Third International Scientific Conference on Economics and Management - EMAN 2019: How to Cope with Disrupted Times – Selected Papers, Ljubljana, Slovenia - March 28, 2019
Third International Scientific Conference on Economics and Management - EMAN 2019: How to Cope with Disrupted Times – Selected Papers, Ljubljana, Slovenia - March 28, 2019
Contributor(s): Vuk Bevanda (Editor)
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration, Human Resources in Economy
ISSN: 2683-4510
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Association of Economists and Managers of the Balkans;EMAN 2019;Economics;Management;Law;Tourism;Environment;Technology;Conference Proceedings;conference paper;
Summary/Abstract: Association of Economists and Managers of the Balkans headquartered in Belgrade – Serbia, Faculty of Management Koper – Koper, Slovenia; DOBA Business School - Maribor, Slovenia; Integrated Business Faculty - Skopje, Macedonia and Faculty of Management - Zajecar, Serbia organized Third International Scientific Conference on Economics and Management: How to Cope with Disrupted Times - EMAN 2019 in Ljubljana on March 28, 2019 at the Hotel M. Third International Scientific Conference on Economics and Management - EMAN – aimed to establish and expand international contacts and co-operation across regions and countries. The main purpose of the conference was to provide scientists an encouraging and stimulating environment in which they may present results of their research to the scientific community and general public. The conference theme was discussed in following sections: 1. Economics, 2. Management, 3. Law, 4. Tourism, 5. Environment, 6. Technology. The aim of this year’s conference has been achieved - bring together the academic community of the Balkans region and other countries and publication of their papers with the purpose of popularization of science and their personal and collective affirmation. The unique program combined presentation of the latest scientific developments in these areas, interactive discussions and other forms of interpersonal exchange of experiences. The conference was opened by Prof. dr Rasto Ovin, Dean of the DOBA Business School – Maribor, Slovenia and a member of the Scientific Committee of the conference; Uroš Mirčević, President of the Association of Economists and Managers of the Balkans and Prof. dr Tatjana Horvat representative of the Faculty of Management Koper, University of Primorska, Slovenia. Within publications from EMAN 2019 conference: • 25 double peer reviewed papers have been published in the EMAN 2019 – Economics & Management: How to Cope with Disrupted Times - Selected Papers – The 3rd Conference on Economics and Management; • 87 double peer reviewed papers have been published in the EMAN 2019 Conference Proceedings – Economics & Management: How to Cope With Disrupted Times and • 63 abstracts have been published in the EMAN 2019 Book of Abstracts. EMAN 2019 publications have more than 1.000 pages. Besides that, 57 papers have been accepted for publication in the conference partner journals. Participation in the conference took 373 researchers with the paper representing: • 24 different countries, • 93 different universities, • 63 eminent faculties, • 10 scientific institutes, • 27 colleges, • Various ministries, local governments, public and private enterprises, multinational companies, associations, etc.
- Print-ISBN-13: 978-86-80194-19-6
- Page Count: 248
- Publication Year: 2019
- Language: English
THE RELATIONSHIP BETWEEN INTEGRATION OF TECHNOLOGY – INCREASE CUSTOMER SPENDING – CUSTOMER SATISFACTION: MONKEY MODEL
THE RELATIONSHIP BETWEEN INTEGRATION OF TECHNOLOGY – INCREASE CUSTOMER SPENDING – CUSTOMER SATISFACTION: MONKEY MODEL
(THE RELATIONSHIP BETWEEN INTEGRATION OF TECHNOLOGY – INCREASE CUSTOMER SPENDING – CUSTOMER SATISFACTION: MONKEY MODEL)
- Author(s):Mislav Šimunić, Marina Perišić Prodan, Ljubica Pilepić Stifanich
- Language:English
- Subject(s):Economy, Tourism
- Page Range:1-12
- No. of Pages:11
- Keywords:hotel;information technology;customer consumption;customer satisfaction;semantics;MONKEY model;
- Summary/Abstract:The purpose of this paper is to determine a link between the integration of technology/technological solutions/applications in the hotel business and guest satisfaction on the one hand, and the integration of technology/technological solutions/applications in the hotel business and stimulation of guest consumption during their stay in the hotel on the other hand. The aim is to examine and identify key elements of the MONKEY model, which will accomplish the purpose of this paper. In this study the survey method was used. The research instrument was a structured questionnaire consisting of three parts: (1) integration of technology, (2) guest consumption and (3) quest satisfaction. The questionnaires were distributed to hotel managers and domestic and international hotel guests on the Opatija Riviera (Croatia). The results of empirical research and analysis form the basis for further modification of the MONKEY model which can directly be used for creating a policy of integrating technology in the hotel business and increasing guest consumption during their stay at the hotel as well as increasing their satisfaction during and after their stay at the hotel. The scientific contribution of the paper is reflected in the authors’ presentation of their own MONKEY behavioral model for the analysis of technology integration/technological solutions/applications in the hotel business viewed through the prism of the semantic approach. In this paper the authors present their views and the results of their own empirical research. The results of this research can be useful for hotel managers in order to contribute to improving the quality of the hotel offer and thus respond to the modern demands of the tourism market.
