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Eфикасен анализ на данни = ефикасни решения = eфикасен мениджмънт. Ключови инструменти за управленски решения в стохастична бизнес среда

Author(s): Rosen Todorov / Language(s): Bulgarian Publication Year: 0

The current macroeconomic environment in which companies are fighting for a competitive advantage are significantly complicated and highly dynamic. Most of the processes develop stochastically and nonlinearly, which makes them difficult to predict. On the one hand, managers must skillfully and foresightedly know the approved management tools. On the other hand, managers must constantly integrate in their practice new, more sophisticated and specialized tools for making efficient and adequate decisions in an environment of uncertainty and risk. This part of the management of companies often remains unknown, distant and misunderstood by managers. This unfavorable trend is one of the main prerequisites for the loss of competitiveness due to poor adaptation of companies for transformation, digitalization and innovation. The report will attempt to systematize and explain important for the modern management specialized tools for business decision making and innovation.

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Инфлационен натиск в България: актуални аспекти

Author(s): Nikolay Velichkov / Language(s): Bulgarian Publication Year: 0

The paper looks at the price dynamics in Bulgaria, with the emphasis placed on the proinflationary influence of the Russia-Ukraine conflict. The empirical analysis of the main proinflationary factors shows that the current rise in prices may turn out to be a longer process over time with a possibility of intensification. The development of the military conflict, as well as the sanctions against Russia and its response, will determine the course of the inflationary process in our country.

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Ликвидност на банките в Република България през периода от 2007 г. До 2021 г.

Author(s): Dimitar Doychinov / Language(s): Bulgarian Publication Year: 0

The paper is dedicated to the liquidity of banks in the Republic of Bulgaria in the period from 2007 to the end of 2021. This period covers the years of the global financial crisis, the period of post-crisis economic recovery and the period of COVID-19 pandemic. The purpose of the paper is to visualize the fluctuations in the liquidity of the banking system due to the dynamics of the financial markets and the stress in the system caused by the unforeseen circumstances. The main definitions of liquidity and the main regulations and documents concerning bank liquidity are presented. Based on the information from the reports of the Bulgarian National Bank (BNB), findings and conclusions have been made about the state of the Bulgarian banking system from 2007 to the end of 2021. The dynamics of the main balance indicators of the Bulgarian banking system are graphically presented.

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Разпределение на дохода, икономически растеж и неравенство в България

Author(s): Nikolay Velichkov / Language(s): Bulgarian Publication Year: 0

This paper studies the functional income distribution in Bulgaria and its relationship with the economic growth and inequality. The empirical results show that recently there has been a higher share of labor income in GDP than capital income, and a tendency to increase this difference in favor of labor income. This leads to increased structural convergence with the euro area in terms of functional income distribution, but has an adverse effect on economic growth. Moreover, the dynamics in the relative importance of the two factors of production corresponds to an increase in inequality, which gives some indication of the relationship between functional and personal income distribution.

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Хеджиране на лихвения риск като важна стратегия при реализирането на успешни инвестиционни проекти

Author(s): Kalina Yankova / Language(s): Bulgarian Publication Year: 0

A large group of financial derivatives is developing in response to the high volatility of interbank interest rates, which has a direct impact on all economies in the world. Apart from speculation, interest rate derivatives are used to partially or completely neutralize the movement of interest rates on long-term investment loans. Interest rate risk management tools are still rarely used by Bulgarian companies due to their poor knowledge, despite the relative simplicity of their nature and seamless access to them. The present study aims to make a comparative analysis of the most commonly used hedging instruments and strategies, namely interest rate options and interest rate swaps. Both instruments are illustrated with concrete examples, the calculations being made using the Bloomberg platform, which is mainly used in the interbank market when concluding interest rate derivative transactions. To illustrate the effectiveness of building interest rate protection, the same investment loan was hedged with an interest rate swap (full protection), as well as by building different protection strategies with interest rate options (full and partial protection). The examples will also be used to compare the costs that the investor has to incur for the purchase of different financial instruments depending on the washed strategy, including the requirements for initial and maintenance margin. The results of the study show that the use of interest rate derivatives is both easy and affordable in Bulgaria. Specific examples provide clarity on the steps and conditions for purchasing these financial instruments.

