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The Link between Professional Training of Family Entrepreneurs and Financial Performance: A Comparative Study between Family and Non-Family Businesses in Morocco

Author(s): Azzeddine Allioui,Wafaa El Gouz / Language(s): English Publication Year: 0

The purpose of this comparative research is to analyze the complex link that exists between the education of company owners and the financial success of family-owned companies in Morocco. A sizeable percentage of the corporate landscape is comprised of family businesses, which provide a major contribution to the economic growth of the nation. For the purpose of determining the influence that entrepreneurial training has on financial results, the study takes a comparative approach, evaluating both family firms and enterprises that are not family businesses. This inquiry digs into the particulars of family companies, considering the unique difficulties and opportunities that family firms face in the Moroccan economic climate. The purpose of this research is to give significant insights into the processes that determine the economic success of family businesses by taking a closer look at the association between entrepreneurial training and financial performance. In terms of methodology, the study takes a holistic approach, using both quantitative and qualitative data to capture the many facets that are associated with entrepreneurial training and financial achievement. The purpose of this study is to investigate the complex relationships that exist between the training programs that are offered to family entrepreneurs and the subsequent financial health of their businesses. This will be accomplished with questionnaires, interviews, and financial analyses. Moreover, the results of this study not only provide a contribution to the academic knowledge of family entrepreneurship in Morocco, but also offer practical consequences for enterprises, governments, and educational institutions. It is possible to design strategies for promoting the sustainable development of family businesses by gaining an understanding of the association between training and financial success. This will contribute to the overall economic growth and stability of the Moroccan business environment.

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Strategic Management in Family Businesses: Navigating Digital Horizons and Unraveling Technological Dynamics

Author(s): Hanane Allioui,Azzeddine Allioui / Language(s): English Publication Year: 0

The article explores the challenges and success factors of digital transformation in family-owned enterprises, focusing on organizational theories, power dynamics, and the VUCA (Volatility, Uncertainty, Complexity, Ambiguity) environment. It highlights the importance of adaptability, resource and competence orchestration, and the need for ongoing communication, cooperation, and staff training. The study also explores the role of technological surveillance, specialized digital consulting, and intelligence technology in digital ventures. It emphasizes the need for active participation, clear objectives, effective leadership, and ongoing oversight. The article concludes that success in the digital age requires strategic resource allocation, effective management of power dynamics, and an innovative organizational culture.

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Adoption of FinTech Training by Family Enterprises and its Impact on Local Economic Growth in Morocco

Author(s): Azzeddine Allioui,Wafaa El Gouz / Language(s): English Publication Year: 0

The purpose of this study is to evaluate the adoption of Financial Technologies (FinTech) training by family businesses in Morocco and to assess the consequences of this acceptance for the development of the local economy. Traditional business models are being reformulated as a result of technological advancements, which are causing the global financial environment to undergo fast transformation. In this context, family businesses, which make up a significant portion of Morocco's economic fabric, are investigated regarding the degree to which they have committed themselves to the teaching of financial technology. Regulatory frameworks, resource accessibility, and understanding of the possible implications of FinTech tools are some of the important elements that are investigated in this research. The study also provides an analysis of the factors that influence the adoption of FinTech training among family businesses. The objective is to provide insights into the obstacles and possibilities connected with incorporating FinTech into the operations of family companies in Morocco by first gaining an awareness of these issues. In addition to this, the study investigates the practical consequences that the implementation of FinTech has on the operational efficiency, risk management, and decision-making processes of family businesses. Our goal is to shed light on the role that FinTech plays in enhancing the competitiveness and growth prospects of family businesses, thereby contributing to the overall economic development at the local level in Morocco. This will be accomplished through an analysis of case studies and empirical data. It is expected that the outcomes of this study will provide significant insights for policymakers, business executives, and academics interested in the nexus between family businesses, financial technology education, and economic development.

