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Volume 10 (2019): Edition 2 (September 2019)

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Volume 7 (2016): Edition 1 (March 2016)

Volume 6 (2015): Edition 2 (September 2015)

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Volume 5 (2014): Edition 3 (September 2014)
“Novel solutions or novel approaches in Operational Research” co-published with the Slovenian Society INFORMATIKA – Section for Operational Research (SDI-SOR), Edition Editors: Ksenija Dumičić (University of Zagreb), Lidija Zadnik Stirn (University of Ljubljana), and Janez Žerovnik (University of Ljubljana)

Volume 5 (2014): Edition 2 (June 2014)

Volume 5 (2014): Edition 1 (March 2014)
Special Edition: Embedded Systems Applications: Future Society Applications

Volume 4 (2013): Edition 2 (December 2013)

Volume 4 (2013): Edition 1 (March 2013)

Volume 3 (2012): Edition 2 (September 2012)
"Innovative Approaches to Operations Research Methodology and Its Applications in Business, Economics, Management and Social Sciences" co-published with the Slovenian Society INFORMATIKA - Section for Operational Research (SDI-SOR)

Volume 3 (2012): Edition 1 (June 2012)

Volume 2 (2011): Edition 2 (June 2011)

Volume 2 (2011): Edition 1 (January 2011)

Volume 1 (2010): Edition 1-2 (January 2010)

Détails du magazine
Format
Magazine
eISSN
1847-9375
Première publication
19 Sep 2012
Période de publication
2 fois par an
Langues
Anglais

Chercher

Volume 7 (2016): Edition 1 (March 2016)

Détails du magazine
Format
Magazine
eISSN
1847-9375
Première publication
19 Sep 2012
Période de publication
2 fois par an
Langues
Anglais

Chercher

8 Articles
access type Accès libre

Learning from Experience: The Project Team is the Key

Publié en ligne: 28 May 2016
Pages: 1 - 15

Résumé

Abstract

Background: Learning from experience and knowledge management described in existing literature evidence that there are different practices that enable these processes, and that a distinction between implicit and explicit knowledge is essential for our analysis.

Objectives: The paper investigates through which project management practices organizations manage the two types of knowledge and at what level knowledge sharing and reuse is more commonly adopted.

Method/Approach: The research starts with existing research overview and analysis of preliminary results from initial interviews, and then it continues with a survey on selected knowledge management practices in order to identify which of them are mostly used by organizations.

Results/Findings: Results show the essential role of the project team; this finding is then further elaborated using knowledge from research presented in existing literature.

Conclusion: Project management enhances efficient knowledge management as on one hand, it includes the adoption of standardised and repetitive practises what enables specialization and knowledge consolidation. On the other hand, project management refers to unique initiatives that provide new knowledge and opportunities for learning. The project team in particular results to be a key factor for activating knowledge reuse.

Mots clés

  • learning from experience
  • team
  • knowledge management
  • knowledge reuse
  • retrospectives
  • project management

JEL Classification

  • L2
  • L29
access type Accès libre

The Potential of Biotechnology Investments in Selected Eastern European Countries: Lost Chances

Publié en ligne: 28 May 2016
Pages: 16 - 34

Résumé

Abstract

Background: Biotechnology is rapidly developing on a global scale. However, some evidence indicates that Eastern European (EE) countries are not fulfilling their potential in this field.

Objectives: This paper aims to examine whether selected EE countries are able to develop a strong biotechnology industry. Potential investment approaches and the existing but not used or neglected infrastructures in EE countries were also examined.

Methods/approach: In order to determine biotechnological activities in EE countries, indicators such as intellectual property protection, venture capital availability, published scientific publications as well as other indicators were analyzed. These indicators were compiled and compared between EE countries and regions with a rich and diverse biotechnological business sector.

Results: The results suggest an underdeveloped biotechnology business sector in EE countries, with talented but unexploited scientists and unutilized infrastructure. The systematic drawbacks of EE countries lead to a hostile investment environment.

Conclusions: The findings make a significant contribution to understanding how the biotechnology industry in EE countries is structured and how investments can be rationally placed. EE countries need to adapt their venture capital market for biotechnology ventures. Several changes in regulations could have a large impact on biotechnology investments.

Mots clés

  • biotechnology
  • investment
  • research and development
  • transition countries
  • Eastern Europe

JEL Classification

  • O31
access type Accès libre

Human Resources or Information Technology: What is More Important for Companies in the Digital Era?

