Book of abstracts of the ENTRENOVA - ENTerprise REsearch ...

Book of abstracts of the

ENTRENOVA -

September, 2015, Kotor, Montenegro

Vol. 1, No. 1

ISSN 1849-7969

ENTerprise REsearch

InNOVAtion

Conference (Online)

ISSN 1849-7969

ISSN 2806-612X

www.entrenova.org

ENTRENOVA ‘15

ENTerprise REsearch InNOVAtion Conference

September, 2015

Kotor, Montenegro

Book of abstracts of the

ENTRENOVA -

ENTerprise REsearch

InNOVAtion Conference

Vol. 1, No. 1

Edited by:

Maja Baćović, Marin Milković, Mirjana Pejić Bach, Sanja Peković

ISSN 1849-7969

Udruga za promicanje inovacija i istraživanja u ekonomiji ''IRENET'', Zagreb,

2015

ENTRENOVA 10-11, September2015

Kotor, Montenegro

Impressum

1st ENTRENOVA - ENTerprise REsearch InNOVAtion Conference

PUBLISHER

Udruga za promicanje inovacija i istraživanja u ekonomiji ''IRENET'', Zagreb, Croatia

EDITORS

Maja Baćović, Marin Milković, Mirjana Pejić Bach, Sanja Peković

GRAPHICAL EDITOR

Jovana Zoroja

TECHNICAL EDITOR

Božidar Jaković

PRINT

Sveučilišna tiskara, Zagreb

ISSN 1849-7969

ISSN 2806-612X


Kotor, Montenegro

Focus and Scope The 2015 ENTerprise REsearch InNOVAtion Conference (ENTRENOVA '15) is dedicated to the

advancement of the theory and practical implementations with the goal to provide

practical advice for further research related to innovation, knowledge management and

R&D issues. ETENTRENOVA conference was held in Kotor, Montenegro, September 10-11,

2015. ENTRENOVA is organized by IRENET, Society for advancing innovation and research in

economy in cooperation with University of Montenegro, Faculty of tourism and hotel

management, Kotor & University North, Croatia.

Editors-in-Chief Maja Baćović, University of Montenegro, Podgorica

Marin Milković, University North, Koprivnica

Mirjana Pejić Bach, University of Zagreb, Faculty of Business & Economics, Zagreb

Sanja Peković, University of Montenegro, Faculty of tourism and hotel management, Kotor

Editorial Board David Al-Dabass, School of Computing & Informatics, Nottingham Trent University, UK

Marc-Arthur Diaye, University of Evry

Fayez Albadri, Abu Dhabi University, UAE

Nijaz Bajgoric, Unviersity of Sarajevo, School of Economics and Business, Bosnia and

Herzegovina

Josef Basl, University of Economics, Prague (Vysoká škola ekonomická v Praze), Czech

Republic

Vesna Bucevska, Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje,

Republic of Macedonia

Vesna Čančer, Univerza v Mariboru, Ekonomsko-poslovna fakulteta Maribor, Slovenia

(publishing coordinator)

Ksenija Dumićić, University of Zagreb, Faculty of Business & Economics, Croatia

Rajeev Dwivedi, Institute of Management Technology, Ghaziabad, India

Rafael García, University of A Coruña, Spain

Tom Gillpatrick, School of Business Administration, Portland State University, USA

Jelena Jovanovic, University of Montenegro

Igor Klopotan, University North, Croatia (coordinator with University North, Croatia)

Zdravko Krivokapic, University of Montenegro

Anita Lee Post, University of Kentucky, School of Management, Decision Science and

Information Systems Area, USA

Marjana Merkač Skok, Fakulteta za komercialne in poslovne vede, Celje, Slovenia

Ilija Moric, University of Montenegro, Faculty of tourism and hotel management, Kotor

Gyula Mester, Univesity Sezged, Hungary

Matjaž Mulej, University of Maribor, Faculty of Economics and Business, Slovenia

Djurdjica Perovic, University of Montenegro, Faculty of tourism and hotel management, Kotor

Stevo Popovic, University of Montenegro

Vasja Roblek, Fakulteta za Management, Univerza na Primorskem

Ada Scupola, Department of Communication, Business and Information Technologies,

Roskilde University, Denmark

Tatjana Stanovcic, University of Montenegro, Faculty of tourism and hotel management,

Kotor

Josip Stepanić, University of Zagreb, Faculty of Mechanical Engineering and Naval

Architecture, Croatia (publishing coordinator)

Ivan Strugar, University of Zagreb, Faculty of Business & Economics, Croatia

Jovana Zoroja, University of Zagreb, Faculty of Business & Economics, Croatia


Kotor, Montenegro

Contents

Invited Papers

Innovation and Economic Growth

Maja Baćović…………………………………………………………………………………

1

ICT as a supporting factor for Innovation activities

Jovana Zoroja………………………………………………………………………………..

3

Section 1: Innovation of Knowledge Archimedes Interdisciplinary Research Programme Forges a Broad Spectrum of

Academic Innovations

Michalis Loupis, Georgios Fourlas, Petros Lampsas, Theodoros Tsiftsis, Konstantinos

Anagnostou, Nikos Strimpakos, Yiannis Raftoyiannis, Anastasia Pantera, Anna

Deltsidou…………………………………………………………………… 4

Combined Use of Systems Methodologies in Creative Managing the Problem

Situations: Key Features, Benefits and Challenges

Dejana Zlatanović………………………………………………………………... 6

Determinants of Entrepreneurial Intentions in Information Industry: Does Gender or

Country Matters?

Mirjana Pejić Bach, Marjana Merkač Skok, Dalia Suša……………………………… 7

Identifying the Best Innovation Behaviour Hotel in the Balaton Region of Hungary

Petra Gyurácz-Németh, Nikolett Horn, Nóra Friedrich…………………………………. 9

Information Technology Capability and Its Impact on Firms Performance

Lejla Turulja, Nijaz Bajgorić……………………………………………………………… 11

Metropolitan Regions as Centres of Knowledge and Innovation Creation

Viktorie Klímová, Vladimír Zítek………………………………………………….. 12

Putting the Individual in Ambidexterity – Identifying Activities to Achieve

Organisational Ambidexterity and Long-Term Survival

Benedikt Schnellbaecher, Ulf Diefenbach, Jan Millemann………………………… 13

The Impact of Employee Satisfaction on Innovation Capacity in

Telecommunications

Anes Hrnjic, Irma Djidelija………………………………………………………… 15

The Impact of Governmental Policy on R&D Projects in the Pharmaceutical

Industry

Ivana Stojchevska, Agon Baftijari………………………………………………….. 17

Section 2: Diffusion of Knowledge Analysis of Development of Innovation and Competitiveness in Montenegro

Zdravko Krivokapić, Jelena Jovanović, Aleksandar Vujović, Sanja Peković, Davorin

Kramar…………………………………………………………………….

18

Designing a Learning Space for Unified Collaboration and Communication

between Universities, Industry and the Public Sector

Igor Vušanovic, Bojan Knežević, Robin Støckert…………………………………... 20

From Information to Knowledge: Business Intelligence Usage and Perspectives

Damir Ravlić………………………………………………………………………... 21


Kotor, Montenegro

Managing Change in Banking Organisations

Ferenc Farkas………………………………………………………………………

22

Nonprofit Organizations in the Knowledge Based Economy – Organizational

Development and Professionalization

Katalin Dobrai, Ferenc Farkas……………………………………………………. 23

ORBIS as a Research Tool: Examination of the Capital Structure of the Hungarian

and French Wine Industry

Martin Luptak, Daniel Boda, Gabor Szucs………………………………………… 25

Technology and Media in Education

Hrvoje Budić, Antun Marinac, Filip Filipović……………………………………... 26

The Role of Human Resource Practices on Profits Generated by the Innovations:

The Role of Top Management Support and Regularity of Employees Meetings

Sanja Peković, Maja Bacovic, Tatjana Stanovčić, Jelena Jovanović………………… 27

Section 3: Exploitation of New Knowledge Enterprises and Institutions in Bosnia and Herzegovina and Web 2.0 Technologies

Mirela Mabić………………………………………………………………………..

29

Impact of Management Ethics on Payment Discipline

Tanja Šalamon, Maja Meško………………………………………………………

30

Impact of Organizational Culture on Organizational Learning and Knowledge

Management

Nebojša Janićijević…………………………………………………………………

31

Legal Aspects of Innovations in Croatia – Practical Guide and Highlights

Dijana Zoričić………………………………………………………………………

32

The Impact of Selected Knowledge Factors on Company Performance: The Case

of Slovenia

Katja Rašič, Matjaž Mulej, Vesna Čančer………………………………………….

33

The Relationship between Capital Structure Choice and Firm's Profitability:

Evidence from Bosnia and Herzegovina

Emina Resić, Jasmina Mangafić, Tunjo Perić……………………………………..

35

The Role of Institutional Development in Education System: R&D and Innovation

and their Impact on Economic Growth

Miroljub Shukarov, Kristina Maric…………………………………………………

36

Will Big Data Deliver its Promised Productivity Growth

Lionel Artige………………………………………………………………………...

37

Section 4: E-innovations Broadcasting Organization in the Context of Creative Economics and

Management Innovation

Đuro Horvat, Marinko Kovačić, Ana Krajnović………………………………….. 38

Deep Web - Some Lessons to Learn

Goran Popović, Ivan Strugar……………………………………………………… 39

Designing Mobile Application for the Over the Counter Drug Marketing

Vasja Roblek, Maja Meško………………………………………………………… 40

E-Science and Web 2.0 in Higher Education

Antonija Marinclin, Ivana Mikić, Marija Blažičević……………………………… 41


Kotor, Montenegro

Performing Arts Across the Continents: Our Way to Digital Humanities and Arts

Jiri Navratil, Sven Ubik, Jiri Melnikov……………………………………………. 43

Students Perception and Willingness to E-learning in Republic of Croatia

Natalija Kokolek, Dajana Čorić, Božidar Jaković……………………………………… 45

Section 5: ICT Supported Innovations An Approach to Modelling Information System Availability by Using Bayesian Belief

Network

Semir Ibrahimović, Nijaz Bajgorić……………………………………………………….. 46

Case Study in Banking Using Neural Networks

Alisa Bilal Zoric……………………………………………………………………………... 47

Customer Churn Prediction Embedded in an Analytical CRM Model

Ede Lazar………………………………………………………………………....... 48

Dashboards Usage for Business Intelligence: Selected Case Studies

Dijana Ćosić, Ivan Horvat, Bojan Korizma……………………………………………... 49

Data Mining Applications in Establishing Corporate Information Security: Intrusion

Detection and Privacy Protection Issues

Masoud Garallah M. Al Quhtani………………………………………………………….. 51

Enterprises Using Radio Frequency Identification in European Union: Current

Outlook (2009-2014)

Jovana Zoroja, Igor Klopotan, Vanja Šimičević…………………………………… 52

Investigating Tobacco Usage Habits Using Data Mining Approach

Toni Martinović…………………………………………………………………….. 54

Neuromarketing in Market Research: Eye Tracking Application

Dijana Ćosić………………………………………………………………………... 55

New Technology User Liability for Data Loss and Damages

Katerina Dulčić…………………………………………………………………….

56

Risk Management Software – Standpoints of Users

Dražena Gašpar, Mirela Mabić, Ivica Ćorić……………………………………… 57

The Regression Analysis through Matlab of the Electrical Parameters in a

Hydropower Plant

Virtyt Lesha……………………………………………………………………….... 59

Section 6: Innovation Micro-environment A Relationship between Information Technology Implementation and Acquisition

of Competitive Advantages in Banking in Croatia

Denis Hrestak……………………………………………………………………… 60

Creating a Profile of Employees in the Accounting Department

Lidija Grdošić……………………………………………………………………… 61

Leadership Differences: Internationalization, Size and Development

Ivan Miloloža………………………………………………………………………. 62

Market Research for Organic Products in Everyday Use in Koprivnica-Križevci

County

Kristina Vrhovec-Žohar, Vedrana Bojkić, Igor Klopotan……………………………... 63

On the Principles of Resource Consumption Optimization on Microeconomic Level

Petru Stefea, Andrei Pelin…………………………………………………………………. 65


Kotor, Montenegro

Overview of Requirements Engineering Process for Software Product Lines

Snežana Šćepanović, Blažo Popović……………………………………………………… 66

Relationship between Customers' Loyalty and Income: Preliminary Research

Igor Klopotan, Kristina Vrhovec-Žohar, Edita Mahič………………………………….

67

Testing Impact of Commitment to Business Ethics Influences Corporation

Performance: Preliminary Research

Silvija Vig, Ksenija Dumičić………………………………………………………………. 68

The Assessment of Business Process Management Maturity: Comparative Analysis

Inside an Organization

Renata Gabryelczyk………………………………………………………………………… 69

The Relationship between the Cryptocurrency Value (Bitcoin) and Interest for it in

the Region

Kristian Dokic, Mirjana Radman Funaric, Katarina Potnik Galic…………………. 70

The Role of Accounting in the Prevention of Corruption: Perception of Experts from

Bosnia and Herzegovina

Benina Veledar…………………………………………………………………….. 72

The Role of Croatia in Pan-European Corridors: Impact on Croatian Export

Ivan Karatović, Helena Miloloža…………………………………………………... 73

Section 7: Innovation Macro-environment (Un)Digital Poland: The Gap in the Digital Skills of Human Capital

Katarzyna Śledziewska, Renata Włoch…………………………………………….. 74

Analysis of the Digital Divide in the Telecommunication Services Using Knowledge

Discovery in Databases

Vjekoslav Klarić…………………………………………………………………….. 75

Analysis of the Fiscal Rule Index in EU Member States

Sabina Hodžić, Emira Bečić……………………………………………………….. 76

Diagnosis of the Digital Competence Gap between SMEs in Poland and the EU

Katarzyna Śledziewska, Renata Gabryelczyk………………………………………. 77

Economic Development of Former Yugoslav Countries

Saša Kresojević……………………………………………………………………... 78

Impacts of EU Enlargement Process: A Gravity Model Approach

Ildiko Virag-Neumann……………………………………………………………… 79

Monetary Integration in Europe in the Function of Fostering International Business

Srđan Šapić, Srđan Furtula………………………………………………………… 80

The Effects of Immigrant Consumption Experience Abroad in the Education of

Albanian Consumption According to International Gusto and Standards

Elvira Fetahu, Ilir Bejtja, Elona Fetahu, Anila (Voci) Cekrezi…………………….. 81

The Risk of Hypothecary Credit Indexed to Swiss Franc

Jerzy Zemke …………………………………………………………………….... 83


Kotor, Montenegro

Section 8: Intelligent Systems and Innovations in Tourism Active Sports Tourism in Slovenia: Preliminary Research

Damjan Pintar…………………………………………………………………….. 84

E-Agriculture: Montenegro Case

Davor Čorić, Miloš Popović………………………………………………………. 85

EcoSmart Energy and Health Care Promotion in Senior Tourism

Amila Pilav-Velic, Nedim Suta, Anes Hrnjic……………………………………………. 86

Innovation of New Knowledge in Sustainable Tourism through Social Innovation

Judita Peterlin, Vlado Dimovski…………………………………………………………...

88

Innovative Approaches in Tourism Business Development

Tatjana Stanovčić, Đurđica Perović, Sanja Peković…………………………………… 89

Modern Web Visualization Concepts of Tourist Destination

Zoran Katanić……………………………………………………………………………….. 91

Revisiting the Impact of ICT to the Tourism Development

Iris Mihajlović, Ivan Strugar………………………………………………………………. 92

Satisfaction of Tourist at the Tourist Destination Portorož – Piran

Vesna Petrovčič Mišić……………………………………………………………………… 93

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Kotor, Montenegro

Innovation and Economic Growth

Maja Bacovic

Faculty of Economics, University of Montenegro, Podgorica, Montenegro

Abstract

Empirical evidence shows that, in long term, economies with high level of investment

in scientific and technological knowledge, education and training of labor force,

achieve sustainable positive growth rates. Expansion of knowledge influence raise in

productivity and therefore income. Sustainable long-term growth has not been

achieved in economies which development is based on expansion of physical

capital and land, due to diminishing returns from additional investment. Global

economy faces major challenges, perhaps the highest in the last few decades.

Following path of stable economic growth, many transition countries are trying to

straighten determinants that will push economy toward higher level of production,

therefore higher standard of living.

Aim of the paper is to analyze importance of innovation and investment in research

and knowledge. Both theory and empirical research confirmed our hypothesis on

importance of knowledge accumulation for economic growth.

We saw that the most developed countries, therefore leaders in productivity and

GDP per capita, are the biggest investors in knowledge. Investing in knowledge,

these economies provided sustainable long run growth rates. For less developed

economies, as we saw, the most important variable is investment in higher

education and skills which will provide use of advanced technologies already

developed in the world.

Innovation and improvement of product quality and production process, on the one

hand, explain the steady economic growth of the developed economies today,

and on the other are becoming imperatives in global business conditions.

Theoretical and empirical studies confirm a strong link between investment in new

skills and technologies, and the growth of GDP. The correlation between productivity

and investment in research and development that result in innovation is very strong.

Developing countries, as Montenegro, must improve innovative behavior and

acceptance of innovation as a driver of development, in order to increase living

standards. The most important thing in this is recognition of the importance of

innovation for the increase in production volume, without which there is no income

growth. Contrary to the often-present attitude in less developed economies that the

state is responsible for funding the research, developed economies recognize the

dominant investment originating from the business sector. US figures show that over

the past decade an average of 65% investment in research and development were

funded by the company, with the remainder funded by the state, universities and

non-profit organizations.

This suggests that economic growth in Montenegro is only possible with the

encouragement of innovative behavior, and recognizing the necessity of innovation

by companies.

Keywords: Efficiency, Productivity, Income, Human Capital, Technological Readiness

JEL classification: O1, O4, N1

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Kotor, Montenegro

About the author Dr Maja Bacovic is Professor of Macroeconomics and Economic Statistics at the

University of Montenegro. She is Vice Rector at the UoM. She was President of the

Council of the Statistical system of Montenegro from 2006-2011, member from 2011-

2013.. Professor Bacovic was also President of the Board of Directors of Montenegro

Stock Exchange from 2006-2008 and senior analyst within Institute for Strategic

Studies and Prognoses from 1999-2007, and member of several Economic Reforms

Project Teams. She is author of two books and more than 40 papers. Bacovic is

member of the Center of Young Scientists and Department for Economic Research

within Montenegrin Academy of Arts and Science. Author can be contacted at

[email protected]

mailto:[email protected]

3


Kotor, Montenegro

ICT as a Supporting Factor for Innovation

Activities

Jovana Zoroja

University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia

Abstract

Development and usage of information and communication technology (ICT) is

continuously growing in the last 30 years. The main reason is that ICT has a great

potential to improve the efficiency of business processes, to increase the

competitiveness, but also to facilitate and drive innovations. Innovation has become

a crucial factor for the economic development and ICT offer great opportunities in

supporting innovation activities. The goal of the paper is to identify the influence of

the usage of the ICT on the innovation activities in European countries. Data for the

period of five years (2007-2011) were collected from the European statistical

database – Eurostat and Global Competitiveness Report. In order to investigate the

ICT impact on the Innovation and sophistication factor subindex of the European

countries, we conducted a panel regression analysis. Research results showed that

ICT support innovation activities. However, the ICT has the highest impact on the 11th

pillar: Business sophistication of the Global Competitiveness Index.

Keywords: Information and Communication Technology, Innovation, European

Countries, Regression Analysis

JEL classification: C3, D8, D83, L86, O3

About the author Jovana Zoroja, PhD, is a teaching and research assistant at the Faculty of Economics

and Business, University of Zagreb, Department of Informatics, where she received

her PhD with the dissertation thesis “Influence of the Information and Communication

Technologies on the Competitiveness of the European Union Countries”. She was

educated at the LSE-Summer School in London in the field of Business Development

and ICT Innovation. Her main research interests are information and communication

technology, e-learning, simulation games and simulation modelling. She is actively

engaged in number of scientific projects (FP7-ICT, Erasmus-Preparatory visit, bilateral

cooperation, national projects). Jovana Zoroja published several scientific papers in

international and national journals and participated in many scientific international

conferences. Author can be contacted at [email protected]

4


Kotor, Montenegro

Archimedes Interdisciplinary Research

Programme Forges a Broad Spectrum of

Academic Innovations

Michalis Loupis, Georgios Fourlas, Petros Lampsas, Theodoros Tsiftsis,

Konstantinos Anagnostou, Nikos Strimpako, Yiannis Raftoyiannis,

Anastasia Pantera, Anna Deltsidou

TEI of Central Greece, Greece

Abstract

The basic goal of Archimedes III is to support research teams in Greek Technological

Educational Institutes (TEI) and enhance their research capabilities by funding

interdisciplinary and inter-institutional research. The programme aims also at

attracting talented researchers and developing high quality research personnel. The

TEIs, prior to their advancement to the tertiary sector in 2000, focused only on

educational activities. Since then, development of research became part of their

mission. In order for the Ministry of Education to support TEIsto develop their research

capabilities, it designed research programmes targeting exclusively these

organisations. Archimedes I and II were designed and ran in the previous

programming period (2000-2006) while Archimedes III has been designed in the

framework of the Operational Programme "Education and lifelong learning” of the

current programming period, 2007-2013. The programme supports research projects

in all research fields. However, particular emphasis is given to the fields of

engineering and ICT where the main strengths of Greek Technological Educational

Institutes are concentrated. The specific project of the TEI of Central Greece,

described herewith, comprises 8 research subprojects in fields such as health,

environment, energy and ICT with one additional subproject dedicated to

management and dissemination. This paper is a comprehensive account of the

research objectives and accomplishments of the research project as a whole.

