(BEM-2016) 12 - Awer-Center

5TH WORLD CONFERENCE ON BUSINESS, ECONOMICS AND MANAGEMENT (BEM-2016)

12 – 14 May 2016 Limak Limra Hotel & Resort, Convention Center Kemer, Antalya-Turkey

ABSTRACTS BOOK

Organization Association for Human, Science, Nature, Education and Technology Academic World Education and Research Center - A non-profit international organization www.awer-center.org

President Prof. Dr. Çetin Bektaş, Gaziosmanpasa University, Turkey

Organizing Committee Prof. Dr. Andreea Iluzia Iacob, Bucharest Academy of Economic Studies, Romania Assist. Prof. Dr. Aslıhan Tüfekçi, Gazi University, Turkey Assist. Prof. Dr. Fatma Ulucan Özkul, Bahcesehir University, Turkey Assist. Prof. Dr. Bora Şenyiğit, Zirve University, Turkey Dr. Andreea Claudia Serban, Academy of Economic Studies, Bucharest, Romania Dr. Nikzad Manteghi, Islamic Azad University Tehran, Iran Naziyet Uzunboylu, Manchester Metropolitan University, UK

Coordinator Nazlu Uzunboylu, Manchester Metropolitan University, UK [email protected]

INTERNATIONAL SCIENTIFIC COMMITTEE Prof. Dr. Andrea Iacobuta

Alexandra Ioan Cuza University

Romania

Professor Anton Sorin Gabriel Prof. Dr. Erol Çakmak Prof. Dr. Foued KHLIFI

Alexandru Ioan Cuza University Atatürk University Higher Institute of Management Gabès Anadolu University Anadolu University Anadolu University Anadolu University Çukurova University Çukurova University Kahramanmaraş Sütçü İmam University Çukurova University Çukurova University Marmara University İstanbul Gelisim University Selcuk University Gaziosmanpasa University Marmara University Turizm University Giresun University Anadolu University Yildiz Teknik University Yildiz Teknik University Atatürk University Kocaeli University Istanbul Universitesi Marmara University Çukurova University Marmara University Zonguldak Karaelmas University Maltepe University Istanbul Technical University Istanbul Kultur University Atatürk University Ege University Izmir Economy University Okan University Eastern Mediterranean University Izmir Economy University Doğuş University North University of Baia Mare Almaty Management University, Kazakhstan University of Sains Malaysi

Romania Turkey Tunisia

Prof. Dr. Seval Kardeş Selimoğlu Prof. Dr. Sevgi A. Öztürk Prof. Dr. Gunes N. Zeytinoglu Prof. Dr. Mustafa Özer Prof. Dr.Hatice Doğukanlı Prof. Dr. Canan Madran Prof. Dr. Ahmet Hamdi Aydin Prof. Dr. Azmi Yalçin Prof.Dr.Fatma Demirci Orel Prof. Dr. Aysu Insel Prof.Dr.Muharrem Varol Prof.Dr. Abdülkadir Buluş Prof.Dr.Salih Barişik Prof. Dr. A. Suut Dogruel Prof. Dr. Murat Kasimoglu Prof. Dr. Bekir Kemal Ataman Prof. Dr. Seval Kardeş Selimoğlu Prof. Dr. Nevin Coşar Prof. Dr. Ercan Eren Prof. Dr. Önder Barli Prof. Dr. Yusuf Bayraktutan Prof. Dr. Yakup Selvi Prof. Dr. Fatma Dogruel Prof. Dr. Mahir Fisunoğlu Prof. Dr. Münir Şakrak Prof. Dr. Turhan Korkmaz Prof.Dr.Mehmet Tanyaş Prof. Dr. Suat Teker Prof. Dr. Ayşe Can Baysal Prof.Dr. Atılhan Naktiyok Prof. Dr. Rezan Tatlıdil Prof. Dr. Erhan Ada Prof. Dr. Enar A. Tunç Prof. Dr. Hüseyin Araslı Prof. Dr. Cengiz Erol Prof. Dr. Benan Orbay Assoc, Prof. Dr. Gratiela Boca Assoc. Prof. Dr.Gulzhanat Assoc. Prof. Dr. Nabsiah Abdul Wahid

Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey North Cyprus Turkey Turkey Romania Kazakistan Malaysia

Roberto J. Santillán-Salgado Assoc. Prof. Dr. Tiberiu Socaciu

EGADE Business School (Monterrey Tec) University of Suceava

Mexico Romania

ABSTRACTS Accounting and Management Of Green Certıfıcates in Romania

Florentina Moisescu, University Dunarea de Jos, Romania.

Abstract Energy has become a strategic factor in global politics, a vital component and a cost factor for economical growth and the progress of society overall, by generating a series of major preoccupations on a global level. Romania possesses a diverse range of fossil and mineral primary resources, yet reduced quantitatively: crude oil, natural gases, coal, uranium ore, as well as an important potential of renewable resources. To support the investment in the capitalization of renewable resources, Romania’s authorities have promoted a very generous scheme of subventions through green certificates which manufacturers receive for free, and sell them on a specialized market, where manufacturers are bound to purchase them for covering the minimum, mandatory quotas of renewable energy from the to tal energy delivered to the final consumers. This quota is established every year by the National Regulatory Authority (ANRE). This work deals with the organization and functioning of the green certificates’ market and the accounting regulations for the transactions with these securities. Given the fact that the law states a minimum value for the green certificates as well as these are traded in a regulated framework, trading values being available, it is proposed for them a distinct accounting approach.

ADDRESS FOR CORRESPONDENCE: Florentina Moisescu, University Dunarea de Jos, Romania. E-Mail Address: [email protected]

Financial Leasing in Romania - Integration in The European Normality


Abstract The economic importance of leasing derives from the fact that it provides capital which is used for investment purposes. This, in turn, means a healthy economy, generates employment and promotes innovation. Considering the majority of the financial leasing companies in Romania are members of the major European financial groups, an analysis of the evolution of national leasing market can be realised only by considering the economic growth signs that Europe may provide them. If the credit institutions are already required to apply IFRS, the Order No. 27/2011 for the approval of the accounting Regulations in accordance with the European directives seems to prepare also the non-banking financial institutions for this step. This paper presents an analysis of the national financial leasing market in the period between 2010 and 2014, reporting to the European market, including a case study on the method of accounting financial leasing by the lessor, a nonbanking financial institution, according to the European standards.


Using Environmental Accounting For an Increase Of Company Social Responsibility


Abstract Corporate social responsibility (CSR) is not just about the image of the company, but it is a strategic management decision contributing to the general performance of the company. Moreover, the company’s performance is not limited only to superior financial-accounting results, but it also entails non-financial and financial aspects of its activity. The problem that all nations are facing is the use of natural resources in a sustainable way. In other words, how resources should be managed so that they may be used in such a manner that will ensure both the present generation’s needs as well as the future generation’s needs. It is a matter of high importance that companies make public the information regarding their practices and achievements in the area of corporate social responsibility and sustainability. This requirement will become mandatory so that companies can gain the desired credibility and continue to exist on the market. “Nature doesn’t require us to act as a genius, it’s enough to be rational.”


The Economic Impact Of Using Green Energy in Romania


Abstract The project deals with the potential of the renewable energy available to Romania and in particular the potential of the solar and wind power, certified by forms of relief, existing production quota at the present time (insignificant covered) but also the interest of some international companies for the implementation of some projects of scale in areas with high potential. The purpose of the use of renewable energies is to decrease costs, increase the country's economy by attracting new investors but also to eliminate environmental pollution. Medium and long term investment in green energy will bring major benefits, such as eliminating our dependence on conventional sources, reducing greenhouse gas emissions and CO2, increasing the safety in power supply of industrial and individual consumers, the diversification of energy sources and the impact of socially beneficial in the development of the rural areas, where wind power plants are built. In the past years, the electricity generated from renewable sources in Romania is becoming increasingly available. Consumers can support the development of a clean energy by choosing such renewable energy sources and the Romanian Government supports investments in green certificates mechanism.


The Competitive Advantages Of The Spanish PPP Companies in North America

Samuel Carpintero, Polytechnic University of Madrid, Spain.

Abstract This paper shows that the Spanish developers have been very successful in penetrating the public-private partnership (PPP) market for transportation projects in the United States and Canada, mostly during the last decade, and examines why they have been capable of being more aggressive than their competitors. It argues that the risk management approach of the Spanish companies has been positively influenced by the bundled model of these corporations, the fact that they have large in-house engineering skills, their long experience in dealing with PPP projects, and the risk culture of these companies.

ADDRESS FOR CORRESPONDENCE: Samuel Carpintero, Polytechnic University of Madrid, Spain. E-Mail Address: [email protected]

The Relationship between Personality Traits and Decision-making Styles in Home Appliance Market Roghayeh Taraz, Iran. Abolfazl Abolfazli, Iran.

Abstract Of traits affecting on the purchase decisions, we can refer to the persons' personality traits. The personality traits determine consumer's method for data processing from outside and lead to taking different styles of decision-making. Of the customers' decision-making styles discussed by Sproles and Kendall can be referred to Perfectionism Consciousness, Brand Consciousness, Fashion Consciousness, Hedonic Consciousness, Price Consciousness, Impulsiveness, Confused By Overchoice and Brand Loyalty. Accordingly, this research studies the relationship between persons' personality traits and customers' decision-making styles at home appliance devices based on CSI. The statistical universe included 385 customers of home appliance market randomly selected. Persons' personality traits was evaluated by using evaluation questionnaire of five personality traits and the customers' decision-making styles by using questionnaire based on Five Likret Spectrum, spss and Lisrel software. The findings of the research indicate that there is a meaningful relationship between personality traits of extraversion, Conscientiousness, Agreeableness and openness with respect to the new experiences and decision-making styles, while there is not a meaningful relationship between personality trait of neuroticism and decision-making styles.

ADDRESS FOR CORRESPONDENCE: Roghayeh Taraz, Iran. E-Mail Address: [email protected]

Ethnic Identity in Consumer Socialization

Eric V. Bindah, University of Buraimi,Oman.

Abstract Globalization is a cause of increasing commonalitiesamong consumers and also encourages local resistances. This has prompted marketers to investigate,monitor and understand the reactivation of ethnic and communal identities inorder to understand consumer behaviour in the marketplace. Indeed, if companies underestimate theimportance of ethnicity and social forces which influence them to consumeproducts in the marketplace, they are at risk of losing out customers, as they couldadopt marketing strategies that are not effective or relevant to their marketsegment and target customers. This study seeks to shed a light on possible socialforces which impact consumption pattern among middle class professional upwardsacross different ethnic groups in Malaysia. Itseeks to examine if differences exist among the various ethnic groups withregards to the types of family communication patterns that exist at home aboutconsumption matters. Family communication is an essential component of familystrength, and is relevant in understanding ethnicity and family identity. This study helps marketers to appreciate andunderstand how one characteristic of family strength is affected by culturaland ethnic differences. This study alsoseek to find out if differences existamong the various ethnic groups in relation to peer communication influenceabout consumption and whether televisionviewing has a varying degree of influence on different ethnic groups among young adult consumers in Malaysia. Malaysia is a subject of interest in this study as it is a country in South-east Asia which is multi-ethnic andmulti-cultural society. A one-wayanalysis of variance was utilised to determine the significant differences interms of ethnicity with respect to their responses on the variousmeasures. When there were significantdifferences, Post Hoc Tests (Scheffe) were used to determine the particulargroups which differed significantly within a significant overall one-wayanalysis of variance. The implications,significance and limitations of the study are discussed as a concluding remark.

ADDRESS FOR CORRESPONDENCE: Eric V. Bindah, University of Buraimi,Oman. E-Mail Address: [email protected]

The Impact of Competitive Advertising on Sales of FMCG; Empirical Evidence from Beverage Industry

Saifullah Hassan Rana, Lahore Leads University,Pakistan.

Abstract The purpose of this research is to analyse the impact of competitive advertising on sales on organizations. For this study, 150 marketers from different beverage firms were asked questions about Competitive Advertising (CA), Consumer Price Sensitivity (CPS), Comparison of Multiple Brands (CMB) and Sales (S). The survey once completed and returned, the data was entered into SPSS for analysis. Several tests were run on the data, and significant findings were present. We found that competitive advertising by competitive firms increases the consumer price sensitivity. We also found, as there is increase in comparison of multiple brands by the consumer due to competitive advertising which in turn affect sales. The results and data are discussed in depth within this report. There are also several limitations as well as future research implications at the end of this research study.

ADDRESS FOR CORRESPONDENCE: Saifullah Hassan Rana, Lahore Leads University,Pakistan. E-Mail Address: [email protected]

A Resarch on Corporate Social Responsibility Perceptions on a Call Center

Şeyhmus Ece, Toros University, Turkey. Mehmet Miman, Toros University, Turkey. Feyzullah Yıldırım, Toros University, Turkey. Begüm Anlaşbay, Toros University, Turkey.

Abstract Call cemters perform a significant operations in terms of communications of customers as supporting agencies for mobile operator companies. This study investigates corporate social responsibility perception of employees in such a call center in Turkey, specifically in İzmir, İstanbul, Trabzon, Diyarbakır, Sivas and so on. The perceptions of employees are analyzed through an item analysis of responses to 16 questions related to them. Further, the agreement levels of employees to these items are analyzed according to their demographic factors such as gender, age, duty, department, education level, marital status and so on. It is aim to identify significant demographic factors of employees on their corporate social responsibility perception, so that the company can utilize these findings to improve its image, and desirability by workers as well as society, that are likely to enhance the profitability of the company in turn. The study is an eploratory study using a relational model in the field of call centers of mobile operators in Turkey, and can be repeated on other operators to obtain comparative results as well as overall sştuation of the sector.

ADDRESS FOR CORRESPONDENCE: Şeyhmus Ece, Toros University, Turkey. E-Mail Address: [email protected]

Inter-Relationship Between Cost Overrun and Quality Of Public Sector Development Projects (Psdp) Analyzing Dynamics Involved in Provincal Projects Of Punjab, Pakistan

Ali Adnan Joiya, Lahore Leads University,Pakistan. Sajjad Mubin, Government of the Punjab,Pakistan. Syed Anwar Husnain, Pakistan.

Abstract Aim of Study: This study aims to understand the relationship between cost overrun and quality within Public sector development projects (PSDP) executed in Punjab, Pakistan. Need of Study: Quality and cost relationship has always been a challenge in the execution of PSDP. These two issues are inseparable and generally have a profound bearing on the success of a project. There are numerous of projects accomplished at very higher cost than expected whereas less attention has been paid to overall project quality. There are records of projects executed at a cost far higher than expected. Others suffer high percentage of delay whereas some suffer less attention been paid to quality. Research Approach: This research was executed through survey and interviews, using the self-managed questionnaires among the respondents including top level management to lower level management of the PSDP, Punjab, Pakistan. The data was analyzed through Statistical Package for Social Sciences (SPSS-20). Research Findings: This study revealed that there is highly positive and significant relationship between cost and quality of the PSDP, Punjab, Pakistan. This study has also categorized the most vital factors affecting cost and quality within PSDP, Punjab, Pakistan respect to their significance. This study also subsidizes by enabling the contractor/consultants to succeed with maximum quality ensuring at reasonable cost, thus confirming safety performance within PSDP, Punjab, Pakistan. Limitations: This study is limited to the PSDP, Punjab, Pakistan only. Importance and Contribution: The findings of the present study are also important for all the stakeholders (clients, project managers, contractors and consultants). This study will enable management of PSDP, Punjab, Pakistan for taking suitable actions in improving the performance of cost and quality in the PSDP, Punjab, Pakistan.

