Vule Mizdraković, Maja Kljajić, Blaženka Hadrović Zekić
The global pandemic caused by the new coronavirus COVID-19 disease flared up around the world and it was very difficult to predict. When it comes to the worldwide economy, there is no doubt that the pandemic will have serious consequences because, besides being a health crisis, pandemic has already turned into a great economic and financial crisis. This, in turn, left the management of service providing entities left with a dilemma –to choose the right model for their business activities and care for their employee’s health at the same time. This paper discusses possible solutions related to internal audit, as a service providing profession. It also analyses advantages and disadvantages of internal auditing activities performed before and during the pandemic. The authors’ findings lead to the conclusion that auditors could use this business environment as an opportunity for complete digital transformation since the function of internal audit can be further improved using new information and communication technologies.
{"title":"INTERNAL AUDITING IN COVID-19 ENVIRONMENT: IS REMOTE AUDITING A SOLUTION?","authors":"Vule Mizdraković, Maja Kljajić, Blaženka Hadrović Zekić","doi":"10.15308/finiz-2021-3-7","DOIUrl":"https://doi.org/10.15308/finiz-2021-3-7","url":null,"abstract":"The global pandemic caused by the new coronavirus COVID-19 disease flared up around the world and it was very difficult to predict. When it comes to the worldwide economy, there is no doubt that the pandemic will have serious consequences because, besides being a health crisis, pandemic has already turned into a great economic and financial crisis. This, in turn, left the management of service providing entities left with a dilemma –to choose the right model for their business activities and care for their employee’s health at the same time. This paper discusses possible solutions related to internal audit, as a service providing profession. It also analyses advantages and disadvantages of internal auditing activities performed before and during the pandemic. The authors’ findings lead to the conclusion that auditors could use this business environment as an opportunity for complete digital transformation since the function of internal audit can be further improved using new information and communication technologies.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133319531","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 : 1900-01-01DOI: 10.15308/finiz-2021-44-50
Gordana Đuranović, S. Filipovic
The existence of a legal framework for the protection of competition is ”condicione sine qua non” for the modern market economy and fair market game in every industry. The purpose of this research is to analyze competition policy in the banking sector in Serbia and compare it with EU regulations to find out if the Serbian banking competition policy is aligned with EU standards. In this empirical research comparative analysis method has been applied. On the ground of received results, the empirical research shows that competition policy in the Serbian banking sector is moderately harmonized with EU rules.
{"title":"HARMONIZATION OF SERBIAN COMPETITION POLICY IN BANKING SECTOR WITH EU REGULATIONS","authors":"Gordana Đuranović, S. Filipovic","doi":"10.15308/finiz-2021-44-50","DOIUrl":"https://doi.org/10.15308/finiz-2021-44-50","url":null,"abstract":"The existence of a legal framework for the protection of competition is ”condicione sine qua non” for the modern market economy and fair market game in every industry. The purpose of this research is to analyze competition policy in the banking sector in Serbia and compare it with EU regulations to find out if the Serbian banking competition policy is aligned with EU standards. In this empirical research comparative analysis method has been applied. On the ground of received results, the empirical research shows that competition policy in the Serbian banking sector is moderately harmonized with EU rules.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132630448","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 : 1900-01-01DOI: 10.15308/finiz-2021-58-64
Ivan Ćerdić, G. Knežević
Creative Accounting is a concept whose increasing market fluctuations, uncertainties and pressures are coming to the forefront. The aim of this research is to prove that creative accounting, as a practice, most often occurs in those organizations that have not formulated and implemented internal procedures and controls in their organizational system or may not consistently apply them. Furthermore, strengthening corporate culture and constant work on the loyalty and ethical aspects of decision making of employees largely prevents the emergence of creative accounting in that organization. To find the evidence to support our research questions, a survey was conducted in the form of a questionnaire, while respondents were employees from the sectors of Accounting, Finance, Auditing, as well as graduate students in the fields of Accounting, Auditing and Management in major cities in the Republic of Serbia.
