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Business Cooperation of Ukrainian Enterprises: Interpretation of Historical Factors, Characteristics of Relations and Operating Conditions

Author(s): Nataliya Struk / Language(s): English Issue: 1/2017

The main purpose of this article is to analyse scientific approaches to the investigation of the business cooperation of Ukrainian enterprises for defining its historical aspects of interpretation, rules and characteristics of cooperation; the specific nature of business entities relations; economic freedom of these relations; conditions of their operation, as well as aspects of creation and economic development of business cooperation in the economic and legal policy conditions in Ukraine. On the basis of authors proposals there are determined the strategy and tactics of Ukrainian business cooperation. This is the research article.

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A comparative analysis of the determinants of behaviours of Polish and German consumers aged 55+ in the innovative food market

Author(s): Romuald Zabrocki / Language(s): English Issue: 1/2017

The aim of the paper was a comparative analysis of behaviours of Polish and German consumers aged 55+ on the market of innovative food. The survey was carried out among 428 responds from the Pomeranian voivodship and the land of Brema. It was shown that social and cultural differences, despite the positive attitude of both populations towards innovative food, diversify their market behaviours. German respondents declare greater knowledge with regard to innovative products, faster and more often decide to purchase such products then the surveyed Poles. Additionally, they are characterised by a lower level of neophobia. For the Germans surveyed innovative food is a permanent and important element of every day meals, whereas Polish people eat such food occasionally. While buying innovative food German consumers are governed mainly by its influence on health and how convenient it is to use, whereas the Polish respondents take into account its price. The level of adaptation of the innovative food market to the needs of the consumers aged 55+ is regarded by Polish seniors as satisfactory or low, whereas the Germans considered it to be good and very good. Disproportions found in the survey, which concern the position of Polish and German seniors on the market of innovative food should be a signal to verify the product and marketing strategy of Polish producers in order to adapt their offer more accurately to the economic possibilities and limitations of this group of buyers in the country. Further marginalisation of this market segment, at the threshold of silver economy development, seems a serious mistake.

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ÇALIŞANLARIN ÖRGÜTSEL ADALET VE ÖRGÜTSEL GÜVEN ALGILARI ARASINDAKİ İLİŞKİNİN İNCELENMESİ

Author(s): Cenk Aksoy / Language(s): Turkish Issue: 1/2017

This study aims to identify the relationship between employee perceptions of organizational justice and organizational trust. A 9-items questionnaire except demographic questions was used to test the model. The survey was delivered to aviation sector employees in the Southeastern Anatolia Region of Turkey and a total of 447 completed questionnaires were used for analysis. The data obtained in the study were analyzed with SPSS 18.0 statistical software packages by using various statistical methods and testing techniques (frequency distribution, t-test, regression and correlation) for the purpose of research. It was found that there was a strong positive relationship between organizational justice and organizational trust. It has also been found that the latents were differs by some demographic variables of employees.

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İNOVASYON ÜZERİNE KAVRAMSAL BİR İNCELEME

Author(s): Ömer Osman Dursun / Language(s): Turkish Issue: 1/2017

The concept of innovation, has been one of the most interesting concepts of scientists who have been doing research in many areas in recent years. Innovation is simply to introduce unique products and services that add value by developing different, new ideas. Companies can survive under intense competitive conditions by innovating in products and services. Today, companies can only respond to the rapidly evolving needs of consumers by innovating and can always go a step further from their competitors. The aim of the study in this direction is to create a conceptual framework on the subject by making a literature review on innovation and to raise awareness about the relevant aspects of innovation.

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İŞLETMELERDE İTİBARIN GÖSTERGESİ OLARAK SOSYAL SORUMLULUK

Author(s): Yunus Yılmaz / Language(s): Turkish Issue: 1/2017

It is very important for businesses to give confidence to all their stakeholders to be able to maintain their assets for a long time. The confidence required for sustainability means corporate reputation. It has significant influence on corporate responsibility and sustainability of businesses to consider environmental factors as socially benificial activities as the activities which socially harmful or minimize damage to the environment. The aim of working towards this importance is to build a conceptual framework on the subject by making a literature review on social responsibility, which is considered to be an indicator of sustainability and preserving reputation, and to raise awareness about social responsibility.

