International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management

PERFORMANCE ANALYSIS OF TRADING COMPANIES IN SRBIA BASED ON DIBR - WASPAS METHODS

2023-03-20T12:40:19+00:00

Recently, when analyzing the performance of trading companies, various multi-criteria decision-making methods are increasingly used individually or integrated. In this way, because several criteria are used integrally at the same time, it is better to get a realistic idea of the achieved performance compared to classical methods. Based on that, this paper analyzes the performance of trading companies in Serbia based on the DIBR and WASPAS methods. The results of the WASPAS method show that DELHAIZE SERBIA DOO BELGRADE is in first place. Next: LIDL SERBIA KD NOVA PAZOVA, MERCATOR-S DOO NOVI SAD, NELT CO. DOO BELGRADE, MOL SERBIA DOO BELGRADE, PHOENIX PHARMA DOO BELGRADE, MERCATA VT DOO NOVI SAD, OMV SERBIA DOO BELGRADE, LUKOIL SERBIA DOO BELGRADE and KNEZ PETROL DOO ZEMUN. Foreign retail chains are better positioned than domestic ones. They apply new business methods (multichannel sales - store and electronic, private label, sale of organic products, etc.) and the degree of digitization of the entire business is greater. Overall, under the positive influence of numerous macro and micro factors (favorable economic climate, efficient management of human resources, assets, capital, sales and profit, digitization of the entire business, etc.), the performance of trading companies in Serbia has improved.

BRIDGING THE KNOWLEDGE GAP BETWEEN SCIENCE AND INDUSTRY: EMPIRICAL RESEARCH OF UNIVERSITY OF NOVI SAD AND UNIVERSITY OF BELGRADE

2023-05-09T10:44:51+00:00

The paper presents results of the research of academic engagement activities among scholars in the Republic of Serbia at two largest and most influential universities. Comparison of academic engagement activities at University of Novi Sad (UNS) and University of Belgrade (UB) was based on the questionnaire that was sent to 3.163 scholars, and the analysis was carried out on the answers of 184 respondents. The included academic engagement activities are ranked according to the degree of potential for commercialization; starting from the publication of scientific papers in domestic and foreign journals, through participation in conferences and lectures, and up to higher levels in relation to the potential for commercialization of knowledge, such as consulting, selling products of a research without establishing a firm, licensing of patents, and establishing a spin-off. Potential differences in type of academic engagement were tested. A statistically significant difference was found between respondents from the University of Novi Sad and the University of Belgrade in relation to the mean values calculated for three types of academic engagement activities: publishing papers in international journals, selling products of their research without establishing a firm, and establishing a spin- off (new business). Respondents from University of Belgrade were statistically significantly ahead in the number of published works and sales of products or services without establishing companies, while respondents from University of Novi Sad showed a statistically significant advantage in entrepreneurial activity and the most significant form of commercialization of knowledge. Results obtained through this research of academic engagement activities show that researchers at the University of Novi Sad and University of Belgrade universities are significantly bridging the knowledge gap between universities and industry through the commercialization of academic knowledge.

ECONOMIC DIVERSIFICATION IN A WAR ENVIRONMENT

2023-04-03T23:30:42+00:00

The dynamics of the environment cause changes (destructive and creative) and require response strategies. Cybernetic balance is a result of homeostasis. Disturbance indicators and the severity of impact cause a multitude of responses. Regress and progress are the manifestations. Response strategies may be different depending on the geostrategic position of the threatened. Is the solution in intellectual capitalism or in the search for new strategies of social justice? Economic structures are looking for ways to function.

STRATEGIC MARKETING TRENDS OF 2023 IN HUNGARY

2023-04-04T00:00:52+00:00

Abstract: The classic tasks of functional strategies are, on the one hand, to support the achievement of company and business objectives with a professional toolkit, and on the other hand, to guide and coordinate the tools, actors, and stakeholders of the functional area. At first level, this study examines what effects and trends those working in the marketing and communication functional area could be identified in today's highly variable natural, economic, and social (more precisely consumer) environment and how all these affect the company's target system, the periodic goals of the functional area, and its activity and device system. The investigation fits into a series of research that is carried out regularly for years on, which the Hungarian Marketing Association (HMA) conducts by interviewing marketing and communication decision-makers representing domestic and international brands among its members of large corporation level. At the beginning of each calendar year, for the seventh year now, the professional organization assesses what defining trends the professional decision-makers experience in their field, based on which they update and fine-tune their functional strategy. The research is usually conducted with the help of a discussion group methodology based on a cognitive approach. In January of this year, a total of 12 marketing and communication organizational leaders discussed their opinions on the topic, along a pre-compiled guideline, which primarily aimed to identify and clarify the defining functional strategic trends of the Hungarian market. The participants represented the FMCG, gaming, telecommunication, retail, banking, and service markets, while half of them represented global market players operating in Hungary. The guideline was based on an extensive, current literature review and a preliminary gathering of trends. Based on the discussion, the following five focus areas were determined, which strongly effect the current strategic direction of marketing and communication functions: value-based business decisions, the priority role of inshore or offshore services, the responsible construction and management of data assets, the role of creativity in day-by-day solutions at different levels, and finally the stability of the company and brands. In addition to this, the decision-makers emphasized the strategic function of marketing, since the power of brand value and mental availability play an even more important role than before when consumers decide which products are included in and out of customer basket of offline or online channels. In addition to their immediate practical applicability, the results can also form the basis of further, more extensive, quantitative research, as well.

MANAGING BRAND IMAGE IN SCHOOL

2023-04-04T13:26:34+00:00

Purpose: The paper discusses managing brand image in the school. Brand image is observed in the context of school management. Emphasis is placed on research and analysis of school branding from the aspect of service marketing.

Methodology/approach: The research is based on relevant theories of brand management. It starts from the construct of brand identity according to Kapferer and brand image according to Keller. The brand service context was observed according to Gronroos.

Results: In order to achieve a desirable school culture, which is a condition for developing the brand image of the school, it is necessary to develop internal marketing. Teachers are the most important segment of the school. The paper analyses different identities of the school and connects them with the construct of the teacher's identity. The results confirm that the teacher's identity construct, which represents a large part of school culture, is extremely important for school branding.

Conclusion: Proper management of school culture and building the school's identity creates an image in the minds of consumers. Since the image of the school is closely related to the service providers, the employees are both, promoters of the brand, and its creators. School branding was observed in the context of brand relationship. A brand develops in the minds of customers as a result of accumulated experiences of contacts.

Limitations/future research: This study is theoretical and is based on qualitative methodologies. Further empirical research can be conducted on different types of schools to identify models of school culture and school image.

HOME OFFICE AND EMPLOYEE SATISFACTION DURING AND AFTER COVID

2023-04-04T13:49:10+00:00

The paper aims to demonstrate how employee satisfaction with the home office changed during and after Covid.

The research question is how the home office's perception changed after the epidemic's end.

The research had two parts. At first, during the examination, 600 Hungarian residents aged 18-64 who had ever worked at least for three months from home in home office were contacted with an online questionnaire. The survey took part at the end of the 3rd wave of the COVID pandemic, in May and June 2021. The second research phasis took part after Covid, in February and March 2022. During this research, we contacted 1000 Hungarian residents with an online questionnaire.

The analyses found that employee satisfaction with the home office (satisfaction index) decreased, but the positive attitude increased.

The research findings make it clear that the employees are open to the home office option, but they no longer see it as a reward but rather have higher expectations.

THE IMPACT OF THE WAR IN UKRAINE ON THE POST-COVID SERBIAN LABOR MARKET

2023-04-06T09:37:01+00:00

The first signs of recovery of the Serbian labor market from the impact of the economic crisis in 2008 have been waiting for more than 3 years. Despite the strength of the impact of the aforementioned crisis, the labor market of Serbia recorded positive trends after recovery, which were interrupted by the outbreak of the Covid-19 virus pandemic. The specificity of the crisis caused by the Covid-19 virus, since the crisis was caused by a non-economic factor, required a different approach to the situation and a different adjustment of the labor market and the economy as a whole. The measures taken with the purpose of protecting the health of the population caused the deterioration of the performance of the Serbian labor market and caused a decrease in the demand for labor, especially in the sectors of high-contact activities. The crisis had a different impact on different sectors of the labor market, and therefore on different socio-economic and demographic groups. Vulnerable categories of the population in the labor market, who were in a worse position even before the outbreak of the pandemic, felt the consequences of the crisis more than others. The exit from the crisis caused by the pandemic, instead of a peaceful period of recovery and strengthening of the impaired performance of the labor market, was replaced by the war in Ukraine. The world had faced the most intense economic turbulence since World War II. The period of macroeconomic instability caused by geopolitical turmoil and the rapid restructuring of energy systems, which we are witnessing, has a strong impact on the economies of the world, and therefore also on the labor markets and their actors. The purpose of this paper is to point out the challenges and risks facing the Serbian labor market in the period of recovery from the pandemic and the period of marked geopolitical instability caused by the current war in Ukraine. The paper stated how the Covid-19 crisis shaped the labor market of Serbia and what changes can be expected in the current and future years as a result of adjusting to the conditions of inflation growth, potential stagflation shock, difficulties in food production and supply, and rising prices of energy and mineral fertilizers.

STRATEGIC PROVISION OF NECESSARY MINERAL RAW MATERIALS FOR ECONOMIC AND NATIONAL NEEDS

2023-04-11T17:14:26+00:00

The current geopolitical conditions, market changes and difficult provision of the necessary mineral raw materials, caused the unfavorable position of producers in the procurement of mineral production inputs. Strategic planning of national mineral needs requires an economic evaluation of mineral reserves. The method of expert economic evaluation enables the qualitative-quantitative definition of mineral reserves for strategic decisions in the field of mineral production and provision of the main mineral raw materials.

WHAT AFFECTS WAGES?

2023-04-19T10:36:46+00:00

For a long time, economic theories did not deal with wages and differences in wages. My main goal is to present Mincer's wage equation and the criticisms of his theoretical and empirical research. After that, I examine how different authors felt about wages, wage determination, and the reasons for wage differences. In connection with the analysis framework, I set out to distinguish two main factors: external and internal (individual) factors. Within the external factors, I examine the studies that analyze how region, industry, sector (private or public), city sizes, company sizes, and unions affect wages. Within the internal factors, I focus more on articles that deal with the influence of education, ability, age, race, gender, and marital status.

