Blaženka Piuković-Babičković, Željko Vojinović, Bojan Leković, D. Cvijanović, O. Sedlak, Z. Ćirić
The Republic of Serbia is in the group of European countries, which have evident problems regarding the wastewater treatment. The main goal of the entire research is to point out the future of the process organization, as well as the correlation between the conduction of a concept of business processes and achieved performances management, based on a specific example of wastewater treatment. For the process of wastewater treatment, this paper will represent a "as-IS" model that was applied in the conditions of functional organizational structure, and a "to-BE" model, which was applied within the process orientation. For both of the models a review of the achieved parameters will be given, obtained by the application of the mentioned models. The given parameters indicate the presence of pollutants in wastewater after the conducted treatment process, with a description on how it reflected on the risk of environmental pollution. The innovated model of wastewater treatment achieves significantly better results, which is of great importance for environmental protection. Concrete evidence of the increase of chemical oxygen demand (COD), biological oxygen demand (BOD), total nitrogen (TN), total phosphorus (TP), total suspended solids (TSS) removal with the use of these models is shown in this paper.
{"title":"Business process improvement of the wastewater treatment: Reducing the risk of environmental pollution","authors":"Blaženka Piuković-Babičković, Željko Vojinović, Bojan Leković, D. Cvijanović, O. Sedlak, Z. Ćirić","doi":"10.5937/sjm15-17334","DOIUrl":"https://doi.org/10.5937/sjm15-17334","url":null,"abstract":"The Republic of Serbia is in the group of European countries, which have evident problems regarding the wastewater treatment. The main goal of the entire research is to point out the future of the process organization, as well as the correlation between the conduction of a concept of business processes and achieved performances management, based on a specific example of wastewater treatment. For the process of wastewater treatment, this paper will represent a \"as-IS\" model that was applied in the conditions of functional organizational structure, and a \"to-BE\" model, which was applied within the process orientation. For both of the models a review of the achieved parameters will be given, obtained by the application of the mentioned models. The given parameters indicate the presence of pollutants in wastewater after the conducted treatment process, with a description on how it reflected on the risk of environmental pollution. The innovated model of wastewater treatment achieves significantly better results, which is of great importance for environmental protection. Concrete evidence of the increase of chemical oxygen demand (COD), biological oxygen demand (BOD), total nitrogen (TN), total phosphorus (TP), total suspended solids (TSS) removal with the use of these models is shown in this paper.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"127-142"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71064865","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}
Quantile regression represents a popular and useful methodology for modeling quantiles of a response variable based on one or more independent variables. Directional quantiles represent an available extension to the linear regression model with a multivariate response. However, we are not aware of any application of directional quantiles to real data in the literature. An illustration of directional quantiles to an economic dataset is presented in this paper, particularly a modeling of a two-dimensional response in the classical Engel's dataset on household consumption from the 19th century. The results reveal the directional quantiles to yield meaningful results. They order individual observations according to their depth, i.e. from the most central to the most outlying. We compare their result with those of a (more standard) outlier detection. On the whole, we perceive directional quantiles as a potentially useful tool for the analysis of data, if accompanied by a thorough analysis by standard tools.
{"title":"An application of directional quantiles to economic data with a multivariate response","authors":"J. Kalina","doi":"10.5937/sjm15-22671","DOIUrl":"https://doi.org/10.5937/sjm15-22671","url":null,"abstract":"Quantile regression represents a popular and useful methodology for modeling quantiles of a response variable based on one or more independent variables. Directional quantiles represent an available extension to the linear regression model with a multivariate response. However, we are not aware of any application of directional quantiles to real data in the literature. An illustration of directional quantiles to an economic dataset is presented in this paper, particularly a modeling of a two-dimensional response in the classical Engel's dataset on household consumption from the 19th century. The results reveal the directional quantiles to yield meaningful results. They order individual observations according to their depth, i.e. from the most central to the most outlying. We compare their result with those of a (more standard) outlier detection. On the whole, we perceive directional quantiles as a potentially useful tool for the analysis of data, if accompanied by a thorough analysis by standard tools.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065800","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}
This study aims to explore the moderating effect of demographic and business characteristics on the performance of women-owned small enterprises. The theoretical and existing literature supports the moderating effect of demographic and business characteristics on business performance. The study adopted the descriptive research method. The primary data was gathered from 340 women owners of small enterprises and surveyed through a structured questionnaire. The Liner multiple regression was used to test the hypotheses. The findings of the study reveal that demographic characteristics such as father's occupation, education, and experience were significantly associated with business performance. Hence, age and marital status were not significantly associated with the business performance of women-owned small enterprises. Business characteristics such as the age of business, location of the business, and type of business were significantly associated with business performance.
