicly Supported Companies in the Czech Food and Drink Industry Performing Better? Initial Findings from the Microdata
(Are Publicly Supported Companies in the Czech Food and Drink Industry Performing Better? Initial Findings from the Microdata)

Author(s):Ondřej Dvouletý, Ivana Blažková
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:168-179
No. of Pages:12
Keywords:Entrepreneurship Policy Evaluation; Food and Drink Industry; Performance of Enterprises; Firm Profitability; the Czech Republic
Summary/Abstract:Purpose: The objective of this study was to empirically observe, whether the Czech companies, which have received a financial subsidy from the European Regional Development Fund during the period of years 2008-2013, reported after the end of the programme better financial results. Design/methodology/approach: For each of the supported companies, authors have collected financial indicators obtained from their profit and loss statements and balance sheets (N=140, 69% of the supported companies in the sector). The three key performance indicators (KPIs) were selected to measure the firm profitability: return on assets (ROA), return on equity (ROE) and price-cost margin (PCM). Authors employed t-test to initially compare the periods before the firms received the subsidy (2005-2007) and after the end of the programme (2014-2015). Findings: The results of the paired t-tests have not found any statistically significant differences for the variables price-cost margin (PCM) and return on equity (ROE). However, the statistically significant difference was obtained for the return on assets (ROA), which suggested that the supported firms reported after the end of programme lower return on assets (ROA). Research/practical implications: Our initial observation suggests that participation of the Czech food companies in the Operational Programme Enterprise and Innovation did not lead to the better financial performance. However, our results need to be taken as preliminary, since more rigorous approach towards the programme evaluation needs to be implemented. This approach would require employment of the counterfactual analysis (CFA), taking into account large heterogeneity across the companies. CFA would also allow us to compare the supported companies with the similar firms present in the economy. Originality/value: Presented study exploits unique firm level dataset and contributes to the Czech regional knowledge by the first observation of the short-term effects of the participation in the public programme.

Who Is Really Residing in the Czech Business Incubators?

Who Is Really Residing in the Czech Business Incubators?
(Who Is Really Residing in the Czech Business Incubators?)

Author(s):Ondřej Dvouletý, Michal Andera, Martin Lukeš, Zuzana Oravcová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:180-189
No. of Pages:10
Keywords:Business Incubator; Accelerator; Entrepreneurial Infrastructure; Entrepreneurship Policy; the Czech Republic; Start-up
Summary/Abstract:Purpose: There is no official statistics on types of companies that reside in business incubators and accelerators. Purpose of this study is to shed some light on who is using services of the business incubators in the Czech Republic. Design/methodology/approach: Since November 2016, we have contacted via phone and email representatives of the Czech entrepreneurial infrastructure. We have managed to get self-reported list of supported enterprises from 32 (51%) out of 63 Czech business incubators and accelerators. In total, we have received 894 names of companies, and out of them we were able to identify 794 (89%) companies. The identification and verification was conducted with a help of business register and database Albertina. We used Albertina database further to obtain firm´s characteristics.Findings: Supported companies are most densely located in Prague, Moravia-Silesia and South Moravia regions. Most of the enterprises are companies with limited liabilities. We report slightly higher failure rate among the incubated companies when compared to the ratio of companies which annually withdraw from business and the total amount of economically active enterprises. Financial data show that more than half of the companies reported annual turnover lower than 2 mil. CZK. Based on Chi-square test, we confirmed association between the year of official registration and revenues’ size of the supported companies. Research/practical implications: Our study offered initial insight into the performance of the companies supported by entrepreneurial infrastructure in the Czech Republic. Building upon presented findings, a more sophisticated analysis of the financial performance, based on historical data and variety of indicators, is needed in order to obtain more robust results. Originality/value: Presented study exploits a unique glimpse of the ecosystem reality on the level of tenant firms, revealing which companies are really using the incubators and what is their performance.

Entrepreneurship Lost and Found

Entrepreneurship Lost and Found
(Entrepreneurship Lost and Found)

Author(s):Daniel Ericsson, Patrik Persson
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:190-199
No. of Pages:10
Keywords:Entrepreneurship; surplus value; auto-ethnography; having-mode; collecting
Summary/Abstract:Purpose: In light of the many attempts within the social/societal turn of entrepreneurship to disconnect entrepreneurship from economic rationality and embrace it as an act of social becoming, the purpose is to reconnect entrepreneurship to its primary function within the capitalist regime: to make money and accumulate capital. This function, it is argued, is lost in present day research on entrepreneurship, and the aim therefore is to present a framework in which both economic and social aspects are found crucial for understanding entrepreneurship.Design/methodology/approach: Following post-positivist research traditions the research is based on an auto-ethnographic case study of entrepreneurship in the field of music. In focus is the phenomenon of collecting records, and the cultural web of social and economic significances that unfolds by means of the authors confessional tales about engaging in record collecting is used as an interpretative lever to question the dichotomy between social and economic rationality and value within contemporary research on entrepreneurship.Findings: In contrast to becoming or being perspectives on entrepreneurship, our interpretations lead us to frame entrepreneurship in terms of a having-mode. This mode in turn suggests a primary epistemic orientation based upon three interrelated socio-economic aspects: 1) a systemic know-what in order to distinguish field-specific values from non-value, 2) a systemic know-how to convert social value into economic value, and vice versa; and 3) a systemic know-how to create, capitalise upon and accrue field specific surplus value.Research/practical implications: The proposed framework breaks with both modern and postmodern notions of entrepreneurship, and thereby opens up new vistas for research on entrepreneurship as intrinsically a social and economic phenomenon.Originality/value: By opening up new vistas for research on entrepreneurship, alternative ways of describing, prescribing and understanding entrepreneurship are offered.

Analytical View of the Determinants that Affect the Customer Satisfaction in Accommodation Business Based on Online Customer Reviews

Analytical View of the Determinants that Affect the Customer Satisfaction in Accommodation Business Based on Online Customer Reviews
(Analytical View of the Determinants that Affect the Customer Satisfaction in Accommodation Business Based on Online Customer Reviews)

Author(s):Richard Fedorko, Radovan Bačík, Jakub Horváth
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:200-209
No. of Pages:10
Keywords:tourism; marketing communication; hotels; Tripadvisor
Summary/Abstract:Purpose: The aim of the article is to describe the specific aspects affecting online reputation of Slovak hotels based on customer reviews.Design/methodology/approach: For the purposes of collecting primary data the crucial factor for the selection of hotels was identification of the suitable Tripadvisor rating focused on post-stay evaluation of hotels in Slovakia. Automatic data collection method was used for the observed variables (evaluations) within selected hotels ratings. The total of 19 226 evaluations of 333 hotels were analyzed. The main focus was given to customer overall satisfaction with a hotel in relation with selected variables. Data collection was carried out at the end of 2015. Based on the nature of the variables we used correlation analysis and regression analysis.Findings: The results of the research showed that there exists a direct relation between the overall customer rating and selected variables such as Sleep quality, Rooms, Service and Cleanliness.Research/practical implications: It can be concluded that hotels do not fully exploit the potential of modern marketing communication tools to promote their facilities. We therefore recommend these hotels to invest their time and effort into variables (factors affecting customer satisfaction) that have the ambition to positively influence their online reputation and thus attract new and old customers. Originality/value: The aim of this paper is to help hotels with their marketing strategies so they will better understand the factors that influence customer satisfaction. The analysis was conducted based on the research gap in the studies related to the factors that affect the satisfaction of customers of entities providing accommodation services.

The Analysis of the Importance of Online and Offline Marketing Communication Tools when Searching for Business Entities from the Point of View of Consumers

The Analysis of the Importance of Online and Offline Marketing Communication Tools when Searching for Business Entities from the Point of View of Consumers
(The Analysis of the Importance of Online and Offline Marketing Communication Tools when Searching for Business Entities from the Point of View of Consumers)

Author(s):Richard Fedorko, Radovan Bačík, Jakub Horváth, Ján Mihál
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:210-219
No. of Pages:10
Keywords:marketing communication; online environment; offline environment; consumer behavior
Summary/Abstract:Purpose: The aim of the article is to find out how customers perceive online and offline communication channels SME’s use to communicate with their target audience in online and offline environments alike and how such communication affects behaviour of their consumers. Design/methodology/approach: The aim was to identify attitudes and preferences of the respondents in relation to the traditional (offline) forms of marketing communication and internet (online) forms of marketing communication focusing on SME’s. The primary source was data collected from questionnaires filled out by inhabitants of eastern region of Slovakia. We have reached out to 1,055 respondents of which 987 subsequently featured in our analysis. Data collection was conducted through simple random sampling in October and November 2016. To verify the hypotheses, we used the software STATISTICA. Due to the nature of the analyzed variables we used two-tailed Wilcoxon test.Findings: The results of the research showed that the difference between offline and online sources of information with regard to the influence of the information carrier, the usefulness of information carriers when searching for service providers and the usefulness of information carriers when obtaining information about service providers is purely accidental in nature and not statistically significant. Generally, it can be stated that a total of 72.44% of the respondents prefer getting information about products and services on the Internet or using online marketing tools.Research/practical implications: The results of our research are relevant to SME's who are skeptical towards the online environment of the Internet and marketing communication conducted within it. The research results should help SME's to decide on the strategic direction of their marketing communication. Moreover, the results show that online marketing tools are easily accessible and more efficient in terms of time and finances than conventional marketing tools.Originality/value: The aim of this paper is to help clarify the impact the selected promotion tools have when reaching target audiences of SME’s. The analysis was conducted based on the research gap in the studies related to SME’s online and offline marketing communication.

The Impact of Selected Changes in Business Environment on Small Enterprises in the Czech Republic

The Impact of Selected Changes in Business Environment on Small Enterprises in the Czech Republic
(The Impact of Selected Changes in Business Environment on Small Enterprises in the Czech Republic)

Author(s):Vendula Fialová, Andrea Kolková, Andrea Folvarčná, Radim Maňák
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:220-230
No. of Pages:11
Keywords:Entrepreneur; average wage; unemployment; social and health insurance
Summary/Abstract:Purpose: This article aims to explore the impact of selected factors of development in business environment on numbers of entrepreneurs doing business as main and secondary activity in the Czech Republic. To the chosen factors of entrepreneurial environment belong especially amount of average wage, amount of advances on social and health insurance, unemployment. The aim of the research is to demonstrate that changes in the aforementioned factors are associated with the development of numbers of entrepreneurs who do business as main and secondary activity, including a comparison in the various regions of the Czech Republic, especially in the Moravian-Silesian Region.Design/methodology/approach: This article aims to demonstrate the impact and the statistical dependence of selected factors on the state of business environment and the number of entrepreneurs entering into business as main and secondary activity and to find out why the number of full-time entrepreneurs has been steadily declining in the Czech Republic. The statistical data used for the research are from the years 2009 to 2016 and came from the Czech Statistical Office, from and the Czech Social Security Administration and General Medical Insurance. The research methods of regression and correlation analysis have been used to analyse the aforementioned data. Findings: The article did not unequivocally prove the connection between number of entrepreneurs conducting business as their main and secondary activity and the average wage, rate of unemployment, and the amount of social security and health insurance payments. Mutual ties were identified in Moravian-Silesian region as well as in the Czech Republic. Research/practical implications: The research points to how the changes in business environment affect number of self-employed people and how they may have a long-term effect on the willingness of people to start their own businesses. Given the diversity and multitude of influences of business environment, other effects should be explored and compared in the future in order to stop this decrease in number of self-employed people who conduct business as their main activity and prevent a possible lack of entrepreneurs in the future. Originality/value: The article opens up new perspectives on the development in the number of entrepreneurs in the Czech Republic and factors which can have an influence on the willingness of people to enter into business whether it be their main or secondary activity.

Technology Innovations as Drivers of Hotel Attractiveness

Technology Innovations as Drivers of Hotel Attractiveness
(Technology Innovations as Drivers of Hotel Attractiveness)

Author(s):Tamara Floričić, Nadia Pavia
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:231-248
No. of Pages:18
Keywords:hospitality innovations; experimental innovation testing; hotel attractiveness; special experience; added value
Summary/Abstract:Purpose: In striving to achieve business excellence, hotel companies recognise the importance of new solutions that affect hotel attractiveness and boost demand. In order to implement adequate and optimised innovative concept they need to choose suitable innovations and to test their attractiveness. The aim and purpose of this paper is to explore tourist demand focused on youth tourism within the framework of experimental hospitality innovations. Why experimental hospitality innovations and how can they be organised and valorised within the tourism system? The possible answers emerge in attractiveness exploration and understanding the Millenials as new consumers segment that seeks new excitement, exploration and solutions. Design/methodology/approach: The research includes quantitative as well as qualitative methods which explore the attitudes of tourist demand through 88 questionnaires conducted in January 2017 processed by statistical methodology including chi-squared test (February to May 2017). Methods of best practice research (February, March 2017) that are presented in framework of experimental technologies and creative thinking techniques are implemented and oriented towards creation of a new model that could impact demand of a specific market segment – youth tourists. The presented model of innovative solutions, created in March 2017) recognises categories of innovations that could impact perception of potential consumers about hospitality attractiveness.Findings: Presented research suggests conclusions that would influence new knowledge and present the platform for innovative connections of industry stakeholders including hotel companies and technological innovations companies which could implement and test their innovative product and valuate it by actual consumers, hotel guests. Findings point to conclusions which confirm willingness of youngsters to stay in innovation test hotel, to evaluate and rank selected groups of innovations and to pay the market price for this special experience of being the part of product or service innovation process. Research/practical implications: Paper proposes a new concept of development of hospitality structures that both innovatively organise hotel product and place it on tourism market, and support development and implementation of technological and organisational innovations as a new service that enriches hotel product. The concept provides the responses of tourist demand on sight in real time and that research results present indicative guidelines for further investments. Originality/value: The contribution of this paper is reflected in a both a proposal of new approach and suggestion of innovations as marketing value for hotel companies when considering orientation towards demand as a selective market segment and as a mix of various innovative aspects that form hotel service: technology, organisation, service, experience, architecture and design.

New Approaches to Optimization of Logistic Processes

New Approaches to Optimization of Logistic Processes
(New Approaches to Optimization of Logistic Processes)

Author(s):Ivo Formánek, Radim Farana
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:249-260
No. of Pages:12
Keywords:process control; process analysis; process synthesis; material flow; control system
Summary/Abstract:The paper aims to inform about practical experiences of our team with logistic processes optimization. The optimization is done both by application of contemporary ICT technologies and by advanced technologies working with artificial intelligence - especially with fuzzy logic and expert systems. The methodology begins with thorough data and process analysis, continues with data mining and ends with new processes definition, measurement and visualization. An important requirement is also the economic sustainability of the proposed solutions. Special emphasise in the paper is laid on distribution storages processes working with very limited working space for goods storing.Purpose: The purpose of this paper is to inform about the results of applied research in industrial enterprises. Design/methodology/approach: Our research concentrates on application of advanced ICT technologies that make good use of mobile technologies and technologies working with artificial intelligence - especially with fuzzy logic and expert systems. The methodology begins with thorough analysis, continues with data optimization and ends with right process definition, measurement and visualization.Findings: We analysed a couple of industrial organizations having troubles with regular, effective and efficient logistic processes. We found out that the logistic processes in many organizations are not defined enough and in case of unexpected situations (e.g. production breakdowns, missing trucks or too early, resp. too late trucks arrivals etc.) the logistics control is based only on operators’ experience, simple delivery data identification and mobile phones. Our solution leads to economy information support being able to react also to unusual events.Research/practical implications: Based on our experience we can say that the only consistent optimization and consistent automation of all processes can lead to optimal management of logistic processes in organizations. The great hope for the future is the concept of Industry 4.0, which allows very thorough but not too expensive supervision of all activities that can affect management of processes in organizations.Originality/value: The research is carried out in the current industrial organizations. The organizations are looking for solutions that enable effective, efficient and long term sustainable complex solutions supporting logistic processes. The requirement for economy of the processes is also very important.

Supporting Sustainability and Innovation by Value-oriented Leadership

Supporting Sustainability and Innovation by Value-oriented Leadership
(Supporting Sustainability and Innovation by Value-oriented Leadership)

Author(s):Patricia Girrbach
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:261-272
No. of Pages:12
Keywords:Sustainability; Innovation; Silent Leadership; Value-oriented Leadership
Summary/Abstract:Purpose: Innovation in terms of sustainability requires appropriate leadership, values and circumstances. Although the concept of sustainability is well known nevertheless indeed there is a great discrepancy between theory and practice. Therefore, the aim of this paper is offering an appropriate leadership concept named Silent Leadership (SL) in order to reduce this discrepancy and to support innovation in sustainability-oriented companies.Design/methodology/approach: The paper is based on a current study conducted by the Wertekommission 2016. The study is based on interviews with 674 German executives of the middle and higher management. On the basis of this data a contemporary leadership concept is developed which takes the results of the research into consideration.Findings: The research covers an important topic of appropriate leadership style, which could lead towards more successful sustainability innovations in companies by closing the discrepancy existing in companies in terms of desirable and actual values. Research/practical implications: The paper includes implications for a new kind of leadership named silent leadership which serves as an appropriate concept for managing the challenges in terms of sustainability and innovation processes caused in a rapidly changing world.Originality/value: This paper fulfils an identified need to reduce the actual discrepancy between desirable and actual corporate values in order to support sustainability as well as innovation in companies.

CSR as a Marketing Area of Higher Education Stakeholders

CSR as a Marketing Area of Higher Education Stakeholders
(CSR as a Marketing Area of Higher Education Stakeholders)

Author(s):Hanna Hall
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:273-283
No. of Pages:11
Keywords:higher education marketing; marketing of stakeholders in higher education; social responsibility of universities; university stakeholders
Summary/Abstract:Purpose: The aim of the article is to analyze the perceptions and expectations of key university stakeholders - students, in relation to corporate social responsibility (CSR) of higher education institutions, as the main marketing area of stakeholders of these institutions. The author’s studies were completed with the use of FGI (Focus Group Interview). The interviews were recorded using a voice recorder, and immediately after their completion, they were transcribed, the material was selected and ordered according to the research problems, an analysis and interpretation of the content. The results and conclusions drawn from the article were then presented.Design/methodology/approach: The studies were of qualitative character and were completed with the use of Focus Group Interview, among 5 groups of students of Rzeszow University of Technology (PRz). Each group consisted of 5-6 people who volunteered to participate in the study. The studies lasted two months - February and March 2017. Additionally, the study was complemented by “In Deph Inteview” with the head of the Career and Promotion Department of PRz. The main purpose of the interview was to know the areas of activity of the University in the CSR. The interview was conducted on 22.03.2017. Findings: The research is in progress, it is assumed, however, that the expectations of students in relation to the social responsibility of the university are the expectations associated with both the statutory activity of the university (i.e. reliable education, upbringing, shaping civic attitudes of students) and additional one (e.g. an attractive education offer to children and young people from the region, supporting charities, activities for persons with disabilities, in favor of sport, arts and culture, environmental protection).Research/practical implications: The results of the social responsibility of universities, and especially those on the expectations of their key stakeholders - students, in this regard, can be effectively used by higher education institutions interested in innovative solutions in the field of marketing. By an implementation of solutions based on the results presented in the article and primary and secondary research, schools will be able to reach out more effectively to candidates as well as to develop its positive - pro-social image among all groups of stakeholders.Originality/value: The subject of social responsibility of marketing in relation to higher education is a new area of theoretical knowledge and practice which is rarely tackled in specialist publications in the area of university marketing. But it seems to be extremely important and future-oriented field of knowledge and looking at a growing interest in CSR in the near future, the standard area of activities of each university.

Project Management In the Czech Republic: Is It Time for Innovation?

Project Management In the Czech Republic: Is It Time for Innovation?
(Project Management In the Czech Republic: Is It Time for Innovation?)

Author(s):Majra Hodžić, Helena Hrůzová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:283-303
No. of Pages:11
Keywords:Project Management; PM Methods; Innovation; Stakeholders
Summary/Abstract:Purpose: The importance of project management has hastily increased and its rapid development and tendency towards innovation made it one of the key components of the organizations’ performance. Therefore, the main purpose of this paper was to conduct a systematic study of the current situation and practices in the field of project management in the Czech Republic. Three areas of project management are closely studied: stakeholders´ main demands and requests, main characteristics of project management and level of use of the project management methods. Methodology: The study consists of the analysis of primary and secondary data. The cross-sectional online survey comprising of 3 parts was conducted in 2016 in Czech Republic and yielded 118 usable responses. Furthermore, the results of the author’s survey were compared with the results of similar surveys from the last 5 years. Kruskal-Wallis test has been used to support the claims. Findings: The survey showed that working in project management is arduous. There is an increase in the level of use of basic project management methods. Moreover, there is a link between the definition of successful project and project success factors and stakeholders’ demands of the projects. Finally, there are important empirical insights showing broader implementation of project management, although no essential overall progress was noted in the project management in the last 5 years. Thus, project management is a file for innovation.Research: This study indicates the necessity of innovation such as development of the basic framework for the project governance approaches as well as increase in the use of available project management methods. Future research should focus on analysis of the overall status of project governance approaches as well as on the issues of determination of project scope and risk management within projects.Value: This study looks at the project management from the multi-factor perspective and addresses the current situation indicating innovative directions of development as well as broader application of project management methods, which are not much researched in the region.

Factors Affecting Performance of Employees in SMEs

Factors Affecting Performance of Employees in SMEs
(Factors Affecting Performance of Employees in SMEs)

Author(s):Darja Holátová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:293-303
No. of Pages:11
Keywords:HR management; SMEs; Work productivity
Summary/Abstract:Purpose: Performance is one of the most important conditions of successful existence of firms in the market. The performance of an enterprise is made up of individual labour productivity of employees. It is influenced by many factors. The paper deals with the influence of some factors of human resource management at employee individual labour productivity in small and medium-sized enterprises in the region of South Bohemia. The factors in this paper are the following: monitoring of the objectives of the company, determine company´s strategy, the existence of trade unions in the company, drawing up the plans of the number of employees.Design/methodology/approach: Our database uses both quantitative and qualitative data. The data from the documentation of an enterprise were used, such as the value (financial) indicators of production and non-production activities, including financial analysis, and the data on human resources. Economic data were also obtained by tracing in annual reports and reports of financial results of the enterprise. A questionnaire survey was a part of the research. The research sample includes 300 SMEs from South Bohemia, which were chosen by random selection.Findings: The Paper explores the factors influencing the Performances of employees in small and medium enterprises in the region. The data obtained and the results show that the factors affecting the performance of employees only include checking the fulfilment of objectives. Work performance decreases with decreasing frequency of checks.Research/practical implications: This paper deals with the influence of selected tools of human resources management in small and medium-sized enterprises on the work performance of employees. Individual labour productivity was calculated by value added divide to re-count number of employees, which is the most exact methods. Originality/value: This paper identified which tools of HR management can influenced the output of the SMEs.

