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DOMESTIC AND EXTERNAL FACTORS OF CURRENCY CRISES

Author(s): Milan Marković / Language(s): English Issue: 2/2015

The aim of this paper is to explain the essence and basic causes of currency crises in the last decade of the twentieth century. In doing so, we won’t dwell on the description of the crisis of individual countries. We will analyze the aggregate (essential) factors which determine and encourage the development of currency crises. Research shows that poor macroeconomic policies and adverse external shocks are the most important and the most common factors of currency instability. These are the following determinants which are often associated: long retention of appreciated exchange rate, the bad conduct of monetary policy in a fixed exchange rate regime and the negative impact of speculative capital.

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Ethics - a Form of Marketing for the Tourism Brand of Bucovina

Author(s): Liliana Hîncu / Language(s): English Issue: 1/2015

The Internet offers enough sources for us to make a decision regarding the best place to spend our holidays; a simple search enables us to read the customers’ reviews regarding a certain guesthouse, monastery, leisure place, etc. Since today we live in a society that allows us to get any information from the Internet or certain social network pages, we believe it is very important for the marketing strategies to deal with ethical behaviour. Besides the human resources and other strategies of attracting customers, ethics is a particularly important aspect of marketing, which is subsequently able to make the difference between success and failure in business. We believe that ethics provides customers with confidence, especially if the focus is laid on certain periods of the year, when the Romanians coming from abroad wish to spend a few days in Bucovina or when the foreign tourists fascinated by the beauty of our landscapes choose to spend a few days in the same area. The aim of this paper is to outline the importance of ethics within the actions of promoting and attracting tourists for the Bucovina tourism brand.

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Unconstitutionality of Legal Rules on Biological Sampling of Drivers

Author(s): Gabriela Nemtoi / Language(s): English Issue: 1/2015

The aim of this study is the evaluation of the legal framework that defines biological sampling of drivers. It was considered that lately legislative changes of Criminal Code and implementation of its methodological norms are in a contradictory position with judicial practice of Constitutional Court decisions. Materials and Methods: The study includes a series of Constitutional Court decisions that are motivated and successively constitutes a confirmation of the lack of clarity on the issue of legislative texts on biological sampling of drivers. Constitutional Court decisions are presented in comparison in order to identify key changes, they were imposed to setting time sampling of blood alcohol driver while intoxicated and final stage with the connection to the crime which represents the legal classification and type of sanction. Results: Application of comparative method has shown that biological sampling of drivers suggests two situations First, decriminalizing crime by lack of constituents and the second most favourable criminal law enforcement. Conclusions: This opinion is intended as a signal of question that lawyers and forensic experts should and put it in the correct measurement expertise aimed alcohol test for drivers.

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Państwowa regulacja rynku wyrobów tytoniowych: ścieżka rozwoju regulacji

Author(s): Jakub Sukiennik / Language(s): Polish Issue: 405/2015

The subject of discussion and the goal of this study will be an attempt to answer the question whether on the tobacco market we are dealing with the cohesion of objectives and the results of existing regulations. It should be remembered that the legislator has set themselves the task of reducing the costs associated with the consumption of tobacco products, as well as negative external effects related to this. The secondary aim of the article will be the description of the historical path of development of market regulation of tobacco products which present state depends on its historical formation.

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LE SYSTÈME BANCAIRE ALGÉRIEN ET LE DÉFICIT D’INTÉGRATION DES PME

Author(s): Karim Si Lekhal / Language(s): French Issue: 1 (30)/2016

This article seeks to study the characteristics of the Algerian banking system, its evolution and its mechanisms and operation, to see closely the conditions for granting loans by public banks that compose it. Aren’t they sources of adverse selection problems and moral hazards? Also showing how these conditions of access to bank financing and behavior finance practitioners may be due to the exclusion of a large number of SMEs in the credit market, it invites to reconfigure the national system and to rethink link between bankers and entrepreneurs.

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MAXIMIZING SALES UNDER CONDITIONS OF NONLENARTY

Author(s): Nina Petković,Milan Božinović / Language(s): English Issue: 4/2015

This paper deals with the problem of maximizing the sales of a particular product when the revenue function is nonlinear in dependence of the demand for that product. This type of problem is usually solved by the nonlinear programming method which has been sufficiently described in mathematical theory; however, its use is not that simple. Solving functions of more than two variables is rather complicated and requires an appropriate mathematical model as well as suitable software for computer solving of the given problem, which sometimes involves team work.