ADDRESS FOR CORRESPONDENCE: Ali Adnan Joiya, Lahore Leads University,Pakistan. E-Mail Address: [email protected]

Data Envelopment Analysis and an Application on Airlines Airline Companies

Kasım Kiracı, Anadolu University, Turkey. Veysi Asker, Anadolu University, Turkey.

Abstract Aim and Problem: In terms of its speed and technological opportunities, air transport industry has experienced rapid change and transformation. Although negative political, social and economic events (gulf war, the September 11 attacks, SARS and 2008 global financial crisis) affect industry badly, the industry experienced continuous increase trend. Researches showed that this increase trend will accelerate and growth speed will be higher than other industries’ growth speed. When considered from this view, the examination of air transport industry became important. In this research, five European airlines’ balance sheets, cash flow tables and income tables were analyzed. Method and Scope: In this research, the mentioned five airlines’ financial ratios were analyzed by using Data Envelopment Analysis. Data Envelopment Analysis is used widely in nonparametric methods. One of the most important advantages of Data Envelopment Analysis is to measure decision-making units which have many inputs and outputs by only one score. In this research, airlines’ 20112014 financial tables were analyzed by Data Envelopment Analysis. Conclusion andrecommendations: Reaching to high financial performance is an important success factor for airlines. Therefore, enhancing financial performance and understanding reasons for ineffective operations are two important aims. This research aims to present how effective resources are used by Data Envelopment Analysis. The results of this research are expected to contribute to future similar researches. Moreover, in future researches, similar data set can be analyzed according to different criteria. By analyzing mentioned results more deeply, statistical analyses might lead to more illuminating results.

ADDRESS FOR CORRESPONDENCE: Kasım Kiracı, Anadolu University, Turkey. E-Mail Address: [email protected]

Using The Loss-Sensitivity Principle in Order to Explain The Integration Of Concurrent Decisions

Ole Boe, Norwegian Military Academy, Norway.

Abstract Problem Statement: The uncertainty of the outcome of a decision may counteract integration of concurrent decisions. Several possible reasons have been proposed in order to explain why a prior outcome is integrated. Purpose of Study: To investigate whether a proposed loss-sensitivity hypothesis was capable of explaining how concurrent decisions are integrated. Method: An experiment involving 48 undergraduate students was conducted in order to test the proposed loss-sensitivity hypothesis. The materials consisted of fictitious bets presented on a computer screen. In all conditions, there was one block of single decisions, half of them consisting of a choice between an even chance of winning a certain amount or nothing and winning half the amount for sure. The other half consisted of an even chance of losing a certain amount or nothing and losing half the amount for sure. Findings and Results: The results failed to show that integration occurred. Conclusions and Recommendations: According to the proposed loss-sensitivity hypothesis, subjects would only integrate when they already have taken into account the outcome of a first choice and a second choice made between potential losses. However, partially in accordance with the proposed loss-sensitivity hypothesis, after a prior loss subjects became more risk-aversive when choosing between losses. A recommendation for future research in order to obtain integration may be to increase saliency of the loss outcomes of the current choice, for instance, by increasing the amount or to threat subjects with a fine. Increasing positive mood is another possibility.

ADDRESS FOR CORRESPONDENCE: Ole Boe, Norwegian Military Academy, Norway. E-Mail Address: [email protected]

Leadership Challenges For Joint Force Commanders During The Transition From a High-Intensity to a Low-İntensity Conflict


Abstract Background: Serving as a Joint Force Commander in a military joint operation poses several challenges. Purpose of study: To investigate the challenges a Joint Force Commander may face when a conflict changes character from being a high-intensity conflict to becoming a low-intensity conflict. Sources of evidence: In connection with command and control, especially issues concerning different cultures and the understanding of this can be the biggest challenge for a Joint Force Commander during the transition to a low intensity conflict as a peace support operation setting. Conclusions: Main argument: Being able to anticipate some of these problems will be essential to a Joint Force Commander's ability to exercise leadership and command and control. Conclusions: Furthermore, target selection and information operations have proven to be two factors that will have a greater importance in the planning and conduct of operations during a transition from a high-intensity conflict to a low-intensity conflict.


Leadership in a Staff or a Garrison Compared to Combat Leadership in a Military Operation. Same Same but Different?


Abstract Background: Leadership may differ according to the context in which the leadership is executed. Purpose of Study: In this paper, an attempt is conducted to answer the question whether there are differences between exercising leadership in a staff or garrison and exercising leadership in a military operation. Sources of Evidence: First, some characteristics of military leadership are defined, and military leadership as a function of both time and space is discussed. Then military leadership and the military ethos as well as the concepts of implicit coordination and shared mental models are discussed. Main Argument: However the concept of military leadership is quite complex and does consist of many different aspects. Conclusions: A conclusion is that there does exist clear differences between the execution of leadership in a staff or garrison and the execution of leadership in a military operation. Another conclusion is that a certain behavior will be useful while conducting combat in a military operation, whereas a different behavior will be required for running daily activities in a staff or a garrison. These two contexts thus demands two drastically different types of leadership because of the different situational demands.


Developing Military Leaders: A Concept Of Leadership Development as a Tool For Education

Ole Boe, Norwegian Military Academy, Norway. Haakon Hjortmo, Norwegian Military Academy, Norway.

Abstract Background: The Norwegian Military Academy´s main objective is to educate cadets to serve as officers in the military profession. An important aspect of the education is to give the cadets adequate leadership development during their three-year educational program. Purpose of Study: To describe the concept of leadership development at the Norwegian Military Academy and its importance for the development of officers. Sources of Evidence: The concept of leadership development is referred to as officer development. Officer development is the comprehensive formation process of developing leaders for the Norwegian Army, and is thus a central theme in all activity taking place at the Norwegian Military Academy. Main Argument: Officer development is thus the development of officer competency. This includes creating a common direction, alignment and commitment for the officer, so that he or she will be able to function well in the three officer roles; platoon leader, education planner and asset manager. Officer development consists primarily of adding context relevant leadership experiences, where the development elements that make any experience more stimulating are challenge, support, and assessment. Conclusions: The Norwegian Military Academy has therefore chosen three main strategies for its officer development process. The first strategy is to create a variety of different developmental experiences that provide the opportunity for experiential learning through challenge, support, and assessment. The second strategy is to develop the cadet's ability to learn from his or her experiences. Finally, the third strategy is to adapt the leadership development processes to the military context.


Quantifying Governance and Public Policy in Public Sector: Understanding the Dynamics of Factors Affecting Cost and Quality of the Provincial Development Projects of Pakistan

Ali Adnan Joiya, SIMS Health Department, Lahore,Pakistan. Saifullah Hasan Rana, Lahore Leads University, Lahore, Pakistan. Saifullah Hasan Rana, Lahore Leads University, Lahore, Pakistan. Shazia Nauman, Lahore Leads University, Lahore, Pakistan. Sajjad Mubin, Govermet of the Punjab, Pakistan

Abstract Aim of Study: This study identifies and explores the most critical factors affecting the cost and quality of the public sector development projects. Hence, addressing the governance system while ascertaining the most common factors affecting cost and quality within PSDP. Finally the study mark the frequencies to the factors resulting in cost overrun and poor quality. Need of Study: Quality and cost relationship has always been a challenge in the execution of PSDP, Punjab Pakistan. These two issues are inseparable and generally have a profound bearing on the success of a project. There are numerous of projects accomplished at very higher cost than expected whereas less attention has been paid to overall project quality. There are records of projects executed at a cost far higher than expected. Others suffer high percentage of delay whereas some suffer less attention been paid to quality. Research Approach: The study was executed through survey and interviews, using the self-managed questionnaires among the respondents including top level management to lower level management of the PSDP, Punjab, Pakistan. The data was analyzed through Statistical Package for Social Sciences (SPSS-20). Research Findings: This study revealed that there is highly positive and significant relationship between cost and quality of the PSDP, Punjab, Pakistan. The study explore the major and foremost factors affecting the PSDP, Punjab, Pakistan. This study has also categorized and prioritizes the most vital factors affecting cost and quality within PSDP, Punjab, Pakistan respect to their significance. This study also subsidizes by enabling the contractor/consultants to succeed with maximum quality ensuring at reasonable cost, thus confirming safety performance within PSDP, Punjab, Pakistan. Limitations: This study is limited to the PSDP, Punjab, Pakistan only. Importance and Contribution: The findings of the present study are also important for all the stakeholders (clients, project managers, contractors and consultants). This study will enable management of PSDP, Punjab, Pakistan for taking suitable actions in improving the performance of cost and quality in the PSDP, Punjab, Pakistan.

ADDRESS FOR CORRESPONDENCE: Ali Adnan Joiya, SIMS Health Department, Lahore,Pakistan. E-Mail Address: [email protected]

Analysis Of Commercial Enterprises Based On Competitive Advantages

Diana Kharynovych-Yavorska, Ukraine.

Abstract In terms of permanent imbalance in market conditions management entities require sufficient information about the status of both internal factors and external factors (demand for goods, pricing competition, general economic and social trends). The importance of solving the problems of finding reserves of savings, revenue growth and profitability provided to eliminate or reduce risks necessitates improving the organization and methodology of a comprehensive economic analysis and monitoring that can provide the appropriate level of competitiveness of enterprises. Therefore, an important goal of the study is: - creating a balanced scorecard for the diagnosis of the financial condition of the company and its competitive assessment, definition of business processes efficiency in achieving strategic goals; - improvement of analytical procedures in forming competitive strategies of enterprises; - working out proposals to improve internal control methodology based on the integration of balanced scorecard and budgeting and evaluation of potential risks businesses. The main research methods include induction, deduction, statistical methods - to process arrays of statistical information; formalize methods and mathematical modeling - to develop conceptual frameworks for analysis and control of enterprises in the system of decision-making. The main results of the study are: - developed an integrated system of economic analysis and integrated internal control of business processes using modern information technology that enables assess their competitiveness, to form a development strategy for the maintenance of competitive advantages in the market; - formed methodological approaches to the diagnosis of enterprises based on financial and non-financial indicators to create conditions to identify the causes and factors of improvement or deterioration in the results of their operations and management measures produce competitive advantage in the business environment; - improved process of forming competitive strategy based on the use of neural network technology that allows you to achieve strategic objectives and management tools to determine the impact on them; - methodological procedures of internal control of the company using financial and operational budgets and management reports based on the balanced scorecard, using the CVPanalysis, which enables to form flexible budgets to achieve the business strategy, identify operational risks and develop measures to avoid them.

ADDRESS FOR CORRESPONDENCE: Diana Kharynovych-Yavorska, Ukraine. E-Mail Address: [email protected]

Factors Influencing Cloud Computing Implementation and the Effect to Operational Effectiveness in the Public Sector

Hasimi Sallehudin, University Malaysia Kelantan, Malaysia. Razli Che Razak, University Malaysia Kelantan, Malaysia. Mohammad Ismail, University Malaysia Kelantan, Malaysia.

Abstract This study analyzes which reasons persuade the public sector to implement cloud computing, as well as the effect to performance. Drawing upon the theory on the technology-organization-environment and IS success model, the study hypothesizes that technological, organizational, environmental and human factors can be viewed as the reasons for cloud computing assimilation within the agencies in the Malaysian public sector. Our proposed research model and hypotheses are tested using PLS-SEM and survey data from a sample of 169 agencies in the Malaysian public sector. Our empirical analyses lead to several key findings. All second order factors of Technological, Organizational, Environmental and Human factors affect cloud computing implementation in the Malaysian public sector. Implementation of computing by the agencies significantly affect to IT operational effectiveness. Together, these article offer empirical insights into how cloud computing implementation is influenced by the contextual factors in the Malaysian public sector.

ADDRESS FOR CORRESPONDENCE: Hasimi Sallehudin, University Malaysia Kelantan, Malaysia. E-Mail Address: [email protected]

Enterprise Social Networks as a Meeting Tool in the Czech Republic

Jana Školudová, University of Pardubice, Czech Republic

Abstract Meetings are an essential prerequisite for successfully communicating and transferring internal information. The question is whether or not businesses in the present day are organizing and leading meetings effectively. The goal of this paper is to conduct a comparison of the requirements for effective meeting leadership with the current state of businesses in the Czech Republic. Furthermore, the paper aims to answer a research question relating to the feasibility of using enterprise social networks for conducting company meetings. The goal of the survey research was to map the current state of the investigated problematic and its trends. The paper's methodology is based on managed interviews conducted in 2014. The basic sample for questioning included all top and line managers, predominantly HR managers. The basic sample for answering the research questions was comprised of businesses using enterprise social networks in the Czech Republic on the basis of a questionnaire conducted in 2015. An overall comparison of the data that was acquired shows the current trends and points to a discrepancy between the requirements for conducting meetings and reality. The results indicate the possible use of modern technologies for more effectively conducting meetings within businesses in the form of enterprise social networks. The paper discusses the use of the latest trends and innovations concerning technologies that help managers effectively transfer internal information; it also outlines a concept for further research directions. The paper attempts to emphasize the fact that it is necessary to pay attention to modern technologies and embrace new, sophisticated tools for ensuring effective meeting leadership.

ADDRESS FOR CORRESPONDENCE: Jana Školudová, University of Pardubice, Czech Republic E-Mail Address: [email protected]

The Evaluation Of Green Growth in Selected OECD Countries

Armand Kasztelan, University of Life Sciences in Lublin, Poland.

Abstract Green growth is a relatively new concept, which has appeared in the international discussion as a response to increasing environmental threats and also a potentially effective way to deal with the effects of the recent financial crisis. According to the OECD (2011), green growth means taking measures conducive to growth and economic development, while ensuring that natural assets continue to provide the resources and environmental services which contribute to the country’s prosperity. The concept of green growth is seen as a practical way of achieving sustainable development in the long-term. The purpose of this article is to analyze the level of green growth in selected OECD countries. Research was carried out based on the so-called Hellwig’s method, which enabled the construction of a synthetic measure of greening the growth. It is based on indicators related to economic, social and environmental issues, as used in the OECD. The adopted method made it possible to evaluate the studied phenomenon as a whole, providing grounds for assigning the selected countries into four groups characterised by a similar level of green growth. Group I, showing the highest level, included Sweden, Luxembourg, Denmark and Austria. Conversely, Portugal, Bulgaria and Romania were assigned to group IV.

