CEEOL - Browse Subjects Result

We kindly inform you that, as long as the subject affiliation of our 300.000+ articles is in progress, you might get unsufficient or no results on your third level or second level search. In this case, please broaden your search criteria.

MANAGER’S ROLE IN RAISING THE LEVEL OF JOB SATISFACTION

Author(s): Ivana Simić,Nebojša Stojković / Language(s): English Issue: 2/2014

Organizations, as a complex systems, in the structure of their subsystems have the human or social subsystem. It is a subsystem that has a significant influence on the functioning of the organization and its competitiveness. The quality of the social organizational subsystem is determined by the quality of the different variables that the subsystem includes. Job satisfaction is one of these variables. It is a variable that can have an adequate impact on the effectiveness and efficiency of the organization, as well as on its performance. The aim of the authors of this paper is to point out the nature, the significance, causes and consequences of job satisfaction, as well as the role of managers in raising the level of these organizational variables.

More...

VALUE AT RISK MEASURING AND EXTREME VALUE THEORY: EVIDENCE FROM MONTENEGRO

Author(s): Julija Cerović / Language(s): English Issue: 2/2014

The concept of value at risk (VaR) is a measure that is increasingly used for estimation of the maximum loss of financial position at a given time for a given probability. The aim of this manuscript is to show the most recent approaches for quantifying market risk. In particular, the manuscript investigates whether extreme value theory outperforms econometric calculation of VaR in emerging stock markets such as Montenegrin market. The paper is motivated by the desire that necessary attention is given to risks in Montenegro. Daily return of highly volatile stock EPCG (Elektroprivreda Crne Gore) from Montenegrin stock exchange is analysed for the period from January, 2004 – June, 2013. The sample of this structure and time dimension has not been discussed in empirical literature. Therefore, it is necessary to use the experience of the developed world's financial institutions which have studious approach to risk management, as well as the latest theoretical knowledge.

More...

BEHAVIORAL ANALYSIS OF ECONOMIC CHOICE: CONTRIBUTION TO IMPROVING ECONOMIC RATIONALITY

Author(s): Dragan Petrović / Language(s): English Issue: 3/2014

If we start from the presumption that the aim of the theoretical analysis of the complex socio-economic reality is to provide certain knowledge by applying of which there can be improvement and betterment of that reality, then economical and theoretical mainstream usually does this starting from axiom of the rationality. On the other hand, if we keep in mind the current empirical data on the numerous problems and inefficient functioning of the economic actors, then the logical question that occurs is whether the presumption of the unlimited rationality of the economic subjects should be so easily idealised. Starting from the fact that the bihevioral economics has a special role in the powerful critical attack on the “strong core” of the neo-classical mainstream, this paper discusses numerous psychological limitations of the process of economic decision-making, and the possibilities of their overcoming. In relation to this, we especially emphasize the importance of the behavioral analysis and its instrumentalist support directed toward the improvement of economic rationality and the quality of human decisions.

More...

SYNERGISTIC EFFECTS OF INTERNAL AUDIT AND LEAN-SIX SIGMA CONCEPT ON BUSINESS PROCESS IMPROVEMENT

Author(s): Milica Đorđević,Bojana Novićević Čečević / Language(s): English Issue: 3/2014

Faced with a series of challenges within the environment in which they operate, companies are more than ever aware of the fact that efforts aimed at improving business processes are some of the basic conditions, not only of growth and development, but also of the survival of the company. Only in this way can the opportunities for achieving different dimensions of competitiveness be created (in terms of costs, quality, delivery reliability, speed of monitoring the changes in demand, introduction of new products, etc.). Business process improvement can be implemented with the support of a number of concepts, among them being lean-six sigma. However, the great potential in this regard also lies in internal audit. In this regard, this paper will first discuss the essence and assumptions underlying the internal audit and lean-six sigma concept, and then review the possibilities of their integration in order to achieve better results.

More...