{"title":"THE EMERGENCE OF CREATIVE ACCOUNTING IN INSUFFICIENTLY REGULATED BUSINESS SYSTEMS","authors":"Ivan Ćerdić, G. Knežević","doi":"10.15308/finiz-2021-58-64","DOIUrl":"https://doi.org/10.15308/finiz-2021-58-64","url":null,"abstract":"Creative Accounting is a concept whose increasing market fluctuations, uncertainties and pressures are coming to the forefront. The aim of this research is to prove that creative accounting, as a practice, most often occurs in those organizations that have not formulated and implemented internal procedures and controls in their organizational system or may not consistently apply them. Furthermore, strengthening corporate culture and constant work on the loyalty and ethical aspects of decision making of employees largely prevents the emergence of creative accounting in that organization. To find the evidence to support our research questions, a survey was conducted in the form of a questionnaire, while respondents were employees from the sectors of Accounting, Finance, Auditing, as well as graduate students in the fields of Accounting, Auditing and Management in major cities in the Republic of Serbia.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126502044","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 : 1900-01-01DOI: 10.15308/finiz-2021-25-30
Tijana Radojević, Danica Rajin, V. Brkic, David Teraladze
An explosion of a coronavirus called COVID-19 has deranged the economy around the world. Due to the pandemic, there is great uncertainty regarding economic trends. Economic policy measures adopted by states should reduce uncertainty. When we talk about economic measures, we primarily look at helping the economy, the financial sector, and the population. However, it should be borne in mind that today we are facing an atypical crisis whereas the consequence we have is a reduced supply due to the measures adopted by the states, which primarily relate to the limited movement that affects business activity. The aim of the research in this paper is the economic measures adopted by the Republic of Serbia in the action against the consequences caused by COVID-19. Specifically, the paper discusses various packages of economic policy measures to minimize the negative effects caused by COVID-19 and provide support to the economy of Serbia.
{"title":"ECONOMIC MEASURES OF SERBIA AGAINST THE COVID-19 PANDEMIC","authors":"Tijana Radojević, Danica Rajin, V. Brkic, David Teraladze","doi":"10.15308/finiz-2021-25-30","DOIUrl":"https://doi.org/10.15308/finiz-2021-25-30","url":null,"abstract":"An explosion of a coronavirus called COVID-19 has deranged the economy around the world. Due to the pandemic, there is great uncertainty regarding economic trends. Economic policy measures adopted by states should reduce uncertainty. When we talk about economic measures, we primarily look at helping the economy, the financial sector, and the population. However, it should be borne in mind that today we are facing an atypical crisis whereas the consequence we have is a reduced supply due to the measures adopted by the states, which primarily relate to the limited movement that affects business activity. The aim of the research in this paper is the economic measures adopted by the Republic of Serbia in the action against the consequences caused by COVID-19. Specifically, the paper discusses various packages of economic policy measures to minimize the negative effects caused by COVID-19 and provide support to the economy of Serbia.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131767434","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 : 1900-01-01DOI: 10.15308/finiz-2021-91-94
M. Pavicevic, Md. Razaul Karim, Abdul Razaque Larik, Rosa Y. Coaricona Mendoza
Globalization is very important for companies that want to compete in the global arena. Corporate culture is crucial for the success of companies, and accordingly, globalization is important because it affects corporate values and norms. It creates a global arena where values and norms are being intertwined. There are positive values from globalization, which are human rights, feminist values, environmental values, and negative values, which are corruption, greed, alienation and etc. Opportunities for companies, regarding globalization, is creating cooperation and long-lasting bond with companies abroad and increasing their target market. Globalization, like any other trend in history, can be used by companies as an opportunity or it can be a missed chance.