Publié en ligne: 28 May 2016
Pages: 35 - 45

Résumé

Abstract

Background: Companies can improve their business performance, increase revenues and reduce costs by enhancing their information technology (IT) capability. On the other side, there is an increasing importance of human resource management (HRM) practices related to IT utilization, which are important for the business performance of a company in the rapidly changing knowledge-based economy.

Objectives: The objective of this paper is to analyze the relations among IT capability, HRM capability and the firm’s performance outcomes.

Methods/Approach: The paper uses survey data and Structural Equation Modeling to analyze the relationships among IT capability, HRM capability and firms’ performance.

Results: This paper reveals that IT capability to some extent determines firms’ business performance but it plays more important role in enhancing HRM capability. In addition, HRM capability significantly impacts business performance.

Conclusions: The findings indicate that managers should not focus on allocating resources only for IT investments. In order to achieve better business performances, these technologies need to be used to support all business processes including HRM activities.

Mots clés

  • information technology capability
  • human resource management capability
  • business performance
  • dynamic capability view

JEL Classification

  • M15
  • M12
access type Accès libre

The Influential Knowledge Factors of Companies’ Performance in Slovenia

Publié en ligne: 28 May 2016
Pages: 46 - 58

Résumé

Abstract

Background: Knowledge plays a crucial role in supporting the European Union model based on economic growth, social responsibility, and sustainable development. To improve companies’ performance, one must reflect on new forms of knowledge and develop new indicators to measure them.

Objectives: The goal of the paper is to investigate the impact of the selected factors of knowledge on companies’ performance in Slovenia.

Methods/Approach: A questionnaire was created and sent to small and medium-sized enterprises in Slovenia. The principle axis factoring method was used to identify the factors of knowledge and of companies’ performance, and a regression analysis was conducted to determine the influence of the selected knowledge factors on companies’ performance.

Results: The establishment of scientists’ collaboration with companies has a positive impact on companies’ performance, but the obstacles to the establishment of scientists’ collaboration with companies do not have any impact.

Conclusions: The results could be useful for governments and companies in the adoption of measures aimed at strengthening scientists’ collaboration with companies. Further research can be oriented toward the common synergy index (e.g., the knowledge triangle).

Mots clés

  • company performance
  • indicator
  • knowledge
  • transitional economy
  • European Union

JEL Classification

  • A12
  • C83
  • O1
  • O3
access type Accès libre

Constant Proportion Portfolio Insurance Strategy in Southeast European Markets

Publié en ligne: 28 May 2016
Pages: 59 - 80

Résumé

Abstract

Background: In today’s highly volatile and unpredictable market conditions, there are very few investment strategies that may offer a certain form of capital protection. The concept of portfolio insurance strategies presents an attractive investment opportunity.

Objectives: The main objective of this article is to test the use of portfolio insurance strategies in Southeast European (SEE) markets. A special attention is given to modelling non-risky assets of the portfolio.

Methods/Approach: Monte Carlo simulations are used to test the buy-and-hold, the constant-mix, and the constant proportion portfolio insurance (CPPI) investment strategies. A covariance discretization method is used for parameter estimation of bond returns.

Results: According to the risk-adjusted return, a conservative constant mix was the best, the buy-and-hold was the second-best, and the CPPI the worst strategy in bull markets. In bear markets, the CPPI was the best in a high-volatility scenario, whereas the buy-and-hold had the same results in low- and medium-volatility conditions. In no-trend markets, the buy-and-hold was the first, the constant mix the second, and the CPPI the worst strategy. Higher transaction costs in SEE influence the efficiency of the CPPI strategy.

Conclusions: Implementing the CPPI strategy in SEE could be done by combining stock markets from the region with government bond markets from Germany due to a lack of liquidity of the government bond market in SEE.

Mots clés

  • investments
  • portfolio insurance
  • constant proportion portfolio insurance
  • Monte Carlo simulations
  • interest rate models

JEL Classification

  • C15
  • G12
access type Accès libre

Impact of Income on Customers' Loyalty: Are Customers with Higher Income more Loyal?

Publié en ligne: 28 May 2016
Pages: 81 - 88

Résumé

Abstract

Background: Recent research on customers’ loyalty mostly focuses on several indicators, such as price, income and promotion. However, the level of income and its impacts on customers' loyalty have not been investigated in greater details.

Objectives: The main goal of this research is to investigate how different levels of income influence customers' loyalty.

Methods/Approach: This paper tries to investigate customers' attitudes towards selected loyalty determinants, based on the survey research.