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CONTRIBUTION OF INTERNAL AUDIT IN THE FIGHT AGAINST FRAUD

Author(s): Milica Đorđević,Tadija Đukić / Language(s): English Issue: 4/2015

The constant increase in the volume of fraud, that leave devastating effects on business performance, causes a significant preoccupation of enterprises with this problem. Being aware of the fact that the establishment of an adequate fraud risk management process is necessity, enterprises are increasingly basing the effectiveness of the mentioned process on the potentials of internal audit. Bearing in mind that internal audit does not have the primary responsibility to prevent and detect fraud, its integration in fraud risk management process represents a new challenge for this function. In the paper, authors initially point out the factors that determine the ability of the internal audit to fight against fraud, then the contribution that this function can provide in their prevention, detection and investigation.

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Nonprofit szervezetek területi és gazdasági súlya a gazdasági válság után

Author(s): László Kákai / Language(s): Hungarian Issue: 06/2015

There were very few surveys made about the relationship between the non-profit organizations and certain economicindicators, and, in the light of these relations, about the impacts of the economic crisis on the sector. In thestudy the author attempts to point out whether non-profit organizations could be related to the regional incomepotential (both in case of companies and civil) and to the economic activity of regional economic organizations,and if so, to what extent is there a correlation or interdependence between them. Attempt is made also to describetheir regional characteristics within the country. Answer is sought, how the presented economic position and thelack of resources typical of most of the organizations resulted from low resources and the withdrawal of financesattending the crisis, and to what extent the organizations were able to counterbalance these factors, by all meansthe crisis shook the not at all stable economic basis of the sector.

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Firm-Level Output and Competitiveness in the Great Recession: The Role of Firm characteristics and Qualitative Factors

Author(s): Tibor Lalinský / Language(s): English Issue: 02/2016

We investigate the developments of output volatility and competitiveness during the recent global recession using a unique firm-level database. The database combines Slovak balance sheet and trade data with results of a qualitative questionnaire survey on the firm competitiveness. The results of our quantitative analysis show that younger, less export oriented and more productive firms with comparative advantage weathered the crisis better. In addition, we find that highly efficient leadership, professional management and strong orientation on cost reduction helped firms to recover from the crisis and reach higher than the pre-crisis level of competitiveness within a short time period since the outset of the crisis.

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INNOVATION AS A DETERMINANT OF COMPETITIVENESS AND DEVELOPMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE REPUBLIC OF SERBIA

Author(s): Gorica Bošković,Ljubodrag Savić,Vladimir Mićić / Language(s): English Issue: 1/2016

The backbone of the competitive advantage of a contemporary enterprise is its ability to innovate. Innovations are indispensable for every enterprise, regardless of its size. However, smaller business entities, i.e. small and medium-sized enterprises (SME) have a greater innovative capability in comparison to big systems, since they are more willing and more prepared to apply innovations (raw materials, products, services, processes, production organization) and new technologies quickly and instantaneously, as well as to employ highly qualified personnel. Moreover, they are more adaptable to market changes and to new technologies, which is, again, the direct result of the development of their innovative capacities and activities. Taking into consideration the tendencies in the development of SMEs in the Republic of Serbia, which indicate that the number of these enterprises is increasing, as well as their topicality and importance for the development of the national economy, the aim of this paper is to examine whether and to what extent an increase in the number of SMEs in the Republic of Serbia is followed by an increase in their innovativeness. This research question is of great importance as SMEs can attain a sustainable competitive edge and generate conditions for their further development only by means of innovativeness.

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Ocena wartości rekreacyjnej zbiornika „Wilkówka”

Author(s): Arkadiusz Halama / Language(s): Polish Issue: 418/2016

Poland is one of the countries with low water resources; additionally unevenly spaced. Incurred expenditure on water management is limited. Few carried out investments; for example small water reservoirs should be used in the most effective way. The main objective of the work is an assessment of the recreational value of reservoir Wilkówka and its recreational use. This reservoir is intended to supply water to the population; but its location and surroundings are also conducive to its recreational use. It would be useful to extend the use of the reservoir to the recreational function; even in a limited scope.

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Charakterystyka procesu ustalenia kosztu jednostkowego produktu w przedsiębiorstwie branży meblarskiej

Author(s): Tomasz Ankiewicz,Zofia Wyszkowska / Language(s): Polish Issue: 424/2016

The article includes selected issues relating to the establishment of unit cost of manufacturing goods. It describes the essence and the subject of a calculation as well as calculus methods adopted by an enterprise. It also presents a calculation in a furniture branch company with an integrated IT system. Additionally, it emphasizes the significance of up-to-date data entered into the computer system which is used to perform a product calculation.