ADDRESS FOR CORRESPONDENCE: Armand Kasztelan, University of Life Sciences in Lublin, Poland. E-Mail Address: [email protected]

Attaining Inclusive Growth in Nigeria: The Role Of Entrepreneurship

Damılola Bukola Taıwo, Covenant Unıversıty,Ota,Ogun State, Nıgerıa. Damılola Bukola Taıwo, Covenant Unıversıty,Ota,Ogun State, Nıgerıa. Henry Okodua, Covenant Unıversıty,Ota,Ogun State, Nıgerıa.

Abstract The question of inclusive growth has in recent times received prominent attention from government, international institutions and reseachers. Although, Nigeria has recorded tremendous economic growth rate over the past decade, such growth has unfortunately not been accompanied by development, as suggested by alarming unemployment and poverty rate data. Statistics show that over the past decade, the Nigerian economy has grown at an average of 7 percent which made her to be ranked as Africa's largest economy in the year 2014. Despite this, 70 percent of her population still live below the poverty line and the rate of unemployment still stands at 23.9 percent (CIA, 2015). This shows that Nigeria's economic growth has not been inclusive and it does not provide equitable opportunities to the majority. Many researchers have investigated this problem by placing emphasis on the role of SMEs in driving inclusive growth. Their attention mainly has been on a quantitative measure of SMEs vis-a-vis its link with economic growth and development. This study fills the gap and it utilizes the Johansen co-integration technique to investigate this problem using data obtained from WDI (World Development Indicators) spanning from 1994 to 2014. The research focuses on entrepreneurship as a sine qua non for attaining inclusive growth in Nigeria with emphasis on innovation as a key factor that determines entrepreneurial success in driving inclusive growth.

ADDRESS FOR CORRESPONDENCE: Damılola Bukola Taıwo, Covenant Unıversıty,Ota,Ogun State, Nıgerıa. E-Mail Address: [email protected]

Communication Skills: Speaking and Listening in English For Future Employees in The Logistics Industry

Sarunya Lertputtarak, Burapha University, Thailand. Denis Samokhin, Burapha University, Thailand.

Abstract English is important for the logistics staff. It is a tool for communication. Nevertheless, the majority of employees in Thailand cannot use English to speak and listen well. This research aimed to study the perception of respondents towards their ability to use English for speaking and listening . The respondents were students in Faculty of Logistics in a university in the eastern region in Thailand, who will graduate and become staff in the logistics industry. The benefit of this study is to provide information for educational institutions to develop learners’ communication ability. There were 200 respondents selected by simple random sample from 230 students who study the English for Logistics subject. A questionnaire was the method for data collection and hypotheses were analyzed by t-test. The results showed that there were no significant differences between students who have a high and low GPA (Grade Point Average) for both speaking and listening skills. However, the mean score showed their ability to communicate in English was at a low to moderate level. The findings of this study may have important implications for English education and language training programs.

ADDRESS FOR CORRESPONDENCE: Sarunya Lertputtarak, Burapha University, Thailand. E-Mail Address: [email protected]

Ewom and Service Quality: What are Customers’ Complaints About Four Star Hotels in Pattaya, Thailand

Sarunya Lertputtarak, Burapha University, Thailand.

Abstract The internet has increased the percentage of consumers who consult online travel reviews before making hotel reservations. The negative messages have a strong effect on tourists’ willingness to reserve accommodation. This research aims to synthesize negative customers’ eWom about hotels’ service quality experience. There were 200 ‘four star’ hotels chosen randomly in Pattaya, Thailand in booking.com to select 1,600 negative comments. The research showed that there were 7 categories of customers’ complaints about hotel service, including complaints about hotel staff, hotel rooms, toilets, breakfast in the restaurants, hotel parking, hotel location, and hotel facilities. The results of this study will bring benefits to hotel managers to improve their service quality.


Motivation to Learn English For Future Employees in The Logistics Industry

Sarunya Lertputtarak, Burapha University, Thailand. Denis Samokhin, Burapha University, Thailand.

Abstract This study investigated the English language motivation factors of undergraduate students in the Faculty of Logistics, who will be the future staff in the logistics industry. In the study 200 students were randomly selected from 230 students who studied the English for Logistics subject. The data were analyzed by Factor Analysis to classify groups of motivation factors and Multiple Linear Regression was used to solve the hypothesis. The study revealed that there were nine motivation factors; Factor 1: Interested in English subject; Factor 2: Intrinsic motivation; Factor 3: Interaction with friends/socialization; Factor 4: Hate English; Factor 5: Better career and working abroad; Factor 6: Prestige; Factor 7: Opportunity to learn a foreign culture; Factor 8: Feeling respect for native speakers, and Factor 9: Motivation by the English teacher. But there were only 5 factors that influenced the willingness of participants to learn English for their career success; Factor 1: Interested in the English subject; Factor 2: Intrinsic motivation; Factor 3: Interaction with friends/socialization; Factor 6: Prestige and Factor 9: Motivation by the English teacher. The findings of this study may have important implications for English education and language training programs.


The Acutal Structure Of The Postal Transportation Network in Choosen Postal Circuit and Localization Of The Main Mail Processing and Distribution Centre in This Circuit

Martin Macík, Žilinská Univerzita, Slovakia.

Abstract The presented article discusses the possibility of optimization of a particular postal transportation network in the area within the scope of the main mail processing and distribution centres in Žilina, one of four main mail processing and distribution centres of the national postal operator in Slovakia – Slovenská pošta, a.s. (English equivalent the Slovak Post will be preferred). The author compares the 3-level model of postal transportation network with the 4-level model of postal transportation network that is currently used in other areas except Žilina. When comparing both models, the author also takes into account the processing operations of postal items that needed be done until the mail is not delivered to its addressee – both model accept the technological processes of processing and handling with postal items. In addition, the author of the presented article solves the allocative task through the construction of the distance matrix to find out, if the actual location of the main mail processing and distribution centre and its facilities into the city Žilina is optimal from the point of view of transportation distance of this centre and other supporting processing centres located at second, respectively third level of the analysed postal transportation network models.

ADDRESS FOR CORRESPONDENCE: Martin Macík, Žilinská Univerzita, Slovakia. E-Mail Address: [email protected]

Corporate Governance Systems are Inevitably Converging Towards a Model Based on Shareholder Primacy and Dispersed Ownership.

Aysha Ahmed, University of Salford, United Kingdom. Aysha Ahmed, University of Salford, United Kingdom.

Abstract Corporate governance systems are developing worldwide. However recent debates have sparked around the subject of global convergence of corporate governance systems. Commentators are questioning global convergence of corporate governance systems and whether it is taking place all around the world. If it is taking place then how does the process take place? This paper sets out to answer some of these issues. There is evidence to support the view that corporate governance systems worldwide are inevitably converging towards a model based on shareholder primacy and dispersed ownership. However this paper seeks to establish the evidence in support of this argument and whether it is true. This paper analyses corporate governance systems in the light of shareholder primacy models based in Anglo-Saxon regulatory environments versus Continental Europe. Evidence from Germany is used to determine presence of global convergence towards a shareholder primacy model. This paper establishes presence of convergence and advises whether it is possible to sustain such convergence of corporate governance systems in the European market.

ADDRESS FOR CORRESPONDENCE: Aysha Ahmed, University of Salford, United Kingdom. E-Mail Address: [email protected]

Precious Metal Market in a New Millennium

Peter Badura, University of Economics in Bratislava, Slovakia. Lenka Kalusová, University of Economics in Bratislava, Slovakia. Mirosla Kmeťko, University of Economics in Bratislava, Slovakia. Mariana Sedliačikova, University of Economics in Bratislava, Slovakia. Katarína Vavrová, University of Economics in Bratislava, Slovakia.

Abstract In the ever-changing investment environment it is not easy to find a relatively safe investment option. That is the reason why a large of part of investors (respectively both, the financial science as well as the financial practice) is increasingly concerned with the benefits and risks of investing into precious metals. The aim of this paper was to find out how the prices of gold, silver, platinum and palladium have been behaving in the last 15 years, from January 2001 to December 2015. The prices of selected precious metals, their cross-correlation and volatility in the last millennium as well as the relation of precious metal prices to S&P500 index values have been analyzed. The method of correlation analyses has been used as the main research method. Our findings showed that despite the fact that some of the precious metals seemed to be a good choice as a profitable investment none of them have been a good choice for investment diversification, neither with each other nor with the S&P500 index that represented the stock market. The precious metals can be easily used as a form of financial investments. Unlike S&P500 index or some other underlying assets the precious metals (especially gold) are financial instruments that are liquid in any part of the world.

ADDRESS FOR CORRESPONDENCE: Peter Badura, University of Economics in Bratislava, Slovakia. E-Mail Address: [email protected]

An Investigation of the 2015 Financial Support Programme Areas of the Development Agencies in terms of Regional Development

Şaban Esen, Bartın University, Turkey.

Abstract Development agencies have been operating in 26 different regions in Turkey since they were founded in 2006. With the regional plans and the financial support programmes they implement to actualize the objectives of these plans, these agencies support particularly the projects of businesses as well as the projects of public institutions and NGOs. Recently, whether the development agencies, founded to reduce the developmental differences within and between regions, focus on unique areas that will reveal the potential of the regions or transformed into similar public institutions providing support for similar financial support programmes is a matter in question. The aim of the study ;This study will examine the 2015 financial support programmes of development agencies based on regions and areas and thus, will indicate whether there are regional and sectoral differences and in doing so, we aim to shed light on the fact that in the next period, the agencies should carry out their work considering regional and sectoral differences. Method: The study was conducted utilizing secondary sources. 2015 financial support programs of development agencies, which sectors they support, how much money is spent for each province, the regional characteristics of the sector is supported or not. The obtained data were analyzed with SPSS. Result: When the 2015 programmes of the agencies are analysed, it is seen that they focus on particularly tourism sector as well as supporting advanced production techniques, increasing the competitive power, energy efficiency, clean production but there was no focus on certain sectors in the regions. In a way, it was found that the financial support implemented in TR 42 Eastern Marmara Region, which ranked among the top in Socio-economic development index ( SEGE) 2011, is similar with those in TRC3 Region, which ranked among the last in SEGE 2011. It is seen that whilst developments agencies are expected to bring regional dynamics to the forefront, they can not meet this expectation.

ADDRESS FOR CORRESPONDENCE: Şaban Esen, Bartın University, Turkey. E-Mail Address: [email protected]

“Knowledge- Based” Approach in Polıtıcal Partıes’ and Governments’ Programmes in Turkey

Şaban Esen, Bartın University, Turkey.

Abstract The aim of this study is to examine to what extent “knowledge-based” concepts are included in the programmes of political parties and governments in Turkey. Macroeconomic indicators suggest that knowledge-based economic indicators in Turkey are not sufficient. Including such a strategically important issue in the programmes of the ruling government(s) or candidate political parties willing to govern the country can be, at least, regarded as an indicator of the importance of the issue. Such terms as knowledge-based approaches- knowledge economy- knowledge society- information technology- information age began to take part in the literature as of 1960s but the application of these terms in our country only began after 1990s. Therefore, the scope of this study is narrowed down to the programmes of governments formed after 1983 (16 governments) and to the programmes of the political parties currently represented in the Grand National Assembly of Turkey (TBMM) (4 political parties). Method: “Content analysis”, a frequently used qualitative research method in social sciences, is used in this study. In this context, we tried to reveal if “knowledgebased” concepts, specified by ourselves, are included in the programmes of the governments and political parties examined in the scope of this study by reviewing their programmes. The results of the content analysis revealed that the term knowledge society was first used in government programmes during the 1st Yilmaz government (June 23rd, 1991-November 20th, 1991) and later such terms as knowledge society, information technology, knowledge economy and information age began to be used in the following governments’ programmes. Result: The study is not yet complete. The results of the study will be presented at the congress.

ADDRESS FOR CORRESPONDENCE: Şaban Esen, Bartın University, Turkey. E-Mail Address: [email protected]

Psychological Model Of Meta-Relationship in Behavioral Economics at The Modern Stage Of The Economic Crisis

Nikolay Petrovich Dedov, Financial University, Russian Federation.

Abstract The specifics of economic development of contemporary society characterized by pronounced bifurcations.The actions and the acts of people become irrational. Their ability to rationally assess their behavior and predict future impacts is constrained. As a result there is a need to develop socio-economic models of optimizing behavior. Restriction of behavioural economy consists in excessive attention to deviant behavior, deviance of the person. However, the market relations assume conditions of the competition, rivalry and cooperation. The model meta-relationships assumes that they will allow to solve social and economic problems subjects in real market situations. Meta-relationships represent social and psychological space in which each of participants appropriates the value and the importance of other participant. As a result they become a whole, supporting financial activity each other. Thus, creating favorable conditions for overcoming of an economic crisis.

ADDRESS FOR CORRESPONDENCE: Nikolay Petrovich Dedov, Financial University, Russian Federation. E-Mail Address: [email protected]

Determınıng Capıtal Structure And Fınancıal Rısk Profıles Of Turkısh Prıvate Health Sector Via Data Mınıng Nermin Ozgulbas, Baskent University, Turkey Ali Serhan Koyuncugil, IZEUS Ltd. Co., Turkey Ezgi Unal, Baskent University , Turkey Abstract Capital structure that has direct impact on financial risk of the companies is one of the most critical areas for evaluating financial performance. It has always been an area for interest for researchers to understand the relationship between capital structure and financial risk of the company. This study aims to determine the capital structure and financial risk of Turkish private heath sector firms and profile the firms according to their financial risk by using CHAID Decision Tree Algorithms that is one of the data mining method. Study was covered medical device firms, pharmaceutical companies and private hospitals. Financial data of firms were used between the years 2002 and 2011 and data was obtained from Turkish Central Bank (TCB) without sampling. Therefore the study covered 526 firms. According to the results of the study, it was determined Turkish private heath sector was capitalized mostly with equity, 43.6% (299 firms) of the firms' capital structure operated with high risk, and 26.6% (140 firms) have high financial performance. When the firms are analyzed individually, it was found that this relation is statically valid for the private hospitals and medical firms. In the scope of study, financial profiles of firms were determined via CHAID Decision Tree according to their capital structure risk. These firms were classified in 10 different profiles and other financial risk factors determined from these profiles. Key Words: Capital Structure, Financial Risk, Data Mining, CHAID, Health Sector

ADDRESS FOR CORRESPONDENCE: Nermin Ozgulbas, Baskent University, Turkey. E-Mail Address: [email protected]

The Level Of Implementation Of Green Marketing Principles in Companies Operating in The Automotive Industry in Slovakia

Martina Rypakova, University of Zilina, Slovakia. Anna Krizanova, University of Zilina, Slovakia. Katarina Moravcikova, University of Zilina, Slovakia.

Abstract Strategy of many companies has changed in recent years. Current economic and environmental conditions show that the way to gain sustainable competitive advantage is to implement more eco-friendly and social principles. Aim of this paper is find out if the companies that already have implemented principles of green marketing have a better market position, determine the differences between Slovak and foreign companies operating in automotive industry in Slovakia and analyse the value supply chain from the environmental point of view. The scientific objective of this contribution is based on the current problem, particularly on the characterization of the automotive sector that is very important in Slovakia because it creates 40% of GDP. It describes basic tendencies of development and success competitive factors linked with green marketing. The paper offers as well findings detected in the field of the using eco design management tools and trends in business processes. In addition, it detects findings of success competitive factors in automotive sector and describe the ways to innovate. Based on survey we developed three hypothesis that are tested by suitable statistical methods.

