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
Sveučilišna tiskara, Zagreb
ISSN 1849-7969
ISSN 2806-612X
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
1
ENTRENOVA 10-11, September2015
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
2
ENTRENOVA 10-11, September2015
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
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ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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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ENTRENOVA 10-11, September2015
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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
Konstantinos ANAGNOSTOU is a Professor at the Department of Electrical
Engineering of the TEI of Central Greece, Greece. Author can be contacted at
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
Greece, Greece. Author can be contacted at [email protected]
Anastasia PANTERA is a Professor at the Department of Forestry of the TEI of Central
Greece, Greece. Author can be contacted at [email protected]
Anna DELTSIDOU is an Associate Professor at the Department of Midwifery of the TEI
of Athens, Greece. Author can be contacted at [email protected]
6
ENTRENOVA 10-11, September2015
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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ENTRENOVA 10-11, September2015
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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ENTRENOVA 10-11, September2015
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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]
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ENTRENOVA 10-11, September2015
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
JEL classification: L83
10
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
JEL classification: M15
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.
Author can be contacted at [email protected]
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
12
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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.
Author can be contacted at [email protected]
17
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
19
ENTRENOVA 10-11, September2015
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
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
conferences. Author can be contacted at [email protected]
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
contacted at [email protected]
20
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
21
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
22
ENTRENOVA 10-11, September2015
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
23
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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.
Author can be contacted at [email protected]
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.
Author can be contacted at [email protected]
25
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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:
27
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
Kotor, Montenegro
About the authors 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 Centre for Labour 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]
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
ENTRENOVA 10-11, September2015
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
30
ENTRENOVA 10-11, September2015
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
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
ENTRENOVA 10-11, September2015
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
32
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
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.
Author can be contacted at [email protected]
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
contacted at [email protected]
35
ENTRENOVA 10-11, September2015
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
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
ENTRENOVA 10-11, September2015
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
37
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
JEL classification: L1
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.
Author can be contacted at [email protected]
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
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
39
ENTRENOVA 10-11, September2015
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
JEL classification: L86, O33
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
ENTRENOVA 10-11, September2015
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
be contacted at [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 – 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
can be contacted at [email protected]
41
ENTRENOVA 10-11, September2015
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
JEL classification: O3
42
ENTRENOVA 10-11, September2015
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
conferences. Author can be contacted at [email protected]
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
can be contacted at [email protected]
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
43
ENTRENOVA 10-11, September2015
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.
44
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
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
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
contacted at [email protected]
46
ENTRENOVA 10-11, September2015
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
JEL classification: M15
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
can be contacted at [email protected]
47
ENTRENOVA 10-11, September2015
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
JEL classification: C45
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
ENTRENOVA 10-11, September2015
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
JEL classification: C53
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
49
ENTRENOVA 10-11, September2015
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
50
ENTRENOVA 10-11, September2015
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
can be contacted at [email protected]
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
ENTRENOVA 10-11, September2015
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
52
ENTRENOVA 10-11, September2015
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
53
ENTRENOVA 10-11, September2015
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
conferences. 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. The author can be contacted at
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
can be contacted at [email protected]
54
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
55
ENTRENOVA 10-11, September2015
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
JEL classification: M3
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
can be contacted at [email protected]
56
ENTRENOVA 10-11, September2015
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
57
ENTRENOVA 10-11, September2015
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
JEL classification: O39
58
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
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
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]
59
ENTRENOVA 10-11, September2015
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]
60
ENTRENOVA 10-11, September2015
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
JEL classification: O330
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
contacted at [email protected]
61
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
Kotor, Montenegro
Market Research for Organic Products in
Everyday Use in Koprivnica-Križevci County
Kristina Vrhovec-Žohar
University North, Croatia
Vedrana Bojkić Faculty of Agricultre, Osijek, Croatia
Igor Klopotan
University North, Croatia
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
ENTRENOVA 10-11, September2015
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
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
be contacted at [email protected]
65
ENTRENOVA 10-11, September2015
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
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
ENTRENOVA 10-11, September2015
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
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
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
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.
Author can be contacted at [email protected]
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
68
ENTRENOVA 10-11, September2015
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
JEL classification: M14
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
contacted at [email protected]
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
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
70
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
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
72
ENTRENOVA 10-11, September2015
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
JEL classification: M41
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
ENTRENOVA 10-11, September2015
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
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
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
75
ENTRENOVA 10-11, September2015
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
76
ENTRENOVA 10-11, September2015
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
conferences. Author can be contacted at [email protected]
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
ENTRENOVA 10-11, September2015
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
ENTRENOVA 10-11, September2015
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
79
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
80
ENTRENOVA 10-11, September2015
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
contacted at [email protected]
81
ENTRENOVA 10-11, September2015
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
82
ENTRENOVA 10-11, September2015
Kotor, Montenegro
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
contacted at [email protected]
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
be contacted at [email protected]
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
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]
83
ENTRENOVA 10-11, September2015
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
84
ENTRENOVA 10-11, September2015
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
JEL classification: L83
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
can be contacted at [email protected]
85
ENTRENOVA 10-11, September2015
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.
Author can be contacted at [email protected]
86
ENTRENOVA 10-11, September2015
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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ENTRENOVA 10-11, September2015
Kotor, Montenegro
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.
Author can be contacted at [email protected]
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]
88
ENTRENOVA 10-11, September2015
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
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
89
ENTRENOVA 10-11, September2015
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
JEL classification: M21
90
ENTRENOVA 10-11, September2015
Kotor, Montenegro
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
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 Centre for Labour 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]
91
ENTRENOVA 10-11, September2015
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
can be contacted at [email protected]
92
ENTRENOVA 10-11, September2015
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
JEL classification: L83, O31
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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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).
Author can be contacted at [email protected]
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