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TAM ZAMANINDA ÜRETİM (TZÜ)’NÜN KAPSAMI VE TZÜ’DE TEMEL SAYILAN KAVRAMLARIN İNCELENMESİ

Author(s): Halil İbrahim Şengün / Language(s): Turkish Issue: 1/2017

An attempt to examine the reflection of the fact that it is possible to overcome many things with a continuous effort without ever falling into despair on business discipline was made in this study. The JIT system was adopted for the first time by Japanese Toyota firm in the 1945-50s and is accepted by prestigious companies all over the world. The Japanese are proving their success to the world with the JIT system, which is a reflection of their cultural motifs. Businesses reach optimum efficiency by means of this approach aimed at disciplining production with zero inventory and zero error by removing wastes. Nowadays, many large and small companies, as well as the companies taking place near the top in the world brands rankings, are adopting the JIT system as a philosophy. The definition and scope of the JIT and the short descriptions of basic concepts in the JIT system were included in the study. Thus, an attempt to emphasize to what extent the businesses are paying attention to this issue was made.

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Kształtowanie poziomu wskaźników sprawności działania przez przedsiębiorstwa z sektora MSP w zależności od osiąganej rentowności aktywów

Author(s): Piotr Figura / Language(s): Polish Issue: 1/2017

The article presents the differences in the manner of creating the level of efficiency ratios between the small and medium enterprise sector companies, depending on the achieved return on assets. The research was conducted taking into consideration 34,820 financial statements of enterprises, running economic activity in 22 different sectors of national economy. The Mann-Whitney U non parametric test was used for confirming the diversity of the forms of efficiency for enterprises, depending on the level of return of assets achieved by them. The conducted research proved that SMEs characterized by above-average profitability created higher level of total assets turnover ratio and lower levels of days inventory outstanding, days sales outstanding and days payable outstanding from those with below-average profitability. Moreover, the results obtained during the study confirm that SMEs belonging to various sectors of economy form the ratios in the area of efficiency differently.

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Mediacje relacji orientacja przedsiębiorcza–wynik firmy

Author(s): Anna Wójcik-Karpacz / Language(s): Polish Issue: 1/2017

In the study, the mediation was presented as an analytical technique allowing the explanation of significant ﬂuctuations in size and the direction of the entrepreneurial orientation (EO)–firm performance relationship. The assumptions of analysis of mediation were discussed as the whole, pointing to the practices, which should be used in order to carry out this process properly. It was found out, that mediation, despite not being a new tool of solving the research problems in statistics, is not commonly used in the management sciences. That is why, the aim of the study is to identify mediating variables which explain entrepreneurial orientation (EO)–firm performance relationship. The studies on the effects of mediation presented in the scientific literature confirmed the usefulness of the analytical technique in the context of the EO discussion. It allowed to compile the list of the meditative factors on the relationship “entrepreneurial orientation (EO)–firm performance”.

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Optimization of Cutting Conditions and Improvement of Production in Economic Terms

Author(s): Darina Matiskova,Ľubomír Ambriško / Language(s): English Issue: 3/2017

In order for companies to succeed in terms of a market economy, rapidly growing competition and changing customer preferences, managers have to aim their activities mainly on optimization, cost reduction, increasing production flexibility and product quality. This paper deals with problems of economic costs of individual manufacturing operations. Optimization criterion addresses the minimization of production costs. In many cases, this can be done also by a maximization of productivity

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The Role of Business Environment in the Promotion of Investment Activities: Case Study of Cities and Municipalities in the Republic of Serbia

Author(s): Jelena Stanković,Dragana Radenković-Jocić / Language(s): English Issue: 2/2017