“SOFT” PERSPECTIVE OF THE BUSINESS PROCESS ORIENTATION
“SOFT” PERSPECTIVE OF THE BUSINESS PROCESS ORIENTATION
(“SOFT” PERSPECTIVE OF THE BUSINESS PROCESS ORIENTATION)
- Author(s):Aleksander Janeš, Rajko Novak, Armand Faganel
- Language:English
- Subject(s):Economy, Business Economy / Management
- Page Range:13-22
- No. of Pages:9
- Keywords:Business process management (BPM);Business Process Orientation Maturity Model (BPOMM);Business process orientation (BPO);Business process reengineering (BPR);Process maturity;
- Summary/Abstract:The purpose of this paper is to represent practical approach on the empirically evaluated business process orientation (BPO) of the Slovenian power supply business. Within the empirical investigation, the level of BPO maturity was measured in the 19 organizations of the power supply business. The survey was focused on the top, middle and lower managers. As a measuring instrument, a questionnaire for the extended concept of process orientation with nine elements was used. The results of the BPO measurement shows that, despite this long-standing preoccupation with processes, certified management system and the computerization of operations, process maturity is not very high. Results suggested the opportunities for improvement, particularly for better use and exploit of information technology. Presented research is the first one which considers the BPO maturity in the Slovenian power supply business and therefore contributes to understanding of the ‘soft or intangible factors’ which have impact on the introduction, implementation and maintenance of Business process management (BPM). As a result, it is found that contemporary literature acknowledges the importance of business process (BP), BPM and BPO maturity of the organization. Therefore, scope of used terminology comprises; BP is included by BPM, which is further embraced by BPO. This research makes significant contributions to the literature and above all to scholars and practitioners who work professionally in this field and will find useful guidance for a better understanding of applying BPO and suitable maturity models in different industries.
IMPORTANCE AND SATISFACTION OF EMPLOYEES WITH FACTORS RELATED TO JOB SATISFACTION: DIFFERENCES BETWEEN GENERATION X AND Y
IMPORTANCE AND SATISFACTION OF EMPLOYEES WITH FACTORS RELATED TO JOB SATISFACTION: DIFFERENCES BETWEEN GENERATION X AND Y
(IMPORTANCE AND SATISFACTION OF EMPLOYEES WITH FACTORS RELATED TO JOB SATISFACTION: DIFFERENCES BETWEEN GENERATION X AND Y)
- Author(s):Eva Jereb, Marko Urh, Špela Strojin, Primož Rakovec
- Language:English
- Subject(s):Economy, Business Economy / Management, Human Resources in Economy
- Page Range:23-32
- No. of Pages:9
- Keywords:Generation X;Generation Y;workforce;job satisfaction;generation differences;
- Summary/Abstract:Generation Y and Generation X already comprise the majority of the global workforce. Generation Y employees are different from those of prior generations. They have different expectations and bring different personalities and attitudes to the workplace, but share many of the characteristics of Generation X. In our study, we tried to identify whether there are differences between the importance and satisfaction with factors related to job satisfaction between Generation X and Generation Y. The target population in this study was limited to Generation X (1965-1980) and Generation Y (1981-1996) living and working in Slovenia. The questionnaire contained questions referring to (i) general data, (ii) work and working conditions, (iii) leadership and senior management, (iv) compensation and benefits, (v) career development, and (vi) technology. In order to examine the research, questions mean values and standard deviations of the responses to individual items were calculated and Paired-Samples T-Tests were conducted to examine the averages. The study results revealed that most of the job-related factors are important to members of Generation Y, and workplace satisfaction is low. The most important factor is leadership & senior management, the least important is technology and they are most satisfied with work and working conditions and least satisfied with compensation and benefits. The same goes for Generation X, which means that there is still a lot of room for improvements in all five job satisfaction factor groups of our study.
A FRAMEWORK FOR THE QUALITY CONTROL MANAGER SELECTION BASED ON THE PIPRECIA AND WS PLP METHODS
A FRAMEWORK FOR THE QUALITY CONTROL MANAGER SELECTION BASED ON THE PIPRECIA AND WS PLP METHODS
(A FRAMEWORK FOR THE QUALITY CONTROL MANAGER SELECTION BASED ON THE PIPRECIA AND WS PLP METHODS)
- Author(s):Gabrijela Popović
- Language:English
- Subject(s):Economy, Business Economy / Management
- Page Range:33-44
- No. of Pages:11
- Keywords:WS PLP method;PIPRECIA method;quality control manager;selection;
- Summary/Abstract:Increasing demand for quality products has an impact on the rising significance of the role of the quality control manager. Recruiting a new quality control manager and his/her selection amongst a greater number of the candidates who have applied is a very complex task. There are a significant number of the criteria that a candidate should meet, which on their part affect the final ranking and selection. It is a very delicate decision because there is a very thin line separating a good choice from a bad one. With the aim of facilitating the process of the selection of a quality control manager, the application of the framework based on the PIPRECIA (PIvot Pairwise RElative Criteria Importance Assessment) and WS PLP (Weighted Sum method, based on the decision-maker’s Preferred Levels of Performances) methods is proposed in this paper. The applicability of the proposed framework is presented by a numerical example, where three decision-makers evaluate six candidates against the five evaluation criteria.
ON THE INFLUENCE OF FINANCIAL EDUCATION AT FINANCIAL LITERACY
ON THE INFLUENCE OF FINANCIAL EDUCATION AT FINANCIAL LITERACY
(ON THE INFLUENCE OF FINANCIAL EDUCATION AT FINANCIAL LITERACY)
- Author(s):Zuzana Kozubíková
- Language:English
- Subject(s):Economy, Public Finances, Human Resources in Economy
- Page Range:45-52
- No. of Pages:8
- Keywords:Financial literacy;financial education;skills;
- Summary/Abstract:Accepting financial literacy, as one of the key competencies of the modern human, leads us to questions about the efficiency of financial education. The present paper seeks to determine the influence of economic education on university students and movements in their skills in financial education. It is based on a statistical analysis of the results before and after absolving the course. The research is concerned also in the changes in the attitudes of the course participants to the perception of the importance and self-appreciation of their own financial decision abilities. Particularly, recognizing the importance of being financially literate is determined as the fundamental factor for improving proficiency.