What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries

What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries
(What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries)

Author(s):Marian Holienka, Péter Gál, Zuzana Kovacicova
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:304-313
No. of Pages:10
Keywords:entrepreneurship; university students; drivers; impact; GUESSS
Summary/Abstract:Purpose: Student entrepreneurship is an important phenomenon within the entrepreneurial dynamics. At universities, students have access to broad knowledge and networks, and student status gives some freedom and space for experimenting before entering the “real” life with all its responsibilities. However, as in the general population, while some students get engaged in the enterprising efforts, the others remain distant. With business activities established already during the studies, the transition from student life to economic activity is smoother. Thus, our aim is to find out what drives student entrepreneurs in Visegrad countries in their business activities during their university studies.Design/methodology/approach: Our analysis is built on data from Global University Entrepreneurial Spirit Students’ Survey (GUESSS), an extensive academic study on student entrepreneurship, collected in the 2016 wave. Our main sample comprises of 15,971 university students from V4 countries (Czech Republic, Hungary, Poland, Slovakia). Potential drivers from individual human and social capital characteristics, perceived institutional support, and demographic attributes are examined in our analysis, using the logistic regression method. We focus especially on promisingly sustainable student entrepreneurs with already active businesses who plan to continue them also after completing their studies. Findings: Our findings indicate the main drivers leading university students to engage in entrepreneurial activity with perspective that exceeds the scope of student life. According to our results, gender (being a male) and increasing age play significant role, together with dropping number of years to finish studies. Intensity of entrepreneurship education and studying in a business-related field also positively affect inclination to running an own business. Finally, having enterprising parents significantly drives student entrepreneurship as well.Research/practical implications: Based on the results of our analysis, we develop recommendation for policy makers and education programmers to utilize the entrepreneurial potential across universities in V4 countries and encourage more students to engage in sustainable business ventures. Universities should capitalize upon the existing generally established influences that also work for student population, but, at the same time, they need to target problematic issues (such as gender gap or business family gap) and develop focused and tailored actions to solve them through modified proven instruments.Originality/value: Most studies take student entrepreneurs as a homogeneous group. However, according to empirical results only a half of them plan to continue with their businesses after completing their studies, while the others consider their enterprising as temporary or side activity. Therefore, we distinguish between the two, and focus our investigation only on student entrepreneurs declaring the long-term focus (i.e. active and prospective entrepreneurs), that implies a more promising future impact. With this unique perspective, we contribute to the existing body of knowledge on student entrepreneurship.

Utilization of Financial Support Programs by Slovak Enterprises

Utilization of Financial Support Programs by Slovak Enterprises
(Utilization of Financial Support Programs by Slovak Enterprises)

Author(s):Lenka Hvolková, Vladimíra Klementová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:314-323
No. of Pages:10
Keywords:Entrepreneurship; Small and Medium-Sized Enterprises; State support; Support programs
Summary/Abstract:Purpose: Small and medium-sized enterprises are in general facing a wide range of barriers and one of the most important barrier for their development is a lack of money. Therefore, the governments usually create a collection of support programs that help companies to eliminate these obstacles. The main aim of the paper is to evaluate how Slovak SMEs utilize support programs of the Slovak government and European Union in their business activities. On the base of the findings the paper will also contain suggestions how this type of support can become more available for Slovak companies in future. Design/methodology/approach: The main objective of the paper is achieved through the empirical research performed in 2016 on the sample of Slovak companies via electronic questionnaire. We have distributed questionnaires to the 2 500 potential respondents, the rate of return was 3,2 %. We have formulated two hypotheses, the first one defined an assumption that Slovak micro enterprises were mostly interested in obtaining grant for self-employed person. The hypothesis H2 was based on the premise that the bureaucracy and administrative burden are the strongest barriers in applying for financial support programs.Findings: The paper brings empirical findings about how the Slovak enterprises perceive the financial support programs provided by the state institutions and institutions from European Union; it also identifies main obstacles for obtaining of this type of financial resources.Research/practical implications: The study includes implications for the improvement of the state system that is supporting Slovak companies. It also analyses current activities of the public sector, e. g. the existence of Better Regulation Centre and National Business Centre. In future it is necessary to extend the existing research in the number of respondents and also deeper insights into specific support programs. Originality/value: This study contains feedback from enterprises, i. e. recipients of the support programs that bring important information for the state institutions and European institutions in order to provide more effective support in future

Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research

Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research
(Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research)

Author(s):Katarzyna Hys, Liliana Hawrysz, Roman Kozel, Šárka Vilamová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:324-337
No. of Pages:14
Keywords:Telephone Customer Service Standard; Car Dealerships; Mystery Calling; Blueprinting
Summary/Abstract:Purpose: The objective of this article is to present research results assessing standards of the telephone service carried out by employees of car dealerships. Methodology: The research was conducted based on a developed conceptual model which was empirically verified by Mystery Calling method. In order to obtain results of this measurement, the original interview questionnaire was elaborated. Findings: It was established that although customers recognize the areas for improvement, general standards of customer service have been assessed positively. Practical implications: Although the study has been carried out on a selected cohort of respondents, it was observed that the obtained results might have implications for the whole automotive industry. Results have indicated the need to strengthen employees from the mental and professional side. Further empirical studies should be carried out for a larger sample of companies. The model and methods are universal and can be adapted to evaluate other services. Originality/value: This research sheds light on the research gaps regarding the evaluation standards of call service by the customer of the car dealerships. The originality of the research consists in implementing it in two European countries. Moreover, specific research tools were developed taking into account requirements of the testing environment. Due to deliberative actions, results have comparative and utilitarian value.

Evaluating Level of Enterprise Innovativeness Through Innovation Ratios

Evaluating Level of Enterprise Innovativeness Through Innovation Ratios
(Evaluating Level of Enterprise Innovativeness Through Innovation Ratios)

Author(s):Hana Janáková, Róbert Tomčík
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:338-348
No. of Pages:11
Keywords:Innovation outputs; Innovation performance; Ratio analysis
Summary/Abstract:Purpose: An extension of theoretical and methodological approaches focused on assessment of the financial and innovation performance of enterprises was the main reason for preparing this paper. The aim consists of ratios proposal, allowing a general innovative-output analysis, mainly in connection with financial questions of a company. Subsequently, their use in preparing the equations describing innovative performance of enterprises according to detailed specification (sector assignment, company size, legal form, etc.) is assumed.Design/methodology/approach: Based on current findings and information obtained from financial analysis, innovation management and published statistics on innovation, research and development, a set of indicators, which are able to quantify the innovative performance, was created. Analysis (subsequently followed by synthesis) further divided into ratio analysis, vertical analysis and decomposition of indicators were used in drawing up the innovative-oriented ratios. Saaty's criteria weighting method has been recommended in the process of compiling equations used to quantify the level of innovativeness among enterprises.Findings: According to the theoretical and practical knowledge contained primarily in professional literature and by the use of selected methods, a set of categorized ratios, describing the financial characteristics of the company in connection with implemented innovations, was drew up. These characteristics include, for example, profitability of innovation outputs in a certain period of time, the impact of ongoing or finished innovations on liquidity, cost ratios on innovations and so on.Research/practical implications: Simple evaluation process of both innovative and financial performance for a certain period is considered as the main outcome for practice. Future research may be focused on incorporation of the identified indicators (ratios) into comprehensive models, enabling to describe the innovative performance of a particular group of companies (due to selected conditions or restrictions) more sophisticated and with higher-explanatory power.Originality/value: The aim of the paper constitutes initial phase of the prepared research that will be focused on evaluating the innovative performance and activity of industrial companies according to selected sector. However, it is assumed much higher applicability of the proposed ratios.

Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship

Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship
(Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship)

Author(s):Jan Janečka, Felipe Martinez
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:349-359
No. of Pages:11
Keywords:Lean; condition and strength-building; fitness; gym
Summary/Abstract:Purpose: This paper presents the entrepreneurship specifics of lean management implementation for continuous innovation and business sustainability. It summarises the results of lean management implementation in a condition and strength-building company. The firm applies a community-based business model. The firm expansion and the constraints on the operational management processes of this SME motivate the research.Design/methodology/approach: The research design for the paper is a case study (Bryman & Bell, 2015). The research explores the implementation of lean principles and tools in the firm. The case study compares the specific parameters of the internal processes before and after lean implementation. The parameters vary based on the project but are usually time, distance and financial aspects. Personal interviews with first-line workers provide information about the consequences of this approach among the personnel.Findings: The firm applies lean principles and tools in the processes of Check-in, Purchase, Supply and Check-out. Lean implementation provides specific improvements in these processes such as 66% reduction in lead time, 85% reduction in distance and the creation of the first standard for these processes. Preliminary non-structured interviews show the positive reaction of the personnel with reference to the lean implementation. The sustainability of the business model requires standards at each small activity of the organization. These standards allow the organisation to learn from their activities, to track improvements and they provide management with clear information about operations.Research/practical implications: The paper offers new evidence of lean implementation in a non-traditional and modern sector. The firm obtains practical implementations to improve its operation. Future research will explore the operations leanness of similar organisations.Originality/value: The novelty of the paper confronts the expectation that a company with a mission to help people build lean bodies possess a lean operation. However, process mapping and other lean analysis suggests the opposite. The evidence from this case study brings value and motivation to many entrepreneurs for other similar companies.

Developing Entrepreneurial Skills under the Current Conditions of the Educational System

Developing Entrepreneurial Skills under the Current Conditions of the Educational System
(Developing Entrepreneurial Skills under the Current Conditions of the Educational System)

Author(s):Filip Ježek, Zdeněk Vavrečka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:360-370
No. of Pages:11
Keywords:Educational system; entrepreneurial skills; personality traits
Summary/Abstract:Purpose: The key role of the educational system is to prepare individuals for their future work life. Sooner or later the pupils or students have to choose between employment and running their own business. The aim of the paper is to provide an insight into how the current primary educational system participates in developing the entrepreneurial skills which are needed, especially under conditions of regional disparities and unemployment problems. Design/methodology/approach: The research is based on an analysis of primary school documents and questioning pupils based on standard psychometrics. The most indispensable part of the research is the analysis of the relationship between the competence and skills declared in the school documentation to be developed and the true personal characteristics of the pupils. The sample contains pupils of the final classes in the selected primary schools.Findings: The research leads to the conclusion that the current primary educational system seems to be unsatisfactory with respect to developing the entrepreneurial skills of the individuals.Research/practical implications: The paper includes implications for school management. Developing entrepreneurial skills may be enhanced through adjusting teaching methods and the curriculum.Originality/value: The paper contains the specific research which contributes to the discussion of how primary schools should be adjusted to the requirements and options emanated from the real world.

Do Management Innovations Yield in Higher Employees’ Satisfaction?

Do Management Innovations Yield in Higher Employees’ Satisfaction?
(Do Management Innovations Yield in Higher Employees’ Satisfaction?)

Author(s):Kateřina Jiřinová, Lucie Vrbová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:371-378
No. of Pages:8
Keywords:Management innovations; Organisational innovations; Effects of innovations; Employees´ satisfaction
Summary/Abstract:Purpose: Aim of the paper is to answer the question in the title – Do management innovations yield in higher employees´ satisfaction? Innovations are highly encouraged on the national level with government programmes as well as by EU through Operational Programmes. Management innovations are also called organisational or administrative. Management innovations are an implementation of new or significant changes in firm structure or management methods and they affect employees. Current management discussions stress the importance of employee satisfaction. Literature lacks empirical research of Design/methodology/approach: Research is focused on the Czech Republic. Data were obtained from the Community Innovation Survey (CIS) which is harmonised survey of innovation activities in enterprises in EU. The survey is distributed by Czech Statistical Office. The response rate is 85%. The survey is longitudinal with two years´ frequencies. Questions from 2004 and 2006 are the most appropriate to answer the research question. Effects of organisational innovation on employee satisfaction are tested using Kruskal-Wallis test with control on the size of enterprises. Findings: Perceived effects of management (organisational) innovation on employee satisfaction are higher compared to the effects of marketing innovation. The effects are stronger with a combination of more types of innovation. The weakness of the findings is that the effects of innovations are only perceived effects based on self-evaluation of enterprises and the questionnaire does not allow indicating negative effects of innovations. But even so, these finding shed a light on the effects of management innovations perceived by enterprises. Research/practical implications: The effects of management innovation are discussed in publications about management. But the relationship between management innovation and its effects lacks strong empirical evidence. The CIS brings great opportunity to investigate the relationship quantitatively. Findings are useful for managers that need to know the expected effects of their actions.Originality/value: The main value of the paper is the range of data. It consists of surveys from two periods and the number of analysed enterprises that introduced an innovation is more than 5.5 thousand. It reveals effects of management innovations perceived by enterprises. Research of effects of management innovation is rare.

Category Management Implementation in The Retail Market of Fast-moving Consumer Goods

Category Management Implementation in The Retail Market of Fast-moving Consumer Goods
(Category Management Implementation in The Retail Market of Fast-moving Consumer Goods)

Author(s):Larisa Mikhailovna Kapustina, Andrei Drevalev, Karolina Ilyenkova
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:379-389
No. of Pages:11
Keywords:category management; category manager; categories; retail trade; retail chain; assortment management.
Summary/Abstract:Purpose: The paper aims to evaluate the impact of the transition from the traditional model of assortment management to category management on the growth of turnover and profit of the retail chain. It proposes empirical assessment of the effects of the category management in a regional retail chain and testing the implementation of eight stages recommended by the European Customer Response System. The study aims to identify the stages of category management implementation in terms of the best satisfaction of customer needs. Design/methodology/approach: The paper reflects the results of consulting project about category management implementation performed by the authors for a regional retail chain, comprised of 30 stores, 15 categories and 24,000 items of fast-moving consumer goods. The authors have tested the role analysis method for determining the composition, roles and strategies of product categories based on internal statistics of the retail chain “Plus” on sales volumes per month and retail markup for each product category for the years of 2015-2017. The analysis of category management implementation is based on the findings and the data collected from the interviews with the category managers.Findings: The case study showed that the category management implementation resulted in the increase of profit. The implementation process was accompanied by restructuring of the company's organizational structure. It turned out that the most difficult part was the process of determining the composition of goods within a category based on the customers’ preferences. The method of role analysis of categories proved its effectiveness in optimizing the roles of categories during the analyzed period. Future research studies are aimed at finding a methodology for selecting Category Captains in cooperation with manufacturers.Research/practical implications: The implementation of category management relied on the stages suggested by the European Customer Response System. Six stages out of eight were carried out. It is required further elaboration of each stage. The results of the study and the suggested methodology can be applied to retail chains of various sizes and in different commodity markets.Originality/value: The authors suggest strengthening the client-oriented approach to the developing the product categories. Thus, an additional stage is added to the classical scheme – developing a marketing plan in cooperation with the supplier on the basis of the 4P concept.

Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects

Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects
(Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects)

Author(s):Witold Kasperkowiak, Joanna Małecka, Teresa Łuczka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:390-403
No. of Pages:14
Keywords:risk taking; exports and imports; international trade; internationalisation; SME
Summary/Abstract:Purpose: Risk is an ambiguous and complex term relating to material and immaterial things. The process of internationalisation of enterprises affects their competitiveness by enhancing their development potential. Nevertheless, this process is associated with numerous types of risk that are not present in the domestic market. The purpose of this paper is to present the views of active and potential entrepreneurs on the risks related to SME internationalisation processes, their preferences with regard to the forms, inclination to take a risk and select specific models of internationalisation, including taxonomy of risk types.Design/methodology/approach: The presented findings are based on an analysis of responses received in a group administered questionnaire from 317 respondents who represent various industries in Wielkopolska – the third region in Poland in terms of entrepreneurship – and showed willingness to enhance their economic education. The respondents pursued their activity abroad based on various forms of internationalisation. The survey covered risk and its perception by the respondents in the aspect of internationalisation. Findings: Despite the prevalence of risk associated with the internationalisation of small and medium-sized enterprises, the majority of the respondents note the need to get involved in this process and perceive it as an opportunity as well as the right direction for enterprise development. The stage model of internationalisation and cooperation-based forms are preferred. Representatives of born globals are less likely to consider pursuing activity abroad as risky, indicating a relationship between risk and the size of the company. In the opinion of the respondents, entrepreneurs operating in external markets are more open to take a risk than those who pursue their activities in the internal market. Research: Studies have shown high awareness of the risks associated with the internationalisation processes among the respondents. Favouring cooperation-based forms of internationalisation, the respondents pointed out the lack of suitable business partners abroad as one of the threats and indicated the need to strengthen programs supporting SMEs in Poland, including the association of business partners.Originality: This paper analyses the risks associated with the internationalisation of small and medium-sized enterprises. The perception of the complexity of this issue and of correlations between the barriers in the internationalisation process and the size of the enterprise is reflected in the findings of the authors’ own research presented in the paper. The impact of risks on the SME internationalisation process is a recognised issue, but not fully analysed in the related literature.

State Support System of Innovations in Slovakia

State Support System of Innovations in Slovakia
(State Support System of Innovations in Slovakia)

Author(s):Ladislav Klement
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:404-415
No. of Pages:12
Keywords:Slovak innovation strategy; innovation barriers; innovation support
Summary/Abstract:Purpose: Small and medium sized enterprises in Slovakia are facing various barriers where the system of state support in field of innovations is one of the most important. The Slovak government has started to pay attention to support of innovations relatively late. The aim of the paper is to evaluate the development of the Slovak innovation support system with an accent to tools of innovation strategies and compare the current conditions to the best practise of EU countries. Design/methodology/approach: The paper analyses the history and implementation of innovation strategies in Slovakia and critically evaluates the current system of innovation support with respect to the best practise cases in European Union. Empirical data about the barriers to innovations were gained by the survey in 2014 realized at the sample of 150 small and medium sized enterprises. The respondents were randomly selected with no preference to industry sectors. The secondary data were collected from Eurostat and other relevant institutions. The author used documentary analysis, comparison, statistical and mathematical methods. Findings: The first comprehensive innovation strategy in Slovakia was created only in 2007. There were a lot of government’s measures oriented on support of innovation activities and development of pro-innovative environment for SMEs, but only several were implemented in full range. Even today the objectives of the Slovak Innovation strategy are relatively unambitious. There are various areas in Slovakia where the system of innovation support is far away from the European best practice examples (e.g. volume of enterprises’ expenditures into innovations, missing public procurement for innovative solutions, high administrative burden and vulnerability of support system without EU structural funds).Research/practical implications: The paper includes implications for innovations’ support system in Slovakia. The paper brings recommendations for innovation performance growth in Slovakia aimed at government’s support tools.Originality/value: The paper comprehensively presents the development of government’s support system for innovations in Slovakia. It critically evaluates the existing infrastructure and applied tools and identifies possible government’s measures for future development of innovations in Slovakia.

Design Thinking: The Case of Banking Services

Design Thinking: The Case of Banking Services
(Design Thinking: The Case of Banking Services)

Author(s):Cyril Klepek
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:416-425
No. of Pages:10
Keywords:design thinking; banking; innovations; corporate strategy; organizational change
Summary/Abstract:Purpose: The banking industry has experienced an enormous amount of pressure to rebuild its own services. Mostly, because banking markets are extremely competitive and have many new competitors from other industries. Seeking competitive advantage in such an environment is, thus, a crucial activity. The way out seems to be in breaking barriers for company innovations. Design/methodology/approach: This paper reviews five examples of successful implementation of design thinking (DT) in the banking industry. While some of them are well-known, others represent an original contribution to the design thinking research based on personal interviews with managers in ANZ bank, New Zealand. All samples were discussed and chosen with regard to financial a non-financial contribution of DT. Examples listed in this paper provide an answer to the question: could DT be the life ring for the banking industry? Findings: The paper provides insights that the highest payoff from adopting a design thinking approach is not in coming up with superb product every week, but rather in innovating how people work together and how firms can adopt innovations as a part of company culture. The stories gathered in the article show us that despite many limitations design thinking has the potential to be a game changer. It could change the culture in the whole banking industry and decrease the widening gap between banks and its customers. Research/practical implications: Findings have several keys managerial implications for bank managers while cantered on possible usefulness of DT applications. Originality/value: This paper fulfils an identified need to study how banks could foster innovation processes. Focusing mainly on the banking industry, the paper is unique in its value.

Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis

Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis
(Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis)

Author(s):Andrea Kolková
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:426-435
No. of Pages:10
Keywords:Parabolic Stop and Reversal indicator; FOREX; Digital Option
Summary/Abstract:Purpose: Entrepreneurship on the financial markets is currently associated with a lot of innovations. Financial managers are not limited in cash flow planning only by traditional instruments such as stocks or bonds. For effective use of modern tools, it is necessary instruments to predict courses. Possibility is a technical analysis. The aim of this paper is the application of the Parabolic Stop and Reversal indicator on today's FOREX and detection whether prediction of growth or decline of the currency pair according to this indicator is effective, so it could be used for more efficient planning of entrepreneurial finance.Design/methodology/approach: EUR/USD currency pair has been chosen for the analysis. The currency pair will be tested at the selected time frame form. The effectiveness of selected technical Parabolic Stop and Reversal indicator will be tested with the use of digital options.Findings: Paper evaluates the effectiveness of selected technical indicator. It applies theoretical knowledge about the Parabolic SAR indicator on the FOREX market and in particular on the EUR/USD currency pair. The result is, whether the number of profitable trades made under the impetus of the trading system based on this indicator is greater than the number of losing trades in a given time frame.Research/practical implications: In the case of confirmation of the effectiveness of this indicator it is suitable for practical applications in trading FOREX. In subsequent research, it is possible to verify whether this indicator is also usable on other contemporary markets, such as equity markets, futures. Entrepreneurs and the traders can use this tool to manage their available funds. Originality/value: Researches focus primarily on well-known indicators as weighted averages or MACD. Parabolic SAR indicator is in theory generally poorly described and defined. Today, it is increasingly difficult to store the available funds efficiently and therefore may benefit from any new tools for the structure of entrepreneurial finance.

Innovation and Quality as the Tools for Managing for the Sustained Success

Innovation and Quality as the Tools for Managing for the Sustained Success
(Innovation and Quality as the Tools for Managing for the Sustained Success)

Author(s):Marcela Kovaľová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:436-448
No. of Pages:13
Keywords:Quality; Sustained success; Innovation profile; Strategic map; Total balanced quality framework
Summary/Abstract:Purpose: The paper is aimed at the proposition of simple balanced framework for managing for the sustained success of selected organisation (faculty). The audit of innovation system was elaborated to examine the current situation and to set the base for further proposal of innovation-quality map, strategic map, and quality framework for managing for sustained success over the long term. Design/methodology/approach: The innovation audit, using the standardised set of questions, was performed to examine the current situation in the innovation system at the faculty. The gap analysis of the results helped to review and summarise the needs and requirements of the faculty to implement them into innovation-quality map. Current process map and the recommendations from ISO 9004:2009 were critically assessed; the innovation and quality indicators were elaborated so that the innovation and quality performance management can be joined. Based on the previous, the total balanced quality framework was proposed, helping the faculty to manage the sustained success in a systematic way. Findings: The faculty has the capability of managing the innovation but still lacks the systematic and integrated approach. The elaboration of innovation-quality map, by setting the innovation and quality indicators and initiatives, helped to join these two preconditions for the sustained success. The map was further integrated into the strategic map as a part of innovative processes in the internal perspective of balanced scorecard conception. As no similar tool exists, the total balanced quality framework was proposed. The paper is practically oriented and can help the faculty to maintain its quality management system and manage it in connection with the innovations.Research/practical implications: The research evidence came mostly from the secondary literature review, structured interviews with the quality managers together with the brainstorming method, author´s own experience and standardised set of questions used in the innovation audit. The main practical implication of this practitioner paper lies in the proposition of the innovation-quality map, strategic map, and the total balanced quality framework as the base for further building of quality management system in the organisation with the link to innovation. The other outcome of the paper is the proposition of key steps (framework) for implementing the total quality principles in the organisation.Originality/value: The main added value of the paper is the proposition of the innovation-quality map and the strategic map of the organisation as the precondition for further building of total quality management system. No other similar study exists in this field of interest.

