rss_2.0Naše gospodarstvo/Our economy FeedSciendo RSS Feed for Naše gospodarstvo/Our economyše gospodarstvo/Our economy 's Cover in B2B Sales: An Explanation of How Channel Management and Communication Influence a Firm’s Performance<abstract> <title style='display:none'>Abstract</title> <p>Communication between seller and buyer is done through multiple channels. There are multiple ways to use technical media and channel selection to create more information, but does this lead to a better performance of a firm? Research on the impact of different marketing channels in the industry regarding performance factors remains scarce. The performance of a firm is the most significant factor and will be monitored through different attributes. The purpose of this paper is to review the drivers of a sales process in terms of sales cycles, channels and communication in relation to it’s effect on performance. Beyond the characteristics of sales the review delineates the changes from the past to the present. The contribution of this review is to understand the various capabilities in channel management and communication that can be adapted to the sales process and increase a firm’s performance.</p> </abstract>ARTICLE2021-10-22T00:00:00.000+00:00Scientific Impact of Central and Eastern European Higher Education Lecturers<abstract> <title style='display:none'>Abstract</title> <p>The purpose of this paper is to obtain and analyse data on the higher education lecturers at the 16 largest, state-owned faculties of economics in seven central and eastern European countries (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia, and Slovenia), about their scientific impact and reach. An analysis of their research areas and scientometrics (citations, h-indices) was performed, and aggregate rankings are presented. Data was collected from Google Scholar, Web of Science and Scopus by using proprietary specialized web crawlers (“bots”). The differences among countries and faculties are significant, and institutions should observe good practices from Slovenia, as its faculties are ranked highest. The insights are important for evaluating scientific progress, mobility, and cooperation, rewarding and promotion requirements, accreditations, project and institution funding, and higher education lecturers’ promotion.</p> </abstract>ARTICLE2021-10-22T00:00:00.000+00:00Engaging Economics and Traffic Engineering Students in Community Issues Using the MultiCreation Approach<abstract> <title style='display:none'>Abstract</title> <p>Effective teaching methods for the coming generations of pragmatic students and teachers are evolving towards much greater involvement on all sides, attempting to bridge real life and academia in innova-tive ways. Our theoretical foundation lays upon the Triple Helix, n-Tuple Helix theory and the innova-tion triangle, but in a problem-based multidisciplinary setting. After introducing and validating the Mul-tiCreation approach in teaching/learning for the business-academia collaboration, where multiple disci-plines, diverse profiles of students, professors, and managers have taken up various roles to address relevant business issues, we were encouraged to expand its applicability beyond the business world - toward societal problems. We retained the problem-based and participatory learning but shifted the positioning of the problem towards the safety of primary school children, incorporating economic, pro-ject-based, managerial, traffic engineering, logistical, regulatory, and governance issues. By including two primary schools, collaborating with their principals, advisory teams, and teachers, as well as chil-dren and parents, in two different cities, we aimed to provide complete research, engineering and educa-tion for the stakeholders so that the schools could just hand in documentation to the relevant municipal bodies to be acted upon effectuation. The involved students came from two faculties -of economics and traffic engineering, steered by three university professors on the subjects of project management and basic and advanced techniques for traffic management. The blended learning components took place as prescribed in the MultiCreation approach, during two semesters of two academic years. They combined countermeasures and solutions. The MultiCreation approach has been enhanced regarding its components and workflow and its effectiveness has been validated in a multi-stakeholder environ-ment of direct and indirect educational beneficiaries.</p> </abstract>ARTICLE2021-10-22T00:00:00.000+00:00Correlation Between Training and Education of Human Resources and Business Performance of Small and Medium Enterprises<abstract> <title style='display:none'>Abstract</title> <p>Human resources (HR) represent a crucial resource of enterprises. This especially applies to small and medium-sized enterprises (SMEs), in which HR can create a competitive advantage and affect survival and development. Changes in the business environment, the need for new knowledge, skills and abilities due to changes in the market and business all lead to widening the gap between existing and required competencies of employees. In the process of training and education of HR, employees acquire the necessary knowledge, refine their skills and/or acquire new skills, and experience. More to the point, they obtain the competencies they need to stay and/or become successful in their job and future jobs that they will perform in the enterprise. The principal aim of this research is to determine the correlation between training and education of HR and business performance of SMEs. The survey was conducted in SMEs in the Federation of B&amp;H from August to September 2020. An original questionnaire was created for the research, used for collecting the views on the HR training and education of top managers as well as four business performance perspectives of companies based on the Balanced Scorecard model. Data were analysed using SPSS 20.0. The following were used from the statistical procedures: Pearson’s coefficient of correlation, t-test for independent samples, Spearman’s correlation of coefficient and Mann-Whitney U test (depending on the results distribution). The results of the survey showed that there is a correlation between training and education of HR and business performance in SMEs. In addition, the survey results indicated differences among the enterprises in terms of their size; i.e., between small and medium-sized enterprises. However, those differences are not statistically significant.