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A BIBLIOMETRIC ANALYSIS OF THE SCIENTIFIC LITERATURE ON SUSTAINABLE FINANCE: EUROPE' S CONTRIBUTION

Author(s): Constantin-Marius Apostoaie,Irina Bilan,Stanimir Kabaivanov / Language(s): English Publication Year: 0

Up until recently, the world got used to the idea that the most ardent issues to be solved are related to poverty, climate change, economic inequalities and pandemic threats. Yet again, the world faces new social, environmental, and economic challenges imposed by the conflict in Ukraine. Managing all these societal issues requires the use of the most important drivers of all economies, financial capital. The overall financial system needs to adapt by embracing sustainability principles and practices, and integrate them within all its processes. As the paper reveals, the topics related to ‘sustainable finance’ continue to grow in number and importance, clearly becoming an ardent subject in the agenda of numerous governments, regulators, private entities and, last but not least, financial institutions. The aim of this paper is to provide an overview on the scientific literature that conceptually and/or empirically addresses topics related to sustainable finance (highlighting, in the process, Europe’s contribution). Using a bibliometric approach and a dataset of 1915 research materials extracted from Scopus (covering 1991-2021), we identify key emerging research trends in sustainable finance and provide a platform for academics upon which they may build their own research on the topic.

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A FOLLOWER’S PERSPECTIVE OVER THE IT LEADERSHIP IN ROMANIA

Author(s): Ioana Gutu,Daniela-Tatiana Agheorghiesei / Language(s): English Publication Year: 0

Leadership is a key driver for the management performance of most industries. Largely known for its behaviours and influence over followers, it depends of two main factors: organizational culture towards leaders performance, and followers ability to adapt and subscribe to desired organizational behaviours. The dilemma can be at first analysed as from a leader’s perspective, in regard with their knowledge and level of understanding of the depths and significance of their actions and, secondly, as for the followers’ attributes and willingness to integrate and adapt to new organizational leadership motivational and stimuli techniques. When regarding leadership, on both organizational and/or individual levels, literature generally refers to it only by undertaking a leaders’ perspective, since followers’ behaviours and attitudes are considered in terms of leadership outcomes. The current research could not identify any leadership construct or theory that also regards the followers’ role and perspective, along with the leadership view. Despite the increasing organizational accent over leadership importance in regard with organizational performance and development, for the IT companies after a decade of steep evolution, being on the peak for technical innovative solutions, leadership importance has also accentuated. The current research focused on the IT leadership in Romania, by performing an analysis of the transformational leadership attitudes and performance, as from a followers’ perspective; moreover, a descriptive analysis of the IT Industry and depths of followers understanding of the transformative leadership practices will be conducted. The research instrument, a 24 items questionnaire was applied, and data received counts 215 views. Results will underline a new perspective of the IT Industry in Romania, by offering a characterization of the organizational architecture from a follower’s view. Moreover, the current research brings an added value in regard with the follower perspective for the transformational leadership practices within the organizational IT environment.

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RAD I ŽIVOT U 2050. GODINI: RADNE I ŽIVOTNE VRIJEDNOSTI RAZLIČITIH GENERACIJA I UTICAJ NA PREDUZEĆA

Author(s): Denis Marinšek,Tamara Pavasović Trošt,Urša Kragelj,Eva Novak,Ana Topolšek / Language(s): Bosnian Publication Year: 0