IMPACT OF NON-LINEAR VOLATILITY IN STOCK-SPECIFIC RISK ON THE TURNOVER OF ACTIVELY MANAGED PORTFOLIOS
IMPACT OF NON-LINEAR VOLATILITY IN STOCK-SPECIFIC RISK ON THE TURNOVER OF ACTIVELY MANAGED PORTFOLIOS
(IMPACT OF NON-LINEAR VOLATILITY IN STOCK-SPECIFIC RISK ON THE TURNOVER OF ACTIVELY MANAGED PORTFOLIOS)
- Author(s):Plamen Patev, Kaloyan Petkov
- Language:English
- Subject(s):Economy, Business Economy / Management, Human Resources in Economy
- Page Range:53-62
- No. of Pages:9
- Keywords:turnover;non-linear risk;transaction costs;alpha;
- Summary/Abstract:Active investment has been established as one attractive approach for portfolio management. In order to achieve additional return – alpha, it requires investors to rebalance their portfolios often and to apply it for broader set of assets. However, as a result of such strategy portfolios could be exposed to an enormous turnover which leads to higher transaction costs. In many cases models with proven high-quality fail to provide the projected alpha because of alpha decaying caused by transaction costs of high turnover. Our paper is aimed to give more details about influence of stock-specific risk on turnover of active investments. We find that the ratio between target tracking error of the portfolio and stock-specific risk of an important factor in establishing the optimum turnover (and transaction costs). We investigate how this ratio is related with the turnover and how it influences the portfolio optimization process. We prove that changes in stock-specific risk causes managers to rebalance their portfolios in order to achieve their target tracking error. It is shown that these changes occur due to the non-linearity of stock volatility. We use GARCH model to measure the impact of short-term volatility shocks on the turnover of portfolio. Our findings confirm the importance of non-linear volatility for active portfolio turnover. Furthermore, we present empirical example for keeping turnover in desired level by adjusting the target tracking error of the factor portfolio.
ANALYSIS OF PROFIT AND LOSS STATEMENT OF THE LISTED COMPANIES IN CROATIA
ANALYSIS OF PROFIT AND LOSS STATEMENT OF THE LISTED COMPANIES IN CROATIA
(ANALYSIS OF PROFIT AND LOSS STATEMENT OF THE LISTED COMPANIES IN CROATIA)
- Author(s):Vlasta Roška, Dalija Kuvačić, Zvonko Merkaš
- Language:English
- Subject(s):Economy, National Economy, Socio-Economic Research
- Page Range:63-72
- No. of Pages:9
- Keywords:Profit and loss statement;cost-effectiveness indicators;revenue;expenses;sales revenue;profit;
- Summary/Abstract:The efficiency of business results of listed companies is significant for investors. If total revenues increase from the year to year, especially business revenues from regular activities, investors receive a positive result of their investment. However, investors pay special attention to the efficiency of costs management, especially of operating expenses to create a revenue. If companies have a bigger increase in revenue than in business expenditures, the management and the investors are satisfied. If lower growth in expenditures is accompanied by faster growth of revenue, management and investor can expect a good reward, bonus or dividends. The main goal of this paper is to determine how successful are managers of listed companies on the Zagreb Stock Exchange for the selected business year in the research period from 2008 to 2017 in increasing of profits of shareholders in the way to maximize the revenues and minimize the expenditures and have they managed to achieve results prior to the financial crisis. The data are processed statistically with the SPSS programme. Vertical analysis of companies listed at the Zagreb Stock Exchange has pointed out a need for improvement of revenues from regular business, i.e. sales. Horizontal analysis of listed companies shows that proportions of the profit and loss statements from 2008 have not yet been achieved. Also, the cost-effectiveness indicators show that a company’s management is a little bit more efficient today than in the past, but the reason is financial revenue, and not the increase in sales operation.
THE IMPACT OF USING THE INFORMATION TECHNOLOGIES ON INTERNATIONAL BUSINESS DEVELOPMENT OF STATE-OWNED COMPANIES IN THE REPUBLIC OF CROATIA
THE IMPACT OF USING THE INFORMATION TECHNOLOGIES ON INTERNATIONAL BUSINESS DEVELOPMENT OF STATE-OWNED COMPANIES IN THE REPUBLIC OF CROATIA
(THE IMPACT OF USING THE INFORMATION TECHNOLOGIES ON INTERNATIONAL BUSINESS DEVELOPMENT OF STATE-OWNED COMPANIES IN THE REPUBLIC OF CROATIA)
- Author(s):Dalija Kuvačić, Vlasta Roška, Daniel Behtanić
- Language:English
- Subject(s):Economy, National Economy, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:73-80
- No. of Pages:7
- Keywords:information technology;international business development;state-owned companies;
- Summary/Abstract:Information technology is a driver of modern business and revolution that affects the competition of all participants in the local and global market. It affects the customer’s strength and lowers costs, links business partners, triggers new business processes and participates in creating new products. The global business environment of companies crossing the borders of their country and doing business in other countries today is the standard that everyone is trying to reach. Such business goals have an impact on the economy of the whole country. The accelerated development of information technology has greatly influenced the international markets that were once limited by geographic distances. All companies in today’s world market are equally competitive and can achieve significant success. The main aim of this paper is analysis of the impact of using information technologies on the international business development of state-owned companies in the Republic of Croatia. We introduced the results of the survey research on target population of 122 employees in state-owned companies in the Republic of Croatia. The research was conducted in the period from August 27 to September 6, 2018. The data are processed statistically with the SPSS program. The results of our research have undoubtedly showed that state-owned companies in the Republic of Croatia that use advanced information technology and investing in IT education of their employees achieve significant success on the international market.
EXPORT COMPETITIVENESS OF BULGARIAN BOTTLED WINES
EXPORT COMPETITIVENESS OF BULGARIAN BOTTLED WINES
(EXPORT COMPETITIVENESS OF BULGARIAN BOTTLED WINES)
- Author(s):Tanya Georgieva, Damyan Kirechev
- Language:English
- Subject(s):Economy, National Economy, Financial Markets
- Page Range:81-90
- No. of Pages:9
- Keywords:Bottled wines;competitiveness;wine export;wine trade;
- Summary/Abstract:Historically, Bulgaria has been a long-standing wine producer and exporter. Over the past few decades there have been changes in the political environment, the production and the market, which are associated with certain threats and opportunities for Bulgarian wine producers. The purpose of this paper is to examine the export competitiveness of Bulgarian bottled wines. The assessment is based on a set of indicators of import and export quantities and prices for the main external markets. Our research findings indicate that Bulgarian producers are selling mainly in the low-price segments, and, in many cases, at a high level of price volatility and decreasing quantities.
