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Local Businesses and the Importance of Supporting them

Author(s): Arbenita Bllaca / Language(s): English Issue: 1/2015

This study will provide detailed information about the importance of supporting local businesses. The material will include several aspects: (1) the importance of supporting local businesses, (2) Case Study of Gjilan’s municipality: support of local businesses from the municipal level of Gjilan, (3) Businesses in Kosovo: The importance of supporting local businesses in Kosovo, an overview of their financial difficulties. We will use different methods for data processing: For the presentation of results we will use graphical and tabular methods, as well as information collected by the country's official institutions that are responsible for supporting local businesses. Through these methods we will try to provide with a comprehensive overview of the problems and barriers that local businesses are dealing at the local level, aiming to create a stronger relationship between local businesses and local level with the purpose of creating greater profits for businesses as well as the economy in general.

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GRANGER CAUSALITY TESTS FOR PRECIOUS METALS RETURNS

Author(s): Monika Krawiec,Anna Górska / Language(s): English Issue: 2/2015

The aim of the paper was examining Granger causality between rates of return of precious metals. The study covers the period from 2008 through 2013 and includes gold, silver, platinum, and palladium. After developing statistical analysis and confirming stationarity of time series under consideration, the Granger causality test was run. Its results revealed a bilateral causation between silver and platinum rates of return. The study also detected causal relationships flowing from gold and palladium rates of return to silver returns.

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Behawioralne podejście do funkcjonowania przedsiębiorstw

Author(s): Adrian Solek / Language(s): Polish Issue: 05/2016

Unlike the mainstream neoclassical theory of the firm, the behavioural approach assumes lack of full rationality of entrepreneurs, which implies the necessity to satisfy rather than optimise the objective function. In this approach the firm is seen as a coalition of various groups of stakeholders, which conduct negotiations with one another to hammer out objectives, their implementation and possible remedial actions required. The article compares the behavioural approach to the neoclassical school, presents weaknesses of the behavioural approach (including the lack of a long-term horizon, non-falsifiability, and empiricism) as well as the benefits (attention to goal formation and the role of organisational slack) as well as its contribution to the development of both the neoclassical school and new concepts in economics, such as agency theory or the theory of contracts.

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Kapitał ludzki w przedsiębiorstwie – ujęcie teoretyczne

Author(s): Paweł Drobny / Language(s): Polish Issue: 05/2016

Contemporary theories of economics are focused on human qualities as an autonomous production factor. The consequence of this is neglecting to describe the relationship between human capital and human beings, who are the “bearer” of the capital, and the formation of human capital. As a production factor, human capital may make sense only in the context of a specific company, because it creates the conditions in which the potential of human qualities is recognised and used.The thesis pursued in the article is as follows: human qualities, especially knowledge and skills, are an integral part of a person. This means that they are involved in each experience a human has as both its cause and its effect. It is therefore a mistake to analyse their economic importance in isolation from the whole complexity of the human.The first part of the article presents the approach of contemporary theories of economics to the problem of human capital in enterprise. The second part examines the new conceptualisation of the role human qualities play in enterprise. This conceptualisation can be described as “personalist economics”.

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Dyspersja płac – zastosowanie równania Mincera dla różnych grup zawodowych w Polsce

Author(s): Marcin Stanisław Niedużak / Language(s): Polish Issue: 2/2014

This article is a synthetic representation of the dispersion of wages occurring in Poland in 2010. Average women wages were almost 600 PLN lower than men’s wages. Men were better paid then woman both among people with different levels of education and of various professional experience. The main objective of this paper is to analyze timeliness of Mincer equation in Poland. The article was conducted in selected groups in Poland separately for men and women. The simplest form of an econometric model been able to explain the observed variation in wages in Poland in 2010 only to a limited extent. However, the presented estimates confirm that both education and work experience have a statistically significant impact on the level of earnings

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Zarządzanie finansami osobistymi studentów Wydziału Nauk Ekonomicznych Szkoły Gównej Gospodarstwa Wiejskiego w Warszawie

Author(s): Marzena Ganc,Klaudia Krajewska / Language(s): Polish Issue: 3/2016

In the last decade there has been an increase in social welfare. People are more in control of their personal finances, including planning household budget. It provides a financial security. Stable financial situation requires taking proper and informed financial decision. Students of faculty of economic sciences should have a broad knowledge of this, but the most important is to use it in practice.