Generation Z is considered one of the most technologically enterprising generations to date, which will make up the largest part of the workforce in 2050. Research on Generation Z is scarce, especially when it comes to work-related motivations, values and expectations. This paper analyzes the motives and values for the work of generation Z in Slovenia in 2022 (ages 18 to 27) and younger members of generation Y (ages 28 to 35). For the purposes of this research, a survey was conducted in the period from September 9 to 22, 2022, on a sample of 403 respondents, of which 295 submitted answers to the survey. The youngest generations have different preferences and do not perceive all work motives in the same way, so it is necessary to avoid the application of inadequate incentives, benefits or promotion plans. Salaries represent a huge cost for employers and can significantly motivate employees and raise productivity, but on the other hand, the culture of the company is also a very important motive. This research has shown that young generations want to have superiors who show a certain degree of empathy, up-to-date feedback and harmonious relationships with their colleagues. Also, the results of the research showed that the lack of an emotionally stable environment supported by a purposeful structure in the operational part is one of the key problems of Slovenian companies. It is certain that the youngest generations will have to be managed in a different way than their predecessors. They will have different expectations, drivers and desires that will encourage them to be successful in business. Another disruption will inevitably come when the latest generation, the Alpha generation, begins to join the workforce. It is expected that this generation, which includes individuals born in 2010 and after, will be by far the most diverse and educated generation, with technologies affecting almost all stages of their development. Therefore, understanding generational specifics is crucial, especially due to the fact that the future will bring an extremely multigenerational workforce. Managers must understand and monitor changes in work motivation over time, because employee satisfaction and happiness contribute significantly to the company's success, and customers will never love the company until the employees love it first.

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VEŠTAČKA INTELIGENCIJA I DIGITALNA TRANSFORMACIJA

Author(s): Branko Krsmanović,Zvjezdana Krstić / Language(s): Serbian Publication Year: 0

Artificial intelligence and digital transformation are two important concepts that are often connected. Artificial intelligence refers to the ability of computer systems to perform tasks that require human thinking and decision-making, while digital transformation refers to the application of digital technologies to change the way organizations operate. Recently, artificial intelligence has become a key factor in digital transformation, as it can provide great value in automating and improving business processes, optimizing work, and increasing efficiency. Digital transformation is characterized by multidisciplinarity, and digital technology is the driving force, not the essence of digital transformation. The development of digital technologies has enabled, that is, intensified the mass application of artificial intelligence – AI. In order for the digital transformation to be successful, it should be supported by the application of artificial intelligence, and at the same time, this also means a lean methodological approach to artificial intelligence, because the lean methodology and artificial intelligence are in a synergistic relationship that helps the successful development of business organizations.

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MALE, NEDOVOLJNO RAZVIJENE ZEMLJE – IZMEĐU PATOLOŠKE MOĆI MULTINACIONALNIH KOMPANIJA I „ŽIVOG PIJESKA” DARVINIZMA

Author(s): Anđelko S. Lojpur,Niksa Grgurević / Language(s): Bosnian Publication Year: 0

In this paper, we start from the fact that today it is ungrateful to predict the future. The same can be argued with the cognition that the future is more uncertain than ever before, because the current globalization differs in many ways from that of the nineteenth and twentieth centuries, and crises follow each other in short intervals. In this sense, globalization, in addition to the economic one, also gave rise to social, ecological, technological, political and, finally, military action, which especially escalated at the end of the twentieth and in the first decades of the twenty-first century. Hence, no country, no matter how strong it is, and regardless of whether it wants to impose its will on others or avoid it, cannot solve its problems alone. At the same time, thanks to operations in several countries, i.e. cross-border, today"s multinational corporations dictate the course of globalization on a global level, which continuously threatens the world with totalitarianism and the complete Orwellization of the individual and collective existence of human society in general. Finally, the question is whether small, underdeveloped states are aware of the historical opportunity to revise their own development models of the ”bottom-up” type, which basically boils down to the necessity of accepting the approach of decolonization.

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UPRAVLJANJE VALUTNIM RIZIKOM

Author(s): Silvije Orsag,Dejan Mikerević / Language(s): Bosnian Publication Year: 0

Currency risk represents one of the most significant challenges faced by companies in modern economic conditions and a globalized business environment. In our work, we focused on transaction exposure to currency risk and the possibilities of insurance against such risk in order to avoid the negative effects of the volatility of numerous national means of payment that circulate in the international financial system. Various methods of protection against exchange rate changes are used nowadays, while the paper analyzes the spot and forward market with examples of the use of options, futures, swaps and other derivative securities as opportunities to systematically manage currency risk. The foreign exchange market (FOREX, FX) is the largest financial market where more than eight billion dollars are traded daily and this is the result of the growth of international trade, the integration of national capital markets into a single globalized world market and a large number of international transactions.