A LITERATURE REVIEW ON ARTIFICIAL INTELLIGENCE IN GLOBAL SUPPLY CHAIN MANAGEMENT

2023-04-03T23:33:10+00:00

Artificial intelligence (AI) can significantly improve the efficiency and resilience of supply chains due to its potential to forecast future demand, reduce costs, optimize logistics, enhance quality control, improve inventory management, as well as to increase both customer satisfaction and overall effectiveness of global supply chain management (global SCM). Despite these benefits and popularity, research to date on the contributions of AI to global SCM is rather dispersed. This paper aims to synthetize this relevant body of knowledge and assess the current context of AI in supply chain literature.

WORLDWIDE TRENDS IN THE SCIENTIFIC PRODUCTION ON THE RELATIONSHIP BETWEEN PUBLIC GOVERNANCE AND HEALTH SYSTEMS IN THE CONTEXT OF POST COVID-19 PANDEMIC

2023-04-03T23:11:17+00:00

Abstract: The research conducted within this paper is set to identify worldwide scientific trends and assess the overall production of the relationship between public governance and health systems. The methodological credentials are based on scientometric analysis, implying the “R-bibliometrix” package, using the bibliometrix R-Tool to visualise the existing knowledge networks and to measure the quality and quantity of the selected and included documents. Moreover, we applied the main features of R-biliometrix, namely annual scientific production, specific research themes and documents trends, sources, and authors, with a keen focus on the clustering technique. The bibliographic data were selected and retrieved through the Web of Science Core Collection database (WoS), resulting in a final sample of 313 relevant articles published during the lapse of time between 2018-2022. Results indicate two major areas of countries’ networks, respectively collaboration and production networks, with a significant level of interaction between countries worldwide and close groups of knowledge at the European Union level, along with the highest level of scientific author production between different countries around the world. Moreover, the results suggest that the governance of health systems is a solid field of research and the most important themes identified are related to the specific subject of financing the health system, especially during and after the COVID-19 pandemic, implying the need for adequate regulations and effective public policies to further sustain public health. Moreover, the results reveal that many authors and international institutions express a greater interest in the public governance of health systems. Ultimately, the all-embracing impact of research trends regarding the relationship between public governance and health systems is beneficial, our results leading to an upsizing of future research assistance by providing a worldwide framework related to the governance of health systems within the EU.

THE DEVELOPMENT OF REGIONAL AND LOCAL HR PRACTICES IN HUMAN RESOURCE MANAGEMENT DUE INTERNATIONAL COMPARISON ON THREE CONSECUTIVE CRANET RESEARCHES

2023-04-03T23:46:45+00:00

With our present empirical research and conference presentation, following the contextual research paradigm proposed by Chris Brewster, we are looking for an answer to where the human resource management practice of organisations in Central-Eastern Europe and Hungary is at the moment, compared to global trends and what characteristics it shows. In addition to the theoretical approaches to human resource management, we use the conceptual framework provided by cultural clusters and comparative economics, examining their mutual influence and connections in explaining the phenomena.

MODELS OF CONTRACTS ABOUT EFFICIENCY WAGE

2023-04-11T18:30:48+00:00

The theory of efficiency wages and different wage calculation models are the subject of numerous scientific analyzes and discussions. This scientific work points on the specificities of the labor market, but also their relevance in modern conditions. The main goal of the work is to present models of effective wages, as a function of engagement, productivity and commitment of workers. Precisely defined research objectives determined the structure of this work, as well as the methodological instrumentation. The offered models have certain limitations, but also numerous expansion possibilities.

ERP SYSTEMS FOR SMALL AND MEDIUM-SIZED ENTERPRISES FROM THE SAP AND MICROSOFT PERSPECTIVE

2023-04-11T18:33:30+00:00

Enterprise Resource Planning (ERP) systems have been the backbone of companies' e-business since the 1990s. They were originally designed for large companies which are doing business globally, but over time they have become indispensable software solutions for SMEs. Today, there are numerous ERP vendors in the ERP system market. Among the most well-known with a significant market share are the ERP systems of the companies SAP and Microsoft. The paper will present the products of the mentioned companies, their benefits and limitations and comparative analysis of their ERP systems for SMEs, SAP Business by Design and Microsoft Dynamics 365.

STANDARDIZATION OF THE COMMERCIAL PROCESS IN ORDER TO FORM A NETWORK ORGANIZATION IN RETAIL

2023-04-23T11:37:24+00:00

One of the main motives for organizations that operate within the same activity to join forces is the joining of negotiating power in the procurement process. When forming a network of retail companies, it is first necessary to standardize their basic processes, as well as other elements of the retail organization, so that the central functions can support them in the same way. As the first step in the implementation of the consulting project for the alliance of national retail organizations, process mapping was carried out in order to create a set of data for comparative analysis and standardization, based on examples of best practice, within the alliance members and at the central organization level. The results are standardized positions and processes within all members of network, created typical models of organizational structures of network members and central functions of the network and distributed responsibilities of the basic commercial process depending on the type of alliance the formed network belongs to.

RUSSIAN – UKRANIAN WAR: THE IMPACT OF ECONOMIC SANCTIONS ON RUSSIAN AND GLOBAL ECONOMY THROUGH THE EYES OF AN ACCOUNTANT

2023-04-09T16:01:53+00:00

Russia's invasion of Ukraine in early 2022 has increased geopolitical tensions between Western countries and Russia by lowering global growth expectations due to uncertainty about the effects of the conflict. While on the one hand, the US and the European Union are trying to influence Russia's behavior by introducing large-scale commercial and financial embargoes and sanctions, Russia is defending itself by imposing sanctions on European officials. It is clear that such mutual actions led to shocks in the supply of energy and other goods. Numerous companies around the world stopped cooperation with Russian companies, causing shocks in the financial markets as well, which finally resulted in an increase in the general level of prices, i.e. global inflation. This paper considers the economic impact and potential implications of the Russian-Ukrainian war on the economy of Russia itself, as well as on the global economy.

QUALITY MANAGEMENT AND DIGITAL TRANSFORMATION IN A PORTUGUESE HEI: A PROCESS MANAGEMENT APPROACH

2023-04-11T17:29:01+00:00

Over the years, Higher Education Institutions (HEI) have been changing the way they observe and approach quality and the management of their teaching, research, or knowledge transfer activities. There are several guidelines regarding quality management in higher education. In Portugal, besides the framework proposed by the National Agency (A3ES), HEI use other standards, such as ISO 9001 or the EFQM excellence model. A comparative analysis of these guidelines shows that they share principles, are based on a process management approach, and seek to improving the organization’s performance. Regarding the process management approach, there is a perception that processes add value to the organization and facilitate the achievement of its strategic objectives. Additionally, the incorporation of technology in the processes makes them more agile and increase the organization’s efficiency.

In this context, digital transformation is a reality that proposes a change in the way organizations operate, incorporating digital processes into their processes, thus making them more prepared to face market demands. In this paper we present a use-case of digital transformation in a HEI. Based on the Digital Kaizen methodology, this work focuses on a systematic approach to review quality processes in use at HEIs, modeling, digitalizing, and automating them in the form of business processes. As result, a well-defined method containing the steps for the transformation of processes is proposed, as well as a set of reference tools that support the digital transformation process.

MODELING USER’S PREFERENCES TOWARDS ELECTRIC VEHICLES. A DISCREET CHOICE MODEL APPROACH

2023-04-21T07:05:57+00:00

Sustainability, and the demand for sustainable products came to the four in the last years. One of the most polluting acts of humanity is transportation. Even tough changing our location is an unavoidable part of the everyday life, we can choose alternatives which are less burdensome on the environment. Electric vehicles (EVs) present an environmentally friendlier solution in the future of mobility. The existence of these cars can already be seen on the streets of our cities, as they are available to the masses. At the same time, the spread of such vehicles is not so rapid, as there are compromises need to be made while using them. Since there is little information about electric cars, the range anxiety and high price tags also prevent EVs from spreading in large numbers. At the same time, besides being less polluting, there are multiple advantages of driving e-cars. However, the benefits of EVs will only come true if people will accept and use them. At present there are several car manufacturers who produce EVs, although people seem to still prefer internal combustion engine vehicles. In our research we use Choice Based Conjoint and Maxdiff analysis to understand people’s preferences towards EVs. In our results, we determine the best combination of attribute levels, that present the most preferable EV and show which are the most preferred EV brands. Our online research was published in the beginning of February for three weeks period, and we have reached 206 people.

THE EFFECTS OF THE COMPENSATION SYSTEM ON JOB SATISFACTION AND TURNOVER INTENTIONS OF EMPLOYEES IN THE REPUBLIC OF SERBIA

2023-03-20T12:28:13+00:00

The main goal of this research is to examine the relationship between the compensation system, job satisfaction, turnover intentions, and the mediating effect of job satisfaction in the relationship between the compensation system and turnover intention. The main research question relates to determining the effect of the compensation system on turnover intentions and the role of job satisfaction in this relationship. The methodology of the work consists of the theoretical and empirical part of the research. Empirical research was conducted on a sample of 100 employees from organizations operating in the Republic of Serbia. The collection of samples lasted from March to May 2022 through an electronic questionnaire based on which respondents had the opportunity to answer at any time, wherever they were, through their electoral devices. The proposed relationships were tested with the PLS-SEM method, using the SmartPLS software. The main findings of the research indicated that there are direct positive effects of the compensation system on job satisfaction and turnover intention, and that job satisfaction has an indirect effect on the relationship between the compensation system and the turnover intention of employees. Employees who are offered an adequate compensation system do not want to leave their job, and also if the employees are satisfied with the compensation sys, they will not want to leave their job.