The Influence of Diversity on Organizational Effectiveness

The Influence of Diversity on Organizational Effectiveness
(The Influence of Diversity on Organizational Effectiveness)

Author(s):Laurencia Krismadewi
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:449-460
No. of Pages:12
Keywords:Business; Diversity; Effectiveness; Influence; Organization; Personalities
Summary/Abstract:Purpose: The study is conducted to investigate the diversity of personality’s effect on organizational effectiveness and why diversity is important to business results. It, moreover, examines how they deal with challenges that appeared with employees from myriads of personality for adding value, creating the competitive advantages for organizations, and finding the bottom-line impact of diversity in the organization.Design/methodology/approach: We relied on a variety of methods to obtain understanding through the sources that we encountered from qualitative and quantitative data of 80 respondents from Czech and Indonesia. The research applied snowball sampling method which data was gathered from 5 interviews of top management level. The prevalent complementary data sources included organizational records and journals.Findings: The result indicated that workplace diversity played an effective role in some companies. The ability to innovate for managing diversity is vital to the survival of modern organizations in building a potent internal capital foundation towards the business challenges. There must be a regular improvement in ways to effectively manage a diverse workforce as the world keeps advancing through to adequate mentoring and guidance. Small-scale companies perceived it as a prudent and evitable alternative when they experienced it an impediment or unsuccessfully manage it.Research/practical implications: The significance of teams in the successful functioning of the modern organization becomes a prominent capital for an organization to strive for the drawback of maintaining an impregnable competitive position in the business market. Originality/value: The paper fulfils an identified utility to study how the diversity of personalities in team composition contributes to innovation at the project level in the organization.

Barriers of Using Corporate Social Networks in the Czech Republic

Barriers of Using Corporate Social Networks in the Czech Republic
(Barriers of Using Corporate Social Networks in the Czech Republic)

Author(s):Markéta Kubálková
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:461-472
No. of Pages:12
Keywords:Corporate social networks; barriers; Czech firms
Summary/Abstract:Purpose: An enterprise social network can carry fast and efficient communication across the company, quick and easy sharing of information and knowledge. The main question is what are the barriers preventing greater expansion of ESN in the Czech Republic. The aim of the research is to identify the barriers that prevent the use of corporate social networks.Design/methodology/approach: The research builds on two previous surveys conducted in 2015. They are followed by a questionnaire survey (2017). The aim of this survey was to determine what communication tools companies currently use. On the basis of the information obtained, qualitative research was conducted by the method of semi-structured interviews. Interviews were carried out with representatives of companies using corporate social network and representatives of the companies, which are engaged in deploying networks in companies.Findings: Paper identifies barriers hindering the wider use of ESN in companies. Barriers that we can find in the implementation phase, launching phase, and utilization phase - on both the staff and management side. And present advantages of ESN as reduction of the number of e-mails etc., and presents disadvantages – although the use of ESN is simple, ESN deployment is complex and not always successful. Management support and the company's readiness to innovate is essential. It is necessary to create a communication and collaboration strategy, editing plan and establish rules of ESN use.Research/practical implications: Results are relevant for the companies that want to use ESN effectively and realize the possibilities it offers – fast and simple communication and effective collaboration. Also, results are relevant for companies that want to deploy ESN.Originality/value: The main added value of this article is to compile an overview of barriers of using ESN on the management and staff side and to compile an overview of recommendations based on expert interviews.

Research and Development Performance Management and Managerial Tools

Research and Development Performance Management and Managerial Tools
(Research and Development Performance Management and Managerial Tools)

Author(s):Marie Kubáňková, Jaroslava Hyršlová, Jan Nedělník
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:473-481
No. of Pages:9
Keywords:research and development; performance management; strategic management accounting
Summary/Abstract:Purpose: Economic competitiveness is becoming increasingly linked to rapid technological changes. New technologies are crucial for long term competitive advantages. R&D is a key strategic issue that must be aligned with the corporate strategy, therefore there have been considerable changes in the way that R&D has been managed over recent years and measuring R&D performance has become a key issue that has been extensively debated in innovation and R&D management literature. This paper provides current and up to date knowledge in the field of R&D management and strategic management accounting.Design/methodology/approach: The purpose of the paper is to identify management tools used in R&D performance management in a selected sample of companies, and to compare them with the findings in the literature and identify the practical impact of the R&D outputs. Therefore, a questionnaire survey will be used to demonstrate this. SMEs members of Association of Research Organizations (AVO) were selected to answer research questions. Telephone interviews were provided by the agency STEM/MARKT. The data was then entered in electronic form into the program ENGRAFES 1.0 and statistically processed. Findings: The survey shows that the selected sample of the Czech companies uses similar indicators comparable with indicators of foreign companies for managing the performance of research. The most problematic areas of R&D management are clearly indicated as the consistency of the long-term targets of R&D projects with the strategic and financial objectives of the company, and improperly set types of R&D management, poor organizational structure, and a division of competences.Research/practical implications: R&D generates knowledge that is crucial for the long-term competitiveness of the companies. Thus, huge financial amounts are invested in R&D activities. The R&D performance management and managerial tools have become a challenge for both managers and the research community. The paper focuses on the management of R&D. This paper also responds to the challenges of strategic management accounting, and its minor impact on the practice and the lack of literature on the use of specific tools.Originality/value: The added value of this paper is to extend the existing knowledge concerning the strategic management accounting tools used in the management of R&D performance in selected Czech companies, and how it compares with foreign samples.

Employment of Foreigners in Poland from the Point of View of Entrepreneurs - Opole Voivodeship Study

Employment of Foreigners in Poland from the Point of View of Entrepreneurs - Opole Voivodeship Study
(Employment of Foreigners in Poland from the Point of View of Entrepreneurs - Opole Voivodeship Study)

Author(s):Sabina Kubiciel-Lodzińska
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:482-495
No. of Pages:14
Keywords:labour market; labour demand; entrepreneurship; immigration; foreigner; Poland
Summary/Abstract:Purpose: The subject of the studies presented in the article was an assessment of the demand for employment of foreigners in companies based in Opole Voivodship. They aim was to establish the reasons which have made, or could make, them employ foreign workforce; to obtain information on the benefits and difficulties connected with using foreign workforce. They are focused on getting a regional preferences map of employers when it comes to employment of foreigners.Design/methodology/approach: The study involved managers, i.e. owners, directors, managers or people responsible for personnel policy in enterprise. Combining qualitative and quantitative research methods were used. In the research was used a structured questionnaire interview. The study included 263 employers and were carried out in late 2014 and in early 2015.Findings: It was established that the lack of native workers is the main reason why foreign workforce is more and more widely used. The most valuable advantage obtained thanks to employing a foreigner is acquisition of a worker who holds skills that are in demand. Most difficulties by hiring foreigner have the entrepreneurs with complicated law regulations. Research/practical implications: The research showed the need for developing services connected with job placement of foreign workforce. This can be acknowledged to be a chance for the appearance of a demand for specialist services rendered to immigrants, such as translation of documents, accommodation agency, tax agency. Wage earning immigration can thus become a significant factor stimulating development of entrepreneurship.Originality/value: The studies proved that there exist differences in determiners, barriers and advantages which come from employment of foreigners depending on the size of the company. This is a significant methodological establishment in the context of realization of studies of migration in enterprises, which points to the necessity of introducing a division of the examined firms according to the number of the employed workers.

The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility

The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility
(The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility)

Author(s):Dušan Kučera, Jana Müllerová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:496-504
No. of Pages:13
Keywords:Values; responsibility; sustainability; decision making; consequences
Summary/Abstract:Purpose: The authors are interested in the relations between the value orientation and performance of the Czech companies in the frame of the sustainable corporate responsibility (SCR) concept. The purpose of study is to analyse the current perception of companies and their managers/owners in the environment of transformational economies in CEE influenced by neoliberal concept of business mainly for profit. In this paper, the results of pilot research will be described. Design/methodology/approach: The methodology of research was adopted from the research ny Torugsa et al (2012), we extended their methodology with new questions about ethical values. We did the survey from the January till March 2017, in specific cases the interviews were done. The pilot research sample is 53 questionnaires addressed to the top management of selected companies we use of quota system; the respondents were asked randomly. Statistical analysis was conducted based on crosstabs and Chi square test. Results were interpreted in the cultural context and environment of the transformation economy - the Czech Republic. Findings: The pilot research findings identify the value position of the selected Czech companies regarding SCR. The philosophy of SCR is based on the holistic responsibility of management including the economic, environmental and social area of company. The findings reveal especially the personal ethical position of management based on a developed specific value orientation. As an important accent of management is the responsibility for future generations. The research reflects also the intensity and time scope of selected measures. The questionnaire will be modified according the results to the feedback of respondents with personal clarifications. Research/practical implications: Implications of research are based on the identification of value preferences which are important for practical decision making and managerial measures in specific company activities. The personal value orientation of managers has practical implication in master and executive education or consulting, because the identified value preferences are surpassing the classical economic rational and speculative frame of thinking reflecting actually the empiric situation. For this new value basis will be necessary to develop new educational approach for management development. The results of pilot research confirm the starting idea and can be enlarged for the next and significant research sample. Originality/value: The research is unique in the Czech Republic because of the SCR orientation as a deep shift from CSR to SCR concept in company management. The authors used three dimensional approaches: declared values combining economic, environmental, social and future oriented sustainability concept and performance. Originality of the study is based on identification and description of philosophical assumption of managerial thinking as (in comparison with neoliberal economy) a new basis for decision process of management in companies. The pilot research offers fundamental sample set making possible to deduce the consequences for one-sided profit orientation.

Corporate Sustainability Reporting

Corporate Sustainability Reporting
(Corporate Sustainability Reporting)

Author(s):Vilém Kunz, Štěpánka Hronová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:505-515
No. of Pages:11
Keywords:Sustainability; corporate social responsibility; non-financial reporting; corporate communication; NGOs
Summary/Abstract:Purpose: Close monitoring of sustainable corporate behavior by companies’ existing or potential customers and other stakeholders represents a current trend. Therefore, sustainability reporting is gaining on its importance. Topicality of the issue brings the authors to the objectives of fostering the depths of knowledge and building awareness of corporate sustainability and its reporting in the Czech Republic.Design/methodology/approach: The paper analyses primary data about sustainability reporting and reveals results of a pilot sample-based survey conducted via self-administered electronic questionnaires completed and returned by 46 respondents (micro businesses, SMEs, large businesses in CR) as a requisite initial step to a larger scale research within the project called Sustainable Corporate Responsibility - IP 304026. For the given variables, graphical representations are worked out and calculations of medians, averages and modus figures are provided as well as the Chi-square statistic. Finally, as a method for data analysis of the 2017 collection and the 2016 figures of similarly sized samples, comparative analysis is used. Findings: The paper brings and examines findings on the following areas: the extent to which a company reveals information on its CSR activities to its external and internal stakeholders; forms of sustainability reporting (within annual general reports, online press releases, or ad hoc CSR/ sustainability reports); membership in non-governmental organizations’ (NGOs) networks and platforms, and/or close collaboration with non-profit organizations focused on CSR/ sustainability.Research/practical implications: Newly, based on the mandatory EU directive, social and environmental activities of companies will have to be reported by companies with over 500 employees starting 2017. As a result of this research more companies not legally obliged to report might start to do so in order to improve their public image as well as to boost the competitive edge of their business entity. Many respondents from micro or small businesses actually got acquainted with the concept thanks to the research. The authors further suggest to research the field of particular reporting standards used. Internationalizing the research may also be possible.Originality/value: This pilot research contributes to the visibility of transparent corporate communication focusing on the information about ecological and social repercussions caused by economic activities of a company as well as releases about the impacts’ prevention and community support. The paper brings news about the reporting duty and up-to-date standards.

Causal Alternate Pathways for High Performance. A Study of University Spin-offs from Poland

Causal Alternate Pathways for High Performance. A Study of University Spin-offs from Poland
(Causal Alternate Pathways for High Performance. A Study of University Spin-offs from Poland)

Author(s):Anna Kwiotkowska
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:516-528
No. of Pages:13
Keywords:university spin-off companies; academic entrepreneurship; configuration theory; fuzzy set Qualitative Comparative Analysis; firm performance
Summary/Abstract:Purpose: The purpose of this paper is to explore causal alternate pathways for high performance among university spin-offs from Poland.Design/methodology/approach: The traditional configuration approach suggests using the strategy, structure, and environment domains to identify configurations. In response to calls to improve causal linkages, and drawing on work on start-ups’ configurations, entrepreneurial orientation is used with these domains to identify configurations. Fuzzy-set qualitative comparative analysis (fsQCA) is used to analyze data collected via questionnaires from 53 university spin-offs from Poland. Findings: The study of the configuration of attributes was done using Boolean algebra - a notation system enabling the algebraic processing of logic statements. This allowed the assessment and selection of five alternative combinations of elements making up the organizational configurations of spin-off companies, leading to the high performance of the companies studied in Polish conditions. In all five identified configurations, firms adopt high external integration, and employ development strategies, exhibit high internal integration, or do not operate in a highly competitive industry. These firms carve out niches, and enjoy strong linkages with supply chain partners. Research/practical implications: The degree of development of academic entrepreneurship, as seen from the perspective of spin-off companies, is negligible in Poland. What is more, the understanding of so complex phenomenon that spin-off companies are, remains limited and, as such, requires in-depth research. It seems interesting to determine the type represented by Polish spin-off companies, the factors determining the success of these companies. The response to such questions will be provided by taking a holistic look at the problem under study from the configurational perspective and making an attempt to define the causal alternate pathways for high performance among these firms. Originality/value: The performed research contributes to the understanding of the core of functioning and growth of spin-off companies in Poland. The paper highlights differences across configurations, and that founders devise alternate pathways to achieve high performance. It also notes changes in relationships among variables across configurations.

Women on Boards: Does Gender Composition Affect Financial Results of Companies?

Women on Boards: Does Gender Composition Affect Financial Results of Companies?
(Women on Boards: Does Gender Composition Affect Financial Results of Companies?)

Author(s):Jolanta Maj
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:529-539
No. of Pages:11
Keywords:gender diversity; corporate governance; board composition; firm performance; financial performance
Summary/Abstract:Purpose: The paper aims to answer the question on the number of women in the highest organizational bodies in Polish enterprises and whether there is a relationship between the compositions of boards due to gender of their members and financial results achieved by the companies and therefore to tell whether gender and/ or gender composition through inter alia a different management style or openness to risk influences the financial condition of organizations.Design/methodology/approach: For the analysis 281 companies listed on the Warsaw Stock Exchange were analysed. Basic financial indicators disclosed in the annual financial reports for 2015 were chosen. The reports for 2015 were analysed from 1 till 10 February 2017. Using statistical analysis the financial indicators were juxtaposed with the number of women on boards. Also the number of women serving as chairman of the board was included into the analysis. Furthermore a regression analyses using dummy explanatory variables (women president of the board, women in management boards and women in supervisory boards) and three different dependent variables (ROA, ROS, ROIC) have been conducted.Findings: The paper provides insight into the composition of boards in Polish companies listed on the Warsaw Stock Exchange due to gender. It shows that boards of these companies are highly masculine. The attempt to show relations between the gender composition and organizations financial performance were not entirely conclusive and need further analysis. Research/practical implications: The paper includes implications for decision – makers. It can be used as a reference by regulatory bodies to further investigate on the means as to how board composition can influence the firm performance. It may also be used for SME's in a very crucial recruitment or succession process, which, due to SMEs limited capability needs to take all the important factors, like gender of the people in question into consideration.Originality/value: The research contributes to the literature on the relationship between women participation on corporate boards and firms’ performance. This paper fulfils a gap in the analysis of Polish enterprises with regards to board composition due to gender and the linkage of this composition with the firm’s financial performance.

Newconnect as a Source of Financing for Small and Medium-sized Enterprises

Newconnect as a Source of Financing for Small and Medium-sized Enterprises
(Newconnect as a Source of Financing for Small and Medium-sized Enterprises)

Author(s):Joanna Małecka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:540-552
No. of Pages:13
Keywords:WSE; NewConnect; stock exchange; SME
Summary/Abstract:Purpose: Given that it concentrates market demand for financial instruments offered by issuers, the stock exchange is an ideal source of raising capital on favourable terms. Public issuance allows more reliable access to potential investors, with potentially higher issue prices. Skilful seizure of such opportunities can provide companies with development funds and improve their market position in line with their stated objective. Why then do so few companies use the main tool of the capital market in Poland? The article presents NewConnect as an alternative financing source for SMEs, collating it with the awareness of Polish entrepreneurs in this respect.Design/methodology/approach: Findings are based on source data from various publications by financial market institutions. The volume and structure of Europe’s selected alternative markets are outlined by means of analyses, figures and comparisons. The focus is on commercial companies allowed to cooperate with stock exchanges. To calculate and visualise the findings, mathematical analysis tools were employed to determine quantitative and percentage shares illustrating the examined structures and to outline a trend analysis based on linear regression. 200 respondents were interviewed for recognisability of capital market instruments in Poland and their knowledge and ability to raise development capital in this way.Findings: The capital market development and increasing competition are posing new challenges for SMEs, whose changing way of thinking should be transformed into actual changes in their business activities. The data show that this change, although very slow, is nonetheless underway and SMEs’ interest in capital market solutions is increasing year by year.Research/practical implications: The author’s research results have revealed a correlation between respondents’ education and their knowledge and ability to differentiate the capital market from the money market. The better educated a respondent was at the time of the research, the more broadly he/she assessed the range of capital market solutions and opportunities for raising development capital through the stock exchange and NewConnect. This is, however, not combined with the maturity in respect of correct estimation of risks or opportunities for raising capital for development of one’s own entrepreneurship in this way.Originality/value: Small enterprises whose owners consider raising capital through the stock exchange as part of strategic management and business philosophy will be offered an additional opportunity for relatively easy access to capital, enabling companies to develop and increase their prestige. The author’s own research results have shown that it seems necessary to modify the traditional paradigm of SME management in the aspect of SME owners’ leading role.

Reflection of Ethical Principles in Czech Codes of Ethics

Reflection of Ethical Principles in Czech Codes of Ethics
(Reflection of Ethical Principles in Czech Codes of Ethics)

Author(s):Radim Maňák, Martina Nikolskaja, Tomáš Tykva, Monika Jones
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:553-565
No. of Pages:13
Keywords:Business ethics; Code of Ethics; Ethical Principles
Summary/Abstract:Purpose: The paper deals with the code of ethics as a significant tool of business ethics. Its objective is to evaluate a chosen set of Czech codes of ethics from different points of view and to find typical characteristics and specifics of these documents. The attention focuses on form and content criteria.Design/methodology/approach: A basic analysis of form, content and structure of a set of codes of ethics used in the praxis was carried out in this paper. The first phase of the research formulates the theoretical base and identifies the criteria for the empirical research. The research is carried out on a chosen set of 20 codes of ethics of individual companies in the Czech language available online. These codes are evaluated from the point of view of their form and content on the basis of discourse and genre analyses. The main characteristic features of the chosen set of codes of ethics are identified. Findings: The gained results help to show the profile of a typical company Czech code of ethics. It is typically not longer than 6 standard pages and has an entry part that could be understood as a preamble. The code is mostly classified by problem areas and offers personal text style. The majority of the codes do not have explicitly defined values, but almost all of them accentuate the observance of law.Research/practical implications: The results of the paper, as described in findings, can be used by the management of companies that should respect specific content and form aspects when creating their codes of ethics. For the science, it is important that the principles of business ethics find their application in the Czech business environment and in the available tools of business ethics although often in coexistence with law principles which are not the key topic of business ethics.Originality/value: The paper studies a real and present-day set of documents and brings original results in this field of study.

The Effect of Gender, Age and Education on Entrepreneurial Curiosity

The Effect of Gender, Age and Education on Entrepreneurial Curiosity
(The Effect of Gender, Age and Education on Entrepreneurial Curiosity)

Author(s):Miha Marič, Ivan Todorović, Mladen Cudanov, Gašper Jordan
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:566-574
No. of Pages:9
Keywords:entrepreneurship; entrepreneurial curiosity; human resources; HRM
Summary/Abstract:Purpose: Entrepreneurial mind-set has been a topic of various research. Entrepreneurial curiosity has been related to some other constructs in entrepreneurial research, whereas the antecedents or the relation to the entrepreneur’s demographics has yet not been investigated. We therefore test how gender, age and the level of education affect entrepreneurial curiosity.Design/methodology/approach: Since there is no previous research on which we could build hypotheses, we use three research questions; and explore if there is a difference in entrepreneurial curiosity depending on the gender, and the possible curvilinear relationships among age and entrepreneurial curiosity, and the level of education and entrepreneurial curiosity. Participants in this study were entrepreneurs from Serbia, from which we gathered data through the interviews, by using a survey in which they were questioned about their gender, age, level of education and on the variables composing entrepreneurial curiosity. Findings: The results show a difference in entrepreneurial curiosity based on gender, indicating that entrepreneurial curiosity was greater for women than men. Potential curvilinearity between age and entrepreneurial curiosity and the level of education and entrepreneurial curiosity was not confirmed due to the lack of statistical significance.Research/practical implications: The results of this study give better insights into the basic demographics’ effect on entrepreneurial curiosity. The implications are foremost for the policy makers, investors and entrepreneurship researchers, so they can have better insights on whom the entrepreneurially curious ones are. Suggestions for further research are to continue investigating the antecedents of entrepreneurial curiosity and also its consequences. Originality/value: The proposed research has not yet been done, so that this will contribute to entrepreneurship theory and practice.

Interrelation between Corporate Social Responsibility and Company Performance

Interrelation between Corporate Social Responsibility and Company Performance
(Interrelation between Corporate Social Responsibility and Company Performance)

Author(s):Maria Markhaichuk
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:575-583
No. of Pages:9
Keywords:CSR; Company performance; Regression analysis
Summary/Abstract:Purpose: The paper is focused on the identification of relation between corporate social responsibility (CSR) and company performance in the Russian Federation. The aim of study is an empirical search for the answer to the question: Are socially responsible activities of the companies linked to their results?Design/methodology/approach: Data on the large Russian companies belonging to different branches were taken as a basis for the research. The sample includes data on the CSR level of fully and partially rated by CSRHub Russian companies for the 2012-2017 years. These data were supplemented by information about the companies performance from the Moscow Exchange, the RBC Information Systems and the official financial statements of the companies. Panel regressions with fixed effects were employed and econometric models with dependent variables such as Market Capitalization, Net Profit, Revenue, Return On Assets (ROA), Return On Equity (ROE) were estimated to fulfil research aim. Findings: The regression analysis confirmed the existence of the positive impact of CSR level on the companies performance. In particular, it showed the existence of positive impact of CSR level on the market capitalization of companies and their revenue. No negative impact of socially oriented activities of companies on companies performance has been detected.Research/practical implications: The research results can be used by the heads of the companies while formulating CSR policy, by the state bodies in the process of regulating and developing CSR Institute.Originality/value: The study empirically proved the positive impact of CSR level on companies performance and refuted the assumption that CSR costs do not pay off in economic conditions of Russian Federation.