Keywords: Academic Research Incentives, Energy, Environment, Health, ICT

JEL classification: O31 Innovation and Invention: Processes and Incentives

Acknowledgments: Work supported under the Archimedes III Research Programme,

NRSF 2007-2013

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Kotor, Montenegro

About the authors Michael I. LOUPIS is an Assistant Professor at the Department of Electrical Engineering

of the Technological Educational Institute (T.E.I.) of Central Greece, Greece. Author

can be contacted at [email protected]

George. K. FOURLAS is an Assistant Professor at the Department of Informatics of the

TEI of Central Greece, Greece. Author can be contacted at [email protected]

Petros LAMPSAS is a Professor at the Department of Informatics of the TEI of Central

Greece, Greece. Author can be contacted at [email protected]

Theodoros A. TSIFTSIS is an Associate Professor at the Department of Electrical

Engineering of the TEI of Central Greece, Greece. Author can be contacted at

[email protected]

Konstantinos ANAGNOSTOU is a Professor at the Department of Electrical

Engineering of the TEI of Central Greece, Greece. Author can be contacted at

[email protected]

Nikolaos STRIMPAKOS is a Professor at the Department of Physiotherapy of the TEI of

Central Greece, Greece. Author can be contacted at [email protected]

Yiannis RAFTOYIANNIS is a Professor at the Department of Forestry of the TEI of Central


Anastasia PANTERA is a Professor at the Department of Forestry of the TEI of Central


Anna DELTSIDOU is an Associate Professor at the Department of Midwifery of the TEI

of Athens, Greece. Author can be contacted at [email protected]










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Kotor, Montenegro

Combined Use of Systems Methodologies in

Creative Managing the Problem Situations:

Key Features, Benefits and Challenges

Dejana Zlatanović

Faculty of Economics, University of Kragujevac, Republic of Serbia

Abstract

Management problems in contemporary enterprises should be, according to their

increasing complexity and diversity, observed and explored as the management

problem situations, that is the systems of problems. Creative dealing with these

complex, dynamic and ambiguous problem situations implied the development of a

great variety of systems approaches to problem solving, i.e. systems methodologies

for problem situations structuring. Since no methodology is able to explore all

aspects of the complex problem situations in enterprises, the topic of the paper is

combined use of systems methodologies in creative managing the problem

situations. The goal of this paper is to highlight the key features, benefits and

challenges of combining the systems methodologies in creative managing the

problem situations in enterprises. Therefore, research in the paper is relied on Critical

Systems Thinking as a conceptual framework for combined use of systems

methodologies. Despite the limitations of combining the systems methodologies,

methodologically appropriate combined use of systems methodologies enables

improvement of managing the problem situations in contemporary enterprises.

Keywords: management problem situations, systems methodologies for problem

situations structuring, critical systems thinking, combined use of systems

methodologies, improvement of managing the problem situations in enterprises

JEL classification: M10

About the author Dejana Zlatanović is an assistant on the following subjects: Economic Cybernetics

and Systems Theory-Application in Business Economics, at the University of

Kragujevac, Faculty of Economics, Republic of Serbia, where she received her

master and PhD degrees. Her research interest focus is on systems thinking and its

application in business economics. Author can be contacted at [email protected]


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Kotor, Montenegro

Determinants of Entrepreneurial Intentions in

Information Industry: Does Gender or

Country Matters?

Mirjana Pejić Bach

University of Zagreb, Faculty of Economics & Business, Croatia

Marjana Merkač Skok

Faculty of Commercial and Business Sciences Celje, Slovenia

Dalia Suša

University of Zagreb, Faculty of Economics & Business, Croatia

Abstract

A number of researchers indicate that although environmental and personal

characteristics are important for developing entrepreneurial intentions, a better

understanding would be gained if innovative cognitive style, as a moderating factor,

would be introduced. According to theory, individuals with high innovative cognitive

ability could also have higher entrepreneurial intentions. Persons that are more

innovative, could have higher self-confidence in starting a business, especially if they

are not satisfied with their current jobs, or expect that they will not be satisfied as

employees in organizations. In addition, in a number of studies it has been found that

there are unresolved issues regarding gender and entrepreneurial intensions and

gender and innovative cognitive style. Therefore, the goal of this paper is to explore

gender perspective as well as environmental perspective on entrepreneurial

intentions and innovative cognitive style on the sample of business informatics

students from Croatia and Slovenia. Logistic regression revealed that entrepreneurial

intentions are determined by country of origin, gender, attitudes toward

entrepreneurship (personal attraction, social norms, and perceived self-efficacy),

and innovative cognitive style (willingness to try, being opinion leader and solving

ambiguities and problems).

Keywords: entrepreneurship, gender, innovation, cross-country, intentions,

information industry

JEL classification: L26

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Kotor, Montenegro

About the authors Mirjana Pejic-Bach, PhD, is a Full Professor of System Dynamics, Managerial

Simulation Games and Data Mining at the Department of Informatics, Faculty of

Economics and Business, University of Zagreb. Her current research areas are

simulation modelling, data mining and web content research. She is the (co)author

of number of articles in international and national journals. She is actively engaged in

number of scientific projects (FP7, bilateral cooperation, national projects) and also

collaborates in several applied projects in the field of data mining, simulation

modelling and informatization. Author can be contacted at [email protected]

Marjana Merkač Skok earned her Ph.D. in 1997 from Management and organization

sciences at University of Maribor. Currently she is a Dean at Faculty of Business and

commercial sciences in Celje, Slovenija. She also works as independent expert for

quality assurance in higher education in EU. Before that, she worked as developer

and expert in human resource and organizational development in industry and for

several years as a business consultant for management. Author is involved in

researches about quality, system science, career management, lifelong learning

and training. Author can be contacted at [email protected]

Dalia Suša is currently employed as a Teaching and Research Assistant at the

Department of Informatics, Faculty of Economics and Business, University of Zagreb,

where she is also enrolled into Postgraduate doctoral study program. She graduated

Managerial informatics from the Faculty of Economics and Business in Zagreb with

Master thesis Unified Communications, which was awarded the Dean's Award for

Excellence. Her main research interests are digital literacy, unified communications,

Web 2.0 technologies and e-learning. Author can be contacted at [email protected]


9


Kotor, Montenegro

Identifying the Best Innovation Behaviour

Hotel in the Balaton Region of Hungary

Petra Gyurácz-Németh

University of Pannonia, Hungary

Nikolett Horn

Danubius Hotels Group, Hungary

Nóra Friedrich

University of Pannonia, Hungary

Abstract

The goal of the paper is to investigate the innovation behaviour of the hotels in the

Balaton Region of Hungary and identify the best practice which is further analysed.

The specific region has been chosen due to its popularity among Hungarian and

foreign tourists, which is demonstrated by its second place in the number of guests

and guest nights in the country. The research only considered those hotels which are

members of the Hungarian Hotel and Restaurant Association and classified as three-,

four- or five-star accommodation facilities. In the first stage the hotel general

managers were asked to complete a questionnaire about the hotels’ innovation

behaviour. Then the best practice was identified and followed by an interview with

the managers. There were 28 questionnaires completed, which is 52% of the hotels

fitting the criteria. The results show that the definition of innovation is hard for the

hotel general managers and hotels are focused on technological innovation, they

do not concentrate on the environmental innovations and the most important

barrier is the cost. The identified best practice hotel is Hotel Európa Fit****superior,

which emphasises human resource and organisational innovation and introduces so-

called ‘innovation by inspiring’.

Keywords: innovation behaviour, hotel, best practice, Balaton Region


10


Kotor, Montenegro

About the authors Petra Gyurácz-Németh, PhD is a senior lecturer at the Department of Tourism, Faculty

of Business and Economics, University of Pannonia, Veszprém, Hungary. Her main

research field is hotel quality and innovation concentrating on the standardisation

and customisation of hotel processes. She teaches subjects in connection with hotel

operations and management, as well as service quality. Petra gained practical

experience when she was working in an international chain hotel in many

departments, in a tour operator as an incoming agent and in a touriform office.

Author can be contacted at [email protected]

Nikolett Horn is a former student at the University of Pannonia, Veszprém, Hungary.

She started her undergraduate studies in tourism and hospitality in 2008 and right

after that continued by tourism management master. Her research topic is hotel

project management and innovation. She took part in student scientific

competitions where she placed first twice and second once. In the national student

scientific competition she placed third and got a special award in the previous

event. She has been working for the hotel chain Danubius Hotels Group as a sales

representative. Author can be contacted at [email protected]

Nóra Friedrich is a former BA and MA student at the University of Pannonia,

Veszprém, Hungary. Her research topic is hotel innovation: types, behaviour and

success. She assisted some projects at the Department of Tourism and made several

presentations for students in different topics. She took part in more student scientific

competitions where she placed first twice and second once. In the national student

scientific competition she placed third, second and third again with different pieces

of research. Author can be contacted at [email protected]

11


Kotor, Montenegro

Information Technology Capability and Its

Impact on Firms Performance

Lejla Turulja, Nijaz Bajgorić

School of Economics and Business Sarajevo, Bosnia and Herzegovina

Abstract

According to the resource-based view, sources of competitive advantage begin

with the notion that differences in performance are fundamentally due to the

distinctive resources and capabilities that are valuable, rare, inimitable and non-

substitutable (Barney, 2007; Wu et al., 2006). Information technology (IT) as a

resource of the company has the increasing importance for the researches and

managers. Research on the IT value within organizations and firms’ IT capabilities

have expanded over the past decade (Pérez-López et. al., 2012). Tippins and Sohi

(2003) in their study defined IT capability as the existence of IT infrastructure, IT

knowledge and IT operations within company. The purpose of this paper is to

analyze the impact of IT capability on firms’ innovativeness and the relationship

among IT capability, firms’ innovativeness and business performance. The study uses

survey data from managers and structural equation modelling to assess the

relationships between IT capability, firms’ innovativeness and business performance.

This study finds that both IT capability and innovation capability play important role

in achieving greater business performance. The findings indicate that managers

should focus on development of the IT function within company, taking into account

importance of IT investment as well as IT knowledge, and promotion of

innovativeness.

Keywords: Information Technology Capability, Innovation, Innovativeness, Resource

Based Theory, Performance, Dynamic Resource View


About the authors Lejla Turulja is a Senior Teaching Assistant at the School of Economics and Business

Sarajevo, B&H. She is a PhD student at the SEBS. She teaches Business Informatics,

MIS, MIT, ICT and Knowledge Management. Her areas of research include IT, firms’

capabilities, innovativeness, knowledge management, information management.


Nijaz Bajgorić is a Professor of Business Computing and Information Technology

Management at the School of Economics and Business Sarajevo, B&H. He has a PhD

from the University of Sarajevo. He teaches and conducts research in information

technology, business computing, information technology management and

operating systems. He has published papers in the following peer-reviewed journals:

International Journal of Enterprise Information Systems, Cybernetics, Information

Management and Computer Security, Information Systems Management, Industrial

Management and Data Systems etc., and has authored and co-authored chapters

in the edited books published by: Elsevier Science, Kluwer Academic Publisher, CRC

Press and Auerbach Publications. Author can be contacted at

[email protected]

12


Kotor, Montenegro

Metropolitan Regions as Centres of

Knowledge and Innovation Creation

Viktorie Klímová, Vladimír Zítek

Masaryk University, Czech Republic

Abstract

Each region can be considered to be an individual regional innovation system. It is

possible to distinguish various types of these systems. The approach based on

assessment of deficiencies, which are organization thinness, lock-in effect and

fragmentation, defines three types of imperfect regional innovation systems. The

metropolitan regions are one of these types. These regions can be characterized by

above-average research, innovation and patent activity and they are considered

innovation centres. But this is not true absolutely; some of them typically have a

fragmented innovation system and insufficient linking of its elements. On the basis of

theoretical background it is possible to design a group of indicators that

characterize this type of regions. The aim of this paper is to find relevant indicators

that can be used as a basis for the definition of metropolitan regional innovation

systems in the Czech Republic. Using the point method and cluster analysis, the

Czech metropolitan regions on the NUTS3 level can be defined. Especially the

Capital city Prague and the South-Moravian Region (encompassing the second

biggest city Brno) can be defined as metropolitan regions. Other NUTS3 regions that

can be considered metropolitan regions are the Pardubice, Central Bohemian,

Pilsen and Liberec Regions.

Keywords: regional innovation system, knowledge, innovation, region, Czech

Republic, metropolitan region

JEL classification: R11, O31

About the authors Viktorie Klímová works as an assistant professor at the Department of Regional

Economics and Administration, Faculty of Economics and Administration, Masaryk

University. Her research activities involve the issues of regional economy and regional

development, she specializes in the institutional and program support for small and

medium-sized business, with an emphasis on innovative companies, the area of the

creation and dissemination of innovation, and the impacts of the regional innovation

policy implementation. This author can be contacted at [email protected]

Vladimír Zítek works as an assistant professor at the Department of Regional

Economics and Administration, Faculty of Economics and Administration, Masaryk

University. His research activities involve the investigations of the regional economy

and regional development, he specializes in the issues of the functioning of regional

innovation systems, evaluation of the innovation potential, and enhancement of the

regional competitiveness in the context of the regional innovation policy. This author

can be contacted at zitek@ econ.muni.cz

13


Kotor, Montenegro

Putting the Individual in Ambidexterity –

Identifying Activities to Achieve

Organisational Ambidexterity and Long-

Term Survival Benedikt Schnellbaecher, Ulf Diefenbach

EBS Universität für Wirtschaft und Recht, Germany

Jan Millemann

Saarland University, Germany

Abstract

Vast research is dedicated to enable companies to exploit existing knowledge to

optimize processes as well as to explore new ways to conduct business. In other

words how to achieve organisational ambidexterity. Previous research focuses

mainly on ambidexterity at organisational or business unit level. Only few papers

provide answers for academics or practitioners, what specific individual activities

have to be pursuit for ambidexterity. The aim of the paper is to mitigate this research

gap by screening research on organisational ambidexterity and filter out findings

concerning individual ambidexterity. Applying a systematic review approach, the

paper reviews academic literature and identifies knowledge seeking and

knowledge offer as the core activities of individual ambidexterity. Building on this, a

review is conducted to identify the antecedents of knowledge seeking and offer.

Finally, the antecedents are structured according to its relevance in the knowledge

adoption process. Thus, the paper contributes to research by providing a state of the

art, conceptual base for further investigations into the individual ambidexterity topic.

Keywords: Organisational ambidexterity, Individual ambidexterity, Knowledge

seeking, Knowledge offer

JEL classification: O31, D83

14


Kotor, Montenegro

About the authors Benedikt Schnellbächer is Research Assistant and Doctoral Candidate at the

Strascheg Institute for Innovation and Entrepreneurship at EBS Universität für

Wirtschaft und Recht, Wiesbaden, Germany. His research focuses on enabling

organizations to handle the demands of innovation-oriented as well as traditional

process activities. Author can be contacted at: [email protected]

Ulf Diefenbach is Research Assistant and Doctoral Candidate at the Aviation

Management Centre at EBS Universität für Wirtschaft und Recht, Wiesbaden,

Germany. His main research areas are comprehensive management and control

systems as well as organizational change processes especially regarding Airlines and

the Aviation Industry. Author can be contacted at [email protected]

Jan Millemann is Research Assistant and Doctoral Candidate at the Saarland

University, Saarbrücken, Germany. His main research areas are service innovation as

well as resistance to innovation. Author can be contacted at jan.millemann@uni-

saarland.de



15


Kotor, Montenegro

The Impact of Employee Satisfaction on

Innovation Capacity in Telecommunications

Anes Hrnjic

University of Sarajevo, Bosnia and Herzegovina

Irma Djidelija

University Dzemal Bijedic, Mostar, Bosnia and Herzegovina

Abstract

The dominant feature of today´s business environment is accelerated dynamics and

dramatic change intensity which significantly influences the life cycle of strategy,

business orientation and individual employee operations. These trends require

continuous adjustment of business philosophy through innovation in various contexts

acting as key drivers for successful handling of change and implementation of

innovative ideas. Recent research shows that 39.9% of employed citizens within EU

operate in the services sector while it accounts for 46.2% of added value creation in

the EU market. Telecommunications are one of the major segments of services sector

and people working for telecom operators represent the crucial asset in innovation

management in the particular industry. Organizational behavior in terms of

innovation is determined by various factors, whose number, direction and intensity is

not yet clearly defined. Research aims to explore the impact of job satisfaction on

innovative capacity of telecom operators in Bosnia and Herzegovina evaluating

efficacy of HRM (human resource management) practices in the process of creating

and implementing innovation. Methodology consists of two appropriate instruments

for evaluation of job satisfaction and employee innovative behavior and primary

data was analyzed using linear regression method. Limitations of the study are

discussed and recommendations for future research of job satisfaction impact on

employee innovative behavior are given. Practical implications on how to stimulate

innovation in the organizational context are states in the discussion and conclusion.

Keywords: employee satisfaction, innovation, telecommunications, HRM

JEL classification: L96, J28, O30

16


Kotor, Montenegro

About the authors Anes Hrnjic, MA is a Teaching Assistant at University of Sarajevo within Department of

Management and Organization since 2013 and PhD student in the field of

Business/Management at the same institution. Previously, he obtained his Bachelor of

Science degree in Business Administration in the United Sates at Stillman College and

Master degree at University of Sarajevo defending master thesis in the field of

Customer Relationship Management. Past professional experience include internship

at EPA in Brussels, Belgium and work in largest telecom company in Bosnia and

Herzegovina. Author can be contacted at [email protected]

Irma Djidelija, MA is a Teaching Assistant at University Dzemal Bijedic in Mostar within

Department of Quantitative Economy since 2014 and PhD student at University of

Sarajevo. Previously, she obtained her Bachelor´s degree at University Dzemal Bijedic

in Mostar and Master degree within a joint program of the University of Sarajevo and

University in Mostar defending master thesis in the field of Operations Research.

Previous experience includes training in major telecommunications company in

Bosnia and Herzegovina and a demonstrator experience at the University in Mostar.


17


Kotor, Montenegro

The Impact of Governmental Policy on R&D

Projects in the Pharmaceutical Industry

Ivana Stojchevska

University of National and World Economy, R. Bulgaria

Agon Baftijari

State University of Tetova, R. Macedonia

Abstract

Most of the countries worldwide have strong regulations on drug markets, in order to

cope with the rising costs of health care. On the other hand, the regulations violate

the incentives for investment in pharmaceutical R&D projects. Thus, in order to

stimulate R&D activity, and at the same time to regulate pharmaceutical market,

every government is obligated to create balanced reforms for pharmaceutical

market. This paper presents the policies for fostering innovations and regulations in

the pharmaceutical market in R. Bulgaria and R. Macedonia. The comparison with

the regulations and stimulations for pharmaceutical market in USA and other EU

countries will help in creating the most corresponding programme, both for the

customers and pharmaceutical companies.

Keywords: government policy, pharmaceutical pricing, R&D projects,

pharmaceutical industry

JEL classification: I180, L510

About the authors Ivana Stojchevska is Ph.D. candidate in the department of Finance attheUNWE in

Sofia, R. Bulgaria. Her doctoral thesis is in the field of financing and pricing policies in

the pharmaceutical industry. She has published many papers in national and

international journals, participated in scientific conferences, trainings, and symposia

in the country and abroad. Also, she is freelance business consultant working on

variousnumber of business investment projects for rural development. Author can be

contacted at [email protected]

Agon Baftijariis research assistant in Banking Management at the State University of

Tetovo, R. Macedonia. He holds Master degree in Healthcare Management and

Ph.D. degree in Economics. He has experience as costumer service operator in Alfa

Bank Inc. Skopje, and corporate officer in Halk Bank Inc. Skopje. He has published

many papers in national and international journals, with participation in scientific

and applied projects, conferences, seminars, congresses and symposia in the

country and abroad. Author can be contacted at [email protected]

18


Kotor, Montenegro

Analysis of Development of Innovation and

Competitiveness in Montenegro

Zdravko Krivokapić, Jelena Jovanović, Aleksandar Vujović

Faculty of Mechanical Engineering Podgorica, Montenegro

Sanja Peković

Faculty of Tourism and Hotel Management, Montenegro

Davorin Kramar

Faculty of Mechanical Engineering Ljubljana, Slovenia

Abstract

This paper presents some of the results obtained during many years of work on the

scientific - research projects in the field of innovation and improvement of

organizational performance with aim to find an answer about Capacity for

innovation of Montenegrin organizations. The paper is based on the unique data-

base which reflects the real conditions of the Montenegrin organizations. In the

paper is also analyzed report prepared by World Economic Forum (WEF) for 2014-

2015 years about Global Competitiveness Index (GCI) for Montenegro. In

accordance with that report and analysis of survey performed in Montenegrin

organizations carried out by interview method, authors of the paper tried to give an

answer about Capacity for innovation in Montenegro. Based on that analysis we

found that Montenegrin organizations are focused on innovation but there still have

a lot of spaces for improving in order to achieve higher level of Global

Competitiveness Index.

