BH Economic Forum (E-Journal - Faculty of Economics University of Zenica)
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IS IT POSSIBLE TO IMPROVE BANK PERFORMANCE: EVIDENCE FROM BANKS IN BOSNIA AND HERZEGOVINA?
Get PDFThis research was conducted to identify variables that affect the efficiency of banks in Bosnia and Herzegovina. The required data were collected from 30 respondents (banks directors and CEOs) and a targeted set of 20 questions. For the purposes of data analysis, the statistical technique of factor analysis was used with the help of principal components. In the process of implementing this technique, the general applicability of the model and each variable was tested in order to identify key indicators that affect the efficiency of bank operations. Therefore, the main objective of this research is to identify the factors that most affect the efficiency of banks in Bosnia and Herzegovina. The results of the research showed that the value of the Kaiser-Meyer-Olkin (KMO) is greater than 0.50, which certainly confirms the application of factor analysis, that is, the significance of certain variables on the efficiency and effectiveness of banks in Bosnia and Herzegovina. Also, the factor rotation matrix indicates that the following variables have the greatest impact on the efficiency and effectiveness of banks operations: the bank provides fast service (q8), the banks communication with clients is good (q9), to meet when granting loans (q19), banks provide different types of loans (q14) and banks offer moderate interest rates on credit placements (q15)
THE IMPORTANCE OF TECHNOLOGICAL PROGRESS IN MEASURING ECONOMIC GROWTH IN BOSNIA AND HERZEGOVINA
Get PDFEconomic growth is one of the most important concepts in the world economy. Although some authors critically believe that the level and rates of economic growth do not necessarily reflect the actual standard of living, it remains the main way to measure a country's well-being. Different views on the topic of economic growth, as well as the factors that influence it, have been present throughout the history of economic thought from the very beginning.
Unlike many theories of economic growth, which believe that in the long run there will be diminishing returns on factors of production such as labor and capital, Paul Romer in his theory of endogenous growth believes that technological progress, through knowledge accumulation, idea creation, and innovation, leads to increasing returns, and thus contributes more to long-term economic growth, unlike other factors.
In this paper, on the example of economic growth in B&H, it was tested the hypothesis that the activities of knowledge-based services contribute more to the gross domestic product, compared to other sectors. To prove the hypothesis, a multiple linear regression model was made based on a time series of 48 consecutive quarterly values of B&H gross domestic product and sectoral gross value-added according to the income and production approach. In the model, activities were grouped into those that are predominantly labor-intensive, knowledge-based services, personal and social services, and other activities.
The results showed that the average value of gross value added per worker employed in the sectors of knowledge-based services has a 2.5 higher contribution compared to a worker in the labour-intensive sectors and a 2.47 higher contribution compared to one worker in the personal and social services segment. Also, tests of the implemented model show that additional employment in the sectors of knowledge-based services leads to accelerated economic growth in B&H.
Keywords: Economic Growth, Technological progress, GDP, Romer model, Endogenous growth theory
JEL: O32, O47
A BIBLIOMETRIC OVERVIEW OF TRANSFORMATIONAL LEADERSHIP – PERFORMANCE RELATIONSHIP
Get PDFPrevious research highlighted undoubtedly positive impact of transformational leadership on a wide range of performance, including its follower, individual and organizational levels. However, the focus to date has mainly been on the concept’s empirical underpinnings and, hence, the purpose of this study is to present and clarify the intellectual structure of transformational leadership – performance relationship studies. Building on the bibliometric analysis, we have provided the information on publishing trends, the most prolific countries and authors that shape this relationship, whereas term analysis provides a taxonomy for ongoing and recommended upcoming research in the field. The results showed a) the field is under a surprisingly strong influence of a diversified research context along with the focus on the well-recognized and expected Anglo-American region; b) there are five clusters which have been recognized as representatives of the field; c) scarcity of research into sales and managerial performance has been identified which indicates that there is considerable potential for wide-ranging research in fields of marketing and management in general. In the context of contribution, this study provides a reference to researchers entering this field, as well as guidance for future research
FINANCIAL REPORTING OF BUSINESS ENTITIES AND ETHICAL DILEMMAS OF STUDENTS IN BOSNIA AND HERZEGOVINA
