Pub Date : 2016-12-01DOI: 10.7595/MANAGEMENT.FON.2016.0030
Ana Mirić, G. Krstić
In this paper we present evidence from the empirical research which focuses on social entrepreneurship (SE) in Serbia. We analysed the key factors that influence the development of social enterprises, the major actors in the sector and the relationships established among them. Our data show that owners are the dominant stakeholder group influencing SE business and that they are followed by the customers. The influence of the market vs the influence of the regulations changes with the change in size of the enterprise. The importance of the state also changes with the change in size. Though social enterprises operate in the network characterised by the trust among the actors, high quality cooperation and embeddedness into a network of closely tied business relations, the level of influence that sector itself has is perceived very low.
{"title":"Social Enterprises in Serbia: Analysis of Key Development Factors, Major Actors and their Relationships","authors":"Ana Mirić, G. Krstić","doi":"10.7595/MANAGEMENT.FON.2016.0030","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0030","url":null,"abstract":"In this paper we present evidence from the empirical research which focuses on social entrepreneurship (SE) in Serbia. We analysed the key factors that influence the development of social enterprises, the major actors in the sector and the relationships established among them. Our data show that owners are the dominant stakeholder group influencing SE business and that they are followed by the customers. The influence of the market vs the influence of the regulations changes with the change in size of the enterprise. The importance of the state also changes with the change in size. Though social enterprises operate in the network characterised by the trust among the actors, high quality cooperation and embeddedness into a network of closely tied business relations, the level of influence that sector itself has is perceived very low.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"2023 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114912974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-12-01DOI: 10.7595/MANAGEMENT.FON.2016.0027
Jasmina Omerbegović-Bijelović, Z. Rakićević, P. Mirković
This paper proposes a way to help in solving the high levels of unemployment amongst the young (in Serbia) – by designing and realising stakeholders’ programmes which would allow inclusion of the young in the entrepreneurial world (through either self-employment or employment of others). The idea is to identify and recommend to stakeholders the competencies and motives that drive the nowadays young entrepreneurs – as models for enabling and motivating unemployed youth to engage into the entrepreneurial world. On the basis of facts obtained by research – which pinpoint the competencies - both practical and theoretical, on the basis of the motives of the young entrepreneurs in Serbia, as well as on the basis of their beliefs/attitudes about the same aspects of starting and undertaking entrepreneurial projects, some recommendations for stakeholders have been generated for designing a programme to encourage those young people to join the ranks of entrepreneurs. What remains is for the relevant authorities - in the legal and even family settings, i.e., all those who can recognise some self-interest, is to get started and dedicate themselves to the young and their entry into the world of entrepreneurship. The contribution of this paper is in the suggestions for the different types of stakeholders which would help them design programmes to bring the young generations into the entrepreneurial sphere. We also consider even the very fact of pointing out the different roles of the varied social subjects/stakeholders to be useful in bringing the younger generations into the world of entrepreneurship, as a form of care for the young generations.