Startups Role in National Industry 4.0 Implementation

Startups Role in National Industry 4.0 Implementation
(Startups Role in National Industry 4.0 Implementation)

Author(s):Felipe Martinez, Ivana Svobodová, Miroslav Lorenc
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:584-594
No. of Pages:11
Keywords:Startup; Industry 4.0; Government; encouragement; subsidy
Summary/Abstract:Purpose: The research explores the current strategic role of startups in the industry 4.0 (i4.0) implementation at national level. The paper aims to determine the representativeness of startups in governmental strategies for i4.0 implementation.Design/methodology/approach: The research reviews strategic governmental documents dedicated to i4.0 implementation. It identifies keywords to determine the startup concept appearance frequency within these documents. The data analysis provides information to argue the governmental strategic importance of startups for i4.0 implementation.Findings: The paper provides insights about the importance of startups within the governmental strategy for i4.0 implementation. The government supports the general development of startups. However, the i4.0 strategic documents lack to contain startups role.Research/practical implications: The paper indicates the importance of startups inclusion in formal strategic government documentation. The paper is reference for future researches at V4 countries and Germany.Originality/value: Startups are important element in the i4.0 development. This paper contributes to identify the formal inclusion of the element in the government strategies.

South Moravian SME´s Performance in Relation to Maturity of Leadership: Results of a Quantitative Research Study

South Moravian SME´s Performance in Relation to Maturity of Leadership: Results of a Quantitative Research Study
(South Moravian SME´s Performance in Relation to Maturity of Leadership: Results of a Quantitative Research Study)

Author(s):Lukáš Mazánek, Jan Pekárek, Josef Veselý
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:595-605
No. of Pages:11
Keywords:SME´s; talent; creativity; motivation; vision
Summary/Abstract:Purpose: The paper aims to clarify the ability of South Moravian SME managers to perform leadership skills. SME´s need to know how to influence affective organizational commitment, defined as a voluntary attachment to the organization, using methods that are cost effective. Application of adequate leadership practice is one of the major factors of success in small and medium-sized enterprises in the UK and Europe. Lack of leadership is cited as a cause of failure in companies and risk to the national and regional economy as well.Design/methodology/approach: We surveyed 112 manufacturing companies to obtain 77 questionnaire responds from South Moravian small manufacturing companies’ CEOs and filtered the total of 48 valid SME´s respondents. The total of 22 questions, mapped 4 groups of interest in the field of setting vision, enthusiasm, motivation, trust, talent, creativity and knowledge level perception of company CEO. Every question was rated from 1 – 5, when as higher value than higher perception of leadership was assumed. Questions were voluntarily possible to add with a short note explaining the value.Findings: It was found, that there are two major clusters of companies. These with low to average leadership performance (with L approximately 70% of less) and these with high performance (with L more than 70%). Minimal performance was 9.1%, maximal performance was 98,2%. Only 6 of selected companies performed more than 80%. Nevertheless 5 of them showing low score (>3) in the same subquestion focused at whether leaders inspire others to dreaming about “what if”.Research/practical implications: Seven best-performing companies are very strong in evaluated leadership facets. In the future research pursue then explanation of the factors, which differs identified two clusters of companies, what differs those average from the best. We are going to conduct in depth interviews with CEO´s of these best performing companies, and we expect, that the results will lead to better understanding how to enhance level of leadership perception. Concurrently applicable advices will be formulated, to enhance companies, having average leadership performance. Originality/value: This paper fulfils an identified need to understand current leadership performance in South Moravian SME´s. Leadership perception was analysed and described in 4 groups of interest (vision, enthusiasm, motivation and talent).

Challenges in Promoting Migrant Entrepreneurship: First Empirical Evidence from Germany

Challenges in Promoting Migrant Entrepreneurship: First Empirical Evidence from Germany
(Challenges in Promoting Migrant Entrepreneurship: First Empirical Evidence from Germany)

Author(s):Hartmut–Heinrich Meyer, Anna Pilková
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:606-617
No. of Pages:12
Keywords:Entreprenership Education; Germany; Migrant; Education; Integration
Summary/Abstract:Purpose: Migrants are known for their high affinity to entrepreneurship and record for substantial entrepreneurial activities in Germany. These activities are supported by various push factors of the labour market. Migrant entrepreneurship is also known for a high risk of failure because this group has problems meeting financial standards in Germany as well as to develop a market strategy in a highly competitive environment. The main goal of this paper is to present first empirical evidence of the entrepreneurial activities by prospective migrant entrepreneurs and their specific needs to promote migrant entrepreneurship in sophisticated economies.Design/methodology/approach: The research is exploratory in nature in order to understand the challenges in promoting migrant entrepreneurship. By employing the GEM research model to analyse entrepreneurial activities and models of social migration/integration, the research aims to define specific variables migrants face while entering sophisticated markets. The data for the analysis has been generated in Germany by studying migration statistics provided by the German Office for Migrations, as well as 20 in-depth interviews of migrants, including an analysis of their social background by their CV.Findings: This paper provides the first insights into the expectations and motivation of migrants towards entrepreneurship. It particular, the research shows quite clearly the development migrants have to undergo within a short period of time in order to change from a survival-oriented economy, characterized by an unreliable economic environment, to an innovation-driven economy. The major challenges for migrants is to build up the required managerial competencies in order to develop a market strategy and to meet the financial standards in Germany. The analysis of the interviews showed quite clearly that the potential migrant entrepreneurs are underestimating these entrepreneurial requirements. Research/practical implications: The results of the paper show a strong need for early entrepreneurial education. Thereby there is a need to develop entrepreneurial training and consultancy programs for better knowledge transfer, based on the migrant’s entrepreneurial environment. Moreover, the paper also gives some insights into the migration policy to reduce push factors towards a necessity driven entrepreneurial motivation. The required entrepreneurial training should take place within the welcome and arrival stages of the integration process in order to avoid future business failure. Here one perceives responsibility by policy makers and authorities involved in the integration process to provide the necessary resources.Originality/value: The paper allows the first insights into migration entrepreneurship. On the basis of the research model, as well as a newly created understanding of the survival orientated economy, this paper gives an understanding of the need to change the attitude of prospective entrepreneurs when entering entrepreneurship. The main added value of this paper needs to be seen as giving new insights into the entrepreneurial process of migrants as well as their entrepreneurial personality.

Using Competitive Technical Intelligence Patent Search Methods to Uncover Automotive Industry Trends

Using Competitive Technical Intelligence Patent Search Methods to Uncover Automotive Industry Trends
(Using Competitive Technical Intelligence Patent Search Methods to Uncover Automotive Industry Trends)

Author(s):Zdeněk Molnár, Jan Černý
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:618-628
No. of Pages:11
Keywords:Competitive Technical Intelligence; patent information; patent classification; search methods; intellectual property; automotive industry
Summary/Abstract:Purpose: Patent information is widely known as a valuable source for Competitive Technical Intelligence (CTI) focused on competitor activity analysis in the technological field. Moreover, patent classification schemes provide us with a unique possibility to discover industry trend directions and key players in a particular field. This paper aims to describe the importance and use of a patent classification for CTI purposes directed towards the automotive industry. Design/methodology/approach: The authors have used the Global Patent Index bibliographic database to present search syntaxes with International Patent Classification codes to uncover the key players and trends in the automotive industry focused on forms of protection against, or prevention of injuries to drivers, passengers or pedestrians in the event of accidents or other traffic hazards.Findings: The patent classification plays an important role in narrowing down a specific patent search for Competitive Technical Intelligence purposes. It also specifies the innovation directions for a particular technology. The results of this paper show the ten main innovative companies in the field of road safety between the years 2014 and 2016 based on the searches, and indicate that Toyota is the leader in vehicle safety innovation in this period. We have also determined the ten main product invention categories, and that occupant safety arrangements or fittings lead current industry trends.Research/practical implications: The paper represents implications for CTI advanced search methods and activities leading to innovation. The search process can be applied in other technology fields.Originality/value: This paper proposes a method for effectively using patent information for CTI purposes focused on the automotive industry.

Technology and Knowledge Transfer as Third Mission Activities at the Slovak Universities

Technology and Knowledge Transfer as Third Mission Activities at the Slovak Universities
(Technology and Knowledge Transfer as Third Mission Activities at the Slovak Universities)

Author(s):Danka Moravčíková, Štefan Rehák, Martina Hanová, Libor Vozár
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:629-640
No. of Pages:12
Keywords:technology transfer; knowledge transfer; universities third mission
Summary/Abstract:Purpose: This paper deals with issue of the impact and relationship between universities and regions. The authors identify the third role and related tasks for academic education and research in context of the regional development. They describe and compare the activities and contribution of the Slovak universities in the field of knowledge and technology transfer. The study discusses also the specific problems of cooperation between universities and regions. Design/methodology/approach: The paper reports selected results of a survey carried out for The Ministry of Education, Science, Research and Sport of the Slovak Republic within the project “Strengthening the Impact of Higher Education in the Regions”. Two thirds of universities in Slovakia participated in the questionnaire survey. Qualitative information was obtained from eight focus group interviews with representatives of regional authorities, employers, academic representatives and NGOs representatives from four aggregated regions (Bratislava, West, Middle and East Slovakia).Findings: This paper offers an empirical picture of initiatives connected with universities’ concern about the needs of the future employers, support of entrepreneurial activities and innovative entrepreneurship in the region. The authors point to the fact that in developed countries, firms pull the new research results from universities, while in Slovakia there is rather a push effect when universities attempt to push their research results into reality of commercial firms. They mention that the dividing line between applied research and innovations are not at all clear and also point to weaknesses in the activity of universities concerning intellectual property rights protection.Research/practical implications: The authors provide case studies of four Slovak regions highlighting the opportunities, barriers and challenges in surveyed issues. They formulate also concrete policy recommendations. Presented information and findings need further examination through a broader analysis, but they also emphasize the importance of better understanding and explanation of the third mission of universities in the Slovak context. Originality/value: The paper represents a specific approach of studying third mission activities of universities and contributes to discussion of transferring the academic knowledge and technologies by empirical outlining these activities.

Wine Marketing: The Case of Micro and Small Wine Companies in the Czech Republic

Wine Marketing: The Case of Micro and Small Wine Companies in the Czech Republic
(Wine Marketing: The Case of Micro and Small Wine Companies in the Czech Republic)

Author(s):Anastasia Murínová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:641-653
No. of Pages:13
Keywords:wine marketing; marketing tools; micro and small business; family business
Summary/Abstract:Purpose: Wine marketing is one of the main reasons of survival and development of micro and small wine companies, that have own rules and advantages which allow to stay in that upcoming craft. Micro and small companies is a major part of wine business in the Czech Republic. The purpose is to understand the specifics of wine marketing perception and find out which marketing tools most affect the success of the wine company within the framework of case study.Design/methodology/approach: A brief comprehensive review of recent scientific literature and articles published predominantly in marketing oriented journals was carried out followed by a qualitative case study. The concerning research part has the form of a case study. There a survey was conducted, namely the face-to-face structured interviews, which belongs to the verbal form of questioning methods commonly employed in qualitative research. Open-ended questions were used in this study that is approach of grounded theory. The qualitative content analysis was carried out for analysing obtained data. Findings: The research determines generalized understanding of wine marketing in the Czech Republic within micro and small wine companies from the theoretical and practical view. The most important and useful marketing tools were detected and confirmed by respondents’ quotations in the framework of case study. This study shows that respondents basically understand the definition of "wine marketing" in narrow image as a mean of promotion. The main purposes and influence of wine marketing on the business success were discovered within the framework of conducted case study.Research/practical implications: This study focuses on a creation of framework for further research for application wine marketing principals within the context of micro and small companies located in the South Moravian region in the Czech Republic. Results of the study are useful for both theorists and practitioners. Conclusions and that grounding can be as a platform for the development of further in-depth theoretical model of wine marketing. Representatives of the wine business might be interested in conducting a comparative analysis of the activity and the possible use of a well-functioning marketing tools. Originality/value: This paper reflects the perception of selected wine marketing of wine business representatives in the South Moravia region in the Czech Republic. The admitted practical applications of wine marketing tools are equally beneficial.

Environmental Responsibility in Marketing Activities of Companies

Environmental Responsibility in Marketing Activities of Companies
(Environmental Responsibility in Marketing Activities of Companies)

Author(s):Zdenka Musová, Hussam Musa
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:654-663
No. of Pages:10
Keywords:environmental marketing; environmental marketing mix;consumers’ perception of environmental labels;
Summary/Abstract:Purpose: Current negative course of events in the environment influences the activities of companies, as well as the behaviour of consumers. Companies are forced to take these trends into account also in the marketing activities. Consumers also treat the environment with higher responsibility. The behaviour of companies and consumers is closely connected. Consumers, while they are making purchase decisions, react to various stimuli from the external environment, including marketing stimuli of companies. In that context, the aim is to define the environmental marketing and examine consumer perception of it with an emphasis on particular tools of marketing mix. Design/methodology/approach: Secondary data analysis is supplemented by selected results of the preliminary questionnaire survey from March 2016, through which we determined whether the environmental efforts of companies have a sense of consumers and whether consumers are adequately responding to them. Structured questionnaire was designed to elicit responses about the effects of various environmental marketing tools on consumer purchase behaviour and it´s perception from 420 respondents from the Slovak Republic.Findings: The selected outcomes of the preliminary questionnaire survey focused on examination of consumers´ environmental behaviour and reactions to environmental initiatives of companies are presented. We found out that the environmental awareness of our respondents is low. They recognize environmental activities of companies only partially and they rarely take them into consideration when making buying decisions. This reality may seem discouraging for the environmentally oriented companies and may lead to less responsible behaviour of them in the field of environmental protection. Research/practical implications: Rising concerns about our planet´s future mobilize all market participants towards active protection as well as the removal of existing damage. Responsible marketing managers, who assess all their decisions with respect to the environmental impact, are no exception. We summarize the basic recommendations for companies focused on improvement of their behaviour concerning creation of an environmental marketing mix respecting needs and desires of the developing segment of environmentally responsible consumers. The achieved results will be the basis for a more detailed examination of the issues for the subsequent representative research.Originality/value: The results of our survey confirmed that responsibility for solving current long-run environmental problems must be taken not only by the companies but also by consumers themselves. If behaviour of both partners is responsible, the relationship will be beneficial for both market participants. This paper fulfils a need for advancing knowledge on implementation of environmental responsibility in marketing activities and provides a practical framework for responsible and environmentally-friendly (marketing) managers.

Early and Fast Internationalisation of High-tech Start-up Firms

Early and Fast Internationalisation of High-tech Start-up Firms
(Early and Fast Internationalisation of High-tech Start-up Firms)

Author(s):Michael Neubert, Augustinus (Stijn) van der Krogt
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:664-674
No. of Pages:11
Keywords:International entrepreneurship; Early and fast internationalisation; Born global; High-tech firm
Summary/Abstract:Purpose: This paper analyses the research problem of the significance of early and fast internationalisation and how and why high-tech start-up firms (HSFs) from small and open economies (SMOPECs) differ in their internationalisation speed. For this purpose, the paper samples Switzerland as a developed economy and Paraguay as an emerging economy. This paper is based on the conceptual framework of the ‘born global firm’ (BGF) theory and the reviewed and updated Uppsala internationalisation process model.Design/methodology/approach: The research questions will be answered using a comparative multiple case study research design. Data will be collected through multiple sources of evidence, including semi-structured, in-depth, individual face-to-face interviews with subject-matter experts (SMEs), field notes, corporate brochures, business plans and reviews, culminating in a reflection of the data collected. After drawing a random sample from a database of Swiss and Paraguayan HSFs, some typical cases are selected. The Swiss (Paraguayan) sub-sample comprises 20 (12) SMEs who are CxOs, owners and founders. These people have expertise and knowledge as entrepreneurs and managers in technology management as well as fundraising.Findings: The results of the research reveal that the speed of internalisation is influenced by factors such as the skills of an entrepreneur and the management team, their international networking and learning skills, the business model and the pricing strategies of the HSF, market selection, the market entry mode, the successful implementation of a structured market-development process, uniqueness of the technology and the product portfolio, availability of market opportunities and the size of the home market. Furthermore, the results show significant differences between HSFs from developed and emerging SMOPECs concerning the importance of these factors for early and fast internationalisation.Research/practical implications: The implications for practice, applications and consequences are identified. The outcomes will support policy makers, educators, investors as well as founders and managers to identify the respective key success factors for successful internationalisation and provide the required resources, including capital, processes and know-how. Future research can analyse the effect of location in cross-national studies with additional emerging and developed SMOPECs.Originality/value: The findings of this qualitative multiple case study research project contribute to the field of research on international entrepreneurship because they will help researchers to better understand the significance of early and fast internationalisation and how and why HSFs from emerging and developed SMOPECs differ in their speed of internationalisation. In addition, the findings contribute to managerial practice because they will help managers and founders of HSFs from emerging and developed SMOPECs to develop new foreign markets earlier and faster.

International Pricing Strategies of High-tech Start-up Firms

International Pricing Strategies of High-tech Start-up Firms
(International Pricing Strategies of High-tech Start-up Firms)

Author(s):Michael Neubert
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:675-685
No. of Pages:11
Keywords:Price model; International pricing strategy; Born global;High-tech firm;
Summary/Abstract:Purpose: This paper aims to understand how high-tech start-up firms from small and open economies develop and optimise their international pricing strategies and models. The paper proposes modelling a pricing strategy process and outlining why and how leadership is important throughout the pricing process. The study aims to expand the study of international entrepreneurship and global firms by including a broader and deeper range of pricing aspects than is normally found in the international entrepreneurship and pricing literature. Design/methodology/approach: The paper opted for a multiple case-study research design using different sources of evidence, including four in-depth interviews with CEOs of high-tech start-up firms. The case-study firms were selected using a purposive selection method. The interviews were conducted in December 2016 at the corporate headquarters of companies. The data was analysed using grounded theory to develop categories and to understand consistencies and differences. The theoretical framework of Ingenbleek, Frambach & Verhallen (2013) is used to analyse the pricing strategies of the case study firms.Findings: The paper provides empirical insights about how high-tech start-up firms from small and open economies develop and optimise their international price-setting strategies and models. It suggests that successful leaders act as ‘integrating forces’ on two levels: by applying a structured and disciplined price-setting process with regular reviews and by mediating between corporate financial goals and the local market reality. Research/practical implications: The results are relevant for researchers and policy makers who support activities that promote engagement into entrepreneurial activity. The results support that claim that policy makers should offer insights, training and financial support to give promising high-tech start-up firms the possibility to select the most efficient international pricing models and strategies. The results are relevant for entrepreneurs to understand the importance of efficient price-modelling processes, including regular price reviews, and the influence of the different price strategies and price models on financial results and sales revenues.Originality/value: This paper fulfils an identified need to study how high-tech start-up firms from small and open economies develop and optimise their international pricing strategies and models.

Sustainbility in the Economic Sense

Sustainbility in the Economic Sense
(Sustainbility in the Economic Sense)

Author(s):David Novak
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:685-698
No. of Pages:14
Keywords:Sustainability; effects on economics and business
Summary/Abstract:Purpose: What is the perception of sustainability in the economic sense? Human behaviour cannot continue in the actually given way as the usage of natural resources exceeds regenerating ability of the earth. The result of human behaviour is called ecological footprint of human mankind; it will have crucial impacts on national economies and the business of its companies via external diseconomies. Indicators, values and consequences get investigated. Design/methodology/approach: Any here discussed objectives are only a small extract of all existing or potential objectives. The research method used by the author was an analysis of existing and published literature within Web of Science and elsewhere like the UNO and her organisations (in total more than 15 references), mainly from the last decade. The approach of the topic is to define and evaluate the actual status quo of sustainability regarding economics from the US American and German point of view. Findings: Research findings are shown within a brief summary to offer an opportunity for further analysis, discussions, or results. The ecological footprint is an accepted possibility to measure effects of men on nature, based on numerical indicators and values. The incurrence of external diseconomies must be charged or taxed in full. Economy, Society and Environment have to go hand in hand and people have to be taught their current behavior cannot continue in the previous way anymore. Research/practical implications: Results and implications for practice, applications and consequences are identified as added value. Changes of sustainability and its effects can only be evaluated in the mid and long term run. Any real short term effects should not be expected. Avenues of future research should have always a focus on sustainability, if current behaviour of human mankind offers an acceptable opportunity of surviving for future generations. Originality/value: This paper sees sustainability from the economics point of view (a research gap so far) and is in contrast to most existing literature which has the approach from the environment (natural sciences/technique) or society/politics.

The Innovation Centers Development in the Regional Context of Russia

The Innovation Centers Development in the Regional Context of Russia
(The Innovation Centers Development in the Regional Context of Russia)

Author(s):Ekaterina Panarina
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:697-713
No. of Pages:17
Keywords:innovation; competitiveness; innovative management model; leadership; competence; knowledge-based economy.
Summary/Abstract:Purpose: According to the ranking by global competitiveness benchmarking study (WEF Competitiveness Report, 2017), Russia has the 43rd index of the competitiveness out of 142 countries compared by 67th place at 2012. We can explain it with different reasons but primarily it is a result of strengthened fundamentals, including the quality and quantity of education, training programs, and innovation capacity. In this article we consider the innovation to be the major factor that keeps countries to sustain their competitiveness that is a strategic goal for any economy including the Russian economy as well. Design/methodology/approach: Design approach for the research is based on benchmarking data and case studies analysis, as well as on author´s research activities and practical experience. The sample was chosen from research institutions (national research universities) and innovation centers as well as enterprises in different industries.Findings: There are a few forms of innovation ecosystem were considered that could become a moderator for evolving innovations and sustainable economic growth. Those are integrated distributed centres of competences at enterprise level, innovative business regional clusters (hubs), high skills centres of competences at universities, business-universities joint alliance. The concept of innovation development and the findings of this article defiantly make practical impact and resonance that get to be discussed and resulted in actions of regional and national administrations. Research/practical implications: The outcomes and implications proposed in the article related to functioning of Centres of Competence and Innovation Centres are very important for practice, and for keeping and increasing the positive dynamics of economic development cycle. The establishment of the Innovation Centres of different forms has to become a national idea of the sustainable economic growth. It has to be included to the strategic plans of the government for the better future.