Keywords: Innovations, Capacity for innovation, GCI, Questionnaire

JEL classification: 031

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Kotor, Montenegro

About the authors Zdravko Krivokapic is Doctor of Philosophy – Doctor of Science in Engineering from

the Faculty of Mechanical Engineering. He is Full professor at University of

Montenegro. Actively works with quality, quality management system, quality of

education, informatics and accreditation. He is President of Board of Accreditation

Body of Montenegro. He is member of Board for establishment and improvement of

quality system of University of Montenegro. He is a president of national Conference

of Quality (SQM) and International Quality Conference (ICQME). He is editor of

International Journal for Quality Research. Author can be contacted at

[email protected]

Dr Jelena Jovanovic has Ph.D. at the Faculty of Mechanical Engineering Podgorica.

She is Assistant Professor at the University of Montenegro. Her research interests are

within the fields of Managements System standards and Performance Management

System. She was consultant in more than 15 projects related to Management

Systemsimplementation according ISO 9001, ISO 14001, ISO 17025, ISO

17020standards and HACCP. She was engaged in many scientific research projects.

She published more than 40 articles in international journals and international

conferences and more than 50 articles in national journals and national


Aleksandar J. Vujovic, graduated at the Faculty of Mechanical Engineering in

Podgorica in 2000, at Department of Production Engineering. Master's thesis entitled

“Nonconformity macro control models as a basis for improving the QMS”, defended

at the Faculty of Mechanical Engineering in Podgorica in 2004. He earned his

doctorate at the Faculty of Mechanical Engineering in Podgorica in 2008. For his

doctoral dissertation was awarded with the “Trimo”. From 2000 to 2008 he worked as

a teaching assistant, when he became a professor of: industrial engineering, flexible

manufacturing systems, integrated systems management expertise and laboratory

practice. Author can be contacted at [email protected]

Dr Sanja Pekovic has a Ph.D. in Economics from the University Paris-EST. She is

Assistant Professor at the University of Montenegro. Between 2006 and 2011, she was

Researcher at the Center for Labor Studies (Centre d’Eudes de l’Emploi) and

Lecturer at the University Paris-EST. In 2006, she obtained a Master’s degree from the

Ecole Nationale Des Pontset Chaussées and University of Paris-EST Marne-la-Vallée.

Her research interests are within the field of quality and environmental economics,

economics of innovation, applied econometrics, and on this topic she has published

in international journals. Author can be contacted at [email protected]

Davorin Kramar is an Assistant Professor at the Faculty of Mechanical Engineering,

University of Ljubljana in Slovenia. He received PhD degree at the same university in

the field of combining non-conventional and classical manufacturing technologies.

His research interests refer to removal mechanisms and machinability of hard-to-

machine materials such as stainless steels, hardened steel, and super alloys, etc.

using high pressure assisted turning. The latest researches encompass

manufacturingprocesses control, modelling and optimization of process parameters,

monitoring and identification of processes, process optimization... Author can be


20


Kotor, Montenegro

Designing a Learning Space for Unified

Collaboration and Communication between

Universities, Industry and the Public Sector

Igor Vušanovic

University of Montenegro, Montenegro

Bojan Knežević

University of Banja Luka, Bosnia and Herzegovina

Robin Støckert

Sør-Trøndelag University College, Norway

Abstract

The goal of this paper is to present theoretical and technical approaches, which

acts as guidelines for the design of multifunctional rooms (MFR) enabling

communication and collaboration. Furthermore, to define a method to mix key

trends in education technology, pedagogy and room design together to facilitate

various types of scenarios and users. The Norwegian Ministry of Foreign Affairs is

financing a program in Higher Education, Research and Development in the Western

Balkans 2010-2016 (HERD). A sub program within HERD focus on the energy sector.

This paper refers to a project within the energy sector called: Quality Improvements

of Master Programs in Sustainable Energy and Environment (QIMSEE). The projects

members in QIMSEE are eight universities (Trondheim, Belgrade, East Sarajevo, Tuzla,

Sarajevo, Banja Luka, Podgorica, and Skopje). The main goal of the project is to

improve the quality of education at Master's programs. A milestone in this project

process is to enhance interconnections between universities, industry and the public.

The need for a common technological platform and standards for cooperation and

communication is fundamental. A multifunctional room (MFR) or “learning space” will

be set up at each location to support activities defined in the project synopsis.

Keywords: Collaboration and communication, learning environment, BYOD,

technology and quality in education.

JEL classification: I23

About the authors

Igor Vušanovic.PhD, Full Professor, University of Montenegro, Faculty of Mechanical

Engineering. Author can be contacted at [email protected]

Bojan Knežević. Teaching assistant on Faculty of Mechanicalengineering in Banja

Luka.Currently, PhD student at Facultyof Technical Science in Novi Sad. Author can

be contacted at [email protected]

Robin Støckert. Assistant Professor at Sør Trøndelag University College. Author can be





21


Kotor, Montenegro

From Information to Knowledge: Business

Intelligence Usage and Perspectives

Damir Ravlić

Federal ministry of Education and Science, Bosnia and Herzegovina

Abstract

A lack of quality data is one of the managing problems. It does not mean that they

do not exist, but on the contrary, we are usually swamped with unnecessary

information. The problem is how to extract the essential data for decision-making

from the large amount of data. The data are the part of the organization's assets

and, together with the capital and human resources, are an important part of the

overall competitiveness. New technologies to support taking the correct and valid

conclusions from the "enormous" amounts of data are created every day. Business

intelligence and knowledge management are indispensable elements of successful

business systems and public administration strategy. The concept of business

intelligence or business information management is one of the modern systems that

offered the possibility of a comprehensive and efficient usage of information. The

concept of business information management also provides usage of the remaining

collected data and converting them into useful information and knowledge. The

information technology development in recent years provides the ability to store

large amounts of information at lower costs, and people share their knowledge and

jointly and interactively work at large distances. If we take into account the

aspirations of Bosnia and Herzegovina toward accession to the EU, the concept of

business intelligence is even more important as our systems can be connected with

the systems at the European Union level, or the public administration interoperability

in the European context can be achieved. Goal of the paper is to review the notion

of business intelligence, and to assess the level of business intelligence usage in the

public organizations in Bosnia and Herzegovina.

Keywords: business intelligence, information, knowledge, Bosnia and Herzegovina,

public organizations

JEL classification: O31, D83

About the author Damir Ravlić, MSc is a Senior Advisor for the area of development of scientific

research and international scientific and technological cooperation. Author can be


22


Kotor, Montenegro

Managing Change in Banking Organisations

Ferenc Farkas

Faculty of Business and Management, University of Pecs, Hungary

Abstract

Banks and credit institutions must be managed in order to ensure that they adapt to

ever-changing social needs and consumer expectations. This is an everyday lesson,

but to be honest, such teachings do not say much. Practising professionals in the

banking sector need something more specific and practical to be able to manage

changes effectively. The findings of this paper are based on desk research and field

research. Empirical evidence is provided by the application of change

management models of other sectors, for the banking sector. The goal of this paper

is to enlarge the relevant knowledge that is needed more than ever by the

Hungarian banking sector in order to tackle the challenges it faces. And experiences

show that the knowledge base available is rather limited. Since change

management has never made a special attempt to resolve the organisational

changes of the banking sector neither on the international nor on the domestic

scene, and because references to banking organisations are few, it is also goal of

this paper to show Hungarian and international mini cases and literature examples

where the change management was implemented successfully and that offer

lessons for other organizations.

Keywords: banking organizations, credit institutions, change management,

knowledge base, Hungarian and international mini cases

JEL classification: G21

Acknowledgments: The present paper is dedicated to the 650th anniversary of the

foundation of the University of Pécs, Hungary.

About the author Ferenc Farkas is a full professor at the Faculty of Business and Economics at the

University of Pécs. His teaching areas include change management, organizational

behaviour, and leadership. His research interest focuses on non-profit management

and leadership, and human resource management. He has been the team leader

of Hungarian and international projects, financed by the European Union and the

Hungarian government. He holds positions of Board of Directors and Board of

Trustees in for-profit- and non-profit organisations. Author can be contacted at

[email protected]

23


Kotor, Montenegro

Nonprofit Organizations in the Knowledge

Based Economy – Organizational

Development and Professionalization

Katalin Dobrai, Ferenc Farkas

Faculty of Business and Management, University of Pecs, Hungary

Abstract

International research results underpin that turbulent, continuously changing

environment makes everyday operations for nonprofit (nongovernmental, voluntary)

sector organizations harder. It also can be observed that in this situation, nonprofit

organizations acquire knowledge from business sector organizations which enables

them to improve their structures and processes. They implement methods of the

business sector as means of ensuring long term existence, better performance and

sustainable success. In recent years, this process has generated new dilemmas for

those who are concerned with the future of this sector: if and how the strengthening

focus on knowledge processes such as learning and development of individuals

working for nonprofit organizations impact organizational knowledge and

organizational development and, how important professionalization is for them.

The goal of this paper is, to give an overview of special issues of learning and

growing professionalization of non profit organizations, and to contribute to the

research of these processes. Empirical evidence is provided on the base of a large

sample survey that involves approximately 1.000 Hungarian foundations or

associations. With the help of the research findings the paper shall expand our

general knowledge about professionalization trends in the sector, and also provide

deeper insight in details of the relationship between participation in organizational

development programs and becoming more professional in everyday operations

and services.

Keywords: nonprofit organizations, learning, professionalization, knowledge,

development

JEL classification: L30, O15

Acknowledgments: The authors are grateful to the Hungarian Scientific Research

Fund project No. 101886 for supporting the research “Knowledge based services –

professionalization of nonprofit organizations”, presented in the paper. The present

paper is dedicated to the 650th anniversary of the foundation of the University of

Pécs, Hungary.

24


Kotor, Montenegro

About the authors Katalin Dobrai is an associate professor at the Faculty of Business and Economics at

the University of Pécs. Her main teaching areas include Leadership and

management and Knowledge management. Her research focuses on knowledge

management and organizational learning in knowledge-intensive businesses, and

nonprofit organizations. She has participated in several research projects funded by

the Hungarian government and the European Union.


Ferenc Farkas is a full professor at the Faculty of Business and Economics at the

University of Pécs. His teaching areas include change management, organizational

behavior, and leadership. His research interest focuses on nonprofit management

and leadership, and human resource management. He has been the team leader

of Hungarian and international projects, financed by the European Union and the

Hungarian government. He holds positions of Board of Directors and Board of

Trustees in for-profit- and nonprofit organizations.


25


Kotor, Montenegro

ORBIS as a Research Tool: Examination of

the Capital Structure of the Hungarian and

French Wine Industry

Martin Luptak

Bureau Van Dijk, Slovak Republic

Daniel Boda

Erste Bank, Slovak Republic

Gabor Szucs

Credit Reform Hungary, Hungary

Abstract

ORBIS is a global database and financial analysis tool offering company statements,

ownership, rating and scores, news and intelligence. Global means the current

coverage exceeds 165 million entities which most of them are private companies.

However also listed companies, banks (over 35.000), insurance companies are

included. And all that taking into consideration how different the legislations in

countries are sometimes not only giving the free choice to companies when it

comes to publish the reports but also forbids to do so (some Islamic jurisdictions).

Goal of the paper is to demonstrate the usage of ORBIS in the examination of the

capital structure of the Hungarian and French wine industry.

Keywords: ORBIS, capital structure, wine industry, discriminant analysis, profitability

JEL classification: G32, C30

About the authors Martin Luptak works for Bureau Van Dijk since 2007. Currently he is working as Central

and Eastern Europe Key Account Manager. He is responsible for developing

Compliance, Transfer Pricing, Credit risk markets in the region and managing the

South sales team. Martin started his career in 2003 as Fundraising manager at

Greenpeace right After finishing the Political science and International Relations

faculty in Banska Bystrica. Author can be contacted at [email protected]

Daniel Boda graduated at the faculty of Finance at Szent Istvan University-Gödöllő.

Nowdays he works at Erste Bank in the Risk-Management Department, dealing with

corporate risk and in the same time he is developing a probability of default model

for Eastern European companies. His MSc thesis won a special award on the so

called Scientific Students Associations (TDK) Competition. He starts his PhD studies

from this September at Gödöllő.

Gabor Szucs is a managing director of Creditreform Hungary, previously he worked

in the market research industry. He graduated at the Corvinus University Budapest at

the faculty of sociology and economics than on the Budapest Business School at the

faculty of Risk Management. He started his Ph.D. studies last year on the field of

capital structure and corporate finance. Being involved in several international

projets within the Creditreform group, from 2015 January he also holds the position

Sales and Marketing Director at AM Holding, owner of 6 Creditreform offices

worldwide. Author can be contacted at [email protected]

26


Kotor, Montenegro

Technology and Media in Education

Hrvoje Budić, Antun Marinac

Polytechnic in Požega, Croatia

Filip Filipović

Pharmacy Filipović, Croatia

Abstract

The aim of this paper is showing the importance of using modern communication

technologies, as well as the media in educational development. The introductory will

show importance of technological changes in educational development with

special emphasis on the development of online learning and its basic features. Here,

the importance of informational infrastructure development will also be shown, as a

critical element for Internet learning development. Furthermore, different media

used in education, related to their characteristics, will also be analyzed. The paper

will use descriptive method, method of analysis, induction and deduction.

Conclusion will show current trends and technologies, as well as a critical overview

of entire paper. Results will be used as a reference frame for future continuous

research.

Keywords: ICT (Information and Communication Technology), E – learning,

multimedia, Web 2. 0 tools, M – learning

JEL classification: A20

About the authors Hrvoje Budić graduated and got his master’s degree at Faculty of Economics,

University of Zagreb. Current employment is at the Polytechnic in Pozega, Croatia

and he is holder of the courses in Organization and Management, Human Resource

Management, Quality Management, Logistics and Procurement. Also, he is an

author and co-author of 30 professional and scientific papers. The author can be

contacted at: [email protected]

Antun Marinac graduated from the Faculty of Political Science (1990), a master's

degree at the Faculty of Economics (1997) and the Faculty of Law in Osijek (2006)

and he is employed at Polytechnic in Pozega, Croatia. He is a holder of the courses:

Fundamentals of Administration, Administrative Law - General Part I, Economics

Administration, Land Registry Administrative Law and Wholesale and retail

operations. I'm an author and co-author of about 30 professional and scientific

papers. The author can be contacted at: [email protected]

Filip Filipović graduated at Faculty of Economics in Zagreb, currently attending

postgraduate program of financial analysis at the same institution. The area of

interest is how to successfully manage the cash flow and prepare cash flow forecasts

in accordance with company policy. The author can be contacted at:

[email protected]

27


Kotor, Montenegro

The Role of Human Resource Practices on

Profits Generated by the Innovations: The

Role of Top Management Support and

Regularity of Employees Meetings

Sanja Pekovic, Maja Bacovic, Tatjana Stanovcic, Jelena Jovanovic

University of Montenegro, Montenegro

Abstract

Previous scholars argue that human resource practices advance valuable

knowledge what could be reflected positively on innovations. Accordingly, we

empirically investigate whether human resource related practices such as top

management support and regularity of employees meetings are related to profit

generated by the innovation activities. Using survey data of Montenegrin firms, we

find that firms in which top management supports employees’ idea and have

regular employees meetings related to innovation activities are likely to report higher

profit generated by innovations. Therefore, our results underline the crucial role of

human resource practices in the process of innovation that generates profitability for

firms.

Keywords: innovation, profit, human resource practices, top management support,

meetings.

JEL classification: O30, O15

28


Kotor, Montenegro

About the authors Dr Sanja Pekovic has a Ph.D. in Economics from the University Paris-EST. She is


Researcher at the Centre for Labour Studies (Centre d’Eudes de l’Emploi) and






Dr Maja Bacovic is Professor of Macroeconomics and Economic Statistics at the

University of Montenegro. She was President of the Council of the Statistical system of

Montenegro from 2006-2011, member since 2011. Professor Bacovic was also

President of the Board of Directors of Montenegro Stock Exchange from 2006-2008

and senior analyst within Institute for Strategic Studies and Prognoses from 1999-2007,

and member of several Economic Reforms Project Teams. She is author of two books

and more than 40 papers. Bacovic is member of the Centre of Young Scientists and

Department for Economic Research within Montenegrin Academy of Arts and

Science. Author can be contacted at [email protected]

Tatjana Stanovcic has a PhD in Economics from the University of Belgrade. She is a

Professor at the Faculty of Tourism and Hotel Management where she preformed the

function of Dean since 2007 till 2013. Stanovcic participates in research projects

developed jointly with other departments of University of Montenegro but also

closely collaborates with other faculty in the region. Her main research interest

focuses on the analysis of the financial and accounting indicators in tourism and

hotel management, and on this topic she has presented studies at national and

international scientific congresses, which have been published in international

journals. Author can be contacted at [email protected]

Dr Jelena Jovanovic graduated from the Faculty of Mechanical Engineering in

Podgorica (department for production engineering) in 2000 and received the top

honours for her results. She defended Master's degree in 2005 and Doctoral

dissertation in 2009 at the Faculty of Mechanical Engineering, University of

Montenegro. She published more than 40 articles in international journals and at

international conferences. She also published more than 40 articles in national

journals and at national conferences. She has worked at the Faculty of Mechanical

Engineering, University of Montenegro since 2000 as a teaching assistant and in 2010

she has become Assistant Professor. Author can be contacted at [email protected]





29


Kotor, Montenegro

Enterprises and Institutions in Bosnia and

Herzegovina and Web 2.0 Technologies

Mirela Mabić

University of Mostar – Faculty of Economics, Bosnia and Herzegovina

Abstract

Web 2.0 offers great tools for building better customer relationships, improving

employees’ productivity, and cutting costs. Results of different international research

showed that many companies recognize the benefits of Web 2.0 technologies and

use it in everyday business. But what is the situation in Bosnia and Herzegovina?!In

order to investigate that, empirical research was conducted. The objective was to

investigate whether Web 2.0 technologies are applied in companies and institutions

in Bosnia and Herzegovina, and which ones. The paper presents the results of

research among 107 companies and institutions in Bosnia and Herzegovina on the

current application of Web 2.0 technologies in business. The results show that 49.5%

of respondents use Web 2.0, mostly Internet telephony and Business social networks,

while 31.7% of respondents who do not use it, plan to start using some of it in the next

year. Although the results show that Web 2.0 technologies are not totally unknown in

Bosnia and Herzegovina (at least some of it), there is much room for improvement.

Further research should investigate what hinders the implementation of Web 2.0

technologies and particularly address the characteristics of the companies and

institutions that may significantly affect their acceptance and implementation.

Keywords: Technology, Management, ICT, Web 2.0

JEL classification: O330

About the author Mirela Mabić is a PhD student at the Faculty of Economics, University of Mostar. At

the same Faculty works as an assistant at the Department for Business Informatics.

Her research interests include business information systems, the practical application

of software and web technologies both in business and in education, quality of

higher education and applied statistics. Author can be contacted at

[email protected]


30


Kotor, Montenegro

Impact of Management Ethics on Payment

Discipline

Tanja Šalamon

Airnet ltd., Celje, Slovenia

Maja Meško

University of Primorska, Faculty of Management, Koper, Slovenia

Abstract

A company's ethics is one of the key factors of its effectiveness. Having poor business

ethics usually lead to the lack of payment discipline. The main purpose of the study

was to identify the possible impact of management ethics on the financial discipline

of companies. The study involved 273 Slovenian public and private companies,

which represented 9.1% of all companies invited to take part in the survey. The data

on management ethics were collected using the Corporate Ethical Virtues

measurement instrument questionnaire and the data concerning average late

payments were obtained from the database of the Slovenian rating agency “I

d.o.o.”. Statistical analysis was carried out using SPSS 20.0 for Windows. We

conducted a factor analysis and a regression analysis using the stepwise method.