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Analiza rozwoju infrastruktury wodno-ściekowej w gminie Wohyń

Author(s): Krzysztof Kapela,Marek Niewęgłowski,Marek Gugała / Language(s): Polish Issue: 109/2016

Water-sewage infrastructure is one of the most important elements of technical infrastructure. It determines the quality of inhabitant's lives and has an impact on the social and economic development of regions. This research shows the progress of the water-supply and sewage infrastructure in the Wohyń commune. The commune's water supply system is well developed. The whole area of the Wohyń commune is within reach of waterworks and all inhabitants can use it. Total length of the water supply system in the commune's area is 176.6 km and incorporates 72.7% of the commune's population. On the other hand, the sewage system is on a low level. It concentrates mainly in Wohyń and Suchowola, where the sewage disposal plants are built. Currently, 2890 inhabitants have access to the waterworks. There is a problem to include the rest because of the buildings dispersion. The backyard's sewage disposal plants can be the solution.

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Infrastruktura ekonomiczna jako czynnik kreowania potencjału gospodarczego mikroregionów

Author(s): Tadeusz Dyr,Karolina Ziółkowska / Language(s): Polish Issue: 1/2014

Theories of the regional development show that the economic infrastructure is a crucial factor of creating the regions and microregions competitiveness. The article presents results of empirical studies confirming relations between equipping microregions with the economic infrastructure and their economic potential, being a crucial competitiveness factor.

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Adaptacja społeczno-zawodowa nowo przyjętych pracowników

Author(s): Anna Oleszak / Language(s): Polish Issue: 2/2015

Newly recruited workers are particularly vulnerable to hazards at the workplace. There is a significant relation between the occurrence of accidents at work and the age and seniority of the employee. We should take appropriate measures in education, training and daily practice.

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ОСОБЕНОСТИ НА РАЗРАБОТВАНЕТО НА УПРАВЛЕНСКАТА СТРУКТУРА НА СЕМЕЕН БИЗНЕС

Author(s): Larisa Shemyatikhina,Mariana Usheva,Kseniya Shipitsyna / Language(s): English Issue: 1/2016

The article discusses the family business in the model of family economy on the example of domestic and foreign experience. Explores roles and functions of family members on business management and describes the institutions of governance of the family business. Analyzes the problems of management of family business at different stages of development life cycle of an organization.

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РУСКА И БЪЛГАРСКА РЕАЛНОСТ В РАЗВИТИЕТО НА СЕМЕЙНОТО ПРЕДПРИЕМАЧЕСТВО

Author(s): Larisa Shemyatikhina,Mariana Usheva,Kseniya Shipitsyna / Language(s): English Issue: 1/2016

The article discusses the family business in the model of family economy on the example of domestic and foreign experience. Examines the functions and types of family businesses, given the stage of the life cycle and characteristics of family business management. Focuses on the prospects and problems of economic and legal status of "family business" in Russia and Bulgaria.

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Picture fuzzy cross-entropy for multiple attribute decision making problems

Author(s): Guiwu Wei / Language(s): English Issue: 4/2016

In this paper, we investigate the multiple attribute decision making problems with picture fuzzy information. The advantage of picture fuzzy set is easily reflecting the ambiguous nature of subjective judgments because the picture fuzzy sets are suitable for capturing imprecise, uncertain, and inconsistent information in the multiple attribute decision making analysis. Thus, the cross entropy of picture fuzzy sets, called picture fuzzy cross entropy, is proposed as an extension of the cross entropy of fuzzy sets. Then, a multiple attribute decision making method based on the proposed picture fuzzy cross entropy is established in which attribute values for alternatives are picture fuzzy numbers. In decision making process, we utilize the picture fuzzy weighted cross entropy between the ideal alternative and an alternative to rank the alternatives corresponding to the cross entropy values and to select the most desirable one(s). Finally, a practical example for enterprise resource planning system selection is given to verify the developed approach and to demonstrate its practicality and effectiveness.