{"title":"Elements for Designing Stakeholders’ Programmes of Encouraging Young People to Engage in Entrepreneurship","authors":"Jasmina Omerbegović-Bijelović, Z. Rakićević, P. Mirković","doi":"10.7595/MANAGEMENT.FON.2016.0027","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0027","url":null,"abstract":"This paper proposes a way to help in solving the high levels of unemployment amongst the young (in Serbia) – by designing and realising stakeholders’ programmes which would allow inclusion of the young in the entrepreneurial world (through either self-employment or employment of others). The idea is to identify and recommend to stakeholders the competencies and motives that drive the nowadays young entrepreneurs – as models for enabling and motivating unemployed youth to engage into the entrepreneurial world. On the basis of facts obtained by research – which pinpoint the competencies - both practical and theoretical, on the basis of the motives of the young entrepreneurs in Serbia, as well as on the basis of their beliefs/attitudes about the same aspects of starting and undertaking entrepreneurial projects, some recommendations for stakeholders have been generated for designing a programme to encourage those young people to join the ranks of entrepreneurs. What remains is for the relevant authorities - in the legal and even family settings, i.e., all those who can recognise some self-interest, is to get started and dedicate themselves to the young and their entry into the world of entrepreneurship. The contribution of this paper is in the suggestions for the different types of stakeholders which would help them design programmes to bring the young generations into the entrepreneurial sphere. We also consider even the very fact of pointing out the different roles of the varied social subjects/stakeholders to be useful in bringing the younger generations into the world of entrepreneurship, as a form of care for the young generations.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130432291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-12-01DOI: 10.7595/MANAGEMENT.FON.2016.0026
Jelena Minović, Marija Lazarević-Moravčević, I. Beraha
The main objective of the paper is to identify the sources of competitive advantage of small and medium-sized enterprises in Serbia. Gaining a competitive advantage is the key priority of market-oriented enterprises regardless of their size and sector. Since business environment in Serbia is not stimulating enough for enterprises’ growth and development, the paper highlights the role of strategic orientation in business promotion and development. In order to identify the sources of competitive advantage, the empirical research is conducted by using the survey method. The research sample is created by using a selective approach, namely, the sample includes enterprises with more than ten employees, and enterprises identified to have the potential for growth and development. The research results indicate that small and medium-sized enterprises in Serbia are generally focused on costs as a source of competitive advantage, i.e., they gain competitive advantage in a selected market segment by offering low price and average quality products/services. In addition, the results of the research point out that the Serbian small and medium-sized enterprises are innovation-oriented. Organizations qualifying as middle-sized enterprises are predominantly focused on process innovations, while small businesses are primarily oriented towards product innovations. One of the limitations of the research refers to the small presence of the research sample within the category of middle-sized enterprises. The smaller sample presence than it was previously planned is mostly due to the lack of managers’ willingness to participate in the research, as well as to the fact that these enterprises account for the smaller share in the total number of enterprises in the small-and medium-sized enterprises’ sector. Taking into account that the sector of small and medium-sized enterprises generates around 30% of the country’s GDP, we consider the research results to be beneficial for both scientific and professional communities, as well as for economic policy makers in Serbia.
{"title":"Strategic orientation of SMEs: empirical research","authors":"Jelena Minović, Marija Lazarević-Moravčević, I. Beraha","doi":"10.7595/MANAGEMENT.FON.2016.0026","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0026","url":null,"abstract":"The main objective of the paper is to identify the sources of competitive advantage of small and medium-sized enterprises in Serbia. Gaining a competitive advantage is the key priority of market-oriented enterprises regardless of their size and sector. Since business environment in Serbia is not stimulating enough for enterprises’ growth and development, the paper highlights the role of strategic orientation in business promotion and \u0000development. In order to identify the sources of competitive advantage, the empirical research is conducted by using the survey method. The research sample is created by using a selective approach, namely, the sample includes enterprises with more than ten employees, and enterprises identified to have the potential for growth and development. The research results indicate that small and medium-sized enterprises in Serbia are generally focused on costs as a source of competitive advantage, i.e., they gain competitive advantage in a selected \u0000market segment by offering low price and average quality products/services. In addition, the results of the research \u0000point out that the Serbian small and medium-sized enterprises are innovation-oriented. Organizations qualifying as middle-sized enterprises are predominantly focused on process innovations, while small businesses are primarily oriented towards product innovations. One of the limitations of the research refers to the small presence of the research sample within the category of middle-sized enterprises. The smaller sample presence than it was previously planned is mostly due to the lack of managers’ willingness to participate in the \u0000research, as well as to the fact that these enterprises account for the smaller share in the total number of enterprises \u0000in the small-and medium-sized enterprises’ sector. Taking into account that the sector of small and medium-sized enterprises generates around 30% of the country’s GDP, we consider the research results to be \u0000beneficial for both scientific and professional communities, as well as for economic policy makers in Serbia.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114357448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tourism and hospitality have received an immense attention from scholars, policy holders, decision makers and other important stakeholders in Belgrade, a main tourist destination of Serbia. The aim of this paper is to determine the main drivers of profit margins in the hotel sector in Belgrade. A particular aim is to explore the effects of variables – size, market concentration, and market share and customer satisfaction – on hotel profit margins. The study analyzed the secondary reliable sources. The data were analyzed with correlations and regressions. The results indicate that customer perception is a paramount factor driving the financial performance of hotels. These findings could be useful to scholars and practitioners interested in business performances of Belgrade hotels.