Innovative Development for Northern Regions: Russian Case

Innovative Development for Northern Regions: Russian Case
(Innovative Development for Northern Regions: Russian Case)

Author(s):Svetlana Panikarova, Maxim Vlasov
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:714-725
No. of Pages:12
Keywords:Northern regions; Innovation development; Knowledge index
Summary/Abstract:Purpose: According to the ranking by global competitiveness benchmarking study (WEF Competitiveness Report, 2017), Russia has the 43rd index of the competitiveness out of 142 countries compared by 67th place at 2012. We can explain it with different reasons but primarily it is a result of strengthened fundamentals, including the quality and quantity of education, training programs, and innovation capacity. In this article we consider the innovation to be the major factor that keeps countries to sustain their competitiveness that is a strategic goal for any economy including the Russian economy as well. Design/methodology/approach: Design approach for the research is based on benchmarking data and case studies analysis, as well as on author´s research activities and practical experience. The sample was chosen from research institutions (national research universities) and innovation centers as well as enterprises in different industries.Findings: There are a few forms of innovation ecosystem were considered that could become a moderator for evolving innovations and sustainable economic growth. Those are integrated distributed centres of competences at enterprise level, innovative business regional clusters (hubs), high skills centres of competences at universities, business-universities joint alliance. The concept of innovation development and the findings of this article defiantly make practical impact and resonance that get to be discussed and resulted in actions of regional and national administrations. Research/practical implications: The outcomes and implications proposed in the article related to functioning of Centres of Competence and Innovation Centres are very important for practice, and for keeping and increasing the positive dynamics of economic development cycle. The establishment of the Innovation Centres of different forms has to become a national idea of the sustainable economic growth. It has to be included to the strategic plans of the government for the better future.Purpose: The aim of the research is an analysis of innovation environment of the northern regions and using it as the basis for identifying factors hindering innovation activities of the northern regions, as well as formulating ways of speeding up innovation development of the northern regions of Russia.Design/methodology/approach: Мethodological basis of the research is built on the algorithm of the knowledge index evaluation suggested by the World Bank; innovation development rating of the Russian Federation regions compiled by the Russian Academy of Public Economy and state service of the Government of the Russian Federation; Higher School of Economics, National Association of Innovations and Information Technology Development. Comparative evaluation of the level of innovation activity development in the northern regions of Russia was conducted, challenging points in the innovation development of the northern regions were identified, recommendations on improving efficacy of innovation activities of the norther regions of Russia.Findings: Authors conducted analysis of northern regions innovation environment in order to evaluate context for creation and development of innovation activities. Knowledge index for northern regions was calculated on the basis of knowledge index evaluation algorithm suggested by the World Bank. Knowledge index evaluation allows for subdividing northern regions into four groups. In general, this method allows for identifying those Russian Federation regions that are most capable of creating, accepting and disseminating knowledge, that is possessing innovation potential. Research/practical implications: The authors identified main regional policy trends in the field of innovation development stimulation: 1. Implementing additional financial mechanisms of target industrial company support.2. Forming new mechanisms of innovation projects financing.3. Implementing major infrastructure projects aimed at uniting major enterprises, small businesses, research institutions and higher education institutions. 4. Creating institutional support for innovation policy.5. Development of informational, expert – consulting and educational infrastructure for innovation activities.Originality/value: Comparative evaluation of the level of innovation activity development in the northern regions of Russia was conducted, challenging points in the innovation development of the northern regions were identified, recommendations on improving efficacy of innovation activities of the norther regions of Russia.

CSR and Tax Planning: Case Study of Football Club

CSR and Tax Planning: Case Study of Football Club
(CSR and Tax Planning: Case Study of Football Club)

Author(s):Igor Perechuda, Assidi Soufiene
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:726-738
No. of Pages:13
Keywords:Corporate social responsibility; tax planning; corporate finance; sport
Summary/Abstract:Purpose: Based on a review of recent literature, this paper presents the association between tax planning and Corporate Social Responsibility (CSR). Four dimensions of CSR were applied for this study: managerial, economic, social, and environmental. The study verifies the relation between CSR and tax planning in the aforementioned dimensions. Design/Methodology/Approach: Research is based on the case studies of the Legia Warszawa Football Club Limited Company — one of the best Polish football clubs — during the period between 2011 and 2014 and the Legia Warszawa Football Academy Foundation during the same period. The football club was chosen due to strong relations between sports and CSR. The case study is based on a comparative dynamical and structural analysis of financial data. The fundamental for the case study was the review of previous literature and legal analysis.Findings: This study shows how the company is committed to both social responsibility and tax planning. The case study confirms that CSR was performed in four dimensions. The confirmation was provided, described and analysed based on the business model of the chosen entity. Furthermore, it is possible to observe that performance of CSR is noticed mainly in the managerial and economic dimensions.Research/practical implications: Due to the CSR activities performed and planned by the foundation, the company gained a wide range of benefits. Positive effects of CSR management and tax planning in the current case can be seen mainly due to the use of legal opportunities.Originality/Value: The study proposes how the business model of the football club and foundation can achieve their common goals. It presents how economically important the cooperation between the foundation, which materializes the CSR activities, and the football club, a profit-making company, can be. The study also describes how it is possible to observe the relation between CSR and tax planning in case of the sports club.

Regional Aspects of Inclusive Entrepreneurship in Slovakia: GEM Evidence

Regional Aspects of Inclusive Entrepreneurship in Slovakia: GEM Evidence
(Regional Aspects of Inclusive Entrepreneurship in Slovakia: GEM Evidence)

Author(s):Anna Pilková, Juraj Mikuš, Marian Holienka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:739-748
No. of Pages:10
Keywords:entrepreneurship; inclusivity; regions; age; gender
Summary/Abstract:Purpose: Entrepreneurship is an important phenomenon and a promising key to economic growth and job creation especially for underrepresented groups, not only on aggregate level but also in the regional context. However, a comprehensive picture on its inclusivity across Slovak regions is still missing. The main aim of our paper is to analyze regional differences of inclusive entrepreneurship in Slovakia with special focus on women, youth and seniors in relation to regional macroeconomic characteristics and attitudes towards entrepreneurship.Design/methodology/approach: Our analysis is built on data from Global Entrepreneurship Monitor (GEM). We have created a pooled sample from Slovak individual-level data from years 2011 to 2016, comprising of 12,010 adult population individuals. For each year, the sample is representative for gender, age and regional distribution. Eight NUTS3 level regions are considered in our study. To group regions according to patterns of their entrepreneurship inclusivity and analyze them in the context of economic and cultural attributes, we employ a cluster analysis followed by respective methods of descriptive analysis and data visualization.Findings: The level of inclusive entrepreneurship varies across Slovakian regions. Women are most intensely involved in Bratislava region, while inclusivity of both seniors and youth is the highest in Trencin region. Our findings confirmed that economic power goes hand in hand with increased opportunity perception, high entrepreneurial self-confidence, the lowest fear of failure, but also not positive social attitudes towards entrepreneurship. This environment particularly encourages female into entrepreneurship, but at the same time it is not able to outweigh inhibitors of seniors´ and youth inclusivity. On contrary, youth and seniors’ entrepreneurship inclusivity is higher in regions with lower economic power.Research/practical implications: Based on our findings, we develop recommendations for policy makers how to shape entrepreneurship support policies and actions in regions to best fit the specifics of the inclusivity, considering females, youth and seniors. We identify the most underrepresented and vulnerable groups, and, where necessary, stress the main implications for further inquiry.Originality/value: Our paper creates an original value by providing a unique insight on inclusivity of entrepreneurial activities thanks to breaking down the GEM-based analysis of female, youth and senior entrepreneurship to regional levels, and linking it to economic and cultural dimensions. To our knowledge, there is no previous analysis built on unique, representative and robust data from all regions of the country.

The Role of Organizational Culture in the Process Reorientation of the Company

The Role of Organizational Culture in the Process Reorientation of the Company
(The Role of Organizational Culture in the Process Reorientation of the Company)

Author(s):Natalia Potoczek, Anna Ujwary-Gil
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:749-761
No. of Pages:12
Keywords:Organizational culture; Process orientation; Human Resource Management
Summary/Abstract:Purpose: This paper discusses and investigates the role of the organizational culture in the process reorientation of the organization. Seeing that a special role in the formation of the process culture is attributed to the supplementary processes in the field of Human Resource Management (HRM), this paper focuses on the role of HR-processes that deliver value to all employees in the organization. According to the authors, the designing of HR-processes cannot differ from standards of designing the business processes. The perspective of dynamics of the organizational culture and its importance in process management is regarded as the key aspect of the discussion.Design/methodology/approach: The paper is based on case studies of Polish companies. The study used analysis of company documents and descriptions of internal processes. The paper describes examples of two Polish companies: Poczta Polska S.A. and Azoty S.A.; being organized according to processes, including HR-processes, their activity contributed to the effective restructuring in the first case and to strong expansion and development in the second one. To identify the elements of process culture that shows the development of a process culture, among others, the results of the research done on process culture by von Brocke and Sinnl (2011) were used.Findings: The empirical insights show that the basis for the formation of the process organization culture is the creation of an internal mechanism that provides systemic support of the development of culture promoting the values that bind employees together in the performance of their mutual tasks. The transparent architecture of processes, roles and relationships between processes allow members of the organization to act more efficiently, even if their organization is territorially dispersed. Finally, it can be concluded that the process-oriented culture can support any organized, collective and goal-oriented action.Research/practical implications: The paper includes implications for the development of a strong corporate culture supporting organizational roles and process structure. Process orientation should promote greater flexibility in the organization and quickly adapt changes in the environment and in particular to customer expectations.Originality/value: This paper fulfils an identified need to study how as the process reorientation of the company may be supported by organizational culture.

Effective, but Inefficient? Public Support Granted to Social Enterprises for Employment

Effective, but Inefficient? Public Support Granted to Social Enterprises for Employment
(Effective, but Inefficient? Public Support Granted to Social Enterprises for Employment)

Author(s):Oto Potulka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:762-772
No. of Pages:11
Keywords:Social entrepreneurship; Employment; European Social Fund; Impact evaluation
Summary/Abstract:Purpose: Social entrepreneurship accounts for an important share of employment in the European labour market. Social enterprises, however, are mainly funded by public budgets. In view of this, it important to evaluate the impact that government-funded social enterprise projects have on individuals’ employment opportunities and how effective and efficient such support is from a public finance perspective.Design/methodology/approach: Based on the data of 307 individuals who received EU-funded support in the Czech Republic between January 2009 and June 2015 and a control group of the same size, we estimated the effect that this support had on the employability of the funded individuals. To perform this task, we used a propensity score matching approach.Findings: We conclude that the EU-funding of social entrepreneurship is an effective tool for facilitating employment. The estimated impact that the funding has on these individuals is a 7.8% increase in the likelihood that they will continue to be employed once the funding has ceased. We also confirm positive effects on the employment of the groups threatened by exclusion. Here, women benefited with an estimated 11.6% increase in employment, and people older than 40 years of age with an estimated 14.7% increase in employment. On the other hand, the efficiency of the financial support is not high, since the timespan needed for the payback time is more than 13 years.Research/practical implications: Our study sheds light on effectiveness and efficiency of public support. It helps to target public funding to areas where the effects are the highest.Originality/value: The added value of our research is in its application of unique individual data. Moreover, evaluation culture in social enterprise is developing. Our study adds to the knowledge on how to evaluate impacts of social enterprises in countries with developing social enterprise culture as those in the Central and Eastern Europe.

Innovation Strategy and Access to Capital in SME and Large Companies – Evidence from Survey

Innovation Strategy and Access to Capital in SME and Large Companies – Evidence from Survey
(Innovation Strategy and Access to Capital in SME and Large Companies – Evidence from Survey)

Author(s):Katarzyna Prędkiewicz
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:773-782
No. of Pages:10
Keywords:Innovation; Funding gap; SME; Innovation strategy; Access to capital
Summary/Abstract:Purpose: The aim of the papers is to check whether there is a relation between company’s declared attitude towards innovation (innovation strategy) and declared problems with access to capital. The analysis takes into account the size of companies. The author intent also to compare the results with parallel conducted studies, when other (more objective) proxy for innovation was employed. Design/methodology/approach: The research is based on a survey that covers more than 400 companies operating in Poland in 5 industries. The survey is based on self-assessment approach. The companies in the survey had to indicate their attitude towards innovation (neutral, occasional, pro-innovative) and answer to a question whether a lack of capital was a serious problem hampering the company development indicating on the Lickert-scale from 1 to 5. Chi-squared test, Welch’s t-test and ordered logit model were employed to test hypotheses. Findings: Generally, SME reported higher difficulties with access to capital than large firms. There is also a difference in innovation strategy – SME indicated mainly “occasional strategy”, whereas large companies “pro-innovative”. It was proved that there is relation between innovation strategy and financial constraints. The firms that are moderate innovators are financially constrained, however for strong innovators with pro-innovative strategy it was not confirmed. Research/practical implications: Research have practical implication. Firstly, SME are still in worse position compared to large enterprises in area of access to different source of capital, however this “funding gap” is not so severe, as could be expected. It means that tools which may help improve access to capital for smaller companies as preferential loans, special grants are still justified. Secondly, moderate innovators are exposed to additional difficulties in raising funds successfully, what also confirms the validity of use dedicated tools as subsidy by authorities, regardless the company size. Originality/value: The studies are based on own survey, interviews with owners, managers, financial managers or R&D managers. Examined companies are in their later stage of development (growth, stability) whereas most of the research focus on access to capital for very young, innovative start-ups companies. The finding shows that also older companies suffer from asymmetry of information, especially the innovative ones.

Trends and Problems of Investment in Intellectual Capital in Russian Economy

Trends and Problems of Investment in Intellectual Capital in Russian Economy
(Trends and Problems of Investment in Intellectual Capital in Russian Economy)

Author(s):Irina Prosvirina, Aleksey Ivanov, Galina Ostapenko
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:783-794
No. of Pages:12
Keywords:structure and dynamics of investments; intellectual capital; investment in intellectual capital; innovations
Summary/Abstract:Purpose: In this article, we reveal trends reflecting the direction of investment in Russian economy after crisis in 2008. The aim of the article is to identify investment features that are associated with investment in intellectual capital, technology and innovations. Design/methodology/approach: Theoretical basis of the article is the concept of intellectual capital as well as the global tendency to increase investment in intellectual capital which was confirmed by previous researches. Hypothesis of the study is that in Russian economy this tendency has very particular features, namely: investments in intellectual capital grow at a smaller pace than investments in fixed assets. To prove this hypothesis, we have analysed a large amount of statistical data on the structure and dynamics of investments in 2008–2014 on different levels: Russian economy, regions, industries and companies. We have used comparative, structural and dynamic analysis methods. Findings: We have found the contradiction between investments growth rate in fixed assets and in intellectual capital in Russian economy. We have also shown that this imbalance continues to grow. In our opinion, the reason of such macroeconomic disproportion is the realization of the corresponding investment policy at company level. A number of institutional features of the Russian economy lead to this situation.Research/practical implications: Identifying the features of investments in intellectual capital and explanation of their reasons allow to suggest the practical solutions of this problem of Russian economy development. Our research also allows formulating a number of questions that needs further investigation. Originality/value: In this article, we have discovered one of the main features of Russian companies’ investment policy: investments in intellectual capital grow at a smaller pace than investments in fixed assets. This explains the cause of many economy development problems in Russia, first of all, the low production efficiency and the weak integration of innovations.

Assessment of the Innovation Factors Impact on Economic Growth in Russian Regions

Assessment of the Innovation Factors Impact on Economic Growth in Russian Regions
(Assessment of the Innovation Factors Impact on Economic Growth in Russian Regions)

Author(s):Svetlana Rastvortseva
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:795-809
No. of Pages:15
Keywords:Regional economic growth; innovation factors; technological innovation; regions of Russia
Summary/Abstract:Purpose: The aim of the research is to test hypothesis that ensuring economic growth innovation is important for regions with higher level of development and it is less significant in explaining growth in other regions. Public and private R&D expenditure is very highly concentrated in a small number of leading regions: those closer to the productive frontier. Regions outside these high-technology cores tend to depend on less R&D-intensive forms of innovation and on technology transfer.Design/methodology/approach: We have identified the following factors that are relevant for the regional growth: human capital, infrastructure, labour market, innovation, agglomeration and connectivity, productivity. As the innovation factor, we use number of patents, internal expenditures on R&D, expenditures on technological innovations, the number of staff engaged in R&D, the volume of innovative goods, works and services, innovative activity of organizations. Innovation can have a positive impact on long-term growth. The data has been collected in 83 Russian regions for 2005-2015. We use a power-mode regression model with constant elasticity.Findings: Not all innovative factors have a positive effect on the regional economic growth. The inclusion of such factors as employment rate; internal expenditures on R&D; the number of staff engaged in R&D; the innovative goods, works and services; innovative activity of organizations; density of GDP is surplus. The analysis showed that they are not statistically significant. Partly we can explain it as the more successful regions develop due to conjuncture factors, and science and technology are not the reason for economic growth. Our hypothesis has not been confirmed.Research/practical implications: In the case when the influence of the conjuncture factors on regional economic growth is great, it is difficult to assess the significance of innovation. The division of regions into groups according to the level of per capita GRP allows us to identify significant factors of innovation for growth. From the point of view of practical application, we see that the regions below average level of per capita GDP need the development of innovation. Such institutional factors as governance, leadership, capacity should consider an active role of innovation and work force. Originality/value: On the example of the Russian regions we have shown that ensuring economic growth innovation is important for regions with below average level of development and it is less significant in explaining of growth in other regions.

Innovative Industry Sectors in World Economic Centers

Innovative Industry Sectors in World Economic Centers
(Innovative Industry Sectors in World Economic Centers)

Author(s):Piotr Raźniak, Sławomir Dorocki, Anna Winiarczyk-Raźniak
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:810-820
No. of Pages:11
Keywords:innovation; city; command and control function; corporation; world economic centers
Summary/Abstract:Purpose: The purpose of this paper is to analyze the geographic distribution of key corporate headquarters’ locations – and changes therein – for innovative sector corporations. The paper attempts to identify innovative sectors in world economic centers throughout the world and discuss contemporary processes affecting changes in their hierarchy.Design/methodology/approach: The analysis in the paper uses data obtained from the “Forbes Global 2000” list of corporations aggregated at the level of major metropolitan areas home to major corporate headquarters. The “innovativeness index for cities” is based on the financial potential index for innovative sector companies (acronym: FPIS), which is calculated using selected economic and financial data such as return on assets, return on sales, and company market value. In addition, the index is also based on the number of corporate headquarters per city. Findings: Therefore, in spite of globalization and relocation of production, the largest revenue growth is still recorded by companies headquartered in the United States, which is particularly evident in the case of San Jose. A significant decrease of the importance of the innovative sector was recorded by the Japanese World Economic Centers, and especially that of Tokyo. In Asia, a few newer innovation centers such as Hong Kong, Bangalore, and New Delhi have emerged in the last few years, while several U.S. cities have declined substantially in terms of their role in the innovative sector.Research/practical implications: The analysis of the impact of innovative sectors on the development of world economic centers will show their importance in the generation of the command and control function of cities in the event of economic crisis.Originality/value: The issue of the command and control function of cities created by corporations headquarters their international conectivities are point of interest for several years. The new concept is, the idea of World Economic Center where the city has strong command and control function, even in the main industry sector economic crisis. This study shows the impact of innovative sector to the world economic center cities power.

Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures

Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures
(Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures)

Author(s):Malte Recker, Ingo Michelfelder
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:821-832
No. of Pages:12
Keywords:Sustainable entrepreneurship; sustainability measurement; sustainability benchmark
Summary/Abstract:Purpose: The paper provides an overview on existing measurement approaches and the respective suitability to predict, to support and thus to increase the future sustainability value generation of new ventures along the three domains: Economic, environmental and social impact. It aims to identify required complements and adjustments to close the existing gap of suitable measurement tools, determining holistic sustainability for new ventures.Design/methodology/approach: A systematic literature review is chosen to assess existing measurement tools, methods and concepts from theory across relevant disciplines. Scope of measurement and applicability in the described context are the main assessment criteria.Findings: The literature review reveals that I.) there is a lack of sustainability measurement tools appropriate for early stages of a new venture, II.) that holistic measurement tools, covering environmental, social and economic value generation, are needed and that III.) the relative improvement of generated value needs to be taken into account in order to allow a meaningful comparison of different ventures and business models and to significantly reduce the complexity. IV.) Research needs to integrate initial findings from other studies looking at success factors covering the social and environmental value generation – rather than the economic outcome only.Research/practical implications: The research findings provide a basis for measuring, predicting and increasing sustainability impact generated from new ventures. The suggested complements and adjustments are shared for use in other benchmarking approaches and to help establishing the research field of sustainable entrepreneurship. Its application will provide important decision criteria for new ventures (how to increase sustainability), early stage investors (where to invest), policymakers (which types of ventures and business models to support) and sustainability dedicated accelerators (how to support the sustainability generation of new ventures).Originality/value: The contribution to existing concepts and tools is especially the starting development of early stage sustainability measurement and prediction approaches for new ventures. The literature review has shown that measurement tools are often too complex for early stage measurement. It is at these stages however, that public funds are invested and private investors decide on which business to help to achieve the growth stage.

Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.

Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.
(Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.)

Author(s):Ján Rehák, Anna Pilková, Zuzana Jančovičová, Marian Holienka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:836-848
No. of Pages:13
Keywords:Intergenerational entrepreneurship; Youth and Senior Entrepreneurship; Global Entrepreneurship Monitor.
Summary/Abstract:Purpose: Age in entrepreneurship research is one of the key variables which is extensively studied from different perspectives. One of the newest trends in entrepreneurship related to the age of population is “intergenerational entrepreneurship”. The key to the success of this concept lies in a thorough research of the differences and similarities between the different age cohorts of entrepreneurs, and their practical application. The aim of this paper is to study key drivers of differences between senior and young entrepreneurs in Europe focusing on opportunity and necessity driven total early stage entrepreneurial activities.Design/methodology/approach: Based on the revision of existing literature and research findings on senior and young entrepreneurs we have formulated the research assumptions that were further tested. The authors focus on relevant differences between senior and young (youth and young adults) entrepreneurs in Europe and validate their coherence through descriptive statistics and regression analysis. The dataset used in this paper is Global Entrepreneurship Monitor data from 2010-2014 in Europe.Findings: Our results confirm areas of significant differences both among studied groups and regions. Some of these findings are in line with general statements presented in literature, but there are also differences in comparison to relevant research studies done on senior and youth entrepreneurship. Our specific focus was also put on analysis of key drivers of TEA necessity and TEA opportunity in studied groups and their differences from regional point of view. Research/practical implications: Intergenerational cooperation is a topical issue which deserves high attention of policy makers on national and international levels. To use this potential and encourage it in right way asks for relevant thorough knowledge of these groups entrepreneurial characteristics. Therefore, our findings have practical implications for European entrepreneurial policies, programs and tools design to boost intergenerational entrepreneurship. Originality/value: Original value of our paper is in formulation of findings based on comprehensive analysis of differences among the youth, youth adult and senior entrepreneurs on European level based on robust GEM data which bring additional value to rare European studies on this subject.

Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy

Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy
(Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy)

Author(s):Dusanka Rodic, Ondrej Jasko, Mladen Cudanov
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:849-859
No. of Pages:11
Keywords:organizational culture; human resources; SMEs; entrepreneurial leadership style; national culture
Summary/Abstract:Purpose: Purpose of this paper is to search for connection between national culture and organisational cultures, especially actual and preferred leadership styles, in SMEs in Serbia, a country with very high “Power Distance” dimension of national culture. Also, national culture influence is compared with globalisation as a way of collective programming. The focus is on the leadership style of the entrepreneurs, the degree of its acceptance among employees and how those styles correspond with national culture. Design/methodology/approach: This study analysis based on Hofstede methodology, using structured data about organizational culture dimensions. Data was collected using on-line questionnaire. Data in the sample consists of fifteen self-selected entrepreneurial SMEs in Serbia where measurement of their culture by the Hofstede methodology was negotiated. Descriptive statistics and cross-case comparisons were used discuss and propose conclusions.Findings: In the research, it is found out that SMEs in Serbia have organizational culture which does not support autocratic leadership style as actual one and that is not desirable one too. This is not the logical consequence under the influence of national culture which score high in two dimensions: Power Distance and Uncertainty Avoidance. The most dominant actual leadership style is consultative and it is also the most desired one. This implies that entrepreneurial orientation and constraints for being competitive in global market shifts the organizational culture into the direction where leadership styles and its acceptance question national culture influence.Research/practical implications: The outcomes are the overview of the dimensions of organizational culture in SMEs research study of 15 entrepreneurial companies. The most interesting outcome is identification of globalization effect on national culture in case of entrepreneurship in SMEs and shows unexpected contradictory of national culture dimension influence on actual and desired entrepreneurial management styles, especially in national cultures which score high in Power- Distance index. This paper can set further hypothesis for a wider research.Originality/value: Contribution is an overview of organizational culture dimensions of SMEs in Serbia with emphasis on management philosophy and actual and desired leadership styles by qualitative analysis of structured data to show the perspective relations between national culture, leadership styles and degree of its acceptance. Limitations of this study are that no true random sample has been used and results cannot be generalized. The fact that companies do not share details about aspects of their business and potential source of competitive advantage, like organizational culture or leadership style to random researchers, this study still provides insight, presenting data hard to gather.

The Economic Consequences of Students Inflow for Local Enterprises

The Economic Consequences of Students Inflow for Local Enterprises
(The Economic Consequences of Students Inflow for Local Enterprises)

Author(s):Diana Rokita-Poskart
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:860-870
No. of Pages:11
Keywords:educational migration; inflow of students; local economy; local enterprises
Summary/Abstract:Purpose: The aim of the article is to present the mechanism via which educational migration related to undertaking higher education can influence on local good and service market, labour market and entrepreneurship.Design/methodology/approach: The economic consequences of student inflow have been shown for one of the academic cities in Poland – Opole which has one of the highest student-to-inhabitant ratios and approx. 90% of students are internal educational migrants. The analysis has been based on the results of empirical research conducted among educational migrants of all universities in Opole selected based on quota sampling. The complementary to the presented data were the correlation analysis and the result of the research conducted in 2016 among the local enterprises which concern their opinion about the impact of incoming students on their companies. Findings: The results and estimates presented in this study shows that educational migrations related to tertiary education may create substantial economic benefits for the academic city. This study paid particular attention to benefits for local market of goods and services, the local labour and thanks that mechanism on local enterprises in an academic city.Research/practical implications: The results of the research and the estimates can be used by local authorities of academic city for awareness of the importance of students’ inflow for local economy. The diagnosis can be used in design scenarios for improving the demographic and economic situation of the academic city. Originality/value: The impact of the inflow of student of local economy of academic city, especially their economic consequences for the area of the internal inflow are a research problem almost absent in the scientific discourse

Critical Evaluation of Czech Municipal Spending Predictive Models

Critical Evaluation of Czech Municipal Spending Predictive Models
(Critical Evaluation of Czech Municipal Spending Predictive Models)

Author(s):Pavel Rousek
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:871-882
No. of Pages:12
Keywords:Municipal Budget; Municipal Spending; Spending Volume; Spending Structure
Summary/Abstract:Purpose: The aim of the paper is detailed knowledge of factors that affect the volume and structure of municipal expenditures, based on research of budgetary expenditures of 6258 Czech municipalities. The sustainability of the public sector is not yet widely discussed in the professional public. As the Gutherie & Farneti (2008) study shows, the first area has been voluntary reporting in Australia.Design/methodology/approach: The sample used for basic results are 6258 Czech municipalities and their budgets. The data sources are three systems of Ministry of Finance of the Czech Republic – ARIS, ÚFIS, and MONITOR. The analyzed predictive model assumes constant grow rate. The analysis is based on the generated time series of the municipal budgets.Findings: Some factors have a greater impact on public budget size; the impact of other factors is primarily structural. Analyzed predictive model with constant growth rate doesn’t allow a satisfactory estimation of future values. General predictions based on this model could be used in the economic growth; it is not applicable in times of economic crisis. This issue could be fixed by adding more parameters of the prediction like GDP.Research/practical implications: The entire thematic framework is illustrated by case studies, which are based on 3 municipal budgets. Attention is paid especially to big cities with the largest budgets, municipalities with financial problems (bad practice) and municipalities with healthy financing (best practice).Originality/value: Several theoretical publications are dedicated to this area. However, there are almost no studies on real data. For example, Ochrana and Pavel deal with an analogical issue in Czech conditions. This is the opportunity for future cooperation.

Life Cycle Assessment – A Tool for Evaluating the Level of Technological Eco-innovation

Life Cycle Assessment – A Tool for Evaluating the Level of Technological Eco-innovation
(Life Cycle Assessment – A Tool for Evaluating the Level of Technological Eco-innovation)

Author(s):Magdalena Rybaczewska-Błażejowska
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:883-893
No. of Pages:11
Keywords:Eco-innovation; Enterprise; Life cycle assessment (LCA)
Summary/Abstract:Purpose: The intention of this article is to propose, examine and discuss an alternative approach for measuring the level of technological eco-innovation of enterprises, based on the methodology of life cycle assessment (LCA).Design/methodology/approach: The main objective of this research is to verify a new methodology for measuring the level of technological eco-innovation of enterprises, based on LCA. The method of LCA that is conventionally applied to assess potential environmental impacts of individual goods or processes is translated into the evaluation of a whole company. In consequence, taking into account a production structure and manufactured products, results of life cycle impact assessment (LCIA) and the origin of impacts, an environmental profile of an enterprise is created. It has the form of matrix (MATLCA ). Findings: A manufacturing company, representing the pulp and paper sector, was covered by the LCA analysis. The environmental profile of the paper mill, located in Poland, was calculated using specialised software SimaPro 8.1 and the ReCiPe method. It proved that the analysed enterprise has the most damaging effect on the environment in the following impact categories: freshwater eco-toxicity, marine eco-toxicity and natural land transformation. They result from the graphic paper, exactly materials (cellulose) used, and the process of graphic paper production, exactly energy (electricity, thermal energy and natural gas) consumption. Consequently, to be more technologically eco-innovative, first of all, the paper mill needs to move towards more energy-efficient technologies.Research/practical implications: The research proved high applicability of the proposed methodology for evaluating the level of technological eco-innovation of enterprises. Due to its universality, the method can be used both at micro level by individual enterprises and at macro level by policy makers to make a benchmark analysis of technological eco-innovation.Originality/value: This is a fully original study that proposes a new approach for quantitative description of the level of technological eco-innovation.

The Role of the Academic Entrepreneurship Ecosystem in Building Entrepreneurial and Innovation Potential. Conclusions from Chosen Polish Universities

The Role of the Academic Entrepreneurship Ecosystem in Building Entrepreneurial and Innovation Potential. Conclusions from Chosen Polish Universities
(The Role of the Academic Entrepreneurship Ecosystem in Building Entrepreneurial and Innovation Potential. Conclusions from Chosen Polish Universities)

Author(s):Anna Sęk
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:894-905
No. of Pages:12
Keywords:academic entrepreneurship; entrepreneurship education; innovation; science and business cooperation; local context
Summary/Abstract:Purpose: In the second decade of the 21st century societies and economies have visibly concentrated around entrepreneurship and innovation. Academic entrepreneurship emerged as one of the ecosystems supporting these trends. However, scientific research dedicated to entrepreneurship education does not seem to be extensive enough. The present study shall have its contribution by trying to analyse the role and measure the effectiveness of academic entrepreneurship and its institutions in the process of building socio-economic potential in terms of entrepreneurship and innovation given the local context.Design/methodology/approach: The study conducted in March 2017 was designed to verify whether the activity of particular entities within the academic entrepreneurship ecosystem promotes entrepreneurial and pro-innovation behaviours among students. The qualitative part of the study was based on structured in-depth interviews with academic teachers of business and non-business universities. The quantitative sample was obtained with the use of a standardized questionnaire directed to students from several Polish universities. The data were complemented by a documentary analysis of reports and statistics related to the subject.Findings: The gathered data have shown that Polish students from the selected universities have some interest in entrepreneurial and pro-innovative activity, but level of their entrepreneurial knowledge is not satisfactory. The obtained data suggest some mismatch between the relatively complex and quickly evolving academic entrepreneurship ecosystem in the region and the level of profits it shall bring to its potential beneficiaries.Research/practical implications: The study tries to draw practical conclusions from how the functioning of the academic entrepreneurship ecosystem translates into particular behaviours and attitudes. The recommendations of the paper shall be useful to regional educational and economic policies in terms of cooperation between education, science and business. Originality/value: The paper contributes to the overall discussion over building entrepreneurial and innovation potential in the society by way of cooperation between universities and businesses. Relatively new and constantly changing ecosystem of academic entrepreneurship is still quite disorganised and unregulated. The study attempts not only to explain and categorize it but also to measure the actual quality of entrepreneurship education. A concise assessment of the academic entrepreneurship ecosystem is provided based on the analysis of its chosen entities within selected Polish universities.

Corporate Social Responsibility from the Perspective of Companies Providing Express Courier Services in the Czech Republic

Corporate Social Responsibility from the Perspective of Companies Providing Express Courier Services in the Czech Republic
(Corporate Social Responsibility from the Perspective of Companies Providing Express Courier Services in the Czech Republic)

Author(s):Dana Sommerauerová, Tomáš Kučera, Jaroslava Hyršlová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:906-915
No. of Pages:10
Keywords:express courier services; corporate social responsibility; environmental aspects; social aspects
Summary/Abstract:Purpose: Corporate social responsibility (CSR) has been lately an extensively discussed topic. CSR has influence on how customers see companies. This concept is important not only for customers, but also for other stakeholders such as are the following: investors, employees, the general public, media, the state and other. With the development of e-commerce social responsibility issues become more and more important for companies providing express courier services. The aim of this paper is to present and to compare approaches taken by the selected companies providing express courier services in the Czech Republic territory to CSR issues.Design/methodology/approach: The theoretical background of this paper is based on foreign and domestic literature. Information published by the selected companies on their individual web pages is used in this paper. The focus of attention is approaches of the above-mentioned companies to CSR regarding their economic, environmental and social aspects and impacts. Research methods used for data analysis included content analysis and comparative analysis of publicly available information.Findings: This paper focuses on presenting the individual approaches of the selected companies to CSR. These individual approaches are compared on the basis of economic aspects, environmental aspects and social aspects and on the basis of those impacts that get the biggest attention from the individual selected companies.Research/practical implications: This paper summarizes publicly available information about the individual selected companies’ approaches to CSR. This collected information is analysed and compared with regard to important economic, environmental and social aspects and impacts of these companies. Programs that are implemented by the individual selected express courier services companies in accord with CSR are the subject of the research interest.Originality/value: This paper summarizes and compares approaches of the selected companies providing express courier services in the Czech Republic territory to CSR issues. The experience gained in this research contributes to extending the knowledge in the area of CSR with regard to this type of companies that are becoming increasingly important thanks to growing significance of e-commerce.

Sustainabilty Information from Swedish Tourism Companies – What, Where and for Whom?

Sustainabilty Information from Swedish Tourism Companies – What, Where and for Whom?
(Sustainabilty Information from Swedish Tourism Companies – What, Where and for Whom?)

Author(s):Anna Sörensson
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:916-928
No. of Pages:13
Keywords:sustainability information; sustainability report; tourism service providers; environmental sustainability; social sustainability
Summary/Abstract:Purpose: Within the tourism industry, there is a considerable focus on sustainable tourism. One way for tourism service providers to address these issues and present their sustainability work is through annual reports, sustainability reports and homepages. Sustainability report is a way for tourism companies to be more legitimate and accountable toward their stakeholders. The research objective, with this study, was to investigate and analyze Swedish tourism service providers’ sustainability information. What kind of sustainability information is presented? Where is the sustainability information presented and for whom?Design/methodology/approach: The data for this study was collected mainly during December 2015-February 2016. The research design was constructed as a qualitative explorative study on tourism companies and how they present their work with sustainability (economic, social and environmental) for their stakeholders. Data was collected from 50 different tourism companies in Sweden from their annual reports, sustainability reports and their home pages. They are large-sized tourism companies with a yearly turnover between 5-50 million euros.Findings: The result shows that what they present is often focused on social or environmental sustainability (not both dimensions). The tourism service providers are all presenting economic sustainability since they must do an annual report yearly. Another conclusion is that they do not use sustainability report as their communication channel to show accountability and legitimacy to their stakeholders. Home pages are used mostly for presenting their sustainability work despite that there are large differences between how much information from the companies. The stakeholders seem to be mainly the customers.Research/practical implications: It still seems like that many tourism companies do not see the benefits in sustainable tourism. If tourism companies want to be legitimate and accountable concerning sustainability they have the possibility to present more information about their sustainable information to stakeholders and conduct even more efforts on sustainability issues in their everyday business life. It would be interesting to make interviews to gain more insight in what they want to communicate to their stakeholders concerning their sustainability work. It would also be interesting to compare with other countries and culture concerning tourist companies’ sustainability work and their communication to stakeholders.Originality/value: The main value of this paper is that the study focuses on large sized tourism companies that must present a sustainability report from 2017. The European Union has decided to make it mandatory for large sized companies to present sustainability reports in 2017 and this study is therefore interesting since it shows their sustainability work before this law is implemented.

Strategic Management of Open Innovation in the Service Sector

Strategic Management of Open Innovation in the Service Sector
(Strategic Management of Open Innovation in the Service Sector)

Author(s):Miroslav Špaček
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:929-941
No. of Pages:13
Keywords:Open innovation; corporate strategy; open business models; service sector
Summary/Abstract:Purpose: The purpose of this paper is to design R & D strategy which is based on Open Innovation. Open innovation and open business models are believed to be powerful tools which enable companies to have competitive edge over competitors. Even if open access to innovation is becoming more popular within the innovation community, there are neither formalized guidelines nor “best practices” which would illustrate feasibility of this approach. Shortages of both scientific research and practical experience in this field are considered the gap which is filled out by this paper. The paper aims at providing guidance to practical application of these approaches.Design/methodology/approach: Case Study approach as well as ethnographic research were chosen as appropriate research methods. Case study deals with strategic management of open innovation in the company operating in service sector, specifically in ICT sector. The service sector is a suitable choice for OI adoption because there is a lower demand to protect IP. To achieve the goals, the analysis of current company foothold was performed by means of contextual interview. The target group were top and middle managers and company specialists who were engaged in processes improvement and corporate strategy elaboration. Findings: The findings revealed that the company in question suffered from suboptimum innovation performance. The rectification of shortcomings was rendered through Open innovation approach which was preferably executed on a strategic level. Structured process how to grasp Open innovation approach to be viable and functional from strategic point of view is proposed.Research/practical implications: The paper identifies main shortcomings in innovation performance and offers remedial actions. Moreover, the paper makes an induction to the elaboration and implementation of R & D strategy based on Open innovation. It also indicates the way which future research of Open innovation should focused on.Originality/value: Since the term Open innovation was coined by Henry Chesbrough in 2003, this concept is still under exploration. The main contribution of this paper consists in deepening applied research of Open innovation and providing clear practical guidance for the development of R & D strategy which involves attributes of Open innovation.

Business Ethics in CEE: Analysis of Research Results

Business Ethics in CEE: Analysis of Research Results
(Business Ethics in CEE: Analysis of Research Results)

Author(s):Włodzimierz Sroka, Richárd Szántó
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:942-952
No. of Pages:11
Keywords:business ethics; ethical behaviour; Central European Economies; controversial industries
Summary/Abstract:Purpose: It is widely acknowledged that if a company wants to be perceived as a reliable business partner and a respected member of the business sector, it should demonstrate a high level of institutionalisation of business ethics principles and practices, and it must practice outstanding ethical behaviour. This is exceptionally true in some controversial industries. The purpose of our study is to identify the scale and scope of the use of these principles and practices in two Central European countries, i.e. Poland and Hungary.Design/methodology/approach: In this study survey methodology was applied. The sample included a group of 48 companies operating in the pharmaceutical, tobacco and alcohol industries (25 Hungarian and 23 Polish ones). Our survey mainly focused on the degree of institutionalisation of business ethics (such as the presence of a code of conduct, an employee appointed to deal with ethical issues, ethical training, and so on), the perceived ethical behaviour of the firms, and their relationship with their key stakeholders.Findings: Our study confirmed that business ethics is regarded as a significant factor, however the scale of this phenomenon varies, across both sectors and countries. The level of institutionalisation is somewhat higher at Hungarian firms, while preventing and handling corruption cases are more at the forefront of Polish companies. Yet, although it seems that stakeholders from Polish firms have greater ethical expectations, we did not observe significant differences between perceived ethical behaviour in the two countries.Research/practical implications: Though the vast majority of the companies observed understand the need for ethical behaviour in business, the apparent unwillingness of respondents to participate in the study was observed. The results achieved may therefore be distorted to some extent. Regular studies, organised e.g. every 5-10 years in the sectors surveyed, would obtain stimulating data showing in which direction the companies from these sectors evolve. Additionally, further studies should be carried out with the participation of representatives of the enterprises surveyed (personal interviews).Originality/value: The originality of the paper is the result of the presentation of unique quantitative research related to business ethics in sensitive sectors of the economy in two Central European countries. Sectors such as pharma, tobacco and alcohol are often accused of manufacturing questionable products or applying industrywide malpractices; therefore, observing their ethical principles and practices certainly provides significant fresh insights in this field.

Nepotism and Favoritism in the Steel Sector: Are These Phenomena Prevalent?

Nepotism and Favoritism in the Steel Sector: Are These Phenomena Prevalent?
(Nepotism and Favoritism in the Steel Sector: Are These Phenomena Prevalent?)

Author(s):Włodzimierz Sroka, Jolita Vveinhardt
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:952-962
No. of Pages:11
Keywords:nepotism; favouritism; steel sector; Poland
Summary/Abstract:Purpose: The term ‘nepotism’, i.e. favouritism granted to relatives, is usually associated with corruption in the public sector and the abuse of public resources. Moreover, it is commonly accompanied by the public image of post-Soviet and/or developing countries. One may, however, observe the manifestations of nepotism in different sectors of the economy. Therefore, the aim of the paper is to analyse the main principles of transparent management of companies operating in the steel sector and deconstruct the myths of nepotism and favouritism. Design/methodology/approach: Two research methods were used to analyse these phenomena: an analysis of widely accessible information devoted to anti-nepotism practices (the first stage), and interviews with the managers of steel companies operating in Poland (the second stage). The data collected during the first stage allowed us to analyse the problems associated with nepotism. Interviews (totally 18) with the managers allowed us to find out the real perception of this phenomenon and thus to determine the prevalence of these pathologies in the sector. Our research was done in Q4 of 2016 and included all steel companies (totally 9) operating in Poland.Findings: Our research has confirmed that nepotism and favouritism are observed in the sector analysed. However, it is necessary to emphasise that the scale and range of this phenomenon vary, depending on the membership of three groups, i.e. global corporations, companies listed on Warsaw Stock Exchange, and small companies. Research/practical implications: Our research has several implications. Firstly, it confirmed that the steel sector - like other industries - is not free of these pathologies. Knowledge of this fact may be useful for managers, and above all the owners of steel companies, allowing them to take the necessary preventive actions. Secondly, regular surveys organised in this sector (e.g. every five years) would facilitate the obtainment of interesting data showing how the situation has changed over time. And thirdly, the results of our research may be a good starting point for the formulation of the research hypotheses in further surveys.Originality/value: The originality of the paper is the result of the presentation of unique qualitative research related to nepotism and favouritism phenomena in the steel sector. Another advantage is the fact that, to the best of our knowledge, such research is relatively rare (due to the sensitive nature of the topic) not only in Poland, but also on an international scale. It constitutes a significant addition to the value of this paper.

The Role of Sensory Marketing in Product Innovation

The Role of Sensory Marketing in Product Innovation
(The Role of Sensory Marketing in Product Innovation)

Author(s):Adriana Starostová
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:963-973
No. of Pages:11
Keywords:Sensory marketing; Product portfolio; Product innovation; Scent; Olfaction; Multi-modality of senses
Summary/Abstract:Purpose: The recently established field of sensory marketing attributes its existence to customer demand for sensational experiences, among other things. Consequently, scent is acknowledged as an effective form of communication of the brand. This study focuses on olfaction, comparing consumer behaviour between scented and odourless products, aiming to address the question of how scent impacts the consumers’ experience, offering recommendations to companies with regards to scented products. The study is relevant to all the enterprises that manufacture or develop their own product. The SME´s can benefit through understanding the importance of scent and empirical insights about how scent impacts consumer´s experience.Design/methodology/approach: A Qualitative study has been conducted through the collection of primary data using two types of questionnaires, a-priori and posteriori of a tested product distributed to 100 participants with 89 % response rate which provides a sufficient basis for a good overview of many possible effects of scent. A subsequent stage of the investigation involved ten in-depth interviews which expanded on the subject. The study has been conducted over two months (March to May) at the University of South Wales in 2015. The participants were randomly selected students and staff of the university. All age categories and ethnicities were represented.Findings: The results indicate enhanced (a) quality perception when the product is scented, (b) semantic associations with the scented product, (c) multi-modality of senses e.g. scent increases the desire to touch, (d) impact of scent on preference where the decision is not impaired by other factors such as availability or price and e) perceived favourability towards a hypothetical brand behind the scented product in some cases. However, where price was a parameter, the scent did not have an effect; presumably as aspects such as price and brand loyalty overshadow sensory aspects.Research/practical implications: It is preferable to increase the range of products that stimulate consumers’ senses. On the contrary, the cost is a determinant factor to consider before launching the product on the market as the price sensitivity can be quite high. The recommendation for companies is to diversify the portfolio and position scented products as more luxurious. Moreover, other sensory characteristics such as colour could be used in order to differentiate the purpose of the same product and facilitate multiple purchases. Other themes emerged such as the role of environmental aspects might be in some cases more important than the functional aspects.Originality/value: This paper offers comprehensive overview of possible effects of scent on consumer experience. The study further indicates how scented products should be positioned and incorporated in brand portfolio.

Job Satisfaction in the Czech Republic

Job Satisfaction in the Czech Republic
(Job Satisfaction in the Czech Republic)

Author(s):Marek Stříteský, Václav Stříteský
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:974-984
No. of Pages:11
Keywords:job; job satisfaction; HR policy; labour market; motivation
Summary/Abstract:Purpose: The paper aims to identify overall job satisfaction in the Czech Republic and explore its differences between the various economic sectors. It also provides a comprehensive view of potential influence factors on job satisfaction with the emphasis on sociodemographic variables and job characteristics. This study aims to offer a different perspective on the issue of job satisfaction, which is often analysed in conditions of one specific organization. In the Czech Republic, a study analysing the global situation of job satisfaction in terms of sociodemographic variables have not been published yet.Design/methodology/approach: The study is based on the quantitative research using personal interviews. Data was collected in cooperation with the research agency Median, s.r.o. within its research project Market & Media & Lifestyle. The size of the sample is over 15,000 respondents. Tests for the homogeneity of binomial proportions and logistic regression are used. Findings: The paper provides a comprehensive view of job satisfaction on the Czech market. The influencing factors of job satisfaction are discussed. These results can be used when assessing the level of job satisfaction of various groups of Czech employees in terms of specific companies. Research/practical implications: The paper includes implications for assessing the effectiveness of various HR policies on job satisfaction of various groups of employees in the Czech Republic. This comprehensive macro perspective on the issue of job satisfaction may lead to the conclusion that some socio-demographic groups of employees may generally exhibit lower level of job satisfaction regardless of the specific conditions of the company. Originality/value: This paper provides a different perspective on the issue often examined in the conditions of Czech Republic, which is still missing and is frequently published in other countries.