Many municipalities and cities face certain problems in attracting local and foreign investors and one of them is ineffective local administration, as well as the lack of transparency of rules and procedures start-ups and enterprises, branches and the like. Many local governments are not even aware of what is causing the problem and the lack of investment and investor preferences for other municipalities and cities. To be able to clearly state the causes of the problem, a program of certification of cities and municipalities has been initiated in many countries, including Serbia. This program involves evaluating the quality of services of municipalities and cities in terms of those elements that are particularly relevant to existing and potential investors. On the basis of the data on the level of quality of certain elements, one can realize what the local government of a city or municipality must change in order to be a convenient area for investment, and that would provide a friendly environment for potential investors. In addition, the program ends with a certification in case the municipality or city meets the minimum requirements in each of the elements of assessment. Since the evaluation of the conditions represents the basis for gaining the certificate confirming that the city or municipality is a favorable environment for investors, a very important issue is to determine the significance of the elements, and appropriate criteria, bearing in mind that not all elements are equally important from the perspective of investors. The aim of this paper is to establish a link between the level of fulfillment of the criteria in the process of certification of cities and municipalities and the ability to attract investors, and the acceleration of investment activity at the local level. The paper presents the current way of conducting the procedure of certification of cities and municipalities, and based on the results of the correlation analysis and DEA (Data Envelopment Analysis) method an insufficient influence on the fulfillment of these criteria to attract and activate investments at the local level was found..

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Analysis of Factors of Disruptions/Interruptions in Upstream Supply Chain and their Influence on Vulnerability

Author(s): Aleksandra Anđelković,Nada Barac,Marija Radosavljević / Language(s): English Issue: 2/2017

In the modern business environment risk management has become a key assistant to enterprise management. Considering that, supply chain management, as part of enterprise management, cannot ignore the risks and the need for implementation of an adequate risk management strategy. Supply chain, as well as inter-organizational network, is the source of competitive advantage. However, inadequate risk management within a supply chain can lead to interruptions of the chain and to the lack of results at the level of the whole supply chain, as well as at the level of individual partners. Upstream supply chain represents the part of supply chain from suppliers to producer. The objective of this paper is to analyse how and to what extent the structure and the number of partners in this part of the supply chain influence (increase or decrease) supply chain vulnerability. The authors analyse the factors which most commonly affect to upstream supply chain and threaten its functioning. By analysing the supply chains from different area, the authors suggest that the size of the supplier's base can be treated as the resistance factor, but also as a factor of vulnerability.

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Workforce Motivation as a Factor of Productivity

Author(s): Milica Žarevac Bošković / Language(s): English Issue: 2/2017

This paper aims to point to the possibility of increasing the productivity of companies without increasing their operating costs. Most of the identified incentive factors that affect productivity require a certain increase in costs for the company. However, concerning employee motivation, certain exemptions from the “rules” were found: productivity growth inevitably precedes the increase in costs. The complexity regarding the motivation of the workforce is explained by a simple fact: the motivation of the workforce is directly linked to a human - thus far the most complex being created, who creates, consumes, feels, yearns and suffers ... Only an (economic) organism composed of healthy, satiated cells (happy, motivated workers) can be healthy and productive, and, as such, sustainable over the long term period. Results of the research suggest that the company’s management, by introducing the “SM” model presented in this paper and by conducting a simple analysis of the employees’ satisfaction with the income level could determine, in accordance with their capabilities, the optimal way to increase the motivation of the employees without necessarily increasing the operating costs and, implicitly, increase productivity, which is the main contribution of this work, both from the scientific and practical point of view.

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Market Size as a Determinant of the Foreign Direct Investment Inflows in the Western Balkans Countries

Author(s): Marija Petrović-Ranđelović,Vesna Janković Milić,Ivana Kostadinović / Language(s): English Issue: 2/2017

Numerous empirical studies confirm that market size is one of the key determinants of foreign direct investment inflows, particularly market-oriented projects of foreign direct investment. Basically, the dominant view is that a larger market of the host country attracts a greater quantum of foreign direct investment. This paper examines the influence of market size, as well as the impact of market growth, trade openness, and population size on the foreign direct investment inflows into the six countries of the Western Balkans region in the period 2007-2015. Multiple regression analysis was applied in examining the impact of these variables on foreign direct investment inflows. The obtained results show that market size, market growth and population size had a significant positive impact, while trade openness had a negative impact on foreign direct investment inflows in the observed countries. Thus, the main findings of this research confirm that market size is an important determinant of the foreign direct investment inflows in the Western Balkans countries.