APPLICATION OF ROBOTIC PROCESS AUTOMATION TECHNOLOGY: EXAMPLE OF INVOICING

2023-04-05T15:34:22+00:00

Abstract: Background: Digital business transformation is a concept whose impact is undeniable in almost every business sector. This period of transformation is sometimes called the digital era, which is characterized by a wide range of digital possibilities, from which the trend of robotization, which is becoming increasingly important and emphasized, must not be left out. In this context, robotic process automation technology (RPA) undoubtedly constitutes one of the most important aspects of the digital transformation of business. RPA aims to free people from performing repetitive, structured and low-cognitive tasks that tend to bore employees and thus result in more errors. Purpose: The aim of this paper is to familiarize with the theoretical foundations of RPA technology, as well as to present the flow and method of robot development during the realization of a project of digital business transformation in a medium-sized manufacturing company. Research design/methodology/approach: For the purposes of providing the theoretical basis of robotic process automation, a literature review was conducted by searching the Web of Science and SCOPUS index databases. The pilot project that resulted from the initial stages of the implementation of the robotic process automation project follows the stages defined by researchers from the academic community. Results/conclusions: The results of the theoretical review of the literature indicate the most significant features, advantages and disadvantages of this technology, while the developed pilot project offers a presentation of ways of thinking and solving problems in the automation of the real invoicing process. Limitations/future research: Limitations refer primarily to the inability to access the company's resources during robot development, which results in a robot that requires certain adjustments in order to implement it in a real environment. Since the company did not approve the use of their ERP (Enterprise Resource Planning) system in which they create invoices, alternative possibilities and resources were used for the realization of this pilot project. Acquainting the company's management with this technology through the example of robotizing the invoicing process should result in full acceptance of this project. This would lead to the need to adapt the created robot in the future to the real resources of the company and implement it in their daily business.

IMPLEMENTATION OF SWOT ANALYSIS AND QUANTITATIVE STRATEGIC PLANNING MATRIX ON A LOW-COST PRIVATE SCHOOL

2023-04-03T23:20:49+00:00

A newly established private school has to face various challenges since it has to compete with the existing public and private schools. Competing with the other schools will not be easy since parents and students would prefer schools that have been around for a longer time with good reputations. This study aimed to formulate strategies for a low-cost newly established private school using SWOT analysis to understand the strengths, weaknesses, opportunities, and threats using the Internal Factors Evaluation (IFE) and External Factors Evaluation (EFE) Matrices. The internal-external matrix along with the SWOT matrix could determine the strategies to match the school’s position internally and externally. Then, the quantitative strategic planning matrix (QSPM) evaluated the score of the strategies and the priority was on the strategies with the highest score. From the result of the study, it can be concluded that advertising the school using various social media and building the crucial facilities first can be used for market penetration and product development.

DOING MORE BY DOING LESS? THE ROLE OF SETTING FORMALIZED GUARDRAILS IN THE APPLICATION OF HR ANALYTICS

2023-04-04T14:13:46+00:00

HR analytics comprises several ethical h datafication and algorithmization of employee data, such as issues concerning data privacy. These uncertainties shape the actions of the actors – in particular HR professionals, data scientists, and works councilors – who are involved in the adoption and implementation of HR analytics. Using a relational perspective on technology that takes the uncertainties of technology adoption into account, we examine how the uncertainty navigation of these actors shapes the implementation of HR analytics. Based on a rich corpus of qualitative data in two contexts with marked differences in the regulatory environment covering digital technologies (Austria and Germany vs. Switzerland), we find that the actors involved in the implementation of HR analytics deal with ethical uncertainties by setting formalized guardrails of containment, i.e., by delineating acceptable and inacceptable usages as well as authorized and prohibited connections between technological entities such as data and software programs. The guardrails channel actors’ behavior, i.e., they limit and enable their actions. Thus, they not only provide means to navigate ethical concerns, but also help to streamline and accelerate development and implementation processes by clarifying uncertainties, e.g., what HR analytics tools can be used for. HR managers can refer to these formalized guardrails to reduce tensions between actors and to find data-based solutions to business problems more quickly. Through our analyses, we contribute to a better understanding of the ethical uncertainties inherent to the implementation of HR analytics as well as the ways in which actors deal with these uncertainties.

CONNECTING THE DOTS: HOW DOES LEAN THINKING CONTRIBUTE TO PROJECT MANAGEMENT?

2023-04-04T00:17:22+00:00

Lean Thinking (LT) is a philosophy that focuses on the development of initiatives to maximize customer value and minimize waste. LT was initially developed for manufacturing, but over the years its principles and tools have been adapted to other industrial sectors and functional areas, such as project management (PM).

Despite the potential benefits of linking LT to PM, there is limited literature examining the link between these topics when adapted to a variety of project contexts, still focusing on the execution of construction projects. Therefore, the proposed research aims to analyze the contribution of LT to minimizing waste in PM activities in order to increase project efficiency.

Having in mind the lack of research linking these two concepts (LT and PM), this research aims to review the literature related to LT and PM, and then conduct a bibliometric analysis to understand how this topic has grown over time. From the literature consulted lean thinking is proposed as a key aspect to support project managers in identifying the main waste originating in ongoing projects. The results will contribute to developing a conceptual model that aligns the LT tools and techniques with the PM practices. The proposed research aims to analyze the contribution of LT to minimizing waste in PM activities to increase project efficiency.

THE RELATIONSHIP BETWEEN WORK DESIGN AND JOB SATISFACTION AND ITS IMPLICATIONS FOR ROMANIAN COMPANIES

2023-04-04T13:54:20+00:00

The aim of this paper is to identify the work characteristics with the highest impact on job satisfaction across a wide range of occupations and positions within Romanian companies. The empirical research had been carried out within the Global Work Design Project initiated by the Academy of Management HR Division, based on the work design questionnaire (WDQ) developed by Morgeson and Humphrey (2006). The Romanian sample consists of 394 employees from 69 organizations In our paper we construct the model of the typical Romanian job (with the average values of work characteristics) and identify the features which lead to high job satisfaction. Our findings have implications on companies’ HR strategies.

THE ROLE OF TRAINING AND DEVELOPMENT IN DECISION-MAKING - BASED ON THE 2021/2022 CRANET SURVEY

2023-04-04T14:42:44+00:00

The training and development of human resources in companies and organisations is one of the key functions of HR: the conscious planning and organisation of this area is an important indicator of the functioning of an organisation (Karoliny et al., 2020).

The results of the related surveys not only provide a basis for comparison based on objective measurements, but also allow further lessons to be drawn, primarily with reference to Hungarian conditions. This is the purpose of the CRANET survey, which aims to gather information on EEM practices and their changes in different countries.

Within the questionnaire, the aspect of training and development appears in several sections. Within staff development, we have sought to demonstrate a statistically verifiable link between the sub-sections of the methods used for development and career management and the decision-makers responsible for training development: at the heart of our study was the assumption that it matters who is responsible for the main decisions: the less the manager makes decisions on training development issues, the more the organisation decides to use development and career management methods.

REFRAMING TYPES OF UNCERTAINTY AS A STARTING POINT FOR EFFICIENT DECISION MAKING

2023-04-07T12:00:47+00:00

Purpose: Mangerial decision-making situations are often confronted with uncertainty in terms of underlying causes and predictable effects. However, overlapping definitions and conflicting operationalization of the uncertainty construct make it difficult to deliberately face different types of unceratinby with specific decision-making strategies. The paper aims at delineating types of uncertainty along specific knowledge contexts to enable the choice of suitable strategies for specific decision-making situations.

Design/methodology/approach: In a literature review, concepts of (un)certainty based on (im)perfect information and objectively/ subjectively available configurations of knowledge are discussed and revised.

Findings: The paper develops a framework comprising differentiated states of available information and knowledge applicable to decision-making situations. To unburden the uncertainty concept from conflicting definitions and heterogeneous operationalization, the umbrella-term contingency is introduced. It overarches all states of (im)perfect information and various configurations of knowledge. Finally a framework is presented that delineates different levels of contingency by distinguishing between certainty, risk, uncertainty in the narrowest sense [i.n.s.], complexity, ambiguity/ equivocality and isotropy/ radical uncertainty.

Research limitations/implications: A holistic understanding how to deal with and solve contingency requires further research focusing on aligning levels of contingency with strategies for decision making (algorithms, causation, effectuation, bricolage, improvisation, trial & error) by taking types of knowledge and contextual factors (i.e., time, resources) into account.

Practical implications: Based on the findings, decision-making situations can be clarified in terms of their level of contingency and appropriate strategies to reduce contingency can be developed.

FINANCE AND ACCOUNTABILITY IN GROWING NONPROFIT ORGANISATIONS

2023-04-13T19:10:07+00:00

Nonprofit organisations play an essential role in society: their activities range from various forms of traditional charity to working on 'self-care' schemes in local communities, from advocacy to recreation to fine-tuning education, from supporting those in need to educating for self-reliance. The various forms of civic self-care and community organising help to build capacity for action and autonomous solutions, strengthen local communities and, thus, their role in social networks and integration. Their more targeted attention can complement state solidarity or draw attention to target groups or problems that have - at a given moment - escaped the attention of the state institutions.

NGOs have some specific characteristics, which result in the need for a specific toolkit in aspects of their everyday finance and comprehensive accountability. The following are the results of Hungarian nonprofit research, which examined the organisational growth aspects of Hungarian youth-related nonprofit organisations. Based on the analysis of 277 organisations, the results have been collected to introduce how the organisations handle finance and accountability in the different growth stages. As we can learn later, the development of these areas can become critical to the organisation to the extent that it recognises that this is important to mission fulfilment. However, at different stages of the growth phase, this means becoming more aware and professional.

As a result, if we can first identify the growth stage of a nonprofit organisation, developing the toolkit within the focus of the current growth stage can support the organisation's prudent operation and long-term sustainability.

ECOLOGICAL AGRICULTURE AS AN IMPORTANT FACTOR IN THE DEVELOPMENT OF SUSTAINABLE TOURISM IN CROATIA

2023-03-20T12:45:22+00:00

Climate change has been one of the key socio-political issues in recent years, and thus the main goal of “green” policies is to reduce man’s negative impact on the environment. Conventional agriculture, which is intensive and extensive and based on unsustainable work methods, primarily on chemical pesticides and the destruction of nature, is one of the biggest polluters and culprits for climate change. The solution to this big problem is organic farming, which is based on sustainable - or at least more sustainable - principles. As citizens increasingly recognize the harms of conventional agriculture, not only for the environment but also for their health, more and more tourists are supporting efforts to make agriculture more sustainable. Therefore, organic agriculture and its output in the form of healthy food has become a new trend in tourism and a competitive advantage for businesses that are in any way related to it. Croatia has great potential when it comes to organic agriculture, especially in terms of the synergy of ecology and tourism, given that tourism, in its current form, is also an activity that harms the environment. The paper discusses the current state of organic agriculture in Croatia and supply, demand, and competitiveness in the context of Croatian organic products in tourism. The scientific paper gives examples of good practice and analyses the perspectives of Croatian organic agriculture in European and global tourism. The role of organic agriculture in the creation and implementation of the system of sustainable development of Croatian tourism is becoming increasingly important.