Results: Several different factors which influence customers' loyalty are identified. Research results confirmed that the level of income has a significant influence on customers’ attitude towards loyalty determinants in Croatia.

Conclusions: Besides the scientific contribution, this research on customers’ loyalty also has practical implications important when undertaking further steps for developing conceptual models of customers’ loyalty.

Mots clés

  • marketing
  • loyalty
  • economics
  • customer loyalty management

JEL Classification

  • C10
  • D31
  • M31
access type Accès libre

Profitability and Capital Structure: An Empirical Study of French and Hungarian Wine Producers in 2004-2013

Publié en ligne: 28 May 2016
Pages: 89 - 103

Résumé

Abstract

Background: Profitability of the Hungarian wine industry has been a focus of numerous research studies due to the centuries-old history and the recent changes.

Objectives: The aim of the study is to analyse the capital structure of the Hungarian and the French wine industries and demonstrate the benefits of the usage of an international company database.

Methods/Approach: First, the database and the applied methods are described and then the descriptive statistical analysis of the industry is presented. The two set hypotheses are aimed at testing the main contradiction between the pecking order and the trade-off theory, which is related to profitability and the usage of external funds.

Results: The analysis examines the differences between the funding policies applied in the two countries. This was carried out by means of a discriminant analysis, which indicates the financing characteristics of French and Hungarian wine producers. In order to confirm the results of the discriminant analysis we conducted a cluster analysis on the same sample where 3 out of 4 variables proved to be significant in classifying the two groups.

Conclusions: The main conclusion of the study is that the behaviour of the factors explaining the development of the capital structure differs significantly in the two examined countries.

Mots clés

  • capital structure
  • discriminant analysis
  • profitability
  • Hungary
  • France
  • wine

JEL Classification

  • G32
  • C30
access type Accès libre

Vendor Selection and Supply Quotas Determination by Using a New Multi-Objective Programming Method Based on Cooperative Game Theory

Publié en ligne: 28 May 2016
Pages: 104 - 118

Résumé

Abstract

Background: Vendor selection and supply quotas determination is one of the most important issues in the purchasing process in manufacturing. In many situations to solve this problem it is necessary to use the operations research methods.

Objectives: This paper proposes a new methodology for vendor selection and determination of supplied quotas. The work investigates the problem of flour purchase by a company that manufactures bakery products.

Methods/Approach: The problem is solved by using the model that combines a revised weighting method, and a multiple objective programming method based on game theory. The revised weighting method is used to determine the objective function coefficients, and a multiple objective programming method is used to select vendors and to determine supply quotas from the selected vendors. For selection of vendors and determination of quantities supplied by individual vendors three complex criteria are used: (1) purchasing costs, (2) product quality, and (3) vendor reliability.

Results: The proposed methodology has numerous strengths, such as an efficient reduction of complex criteria functions to simple ones and efficient using of a new multiple objective programming methods based on cooperative game theory.

Conclusions: The main advantage of the proposed approach is its efficiency and simplicity.

Mots clés

  • cooperative game theory
  • multiple objective programming
  • revised weighting method
  • vendor selection

JEL Classification

  • C7
8 Articles
access type Accès libre

Learning from Experience: The Project Team is the Key

Publié en ligne: 28 May 2016
Pages: 1 - 15

Résumé

Abstract

Background: Learning from experience and knowledge management described in existing literature evidence that there are different practices that enable these processes, and that a distinction between implicit and explicit knowledge is essential for our analysis.

Objectives: The paper investigates through which project management practices organizations manage the two types of knowledge and at what level knowledge sharing and reuse is more commonly adopted.

Method/Approach: The research starts with existing research overview and analysis of preliminary results from initial interviews, and then it continues with a survey on selected knowledge management practices in order to identify which of them are mostly used by organizations.

Results/Findings: Results show the essential role of the project team; this finding is then further elaborated using knowledge from research presented in existing literature.

Conclusion: Project management enhances efficient knowledge management as on one hand, it includes the adoption of standardised and repetitive practises what enables specialization and knowledge consolidation. On the other hand, project management refers to unique initiatives that provide new knowledge and opportunities for learning. The project team in particular results to be a key factor for activating knowledge reuse.

Mots clés

  • learning from experience
  • team
  • knowledge management
  • knowledge reuse
  • retrospectives
  • project management

JEL Classification

  • L2
  • L29
access type Accès libre

The Potential of Biotechnology Investments in Selected Eastern European Countries: Lost Chances

Publié en ligne: 28 May 2016
Pages: 16 - 34

Résumé

Abstract

Background: Biotechnology is rapidly developing on a global scale. However, some evidence indicates that Eastern European (EE) countries are not fulfilling their potential in this field.