ADDRESS FOR CORRESPONDENCE: Martina Rypakova, University of Zilina, Slovakia. E-Mail Address: [email protected]

The Effect Of The Meaningfulness Of Work on Job Satisfaction, Job Stress and Intention to Leave

Hatice Necla Keles, Bahcesehir University, Turkey. Mine Afacan Fındıklı, İstanbul Gelişim Üniversitesi, Turkey.

Abstract The meaningfulness of work is defined as the importance of the purposes of work in people's view of life and attitudes. There are studies about the meaningfulness of work that describe not only its significant and positive contributions to the meaningfulness of people's lives, but also as taking pleasure in work, which has a variety of cognitive, emotional, behavioral and economic benefits. The meaningfulness of work defined as the importance of the purposes of work in people's view of life and attitudes can be connected with variables in the field of organizational behavior. The purpose of this study is to determine the effects and correlations among job satisfaction, job stress and intention to leave with a path analysis to be carried out as part of a research model for these variables. It is intended to contribute the literature by analyzing the effects and correlations among the variables with a structural equation model and to obtain data about employee behavior in organizational life. The universe of the study is comprised of employees of an insurance business in Istanbul. This study will use the following data collection tools: the "Work and Meaning Inventory" by Steger et al. (2012), the "Minnesota Satisfaction Questionnaire" developed by Weis et al. (1989) and adapted to Turkish by Oran (1989), the "Perceived Stress Scale" developed by Cohen, Kamarck and Mermelstein (1983) and the "Intention to Leave Scale" by Wayne, Shore and Linden (1997). Its findings will be shared in the full report and discussed at the congress.

ADDRESS FOR CORRESPONDENCE: Hatice Necla Keles, Bahcesehir University, Turkey. E-Mail Address: [email protected]

Restriction Of The Official’s Discretion Competence as an Anti-Corruption Tool

Veronika Linhartova, Czech Republic.

Abstract The issue of corruption has become a highly debated topic which troubles governments of countries and their citizens as well. An easy access to information for all citizens through the use of e-government approach can lead to greater transparency. E-Government do not only provide more information to the public but also can remove the discretion competence of public officials, defined as being the competence of an official to provide a personal decision over a given situation. This paper focuses on the potential role of e-Government in reducing corruption in a given country. More specifically, this paper examines the impact of the use of e-Government on the level of corruption in more than 100 countries in the period 2003-2014. Established indexes, the Egovernment Development Index and the Corruption Perception Index, were applied in order to verify the relationship between the e-Government and corruption. The use of statistical methods of correlation and regression analysis reveals a positive impact of e-Government on reducing the level of corruption in most countries. Positive impact of e-Government was confirmed especially for economically developed countries. A one percent increase of the use of e-Government caused corruption reduction by 0,12 % for this group of countries. This analysis confirms the possible reduction of the level of corruption in a country through the use of e-Government. Thus, in fact cannot be a panacea for fighting corruption in all countries, political regimes and government establishment, whereas, the use of e-Government should be considered as an opportunity to reduce corruption.

ADDRESS FOR CORRESPONDENCE: Veronika Linhartova, Czech Republic. E-Mail Address: [email protected]

The Effeciency Of Selected European Banking System

Libena Cernohorska, University of Pardubice, Czech Republic.

Abstract The aim of this paper is to analyze the efficiency of the Czech banking sector and make comparison with selected European countries (Slovakia, France, Austria, Poland, Portugal and Greece). The comparison will be performed using factor and cluster analysis. The efficiency of the selected banking sector will be evaluated according to indicators of total assets, total loans, return on equity, return on assets, capital adequacy, nonperforming loans, quickly liquid assets/liabilities, highly liquid assets/total assets and deposits/loans. Selected indicators were analyzed in 2010-2013. The correlation matrix was used before using the factor and cluster analysis, which should ensure the exclusion of indicators which showed a high correlation of selected indicators. We can say, based on cluster analysis, that by the combination of selected indicators can be formed a cluster of the Czech Republic and Slovakia. This cluster can be qualified as a cluster with the highest efficiency of the selected banking sector. This cluster is different from the cluster of Portugal and Greece. This cluster (Czech R. and Slovak) surpass even a country like France in many indicators, which has a very important position within the European Union. The results will be used to further research that will involve a comparison of selected banking sector and banks in the European Union using peer analysis.

ADDRESS FOR CORRESPONDENCE: Libena Cernohorska, University of Pardubice, Czech Republic. E-Mail Address: [email protected]

Group Identification Problems with Variable Population

Ipek Gursel Tapki, Kadir Has University,Turkey.

Abstract We study group identification (or qualification) problem introduced by Kasher and Rubinstein (1997). Earlier literature mainly focuses on axiomatic analysis of this model and have several characterizations of Liberal rule. In this paper, we introduce an upper bound on the number of qualified people. We analyse consistency requirement for this model. It requires that after a decision is made about a group of people, if some people accept the decision made about them and leave, then if we make a new decision for the remaining people, it should be the same as before. We propose a characterization of the Priority Based Liberal rule, which is an extension of standard Liberal rule in the literature, based on this consistency requirement.

ADDRESS FOR CORRESPONDENCE: Ipek Gursel Tapki, Kadir Has University,Turkey. E-Mail Address: [email protected]

Strategy Of Building Industrial Clusters in The Slovak Republic

Ľuboš Elexa, Matej Bel University,Slovakia. Ladislav Klement, Matej Bel University,Slovakia. Ľubica Lesáková, Matej Bel University,Slovakia. Vladimíra Klementová, Matej Bel University,Slovakia.

Abstract Positive influence of industrial clusters on regional employment, wages, productivity, inovations or intensity of patenting is obvious, confirmed by many studies, so the development of new clusters and their potential contribution is still actual topic. Even more in case of economies that are permanently suffering from transformation process, structural changes and regional disparities. Slovakia is politically divided into eight regions at the level of NUTS III. The article focuses on the identification of new clusters in each region and statistically determines the most perspective ones. It uses national and regional employment data and quantifies the regional and industrial share of businesses on the total employment, both in Slovakia and in each industry. The methodology relies on location quotient with the effort to find the most concentrated employment as per industry and on static shift-share analysis in order to quantify the dynamic shift in employment over the middle-term period. From identified new clusters only those most significant are presented as to the extraordinary employment or those, which recorded the most dynamic regional contribution towards the change in employment. Potential clusters in each region are compared with existing cluster network and with strategic perspectives of self-government regions in order to find coincidence between the cluster possibilities and regional strategies. Thus, the recommendations are given in order to support the growth on regional level.

ADDRESS FOR CORRESPONDENCE: Ľuboš Elexa, Matej Bel University,Slovakia. E-Mail Address: [email protected]

Presumptions For Development Of Technological Clusters in Slovakia

Ľubica Lesáková, Matej Bel University,Slovakia. Vladimíra Klementová, Matej Bel University,Slovakia. Ladislav Klement, Matej Bel University,Slovakia. Ľuboš Elexa, Matej Bel University,Slovakia.

Abstract Cluster concept is considered to be a very important development factor in the structure of national economies in EU countries. It is believed that dynamic clusters enhance the competition and regional innovation as they help to concentrate the business efforts and build specialisation advantages. The research of clusters becomes an important field of scientific research also in the Slovak Republic. The aim of the article is to present the results of own empirical research devoted to the analysis and evaluation of present state in technological clustering in Slovakia. The stress is given to finding out what are the main factors affecting the activities of technological clusters in Slovakia and to identify main problems and barriers in their operation. Article presents basic presumptions for development of technological clusters in Slovakia, formulated according the basis of research results. The recommendation for development of technological clusters in Slovakia is aimed to the management of clusters as well as to relevant public institutions. Article presents results of own empirical research as well as evaluation of relevant secondary data. The achieving of article goal was supported by various scientific methods of examination, namely the method of analysis, synthesis, induction, deduction, abstraction, generalisation as well as statistical methods.

ADDRESS FOR CORRESPONDENCE: Ľubica Lesáková, Matej Bel University,Slovakia. E-Mail Address: [email protected]

Risk Management Of Credit Default Swaps

Erika Spuchlakova, University of Žilina,Slovakia. Mária Mišanková, University of Žilina,Slovakia.

Abstract Credit derivatives are an up to date innovation in financial markets. These financial instrument have a potential to allow companies to trade and manage the credit risks and market risks. The striking growth of credit derivatives suggest that participant of financial markets find them to be useful instrument for risk management. The most popular and fundamental credit derivatives is a credit default swaps (CDS). In the paper we detail the risk management of the credit default swaps and quantify the credit risk of investors in two way: (i) calculate the term structure of default probabilities from the market prices of traded CDS and (ii) calculate prices of CDS from the probability distribution of the time-to-default.

ADDRESS FOR CORRESPONDENCE: Erika Spuchlakova, University of Žilina,Slovakia. E-Mail Address: [email protected]

Study Of Green Marketing Principles and Its Implementation in The Selected Slovak Companies

Anna Krizanova, University of Žilina,Slovakia. Lubica Gajanova, University of Žilina,Slovakia. Margareta Nadanyiova, University of Žilina,Slovakia. Katarina Kramarova, University of Žilina,Slovakia.

Abstract The green marketing becomes a modern mean of the enforcement of actual environmental trends to a broad spectrum of business activities. The paper in brief presents the results of the marketing survey that was focused on finding how chosen Slovak companies applied principles of green marketing and used green marketing tools within their business activities, if ever. The survey was focused on businesses in the Slovak Republic, which were not limited in size or activity. The survey was conducted in 2013 in five weeks. Querying method was selected for the collection of primary data. The rate of implementation of principles of green marketing in the Slovak Republic was subsequently determined using a questionnaire. Nowadays, concepts such as green marketing, green business and ecological product appear more frequently particularly with regard to communication of companies. For these reasons, the aim of the survey was to determine the extent to which the principles of green marketing are implemented in selected business entities in the Slovak Republic. Based on the results of the survey, in the end of the presented article there are mentioned proposals and measures for the implementation of the green marketing principles in Slovak companies.

ADDRESS FOR CORRESPONDENCE: Anna Krizanova, University of Žilina,Slovakia. E-Mail Address: [email protected]

Chosen Aspects Of The Shadow Economy in Slovakia

Katarina Kramarova, University of Žilina,Slovakia. Elena Gregova, University of Žilina,Slovakia. Lubica Gajanova, University of Žilina,Slovakia.

Abstract The presented article deals with chosen aspects of the shadow economy in Slovakia. The shadow economy involves legal business activities of any economic entity, which are performed outside the reach and control of government authorities. The shadow economy is a worldwide phenome and shadow-economic activities may generate different effects and problems. The aim of the article is to present, describe and analyse the main forms of shadow-economic activities that are typical for the Slovak economy. In the context of the article’s aim, the introduction part is devoted to the theoretical aspects of discussed issue, e.g. definition of the shadow economy, determining the main aspect that are analysed in connection with the shadow economy etc. The second part of the article is devoted to the analysis of the shadow economy and shadow-economic activities in Slovakia. In the analysis the authors present already existing analyses on the shadow economy as well as their own findings. Based on the findings, in the last part, authors present proposals how to solve and fight against shadow-economic activities.

ADDRESS FOR CORRESPONDENCE: Katarina Kramarova, University of Žilina,Slovakia. E-Mail Address: [email protected]

Comparative Analysis Of The Using Of Neuromarketing in Slovakia and Abroad

Margaréta Nadányiová, University of Žilina,Slovakia. Ľubica Gajanová, University of Žilina,Slovakia. Eva Kicová, University of Žilina,Slovakia.

Abstract The effort to understand the customer behavior and the motivation to make a purchase of a product brought to the research techniques another tool – neuromarketing. The development of this method is based on the assumption that buying decision is largely influenced by emotions. The paper explains the meaning and principles of neuromarketing, selected neuromarketing technologies, ethics in neuromarketing research including social responsibility. The main objective is to analyze and compare the current situation in the field of neuromarketing research in Slovakia and abroad. Based on the results of the analysis, in conclusion are indicated proposals for the application of neuromarketing in the Slovak conditions.

ADDRESS FOR CORRESPONDENCE: Margaréta Nadányiová, University of Žilina,Slovakia. E-Mail Address: [email protected]

Determination of the Weights of Criteria Affecting the Position of a Leagile Supply Chain's Decoupling Point

Hande Erdoğan Aktan, Akdeniz University, Turkey.

Abstract Today,enterprises might implement different supply chain strategies for differentproducts in order to survive and to increase their market shares. The use of different supply chain strategies requiresdifferent customer order decoupling points (DPs). Particulary for leagilesupply chains, identifying this point, it is not as easy as lean and agilesupply chain strategies. Therefore, inthis two-stage study, eleven criteria under three dimensions were identified tospecify the position of a leagile supply chain of a furniture componentsmanufacturing firm. In this first stage, Fuzzy Dematel method was used todetermine the interactions, causal relationships between criteria and toidentify the network relationship map. In the second stage, DANP (Dematel withANP) method was preferred to calculate the criteria's weights. According to the results of this two-stagemethod, the most important criteria was backorder cost. Improving this criteriaplays an important role in determining the most appropriate decoupling point along the chain.

ADDRESS FOR CORRESPONDENCE: Hande Erdoğan Aktan, Akdeniz University, Turkey. E-Mail Address: [email protected]

Relationship Between Exports Growth and GDP Growth in Turkey

Ayşe Altıok Yılmaz, Bahcesehir University, Turkey. Elif Akben Selçuk, Kadir Has University, Turkey.

Abstract In this paper, we investigate the relationship between GDP and exports in Turkey. A vector autoregresssion (VAR) model is constructed to test for Granger causality between three variables: real Turkish GDP, real Turkish exports, and real Turkish terms of trade. The results show that the three variables are cointegrated and there exists a one-way causal relationship that suggests that the growth rate of GDP influences export growth

ADDRESS FOR CORRESPONDENCE: Ayşe Altıok Yılmaz, Bahcesehir University, Turkey. E-Mail Address: [email protected]

The Impacts Of Decision-Making Approaches on Growth and Competitiveness Of Hotel Organizations

İbrahim Taylan Dörtyol, Akdeniz University, Turkey. Bilal Wael Mohammed, Akdeniz University, Turkey. Mustafa Gülmez, Akdeniz University, Turkey.

Abstract The strategic decision-making process is an essential style of thinking. It aims at choosing the best suitable alternatives, and despite the nature of the goals of all organizations including hotel organization that wants to achieve the goals in the near and distant future under stable and unstable business environment. Decisionmaking is a significant process to choose the crucial alternative between several available alternatives. The hotel organization is not different than the other organization that works in markets. Therefore, the nature of the hotel organization's performance is increasing when its decision and strategy are consistent with the surrounding environment.nTherefore, there is an urgent need to harmonize between the approaches of strategic decision making and their impact on growth strategy and competitive advantage priorities, which considered as a series of efforts that interact with each other and combine to form in the end plans and policies that lead to achieve the objectives of the hotel organization and their operation in the tourism markets through product planning processes that determines the size of the tourist offer. Accordingly, the present study aims to present an alternative and comprehensive strategic decision approach as it takes all the dimensions of decision making process, different approaches on growth strategies and the competitive advantage priorities of companies into consideration.