Using Kohonen`s Neural Networks to Identify the Bankruptcy of Enterprises: Case Study Based on Construction Companies in South Bohemian Region

Using Kohonen`s Neural Networks to Identify the Bankruptcy of Enterprises: Case Study Based on Construction Companies in South Bohemian Region
(Using Kohonen`s Neural Networks to Identify the Bankruptcy of Enterprises: Case Study Based on Construction Companies in South Bohemian Region)

Author(s):Petr Šuleř
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:985-995
No. of Pages:11
Keywords:construction industry; Kohonen's networks; bankruptcy
Summary/Abstract:Purpose: Kohenen's neural networks are used for the creation of cluster analyses. Through these networks, we search for common features within a data set and then we interpret these, ideally with validity for the entire data set. The aim of the article is to conduct a cluster analysis on a data set concerning construction enterprises in the Southern Bohemian region. Accordingly, we will identify the basic variables common to companies that enter liquidation.Design/methodology/approach: The data set includes financial statements and non-financial information (e.g. number of employees, business location) of the construction companies, all of which had been in operation from 2006 to 2015 in the Southern Bohemian Region. The data was organized into a table where one row contained information about one company in a particular year. Subsequently, Kohonen's neural networks were generated and company clusters identified. We then focused attention on the clusters of companies that were in a state of liquidation and results of comparison then showed which sorting characteristics appeared repeatedly in the clusters of the companies.Findings: The Kohonen neural network was determined. After its application, we receive Kohenen's map. As a result, we have clusters of enterprises with the same characteristics. Subsequently, comparing the clusters in which there are companies in liquidation, we obtain the characteristics typical for companies experiencing difficulties.Research/practical implications: The practical outcome are the identified variables crucial for the survival of construction companies in the Southern Bohemian Region. The companies will thus be able to focus on the key factors of their success, or the indicators of their eventual failure. Their management will therefore be more efficient and accurate.Originality/value: The additional value is the use of neural networks and cluster analysis tools for predicting the possible bankruptcy of companies. The results in the form of identified key factors leading to the failure of construction companies in the Southern Bohemian Region also have their value.

Exploring the Impact of Knowledge Management Process On Innovation By Means of Structural Equation Modeling: A Research in Automotive Industry

Exploring the Impact of Knowledge Management Process On Innovation By Means of Structural Equation Modeling: A Research in Automotive Industry
(Exploring the Impact of Knowledge Management Process On Innovation By Means of Structural Equation Modeling: A Research in Automotive Industry)

Author(s):Çağatan Taşkın, Dilek Taşkın
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:996-1002
No. of Pages:7
Keywords:Knowledge Management; Innovation; Automotive Industry; Bursa; Turkey
Summary/Abstract:Purpose: The purpose of this study is to explore the impact of knowledge management process on innovation by means of structural equation modelling and propose strategies for automotive companies. The research is conducted in the fourth biggest city of Bursa which is a leading automotive industry area.Design/methodology/approach: The main population of this research consists of 252 automotive sub-industry companies that are registered to organized industry regions in Bursa city centre. A structured questionnaire was prepared based on the literature (Gold et al. (2001), Darroch (2003), Darroch (2005), OECD Oslo Manuel (2005), Du Plessis (2007), Carney ve Ryan (2010), Oeij et al. (2012)) and managers of the companies are asked to fill the questionnaire. 107 questionnaires were collected. Structural equation modelling is used to explore the impact of knowledge management process on innovation. Findings: According to the research findings; knowledge acquisition, knowledge transformation and knowledge application were found to have positive impacts on knowledge protection and knowledge protection was found to have a strong impact on innovation. Finally, in the light of these modelling results, strategies are proposed for the companies of automotive sub-industry. Research/practical implications: In today’s consumer-oriented markets, innovation has become the most important factor of sustainable competitiveness for companies. Companies must focus on knowledge and knowledge management process in order to be innovative in today’s economic environment that is rapidly changing because of the technological developments. According to Gold et al. (2001), knowledge management process consists of knowledge acquisition, knowledge transformation, knowledge application and knowledge protection steps. Company managers should know the relationships among these steps and the impact of these steps on innovation. This will lead to efficient knowledge management process, better innovation and competitive power for automotive companies.Originality/value: Knowledge management and innovation are two crucial and related concepts. Because, knowledge serves as an important role in the innovation process. It is very important to have the information about the impact of knowledge management process on innovation because this information can lead companies’ strategies and make companies more competitive. This study fills an important gap in the related literature by examining the influence of knowledge management process on innovation in Turkish automotive industry, Bursa region.

Exploring the Influence of Entrepreneurship Personality On Entrepreneurial Intention: A Research in Turkey

Exploring the Influence of Entrepreneurship Personality On Entrepreneurial Intention: A Research in Turkey
(Exploring the Influence of Entrepreneurship Personality On Entrepreneurial Intention: A Research in Turkey)

Author(s):Çağatan Taşkın, Onur Öztürk, Ahmet Akif Karadamar
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1003-1012
No. of Pages:10
Keywords:Entrepreneurship; Entrepreneurial personality; Entrepreneurial intention; Turkey
Summary/Abstract:Purpose: It is well known that entrepreneurship is a crucial factor in global economy. It is regarded as a significant phenomenon for many researches. Considering the economic problems that countries face in today’s world, understanding entrepreneurship and the personality traits of entrepreneurs became very important. As it is well known in the related literature, personality traits play a great role in entrepreneurial intentions. As attitudes toward entrepreneurship can be discussed through personality traits, this paper aims to clarify which personality traits have effects on entrepreneurial intentions. Personality traits can be described as the constructs describing behavioural patterns in people’s lives. By shedding light on those traits which drives people’s entrepreneurship motives, this paper will help us understand what makes people successful entrepreneurs. Design/methodology/approach: The research was conducted on university students studying at Business Administration Department (Faculty of Economics and Administrative Sciences), Uludağ University, in Turkey. A convenience sampling method was used in the research. A structured questionnaire was prepared based on the literature (Owoseni, 2014; Çolakoğlu and Gözükara, 2016; Ozaralli and Rivenburgh, 2016). Structural equation modelling is used to test the influence of entrepreneurship personality that consists of innovativeness, need for achievement, alertness and locus of control, on entrepreneurial intention of university students. Findings: This paper provides empirical insights about which personality traits have effects on entrepreneurial intentions. According to the modelling results, it is found that entrepreneurship personality has an influence on the entrepreneurial intention of university students. Research/practical implications: Entrepreneurial intention is considered to be the most influential factors on the economic development of countries. The findings of the research suggest that entrepreneurial intention is significantly related with certain personality traits. This may contribute to the entrepreneurship literature. Furthermore, higher education institutions may benefit from these results to improve their content of entrepreneurial education considering the significance of personality traits for creating an economically strong country.Originality/value: This study is one of the few researches that have examined the influence of entrepreneurship personality on entrepreneurial intention in Bursa which is a highly industrialized province. The results have implications for decision-makers in higher education institutions both at micro- and macro-levels, in terms of effective decision-making and resource allocation.

Does Envy Influence the Enterprise Potential and the Entrepreneurial Intentions?

Does Envy Influence the Enterprise Potential and the Entrepreneurial Intentions?
(Does Envy Influence the Enterprise Potential and the Entrepreneurial Intentions?)

Author(s):Edit Terek, Milan Nikolić, Dragan ĆoĆkalo, Sanja Božić, Aleksandra Nastasić
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1013-1024
No. of Pages:12
Keywords:Envy; Enterprise potential; Entrepreneurial intentions; Students; Serbia
Summary/Abstract:Purpose: The aim of this paper is to examine the impact of envy on the enterprise potential and the entrepreneurial intentions. This topic is not much studied, but it is important to examine all aspects of complex networks of influence on enterprise potential and the entrepreneurial intentions.Design/methodology/approach: The survey was conducted in Serbia. The subjects were students from 5 faculties, from the first to the fifth year of study. Collected were about 380 completed questionnaires. Correlation and regression analysis are the methods of statistical analysis that were used. The survey was conducted using three separate questionnaires: questionnaire measuring envy (8 items, 1 dimension), questionnaire measuring enterprise potential (18 items, 4 dimensions) and questionnaire measuring entrepreneurial intentions (15 items, 3 dimensions).Findings: Between envy and dimensions of enterprise potential and dimensions of entrepreneurial intentions there is a number of statistically significant negative correlations. This is more prevalent at the dimension of entrepreneurial intentions. Feelings of inferiority in relation to other people, the perception of having a boring or a bad life, has an especially negative impact on the entrepreneurial potential and intentions. Envy, which occurs due to the desire for more entertainment, travel, and due to the perception of the lack of fortune, also has a negative impact on the entrepreneurial potential and intentions, but the influence is considerably weaker.Research/practical implications: Some results suggest the possibility (however small) that envy, in some circumstances, can mildly encourage entrepreneurial intention. Based on these results, the recommendation is to recognize people whose envy is not strong and where there is a possibility that such envy can be turned into motivation. With adequate support and understanding, these people may be potential, future entrepreneurs.Originality/value: Determining the impact of envy on the enterprise potential and the entrepreneurial intentions in the case of Serbian students.

Are Customers Ready for Evolving Digital Disruption?: Empirical Evidence from Banking Sector of Serbia

Are Customers Ready for Evolving Digital Disruption?: Empirical Evidence from Banking Sector of Serbia
(Are Customers Ready for Evolving Digital Disruption?: Empirical Evidence from Banking Sector of Serbia)

Author(s):Vesna Tornjanski, Mladen Cudanov
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1024-1033
No. of Pages:10
Keywords:Digital disruption; banking industry; internet-based technologies adoption; sustainable competitiveness; customers’ satisfaction
Summary/Abstract:Purpose: This study aims to extend and deepen the understanding of whether customers of the banking sector of Serbia are ready for digital disruption – the phenomenon which significantly reshapes long successful business model and at the same time creates a new landscape of banking operations. The purpose of this paper is to research obstacles of internet-based technologies adoption in the banking sector of Serbia.Design/methodology/approach: The paper opted for a survey research method utilising a web-based questionnaire as a research instrument. The sampling frame consisted of the customers of 24 banks that operate in Serbia. Of the total asked customers to participate in the research study, 607 took part in it. Data were analysed in three main phases, using certified statistical methods.Findings: The study introduces several findings. First, the research results show that customers have equal preferences between traditional banking services and e-business services. This finding further indicates potential difficulties in adopting new forms of banking business model(s) that digital era imposes to banks for a significant number of users of banking services. Second, the study reveals the main reasons of why customers do not favour to use internet-based technologies in Serbia, which further facilitate the introduction of new strategies and measures toward finding effective solutions for both parties. Research/practical implications: The research findings address important implications to academics and managers in financial services to narrow the gap between digital pressures and customers’ satisfaction, and to facilitate further development of business strategies towards sustainable competitiveness in the banking sector of Serbia.Originality/value: This study is based on primary data and original hypothesis for the observed environment. Analysed data help explain issues in the important field of readiness for evolving digital disruption, by exploring issues of internet-based technologies acceptance in banking sector of Serbia. The paper contributes to the innovation theory and enhances the literature on the subject of digital disruption and technology adoption in banking sector in country’s context, which has been poorly addressed so far.

The Topography of Intra-organizational Networks

The Topography of Intra-organizational Networks
(The Topography of Intra-organizational Networks)

Author(s):Anna Ujwary-Gil, Natalia Potoczek
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1034-1047
No. of Pages:14
Keywords:Topography; Network; Organizational network analysis; Public organization; Innovation
Summary/Abstract:Purpose: The paper aims to clarify the topography of several networks of a public organization. It proposes to analyze the intra-organizational environment through the prism of knowledge, resource, and task flows as the main sources of innovation. The study aims to expand the domain of knowledge, resources, and tasks used and performed by the employees giving us the idea what the possible structure of those networks can look like.Design/methodology/approach: The study involved a total of 82 employees of the public organization operating in the higher education sector (N = 82) out of 89 provided for testing, which is a total of 93% of respondents. According to the research network, the sample covered the entire population. We used an interview and a survey research composed of four questions. Also the Organizational Risk Analyzer (ORA LITE) software has been used. Findings: The paper provides empirical insights into the topography of the particular networks and the analysis of the potential risks that might accompany a given network or too many network gaps in an intra-organizational environment.Research/practical implications: The presentation of the topography of each network indicates the direction for management improvements related to the possibilities of underloading or overloading an individual employee with knowledge, resources, or tasks. It helps bridge the gaps in relationships based on inefficient flows of knowledge, resources, tasks, and it helps recognize some risks associated with too dense network that is not conducive to innovation.Originality/value: This paper satisfies an identified need to study how knowledge, resources and tasks, which are the main sources of innovation, may flow within an organization and what the network structure of the organizational and the two-mode network is.

Necessity Driven Entrepreneurs. Does Unemployment and Precarious Employment Lead to Increasing Entrepreneurial Intentions Among Young People in Spain?

Necessity Driven Entrepreneurs. Does Unemployment and Precarious Employment Lead to Increasing Entrepreneurial Intentions Among Young People in Spain?
(Necessity Driven Entrepreneurs. Does Unemployment and Precarious Employment Lead to Increasing Entrepreneurial Intentions Among Young People in Spain?)

Author(s):Mihaela Vancea, Mireia Utzet
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1048-1060
No. of Pages:13
Keywords:precarious employment; entrepreneurship; entrepreneurship intentions; young people; Spain
Summary/Abstract:Purpose: The article explores the relationship between unemployment and precarious employment, and young people’s entrepreneurship in Spain. We focus on the effects of employment conditions (employed with permanent contract; employed with precarious contract; unemployed; and inactive) and employment experience (had ever been unemployed for more than six months; and has had a paid job for more than one year) on young people’s intentions to start their own business or become self-employed. The role of socio-demographic factors, perceived self-efficacy, perceived desirability and risk taking are also analysed. Methodology: The analyses are based on a cross-sectional representative sample, corresponding to the year 2016, of Spanish working young individuals aged 18 to 35 years (n=1678). Differences between individuals having or not entrepreneurial intentions were calculated for the overall sample and according to employment situation and employment experience variables. We used multivariate logistic regression models to assess the variables that predicted the entrepreneurial intentions and to test whether precarious working conditions are pushing factors towards increasing entrepreneurship. All analyses were stratified by gender.Findings: The results show that besides behavioural attitudinal factors that seem to particularly influence the entrepreneurial intentions of Spanish young people, having a precarious contract or being unemployed for more than six months cannot be regarded as necessity-driven factors for increasing intentions toward entrepreneurship. Research/practical implications: Spain is one of the European countries with more self-employment in young people, especially since the onset of the economic crisis. The high unemployment rates and the increasing exposure of young people to precarious working conditions and temporary jobs may explain this increase in self-employment. Future research should explore what policy measures motivate young people’s entrepreneurship in Spain and under what conditions this becomes an effective alternative to unemployment and precarious employment. Originality: Entrepreneurship and entrepreneurial intentions have received a great attention from both policy actors and scholars during the last decades, mainly due to increasing unemployment among young people in most European countries. Positive perceptions of entrepreneurship and opportunity-driven factors have been particularly explored to account for higher entrepreneurship rates. Nevertheless, little is known about the necessity-driven entrepreneurs, meaning those individuals willing to become self-employed under unfavourable employment or economic circumstances.

New Business Model Innovations and Collaborations to Support the Circular Economy

New Business Model Innovations and Collaborations to Support the Circular Economy
(New Business Model Innovations and Collaborations to Support the Circular Economy)

Author(s):Vesela Veleva, Gavin Bodkin
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1061-1072
No. of Pages:12
Keywords:circular business models; environmental entrepreneurs; waste repurposing; product reuse; remanufacturing
Summary/Abstract:Purpose: This paper will discuss the role of small entrepreneurial companies and business to business (B2B) collaborations to advance the circular economy (CE). The authors will share insights from a U.S.-based research project that examined the drivers, barriers and opportunities for advancing waste repurposing and product reuse/remanufacturing. Many large companies fail to incorporate CE principles into their business strategy due to costs, logistical hurdles and lack of mandates. This presents an opportunity for entrepreneurial companies with innovative business models to fill the gap and provide critical links for corporations in reverse supply chains while creating new business opportunities with social benefits. Design/methodology/approach: The research is based on empirical study of six large corporations with zero waste goals and six entrepreneurs focused on product reuse/remanufacturing or waste repurposing. Some of the participating companies include Dell Technologies, Raytheon, Waste Management, First Solar, Circular Blu, and Seeding Labs. Data was collected through in-depth, semi-structured interviews with senior managers or founders. The study employs a theoretical model for developing a life cycle management strategy proposed by Sanchez et. al. (2004) and the circular business canvas model (Levandowski, 2016), wherein the authors analyze the emerging drivers, current barriers and future opportunities for business to advance the CE.Findings: The study found that despite the lack of federal regulations in the U.S. a growing number of companies are forming partnerships to reduce waste and advance product reuse or remanufacturing. Key drivers for such trends include customer demands, corporate sustainability commitments and state-level mandates. Technology also plays a critical role in reducing transaction costs and supporting social-marketing strategies and partnerships. Research/practical implications: The study contributes to the research on the relationship between entrepreneurial innovation and the development of CE principles within corporate supply chains, a field that is still in its infant stage (Heshmati, 2015). The study offers valuable lessons for entrepreneurs interested in developing viable business models around product reuse, remanufacturing or waste repurposing. Future research should consider comparing B2B collaborations in the U.S. and Europe to analyze the similarities and differences in business strategies for advancing the CE. Originality/value: This paper provides insights into a field that is still greatly underdeveloped – the role of environmental entrepreneurs entering a new market space based on collaborations with large corporations to advance product reuse/remanufacturing or waste repurposing that promote the circular economy.

Knowledge-generation Strategies in the Real Sector of the Economy: Russian Case

Knowledge-generation Strategies in the Real Sector of the Economy: Russian Case
(Knowledge-generation Strategies in the Real Sector of the Economy: Russian Case)

Author(s):Maxim Vlasov, Svetlana Panikarova
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1073-1083
No. of Pages:11
Keywords:strategy; knowledge management; resources
Summary/Abstract:Purpose: The main purpose of the study is to identify and to characterize the strategies of knowledge generation in the real sector of the Russian economy. Within the framework of the research, authors answered the following questions: 1) Which factors define the choice of knowledge increase strategy? 2) Which types of knowledge increase strategies are mainly used by Russian manufacturing companies? 3) How does the knowledge increase strategy influence company performance? Design/methodology/approach: The methodology of a research included several stages. At the first stage the 120 enterprises has been conducted by means of the database of the Russian enterprises «Fira Pro». At the second stage, the 7 focus group interviews (in which about 4 experts participated) have been hold with heads of the enterprises, which are selected for a research. The third stage has included a 17 series of the structured interviews with R&D directors of the innovative enterprises.Findings: Firstly, authors offered the company knowledge strategic management model for activating of knowledge generation in the economy. Secondly, authors offered the typologies of increase knowledge strategies included four types of strategies: borrowed knowledge strategy; copied knowledge strategy; knowledge imitation strategy; knowledge generation strategy.Research/practical implications: In article authors proved that the optimum structure of costs of different types of knowledge has prime value for the effective innovative development of the enterprises, especially in difficult economic conditions. Strategic management of knowledge gives the greatest effect in the achievement of competitiveness if this management relies on the basic strategy of the enterprise, and considers its purposes and the directions of growth. Originality/value: The research expanded methodological tools of the knowledge economics theory. Authors offered the knowledge increase strategies and their main characteristics, which will be useful for companies planning the innovative development.

Inventory Management Using Artificial Neural Networks in a Concrete Case

Inventory Management Using Artificial Neural Networks in a Concrete Case
(Inventory Management Using Artificial Neural Networks in a Concrete Case)

Author(s):Marek Vochozka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1084-1084
No. of Pages:11
Keywords:Neural network; inventory management; costs
Summary/Abstract:Purpose: A company creates an inventory in order to be able to continuously produce and fully meet the demand for its products. It thus covers the time and quantity discrepancy between articles of the supplier-buyer chain, and if applicable, between the different phases of production. But the very existence of inventories equals financial costs for their acquisition and maintenance, as well as economic costs stemming from the fact that the funds bound to inventories cannot be used more effectively by the company. Therefore, inventory management searches for the best volume of reserves that generates the lowest possible cost while being able to satisfy customer demand. There are currently a number of methods of inventory management (e.g. ABC), which are more or less effective. Neural networks also appear to be one of the methods of optimizing company inventory. They are useful for the prediction of time series. The aim of this article is to verify the possibility of using neural networks for inventory management using an example of a particular company.Design/methodology/approach: The data file contains the time series of a particular company's inventory covering the period of the last two years. Data are fitted to a curve that deviates the least from the actual data and that can also predict the future development of the state of inventories. The differences between reality and the obtained regression curve are measured by the method of least squares. To obtain the regression curve, neural networks were used, specifically, 10000 multilayer perceptron networks were generated. The best five were selected using the least squares method. These subsequently underwent a factual test of reliability and the most appropriate curve for the given company was determined.Findings: A neural structure that describes the development of company inventory very accurately was obtained, and it is therefore apparent that it also has the ability to predict the development of company inventory in the future. The acquired perceptron network was subjected to factual analysis and arguments for and against its use in practice were given.Research/practical implications: On the basis of the neural structure, the business can predict not only the future state of inventory, but also its movement in time. By doing so it will be able to reflect not only the needs of production and producer demand, but also fluctuations in the supply of inventories. It will be able to determine the optimal safety inventory, and if applicable, the optimal technological inventory, and obviously also the appropriate delivery cycles of inventories. The procedure for obtaining the neural structure is also applicable to other businesses.Originality/value: The additional value of the article can be seen in the use of neural structures in inventory management, and therefore in achieving a higher degree of accuracy of the obtained results.