</p> </abstract>ARTICLE2021-10-22T00:00:00.000+00:00An Economy’s Emergent Properties and How Micro Agents with Inconsistent or Conflicting Interests Are Holistically Organized into Macro Entities<abstract> <title style='display:none'>Abstract</title> <p>The existing literature documents that computer simulations can reveal how characteristics of micro-level individuals give rise to macro-level phenomena of systemic wholes. This paper seeks to establish such an important simulation-based observation as a theoretical result on a sound foundation. Going beyond addressing when holistic phenomena can naturally emerge from micro-level characteristics, this paper investigates how and why many macro-level entities appear to answer market calls through organically gathering micro-level agents into uniformly-oriented operational wholes, even though these agents have inconsistent or even conflicting interests. This paper develops conclusions based on results of systems science and establishes a sufficient condition under which characteristics of micro-level agents can naturally lead to the appearance of macro-level properties of a systemic whole even though the former are heterogeneous and behave in an unintended and uncoordinated manner. This paper suggests to root each theoretical result of economics on elementary facts of personal belief-value systems and expands methods of networks and computer simulations to those of systems science. It explains when macro socioeconomic phenomena emerge out of unintended and uncoordinated actions and interactions of micro economic men, and provides a more general approach for developing reliable conclusions than those observed from computer simulations. It additionally derives conditions for when macro-level economic entities appear to answer market calls and how micro-level individuals with inconsistent or even conflicting interests can be organically congregated into operational business organizations.</p> </abstract>ARTICLE2021-10-22T00:00:00.000+00:00The European Social Fund Supports the Reintegration of the Long-term Unemployed Individuals Aged 50+ Into the Labor Market - A Comparison of the Federal States in Austria<abstract> <title style='display:none'>Abstract</title> <p>This paper shows the importance of European Social Fund’s (ESF) countermeasures for reintegrating long-term unemployed persons aged 50+ in Austria since their number has increased in recent years. Four research questions are defined, which deal with the theoretical background, the ESF’s contribution, the possible causes of long-term unemployment, and their reflection in a country comparison figures. For the qualitative methodology, we conducted expert interviews and case study analysis. Concerning the quantitative method, we evaluated raw data from the AMS Public Employment Service, Austria, and Statistics, Austria. A correlation was established based on the content-related evaluation of the theoretical approaches, the expert analysis, and the presentation of statistics. It is necessary to identify the causes in time and take appropriate measures to prevent them from combating long-term unemployment among this target group.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00Market Efficiency of Euro Exchange Rates and Trading Strategies<abstract> <title style='display:none'>Abstract</title> <p>This paper tests the hypothesis on market efficiency for returns on the euro against fifteen currencies while assuming predictability of returns, dependent on the sign and magnitude of endogenous shocks. Considering the properties of exchange rate returns, the quantile autoregression approach was selected in empirical analysis. Based on the research data sample, consisting of daily exchange rates between January first, 1999, and April thirty, 2020, the paper suggests profitable trading strategies depending on a currency pair. In the case of six out of fifteen currency pairs, exchange rate returns were found non-predictable or almost non-predictable. In the case of nine considered currency pairs, there was a significant linkage between current and past exchange rate returns, found as dependent on the sign and magnitude of endogenous shocks in exchange rate returns. Finally, the paper considered possible factors of inefficiency and suggested further research of the topic.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00Challenges of the Output-Employment Growth Imbalance in Transition Economies<abstract> <title style='display:none'>Abstract</title> <p>The trade-off between output and unemployment has become an essential part of modern macroeconomics and is known as Okun’s law. However, in transition and emerging markets economies’ context, the output-employment nexus has a much more important role as these countries strive to significantly improve the growth dynamics of both variables. This paper aims to analyze the particularities of this relationship in selected Central- and South-Eastern European transition (and former transition) countries to find out a discrepancy between the output and employment growth. Therefore, the employment elasticity coefficients are calculated. The estimated results suggest that, in the observed period, economic growth has not contributed to satisfactory employment growth, which is commonly referred to as a “jobless growth” hypothesis. Accordingly, this paper attempts to single out the main challenges of the output-employment growth misbalance in these countries and propose adequate policy measures that could reduce it. The industrial policy that differentiates from the “one-size-fits-all” paradigm is emphasized as the most important part of macroeconomic policy in transition economies to make their development more balanced. Additionally, short-run stabilization policy, especially the one focused on the labour market, has a significant role in these economies.