Objectives: This paper aims to examine whether selected EE countries are able to develop a strong biotechnology industry. Potential investment approaches and the existing but not used or neglected infrastructures in EE countries were also examined.

Methods/approach: In order to determine biotechnological activities in EE countries, indicators such as intellectual property protection, venture capital availability, published scientific publications as well as other indicators were analyzed. These indicators were compiled and compared between EE countries and regions with a rich and diverse biotechnological business sector.

Results: The results suggest an underdeveloped biotechnology business sector in EE countries, with talented but unexploited scientists and unutilized infrastructure. The systematic drawbacks of EE countries lead to a hostile investment environment.

Conclusions: The findings make a significant contribution to understanding how the biotechnology industry in EE countries is structured and how investments can be rationally placed. EE countries need to adapt their venture capital market for biotechnology ventures. Several changes in regulations could have a large impact on biotechnology investments.

Mots clés

  • biotechnology
  • investment
  • research and development
  • transition countries
  • Eastern Europe

JEL Classification

  • O31
access type Accès libre

Human Resources or Information Technology: What is More Important for Companies in the Digital Era?

Publié en ligne: 28 May 2016
Pages: 35 - 45

Résumé

Abstract

Background: Companies can improve their business performance, increase revenues and reduce costs by enhancing their information technology (IT) capability. On the other side, there is an increasing importance of human resource management (HRM) practices related to IT utilization, which are important for the business performance of a company in the rapidly changing knowledge-based economy.

Objectives: The objective of this paper is to analyze the relations among IT capability, HRM capability and the firm’s performance outcomes.

Methods/Approach: The paper uses survey data and Structural Equation Modeling to analyze the relationships among IT capability, HRM capability and firms’ performance.

Results: This paper reveals that IT capability to some extent determines firms’ business performance but it plays more important role in enhancing HRM capability. In addition, HRM capability significantly impacts business performance.

Conclusions: The findings indicate that managers should not focus on allocating resources only for IT investments. In order to achieve better business performances, these technologies need to be used to support all business processes including HRM activities.

Mots clés

  • information technology capability
  • human resource management capability
  • business performance
  • dynamic capability view

JEL Classification

  • M15
  • M12
access type Accès libre

The Influential Knowledge Factors of Companies’ Performance in Slovenia

Publié en ligne: 28 May 2016
Pages: 46 - 58

Résumé

Abstract

Background: Knowledge plays a crucial role in supporting the European Union model based on economic growth, social responsibility, and sustainable development. To improve companies’ performance, one must reflect on new forms of knowledge and develop new indicators to measure them.

Objectives: The goal of the paper is to investigate the impact of the selected factors of knowledge on companies’ performance in Slovenia.

Methods/Approach: A questionnaire was created and sent to small and medium-sized enterprises in Slovenia. The principle axis factoring method was used to identify the factors of knowledge and of companies’ performance, and a regression analysis was conducted to determine the influence of the selected knowledge factors on companies’ performance.

Results: The establishment of scientists’ collaboration with companies has a positive impact on companies’ performance, but the obstacles to the establishment of scientists’ collaboration with companies do not have any impact.

Conclusions: The results could be useful for governments and companies in the adoption of measures aimed at strengthening scientists’ collaboration with companies. Further research can be oriented toward the common synergy index (e.g., the knowledge triangle).

Mots clés

  • company performance
  • indicator
  • knowledge
  • transitional economy
  • European Union

JEL Classification

  • A12
  • C83
  • O1
  • O3
access type Accès libre

Constant Proportion Portfolio Insurance Strategy in Southeast European Markets

Publié en ligne: 28 May 2016
Pages: 59 - 80

Résumé

Abstract

Background: In today’s highly volatile and unpredictable market conditions, there are very few investment strategies that may offer a certain form of capital protection. The concept of portfolio insurance strategies presents an attractive investment opportunity.

Objectives: The main objective of this article is to test the use of portfolio insurance strategies in Southeast European (SEE) markets. A special attention is given to modelling non-risky assets of the portfolio.

Methods/Approach: Monte Carlo simulations are used to test the buy-and-hold, the constant-mix, and the constant proportion portfolio insurance (CPPI) investment strategies. A covariance discretization method is used for parameter estimation of bond returns.

