BH Economic Forum (E-Journal - Faculty of Economics University of Zenica)
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APPLICATION OF EN ISO 9001:2008 AND EN ISO 9004:2009 STANDARDS AND BUSINESS PERFORMANCES IMPROVEMENT OF SMALL AND MEDIUM ENTERPRISES IN BOSNIA AND HERZEGOVINA
Get PDFThe system of quality management in accordance to standards of ISO 9000 series intoday’s dynamic environment is rapidly becoming the business imperative for companies,especially for small and medium enterprises which strive to increase competitivenessand improve their business performances. The link between standards andbusiness performances has been capturing a lot of attention of academic community,which mainly focuses on a different benefits that companies can achieve by adequatelyimplementing these standards.The research presented in this paper focuses on small and medium entreprises inB&H which have an established system of quality management in accordance toISO 9000 series standards in order to determine whether companies apply thesestandards in a way to improve their business performances and increase their competitiveness.The research results show that the requirements of ISO 9001:2009 standard are notadequately implemented in small and medium companies in B&H, which furtherimplicates their indisposition for the application of ISO 9004:2009 standard. Therefore,full positive effects of these standards on business performance and competitivenessimprovement of companies are not achieved
USE OF TRANSMISSION CANAL OF INTEREST RATES IN MANAGING OFFER AND DEMAND OF MONEY AND INVESTMENT IN BOSNIA AND HERZEGOVINA IN CONDITIONS OF CURRENCY BOARD
Get PDFChanges in interest rates impact the decisions regarding consumption, savings and investments made by both economy and population. Higher interest rates discourage the borrowing but on the other hand they encourage savings, which again discourages investments. In conditions of low interest rates, economy and population get more into debt and thereby they increase the consumption and stimulate the production. In conducting monetary policy, the transmission channel of interest rates has a special impact since it directly influences prices. Central banks with their policy of reference interest rates influence the change of nominal interest rates which in accordance with inflationary expectations impact long-term interest rates and thus the consumption, investment and saving structure. In the situation in which the monetary policy of Bosnia and Herzegovina is reduced to the role of a currency board, this work researches impact of transmission channels of interest rates on consumption, investments and savings in Bosnia and Herzegovina.Key words: Interest rates, reference interest rates, monetary policy, channels of monetary policyJEL: E42; E43; E5
KREATIVNO PROMIŠLJANJE I INOVATIVNOST KAO KLJUČ USPJEŠNOG PREDUZETNIČKOG DJELOVANJA
Get PDFU današnje turbulentno vrijeme kreativnost je izuzetno važna, ako ne iesencijalna karakteristika uspješnog preduzetnika. Ona predstavlja motivaciju isposobnost pojedinca da, samostalno ili u okviru organizacije, uoči priliku iiskoristi je stvaranjem nove vrijednosti. Kreativnost je sposobnost logičkograzmišljanja i zaključivanja koja mora biti svojstvena preduzetniku kao kreatorunovog preduzetničkog poduhvata. On treba težiti razvijanju kreativneorganizacije u kojoj menadžeri vjeruju svojim ljudima i ne kontroliraju ihstriktno, komunikacija između članova organizacije je slobodna, interakcija iotvorenost organizacije sa okolinom je izražena, evidentna je velika raznolikosttipova ličnosti itd. Modeli inovativnosti i kreativnosti predstavljaju izvrsne alatekoji se nameću kao temelj održivog opstanka i ključ uspješnog poslovanjamikro, malih i srednjih preduzeća.Prema Globalnom indeksu inovativnosti jasno je prepoznatljivo da su razvijenezemlje, ali i neke zemlje iz okruženja, konkurentnije od BiH iz razloga što se utim zemljama sistematski kreira ambijent koji stimulira inovativnost ikreativnost. Stopa rasta i napredovanja u našoj zemlji veoma je niska, te jepotrebno sistematski redefinirati razvojnu politiku, kako bi se dostigao nivozemalja Evropske unije, u kojoj je preduzetništvo predominantno razvojno, a nesocijalno. Komparativnom analizom BiH sa drugim zemljama, uz primjenu statističkihpodataka dobijenih na bazi modela Globalnog indeksa inovativnosti, u formizaključnih razmatranja bit će date ključne preporuke i smjernice za unapređenjeekonomske politike u cilju jačanja kreativnog razmišljanja i inovativnosti kaosignifikantne komponente uspješnog preduzetničkog djelovanja mikro, malih isrednjih preduzeća, ali i konkurentnosti nacionalne ekonomije kao preduvjetanjenog budućeg ekonomskog rasta i razvoja