THE ROLE OF ENTREPRENURSHIP EDUCATION IN FOSTERING ENTREPRENEURIAL INTENTIONS
THE ROLE OF ENTREPRENURSHIP EDUCATION IN FOSTERING ENTREPRENEURIAL INTENTIONS
(THE ROLE OF ENTREPRENURSHIP EDUCATION IN FOSTERING ENTREPRENEURIAL INTENTIONS)
- Author(s):Ivona Huđek, Karin Širec
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:91-98
- No. of Pages:8
- Keywords:entrepreneurship education;entrepreneurial intentions;Global Entrepreneurship Monitor;perceived capabilities;perceived opportunities;
- Summary/Abstract:Nowadays, in the context of economic crises, the challenges of globalization processes and dynamic changes with existing knowledge societies, more emphasis is placed on the entrepreneurship as a driver for economic growth and innovation. The EU has also recognized the importance of entrepreneurship, as a factor influencing its progress. In addition, the European Commission states that entrepreneurship is a skill that can be learned. Therefore, one of the key goals of the EU and the Member States has been the promotion of entrepreneurial education for many years. The reason for its introduction and fostering lies in its importance, which manifests itself in developing young people’s potential, initiating their own ideas, developing the skills, knowledge and attitudes that are necessary to create entrepreneurial culture, which ultimately can lead to job creation. In this paper, the perceived capabilities and perceived opportunities related to the entrepreneurial intentions (percentage of population aged 18-64 who intend to start a business within three years) are considered. Perceived capabilities refer to the percentage of people aged 18-64 who believe that they have the required skills and knowledge to start a business, and perceived opportunities also apply to the same age of the population, who see good opportunities to start a firm in the area where they live. The research was conducted among the EU countries based on Global Entrepreneurship Monitor (GEM) data, the world’s largest entrepreneurship research. The results of the paper indicate that the perceived capabilities to start a firm are the greatest in Slovakia, Croatia, and Slovenia, and regarding the perceived opportunities to start a firm, Slovakia and Croatia are below the European average level, where Sweden, Poland, and the Netherlands are leading. That brings the question of why that is so and how the education system can influence the acquisition of entrepreneurial skills, knowledge, and attitudes to recognize business opportunities. According to the GEM, entrepreneurial education is one of twelve key elements of an entrepreneurial environment that contribute to the acquisition of knowledge, developing attitudes and skills of individuals and leading to the increase of entrepreneurial activity and self-employment in a particular country. Consequently, a comparison between the EU countries on the approaches to entrepreneurial education at the primary and secondary levels of education was made. It shows how particular countries of the EU (with the highest marks for entrepreneurial education by GEM experts) integrate entrepreneurial education into their education system. According to the current state of education for entrepreneurship in the EU, the European Commission documents and examples of good practice, it is evident how entrepreneurship education differs between countries and that a unified entrepreneurship education approach has not yet been established. The above refers to the need for EU members to recognize the importance of entrepreneurship education and to make greater efforts to implement it in the school curriculum and greater support of the European Commission in caring out this process. greatest in Slovakia, Croatia, and Slovenia, and regarding the perceived opportunities to start a firm, Slovakia and Croatia are below the European average level, where Sweden, Poland, and the Netherlands are leading. That brings the question of why that is so and how the education system can influence the acquisition of entrepreneurial skills, knowledge, and attitudes to recognize business opportunities. According to the GEM, entrepreneurial education is one of twelve key elements of an entrepreneurial environment that contribute to the acquisition of knowledge, developing attitudes and skills of individuals and leading to the increase of entrepreneurial activity and self-employment in a particular country. Consequently, a comparison between the EU countries on the approaches to entrepreneurial education at the primary and secondary levels of education was made. It shows how particular countries of the EU (with the highest marks for entrepreneurial education by GEM experts) integrate entrepreneurial education into their education system. According to the current state of education for entrepreneurship in the EU, the European Commission documents and examples of good practice, it is evident how entrepreneurship education differs between countries and that a unified entrepreneurship education approach has not yet been established. The above refers to the need for EU members to recognize the importance of entrepreneurship education and to make greater efforts to implement it in the school curriculum and greater support of the European Commission in caring out this process.
ON THE REGIONAL DIFFERENCES IN FINANCIAL LITERACY OF THE UNIVERSITY STUDENTS
ON THE REGIONAL DIFFERENCES IN FINANCIAL LITERACY OF THE UNIVERSITY STUDENTS
(ON THE REGIONAL DIFFERENCES IN FINANCIAL LITERACY OF THE UNIVERSITY STUDENTS)
- Author(s):Aleš Kozubík
- Language:English
- Subject(s):Economy, Human Resources in Economy
- Page Range:99-106
- No. of Pages:8
- Keywords:Financial literacy;questionnaire survey;university students;Czech Republic;Slovakia;
- Summary/Abstract:Financial literacy belongs to the key components of education for life in modern society and its importance growths every day. Various research studies on this issue have shown that there is a gap among the different sections of people such as men and women, young and adults, rural and urban and also many other categories of people. This article focuses on the university students in former Czechoslovakia that has before 25 years been split into two separate countries. The questionnaire survey method was applied to determine the average score of financial literacy among the students of six different universities. The statistical analysis has shown a surprising significant shift between both countries and as well between regions.