HOW CAN BUSINESS EDUCATION DEVELOP ETHICAL PROFESSIONALS FOR EMPLOYERS?

2023-04-03T22:58:16+00:00

The implementation of any strategy needs professionals acting ethically, to meet the expectations of the society. To investigate how business educators can ensure that graduates will become ethical professionals, key instructors of an international business programme were interviewed. Our thematic content analysis revealed a broader interpretation of professional ethics and a non-systematic approach. The obtained results, visualised by a word cloud and contrasted with Rest’s Four Component Model, could support curriculum developers in integrating ethics into business programmes.

DIGITAL ERA CONSUMERS’ ATTITUDES ABOUT SOCIAL NETWORKS INFLUENCE ON GREEN MARKETS PRODUCTS PURCHASE

2023-04-03T23:38:04+00:00

The modern era is a period of rapid development of technology that is characterized by rapid changes of
everyday life of consumers. According to the changes, consumers of fresh agricultural products also tend to adapt to the
trend. Object research is based on the analysis of consumers’ offers, preferences and needs, with the aim of market
sellers’ acceptance of digital consumers’ way of thinking of. Namely, the research results are aimed at adapting to the
targeted population of consumers. The research results after the Covid-19 Pandemic show that the generation of digital
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age consumers is very numerous and has a relevant market potential and identity, in comparison to previous productions.
The number of these consumers is significant and affects the change in the sales strategy of fresh agricultural products.
So, markets and sellers must accept these changes if they want to win and keep new digital age customers along with
their traditional customers. Social networks are a fundamental factor in adaptation to ?????? sales and making
purchasing decisions. The aim of this work paper is to investigate the role and importance of social networks in the
purchase process and focus on the consumer in the context of digital sales and communication. The research is based on
a theoretical approach to the influence of social networks on making a purchase decision from the consumer's point of
view, the author's experience, and an ?????? survey of consumers who use social networks under the age of 30, on a
sample of 200 consumers. Based on consumer satisfaction, a conceptual research model was structured and hypotheses
were defined, and they are verified using different statistics softwares. The research results were analysed and presented
using statistical data processing methods in the form of tables and graphs. Recommendations in the form of conclusions
present the theoretical framework of the influence of social networks on the purchase decision and show the views of
the respondents of the conducted research in order to draw conclusions about the extent of their influence on the domestic
market.

TALENT DEVELOPMENT AND ORGANIZATIONAL SUCCESS: EVIDENCE FROM SELECTED BALKAN COUNTRIES BASED ON CRANET RESEARCH 2021

2023-04-04T00:03:41+00:00

Employee development, as an activity of human resources management (HRM), refers to the constant acquisition of new knowledge and skills, as well as new work and practical experience, that is, the application and verification of knowledge and skills in practice. Thus, the development of employees should create the conditions for organizations, and through that, the whole society to be innovation-oriented, to manage knowledge and gain a competitive advantage in the changing modern business environment. Special attention needs to be directed to talent development, since talented individuals have great value in the labor market and because talent development can lead to higher loyalty among talents. It is important for an organization to recognize talents, in the period when they have not yet fully realized their potentials, and to enable talents to develop themselves, providing them with the necessary conditions for personal and professional self-actualization. The aim of the paper is to investigate the importance and components of talent development in the function of building a knowledge-based society as well as the practice of training and talent development in selected countries of the Balkans (Serbia, Bosnia and Herzegovina, Croatia, and Slovenia) based on Cranet research from 2021. The research methodology includes the analysis of theoretical achievements in the field of talent development and training, as well as the analysis of empirical data generated during the latest round of Cranet research from 2021. Data analysis techniques used in the work are descriptive statistics, factor analysis, and correlation analysis. The expected results should enable an insight into the current practice of training and talent development in companies in the analyzed countries, as well as indicate deviations of practice in the Balkan countries compared to other countries of Central-Eastern Europe.

THE INFLUENCE OF THE ORGANIZATIONAL STRUCTURE ON COMPANIES’ INNOVATIVE ACTIVITY

2023-04-04T13:29:17+00:00

Numerous external and internal factors determine an organization's ability to innovate. This paper aims to analyze the impact of the organizational structure as an element of the internal environment and its dimensions on companies’ innovative ability. The goal is to identify an organizational form that supports creativity, innovative activity, and the implementation of innovative solutions in the company. The findings indicate a significant influence of certain dimensions of the organizational structure on companies’ innovation capabilities and the fact that some organizational forms do not represent an adequate solution for organizations that strive to improve innovation performance. The desk-research method was applied, where the primary data sources are papers and publications from scientific journals and other professional literature.

ELECTRONIC COMMUNICATION AS A MEANS OF GENERATION OF CONSUMER LOYALTY

2023-04-11T18:48:33+00:00

Electronic communication (eWOM) is informal communication between consumers through Internet-based technology. The sharing of information and consumer experience related to purchases and consumption through these technologies is very intensive, takes place in an extremely short time, which is why it is crucial for the reputation of a brand. Consumer attitudes that are exchanged with each other arise from their experience with the brand. That experience can be positive and negative. Passing on positive experiences is conditioned primarily by the consumer's satisfaction with the purchase and the desire to convey such impressions and feelings to other consumers, by the effort to benefit the company with which he had a positive experience, but also by the need to obtain useful information from other consumers for future purchases. On the other hand, the sharing of negative information is determined by consumer dissatisfaction with the value received, unfulfilled expectations and formed negative feelings, such as feelings of tension, stress, and even revenge. Positive information about a brand strengthens consumers' preference for repeat purchases and long-term loyalty, while negative information can induce the opposite behavior.

Based on the fact that the use of electronic communication for the purpose of building a brand image requires the acquisition of a greater number of satisfied and loyal consumers, the aim of the work is to investigate the relationship between the degree of consumer satisfaction and their tendency towards electronic communication and indirectly the influence of both variables on consumer loyalty. Propensity for electronic communication was investigated through factors that motivate the consumer to share information, such as the consumer's desire to convey acquired knowledge about the brand, convey positive/negative feelings, provide/receive advice from other consumers, express affection for the product/service or company, as and the expression of the desire to socialize in the virtual space and obtain financial incentives. The research was conducted on the territory of Serbia, using the survey method, with the help of an online questionnaire, while the results were processed in statistical software packages for social sciences SPSS and AMOS. Empirical research has shown a positive relationship between the degree of consumer satisfaction and the factors that motivate consumers to communicate electronically, but a direct relationship between electronic communication and consumer loyalty has not been confirmed. Also, through research, we have confirmed a positive relationship between satisfaction and consumer loyalty. The resulting research represents a contribution to marketing theory and practice because it agrees with existing research that confirms the positive relationship between electronic communication, satisfaction and consumer loyalty.

STRATEGIC ASPECTS OF EARNINGS MANAGEMENT

2023-04-06T09:48:37+00:00

One of the key segments of the quality of financial reports is the assurance of the presence of the effects of the management of realized earnings. Earnings management represents the results of the application of various accounting techniques, in order to present the desired state in the financial statements under the influence of the internal or external environment. This paper will discuss the results of previous research on earnings management detection models and their implications for information bases for strategic decision-making. By looking into a wide range of developed models and pointing out their specificities, the research results should provide guidelines to future users of the model in the process of detecting manipulation of generated earnings. Additionally, the obtained results represent a quality starting point for future empirical research in the area of earnings management.

BRAND IMAGE MEASUREMENT

2023-04-30T19:21:56+00:00

One of the key activities within brand management is adequate measurement, that is, the selection of key indicators that will show whether the investment in the brand produces the expected results. The problem that arises is reflected in the quality of insight that common metrics, which mainly rely on brand recognition, provide in detecting how much the brand is present in the consumer's mind. In accordance with the above, the goal of this reaserch is to show the ways of measuring the brand image in order to conduct an adequate evaluation of the set brand strategy, as well as to measure the effectiveness of investment in the brand.

The author will focus at the theoretical framework for conducting marketing research through relevant literature and scientific works dealing with this topic, and compare them with the current application of marketing research in practice. Based on information from several companies that regularly measure brand image through continuous marketing research in the form of brand trackers, the author will look at the discrepancy between practice and theory and what is the key reason for this discrepancy. Finally, as a conclusion of the research, the author will give a recommendation on how image measurement should be improved, and thus reduce the differences in approaches between theory and practice.

In the realization of this work, the author will conduct the following research: an interview with representatives of the business, as well as research „at the table“ based on secondary data. The interview will be conducted with persons who are responsible for conducting marketing research, as well as for analyzing and interpreting the results. While the research „at the table“ will be based on the interpretation of the already conducted marketing research and the analysis of the interpretation and conclusions in the part of the brand image. Based on the conducted research, the author concludes that there is a space for improving brand image measurement in business practice.

REGIONAL BALANCED DEVELOPMENTS IN NORTH MACEDONIA. CHALLENGES, TRENDS AND PERSPECTIVES

2023-04-19T10:29:07+00:00

Regional economic development is considered as an important feature for enriching the economic cohesion policy. Regional development policy for North Macedonia implies a state institutional effort for settling a national priority within the framework of EU’s policy for promoting economic and social cohesion, derived from the Lisbon Strategy, aimed at reducing regional disparities with respect to socio-economic development level in between North Macedonia’s statistical regions. For the purpose of addressing regional disparities and stimulating a sustainable economic development, North Macedonia, adapted a law on balanced regional development in 2007 and went through many subsequent legislative acts in the years to come with the aim of improving the long-lasting deficiency of a sustainable regional development gaps in the country. This policy-oriented paper, based on the regional statistical data of North Macedonia from a retrograde perspective, covering in principle the past twenty years, 2000-2020, analyzes a set of economic development indicators, using a panel level data for the 8 statistical regions in North Macedonia. Based on a econometric assessment of Fixed Effect with Driscoll and Kraay standard errors, using regional fixed effects, the study will try to identify the economic factors which may contribute to reducing the regional economic disparities within the country. The results of the study will provide relevant policy recommendations to the authorities and interested parties for establishing a productive institutional action on identifying the challenges, trends and perspectives in the policy of a balanced regional development.