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ИЗВЕШТАВАЊЕ О ОДРЖИВОСТИ: ПОСЛОВНИ ЕНТИТЕТИ ИЗМЕЂУ КРАТКОРОЧНЕ РАЊИВОСТИ И ДУГОРОЧНЕ ОТПОРНОСТИ

Author(s): Dragan Đuričin / Language(s): Serbian Publication Year: 0

Humankind is living in an age of bewildering change, full of conflicting signals and contradictions. On one hand, universal connectivity is an integral of the modern context, both in the economy and society. On the other hand, due to the multi-crisis that includes global warming (actually, “global boiling”), the economy and society are unable to use this new free good in full capacity. The vast majority of relevant experts believe that the “green transition” is the way to escape the current multi-crisis and to fully harness the potential of universal connectivity. The green transition impacts many areas. One of the most important at the microeconomic level is the extension of performance measurement systems to include sustainability issues based on ESG metrics, along with changes in the disclosure of relevant data. Our intention in this paper is to distill the complex endeavor of the green transition, focusing on the impact of sustainability-related disclosure based on ESG metrics. We particularly emphasize the IFRS S1 and IFRS S2 standards, not only as a means of avoiding non-compliance risks but also as a way to enhance other managerial processes, ultimately leading to improved performance for business entities. With this idea in mind, the paper is structured, along with the Introduction and Conclusion, into four parts. Part 1 is dedicated to the necessity of mapping ESG metrics to sustainability-based disclosure standards in the period of green transition. Part 2 focuses on IFRS standards for sustainability-based disclosure. Part 3 discusses the interoperability between different classes of sustainability-based disclosure standards. Part 4 proposes new managerial capabilities based on ESG metrics and sustainability-based disclosure

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ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА У СЛУЖБИ РЕВИЗИЈЕ ФИНАНСИЈСКИХ ИЗВЈЕШТАЈА?

Author(s): Mirko Andrić / Language(s): Serbian Publication Year: 0

The changes brought about by digitalization are visible in all spheres of human life. Accounting, a faithful companion in the economic environment, could not remain outside these processes. The benefits, challenges, and limitations that digitalization brings to the accounting profession, along with auditing and artificial intelligence, are the focus of our attention. For effective business information management, information is of critical importance. Timely, truthful, and reliable information is primarily generated by accounting, or more precisely, by accountants. Their quality and credibility are further enhanced by auditing. The essence, philosophy, and meaning of accounting do not change regardless of the significant difference between manual (copy-based) accounting and the modern digital era. Digitalization enables faster, more efficient, and more comprehensive data collection, selection, processing, and report generation in various forms. On the other hand, there is a pronounced limitation of so-called informational entropy when the volume of information and data overwhelms the system. It used to be difficult to obtain certain information. Today, the core problem lies in the ability to find the “right” (needed) information in the “sea” of available data. It is ungrateful to make predictions about what will happen, even soon. However, we are confident that the era of digitalization and artificial intelligence will not reduce the role of accountants to merely perform simple data entry operations. On the contrary, the role of accountants will increasingly shift towards becoming accounting experts. This will require new knowledge and skills from the members of the profession. The development and implementation of artificial intelligence, in our opinion, will contribute to the quality of audit research and increase the reliability of control and substantive testing. The essence, form, and purpose of the independent auditor’s report will not change in the foreseeable future. The auditor’s opinion will be reached more reliably. We hope that with the development and implementation of artificial intelligence, humanity will not renounce its intelligence.

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ЈАЧАЊЕ ОТПОРНОСТИ ПРЕДУЗЕЋА УПРАВЉАЊЕМ РИЗИЦИМА

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

Business uncertainty and risk measurability in modern business have become key elements for top management and financial managers, both of financial institutions and other large companies, especially those that have public responsibility in society. The quantification of uncertainty in the sense of translating uncertainty into risk is a key change that famous economist Harry Markowitz launched in his 1952 paper entitled “Portfolio Selection” and became the foundation of modern portfolio theory. The basic and key difference of the modern portfolio theory compared to the traditional one is the measurability of portfolio and investment risks with the focus of financial and portfolio managers on achieving the key business goal, which is reflected in active “risk management” of the company’s or portfolio’s business instead of achieving the highest possible return. The paper analyzes the terms related to risk, the establishment of interdependence of risk and return, resistance to stressful events in terms of external and internal shocks, and highlights the importance and possibilities of corporate risk management with the aim of achieving the best possible business results with minimal risk taken.