THE CHALLENGES OF DIGITAL ECONOMY DEVELOPMENT IN SOUTH-EAST EUROPEAN COUNTRIES
THE CHALLENGES OF DIGITAL ECONOMY DEVELOPMENT IN SOUTH-EAST EUROPEAN COUNTRIES
(THE CHALLENGES OF DIGITAL ECONOMY DEVELOPMENT IN SOUTH-EAST EUROPEAN COUNTRIES)
- Author(s):Marijana Vidas-Bubanja, Snežana Popovčić-Avrić, Iva Bubanja
- Language:English
- Subject(s):Economy, Marketing / Advertising, Socio-Economic Research
- Page Range:107-116
- No. of Pages:9
- Keywords:Digital economy;digital entrepreneurship;competitiveness;innovation;
- Summary/Abstract:The digitalization level of society and economy is growing in accordance with the rising acceptance and implementation of digital technologies and the transfer of social and economic activities to the Internet. Digital technologies and innovations are powerful, pervasive and have multiple, indirect impacts. These innovations are changing economies and markets, and reinventing relationships between organizations, suppliers and customers, thus becoming critical elements for growth, innovation and job creation. Both developed and developing countries are trying to put in place right enabling conditions in order to use all the innovation and growth opportunities offered by proper implementation of digital technologies in different sectors of national economy and society. This paper examines South East European (SEE) countries in transition readiness to develop digital economy by analyzing and comparing some of the key measuring indicators mainly connected with the infrastructure development, but also some complex measuring information and communication technology (ICT) indexes such as network readiness index and ICT development index.
DO DEVELOPING COUNTRIES FACE THE “MIDDLE INCOME TRAP”? EVIDENCE FROM A NOVEL UNIT ROOT TEST
DO DEVELOPING COUNTRIES FACE THE “MIDDLE INCOME TRAP”? EVIDENCE FROM A NOVEL UNIT ROOT TEST
(DO DEVELOPING COUNTRIES FACE THE “MIDDLE INCOME TRAP”? EVIDENCE FROM A NOVEL UNIT ROOT TEST)
- Author(s):Aycan Hepsag, Barış Erkan Yazici
- Language:English
- Subject(s):Economy, Supranational / Global Economy
- Page Range:117-124
- No. of Pages:7
- Keywords:Middle income trap;developing countries;Hepsag Unit Root Test;
- Summary/Abstract:One of the recent and attractive subjects of the economic literature is the “middle income trap”. The condition of middle income trap is defined for the countries which are categorized as middle income countries failing to move up to the high income category because of their slow growth rates. The present paper investigates the existence of middle income trap for developing countries which are Algeria, Belize, Brazil, Botswana, China, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Fiji, Gabon, Guatemala, Guyana, Jamaica, Jordan, Malaysia, Mexico, Paraguay, Peru, South Africa, St. Vincent and the Grenadines, Suriname, Thailand, Turkey and Venezuela, employing a novel unit root test with smooth break and nonlinear adjustment proposed by [3]. We follow the methodology of middle income trap proposed by [5] and determine the United States as the reference country. The data set involves annual gross domestic product (GDP) per capita of developing countries and the United States for the period from 1960 to 2017. Then, logarithmic per capita GDP gap series of each country is calculated in order to test the middle income trap for developing countries. The empirical results indicate that Belize, Botswana, Colombia, Costa Rica, Dominican Republic, Ecuador, Guyana, Jamaica, Jordan, Mexico, Peru, South Africa, St. Vincent and the Grenadines, Turkey and Venezuela are in the middle income trap. Therefore, we find out an evidence of a middle income trap in 15 out of 26 upper middle income countries.
THE LEARNING ORGANIZATION UNDERSTANDING IN DISRUPTIVE TIMES AND ITS IMPACT ON ORGANIZATIONAL PERFORMANCE: THE APPAREL INDUSTRY CASE
THE LEARNING ORGANIZATION UNDERSTANDING IN DISRUPTIVE TIMES AND ITS IMPACT ON ORGANIZATIONAL PERFORMANCE: THE APPAREL INDUSTRY CASE
(THE LEARNING ORGANIZATION UNDERSTANDING IN DISRUPTIVE TIMES AND ITS IMPACT ON ORGANIZATIONAL PERFORMANCE: THE APPAREL INDUSTRY CASE)
- Author(s):Esmir Demaj
- Language:English
- Subject(s):Economy, Business Economy / Management
- Page Range:125-134
- No. of Pages:9
- Keywords:Learning Organization;Organizational Performance;Apparel Industry;Emerging Countries;
- Summary/Abstract:Globalization or the rapidly changing economic environment is characterized by continual disruption and is shaped by the ever-changing conditions of the economy. Making use of the learning and knowledge concepts is among the most important conditions that provide enterprises the capability to become agile and quickly respond to change, thus earning a competitive advantage towards competitors. The Learning Organization concept has received increasing attention in organizational studies especially in the last two decades. It has emerged from the idea of “organizational learning”, but it differs as in addition to learning of the organization it includes learning within the organization too. It is clear now that knowledge acquisition and the transfer of this knowledge to the organizations used to shape their own future is of vital importance for enterprise survival, and this acquired knowledge is one of the important factors that reduces the risks of profit losses by increasing the management capabilities of enterprises. On the other hand, organizational performance measurements play a crucial role for managers to be able to carry out their managerial functions and activities. Organizational performance measurements give a good grasp of both quantitative and qualitative elements that affect the overall enterprise performance. In this way, possible problems of low performing units are revealed and tackled. The main purpose of this descriptive research is to measure the effect of learning organization understanding and framework on the organizational performance with special focus on the apparel industry. In this context, a questionnaire has been conducted to the personnel of the headquarters in some major companies operating in the apparel industry as a methodology used in this study to support our work. This study aims to shed light on the concept of learning organization and its applicability in the apparel industry as well as hoping that such a pilot study will contribute to the literature of Learning Organization and Organization Performance. In line with previous research in other sectors it results that there exists a positive correlation between learning and transferring the accumulated knowledge to various units of the enterprise and the increase in overall organizational performance of enterprises.