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KORPORATIVNA STRATEGIJA U METAVERZUMU: MOGUĆNOSTI I IZAZOVI DIGITALNE TRANSFORMACIJE

Author(s): Polona Domadenik Muren,Matjaž Koman,Tjaša Redek / Language(s): Bosnian Publication Year: 0

Digital transformation as a challenge is one of the main topics of management structures, primarily due to the rapid pace of development of new technologies and frequent changes in the business models of companies. This paper addresses the key concepts of digital transformation, technological, organizational and environmental factors that influence business processes, and, finally, identifies the main drivers and barriers. In order to provide management guidelines for digital transformation, it is necessary to improve the understanding of how companies can gain a sustainable competitive advantage based on specific resources, adopt appropriate strategies and redefine the organizational structure. The business approach must be built on the basis of the analysis of the influence of technology, business and society on the development of economic branches. Emerging technologies currently pose and will continue to pose a major threat to existing routine processes and competencies. Organizations must review recruitment strategies in order to attract the younger generation, which implies retraining and upgrading existing personnel and continuously checking compliance with business goals. It should be kept in mind that digital transformation is a much broader concept than digitization itself and is more than the simple application of new technologies in business processes. The key purpose of digital transformation is to achieve progress in the green transition using digital solutions that also improve process efficiency. Embracing digital transformation requires building a new culture characterized by risk acceptance.

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STRATEGIJSKI ZNAČAJ HUMANOG KAPITALA

Author(s): Stefan Blagojević / Language(s): Bosnian Publication Year: 0

Human capital refers to the specific knowledge and skills of employees and is a key factor in the success of organizations. Achieving good business results and sustainable competitive advantage is determined by a number of different factors. Unlike traditional business conditions, in which material and physical resources and money were the key success factors, achieving good organizational performance in modern business conditions is significantly determined by intangible resources, where one of the most important components is human capital. Understood as a set of knowledge and skills of workers, human capital refers to motivation, creativity, innovation, responsibility, loyalty to the organization and flexibility of workers, which appear as a result of their education and experience, and which enable the achievement of enviable business results that will differentiate the given organization from others. The central component of human capital is the knowledge of employees, which they bring with them to the organization, develop and improve during work, but which they also take away when they leave their work place, which is why the goal of management is to attract, improve and retain valuable human capital. In the text, we pointed out the strategic management of human resources, which implies the involvement of human resources in all activities and functions within the organization, according to which employees represent the most important asset resource that should be carefully managed. We devoted attention to the identification of human capital as one of the three components of intellectual capital, which is crucial for creating a knowledge-based economy, as well as for achieving competitive advantage and innovation.

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ПРИЛАГОЂАВАЊЕ РАЧУНОВОДСТВА ЗАХТЕВИМА ЦИРКУЛАРНЕ ЕКОНОМИЈЕ

Author(s): Dejan Malinić,Savka Vučković Milutinović / Language(s): Serbian Publication Year: 0

The facts that the planet is threatened by climate change and environmental degradation, that social costs have become extremely high, and that the main cause of this situation are companies are -very disturbing. The long-term focus on economic performance and disregard of environmental impacts have called into question the sustainability of such behavior not only at the corporate level, but also at the global level. In this sense, it is necessary to change the way of thinking and behaving of the key participants in these processes. This implies a change in the business model and the transition from a linear to a circular economy model. In such circumstances, the business world is forced to respond to existing challenges, which means ensuring sustainable activities, emphasizing both economic and environmental performance. This means simultaneously efficient use of natural resources, saving materials, energy, water and similar inputs of the production process, reducing waste, recycling and reusing products and materials. Under the pressure of the facts about the ecological state of the planet, managers have no choice but to look for establishing an acceptable balance between the economic responsibility of companies and the requirements of ecological sustainability. In that regard, quality decision making depends on transparent reporting for both external and internal stakeholders. In this way, it is possible to evaluate the potential for improvements in each company, as 'well as to measure the economic, environmental and social effects of corporate activities.