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ПОСЛОВНИ И ФИНАНСИЈСКИ БОНИТЕТ КАО ДЕТЕРМИНАНТЕ ОДРЖИВОСТИ ПОСЛОВАЊА

Author(s): Radomir Božić / Language(s): Serbian Publication Year: 0

The aim of the paper is to point out the role and importance of business and financial creditworthiness, their creation, continuous maintenance and evaluation, as determinants of the survival, growth and development of the company, the success of business, measured by standardized economic indicators, as well as the sustainability and going concern of business in the long term and the achievement of the target function, understood as the creation of value for the owners, but also other stakeholders. The first part of the paper briefly elaborates the business creditworthiness of the company, as its overall position on the market, based on the business model and strategies that are continuously reviewed and adjusted in order to achieve a suitable competitive position, and the financial creditworthiness, based on the continuous (pre)estimation of yield indicators, property and financial position and sustainability and going concern of business in the long term and timely and preventive undertaking of appropriate management activities in order to prevent and/or resolve business and financial crises. The second part of the work is focused on the challenges and risks for the continuous maintenance of going concern in modern conditions and the possible responses of management and administration bodies, as well as other stakeholders, based on estimate business and financial creditworthiness. In the third part of the paper, the basic messages and conclusions are synthesized.

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РЕВИЗОРСКИ ИЗВЈЕШТАЈИ У ФУНКЦИЈИ ПОБОЉШАЊА КВАЛИТЕТА ФИНАНСИЈСКОГ ИЗВЈЕШТАВАЊА

Author(s): Jelena Poljašević / Language(s): Serbian Publication Year: 0

The quality of financial statements is influenced by a large number of factors. By expressing an opinion on whether the financial statements are fair and objective, auditors assess the quality of the financial statements. Analyzing the audit opinions of subjects in the public sector of the Republic of Srpska, it was determined that the quality of financial reports did not improve in the period 2016-2022, because the number of modified opinions and the number of recommendations, especially in the last three years, continuously increased. On the other hand, the audit reports themselves are inadequate in certain cases, because unmodified opinions are expressed for financial statements in which accounting policies are not disclosed, these policies are not in accordance with the requirements of IFRS/IAS, the audited companies did not disclose problems with going concern or did not disclose other information necessary for understanding and fair presentation of financial statements.

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ЕТИЧКА ПИТАЊА (ДИЛЕМЕ) И МОГУЋИ УТИЦАЈ ПРАВИЛА ЕТИЧКОГ ПОНАШАЊА НА КВАЛИТЕТ РАДА РАЧУНОВОЂА И РЕВИЗОРА

Author(s): Dragan Kulina / Language(s): Serbian Publication Year: 0

The main purpose of the research presented in this paper is to contribute to the incresed knowledge about the importance of ethics in the accounting profession in terms of the impact on the quality of the work of accountants and auditors. Consistent following of the principles of reliability, transparency and accuracy when preparing and auditing financial reports is a prerequisite for achieving the required level of quality of these services. In this sense, the paper tries to find a connection between the appropriate ethical behavior of professional accountants and auditors and overcoming (removing) ethical dilemmas that arise in practice. Under ethical behavior is considered moral behavior, i.e. objective, independent, competent, correct and honorable behavior in professional and business relations. The research used the methodology of a qualitative systematic review of carefully selected literature, which includes published scientific papers, books in the field of accounting, auditing and management, as well as professional regulations. In this way, a basis was formed that guarantees the quality of the evidence on which the findings and conclusions presented in the paper are based. Our findings indicate that there are numerous moral and ethical dilemmas that can significantly affect the quality of accounting records and financial statements. They can only be overcome by the strict application of ethical principles and standards, as this is a guarantee for obtaining reliable financial information. This is supported by the fact that the last two decades were marked by the bankruptcy of several multinational companies that, among other things, misrepresented the position in their financial reports and committed financial fraud. Unfortunately, individuals from the accounting profession were also involved in those dishonest actions. That is why special attention is paid to the analysis of the role of accountants and auditors in major financial scandals and financial frauds. The general conclusion is that the professional and personal ethical values of accountants and auditors are very important for overcoming ethical dilemas that arise in practice, which, if not properly removed, can negatively affect the reputation of the accounting profession.

