2016 M-SPHERE BOOK OF ABSTRACTS by Tihomir Vranesevic

5th International M-Sphere Conference For Multidisciplinarity in Business and Science

Book of Abstracts

Dubrovnik, Croatia 27th - 29th October 2016

M-Sphere Association for Promotion of Multidisciplinarity in Science and Business 5th International M-Sphere Conference For Multidisciplinarity in Business and Science (5th M-Sphere Conference)

Book of Abstracts

Dubrovnik, Croatia 27th â&#x20AC;&#x201C; 29th October 2016

5th M-Sphere Conference, Book of Abstracts. Copyright 2016. All rights reserved. The author is responsible for all of the content that has been published. Printed in Croatia. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in crtitical articles or reviews.

Organized by: M-Sphere (www.m-sphere.com.hr) Publisher: Accent For Publisher: Tihomir Vranešević Editors: Tihomir Vranešević Claudia Seabra Doris Peručić Miroslav Mandić Irena Pandža

ISBN 978-953-7930-10-3 A CIP catalogue record for this book is available in the Online Catalogue of the National and University Library in Zagreb as 000945366 CIP zapis je dostupan u računalnome katalogu Nacionalne i sveučilišne knjižnice u Zagrebu pod brojem 000945366.

M-SPHERE M-Sphere - Association for Promotion of Multidisciplinarity in Science and Business

MISSION Promote multidisciplinary approach. Promote multidisciplinary approach by encouraging and providing the circumstances to exchange of experiences and ideas from different disciplines, in order to further encourage scientific curiosity in research and practical work, with the aim of achieving positive change in all spheres of science, business and society - respecting multidisciplinary.

OBJECTIVES Acquiring of conditions for achieving a permanent mission of the organization of annual conferences, publishing journals and various forms of education.

VISION Become a focal point of advocacy for multidisciplinary approach in business and society.

GUIDING PRINCIPLE IDEAS WORTH TO SPREAD â&#x20AC;&#x201C; RESULTS WORTH TO DISSEMINATE!

Committee Members (Alphabetical Order) Scientific Committee Members for the Conference: Professor Vesna Babić Hodović Professor Muris Čičić Professor Damir Dobrinić Professor Stjepan Dvorski Professor Didar Erdinç Professor Felicite Fairer-Wessels Professor Rainer Hasenauer Professor Jordanka Jovkova Professor Masai Kanai Professor Božo Mihailović Professor A. Niyazi Özker Professor Žarko S. Pavić Professor Dušan Radonjič Professor Drago Ružić Professor Claudia Seabra Professor Terje Slåtten Professor Statty Stattev Professor Masaaki Takemura Professor Marija Tomašević Lišanin Professor Željko Turkalj Professor Ivona Vrdoljak Raguž Professor Vesna Vrtiprah

University of Sarajevo, Bosnia and Herzegovina University of Sarajevo, Bosnia and Herzegovina University of Zagreb, Croatia University of Zagreb, Croatia America University in Bulgaria, Bulgaria University of Pretoria, South Africa Vienna University of Economics and Business, Austria University for National and World Economy, Sofia, Bulgaria Kindai University, Osaka, Japan University of Montenegro, Montenegro Balikesir University, Turkey Independent University Banja Luka, Bosnia and Herzegovina University of Maribor, Slovenia University of Osijek, Croatia Polytechnic Institute of Viseu, Portugal University of Lillehammer, Norway University for National and World Economy, Sofia, Bulgaria Meiji University, Tokyo, Japan University of Zagreb, Croatia University of Osijek, Croatia University of Dubrovnik, Croatia University of Dubrovnik, Croatia

Organizing Committee Members for the Conference: Boris Hudina, prof.pscyh. Iva Gregurec, PhD Miroslav Mandić, PhD Ana Mulović, MBA Professor Doris Peručić Professor Diana Plantić Tadić Irena Pandža, PhD Professor Tihomir Vranešević CORRESPONDENCE: Professor Tihomir Vranešević info@m-sphere.com.hr

HDPRO, Croatia University of Zagreb, Croatia University of Zagreb, Croatia University North, Koprivnica, Croatia University of Dubrovnik, Croatia VERN University of Applied Sciences, Croatia University of Zagreb, Croatia University of Zagreb, Croatia

Program Details  Thursday, 27th October 2016 09.30 – 10.45

Conference Registration

10.45 – 11.00

Opening Ceremony / Official Welcome

11.00 – 12.45

1MS Paper presentations (3 parallel tracks)

TRACK 1MS1. ROOM 1 TRACK 1MS2. ROOM 2 TRACK 1MS3 ROOM 3 12:45 – 14.00

Coffee & Snack

14.00 – 15.45

2MS Paper presentations (3 parallel tracks)

TRACK 2MS1 ROOM 1 TRACK 2MS2 ROOM 2 TRACK 2MS3 ROOM 3 18.00 – 20.00

Dubrovnik City Tour

20.00 – 22.00

Dinner in Dubrovnik City

 Friday, 28th October 2016 10.45 – 12:45

3MS Paper presentations (3 parallel tracks)

TRACK 3MS1 ROOM 1 TRACK 3MS2 ROOM 2 TRACK 3MS3 ROOM 3 12:45– 13:00

Plenary session and conference feed back

13:00 – 14.15

Coffee & Snack Break

20:30 –

Farewell Dinner

 Saturday, 29th October 2015 Excursion (Dubrovnik South Region: Cavtat - Konavle) 10:00 – 17.30 Note: Minimum 25 participants

Contents

THURSDAY 27TH OCTOBER 2016

11.00 – 12.45

 1MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 1.

RESEARCH ON EUROPEAN CYCLOTOURISM DEVELOPMENT EDUCATIONAL PROGRAMME AND CO-CREATION APPROACH - EUBIKE WALTER GRASSL

BETTER UNDERSTANDING OF TOURIST BEHAVIOUR? KNOWLEDGE TRANSFERENCE FROM THE NATURAL SCIENCES ATİLA YÜKSEL

CHALLENGES AND PERSPECTIVES OF GEOTOURISM ON THE ISLAND OF PORTO SANTO CRISTINA CASTRO - JOAQUIM ANTUNES - SAMUEL BARROS

TWO COUNTRIES – TWO APPROACHES: EXPLOITING CULTURAL HERITAGE RESOURCES FOR TOURISM. A COMPARATIVE ANALYSIS OF TOURISM PRODUCTS IN TURKEY AND AUSTRIA IRFAN ARIKAN - G. CHRISTIAN STECKENBAUER

TOURİST HEURİSTİCS AND BİASES EKREM TUFAN - BAHATTİN HAMARAT - NUR UNDEY - EROL DURAN

LIMITATIONS OF THE DEVELOPMENT OF NAUTICAL TOURISM IN CROATIA DORIS PERUČIĆ

 1MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 2.

OPERATIONAL RISK MANAGEMENT IN CREDIT INSTITUTIONS: AN OVERVIEW AND INSIGHT FROM PRACTICE. THE CASE OF CROATIA IVANA DVORSKI LACKOVIĆ - VLADIMIR KOVŠCA - ZRINKA LACKOVIĆ VINCEK

THE PRIORITIES OF TAX REFORMATION IN DEVELOPING COUNTRIES: TURKEY’S TAXATION MATTER THAT AIMED AT EU A. NIYAZI ÖZKER

EQUILIBRIUM OF NATIONAL MORTGAGE SYSTEM - PROBLEMS AND OPPORTUNITIES FOR IMPROVEMENT AND MODELING JORDANKA JOVKOVA

FRAUD AND RISKS IN BANKING SANDRA BENIĆ

CONTEMPORARY PROBLEMS OF THE FISCAL POLICY IN POLAND RENATA PRZYGODZKA

FINANCIAL MANAGEMENT IN THE CONTEXT OF FINANCIAL CONTROL AND AUDIT NORA ŠTANGOVÁ - AGNEŠA VÍGHOVÁ

vii

 1MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 3.

OPINION LEADERS - OPPORTUNITY OR THREAT FOR THE COMPANY? DRAŽEN MARIĆ - RUŽICA KOVAČ ŽNIDERŠIĆ - ALEKSANDAR GRUBOR

MARKET NICHES AS THE OPPORTUNITIES FOR SMALL BUSINESS DRAGO DUBROVSKI

CUSTOMER PERCEPTION OF GUERILLA MARKETING ANTONIJA MILAK - DAMIR DOBRINIĆ

ROUND NUMBERS RISK BOHUMIL STÁDNÍK

TENSIONS IN CORPORATE CREATIVITY CARSTEN DECKERT

THE IMPACT OF EMOTIONAL BRANDING ON CONSUMERS IN CROATIAN NORTHERN REGION KRISTIAN STANČIN - IVA GREGUREC

THURSDAY 27TH OCTOBER 2016

14.00 – 15.45

 2MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 1.

WOMAN AS ENTREPRENEUR. IS ENTREPRENEURSHIP COMPATIBLE WITH THE WOMEN’S ROLE IN THE MODERN SOCIETY? MARIE CHRISTINE TAVOUKTSI - THOMAS HATZIGAYOS

ENTERPRISE RISK MANAGEMENT SOFTWARE – SUPPORT TO BUSINESS DECISION MAKING DRAŽENA GAŠPAR - IVICA ĆORIĆ

ROUTING CHARACTER ENCODING FOR POSTAL SECTOR JURAJ VACULÍK - ONDREJ MASLÁK

THE PRICE OF WAITING – INVESTMENT TIMING IN DIFFERENT INDUSTRIES VIVIEN CSAPI

EXPERIENCES ON LAUNCHING THE EFQM MODEL IN ORGANISATIONS OF A CENTRAL EUROPEAN COUNTRY – EVIDENCE FROM HUNGARY SÁRA SZABOLCSI MARKETING ASPECTS OF ELECTROMOBILITY PETER DRÁBIK - RÓBERT REHÁK

30 31

IDENTITY AND BRANDING OF CITIES IN ASIA – INVESTIGATING ATTITUDES OF CROATIAN STUDENTS LUKŠA LULIĆ - GORAN LUBURIĆ - FILIP SUBAŠIĆ

 2MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32 ROOM 2.

FISCAL DECENTRALIZATION IN POLAND – LOCAL GOVERNMENT IN PERIOD 1990-2014 MARIA JASTRZĘBSKA

THE FISCAL LIABILITIES AND THE QUANTITATIVE EFFECTS OF THE FINANCIAL VARIABLES IN OECD COUNTRIES A. NIYAZI ÖZKER

viii

FISCAL RULES FOR SUB-NATIONAL GOVERNMENTS: THE POLISH EXPERIENCE MARZANNA PONIATOWICZ

ASYMMETRIC CAUSAL EFFECTS OF ECONOMIC POLICY UNCERTAINTIES ON ASIAN-PACIFIC STOCK MARKETS MELIK KAMIŞLI - SERAP KAMIŞLI - MUSTAFA ÖZER

CORRELATION BETWEEN THE TOOLS AND DEVELOPMENT PROCESS AND THE PRODUCTION PROCESS IN SMES MATEJA KARNIČAR ŠENK - MATJAŽ ROBLEK

DO VOLATILITY SPILLOVERS AMONG G7 STOCK MARKETS SYMMETRIC OR ASYMMETRIC? MUSTAFA ÖZER - SERAP KAMIŞLI - MELIK KAMIŞLI

 2MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 3.

MISUSE OF MULTI-, INTER- AND TRANS-DISCIPLINARITY: THE CASE OF ECONOMIC EXPANSIONISM SLAVICA MANIC

STRATEGIC MARKETING AND THEATRICAL ACTIVITIES DUŠKO LJUŠTINA

THE CORRECTION OF PERCEPTION OF ECONOMIC GROWTH IN THE CONTEXT OF THE NEW ECONOMIC REALITY DARIA ROZBORILOVÁ

THE IMPORTANCE OF INTERNAL AUDITING TO THE MANAGEMENT OF A PUBLIC INSTITUTION ELSA SARAIVA - ISABEL MARTINS

PUBLIC OPINION ON THE METHODS OF FINANCING ENVIRONMENTAL IMPACT STUDIES MERICA PLETIKOSIĆ PROGRAM „CROATIA 365“ IN A FUNCTION OF BETTER MARKET POSITIONING OF THE TOURIST DESTINATIONS DURING THE PRE- AND POST-SEASON BILJANA LONČARIĆ

FRIDAY 28TH OCTOBER 2016

10.45 – 12.45

 3MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . #INSTAFOOD – IMPRESSION MANAGEMENT MOTIVES OF THE “SOCIAL EATER” ON INSTAGRAM CHRISTOPH WILLERS - SOPHIA SCHMIDT THE PERCEIVED BUSINESS VALUE OF SOCIAL MEDIA LIANA RAZMERITA - KATHRIN KIRCHNER - PIA NIELSEN DETERMINANTS OF MOBILE INTERNET USAGE AND OPPORTUNITIES FOR M-MARKETING AMONG YOUTH IN THE REPUBLIC OF MACEDONIA KALINA TRENEVSKA BLAGOEVA - MARINA MIJOSKA

ROOM 1.

50 51

CLOUD COMPUTING AND THE SPECIFICS OF CONCLUDING CLOUD CONTRACTS ANNA ONDREJKOVÁ

THE CREATIVE UNIVERSITY AND THE CONCEPT OF INNOVATION AND CREATIVITY OTILIJA SEDLAK - ZORAN ĆIRIĆ - JELICA EREMIĆ ĐOĐIĆ - ŽELJKO VOJINOVIĆ - BOGDAN LABAN

ENROLLMENT MOTIVES AND STUDENTS’ SATISFACTION WITH UNDERGRADUATE AND GRADUATE STUDIES ANTONELA SAMODOL - IRENA PANDŽA BAJS CONSUMER KNOWLEDGE ABOUT FOOD LABELLING IN SLOVAKIA FERDINAND DAŇO - PAULÍNA KRNÁČOVÁ

 3MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VALUE BASED MANAGEMENT WITH SOME PRACTICAL EXAMPLES IN SLOVENIAN INDUSTRIES VLADIMIR BUKVIČ

55 56 ROOM 2.