MIGRATION AND MOBILITY OF QUALIFIED MILLENNIALS
MIGRATION AND MOBILITY OF QUALIFIED MILLENNIALS
(MIGRATION AND MOBILITY OF QUALIFIED MILLENNIALS)
- Author(s):Alice Reissova, Jana Simsova
- Language:English
- Subject(s):Economy, National Economy, Socio-Economic Research
- Page Range:135-142
- No. of Pages:8
- Keywords:Labour mobility;labour migration;willingness to commute for work;gender differences;
- Summary/Abstract:Currently, many companies face the problem of a lack of workers, including the most highly qualified ones. Employers are very interested in whether today’s young people are willing to commute or even move because of work. The purpose of this research was to answer these questions. The research group consisted of 1082 students of Jan Evangelista Purkyně University in Ústí nad Labem (Czech Republic). Students from all faculties, i.e. Faculty of Social and Economic Studies, Faculty of Mechanical Engineering, Faculty of Science, Faculty of Arts, Faculty of Education, Faculty of Health Studies, Faculty of Art and Design and Faculty of Environment, were involved. A written questionnaire was chosen as the method. The data was collected and processed using STATISTICA software. The statistical methods of the Mann-Whitney U Test, Kruskal-Wallis test, and the comparison of the parameters of two binomial distributions were used to evaluate the questions. The results indicate that the respondents from individual faculties show a similar willingness to commute to a job or, more precisely, to the amount of time they are willing to spend on the way. Differences, however, are in the willingness to move, both within the country and abroad. In this aspect, the students of the Faculty of Art and Design show the greatest willingness to move. The comparison of the students’ attitudes by gender shows very interesting results. Women are statistically less willing to commute to work as well as to move within the country or abroad than men. Their un/willingness to move might be motivated by the fact that they plan to have children. Thus, the students were asked whether they plan to have children within 3 to 5 years after finishing their studies and their willingness to commute or move was evaluated taking this aspect into consideration. The students that are planning to start a family are less willing to commute to work for longer than 1 hour or to move within the country or abroad. Statistically significant differences were also found within gender. Women who are planning to have children prefer to work only in the place of residence and are unwilling to move (within the country or abroad). Men who are planning to have children show a more negative attitude towards moving abroad unlike those that are not planning to have children. It is also interesting that there are differences in students’ plans to have children depending on the type of faculty they are studying. Most often, the students that plan to have children in less than 5 years after graduation are from the Faculty of Health Studies, of Arts and of Education. On the other hand, the smallest number of students that are planning to have children study at the Faculty of Mechanical Engineering and of Science. This result of the research is influenced by the ratio of registered men and women in each faculty. Women are planning to have children more often than men.
INFORMATION AND COMMUNICATION TECHNOLOGY AND THEIR INFLUENCE ON BUSINESSES GROWTH IN SLOVAKIA
INFORMATION AND COMMUNICATION TECHNOLOGY AND THEIR INFLUENCE ON BUSINESSES GROWTH IN SLOVAKIA
(INFORMATION AND COMMUNICATION TECHNOLOGY AND THEIR INFLUENCE ON BUSINESSES GROWTH IN SLOVAKIA)
- Author(s):Marcela Hallová, Martina Hanová
- Language:English
- Subject(s):Economy, National Economy, Business Economy / Management, ICT Information and Communications Technologies
- Page Range:143-148
- No. of Pages:6
- Keywords:ICT;computer networks;Internet;agriculture;
- Summary/Abstract:Progress in information and communication technology (ICT) has caused many structural changes such as reorganizing of globalization, economics or trade extension. Personal computers and the Internet provide the equipment and connectivity that allows companies to benefit from ICTs. The impact of ICT on business efficiency is the subject of many studies and statistical surveys. Some studies demonstrate a clear return on investment in ICT. Other surveys show the benefits of ICT, but there are no specificities, that lead to ICT efficiency maximization. Information and communication technology is a broad area, so we will focus mainly on the use of computers and computer networks, the use of the Internet and the promotion through the web site, which are partial parts of our survey. The survey focused on the agriculture section, because other economic activities are mapped relatively well by official statistical surveys. The findings of the research indicate progress in the use of computers and computer networks over a similar survey realized in 2009. It is also possible to claim this in the case of website promotion. However, it is still possible to conclude that agriculture is lagging behind in comparison with other economic activities.
SUSTAINABLE ACCOMMODATION FACILITIES IN BULGARIA – REAL FACT OR NOT?
SUSTAINABLE ACCOMMODATION FACILITIES IN BULGARIA – REAL FACT OR NOT?
(SUSTAINABLE ACCOMMODATION FACILITIES IN BULGARIA – REAL FACT OR NOT?)
- Author(s):Petr Scholz
- Language:English
- Subject(s):Economy, National Economy, Energy and Environmental Studies
- Page Range:149-158
- No. of Pages:10
- Keywords:Eco-friendly accommodation facility;environmental measures;green management;hotel industry;services;
- Summary/Abstract:Accommodation facilities are key tourism actors and therefore cause considerable impacts. Stakeholders get involved in various voluntary programs, where they seek appropriate measures by which to contribute to improving the environment at the local and national level. A lot of accommodation facilities are turning green at an increasing rate due to a single reason, which is not directly based on profitability, longevity, or sustainability. The green trend has come into the life of the hotel business and is enthusiastically accepted by a vast majority of guests, especially in western countries. On the other hand, accommodation facilities are trying to be environmentally friendly, but the economy is becoming more and more important to them. This paper deals with applying elements of green management in accommodation facilities in the city of Sofia, Bulgaria. It analyses the implementation of green management elements and the principles of sustainable development in accommodation services. It focuses on accommodation facilities and their use, and environmental measures. The primary survey was conducted from May until June 2018, and we used a questionnaire survey to obtain primary data. We used the methods of scientific work; and, i.e., the analysis method, a generalization method, mathematical, and statistical methods. A total of 247 accommodation facilities participated in this research, and they reached the best results with sorting containers, dual flush toilets, compact fluorescent lamps, and LED lamps. We state that the surveyed accommodation facilities should invest more funds in green initiatives and acquaint employees and guests with this philosophy. Anyway, in a few years, it is certain that environmental protection will become a legal obligation for accommodation facilities. In our opinion, be proactive already now and start from this moment on. It is time for the hotel industry to accept its environmental responsibilities to reduce the environmental impact of international tourism.