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THE CIRCULAR ECONOMY - A PATHWAY TO SUSTAINABLE FUTURE

Author(s): Aneta Vasiljevic-Shikaleska,Biljana Gjozinska,Martin Stojanovikj / Language(s): English Issue: 17/2017

The circular economy is an attractive, smart and innovative concept, promising the efficient use and reuse of resources and a strong business case. It is a sustainable development strategy that is being proposed to tackle the problems of environmental degradation and weaken the dependence of economy on natural resources and environment. Through embedding the 3R principles of materials use Reduce, Reuse and Recycling into production and consumption process, the Circular Economy aims at greater resource productivity, higher energy savings and lower greenhouse gasses emission. Several different approaches that encourage the transition to a circular economy exist. Among them, the approaches to closing material loops and use the product as a service system in a circular economy are developing most intensively and till now many innovative business systems and models proved effective in delivering resource efficiencies, both, within the manufacturing process and at the end of product life. The transformation is a complete systematic change comprising of innovation in technological and organizational terms too. By helping to decouple economic growth from resource use the transformation to circular economy offers a prospect of sustainable growth that will last. The majority of reported initiatives on the circular economy is targeted at waste and secondary raw materials, whereas only few countries have explicitly commented that Circular Economy requires going beyond increasing recycling rates and a higher use of the secondary raw materials by utilization of different innovative approaches that have to be combined and implemented across the whole supply chain.

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HOW INVESTMENT BANKING INFLUENCED THE APPEARANCE OF THE WORLD ECONOMIC CRISES - THE CASES OF LEHMAN BROTHERS AND GOLDMAN SACHS

Author(s): Tome Nenovski,Evica Delova Jolevska,Simona Trpovska / Language(s): English Issue: 17/2017

The purpose of this research is to enable one to understand whether and how investment banks became one of the major influencing factors for the appearance of of the 2008 world financial and economic crises. Due to the lack of control and supervision, during the last two decades the investment banks exercised enormous freedom and were profit oriented taking highly risky trades and investments. The inability of the regulatory bodies to follow the actions of many multinational corporations clearly illustrates a weakness into the legal system as well as the rules and regulations applicable to the companies from the financial sector. The poor work of the rating agencies and regulatory bodies gave almost unlimited freedom to investment banks. The root of that is the amendment of the U.S. Glass - Steagall act (1999) which allowed intermingling of investment and commercial activities, the holes in the international standards and the introduction of two new products on the market: securitization and derivative trading. The investment banks started acquiring other businesses and became holdings. They engaged themselves in very risky trades, investments and transactions and were not able to repay its short term obligations. The trading with derivatives expanded the crises worldwide. The crises took massive measures and drew the entire world economy into financial crises and the biggest recession in the history.

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Creative Cash Flow Reporting

Author(s): Aleksandra Arsenijević,Tadija Đukić / Language(s): English Issue: 2/2017

Financial statements should realistically show financial position, performance, and cash flows of a company. Creative financial reporting represents a deliberate manipulation of information in financial statements in order to create misperceptions on company operations. Creative financial statements are primarily intended for investors, in order to encourage them to purchase company shares and thus increase its market value. Creativity in compiling cash flow statements lies in presentation of operating activities as investing and financing activities, and vice versa.

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Determinants of Controlling in Foreign Subsidiaries of MNEs: On the Explanatory Potential of the Institutional Perspective

Author(s): Cezary Kochalski,Magdalena Łuczak-Trąpczyńska / Language(s): English Issue: 3/2017

Objective: The main aim of this paper is to identify gaps in extant literature on controlling in MNEs, in particular factors affecting related managerial decisions. Secondly, the relevance of the institutional perspective will be examined for its potential to explain the design of controlling in foreign subsidiaries.Research Design & Methods: The dimensions of international controlling are discussed. Further, the institutional approach is examined for its applicability to advance the understanding of the determinants of shaping controlling systems in foreign subsidiaries of MNEs.Findings: Institutional aspects can have a significant impact on the functioning of MNEs in relation to their controlling systems. Informal institutions can influence the formation of the controlling system in the relations between the subsidiaries of the MNE, whereby also institutions within the MNE itself should be taken into account.Implications & Recommendations: Conducting in-depth qualitative research will allow for a set of recommendations that are relevant to managers responsible for an effective implementation of management control systems.Contribution & Value Added: The relevance of the controlling system in parent-subsidiary relationships has not received significant attention in existing studies in the discipline of international controlling.