Get PDFThe fair and reliable financial reporting of business entities is extremely important for strengthening the confidence among business entities, acting positively on the scope of business activities and achieved results. On the other hand, individuals, businesses and the entire society, suffered huge losses, due to the frauds in financial reports, by dropping the confidence in the accounting profession. The public's expectations from the accounting profession are that its professionals consciously reject participation in any fraud activities, and be really fighters for the real financial reporting of the entities. In the light of specified expectations, this paper try to consider the ability of students of economic specialization in Bosnia and Herzegovina in recognizing of cases of false financial reporting among different situations that (no)can include fraud characteristics, and their readiness to take active participation in the fight against frauds in business entities and economic crimes, in general. The results of the research showed that research participants clearly recognize cases of false financial reporting among various fraudulent activities, that they have a high level of awareness regarding the seriousness of the fraud type and its negative consequences for entities, and that they express their unreserved readiness to report these cases to the competent authorities with the purpose of prosecution.Keywords: financial reports, fraud, accounting profession, ethics.JEL: M4
RECRUITMENT AND SELECTION OF HUMAN RESOURCES AND ORGANIZATIONAL CREATIVITY IN SMALL AND MEDIUM-SIZED ENTERPRISES
Get PDFIn modern business conditions, human resources have become the most important resource of enterprises, and many authors point out that this is especially true for SMEs, in which, due to their specificity, human resources create a competitive advantage of the company and affect its survival and development.
SMEs are faced with a strong, global competition of large enterprises and in order to survive and grow in the market, they must find specific strengths within themselves, develop and use them. Creativity is one of the most powerful tools that enable SMEs competitiveness, survival and development in the market.
The basic objective of this research is to determine whether there is a correlation between recruitment and selection of human resources and organizational creativity in SMEs.
The survey was conducted in SMEs in the Federation of B&H in 2019. An original questionnaire was created for the research, which collected the opinion of top managers on the recruitment and selection of human resources and organizational creativity in small and medium-sized enterprises.
Data have been analysed using IBM SPSS Statistic 25.0. From the statistical procedures, the following were used: Shapiro-Wilk’s test, Pearson's coefficient of correlation, Mann-Whitney U test and t-test for independent samples.
The results of the survey showed that there is a correlation between the recruitment and selection of human resources and organizational creativity in SMEs and that there are differences in the correlation between the recruitment and selection of human resources and organizational creativity in the enterprises in terms of their size
THE EFFECT OF BOSNIAN AND HERZEGOVINIAN NATIONAL CULTURE ON MANAGEMENT OF INTERPERSONAL CONFLICTS IN FOREIGN-OWNED COMPANIES
No full textConflicts are an integral part of every company's business and companies cannot avoid them. In a globalized and dynamic environment, there is a need to manage conflicts that occur within the company, in a productive and effective way. Conflict management styles are influenced by a number of factors, including the national culture of employees, who will have certain preferences in resolving conflicts in accordance with their culture.
When it comes to multicultural environment, the knowledge of the national culture of the country in which the business is being done, as well as the company's home country national culture is extremely important for conflict management and creation of positive atmosphere in the company. Doing business in a foreign market additionally complicates the process of the creation of interpersonal conflicts. Thus, top management coming from the home country has a big task of understanding the values and customs which are part of personality of each employee from another country, and at the same time understanding of the national culture of the country in which the business was internationalized.
The aim of the research is to, based on existing theoretical knowledge and empirical research, establish if, and in which way, Bosnian and Herzegovinian national culture affects the management of interpersonal conflicts in these types of companies.
Research results show that the national culture is a significant factor in interpersonal conflict management in a company, but in conflicts in general. The level of harmonization of chosen styles and ways of managing them with the national culture of the employees will affect their business performance, positive atmosphere and communication, and more efficiency for achieving of the company's business goals
CORPORATE SOCIAL RESPONSIBILITY OF SMES IN THE REPUBLIC OF CROATIA
Get PDFFrom a long-term perspective, modern capitalism does not only require companies to profit as much as possible, but is increasingly paying attention to the social and environmental problems of business. It refers to meeting the social and environmental needs of the wider community. Climate change affecting the extinction of biological species has a major impact on human life and the global economic crisis, which increasingly requires corporations to care about global environmental impact and bio-sustainability. Which requires strengthening corporate responsibility with increasing attention to social and environmental problem. The main objective of this paper is to examine the representation of the CSR strategy in small and medium-sized enterprises in the Republic of Croatia, looking through the economic, social and environmental dimensions. An analysis of the application of the existing level of socially responsible business was made, as well as a comparison of the levels of implementation of the social and environmental dimension in the observed SMEs. The empirical research in this paper concludes that the sample SMEs are oriented towards the operational and financial aspects of business, while at the same time adopting business strategies across all three dimensions of CSR.