AN INTEGRATED MODEL FOR IMPLEMENTING A BUSINESS PERFORMANCE MANAGEMENT SYSTEM IN SMES IN AUSTRIA AND SLOVAKIA
AN INTEGRATED MODEL FOR IMPLEMENTING A BUSINESS PERFORMANCE MANAGEMENT SYSTEM IN SMES IN AUSTRIA AND SLOVAKIA
(AN INTEGRATED MODEL FOR IMPLEMENTING A BUSINESS PERFORMANCE MANAGEMENT SYSTEM IN SMES IN AUSTRIA AND SLOVAKIA)
- Author(s):Rudolf Grünbichler, Jozef Klučka
- Language:English
- Subject(s):Economy, Business Economy / Management
- Page Range:159-170
- No. of Pages:11
- Keywords:Business Performance Management;Implementation of a Management System in SME;Phase Model;Empirical survey;Austria;Slovakia;
- Summary/Abstract:Purpose – The purpose of this paper is to propose an integrated model to implement a business performance management system in small and medium sized enterprises (SMEs) in Styria (Austria) and the region of Zilina (Slovakia) taking into account the implementation hurdles encountered in these regions. Design/Methodology/approach – To answer the research question, a multi-stage research design was chosen: After a literature research on implementation hurdles, a qualitative survey among small enterprises in Styria was carried out to get the current status. On the basis of a literature review and the results of the qualitative survey a standardized questionnaire was developed and sent to randomly selected SMEs in Styria (Austria) and Žilina (Slovakia). The results serve to develop an implementation and ongoing improvement model that takes into account the characteristic implementation hurdles. Findings – The empirical results from the qualitative and quantitative surveys show that many hurdles arise in the implementation process of a BPM system in Styria and Zilina. It turns out that especially companies without a BPM-system, which want to introduce one, underestimate certain problem areas. Research limitations – The survey on the collection of implementation hurdles was limited to the regions of Styria in Austria and Zilina in Slovakia. Referring to the sample size required for the descriptive research design, the number of responses could have been higher (probability of error). The implementation model has to be tested in practice. Practical implications – Almost half of the Austrian companies surveyed do not have a PM-system. That means that they will sooner or later have to reckon with the implementation. It turns out that some problem with the implementation is underestimated by these companies. The model takes these problems into account and can sensitize managers for them. A practical problem will be that the implementation requires a lot of knowhow in different management systems and resources.
THE CITY OF ZAGREB AND CROATIA: A PICTURE OF CAPITAL CITY’S CONTRIBUTION TO NATIONAL ECONOMIC GROWTH
THE CITY OF ZAGREB AND CROATIA: A PICTURE OF CAPITAL CITY’S CONTRIBUTION TO NATIONAL ECONOMIC GROWTH
(THE CITY OF ZAGREB AND CROATIA: A PICTURE OF CAPITAL CITY’S CONTRIBUTION TO NATIONAL ECONOMIC GROWTH)
- Author(s):Vinko Miličević, Zoran Bubaš, Olivera Jurković Majić
- Language:English
- Subject(s):Economy, National Economy
- Page Range:171-180
- No. of Pages:10
- Keywords:City of Zagreb;economic growth;depopulation;decentralization;
- Summary/Abstract:In today’s world the wealth of nations rests predominantly on the wealth creating effect of their cities. Capitals are often economic dynamos of their national economies and in this regard the paper provides insight into the City of Zagreb’s importance for Croatia. The importance in the growth of GDP is observed from the perspective of (de)population changes in the country. Starting from the fact that the GDP per capita indicator is often used to point out regional inequality and as key argument for claiming more “ fairness“ e.g. in fiscal revenue distribution, this paper suggests that “trading“ the productive potential of Zagreb for a nation-wide attenuation of resources should be carefully weighted to avoid hampering effects on the nation’s GDP.
INTERNET MARKETING APPROACHES IN PROMOTION OF HIGHER EDUCATION INSTITUTIONS
INTERNET MARKETING APPROACHES IN PROMOTION OF HIGHER EDUCATION INSTITUTIONS
(INTERNET MARKETING APPROACHES IN PROMOTION OF HIGHER EDUCATION INSTITUTIONS)
- Author(s):Ivana Jadrić, Jasmina Dlačić, Drago Ružić
- Language:English
- Subject(s):Economy, Marketing / Advertising
- Page Range:181-192
- No. of Pages:11
- Keywords:marketing;Internet marketing;higher education institutions;promotion of higher education institutions;
- Summary/Abstract:Purpose of this paper is to analyze the perceived importance of Internet marketing in the higher education institutions in Croatia, exploring both the private and public sector. Two sectors of higher education institutions are compared with aim to explore their difference in recognizing the importance of Internet presence. Also, aim of this study was to explore undergoing marketing activities in those institutions. An empirical study on a sample of professors in public and private higher education institutions in Croatia has been conducted. The results of the empirical research confirmed that the differences are present between the two different types of higher education institutions in perception of its importance and usage of Internet marketing activities. Furthermore, paper presents the implications for decision-makers in higher education institutions.
OVERFUNDING IN CROWDFUNDING ON STARTNEXT AND KICKSTARTER PLATFORMS – ARE PRODUCT OFFERINGS MORE SUCCESSFUL THAN OTHER PROJECTS?
OVERFUNDING IN CROWDFUNDING ON STARTNEXT AND KICKSTARTER PLATFORMS – ARE PRODUCT OFFERINGS MORE SUCCESSFUL THAN OTHER PROJECTS?
(OVERFUNDING IN CROWDFUNDING ON STARTNEXT AND KICKSTARTER PLATFORMS – ARE PRODUCT OFFERINGS MORE SUCCESSFUL THAN OTHER PROJECTS?)