ADDRESS FOR CORRESPONDENCE: İbrahim Taylan Dörtyol, Akdeniz University, Turkey. E-Mail Address: [email protected]

Logistics Information Systems Success: The Role of Top Management Support

Omar Boubker, National School of Business and Management of Tangier,Morocco. Khalid Chafık, National School of Business and Management of Tangier,Morocco.

Abstract The logistic information systems took a central place in the strategies of Moroccan industrial companies.. In the Moroccan context, logistics department plays a vital role by optimizing the flow of physical and information flows. This is achieved through the intervention of several players throughout the internal supply chain (procurement, production planning, warehouse management, transportation planning ...). From this perspective the logistic information system use, becomes major. So, the logistic managers are in front of challenges of motivation of the logisticians, to increase their productivity. In terms of methodology, we mobilized an exploratory qualitative approach based on a sample of two companies operating in the Moroccan automotive industry. The results show that the support of the logistic managers (supervisors and logistic coordinators) stays a determining variable allowing increasing the level of users satisfaction (suppliers, planners of production, planners of transport, administrators of stock).

ADDRESS FOR CORRESPONDENCE: Omar Boubker, National School of Business and Management of Tangier,Morocco. E-Mail Address: [email protected]

The Factors Of Territorial Attractiveness Of Foreign Manufacturing and Logistics Companies: Case Of The City Of Tangier (Morocco)

Abbes Elhasbı, Morocco. Mohamed Barkaoui Barkaoui, Morocco.

Abstract The objective of this article is to identify the key factors of territorial attractiveness of the city of Tangier (Morocco) to foreign investments in the sectors of manufacturing and logistics. Our conceptual model was developed from a review of the literature and interviews with a sample of executives from foreign SMEs. Our empirical analysis was conducted using data from a survey of foreign companies established in Tangier. Using the approach PLS (partial least squares) allowed us to test the causal links between the various political, economic, social, technological, legal and environmental (PESTLE). The scientific interest of our research is to provide decision makers a conceptual model in order to improve the attractiveness of foreign investments in the two sectors of logistics and manufacturing.

ADDRESS FOR CORRESPONDENCE: Abbes Elhasbı, Morocco. E-Mail Address: [email protected]

Information Technology Market: International Experience, Trends and Prospects Of Future Developments in Kazakhstan

Maira Davletova, Kazakhstan.

Abstract The purpose of research - to identify the characteristics of the organization of marketing in enterprises operating in the sphere of information technologies, and to develop recommendations for optimizing their marketing efforts. Results of the study - an analysis of the IT market in Kazakhstan and in the world and estimated marketing activity acting on its companies. According to the study authors worked out specific proposals and practical recommendations that can be incorporated into the practices of the investigated companies and will enhance its effectiveness. Originality / value: the theoretical and methodological fundamentals of marketing in the field of information technology have been exposed in the course of scientific analysis, systematized and structured in accordance with the modern methodological requirements. The article is not only of theoretical interest, but also has practical significance. Methodology. In the basis of the work has been put scientific methods of research, such as analysis and synthesis, induction and deduction, as well as a method of abstraction, which is very closely related to the method of analysis and synthesis. The study is based on a systematic method of working with information. Conclusions: Based on the analysis of the market of information technologies has been proposed marketing strategy of the company, which will improve their performance.

ADDRESS FOR CORRESPONDENCE: Maira Davletova, Kazakhstan. E-Mail Address: [email protected]

Analysis Of İnternal Personnel Marketing in Selected Mechanical Engineering Company in Slovakia

Olga Ponisciakova, University of Žilina,Slovakia. Martina Gogolova, University of Žilina,Slovakia. Iveta Sedlakova, University of Žilina,Slovakia.

Abstract The papaer deals with analysis of significance and internal personnel marketing in selected mechanical engineering company in Slovakia. Analysis is based on internal administrative sources, results of HR-oriented projects in selected mechanical engineering company and survey results. Since idnternal personnel marketing tries to stabilize qualified and motivated employees, their development and proper managment, employees of selected mechanical engineering company were chosen as a main target group. Analysis is focused on application of the four main marketing mix elements (product, price, place and promotion) in the implementation of personnel work. Based on the analysis, conclusion presents the main findings and makes the space for recommendations which are focused on improving the internal personnel marketing.

ADDRESS FOR CORRESPONDENCE: Olga Ponisciakova, University of Žilina,Slovakia. E-Mail Address: [email protected]

Influencing Motivation in Specific Sector: Motivation Programs and Tools in Private Security Services

Martina Blašková, University of Žilina,Slovakia. Dagmar Vidriková, University of Žilina,Slovakia. Rudolf Blaško, University of Žilina,Slovakia. Kamil Boc, University of Žilina,Slovakia.

Abstract Private security services represent a specific sector of each country. Analysis, synthesis and generalization of theoretical knowledge on work and motivation in the private security sector shows the spectrum of professions and job positions is very diverse, unique and competence-demanding. Together with relatively low financial remuneration, and high physical and mental demands, these factors cause the motivation of private security employees and managers suffers in many imperfections and distortions. Lower level of motivation often leads to a high job dissatisfaction and staff turnover and a lack of interest on such employment. On these grounds, the paper is intended to focus attention on action elements of motivating in the private security and examine the frequency of creating motivation programs as well the characteristics of applied motivation tools. The methodological part therefore contains the results of sociological questioning conducted in selected private security organizations of the Slovak Republic. Statistical processing of respondents’ answers (with using means, medians, relative frequencies, upper and lower quartiles, etc.) confirms the managers do not prepare motivation programs for their employees too often. Moreover, the managers do not utilize just those motivational tools towards the employees which, under the terms of interviewed employees, are the most efficient and important. Another negative finding is the application of threats and sanctions is relatively frequent in the private security. These results serve as a direct impetus for recommendations proposal at the conclusion of paper which may lead to higher motivation not only of employees but also managers and can cause the employment in the private security will be more attractive and achieve a greater degree of work satisfaction for employee, manager and owner of the security organizations.

ADDRESS FOR CORRESPONDENCE: Martina Blašková, University of Žilina,Slovakia. E-Mail Address: [email protected]

Temporary Employment Agencies and Their Role in Personnel Marketing

Veronika Kormaňáková, University of Žilina,Slovakia. Darina Chlebíková, University of Žilina,Slovakia.

Abstract This article describes current traditional and non-traditional forms of employment. In current situation, temporary employment agencies become a part of the labour market and they are often only one way how to get a job for a certain period. Temporary employment agency is a legal entity or natural entity which employ person in labour relation (temporary agency worker"). An employee is allocated to user employer to temporarily work carried on its supervision and direction. Thanks to the activities of agencies there arises the employment triangle between agency, agency´s staff and user organizations. This paper deals about this form of employment in the global environment as well as new flexible forms of employment. Situation of unemployment in the Slovak Republic is not favorable. An appropriate way to find a job is cooperation with personal agencies. In the article there are mentioned factors which determined differences between them but even basic activities such as personnal selection, staff leasing and outsourcing, as well as other innovative forms of employment, such as home working, on-call work and project work.

ADDRESS FOR CORRESPONDENCE: Veronika Kormaňáková, University of Žilina,Slovakia. E-Mail Address: [email protected]

The Use Of Marketing in Human Resource Management

Pavol Ďurana, University of Žilina,Slovakia. Darina Chlebíková, University of Žilina,Slovakia.

Abstract One of the decisive factors of the long-term functioning and effectiveness of any company business is human resources. The article discusses the approaches and insights on human resources management through the eyes of various authors and explains that human resources are not linked only to the field of management but also in areas such as planning, searching, selection, evaluation, motivation, training, remuneration and of course the release of human resources. The globalized market sharpens competition and human resources management can decide if the company stands on the side of winners. The aim of the article is to assess how companies in the Slovak economy cope with the challenges raised by human resources. Based on the realized survey aimed at identifying the current level of human resources management in organizations operating in Slovakia for the years 2010 - 2012 will analyze and evaluate the current status level of human resources. The gaps in research problems will be identified and will be provided recommendations for improvement of activities related to human resources and enhancing the competitive position of the company through personnel marketing tools. A personnel marketing is used primarily for search and retrieval quality people, their stabilization and strengthening their solidarity with the company. An application of personnel marketing leads to specific staff and corporate culture.

ADDRESS FOR CORRESPONDENCE: Pavol Ďurana, University of Žilina,Slovakia. E-Mail Address: [email protected]

Application Controlling Of Claims in The Logistics Company

Lucia Kormanová, University of Žilina,Slovakia. Peter Majerčák, University of Žilina,Slovakia.

Abstract In the condition of the increasing complexity of the business systems and their environment is the controlling an essential basic of the success of each company. It is a phenomenon that integrated the information processing, the analysis processes, the preparation of the business plans and the control processes. Controlling is implemented to the company system by the broad range of the activities that are influencing all the sectors, departments and the levels of the management. This article is focused on the financial controlling and on the keeping the financial balance over the year. Each company knows that to be competitive and has high sales, ordinary needs to offer some kind of the trade credit to the customers. By the sales of the credit arises the difference between the cash and the bookkeeping sales. These sales are until the date of the payment from the financial aspect unfinished, thus resulting to the assets that need to be financed in a way but there are always the risk that supplier won´t pay on the time or at all. The aim of this paper is to present and to verify the complex model of the asset evaluation in the condition of the logistic company and its financial and economic consequences.

ADDRESS FOR CORRESPONDENCE: Lucia Kormanová, University of Žilina,Slovakia. E-Mail Address: [email protected]

Proposition a Model Regarding The Links Of Strategic Orientation, Market Orientation and Hotel Business Performance

Muthanna Maan Ibrahim Alobaidi, Akdeniz University, Turkey. Mustafa Gulmez, Akdeniz University, Turkey. Olgun Kitapci, Akdeniz University, Turkey.

Abstract Despite the extremely the huge account of literatures in the field of marketing management and strategic management, there is a poor understanding about the role of market orientation in driving strategy and ultimately performance. Although Performance measures are essential for apprising strategy effectiveness and probably the best way to communicate a firm’s strategy throughout an organization, but connecting marketing management discipline into the strategic management literatures through market orientation thought, still challenging practitioners of both fields. Given the role of marketing in context of strategy, cross-discipline research incorporating strategy is required for our overall appreciation of market orientation’s contribution to organizational effectiveness through understanding the link between market orientation and strategies. Motivated by the discovery of scattered cross-discipline research between constructs of market orientation; customer orientation, competitor orientation and inter-functional coordination, and the six dimensions of strategic orientation; aggressiveness, analysis, defensiveness, futurity, pro-activeness and riskiness, this paper aims to propose a model of the relationships between these traits of strategic orientation, market orientation, and business performance in the context of hotel business. Covariance structure models with multiple indicators for all latent constructs from the collected data will be the ingredients for testing our models.

ADDRESS FOR CORRESPONDENCE: Muthanna Maan Ibrahim Alobaidi, Akdeniz University, Turkey. E-Mail Address: [email protected]

Core Business and Supporting Activities in Slovak Enterprises

Ladislav Vagner, University of Žilina,Slovakia. Viera Bartošová, University of Žilina,Slovakia.

Abstract The latest boom of facility management, mostly seen as an essential part of large enterprises, leads us to start thinking about if the growing interest of this phenomenon is caused by a real need of a company and is it even possible start the discussion of usage of facility management in a different than large enterprise? At the beginning base elements of core business and supporting activities are defined and then the question why facility management is a fundamental part of a corporate leadership is answered. The second part of the article identifies an area of interest and development of a hypothesis that can then be tested. The process of research will be targeted on the enterprises located in the central Slovak region. The digital answer sheet will be used as a baseline for the verification of stated hypotheses. All mentioned processes and procedures will help to clarify the necessity of Facility management for an enterprise.

ADDRESS FOR CORRESPONDENCE: Ladislav Vagner, University of Žilina,Slovakia. E-Mail Address: [email protected]

A Mathematical Model For Truck-Door Assignment and Product Placement Problem in Cross-Docking Center

İlker Küçükoğlu, Uludag University, Turkey. Nursel Öztürk, Uludag University, Turkey.

Abstract In today’s cross-docking offers a significant cost benefits to companies because of the small orders and frequent deliveries in logistical environment. Cross-docking is a relatively new logistics strategy in which items are moved from suppliers to customers through cross-docking centers without putting them into long-term storage. One of the fundamental issues in cross-docking facility is to assign the incoming and outgoing trucks to the doors in order to minimize movement of the products. This paper addresses the truck-door assignment problem of cross-docking centers with product placement plans and proposes a mixed integer mathematical model to solve problem. The objective of the mathematical model is to find best truck-door assignment and product placement plans that minimize total travelling distance of the products. The proposed model is tested on a problem set which are created by using a real-life data of a logistics company. The computational results show that the proposed mathematical model can be carried out for the real-life operations to minimize movement costs of the products in cross-docking centers.

ADDRESS FOR CORRESPONDENCE: İlker Küçükoğlu, Uludag University, Turkey. E-Mail Address: [email protected]

Heuristic and Genetic Algorithm Approaches to The Real-World University Examination Timetabling Problem

İlker Küçükoğlu, Uludag University, Turkey. Alkın Yurtkuran, Uludag University, Turkey.

Abstract Timetabling is one of the computationally difficult problems in scheduling and aims to find best time slots for a number of tasks which require limited resources. In this paper, we examine different solution approaches for the real-world examination timetabling problem for university courses. The problem has unique hard and soft constraints, when compared to previous efforts, i.e. consecutive exams, sharing of classrooms, classroom preferences, classroom capacity and number of empty slots. The aim of the problem is to achieve a timetable, which minimizes the total number of the examination slots without any conflicts. First, the real-world problem is formally defined and a mixed integer linear model is presented. Then, a constructive heuristic and a genetic algorithm based meta-heuristic are proposed in order to solve the examination timetabling problem. Proposed approaches are tested against current methods used for several departments. Results reveal that, proposed approaches are able to produce superior solutions in a limited time.


National Higher Education Management Strategy For North Cyprus

Behiye Cavusoglu, Near East University, Cyprus.

Abstract Education plays an important role in preparing individuals to enter the labour force. Each person’s education is an investment in his/her human capital which allows contributing the productivity of the society. If the education is to promote economic growth, educational policies must consider both supply of education (quality and efficiency) and demand of education (labour market policy and technological development). This has led the universities to pay closer attention to ‘need analysis’ of labour market. If the graduates of university find a job because of the skills gained during the higher education process, this means that university has comparative advantage in the labour skills and meets the needs of the market. As a small developing island with its eleven universities, government assigning education is one of the locomotive sectors of the North Cyprus economy. The purpose of the paper is to examine the present situation of higher education sector in North Cyprus, analysis the importance of needs of labour market and suggests National Higher Education Management Strategy (NHEMS). NHEMS will find out the needs of domestic labour market, propose necessary schedule changes to the universities and improve the employability of the graduates. Here, the students are possible skilled workers in labour market within near future and have to be equipped with the materials which labour market look for. The study emphasizes the importance of NHEMS and gives suggestions to how NHEMS created at national level. This will gain comparative advantage to the universities and the North Cyprus both at national and international level.