OPENNESS AND DESIGN OF SUSTAINABLE INNOVATION PRACTICES ANDREA GASPARINI - ALMA L. CULÉN

IS HIGHER EDUCATION IN DIRE STRAITS? IGOR RIŽNAR

CROATIAN Y GENERATION WORKFORCE: BIG BUSINESS EXPECTATIONS IVANA FOSIĆ - ANA TRUSIĆ - VEDRANA VDOVJAK

EXAMINING THE ROLE OF THE LEGAL FRAMEWORK FOR PREDICTING DEVELOPMENTAL PATHS FOR PERSONALIZED MEDICINE MARIJA KAŠTELAN MRAK - NADA BODIROGA VUKOBRAT WIVES’ INVOLVEMENT IN TOURISM DECISION MAKING IN HUNGARY KRISZTINA ARPASI - ZOLTAN ARPASI - LÁSZLÓ GUTH RESEARCH ON THE SATISFACTION OF THE USERS OF THE REGIONAL TRANSFUSION CENTRE MIROSLAV MANDIĆ - IVA MIHALJ

 3MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62 63

64 ROOM 3.

EFFECTS OF ORGANIZATIONAL CLIMATE ON INNOVATIVE BEHAVIOR – A CASE STUDY FROM PUBLIC SECTOR BARBARA REBECCA MATOVU LAPPALAINEN - TERJE SLÅTTEN - GUDBRAND LIEN

IDENTIFICATION AND USE OF INFORMATION AND COMMUNICATION TECHNOLOGY IN THE PROMOTION OF CROATIAN TOURISM IVAN KELIĆ - ANTUN BILOŠ - MARIN PUCAR

BUSINESS MODEL INNOVATION IN SMES – ROLE OF ICT ANDREJA PUCIHAR - MARJETA MAROLT - GREGOR LENART - DAMJAN MALETIČ - MIRJANA KLJAJIĆ BORŠTNAR

THE VALUE OF FIRMS ETHICAL LEADERSHIP KJELL OVE ERNES - TERJE SLÅTTEN

THE ROLE OF EMPLOYEES COLLECTIVE ENGAGEMENT TERJE SLÅTTEN - GUDBRAND LIEN

FACTS AND MYTHS IN CONNECTION WITH ADAM SMITH RÓZSA BERTÓK - ZSÓFIA BÉCSI

INTERNAL ORGANIZATION, PRICES AND IN-STORE PROMOTIONAL ACTIVITIES AS FACTORS OF LOYALTY WITH RETAIL CHAINS TIHOMIR VRANEŠEVIĆ

AUTHOR INDEX

THURSDAY 27TH OCTOBER 2016

1MS1 THURSDAY 27TH OCTOBER 2016 11.00 â&#x20AC;&#x201C; 12.45 ROOM 1

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RESEARCH ON EUROPEAN CYCLOTOURISM DEVELOPMENT EDUCATIONAL PROGRAMME AND CO-CREATION APPROACH – EuBIKE WALTER GRASSL

ABSTRACT Bicycle touring is a good example of sustainable tourism and offers substantial potential for regional economic development. This form of tourism is enjoying increasing popularity but is not analysed in Eurostat’s tourism statistics, or in other general domestic or international tourism statistics. Frequently, tourism businesses, organisations and destinations lack the specific know-how required to professionally integrate the needs and the expertise of cycling associations and cyclists into their product development. Many local authorities are attempting to promote areas with cycling routes. The purpose of this research project is to create an innovative model for the development of bicycle touring in pilot regions througout Europe, with the involvement of individual tourists and cycling associations; to identify local provision and the potential for bicycle touring; to test a range of ICT tools, and to prepare a handbook for their use. The conducted research is focussing on the following three components: knowledge (developing tourism products), abilities (management and marketing skills) and approach (entrepreneurial spirit and self-promotion). ICT elements comprise an “eDucational Box”, an emarketing platform and a smartphone app. The informal learning model will enable stakeholders to share knowledge and experiences at local and regional level, strengthening the role played by consumers as evaluators and multipliers. This will facilitate the development of innovative and collaborative solutions and offerings, as well as the formation of new networks between tourism providers and cycling associations at local, regional and international level. KEY WORDS: cyclotourism, co-creation, informal learning model, ICT development, consumer behavior. DETAILS ABOUT AUTHOR: WALTER GRASSL PROFESSOR/PROGRAMME DIRECTOR BACHELOR TOURISM AND LEISURE MANAGEMENT IMC UNIVERSITY OF APPLIED SCIENCES KREMS, AUSTRIA walter.grassl@fh-krems.ac.at

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BETTER UNDERSTANDING OF TOURIST BEHAVIOUR? KNOWLEDGE TRANSFERENCE FROM THE NATURAL SCIENCES ATİLA YÜKSEL

ABSTRACT Social sciences constitute a broad field and the relevant concepts and theories that are being used in tourism studies, which are yet to be accepted as a branch of science, are largely being imported from such other disciplines as geography, philosophy, anthropology, sociology etc. Along with the collapse of positivism, social scientists, heavily committed to the verifiability criterion of meaning, thus far have created false expectations by claiming that clear answers and successful formulae may be produced at short notice. Eventually, this has resulted in a failure to recognize what really amounts to the intrinsic unpredictability of consumer behaviours as a field. Although elegant and powerful theories have yet to be developed to understand consumer behaviours better, merging foundations of natural sciences with social science is expected to result in achievement of a more explanatory power. If everything is biologically driven by chemistry, which in turn becomes physics, psychology could basically be the study of mental biology and the behavioural biology could be the driving forces behind it. Aimed at starting a discussion, this paper questions the obsession with mathematical precision prevalent in tourism studies inherited from other disciplines and discusses the possibility of making use of some laws in natural sciences to enhance understanding of tourist behaviours. The rising quest for certainty in tourism field has muddled progress, accrued in too much flawed and counterproductive knowledge. It is frequently put forth in natural sciences that fission and elements act contrary to the expectations and general beliefs; and it has been argued that an order exists within the disorder (abrupt deviation, different behaviour). While a growing criticism against the notion of “precision” and “predictability” exist in the natural sciences, running after for a rigid mathematical precision in social sciences sounds controversial. KEY WORDS: Social science, prediction, theory, measurement, tourist behaviour. DETAILS ABOUT AUTHORS: ATILA YÜKSEL PROF. DR., DEAN FACULTY OF COMMUNICATION HEAD OF GASTRONOMY AND CULINARY ARTS PROGRAMME ADNAN MENDERES UNIVERSITY FACULTY OF COMMUNICATION, MERKEZ KAMPUS AYDIN. TURKEY atilayuksel@gmail.com

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CHALLENGES AND PERSPECTIVES OF GEOTOURISM ON THE ISLAND OF PORTO SANTO CRISTINA CASTRO - JOAQUIM ANTUNES - SAMUEL BARROS

ABSTRACT The Geotourism has been defined as a type of tourism that sustains or enhances the geographical character of a place. This is seen as a new practiced tourism segment in natural areas, where its practitioners aim to meet and / or deepen their knowledge of the geological and geomorphological aspects of a particular location, which is the main reason for holding the travel.The island of Porto Santo, known for its long beach of fine sand, is now appreciated also for its geomorphological features. These new factors of competitiveness and attraction (push factor) will allow Porto Santo rejuvenation as a tourist destination. In spite of the effort, either by authorities or by private investors, the establishment and improvement of infrastructure, the reality is that tourism promotion continues to go in the direction of the product Sun & Beach, still very incipient the hypothesis creation new products and dissemination of Porto Santo as a holiday destination for the entire year.With this work we intend to contribute to the development of Porto Santo tourism, with the main purpose to show interest Geotourism insertion of the tourist market on the island. We believe that the Geotourism could play an important role in combating seasonality, which is considered a major problem in Porto Santo tourism. To achieve the proposed objectives, the methodology was based on a literature review of tourism issues and geotourism, complemented with empirical work that included conducting a series of interviews with the tourism entities responsible in Porto Santo and also some entrepreneurs sites. The findings show that Porto Santo has all the conditions for the development of Geotourism, because of its natural heritage, particularly its geological component, geomorphological and its geodiversity. They are proposed various by-products and betting on certain audiences that will certainly contribute to a better tourist development of the island. KEY WORDS: tourism, geotourism, Porto Santo, seasonality. DETAILS ABOUT AUTHORS: CRISTINA CASTRO STUDENT OF MASTER IN TOURISM MANAGMENT l3tycy4_c45tro@hotmail.com JOAQUIM ANTUNES PROFESSOR jantunes@estv.ipv.pt SAMUEL BARROS PROFESSOR sfbarros@estv.ipv.pt FOR ALL AUTHORS: POLYTECHNIC INSTITUTE OF VISEU VISEU, PORTUGAL

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TWO COUNTRIES – TWO APPROACHES: EXPLOITING CULTURAL HERITAGE RESOURCES FOR TOURISM. A COMPARATIVE ANALYSIS OF TOURISM PRODUCTS IN TURKEY AND AUSTRIA IRFAN ARIKAN - G. CHRISTIAN STECKENBAUER

ABSTRACT Turkey and Austria are examples for highly developed tourism destinations, where tourism providers use cultural heritage to develop modern tourism products in order to be successful on increasingly competitive international tourism markets. The use and exploitation of these resources follow on one hand international standards of tourism marketing (like “sustainability”); therefore, we find highly comparable internationalized products in these destinations (like hotel products, museums, spas etc.). On the other hand, development standards and processes strongly depend on local, regional and national cultures, which influence the way how people work, cooperate, think and create. Thus, cultural factors also influence the attitude towards cultural heritage and the way, how cultural heritage is used for the creation of tourism products. This leads to differences in the development of tourism products on several levels: 1. In the selection of cultural heritage for the product development process; 2. In the processes, how tourism products are created; 3. In the way, how providers and marketing organisations work with tourism products based on cultural heritage. The aim of this paper is to discover differences in these dimensions by analysing and comparing examples of tourism products in Turkey and Austria, both countries with a highly developed tourism industry and rich experience of stakeholders in tourism industry in the field of product development and marketing. The cases are analysed based on available secondary data (as several cases are scientifically described) and displayed in a comparative structure. Therefore the result will be a more precise picture about the influence of cultural differences on the use and exploitation of resources in the field of tourism that allows developing recommendations for the tourism industry that must be taken into consideration to assure cultural resources are treated in a sustainable and responsible way. KEY WORDS: Cultural Heritage, Tourism Products, Austria, Turkey. DETAILS ABOUT AUTHORS: IRFAN ARIKAN PROFESSOR Dr. Irfan.arikan@fh-krems.ac.at G. CHRISTIAN STECKENBAUER PROFESSOR (FH) Dr. Georg.steckenbauer@fh-krems.ac.at FOR BOTH AUTHORS: IMC FH KREMS UNIVERSITY OF APPLIED SCIENCES DEPARTMENT BUSINESS KREMS, AUSTRIA 5

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TOURİST HEURİSTİCS AND BİASES EKREM TUFAN - BAHATTİN HAMARAT - NUR UNDEY - EROL DURAN

ABSTRACT Human is not always rational which Traditional Economics contradicts. Tourists’ judgments under uncertainty often rest on a limited number of simplifying heuristics rather than deeply analysing. This paper investigates how some heuristics and biases effective on tourist decisions who visited Turkey. It has been applied a questionnaire. KEY WORDS: Behavioural Economics, Heuristics, Biases, Turkish Tourism Sector. DETAILS ABOUT AUTHORS: EKREM TUFAN ASSOC. PROF. DR. (PHD) etufan@yahoo.com BAHATTIN HAMARAT LECTURER b_hamarat@hotmail.com NUR UNDEY ASSIST. PROF. DR. (PHD) HALIÇ UNIVERSITY, BUSINESS ADMINISTRATION FACULTY İSTANBUL TURKEY nurdey@yahoo.com EROL DURAN ASSOC. PROF. DR. (PHD) eroldurantr@yahoo.com FOR ALL AUTHORS (EXCEPT NUR UNDEY): ÇANAKKALE ONSEKIZ MART UNIVERSITY FACULTY OF TOURISM ÇANAKKALE, TURKEY

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LIMITATIONS OF THE DEVELOPMENT OF NAUTICAL TOURISM IN CROATIA DORIS PERUČIĆ

ABSTRACTS This article analyses the problems faced by ports of nautical tourism in the daily operations in Croatia and provides guidance for improving business conditions. One of the most important limiting factors for further development is inadequate land register which greatly complicates the future investments. Uncertainty is also a significant limiting factor for the development of nautical tourism in general and has a destimulating effect on all potential investors. For further development of nautical tourism is crucial to have the regulated market in which all participants are working under the same conditions, certain and predictable for a long period of time, and in accordance with the law, a market in which all participants are required to meet the same requirements and pay a concession fee and taxes. In the common interest of state bodies and all who work in the maritime domain is to create business conditions in the maritime domain for a long period of time, and thus create a certain and predictable business conditions that are prerequisite to the improvement of current operations and for new investments. KEY WORDS: marinas, concessions, investments, nautical tourism. DETAILS ABOUT AUTHOR: DORIS PERUČIĆ ASSOCIATE PROFESSOR UNIVERSITY OF DUBROVNIK DEPARTMENTS OF ECONOMICS AND BUSINESS ECONOMICS du.doris@gmail.com

THURSDAY 27TH OCTOBER 2016

1MS2 THURSDAY 27TH OCTOBER 2016 11.00 â&#x20AC;&#x201C; 12.45 ROOM 2

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OPERATIONAL RISK MANAGEMENT IN CREDIT INSTITUTIONS: AN OVERVIEW AND INSIGHT FROM PRACTICE. THE CASE OF CROATIA IVANA DVORSKI LACKOVIĆ - VLADIMIR KOVŠCA - ZRINKA LACKOVIĆ VINCEK

ABSTRACT The Basel Committee on Banking Supervision introduced operational risk framework in banking starting from 2004. Operational risk is generally defined as the risk of financial loss arising from inadequate or failed internal processes, people, systems or external events. According to the Basel Committee there are seven event types that can cause operational risk and these include: (1) internal fraud, (2) external fraud, (3) employment practices and workplace safety, (4) clients, products and business practice, (5) damage to physical asset, (6) business disruption and systems failure and (7) execution, process and delivery management. Operational risk is immanent to every business process in organisation and can therefore have significant material and even more reputational consequences for organisation. Having in mind the sensitivity of credit institutions to reputational risk it is evident that the impact of operational risk on business activity is significant. There are several aims of this paper. Firstly, authors will give an overview of operational risk management framework and operational risk events that may occur in banking practice will be identified. Secondly, an overview of regulatory requirements regarding operational risk will be presented with special accent put on historical lessons learned in the decade since operational risk regulatory framework has been introduced. Thirdly, operational risk practices in Croatian credit institutions will be analysed based on publicly available data. The last mentioned aspect is of special importance when having in mind the relationship between operational and reputational risk on one hand and principal – agent theory on the other. Expected contributions of this paper are: detailed systematic analysis of operational risk management framework in banking, increased awareness of scientific community about operational risk and an analysis of Croatian credit institutions’ exposure to operational risk. KEY WORDS: operational risk, credit institutions, reputation management, publicly available data. DETAILS ABOUT AUTHORS: IVANA DVORSKI LACKOVIĆ TEACHING ASSISTANT ivana.dvorski@foi.hr VLADIMIR KOVŠCA ASSISTANT PROFESSOR vladimir.kovsca@foi.hr ZRINKA LACKOVIĆ VINCEK YOUNG RESEARCHER / TEACHING ASSISTANT zlackovi@foi.hr FOR ALL AUTHORS: UNIVERSITY OF ZAGREB FACULTY OF ORGANIZATION AND INFORMATICS VARAŽDIN, CROATIA 10