THE EFFECTS OF CULTURAL INTELLIGENCE, NATIONAL IDENTITY AND TRADITION ON THE PURCHASE OF GLOBAL BRANDS

2023-04-13T19:39:11+00:00

The process of market globalization has led to the abolition of protectionist trade measures and the liberalization of foreign trade in goods and services. Multinational companies place their brands to markets all over the world, and the consumer’s decision to buy a particular brand is determined by a number of factors. Starting from the stated problem area, the goal of the research is to examine the influence of cultural intelligence (metacognitive, cognitive, motivational, behavioral factor), national identity and tradition on the purchase of global brands. Cultural intelligence represents a person’s ability to function in a multicultural environment, as well as to interact with people from different cultural backgrounds. National identity represents the degree of connection of an individual with the nation, while tradition implies respect for history, customs and rules of behavior that are characteristic of a particular country. The research was conducted using the survey method on the territory of the Republic of Serbia (Kragujevac, Novi Sad). The sample size is 138 respondents, and their answers were processed using the statistical software SPSS. The results of the research showed that cultural intelligence has a positive, and national identity and tradition have a negative influence on the purchase of global brands, and the mentioned results can be useful to marketers when designing a marketing strategy.

MEASURING MARKET CAPITALIZATION ON THE BELGRADE STOCK EXCHANGE IN CONDITIONS OF GEOPOLITICAL TURBULENCE AND CHANGES

2023-04-03T23:15:11+00:00

U poslednjih par godina, finansijska tržišta širom sveta bila su izložena egzogenim šokovima poput
pandemije Covid-19 i ratnog sukoba u Ukrajini. Pove?ana volatilnost na svetskim finansijskim tržištima uticala je na
ve?u svest u?esnika na tržištu sa aspekta merenja, predvi?anja i zaštite od posledica tržišne nestabilnosti. Cilj rada je
utvr?ivanje zna?ajnosti razlike izme?u ukupne tržišne kapitalizacije na Beogradskoj berzi pre i nakon po?etka ratnog
sukoba u Ukrajini. Za potrebe utvr?ivanja razlike je koriš?en parametarski t-test uparenih uzoraka. Dobijeni rezultati
ukazuju da je aktuelni ratni sukob u Ukrajini zna?ajno i negativno uticao na ukupnu tržišnu kapitalizaciju u kontekstu
srpskog tržišta kapitala. Rezultati sugerišu da je aktuelni ratni sukob zna?ajan izvor finansijske volatilnosti, zbog ?ega
je potrebno da investitori razmotre sprovo?enje odgovaraju?ih strategija diversifikacije i zaštite u kriznim periodima.

THE IMPORTANCE OF MANAGING HUMAN RESOURCES DURING THE COMPANIES’ MERGING PROCESS

2023-04-03T23:49:17+00:00

Mergers and acquisitions represent effective strategies of the companies’ internationalization, aiming towards better competitive positioning. During the implementation of these forms of restructuring, companies put their focus on the financial and business aspects, while the psychological effect these changes have on the employees is mostly ignored. Due to the inadequate leadership during the implementation of changes, employees can face fear and uncertainty, which will directly influence the reduction of their satisfaction, lower performances. and a possible tendency towards job change. The goal of the conducted research is to review the influence that mergers and acquisitions have on the fear and uncertainty of the employees, as well as the importance of the transformational leaders’ support during the implementation of these changes. The research was conducted on the example of the acquisition of a bank, which was a member of a French grouping working on the grounds of the Republic of Serbia, by another international bank. The research included 104 respondents and was carried out through a survey questionnaire

INCOME INEQUALITY AND MATERIAL DEPRIVATION IN SERBIA

2023-04-11T18:30:12+00:00

Value of the Gini coefficient, as well as quintile ratio, in Serbia in the last couple of years shows a tendency of slight decline. However, this tendency of the mentioned indicators does not improve the position of Serbia comparing to other European countries, as it still belongs in a group of states with highest income inequality. Consequently, a significant share of population of Republic of Serbia can be characterized as materially deprived. The purpose of this research is to theoretically support and to explain possible causes of this condition, as well as its development over the last few years.

TAX STRATEGIES AND FDI SENSITIVITY IN CRISIS CONDITIONS: THE CASE OF EU

2023-04-04T13:36:39+00:00

In recent decades, tax strategies have been used as an instrument for attracting foreign direct investment (FDI), which has been recognized as a key factor for stimulating economic growth. However, the success of lowering tax rates and bases, for the sake of attracting FDI, can be questionable, especially in the outbreak crisis years. The aim of this paper is to examine the long-term relationship between the effective average tax rate (EATR) and FDI in the period 1998-2019, using heterogeneous panels and then to investigate the global pandemic crisis impact on the long-term relationship, by extending the model for the years in which the crisis is included (1998-2021) in the EU-27. Using the Pooled Mean Group (PMG) model, a significant negative long-term relationship was revealed, in both models, although, the long-term relationship is lower in the extended model, as a negative consequence of crisis impacts, indicating that tax policy is not a determining factor for FDI inflows in crisis conditions. The error correction is significant and negative in both models, showing that in the developed EU countries the FDI sensitivity to the EATR reduction in the pandemic crisis condition was lower than in the emerging EU economies. Namely, developed EU economies’ tax strategies aimed at attracting FDI are more resistant to crisis circumstances compared to emerging EU economies.

IMPACT OF DIGITAL TRANSFORMATION ON INFORMATION SECURITY RISK IN INFORMATION SYSTEMS

2023-04-04T14:34:15+00:00

Information systems, nowadays, are experiencing exponential expansion, and one of the main reasons for this is digital transformation. With the development of this area, in addition to the problems of development itself and digital transformation, the problem of security arises. The subject of research is the analysis of the risk of information security in information systems at the time of digital transformation, the factors that affect the risk of security and different aspects of their observation. A review of the literature covering the period of the last three years was carried out. The research determined that it is necessary to observe the impact of both technological aspects and human, but also the legal aspect that looms behind the scenes as a potential security risk. The area of ??information security risks has gained a new dimension due to digital transformation, so the work has room for further research, especially taking into account the development of artificial intelligence that introduces new risks.

CIRCULAR ECONOMY FUNDING AND ITS POTENTIAL IMPACT ON FINANCIAL PERFORMANCE: A BIBLIOGRAPHIC REVIEW

2023-04-09T16:09:11+00:00

Circular Economy initiatives have created new challenges and opportunities for companies. Literature on the Circular Economy Funding is scarce as well as it is for Circular Economy impact on Financial Performance.

Understanding the scientific knowledge about the connection of the Circular Economy with these two different concepts is important to advance theory and identify the literature gap in this field. To achieve this, we used a bibliometric analysis tool: R Bibliometrix. Relevant literature up to 2022 is collected using the Web of Science database. First, this study intends to analyze the literature from multiple aspects, including journals, keywords, and countries, to define the characteristics of publications. Then, a bibliographic factorial analysis is conducted. Despite the high contribution of present publications, this is a recent area in the literature, so updating scientific production is a relevant contribution.

IMPACT OF FINANCIAL STRESS ON WORK ENGAGEMENT AND JOB PERFORMANCES OF THE EMPLOYEES IN THE REPUBLIC OF SERBIA: PILOT STUDY

2023-04-11T17:31:56+00:00

Contemporary living conditions are challenging from many points of view. The COVID-19 pandemic still generates uncertainty and produces health and financial stress for many people. The current energetic crisis, by influencing inflation, also generates financial stress for many of them. On the other hand, organizations are under the pressure to be profitable and maintain productivity through workers' engagement. Based on the above, the subject of this paper is an investigation of the impact of financial stress on work engagement and job performance of employees in the Republic of Serbia. The aims of the paper are as follows: to find out whether financial stress influences work engagement and job performance of the employees in the Republic of Serbia, as well as to suggest the measures that employers could implement to reduce the financial stress of their employees. For this paper, a pilot study was conducted. The results of the study showed that financial stress significantly negatively influences two of three aspects of work engagement, further that dedication as one of the work engagement aspects significantly positively influence employees` performance, and finally, that financial stress does not have an influence on employees’ performance, but mediated by dedication as one of work engagement aspect, has a negative influence on employees' performances. The contribution of the paper is twofold: it contributes to domestic literature through the empirical investigation of the impact of financial stress on the above-mentioned variables, and second, it draws attention to the employers on the importance of financial wellness programs for employees in the attempt to prevent or minimize the negative influence of financial stress on their performances.

FARM TO FORK STRATEGY AS A FRAMEWORK FOR NEW SERBIAN AGRICULTURE AND RURAL DEVELOPMENT STRATEGY

2023-04-26T09:13:33+00:00

The EU's Farm to Fork strategy provides a comprehensive framework for transforming the food system and promoting sustainable agriculture. In this paper, we analyze the potential of this strategy as a basis for creating a new strategy for agriculture and rural development in Serbia. This topic is significant because Serbia is in the process of European integration, which implies a specific political synchronization. In addition, the current strategy ends in 2024, so the topic is up to date. This paper aims to provide recommendations to policy-makers based on a comparative analysis of these two strategies and the performance of Serbian agriculture. The paper highlights that the country may face challenges in adapting to new standards and regulations and in securing the necessary resources and financial support for implementing changes.

THE AGE OF HRM 4.0 – IS DIGITALIZATION OF HRM REQUIRED FOR THE STRATEGIC HUMAN RESOURCE MANAGEMENT ORIENTATION?

2023-03-20T12:30:53+00:00

Strategic human resource management orientation (SHRM), as the company’s philosophy of aligning human resource management (HRM) policies and practices with an organizational strategy for maximizing organizational results, is considered the highest level of the company’s HRM development according to the contemporary HRM theory. At the same time, one of the trends in HRM is the digitalization of HRM activities, following the global trend of adoption of digital tools for increasing individual and organizational efficiency and effectiveness, leading to the age of HRM 4.0. However, it is interesting to reveal whether is there a relationship between HRM digitalization and SHRM orientation. Consequently, we developed two research questions: (1) Are digital HRM practices positively related to the SHRM orientation? and (2) Are some digital HRM practices more relevant for the SHRM orientation than others?