{"title":"Antecedents of Hotel Profitability: Empirical Evidence from Belgrade","authors":"Miloš Milosavljević, Nemanja Milanović, Sladjana Benkovic","doi":"10.7595/MANAGEMENT.FON.2016.0031","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0031","url":null,"abstract":"Tourism and hospitality have received an immense attention from scholars, policy holders, decision makers and other important stakeholders in Belgrade, a main tourist destination of Serbia. The aim of this paper is to determine the main drivers of profit margins in the hotel sector in Belgrade. A particular aim is to explore the effects of variables – size, market concentration, and market share and customer satisfaction – on hotel profit margins. The study analyzed the secondary reliable sources. The data were analyzed with correlations and regressions. The results indicate that customer perception is a paramount factor driving the financial performance of hotels. These findings could be useful to scholars and practitioners interested in business performances of Belgrade hotels.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116939642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-12-01DOI: 10.7595/MANAGEMENT.FON.2016.0029
M. Mihajlović, Samed Karović, Slobodan Ristić, Goran Radovanović
The problem in planning costs of an operation, i.e., the problem of determining an optimal capacity of units used in time is a highly complex problem whose solution can be obtained in different ways, depending on what is taken as an optimality criterion and the types of limiting factors that are present during an operation’s realization. The main goal of this paper is to show the practical application of dynamic programming with the aim of improving planning and organizing forces and costs during the realization of the Serbian army’s third mission. Data on the use of Serbian Military’s units after the earthquake in the area of Kraljevo in 2010 were analysed. The paper covers the use of dynamic programming, namely, the complex optimization problem of using military units, which depends on a large number of variables and can be extremely difficult to solve, is disassembled into several smaller partial problems that depend on one variable and are simpler to solve. The model of using the military is based on mission usage and represented as one of possible scenarios of natural disasters that engulfed a part of the Serbian territory.
{"title":"Application of Dynamic Programming in Planning Costs of Telecommunication Security Operations to Provide Aid to Civilian Authorities","authors":"M. Mihajlović, Samed Karović, Slobodan Ristić, Goran Radovanović","doi":"10.7595/MANAGEMENT.FON.2016.0029","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0029","url":null,"abstract":"The problem in planning costs of an operation, i.e., the problem of determining an optimal capacity of units used in time is a highly complex problem whose solution can be obtained in different ways, depending on what is taken as an optimality criterion and the types of limiting factors that are present during an operation’s realization. The main goal of this paper is to show the practical application of dynamic programming with the aim of improving planning and organizing forces and costs during the realization of the Serbian army’s third mission. Data on the use of Serbian Military’s units after the earthquake in the area of Kraljevo in 2010 were analysed. The paper covers the use of dynamic programming, namely, the complex optimization problem of using military units, which depends on a large number of variables and can be extremely difficult to solve, is disassembled into several smaller partial problems that depend on one variable and are simpler to solve. The model of using the military is based on mission usage and represented as one of possible scenarios of natural disasters that engulfed a part of the Serbian territory.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134342892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.7595/MANAGEMENT.FON.2016.0018
D. Krivokapic, Danilo Krivokapić, Ivan Todorovic, Stefan Komazec
Personal data protection is becoming a major research topic in the last decades. With the technological advances, this issue was given a completely new perspective, due to increased possibilities for both use and misuse. Personal data have become a very valuable resource for different organizations worldwide in various sectors. However, regardless the efforts and constant legislation processes, personal data protection has still not been adequately managed, especially in developing countries such as Serbia. The motivation for this research was the big leak of personal data collected by the Serbian Privatisation Agency that occurred in 2014. During the research we analyzed legal, organizational and technical aspects of personal data management in six public institutions that are the largest personal data processors in Serbia. In this paper we provide the overview of the current situation and the recommendations for policy makers related to personal data protection in Serbia with a focus on the public sector.