Keywords: Corporate Social Responsibility, SMEs
 
LEADERSHIP STYLES AS PREDICTORS TO SUCCESS OF SCIENTIFIC-RESEARCH INSTITUTIONS IN BOSNIA AND HERZEGOVINA
Get PDFChanges that accompany the 21st century require, as well as to various economic subjects as well as scientific-research institutions, constant awareness and readiness to expedite endeavors. Searching for competitiveness, and thus success, management requires that almost all resources are provided to meet the fulfillment of goals, and establish adequate relationships and culture within the organization. Significant role in this process certainly has a leadership phenomenon that is a key function in business. The leader of scientific-research institutions must possess charisma, a clear vision, and there is also a person the followers point loyalty to. The paper presents the results of the research conducted with the aim to determine the influence of leading styles on better business results and greater competitiveness of the scientific research institutions (43 institutions) of Bosnia and Herzegovina. The results showed that management of 79% of institutions preferred the transactional style of leadership. The results (F (3,326) = 11.20; p=.03; f²=.26)) also show that leadership styles can explain 20.4% of the mid-effect criterion variance and the model as a whole is statistically significant. In addition - a statistically significant unique contribution gives only the transactional style of leadership (β =.487; p=.014).Keywords: Styles of leadership, scientific-research institutions, performance indicatorsJEL:I31, M12, M1
PRIVATE LEGAL POSITION OF THE LEASING USERS IN THE FINANCIAL LEASING TRANSACTION - ANALYSIS OF LEGAL AND FORMULAR LEASING LAWS IN BOSNIA AND HERZEGOVINA
Get PDFThe contractual position of the leasing beneficiary versus the leasing provider in the financial leasing business is atypical to the extent that leasing customers impose certain obligations that do not have their interlocutors in the lease contract model but follow the much more legal logic assumed in the model of the sale agreement. In this paper, the subject framework of the planned research was challenged with one subsequently arrived, but quite clearly a limited call for leasing practice in B&H, which is going to be reviewed and critically analyzed by the existing legal and formal leasing rights, practical and doctrinal conclusions regarding the quality regulation of the private legal status of the leasing users in the forms of a (financial) leasing contract. It is methodologically and substantially justified in collision and an unavoidable reduction in the opposite direction, all with the aim of presenting in their respective places and partial assessments of differences in the protection of the legal regulation of the private legal position of the published (ordinary owners) in relation to unpublished leasing providers (titles special ownership right) in formal forms of financial leasing contracts.Keywords: special ownership, publicity, registration, priority, leasing fees, secondary expenses, lags, installation, belonging, merging, insurance, risk of damage
REPRESENTATION AND DEVELOPMENT OF ELECTRONIC COMMERCE IN COMPANIES IN BOSNIA AND HERZEGOVINA
Get PDFDevelopment of the world’s information technology and their influence on all aspectsof human life and work is largely reflected in the areas of Bosnia and Herzegovina.This is the time when most of the companies switch to the electronic way of doingbusiness. Today, without Internet and electronic business, it is virtually unthinkableto realize the online business objectives and the more efficient to spend businessprocesses.We made research in the purpose of knowing how the electronic trade is representedin the business world in Bosnia and Herzegovina, if it is accepted by companies,institutions and others, if they are used and what they think about electronic trade.The aim of the work is to explore the representation and development of electroniccommerce in companies in Bosnia and Herzegovina, as well as to examine the prerequisitesthat must be fulfilled for the successful development of electronic commerce.The research was based on conducting the survey with approx. 250 companies inBosnia and Herzegovina. Interviewing was carried out electronically. The limitationsof research consist in the fact that the research was carried out in a developingcountry where the use of information technologies is on a lower level than in developedcountries