Modeling the Future Development of Top Company Indicator EVA Equity Using Indicator Breakdown and Sensitivity Analysis on an Example of a Specific Company

Modeling the Future Development of Top Company Indicator EVA Equity Using Indicator Breakdown and Sensitivity Analysis on an Example of a Specific Company
(Modeling the Future Development of Top Company Indicator EVA Equity Using Indicator Breakdown and Sensitivity Analysis on an Example of a Specific Company)

Author(s):Jaromír Vrbka
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1095-1106
No. of Pages:12
Keywords:EVA Equity; breakdown of indicator; management
Summary/Abstract:Purpose: Economic value added focused on equity (i.e. EVA Equity) measures the rate of the evaluation of equity while respecting risk. EVA Equity also reflects the degree of value creation for shareholders. EVA can be used to calculate the value of a company. The indicator is thus designed to have its specific planned value became the main target of the company. This paper aims to break down EVA Equity and to subsequently determine the way individual variables making up the indicator are managed.Design/methodology/approach: The data set contains the financial statements of Budvar, n. p. company. It is an enterprise, which deals with beer production. The analyzed period is from year 2011 to 2015. Further on, external data of the Czech National Bank are used. The set of variables influencing the creation of EVA Equity is determined by the breakdown of EVA Equity. Using sensitivity analysis, the significance of individual variables is defined and the range of significance of individual variables for the company and its management is determined accordingly.Findings: The breakdown of a top indicator -EVA Equity- was conducted. Next, the individual variables involved in the calculation of EVA Equity were identified, which can immediately affect the company and its management. According to methodology and based on the obtained results, a sensitivity analysis was performed and it was determined which variables are more valuable for the company and which have less importance.Research/practical implications: The practical outcome are quantities that the company, in order to be successful, needs to monitor, plan, manage and control the execution of. These variables are reflected in the tactical and operational plans of the company and every manager knows which way to influence them and, conversely, which ways they influence the success or failure of a business.Originality/value: The value of the paper can be seen in the application of EVA into everyday plans of the company through variables that shape the EVA Equity indicator.

„The Key Is We“ – Refining Co-creation Indicators to Assess Innovation Processes

„The Key Is We“ – Refining Co-creation Indicators to Assess Innovation Processes
(„The Key Is We“ – Refining Co-creation Indicators to Assess Innovation Processes)

Author(s):Christina Weber, Klaus Sailer
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1107-1118
No. of Pages:12
Keywords:start-up evaluation; dynamic networks; collaborative entrepreneurship
Summary/Abstract:Purpose: Our research purpose is to test and improve an indicator instrument for real-time assessment of collaborative and dynamic innovation processes. The paper presents an indicator tool derived from successful long-term collaborative innovation across organisational and international borders, and reports initial tests to validate five performance indicators for flexible innovation teams in short term collaboration. The aim is to test and develop a tool of five indicators as dynamic network patterns that enables to discern successful from underperforming co-creation processes, at early stages.Design/methodology/approach: Detection and description of the patterns indicators in various data on innovation processes - from expert interviews to focus groups, and from print media, videos and online communication by startups - need further specification. In a small focus group exercise with 20 different experts collaborating in temporary, flexible innovation teams, the five dynamic network patterns were (a) tested for the short term collaboration context, and (b) related to new attributes and statements. Findings: The focus group exercise helped to validate and refine the specification of the five dynamic network patterns as indicators of successful co-creation processes. The findings (a) confirm the validity of the indicators for agile innovation teams, (b) increase evidence of some of the indicators especially for short term collaboration, (c) serve as pre-test for wide-ranging studies that improve the indicators further for start-ups, at incubators and accelerators. Research/practical implications: The refined indicator instrument aims at real-time assessment of start-ups in incubators, and co-creation in any settings, based on the indication of emerging DINs in successful collaborative innovation processes. The method has a high relevance for further evaluation research on dynamic innovation processes and collaborative entrepreneurship. Its practical implication is an assessment blueprint (and training instrument) for innovation teams in co-creation processes.Originality/value: This paper refines a new research instrument of high relevance and value for collaborative innovation processes in and across societal sectors.

Barriers to Green Products Purchase – from Polish Consumer Perspective

Barriers to Green Products Purchase – from Polish Consumer Perspective
(Barriers to Green Products Purchase – from Polish Consumer Perspective)

Author(s):Lucyna Witek
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1119-1128
No. of Pages:10
Keywords:sustainable development; eco-friendly lifestyle; green products; direct survey; Polish market; green consumer; barriers to purchase
Summary/Abstract:Purpose: The green market is growing rapidly, especially in developed countries. While in Poland the consumption of green products is not growing as fast as experts of this market predict. In this context, in the paper the results of studies that examine the attitudes of consumers towards green products and identify barriers to their purchase are analyzed. This research examines the propensity of consumers to buy environmentally friendly products by means of socio-demographic indices.Design/methodology/approach: For the purpose, the direct survey method and Focus Group Interview (FGI) have been applied. The survey was conducted between 1 December 2015 to 31 January 2016 using the direct survey method. The sample covered 390 adult consumers living in south - eastern and southern Poland. Four sessions of 1,5 hours each were conducted between May and June 2015. Each group consisted of 6 people.Findings: These studies lead to the conclusion that Polish connote positively the care about environment and ecological products. The primary motivation for green consumption is health. Environmental protection plays a supporting role. The barrier to the development of green consumption is the general and fragmented consumer knowledge of green products, their labeling, certification and control. This affects distrust and their skepticism to green claims. Under these conditions consumers do not want to accept higher product prices. In addition, weaknesses in the marketing chain make green products invisible to consumers. In the Polish market products prosumption and purchases of non-certified goods from the trusted source are gaining importance.Research/practical implications: This study provides a valuable contribution to addressing the needs of producers and sellers in the market for green products. The results of the research can help managers identify important information about the process of making purchase decisions by consumers towards environmentally-friendly products. An aid in the development of marketing communication strategy and the improvement of existing marketing strategies.Originality/value: A theoretical contribution of this study is to enrich the analysis of consumer behavior in the market for green products in the context of a developing country by identifying barriers to their purchase and a better understanding of the predictors of consumer behavior on the market for green products.

Open Innovation Intermediaries – Current Roles and Benefits

Open Innovation Intermediaries – Current Roles and Benefits
(Open Innovation Intermediaries – Current Roles and Benefits)

Author(s):Marián Zajko
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1129-1143
No. of Pages:15
Keywords:open innovation practices; open innovation intermediary; open innovation platform
Summary/Abstract:Purpose: The paper aims at clarifying the changes in the role and benefits of selected prominent US. and European open innovation intermediaries in technology market in the period 2010-2016.Design/methodology/ approach: The changes in the role and benefits of selected open innovation intermediaries in time are analysed by their key characteristics using the case study design and the secondary data from websites and related publications on twenty intermediaries out of several hundred in the market. Findings: The total number of open innovation intermediaries has grown during the past decade to several hundreds. The analysis of selected prominent US. and European intermediaries confirms strenthening European competition, global focus, continuing business growth with broadening of portfolio of services, and building strategic partnerships and communities around online platforms.Research/practical implications: The primary aim is to fill up the gap in the research and publications on open innovation practices, especially on open innovation intermediaries and their benefits for companies. The secondary aim is to increase the interest in benefits of open innovation practices and related innovation intermediary services among the Slovak companies and give incentives to the Slovak government bodies to integrate measures on open innovation support in the national innovation policies.Originality/value: The findings and conclusions in the paper may be used as an impulse for government bodies and innovation agencies in Slovakia to expand the current innovation policies for promotion of open innovation methods and models. This can foster innovations in SMEs with insufficient R&D capacities mitigating their innovation risk at the same time.

Long Tail Theory Validity On Secondary Cultural Goods Market

Long Tail Theory Validity On Secondary Cultural Goods Market
(Long Tail Theory Validity On Secondary Cultural Goods Market)

Author(s):Martin Zelený, Jan Hanzlík
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1144-1154
No. of Pages:11
Keywords:Secondary market; The Long Tail theory; cultural goods; consumer behaviour
Summary/Abstract:Purpose: The following study is focused on the application of the long tail theory by Chris Anderson on the secondary market of cultural goods. The aim of the research was to investigate whether the original theory is completely valid on secondary cultural goods market or whether there are differences between Anderson’s results, which were based on literature and music sales data collected from primary market online retailers like Amazon, iTunes, etc., and analogous research based on data from secondary market.Design/methodology/approach: Our data set consists of past auctions data collected from the online marketplace eBay, specifically from British eBay UK and German eBay DE. We followed the original methodology to find out the differences. The research was complemented by the correlation analysis of prices, sales and overall popularity as well as by examination of the historical prices progress.Findings: The application of the original methodology on the data from the secondary market resulted in similar tail shape, which basically confirmed the validity of the theory, however with significantly larger head part and other differences. Further examination revealed the fact that it is not the niche products, but rather the “mainstream” products that dominate the final sales. The correlation analysis of sales and prices also revealed strong non-linear dependence between price and quantity of sold items. Examination of the past price progress of selected group of items confirmed that slowly rising, but still limited supply creates a concretely defined market part that provides both investment and entrepreneurship opportunities.Research/practical implications: The paper provides implications for further research of the secondary cultural goods market. As for practical implications, the paper defines a concrete part of the secondary market that provides both investment and entrepreneurship opportunities. Originality/value: This paper fulfils the need to study how the differences between primary and secondary market affects demand, consumer behaviour and subsequently final sales structure.

Trends in the Area of Responsibility and Justice in the Activities of Enterprises: Implications for The V4 Countries

Trends in the Area of Responsibility and Justice in the Activities of Enterprises: Implications for The V4 Countries
(Trends in the Area of Responsibility and Justice in the Activities of Enterprises: Implications for The V4 Countries)

Author(s):Wojciech Zysk
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1155-1165
No. of Pages:11
Keywords:fair trade; international trade; responsible investment; social responsibility;V4 Countries;
Summary/Abstract:In the era of globalization, internationalization of enterprises, liberalization of international trade and the increasing division of the world into countries of the rich North and the poor South, the ideas of responsibility and justice in business operations are permanently present. The objectives of this study are as follows: the characteristics of the role of transnational corporations in raising the level of the stratification of society in the rich North and the poor South and an attempt to develop recommendations for the V4 countries as for the development of corporate social responsibility, responsible investment and fair trade.Design/methodology/approach: Empirical analysis was conducted on the data collected from The Fortune Global 500 List 2016, Report on US Sustainable, Responsible and Impact Investing Trends, Fairtrade International Annual Reports, EUROSIF and other sources. Time series analyzes were made to fulfil research aim. The descriptive method was used to develop recommendations for the V4 countries.Findings: This paper presents global and European trends and developments in described area, and lessons learned for the V4 countries. The study covers the period 2004 - 2015, which will allow to analyze the phenomena, both before and during the economic crisis. Research/practical implications: Developing social responsibility, responsible investment and promoting the fair-trade movement in Poland, the Czech Republic, Hungary and Slovakia can contribute to the initiation of changes to the rules governing the world today and starting a new era in fairer trade on the international level. Originality/value: The proposal to increase cooperation of the V4 countries in the area of the three described processes in order to fight against illegal labor migration which is increasingly taking place in the European Union.

Behavior Dimensions: An Organizational Study

Behavior Dimensions: An Organizational Study
(Behavior Dimensions: An Organizational Study)

Author(s):Zafar Ansari Yalman
Language:English
Subject(s):Politics / Political Sciences, Social Sciences, Economy
Page Range:1166-1182
No. of Pages:17
Keywords:Behaviour Dimensions; Transformation
Summary/Abstract:Purpose: As the IT sector is flourishing in Pakistan with new entrants entering the market, the study focuses onthe impact of personal selling, customer relationship management and product quality on consumer behavior inthis sector. The results from the current study will provide a guideline for IT firms to get better growth, have anadvantage through better customer relationship and have value in their product, so that they can retain and increasecustomer loyalty. It identifies and argues that if certain behavioural tendencies are organizationally encouraged,they can play a significant role in bringing creative transformation to an organization.Design/methodology/approach: The present study has attempted to produce results and findings that will in turnanswer questions regarding the effectiveness of variables known as personal selling, product quality and customerrelationship management in the context of online shoping experience in Pakistan. The statistical part of analysisis based on descriptive statistic, correlation and regression analysis of the online shoppers including universitystudents in Rawalpindi and Islamabad. The data was collected from a sample size of 250 respondents out of 270in January 2017. Convenience sampling technique was used for data collection.Findings: Results indicate that customer perceived value, customer satisfaction and switching cost are majorfactors which can highly affect the customer loyalty in the nascent online Pakistani market.Research/practical implications: The present study offers a reality check to local IT companies of sophisticatedcustomer base despite the online business being in its very early stage. It gives them a framework of how toeffectuate their organizational effectiveness.Originality/value: This paper makes an attempt to reason why technology matters for linking behaviour andcreativity together to create new ways of doing business.

Innovation Management, Entrepreneurship and Sustainability (IMES 2017) Innovation Management, Entrepreneurship and Sustainability (IMES 2017)

Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises

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The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process

The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process (The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process)

The Role of Social Media in the Light of Building a Strong Online Brand Awareness

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Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic

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Innovative Entrepreneurship in Poland against European Countries

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The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company

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Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center

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A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region

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Increasing the Competitiveness and Performance of Enterprises Focusing on Innovation Activity – Empirical Survey

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Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany

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Organizational Development: Case of Retail Enterprises Structure

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The Role of Global Cities in Creation of Innovative Industry Sectors. Case Study – Life Sciences Sector

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Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management

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Foreign Direct Investments as a Tool of the Expansion of Chinese Corporations in V4 Countries

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Are Publicly Supported Companies in the Czech Food and Drink Industry Performing Better? Initial Findings from the Microdata

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Who Is Really Residing in the Czech Business Incubators?

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Entrepreneurship Lost and Found

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Analytical View of the Determinants that Affect the Customer Satisfaction in Accommodation Business Based on Online Customer Reviews

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The Analysis of the Importance of Online and Offline Marketing Communication Tools when Searching for Business Entities from the Point of View of Consumers

The Impact of Selected Changes in Business Environment on Small Enterprises in the Czech Republic

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Technology Innovations as Drivers of Hotel Attractiveness

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New Approaches to Optimization of Logistic Processes

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Supporting Sustainability and Innovation by Value-oriented Leadership

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CSR as a Marketing Area of Higher Education Stakeholders

CSR as a Marketing Area of Higher Education Stakeholders (CSR as a Marketing Area of Higher Education Stakeholders)

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Project Management In the Czech Republic: Is It Time for Innovation? (Project Management In the Czech Republic: Is It Time for Innovation?)

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Factors Affecting Performance of Employees in SMEs (Factors Affecting Performance of Employees in SMEs)

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What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries (What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries)

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Utilization of Financial Support Programs by Slovak Enterprises (Utilization of Financial Support Programs by Slovak Enterprises)

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Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research (Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research)

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Evaluating Level of Enterprise Innovativeness Through Innovation Ratios (Evaluating Level of Enterprise Innovativeness Through Innovation Ratios)

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Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship (Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship)

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Developing Entrepreneurial Skills under the Current Conditions of the Educational System (Developing Entrepreneurial Skills under the Current Conditions of the Educational System)

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Do Management Innovations Yield in Higher Employees’ Satisfaction? (Do Management Innovations Yield in Higher Employees’ Satisfaction?)

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Category Management Implementation in The Retail Market of Fast-moving Consumer Goods (Category Management Implementation in The Retail Market of Fast-moving Consumer Goods)

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Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects (Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects)

State Support System of Innovations in Slovakia

State Support System of Innovations in Slovakia (State Support System of Innovations in Slovakia)

Design Thinking: The Case of Banking Services

Design Thinking: The Case of Banking Services (Design Thinking: The Case of Banking Services)

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Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis (Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis)

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Innovation and Quality as the Tools for Managing for the Sustained Success (Innovation and Quality as the Tools for Managing for the Sustained Success)

The Influence of Diversity on Organizational Effectiveness

The Influence of Diversity on Organizational Effectiveness (The Influence of Diversity on Organizational Effectiveness)

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Innovation Management, Entrepreneurship and Sustainability (IMES 2017)

Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises
(Financial Innovation and Entrepreneurship Development in Lagos State of Nigeria: Challenges and Prospects for Small and Medium Scale Enterprises)

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(The Analysis of Variables Influencing Satisfaction and Motivation of Employees in The Working Process)

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(The Role of Social Media in the Light of Building a Strong Online Brand Awareness)

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(Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic)

Innovative Entrepreneurship in Poland against European Countries
(Innovative Entrepreneurship in Poland against European Countries)

The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company
(The Impact of the Presence of a Code of Ethics on the Economic Prosperity of a Company)

Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center
(Implementing Sustainability in a Large Mining Community: Sudbury (Canada) - From Cluster to Innovation Center)

A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region
(A Comparative Analysis of Direct Marketing Strategies Used by Retail Chains in the Pardubice Region)

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(Increasing the Competitiveness and Performance of Enterprises Focusing on Innovation Activity – Empirical Survey)

Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany
(Innovative Digital Communication of Small and Medium Wine Companies in Czech Republic, Slovakia and Germany)

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(Organizational Development: Case of Retail Enterprises Structure)

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(The Role of Global Cities in Creation of Innovative Industry Sectors. Case Study – Life Sciences Sector)

Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management
(Key Competencies in Sustainability: Assessment of Selected Academic Programmes in Management)

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(Foreign Direct Investments as a Tool of the Expansion of Chinese Corporations in V4 Countries)

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(Are Publicly Supported Companies in the Czech Food and Drink Industry Performing Better? Initial Findings from the Microdata)

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(Who Is Really Residing in the Czech Business Incubators?)

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(Entrepreneurship Lost and Found)

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(Analytical View of the Determinants that Affect the Customer Satisfaction in Accommodation Business Based on Online Customer Reviews)

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(The Impact of Selected Changes in Business Environment on Small Enterprises in the Czech Republic)

Technology Innovations as Drivers of Hotel Attractiveness
(Technology Innovations as Drivers of Hotel Attractiveness)

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(New Approaches to Optimization of Logistic Processes)

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(Supporting Sustainability and Innovation by Value-oriented Leadership)

CSR as a Marketing Area of Higher Education Stakeholders
(CSR as a Marketing Area of Higher Education Stakeholders)

Project Management In the Czech Republic: Is It Time for Innovation?
(Project Management In the Czech Republic: Is It Time for Innovation?)

Factors Affecting Performance of Employees in SMEs
(Factors Affecting Performance of Employees in SMEs)

What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries
(What Drives Student Entrepreneurs? Guesss Evidence from V4 Countries)

Utilization of Financial Support Programs by Slovak Enterprises
(Utilization of Financial Support Programs by Slovak Enterprises)

Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research
(Application of Mystery Calling Method in Car Dealerships – Polish-Czech Research)

Evaluating Level of Enterprise Innovativeness Through Innovation Ratios
(Evaluating Level of Enterprise Innovativeness Through Innovation Ratios)

Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship
(Building Lean Bodies With Lean Management: Implementation of Lean Principles in Entrepreneurship)

Developing Entrepreneurial Skills under the Current Conditions of the Educational System
(Developing Entrepreneurial Skills under the Current Conditions of the Educational System)

Do Management Innovations Yield in Higher Employees’ Satisfaction?
(Do Management Innovations Yield in Higher Employees’ Satisfaction?)

Category Management Implementation in The Retail Market of Fast-moving Consumer Goods
(Category Management Implementation in The Retail Market of Fast-moving Consumer Goods)

Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects
(Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects)

State Support System of Innovations in Slovakia
(State Support System of Innovations in Slovakia)

Design Thinking: The Case of Banking Services
(Design Thinking: The Case of Banking Services)

Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis
(Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis)

Innovation and Quality as the Tools for Managing for the Sustained Success
(Innovation and Quality as the Tools for Managing for the Sustained Success)

The Influence of Diversity on Organizational Effectiveness
(The Influence of Diversity on Organizational Effectiveness)

Barriers of Using Corporate Social Networks in the Czech Republic
(Barriers of Using Corporate Social Networks in the Czech Republic)

Research and Development Performance Management and Managerial Tools
(Research and Development Performance Management and Managerial Tools)

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(Employment of Foreigners in Poland from the Point of View of Entrepreneurs - Opole Voivodeship Study)

The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility
(The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility)

Corporate Sustainability Reporting
(Corporate Sustainability Reporting)

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(Causal Alternate Pathways for High Performance. A Study of University Spin-offs from Poland)

Women on Boards: Does Gender Composition Affect Financial Results of Companies?
(Women on Boards: Does Gender Composition Affect Financial Results of Companies?)

Newconnect as a Source of Financing for Small and Medium-sized Enterprises
(Newconnect as a Source of Financing for Small and Medium-sized Enterprises)

Reflection of Ethical Principles in Czech Codes of Ethics
(Reflection of Ethical Principles in Czech Codes of Ethics)

The Effect of Gender, Age and Education on Entrepreneurial Curiosity
(The Effect of Gender, Age and Education on Entrepreneurial Curiosity)

Interrelation between Corporate Social Responsibility and Company Performance
(Interrelation between Corporate Social Responsibility and Company Performance)

Startups Role in National Industry 4.0 Implementation
(Startups Role in National Industry 4.0 Implementation)

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(South Moravian SME´s Performance in Relation to Maturity of Leadership: Results of a Quantitative Research Study)

Challenges in Promoting Migrant Entrepreneurship: First Empirical Evidence from Germany
(Challenges in Promoting Migrant Entrepreneurship: First Empirical Evidence from Germany)

Using Competitive Technical Intelligence Patent Search Methods to Uncover Automotive Industry Trends
(Using Competitive Technical Intelligence Patent Search Methods to Uncover Automotive Industry Trends)

Technology and Knowledge Transfer as Third Mission Activities at the Slovak Universities
(Technology and Knowledge Transfer as Third Mission Activities at the Slovak Universities)

Wine Marketing: The Case of Micro and Small Wine Companies in the Czech Republic
(Wine Marketing: The Case of Micro and Small Wine Companies in the Czech Republic)

Environmental Responsibility in Marketing Activities of Companies
(Environmental Responsibility in Marketing Activities of Companies)

Early and Fast Internationalisation of High-tech Start-up Firms
(Early and Fast Internationalisation of High-tech Start-up Firms)

International Pricing Strategies of High-tech Start-up Firms
(International Pricing Strategies of High-tech Start-up Firms)

Sustainbility in the Economic Sense
(Sustainbility in the Economic Sense)

The Innovation Centers Development in the Regional Context of Russia
(The Innovation Centers Development in the Regional Context of Russia)

Innovative Development for Northern Regions: Russian Case
(Innovative Development for Northern Regions: Russian Case)

CSR and Tax Planning: Case Study of Football Club
(CSR and Tax Planning: Case Study of Football Club)

Regional Aspects of Inclusive Entrepreneurship in Slovakia: GEM Evidence
(Regional Aspects of Inclusive Entrepreneurship in Slovakia: GEM Evidence)

The Role of Organizational Culture in the Process Reorientation of the Company
(The Role of Organizational Culture in the Process Reorientation of the Company)

Effective, but Inefficient? Public Support Granted to Social Enterprises for Employment
(Effective, but Inefficient? Public Support Granted to Social Enterprises for Employment)

Innovation Strategy and Access to Capital in SME and Large Companies – Evidence from Survey
(Innovation Strategy and Access to Capital in SME and Large Companies – Evidence from Survey)

Trends and Problems of Investment in Intellectual Capital in Russian Economy
(Trends and Problems of Investment in Intellectual Capital in Russian Economy)

Assessment of the Innovation Factors Impact on Economic Growth in Russian Regions
(Assessment of the Innovation Factors Impact on Economic Growth in Russian Regions)

Innovative Industry Sectors in World Economic Centers
(Innovative Industry Sectors in World Economic Centers)

Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures
(Sustainable Entrepreneurship: How to Measure Future Sustainability Impact for Early Stage New Ventures)

Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.
(Do Senior Entrepreneurs Differ from Youth Entrepreneurs? Evidences from Global Entrepreneurship Monitor.)

Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy
(Organizational Culture of SMEs in Serbia, Influence of National Culture on Entrepreneurial Leadership Style and Philosophy)