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КРИТИЧКИ ОСВРТ НА НАГЛАШЕНУ УЛОГУ РАЧУНОВОДСТВЕНЕ ФУНКЦИЈЕ У ДОСТИЗАЊУ ОДРЖИВОГ РАЗВОЈА

Author(s): Predrag Gajić / Language(s): Serbian Publication Year: 0

The types and scope of responsibilities of the accounting department are continuously growing. For many years, this growth in responsibilities has been particularly pronounced in the need of achieving socially responsible behavior and the necessity of company’s sustainable development. Efforts within this paper are aimed at identifying different perspectives on sustainability, with a special reference to the “sustainability” of the accounting profession under the pressure of the growing scope of responsibilities and obligations and a critical review of the fact that in theory and in practice, this growing scope of responsibilities and obligations is not emphasized. Yet, before the conclusions about the additional obligations of accountants in the segment of achieving sustainable development are imposed as implying and generally accepted, it is preferable to emphasize and find answers to several important questions, which will determine the status of the accounting profession in the future. Those questions are related to: identifying responsibility for achieving sustainable development, existence of the legitimacy of investors and buyers by setting the forms and content of supply and demand and thus affect sustainability, responsibility for data collection and reporting on sustainability, defining the organizational form that should ensure realization of those responsibilities, identifying the types and scope of risks from the point of view of disclosing sensitive information about the sources of the company’s competitiveness, especially on the basis of “integrated” reporting by external users of such reports, determining how to achieve standardization in the form, content and time frame of reporting, considering that different organizations and institutions extend their own reporting rules and the extend to which the growing scope of tasks and responsibilities will be acceptable to accountants and under what conditions.

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ТРАНСФОРМАЦИЈА РАЧУНОВОДСТВЕНОРЕВИЗИЈСКЕ ЕДУКАЦИЈЕ КАО ПРЕТПОСТАВКА КВАЛИТЕТНОГ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ

Author(s): Josipa Grbavac,Nikola Škobić / Language(s): Serbian Publication Year: 0

The biggest challenge faced by professional accountants (accountants and auditors) today is the change in the reporting paradigm, i.e. the inclusion of the concept of sustainability in operations and reporting. Since the introduction of the concept of sustainability in business changes the way of doing business, management of “sustainable” entities needs a wider set of information that, in addition to traditional accounting information, will contain quality and reliable information about sustainability. Accountants and auditors play a key role in the process of providing relevant and reliable information on sustainability. Services provided to entities oriented on sustainability, require some new competencies and skills of a professional accountant. The get competent accountant/auditor for “ustainability’’, is necessary to change the traditional education at the academic but also at professional level (when entering the profession but also in continuous development).

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ПРИМЈЕНА САВРЕМЕНИХ МОДЕЛА ЗА ПРЕДВИЂАЊЕ БАНКРОТСТВА ПРЕДУЗЕЋА У СЕКТОРУ САОБРАЋАЈА У ЦРНОЈ ГОРИ

Author(s): Milica Vukčević,Saša Vujošević,Milan Lakićević / Language(s): Serbian Publication Year: 0