ADDRESS FOR CORRESPONDENCE: Behiye Cavusoglu, Near East University, Cyprus. E-Mail Address: [email protected]

Effects of Demographic Characteristics and Internet Usage on Risk Perceptions of Internet Banking in Northern Cyprus

Berna Serener, Near East University, Cyprus.

Abstract Risk is one of the important obstacles in internet banking usage. In order to be able to develop appropriate strategies, banks need to understand risk perceptions of their customers. The purpose of this paper is to measure effects of demographic characteristics and internet usage on risk perceptions of internet banking in Northern Cyprus. 500 respondents were surveyed. Risk perceptions of these respondents towards internet banking were measured. Anova tests and t-tests were employed. The results show there is no significant difference in risk perceptions of internet banking between gender, nationality and income groups. There is a significant difference between age groups. Respondents between ages of 26-35 found internet banking less risky. Marital status affect respondents’ internet banking risk perceptions. Married respondents found internet banking riskier than single respondents. There is a significant difference in the risk perceptions of respondents with different levels of education. Primary and secondary school graduates perceived internet banking riskier compared to respondents with undergraduate, graduate and PhD degrees. There is a significant difference in risk perceptions of internet banking between occupational groups. The risk perceptions of internet banking were lower for the banking personnel compared to other occupational groups. Finally, there is a significant difference in risk perceptions of internet banking between users and non-users of internet. The users of internet perceived internet banking less risky compared to non-internet users. Managerial implications were discussed.

ADDRESS FOR CORRESPONDENCE: Berna Serener, Near East University, Cyprus. E-Mail Address: [email protected]

A Comparative Analysis of Dependent Employment and Selfemployment in the Slovak Republic

Eva Sopkova, Matej Bel University, Banska Bystrica, Slovakia Mariana Sedliacikova, Technical University, Zvolen, Slovakia

Abstract The article deals with the issues of dependent employment and self-employment in business and/or outside business. It is based on the results of a questionnaire research focusing on the differences, advantages and disadvantages, between dependent employment and self-employment. In our analysis we characterize the activities from the point of view of the conditions of individual taxation and tax burden of individuals in the Slovak Republic. We are suggesting recommendations to improve the performance of the examined activities and prevent self-employment abuse in the work of individuals for employers.

ADDRESS FOR CORRESPONDENCE: Eva Sopkova, Matej Bel University, Banska Bystrica, Slovakia E-Mail Address: [email protected]

Modeling Of Company's Default Probability in Relation to its Credit Risk

Ivana Weissová, University of Žilina, Slovakia Anna Siekelová, University of Žilina, Slovakia Katarína Kramárová, University of Žilina, Slovakia

Abstract The issue of bankruptcy is very discussed in the modern theory of the company. There are currently many companies that must deal with this issue. They obtain useful information and also use the appropriate tools in order to avoid bankruptcy. Therefore financial analysts are still looking for appropriate ways to predict the bankruptcy of the company. The aim of this work is to emphasize the importance of prediction models in the issue of bankruptcy. The practical part of the following contribution consists of three steps. At the beginning we randomly selected five Slovak companies. Next we chose eight prediction models which are calculated for the last four years. Then we chose the method of economic value added as a method by which we can measure the value of the company. We calculate the economic value added for the last four years in selected companies. Finally, we compare the results of prediction models with the results of economic value added to evaluate the risk of bankruptcy in selected companies.

ADDRESS FOR CORRESPONDENCE: Ivana Weissová, University of Žilina, Slovakia. E-Mail Address: [email protected]

Perception of Trust in Slovak Enterprises

Martina Minárová, Matej Bel University in Banská Bystrica, Slovakia. Denisa Malá, Matej Bel University in Banská Bystrica, Slovakia. Zdenka Musová, Matej Bel University in Banská Bystrica, Slovakia.

Abstract Trust is the elementary factor which affects interpersonal relations and becomes imperative in survival of both people and enterprises. It is related to employee satisfaction, fluctuation, inability to work due to sickness, as well as employee identification with the organization’s system of values, its vision, and the long-term strategy. Culture of trust, as an element of corporate culture, is a system of norms and values which define how trust is exhibited, and generalize the long-term experience of people with it. Our paper deals with the culture of trust in chosen enterprises in Slovakia. The main objective of our research at the Faculty of Economics, Matej Bel University in Banska Bystrica, was to find out what experience the organizations have with giving and accepting trust in chosen aspects of the organization’s life. We have attempted to analyze the trust of relationships, as well as trust within the work duties, and find out how the atmosphere of trust is created and how it develops. At the same time we tried to identify the most common factors which lead to loss of trust in Slovak enterprises.

ADDRESS FOR CORRESPONDENCE: Martina Minárová, Matej Bel University in Banská Bystrica, Slovakia. E-Mail Address: [email protected]

Current Social Approach to The Protection Of Private Property

Anton Šiser, University of Žilina,Slovakia.

Abstract The latter half of the 1980s brought great changes to the states of the former Eastern Bloc. A series of revolutions signalled the end of the communist era, freedom from the influence of the former USSR and the beginning of a new, democratic age, modelled after the Western Europe countries. This change affected political, societal, economic and cultural aspects of life. Today, almost 30 years after the aforementioned revolutionary time, these Central European countries found themselves in an era of open borders, free-market economy and globalization. However, this new age brought along a few problems besides the many obvious advantages. The population is now more economically differentiated, which influenced a surge of economic and property-related crimes. The allure of quick and easy profit spurred on the activities of highly intelligent, well-informed and educated criminals; using the latest technical equipment and easy accessibility of virtually any products, they target households with increased spending power which only protect their new assets in ways similar to those used during the Communist era. The society currently exists in a state where criminals with the most sophisticated tools face households which react to this development very inadequately, if at all. For this reason this paper will focus on the need for increased private property protection as well as specific security solutions.

ADDRESS FOR CORRESPONDENCE: Anton Šiser, University of Žilina,Slovakia. E-Mail Address: [email protected]

Bank Failure Prediction in The MENA Region

Samı Ben Jabeur, University of Sousse, Tunisia. Asma Sghaier, University of Sousse, Tunisia.

Abstract This study develops an early warning technique for predicting financial distress in the MENA region banks. It is motivated by the limitations of traditional models. We propose a new model to predict bankruptcy which combines the Partial Least Squares selection with the Cox regression (PLS-Cox). PLS-Cox can successfully identify the multicollinearity among the financial indicators and resolve the problem of missing data. The sample consists of 52 Islamic banks. Accounting and financial data was collected and a battery of 19 financial ratios was calculated over the period 2005-2011. The application of the PLS-Cox regression to two samples of healthy and vulnerable Banks gives significant results. It also proposes a forecasting model more relevant than that obtained by the traditional models.

ADDRESS FOR CORRESPONDENCE: Samı Ben Jabeur, University of Sousse, Tunisia. E-Mail Address: [email protected]

Human Resources Management in Context Of Corporate Social Responsibility

Viera Sukalova, University of Žilina,Slovakia. Pavel Ceniga, University of Žilina,Slovakia.

Abstract The globalization of economic activities in the last decade brings changes in the world of work; there is incertainty, inequality and new risks. New requirements apply to the managemen tof human resources and the sustainability development. To make the company successful in the long term, it must meet the new expectations of their surroundings, which neccessarily include the responsible behaviour towards the society in which it operates. man limits reliability of the features of the system. Aa a result of the failure to adapt labour conditions humans began to appear health, economic and social consequences. Through human resources and people management can be designed to target the working system and increasing the efficiency of human labour. The paper focuses on the sustainable management of human resources in teh context of the requirements of social responsibility, identifying current problems in this area in practice and propose solutions.

ADDRESS FOR CORRESPONDENCE: Viera Sukalova, University of Žilina,Slovakia. E-Mail Address: [email protected]

Entrepreneurial Marketing: An Exploratory Study in The Adventure Tour Operators

Ayse Çelik Yetim, Muğla Sıtkı Koçman University, Turkey. Selma Meydan Uygur, Gazi University, Turkey.

Abstract Marketing and entrepreneurship are two different academic disciplines that come between the same literature as Entrepreneurial marketing especially for Small and mid-sized enterprises (SMEs). Entrepreneurial marketing help to SMEs as identifying opportunities surrounding a business, evaluating and taking risks in order to gain a competitive advantage, innovative, proactive and aggressive behaviour towards being competitive. SMEs employ Entrepreneurial marketing with using seven strategic dimensions. These dimensions comprise proactiveness, calculated risk-taking, innovativeness, opportunity driven, resource leverage, customer intensity and value creation. Adventure tour operators are small and mid-sized enterprises and their environmental change is great but their resources are limited for marketing. The aim of the study is to explore major dimensions of entrepreneurial marketing concept in adventure tour operators and to present current marketing approaches in adventure tour operators seem to be consistent (similarities and dissimilarities) with the entrepreneurial marketing. Qualitative research method will be used in this study to achieve the research aim. Semi-structured interview method in adventure tour operator managers in Fethiye will be conducted. Data will be analyzed using descriptive statistics. Theoretical and practical implications will be discussed through entrepreneurial marketing in adventure tourism. Marketing and entrepreneurship are two different academic disciplines that come between the same literature as Entrepreneurial marketing especially for Small and mid-sized enterprises (SMEs). Entrepreneurial marketing help to SMEs as identifing opportunities surrounding a business, evaluating and taking risks in order to gain a competitive advantage, innovative, proactive and aggressive behaviour towards being competitive. SMEs employ Entrepreneurial marketing with using seven strategic dimensions. These dimensions comprise proactiveness, calculated risk-taking, innovativeness,opportunity driven, resource leverage, customer intensity and value creation. Adventure tour operators are small and mid-sized enterprises and their environmental change is great but their resources are limited for marketing. The aim of the study is to explore major dimensions of entrepreneurial marketing concept in adventure tour operators and to present current marketing approaches in adventure tour operators seem to be consistent (similarities and dissimilarities) with the entrepreneurial marketing. Qualitative method will be used in this study to achieve the research aim. Semi-structured interview method in adventure tour operator managers in Fethiye will be conducted. Data will be analyzed using descriptive statistics. Teoritical and practical implications will be discussed through entrepreneurial marketing in adventure tourism.

ADDRESS FOR CORRESPONDENCE: Ayse Çelik Yetim, Muğla Sıtkı Koçman University, Turkey. E-Mail Address: [email protected]

Logistics Management within The Context Of Corporate Social Responsibility

Pavel Ceniga, University of Žilina,Slovakia. Viera Šukalova, University of Žilina,Slovakia.

Abstract The article deals with the possibilities and applying the principles of Logistics management in a comprehensive concept of corporate social responsibility, which is a tool for analysing of the relationships both within company and between the organizations in the Supply chain. Corporate social responsibility is an impulse and a mean to discuss the extent of any obligations of the organization towards its immediate environment. The aim of the article is to focus attention on the most important application area of corporate social responsibility within an integrated supply chain including: supporting suppliers to implement processes that are appropriate for sustainable environmental protection, application the standards for protecting environment in the process of life-cycle management, purchasing and using recycled materials for packaging and the like.

ADDRESS FOR CORRESPONDENCE: Pavel Ceniga, University of Žilina,Slovakia. E-Mail Address: [email protected]

Technological Opportunities and Innovation Performance: Evidence From Polish Manufacturing Firms

Tomasz Kijek, University of Life Sciences in Lublin, Poland. Elżbieta Skrzypek, Maria Curie-Skłodowska University, Poland.

Abstract Technological opportunity is a concept that draws attention of scholars and practitioners in the field of economics and management of innovation. In general, technological opportunities refer to the contribution of external knowledge to innovation activities of firms in the given industry. Although the role of external knowledge has been discussed in detail in the open innovation literature, there is still a challenge: how to operationalize technological opportunities and measure their impact on firms’ innovation performance. In order to reduce this gap in the literature, our study aims at analyzing the effects of technological opportunities on the output of innovation process. Empirical research is based on micro-data from Polish Community Innovation Survey. The sample consists of 2960 manufacturing firms. We used the bivariate Probit model to estimate the relationship in which the likelihood of the introduction of process and product innovation is a function of a set of technological opportunities variables. These variables refer to three distinct measures of opportunities, i.e. the contribution of external knowledge to innovation activity, the scope of cooperation on innovation, and belonging to the technology group (industry). Our results show that inter-firm and interindustry differences in technological opportunities explain firms’ variation in the probability of the new product and process introduction.

ADDRESS FOR CORRESPONDENCE: Tomasz Kijek, University of Life Sciences in Lublin, Poland. E-Mail Address: [email protected]

The Impact of Accounting Information Systems (AIS) on Fraud Detection

Gunes Topcu, Canakkale On Sekiz Mart University, Turkey.

Abstract This paper examines whether fraudulent activities in financial statements decreased with the use of computerized accounting information systems (CAIS) and what can be done by accounting information systems (AIS) to decrease fraud in financial statements. Studies show that using computerized accounting information systems do not decrease fraud each time because top management instead of lower level employees is the one who commits crimes. Although enterprise resource planning systems (ERP) provide controls such as segregation of duties, they may not be sufficient to detect fraud. Instead, data mining techniques such as neural networks, decision trees and Bayesian Belief Networks may be used.

ADDRESS FOR CORRESPONDENCE: Gunes Topcu, Canakkale On Sekiz Mart University, Turkey. E-Mail Address: [email protected]

A Mathematical Model For The Route Optimization Of Service Vehicles

İlker Küçükoğlu, Uludag University, Turkey. Nursel Öztürk, Uludag University, Turkey.

Abstract The route planning of service vehicles is an important issue for large-scale enterprises which have hundreds of employee. Especially for the flexible shift system which brings about uncertainty for the drivers, the route plans have to be formed daily by the managers. This study addresses the route optimization problem of service vehicles to minimize total transportation cost of the service fleet and proposes a mixed integer mathematical model to solve problem. The objective of the mathematical model is to minimize total travelling distance of the fleet by considering vehicle capacities and travelling time constraints. The mathematical model is tested on a randomly generated problem set which consist of different sized instances for homogeneous service fleet. The computational results obtained by the Gurobi solver show that the proposed mathematical model is capable to find route plans for the real-life service vehicles routing decisions that can minimize total transportation cost of the fleet.


Abc Classificatıon with Multi-Criteria Decision Making Methods

Aslı Aksoy, Uludag University, Turkey.

Abstract The growing competitive environment forces enterprises to be more innovative, respond customer requirements rapidly and decrease overall costs among supply chain activities. Inventory management is one of the main drivers in supply chain management. In this high competitive world, inventory managers try to decrease inventory holding costs and also inventory shortages while satisfying lower safety stocks. ABC classification is widely used methodology to manage inventory in enterprises. The traditional ABC classification considers only one criterion, especially economic value of the component, and divides inventory components into three different classes. The literature includes several studies concerning with ABC classification due to its simplicity, but in real word applications, the model is difficult to maintain while it involves multiple criteria and large inventory size. In this study, a research on inventory ABC classification by using multi-criteria decision making methods is presented. The proposed approach considers quantitative and qualitative criteria in the classification model and is illustrated by a real life example in retail industry. The results of the presented methodology indicates that, the multicriteria ABC classification tool is an effective tool in classifying inventory components and decrease the level of safety stocks and inventory holding costs.