MULTI-CRITERIA METHODS AND MODELS FOR DECISION MAKING IN PUBLIC PROCUREMENT

Author(s): Ivana Veselinović / Language(s): English Issue: 3/2014

Selection of the best supplier in the public procurement process is a typical example of a multi-criteria decision making problem. The purpose of this paper is to present possible approaches for weights determination in order to facilitate decision making in the public procurement process. Considering the fact that criteria weights can affect the final ranking of the alternatives it is very important to access the process of weights assigning with seriousness and responsibility. Adequately estimated weights reduce the possibility of abuse and fraud in the public procurement system. Determination of weights is done based on a subjective approach (Analytic Hierarchy Process).

More...

DEVELOPING BONUS PLANS FOR MANAGERS IN ORDER TO MAXIMIZE VALUE FOR OWNERS

Author(s): Ljiljana Bonić,Dejan Jakšić,Kristina Mijić / Language(s): English Issue: 4/2014

Rewarding managers in the corporate enterprise means that they receive profit for achieving planned performance and for achieving above the planned level they receive various types of stimulation. Bonuses are the most common form of incentives for managers which are paid in proportion to their contribution to the success of the business. In the corporate enterprise it is necessary to develop such a system of rewarding managers which will motivate them to act in accordance with the interests of owners and encourage them to undertake those risky business activities that will contribute to the maximizing of the value for owners. In order to ensure guidance for managers towards continuous improvement of companies' performances, developed bonus plans should be based on performance measures important to the owners (measures are based on: concept of accounting result, concept of economic results and cash flow concept). For rewarding top managers, the application of measures based on the concept of the accounting result that directly correspond to the price of shares is the most appropriate for the calculation and payment of bonuses (yield rate implied by the price of shares, yield rate provided by the manager in the strategic plan, as well as the price of the capital). For managers of business units it is not always possible to establish a direct link between rewarding and the movement of share prices, therefore the most suitable criteria for the calculation of bonuses are the criteria based on the concept of economic result (most suitable is EVA) and criteria based on the cash flow (most suitable is SVA). Rewarding managers of the operational level of management is linked to performance, which in essence represent macro or micro value drivers, which can be directly linked to the performance of these managers. Rewarding managers also implies that short-term and long-term incentives are balanced in their compensatory package, which would apply to the bonuses. Efficient compensatory system should contribute to the harmonization of the individual goals of the managers and the objectives of the owners, in the short and long term, and to ensure fair distribution of bonuses in the management structure. Rewarding managers by bonus disbursement should ensure readiness and loyalty of the management to achieve the expected yields for the owners not only in short, but in the long run as well.

More...

NEEDS AND SPECIFICS OF ENSURING EFFECTIVE INTERNAL AUDIT

Author(s): Tadija Đukić,Milica Đorđević / Language(s): English Issue: 4/2014

In modern business conditions, internal audit has significant potential for creating added value for the company and improving its operations. The extent to which internal audit will realise its objectives is primarily determined by the level of its effectiveness. In this regard, the authors of the paper, in addition to highlighting the importance of internal audit for achieving the strategic goals of the company, deal with the specifics of ensuring its effectiveness. These specifics are related to the issue of measuring the effectiveness of internal audit, as well as to identification and analysis of the factors that largely determine the achieved level of effectiveness of internal audit.

More...

COST REDUCTION STRATEGY – PROCESS AND EFFECTS

Author(s): Nadica Figar,Vladimir Ivanović / Language(s): English Issue: 1/2015

The strategy of cost leadership, although always current, acquires special importance in the time of crisis. Cost reduction, savings program, savings measures, etc. are used as synonyms for this strategy; finally, all of these express the need to reduce costs for an enterprise. Enterprises make the cost reduction program which includes mandatory stages of reduction, reduction tools and the most appropriate strategies. The choice of tools depends on the chosen strategy, but the stages cannot be skipped or omitted within the strategies. Firstly, the present paper presents five stages through which the cost reduction program must pass, then a set of tools that can be used for reduction, and the differencies between cost reduction strategy and program of layoffs.

More...