The transportation sector, as a particularly important economic activity, significantly determines the level of economic development of a country, including Montenegro. Given that Montenegro is predominantly oriented towards tourism, it is not surprising why the operation of companies in the transportation sector is of great importance for the future, especially considering that these companies should ensure better access to tourist destinations with their infrastructure, thereby enabling better regional connectivity. Furthermore, a well-organized transportation system contributes to the safety of tourists, which can result in greater satisfaction and their return visits. Additionally, companies in this sector need to provide adequate logistics, i.e., efficient transport of goods, which is crucial for business and trade, both domestically and internationally, ultimately affecting the overall economic condition of Montenegro. To ensure the aforementioned, financially healthy companies that maintain continuous operations are necessary for the state. Therefore, the aim of this paper is to examine whether the application of modern bankruptcy prediction models can indicate the continuity of business operations in the future, or early signals of business failure. The analysis includes application of three models: Altman Z-Score model, Zmijewski model, and IN99 model, which will be applied to all eleven companies, operating in the transportation sector in Montenegro. To observe the business trends of these companies, the analysis will cover the period from 2019 to 2023. The research results should show whether the application of these models can predict the continuity of operations of these companies, and, if not, indicate early signals of business failure. The obtained results can be useful for decision-makers in companies to review operations through the lens of these models, as well as for the state, especially considering the ownership stake it holds in these companies. This will provide insight into the business operations, which is particularly important for ensuring continuity and, consequently, improving the economic development of Montenegro.

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РИЗИЦИ VS. ФИНАНЦИЈСКО ЗДРАВЉЕ ПОСЛОВНИХ СУБЈЕКАТА КРОЗ ПРИЗМУ ФИНАНЦИЈА И РАЧУНОВОДСТВА

Author(s): Igor Živko,Marko Barbarić / Language(s): Serbian Publication Year: 0

In the more uncertain and dynamic business environment reasons for environment change are in constant change of business conditions, inovations, globalisation and IT application in the business activities. Risk management system represents system that helps companies to develope capacities for anticipation and prepraration for changes that could have negative consequences on business. The special interest are on financial risks and their management in companies. The necessity of financial risks and their management to be subject of the research is especially emphasised by financial crisis in 2008. It is especially important to analyse the risk monitoring through a risk management system and its recording in accounting as well as reporting on business risks all for internal and external users and forms of those reports.

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КОДЕКС ЕТИКЕ КАО ЕФИКАСАН АЛАТ У ОДУПИРАЊУ НЕЕТИЧНИМ ЗАХТЈЕВИМА МЕНАЏМЕНТА

Author(s): Maja Letica / Language(s): Serbian Publication Year: 0

The paper investigates the key aspects of the application of the Code of Ethics in the context of the accounting profession. The introduction focuses on the historical development of the Code of Ethics in Accounting and how it became an essential foundation of professional practice. The significance of the Code of Ethics for the improvement and integrity of the accounting profession s discussed, emphasizing that adherence to ethical norms can positively affect stakeholders’ trust in financial reporting. The paper analyzes in detail the guidelines for dealing with situations of undue influence, emphasizing the importance of recognizing and dealing with potentially unethical requests. Special attention is paid both to the proper knowledge of the Code of Ethics and to the development of resistance to management pressures that may range within the bounds of ethical doubt. Finally, the conclusion highlights the key findings of the research and emphasizes the importance of applying the Code of Ethics as a means of preserving integrity, transparency and accountability in the field of accounting. Overall, the work emphasizes the importance of ethical principles in performing the accounting profession and the need for continuous training in the field of ethics and integrity.

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ФИНАНСИЈСКА СТРАТЕГИЈА И ТАКТИКА УПРАВЉАЊА ЗАЛИХАМА

Author(s): Dragan Mikerević,Đoko Malešević / Language(s): Serbian Publication Year: 0

If they could, companies would prefer not to keep inventories, because, on the one hand, they do not generate income, and on the other hand, they cause costs that have to be financed. Being aware of the inevitability of holding stocks, companies strive to manage them effectively, respecting the relevant costs of stocks: acquisition costs, holding costs and costs of lack of stocks. In order to obtain positive results in this field, companies develop appropriate strategies and tactics of inventory management that would serve to strengthen the company’s financial strength, which means: the permanent ability to pay, finance, invest, increase the owner’s assets and the permanent ability to satisfy the financial interests of the participants in company. The economic order quantity (EOQ) model is used to optimize the stock level, but it is also necessary to determine when to place the order, taking into account the existence and level of minimum (safety) stocks in the company.