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Using fuzzy Choquet Integral operator for supplier selection with environmental considerations

Author(s): Arash Shahryari Nia,Laya Olfat,Ahmad Esmaeili,Reza Rostamzadeh,Jurgita Antuchevičienė / Language(s): English Issue: 4/2016

The increasing importance of considering environmental issues as a part of the corporate social responsibility, which has environmental and social impacts as well as affects the image and competitiveness of a firm, has encouraged companies to revise their major processes of supply chain management (SCM). Since the performance of a company heavily relies on its suppliers, it is of vital importance to incorporate environmental criteria into supplier selection problem to satisfy both conventional and environmental criteria, which have only been considered by a limited number of studies. Therefore, following a brief review of green supply chain management (GSCM) and sustainable supply chain management (SSCM) concepts and investigation of supplier selection approaches, this study after focuses on a modified Delphi method that has been applied to determine supplier selection criteria. Also, the intuitionistic fuzzy value (IFV) and interval value intuitionistic fuzzy (IVIF) have been utilised for supplier evaluation regarding the subjective nature and uncertainty of judgment. By using the Choquet Integral operator and fuzzy measures, the best supplier has been selected, and the comparison between IFV and IVIF has been made. This methodology has been applied to a manufacturing company to assess the applicability of the proposed methodology. The proposed methodology can be used for real world problems that contain fuzziness or interacting decision criteria. Moreover, due to a high level of expert involvement in the decision-making process, we claimed that the knowledge of experts has been utilised constructively.

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Fuzzy COPRAS method for performance measurement in total productive maintenance: a comparative analysis

Author(s): Ebru Turanoglu Bekar,Mehmet Cakmakci,Cengiz Kahraman / Language(s): English Issue: 5/2016

Modern manufacturing firms should be supported by effective maintenance to become successful in their operations. One of the approaches for improving the performance of maintenance activities is to implement a total productive maintenance (TPM) strategy. Overall equipment effectiveness (OEE) is the key measure of TPM. According to the results of the literature review, the performance elements measured by the OEE tool are not sufficient to describe the effectiveness of TPM implementation. Hence, we aim at developing and evaluating new performance measures oriented towards the quantification of TPM implementation effectiveness under fuzzy environment. For the evaluation of each performance measure, at first, the nominal group technique has been used. Then to determine whether these performance measures are statistically significant, conjoint analysis based experimental design has been applied. In the second step, COmplex PRo-portional ASsessment of alternatives with Grey relations (COPRAS-G) and the fuzzy COPRAS method has been developed to evaluate these performance measures in TPM. Proposed fuzzy COPRAS method gives the reassuring results of ranking newly developed performance measures in TPM.

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Framework for assessing technological innovation capability in research and technology organizations

Author(s): Sara Sadat Mortazavi Ravari,Ehsan Mehrabanfar,Audrius Banaitis,Nerija Banaitienė / Language(s): English Issue: 6/2016

This study aims to evaluate technology innovation capabilities (TICs) of research and technology organizations (RTOs) by applying Fuzzy-DEMATEL & ANP techniques, in order to provide a practical lookout for their firm’s requirement in this regard. Based on literature review, six main criteria and eighteen sub-criteria are extracted. Fuzzy-DEMATEL is applied to analyze the casual relationships among the criteria and subcriteria. After identifying the relations between the criteria a questionnaire is developed and distributed among sixteen experts to assess the validity of the questionnaire, then the relations are weighted by ANP. It is concluded that proposed model is a comprehensive model that integrates qualitative and quantitative approaches to develop a step by step model to reach to the main TICs criteria in RTOs. Although, there are many previous researches illustrating various models to evaluate TICs, there is no formidable one using these techniques combination. Based on the abilities of the techniques and the results emerged this paper has prepared a robust model available for other RTOs to adopt as a true reference to reach to their TICs.