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THE PRIORITIES OF TAX REFORMATION IN DEVELOPING COUNTRIES: TURKEY’S TAXATION MATTER THAT AIMED AT EU A. NIYAZI ÖZKER

ABSTRACT In this study, we aim to state the priority reasons of tax reformation that are especially situated in developing countries like Turkey, which aim to join in EU (European Unity) as perfectly member. Tax reform process is an important part of this financial evaluation programs in developing countries and this fact is dependent on the structural reforms as well as the other financial related areas that are shaped by public decision process that include taxes’ deregulations with public enterprise reform. But surely, every country has financial private affairs like Turkey that are considered in the desired tax reforms together with the other financial alterations which get difficulties in this reformation process. So, the important liability regulations have been involved in the concerned process as a whole of normative standards being obligatory applications that state these priorities of tax reformations. These priorities are to further more meaning the detailed tax reformations than meaning more accumulation of capital that is related to political benefit which manipulate government to the tax reformations. In other words, the priority of tax reformations must be considered with the international taxation criteria especially for developing countries like Turkey that aim to be perfectly member of EU, and which state absolute necessity of the considered tax integration should be in the harmony of EU countries’ taxation rules. Therefore, the priorities of tax reformation express also the basically international frame of tax integration’s normative structure that promote financial reformation content, which every country aim to be a part of international countries as a financial metamorphosis orbit. KEY WORDS: Tax Reformation; Obligatory Applications; Tax Integration; Public Decision Process; International Tax Criteria. JEL Code: E62; H21; H25. DETAILS ABOUT AUTHOR: A. NIYAZI ÖZKER ASSOC. PROF. DR. PUBLIC FINANCE DEPARTMENT FACULTY OF ECONOMIC AND BUSINESS ADMINISTRATION BANDIRMA ONYEDI EYLUL UNIVERSITY BANDIRMA, TURKEY niyaziozker@yahoo.com

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EQUILIBRIUM OF NATIONAL MORTGAGE SYSTEM â&#x20AC;&#x201C; PROBLEMS AND OPPORTUNITIES FOR IMPROVEMENT AND MODELING JORDANKA JOVKOVA

ABSTRACT This work deal with the bilateral relarions between the actors involved in mortgage lending. Mortgage lending is presented as a dynamic system.Its operation is directed to equilibrium, which depends on two groups of factors - macroeconomic and internal for the system. Criterion and restrictive conditions are formulated and the author offers a model for gradually bringing the system of national mortgage lending in equilibrium KEY WORDS: mortgage system, criterion, macroeconomic factors, equilibrium, model. DETAILS ABOUT AUTHOR: JORDANKA JOVKOVA PROFESSOR UNIVERSITY OF NATIONAL AND WORLD ECONOMY BUSINESS FACULTY SOFIA, BULGARIA jjovkova@abv.bg

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FRAUD AND RISKS IN BANKING SANDRA BENIĆ

ABSTRACT Fraud prevention is essential in today’s business. We deal with dynamic and risky environment, face complex surroundings. Many new laws and regulations have to be taken into account. It is challenging to make decisions for management and to do tasks for employees. Banks and financial institutions have goals, some of them are to grow and maximize profitability, become and stay competitive at the market, respond to technological and regulation changes, offer the best services to the clients. They also sometimes suffer direct financial losses due to market movements or defaults. Therefore, they have to manage risks adequately as well as to be aware of and manage fraud. Fraud management is specific area. Definition of fraud and types of fraud have to be understood. Fraud prevention is a complex process. This all can and should be applied in banking as banks have to manage fraud adequately too. Through fraud prevention process the banks can lower losses, protect assets and clients, respond to regulation rules, deal with different real life situations, increase the awareness of fraud. Through fraud management banks can develop different fraud indicators, tools and rules for fraud detection and fraud prevention (based on historical data), apply fraud investigation, offer prompt reaction in case of potential fraud, increase communication and cooperation, use all these findings in education of employees and clients. It is necessary to understand fraud and fraud management and apply it, together with risk management, in banking and decision making process in commercial banks. This paper sets the following objectives: higher awareness of both fraud and risks in banking, suggestions for using fraud prevention process in banking. KEY WORDS: Fraud, Risk, Management, Banking. NOTE: The views expressed in this paper are not offical views of Zagrebačka banka d.d., UniCredit Group. DETAILS ABOUT AUTHOR: SANDRA BENIĆ M.A. ZAGREBAČKA BANKA D.D. UNICREDIT GROUP ZAGREB, CROATIA sanab14@hotmail.com

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CONTEMPORARY PROBLEMS OF THE FISCAL POLICY IN POLAND RENATA PRZYGODZKA

ABSTRACT Financial problems deepening during last years in many countries, including euro zones from one side, on the other - approaching the level of the public debt to the border size determined in the Constitution of the Republic of Poland, forced the Polish government to take action for stabilizing the public finance, but especially reducing a country’s budget deficit and to reduce the public debt. Identifying the most important problems of the fiscal policy of Poland and their causes and showing the directions of changes of this politics are a purpose of the article. Moreover in the article an attempt of the verification of the hypothesis was made, that a financial instability of the social insurance system was an important reason of deepening the public debt. It results from conducted examinations that indeed the imbalance of the social insurance system is compelling reasons of the public debt. However the phenomenon is more complex, because influence on doesn’t have slowing the growth in the economy down, a rise in unemployment, or also an increase in expenditure essential to use structural funds of the European Union. However in Poland a deep reform of the social policy is a condition of the improvement in the public finance, in it of social insurance and reduction in public expenditures. KEY WORDS: fiscal policy, public debt, Poland. DETAILES ABOUT AUTHOR: RENATA PRZYGODZKA ASSOCIATED PROFFESOR UNIVERSITY OF BIALYSTOK FACULTY OF ECONOMICS AND MANAGEMENT BIALYSTOK, POLAND r.przygodzka@uwb.edu.pl

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FINANCIAL MANAGEMENT IN THE CONTEXT OF FINANCIAL CONTROL AND AUDIT NORA ŠTANGOVÁ - AGNEŠA VÍGHOVÁ

ABSTRACT Monitoring of the functioning of public finances is in charge of Financial Control in the state. It is a distributing and redistributing of the funds primarily for public administration, it is important for these processes to act smoothly and efficiently for the benefit and development of the citizens. This implies thorough approaches, while carrying out a financial control. The article presents the financial control in context of the management and audit of public finances. KEY WORDS: financial management, control, audit. DETAILS ABOUT AUTHORS: NORA ŠTANGOVÁ PROF. ING., CSC nora.stangova@vsemvs.sk AGNEŠA VÍGHOVÁ PHDR., PHD. agnesa.vighova@vsemvs.sk FOR BOTH AUTHORS: SCHOOL OF ECONOMICS AND MANAGEMENT IN PUBLIC ADMINISTRATION BRATISLAVA, SLOVAKIA

THURSDAY 27TH OCTOBER 2016

1MS3 THURSDAY 27TH OCTOBER 2016 11.00 â&#x20AC;&#x201C; 12.45 ROOM 3

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OPINION LEADERS - OPPORTUNITY OR THREAT FOR THE COMPANY? DRAŽEN MARIĆ - RUŽICA KOVAČ ŽNIDERŠIĆ - ALEKSANDAR GRUBOR

ABSTRACT Contemporary business conditions set up a new complex problem for the companies - a dramatic decline in the return on investment of different types of promotion activities. Consumers on the global market are showing increasing levels of resistance and the lack of confidence in a growing number of marketing messages sent to them by companies, mostly because those massages communicate only the positive and often beautified aspects of the products and services. Consumers wishing to reduce the risk of wrong purchase decisions, are turning to other consumers on whose advice and attitudes have confidence, and thus get a true picture of the market situation. Those consumers are very specific individuals recognized as “opinion leaders” in marketing literature. In this way, the company’s control and impact on consumer purchase decision is reduced significantly, thereby increasing the overall risk of doing business. The paper aims to highlight the importance of the research of consumer opinion leaders in marketing theory and practice, to identify their characteristics and behavior, and to point out possible ways of their identification. The empirical research will test the hypothesis of the existence of the gender impact on consumer display of opinion leadership in Republic of Serbia. KEY WORDS: Consumer, Opinion Leaders, Purchase Decision, Gender. DETAILS ABOUTH AUTHORS: DRAŽEN MARIĆ PHD, ASISTANT PROFESSOR drdrazen@ef.uns.ac.rs RUŽICA KOVAČ ŽNIDERŠIĆ FULL PROFESSOR znikor@ef.uns.ac.rs ALEKSANDAR GRUBOR FULL PROFESSOR, DEAN agrubor@ef.uns.ac.rs FOR ALL AUTHORS: UNIVERSITY OF NOVI SAD FACULTY OF ECONOMICS SUBOTICA SUBOTICA, SERBIA

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MARKET NICHES AS THE OPPORTUNITIES FOR SMALL BUSINESS DRAGO DUBROVSKI

ABSTRACT In this article we brought into focus the market niches which are defined as a newly discovered or created market area formed by a group of customers characterised by a specific demand that can be satisfied merely by an adjusted, unique and highly differentiated offer. There are a limited number of future competitors and limited aggregate value of possible business, but still sufficiently profitable for suppliers of the market niche. Due to its attractiveness the market niche is often the ideal for a company or an entrepreneur on the one hand, but also sometimes the unreachable business reality due to the extreme complexity of its searching and serving, together with the related risk on the other hand. Despite the fact that the market niche can be found also just by chance, in majority of cases for its searching and serving, the systematic and carefully planned, usually innovative approach is needed. In the changed business circumstances as a consequence of processes of globalisation and integration, market niches and narrowly defined segments are the real opportunities for Small Business in international markets. It is a fact that refocusing from mass to niche, individual, personalised or small-series markets (economy of scale) is in certain cases no longer possible utilising evolutionary, gradual (soft) methods, but only radical, revolutionary methods (restructuring, reengineering) that, by all means, require sacrifices as a consequence of previous neglect of the need for a timely adjustment to the current and prior developmental trends or to the recently changed external conditions. In the paper some cases of Slovene Small Business cases are introduced. KEY WORDS: market niche, niche marketing, differentiation, perceived value, offering package. DETAILS ABOUT AUTHORS DRAGO DUBROVSKI PROFESSOR UNIVERSITY OF PRIMORSKA FACULTY OF MANAGEMENT KOPER, SLOVENIA drago.dubrovski@fm-kp.si

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CUSTOMER PERCEPTION OF GUERILLA MARKETING ANTONIJA MILAK - DAMIR DOBRINIĆ

ABSTRACT Marketing represents the company’s activities which they carried out in order to attract new and retain existing customers. Today, companies apply aggressive advertising messages in order to get the attention of customers, but the customers are so “bombed” with a lot of advertising messages that they just ignore them. For big companies, it is easier to reach out to customers because they have large budgets, so they can use various ways of advertising while small companies can’t because they have low budgets. In order to highlight their product or services in the market, they use a new type of marketing developed for small companies called guerilla marketing. Guerrilla marketing is a relatively new type of marketing that seeks to achieve maximum effect with minimal investments. It applies unconventional methods of advertising which aims to attract the attention of customers and it is designed for small companies so they could compete with large companies on the market. However, over time, large companies began to use it because they realized the benefits of guerilla marketing. Due to the presence of the economic crisis in Croatia, guerrilla marketing could help craft, micro and small businesses to prominent among the big companies that have large marketing budgets. In order to prominent among the big companies, they should be acquainted with the guerilla marketing. Therefore, aim of this paper is research and analyzes the perception of guerilla marketing by consumers and businesses in the Croatian market, specifically in Varazdin County. We hope that result of our research will help to better understanding and further development of guerilla marketing. KEY WORDS: guerrilla marketing, businesses, consumers, advertising. DETAILS ABOUT AUTHORS: ANTONIJA MILAK STUDENT amilak@foi.hr DAMIR DOBRINIĆ PH.D., ASSOCIATE PROFESSOR ddobrinic@foi.hr FOR BOTH AUTHORS: FACULTY OF ORGANIZATION AND INFORMATICS UNIVERSITY OF ZAGREB VARAŽDIN, CROATIA

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ROUND NUMBERS RISK BOHUMIL STÁDNÍK

ABSTRACT This financial engineering research answers the question if round levels of market price of liquid investment instruments do have certain practical value for financial practitioners. The study relates to the previous research, which concludes on liquidity excess near the round price levels. In this study we evaluate larch sample of price data series, included stocks, bonds, commodities and currency pairs on daily basis and also in the area of higher frequencies. We compare the market price clustering near round price levels and non-round levels and we also make comparison of price fluctuation near the both types of price level. In spite of empirical evidence of the psychological effect of the round numbers we find out that round price levels cause only a slight clustering near the level and they also cause certain volatility abnormalities with possible impact to the area of risk management (for example of VAR calculations). We cannot conclude that the effect of round numbers helps investors on price directional forecasting. KEY WORDS: round numbers, market price feedbacks, round price level, price clustering, price directional forecasting. DETAILS ABOUT AUTHOR: BOHUMIL STÁDNÍK LECTURER ON FINANCIAL ENGINEERING UNIVERSITY OF ECONOMICS IN PRAGUE FACULTY OF FINANCE AND ACCOUNTING PRAGUE, CZECH REPUBLIC bohumil.stadnik@email.cz

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TENSIONS IN CORPORATE CREATIVITY CARSTEN DECKERT

ABSTRACT The standard definition of creativity is based on a tension between originality and effectiveness. Borrowing from the wave-particle duality in physics one could say that there is an originality-effectiveness duality at work for creativity. The paper explores how this tension pervades Amabile’s componential theory of organizational creativity with the components organizational motivation, organizational practices (including work assignment and work control) and resources. As a method the so called value square (“Wertequadrat”) developed by Helwig and Schulz von Thun is used which balances a value with its countervalue. The author identifies a tension of corporate tradition and corporate change for organizational motivation, a tension of skills and challenges for work assignment, a tension of management by control and management by loss of control for work control as well as a tension of organizational efficiency and organizational slack for resources. Additionally different implications of these tensions for the resistance of a company to creativity, for an organizational climate conducive to creativity as well as for resource allocation in creative endeavors are discussed. KEY WORDS: Corporate Creativity, Organizational Creativity, Components of Creativity. DETAILS ABOUT AUTHOR: CARSTEN DECKERT PROFESSOR FOR LOGISTICS AND SUPPLY CHAIN MANAGEMENT COLOGNE BUSINESS SCHOOL (CBS) COLOGNE, GERMANY c.deckert@cbs.de