For providing empirically based answers to research questions, we utilized the CRANET 2021 dataset, covering 4495 organizations with more than 200 employees from 38 countries worldwide. We used nine indicators revealing the existence of digital HRM (manager self-service, employee self-service, HRIS, algorithm-based HRM, HR analytics, telework, digital learning, social media recruitment, social media selection) and five indicators for determining the SHRM orientation (HR manager’s membership in the management board or equivalent; involvement of HR manager in the development of business strategy; existence of written HRM strategy; HR to employee ratio, the level of HR department performance evaluation) from the CRANET database. SHRM orientation was determined using K-Means cluster analysis, and relationships between variables were analysed using correlation and multiple logistic regression analysis.

The correlation analysis revealed that all indicators of digitalization of HRM processes have a positive and a significant relationship with SHRM orientation, implying that digital HRM practices are relevant for the SHRM orientation. The results of logistic regression indicated that the usage of manager self-service, algorithm-based HRM, HR analytics, telework, digital learning and social media selection increase the probability of organizations’ SHRM orientation more than other explored indicators. The HR analytics, digital learning and social media selection were identified as the most relevant digital HRM practices for an organization’s SHRM orientation.

Findings imply that HRM needs to pursue the global trend of digitalization to have the strategic leverage. To be on the optimal level of HRM development, organizations must not only employ their digital HRM assets to assure the maximum functionality for their internal customers, but keep the pace with technological advancements.

THE EFFECTS OF FINANCIAL LEVERAGE ON BUSINESS OPERATIONS IN THE CONDITIONS OF GEOPOLITICAL CHANGES

2023-04-13T19:41:38+00:00

The subject of the research includes the analysis of financial leverage, the degree of indebtedness and the
ratio of debt and capital of the company in the period 2017-2022, which operate in the electrical industry sector in the
Republic of Srpska. The sample consists of five production companies in the field of electrical industry, namely: a. d.
"Hydroelectric power plants on Trebišnjica", a. d. "Hydroelectric power plants on the Drina", a. d. "Hydroelectric
power plants on Vrbas", a. d. "Gacko mine and thermal power plant" and a. d. "Ugljevik mine and thermal power
plant". Leverage shows the conditions for assessing the effects of business with the presence of financial risks. In this
context, the concept of leverage affects business operations and management decision-making. The research is based
on the analysis of publicly available documentation, i.e. financial reports of companies from the sample for the given
period of analysis. The aim of the research is to assess the effects of financial leverage on the financial performance of
companies. In the changed business environment, risks have increased in the direction of achieving a positive financial
result. Company management must be aware of the importance of financial leverage and its impact on company
operations, in order to readily respond to future revenue growth.

ANALYSIS OF REPORTING ON PROPERTIES ACCORDING TO THE PROFESSIONAL REGULATIONS IN ORDER TO IMPROVE THE PERFORMANCE OF FINANCIAL REPORTING

2023-04-03T23:24:41+00:00

The aim of the paper is to indicate the quality of disclosure of mandatory information on property according
to the requirements of the International Accounting Standard 16 and the International Accounting Standard 40.
Professional regulations define a number of mandatory disclosures; however, their form is not proposed. In the first
part of the paper, disclosure models were pointed out as examples of good practice. The quality of financial reporting
according to stated requirements of the professional regulation was examined on the basis of a sample of 216 financial
statements of companies registered on the territory of AP Vojvodina in the period 2020-2021. The results of the
descriptive analysis of the scope of disclosure indicate that companies disclose information on properties to a greater
extent in accordance with IAS 16 in relation to the requirements of IAS 40. In order to improve the quality of financial
reporting, the creators of financial statements must fully comply with the requirements for providing information to
end users in an adequate manner.

Information And Communication Technologies - A Key Factor Of The Competitive Digital Economy

2023-04-03T23:55:46+00:00

The digital economy represents an economy based on digital technologies and the predominant use of
information and communication technologies (ICT) in all areas of the economy. In the modern business environment,
ICT is becoming the most important driver of innovation, growth in competitiveness, and a source of new business
opportunities. Accordingly, the main goal of the work is to determine whether and to what extent information and
communication technologies affect the competitiveness and development of the digital economy in Serbia compared to
other Western Balkans countries. The research is based on a descriptive analysis of secondary data from the World
Economic Forum. The research results showed that the countries of the Western Balkans do not invest enough funds in
the ICT sector, which has a negative impact on their further development and growth of macro-competitiveness.
Although the progress in the field of digital transformation of Serbia is exceptional, our country is in a better position
compared to the countries of the Western Balkans, while it still lags behind the EU countries when it comes to the
acceptance of ICT, infrastructure and innovation system. The result is the lack of information and communication
development of companies in the segment in implementing modern ERP and CRM systems.

Assessing the effectiveness of anti-Russian economic sanctions in a data-restricted context

2023-04-06T09:34:07+00:00

This paper provides a comprehensive overview of the methodologies used to assess the effectiveness of anti-Russian economic sanctions, with a focus on the challenges and opportunities associated with the use of these methodologies. Drawing on examples from global experience and Russia's experience between 2014 and 2021, the paper examines the methods for evaluation of the impact of sanctions on the economies of target countries, particularly Russia. While various negative effects of the sanctions have been identified, some positive effects have also been found. However, in 2022, the situation changed dramatically with the expansion of military actions and the imposition of unprecedentedly harsh economic sanctions, making it impossible to apply traditional methods of assessment. The limitations of using open data are outlined, including restricted access to national data, and the reasons why traditional methods may lead to false conclusions are discussed. Despite these limitations, it can be argued that the stock market may still provide an opportunity to evaluate the effectiveness of sanctions. A variety of techniques, such as event-driven analysis and heavy-tailedness returns analysis, can help to circumvent data limitations, and the availability of quoted prices will allow for further analysis of the sanctions. This paper highlights the methodological challenges and opportunities associated with assessing the effectiveness of anti-Russian economic sanctions and provides a valuable reference for researchers, policymakers, and practitioners interested in this topic.

ASYMMETRICAL EFFECTS OF OIL PRICE SHOCKS ON STOCK INDICES OF SELECTED EU MEMBERS

2023-04-13T19:34:24+00:00

Abstract: The process of deepening the economic integration of European economies reached its peak with the formation of a supranational entity for conducting monetary policy. However, the high degree of trade and financial integration of the market also implied the vulnerability of the economic union in terms of reacting to external shocks with divergent effects, such as oil shocks. Due to the wide use of oil as a production input or even the dependence of production on its import, fluctuating oil prices is a crucial category to which countries around the world are vulnerable, especially European economies with the relatively highest degree of import dependence in the global economy. The lack of prompt reactions of EU supranational bodies to sudden changes in oil prices points to the structural exposure of the economic union and its members to the spillover effects of oil shocks. This research aims to indicate the asymmetric effects of oil price fluctuations on the stock market indices of selected EU member states. The empirical findings are based on a descriptive analysis of the relationship between stock market indices and oil price fluctuations on a sample of large oil importers (Germany, France and the Netherlands) and smaller oil importers (Ireland, Bulgaria and Croatia) in the period 2013-2023. The results of the research indicate an asymmetric mechanism of the impact of oil shocks on the financial markets of EU member states: direct movement of the stock market indices of smaller oil importers, that is, inverse movement of the stock market indices of larger oil importers according to oil price fluctuations. Empirical findings apostrophize the vulnerability of the EU as an economic union in the context of the absence of key countercyclical policies as a mechanism for responding to the anomalies of the highly integrated markets of the member states in the circumstances of asymmetric (oil) external shocks.

SOCIAL COMPETENCIES OF LEADERS AS KEY FACTOR OF EMPLOYEE WORK ENGAGEMENT DURING THE CRISIS

2023-04-04T14:55:46+00:00

Work-engaged employees are one of the key factors on which organizations build a competitive advantage, and leaders have a significant role in encouraging and maintaining a high level of work engagement, especially in a crisis period. The subject of the work is the analysis of the concepts of work engagement of employees and social competencies of leaders, as well as their specificities in the period of crisis. The aim of the present study is to examine whether social competencies of leaders contribute to subordinates’ work engagement. A sample of 100 employees was selected from several middle-sized organisation operating in private sector in AP Vojvodina. Standardized questionnaires such as ESCI 360 (Emotional and SocialCompetency Inventory), only questions for measuring social competencies and the UWES-9 (Utrecht Work Engagement Scale) for measuring work engagement, was used. SPSS 25.0 software was used for data processing. The research results confirmed that there were statistically significant relationship between managers' social competencies and employees’ work engagement. The importance of social competencies of leaders and their contribution to work engagnement has not been sufficiently explored in our business environment, especially in crisis period. Thus, results of this research and conclusion of paper emphasise above mentioned and should encourage more research in this field.

DETERMINANTS OF LOGISTICS ENTREPRENEURS IN EUROPEAN COUNTRIES

2023-04-23T10:41:30+00:00

The subject of this paper's analysis are the factors that influence the decision of entrepreneurs to choose a career in the field of logistics in the early stages of the development of entrepreneurial ventures in Europe. The research identified demographic factors (employment status, age and household size), growth and internationalization of business. The Global Entrepreneurship Monitor (GEM) database was used for the analysis. The sample consists of 4130 European entrepreneurs in the early stages of the development of their ventures, including 205 logistics entrepreneurs. The SPSS software package was used for empirical data analysis. The results showed that the category of full-time employees (including the self-employed) represents the category from which most logistics entrepreneurs come. A larger number of household members and older age characterize entrepreneurs from the logistics sector. These entrepreneurs, according to the results, are focused on the growth of their business. In addition, they conduct their business to a large extent outside the borders of the national economy, where they also generate a part of their income.

INFLUENCE OF FOREIGN TRADE OF AGRI-FOOD PRODUCTS ON FOOD SECURITY IN CRISIS CONDITIONS: EVIDENCE FROM SERBIA

2023-04-13T19:15:58+00:00

The stability of food supply chains is crucial to the food security of people around the world. Since the beginning of 2020, the stability of food supply chains has been undergoing one of the most pressure tests ever due to the COVID-19 outbreak and the Russia-Ukraine war. Crises have turned into an economic threat to food security globally in the forms of lockdowns, economic decline, food trade restrictions, and rising food inflation. A large number of countries are dependent on the import of ?gri-food products, so disruptions in the supply chain can significantly threaten their level of food security. The aim of the paper is to analyze food security challenges in the crises period in the Republic of Serbia and the influence of foreign trade on the level of food security. To determine whether the Republic of Serbia is able to provide enough food during crisis periods, the food self-sufficiency ratio (SSR) was calculated for cereals, as one of the most important groups of agricultural products when it comes to the dimension of availability within food security. In addition, the foreign trade exchange of cereals was analyzed by analysing the Revealed Comparative Advantages (RCA), and its relation with the level of food security was analyzed by correlation coefficients. Data for this research were taken from the FAOSTAT, and World Bank database. The paper provides evidence about the level of food security and tendencies of trade in the crisis period, which can serve to create appropriate measures and policies which can mitigate the negative effects of the crisis.