SHIFT-SHARE EMPLOYMENT ANALYSIS OF CANTONS IN THE FEDERATION OF BOSNIA AND HERZEGOVINA
Get PDFStructure of each economy, especially those in transition, is in constant change.Shift-share analysis is widely used for studying of regional economic change. Themodel in which the present analysis is conducted has three components: (i) the nationalgrowth component (in this paper the entity level of Federation of BH is usedas reference level), (ii) the industry mix component, and (iii) the competitive component.Each of them is measured on the basis of employment. The analysis enablesassessment of economic performance of a region (here cantons) in comparison to areference level (here the Federation of Bosnia and Herzegovina).In this paper authors aimed at capturing economic change at regional level. Authorshave compared the economic change in two time periods, 2006-2011 and 2012-2018.Changes in employment are expected in a small transitional and open economy suchas Bosnia and Herzegovina. Obtained results indicate that regional economy wentthrough considerable transformation. Some policy recommendations for policy decision-makers in the fields of education and labor market are also given in the paper
EXPLICATION OF THE PALIMPSEST CONCEPT OF MANAGERIAL COMPETENCY: RESEARCH OF THE RELATIONSHIP BETWEEN INTERPERSONAL, BUSINESS, AND PROFESSIONAL MANAGERIAL COMPETENCIES
Get PDFFor the past several decades, managerial competencies have been a great idea in theory and practice of management. In the theoretical and practical sense, there have been many difficulties regarding conceptual definition of the term competences, due to many different interpretations. There is no doubt about managerial competencies being result of influence of three constructs which, in the managerial competencies, have been denoted as managerial knowledge, managerial skills and managerial abilities. To execute a complex and demanding managerial work, competences do not serve themselves. Justification of constant development of generic and specific competencies respectively reflects on results which enterprises achieve. Key words: managerial competencies, managerial knowledge, managerial skills, managerial abilitiesJEL Classification: M12, M5
TANGIBLE ASSETS DEPRECIATION ISSUES
Get PDFBuildings, machinery, equipment, furniture, computers, parking lots, cars, and trucksare examples of tangible assets that will not last indefinitely, but more than one year.During each accounting period, a portion of the cost of these assets is being usedup. Each company, due its establishment, procures tangible assets as the base forits operation. If you are responsible person (CEO) in the production company, it isnot unusual if you find out that some of your production assets are still in operation,but they were completely depreciated. By this way, main accounting principles forreporting on tangible assets (cost and revenue matching principle) are not respected.The way the CEO solve this problem can have big impact on costing price and profitor loss at the end of the year. Problem is that useful life of asset was not properlyassessed or revised. As result, carrying amount and income in financial statementsare not correct. Solving these problems is very important for creating consolidationstatements and representing financial statements due to International Financial ReportingStandards, especially if large audit firms audit financial statements. The aimof this work is to help understanding theoretical and practical issues on tangible assets,especially depreciation, trough analyzing available literature, scientific workswritten world abroad and practical research made by author
IDENTIFIKOVANJE FAKTORA KOMPETENTNOSTI MENADŽERA I NAČINI NJIHOVOG RAZVOJA
Get PDFKako i na koji način menadžeri obavljaju svoj posao zavisi od mnogih faktoraod koji su najznačajnije kompetencije menadžera. U ovom radu su predstavljenirezultati teorijskog i empirijskog istraživanja kojim su identifikovanekompetencije menadžera zasnovane na znanju i kompetencije menadžerazasnovane na osobnosti menadžera.Nakon identifikovanja komepetencija menadžera predstavljen je model zarazvijanje menadžerske kompetentnosti. U modelu za razvijanje menadžerskekompetentnosti predlaže se usvajanje opštih, posebnih i specifičnih znanja putemformalnog obrazovanja čime se postiže osposobljenost menadžera koja se putemneformalnog obrazovanja pretvara u menadžerske vještine. Drugi tok razvijanjamenadžerskih kompetencija polazi od činjenice da menadžeri trebaju svojeelemente osobnosti u koje spadaju kreativnost, strast, upornost i hrabrost,razvijati neformalnim obrazovanjem do menadžerskih vještina. Menadžeritrebaju težiti uspostavljanju ravnoteže „dijamanta kompetentnosti“, odnosno,težiti ravnomjernom razvoju menadžerskih kompetencija