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THE IMPACT OF EMOTIONAL BRANDING ON CONSUMERS IN CROATIAN NORTHERN REGION KRISTIAN STANČIN - IVA GREGUREC

ABSTRACT Nowadays, brands are perceived at the level of feelings and identity, which are one of the most important features by which they differ from each other. According to this, today’s companies are working on increasing the emotional connection between consumers and brands, which is known as a term emotional branding. The main purpose of emotional branding is the systematic integration of all senses in order to cause a certain emotion and induce the consumer to purchase products or to use services. Therefore, the aim of this paper is to describe the role of emotions in creating a brand and discover the extent to which consumers are emotionally attached to a particular brand. The paper is created as a result of a research study established for writing a master’s thesis. KEY WORDS: brand, emotions, emotional branding, consumers. DETAILS ABOUT AUTHORS: KRISTIAN STANČIN STUDENT kstancin@foi.hr IVA GREGUREC PhD, SENIOR TEACHING ASSISTANT iva.gregurec@foi.hr FOR BOTH AUTHORS: FACULTY OF ORGANIZATION AND INFORMATICS UNIVERSITY OF ZAGREB VARAŽDIN, CROATIA

THURSDAY 27TH OCTOBER 2016

2MS1 THURSDAY 27TH OCTOBER 2016 14.00 â&#x20AC;&#x201C; 15.45 ROOM 1

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WOMAN AS ENTREPRENEUR. IS ENTREPRENEURSHIP COMPATIBLE WITH THE WOMENâ&#x20AC;&#x2122;S ROLE IN THE MODERN SOCIETY? MARIE CHRISTINE TAVOUKTSI - THOMAS HATZIGAYOS

ABSTRACT This paper examines the position of women in the business field in Europe . Initially, we give the definition of female entrepreneurship and continuity. We refer to the flexible forms of employment that women choose in recent years, which allow their entry and their incorporation in the labor market. However, there is inequality between the genders in entrepreneurship too. Furthermore, we present the importance and necessity of female entrepreneurship, the incentives that motivate women to become entrepreneurs and the main differences between genders in entrepreneurship. Finally, we present the different types of female entrepreneurs, as well as the inhibiting factors faced by women in the development and growth of their business. KEY WORDS: female entrepreneurship, flexible forms of work, incentives, types, inhibiting factors. DETAILS ABOUT AUTHORS: MARIE CHRISTINE TAVOUKTSI MBA mba.ex1435@uom.gr THOMAS HATZIGAYOS ASSOCIATE PROFESSOR chatzig@uom.gr FOR BOTH AUTHORS: UNIVERSITY OF MACEDONIA THESSALONIKI, GREECE

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ENTERPRISE RISK MANAGEMENT SOFTWARE – SUPPORT TO BUSINESS DECISION MAKING DRAŽENA GAŠPAR - IVICA ĆORIĆ

ABSTRACT This paper analyses how managers can use enterprise risk management software as a powerful tool for the enhancement of decision making process. In global and digital economy, understanding and incorporation of risk management as a key part of the business decisions is a crucial for further progress and sustainable development of enterprise. Enterprise risk management software enables managers to take an innovative, risk-based approach to governance and compliance, to gain a holistic, enterprise wide view of risk exposure and near-real-time risk management and monitoring. Software support for risk management enables managers efficient risk evaluation and assessment, continuous monitoring, reporting and easier improvement of the process. But, if managers want to fully benefit from enterprise risk management software and generate ongoing value, they need to identify risk management needs within the organization and then match those needs with existing or new risk management techniques and information. Enterprise risk management software should not be understood only as a tool for risk management, because risk management process is integral part of any business activities. The purpose of the enterprise risk management software is to enable smoothly run of risk management activities and to help organizations effectively apply risk management techniques in their business activities and decisions. The paper presents the main features of enterprise risk management software that enable efficient support to business decision making. KEY WORDS: risk management, software, business decision making. DETAILS ABOUT AUTHORS: DRAŽENA GAŠPAR PROFESSOR UNIVERSITY OF MOSTAR FACULTY OF ECONOMICS MOSTAR, BOSNIA AND HERZEGOVINA drazena.gaspar@sve-mo.ba IVICA ĆORIĆ CEO HERA SOFTWARE COMPANY MOSTAR, BOSNIA AND HERZEGOVINA ivica.coric@hera.ba

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ROUTING CHARACTER ENCODING FOR POSTAL SECTOR JURAJ VACULÍK - ONDREJ MASLÁK

ABSTRACT Deployment of new technologies into the larger organization is not an easy task. This is particularly true, for the introduction of a relatively complex processes into the business, such as RFID technology. Total issues ranging from economic issues, through technological, information as to the people and organization of work processes in the company. At work we have discussed mainly issues of labelling items using technology RIFD solutions and information. This work analyses make a suggest for encoding information about routing of postal parcel with use of RFID technology. Define internal structure of EPC standard, which may be use for postal sector. KEY WORDS: RFID technology, postal sector, transport system, EPC standard. DETAILS ABOUT AUTHORS: JURAJ VACULÍK, PROF. ING., PHD. juraj.vaculik@fpedas.uniza.sk ONDREJ MASLÁK maslak@fpedas.uniza.sk FOR BOTH AUTHORS: UNIVERSITY OF ŽILINA FACULTY OF OPERATION AND ECONOMICS OF TRANSPORT AND COMMUNICATIONS AIDC LABORATORY ŽILINA, SLOVAKIA

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THE PRICE OF WAITING – INVESTMENT TIMING IN DIFFERENT INDUSTRIES VIVIEN CSAPI

ABSTRACT Real options theory is the newest expansion of standard investment evaluation methods and one that is at the same time suitable for eliminating most of their inadequacies. Similarly to financial options, the possession of real options –rights not obligations – means that operational or production hedge mechanisms complementing the management tool-kit with flexibility and the capability to respond to the environment are acquired by means of interpreting options inherent to financial products for physical assets. This study aims to analyze the timing of real option exercise. Former research in this field shows that waiting is always profitable for an investor. My question is „How long we should wait?” or „What is the price of waiting?”. In this paper I will show you through the basic concepts of investment timing, with a special focus on the timing of projects from different industries (power generation, entertainment, retail etc.). Based on the results real options theory not only outperforms conventional investment valuation procedures in terms of uncertainty and managing flexibility, but in terms of optimal timing as well. KEY WORDS: investment, real options, timing. DETAILS ABOUT AUTHOR: VIVIEN CSAPI PHD, ASSISTANT PROFESSOR UNIVERSITY OF PÉCS FACULTY OF BUSINESS AND ECONOMMICS PÉCS, HUNGARY csapiv@ktk.pte.hu

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EXPERIENCES ON LAUNCHING THE EFQM MODEL IN ORGANISATIONS OF A CENTRAL EUROPEAN COUNTRY – EVIDENCE FROM HUNGARY SÁRA SZABOLCSI

ABSTRACT The EFQM Model is a known and applied management framework in Europe since the nineties. It is noticeable though, that the popularity of he Model shows great differences between the european countries. Hungary belongs to those countries, where it became less current. In my paper I study the Model from the viewpoint of the leaders of those Hungarian organisations in which the Model was (or still is) applied. I study their experiences from these approaches: reason for applying the Model, the Model’s expirienced performance compared to prior expectations, gained benefits and discovered disadvantages. As a result of my study, I give: – a snapshot of the adjudication of the Model in Hungary, – an explanation of the low popularity of the Model in Hungary. KEY WORDS: EFQM Model, Central Europe, leaders DETAILS ABOUT AUTHORS: SÁRA SZABOLCSI PH.D. STUDENT UNIVERSITY OF DEBRECEN FACULTY OF ECONOMICS DEBRECEN, HUNGARY szabolcsi.sara@econ.unideb.hu

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MARKETING ASPECTS OF ELECTROMOBILITY PETER DRÁBIK - RÓBERT REHÁK

ABSTRACT Implementation of modern, efficient and ecological technologies in production and trade processes as well as for consumer use is affected by many factors. Their success of acceptance by the market depends not only on technology used, expenses and profitability but also on consumers´ behaviour and marketing. Electromobility represents a progressive technology especially for transport processes in logistics and increasingly also for personal transport of consumers. Investments of companies operating in electromobility development and infrastructure strongly depend on marketing environment and interest of market segments in use of such technologies. The setting of each marketing mix element in the phase of launching a new technology in the market is crucial. Only positive response from addressed segments in the B2C or B2B market can help to achieve mass-market coverage. Research and development costs, price calculation, competitive (conventional) and also advanced technologies play an important role in the perception of electromobility by the market. The presented paper refers to these issues in the selected central European area. Results of conducted primary research in the B2C market indicate possible trends in activities of businesses which launch electromobility technologies in the market. We assume that the B2C market is secondary developing market in the field of electromobility while in the B2B market the technology of electromobility is being massively implemented. At present, besides companies developing this technology, there are many governmental and non-governmental organizations involved in electromobility. Conclusions from this paper might be relevant for all the parties interested in implementing electromobility into practice. The paper is prepared within the scientific project VEGA No. 1/0134/14 entitled “Promoting innovation in distribution processes through implementing modern technologies and optimization of logistics activities with a focus on reducing the burden on the environment and improving the life quality“. KEY WORDS: electromobility, logistics, transport, environment, consumer. DETAILS ABOUT AUTHORS: PETER DRÁBIK ASSISTANT PROFESSOR peter.drabik@euba.sk RÓBERT REHÁK ASSISTANT PROFESSOR robert.rehak@euba.sk FOR BOTH AUTHORS: UNIVERSITY OF ECONOMICS IN BRATISLAVA FACULTY OF COMMERCE BRATISLAVA, SLOVAKIA

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IDENTITY AND BRANDING OF CITIES IN ASIA – INVESTIGATING ATTITUDES OF CROATIAN STUDENTS LUKŠA LULIĆ - GORAN LUBURIĆ - FILIP SUBAŠIĆ

ABSTRACT In the process of branding, cities promote themselves as places good for living and as desirable tourist destinations, attracting investments at the same time. While some cities already acquired positive brand image, others are not recognizable. The main goal of this Paper is to investigate the image of city brands in Asia and their mental association impact on Croatian students from all Croatian university regions as a targeted group. In order to find out their preferences, quantitative research has been conducted. Authors also compared research results with the research on the similar topic, concerning European city brands targeted on the same group. KEY WORDS: city brands, Croatian students, research, image, Asia. DETAILS ABOUT AUTHORS: LUKŠA LULIĆ PHD, DEAN luksa.lulic@vpsz.hr GORAN LUBURIĆ MSC, VICE DEAN goran.luburic@vpsz.hr FILIP SUBAŠIĆ STUDENT filip.subasic@optinet.hr FOR ALL AUTHORS: ZAGREB SCHOOL OF BUSINESS ZAGREB, CROATIA

THURSDAY 27TH OCTOBER 2016

2MS2 THURSDAY 27TH OCTOBER 2016 14.00 â&#x20AC;&#x201C; 15.45 ROOM 2

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FISCAL DECENTRALIZATION IN POLAND – LOCAL GOVERNMENT IN PERIOD 1990-2014 MARIA JASTRZĘBSKA

ABSTRACT The decentralization process does not only means the transfer of tasks and competencies from central to local and regional authorities, but also creation of material and financial basis for theirs activity. The local and state government revenue, expenditures, deficit/surplus and debt ratios to GDP in % are the measurement of decentralization of public finance and the role of local and state government in the delivery of public goods. The aim of this paper is to discuss fiscal decentralization and financial independence of territorial self-government units in Poland. To estimate the share of local finance in public finance system in Poland in period 1991-2014, there were used some variables like revenue, expenditures, deficit/surplus and liabilities of local government to GDP in %. There were also study share of revenue, expenditures and liabilities of local government in structure of revenue, expenditures and liabilities of general government. Moreover there were estimate the revenue structure of local government in the same period. In Poland the share of local revenue in public revenue structure is lower than the share of local expenditures in public expenditures structure. The difference between those indicators is caused by the local government financial system. The expenditures of territorial self – government units are the reflection of their tasks. The local and regional tasks depend on the division of public tasks between the central, regional and local authorities and on social, economic and political system. The range of realizing local and regional tasks also depends on local and regional economy, social politics and public needs. However the amount of local and regional budgetary expenditures depend on economic and financial possibilities of commune, district and province. KEY WORDS: fiscal decentralization, local government, Poland. DETAILS ABOUT AUTHOR: MARIA JASTRZĘBSKA ASSOCIATED PROFESSOR UNIVERSITY OF GDANSK FACULTY OF MANAGEMENT DEPARTMENT OF FINANCE AND FINANCIAL RISK SOPOT, POLAND maria66jastrzebska@gmail.com

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THE FISCAL LIABILITIES AND THE QUANTITATIVE EFFECTS OF THE FINANCIAL VARIABLES IN OECD COUNTRIES A. NIYAZI Ă&#x2013;ZKER

ABSTRACT In this study, we aim to analyze the total government debt change levels via the contribution level of total central government tax revenues in the scope of Gross Domestic Product in OECD countries. And also, the levels of effective exchange rate were included in the reality growth process to determine the debt levels of government total including the total tax and non-tax receipts under these countries especially within the last years. Moreover, it has been understood that the total central debts of central governments have been affected via the other internal gross financial liabilities, and this structural fact has put forth the worked total hours related to the labor tax burdens have a important role on the production levels of OECD countries in order to establish the financial means of the government total debts. The empirical results have supported to our determined resulting this consideration method related to the government debt formations in the scope of the criteria effect levels of the independent variable. The political policies of governments were not included in this study by reason of the formation effects relevant to the government political behaviors may result in the different financial liabilities. In this respect, it appear that the effect levels of total central government debts have been more affected via exchange rates concerning the developing countries that need much more financial debts from foreign. In other words, the increasing debt burden, as a per cent GDP, has been directly influenced via the changeable effects of exchange rates as a most important variable in the developing countries which have the lower economic growth rates in opposition to the developed countries in the scope of OECD in the same period. KEY WORDS: Economic Growth; Gross Domestic Product; Government Debts; Tax Burden; Tax Revenues. JEL Code: E24; H61; H71; H81. DETAILS ABOUT AUTHOR: A. NIYAZI Ă&#x2013;ZKER ASSOC. PROF. DR. PUBLIC FINANCE DEPARTMENT FACULTY OF ECONOMIC AND BUSINESS ADMINISTRATION BANDIRMA ONYEDI EYLUL UNIVERSITY BANDIRMA, TURKEY niyaziozker@yahoo.com