ADDRESS FOR CORRESPONDENCE: Aslı Aksoy, Uludag University, Turkey. E-Mail Address: [email protected]

Comparison Between Curriculums Of Business Schools in Turkey and The World in Terms Of Ifrs Courses

Züleyha Yılmaz, Ordu University, Turkey. Hakan Yazarkan, Ordu University, Turkey.

Abstract Accounting is the language of business, and IFRS became the main tool of accounting since nearly 2005. Before the coming of IFRS, almost every country had their own accounting systems and comprehension. For this reason, countries developed different unified accounting system such as USGAAP, UKGAAP etc. and carried into practice it in the curriculums of their business schools. On the other hand, after the transition to IFRS, they had to update their curriculums to keep up with the new age of the accounting world. While some of these countries completely accomplished the transition process by adapting full set of IFRS, some of them preferred to use both their previous accounting system and IFRS, and some preferred using only their own unified accounting system such as USA’s USGAAP. Keeping their own accounting system or accepting the IFRS is still a controversial issue. That’s why there are different curriculums in business schools for accounting courses in many countries. The main objective of this study is to make a comparison between curriculums of business schools in terms of IFRS courses. For this purpose, the world’s best 50 business schools ranked by “The Economist” and the best 50 business schools in Turkey ranked by their base point in “the Student Selection Examination (ÖSS)” are selected as sample. Majority of countries attach importance to education of IFRS in their curriculums; albeit some still do not pay enough attention to this issue and continue to their before-IFRS teaching methods for accounting courses. Conducting this study, it will be revealed how many of business schools open IFRS courses in Turkey and the world, and the results will be presented in tabular and compared by countries. For this aim, content analysis will be conducted as a method by deeply searching web sites of the every selected business schools.

ADDRESS FOR CORRESPONDENCE: Züleyha Yılmaz, Ordu University, Turkey. E-Mail Address: [email protected]

Responsible Sourcing Practices in Hazelnut Industry

Sema Yigit, Ordu University, Turkey. Ahmet Mumcu, Ordu University, Turkey.

Abstract The world is running out of resources and businesses are today experiencing profound pressures that derive from a wide range of stakeholders to use all resources efficiently. This has led a growing number of companies to have responsible sourcing practices. Responsible sourcing practices is important for almost every industry especially in food industry because of its direct effect on sustaining human life and ecological balance. Responsible sourcing can be defined as a voluntary commitment by companies to take into account social and environmental consideration when managing their relationships with suppliers (Wassell, 2010,p.259). Turkey is the world’s leading producer and exporter of hazelnuts, accounting for around 75% of the world’s supply.Turkey’s export amount hit an all-time high in 2015 with 2 billion 833 million dollar (TİM,2015). Hazelnut fields, widely spread in the Eastern Black Sea coasts of Turkey. There are important regional differences in terms of productivity in the industry. For example, hazelnut productivity is lower in the Eastern Black Sea than the Western Black and the Marmara Region. Some of the reasons of low efficiency are old hazelnut trees, improper fertilization, and lack of knowledge about modern techniques (Trabzon Exchange Commodity, 2015). At this point companies may play an important role to guarantee the supply of their basic raw materials and hereby to support sustainability. The aim of this study is to investigate the companies’ responsible sourcing practices in hazelnut industry. Survey, interview and analysis of secondary data method will be used together. Responsible sourcing practices of companies will be analyzed into two parts as assessment (like establishing written supplier requirements, selecting the supplier that most comply with the firm’s corporate sustainability standards and conducting audits) and collaboration (like communication, training or workshops and technological integration) (Grimm et al., 2014:161; Ciliberti et al., 2008:1580; Beske&Seuring 2014:324). Besides under-age workers on hazelnut production is one of the major problems that companies has to struggle to prevent it in the context of responsible sourcing.

ADDRESS FOR CORRESPONDENCE: Sema Yigit, Ordu University, Turkey. E-Mail Address: [email protected]

Political Resistance to Fiscal Stability Institutions: The Case Of Romania

Radu Ioan Simandan, University Polıtehnıca Of Bucharest, Romania.

Abstract Sound public finances are a key element of a stable macroeconomic environment. At EU level, a number of institutional arrangements have been recently put in place to address the sovereign debt crisis. However, the practicability of a strict framework for fiscal stability in EU member states is questionable. Given the usual incentives and constraints that elected officials face, political pressure against fiscal stability is to be expected. Indeed, the allegedly excessive pressure on national public finances of the current fiscal framework has been criticized by politician all across Europe. This problem can become even more acute in an environment that needs adjustment from previous episodes of unsound conduct of fiscal policy. The aim of this paper is to analyze the resistance to fiscal stability institutions showed by Romanian politicians. To this end, the design of the institutional environment for fiscal stability is investigated, with special attention being paid to its protection against political pressure. In addition, opinions expressed recently by key political actors related to certain issues on fiscal stability are analyzed and categorized into a number of main arguments.

ADDRESS FOR CORRESPONDENCE: Radu Ioan Simandan, University Polıtehnıca Of Bucharest, Romania. E-Mail Address: [email protected]

The Price Adjustments Of Price-Setting Factors Under Sales Comparison Approach (SCA)

Martin Cupal, Mendel Unıversıty in Brno, Czech Republic.

Abstract Sales comparison approach (SCA) represents usually the most important valuation approach above all. Besides this approach, there exist two other performing valuation approaches at other bases. The sales comparison is a set of procedures in which an appraiser derives a value indication by comparing the property being appraised to similar properties. Real properties have a lot of differences among themselves which respond price-setting factors. Price adjustments (caused by differences projected into price by the grid adjustment technique) are always ad hoc, but certain relations among the price-setting factors can be detected. A research is based on evaluation of price adjustments across different types of real estate. The main objective is to determine the values of simultaneous relations of price adjustments for individual price-setting factors. Methodology consists of three steps. First one clearly defines the content individual price-setting factors for further analysis. Second step represents statistical analysis on wide appraiser database and evaluation of price adjustments. Final step uses selected statistical tools to interpret mutual relations. The results of the research should largely help professional appraisal community and following research analysis under SCA.

ADDRESS FOR CORRESPONDENCE: Martin Cupal, Mendel Unıversıty in Brno, Czech Republic. E-Mail Address: [email protected]

Tire Selection with TOPSIS and GRA Methods in Multi Criteria Decision Making

Murat Gök, Ordu University, Turkey. Alperen Mustafa Yiğit, Ordu University, Turkey.

Abstract For safe driving in traffic, tires will be used in vehicles should be assessed properly. In order to ensure traffic safety and prevent accidents that may occur, legal regulations made at national and international level and consumers are informed about them. Selecting the right tires for vehicles is very important decision for both commercial and private vehicles. Additionally, it can be said that customers are becoming more sensitive with their security. Selection a tire is a complex process whereby it involves many criteria, not only cost. Customers usually considers many criteria such as -wet and dry handling, durability, fuel consumption and internal noise at the same time. Because of these reason selection of tires is a Multi-Criteria Decision Making (MCDM) problem. In this study, ADAC's (Europe's largest automobile club) test data will be used to solve the MCDM problem of selecting tires. Analyses is based on basic selection criteria which used to asses summer and winter tires. Selection criteria for summer tires are: dry road, wet pavement, noise, fuel consumption, tire wear. Selection criteria for winter tires includes whole criteria of summer tires and also has two extra criteria as snow-covered road and icy road. Selection of 19 pieces of summer and winter tires that subjected to testing by ADAC considered as a multi-criteria decision making problem. GRA (Grey Relational Analysis) and TOPSIS methods that are commonly used sorting / grading problems will be used in the study. Finally, the results provided by these methods will be compared with ADAC’s test results and all results will be interpreted. Consequently, results will help customers to make right decision about selecting tires.

ADDRESS FOR CORRESPONDENCE: Murat Gök, Ordu University, Turkey. E-Mail Address: [email protected]

Global Sustainable and Responsible Investment Activities and Strategies Of Companies

Lukáš Vartiak, University of Žilina, Slovakia.

Abstract When companies seek to invest their financial resources for gainful purposes, their investment decision-making process is based on advices of investment and advisory organizations. But not all investment decisions of companies are beneficial to the public welfare. Therefore, new areas in which companies can invest while participating in public welfare, are increasing. Sustainable and responsible investment (SRI) represents the best way of getting both financial and social return. The aim of the paper is to identify SRI activities and strategies which should be included in the investment decision-making process of companies. It is to be reached by defining related theoretical terms and carrying out a secondary research. It includes analysis, comparison and selection methods. The main finding is that existing SRI activities and strategies in reviews are not scrupulously oriented on the CSR concept. As a result, SRI activities and strategies oriented on CSR areas are to be identified. Recommendations arising from this paper are addressed to companies and to governments. Companies which are investing their money along the lines of SRI should not stand still but expand their SRI activities and strategies. Also, governments should aim at informing companies about SRI and existing SRI activities and strategies. Indeed, it is in the interest of every country and its government when companies contribute to the public welfare.

ADDRESS FOR CORRESPONDENCE: Lukáš Vartiak, University of Žilina, Slovakia. E-Mail Address: [email protected]

Does Multinationality Really Involve Financial Performance?

Alina Taran, University of Iasi, Romania Marilena Mironiuc, University of Iasi, Romania

Abstract The causality relation that may be established between the degree of internationalization and financial results of multinational corporations represents an opened research topic with controversial results. Our purpose is to clarify the nature of this relation on the actual context of multinational corporations from Europe. Using regression analysis, we test if a relationship between multinationality and financial performance may be established, taking into account a triple form of expressing the multinationality: at assets level, at sales level, and at employment level. Our results suggest that the influence of multinationality of the world’s top 100 ranked non-financial transnational companies from Europe is not a highly significant determinant of their financial performance. Nevertheless, this analysis proves that financial results obtained by European companies is directly related to their degree of multinationality on assets and sales levels. At the level of employment multinationality, a surprisingly indirect influence on profitability is revealed, this fact leading to new research perspectives. These results may serve the top management board of companies which are considering their internationalization strategy and it may be a reference basis for further research.

ADDRESS FOR CORRESPONDENCE: Alina Taran, University of Iasi, Romania E-Mail Address: [email protected]

Modelling of Transshipment Problem With Fuzzy Goal Programming

Selçuk Alp, Yıldız Technical University, Turkey. Tuğba Kıral Özkan, Bahçeşehir University, Turkey.

Abstract The purpose of the transportation problem is trying to find the best way to meet the demands by using the supply points with capacity. While the Transportation problem only allowed products to be conveyed directly from the supply point to demand point, problem of transshipment enables goods transmission itself for supply points and demand points. Linear programming methods can be used to solve the transportation problems. However, in the presence of numerical targets to achieve; Goal programming method is used instead of Linear Programming. Goal programming is a method applied to linear programming problems with a large number of goals and objectives. On the contrary to linear programming methods which is optimizing the Direct objectives; goal programming, used to deliver results for conflicting objectives by optimizing the deviation between objective values and the realized results. Fuzzy Goal Programming approach is used to solve problems if the exact value is not measured for the goals and constraints. The purpose of this article is to put forth that the fuzzy goal programming which we can accept as one of the best decision-making models that can be used under the haze and reveal the solution, can be used for the modeling of a transshipment problem.

ADDRESS FOR CORRESPONDENCE: Selçuk Alp, Yıldız Technical University, Turkey. E-Mail Address: [email protected]

The Analysis Of The Relationship Between Actual and Expected Inflation in Turkey with Markov Chains Analysis

Elçin Aykaç Alp, İstanbul Commerce University, Turkey. Selçuk Alp, Yıldız Technical University, Turkey.

Abstract The main objective of the Central Bank is to maintain price stability .Policy objectives set out in this direction and policy instruments used for this purpose can be varied. Inflation expectations are considered to be one of the most important policy instruments used today. Especially in the implementation of the inflation targeting regime, emerges a phenomenon to be studied in as the monitoring of inflation expectations, management, ensuring compliance with set targets. Since 2002 Central Bank of the Republic of Turkey applied in different types (implicit and explicit) expectations of the inflation targeting policy was followed and published regularly. This publication and monitoring has been through the implementation expectations surveys of the Central Bank of the Republic of Turkey. This paper examines the compatibility of the inflation target with the inflation expectations since 2002. To compare the compatibility of expectations, the expectations of the "current month", "two months later" and "twelve months later" has been subjected to analysis of data individually and disclosed for the actual inflation rate and inflation expectations. Markov chains analysis was used to examine this adjustment. The resulting long-term equilibrium (steady state) levels were compared to the expected realization via probabilities.

ADDRESS FOR CORRESPONDENCE: Elçin Aykaç Alp, İstanbul Commerce University, Turkey. E-Mail Address: [email protected]

Streamline Of Business Processes in Transport Companies Thanks to Facility Management

Dominika Matusova, University of Zilina, Slovakia. Viera Bartosova, University of Zilina, Slovakia.

Abstract The situation of transport companies in Slovakia is mainly characterized by diversity of owners and thus different efficiency. Their efficiency can be improved through the introduction of facility management (FM) and its focus on business processes that will help streamline the primary (main) activity of business. As the facility management aims to streamline business processes in particular in the form of cost reductions mainly in these related areas: on human resources and workers even further work activity, and most recently also in the working environment. The proof of the good functioning facility management in transport companies is to follow the prescribed rules and standards. The article describes in more details the situation in the Dopravný podnik mesta Žilina, Ltd. (the object of the company is mainly an urban bus transport) and its management. Thus, it is remitted to link theory and practice, and also as a key part of the article will be defined organizational tasks of FM and to make better solution by analysing the progress of the company. Facility management is the integration of processes within the transport companies to ensure and to develop services. The need to link information arose among operations and relevant executives and the consequent need for a uniform procedure to be followed in managing business processes in the company. It can say that FM is contributing positively to the growth of the company through the economic point, but also helps to increase competitiveness in the market.

ADDRESS FOR CORRESPONDENCE: Dominika Matusova, University of Zilina, Slovakia. E-Mail Address: [email protected]

Credit Risk - Evaluation Method

Katarína Frajtová-Michalíková, Žilinská univerzita v Žiline, Slovakia. Lucia Michalková, Žilinská univerzita v Žiline, Slovakia.

Abstract Credit risk can be critical with respect to the development of economic indicators. The aim of this paper is to show how to evaluate credit risk. For controlling market risks refers to the same procedure as in the case of management risk it is necessary first to detect, identify, and then evaluated. It is also possible to determine possible approaches and measures for its reduction or profit from its inception. With every business is related to risk. Basic breakdown of business risks is stabilized to market risk, credit risk and operational risk. Demarcation, measuring and designing a procedure leading to the reduction of these risks is an essential condition of effective action. Credit risk is the most important parts of risk management. It is meaning evident from the fact that the main principles of management or regulatory requirements unifying financial market are enshrined in various legal documents.