INTENTION TO USE GREEN BANKING SERVICES IN THE CONTEXT OF ENERGY CHALLENGES

2023-03-20T12:49:21+00:00

The conflict in Ukraine has caused a series of disruptions in various sectors, including the energy sector.
The rise in energy prices, especially gas and oil, has once again brought the use of renewable energy sources and the
reduction of energy dependence to the fore. One of the problems in that field concerns financing. Accordingly, the
paper presents the concept of green banking, its basic goals, and its services. Special attention was paid to the analysis
of intentions to use green banking services, taking into account certain demographic characteristics of respondents.
The data was collected using a questionnaire, where the intention to use the aforementioned services was measured
with a scale consisting of four items. The sample consisted of 98 respondents. After checking the reliability and
validity of the scale, appropriate analyses were conducted in 2023. The research results indicate a relatively high level
of intention to use green banking services.

WHAT SOFT SKILLS CAN BE DEVELOPED IN A MENTOR? - THE FIRST EXPERIENCES OF A MENTORING PROGRAMME

2023-04-03T23:03:31+00:00

The study presents the results -focusing on the mentors- of a mentoring programme launched at the Faculty of International Management and Business at Budapest Business School. The basic aim of the programme was to provide a support programme for foreign students, who have recently been enrolled in the faculty as the number of foreign students has increased significantly. The project involved not only mentored students, but also students who volunteered as mentors to help their foreign counterparts integrate. From the start, the authors conducted two surveys, one with the mentored students and one with the mentors. The aim of the survey was to find out what the participants’ expectations were at the start of the project. Whose skills will develop, what skills are expected to be developed in the project, what motivational factors play a role in getting someone to participate in such a project. The authors' unhidden aim is to repeat the research every six months and every year to monitor changes. The first studies were quantitative surveys, and the mentors' side of the story is that they believe that the programme can make a positive difference to their soft skills and help them to become better mentors.

DIGITALIZATION IN WOOD PROCESSING COMPANIES - MANAGERS' PERSPECTIVE

2023-04-03T23:43:48+00:00

Information technology's constant and rapid development affects all industrial branches, including the wood processing industry. There is increased pressure to transform business and operations through digital innovation for companies to respond to accelerated market change, drive energy transition, and accelerate Industry 4.0 adoption. Real-time insights are required to optimize value and manage change continuously. Organizations are also attempting to support new working methods while improving training and safety. Ongoing operations and change programs may clash, and 'business' and 'digital' targets may be misaligned. Speed is critical in driving growth, but it can be challenging to determine where and what to invest in to build a business case for transformational investment and then ensure business value is delivered.

The paper examines the digitalization status of enterprises in the wood processing sector in Herzegovina. Research data is collected through in-depth interviews conducted among managers and owners of wood processing companies. The need for digitalization and the main challenges along the way were identified through interviews. Namely, the analyzed companies are currently not working systematically and planned on digitalization (they do not have an annual digitalization plan, they do not have a yearly budget for digitalization, they do not have annual plans for training employees related to digitalization, as well as a yearly budget for training employees related to digitalization). Companies do not use IoT, robots, augmented or virtual reality, virtual worlds, artificial intelligence, or Big Data technologies. All the interviewees stated that the digitalization of the production process is the biggest challenge due to the need for significant investment in digital equipment and employee training for its use.

Based on data collected through interviews, some general recommendations are given for improving digitalization in analyzed companies. The main recommendation is that the researched companies should upgrade their existing information systems regarding data integration (from different devices and programs) and better reporting. Further, a strategic and planned approach to digitization is necessary in order to provide funds in the annual budgets both for the acquisition of digital equipment and for the training of employees to work with this equipment.

THE IMPACT OF ONLINE RECOMMENDATIONS CREDIBILITY ON TOURISTS BEHAVIOR

2023-04-04T00:07:12+00:00

Modern consumers live in a world where companies distribute a lot of information on daily basis, and due to increasing competition they implement aggressive promotional strategies. In line with that, unpaid promotion as it is WOM communication (word-of-mouth) became important to consumers. Specific group of consumers extraordinarily prefer the system of recommendations due to intangible caracteristics of services that are offered on the market. As a result of that, the subject of this paper are online recommendations with a special reference to tourism. The aim of this paper is to analyze the impact of eWOM credibility (electronic-word-of-mouth) on tourists behavior and their decision-making process. Empirical research, conducted on the territory of the Republic of Serbia, included a sample of 268 respondents, while the analysis of the obtained data was performed using the statistical software platform IBM SPSS Statistics and the Pearson’s Correlation test.

THE METAVERSE: A GAME-CHANGING OPPORTUNITY FOR MARKETING

2023-04-04T13:31:20+00:00

The Metaverse, a completely new digital realm where people can interact with one another, take part in activities, and create unique virtual identities, is growing in popularity with consumers. Despite being at an early stage of implementation, the Metaverse is becoming increasingly popular due to its numerous benefits. This paper explores the potential of Metaverse Marketing as a brand-new method of engaging customers through immersive and interactive experiences. It draws attention to the distinctive features of the Metaverse and the possibilities it offers for building engaging and loyal customers. The challenges that companies might encounter when Marketing in the Metaverse as well as the importance of matching digital marketing strategies with user expectations are also the subject of this research. Without a doubt, the Metaverse offers significant opportunities for companies to broaden their marketing plans and find new audiences through the development of digital marketing strategies. The immersive and interactive experience that consumers can have in the Metaverse will have a significant impact on their engagement and loyalty.

ANALYSIS OF FINANCIAL INDICATORS DEVELOPMENT OF THE WORLD'S LARGEST ENVIRONMENTAL COMPANIES

2023-04-04T13:56:50+00:00

Ecological financing is part of sustainable financing and refers to investments that contribute to fulfilling environmental sustainability policy goals. The support of ecological financing is important because meeting environmental goals is an investment challenge. The contribution aims to analyze the development of the financial indicators of the largest global environmental companies. The analysis was carried out based on environmental companies' risk and return rates in the last decade.

THE INFLUENCE OF TALENT MANAGEMENT FACTORS ON EMPLOYEE SATISFACTION IN THE BANKING SECTOR OF SERBIA

2023-04-09T15:52:02+00:00

The current global, as well as national geopolitical situation, somehow threatens companies‘ business operations, no matter how risk-resistant they are. In the case of Serbian banking industry, this impact is primarly reflected in the increase of the reference interest rate of the National Bank of Serbia, from 1,5% in April,2022 to even 5,25%, which is currently rate. A higher reference interest rate causes growth of interest rates on loans that banks offer to citizens and companies, but also a lower demand for loans. In the banking sector, as well as in other industries, accelerated pace of the globalization process has erased the borders on the labor market, and created a single, international labor market, instead of numerous national ones. As a result of that process, some of the biggest challenge in banks‘ business operations are providing new and retaining existing employees. At the same time, in conditions of a potentially lower volume of provided services, banks are forced to adapt their business strategies to the new circumstances, that is, to find a way to achieve savings in business costs. The largest share in the total operating costs of banks is precisely the costs related to employees. A part of these costs certainly refers to the costs of finding and hiring new employees, i.e. the costs that arise when filling vacant positions, but also the costs of training and improving existing employees and the costs of improving the compensation package offered to employees in order to retain them. One of the basic conditions for retaining employees is ensuring their job satisfaction. Therefore, banks that operate around the world, but above all banks that operate in our market, which is rapidly developing in all its segments, should reconsider their previous approaches to human resource management. One of such innovative approaches to human resources management is precisely talent management. The concept of talent management has intrigued the academic community for more than 3 decades, but its practical application is in its infancy. Therefore, this paper aims to point out the importance of talent management as a concept that brings a turnover in the process of human resources management and bring closer the idea of implementing this practice in the HR strategy of banking organizations in Serbia. The aim of the paper is to familiarize decision makers in the banking sector of Serbia with the concept of talent management, as well as to determine whether or not there is a positive relationship between various factors, i.e. components of talent management and employee satisfaction in the banking sector of Serbia. Research hypotheses are empirically verified through a survey that is currently being conducted on the territory of the Republic of Serbia.

WORKPLACE EXPECTATIONS OF YOUNG HUNGARIANS - DREAM OR REALITY?

2023-04-11T17:26:57+00:00

The purpose of this study is to present the career plans, job search ideas and expectations of PTE students towards employers. Our research question is: What are the most critical factors during the decision?

The research took place in the spring of 2022. The target group was connected in the framework of an online questionnaire survey. A total of 886 full-time students filled out the questionnaire.

According to the main results of the research, when looking for a job, they first want to apply directly to the employer and plan to look at job advertisements. The respondents would primarily work in the competitive sector, and even within that, most insurance companies prefer the financial and activity sector.

For students, the most important things regarding their future workplace are the appropriate salary, achieving a sense of success for themselves, the development and advancement opportunities, and the existence of a predictable career path.

CONCEPTUALISATION OF POLITICAL MARKETING WITH PUBLIC CHOICE THEORY AND THE POSTMODERN APPROACH

2023-04-20T14:47:53+00:00

The key theoretical issue of political marketing is that, what the political product is. Thinkers of political economy, like the representatives of social marketing, say that exchange can be extended to whole society. However, the postmodern marketing emphasize the role of symbols in the individual's decision-making process, which means questioning the role of exchange. The aim of the paper is to examine the role of exchange in politics and outline some possible marketing strategic postures.

Firstly, we introduce the evolution of marketing conception from the first decades of 20th century. After that, our next milestone is the political economy theory of Schumpeter, who reinterprets the political competition, innovation and leadership. Then, it is compared with Public Choice Theory and the postmodern marketing approach. Finally, we synthesize these theories and show our interpretation of political marketing and political exchange.