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00Elderly Population and Labour Market Stabilization in Europe - The Case of Slovenia<abstract> <title style='display:none'>Abstract</title> <p>The growing share of the retired population in Europe worsens the balance of the social costs as social consensus in most European countries rests on extensive social transfers for this population group. With its 25% share in GDP and 50% share in social transfers, the European (continental) model is indeed not sustainable when compared globally. The current prevailing model of “rejuvenation” of the labour market through immigration did not prove as a sustainable solution. The same is valid for the perspective of fast technological change. It is based on filling the labour market with low-paid jobs enabling host economies to leave aside the imperative permanent change in the labour market structure. This paper discusses the case of Slovenia and tries to search the reasons for the absence of elderly population in the labour market in this country. Based on the data comparison and disposable studies, authors try to identify the main issues when endeavouring to keep elderly population in the labour market.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00Sustainable Transport of Goods Using Combined Transport Solutions: The Case of EU<abstract> <title style='display:none'>Abstract</title> <p>This paper analyzes the importance of bimodal solutions in the rail-road transport of goods with an emphasis on the aspect of ecology within the geographical region of EU-28. Using the panel regression analysis in the period from 2010 to 2019, we are trying to confirm the dependence between the road and rail transport of goods by applying several freight units’ measures: the freight transport performance in tonne-kilometres, the freight transport performance in tonne-kilometres per thousand of USD, and the amount of goods transported in thousands of tonnes. The application of data to all selected freight units’ measures in the regression models confirms a relationship between road and rail transport. A direct relationship between these two modes of transport confirms the complementarity effect, which means that, in most cases, the goods transport solutions require the combination of road and rail mode, where the railway should be considered as the main transport/carrier, the road transport, however, should have the role of short pre-transport or post-transport. The ecological aspect of such bimodal solutions can also be emphasized since the railway transport is considered as an ecological mode.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00Organizational Factors of Innovativeness in Serbian Enterprises<abstract> <title style='display:none'>Abstract</title> <p>This paper analyses correlations between several organizational characteristics and product/process innovations in enterprises in Serbia. We used the World Bank Enterprise Survey data on 339 small, medium, and large companies from various industries. Many of the factors analysed in this study are consistent with theoretical conclusions in the literature on this topic and relate to organizational maturity. Also, factors such as the size of the company and the industry to which it belongs were analysed. For correlations testing, the Chi-square correlation coefficient and the Cramer’s V test were used. The analysis revealed correlations between innovativeness and many organizational characteristics. However, in some cases, contrary to theoretical claims, correlations were not confirmed. We found that the introduction of new products and/or processes in the company is influenced by business strategy, production targets, number of performance indicators monitored, establishment of quality management system, formal training programs for company’s full-time employees, ease of achieving the company’s production targets, level of awareness of management and employees about the company’s production targets, spending on research and development activities within the company, and acquisition of external knowledge, way of promoting non-managers in a company, time frame of the company’s production targets, company’s size and main market.</p> </abstract>ARTICLE2021-07-17T00:00:00.000+00:00External Habits Formation and the Environment<abstract><title style='display:none'>Abstract</title><p>The present paper presents a standard overlapping generations model with external habits formation and environmental quality in the utility function. Our main objective is to study the impact of external habits on capital accumulation and environmental quality on the intertemporal competitive equilibrium. We notice that striving for status leads to environment worsening and capital increasing when the cohort size is large.