WELLNESS SPA – A SPECIFIC FORM OF HEALTH TOURISM

Author(s): Vukašin Šušić,Dobrinka Dimitrijević / Language(s): English Issue: 1/2015

Health tourism implies a temporary change of place of residence for the purpose of preventive health care, rehabilitation, the use of different types of cosmetic services, as well as most complex medical procedures. According to the level of health services within health tourism, those that stand out as specific aspects of health tourism are medical, traditional spa tourism (thermal/mineral springs tourism), spa and wellness tourism. Traditional spa tourism is becoming increasingly intertwined with other aspects of health tourism, wellness in particular. Modern spas, through the provision of treatment and other professional services, are increasingly promoting wellness, so that today spa industry is considered to be part of the wellness sector. Wellness is one of the new trends, not only in health tourism, but also in modern tourism. It is defined as a state of complete physical, mental and social well-being and includes attitudes and actions that prevent disease, improve health and the quality of life and lead to physical and mental balance.

More...

CORPORATE LIQUIDITY MANAGEMENT: IMPLICATIONS AND DETERMINANTS

Author(s): Ksenija Denčić-Mihajlov,Marina Malenović / Language(s): English Issue: 2/2015

Corporate liquidity is influenced by many factors which derived both from the company itself, as well as from the company’s environment. This paper focuses on the internal determinants of corporate liquidity. The aim of this paper is to show which company’s performance indicators are main determinants of the liquidity of selected companies in Serbia, Croatia and Montenegro, and whether these determinants are specific only to the companies in this region. The companies that make sample are non-financial companies whose shares are parts of regional capital market indices - BELEX15, CROBEX10 and MONEX20. The values of the liquidity indicators of these companies indicate solid liquidity. The most important determinants of corporate liquidity are firm size, leverage and capital structure. The results show that the dominant motive of holding liquid assets in our sample is precaution, that indicates the way the crisis has affected the business operation of the analyzed companies.

More...

Evolution of managerial problems from the perspective of management science

Author(s): Marek Szarucki / Language(s): English Issue: 4/2015

Managerial problems and the process of their solving play an important role both in the theory of management science and practice of organisations’ functioning. There is a gap in the literature related to the evolution of management problems in the context of the methodological approaches to solve them. The main goal of this paper was to analyse the evolution of the managerial problems from the perspective of management science and to present dominant methodological approaches for problem solving. Based on the extensive literature analysis in the discipline of management science, the evolution of the managerial problems was described with relation to the sixteen streams of management science. The author reviewed the selected classifications of the management theory as well as proposed his own perspective, which took into account managerial problems and their evolution over time. Moreover, there was presented an attempt to depict sources of management problems from the historical perspective within the methodological approaches of management science. Despite the broad view on management problems presented in this paper, such perspective gives a good ground for developing new more specific problem classifications, addressing different facets of managerial problems.

More...

Linking Supply Chain Network Complexity to Interdependence and Risk-Assessment: Scale Development and Empirical Investigation

Author(s): Samyadip Chakraborty / Language(s): English Issue: 1/2016

Concepts like supply chain network complexity, interdependence and risk assessment have been prominently discussed directly and indirectly in management literature over past decades and plenty of frameworks and conceptual prescriptive research works have been published contributing towards building the body of knowledge. However previous studies often lacked quantification of the findings. Consequently, the need for suitable scales becomes prominent for measuring those constructs to empirically support the conceptualized relationships. This paper expands the understanding of supply chain network complexity (SCNC) and also highlights its implications on interdependence (ID) between the actors and risk assessment (RAS) in transaction relationships. In doing so, SCNC and RAS are operationalized to understand how SCNC affects interdependence and risk assessment between the actors in the supply chain network. The contribution of this study lies in developing and validating multi-item scales for these constructs and empirically establishing the hypothesized relationships in the Indian context based on firm data collected using survey–based questionnaire. The methodology followed included structural equation modeling. The study findings indicate that SCNC had significant relationship with interdependence, which in turn significantly affected risk assessment. This study carries both academic and managerial implications and provides an empirically supported framework linking network complexity with the two key variables (ID and RAS), playing crucial roles in managerial decision making. This study contributes to the body of knowledge and aims at guiding managers in better understanding transaction relationships.