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ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА И БУДУЋНОСТ РАЧУНОВОДСТВЕНЕ ПРОФЕСИЈЕ: ИМПЛИКАЦИЈЕ И ИЗАЗОВИ

Author(s): Siniša Rajković / Language(s): Serbian Publication Year: 0

The paper examines the impact of artificial intelligence (AI) on traditional accounting practices, looking at the role of AI in the transformation and reshaping of financial reporting and decision-making processes. The goal is to critically assess how the integration of AI is redefining the scope of accounting, highlighting both the opportunities and challenges that AI brings. Using a systematic literature review, and analyzing peer-reviewed articles and case studies will provide a comprehensive understanding of the integration of AI into accounting, and its performance and usefulness in terms of increasing the accuracy and efficiency of financial reporting and strategic implications for accounting professionals and the profession. The findings reveal that AI significantly improves the accuracy and efficiency of financial reporting, automating routine tasks and enabling predictive analytics for strategic decision-making. However, challenges such as the need for skilled AI-skilled personnel, data privacy concerns, and the high cost of AI integration are evident. The findings also highlight resistance to change as a significant barrier to the adoption of AI in accounting practices. The bottom line is that while AI is challenging, its potential to revolutionize and transform accounting practices is undeniable, offering new avenues for growth and innovation in the digital era.

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МОРАЛНО И ПРАВНО ОПРАВДАЊЕ ПОСЛОВНЕ И РАДНЕ ЕТИКЕ

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

Modern life and business environment, where economics and politics, along with the significant and accelerated development of information technologies, have become the dominant social context, has led to an evident rearrangement of traditionally established value systems. Unfortunately, in that process, moral erosion appeared, which affected different areas of society. Аs a result of that, there was a necessary and clarified need for revitalization and re-establishment of ethical values at the core of man’s spiritual interests. The text discusses the key aspects of a special type of ethics (business ethics), which in today’s global world has become an irreplaceable part of business practice and a prerequisite for achieving business success. Business ethics acquires a strategic meaning since it creates a management system based on ethical principles that enables the organization to respond with quality to the demands of all interest groups such as customers, workers, shareholders, but also those interest groups that are indirectly related to the organization such as social communities or society as a whole. Only organizations that do not separate ethics from profitability, but successfully harmonize them in their operations will be prosperous. In addition to the above, in the text we will deal with issues of work ethics, primarily conflict of interest, business secrets and the institution of “raising the alarm”, also known in the literature as “whistle-blowing”.

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About Online Dedicated Resources for Information on Cyber Threats and Cyber Intelligence

Author(s): Ivan Hristozov,Veselina Gagamova,Kristina Krumova,Chavdar Kostadinov / Language(s): English Publication Year: 0

This paper aims to explore the potential and capabilities of information systems in the context of cyber intelligence. By examining the processes of data collection, processing, and dissemination, this analysis seeks to identify the opportunities that modern information systems present for enhancing cyber intelligence operations. Some of their features and possibilities are also presented.

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On Verification of Cyber Intelligence Tactics, Techniques and Procedures

Author(s): Ivan Hristozov,Veselina Gagamova,Chavdar Kostadinov,Kristina Krumova / Language(s): English Publication Year: 0

In this report, the authors present a research related to а cyber-intelligence procedure and the techniques and tactics it employs. Sample results of their application are shown and analyzed.

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Unlocking and Exploring the Power of Unstructured Big Data Using Pentaho Business Analytics

Author(s): Mariana Kovacheva / Language(s): English Publication Year: 0

This paper presents Pentaho Business Analytics capabilities for unstructured data and visualizations. It aims to provide what types of data integration are possible, the connectivity with Big Data platforms, as well as transformation and cleansing data, before using it for visualization, text analytics and ad-hoc analysis. Working with unstructured data is extremely difficult and for the user to be able to make conclusions after, and because of that when working with this type of data, there should be processes strictly followed.

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