We found that management ethics has a positive impact on payment discipline. At

the end of the article, we give suggestions for improvement of payment discipline.

Keywords: payment discipline, late payments, ethic, management ethics, Slovene

companies.

JEL classification: M14, G02

About the authors Tanja Šalamon, PhD received her B.Sc. degree in management and in marketing at

University of Ljubljana - Faculty for Economy in 1998, her M.Sc. degree in

entrepreneurship in 2002 and PhD degree in management at University of Maribor.

She worked as consultant for companies in the field of management, human

resource management marketing and finance. She held lecturers for Gea College

and worked for Faculty of Economy as a tutor. She coordinated one of the first Phare

projects in Slovenia. For the last 8 years she is involved in administrative and financial

management of projects in the field of aviation. Author can be contacted

[email protected]

Maja Meško, PhD held a position of associate professor of management at University

of Primorska, Faculty of management. Previous she worked for Ministry of Transport,

Civil Aviation Directorate (CAA – civil aviation authorities) and for Slovenian Air

Navigation Services - Sloveniacontrol, Ltd. Since 2013 she has been registered by

European association for aviation psychology as a certificated human resource

specialist. Her work, which includes around 200 bibliographical items, has been

published in professional and academic journals. She is also ultra-light licence holder.

She is a member of the supervisory board of Civil Aviation Agency in Slovenia. Author

can be contacted [email protected]



31


Kotor, Montenegro

Impact of Organizational Culture on

Organizational Learning and Knowledge

Management

Nebojša Janićijević

University of Belgrade, Serbia

Abstract

The aim of this paper is to explore the impact of organizational culture on the

process of organizational learning and knowledge management. This goal has been

achieved through reviewing the relevant literature and synthesizing the conclusions

found in it. The review of the researches has shown that organizational culture

positively impacts and stimulates organizational learning in the degree in which its

assumptions, values, and norms are consistent with the activities taken to create and

use organizational knowledge. The review of the research has also shown that in

order to have a positive impact on organizational learning and knowledge

management, organizational culture must contain certain assumptions, values, and

norms concerning four issues: individual development; changes; interactions,

cooperation and communications; and environment.

Keywords: organizational culture, organizational learning, knowledge management,

organization

JEL classification: M10, M12, M14

Acknowledgments: The work is a part of the research project MNTR “The

Implementation of Contemporary Management and Marketing Methods in

Improving Competitiveness of Companies in Serbia in The Process of its Integration in

the European Union”.

About the author Nebojša Janićijević is a full professor at Faculty of Economics, University of Belgrade,

where he teaches courses in the field of organization, human resources

management and change management to students at undergraduate, graduate

and doctoral studies. So far, as an author and coauthor he published several books,

and among them Organizaciona kultura i menadžment (Organizational Culture and

Management), Upravljanje organizacionim promenama (Organizational Change

Management) and Organizacija preduzeća (Enterprise Organization). He published

a number of articles in foreign and domestic academic journals, and participated in

many international scientific conferences. The author can be contacted at

[email protected]

32


Kotor, Montenegro

Legal Aspects of Innovations in Croatia –

Practical Guide and Highlights

Dijana Zoričić

Attorney at Law, Law Office ZORIČIĆ, Zagreb, Croatia

Abstract

Innovation is the key term of development in the modern world. Although it is of the

utmost importance, there is still a lot to be done to popularize the idea of innovation,

to ensure a common approach to the necessity of providing incentives, and of

tightening the relevant legislation ensuring the protection of innovations and

innovators. In the last decades, the legislation on innovations in Croatia has

changed and improved remarkably. As a direct result of great social and legal

efforts, the innovative environment flourishes, influencing directly the economic and

social growth of the country. Through a review of the Croatian legislation, this paper

shows the dynamics of the development of legislation in the field of innovations. The

very term “innovation” has been reassessed as there was a very common

misunderstanding of the difference between invention and innovation. Croatian

innovators are more and more successful at global level and this has been

confirmed by recent awards.

Keywords: innovations, legislation, intellectual property rights, Croatia

JEL classification: K11

About the author Dijana Zoričić is attorney at law in Zagreb, Croatia, where she established the Zoričić

Law Office in 1992. Her office employs law and economy experts and interpreters for

German and English, provides counselling and legal representation of natural and

legal persons, especially in the field of trade, commerce, real estate and tax law,

mandatory and proprietary rights, and co-operates with domestic and international

consultants and law offices. The author can be contacted at: dzoricic@ou-

dvzoricic.hr



33


Kotor, Montenegro

The Impact of Selected Knowledge Factors

on Company Performance: The Case of

Slovenia

Katja Rašič

Ministry of Infrastructure, Slovenia

Matjaž Mulej, Vesna Čančer

University of Maribor, Faculty of Economics and Business, Slovenia

Abstract

The goal of the paper is to report on a research including a survey on the impact of

the selected factors of knowledge on company performance in the transitional

economy, including companies in Slovenia in 2013. Factor analysis using the Principle

Axis Factoring method was conducted to determine the factors of knowledge (the

establishment of scientists’ collaboration with companies and the obstacles against

it) and of the company performance. Based on the saved factor scores, multiple

regression analysis was used to determine the influence of the selected factors of

knowledge on the performance of companies. The results show that the

establishment of scientists’ collaboration with companies has statistically significant

positive impact on the company performance, but the obstacles for the

establishment of scientists’ collaboration with companies do not.

Keywords:company performance, indicator, knowledge, transitional economy,

principal axis factoring, regression analysis

JEL classification:A12, C83, O1, O3

34


Kotor, Montenegro

About the authors Katja Rašič holds a PhD in Economic and Business Sciences, and is a senior adviser at

the Ministry of Infrastructure, Slovenia. She works as a technical assistance of

European Commission for Cohesion policy and other structural funds for railway

infrastructure and transport logistics projects. Her field of research focuses on the

innovative processes, and indicators for economic growth and better quality of life

on micro- and macro-economic level. Author can be contacted at

[email protected]

Matjaž Mulej, Emeritus Professor of Systems and Innovation Theory, PhD in Economics

(Systems Theory), PhD in Management (Innovation Management), author of

Dialectical Systems Theory and of Innovative Business in catching-up countries.

Publications: beyond 1.700 in close to 50 countries, about 60 (mostly edited) books

and proceedings, recently about social responsibility. Several hundred citations.

Factor +30 in Research Gate data, with beyond 6k visits and down-loadings.

Member of three international academies of science, former president ofthe

International Academy for Systems and Cybernetic Sciences. Visiting professor

abroad for 15 semesters. Dean and vice-rector in 1979-1983, University of Maribor.


Vesna Čančer holds a PhD in Economic and Business Sciences, and is an Associate

Professor of Quantitative Methods in Business Science at the University of Maribor’s

Faculty of Economics and Business (UM FEB). Her research focuses primarily on

decision analysis, creative problem solving and research methods, together with

their interdisciplinary applications.She is Head of the Department of Quantitative

Economic Analysis at UM FEB and Editor-in-Chief of the journal of contemporary

issues in economics and business Naše gospodarstvo / Our Economy. Author can be


35


Kotor, Montenegro

The Relationship between Capital Structure

Choice and Firm's Profitability: Evidence

from Bosnia and Herzegovina

Emina Resić, Jasmina Mangafić

School of Economics and Business, University of Sarajevo, BiH

Tunjo Perić

Faculty of Economics and Business, University of Zagreb, Croatia

Abstract This research is designed to examine the relationship between the capital structure

and profitability of non-financial firms in Bosnia and Herzegovina during the period of

ten years, from 2003-2012. The goal is to prove the existence of the relationship

between the firm's capital structure choice and its profitability. The analysis is

extended by including the debt structure and differentiating between the types of

debt such as the long-term and the short-term ones. The results of the multivariate

canonical correlation analysis provide support to a hypothesis that the capital

structure and profitability have statistically significant relationships. Furthermore, the

findings provide support that firms develop different patterns of profitability

depending on the capital structure choice. We found that an increasing proportion

of short-term debt and long-term debt in the overall liability of the firm reduces its

profitability.

Key words: Capital Structure, Debt Level, Profitability, Canonical Correlation Analysis

JEL classification: G32, C39

Acknowledgment: This work has been fully supported by Croatian Science

Foundation under the project STRENGTHS no 9402.

About the authors Emina Resić is an associate professor at the School of Economics and Business,

University of Sarajevo, BiH. Her fields of interest are Statistics, Econometrics,

Qualitative research methodology etc. She is author of many research and scientific

papers. She can be contacted at [email protected]

Jasmina Mangafić is an assistant professor at the School of Economics and Business,

University of Sarajevo, BiH. Her research interests include microeconomics,

economics of enterprise and financial management. She also has an extensive

experience in development evaluation. She can be contacted at

[email protected]

Tunjo Perić is an assistant professor at the University of Zagreb, Faculty of Economics

and Business, Department for Mathematics, Croatia. His research interests include

multiple objective programming methods and applications in economics and

business, multiple criteria decision making and applications, cooperative and non-

cooperative game theory, etc. He can be contacted at [email protected]

36


Kotor, Montenegro

The Role of Institutional Development in

Education System: R&D and Innovation and

their Impact on Economic Growth

Miroljub Shukarov, Kristina Maric

South East European University, R. Macedonia

Abstract

The aim of this paper is to provide a closer look of the institutional development in

educational system and its impact on economic growth. Accumulation of human

capital and technological development are factors that are considered to be

crucial for economic growth. Thus, investing in education, R&D and innovation is

essential for a country’s prospects for economic growth. However, the main idea is

to present this topic from institutional point of view. By using literature and statistical

analysis, the paper investigates whether the degree of institutional development in

country’s educational system is sufficient enough to create prospects for economic

growth. We compare 4 different countries, Macedonia and Serbia, non EU countries

and Bulgaria and Slovenia member countries of the EU. The research findings

indicate to the fact that institutionalized society with higher degree of institutional

development in this case in the educational system is more likely to boost the

economic growth. The results also indicate to the fact that societies in which the

degree of institutional development is higher, as it is in our case in Slovenia and

Bulgaria, are more likely to produce well qualified and skilled labour force which will

further impact the economic growth.

Keywords: institutions, institutional development, educational system, innovation,

economic growth

JEL classification: I2, I250, I280, O430

About the authors Prof. Dr. Miroljub Shularov is a full professor at South East European University, Tetovo

Macedonia. He finished his Bachelor of Economics and Master of Arts in Urban

Economy at The University St. Cyril and Methodius, in Skopje Macedonia. He finished

his PhD of Economy from 1983 till 1987 at the University of St. Cyril and Methodius and

his thesis was “Urban rent as a factor of spatial economy in Yugoslavia". He has

various publications available on the site http://www.seeu.edu.mk/en/~m.shukarov.

The author can be contacted at [email protected]

Kristina Maric, PhD Candidate at South East European University finished her Bachelor

of Business and Economics and Master of Science in Banking and Finance at

University of Sheffield, UK. She started her PhD at South East European University at

December, 2013. The first publication was on topic Institutional development as

economic growth driving factor – tax system influence in Macedonia, Bulgaria and

Romania, which was published by the Innovation Institute in the Global Business

Conference in Tignes, France, February 2015. The author can be contacted at

[email protected]

http://www.seeu.edu.mk/en/~m.shukarov



37


Kotor, Montenegro

Will Big Data Deliver its Promised Productivity

Growth

Lionel Artige

HEC – Université de Liège

Abstract

There are high economic expectations concerning the emergence of Big Data: a

promised golden age for both consumers and firms. Digital technology allows firms

to provide digital services in exchange of personal data, from which they can fine-

tune their supply to better match market demand. By extending Arrow (1962)'s

analysis of the market for information to the phenomenon of Big Data, we propose a

theoretical assessment of its potential effects on productivity growth. Our study

highlights that Big Data modify the market for information by introducing new

informational products which are not public goods. This characteristic is crucial as it

implies that private production of personal-data based information can be

profitable. This profitability gives digital firms the incentive to produce information

likely to improve firm-level productivity and consumer welfare. Finally, we conclude

that the productivity effect of Big Data at the macroeconomic level is conditional on

both the production and diffusion of this personal-data based information.

Keywords: Big Data, competition, competition policy, economic growth, personal

information, productivity

JEL classification: D8, L1, O4

About the author Lionel Artige is Professor of Economics at HEC – University of Liège (Belgium). He is the

Program Director of the Master in Economics at HEC and also co-director of the

Liège Competition and Innovation Institute (LCii), a research centre specialized on

competition and innovation issues. His research interests are innovation, competition

and economic growth. Author can be contacted at [email protected]

38


Kotor, Montenegro

Broadcasting Organization in the Context of

Creative Economics and Management

Innovation

Đuro Horvat

EFFECTUS University College for Law and Finance, Croatia

Marinko Kovačić

Croatian Chamber of Economy, Croatia

Ana Krajnović

EFFECTUS University College for Law and Finance, Croatia

Abstract

The transformation of the modern economic system is more than obvious and our

main objective is to point out the need for the articulation of new organizational

forms. In this paper, we use the results of empirical studies published in the literature

and theoretical elaboration by using inductive/deductive methods. We believe that

a new organization must correspond to human nature, which is based on self-

affirmation in the world of labor in which the creativity, imagination, play and

cooperation are among the key factors.

Keywords: broadcasting organization, innovation, structure, cooperation,

knowledge


About authors Đuro Horvat, Ph.D graduated at the Faculty of Economics and Business in Osijek.

Currently he is a CEO of Gastro Group Ltd. from Zagreb. During his career he was

enrolled, independently or as a team manager, in a number of business projects,

and still continuously works on training of managers. He was and is a consultant in

several projects for establishing cluster. He has participated in numerous

conferences and published several scientific papers, studies and research papers.


Marinko Kovačić, M.Sc. is a co-author of several books in the field of management,

marketing and entrepreneurship. He published over 50 professional and scientific

papers in domestic journals. He is enrolled in the popularization of science and has

published over 1500 articles in daily newspapers and weekly magazines. He has

participated in various the research projects of the University of Zagreb. Currently, he

is employed in the Croatian Chamber of Economy. Author can be contacted at

[email protected]

Ana Krajnović, M.A. is an external associate at the EFFECTUS College for Law and

finance and an intern in Privredna Banka Zagreb. She graduated at the Faculty of

Economics and Business in Zagreb and acquired the academic title Master of

economics with special praise (summa cum laude). She won the Dean's Award in

2012 and the Chancellor's Award in 2014. During the study she participated in several

programs, training and workshops in the field of methodology of scientific and

professional work. She enrolled the PhD program at the Faculty of Economics and

Business at the University of Zagreb in 2014. Author can be contacted at

[email protected]

39


Kotor, Montenegro

Deep Web - Some Lessons to Learn

Goran Popović

PMG PRODUKTI d.o.o., Croatia

Ivan Strugar

Faculty of Economics & Business – Zagreb, University of Zagreb, Croatia

Abstract

Internet is a huge resource of information, but only the small portion of it is visible to

regular users. More than 90 per cent of the web is hidden and to be able to see it,

users need to use specific software like Tor. Currently there are more than 2.5 million

daily users using Tor to surf the “hidden web”. Ever since Bitcoin and other virtual

currencies became popular, more and more users started using Tor for illegal

activities. These activities include exchanging illegal goods such as drugs, weapons,

illegal data, and stolen credit cards information. The aim of this paper is to analyse

the content of anonymous marketplace in one short period of time (72 hours)

according to different products offered, scale of performed transactions, origin of

the seller, and customer evaluation of the seller. For the needs of this paper,

specialised crawling software was developed and as a result, 35 gigabytes of data

was downloaded from one of the many black markets used by Tor users. The study

shows that in that period, more than 5000 different products worth 1.8 million dollars

were listed on the market. The research includes 2500 transactions each worth on

average 51 dollars. With the advances in the technology and a growing number of

Internet users, further growth of illegal activities on the “dark web” can be expected.

It is interesting to analyse how the transactions are closed on the “dark web” since

there are no legal institutions or any legal frame for business. These transactions are

based on trust, confidence and customer evaluation on social networks.

Keywords: Web, Deep Web, e-commerce


About the authors Goran Popović is currently employed as a programmer at the PMG Produkti d.o.o. in

Varaždin, Croatia.He received his bachelor’s degree in economics (major Business

Economics) in 2013and graduated (major Managerial Informatics) in 2014 at the

Faculty of Economics & Business – Zagrebwhere he is currently enrolledin a doctoral

program. His interests include cloud infrastructure, big data, data mining and

distributed systems. The author can be contacted at [email protected]

Ivan Strugar is a Professor at the Department of Informatics at the Faculty of

Economics & Business. He graduated at the Faculty of Economics & Business –

Zagreb, where he received his Ph.D. degree inSocial Sciences, Humanities and

Theology in the field of Economics in 1997. He is lecturer at the Faculty of Economics

teaching information technology courses at undergraduate, graduate, post -

graduate and doctoral level at the various Universities in Croatia, Slovenia and

Bosnia and Herzegovina. His interests include business information systems

application in accounting, banking and tourism, cloud computing, collaboration

and document management systems, Web, intranet and e-learning development

and application. Author can be contacted at [email protected]



40


Kotor, Montenegro

Designing Mobile Application for the Over

the Counter Drug Marketing

Vasja Roblek, Maja Meško

University of Primorska, Faculty of Management, Koper, Slovenia

Abstract

The increased usage of mobile apps has a great potential in Pharmacy market.

Through the use of mobile apps, web portals and social media may allow a fast and

wide diffusion of awareness for over the counter (OTC) drugs and attract a large

number of customers, thus increasing the value of searching for information, quality

and lower costs of the purchase. The goal of this paper is to identify the key factors

as antecedents of customer satisfaction for the design of a mobile app for OTC drug

marketing. To this aim, the authors use the Kano model that allows categorizing

service attributes according to how they are perceived by customers and estimating

their impact on customer satisfaction. This model is adopted in order to identify,

express and latent needs of customers and to design a mobile app for OTC

marketing according to their perceptions and expectations. To apply the Kano

model, the authors used quantitative data collected through 537 questionnaires that

were sent to the Slovenian internet users (June and August 2013). The results of this

analysis can be relevant to the pharmaceutical companies; drugs vendors and

marketing managers plan strategy and operational activities, for pharmaceutical

companies in the field of OTC drugs marketing, for application developers, and for

all those concerned with OTC drugs marketing issues.

Keywords: OTC drugs, mobile applications, Kano model, customer satisfaction,

mobile marketing

JEL classification:M10, M31, F14, K23, L65, L81

About the authors Vasja Roblek, MSc, is a PhD student at the Faculty of Management,

University of Primorska, Koper, Slovenia. His research's area includes management,

innovative economy, sustainable development, marketing, internet and qualitative

methodology. He has published several scientific papers in international journals

and he is a co-author of thetwo book chapters in Springer monographs. Author can


Maja Meško, PhD held a position of associate professor of management at University

of Primorska, Faculty of management. Previous she worked for Ministry of Transport,

Civil Aviation Directorate (CAA – civil aviation authorities) and for Slovenian Air

Navigation Services – Slovenia control, Ltd. Since 2013 she has been registered by

European association for aviation psychology as a certificated human resource

specialist. Her work, which includes around 200 bibliographical items, has been

published in professional and academic journals. She is also ultra-light licence holder.

She is a member of the supervisory board of Civil Aviation Agency in Slovenia. Author




41


Kotor, Montenegro

E-Science and Web 2.0 in Higher Education

Antonija Marinclin, Ivana Mikić, Marija Blažičević

Polytechnic in Pozega, Croatia

Abstract

There are many definitions of Web 2.0 which, however, do not exclude each other.

Tim O’Reilly and Dale Dougherty first used the term in 2004 when they came up with

an idea of conference about Web technology development. Today, we have

different numbers of Web 2.0 tools on the Internet with different purpose, and many

of them are implemented in education. The education system is subject to a number

of changes to ensure the quality of the studies. Thus, the introduction of new

technology that allows better communication, research and access to lectures

alone creates a better learning environment and easier to study. The presence of

new technologies provides an entirely new approach to the education system. In

this paper we will present a few Web 2.0 tools and also how they affect in Croatian

education on polytechnics. By polling of the students we want to determine how

much they are familiar with web technologies in a way to examine their current

habits and how they should be altered to accept new technologies in education

and educational systems. With results of the survey will be shown the impact of

technology at polytechnics in Croatia and in the discussion we will to explain why

this is so because we assume that Web technology underutilized in higher

education.