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An integrated two-stage methodology for optimising the accuracy of performance classification models

Author(s): Adrian Costea,Massimiliano Ferrara,Florentin Şerban / Language(s): English Issue: 1/2017

In this paper we propose a two-stage methodology to classify the non-banking financial institutions (NFIs) based on their financial performance. The first stage of the methodology consists of grouping the companies in similar financial performance classes (e.g.: “good”, “average”, “poor” performance classes). We optimise the allocation of the observations within the performance clusters by applying an enhanced version of an observation re-allocation procedure proposed in our previous work. Next, based on the result of the grouping phase, we construct a performance class variable by attaching a performance label to each data row. Then, in the second phase of our methodology, we propose a feed-forward neural-network classification model that maps the input space to the newly-constructed performance class variable. This model allows us to forecast the performance of new companies as data become available.

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Aggregation with a double non-convex labor supply decision: indivisible private- and public-sector hours

Author(s): Aleksandar Vasilev / Language(s): English Issue: 47/2016

This paper explores the problem of non-convex labor supply decisions in an economy with both private and public sector jobs. To this end, Hansen (1985) and Rogerson’s (1988) indivisible-hours framework is extended to an environment featuring a double discrete labor choice. The novelty of the study is that the micro-founded representation obtained from explicit aggregation over homogeneous individuals features different disutility of labor across the two sectors, which is in line with the observed difference in average wage rates (OECD 2011). Therefore, this theory-based utility function could be utilized to study labor supply responses over the business cycle.

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Synchronization of Capacitated Vehicle Routing Problem among Periods

Author(s): Juraj Pekár,Ivan Brezina,Zuzana Čičková / Language(s): English Issue: 01/2017

The routing problems are one of the most important problems in the field of logistic with great practical applicability. This article deals with synchronized distribution during time periods. It is based on optimization using classical capacitated vehicle routing problem while providing different customers’ demands among time periods. The goal is, except the minimization of the total distance, to achieve the stability of solution among the time periods, which contributes to simplification of transportation planning. Although using of the presented model can lead to a partial increase of distribution cost, on the other hand it ensures more transparent routes and eliminates the need for daily optimization. Therefore it brings a positive effect for distributors, drivers and customers that may result in greater economic benefits than the benefit from the optimization on a daily basis.

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Construction of Hedonic Price Index for the “Most Liquid” Polish Painters

Author(s): Krzysztof Kompa,Dorota Witkowska / Language(s): English Issue: 2/2014

Art market has been developing in Poland and the first Art Fund was established in 2011. Therefore it seems that investment in art can be considered as alternative form by Polish investors. In order to decide whether art is a good investment, it is necessary to evaluate expected returns which might be obtained from such investment thus an art price index should be developed. The aim of the paper is to discuss artworks as investment assets and evaluate price index of paintings produced by 11 Polish artists whose artworks were traded the most often on auctions that were held in Poland in the years 2007–2010. In our research, employing data concerning 750 objects, we apply the hedonic index methodology to estimate returns from the paintings market. The results of our investigation show that hedonic quality adjustment essentially influences evaluation of artwork prices therefore we propose the aggregated hedonic index which might better describe situation at the art market than the hedonic index biased by the specification of a single model.

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The Influence of Innovation on Increasing the Competitiveness of Industrial Enterprises

Author(s): Viktoriya Kalaydzhieva / Language(s): English Issue: 3/2016

The article discusses and analyses some of the existing methods of measuring innovation and competitiveness, as well as the factors for their increasing. However, the lack of methodology of evaluation of the role of the innovations in increasing competitiveness makes it difficult to adopt an approach to analysis and assessment of this influence. Therefore the main goal of the author is to propose a set of methods that involve the use of objective models and appropriate means of analysis and assessment of innovation activity and its influence on industrial enterprises competitiveness.

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