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FISCAL RULES FOR SUB-NATIONAL GOVERNMENTS: THE POLISH EXPERIENCE MARZANNA PONIATOWICZ

ABSTRACT Financial crises tend to have this positive aspect that they often become the impulse for taking up specific reform measures. After 2008 most European Union member states launched the process of reforms aimed at strengthening the sustainability of public finances and building a new financial architecture understood as specific system of institutions, principles and procedures associated with crisis situations prevention and resolution. One of the key components of the said architecture are fiscal rules. They are associated with institutional issues effecting public finance and defined as special fiscal limits related both to the budget balance and the size of public debt, as well as governmental spending and revenue. This article examines effectiveness of fiscal rules applied on local level of governmental finance. The intention of the author is to assess the effectiveness of these sustainable fiscal policy instruments, especially in the context of improving financial situation of Polish local government units (LGUs). Case of Poland is a good example of legal and organizational solutions implemented on the central and local government level. The existing fiscal framework in this country is based on several fiscal rules. Some of them are national (e.g. the debt rule, the stabilizing spending rule), and some of them are local (e.g. the rule of at least balanced current budget outturn â&#x20AC;&#x201C; the golden rule; Individual Debt Ratios - calculated individually for each local government unit depending on the amount of earned operating surplus). The effectiveness of these instruments is assessed through the angle of changes in the overall budget balance and the amount of debt of the analyzed sub-sector in relation to GDP in comparison with other EU Member States between 2008-2014. The conducted comparative analysis also uses a comprehensive fiscal rule assessment tool proposed by the European Commission services, i.e. Fiscal Rule Index (FRI). KEY WORDS: Sub-national governments, fiscal rules, Fiscal Rule Index, Poland. DETAILS ABOUT AUTHOR: MARZANNA PONIATOWICZ ASSOCIATE PROFESSOR UNIVERSITY OF BIALYSTOK FACULTY OF ECONOMICS AND MANAGEMENT BIALYSTOK, POLAND m.poniatowicz@uwb.edu.pl

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ASYMMETRIC CAUSAL EFFECTS OF ECONOMIC POLICY UNCERTAINTIES ON ASIAN-PACIFIC STOCK MARKETS MELIK KAMIŞLI - SERAP KAMIŞLI - MUSTAFA ÖZER

ABSTRACT The effects of economic policies and of economic policy uncertainties (EPU) on financial markets and key macroeconomic variables such as inflation, growth, unemployment, and interest rate have been subject to many empirical studies, since knowing these effects provide valuable information for international investors, portfolio managers, policy makers and regulators. Also, most of the international investors and portfolio managers would like to know whether the causal relations between EPU and stock markets are asymmetric or not. Therefore, in this study, we try to analyze the asymmetric causal effects of economic policy uncertainties (EPU) of China, Japan and South Korea on the Asian-Pacific Stock Markets over the period of 9/16/2008-10/09/2015 by applying asymmetric generalized impulse-response method developed by Hatemi-J (2014) to weekly data. The empirical results of the study indicate that there are asymmetric causal effects of EPUs of different countries on Asian-Pacific stock markets. The results have some implications for stock market participants. KEY WORDS: Asymmetric generalized impulse-response, economic policy uncertainty, Asian-Pacific stock markets, Portfolio management. DETAILS ABOUT AUTHORS: MELIK KAMIŞLI PROFESSOR melikkamisli@gmail.com SERAP KAMIŞLI PROFESSOR serap.kamisli@bilecik.edu.tr FOR AUTHORS MELIK KAMIŞLI - SERAP KAMIŞLI: BILECIK ŞEYH EDEBALI UNIVERSITY APPLIED SCIENCES VOCATIONAL SCHOOL DEPARTMENT OF BANKING AND FINANCE BILECIK, TURKEY MUSTAFA ÖZER PROFESSOR ANADOLU UNIVERSITY FACULTY OF ECONOMICS ADMINISTRATIVE SCIENCES DEPARTMENT OF ECONOMICS ESKIŞEHIR, TURKEY muozer@anadolu.edu.tr

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CORRELATION BETWEEN THE TOOLS AND DEVELOPMENT PROCESS AND THE PRODUCTION PROCESS IN SMES MATEJA KARNIČAR ŠENK - MATJAŽ ROBLEK

ABSTRACT This thesis focuses on validating assumptions on the correlation between the tools and development process and the production process in SMEs (small and medium-sized enterprises). The correlation of both processes is determined using select indicators. On the basis of work experience in the field of quality assurance, we notice that outputs from the tools and development process often do not generate satisfactory results in the production process. This phenomenon is first observed in the production process and later in customer satisfaction feedback. The consequences of failing to achieve satisfactory results may ultimately cost an enterprise the loss of a customer and/or loss of income. During the course of this research, we have also determined that investing effort and knowledge into the tools and development process signifies valuable reimbursement for the enterprise. The correlation between both processes was determined using statistical methods. The result of the research confirms assumptions on there being a strong correlation between both processes and provides a list of suggestions for improvements that either directly or indirectly affect the select indicators. KEY WORDS: Process, Production process, Development process, Correlation between processes, Small and Medium Enterprises (SME). DETAILS ABOUT AUTHORS: MATEJA KARNIČAR ŠENK DEPUTY DIRECTOR POLYCOM ŠKOFJA LOKA D.O.O. POLJANE NAD ŠKOFJO LOKO, SLOVENIA mateja.senk@polycom.si MATJAŽ ROBLEK DOC. DR. PROFESSOR UNIVERSITY OF MARIBOR FACULTY OF ORGANIZATIONAL SCIENCES KRANJ, SLOVENIA matjaz.roblek@um.si

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DO VOLATILITY SPILLOVERS AMONG G7 STOCK MARKETS SYMMETRIC OR ASYMMETRIC? MUSTAFA ÖZER - SERAP KAMIŞLI - MELIK KAMIŞLI

ABSTRACT The recent increase in integration of economies due to mainly free flow of capitals and international trade has caused the co-movements in stock markets across the world. As a result, volatility in one market is quickly spill over the other markets causing a decrease in the benefits of international portfolio diversification. For this reason, an investor who is willing to invest in international stock markets to benefit portfolio diversification should be aware of existence, direction and type of the volatility spillovers. However, the volatility spillovers can be either symmetric or asymmetric indicating that the effects of negative and positive shocks are different. In this study, we try to determine if the volatility spillovers among G7 countries’ stock markets are symmetric or asymmetric by using weekly data over the period 9/12/2008-1/22/2016. To investigate the existence of symmetric or asymmetric volatility spillovers, we adopt a two stage approach: In the first stage, we use causality in variance test (spillover test) developed by Hafner-Herwartz (2006) to determine the existence and direction the volatility spillovers. At the second stage, we investigate whether volatility spillovers are symmetric or asymmetric applying asymmetric causality test developed by Hatemi-J (2012) to volatility series obtained from GARCH (1,1) model. The results of the study indicated the existence of asymmetric volatility spillovers across G7 stock markets. The results have important implications for both investors for designing their optimal portfolios and controlling the risk associated with asymmetric volatility spillovers and the policy makers for developing macro prudential policies to mitigate the destabilizing effects of volatility spillovers on financial markets. KEY WORDS: Asymmetric volatility spillover, G7 stock markets, Diversification, Portfolio allocation. DETAILS ABOUT AUTHORS: MUSTAFA ÖZER PROFESSOR ANADOLU UNIVERSITY FACULTY OF ECONOMICS ADMINISTRATIVE SCIENCES DEPARTMENT OF ECONOMICS ESKIŞEHIR, TURKEY muozer@anadolu.edu.tr MELIK KAMIŞLI PROFESSOR melikkamisli@gmail.com SERAP KAMIŞLI PROFESSOR serap.kamisli@bilecik.edu.tr

FOR AUTHORS MELIK KAMIŞLI - SERAP KAMIŞLI: BILECIK ŞEYH EDEBALI UNIVERSITY APPLIED SCIENCES VOCATIONAL SCHOOL DEPARTMENT OF BANKING AND FINANCE BILECIK, TURKEY

THURSDAY 27TH OCTOBER 2016

2MS3 THURSDAY 27TH OCTOBER 2016 14.00 â&#x20AC;&#x201C; 15.45 ROOM 3

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MISUSE OF MULTI-, INTERAND TRANS-DISCIPLINARITY: THE CASE OF ECONOMIC EXPANSIONISM SLAVICA MANIC

ABSTRACT Economics has been uttered, spoken and written about more than it is studied and/or understood. It impregnates our lives to such extent that the claim “now and then we’re all economists” represents a meaningful, though not necessarily true statement (except, possibly, in a very narrow sense when it is grasped as a skill). However, economics, like any other science, would be superfluous “if the form and essence directly coincide.” Although economists do not dispute the interweaving of science and skills, most of them will say that economics has established itself as a scientific discipline with particular field of research. Also, a number of economists will support transfer and exchange of ideas, concepts and methods among different disciplines. Consequently, economists will in principle accept economic expansionism as a positive trend bringing to economics and other disciplines nothing but benefits. The aim of this paper is to indicate (through a review of relevant literature) economics’ ambitions to establish itself as a universal science (general philosophy of the society) by abusing the ideas of multi, inter and transdisciplinarity. KEY WORDS: economic expansionism, multidisciplinarity, interdisciplinarity, transdisciplinarity DETAILS ABOUT AUTHOR: SLAVICA MANIC ASSOCIATE PROFESSOR UNIVERSITY OF BELGRADE FACULTY OF ECONOMICS BELGRADE, SERBIA slavica@ekof.bg.ac.rs

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STRATEGIC MARKETING AND THEATRICAL ACTIVITIES DUŠKO LJUŠTINA

ABSTRACT Theater activity and theatrical performances, as products of this activity, are both culturally and artistically important but is it useful to consider theatrical performances as “products” in pure general marketing sense? The initial assumption that contemporary Theatre in the present “business” circumstances can improve primarily through a focus on the visitors should result with appropriate use of the marketing concept. After secondary research with goal to discover application of marketing concepts in theatrical activity in the Republic of Croatia is conducted primary research based on in-depth interviews with experts. The presented findings can be used in clarifying the problems and setting the goals for the necessary primary researches based on survey (face-to-face interviewing) with theaters visitors and representative sample of population in Croatia. Primary researched on proposed samples considers the multidisciplinary approach in order to bring about the correct results which could direct to redefinition of marketing concepts in theatrical activity in the Republic of Croatia. KEY WORDS: Marketing concepts, Theatre, Croatia, Secondary data. DETAILS ABOUT AUTHOR: DUŠKO LJUŠTINA DIRECTOR THEATRE “KEREMPUH” ZAGREB, CROATIA dusko.ljustina@kazalistekerempuh.hr

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THE CORRECTION OF PERCEPTION OF ECONOMIC GROWTH IN THE CONTEXT OF THE NEW ECONOMIC REALITY DARIA ROZBORILOVÁ

ABSTRACT The new economic reality leads to the intensification of discussions about the possibility of generating of economic growth in the framework of countries, regions and globally, not only in the long term but also in real time. The aim of contribution, on the basis of generalization of findings from ongoing discussions at campus as well as within the various international institutions, to identify the main issues related to the long-term glorification of economic growth and of the rates of economic growth, as well as of the problems related to the underestimation of the limits of economic growth. The subject of our interest is to identify the urgency of the change in approach to economic growth in the context of the new economic reality, as well as the need of the correction of the existing stereotypes that are the necessary prerequisites of the intergenerational equity. Identification of the context and understanding of possible solutions on the basis of applications multidimensional and multidisciplinary approach represents an important first step. Next step is linked with real enforcement of solutions in national, regional but also in a global context. To belittle the problems can have fatal consequences. KEY WORDS: economic growth, inequality, new economic reality, intergenerational equity DEATAILS ABOUT AUTHOR: DARIA ROZBORILOVÁ ASSOCIATE PROFESSOR UNIVERSITY OF ECONOMICS DEPARTMENT OF NATIONAL ECONOMY BRATISLAVA, SLOVAKIA daria.rozborilova@euba.sk

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THE IMPORTANCE OF INTERNAL AUDITING TO THE MANAGEMENT OF A PUBLIC INSTITUTION ELSA SARAIVA - ISABEL MARTINS

ABSTRACT The comprehensive program of reforms carried out by the public authorities in several countries, has resulted in a new approach to the citizen, known as New Public Management and is in this sense that, in the public sector, the Internal Auditing has been driven and recognized with added value by helping the management, even with regard to issues of fighting corruption. The Internal Auditing activity comes as an important tool in support of management with the aim of providing the entityâ&#x20AC;&#x2122;s government the reliability of the internal control system and management and determine whether the procedures into force are the best, proposing, if necessary, make appropriate recommendations to bridge the gaps identified in order to ensure heritage protection and optimization of available resources.This paper seeks to address the issue of internal auditing applied to a service of Public Administration â&#x20AC;&#x201C; a public institution of higher polytechnic education. Wanted to answer to the following problem: How to implement the internal auditing activity in a polytechnic public higher education institution in order to be an important tool for management to the pursuit of their goals.The tools used to develop the project were literature search and field work, consisting of an on-line questionnaire conducted in a public institution of higher polytechnic education, in Portugal. From the analysis of the results it is concluded that most institutions do not have internal auditing department, although some perform auditing activities such as quality, legality and accounting. This study, by identifying the necessary steps for the implementation of the internal auditing activity highlighting its importance gives awareness to those who have management responsabilities for the need to develop this activity. KEY WORDS: Internal Auditing; Public Administration; Higher Institutions of Public Polytechnic Education; Management; Fighting Corruption. DETAILS ABOUT AUTHORS: ELSA SARAIVA SENIOR TECHNICIAN VISEU, PORTUGAL elsamsaraiva@gmail.com ISABEL MARTINS PROFESSOR POLYTECNIC INSTITUTE OF VISEU VISEU, PORTUGAL isamartins@estgv.ipv.pt

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PUBLIC OPINION ON THE METHODS OF FINANCING ENVIRONMENTAL IMPACT STUDIES MERICA PLETIKOSIĆ