IMPACT OF CORPORATE GOVERNANCE ATTRIBUTES ON AUDIT REPORT LAG OF CORPORATE: THE CASE OF BIST-30
Get PDFThe purpose of this study is to investigate the effects of corporate governance behaviorson audit report lag. The lag of audit reports concerns investors and otherparties. Therefore, it can affect the firm value of the enterprises. For this aim, 30companies operating in İstanbul Stock Exchange (BIST) were used in this study. Thedata of the firms are taken from the independent audit reports. As the audit reportlag, the difference between December 31 and of the date when companies announcedtheir report was taken. In this study, we used the proportion of non-executive directorsto total number of board, total assets, share of the largest shareholder and freefloat rate as corporate governance attributes. Findings of this study was based onthe used system dynamic panel method. As a result, it was concluded that the corporategovernance behaviors of the firms were not effective on the audit report lagsof the firms
THE LIMITATIONS OF ENTREPRENEURSHIP DEVELOPMENT IN BOSNIA AND HERZEGOVINA WITH SPECIAL EMPHASIS ON TAX REGULATIONS AND PROCEDURES
Get PDFSmall and medium-sized enterprises account for over 99% of active businesses inBosnia and Herzegovina, and face a number of limitations when performing theirbusiness activities. A number of those limitations relate to the nature of small andmedium-sized enterprises, but most are due to the inadequate legal and regulatoryframework for doing business. A disincentivised business environment and lack ofa unified economic policy and sector strategies further complicate the position ofsmall and medium-sized enterprises. The aim of this paper is to show the limitationsfaced by these companies. To this end, an investigation involving 119 small and medium-sized enterprises in Bosnia and Herzegovina was conducted.Convenience sampling was used in the research. Based on the survey, it is evidentthat respondents rated the tax burden factor (the tax structure and taxation process)the most problematic. This finding corresponds with Doing Business’ 2019 surveyresults.A section of this paper is devoted to the fiscal aspect of doing business: tax regulationsand the overall tax burden and taxation procedures. It shows that the magnitudeof the fiscal burden, the complexity of tax regulations and the inconsistency andcomplexity of the taxation system are a significant burden on small and medium-sizedenterprises. The paper concludes with recommendations for more efficient andsimpler tax regulation
FACTORS OF CREDIT GROWTH IN THE REAL SECTOR IN BOSNIA AND HERZEGOVINA:EVIDENCE OF CERTAIN COUNTRIES OF THE WESTERN BALKANS
Get PDFBank loans represent an essential source of financing for the real sector, especially in countries where the basic structure of the financial system consists of commercial banks. In the last few years, lending to small and medium-sized enterprises in Bosnia and Herzegovina has slowed down mainly due to the fact that banks do not trust enterprises, the lack of quality collateral, the poor financial performance of the company, bad bank placements and other factors. The banking system in Bosnia and Herzegovina was completely liberalized, which resulted in increased competition on one hand, and on the other hand, increased the concentration of foreign capital. The growth rate loan to the real sector will be used as the dependent variable while the growth rate of average salary, the growth rate liquidity assets according to total assets, the growth rate of EURIBOR, the growth rate of return on assets, the growth rate of capital adequacy ratio and growth rate deposit according to loans will be used as independent variables. In this paper, the STATA 13.0 software package will be used. This data analysis will include quarterly basis data for the period: 2007q1 – 2017q4 due to its higher significance. The basic results of the regression analysis also showed a positive relationship between the growth rate of loans to the real sector and a growth rate of salary, and the growth rate of EURIBOR. Similarly, there is a positive relation between the growth rate of loans to the real sector and the growth rate of return on an asset. In contrast, the weaker relationship was recorded with the following independent variables: the capital adequacy ratio and growth rate of liquidity asset to total assets. Keywords: Credit expansion, EURIBOR, deposits, real sector, variance inflation factor. JEL: G2, G20, G21