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Factors Affecting Career Choice of Business Students in the Senior High Schools: A Study of Selected Schools in the Cape Coast Metropolis<abstract><title style='display:none'>Abstract</title><p>Factors affecting business students’ choice of career in accounting and factors affecting business students’ inability to choose a career in accounting remains unclear. We used SPSS to analyze data collected from four randomly selected senior high schools in the central region of Ghana through questionnaires. This paper investigated the influences of job opportunities, personal interest, family influence, social status, peer influence, salary expectation, weakness in mathematics, time it takes to become an accountant, and stress involved in the accounting career. The paper then revealed the effects of these influencing factors. Though other factors were found to have substantial effects, the results clearly shows that high salary expectation and job opportunities are the most influential factors that influences a business student’s choice to choose or not to choose a career in accounting. These results could be used as a reference for educational reforms and career counselling.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Logo Shape and Color as Drivers of Change in Brand Evaluation and Recognition<abstract><title style='display:none'>Abstract</title><p>The purpose of the present study was to test whether logo shape and color affect emotional and cognitive response to a new logo. In the explorative part of the study, the effect of the amount of each of the additive primary color on logo perception was examined. Research was done on a sample of 190 students whose ratings were used as logo description measures. Two independent variables used in the study were logo shape (abstract vs. concrete) and logo color (original color vs. greyscale). Results showed that greyscale logos and logos that are concrete were recognized more accurately while liking was not related to either independent variable. It was also observed that the amount of red color in logo is negatively (correlated/related), and blue and green color are positively related to both logo recognition and logo liking. Practitioners are advised to note that factors affecting consumers’ cognition and emotion are different. Scientists can extend findings on the effect of amount of individual colors in a logo. This is one of the first works of research that examined the effect of logo color on brand recognition and has approached studying color in this way of averaging amount of each of the additive primary colors. External validity of the research is enhanced by testing the younger generation in their natural habitat of mobile phone environment.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Managing Crisis Communication Via Social Media<abstract><title style='display:none'>Abstract</title><p>Social media is becoming omnipresent in everyone’s daily life, which is changing the way consumers think, act and buy. Organizations are aware of the possibilities that may occur from developing social media communication strategies, but oftentimes forget to predict and block negative consequences. Information spreadability and bad communication practices are the perfect trigger of a social media crisis, which is why it is crucial for organizations to know what kind of communication, both internal and external, they need to implement. To explore consumers’ opinions on social media crisis communication, an online survey was conducted. 125 participants gave their insight into their expectations of the types and tone of social media messages organizations should communicate during a time of crisis. These findings could be used as a guideline for crisis communication planning, considering they examine what types of messages consumers prefer, and which medium of communication they prefer. Even though it is recognized that crisis situations can have a huge impact on an organization’s wellbeing, consumers’ perspective on crisis communication still has not been researched thoroughly.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Shopping Center Industry Internationalization with a Focus on Key Resources and Direct Investment: The Case of a Chilean Company in Mexico<abstract><title style='display:none'>Abstract</title><p>The shopping center sector has been growing steadily over the last years in Latin America. Many countries such as Chile, Mexico, and Brazil lead the industry in the region, with so many projects still under development and different companies with international expansion perspectives in their portfolio. The purpose of this paper is to identify which are the most recommendable entry mode strategies for Latin American countries and which are the essential resources and capabilities that a shopping center company needs to develop to increase the likelihood of success in the sector. Thus, different factors, such as political, economic, and social factors, which impact the industry operation, are analyzed to create a high-level overview of this industry’s most important subjects. For this purpose, primary and secondary data are used, based on a literature review and an empirical qualitative study, giving information of the Chilean Commercial Real Estate company, and interviewing its top managers. Thereby, the results lead to an entry strategy proposal into the Mexican market, identifying the most important shopping centers in the country, the main actors, and the best opportunities to enter.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Determinants of Dividend Policy: A Case of Serbia’s Banking Sector<abstract><title style='display:none'>Abstract</title><p>Dividend policy is one of the most controversial areas of corporate finance. The paper presents the results of the research in the banking sector of the Republic of Serbia. The specific characteristics of the financial sector make the research on dividend policy determinants additionally complex. This study aims to determine the factors of dividend policy in the Serbian banking sector in the period 2009–2018. The model of random effects was chosen to test the relationship between dividend determinants and dividend payout. Empirical results show that previous years’ dividends have a significant positive effect on dividend policy. Individual investors can benefit from the research to a great extent, as well as bank managers, when creating dividend policies that would contribute to maximising profit and satisfying the needs of employees and shareholders in the long run.