DETERMINANTS OF PUBLIC DEBT - COMPARATIVE ANALYSIS OF EUROPEAN COUNTRIES

2023-03-15T10:17:50+00:00

The country's public debt is one of the main macroeconomic indicators of a country's stable economy. The authors in this study try to explain the diversity of the effects of many macroeconomic indicators on the public debt of developed and developing countries. The sample of the study includes 12 countries, of which the countries are divided into two groups. The first group includes developed countries while the second group includes developing countries. The aim of the study is to analyze and compare the effects of macroeconomic factors on the public debt of countries. The authors use the statistical software E-views where at the beginning of the study they analyze the descriptive data of developed and developing countries. After that, a series of diagnostic tests are performed, such as unit root tests and the derivation of the correlation matrix in order to reject the hypotheses of non-stationarity and collinearity. At the end of the research, the authors use the POLS method and the Fixed effect model to interpret the effects of independent variables on the dependent variable of public debt. The study covers the period from 1998 to 2023 and includes projections for the year 2024. An additional goal of the study is to observe and analyze the movement of macroeconomic factors in crisis and recessionary periods of the world economy. These findings will be useful to regulators who are developing, amending, or implementing public debt laws, policies, and regulations.

RFM – CLV APPROACH FOR MEASURING THE VALUE OF CONSUMER SEGMENTS

2023-04-03T22:44:16+00:00

Measuring consumer value is a new field of contemporary marketing research. In the marketing literature,
the necessity of projecting the future value of market segments and the introduction of financial calculations into the
domain of marketing analytics is increasingly emphasized. RFM is a method that can be successfully used in order to
group consumers based on three key criteria: the date of the last purchase - R (recency); frequency of purchases -
(frequency); average monetary amount per purchase - M (monetary amount). RFM provides the ability to identify
those segments which are interested in purchasing a new product. CLV (Customer Lifetime Value) represents the sum
of future profit streams that are expected to be realized during the entire life of the company's cooperation with a
certain group of consumers. RFM and CLV can be used in combination, by applying RFM methods to form consumer
segments and then estimate the lifetime value of the observed segments. By implementing this procedure consumer
segments that are the most attractive for future cooperation could be identified.

LEAN-GREEN MANUFACTURING TO SUSTAIN ENVIRONMENTALLY FRIENDLY INDUSTRY: A REVIEW

2023-04-13T19:46:57+00:00

The increase in greenhouse gas emissions has worsened the global warming condition in the world day by day. One of the biggest contributors to greenhouse gas emissions is the manufacturing industry. Carbon dioxide is produced as a byproduct of the manufacturing industry. To reduce greenhouse gas emissions, it is important for the company to focus on how to manage waste in non-value-added operations. This study reviewed the literature on the integration of Lean and Green Manufacturing to sustain an environmentally friendly and efficient process. A total of 24 out of 107 papers were reviewed in this study. The implementation, differences, similarities, synergies, advantages, impacts, and barriers of Lean and Green Manufacturing were used as inclusion criteria. The findings of this study showed that Lean and Green Manufacturing integration can eliminate operational and environmental waste effectively, which in the end will increase productivity while reducing global warming impact.

NEW WAYS OF MANAGING INTERNATIONAL HUMAN RESOURCES IN TIMES OF MULTIPLE GLOBAL CRISES AND DEGLOBALIZATION

2023-04-03T23:51:44+00:00

First, we outline the general trends of globalization. We point out how this has influenced International Human Resource Management (IHRM) trends. After that, we briefly refer to how COVID -19 affected the HR practices of foreign-owned companies. In the next part of our article, we will show how similar the HR practice was in the case of domestic and foreign-owned companies in Hungary in the light of our research conducted during the first and second wave of Covid 19. In our study, we try to show that there is a difference between the HR practices of domestic and foreign-owned companies and organizations.

EXPENSE EVALUATION OF ACCOUNTING AUTOMATIZATION FOR SMES COMPARED TO A HUMAN ACCOUNTANT

2023-04-04T13:19:27+00:00

Automatizácia ú?tovníctva je trend, ktorý firmy zavádzajú. Na slovenskom trhu existuje nieko?ko riešení, ktoré sa líšia technickým prístupom, nákladmi a prevádzkovými nákladmi. Na vzorke 10 reálnych hlavných ú?tovných kníh organizácie porovnávame náklady a výdavky na vedenie automatizovaného ú?tovníctva s ?udským ú?tovníctvom. Benchmark sme vypo?ítali na cca 1850 ú?tovných dokladov ro?ne, z ?oho je výhodné prejs? na automatické strojové ú?tovníctvo.

DIGITAL BUSINESS TRANSFORMATION: EXPECTATIONS AND REALITY

2023-04-13T19:27:29+00:00

Businesses implement digitalization for many reasons - to save costs and resources, to attract the best employees, as well as to gain competitive advantages. Therefore, it is interesting to study the decision-making process about digitalization: reasons, goals, its impact on changing the activities of an industrial enterprise, and on business as a whole. This study makes an attempt to assess several parameters of digital transformation based on industrial enterprises in one of the Russian cities. There were assessed parameters such as goals of digital transformation, barriers to its implementation, current and necessary scale of digitalization, digitalization results, and changes in the company's activities as a result of digitalization. There were interviewed 103 experts - top managers and IT specialists of industrial enterprises in Omsk, Russia. Methods of information processing are descriptive statistics, analysis of averages, factor analysis. Information was processed in the SPSS 22.0 package. The results show that digitalization is considered by experts as a positive factor in enterprise development. It has a significant impact on the current activities of enterprises, helps to work and make decisions faster and attract the best employees from the labor market. But at the same time all enterprises face problems and barriers in the process of digitalization solutions implementation, and, what is more, some of the problems can be generated by digitalization itself.

THE IMPACT OF GEOPOLITICAL TURBULENCES ON GLOBAL LOGISTICS ACTIVITIES

2023-04-11T17:46:35+00:00

The efficency of global logistics management, which specificity is reflected in the fact that it includes the management of the flow of goods from the point of origin to the point of consumption through the international supply chain, implies the cooperation and coordination of numerous business partners located around the world. It implies a high degree of flexibility, speed and quality of customer service with the lowest possible costs of global logistics operations, in order to successfully overcome the time and space distance that exists. Therefore, the current geopolitical turbulences that have led to a slowdown in global economic growth, a decrease in international trade, a drop in demand, an increase in national barriers and other changes have caused disruptions in global supply chains and global logistics activities. The global logistics market has faced interruptions and delays in deliveries, increasing transport costs, container shortages, closures of transport routes, lack of storage space, etc. The aim of this work is to point out the impact of geopolitical turbulence on global logistics activities, and the need to transform and adapt the business of all participants in global supply chains to new circumstances.

SUSTAINABILITY OF PUBLIC DEBT IN SERBIA

2023-04-09T16:14:06+00:00

The goal in this paper is to reach set of methods applied in forecasting of sustainability of public debt through literature review. Analysis of pros and cons for identified methods will give set of appropriate methods to estimate Serbian public debt. Descriptive statistics would be applied to analyse quality of chosen variables for assessment dynamics of Serbian public debt in period 2012 to 2022, as precondition for stochastic methods use.

MEETING THE CHALLENGE OF AN AGEING WORKFORCE: THE ROLE OF HRM

2023-04-11T17:34:37+00:00

The proportion of older people in our societies is increasing fast due to low birth rates, ageing baby boomers and rising life expectancy. By 2060 in EU countries, 29% of people will be over 65.

Countries need to adapt their economic planning including social services, pension and health systems to an older and potentially shrinking population, a phenomenon often called the “Silver Tsunami”. One of the solutions offered is “active ageing” which means helping people stay in charge of their own lives for as long as possible while providing them with opportunities to contribute to society and the economy.

At the same time, when people retire, organizations can lose talent, skills and experience which is difficult to replace. The situation has worsened following the Covid-19 Pandemic resulting in many vacancies which HR Departments are trying to fill.

Some organizations are addresing this problem by inviting and utilizing retired employees, taking advantage of their accumulated knowledge and experience. Appropriately designed age inclusive projects, flexible working arrangements, recognition of their potential to act as mentors can help in meeting the organizational challenge of a shrinking workforce while also contributing to society’s demand for active ageing.

In view of the above, this paper has gathered information from a number of HR managers in Greece, in an attempt to identify practices and measures taken to meet the challenge of a shrinking workforce. Practices identified fall within age diversity and age management efforts which seem to be still of minor concern among Greek companies.

However, it is generally acknowledged that taking advantage of skills and experiences of older workers can benefit organizations while also contributing to their active ageing and leading the way to a more inclusive society.

STRATEGIES OF INTERNAL COMMUNICATION IN BANKS OF BOSNIA AND HERZEGOVINA

2023-05-05T13:36:06+00:00

The communication process is the sharing of messages that include content, communication channels, and message recipients who will understand the message through clear objectives. By defining the goals of communication, narrative, implicational and decisive strategies are characteristic of most communicative processes. As the company's strategy implies the identification and planning of long-term goals that the company will achieve by using available resources, and with the aim of gaining a competitive advantage, communication strategies represent plans for transmitting information related to a specific topic. Strategically effective communication is crucial in achieving the company's competitive advantage, but also an irreplaceable element for achieving success in team projects. Their main goal is to convey messages that are credible in the simplest possible form, which will cause a positive or negative connotation in the company. Effective strategic communication is much more than sharing ideas within a company. Understanding effective communication strategies can improve relationships between employees, and improve business through many aspects. Communication strategies should include defined goals, interest groups, selected crucial messages, communication methods, and clarified feedback mechanisms on the defined strategy. Effective strategic communication, through company support and a communication plan, will ensure a clear understanding of the messages and values that are being conveyed to the recipients. In digital business, the electronic exchange of information (Electronic Data Interchange - EDI) makes communication more efficient and motivates company departments to work more dynamically, productively, and effectively. Transparency with employees is considered one of the most effective communication strategies available to a company. Converting thoughts into words, and clearly understanding them through selected communication channels, helps to share the necessary information clearly and efficiently. To use different communication channels, it is necessary to have an adequate communication policy for employees, so that communication becomes better organized, without any errors, and consistent. Various meetings, e-mails about available projects, annual newsletters, and other forms of communication help set expectations for employees in different situations. Strong strategic business communication is two-way through creating a stimulating company culture and providing feedback. The goal and purpose of the work are to examine what are the modern strategies of internal business communication in the banking sector in Bosnia and Herzegovina. Business communication is a very important tool in the banking system in Bosnia and Herzegovina. As in other industries, effective business communication has become critical for today's workforce - more than ever before.

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