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УТИЦАЈ ВЈЕШТАЧКЕ ИНТЕЛИГЕНЦИЈЕ НА РАЧУНОВОДСТВЕНУ ПРОФЕСИЈУ

Author(s): Branko Krsmanović / Language(s): Serbian Publication Year: 0

The progress of artificial intelligence has a significant impact on accounting and auditing. This impact brings about changes in roles and processes. While artificial intelligence automation takes over routine tasks, accountants and auditors will focus on deeper analysis and strategic consulting. Implementation requires careful planning and a gradual introduction for successful integration. Although artificial intelligence brings many benefits, there are also limitations such as data quality and ethical dilemmas. Changes in education are essential for future professionals to acquire the required skills. Additionally, data security and regulations play a crucial role in the successful application of artificial intelligence. In summary, artificial intelligence is transforming accounting and auditing, creating new challenges and opportunities, and experts are adapting to the new environment by developing complementary skills. Digital transformation is altering the way of doing business through technological innovations like artificial intelligence, blockchain technology, the Internet of Things, business intelligence, cloud computing, and others. Artificial intelligence simulates human intelligence and encompasses algorithms for performing tasks requiring human reasoning, decision-making, and problem-solving abilities.

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ТРОШКОВИ ФИНАНСИЈСКИХ ПОРЕМЕЋАЈА И ПРОБЛЕМ АГЕНАТА

Author(s): Silvije Orsag,Dejan Mikerević / Language(s): Serbian Publication Year: 0

The paper analyzes the consequences of negative developments for the performance of business entities and their impact on the relations between company owners and their creditors, with a special focus on the financial aspects of the aforementioned disturbances. The key aspect of the observation is the puzzle of the capital structure, i.e. the attempt to find the most optimal ratio of investments in companies between own and borrowed funds and all with the aim of ensuring the most efficient functioning of economic entities in society. The agency problem appears as one of the great dangers and costs if interest groups within the company make decisions to the detriment of other interest groups, causing them ^financial damage through lower profits, earnings and even causing them financial losses. There are both direct and indirect costs of financial disruptions and it is 'very important to understand them in the right way and accordingly make business decisions from the aspect of financial and top management of companies. Numerous variables affect the business and success of a company in today’s globalized economic conditions, so -understanding the potential costs of various unexpected events and disruptions is a crucial element for achieving optimal results and survival in competitive conditions.

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КОРПОРАТИВНО ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ КАО ВАРИЈАБЛА ВРИЈЕДНОСТИ ПРЕДУЗЕЋА

Author(s): Tajana Serdar Raković,Dragan Mikerević / Language(s): Serbian Publication Year: 0

The new EU Corporate Sustainability Reporting Directive - CSRD (2022/2464) modernizes and strengthens the rules related to social and environmental information that companies must disclose in their financial statements. The significance of the new regulation is that it has global effects, spreading its influence on the world market. Following the new regulation and the global effect of sustainable development, the connection between 'value creation and business sustainability appears. In the paper, we examine how the new requirements for sustainability reporting will affect the financial performance and 'value of companies. Sustainability reporting will lead to the publication of more consistent, transparent and comparable information, which will be used in the company valuation process, whereby companies that successfully position themselves in a market where sustainability plays a very important role will have a greater value. The goal of the paper is to shed light on how new regulatory changes and corporate sustainability reporting will affect the value of companies, especially in Bosnia and Herzegovina. The results of our research have shown that the majority of respondents (74.4%) believe that reporting on sustainability is a very important factor in the future financial performance and 'value of the company, thus confirming our research hypothesis. Our research has yielded results that are consistent with other studies, and the relevant information we have obtained reveals that sustainability reporting is very important as a new variable that affects the value of a company.