{"title":"Mapping Personal Data Flow and Regulatory Compliance in Serbian Public Institutions","authors":"D. Krivokapic, Danilo Krivokapić, Ivan Todorovic, Stefan Komazec","doi":"10.7595/MANAGEMENT.FON.2016.0018","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0018","url":null,"abstract":"Personal data protection is becoming a major research topic in the last decades. With the technological advances, this issue was given a completely new perspective, due to increased possibilities for both use and misuse. Personal data have become a very valuable resource for different organizations worldwide in various sectors. However, regardless the efforts and constant legislation processes, personal data protection has still not been adequately managed, especially in developing countries such as Serbia. The motivation for this research was the big leak of personal data collected by the Serbian Privatisation Agency that occurred in 2014. During the research we analyzed legal, organizational and technical aspects of personal data management in six public institutions that are the largest personal data processors in Serbia. In this paper we provide the overview of the current situation and the recommendations for policy makers related to personal data protection in Serbia with a focus on the public sector.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"189 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121794884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.7595/MANAGEMENT.FON.2016.0022
Branka Rodić-Trmčić, A. Labus, Z. Bogdanović, D. Babic, Aleksandra Dacic-Pilcevic
In the modern world the use of information and communication technologies, computer networks and systems based on such technologies are the determinants of efficiency and operating performance in healthcare. This paper deals with the concepts of electronic and mobile health and opportunities of their implementation in the healthcare systems. This paper will analyze the factors that influence the acceptance of mobile healthcare services among employees in health institutions. The main goal of this paper was to analyze the possibilities of using mobile healthcare services in health institutions, as well as to analyze the predictors for successful implementation of mobile health services. The research results indicate a high level of knowledge regarding the usefulness and availability of services among healthcare workers in health institutions, which is the prerequisite for a successful implementation of mobile health in the healthcare system.
{"title":"Usability of m-Health Services: A Health Professional’s Perspective","authors":"Branka Rodić-Trmčić, A. Labus, Z. Bogdanović, D. Babic, Aleksandra Dacic-Pilcevic","doi":"10.7595/MANAGEMENT.FON.2016.0022","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0022","url":null,"abstract":"In the modern world the use of information and communication technologies, computer networks and systems based on such technologies are the determinants of efficiency and operating performance in healthcare. This paper deals with the concepts of electronic and mobile health and opportunities of their implementation in the healthcare systems. This paper will analyze the factors that influence the acceptance of mobile healthcare services among employees in health institutions. The main goal of this paper was to analyze the possibilities of using mobile healthcare services in health institutions, as well as to analyze the predictors for successful implementation of mobile health services. The research results indicate a high level of knowledge regarding the usefulness and availability of services among healthcare workers in health institutions, which is the prerequisite for a successful implementation of mobile health in the healthcare system.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"230 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114749813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.7595/MANAGEMENT.FON.2016.0017
N. Nikolić, S. Jankovic, D. Vuletić
The motivation for this paper comes from one successfully conducted empirical research about motivation of potential candidates to serve in the active reserve as a kind of military service which is recently introduced in the Serbian Army. The research team was faced with a set of problems related to the deadlines, resources and mandate issues. A solution was found in agile interdepartmental cooperation. Firstly, we started with identification of missing resources and mandates of our research team. Then, we investigated where we could find the missing issues. After that, we established lines for cooperation with other departments in the MoD. The clarity of interdepartmental communication and concretisation of demands and expectations were crucial for success. In the end we realized the full potential of interdepartmental cooperation and started to think about that phenomenon in the wider context of defence and security issues. We found some other examples of interdepartmental cooperation in earlier efforts of the defence sector reform, as well as some results in other armies. The paper presents strengths and opportunities of interdepartmental cooperation through temporary engaged working groups in the specific defence sector environment, as well as potential obstacles. In a wider aspect, interdepartmental cooperation in defence and security issues becomes more and more important because of new security challenges we are facing today.