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THE IMPACT OF THE GLOBAL DOWNTURN ON THE ECONOMIC SITUATION OF THE SME SECTOR IN POLAND

Author(s): Anna Stępniak-Kucharska / Language(s): English Issue: 2/2016

Small and medium-sized enterprises play a leading role in modern economies — they create more than 50% of GDP, employ over 70% of people and are a major source of entrepreneurship (more than 99% of entities belongs to the SME sector). The changes in the socio-economic system, initiated in Poland at the turn of 1989 and 1990, became the foundation for the development of entrepreneurship. Nowadays, companies from the SME sector have dominated the market over time and play a key role in the Polish economy. Small and medium-sized companies dominate in the domestic economy as they account for almost 99.9% of all enterprises. Their role in creating GDP is increasing — over the last 25 years, the share of SMEs’ production in GDP almost doubled. The impact of the SME sector on the national economy can be also described through its participation in the creation of jobs. The SME sector is a major employer, employing more than 7.8 mln workers. Therefore, it is important to examine the condition of small and medium-sized enterprises. The purpose of this paper is to analyze the impact of the economic downturn on the financial condition of Polish non-financial SME companies. The survey covered such issues as: the number of active enterprises, number of persons employed and employees, revenues and production, profitability indicators, salaries and labour productivity. The analyses were performed over the period 2003–2013. Data were obtained from Central Statistical Office of Poland.

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INSTITUTIONAL DETERMINANTS OF CORRUPTION

Author(s): Marcin Brol / Language(s): English Issue: 1/2016

Corruption is a phenomena which regards every society in both, geographical and historical context. Information on the phenomena in question occurs in many sources in writing and in legends told from generation to generation. Contemporary observations prove there is no society without the corruption. Some differences regarding scale and intensity of the phenomena exist, however, it is present in every country irrespective of economic and legal systems. Corruption is widely regarded as a negative phenomenon for the economy and unfair from the social point of view. Criminalization of this phenomenon has not, however, led to its disappearance. In some countries, contrary to the current regulations, it has become widespread, displacing other forms of exchange. This applies particularly to countries with weak institutions. Their weakness may result from changes in political or cultural factors. Goal of the paper is to point out the institutional determinants of corruption. A tool used to complete a goal is examination of indexes picturing corruption level as well as a case study — including countries characterized by serious and little concentration of the phenomenon in question. Because of formal restrictions regarding volume of the paper, just the most crucial facts and relations are demonstrated.

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The Effect of the Country of Origin on the Consumer, from the Placebo Effect Perspective

Author(s): Lavinia Muresan / Language(s): English Issue: 2/2015

Although it is mostly used in Medicine, the placebo effect has been exploited in Marketing as well, in recent years. In Medicine, the placebo effect is defined as the improving state of a patient as a result of administering a simulated treatment, without any therapeutic healing effect. The current paper pre-sents the results obtained in the studies that tested the placebo effect in marketing, and the conclu-sions of an experiment in which the possibility of producing the placebo effect on the consumer when the country of origin of an identical product differs was tested.

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The pertinence of infrastructural facilities in rejuvenation of small scale enterprises in Ikare Akoko , Ondo State, Nigeria

Author(s): Adejompo Fagbohunka / Language(s): English Issue: 1 (37)/2016

The potency of small scale industries in socio economic transformation is awe-inspiring; while inadequate infrastructure poses a gargantuan limitation and a major clog in the wheel of socio- economic revamping. The paper underscores the relevance of infrastructural facilities in rejuvenation of small scale industries, using Ikare Akoko as a case study. The paper adopts a total sampling method; on the whole One hundred and fifteen questionnaires were administered to the proprietors of the small scale enterprises. The paper has reveals a grossly inadequate power supply, which is also regarded as the most germane and influencing infrastructure in the performance of the small scale industries. With the exception of telecommunication, the paper has found out a negative relationship between water supply, effective transportation system, adequate health facilities and the small scale industries. The correlation analysis carried out to test the effectiveness of the infrastructural facilities and the socio economic performance of the small scale industries reveals a non-significant value of 0.799 at 0.005 levels. It was vivid from the research that government has an infinitesimal contribution to infrastructure development of Ikare Akoko. The research reveals the consequences of the unsatisfactory level of infrastructural development such as, low productivity, socio-economic malaise as well as discouragement and lowering the morale of the small scale proprietors. The paper therefore, suggests an integrated approach to infrastructural development at the local, state and federal level. The private sector participation would also contribute to the alleviation of this major bane to the thriving and development of the small scale enterprises.