More...

An Evaluation of Total Project Risk Based on Fuzzy Logic

Author(s): Radek Doskočil / Language(s): English Issue: 1/2016

The article deals with the use of fuzzy logic as a support of evaluation of total project risk. A brief description of actual project risk management, fuzzy set theory, fuzzy logic and the process of calculation is given. The major goal of this paper is to present am new expert decision-making fuzzy model for evaluating total project risk. This fuzzy model based on RIPRAN method. RIPRAN (RIsk PRoject ANalysis) method is an empirical method for the analysis of project risks. The Fuzzy Logic Toolbox in MATLAB software was used to create the decision-making fuzzy model. The advantage of the fuzzy model is the ability to transform the input variables The Number of Sub-Risks (NSR) and The Total Value of Sub-Risks (TVSR) to linguistic variables, as well as linguistic evaluation of the Total Value of Project Risk (TVPR) – output variable. With this approach it is possible to simulate the risk value and uncertainty that are always associated with real projects. The scheme of the model, rule block, attributes and their membership functions are mentioned in a case study. The use of fuzzy logic is a particular advantage in decision-making processes where description by algorithms is extremely difficult and criteria are multiplied.

More...

An Integrated-Empirical Logistics Perspective on Supply Chain Innovation and Firm Performance

Author(s): Santanu Mandal / Language(s): English Issue: 1/2016

Supply chains need to innovate constantly for maintaining their position in the marketplace and also to fight uncertainties. Hence firms are focusing on strategies for developing supply chain innovation. The current investigation adds to this emerging regime through investigating the influence of logistics capabilities viz. demand management capability, supply management capability, information management capability and coordination capability on supply chain innovation through logistics integration. Further, supply chain innovation helps a firm to sustain its position in the market place through generation and launching of new products and services. Accordingly, the influence of supply chain innovation on firm performance is also investigated. Data is collected from logistics, purchasing and supply chain professionals working in different industries in India. The findings based on 169 responses largely support our proposed relationships.

More...

Korporacje transnarodowe w warunkach złożoności

Author(s): Sławomir Wyciślak / Language(s): Polish Issue: 406/2015

The reduction of resource consumption that follows the concept of sustainability as well as centralization is the most important attribute of transnational corporations adaptation to complexity. Transnational corporations make also attempts to cooperate and compete in order to reduce the resources usage. However, the potential of the stabilization of the global economy is limited. This is mainly due to the increasing centralization, which in turn translates into imbalances, and translates into destabilization.

More...

МЕРЕЊЕ ФИНАНСИЈСКИХ И НЕФИНАНСИЈСКИХ ПЕРФОРМАНСИ ОСИГУРАВАЈУЋИХ ДРУШТАВА

Author(s): Slavica Jovetić,Zlata Đurić,Srđan Marinković / Language(s): English Issue: 4/2015

The aim of this paper is to determine the operational quality level of the insurance companies and other companies based on the selected financial and non-financial performance indicators, as well as to perform a comparative analysis of the selected performance indicators in terms of these business entities. Financial performance was analyzed based on the data provided by the Serbian Business Registers Agency database, while the analysis of the non-financial performance was based on the results of the survey conducted in 11 insurance companies and 36 other companies. The analysis of the achieved quality level in the mentioned companies and identification of differences between the insurance companies and the other companies, as well as identification of the independent variables that have the most significant effect on the differences between these two groups, were performed by implementing discriminant analysis, one-way ANOVA and the Mann-Whitney U test. The performed analyses have shown that the differences between the observed companies do not exist in respect of all non-financial performance indicators, or in respect of profitability. The average score of all non-financial performance indicators is 3.1218, and ranges from 2.77 to 3.6158, which points to the fact that companies in the Republic of Serbia are at the medium level of quality management system development. The difference between insurance companies and other companies exists at the level of efficiency ratio and liquidity ratio. An analysis of these financial performance indicators has also detected low levels of profitability of the observed business entities.