{"title":"Moderating effect of demographic and business characteristics on performance of women owned small enterprises: Empirical evidence from India","authors":"M. Vasan","doi":"10.5937/sjm15-21922","DOIUrl":"https://doi.org/10.5937/sjm15-21922","url":null,"abstract":"This study aims to explore the moderating effect of demographic and business characteristics on the performance of women-owned small enterprises. The theoretical and existing literature supports the moderating effect of demographic and business characteristics on business performance. The study adopted the descriptive research method. The primary data was gathered from 340 women owners of small enterprises and surveyed through a structured questionnaire. The Liner multiple regression was used to test the hypotheses. The findings of the study reveal that demographic characteristics such as father's occupation, education, and experience were significantly associated with business performance. Hence, age and marital status were not significantly associated with the business performance of women-owned small enterprises. Business characteristics such as the age of business, location of the business, and type of business were significantly associated with business performance.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065631","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}
Nenad D. Penezić, Goran B. Anđelić, R. M. Milošević, Vilmoš Tot
The subject of this research is to analyze and test the modified GARCH methodology in terms of quantifying the impact of inflation rates, interest rates on government bonds, reference interest rates, and exchange rates on daily rates of return on investment activities in the observed financial markets of North America, Serbia and Croatia. The aim of the research, i.e. a special focus in the research, is to compare the obtained results between the developed financial markets and the financial markets of developing countries, as well as to test the modified GARCH methodology in the observed financial markets. The key indicators in the research, presumed to affect the daily return rates, were the following: inflation rate, interest rates on government bonds, reference interest rate and exchange rate. The time period covered by the research is from 2005 to 2017, where the width of the research time horizon allows testing the modified GARCH methodology in the periods before, during and after the global financial crisis. In addition to the use of modified GARCH econometric models, the research methodology includes the use of AIC, SIC and HQC (Akaike, Schwarz and Hannan-Quinn) criteria for selecting the best models, as well as the appropriate tests that are suitable for and/or adapted to the specific characteristics of financial markets of both developed and developing countries. The research results confirm the role and importance of the modified GARCH methodology for effective investment risk quantification in developed financial markets versus the financial markets of developing countries. In this sense, the obtained research results will be useful to both the academic community and the professional public in the context of investment decision making.
{"title":"Application of modified GARCH methodology: Developed financial markets versus emerging financial markets","authors":"Nenad D. Penezić, Goran B. Anđelić, R. M. Milošević, Vilmoš Tot","doi":"10.5937/sjm15-20566","DOIUrl":"https://doi.org/10.5937/sjm15-20566","url":null,"abstract":"The subject of this research is to analyze and test the modified GARCH methodology in terms of quantifying the impact of inflation rates, interest rates on government bonds, reference interest rates, and exchange rates on daily rates of return on investment activities in the observed financial markets of North America, Serbia and Croatia. The aim of the research, i.e. a special focus in the research, is to compare the obtained results between the developed financial markets and the financial markets of developing countries, as well as to test the modified GARCH methodology in the observed financial markets. The key indicators in the research, presumed to affect the daily return rates, were the following: inflation rate, interest rates on government bonds, reference interest rate and exchange rate. The time period covered by the research is from 2005 to 2017, where the width of the research time horizon allows testing the modified GARCH methodology in the periods before, during and after the global financial crisis. In addition to the use of modified GARCH econometric models, the research methodology includes the use of AIC, SIC and HQC (Akaike, Schwarz and Hannan-Quinn) criteria for selecting the best models, as well as the appropriate tests that are suitable for and/or adapted to the specific characteristics of financial markets of both developed and developing countries. The research results confirm the role and importance of the modified GARCH methodology for effective investment risk quantification in developed financial markets versus the financial markets of developing countries. In this sense, the obtained research results will be useful to both the academic community and the professional public in the context of investment decision making.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"241-261"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065495","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}
The paper evaluates the performance of open-end mutual funds in the Republic of Serbia in the period 2011-2015, using various modelling approaches based on different models. The aim of this paper is to examine the theoretical, methodological and empirical validity of active portfolio management of mutual funds and to assess the presence of selection and timing abilities of Serbian portfolio managers. The results of the empirical research show that the active portfolio management of mutual funds in the Republic of Serbia has not been successful in terms of outperforming the market. Portfolio managers of most Serbian mutual funds lack the ability to choose profitable securities and do not have market timing ability.