Keywords: Web 2.0 tools, higher education, e- science, teachers and students


42


Kotor, Montenegro

About the authors Antonija Marinclin was born in Pozega. She works at Polytechnic in Pozega in Library

as a Librarian. She has diploma for professor of history and for librarian from University

of J. J. Strossmayer in Osijek, Faculty of humanities and social sciences. She is The

President of the Commission for the publishing activities and also proofread material

for college. She has written several papers and participated in international


Ivana Mikic is an associate in Financial and Accounting Service at Polytechnic in

Pozega, Pozega. She has diploma in economic sciences (financial management)

from University of Josip Juraj Strossmayer in Osijek Faculty of Economics. She has

European Business Competence*Licence (EBC*L) Level A and B, she is also Erasmus+

Administrator at Polytechnic in Pozega and Accountant of three Projects financed

by EU. Ivana Mikic took part in Staff training mobility programmes, last year she spent

a week at University of Lapland in Rovaniemi, Finland and in April of 2015 she

participated 6th International Staff Week at University of Almeria in Almeria, Spain.

She has written several papers and participated in international conferences. Author


Marija Blazicevic has graduated Faculty of Kinesiology at the University of Zagreb in

May 2011. She works on Polytechnic in Pozega since July 2011. She was Teaching

Assistant in the field of social sciences, field of kinesiology, sport kinesiology branch

(College Physical Education I and II.) on social and agricultural department. In June

11th, 2015 she was elected to the educational title of lecturer in the field of social

sciences, field of kinesiology (College Physical Education I and II.) on social and

agricultural department at the Polytechnic in Pozega. She has published two review

papers and 4 professional papers and participated in international conferences,

seminars and workshops. Marija Blazicevic participated in Staff training mobility

programmes. Last year she spent a week at University of Lapland in Rovaniemi,

Finland and in April of 2015, and she participated in 6th International Staff Week at

University of Almeria in Almeria, Spain. Author can be contacted at

[email protected]




43


Kotor, Montenegro

Performing Arts Across the Continents:

Our Way to Digital Humanities and Arts

Jiri Navratil, Sven Ubik, Jiri Melnikov

CESNET, Czech Republic

Abstract

One of the strategic projects initiated in Europe in the period 2011-2014 was the

project DARIAH-EU which had the main goal to elevate research in Humanities and

Arts science using digital technologies and create special infrastructure across

Europe. Czech Republic is in the phase of joining this infrastructure. Digital Humanity

is a new scientific discipline which appeared in the last decade in many universities

over the world and spread into many directions. We joined this activity in the field of

performing arts. Our objective was to verify whether modern computer network and

audio-visual technologies can enable collaborative work of performing artists when

they are distributed across large distances and what are the requirements and

limitations. We will describe our experience from the events which we organized or

on which we participated during the last 4 years in Europe, US, Malaysia, Korea and

Taiwan. The experiments showed that Global Performances as new form of

performing arts can be arranged for different type of artists. The GP bring new very

interesting impressions for artists and for the spectators. We demonstrated that GP

can be used for presentation of performing arts on the festivals, cultural exhibitions

and fairs. We believe that, It could have very positive economic effect. It is our IT

contribution to Digital Humanities and Arts.

Keywords: HD Video, 4K video, 3D technology, cyber performance, live surgery

JEL classification: C88

Acknowledgments: This work was supported by the CESNET Large Infrastructure

project (LM201005) funded by the Ministry of Education, Youth and Sports of the

Czech Republic and used multiple academic networks including Geant, TEIN, GLIF,

Gloriad, KREONET, TWAREN and Internet2.

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Kotor, Montenegro

About the authors Jiri Navratil received his PhD in Computer Science from Czech Technical University at

Prague in 1984. He worked for 30 years at Computing and Information Center of CTU

in different positions linked with High Performance Computing a Communications.

During his several sabbatical leaves he worked in Switzerland, Japan and USA in the

field of networking. Since 2006 he started work for CESNET - Czech Education a

Scientific Network as leader of group supporting special research applications using

high speed Internet. In the last years he participated on several multimedia

performances organized in frame of large international cooperation in different

fields. Author can be contacted at [email protected]

Sven Ubik received his MSc and Dr in Computer Science from the Czech Technical

University. He is currently a senior researcher in CESNET and the head of the research

group Technologies for network applications. He has created a Network Visualization

Lab in collaboration with the Czech Technical University. His research interests

include novel applications for distance collaboration, digital representation and

distance access to culture heritage, 3D models; hardware accelerated video

processing and optical networks.. Author can be contacted at [email protected]

Jiri Melnikov works in CESNET as an administrator of high-resolution multimedia

laboratory and has experience with developing applications for low latency and

high quality transmissions. He received his MSc. in Computer Science from the Czech

Technical University in 2012. His research interests also include software defined

networking and software development for high-resolution tiled displays walls. He

currently resides in Prague and can be contacted at [email protected]

45


Kotor, Montenegro

Students Perception and Willingness to

E-learning in Republic of Croatia

Natalija Kokolek, Dajana Ćorić, Božidar Jaković

Faculty of Economics & Business, University of Zagreb, Croatia

Abstract

The subject of this paper is e – learning, education process which is held with the use

of some form of information and communication technologies to improve the quality

of the process and the quality of educational outcomes. New information

technologies allow a new attitude to information, digitalization, easy and quickly

storing, reproduction, distribution and use. Internet provides us with a variety of

opportunities for creativity and the spread of new ideas and knowledge, pushing the

boundaries of what we consider our own environment. Through this paper the

importance of e - learning as an integral part of the today’s educational process will

be shown. This paper will take us through the theme of e-learning starting from its

definition, historical development of its types, then the technological aspects,

statistical information on the topic and it will analyse the survey based on the

research. Research on students perception in Republic of Croatia about e-learning

will show that Republic of Croatia has a relatively favourable environment for the

development and implementation on Croatian universities, and that application of

new technologies on the Croatian universities achieves a significant impact on the

efficiency of the teaching process.

Keywords: e-learning, education, ICT, Internet

JEL classification: A22, A23, I21, O31

About the authors Natalija Kokolek is with the University of Zagreb, 10000 Zagreb Croatia. She is a

student on postgraduate (doctoral) study programme. Author can be contacted at

[email protected].

Dajan Ćorić is with the University of Zagreb, 10000 Zagreb Croatia. She is a student on

postgraduate (doctoral) study programme. Author can be contacted at

[email protected].

Božidar Jaković is with the University of Zagreb, 10000 Zagreb Croatia. He is now with

the Department of Informatics, Faculty of Economics and Business. Author can be


46


Kotor, Montenegro

An Approach to Modelling Information System

Availability by Using Bayesian Belief Network

Semir Ibrahimović

BBI Bank, School of Economics and Business Sarajevo, Bosnia and

Herzegovina

Nijaz Bajgorić

School of Economics and Business Sarajevo, Bosnia and Herzegovina

Abstract

In today’s era of the ubiquitous use of information technology (IT), it is expected that

the information systems provide services to end-users on continuous basis, regardless

of time and location. This is especially true in organizations where information systems

(IS) support real-time critical operations, particularly, in the industries in which these

systems must continuously operate 24x7x365. This paper presents a modified

Bayesian Belief Network model for predicting IS availability. Based on a thorough

review of all IS availability dimensions, we proposed a modified set of determinants.

The model is parametrized using probability elicitation process with the participation

of experts from the BiH financial sector. The results showed that most influential

determinants of the IS availability are a timely and precise definition of the

availability requirements, quality of IT operations, management and network.

Keywords: Information Systems, Business Continuity, Availability, Bayesian Belief

Network, Monte-Carlo Simulation


About the authors Semir Ibrahimovic has been working as Director of Information Technology Division at

Bosna Bank International and senior TA in Department of Management and IT at the

School of Economics and Business in Sarajevo. He was advisor to general manager in

Vakufska bank Sarajevo and CTO for system integrator Alden Data. He was leading

a number of IS implementation projects, including few core banking IS-projects and

BCM projects. He worked as a consultant on IT projects for domestic and foreign

institutions. Author can be contacted at [email protected]

Nijaz Bajgoric is a Professor of Business Computing and Information Technology

Management in the School of Economics and Business, University of Sarajevo, BiH. He

has published papers in: International Journal of Business Continuity and Risk

Management, International Journal of Enterprise Information Systems, Cybernetics,

Information Management and Computer Security, Information Systems

Management, Industrial Management and Data Systems, International Journal of

Production Research, European Journal of Operational Research, International

Journal of Agile Management Systems, Journal of Concurrent Engineering,

International Journal of Agile Manufacturing and authored/co-authored chapters in

the edited books published by: Wiley, IGI-Global, Elsevier Science, Taylor & Francis;

Kluwer Academic Publishers, IOS Press, CRC Press, and Auerbach Publications.Author




47


Kotor, Montenegro

Case Study in Banking Using Neural

Networks

Alisa Bilal Zorić

University of Applied Sciences Baltazar, Zaprešić, Croatia

Abstract

Data Mining represents a Business Intelligence (BI) methodology which provides an

insight into the 'hidden' information about its operations thus improving the process

of making strategic business decisions based on a clear and understandable

interpretation of existing results. Data mining can help to resolve banking problems

by finding some regularity, causality and correlation to business information which

are not visible at first sight because they are hidden in large amounts of data. The

goal of this paper is to present a case study of usage of operations research

methods in knowledge discovery from databases in the banking industry. Neural

network method was used within the software package Alyuda.

Keywords: data mining, neural network, banking, alyuda


About the author Alisa Bilal Zorić is a doctoral student in Faculty for Commercial and Business Sciences

at Celje, Slovenia. She graduated from Faculty of Science, Department of

Mathematics at Zagreb and she has an MBA from Faculty of Economics in Zagreb.

Prior to returning to school to pursue her doctorate, Alisa spent ten years designing

and developing business information systems for Siemens and Banksoft. She is

currently working as an assistant at the University of Applied Sciences Baltazar

Zapresic where she teaches math and computer courses. Her current research

interests include educational data mining and knowledge management from a

data mining perspective. Author can be contacted at [email protected]

48


Kotor, Montenegro

Customer Churn Prediction Embedded in an

Analytical CRM Model

Ede Lázár

Sapientia – Hungarian University of Transylvania, Romania

Abstract

This paper presents a practical implementation of an analytical customer

relationship (CRM) model, which aims to increase the customer satisfaction, thereby

reducing the rate of attrition. The analytical CRM model not only manages and

synchronizes customer relationship management processes, but also creates added

value regarding to customers by applying mathematical, predictive methods. This

presented model was implemented at a Hungarian gas service provider, and

estimates the probability of churn for each customer based on the characteristics of

former and present customers. The methodological approach is based on

econometrical background; the analytical tool is a binomial logistic regression

model. As a result this study presents that using logistic regression models as

predictive analytic tool we can fulfil multiple CRM goals. Using the theoretical

framework of Swift (2001) we can state that the model consists of more CRM

dimensions simultaneously. These are the predicted churn probability as a customer

retention dimension, and the information about the efficiency of different CRM

elements, and CRM channels, as a customer attraction dimension.

Keywords: analytical CRM, predictive analytics, churn prediction, logistic regression


About the author Ede Lázár has got Master of economy diploma in 1998 Budapest University of

Economic Sciences (today: Corvinus Unviersity), and PhD in 2011 at Szent-István

University in Hungary, Management and Business administration sciences. He was

working as analyst at Central Statistical Office, (Budapest, Hungary), and as market

researcher at TNS Hungary and TNS Telecoms (US). From 2003 he has been teaching

as associate professor at Sapientia – Hungarian University of Transylvania and work as

a free professional. His courses are information-management, research

methodology, market research. Author can be contacted at

[email protected]


49


Kotor, Montenegro

Dashboards Usage for Business Intelligence:

Selected Case Studies

Dijana Ćosić

Hendal d.o.o., Croatia

Ivan Horvat

Zagreb International Airport, Croatia

Bojan Korizma

Erste&Steiermärkische Bank, Croatia

Abstract

Dashboards usage has been a quite popular topic in recent years. In modern

economy every second is important in decision making process and dashboards are

surely one of the main tools to help achieve that goal. For decision makers they are

a very convenient way of getting aggregated information in time. Most dashboards

summarize data on predefined criteria but they often provide a drill-down or

comparative analysis. Almost all dashboards provide graphical representation of

their data for even faster response to situation on the market. Primary goal of this

paper is to show the positive effects of using dashboards in business environment.

Secondary objective is to show various cases of creating and using dashboards in

practice. Every dashboard is unique and usable only to people who need it. This

paper will describe the basic dashboard theory and provide two case studies of

dashboards implemented in two very competitive industries, telecommunications

and banking. Basic dashboard creation explains how to create a dashboard in MS

Excel, which can be used at a small company or the company that can’t invest in

expensive technologies, and case studies analyse implementation of two

dashboards implemented for day-to-day reporting and highlighting critical

information to management.

Keywords: dashboards, business intelligence, analysis, churn, information

management, customers

JEL classification: D83

Acknowledgments: prof.dr.sc. Mirjana Pejić Bach, for motivation and support

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Kotor, Montenegro

About the authors Dijana Ćosić graduated at Faculty of Economics and Business Zagreb (University of

Zagreb) in 2006. She began her career on RTL Croatia as a database administrator

in 2006. In the same year she has published one paper on data mining usage in

healthcare, and started working as a data analyst in Valicon d.o.o., then Hendal

d.o.o. She accepted a customer intelligence specialist position at Tele2 Croatia

where she worked for four years. Valicon d.o.o. and Hendal d.o.o. followed again.

Her interests are analytics, data mining, neuromarketing, market research. Author


Ivan Horvat received the postgraduate master’s degree at Faculty of Economics

and Business (University of Zagreb). He is currently working as Controlling specialist at

Zagreb International Airport (MZLZ d.o.o.) and an external associate at Faculty of

Economics and Business within the departments of informatics. Current role in MZLZ is

based around SAP in terms of improving system and core data quality and importing

new business processes in SAP. Before this current position he worked for VB leasing

Croatia where his main focus was on financial controlling, cost control and analysis,

as well as budgeting and reporting. Additionally received and Internal audit

certification. Author can be contacted at [email protected]

Bojan Korizma received master’s degree at Faculty of Economics and Business

(University of Zagreb) in 2011. His career began as helpdesk administrator where he

learned the importance of basic data analytics and providing users with quality

data. After that he worked at Raiffeisen Bank Austria d.d. Zagreb as a Business

Intelligence Developer for two and a half years. Currently working as Business

Intelligence Designer and Developer at Erste&Steiermarkische Bank d.d. Zagreb. He

has published two articles on cloud computing in banking and electronic auctions.

His interests are data warehousing, data analytics and web application

development. Author can be contacted at [email protected]




51


Kotor, Montenegro

Data Mining Applications in Establishing

Corporate Information Security: Intrusion

Detection and Privacy Protection Issues

Masoud Garallah M. Al Quhtani

Faculty of Economics, University of Sarajevo, Bosnia and Herzegovina

Abstract

Information security is one of the most important issues in every company. It is

important to note that information security is not just a technology issue. This is a

business issue as well. In today's high-tech and interconnected world, if companies

want to protect information they need well-thought-out security policies. In this

paper, we will show that the use of a data mining application can provide a

sustainable information security for any company. Methods of analysis and the

compilation method have been used for the purpose of analysing and defining the

multidimensionality of data mining applications, and in the empirical part which

relates to the importance of data mining applications in establishing corporate

information security. This study has established that there is a lot of research

dedicated to this field, demonstrating that information security is as important from a

scientific as is from a business standpoint. The most important fact that can be

specified based on this study is that, in a time of intense competition, the use of data

mining applications becomes crucial for the future of the company and its

operations.

Keywords: data mining, instruction, privacy, corporate information security

JEL classification: O32, O33, G34

About the author Masoud G. Alquhtani graduated from the Faculty of Business King Saud University in

Riyadh, Kingdom of Saudi Arabia (KSA) with master degree in public administration .

He is currently working in Kingdom of Saudi Arabia embassy in Sarajevo

as Ambassador assistance, and is currently a doctoral student at Faculty of

Economic and Business, Sarajevo, Bosnia and Herzegovina. His main research

is corporate information security in developing countries. Author can be contacted

at [email protected]


52


Kotor, Montenegro

Enterprises Using Radio Frequency

Identification in European Union: Current

Outlook (2009-2014)

Jovana Zoroja

University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia

Igor Klopotan

University North, Croatia

Vanja Šimičević

University of Zagreb, Centre for Croatian Studies, Zagreb, Croatia

Abstract

Implementation and usage of the latest inventions in information technology

provides enterprises better position on the global market. Radio Frequency

Identification (RFID) presents the innovative information technology that can

change and improve many of the enterprises collaboration operations and support

decision making process. The best results of RFID usage are achieved in the supply

chain systems, but RFID can be applied in the fields of medicine, finance, logistics

and trade. Goal of this paper is to evaluate trends and purposes of RFID usage

among enterprises in European Union. We also analyse usage of RFID among

Enterprises in European Union according to the industry. Future research will focus on

application of RFID among enterprises worldwide and to examine are there any

differences in RFID usage among developed and developing countries.

Keywords: Radio Frequency Identification, Technology, Enterprises, European Union

Countries

JEL classification: C10, C38, N7

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Kotor, Montenegro

About the authors Jovana Zoroja, PhD, is a teaching and research assistant at the Faculty of Economics

and Business, University of Zagreb, Department of Informatics, where she received

her PhD with the dissertation thesis “Influence of the Information and Communication

Technologies on the Competitiveness of the European Union Countries”. She was

educated at the LSE-Summer School in London in the field of Business Development

and ICT Innovation. Her main research interests are information and communication

technology, e-learning, simulation games and simulation modelling. She is actively

engaged in number of scientific projects (FP7-ICT, Erasmus-Preparatory visit, bilateral

cooperation, national projects). Jovana Zoroja published several scientific papers in

international and national journals and participated in many scientific international


Igor Klopotan, Master of Economics, is a lecturer at the University North, Department

of Business and Management in the media, and a PhD candidate at the Faculty of

commercial and business science in Slovenia. He is the author and co-author of

numerous domestic and international professional and scientific articles, and has

participated in several international conferences. The author can be contacted at

[email protected]

Vanja Šimičević has PhD in Economics from the University of Zagreb, Faculty of

Economics and Business in the area of quantitative economics. Her major area of

research is focused on applications of quantitative methods in social sciences and

on those topics she published number of papers. She is Associate Professor at the

University of Zagreb Centre for Croatian Studies, Head of Sociology Department,

teaching Multivariate Statistical Methods, and Statistics in Social Sciences. Author



54


Kotor, Montenegro

Investigating Tobacco Usage Habits Using

Data Mining Approach

Toni Martinović

Faculty of Economics and Business Zagreb, Croatia

Abstract What are smokers’ habits today? Do people rather enjoy cigarettes or rolling

tobacco? The research made for this study is going to give us the answer on these

questions. The main reason which determines smokers’ habits is their lifestyle, e.g. it

depends whether they are providing enough money for cigarettes because rolling

tobacco is noticeable cheaper. The research is fulfilled by participants of different

years, employment status and other lifestyle habits. The research will present the

smoking habits of respondents conducted through data mining. The data are

processed in the Weka software with the help of a decision tree method - to be

precise, the J48 algorithm.

Keywords: smokers, habits, tobacco, cigarettes, data mining, WEKA, J48 algorithm,

decision trees

JEL classification: D81

About the author Toni Martinović is currently a master student at the Faculty of Economics and

Business, University of Zagreb, where he is enrolled into the Master study of

Managerial Informatics. He earned his B.Sc. of Management at the Faculty of

Economics and Business, University of Rijeka. Currently he is doing his master paper at

the department of Informatics, in the field of Managing Innovations. His hobbies

include gym, handball playing, playing guitar and animal welfare. Author can be



55


Kotor, Montenegro

Neuromarketing in Market Research: Eye

Tracking Application

Dijana Ćosić

Hendal d.o.o., Croatia

Abstract

The goal of this paper is to explore the benefits of neuromarketing, in general, and

the eye tracking method, in particular, in market research, and to consider their

ethical implications. In an example of a typical case study I will try to show how eye

tracking can be deployed to analyse the unconscious visual perception of a TV

commercial by the participants in the study. I analysed a TV commercial for

readymade soups, in which five different readymade soups where advertised. The

sample contains 21 participants. With the help of eye tracking method in

“Gazepoint” software we have discovered that one scene drew attention much

more than the others. In addition to this, I review the literature on benefits of eye

tracking as a complement to more traditional methods. I also present an overview of

ethical issues related with this method.

Keywords: neuromarketing, eye tracking, market research, ethics


Acknowledgments: Mr. Veljko Petrović from Hendal d.o.o. for his contribution to the

project.

About the author Dijana Ćosić graduated at Faculty of Economics and Business Zagreb (University of

Zagreb) in 2006. She began her career on RTL Croatia as a database administrator

in 2006. In the same year she has published one paper on data mining usage in

healthcare, and started working as a data analyst in Valicon d.o.o., then Hendal

d.o.o. She accepted a customer intelligence specialist position at Tele2 Croatia

where she worked for four years. Valicon d.o.o. and Hendal d.o.o. followed again.