ABSTRACT Public trust in environmental impact studies is a growing issue in assessment procedures for planned projects. The public is concerned about the influence of contractors on the outcome of the procedures and the objectivity of the study makers themselves. As an unplanned and unwanted process that takes time, but can only be acted upon in a limited manner and with varying results, the issue ultimately presents a management crisis. The parties involved in environmental protection proceedings are often unprepared and cannot recognise the initial signs of a potential crisis, significantly hindering the achievement of set goals. This paper presents the results of an empirical study of public awareness and opinions in Croatia on the arrangement in which the contractor commissions the study. In-depth interviewing and participant observation were used to carry out the qualitative study on a purposive sample. Grounded theory was used to analyse the empirical data, while the quantification of qualitatively processed data was performed using the Statistica software suite (ver. 11.00). Respondents were divided in their opinions. The majority believes that the contractor should pay for the study, thus solving the issue of financing, but still allowing for potential manipulation. The accepted solution is that the concerned authorities should be the ones commissioning the study via public tender, while the contractor would cover the cost. The public and civil sectors mostly have a negative view of the existing system, while respondents from the economic sector disagree. They claim that a faulty or unprofessional study presents a risk for the contractor and that other institutions should determine whether the procedure was done professionally. KEY WORDS: crisis management, public opinion, study financing. DETAILS ABOUT AUTHOR: MERICA PLETIKOSIĆ PH.D. ENVIRONMENTAL MANAGER CEMEX CROATIA KAŠTEL SUĆURAC, CROATIA merica.pletikosic@cemex.com

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PROGRAM „CROATIA 365“ IN A FUNCTION OF BETTER MARKET POSITIONING OF THE TOURIST DESTINATIONS DURING THE PRE- AND POST-SEASON BILJANA LONČARIĆ

ABSTRACT The primary objective of the program „Croatia 365“ started by the Ministry of Tourism in September 2014 was a better use of resources during the pre- and post-season and showing Croatia as a destination with tourist opportunities throughout the year. In July and August 2015, it was conducted primary research among the six continental Tourist Boards participating in the pilot project from 2014. The results of this study showed that in Croatia there was still no legal framework for the effective operation of the PPS destinations, especially those continental, tourist undeveloped. It has been also found that in the area of one-third of the surveyed destinations there was an increase in tourist traffic, but not as a result of the activities carried out in the framework of the project, and also that the Croatian Tourist Board gave financial support to the activities of only one of the surveyed destinations. Today there are 40 PPS destinations in Croatia, 16 of them in the continental part. The aim of the uncoming primary research in the form of an online questionnaire, among the directors of the Tourist Boards of those tourist cities and municipalities in which are the PPS destinations seats, and this in June and July 2016, will be to determine how the PPS project during 2015 worked on each area; which activities were undertaken through the project; to what extent they were sponsored by the Croatian Tourist Board and what are effects of the undertaken activities. The results of the research will be presented and analyzed, while, in the concluding remarks, measures for effective functioning of the PPS concept will be suggested. KEY WORDS: Croatia 365; PPS destination; pre- and post-season. DETAILS ABOUT AUTHOR: BILJANA LONČARIĆ PHD TOURIST BOARD OF CITY OF SLAVONSKI BROD SLAVONSKI BROD, CROATIA info@tzgsb.hr

FRIDAY 28TH OCTOBER 2016

3MS1 FRIDAY 28TH OCTOBER 2016 10.45 â&#x20AC;&#x201C; 12.45 ROOM 1

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#INSTAFOOD – IMPRESSION MANAGEMENT MOTIVES OF THE “SOCIAL EATER” ON INSTAGRAM CHRISTOPH WILLERS - SOPHIA SCHMIDT

ABSTRACT The user base of Social Network Sites has grown largely within the last years. Due to the increasing utilization of smartphones and the mobile Internet, users are able to share details of their everyday life independent of time and place. Thereby visual communication becomes particularly popular, reflected by the remarkable growth in social networking platforms such as Instagram. It enables users to modify their mobile photos and videos and afterwards share them with a community. Whereas the Instagram content is mostly dominated by portrayals of users themselves or in company with other people, a considerable part of the shared content appears to be food-related. The current study investigates the phenomenon of the growing group of “social eaters” sharing their food consumption on Instagram as a popular social media platform. Due to the fact that impression management is referred to as one of the central motives of participating in social network sites, it is suggested that motives of food-sharing on Instagram are of a self-presentational nature as well. A quantitative survey of Instagram “food”-Poster has been conducted in order to examine which self-presentational motives underlie the activity of “food”-sharing on Instagram. Regarding impression management the results show the dominance of identity-related motives, while it is the possibility of visual communication that leads to the appearance of “food” as a social subject on Instagram. Considering these motives, the research develops communication strategies on how companies in the foodsector could present themselves and interact with the “social eater” on Instagram in the best possible way. KEY WORDS: instagram, food, social eater, social media marketing, impression management. DETAILS ABOUT AUTHORS: CHRISTOPH WILLERS PROFESSOR c.willers@cbs.de SOPHIA SCHMIDT B.A. RESEARCH ASSISTANT s.schmidt@cbs.de FOR BOTH AUTHORS: COLOGNE BUSINESS SCHOOL FACULTY OF STRATEGIC MANAGEMENT AND BUSINESS DEVELOPMENT COLOGNE, GERMANY

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THE PERCEIVED BUSINESS VALUE OF SOCIAL MEDIA LIANA RAZMERITA - KATHRIN KIRCHNER - PIA NIELSEN

ABSTRACT Social Media is a new phenomenon that impacts businesses, society and individuals. Social media has swept into the business world, disrupting businesses, bringing new opportunities and challenges. The use of social media in organisations has the potential to shape the “future of the work”. Both consultancy reports and scholarly articles highlight and discuss the new opportunities and organizational benefits provided by social media to change the current top-down (i.e. initiated by management) business model to a more collaborative and bottom-up (i.e. initiated by employees) approach. Such a model is customisable to specific user needs, empowering employees to design specific workflows thus helping them to work more effectively. Using social media, personal knowledge can be synergized into collective knowledge through social collaborative processes that may facilitate externalization of knowledge, fostering creativity and innovation. All these processes have the potential to lead to knowledge creation through interaction and collaborative processes and thereby increase companies’ competitiveness. However the successful deployment of social media for internal communication and facilitation of knowledge sharing and collaboration in organizations is difficult. Based on quantitative as well as qualitative data from 13 Danish organizations, we investigate the following research question: What is the business value of social media in organizations as perceived by the employees? Based on the data analysis, the paper derives a model of factors associated with the perceived business value of social media. KEY WORDS: social media, business value, knowledge sharing. DETAILS ABOUT AUTHORS: LIANA RAZMERITA ASSOCIATE PROFESSOR COPENHAGEN BUSINESS SCHOOL INTERNATIONAL BUSINESS COMMUNICATION FREDERIKSBERG, DENMARK lr.ibc@cbs.dk KATHRIN KIRCHNER PROFESSOR BERLIN SCHOOL OF ECONOMICS AND LAW DEPARTMENT OF COOPERATIVE STUDIES BERLIN, GERMANY kathrin.kirchner@hwr-berlin.de PIA NIELSEN COPENHAGEN BUSINESS SCHOOL FREDERIKSBERG, DENMARK pia_nielsen7@outlook.com

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DETERMINANTS OF MOBILE INTERNET USAGE AND OPPORTUNITIES FOR M-MARKETING AMONG YOUTH IN THE REPUBLIC OF MACEDONIA KALINA TRENEVSKA BLAGOEVA - MARINA MIJOSKA

ABSTRACT The number of mobile Internet users is growing rapidly worldwide and the use of mobile Internet is changing consumer behaviour. Therefore, companies are extending their marketing opportunities and reaching their audience via mobile devices. Mobile marketing is gaining popularity in the last couple of years, due to the possibilities offered by new technologies embedded in smart phones. There have been several theoretical models that explain technology acceptance. Building on the extensions on UTAUT, consumer use and acceptance of technology led to UTAUT2. The aim of the research is to connect use of mobile Internet among young people in the Republic of Macedonia and opportunities of mobile marketing. The penetration rate of smart phones is increasing globally and in the last trimester of 2015 more than 72% of the Internet users in the country used smart phones to access the Internet (DSZ, 2015). The survey and research was conducted in April /May 2016 among more than 300 young people. Original UTAUT2 model is proposed to examine the influence of several constructs that influence use behaviour (performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value, and habit). The factors are explained in the context of the research and attention is payed on habit, hedonic motivation and price value as predictors of the mobile Internet usage. The results are to be analysed by identifying effects of the constructs and their significance and magnitude on behavioural intention and use behaviour. We expect our empirical findings to support the hypothesis about the implications of price value on pricing strategy of the vendors of consumer IT applications for marketing purposes. The significance of the proposed predictors can help managers formulate their marketing strategies and profound their marketing communication efforts. KEY WORDS: UTAUT2, mobile marketing, mobile Internet, Republic of Macedonia. DETAILS ABOUT AUTHORS: KALINA TRENEVSKA BLAGOEVA PROFESSOR kalina@eccf.ukim.edu.mk MARINA MIJOSKA ASSISTANT PROFESSOR marina@eccf.ukim.edu.mk FOR BOTH AUTHORS: UNIVERSITY OF SS.CYRIL AND METHODIUS FACULTY OF ECONOMICS â&#x20AC;&#x201C; SKOPJE E-BUSINESS DEPARTMENT SKOPJE, REPUBLIC OF MACEDONIA

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CLOUD COMPUTING AND THE SPECIFICS OF CONCLUDING CLOUD CONTRACTS ANNA ONDREJKOVĂ

ABSTRACT Cloud computing has already earned the significant position in the field of the use of new information and communication technologies (ICT), because it delivers efficiency and optimal solution, combined with cost savings and data backup with plenty of storage space. The concept of cloud computing may be understood as storage, processing and use of data through the Internet. Users have available computing power on demand without large capital investments and have access to their data anywhere via an Internet connection. The aim of the paper is to highlight the specificities of the conclusion of cloud contracts. In the conclusion of cloud contracts and the selection of the provider of the cloud services it is necessary to take into account a number of specifics, such as the question of the security of corporate data, the question of responsibility for loss of data, their misuse, damage, guarantee the availability of services, testimonials and certificates provider and also the question of the possible different legal systems of the provider and user of the cloud. The contract is recommended not fail: the determination of ownership of data, protection of intellectual property rights, requirements to avoid the distortion data confidentiality (driven approach employed by the to data record of the activity), guarantees data availability, problem solving (Response Time, Service Level Agreements), information obligations of the cloud (data breaches, the change of the service, the request for access). Cloud computing is developing fast. The European Union also supports the development of cloud computing in Europe with research and innovation actions under the Horizon 2020 programme. Also the European Cloud Partnership (ECP) was established under the 2012 European Cloud Strateg. It is necessary to pay attention to the use of cloud computing. KEY WORDS: cloud computing, cloud services, information and communication technologies, provider, user. DETAILS ABOUT AUTHOR: ANNA ONDREJKOVĂ TEACHER LECTURER UNIVERSITY OF ECONOMICS IN BRATISLAVA FACULTY OF ECONOMIC INFORMATICS BRATISLAVA, SLOVAKIA ondrejka@euba.sk

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THE CREATIVE UNIVERSITY AND THE CONCEPT OF INNOVATION AND CREATIVITY OTILIJA SEDLAK - ZORAN ĆIRIĆ - JELICA EREMIĆ ĐOĐIĆ - ŽELJKO VOJINOVIĆ - BOGDAN LABAN

ABSTRACT Innovations are a necessary condition for economic and social development, new scientific knowledge is a necessary condition for innovations and scientific research is a necessary condition for gaining new scientific knowledge. Compliant synergy of universities, economy and state government are an important condition for innovative and sustainable, progressive socioeconomic development. Weather gradual or thorough, innovation can regard the following: change of product/service, change of process – way of production/service performance (“process innovation”), change in context in which the products/services have been introduced (“position innovation”), change in mental models that frame whatever the organization does (“paradigm innovation”), or some combination of products/services, processes, context and mental models. There are objections to this approach believes that knowledge is understood as a central reference point for action in institutional strategies of change and innovation – institutions have been transformed into an “epistemic area”. Raising the issue of rationalities presented through today’s policies and strategies for higher education therefore means “mapping” the epistemic area of today’s university, says Weber and applies the methodology of discourse analysis with the aim of deconstructing these ways of rationality. In this paper, discussions and conflicts between supporters of modernism and postmodernism shall not be further analyzed – there are scientists who believe that science and the scientific method are objective and scientists in the field of social sciences, sociologists, historians and others who study “science studies”, “studies of science and technology” and who argue that science is impartial and can approach the truth. There are valuable reasons for expecting that the excesses inherent in one of the conflicting parties will be significantly reduced by excesses inherent to the other side. KEY WORDS: knowledge, science studies, innovations and scientific research DETAILS ABOUT AUTHORS: OTILIJA SEDLAK PROFESSOR otilijas@ef.uns.ac.rs ZORAN ĆIRIĆ PROFESOR zoranc@ef.uns.ac.rs JELICA EREMIĆ ĐOĐIĆ ŽELJKO VOJINOVIĆ BOGDAN LABAN

FOR ALL AUTHORS: UNIVERSITY OF NOVI SAD FACULTY OF ECONOMICS SUBOTICA SUBOTICA, SERBIA

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ENROLLMENT MOTIVES AND STUDENTS’ SATISFACTION WITH UNDERGRADUATE AND GRADUATE STUDIES ANTONELA SAMODOL - IRENA PANDŽA BAJS

ABSTRACT Due to the rapid increase in the number of Business Schools, the question regarding overall quality of higher education and the extent to which they are threatening a well established public universities that stand for decades is imposed. Therefore, the main purpose of this paper is to determine the motives of enrollment and students’ satisfaction with two institutions of the same study area, business economics and management banking, insurance and finance, but different status of founder – public university and private school, both on the undergraduate and graduate level. Also, consequently, the goal is to analyse whether there are some differences in the enrollment motives and students’ satisfaction between these two institutions and also examining the correlation to determine which of the elements of satisfaction (the quality of teachers, non-teaching staff, environment and organization) influence the most overall students’ satisfaction. KEY WORDS: Motives, students. satisfaction, undergarduate and graduate studies. DETAILS ABOUT AUTHORS: ANTONELA SAMODOL UNIV. BACC. OEC. IRENA PANDŽA BAJS ASSISTANT PROFESSOR ipanda@efzg.hr FOR BOTH AUTHORS: UNIVERSITY OF ZAGREB FACULTY OF ECONOMICS AND BUSINESS ZAGREB, CROATIA

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CONSUMER KNOWLEDGE ABOUT FOOD LABELLING IN SLOVAKIA FERDINAND DAŇO - PAULÍNA KRNÁČOVÁ