{"title":"Portfolio performance evaluation of mutual funds in the Republic of Serbia","authors":"M. Lekovič, M. Jakšić, Dragana Gnjatović","doi":"10.5937/sjm15-21145","DOIUrl":"https://doi.org/10.5937/sjm15-21145","url":null,"abstract":"The paper evaluates the performance of open-end mutual funds in the Republic of Serbia in the period 2011-2015, using various modelling approaches based on different models. The aim of this paper is to examine the theoretical, methodological and empirical validity of active portfolio management of mutual funds and to assess the presence of selection and timing abilities of Serbian portfolio managers. The results of the empirical research show that the active portfolio management of mutual funds in the Republic of Serbia has not been successful in terms of outperforming the market. Portfolio managers of most Serbian mutual funds lack the ability to choose profitable securities and do not have market timing ability.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"295-318"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065176","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}
In contemporary business conditions, advanced market economies are characterized by the increasing contribution of the SMEs sector to the economic development. Having that in mind, a large number of papers have been aimed at analyzing business doing in this sector in the last couple of years. In this way, the focus has been shifted from large business entities and their importance to the economic growth to the SMEs sector. In this regard, the aim of this paper is to examine the financial situation, the place and the role of large companies in the overall economy of the Republic of Serbia, where, having in mind the fact that it is a transition economy, large enterprises, both private and public, significantly contribute to the growth of the economic activity and employment. Before all, the degree of the liquidity, efficiency, indebtedness and profitability of these companies in the period 2014-2017 was determined by using the ratio analysis. After that, on the basis of the selected ratios, a comparative financial performance analysis of large business entities in relation to those small, medium-sized and microwas carried out by applying the Entropy and the PROMETHEE II methods. The obtained results pointed out that large business entities had a favorable business economy in relation to the other groups of business entities by size, and their performances had improved to a certain extent in the observed period.
{"title":"The role and importance of large companies in the economy of the Republic of Serbia","authors":"Saša Krstić, Aleksandra Fedajev","doi":"10.5937/sjm15-19553","DOIUrl":"https://doi.org/10.5937/sjm15-19553","url":null,"abstract":"In contemporary business conditions, advanced market economies are characterized by the increasing contribution of the SMEs sector to the economic development. Having that in mind, a large number of papers have been aimed at analyzing business doing in this sector in the last couple of years. In this way, the focus has been shifted from large business entities and their importance to the economic growth to the SMEs sector. In this regard, the aim of this paper is to examine the financial situation, the place and the role of large companies in the overall economy of the Republic of Serbia, where, having in mind the fact that it is a transition economy, large enterprises, both private and public, significantly contribute to the growth of the economic activity and employment. Before all, the degree of the liquidity, efficiency, indebtedness and profitability of these companies in the period 2014-2017 was determined by using the ratio analysis. After that, on the basis of the selected ratios, a comparative financial performance analysis of large business entities in relation to those small, medium-sized and microwas carried out by applying the Entropy and the PROMETHEE II methods. The obtained results pointed out that large business entities had a favorable business economy in relation to the other groups of business entities by size, and their performances had improved to a certain extent in the observed period.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065398","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}
The prevalent concern in the present work environment is daycare amenities for dual career couples in developing nations like India. It plays a significant role in improvising the employeeemployer relationship. This study identifies the pivotal factors like truancy and job satisfaction among dual career couples towards organizational sponsored daycare amenities. Moreover, role of organizational sponsored daycare amenities has been examined along with moderators like gender and numbers of children A descriptive research design was employed along with the usage of a selfadministrated questionnaire to a sample of 197 employees from two states of Punjab i.e Amritsar and Punjab, India; to assess the moderator role of gender and number of children towards the organizationally sponsored daycare amenities. Organizational sponsored daycare amenities towards truancy rate and job satisfaction were found significant. Organizational sponsored daycare amenities are positively new to employees and even for employers in developing nations like India. Future studies may thrust on implications of organizational sponsored daycare amenities in the nourishment of organizational existence for longer eternity.