Her interests are analytics, data mining, neuromarketing, market research. Author



56


Kotor, Montenegro

New Technology User Liability for Data Loss

and Damages

Katerina Dulčić

Polytechnics Nikola Tesla Gospić, Croatia

Abstract

Information technology is spreading in all fields of our lives. We use new technologies

for many purposes, but many of us are not willing to learn more than necessary

basics. The author elaborates some of the legal cases that were discussed in courts,

and that show the responsibility of the technology user for not applying essential

security measures. Jurisprudence has determined that the level of security should be

different for various types of data, depending on how sensitive information the

subject is processing. It is hard, but needed, to elaborate the cost and benefit

analysis in accordance for application of advanced information technology.

Nevertheless, security of data could be expensive; it is always cheaper than

damage reparation. The imminent risks are those of data loss and modification, but

also of data steeling by interested subjects. New instruments give a great input in

health and education services, but also the data they are elaborating are of great

interest for predators, but also for data subjects. The use of cloud and grid

technology is very productive for these fields, but, considering the risks, those should

be used wisely and with great with. Goal of the paper is to examine the legal

obligations of personal data storage in EU and general conditions of cloud storage

services. The legal texts are going to be examined and analysed and correlated with

legal obligations.

Keywords: Liability, Security measures for information technology, Data subject,

Sensitive data, Grid technology, Cloud data storage.

JEL classification: K130

About the author Katerina Dulčić was born on 1972. Graduated law at Law Faculty of University of

Rijeka, and at the same faculty obtained master degree. Her interest is law

regulating new technology and civil law. She works as civil law lecturer at

Polytechnic Nikola Tesla in Gospić. Author can be contacted at: [email protected]

com.hr



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Kotor, Montenegro

Risk Management Software – Standpoints of

Users

Dražena Gašpar, Mirela Mabić

University of Mostar – Faculty of Economics, Bosnia and Herzegovina

Ivica Ćorić

Hera company, Bosnia and Herzegovina

Abstract

The paper presents results of research related to the standpoints of users about the

main attributes that risk management software should have. This research was based

on a survey of appropriate number of companies in Croatia and Bosnia and

Herzegovina. The authors developed the questionnaire in order to investigate the

standpoints of risk managers, quality managers and others in charge of risk

management, about functionality they expect risk management software should

support. Namely, in today's global environment, managers and risk managers across

all lines of business are accountable for a sustainable risk framework. Adequate

software support enables them to take an innovative, risk-based approach to

governance and compliance, to gain a holistic, enterprisewide view of risk exposure

and near-real-time risk management and monitoring.Software support for risk

management process should enable organisations with efficient risk evaluation and

assessment, continuous monitoring, reporting and easier improvement of the

process. Results of research show the main attributes that risk management software

should have in order to fulfill user expectations. Finally, the paper provides some

important guidelines and suggestions for risk management software development

and improvement.

Keywords: risk management, software, survey study


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Kotor, Montenegro

About the authors Dražena Gašpar is full time professor of Database Systems and Accounting

Information Systems at the Faculty of Economics, University of Mostar. Her research

interests include databases, data warehouse, business information systems and

software application in business and education. She is co-founder of a “Hera”

software company in Mostar and has almost two decades of experience in

developing and implementing business information systems. Author can be


Mirela Mabić is a PhD student at the Faculty of Economics, University of Mostar. At

the same Faculty works as an assistant at the Department for Business Informatics.

Her research interests include business information systems, the practical application

of software and web technologies both in business and in education, quality of

higher education and applied statistics. Author can be contacted at

[email protected]

Ivica Ćorić is a PhD student at the Faculty of Economics, University of Mostar. He is

co-founder of a “Hear” software company in Mostar and has more than two

decades of experience in developing and implementing business information

systems. Author can be contacted at [email protected]




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Kotor, Montenegro

The Regression Analysis through Matlab of

the Electrical Parameters in a Hydropower

Plant

Virtyt Lesha

Polytechnic University of Tirana, Albania

Abstract

This paper presents the nonlinear regression analysis between the transformer’s

measurable parameters (temperature of oil and winding) and the electrical

parameters (hydropower plant’s aggregate). There is not a specific mathematical

function that connects the winding and oil temperature with the generator voltage,

generator current, active power, reactive power, etc. Therefore to find the

connection between them, statistical methods are needed. So, the work in this

article consists in putting as a position variable of the electrical parameters of an

aggregate in a hydropower plant against the parameters such as transformer’s

winding and oil temperature. Through Matlab, these data are analyzed through the

sixth order nonlinear polynomial regression giving the determination coefficients. he

reason for the use of the nonlinear regression of this order is related to the fact that

the use of nonlinear regression of higher orders does not represent more accurate

apparent than nonlinear regression of higher orders. On the other side the

regressions with lower orders has not been used because their accuracy is

significantly lower than the order of regression in question.

Keywords: technology, Matlab, nonlinear regression, winding temperature, oil

temperature JEL classification: C20, L9

About the author Virtyt Lesha is finishing the Master of Science studies in Electronics Engineering at

Polytechnic University of Tirana. One of his interests includes the designing of

automatic control systems through Matlab/Simulink. During the studies he has done

an internship at the Hydroelectric Power Station of Vau-Dejes in Shkodra, Albania. In

this power station he has analyzed the control systems of the 5 turbines in this central.

His master thesis will consist in the modeling through Matlab/Simulink of the hydro-

turbine, the generator and the power transformer of an aggregate of the

abovementioned hydroelectric central. He has 7 publications in international

conferences. Virtyt Lesha can be contacted at [email protected]


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Kotor, Montenegro

A Relationship between Information

Technology Implementation and Acquisition

of Competitive Advantages in Banking in

Croatia

Denis Hrestak

APIS IT d.o.o., Croatia

Abstract

Strong development of information technology corresponds to a growing corporate

investment into this segment, especially in the field of financial services and

telecommunications. This work aims to investigate whether these investments make

sense, and do they contribute to the company success. This paper presents the

results of qualitative research based on a field research and quantitative

econometric analysis of the banking sector’s statistical data in the Republic of

Croatia in order to determine relationship between information technology and

electronic business implementation, and achievement of competitive advantage in

the banking sector, operational costs reduction and business efficiency increase. In

the theoretical part, this paper describes the role of information technology in

business, development and strategic role of e-business, e-business models, and

especially important, the business aspects of electronic commerce in the banking

sector. Conclusion shows that there is a strong positive linear relationship between

the application of ICT and achievement of a competitive advantage in the banking

sector. Also, the cost per executed transaction is reduced, and there is a strong

positive correlation between investments in e-business and business performance.

Keywords: ICT, technology, banking, Croatia, investment, research


About the author Denis Hrestak works as a member of the Board of the leading Croatian IT company

APIS IT. He began his career in the automotive industry in the company AD Plastik,

and then fifteen years he spent at various jobs in the department of information

technology in Zagrebacka banka ltd. He graduated from the Faculty of Electrical

Engineering and Computing, University of Zagreb, Master's degree at the Faculty of

Economics, University of Zagreb, and is currently writing his doctoral thesis at the

Faculty of Commercial and Business Knowledge in Celje, Slovenia. Author can be



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Kotor, Montenegro

Creating a Profile of Employees in the

Accounting Department

Lidija Grdošić

Faculty of Economics and Business Zagreb, Croatia

Abstract

The purpose of the paper is to present a survey on advertisements for jobs in

accountancy published at the web site www.moj-posao.net from April 9th until June

1st, 2015. Following characteristics are investigated: employers’ ownership,

employers’ trade, employee education and work experience, job type and

additional skills. Typical employee in accountancy has a full-time job dominantly in a

privately-owned company and an undergraduate or graduate diploma is not

always required. People with high school diploma can also apply to many job offers

in this sector because the emphasis lies more on the practical skills and a previous

working experience is almost always necessary. She or he must know to use at least

one accounting computer programme such as Synesis, Pantheon, 4D Wand...

Additional skills that she or he should have are analytical skills, eagerness for a life-

long learning of countries legislation and International Financial Reporting Standards,

interpersonal communication and responsibility. The results of the survey are used to

determine the competitiveness of Accounting and Auditing graduates at the

Faculty of Economics and Business in Zagreb, Croatia.

Keywords: accounting, employment, education, job competitiveness

JEL classification: M40, M41

About the Author Lidija Grdošić, BSc is a student teaching assistant of Business Informatics, Enterprise

Information Systems and Databases since 2013 on Faculty of Economics and Business

Zagreb. She has also worked as a personal assistant in ZAMISLI association, as an

intern at auditing department in Ernst and Young (EY) d.o.o., and is currently

employed at Erste Card Club d.o.o. She is highly interested in the fields of computer

application in business practice, IT management, the impact of modernisation in the

accounting profession and higher education in general. Her hobbies include

reading, Pilates and hiking. The author can be contacted at [email protected]


62


Kotor, Montenegro

Leadership Differences: Internationalization,

Size and Development

Ivan Miloloža

Munja d.d., Zagreb, Croatia

Abstract

Successful leadership is one of the most important factors contributing to the

company's success, and can be defined in several ways that will be mentioned

below. Leadership can be defined as the skill to encourage employees to voluntarily

participate in the realization of the objectives of the company. Leadership is

important for all groups of companies. Although the leadership in most of the cases

represents the characteristics of leader, there are still specifics that are important to

certain groups of companies. This paper will expose the reflections, as well as

previous studies related to the specifics of leadership with regard to international

orientation, stage of development and size of business.

Keywords: leadership, internationalization, size, development

JEL classification: M1, F53

About the author Ivan Miloloža graduated at the Faculty of Economics in Zagreb. He lived and worked

abroad in the period 1983rd to 1986th (Argentina and Netherland). Since 1986 he

has been employed in the company Munja, the only Croatian battery producer,

where he held almost all management functions, and is currently Chairman of the

Board (since 1999). He held many social functions in various government bodies,

associations and banks, and he was participant and a guest lecturer at numerous

national and international Conferences. He had Master Degree from the Faculty of

Economics in Zagreb in 2012 and received his doctorate in 2015 at the Faculty of

Economics in Osijek. Ivan Miloloža can be contacted at [email protected]


63


Kotor, Montenegro

Market Research for Organic Products in

Everyday Use in Koprivnica-Križevci County

Kristina Vrhovec-Žohar


Vedrana Bojkić Faculty of Agricultre, Osijek, Croatia

Igor Klopotan


Abstract

Over the past two decades, organic food production system was transformed from a

loosely coordinated network of local producers and consumers, into a globalized

system that defines formally regulated trade that links socially and spatially distant

places of production and consumption. Customers today are more informed on

food production, genetic manipulation and the impact of food on health, through a

variety of information channels (fairs, events marketing, Internet, etc.). Therefore,

today it is not enough to meet the basic needs of hedonistic consumer, because it

cannot be enough to motivate the customer. The product has to arouse the

customer added values that are important for his choice. Organically grown food,

among other things, offers the following added value: better taste, food safety for

the customer and his family, the use of packaging and production methods that

have less impact on the environment. Today, organically grown food is increasingly

prevalent in supermarkets, as well as in specialized stores, whose number is growing

on the Croatian market. It is encouraging that organic farmers began procedures for

obtaining eco sign. More and more people are turning to so-called "healthy" lifestyle.

This work is based on research habits of buying organic products among the

consumers in the area of Koprivnica – Križevci County on a sample of 165

respondents. The aim of the research was to determine how the participants at all

are familiar with the concept of organic farming, lifestyle and diet, and consuming

the same. Also, we will provide the environmental, economic and socio-cultural well-

being of organic farming, that today, because of the immense depth and the

devastation of the environment should be more relevant than ever.

Keywords: certified organic product, conventional products, organic farming,

Koprivnica-Križevci County

JEL classification: D12, Q57

64


Kotor, Montenegro

About the authors Kristina Vrhovec - Žohar, Master of Economics, is the director of a Business center

Križevci Ltd. in Križevci, and a teaching assistant at the University North, in Koprivnica,

the Department of Business and Management in the media. She is the author and

co-author of several national and international scientific and professional papers.

Since 2005, she worked as the organizer and active participant in a series of

workshops and round tables, particularly related to the development of

entrepreneurship programs and projects of the EU, and international conferences.

She currently works on several projects related to the development of

entrepreneurship and local government. Author can be contacted at

[email protected]

Vedrana Bojkić, Baccalurea of Agriculture (ing.agr.), is a graduate student at the

Faculty of Agricultre in Osijek, department of Vegetable growing and floriculture. As

part of the research project "Biodiversity of medicinal and aromatic plants" (Project

code: 178-1191193-0212), field research for phenotypic variability of populations of

wild hop was conducted, within which she was co-author of the scientific paper

"Phenotypic variability of wild hop populations in northwestern and northern Croatia".

She works on the issues of biodiversity and agro diversity lately, and from this area

she's just doing a survey. Author can be contacted at [email protected]

Igor Klopotan, Master of Economics, is a lecturer at the University North, Department

of Business and Management in the media, and a PhD candidate at the Faculty of

commercial and business science in Slovenia. He is the author and co-author of

numerous domestic and international professional and scientific articles, and has

participated in several international conferences. He is a member of the program

committee of the international scientific conference Entrenova 2015. The author can





65


Kotor, Montenegro

On the Principles of Resource Consumption

Optimization on Microeconomic Level

Petru Stefea, Andrei Pelin

West University of Timisoara, Romania

Abstract

In a business environment defined by overproduction, ever increasing competitive

pressures, fast technological dynamics, there remain few reliable instruments to be

used by managers in order to develop and maintain competitive advantages.

Traditionally, manufacturing cost reduction represents one the solution that are most

close to the managers in order to counteract the threats coming from a business’s

environment. In such a context, this paper aims to develop the ways to obtain cost

reduction of three types of resources: direct materials, direct labour and

manufacturing overhead. The main method used in the article is analytical logic, the

objective being to highlight the approaches to be used in order to optimize resource

consumption in its different forms. The results of the article focus on the practical

ways to increase a manufacturing enterprise’s efficiency.

Keywords: Cost optimization, resource consumption efficiency, cost reduction, direct

costs, overhead

JEL classification: M21, D24

About the authors Petru Stefea received PhD in 2001 in accounting at West University of Timisoara,

Romania. His main interests are financial statement analysis, company performance

analysis and management, company valuation. Mr. Stefea is author of 41 scientific

papers published both in Romania and abroad. Mr. Stefea is currently the vice-

president of the West University of Timisoara, Romania. Author can be contacted at

[email protected]

Andrei Pelin received PhD in 2008 in accounting from West University of Timisoara,

Romania. His main interests were related to cost analysis and control methods as well

as cost-benefit analysis Mr. Pelin is author of 24 scientific papers published both in

Romania and abroad. Author can be contacted at [email protected]



66


Kotor, Montenegro

Overview of Requirements Engineering

Process for Software Product Lines

Snežana Šćepanović, BlažoPopović

University Mediterranean, Faculty for Information Technology, Montenegro

Abstract

Software Product Lines is an important strategy to minimize costs and time-to market,

and maximize quality and productivity of the software development. It involves the

management of variabilities and commonalities among several applications, which

increases its complexity compared to traditional software development. In this

context, a Requirements Engineering and management are central tasks, important

to reduce the risks involved in a development of product line. System requirements

must be properly identified, analysed and reviewed in order to provide adequate

solution to manage variabilities and integrating them for making easy the products

derivation. In this paper Requirements Engineering process and techniques used in

some of the product line practices are reviewed and discussed. Also, Requirements

Engineering techniques for traditional single product software development are

analysed and their applicability in product line development is assessed.

Keywords: requirements engineering, software product lines, innovation, technology

JEL classification: C88, L86

About the authors Dr Snežana Šćepanović is an Associate Professor at the Faculty for Information

Technology, University “Mediterranean”, Podgorica, Montenegro. Within different

projects at the University level she is also responsible for development of software for

e-learning and online study programmes at different levels of study. She is engaged

in several national and EU projects related to development of new and alternative

methods for lifelong learning using new technologies. Her research interests include:

System requirement analysis, Usability and design of GUI, Human computer

interaction, E-learning. She participated as project manager and expert in number

of EU and national projects. Author can be contacted at

[email protected]

Spec.Sci Blažo Popović is student on master studies at Faculty of Information

Technology, University “Mediterranean” Podgorica. His specialization includes system

and network administration of various platforms (Linux, Windows) and software

development techniques. He has experience in undergraduate teaching using

modern technologies. His research interests include: system requirements analysis,

software engineering, embedded software systems, and mission-critical software

systems. Author can be contacted at [email protected]

67


Kotor, Montenegro

Relationship between Customers' Loyalty

and Income: Preliminary Research

Igor Klopotan, Kristina Vrhovec-Žohar

Sveučilište Sjever, Hrvatska

Edita Mahič

Faculty of Commercial and Business Sciences, Slovenia

Abstract

Customer relationship management has a great role in customers' loyalty and

satisfaction. However, it is questionable if companies are facing their customers with

adequate care. Research that analyzes income and its impact to customers’ loyalty,

especially in post-transition countries is scare. This paper investigates customers'

attitudes towards selected loyalty determinants. In order to achieve the goal,

empirical research on the sample of Croatian customers has been conducted. The

respondents were classified into three groups regarding income level and then

compared using Kruskall-Wallis test.

Keywords: customer relationship management, economics, customer loyalty

management

JEL main category: C1, D3, M00

About the authors Igor Klopotan, Master of Economics, is a lecturer at the University North, Department

of Business and Management, and a PhD candidate at the Faculty of commercial

and business science in Slovenia. He is the author and co-author of numerous

domestic and international professional and scientific articles, and has participated

in several international conferences. He is a member of the program committee of

the international scientific conference Entrenova 2015. The author can be


Kristina Vrhovec - Žohar, Master of Economics, is the director of a Business center

Križevci Ltd. in Križevci, and a teaching assistant at the University North, in Koprivnica,

the Department of Business and Management. She is the author and co-author of

several national and international scientific and professional papers. Since 2005, she

worked as the organizer and active participant in a series of workshops and round

tables, particularly related to the development of entrepreneurship programs and

projects of the EU, and international conferences. She currently works on several

projects related to the development of entrepreneurship and local government.


Edita Mahić, Master of Economics, is director of a private company, and president of

the Slovenian Chamber of Commerce, the section for medical devices, and PhD

candidate at the Faculty of commercial and business science in Slovenia. She is the

author and co-author of many national and international scientific papers. She has

held several guest lectures at foreign universities. Author can be contacted at

[email protected]

68


Kotor, Montenegro

Testing Impact of Commitment to Business

Ethics Influences Corporation Performance:

Preliminary Research

Silvija Vig

Polytechnic of Međimurje, Čakovec, Croatia

Ksenija Dumičić

Faculty of Economics and Business, Zagreb, Croatia

Abstract

Growing recognition of significance and the impact that commitment to business

ethics has on corporate performance has attracted the interest of scientific and

business researchers alike. At the same time, various stakeholders including boards,

senior and corporate managers, employees, customers, suppliers, investors,

governments and communities have been interested in the correlation between

corporate performance in non-financial terms and its commitment to business ethics

which has significantly increased its importance as well as its dominant impact in

business. Research of the correlation of business ethics and business performance is

widely conducted in the developed countries, yet it is still rare in Western Balkans

countries, including Croatia, which gave rise to the need to conduct a survey on this

topic. The paper comprises preliminary research which examines critical factors that

present commitment to business ethics and their influence to non-financial

performance indicators of the corporations. The paper also explores why and how

the commitment to business ethics can contribute to the creation of corporate

values that are eventually reflected in non-financial terms. The paper intends to give

executives practical hands-on advice about the benefits of commitment to business

ethics in a highly dynamic business environment today.

Keywords: Business Ethics, Commitment to Business Ethics, Corporate Performance,

Non-financial Indicators


Acknowledgments: This work has been fully supported by Croatian Science

Foundation under the project STRENGTHS (project no. 9402).

About the authors Silvija Vig is a Lecturer at the Polytechnic of Međimurje, Čakovec and at the

Academy of Dramatic Art –Zagreb. Now she attends post-graduate doctoral study

at the Faculty of Economics and Business – Zagreb. Her main research fields include

business ethics, ethical organisational culture and leadership. The author can be


Ksenija Dumičić is a Full Professor with Tenure at the Department of Statistics, Faculty

of Economics and Business, University of Zagreb. Her main research fields include

sampling, statistics, business statistics, sampling for social and business surveys. The

author can be contacted at [email protected]



69


Kotor, Montenegro

The Assessment of Business Process

Management Maturity: Comparative

Analysis Inside an Organization

Renata Gabryelczyk

University of Warsaw, Poland

Abstract

The purpose of this paper is to create and test the practical application of the

business process management maturity assessment based on a case study. Maturity

models are used for measuring the performance and maturity of individual

functional areas or processes, as well as that of the whole organization. We propose

measuring the maturity of business process management on a sample of 47

employees of one organization at two different grade levels: at the Management

level and at the Professionals level. The comparative analysis of business process

management maturity was performed using an ANOVA test, which allowed the

evaluation of differences between the groups of respondents and using correlation

matrix, which assesses the strength of the correlation between the business process

maturity in the organization and six process areas (Strategy, Documentation,

Optimization, Implementation, Execution, Controlling), which are constituent the

maturity. The analysis of differences in the perception of business process

management maturity through different employees may help better prioritize

BPM development projects in an organization. The findings will be the basis for

formulating recommendations for the effective raising of the business process

management maturity.