- Author(s):Michał Gałkiewicz
- Language:English
- Subject(s):Economy, Accounting - Business Administration
- Page Range:193-200
- No. of Pages:7
- Keywords:Crowd;Overfunding;Product;Startnext;Kickstarter;
- Summary/Abstract:This study provides a first overview of the impact of offering a product besides other characteristics on project overfunding on two large platforms Startnext and Kickstarter based on 4,303 successfully overfunded European projects in the time between 2013 and 2015. In general, the level of overfunding in median equals to 10% on Startnext and 22% on Kickstarter, but varies to a high degree, depending on the industry category, as indicated by the mean of 55% on Startnext and 257% on Kickstarter. Results from regression analysis show that launching a product is significantly increasing the level of overfunding only for some categories of campaigns and in different ways on the two platforms. For Startnext and Kickstarter a comparably strong and medium effect of product offerings on the level of overfunding is only observable for projects from the Technology and Fashion category, respectively. Thus, the comparison reveals important differences which might be potentially interesting for investors, SMEs, founders and their advisors. Future research should focus on larger samples of successful and unsuccessful projects in order to provide more precise results.
IMPACT OF BANK LENDING ON DEVELOPMENT OF THE AGRICULTURAL SECTOR IN BULGARIA
IMPACT OF BANK LENDING ON DEVELOPMENT OF THE AGRICULTURAL SECTOR IN BULGARIA
(IMPACT OF BANK LENDING ON DEVELOPMENT OF THE AGRICULTURAL SECTOR IN BULGARIA)
- Author(s):Damyan Kirechev
- Language:English
- Subject(s):Economy, Agriculture
- Page Range:201-210
- No. of Pages:10
- Keywords:Financing of agriculture;crediting;agricultural credits;access to credit;subsidizing agriculture;
- Summary/Abstract:The aim of the article is to analyze the role of bank lending for the development of the agrarian sector and to assess the impact of subsidies on bank lending, on the example of Bulgaria. The survey period is 2007-2018 – after the country joined the European Union. The correlation between the bank credit and the production generated in the sector is analyzed. Data from the Bulgarian National Bank and the Ministry of Agriculture and Food of Bulgaria were used. There is a correlation between the bank credit for agriculture and the production produced in the sector. The importance of credit for agrarian development is increasing. Improvements in credit conditions for agricultural holdings are observed. Bank loans are analyzed by type and term. The relationship between bank lending and agricultural subsidies for various scale producers has been studied. Small farms are more likely to use subsidies to secure short-term loans, and large farms prefer long-term loans. Subsidies typically have a push-out effect on short-term loans for large farms and on long-term loans for small farms. There is a positive causal effect of subsidies on bank loans for the agrarian sector. Recommendations are proposed to improve access to credit for farmers as a prerequisite for sector growth.
FARMLAND SIZE INEQUALITY AND LAND CONCENTRATION IN BULGARIAN AGRICULTURE
FARMLAND SIZE INEQUALITY AND LAND CONCENTRATION IN BULGARIAN AGRICULTURE
(FARMLAND SIZE INEQUALITY AND LAND CONCENTRATION IN BULGARIAN AGRICULTURE)
- Author(s):Tanya Georgieva
- Language:English
- Subject(s):Economy, Agriculture
- Page Range:211-218
- No. of Pages:7
- Keywords:inequality;farm size;land concentration;
- Summary/Abstract:The aim of this paper is to examine the degree of inequality in farm size and the concentration of land in Bulgarian agriculture. Using a coefficient specified by Iosifescu, we study the degree of uneven distribution of farms in physical farm size groups in Bulgaria. The Gini Index is applied to compare the inequality in the utilized agriculture area distribution among farmers in Bulgaria and other EU member states. The assessment of the land concentration is based on a calculation of the mid-point hectare at national level and additional indicators.
CRYPTOCURRENCIES: PERSPECTIVES OF A DIGITAL-ECONOMIC PHENOMENON
CRYPTOCURRENCIES: PERSPECTIVES OF A DIGITAL-ECONOMIC PHENOMENON
(CRYPTOCURRENCIES: PERSPECTIVES OF A DIGITAL-ECONOMIC PHENOMENON)
- Author(s):Armin Kovači, Slaven Ljolje
- Language:English
- Subject(s):Economy, Financial Markets
- Page Range:219-224
- No. of Pages:6
- Keywords:cryptocurrencies;financial market;finance;
- Summary/Abstract:Cryptocurrencies are a digital-economic phenomenon that appeared in the last 6-7 years and attracted considerable attention. From the seemingly worthless concept of so-called „cryptocurrencies”, they gained tremendous value and thus challenged some of the fundamental settings of the ruling economy. Their value is not determined by some monetary institution as it is with the euro, the dollar or some other currency. However, the seemingly stable value of the cryptocurrency has, over the period of its existence, been substantially oscillated several times, suggesting certain elements of risk in terms of future investment in them. The trend of the cryptocurrency value is currently unfavorable. Does this mean that a complete concept of cryptocurrencies will come to an end? What is the perspective? Can we expect the re-increase of the value of the cryptocurrency? Will the cryptocurrencies replace the existing money in recent time? This and many other issues are awaiting their answers in the upcoming period. This paper seeks to provide some guidelines based on the analysis of the previous trend of cryptocurrency value and to provide answers to some of these questions.
BANK RESTRUCTURING THROUGH THE PROCESS OF BANK INTEGRATION DURING THE GLOBAL FINANCIAL CRISES OF 2007
BANK RESTRUCTURING THROUGH THE PROCESS OF BANK INTEGRATION DURING THE GLOBAL FINANCIAL CRISES OF 2007
(BANK RESTRUCTURING THROUGH THE PROCESS OF BANK INTEGRATION DURING THE GLOBAL FINANCIAL CRISES OF 2007)
- Author(s):Irena Lekoska
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Public Finances
- Page Range:225-232
- No. of Pages:6
- Keywords:banks;restructuring;integration;financial crises;mergers;acquisitions;
- Summary/Abstract:The global financial, marked as a systemic crisis of investment banking, was caused by the activities of one of the most exploited financial derivatives – the process of securitization. Considering the fact that the financial sector is one of the most globalized sectors, the financial crisis from the United States immediately struck the European market and has grown into a worldwide financial crisis. In the context of the processes of banks integration in the condition of the financial crisis, the question is whether there is a trend of increase or decrease of these processes? Therefore, the main objective of the paper is an analysis of the activities of banks integration during the financial crises and the adoption of appropriate conclusions.