{"title":"Truancy and job satisfaction among dual career couples towards organizational sponsored day care amenities in developing nation","authors":"O. Gautam, P. Agrawal","doi":"10.5937/sjm15-15490","DOIUrl":"https://doi.org/10.5937/sjm15-15490","url":null,"abstract":"The prevalent concern in the present work environment is daycare amenities for dual career couples in developing nations like India. It plays a significant role in improvising the employeeemployer relationship. This study identifies the pivotal factors like truancy and job satisfaction among dual career couples towards organizational sponsored daycare amenities. Moreover, role of organizational sponsored daycare amenities has been examined along with moderators like gender and numbers of children A descriptive research design was employed along with the usage of a selfadministrated questionnaire to a sample of 197 employees from two states of Punjab i.e Amritsar and Punjab, India; to assess the moderator role of gender and number of children towards the organizationally sponsored daycare amenities. Organizational sponsored daycare amenities towards truancy rate and job satisfaction were found significant. Organizational sponsored daycare amenities are positively new to employees and even for employers in developing nations like India. Future studies may thrust on implications of organizational sponsored daycare amenities in the nourishment of organizational existence for longer eternity.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"101-113"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71064987","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}
{"title":"Does stock market-based financial development promotes economic growth in emerging markets?: New evidence from Nigeria","authors":"S. Prince, Joseph Omojolaibi Ayoola, C. Josephine","doi":"10.5937/sjm15-17704","DOIUrl":"https://doi.org/10.5937/sjm15-17704","url":null,"abstract":"","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"45-54"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065315","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}
Zagorcheva Petkova Denitsa, Pavlov Yordanov Daniel
Every manager has some investment ideas for business development. Some of the investments are related to a construction of production facilities in new locations and the investors face variety of risks, which even could stop the initial development plans. Many of these risks are due to the lack of reliable data about the business environment in the new areas. Failing the preparation, they would get heavy financial losses. Here comes the science to empower them with proper economic models. The aim of this article is to present how an economic model for estimation of the local business environment can be applied to some Bulgarian cities on the base of the municipality tax system and the local investment policy. Thus the entrepreneurs would be able to compare the business environment in different municipalities, as well as to identify possible dynamics in their trends.
{"title":"Dynamic estimation of the local business environment in support to investment decisions of the top managers","authors":"Zagorcheva Petkova Denitsa, Pavlov Yordanov Daniel","doi":"10.5937/sjm15-18782","DOIUrl":"https://doi.org/10.5937/sjm15-18782","url":null,"abstract":"Every manager has some investment ideas for business development. Some of the investments are related to a construction of production facilities in new locations and the investors face variety of risks, which even could stop the initial development plans. Many of these risks are due to the lack of reliable data about the business environment in the new areas. Failing the preparation, they would get heavy financial losses. Here comes the science to empower them with proper economic models. The aim of this article is to present how an economic model for estimation of the local business environment can be applied to some Bulgarian cities on the base of the municipality tax system and the local investment policy. Thus the entrepreneurs would be able to compare the business environment in different municipalities, as well as to identify possible dynamics in their trends.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"15 1","pages":"263-275"},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065538","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}
Y. Bitoleuova, D. Aibossynova, G. Kabdullina, Manshuk Baimukhasheva, Raikhan Tazhibaeva
The article deals with the pressing issues of the development of local self-government in the Republic of Kazakhstan at the current stage. The feature of the reforms, currently underway, is the strengthening of financial independence of local self-government bodies. First of all, it is attributed to the introduction of the independent budget at the local self-government level. The study brings into the light the systemic nature of the budget process and analyses the world’s best reformation practices for the budget process. The systematic approach helps reveal the distinguishing characteristics of budget decision making in the context of costly and programme-targeted planning models. It also allows investigating the business climate adequately and finding optimal paths for development. The results from this research involve the aspects and significance of the management of the budget system of the Republic, on the basis of which the relevant conclusion has been drawn.
{"title":"Modern trends in management of the budget system","authors":"Y. Bitoleuova, D. Aibossynova, G. Kabdullina, Manshuk Baimukhasheva, Raikhan Tazhibaeva","doi":"10.5937/sjm15-23985","DOIUrl":"https://doi.org/10.5937/sjm15-23985","url":null,"abstract":"The article deals with the pressing issues of the development of local self-government in the Republic of Kazakhstan at the current stage. The feature of the reforms, currently underway, is the strengthening of financial independence of local self-government bodies. First of all, it is attributed to the introduction of the independent budget at the local self-government level. The study brings into the light the systemic nature of the budget process and analyses the world’s best reformation practices for the budget process. The systematic approach helps reveal the distinguishing characteristics of budget decision making in the context of costly and programme-targeted planning models. It also allows investigating the business climate adequately and finding optimal paths for development. The results from this research involve the aspects and significance of the management of the budget system of the Republic, on the basis of which the relevant conclusion has been drawn.","PeriodicalId":44603,"journal":{"name":"Serbian Journal of Management","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71065961","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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