ABSTRACT The presented paper deals with the food labelling from the consumers´point of view. Food labels play important role in the distribution chain. They help consumers to get information necessary for their deliberate food choice. On the other hand, food producers can promote and communicate basic information and specific characteristics of pre-packed food through the food labels. We conducted primary quantitative research by inquiry method via standardized online questionnaire that addressed three topics: (1) consumer interest, (2) consumer awareness and (3) consumer information and knowledge. In this paper we focus on evaluation of partial research results with the aim to find out an information and knowledge level of consumers about food labelling in Slovakia. The research results (published in Krnáčová, 2016) show us that 87% of consumers in Slovakia are interested in food labelling. Furthermore, over 95% of consumers read information stated on the food labels. In general, they do not know mandatory particulars that food producers have to label on food package in accordance with legislative requirements. The partial results in the presented paper show what information sources consumers use to learn about food quality and food safety. The results, among other facts, also reveal a lack of food labelling information in the market and misleading/deceptive labelling from consumers´point of view. The paper is prepared within the scientific project VEGA No. 1/0134/14 entitled “Promoting innovation in distribution processes through implementing modern technologies and optimization of logistics activities with a focus on reducing the burden on the environment and improving the life quality“. KEY WORDS: food labelling, consumer behaviour, consumer knowledge. DETAILS ABOUT AUTHORS: FERDINAND DAŇO PROFESSOR ferdinand.dano@euba.sk PAULÍNA KRNÁČOVÁ ASSISTANT PROFESSOR paulina.krnacova@euba.sk FOR BOTH AUTHORS: UNIVERSITY OF ECONOMICS IN BRATISLAVA FACULTY OF COMMERCE BRATISLAVA, SLOVAKIA

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3MS2 FRIDAY 28TH OCTOBER 2016 10.45 â&#x20AC;&#x201C; 12.45 ROOM 2

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VALUE BASED MANAGEMENT WITH SOME PRACTICAL EXAMPLES IN SLOVENIAN INDUSTRIES VLADIMIR BUKVIÄ&#x152;

ABSTRACT Nowadays firms perform their activities in a business environment which requires them to implement such a system of indicators that will better illustrate value and profitability. Financial indicators that are now used by firms to follow their profitability and value creation are inconsistent with the mechanism of capital markets and with what market considers to be crucial for determining value. Constantly bigger efficiency in the capital markets requires a more efficient allocation of capital within firms. Therefore a new system of indicators, as for example Value Based Management (VBM) which better reflects opportunities and threats, is urgent and needed. Within the VBM framework the author especially focuses in this paper on the economic value added (EVA) and on the cash value added (CVA). In the theoretical part, besides making a literature review on this topic he analyses and estimates advantages and disadvantages of both indicators, at first by comparing them with standardized financial indicators and then by comparing them between each other. In the empirical part, the two indicators are applied on some selected firms from various industries (automotive industry, chemical industry, pharmaceutical industry and mining industry). At the end of this paper, the author emphasizes and advocates the thesis that a simultaneous choice of both indicators, i.e. EVA and CVA, has an important effect on managerial resources and on the selection of a strategy as well as on the question of how investors (owners) estimate an individual firm as their potential investment. KEY WORDS: Economic Value Added, Market Value Added, Cash Value Added, coefficient beta, weighted average cost of capital. DETAILS ABOUT AUTHOR: VLADIMIR BUKVIÄ&#x152; SENIOR LECTURER GEA COLLEGE FACULTY OF ENTREPRENEURSHIP LJUBLJANA, SLOVENIA mailto:vladimir.bukvic.ce@gmail.com

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OPENNESS AND DESIGN OF SUSTAINABLE INNOVATION PRACTICES ANDREA GASPARINI - ALMA L. CULÉN

ABSTRACT This paper explores the concept of openness and its role and relevance in creating more sustainable innovation through design thinking in organizations such as libraries. Design thinking is known to be an effective approach to innovation. However, design thinking driven innovation may be a short-time deal, or fail over time, as such undertaking is often also met with resistance to change due to deep-rooted and well-established work practices within organizations. Incorporating design-thinking practices with existing practices could be a viable strategy for enabling sustained innovation and human centric orientation in an organizational context. In order to do that, there needs to be openness to change at the organizational level at the first place. Libraries are exemplary organizations where the change is needed, but not necessarily desired. Librarianship suffers from shifting, ambiguous ends from unstable institutional contexts of practices. New technological developments, as well as habits of users, influence today’s practices within the library strongly. The libraries need to respond and many chose to use design thinking to innovate their services and other offerings. In this paper, we discuss different facets of openness and how it enables creation of sustainable design thinking based innovation practices. Openness to design processes is one facet, but also open-endedness of tools and methods used in the process are also important. Our work shows, through a series of cases, how these diverse meanings of openness play a role, sometimes a key-role, in the long-term acceptance of design practices and in bringing about the change in organizational culture. We find that collaborative, semistructured processes increase a sense of ownership over ideas that are further developed into innovative services, as well as support the sense of openness to such processes in the future. KEY WORDS: openness, design thinking, sustainable practices, library. DETAILS ABOUT AUTHORS: ANDREA GASPARINI PHD FELLOW UNIVERSITY OF OSLO DEPARTMENT OF INFORMATICS AND UNIVERSITY OF OSLO LIBRARY OSLO, NORWAY a.a.gasparini@ub.uio.no ALMA L. CULÉN ASSOCIATE PROFESSOR UNIVERSITY OF OSLO DEPARTMENT OF INFORMATICS OSLO, NORWAY almira@ifi.uio.no

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IS HIGHER EDUCATION IN DIRE STRAITS? IGOR RIŽNAR

ABSTRACT The article is written with the full awareness that higher education is a complex system, with a number of multi-lateral interactions between teachers, students, policy-makers, parents, different professional associations, politicians, economy and the society in general. After a brief but necessary encounter with the Bologna reforms, it focuses – by following Deans for impact and the credibility of neuroscience – on several key issues in education, namely, learning, learning and teaching myths, biases in education and conditions under which academics in social sciences are working. In conclusion, the author gives some recommendations for the improvement of the present situation in higher education. KEY WORDS: higher education, learning myths, the Bologna reforms, neuroscience, biases. DETAILS ABOUT AUTHOR: IGOR RIŽNAR ASSISTANT PROFESSOR UNIVERSITY OF PRIMORSKA FACULTY OF MANAGEMENT KOPER, SLOVENIA igor.riznar@fm-kp.si

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CROATIAN Y GENERATION WORKFORCE: BIG BUSINESS EXPECTATIONS IVANA FOSIĆ - ANA TRUSIĆ - VEDRANA VDOVJAK

ABSTRACT Today’s organisations are characterized by a multi-generational workforce. For the first time in the history four different generations are working together – traditionalists, baby boomers and members of Generation X and Generation Y. Due to the different characteristics of each generation, organisations are faced with the challenge of generating jobs for each generation and harmonizing their joint work. Special boldness represents Generation Y, the so-called Millennials, which bind certain stereotypes about the way they behave and their expectations of the workplace. As the youngest generation of the potential workforce, Generation Y is shaped by great technological changes and hence they are more flexible than previous generations. Therefore this paper focuses on defining Generation Y, the current potential young workforce and its attitudes toward workplace, so in the study is used secondary data by Deloitte. Also, primary research is conducted on a sample of 250 younger respondents (Generation Y) about attitudes toward workplace in order to compare the results with secondary data, and identifying and describing the ideal workplace of Generation Y. The purpose of this paper is to determine the anticipation of Generation Y that the organisational focus is profit and the assumption that the most important motivating factors are material ones. Generation Y attaches importance to ethical principles believing that work experience is the biggest limiting factor for their employment. At the same time, they expect business freedom and flexibility and balance of work and private life. From this “digital generation” much is expected, but contemporary environment formed them in a way that, although they are realistic, they expect a lot of workplace. KEY WORDS: attitudes toward workplace, Generation Y, organisation, workforce. DETAILS ABOUT AUTHOR: IVANA FOSIĆ ASSISTANT PROFESSOR ifosic@efos.hr ANA TRUSIĆ TEACHING AND RESEARCH ASSISTANT azivkovi@efos.hr VEDRANA VDOVJAK STUDENT vvdovjak@gmail.com FOR ALL AUTHORS: UNIVERSITY OF OSIJEK FACULTY OF ECONOMICS IN OSIJEK OSIJEK, CROATIA

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EXAMINING THE ROLE OF THE LEGAL FRAMEWORK FOR PREDICTING DEVELOPMENTAL PATHS FOR PERSONALIZED MEDICINE MARIJA KAŠTELAN MRAK - NADA BODIROGA VUKOBRAT

ABSTRACT Population aging and exposure to environmental stressors, on the demand side, and technological development and investment capital formation on the supply side, can be taken as predictors of growth and investments in the medical sector, and particularly, personalized medicine. What is less predictable is how business models will evolve in the field of personalized medicine, whether independently or more or less integrated into the established medicine sector. Personalized medicine represents a revolutionary medical practice that could act towards destabilizing the positions of the traditional medicine actors, that, being well institutionalized (recognized by authorities, legally defined and regulated), currently exercise control over the employment of human and investment resources. For economic reasoning, personalized medicine constitutes a challenging case for investigating how new technologies disseminate information in investors’ markets, how they achieve scale efficiencies in the processes of knowledge creation and technology dissemination, and how they develop channels for medical treatment provision. This paper will address related legal and economic issues. By relying on concepts advanced by economic theories of organizations, we plan to establish a descriptive model of personalized medicine as a business system and question how this “model” fits in with the existing institutional and economic environment. We strongly believe that legal arrangements can have a profound effect in cutting down development costs and speeding up safe service delivery to prospective patients. KEY WORDS: personalized medicine, disruptive technologies, institutional approach, legal framework, industry development. DETAILS ABOUT AUTHORS: MARIJA KAŠTELAN MRAK FULL PROFESSOR FACULTY OF ECONOMICS UNIVERSITY OF RIJEKA, CROATIA kastelan@efri.hr NADA BODIROGA VUKOBRAT FULL PROFESSOR FACULTY OF LAW UNIVERSITY OF RIJEKA, CROATIA nadab@pravri.hr

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WIVES’ INVOLVEMENT IN TOURISM DECISION MAKING IN HUNGARY KRISZTINA ARPASI - ZOLTAN ARPASI - LÁSZLÓ GUTH

ABSTRACT Tourism as an industry has undergone huge changes during the past decade, it is currently developing into the second most significant business after oil. Tourism being a unisex industry caters to both females and males. Today, women make 80% of all consumer decisions either directly or indirectly. As men and women are substantially different, it is not surprising that this difference can be observed also in the buying habits and the processes of decisionmaking. The planning of the yearly holiday is of high importance in the lives of almost all families. In this study we aim to emphasize the importance of tourism-related motivation assessment and to assess gender trends in vacation decision making in Hungary. Family holidays are often marked by negotiations, discussions and compromises before, during and after the vacation itself. The main negotiations are taking place between the spouses and after a while the third party potentially involved are the siblings. A survey methodology was applied in order to explore the family decision making process, a total of 400 females/males were recruited specifically for the study in Hungary. We have found that spouses have a significant influence on decisions on touristic spending of families, in all steps of the decisions. The influence was correlating with higher educational degrees. In conclusion, wives may be a potentially important target for the tourism industry. KEY WORDS: tourism, vacation, women, female customers, decision-making, family. DETAILS ABOUT AUTHORS: KRISZTINA ARPASI PHD STUDENT arpasikrisztina@gmail.com ZOLTAN ARPASI ASSOCIATE PROFESSOR arpasi.zoltan@gtk.szie.hu LÁSZLÓ GUTH PROFESSOR FOR ALL AUTHORS: SZENT ISTVÁN UNIVERSITY FACULTY OF ECONOMIC AND SOCIAL SCIENCES MARKETING INSTITUTE GÖDÖLLŐ, HUNGARY

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RESEARCH ON THE SATISFACTION OF THE USERS OF THE REGIONAL TRANSFUSION CENTRE MIROSLAV MANDIĆ - IVA MIHALJ

ABSTRACT This paper is interesting due to its multidisciplinary approach as it joins two study areas: customer satisfaction and transfusion medicine on the B2B (business-to-business) level. The research included seven institutional users (seven organisations) of the services offered by a blood bank which operates as the regional transfusion centre. The research used a combination of qualitative and quantitative approaches, that is, the research was obtained through the SERVQUAL satisfaction measurement device, the analysis of complaints and thorough user interviews. The results of the survey are of practical importance because they serve as a foundation for studying both the current trends and future possibilities of increasing the satisfaction of the Regional Centre’s customers (”moments of truth” or “moments of possibility”). The blood bank is satisfied with the results of this research as they have, in some instances, exceeded the customers’ expectations. Moreover, they will continue to analyse customer satisfaction, whilst keeping in mind the dynamic nature of this process, as well as customers’ loyalty, which is always a priority. The quality control of the products and end-user satisfaction with the overall quality of service are always of vital importance for insuring a long term customer relationship. The results suggest that the blood bank is in charge of the blood supplies, which represent a national treasure. In this research the blood bank has shown that customer satisfaction is at the centre of their concerns, and the information they obtain serves as an indicator of the past, present and future success. KEY WORDS: multidisciplinary approach, customer satisfaction, blood bank, transfusion centre, SERVQUAL. DETAILS ABOUT AUTHORS: MIROSLAV MANDIĆ ASSISTANT PROFESSOR mmandic@efzg.hr IVA MIHALJ POSTGRADUATE STUDENT iva_mihalj@yahoo.com FOR BOTH AUTHORS: UNIVERSITY OF ZAGREB FACULTY OF ECONOMICS AND BUSINESS ZAGREB, CROATIA

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EFFECTS OF ORGANIZATIONAL CLIMATE ON INNOVATIVE BEHAVIOR – A CASE STUDY FROM PUBLIC SECTOR BARBARA REBECCA MATOVU LAPPALAINEN - TERJE SLÅTTEN - GUDBRAND LIEN

ABSTRACT The aim of this study is to examine the effects of organizational climate on innovative behavior in public sector. A conceptual model was developed and tested on a survey in which employees in a public sector organization participated. This study found that organizational climate and creativity are both positively correlated to individual innovative behavior. As such, the study reveals the importance of not only acquiring creative individuals, but also creating a climate conducive of innovation. Moreover, the results also show that perceptions of work group cohesiveness and individual learning orientation were both linked to creativity. The paper demonstrates that in order to attain individual innovative behavior, there is a need for an organizational climate that supports innovation and a greater need for individuals that not only are creative, but are enthusiastic in implementing those novel and useful ideas. This paper enhances one’s knowledge of the effects of organizational climate on innovative behavior, including furthering one’s understanding of these influences on a public sector. KEY WORDS: Innovative behavior, Organizational climate, Creativity, Public sector. DETAILS ABOUT AUTHORS: BARBARA REBECCA MATOVU LAPPALAINEN MASTER STUDENT matovubarbara@gmail.com TERJE SLÅTTEN ASSOCIATE PROFESSOR Terje.Slatten@hil.no GUDBRAND LIEN PROFESSOR gudbrand.lien@hil.no FOR ALL AUTHORS: LILLEHAMMER UNIVERSITY COLLEGE NORWAY