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КВАЛИТЕТ ФИНАНСИЈСКОГ И НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА: ИЗАЗОВИ, СТАЊЕ И ПЕРСПЕКТИВЕ

Author(s): Kristina Peštović / Language(s): Serbian Publication Year: 0

Business decision-making is based on the use of financial reports and non-financial information. The quality of financial reporting, as 'well as the quality of non-financial reporting, become key factors adequate for business decision-making, and factors of company growth and development. This paper presents the analysis of the quality of financial statements of companies registered in the Autonomous Province of Vojvodina and the Republic of Srpska according to the requirements of IAS 2 -Inventories. For example, information on accounting policies regarding inventory is not disclosed in 12.96% of companies in AP Vojvodina and 18.04% of companies in Republic of Srpska. These and other results of the research indicate to the need of improvement quality of financial reporting regarding to the disclosure of mandatory information of IAS 2 - Inventories. Beside the improvement the requirements regarding the financial reporting system, nowadays, companies must also meet the requirements regarding non-financial reporting, which are becoming mandatory in an many countries.

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РАЧУНОВОДСТВЕНИ И РЕВИЗИЈСКИ ИЗАЗОВИ ПРИ ИЗБОРУ КЉУЧНИХ ФИНАНЦИЈСКИХ ПОКАЗАТЕЉА У ПРОЦЕСУ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ ПОСЛОВАЊА ПОДУЗЕЋА

Author(s): Vinko Belak / Language(s): Serbian Publication Year: 0

IAS 1 - Presentation of financial statements in point 25 obliges the management to make an assessment of its entity’s ability to continue with time-limited operations when compiling the financial statements. Therefore, in its report, the management should publish appropriate evidence of the sustainable business of the company. Accordingly, the entity is obliged to prepare financial statements under the principle of going concern. However, when management is aware, in its judgment, of significant uncertainties related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern, the entity must disclose those uncertainties. According to the provisions ofMRevS570, the external auditor also has the obligation to point out the existence of significant uncertainty that may cause significant doubt about the Company’s ability to continue with time-limited operations. Disclosure of significant doubt about the entity’s ability to continue as a going concern can be very inconvenient for management because it deters business partners, investors and creditors from cooperating with that company. For this reason, the external auditor’s statement that there is significant doubt about the entity’s ability to continue as a going concern often causes disagreements and conflicts between the management and the external auditor in cases where the evidence presented is emphatically uncertain or can be disputed. Since it is an assessment of events in the future, the evidence is never completely certain. This is precisely why the choice of indicators in the sustainability reporting process represents a real challenge for management and auditors. Although the indicators can be financial and non-financial, in this work the research is focused on the choice of financial indicators. When evaluating the value of key finical indicators in the process of reporting on the sustainability of the company’s operations, experiential analysis based on the ,,rule of thumb “, pro-forma analysis and discrimination analysis of empirical data from financial statements 'was used. Depending on these analyses, at the end, a set of indicators and models is proposed that can be used in the selection of indicators in the sustainability reporting process that can be useful for management and auditors.

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ИЗАЗОВИ НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА У РЕПУБЛИЦИ СРБИЈИ

Author(s): Veljko Dmitrović / Language(s): Serbian Publication Year: 0

Bearing in mind the requirements of the modem business environment, it is necessary to inform stakeholders about the company’s impact on society, on the environment, on personnel and social issues, the fight against corruption and bribery, respect for human rights, etc. The key challenge for companies is to develop their accounting systems in the direction of meeting the requirements and social responsibility in the country and in the global environment in modem conditions. Globalization of business, technological solutions and innovations, as 'well as sustainability and non-financial reporting do not bypass accounting systems. Modem development increasingly requires integrated reporting that -would unite the innovative traditional financial reports together with non-financial reporting. Professional organizations, standard creators and regulators have taken certain initiatives on innovation, both legal and professional regulations, both domestic and international.

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