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Nowe trendy konsumenckie jako przejaw innowacyjnych zachowań współczesnych konsumentów

Author(s): Tomasz Zalega / Language(s): Polish Issue: 46/2016

The article presents a theoretical discussion of the relationships between innovations on the one hand and consumption and market behaviours of contemporary consumers on the other hand. In the first part of the article, the focus is on the notion and nature of new trends and innovation. In the next part, the discussion moves to the discernible manifestations of innovative behaviours of contemporary consum-ers. Because of the limited space allocated by the journal, the author concisely analyses the most inter-esting, in his opinion, alternative consumer trends pointing to innovative behaviour of consumers in the market. Much attention is also given to factors in the development and manifestation of prosumption, social media, multitasking, crowdsourcing, Point&Know/Point&Buy, collaborative consumption and smart shopping. It is the so-called “new” trends and manifestations of prosumption that the specialists in this field tend to treat as indications of innovative consumption.

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Konsumenci wobec innowacyjnych produktów

Author(s): Elżbieta Szul / Language(s): Polish Issue: 46/2016

Innovation is a very important factor in the companies’ and economy competitiveness. By in-troducing innovation management company formed and maintains relationships with customers, with innovative solutions tailored to customer needs shaping its positive image on the market. Consumers have a positive attitude to innovation but customer purchasing decisions depend on whether innovative product will meet their expectations. Consumers will not accept innovation if they do not know what benefits it provides, if its price will be too high or the innovative product would be too complicated. Therefore, companies should involve customers in the process of creat-ing innovative products. This approach shows that the company counts with customer needs and trying to maximally adjust to his needs. However positive attitude towards innovation does not necessarily mean buying them, therefore, there are very important marketing and education efforts to customers in order to persuade them to buy. More inclined to purchase innovative products are young and better educated, who have more knowledge and skills in such products, which is why the success of innovation depends on its affordability for the broadest range of receiver dances.

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A Comprehensive Overview of Small, Medium, and Micro Enterprise Development in South Africa

Author(s): Nomfundo P. Vacu-Ngqila,Sin-Yu Ho / Language(s): English Issue: 5/2023

The small, medium, and mirco enterprise (SMME) sector is viewed as a catalyst for economic growth in the whole world due to its potential to substantially contribute towards employment creation and poverty reduction, among other things. In South Africa (SA), SMMEs have accounted for approximately 40% of gross domestic product and 47% of the workforce in the past few years. Despite the critical role of this sector in SA’s economic growth, literature on understanding its development and trends is scant. This study, therefore, provides a comprehensive analysis on the development of SMMEs in SA. We first conceptualize the term by comparing the definitions of SMMEs from various countries. We later trace the regulatory development of SMMEs during the period from 1940 to 2020.We provide an in-depth discussion on the performance of SMMEs during the period from 2008 to 2021from different lenses such as provincial, sectoral, and demographic analyses. The results confirmed that, in terms of the number of firms, the sector has remained resilient over the reviewed period. We found that the sector contributes significantly towards economic growth and employment in SA, and this has increased over the years under review. Lastly, we identified several financial and non-financial challenges faced by SMMEs.

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Incorporating Functional Quality into Usability Model of E-Commerce Application

Author(s): Hotma Antoni Hutahaean,Arfi Ruwaida,Ni Luh Saddhwi Saraswati Adnyani,Rajesri Govindaraju,Iman Sudirman / Language(s): English Issue: 3/2024

E-commerce application usability refers to the design and functional aspects that facilitate user interaction and goal achievement. Well-designed usability of e-commerce applications will lead to usage continuance by users. Therefore, this study tries to identify usability factors and measure the effect of usability on usage continuance. Based on previous studies, the variables hypothesized to be the factors that define usability are learnability, efficiency, memorability, accuracy, emotion, and utility. Utility is a variable that represents the functional aspects of usability. It is described in more detail into information search, interface display, and transaction. Furthermore, this study also examined the relationship between usability, usage continuance, satisfaction, and usefulness. This study’s hypotheses were evaluated using 242 survey responses from e-commerce application users. Structural equation modeling, or SEM, was applied to process the empirical data. Memorability, accuracy, efficiency, and utility were found to be able to describe the usability of e-commerce applications well. This proved that functional quality is also an essential part of usability. Usability was found to influence usage continuance.

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