{"title":"Interdepartmental Cooperation in Defence Issues and Strategic Intelligence","authors":"N. Nikolić, S. Jankovic, D. Vuletić","doi":"10.7595/MANAGEMENT.FON.2016.0017","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0017","url":null,"abstract":"The motivation for this paper comes from one successfully conducted empirical research about motivation of potential candidates to serve in the active reserve as a kind of military service which is recently introduced in the Serbian Army. The research team was faced with a set of problems related to the deadlines, resources and mandate issues. A solution was found in agile interdepartmental cooperation. Firstly, we started with identification of missing resources and mandates of our research team. Then, we investigated where we could find the missing issues. After that, we established lines for cooperation with other departments in the MoD. The clarity of interdepartmental communication and concretisation of demands and expectations were crucial for success. In the end we realized the full potential of interdepartmental cooperation and started to think about that phenomenon in the wider context of defence and security issues. We found some other examples of interdepartmental cooperation in earlier efforts of the defence sector reform, as well as some results in other armies. The paper presents strengths and opportunities of interdepartmental cooperation through temporary engaged working groups in the specific defence sector environment, as well as potential obstacles. In a wider aspect, interdepartmental cooperation in defence and security issues becomes more and more important because of new security challenges we are facing today.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127665038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.7595/MANAGEMENT.FON.2016.0020
Milena Vučinić
The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.
{"title":"Behavioural Finance and Its Postulates","authors":"Milena Vučinić","doi":"10.7595/MANAGEMENT.FON.2016.0020","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0020","url":null,"abstract":"The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115511393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-06-01DOI: 10.7595/MANAGEMENT.FON.2016.0009
L. Barjaktarović, Katarina Djulic, Renata Pindžo, Ana Vjetrov
This paper addresses two major research questions: which techniques firms in Serbia use for project evaluation, and how the Serbian companies calculate their cost of capital. The authors have created the questionnaire and the sample consisting of 65 companies that responded to the enquiry (out of 392) during the year 2015. The results showed that payback criterion is the most dominant capital budgeting technique used by firms in Serbia. Further, the results revealed that large firms as well as multinational firms are more inclined to use discounted cash flow capital budgeting techniques and other sophisticated techniques. Finally, the authors have concluded that the CAPM is not the dominant method for calculating cost of capital by the companies from the sample analyzing the overall sample. Consequently, skilled human capital, the adequate knowledge and developed procedures may contribute to accepting capital budgeting techniques such as discounted cash flow analysis and other sophisticated techniques by larger portion of the companies in Serbia. Finally, existence of perfect financial market is a necessary precondition for implementing all these contemporary financial concepts and its development has to be posed as one of the priorities in the years to come.
{"title":"Analysis of the Capital Budgeting Practices: Serbian Case","authors":"L. Barjaktarović, Katarina Djulic, Renata Pindžo, Ana Vjetrov","doi":"10.7595/MANAGEMENT.FON.2016.0009","DOIUrl":"https://doi.org/10.7595/MANAGEMENT.FON.2016.0009","url":null,"abstract":"This paper addresses two major research questions: which techniques firms in Serbia use for project evaluation, and how the Serbian companies calculate their cost of capital. The authors have created the questionnaire and the sample consisting of 65 companies that responded to the enquiry (out of 392) during the year 2015. The results showed that payback criterion is the most dominant capital budgeting technique used by firms in Serbia. Further, the results revealed that large firms as well as multinational firms are more inclined to use discounted cash flow capital budgeting techniques and other sophisticated techniques. Finally, the authors have concluded that the CAPM is not the dominant method for calculating cost of capital by the companies from the sample analyzing the overall sample. Consequently, skilled human capital, the adequate knowledge and developed procedures may contribute to accepting capital budgeting techniques such as discounted cash flow analysis and other sophisticated techniques by larger portion of the companies in Serbia. Finally, existence of perfect financial market is a necessary precondition for implementing all these contemporary financial concepts and its development has to be posed as one of the priorities in the years to come.","PeriodicalId":116669,"journal":{"name":"Management: Journal for Theory and Practice Management","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127140992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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