{"title":"THE IMPACT OF GLOBALIZATION ON CORPORATE CULTURE IN THE TIME OF COVID-19","authors":"M. Pavicevic, Md. Razaul Karim, Abdul Razaque Larik, Rosa Y. Coaricona Mendoza","doi":"10.15308/finiz-2021-91-94","DOIUrl":"https://doi.org/10.15308/finiz-2021-91-94","url":null,"abstract":"Globalization is very important for companies that want to compete in the global arena. Corporate culture is crucial for the success of companies, and accordingly, globalization is important because it affects corporate values and norms. It creates a global arena where values and norms are being intertwined. There are positive values from globalization, which are human rights, feminist values, environmental values, and negative values, which are corruption, greed, alienation and etc. Opportunities for companies, regarding globalization, is creating cooperation and long-lasting bond with companies abroad and increasing their target market. Globalization, like any other trend in history, can be used by companies as an opportunity or it can be a missed chance.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128588766","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 : 1900-01-01DOI: 10.15308/finiz-2021-8-14
Nikola Stakić, D. Singh, Luca Kuzevski Lunnemann
The subject of the paper is to analyze the industry of exchange-traded funds (ETFs), along with their basic characteristics. ETFs have been the most popular novelty in the financial industry in the previous three decades, demonstrating new investment vehicles; with variety of styles, sizes, risk spectrum and holdings’ coverage. Analysis of the industry includes three most representative broad benchmarks and their associated tracking vehicles: SPY, VGK and IEMB; representing US, European and Asian markets, respectively. Analysis result implies superior risk-adjusted performance of Asian markets’ ETF, given its emerging market status and more lucrative flexibility in flight of capital.
{"title":"EXCHANGE-TRADED FUNDS AND THEIR PERFORMANCE DURING THE COVID CRISIS","authors":"Nikola Stakić, D. Singh, Luca Kuzevski Lunnemann","doi":"10.15308/finiz-2021-8-14","DOIUrl":"https://doi.org/10.15308/finiz-2021-8-14","url":null,"abstract":"The subject of the paper is to analyze the industry of exchange-traded funds (ETFs), along with their basic characteristics. ETFs have been the most popular novelty in the financial industry in the previous three decades, demonstrating new investment vehicles; with variety of styles, sizes, risk spectrum and holdings’ coverage. Analysis of the industry includes three most representative broad benchmarks and their associated tracking vehicles: SPY, VGK and IEMB; representing US, European and Asian markets, respectively. Analysis result implies superior risk-adjusted performance of Asian markets’ ETF, given its emerging market status and more lucrative flexibility in flight of capital.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":" 847","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120829184","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 : 1900-01-01DOI: 10.15308/finiz-2021-69-75
M. Petković, Dan Cao
Company’s value maximization is generally considered to be one the most important objectives of every company. In the knowledge economy, the financial performance of a company is always under first observation, not only by internal users of financial information, but by external users as well. The company’s financial performance is under direct or indirect influence of invisible assets and resources owned by a particular company. Those invisible assets or resources are called intellectual capital. Various empirical studies proved that intellectual capital itself directly influences financial company performance. Since intellectual capital is the main source of superior financial performance of a knowledge company, it was of high importance to examine the impact of investing in intellectual capital on the company’s book value. The purpose of this study is to explore existing literature of corporate strategy based on innovations, ideas and intellectual capital.
{"title":"THE LINK BETWEEN CORPORATE STRATEGY AND INTELLECTUAL CAPITAL: THEORETHICAL OVERVIEW","authors":"M. Petković, Dan Cao","doi":"10.15308/finiz-2021-69-75","DOIUrl":"https://doi.org/10.15308/finiz-2021-69-75","url":null,"abstract":"Company’s value maximization is generally considered to be one the most important objectives of every company. In the knowledge economy, the financial performance of a company is always under first observation, not only by internal users of financial information, but by external users as well. The company’s financial performance is under direct or indirect influence of invisible assets and resources owned by a particular company. Those invisible assets or resources are called intellectual capital. Various empirical studies proved that intellectual capital itself directly influences financial company performance. Since intellectual capital is the main source of superior financial performance of a knowledge company, it was of high importance to examine the impact of investing in intellectual capital on the company’s book value. The purpose of this study is to explore existing literature of corporate strategy based on innovations, ideas and intellectual capital.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"184 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122658050","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 : 1900-01-01DOI: 10.15308/finiz-2021-82-86
Andrijana Savić, Gordana Dobrijević
In today’s fast-moving environment, business organisations are faced with the need for frequent changes in order to overcome everyday challenges and improve their performance. Organisation of work is one of the key elements in the adjustment to the market changes, and the basis of enterprise transformation. Apart from continuous market competition, the COVID-19 pandemic and its consequences have brought about a special type of business challenge. The new circumstances require an even more pronounced alignment between management and employees, their full connection and understanding of necessary changes, in order to maintain business continuity in very challenging pandemic conditions. Emergencies and numerous changes in response to a challenging situation can very often disrupt normal arrangement or functioning of business. This study focuses on the role of remote work (working from home) during the COVID-19 pandemic. The theoretical framework of this paper is based on the relationship between technology, agile organisations and working from home during the coronavirus crisis.