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SME Roles in Modular Value Chains: Perspectives for Growth and Innovativeness

Author(s): Marta Gancarczyk,Jacek Gancarczyk,Joanna Bohatkiewicz / Language(s): English Issue: 3/2017

Objective: The aim of the paper is to present modular value chains (MVCs) as a technological and organisational phenomenon that affects industrial organisation and innovation, and to identify the characteristics and types of SME positions (roles) in modular value chains that are associated with innovation development and growth.Research Design & Methods: The study employs two methods, which are literature review and a multiple-case study approach based on two SMEs in the IT industry of which one acts as an independent innovator generating proprietary solutions and the other one is a supplier of production capacity in the area of lower to medium value-adding solutions.Findings: SME roles in modular value chains range from lowest-tire subcontractors in captive or market-based governance to major roles typical of large players in modular governance, e.g., quasi-lead firms and quasi-contract manufacturers. The latter two roles are associated with innovation and high growth.Implications & Recommendations: The recommendations as to the role of public policy and geographical context are provided regarding how to facilitate SMEs’ integration into MVCs with a focus on innovativeness and expansion. The question for further research is whether the roles identified in the case studies can be treated as SME-specific models of participation in modular value chains, or are they only development stages of growth SMEs towards the roles of large firms – leader firms and contract manufacturers (system integrators).Contribution & Value Added: The paper contributes by identifying the roles that SMEs can play in modular value chains and by identifying governance arrangements that SMEs apply to accomplish innovation and high growth.

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From Knowledge to Innovation and Back: Empirical Testing of Knowledge-Intensive Industries in Serbia

Author(s): Nikola Radovanović,Veljko Dmitrović,Nevenka Žarkić Joksimović / Language(s): English Issue: 3/2017

Objective: In the technology and knowledge intensive industries, innovation and knowledge use are key elements for competitiveness. Organisations are oriented towards increasing their potential for exploiting innovation and developing knowledge base internally through various techniques employed. This research aims at analysing the relationship between the dynamics of knowledge use and innovation efforts of organisations.Research Design & Methods: The methodology included quantitative and qualitative research method based on a survey, while the data of this research were analysed with the application of descriptive statistical method (variance).Findings: The results of the study suggest that realised innovation correlates with the use of knowledge in organisations and that an increase in research and development activities, as well as in patented and non-patented products or services will likely lead to an increase in the volume of internal knowledge use by employees.Implications & Recommendations: The results of this research can be useful for researchers and practitioners in technology and knowledge intensive industries. The findings can be used as a basis for adjusting organisational policies towards developing competitiveness based on the enhancement of the use of existing knowledge and by developing innovation strength.Contribution & Value Added: This paper is a valuable contribution to research fields of organisational management, innovation management, knowledge management, absorptive capacity, and especially innovation management.

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How Can Blockchain Technology Disrupt Existing Business Models?

Author(s): Witold Nowiński,Miklós Kozma / Language(s): English Issue: 3/2017

Objective: The main purpose of the paper is to show that blockchain technology may disrupt the existing business models and to explore how this may occur.Research Design & Methods: This is a theory development paper which relies on a literature review and desk re-search. The discussion of the reviewed sources leads to the formulation of three re-search propositions.Findings: The paper provides a short overview of key literature on business models and business model innovation, indicating, among others, that new technologies may be one of the drivers of business model innovation. This study also provides an overview of blockchain technology and a range of its business applications showing how it can disrupt business models. It is shown that blockchain technology may affect many dimensions of business models. We propose that there are three crucial ways in which blockchain technology can affect and disrupt business models: by authenticating traded goods, via disintermediation and via lowering transaction costs.Implications & Recommendations: This study shows that blockchain technology may affect diverse dimensions of business models in diverse industries. It is recommended that mangers should follow developments in this field in order to prepare for possible disruptions in their industries.Contribution & Value Added: This study provides an analysis of the possible impact of blockchain technology on business model innovation. Blockchain technology is gaining momentum with more and more diverse applications, as well as increasing numbers of actors involved in its applications. This paper contributes to our understanding of the possible applications of blockchain technology to businesses, and in particular to its impact on business models.

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