Keywords: business process management, maturity of business process

management, maturity models

JEL classification: M

Acknowledgments: Digital Economy Lab University of Warsaw,

http://www.delab.uw.edu.pl/

About the author Renata Gabryelczyk, PhD, Assistant Professor at the Department of Information

Systems and Economic Analysis, Faculty of Economic Sciences and partner of Digital

Economy Lab at the University of Warsaw. Her academic experience also includes

studying at Institute for Information Systems at Saarland University, as well as research

fellowships at scientific centres in Heidelberg, Constance and Vienna. Professional

pursuits: modeling and analyzing business processes, ICT, facility management,

strategic accounting. Additionally, she is a member of the Polish Certificate of BPMN

in Systems Research Institute of the Polish Academy of Science. Author can be



70


Kotor, Montenegro

The Relationship between the

Cryptocurrency Value (Bitcoin) and Interest

for it in the Region

Kristian Dokic, Mirjana Radman Funaric, Katarina Potnik Galic

Polytechnic of Pozega, Croatia

Abstract

Recently the term Cryptocurrency is a frequently used in the mainstream media. The

main reason for that is a bitcoin occurrence with reference to the technology and

cryptographic inventions that stand behind the bitcoin. Cryptocurrency is legal in

region because the European Union has liberal monetary regulations and it can be

seen that region successfully follows the world trends in this field. The goal of this

paper is to indicate a strong relationship between the value of Bitcoin and expressed

interest for it in 11 South-East Europe region countries. The last four and half years will

be analysed on a monthly base and data from service Google Trends will be used.

Spearman’s rank correlation between the expressed interest and bitcoin values for

the last four and half years will be calculated. Comment on strong relationship

between those variables will be given at the end.

Keywords: cryptocurrency, bitcoin, ICT

JEL classification: E42

71


Kotor, Montenegro

About the authors Kristian Đokić is a senior lecturer at the Polytechnic of Pozega, Croatia. He teaches

courses related to information and communication technologies, in several study

courses. He has obtained Master’s degree in science from the Faculty of

Organization and Informatics, University of Zagreb, and is currently enrolled in a

doctoral program of Information and Communication Sciences, Faculty of

Philosophy in Zagreb. He has published approximately fifteen professional and

scientific papers in the country and abroad, and has completed a number of

different trainings in the field of ICT (ECDL, Cisco, Moodle etc.). His fields of interest

are the analysis of the information load and distance learning. Author can be


Mirjana Radman-Funarić is a college professor at the Polytechnic of Pozega,

Croatia. She teaches mainly statistics and economic courses. She has published 18

scientific papers and 21 professional papers. She received her PhD at the Faculty of

Economics at the University of Josip Juraj Strossmayer Osijek, on the topic of

strengthening social capital in order to encourage economic development of

Croatian regions. Since 2001 she is a court expert witness on financial and

accounting area. She is a member of the Croatian Association of Court Expert

Witnesses and Valuers Zagreb, which is member of the multi-disciplinary organization

EuroExpert. Author can be contacted at [email protected]

Katarina Potnik Galić is a senior lecturer at the Polytechnic of Pozega in the field of

social sciences. She is a lecturer at courses Finance for Entrepreneurs, Audit and Cost

and Calculations. She received her PhD at the Faculty of Economics in Split on the

topic of integrated cost management system. She is author of more than 20

scientific and professional papers in the field of Finance and Management. She has

participated in several international conferences and seminars. A particular area of

her interest is capital budgeting, assessment of efficiency of investment projects and

the integrated costs management systems. Author can be contacted at

[email protected]


72


Kotor, Montenegro

The Role of Accounting in the Prevention of

Corruption: Perception of Experts from

Bosnia and Herzegovina

Benina Veledar

Sarajevo School of Economics and Business, Bosnia and Herzegovina

Abstract

Corruption in the public sector is problem that almost all countries in the world face

with, in greater or lesser extent. During couple of past years, Bosnia and Herzegovina

has had a constant growth of corruption. According to the Corruption Perception

Index, Bosnia and Herzegovina has moved from 72nd position in 2013 to 80th position

in 2014, with scores that had led it nearly to zones with high levels of corruption. Due

to the fact that corruption in the public sector discourages innovation and

entrepreneurship, and thus leaves extremely harmful effects on the entire economy

of the country, at the end of 2013 research was conducted on a sample of 208

public officials and experts in the fields of accounting and auditing. The objective of

the research was to determine the extent to which specific accounting tools can

contribute to the suppression, or at least reducing, corruption in the public sector of

Bosnia and Herzegovina. Research results showed that implementation of the

program budgeting and responsibility accounting, through the efficient allocation of

scarce budgetary resources between programs and the establishment of public

accountability, can help the fight against corruption, improve the business climate

and innovations, and thus contribute to the development of the whole country.

Keywords: program budgeting, responsibility accounting, corruption, public sector,

innovation, Bosnia and Herzegovina


About the author Benina Veledar is a PhD candidate and Senior Teaching Assistant at School of

Economics and Business, University of Sarajevo, Bosnia and Herzegovina. Main

research interests are Cost and Management Accounting, Budget Accounting,

Financial Reporting, Financial Reports Analysis and Performance measurement in

public sector. Author can be contacted at [email protected]


73


Kotor, Montenegro

The Role of Croatia in Pan-European

Corridors: Impact on Croatian Export

Ivan Karatović

Opereta Nekretnine, Zagreb, Croatia

Helena Miloloža

University of Zagreb, Faculty of Economics & Business, Zagreb, Croatia

Abstract

International exchange provides the implementation of significant cargo flows that

connect the largest industrial, transportation and commercial world centers. By

joining the European Union, Croatian transport infrastructure has become a part of

the European transport network. Pan-European transport corridors are defined traffic

routes in Central and Eastern Europe that contribute to cohesion of the countries

through which these routes pass. Croatia, as part of Pan-European transport corridor

network, is intensively involved in the plans for its development. Additionally, Croatia

has finally acquired preconditions to start the implementation of an intensive linkage

of the reference points of which Croatian economy, but also the whole region, will

have benefits. However, without investing in the reconstruction of railways, roads

and inland waterways, it is impossible to improve the international activity of Croatia.

Therefore, the emphasis of this paper is in pointing out the importance of generation

the single program which includes complete Croatian transport system. The great

plan must be based on coherent policy and long-term strategy because only such

an approach can transfigure Croatia into a serious and equal partner in the

European Union.

Keywords: Pan-European corridors, transportation, goods flow, Croatia, economy,

development, Croatian export

JEL classification: R40, F02

About the authors Ivan Karatović was born July 17th, 1986 in Zagreb, Croatia where he finished

elementary school, gymnasium and Faculty of Economics & Business. He is working in

real estate agency Opereta Nekretnine. Author can be contacted at

[email protected]

Helena Miloloža was born December 27th, 1987 in Zagreb, Croatia, where she

finished elementary school and gymnasium. After completing her graduate studies

at the Faculty of Economics and Business of the University of Zagreb she enrols in

postgraduate study – The doctoral programme– at the Faculty of Economics and

Business Zagreb. She had been working in Croatian Bank for Reconstruction and

Development, in Export Credit Insurance Department, for two years, after which she

got the job as a Teaching assistant at the Faculty of Economics and Business Zagreb,

Department of Trade. Author can be contacted at [email protected]



74


Kotor, Montenegro

(Un)Digital Poland: The Gap in the Digital

Skills of Human Capital

Katarzyna Śledziewska, Renata Włoch

Digital Economy Lab UW, Warsaw University, Poland

Abstract

The aim of the paper is to present data concerning the current gap in the digital

competences of human capital in Poland in comparison to other EU countries. To

this end we use data from the Digital Economy and Society Index (DESI) and

Eurostat. The data show that computer and Internet skills amongst Poles are

significantly lower than the skills of other Europeans, including those from other new

EU member states. We argue that the gap in human digital skills is the major cause of

the low level of digitalisation of the Polish economy as a whole, which may critically

impair its development prospects in the context of the EU Digital Single Market.

Keywords: digitalisation, digital skills, human capital, digital economy

JEL classification: O

About the authors Katarzyna Śledziewska, PhD, is an Assistant Professor at the Department of

Macroeconomics and International Trade, Faculty of Economic Sciences and

Coordinator of the Digital Economy Lab at the University of Warsaw. Her academic

experience also includes working at Amiens University as well as research fellowships

at the School of Economics at Nottingham University. Professional pursuits: economic

integration, the European Union, international trade, digital economy, digital skills.

The author can be contacted at [email protected]

Renata Włoch, PhD, is an Adjunct at the Institute of Sociology, University of Warsaw,

and Coordinator of the Program of Jobs and Skills for the Future at the Digital

Economy Lab at the University of Warsaw. Professional pursuits: sociological theory,

global social processes, data revolution in international relations. The author can be




75


Kotor, Montenegro

Analysis of the Digital Divide in the

Telecommunication Services Using

Knowledge Discovery in Databases

Vjekoslav Klarić

Hrvatski Telekom d.d., Croatia

Abstract

In this paper, the digital divide in the telecommunication services between 28

member states of the European Union in the period from 2007 to 2011 has been

analysed using methods of knowledge discovery in databases. A brief history of

telecommunications and essential telecommunication services has been presented,

as well as their characteristics. Data related to the indicators of the digital divide in

the telecommunication services has been collected and subjected to descriptive

analysis. After choosing an optimal set of variables and a method, cluster analysis

has been performed for each of the five years of the study period. Groups of EU

member states at a similar stage of development of telecommunications have been

identified and the characteristics of each of the groups have been described.

Additionally, the paper presents some conclusions about changes in the scale of the

digital divide in the telecommunications services between EU countries during the

study period.

Keywords: digital divide, telecommunications, knowledge discovery in databases,

data mining, cluster analysis

JEL classification: L86, L96, O33

Acknowledgments: The author would like to thank Mirjana Pejić Bach for her advice

and guidance during the process of research and writing this paper.

About the author Vjekoslav Klarić received a graduate degree from the Department of Mathematics

at the University of Zagreb’s Faculty of Science in 2010. In 2015 he completed a

postgraduate specialist study in Statistical Methods for Economic Analysis and

Forecasting, organized by the Faculty of Business and Economics, at the University of

Zagreb. Since 2011, he has been working for at Hrvatski Telekom d.d., the largest

telecommunications operator in Croatia. He is a member of the Croatian

Mathematical Society and the Croatian Operational Research Society. So far he has

published one scientific paper. Author can be contacted at

[email protected]

76


Kotor, Montenegro

Analysis of the Fiscal Rule Index in EU

Member States

Sabina Hodžić

University of Rijeka, Faculty of Tourism and Hospitality Management, Croatia

Emira Bečić

Ministry of Science, Education and Sports of the Republic of Croatia, Croatia

Abstract

Fiscal rules have been the centre of economic debate in European Union Member

States. They indicate the direction in which policymakers aim to evolve public

finances. In recent years the public finances of European Union Member States have

been affected by two major changes in economic and institutional settings. These

are the establishment of Economic and Monetary Union and progressive fiscal

decentralisation in a significant number of European Union Member States. In order

to support the fiscal decentralisation process European Union Member States need

to have appropriate fiscal policy rules. They can stimulate policy coordination

between different levels of government depending on their institutional coverage.

The aim of this paper is to present an analysis of the fiscal rule index and fiscal rule

strength index in European Union Member States, with special emphasis on Croatia.

The Directorate-General for Economic and Financial Affairs methodology was used

in analysing the fiscal rule index and fiscal rule strength index by type and

government sectors in the period from 2003-2013 in European Union Member States.

Based on our results, the fiscal rule index for Croatia, from the period 2003-2013, is

continually on the rise from -1.01 in 2008 to a high 1.43 in 2013.

Keywords: public finances, fiscal policy, fiscal rule index, fiscal rule strength index, EU

area

JEL classification: H60, H87

About the authors Sabina Hodžić, Ph.D., works as a Senior Assistant at the Department of Public Finance

at the Faculty of Tourism and Hospitality Management, University of Rijeka, Croatia.

She earned her master's degree (2007) and doctorate degree (2014) in economics

at the University of Rijeka. Her main field of research are public finance and

domestic and international taxation. She is an author or co-author of several works

published in local and foreign scientific journals and presented at international


Emira Bečić, Ph.D., works as a Senior Adviser at the Directorate for Science and

Technology of the Ministry of Science, Education and Sports of the Republic of

Croatia, mostly on the ERA policy and national reporting; economic growth and

wellbeing. She earned her doctorate degree in economics at the University of

Zagreb (2006). She is an author or co-author of more scientific articles and chapter in

books in the field of sustainable development, regional foresight, smart

specialization, science, research and economic growth. Author can be contacted




77


Kotor, Montenegro

Diagnosis of the Digital Competence Gap

between SMEs in Poland and the EU

Katarzyna Śledziewska, Renata Gabryelczyk

University of Warsaw, Poland

Abstract

The purpose of this study is to point out the gap in the digital competence between

SMEs in Poland and the European Union. For this evaluation the Eurostat database

was used. A literature review in relation to organizational competence allowed the

definition of digital literacy contained in the broadly defined ICT competence.

Digital tools simplify and accelerate decision making processes throughout the

management chain (EDI, ERP systems); allow the carrying out of more effective

business analyses (cloud computing); facilitate transactions (e-commerce/e-

invoicing), allow effective image and branding building (CRM systems, social

media), facilitate penetration of new markets and reachingnew customers (e-

commerce, CRM). The inference refers to the degree of digitization of SMEs in

selected areas, and diagnosis of the digital skills gap in Polish small and medium-

sized enterprises. The results of the analysis can be a starting point in building

recommendations regarding the use of modern information and communication

technologies by SMEs.

Keywords: digital competence, digitizationof SMEs, Integration of Digital Technology

JEL classification: O

Acknowledgments Digital Economy Lab University of Warsaw, http://www.delab.uw.edu.pl/

About the authors Katarzyna Śledziewska,PhD, assistant Professor at the Department of

Macroeconomics and International Trade, Faculty of Economic Sciences and

Coordinator of Digital Economy Lab at the University of Warsaw. Her academic

experience also includes studying at Amiens University as well as research fellowships

at School of Economics at Nottingham University. Professional pursuits: economic

integration, the European Union, international trade, digital economy and digital

skills.Author can be contacted at [email protected]

Renata Gabryelczyk, PhD, assistant Professor at the Department of Information

Systems and Economic Analysis, Faculty of Economic Sciences and partner of Digital

Economy Lab at the University of Warsaw. Her academic experience also includes

studying at Institute for Information Systemsat Saarland University, as well as research

fellowships at scientific centres in Heidelberg, Constance and Vienna. Professional

pursuits:modeling and analyzing business processes, ICT, facility

management,strategicaccounting. Additionally, she is a member of the Polish

Certificate of BPMN in Systems Research Institute of the Polish Academy of

Science.Author can be contacted at [email protected]


78


Kotor, Montenegro

Economic Development of Former Yugoslav

Countries

Saša Kresojević

Faculty of Technical Sciences, Novi Sad, Serbia

Abstract

In this paper, it will be discussed about economic development of former Yugoslav

countries before and after the war (1990-1995) in those countries. Before the war,

Socialist Federal Republic Yugoslavia has performed well until death (1980) of

Yugoslavian leader Tito. The peak of living standard in Yugoslavia in that time was in

1979, with Gross domestic product per capita converted in 2013 year value of

money was 10,090$. Many citizens in SFRY remember that period as “old good days”,

but there was significant disparity in GDP per capita between six republics. GDP per

capita in economically strongest republic Slovenia was higher than GDP per capita

in weakest country Bosnia and Herzegovina for 191.3%, After Tito’s death SFRY was

performing constant negative growth. After the war, six republics left into transition

process which has resulted with private owned economy with concept of liberalism.

Nowadays, highest average GDP in those countries was in 2008, year before than

world economic crisis came, with value of 11,064 converted $ and in 2013 it was

9,174 converted $.

Keywords: economic development, war, GDP per capita, real growth, living

standard.

JEL classification: P52

About the author Saša Kresojević is a student of the fourth year at the Faculty of technical sciences of

University of Novi Sad. In first four years of studies on first cycle, Saša published three

scientific papers as an author or as a co-author. Focus in those papers is on

improving transportation infrastructure and general economic development of

Bosnia and Herzegovina and Balkan region. Author can be contacted at

[email protected]


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Kotor, Montenegro

Impacts of EU Enlargement Process: A

Gravity Model Approach

Ildiko Virag-Neumann

MTA-PE (Hungarian Academy of Sciences-University of Pannonia) Networked

Research Group on Regional Innovation and Development Studies, Hungary

University of Pannonia, Faculty of Economics, Department of International

Economics, Hungary

Abstract

The approach based on the law of gravity for the study of international trade flows

has been widely used in recent years. Gravity model based studies have achieved

empirical success in explaining various “flows”, for example international trade. Due

to simplicity, high explanatory ability and improved econometrics the model is

convenient as an examination tool for the researchers. The objective of this research

is to provide an overview of the EU enlargement process in the period between 2000

and 2010 by means of a gravity model, as well as to estimate and measure the trade

growth as a consequence of the opening up of the trade in the EU. Analysing the

trade prospects for the new EU member states is important in the context of

European enlargement. My research question is the following: what was the effect of

EU enlargement on trade within and outside the EU?

I find that the EU enlargement has large and significant effects on both old and new

members' trading activities. Old and new members both increased their exports;

new members decreased their imports from the rest of the world. The relevant source

of novelty to research lies in the methodology of the econometric model.

Keywords: EU economic integration, gravity model of trade, panel estimation,

economy, research

JEL classification: F15, O52

About the author Ildiko Virag Neumann PhD works in Department of International Economics Institute

of Economics Faculty of Economic Sciences in University of Pannonia Veszprém,

Hungary. Research fields are: International Economics, international trade, European

integration,EU enlargement to Central and Eastern Europe. The author can be



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Kotor, Montenegro

Monetary Integration in Europe in the

Function of Fostering International Business

Srđan Šapić, Srđan Furtula

Faculty of Economics, University of Kragujevac, Serbia

Abstract

Through joining the European Economic and Monetary Union a heterogeneous

influence of member states cannot be avoided but all countries follow the logic of

the economic benefits of unification. Besides reducing transaction costs, greater

transparency in prices and the elimination of the uncertainty of exchange rate

fluctuations, there is a great impact of open borders on increasing trade between

member states. Therefore in this article we will analyze the Andrew Rose effect which

estimated that countries with same currency trade over three times as much with

each other as countries with different currencies. Through objective and systematic

analysis we well conclude that the positive effect of monetary integration on

increasing of international trade should be carried out in absolute and relative terms.

Keywords: monetary integration, European Economic and Monetary Union,

international trade, international business

JEL classification: F150

About the authors Srđan Šapić PhD is Associate Professor at the Faculty of Economics, University of

Kragujevac, Serbia, where he defended his PhD thesis in scientific field of of Business

Economics and Management. He teaches the subjects International business and

International marketing (undergraduate studies), Intercultural marketing (master

studies) and Management of international business (doctoral studies) at the Faculty

of Economics, University of Kragujevac. His research interests include international

business and international marketing. Author can be contacted at [email protected]

Srđan Furtula PhD is Assistant Professor at the Faculty of Economics, University of

Kragujevac, Serbia, where he defended his PhD thesis in scientific field of Finance,

Financial Institutions and Insurance. He teaches the subject Monetary Finance

(undergraduate studies), and Monetary system of the European Union (master

studies) at the Faculty of Economics, University of Kragujevac. His research interests

include finance, monetary policy, and monetary integration. Author can be




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Kotor, Montenegro

The Effects of Immigrant Consumption

Experience Abroad in the Education of

Albanian Consumption According to

International Gusto and Standards

Elvira Fetahu, Ilir Bejtja

Department of Marketing and Engineering, Economic Faculty, UE, Albania

Elona Fetahu

Department of Mathematics, Faculty of Natural Sciences, UE, Albania

Anila (Voci) Çekrezi

Department of Finance and Accounting, Economic Faculty, UE, Albania

Abstract

Going international for a national economy in an increasingly globalization process

does not mean just thinking how to export products and services. First, you have to

create and implement international standards for the home country products and

services. The process of internationalization is an integral proscess, affecting culture,

politics, economy and way of living as well. Going international for an economy is a

very broad issue but the way we refer in this paper is very closely related to the living

standards of the people and more specifically of the immigrant communities

between the host country and the country of origin. There are different ways of rising

up and establishing international standards in consumption in the domestic market,

one of which sounds to be smooth and very natural considering the transformation

process. Consumption is part of the culture and so is the way of living. This means

that it should be a long process to adopt international standards of consumption in

the internal market. But it is not the same when we consider immigrants and their

relatives have intense exchange of experiences with them, and the fact that

immigrants are bicultural. They naturally can ‘import’ their second culture elements

and standards home. The positive effects of this phenomenon which comes as a

result of the process of education of the domestic market from the immigrant

consumption experience abroad directly impacts the home market demand for

consumption according to the international gusto and standards. Albanian

immigrant group have been for many years, and still are very important enclave for

the internationalization of our economy, as they represent more than 1/3 of our total

population. Having into consideration this fact, the goal of this paper is to analyze

the consequences that the domestic market, goods and services, have had so far

and how the production standards have evolved.