{"title":"THE IMPACT OF COVID-19 PANDEMIC ON WORK ORGANISATION","authors":"Andrijana Savić, Gordana Dobrijević","doi":"10.15308/finiz-2021-82-86","DOIUrl":"https://doi.org/10.15308/finiz-2021-82-86","url":null,"abstract":"In today’s fast-moving environment, business organisations are faced with the need for frequent changes in order to overcome everyday challenges and improve their performance. Organisation of work is one of the key elements in the adjustment to the market changes, and the basis of enterprise transformation. Apart from continuous market competition, the COVID-19 pandemic and its consequences have brought about a special type of business challenge. The new circumstances require an even more pronounced alignment between management and employees, their full connection and understanding of necessary changes, in order to maintain business continuity in very challenging pandemic conditions. Emergencies and numerous changes in response to a challenging situation can very often disrupt normal arrangement or functioning of business. This study focuses on the role of remote work (working from home) during the COVID-19 pandemic. The theoretical framework of this paper is based on the relationship between technology, agile organisations and working from home during the coronavirus crisis.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121851930","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 : 1900-01-01DOI: 10.15308/finiz-2021-95-101
Tanja Stanković, Tijana Radojević
Company survival depends on its ability to adapt to the changes that have their own pace and dynamics of development. It is the transition from the present to the future, a state which is often desired. Without motivation, the organization's management activities will lose its relevance and cannot be successfully implemented. Employee motivation factors for work, advancement and organizational change are numerous, but the most important is the communication between employees and management. As this communication is closely related to management coaching, manager’s coaching skills become crucial for motivation and ultimate success of the organization. This research aims to show the importance of motivating employees to learn and improve skills at work, and identify the best individuals who can become internal trainers who will transfer their knowledge to employees.
{"title":"EMPLOYEES MOTIVATION AND MANAGERIAL COACHING DURING THE COVID-19 PANDEMIC","authors":"Tanja Stanković, Tijana Radojević","doi":"10.15308/finiz-2021-95-101","DOIUrl":"https://doi.org/10.15308/finiz-2021-95-101","url":null,"abstract":"Company survival depends on its ability to adapt to the changes that have their own pace and dynamics of development. It is the transition from the present to the future, a state which is often desired. Without motivation, the organization's management activities will lose its relevance and cannot be successfully implemented. Employee motivation factors for work, advancement and organizational change are numerous, but the most important is the communication between employees and management. As this communication is closely related to management coaching, manager’s coaching skills become crucial for motivation and ultimate success of the organization. This research aims to show the importance of motivating employees to learn and improve skills at work, and identify the best individuals who can become internal trainers who will transfer their knowledge to employees.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128791298","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 : 1900-01-01DOI: 10.15308/finiz-2021-65-68
Aleksandra Živaljević, Ana Jovancai Stakic
Modern science produced remarkable opus of knowledge in management. However, all concepts, theories and models assumed certain characteristics of economy and business environment. COVID-19 influenced dramatic changes and disruptions in all aspects known to us imposing questions of existing business models suitability. Paper discusses the characteristics of post-covid business environment and stresses the challenges that existing business models might face in the “New Normal” World.
{"title":"BUSINESS MODELS IN PERSPECTIVE OF “NEW NORMAL” BUSINESS ENVIRONMENT","authors":"Aleksandra Živaljević, Ana Jovancai Stakic","doi":"10.15308/finiz-2021-65-68","DOIUrl":"https://doi.org/10.15308/finiz-2021-65-68","url":null,"abstract":"Modern science produced remarkable opus of knowledge in management. However, all concepts, theories and models assumed certain characteristics of economy and business environment. COVID-19 influenced dramatic changes and disruptions in all aspects known to us imposing questions of existing business models suitability. Paper discusses the characteristics of post-covid business environment and stresses the challenges that existing business models might face in the “New Normal” World.","PeriodicalId":297384,"journal":{"name":"Proceedings of the 8th International Scientific Conference - FINIZ 2021","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125384020","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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