More...

ОСИГУРАЊЕ ОД РИЗИКА НЕУСПЕХА ПОСТУПКА ВАНТЕЛЕСНЕ ОПЛОДЊЕ

Author(s): Vladimir Marjanski,Sandra Fišer Šobot / Language(s): Serbian Issue: 4/2015

In comparative law there are specific private law instruments for financing costs of the fertility treatments (IVF). One of innovative tools for financing in the field of reproductive medicine, which is unparalleled in other areas of medicine, is the IVF refund programme in which the fee, partially or in whole, is returned after certain number of unsuccessful treatments. This tool for financing, widely known as “money-back guarantees for IVF” represents the creation of autonomous law. Refund programmes have been used in USA since the beginning of 1990's and exist parallel with the private health insurance. In last decade, this tool for financing costs of the fertility treatments was introduced in practice of some funds and fertility clinics in Europe. This paper provides analysis of legal and ethical aspects of those financial arrangements. As a conclusion, authors emphasize the need for the setting up of a state fund for in vitro fertilization operating on economic principles of the financial insurance policy against IVF failure.

More...

W kierunku inteligentnych systemów analizy finansowej w zarządzaniu małym i średnim przedsiębiorstwem

Author(s): Bartłomiej Nita,Jerzy Korczak,Helena Dudycz,Piotr Oleksyk,Adrian Kaźmierczak / Language(s): Polish Issue: 85/2015

The aim of the paper is to present the possibilities of extending the „intelligence” of financial analysis systems designed for managers of small and medium-sized enterprises (SMEs). The paper first presents the question of obtaining analytical information which is essential for supporting managerial decisions, particularly with regard to SMEs. Next, the nature and use of ontologies as well as eye-tracking in modeling managerial knowledge in respect of financial analysis are discussed. In the last section the authors depict a research experiment that was conducted using eye-tracking, focusing on technical terms, content and knowledge that can be obtained thanks to this study. In the research experimental methodology was applied based on actual financial data, using the Bilander’s BINOCLE and eye-tracking software Tobii StudioTM by Tobii.

More...

COSTUMER‘S-COSTUMERS RELATIONSHIP: B2B RELATION BETWEEN PHILIPS LIGHTENING COMPANY AND ENVIROCONCEPT IN FRANCE

Author(s): Hasim Deari,Semiha Loca,Loris Rio,Bardhyl Ceku / Language(s): English Issue: 1 (30)/2016

This paper aims at analyzing one of the main concepts of relationship marketing, respectively costumer’s costumer relationship. Exploring relationship with customer is a complex issue because costumers despite they are individuals or are business have different perception about building good relationship, meanwhile their relationship are influenced from many different factors. In this paper we tried to find out some of the factors that have made Philips lightning company with Enviroconcept in the context of successful relationship. Until now there is lack of study in this field of relationship in the context of costumer’s costumers and this will be research based in the scientifically way which will shred light in the existing discipline but new way of treatment of B2B relationship.

More...

EVALUATING THE FIRMS TURNOVER CONTRIBUTION TO THE SECTOR EFFICIENCY GROWTH: DO FIRMS SELECTION POLICIES MATTER?

Author(s): Asma Raies / Language(s): English,French Issue: 1 (30)/2016

This paper offers a dynamic model of monopolistic competition which combines both the adoption and the industry evolution theories, by formalizing the decisions of Adoption, Learning, Entry and Exit of firms. The theoretical framework allows to evaluate simultaneously the contribution to the sector efficiency growth of the intra and inter-firms determinants. The Intra-firm determinant is defined by the effort of learning and adoption of innovations, while the inter-firms determinant relates to firms’ entry and exit (Turnover). The results show that firms’ turnover has no significant contribution to the sector efficiency growth and thus involve policies of selection of less efficient firms recommended especially by the World Bank for developing countries. We show that efficiency growth is principally generated by the intra-firm determinant and recommend policies enhancing firms’ learning and innovation activities.

More...