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IDENTIFICATION AND USE OF INFORMATION AND COMMUNICATION TECHNOLOGY IN THE PROMOTION OF CROATIAN TOURISM IVAN KELIĆ - ANTUN BILOŠ - MARIN PUCAR

ABSTRACT The development of information and communication technology has created a solid technological framework for the application of new technologies in different environments. The implementation of cyberspace tools has changed social interactions in general as well as the technologies and advertising methods. Today, information and communication technology allows users to access information via telecommunications. The means whereby messages are conveyed include, among others, the Internet, wireless networks, advanced mobile devices, and other communication media. Numerous studies have shown that an appropriate use of electronic marketing activities can be useful in achieving various tourist promotion goals. However, today’s level of technological development allows modern consumers, i.e. users, to search for information on a tourist destination in real time, and also before they arrive at the destination through mobile technology. The paper starts from the assumption that in the near future tourist destinations that provide information to consumers through information and communication technology will benefit the most. The aim of the paper is to define key factors conducive to increased online presence and use of online services. The research conducted will give a clear picture of the current situation in terms of the use of information and communication infrastructure in the promotion of tourism which can be used to develop and propose an appropriate strategy for the management of electronic marketing activities aimed at promoting Croatian tourism. KEY WORDS: e-marketing, mobile marketing, information and communication technology, Smartphone. DETAILS ABOUT AUTHORS: IVAN KELIĆ PHD, TEACHING AND RESEARCH ASSISTANT ikelic@efos.hr ANTUN BILOŠ PHD, ASSISTANT PROFESSOR abilos@efos.hr FOR BOTH AUTHORS: UNIVERSITY OF JOSIP JURAJ STROSSMAYER FACULTY OF ECONOMICS OSIJEK, CROATIA MARIN PUCAR M.SC, CHIEF EXECUTIVE OFFICER ADVISOR ZVEČEVO D.D. POŽEGA, CROATIA marin.pucar@zvecevo.hr

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BUSINESS MODEL INNOVATION IN SMEs – ROLE OF ICT ANDREJA PUCIHAR - MARJETA MAROLT - GREGOR LENART - DAMJAN MALETIČ - MIRJANA KLJAJIĆ BORŠTNAR

ABSTRACT Business model innovation (BMI) is becoming one of key activities of every enterprise in order to survive and thrive in digital economy. The aim of this paper is to investigate the role of ICT in BMI practices in SMEs as key drivers of European Economy. For the purpose of our research we conducted case studies in 4 SMEs from different industries in Slovenia. The results have shown very limited usage of ICT for BMI practices, except in SME from ICT industry. In addition, overall observations were that there is little or no awareness in SMEs on how to systematically approach BMI. This work represents a partial reults from PAN European study performed within „ENVISION – Empowering SME business model innovation“ project which aims to stimulate and support SMEs in BMI practices with proper knowledge, tools and practices. KEY WORDS: business model, innovation, ICT, SMEs. DETAILS ABOUT AUTHORS: ANDREJA PUCIHAR ASSOCIATE PROFESSOR andreja.pucihar@fov.uni-mb.si MARJETA MAROLT TEACHING ASSISTANT marjeta.marolt@fov.uni-mb.si GREGOR LENART SENIOR LECTURER gregor.lenart@fov.uni-mb.si DAMJAN MALETIČ ASSOCIATE PROFESSOR damjan.maletic@fov.uni-mb.si MIRJANA KLJAJIĆ BORŠTNAR ASSISTANT PROFESSOR mirjana.kljajic@fov.uni-mb.si FOR ALL AUTHORS: UNIVERSITY OF MARIBOR FACULTY OF ORGANIZATIONAL SCIENCES KRANJ, SLOVENIA

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THE VALUE OF FIRMS ETHICAL LEADERSHIP KJELL OVE ERNES - TERJE SLÅTTEN

ABSTRACT Ethics are often referred to as behavior that is consistent with the principles, norms and standards of practice that have been agreed upon by a society. In today’s business corporate leaders are often questioned about their ethically of their conduct. Ethical leadership is a relatively new and empirically unexplored terrain and can be characterized as an emerging field within the domain of leadership literature. This study asks the simple but fundamental research question: What are the value of firm’s ethical leadership? To answer this question a broad approach is undertaken. Specifically, totally three overall levels of value outcomes of firm’s ethical leadership are examined, that is (i) individual employee level (ii) collective level and (iii) firm level. Moreover, each of the three overall levels are represented of two or three factors reflecting potential specific value outcomes of firm’s ethical leadership. An empirical study were conducted were HR (human resource) and marketing students from a medium-sized university college in Norway participated. The findings reveal that the value of ethical leadership can be manifested or located in each of the three overall levels included in the study. Specifically, on a firm level, it seems that ethical leadership is able to boost a firm’s entrepreneurial orientation. Moreover, ethical leadership is positively related to organizational citizenship and negatively related to political behavior on a collective level. On an individual level, ethical leadership is clearly able to reduce employee’s turnover intention and positively increase employee’s engagement. The study provides theoretical as well as practical implications on the basis of the findings. Several ideas for future research on ethical leadership are proposed. KEY WORDS: Ethical leadership, Employee engagement, Political behavior, Turnover intention, Entrepreneurial orientation. DETAILS ABOUT AUTHORS: KJELL OVE ERNES ASSISTANT PROFESSOR KRISTIANIA UNIVERSITY COLLEGE NORWAY kjellove.ernes@kristiania.no TERJE SLÅTTEN ASSOSICATE PROFESSOR LILLEHAMMER UNIVERSITY COLLEGE NORWAY Terje.slatten@hil.no

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THE ROLE OF EMPLOYEES COLLECTIVE ENGAGEMENT TERJE SLÅTTEN - GUDBRAND LIEN

ABSTRACT This study focuses on the role of employee’s collective engagement. Collective engagement is perceived as a climate-related construct and refer to how employees collectively express themselves (i) psychically (ii) cognitively and (iii) emotionally. The study examine the role of collective engagement in relationship to totally four outcome-variables. Each of the outcomevariables are representing different and distinct levels of factors critical for service firms. A survey were undertaken among employees in consulting firms that is often characterized and described as knowledge-based service firms. The findings reveal that employee’s collective engagement is strongly related to employee organizational commitment, teamlearning and service quality. Moreover, the findings suggest that team-learning mediates the relationship between employee’s collective engagement and firm ability to innovative. The findings signify that collective engagement is a key factor and have a central role to orchestrate successfully to increase service firms capability for innovation and consequently strengthens service firm’s overall competitive advantage. The study provides theoretical as well as practical implications on the basis of the findings. KEY WORDS: Collective engagement, Knowledge-based service firms, Innovation, Team. DETAILS ABOUT AUTHORS: TERJE SLÅTTEN ASSOCIATE PROFESSOR Terje.Slatten@hil.no GUDBRAND LIEN PROFESSOR gudbrand.lien@hil.no FOR BOTH AUTHORS: LILLEHAMMER UNIVERSITY COLLEGE NORWAY

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FACTS AND MYTHS IN CONNECTION WITH ADAM SMITH RÓZSA BERTÓK - ZSÓFIA BÉCSI

ABSTRACT The connection between the two great books of Adam Smith is the same as the topical connection between economics and practical philosophy. Without the invisible hand neither morality, nor social order would be possible. Without impartial spectator neither justice, nor cooperation would be possible. The market activity needs moral sentiments such as prudence, sympathy, beneficience, justice, sense of propriety, self-command. Smith elaborates more sophisticated notion of sympathy, than David Hume and shows the connection between the self-command, the human passions and civilization. The lecture’s theme is more actual than it seems at first sight in the sense of politics, economics and morality. „A polished people being accustomed to give way, in some measure, to the movements of nature, become frank, open, and sincere. Barbarians, on the contrary, being obliged to smother and conceal the appearance of every passion, necessarily acquire the habits of falsehood and dissimulation.” (TMS, p.207, N.Y. 2006) KEY WORDS: Adam Smith, invisible hand, impartial spectator, sympathy, moral sentiments. DETAILS ABOUT AUTHORS: RÓZSA BERTÓK HABILITATED DR., UNIVERSITY DOCENT rozsa.bertok@gmail.com ZSÓFIA BÉCSI HIGH SCHOOL TEACHER, PHD STUDENT becsizsofi@gmail.com FOR BOTH AUTHORS: UNIVERSITY OF PÉCS FACULTY OF PHILOSOPHY PÉCS, HUNGARY

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INTERNAL ORGANIZATION, PRICES AND IN-STORE PROMOTIONAL ACTIVITIES AS FACTORS OF LOYALTY WITH RETAIL CHAINS TIHOMIR VRANEŠEVIĆ

ABSTRACT Aim of paper is to give insight into the impact of two variables (ie. factors): a) internal organization (“evidence”) and b) perceived price and in-store promotional activities (“pr_pro”) onto satisfaction and loyalty of customers. Retail chains experienced some significant developments and changes as well and have to increasingly put efforts to satisfying their customers. Perceptions and expectations of customers influence their level of satisfaction with specific store as a member of a specific retail chain. What value they get and how the store actually performs is basically what determine the level of satisfaction with retail chain according assumption that higher level of satisfaction results with higher level of loyalty. Internal organization (“evidence”) and price and promotional activities (“pr_pro”) in store - as combined multi items variables (ie. factors) - were considered as a independent variables that influence on satisfaction and loyalty (acting as dependent variables). In the same time, satisfaction acted as dependent variable of “evidence” and “pr_pro” activities in store (independent variable) and as independent variable that influence on loyalty. Based on that, assumption is that with this exploratory model will be able to consider impact and influence of those independent variables (and items which built those factors) on satisfaction and loyalty. And influence of satisfaction on loyalty, too. Construct was tested by structural equation modeling with partial least squares path modeling (PLS-SEM path model). Results of PLS-SEM path modeling are presented in paper (together with basic descriptive statistic results). KEY WORDS: internal organization, prices, in-store promotional activities, satisfaction, loyalty, retail chains, Croatia, PLS-SEM, path modeling. DETAILS ABOUT AUTHOR: TIHOMIR VRANEŠEVIĆ PROFESSOR FACULTY OF ECONOMICS AND BUSINESS UNIVERSITY OF ZAGREB ZAGREB, CROATIA tvranesevic@efzg.hr

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AUTHOR INDEX A

ANTUNES, JOAQUIM 4 ARIKAN, IRFAN 5 ARPASI, KRISZTINA 63 ARPASI, ZOLTAN 63

GAŠPAR, DRAŽENA 27 GASPARINI, ANDREA 59 GRASSL, WALTER 2 GREGUREC, IVA 23 GRUBOR, ALEKSANDAR 18 GUTH, LÁSZLÓ 63

B BARROS, SAMUEL 4 BÉCSI, ZSÓFIA 71 BENIĆ, SANDRA 13 BERTÓK, RÓZSA 71 BILOŠ, ANTUN 67 BODIROGA VUKOBRAT, NADA 62 BUKVIČ, VLADIMIR 58

H HAMARAT, BAHATTİN 6 HATZIGAYOS, THOMAS 26

J JASTRZĘBSKA, MARIA 34 JOVKOVA, JORDANKA 12

CASTRO, CRISTINA 4 CSAPI, VIVIEN 29 CULÉN, ALMA L. 59

KAMIŞLI, MELIK 37, 39 KAMIŞLI, SERAP 37, 39 KARNIČAR ŠENK, MATEJA 38 KAŠTELAN MRAK, MARIJA 62 KELIĆ, IVAN 67 KIRCHNER, KATHRIN 51 KLJAJIĆ BORŠTNAR, MIRJANA 68 KOVAČ ŽNIDERŠIĆ, RUŽICA 18 KOVŠCA, VLADIMIR 10 KRNÁČOVÁ, PAULÍNA 56

Ć ĆIRIĆ, ZORAN 54 ĆORIĆ, IVICA 27

D DAŇO, FERDINAND 56 DECKERT, CARSTEN 22 DOBRINIĆ, DAMIR 20 DRÁBIK, PETER 31 DUBROVSKI, DRAGO 19 DURAN, EROL 6 DVORSKI LACKOVIĆ, IVANA 10

EREMIĆ ĐOĐIĆ, JELICA 54 ERNES, KJELL OVE 69

LABAN, BOGDAN 54 LACKOVIĆ VINCEK, ZRINKA 10 LENART, GREGOR 68 LIEN, GUDBRAND 66, 70 LONČARIĆ, BILJANA 47 LUBURIĆ, GORAN 32 LULIĆ, LUKŠA 32

FOSIĆ, IVANA 61

LJUŠTINA, DUŠKO 43

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ROZBORILOVÁ, DARIA 44

MALETIČ, DAMJAN 68 MANDIĆ, MIROSLAV 64 MANIC, SLAVICA 42 MARIĆ, DRAŽEN 18 MAROLT, MARJETA 68 MARTINS, ISABEL 45 MASLÁK, ONDREJ 28 MATOVU LAPPALAINEN, BARBARA REBECCA 66 MIHALJ, IVA 64 MIJOSKA, MARINA 52 MILAK, ANTONIJA 20

S SAMODOL, ANTONELA 55 SARAIVA, ELSA 45 SCHMIDT, SOPHIA 50 SEDLAK, OTILIJA 54 SLÅTTEN, TERJE 66, 69, 70 STÁDNÍK, BOHUMIL 21 STANČIN, KRISTIAN 23 STECKENBAUER, G. CHRISTIAN 5 SUBAŠIĆ, FILIP 32 SZABOLCSI, SÁRA 30

ŠTANGOVÁ, NORA 15

NIELSEN, PIA 51

O ONDREJKOVÁ, ANNA 53 ÖZER, MUSTAFA 37, 39 ÖZKER, A. NIYAZI 11, 35

TAVOUKTSI, MARIE CHRISTINE 26 TRENEVSKA BLAGOEVA, KALINA 52 TRUSIĆ, ANA 61 TUFAN, EKREM 6

PANDŽA BAJS, IRENA 55 PERUČIĆ, DORIS 7 PLETIKOSIĆ, MERICA 46 PONIATOWICZ, MARZANNA 36 PRZYGODZKA, RENATA 14 PUCAR, MARIN 67 PUCIHAR, ANDREJA 68

UNDEY, NUR 6

V VACULÍK, JURAJ 28 VDOVJAK, VEDRANA 61 VÍGHOVÁ, AGNEŠA 15 VOJINOVIĆ, ŽELJKO 54 VRANEŠEVIĆ, TIHOMIR 72

RAZMERITA, LIANA 51 REHÁK, RÓBERT 31 RIŽNAR, IGOR 60 ROBLEK, MATJAŽ 38

WILLERS, CHRISTOPH 50

Y YÜKSEL, ATİLA 3

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