</p></abstract>ARTICLE2021-04-18T00:00:00.000+00:00Insights into Classic Theatre Market Segments<abstract><title style='display:none'>Abstract</title><p>Marketing segmentation is one of the key strategic elements in marketing planning that helps identifying key consumer groups and their characteristics and enables the adaptation of marketing strategies to different target consumers. The aim of this paper is paper aims to segment classic theatre audiences based on their attendance frequency and identify major socio-demographic characteristics of each segment. A self-completion questionnaire was developed upon analysis of previous studies and was distributed to the population in an area of about 50 km around Osijek. The research was conducted on a convenient sample, using an in-person method in two different intervals: in the first interval, research was conducted on young respondents (18-34), and in the second interval, research was conducted on adult respondents (age 35+). Altogether 1315 participants took part in the research. Statistical techniques of univariate analysis (frequency distribution and central tendency measures), ANOVA, and two-step cluster analysis were used.</p><p>The results of the study have identified six classic theatre segments: young theatre friends, young theatre acquaintances, young theatre strangers, adult theatre friends, adult theatre acquaintances, adult theatre strangers. Each segment is described in detail by their geographic (distance from the venue), demographic (age, income, marital status, education, employment) and psychographic characteristics (social activities, free time spending, and informing gathering about classic theatre offer) characteristics. The research results emphasized the differences in classic theatre audiences, which calls for continuous market segmentation in order to ensure timely recognition of consumer trends and changes in preferences. This would enable theatre management to adapt and implement adequate marketing initiatives and strategies.</p></abstract>ARTICLE2020-12-31T00:00:00.000+00:00Analysis of the Fluctuation of the Number of ISO 9001:2015 Certificates in the Republic of Croatia and Assessment of Satisfaction of Business Organisations Leadership with the Certificate<abstract><title style='display:none'>Abstract</title><p>The ISO 9001:2015 certificate of quality is nowadays the most renowned quality standard in the world. Standardised quality has become an imperative competitive advantage on the market for all serious business organisations. The fluctuation of the number of certificates of quality indicates to what extent companies are willing to ensure the quality of their products and services to customers and clients, and how fast the domestic market is standardised and integrated into the global economy. This paper presents the results of two empirical studies. The first one focused on the analysis of the fluctuation in the number of ISO 9001:2015 certificates in the period from 2008 to 2018, while the second aimed to determine the satisfaction of leadership with the certificate. The study has shown that, during the observed period, the number of certificates of quality in Croatia fluctuated between – 18% and +22% annually. At the annual level, a certain number of companies lose their certificates or opt for decertification. For that reason, a study of the leadership’s level of satisfaction with the ISO 9001:2015 certificate was conducted using a sample of 296 certified business organisations. The study has proven that the leadership showed a high level of satisfaction with the certificate of quality and that they appreciate business organisations with certificates of quality. It demonstrates that the quality management certification has a bright future regardless of the annual fluctuation of the number of certificates.</p></abstract>ARTICLE2020-12-31T00:00:00.000+00:00Challenges of Banking Profitability in Eurozone Countries: Analysis of Specific and Macroeconomic Factors<abstract><title style='display:none'>Abstract</title><p>Numerous factors affect the rate of return that a financial institution earns. Some of these factors include external forces that shape earnings performance and internal elements found in each financial institution. Policy implications are determined by the type of explanation and should be taken seriously. This paper classifies determinants of bank profitability as well as reviews existing literature on bank performance. The second section of this study quantifies how external factors and internal determinants have influenced the profitability of EU banks. This paper constructs fixed-effect models and Ordinary Least Squares (OLS), which sheds new light on understanding various factors influencing how the EU banking industry performs. The observation period was from 2012 to 2019, and the findings revealed that EU bank profitability is influenced by both external macroeconomic environment and management decisions. The results of this study suggest that equity to assets ratio (EA), Gap ratio, and GDP have a positive impact on bank profitability, while the loan to assets ratio (LA) and the provision for loan losses to total loans ratio (PLL/TL) hurt EU bank profitability. The empirical findings are consistent with the expected results, although, they are different from those of studies that investigated the structure-performance relationship of EU banks because they found that market share and concentration have a positive effect on bank profitability.</p></abstract>ARTICLE2020-12-31T00:00:00.000+00:00en-us-1