Results: According to the risk-adjusted return, a conservative constant mix was the best, the buy-and-hold was the second-best, and the CPPI the worst strategy in bull markets. In bear markets, the CPPI was the best in a high-volatility scenario, whereas the buy-and-hold had the same results in low- and medium-volatility conditions. In no-trend markets, the buy-and-hold was the first, the constant mix the second, and the CPPI the worst strategy. Higher transaction costs in SEE influence the efficiency of the CPPI strategy.

Conclusions: Implementing the CPPI strategy in SEE could be done by combining stock markets from the region with government bond markets from Germany due to a lack of liquidity of the government bond market in SEE.

Mots clés

  • investments
  • portfolio insurance
  • constant proportion portfolio insurance
  • Monte Carlo simulations
  • interest rate models

JEL Classification

  • C15
  • G12
access type Accès libre

Impact of Income on Customers' Loyalty: Are Customers with Higher Income more Loyal?

Publié en ligne: 28 May 2016
Pages: 81 - 88

Résumé

Abstract

Background: Recent research on customers’ loyalty mostly focuses on several indicators, such as price, income and promotion. However, the level of income and its impacts on customers' loyalty have not been investigated in greater details.

Objectives: The main goal of this research is to investigate how different levels of income influence customers' loyalty.

Methods/Approach: This paper tries to investigate customers' attitudes towards selected loyalty determinants, based on the survey research.

Results: Several different factors which influence customers' loyalty are identified. Research results confirmed that the level of income has a significant influence on customers’ attitude towards loyalty determinants in Croatia.

Conclusions: Besides the scientific contribution, this research on customers’ loyalty also has practical implications important when undertaking further steps for developing conceptual models of customers’ loyalty.

Mots clés

  • marketing
  • loyalty
  • economics
  • customer loyalty management

JEL Classification

  • C10
  • D31
  • M31
access type Accès libre

Profitability and Capital Structure: An Empirical Study of French and Hungarian Wine Producers in 2004-2013

Publié en ligne: 28 May 2016
Pages: 89 - 103

Résumé

Abstract

Background: Profitability of the Hungarian wine industry has been a focus of numerous research studies due to the centuries-old history and the recent changes.

Objectives: The aim of the study is to analyse the capital structure of the Hungarian and the French wine industries and demonstrate the benefits of the usage of an international company database.

Methods/Approach: First, the database and the applied methods are described and then the descriptive statistical analysis of the industry is presented. The two set hypotheses are aimed at testing the main contradiction between the pecking order and the trade-off theory, which is related to profitability and the usage of external funds.

Results: The analysis examines the differences between the funding policies applied in the two countries. This was carried out by means of a discriminant analysis, which indicates the financing characteristics of French and Hungarian wine producers. In order to confirm the results of the discriminant analysis we conducted a cluster analysis on the same sample where 3 out of 4 variables proved to be significant in classifying the two groups.

Conclusions: The main conclusion of the study is that the behaviour of the factors explaining the development of the capital structure differs significantly in the two examined countries.

Mots clés

  • capital structure
  • discriminant analysis
  • profitability
  • Hungary
  • France
  • wine

JEL Classification

  • G32
  • C30
access type Accès libre

Vendor Selection and Supply Quotas Determination by Using a New Multi-Objective Programming Method Based on Cooperative Game Theory

Publié en ligne: 28 May 2016
Pages: 104 - 118

Résumé

Abstract

Background: Vendor selection and supply quotas determination is one of the most important issues in the purchasing process in manufacturing. In many situations to solve this problem it is necessary to use the operations research methods.

Objectives: This paper proposes a new methodology for vendor selection and determination of supplied quotas. The work investigates the problem of flour purchase by a company that manufactures bakery products.

Methods/Approach: The problem is solved by using the model that combines a revised weighting method, and a multiple objective programming method based on game theory. The revised weighting method is used to determine the objective function coefficients, and a multiple objective programming method is used to select vendors and to determine supply quotas from the selected vendors. For selection of vendors and determination of quantities supplied by individual vendors three complex criteria are used: (1) purchasing costs, (2) product quality, and (3) vendor reliability.

Results: The proposed methodology has numerous strengths, such as an efficient reduction of complex criteria functions to simple ones and efficient using of a new multiple objective programming methods based on cooperative game theory.

Conclusions: The main advantage of the proposed approach is its efficiency and simplicity.

Mots clés

  • cooperative game theory
  • multiple objective programming
  • revised weighting method
  • vendor selection

JEL Classification

  • C7

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