Keywords: internationalization, immigrant, consumption, bicultural, economy

JEL classification: F22

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About the authors Elvira Fetahu, PhD, is a lecturer at Faculty of Economy, University “A. Xhuvani“

Elbasan and member of Higher Education Reform Experts (HERE) of Albania. She

obtained her B.Sc. (Finance) from University of New York in Tirana and Empire State

College, M.Sc. (International Business and Marketing) from European University of

Tirana and her PhD on Marketing at University “A. Moisiu” Durrës. She has been a

visiting researcher at ECMI in Flensburg, Germany and GSSPS at the University of

Milan in Italy during her PhD studies. She is involved in research about

internationalization of the Albanian economy with focus on immigrant

entrepreneurship of Albanians in the Province of Milan, Italy and also member of

HERE providing expertise, promoting and enhancing progress toward further

modernization of the higher education sector and guidance to higher education

institutions in the area of quality assurance and curricular reform. Author can be


IlirBejtja, PhD in Marketing, Lecturer at the University “Aleksander Xhuvani” of Elbasan.

She is lecturer of International Marketing Management, Marketing Management,

Marketing on Travel and Tourism and EU Economic Policies and Project. Author can


Elona Fetahu, M.Sc., is a lecturer of Applied Mathematics at the Faculty of Natural

Sciences, “Aleksandër Xhuvani” University, Elbasan. She obtained her B.Sc.

(Mathematics) from University of Tirana and M.Sc. (Applied Mathematics) from the

Central European University in Budapest. Author can be contacted at

[email protected]

Anila (Voci) Çekrezi, PhD in Finance is a lecturer of Financial Markets, Cash and bank

at the University of Elbasan. She obtained her M.Sc. (Finance) from the University of

Tirana. Author can be contacted at [email protected]





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Kotor, Montenegro

The Risk of Hypothecary Credit Indexed

to Swiss Franc

Jerzy Zemke

University of Gdańsk, Poland

Abstract

The idea of crediting and credit repayment is based on an assumption that each

payment of the principal reduces the debt balance. This tendency is not followed in

case of the hypothecary credit allowed and paid out in PLN and indexed to Swiss

franc. Here, the balance of principal repaid in PLN is a function of currency

exchange rate fluctuations. The situation denies then the idea of credit, according

to which "you pay back as much as borrowed”. The cost of credit, calculated as a

total of the LIBOR - credit in CHF (WIBOR - credit in PLN) rateand the bank’s margin

specified in the contract. The purpose of the paper is to prove that a banking

product like this does not meet the standards of crediting, the principal balance

being dependent on the unforeseeable direction of changes. The purpose of the

paper is to design a model of risk of the hypothecary credit indexed to Swiss franc, to

enable the measurement of the loan payment risk. The model design methodology

assumes control variables of the risk monitoring process to be included in the model

structure. The estimated loan payment risk measures have revealed an upturn in the

loan payment risk related to higher PLN/CHF rates and the resultant higher cost of

credit accompanied by the loan principal growth. The risk dynamics estimations for

the years 2006 – 2012 support the research thesis – the banking product analysed

does not show the characteristics of a loan. Under growing PLN/CHF rates, the loan

principal indexation translates into the debt balance escalation.

Keywords: hypothecary credit, credit indexed to Swiss franc, credit risk of indexed to

Swiss franc, risk measurement

JEL classification: G21

About the author Jerzy Zemke graduated at the Nicolaus Copernicus University in Torun - Poland,

where he completed his Master Thesis in Mathematics. He obtained his Ph.D. degree

in Economics at University of Gdansk. He lectures at the Faculty of Management of

The University Of Gdansk in mathematics, econometrics, operation research and risk

in economic organizations. During the period 2005 – 2008 his research interests

focused on enterprises management under risk and especially on the formalization

of the risk space definition, risk itself and risk measurement methods. He is an author

of 40 articles on the subject of risk published in Poland and USA. The results have

been published in the monograph “Risk in the Business Organization Management”

(edited by the University of Gdańsk, April 2009). Additionally to his academic

assignments, he collaborates with financial institutions, banks and insurance

companies. He is a licensed Insurance Broker. uthor can be contacted at

[email protected]


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Kotor, Montenegro

Active Sports Tourism in Slovenia:

Preliminary Research

Damjan Pintar

Fakulteta za komercialne in poslovne vede, Celje, Slovenia

Abstract

Researches from last years in the Alpine space and countries that develop active

tourism, shows that tourist, that are interested into active holidays targeting sport

oriented or relaxing holidays with elements of sports, are better consumers, higher on

the social scale and live in bigger cities. At the same time this consumers spend their

holidays several times a year, on a shorter base. Sport is also starting to be one of the

main decision-making factors for majority of tourist in this region. This is proved by

constant increase of Active sport holidays or Sport related holidays in development

of successful tourist destinations in Europe. Goal of this work is to present preliminary

research of potentials for active holidays in part of Slovenian mountain region. The

research is made in the sample of tourists that are based in hotels and apartments of

Slovenian tourist destination Kranjska Gora in the facilities of Hit Alpinea (HA)

company. The habits, plans, consumption and type of accommodation related to

active holidays were examined.

Keywords: tourist destination, active sports tourism, active lifestyle, Slovenia, HIT

Alpinea


About the author Damjan Pintar has postgraduate degree in sports management (MEMOS) and Master in

Sport Organization Management from University Claude Bernerd Lyon 1. Half of his 28 years

of professional career, he spent managing tourist company Unitur as marketing and

executive director, and half in the management of national Olympic committee of Slovenia.

Currently he acts as international consultant at the field of Sports and Tourism in Slovenia and

abroad. He is IOC - Olympic Solidarity consultant, member of assembly of Slovenian

chamber of Economy and industry and as vice president of European mountain resorts

association. As an invited lecturer, he participated in numerous sports marketing seminars

and practically developed marketing in several countries around the globe. Damjan Pintar



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Kotor, Montenegro

E-Agriculture: Montenegro Case

Davor Coric, Milos Popovic

University of Donja Gorica, Montenegro

Abstract

The use of information technology in the field of agriculture is one of the biggest

challenges in the field of agriculture in economic transition in Montenegro.

Montenegrin society has made significant progress in the development of

agriculture, but there are difficulties in the implementation of modern technologies in

all phases of agricultural production. The importance of ICT application in agriculture

is very significant from the standpoint of reductions in manufacturing costs, yield

increase, protection of the environment, etc. This paper will deal with the problems

and proposed solutions (examples) for the application of ICT in the production

process, in the process of planning and reporting within the agricultural sector. The

research focuses on a comparison of the current situation in the Montenegrin

agricultural sector with the situation at the EU level as well as several global

initiatives. ICT application in agriculture is also important from the point of view of

producers (small and large), and from the standpoint of the state in terms of

monitoring the implementation of planned activities. Therefore, it is crucial for

Montenegro to keep developing in this field. This paper could also serve as a

guideline for the Government in implementation of development policies in the e-

Agriculture field.

Keywords: e-Agriculture, ICT, food production, sustainability, efficiency

JEL classification: Q160, O390

About the authors Davor Coric works at Faculty for Information Systems and Technologies

(www.udg.edu.me/fist). He holds a degree in electrical science and international

economy. Specializations: VLSI technology, Project management, Business IS, VBA,

C, C++. Author can be contacted at [email protected]

Milos Popovic is a Teaching assistant at Faculty for Information Systems and

Technologies (JAVA programming and Business informatics course). He holds a

degree in Information Systems and Technologies from University of Donja Gorica.


http://www.udg.edu.me/fist

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Kotor, Montenegro

EcoSmart Energy and Health Care

Promotion in Senior Tourism

Amila Pilav-Velic, Nedim Suta, Anes Hrnjic

University of Sarajevo, Bosnia and Herzegovina

Abstract

Recent studies show that seniors will soon become one of the major prospective

segments in hospitality and travel industry. Given that population aged 65+ is usually

retired with pensions, they have leisure time for travelling at any time of the year.

They are also the most demanding expecting services excellence and high-level

security while at the same time 63% of seniors aged 65-74 reported some sort of

chronic illness. Hence, energy-efficient and health-focused facilities can be a

significant potential for tourism development in Sarajevo region, which is a popular

destination considering its unique nature, rich gastronomic, cultural and historical

heritage. However, currently there is no market segmentation tailored to specific

needs of senior tourists and research aims to explore opportunities and potential for

this type of services with the objective of introducing accommodation facilities for

elderly based on eco-smart solutions with highlighted focus on well-being and

health. Setting of still water machines and installation of renewable energy system for

electricity, ventilation and heat can have various positive effects increasing security,

providing more healthy conditions, influencing life expectancy and counteracting

the aging. Thus, research goal is creating feasibility study on eco-smart and health-

focused facility for senior tourists in Sarajevo region using strategic management

tools as a methodology instruments, including application of PEST concept,

determining industry development phase as well as evaluating its structure,

attractiveness and profitability via five forces of Porter model. Recommendations for

future studies as well as practical implications for appropriate business actions are

given in the conclusion relating to senior tourism development in Sarajevo region.

Keywords: senior tourism, eco-smart energy, health care, sustainable development

JEL classification: L83, Q57, O13

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About the authors Amila Pilav-Velić, PhD is Assistant Professor at School of Economics and Business in

Sarajevo within the Department of Management and Information technology. Her

primary research interests lie in the Innovation management, Business Process

Management and Interorganizational collaboration. She authored numerous research

papers. Two years ago she has been promoted to Head of Faculty Development Center.


Nedim Suta, MA is academic staff member at Faculty of Science, Department of Biology

since 2011 (got promoted to Senior Teaching Assistant in 2014) and PhD candidate in

the field of Ecology/Behavior biology at the same institution. He also obtained

specialization in Behavioral biology of humans and animals in 2010, which is also his

primary research interest. He is also an author of numerous research papers and

university publications. Author can be contacted at [email protected]

Anes Hrnjic, MA is Teaching Assistant at University of Sarajevo within Department of

Management and Organization since 2013 and PhD student in the field of

Business/Management at the same institution. Previously, he obtained his Bachelor of

Science degree in Business Administration in the United Sates at Stillman College and

Master’s degree at University of Sarajevo. Past experience include work in organizations

such as European Projects Association in Brussels or largest tele operator in his native

country. Author can be contacted at [email protected]


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Kotor, Montenegro

Innovation of New Knowledge in Sustainable

Tourism through Social Innovation

Judita Peterlin, Vlado Dimovski

Faculty of Economics University of Ljubljana, Slovenia

Abstract

The goal of our paper is to present the knowledge management process of social

innovation endeavour undertaken in the field of sustainable tourism of the capital of

Slovenia. We present all phases of social innovation and focus on the findings of the

second phase. We use the methodology of social innovation that is composed of

structured open-ended questionnaires. Questionnaires took 30-40 minutes to be filled

out. The answers were transcribed and analysed with NVivo 10 software. We

conclude that social innovation is a beneficial methodology that provides the

inclusion of key stakeholders in sustainable tourism. That is, local community has an

opportunity to be heard, empowered and engaged in sustainable tourism initiatives

and activities that not only enrich the spectre and essence of sustainable tourism

offer but also preserve, cultivate and nurture the human potentials of the locals by

including and valuing their ideas and creative solutions to social and environmental

challenges.

Keywords: social innovation, sustainable tourism, stakeholders, participative

management

JEL classification: M10, M14

Acknowledgments: We wish to thank European Social Fund.

About the authors Judita Peterlin, PhD is a research and teaching assistant at the Faculty of Economics,

University of Ljubljana. She graduated from the Faculty of Social Sciences and

Faculty of Economics University of Ljubljana. In the study year 2014/15 she is a

teaching assistant at the following courses: Foundations of management and

organization, Management – English Track, Knowledge management, and

Advanced management.Her main research interests are: social innovation,

leadership development, sustainability. Author can be contacted at

[email protected]

Vlado Dimovski, PhD, is a full professor of management and organizational theory at

the University of Ljubljana, Faculty of Economics in Slovenia. He received his B.A.

degree in Economics at the University of Ljubljana, the B.A. degree in Philosophy at

the University of Ljubljana, the M.A. degree in Economics at University of Ljubljana,

and the Ph.D. degree in Management and Finance at Cleveland State University. His

primary areas of expertise are organizational learning, management, organizational

behaviour and leadership. He conducts research on knowledge management and

organizational learning process and regularly provides consulting about

organizational learning for business entities. Author can be contacted at

[email protected]

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Kotor, Montenegro

Innovative Approaches in Tourism Business

Development

Tatjana Stanovčić, Đurđica Perović, Sanja Peković

University of Montenegro, Faculty of Tourism and Hotel Management,

Montenegro

Abstract

In order to provide superior experience for tourists, innovative approaches in tourism

business and product development are needed. The objective of this paper is to

highlight the key challenges in creation of innovative tourism business opportunities,

and provide wider understanding of its importance, especially for SMEs. A review of

relevant literature on innovations in tourism is undertaken, then focusing on the

specific issues in areas of potential forms of innovation. Specialisation, thematisation,

inscenation, diversification and resort concept are identified as key innovative

opportunities. On the other side, several management and marketing issues are

identified regarding mentioned innovative approaches. First of all, competitive

tourism environment generates need for cooperative forms of business behaviour,

where networking provides additional sources for implementation of innovative

initiatives, especially by SMEs. Key benefits of innovations in tourism business are

noted and clearly defined, but in the practical sense, these opportunities are still, to

a large extent, underused.

Keywords: innovations, tourism, specialisation, diversification


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About the authors Tatjana Stanovcic has a Ph.D. in Economics from the University of Belgrade. She is a

Professor at the Faculty of Tourism and Hotel Management where she preformed the

function of Dean since 2007 till 2013. Stanovcic participates in research projects

developed jointly with other departments of University of Montenegro but also

closely collaborates with other faculty in the region. Her main research interest

focuses on the analysis of the financial and accounting indicators in tourism and

hotel management, and on this topic she has presented studies at national and

international scientific congresses, which have been published in international

journals. Author can be contacted at [email protected]

Dr Djurdjica Perovic has a PhD from University of Novi Sad, with the Thesis. She is an

Associate Professor at the Faculty of Tourism and Hotel Management. She presented

and published several articles and congress papers within the field of tourism

development, selective tourism, and sustainable development in tourism and hotel

industry. She is a member of Editorial Board for number of journals. She has attended

many courses and seminars related to geotourism, entrepreneurship, selective

tourism, faculty development and e-learning. Author can be contacted at

[email protected]

Dr Sanja Pekovic has a Ph.D. in Economics from the University Paris-EST. She is


Researcher at the Centre for Labour Studies (Centre d’Eudes de l’Emploi) and









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Kotor, Montenegro

Modern Web Visualization Concepts of

Tourist Destination

Zoran Katanić

Student of the doctoral program at University Singidunum, Belgrade, Serbia

Abstract

Researches in this study refer to practical application of innovative concept of

visualization as a concept of tourist services through new information technologies

and their impact on quality of tourist agency offer. Furthermore, the study contains a

brief overview of the most frequently applied visualization tools and their basic

properties. The basic research assumptions in the study are directed towards Internet

presentation of commercial tourist offer, enabling spatial experience of a

destination, constant availability of information, as well as usage of web and android

applications which leave greater impression on potential user of the services than

standard leaflets and catalogues. The presented results of analysis have shown that

application of modern visualization concepts improves tourist product and visits to

destinations. Thus, destinations using modern information systems on their Web sites

have better presentation of tourist offer and achieve greater competitiveness on the

market.

Key words: visualization, development, Android applications, Web Design,

innovations, modern information systems, quality

JEL classification: 0320 Management of Technological Innovation and R&D

About the author M.Sc. Zoran Katanić was born in Kosovska Mitrovica in 1962. He graduated economy

and master studies at the Economics Faculty in Priština. He is a student of the

doctoral program at University Singidunum, Belgrade, Serbia. He is an author of

several scientific and professional papers. Currently lives in Vrnjacka Banja. Author



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Kotor, Montenegro

Revisiting the Impact of ICT to the Tourism

Development

Iris Mihajlović

University of Dubrovnik, Croatia

Ivan Strugar

Faculty of Economics & Business – Zagreb, University of Zagreb, Croatia

Abstract

Technological development and tourism is close connected since exponential

growth is realized in both areas in last 50 years. Information and communication

technology influence on global scale on tourism development, and tourism

development change the business practice and development strategies. Three new

systems has dramatically influence on tactical and strategic level of doing business,

computer reservation systems, global distribution system and Internet. Technological

changes are obvious in three directions: radical changes in existing industries,

development of new industries, incentive of new market development and industries

which are not in direct connection with new technologies. The aim of this paper is to

point on new technologies development on tourism thru overview of previous

research.

Keywords: tourism, ICT, technology, innovation


Acknowledgments: This work has been fully supported by Croatian Science

Foundation under the project STRENGTHS (project no. 9402).

About the authors Iris Mihajlović is an Assistant Professor at Department of Economics and Business

Economics. She received her Ph.D. degree in Social Sciences, in the field of

Economics - Trade and Tourism in 2012, at the Faculty of Economics & Business -

Zagreb. She is a lecturer at Department of Economics and Business Economics at

University of Dubrovnik teaching numerous courses at the undergraduate and

graduate level related to tourism. Her research interests are Strategic

Quality Management, e- tourism, Innovations in Distribution Systems and Travel

Distribution Systems. She is the member of Economic Forum of AAIR (American

Association of International Researchers. The author can be contacted


Ivan Strugar is a Professor at the Department of Informatics at the Faculty of

Economics & Business. He graduated at the Faculty of Economics & Business –

Zagreb, where he received his Ph.D. degree in Social Sciences, Humanities and

Theology in the field of Economics in 1997. He is lecturer at the Faculty of Economics

teaching information technology courses at undergraduate, graduate, post -

graduate and doctoral level at the various Universities in Croatia, Slovenia and

Bosnia and Herzegovina. His interests include business information systems

application in accounting, banking and tourism, cloud computing, collaboration

and document management systems, Web, intranet and e-learning development

and application. The author can be contacted at [email protected]



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Kotor, Montenegro

Satisfaction of Tourist at the Tourist

Destination Portorož - Piran

Vesna Petrovčič Mišić

University of Primorska, Faculty of Management Koper, Slovenia

Abstract

In our research we measured tourist satisfaction at the destination Portorož - Piran.

The survey was conducted with the continuous monitoring methodology, according

to the criteria given by the Directorate for Tourism of Slovenia, along with their

standardized questionnaire for tourist destinations, which is based on the world-

renowned models of user satisfaction. We administered the questionnaires in the

period of high season, during summer from June till September and in December

2013. Several factors were analysed: the socio-demographic structure of the tourists,

their countries of origin, their main tourist motives for visiting this tourist destination,

their sources of information about the resort, the frequency and length of the tourists'

stay, their placement according to individual accommodation facilities, the tourists'

therapeutic, sport, recreational and other needs, their satisfaction with health care

and tourists' provisions, planned trips at the tourist destination and its surroundings.

The goal of this paper is to determine the level of satisfaction of tourists at the tourist

destination Portorož - Piran in the high season. In addition, we examined the

theoretical knowledge, of renowned domestic and foreign experts, on the

satisfaction of tourist and related factors, determined the level of tourist satisfaction

and factors that influence the satisfaction of tourists in this destination, we identified

the main tourist motives (desires and expectations), identified possible shortcomings

in this tourist destination and developed recommendations for professionals.

Keywords: satisfaction, tourist destination, tourism, tourists, tourist offer, travel motives,

quality of tourism services, sustainable development

JEL classification: L83, L84, Q26

About the author Vesna Petrovčič Mišić was born on 21st August 1982 in Šempeter pri Gorici, Slovenia.

After finish the 4 year’s high school (Gymnasium in Nova Gorica) in 2001, she

attended the Faculty of Management Koper. In 2007 she graduated with the

diploma in Economics. In 2008 she finished the postgraduate Specialisation Study of

Management at FM Koper. Now she is working on her Master Thesis on a Science

Master Study programme at Faculty of Management Koper. She is actually

employed at LifeClass Hotels & Spa Portorož (Area Sales Manager for Italian market).



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