ADDRESS FOR CORRESPONDENCE: Katarína Frajtová-Michalíková, Žilinská univerzita v Žiline, Slovakia. E-Mail Address: [email protected]

The Causal Influence Of Contemporary Leadership to Organizational Effectiveness Of Construction Business : International Perspectives

Nopphong Kerdngern, North-Chiang Mai University, Thailand.

Abstract There are a lot of infrastructures and construction projects to be undertaken to meet the requirements of the development of country. Several studies shown leader and leadership are critical factors to the success or failure of the project management. This study aimed to compare the influence of leadership styles that affect to project or organizational effectiveness such as job satisfaction, organizational commitment and turnover intention of construction engineer that is the professional employee and is highly sensitive to the influence of leadership style. This study mainly concerns to compare relationships between Transformational Leadership and the projects or organizational effectiveness in the construction business in various countries including England, Spain, South Africa, Pakistan, Malaysia and Thailand. The result shows that Transformational Leadership has more strongly correlated with the organizational effectiveness than Transactional Leadership. Furthermore, in finding Laissez-Faire Leadership in Transformational Leadership Theory also revealed no relationship for organizational effectiveness and the exercising degree of Transformational Leadership was much lower than subordinate’s expectation that mostly of studies were in quantitative research. However, project management by project engineers under the globalization and rapid changing in the situation and environment need for a new breed of construction leader that meets the expectations of subordinates. Thus the need and challenge to develop Contemporary Leadership that increasing motivation and ethic which improve in project management or organizational efficiency and effectiveness.

ADDRESS FOR CORRESPONDENCE: Nopphong Kerdngern, North-Chiang Mai University, Thailand. E-Mail Address: [email protected]

Costs and Benefits of LNG Economic Development in the Arctic

Fabio Ballini, Sweden. Jarrod DeWitz, Sweden. Aykut Ölçer, Sweden. Dimitrios Dalaklis, Sweden.

Abstract Global warming is becoming increasingly evident. However, rising temperatures also offer new economic opportunities, such as new maritime routes in previously ice-locked waters. Valuable minerals in the Arctic region are also becoming more accessible. Maritime stakeholders are therefore seeking to operate in this remote region safely and efficiently. Accommodating these developments from a regulatory standpoint, IMO has amended the International Convention for the Prevention of Pollution from Ships (MARPOL) to include Chapter 9 of Annex I, prohibiting the use of heavy-grade marine fuels as well as heavy-duty oils as cargo carriage in the seas beyond 60th parallel south. In addition, IMO recently adopted the International Code for Ships Operating in Polar Waters (PCD). This paper seeks to analyse the economic impact of the use of liquefied natural gas (LNG) as an alternative marine fuel to reduce exhaust emissions and the risk of oil spill in the Arctic habitats. The paper focuses on the macroeconomic benefits of using LNG in Arctic shipping, including those related to supply security, external health benefits and environmental impacts. The paper offers a cost benefit analyse and a set of recommendations in relation to the use of LNG in the Arctic shipping.

ADDRESS FOR CORRESPONDENCE: Fabio Ballini, Sweden. E-Mail Address: [email protected]

Volatility Forecast with Artificial Neural Networks as Univariate Time Series; Examples with Stock Market Indexes.

Fahriye Uysal, Akdeniz University, Turkey. M. Burak Erturan, Akdeniz University, Turkey.

Abstract The tools offered to investors in financial markets fluctuate. Because this fluctuation causes losses as well as earnings; it is characterized as a risk for investor. Especially, fluctuations that may occur in globally important markets and financial instruments have great significance, not just for investor, but also for global economy. Volatility, as a measure of fluctuations taking place in markets, is used often particularly by investors and all economic actors. Therefore, in recent years, future volatility predictions have gained importance. The aim of this research is forecasting future volatility values by using historical data of S&P500, Dow30 and Nasdaq100 stock market indexes. The progress of historical volatility values in years is presented and generated univariate time series is modelled with Artificial Neural Networks. Future forecasts are done with obtained model and results are interpreted.

ADDRESS FOR CORRESPONDENCE: Fahriye Uysal, Akdeniz University, Turkey. E-Mail Address: [email protected]

Business Process Offshoring in Poland

Katarzyna Budzyńska, Maria Curie-Skłodowska University in Lublin, Poland.

Abstract The offshoring is nowadays one of main competitive strategies used by companies from different industries. Therefore rising markets are becoming more and more attractive locations for enterprises from the BPO/SSC sector. The purpose of this article is to review the basic definitions of offshoring, and to present an analysis of this fast-growing area in Poland - the BPO / SSC sector. In the paper the following points were discussed among others: the number of companies and employees in this sector. The main location factors for foreign industries in this sector in Poland were presented and analyzed. These factors affect bringing in new investments and keeping the existing companies. In the long term they influence the development of the city, region and country.

ADDRESS FOR CORRESPONDENCE: Katarzyna Budzyńska, Maria Curie-Skłodowska University in Lublin, Poland. E-Mail Address: [email protected]

The Importance Of Supplementary Services For Determining Differentiation Strategies: A Case Study From Marine Tourism

Derya Atlay Işık, Mugla Sitki Kocman University, Turkey.

Abstract Differentiation strategy is one of the generic strategies developed by Porter (1985). Supplementary service concept, developed by Lovelock (1996), means adding services that will add value to core services and its applications are used for the differentiation strategies particularly in intense competition service sectors such as tourism. Marinas are the most important service providers of yacht tourism; meet the several needs of both yachters/yachting companies and local public. As the result of increased number of marinas operating in the world and also in Turkey, competition environment reveals the need for developing different strategies. In this context, marinas with customer-oriented approaches try to improve their perceived values by offering services or service attributes which are differ from their competitors. Aim of this study is to determine the supplementary services and their importance for marinas while developing differentiation. In this respect, research questions are developed through evaluation of the literature on differentiation strategy and supplementary services in the service industry. For this purpose, an exploratory study is performed through a case study derived with the marinas located in Gocek (Mugla) Bay. Within the scope of the case study; semistructured interviews with marina managers, examination of documents and web sites of marinas are used as data collection techniques. All data collected during the study are processed with content analyses by using basic themes developed through the literature. As the result of the case study, supplementary services served by marinas are defined and the importance of these services as a differentiation tool is evaluated.

ADDRESS FOR CORRESPONDENCE: Derya Atlay Işık, Mugla Sitki Kocman University, Turkey. E-Mail Address: [email protected]

Socio-Economic Analysis Of Development Of Regions

Viktor Šoltés, University of Žilina, Slovakia. Katarína Repková Štofková, University of Žilina, Slovakia. Milan Kutaj, University of Žilina, Slovakia.

Abstract The quality of life is affected by a large number factors that may be combined based on the common aspects into the specific dimensions. The feeling of security has a direct and major impact on quality of life in the context of the current global security situation, Slovakia being included. Directly related to the quality of life is the development of regions that can be inspected, same as the security situation, through the subjective and objective indicators. The presented research is to be focused on selected socio-economic indicators of regional development that directly affect the safety of citizens, and thus quality of their lives. Elementary socioeconomic indicators of regional development are to be evaluated, these include regional gross domestic product, the level of economic activity, the rate of regional employment and unemployment, and the average regional wages. Comparison of the above stated indicators shows whether the quality of life in Slovak regions has increasing tendency and also demonstrate the status of individual regions in terms of development.

ADDRESS FOR CORRESPONDENCE: Viktor Šoltés, University of Žilina, Slovakia. E-Mail Address: [email protected]

Impact Of Corporate Tax Changes On Forest Enterprises in Slovakia

Iveta Hajduchova, Technical University in Zvolen, Slovakia. Blanka Giertliova, Technical University in Zvolen, Slovakia.

Abstract The Slovak tax system has undergone extensive changes during the last two decades. These changes have affected the corporate income tax rate significantly. The corporate tax affects profits of individual businesses, therefor they have to pay due attention. This paper is focused on analyses of the Slovak corporate tax system development with detailed focus on tax basis calculating methods as well as tax rates changes, concentrating on the group of forest enterprises. For analyzing the motivation influences of taxes were used marginal and average tax rate as well as some other ratios (tax burden as a share of corporate taxes to sales or to the accounting profit). By the document analyses were identified effects of changes on tax expenses as well as taxable income. After the analysis it can be concluded that the implemented measures have a different impact on the amount of tax liability of analysed subjects, and thus the volume of their available resources. But the large number of amendments in the laws affecting taxes have a negative impact on the forest enterprises.

ADDRESS FOR CORRESPONDENCE: Iveta Hajduchova, Technical University in Zvolen, Slovakia. E-Mail Address: [email protected]

Issuing Of Corporate Securities in Case Of Slovak Republic On Background Of Globalization

Marek Kristof, Matej Bel University in Banska Bystrica, Slovakia Hussam Musa, Matej Bel University in Banska Bystrica, Slovakia Peter Pisar, Matej Bel University in Banska Bystrica, Slovakia Peter Kristofik, Matej Bel University in Banska Bystrica, Slovakia

Abstract Globalization creates pressure on all companies to become more competitive, including in acquiring financial resources. This paper assesses the current state and future development of the Slovak capital market in the light of that market`s history. We use data on past trends to interpret current developments. Corporate securities emissions have risen, but are still very low relative to GDP. We argue that the narrow interest spread between bank deposits and bank loans reduces incentives to create securities. But that could be a viable alternative when companies are unable to borrow from banks. Using a case study of Tatry Mountain Resorts a.s., we argue that Slovakia could be a good environment for corporate securities emissions, for globally active companies.

ADDRESS FOR CORRESPONDENCE: Marek Kristof, Matej Bel University in Banska Bystrica, Slovakia E-Mail Address: [email protected]

What Else do Real Estate Agents Value in Negotiations Despite Profit?

Magdalena Danilet, Alexandru Ioan Cuza University, Romania. Clipa Anca, Alexandru Ioan Cuza University, Romania.

Abstract Problem statement: HOW is more important than WHAT is axiomatic in the communication theory. We would expect that in negotiations, as a way of communication, to find the same relation between HOW and WHAT. Still, most of the times, the economic value, measured in figures, is the only measured unit. The subjective value in negotiations, the HOW, which is in fact a precondition for economic value, is rarely considered and measured. Purpose of Study : The research investigates what do Romanian real estate agents value when they negotiate. After the real estate crisis the image of real estates agents has been damaged and trust was affected. As a consequence the relation client-agents needs to be reconsidered. Methods: The present research uses the subjective value inventory methodology (Curhan, Elfenbein, & Xu (2006) SVI) on 34 Romanian real estate agents. Personality factors, demographic background characteristics, culture and other individual factors may influence subjective value. Findings and Results: This research has implications for the development of practical strategies to help agents improve their social psychological outcomes in negotiation and increase the quality of their business relations. Conclusions and Recommendations Although objective value is indisputably a more concrete indicator of performance in negotiation, subjective value has been shown to matter more than objective value in predicting desire for future relationships.

ADDRESS FOR CORRESPONDENCE: Magdalena Danilet, Alexandru Ioan Cuza University, Romania. E-Mail Address: [email protected]

Structural Dynamics Of The Urban Functional Profiles From The Regions Affected by Aridity. South-Western Oltenia Development Region From Romania, As a Case Study

Radu Daniel Pintilii, University of Bucharest, Romania. Daniel Peptenatu, University of Bucharest, Romania. Cristian Constantin Draghic, University of Bucharest, Romania. Marina Ramona Rujoiu-Mare, University of Bucharest, Romania. Alexandra Grecu, University of Bucharest, Romania. Ana Maria Ciobotaru, University of Bucharest, Romania. Adrian Gabriel Simion, University of Bucharest, Romania. Ion C Andronache, University of Bucharest, Romania. Iulia Daniela Nedelcu, University of Bucharest, Romania.

Abstract The objective of the study is to identify the functional patterns of urban economies in the regions affected by aridity processes. Our research has identified the structural dynamics of the economic sectors, aiming to underline the effects of aridity at their level. The sectoral dynamics for the period 2000-2014, started from a database at NACE code (National Classification of Economic Activities) at four digits level, for the four main indicators: number of companies, turnover, profit and number employees. The four indicators were statistically analyzed for all urban systems in the South-Western Development Region (Oltenia). The elaborated models have underlined major structural changes to urban systems in areas affected by aridity. Agricultural activities support for agriculture and economic activities most important decreases were registered after the removal of subsidies for irrigation. The results obtained showed the complex of factors that generated the restructuring of the functional profiles.

ADDRESS FOR CORRESPONDENCE: Radu Daniel Pintilii, University of Bucharest, Romania. E-Mail Address: [email protected]

Modeling Of The Adaptive Capacity Of The Local Economies From Areas Affected by Aridity to The Structural Crises. South Westerd Development Region (Romania), As a Case Study

Daniel Peptenatu, University of Bucharest, Romania. Cristian Draghici, University of Bucharest, Romania. Marina-Ramona Rujoiu-Mare, University of Bucharest, Romania. Ana-Maria Ciobotaru, University of Bucharest, Romania. Ion Andronache, University of Bucharest, Romania. Radu-Daniel Pintilii, University of Bucharest, Romania. Camelia Teodorescu, University of Bucharest, Romania. Cristian Mihnea Popa, University of Bucharest, Romania.

Abstract The study objective is shaping adaptive capacity to structural crises of the territorial systems in areas affected by aridity. The research was conducted in the Southern Development Region, the region that in the 2000-2014 period has seen significant changes in the economic profile. Analyses were based on statistical support, over the period 2000-2014, which included changes in the number of employees, development of the turnover, profit and number of companies at NACE code-National Classification of Economic Activities. For each four-digit NACE code specific causes of the dynamics for each economic activity were identified after the economic crisis. In terms of administrative territorial unit, spatial projections were performed to show the dynamics of each indicator, the aggregating process of the indicators used showing a different types of adaptiveness, from a territorial system to another, after a legitimacy that cannot be identified without this type of modeling. The matrix of rank dynamics shows the algorithm of the revealed regularities after which time structured different types of reactions structural crises.

ADDRESS FOR CORRESPONDENCE: Daniel Peptenatu, University of Bucharest, Romania. E-Mail Address: [email protected]

The Ethno-Creativity in The Pilot Centres in Romania and Their Involvement in The Development Of Cultural Tourism and in The Educational Process

Teodorescu Camelia, University of Bucharest, Romania. Radu Daniel Pintilii, University of Bucharest, Romania. Daniel Constantin Diaconu, University of Bucharest, Romania. Cristian Constantin Drăghici, University of Bucharest, Romania. Adrian Gabriel Simion, University of Bucharest, Romania. Daniel Peptenatu, University of Bucharest, Romania.

Abstract The objective of this study is the involvement of the ethno-creativity in the development of the local economy. The domain, to which the creative tourism applies, refers to the subject that creates tourism. Ethno-creative tourism comes in the support o those who want to discover the cultural values of certain ethnic groups by the usage of practices and products that create the sensation of crossing beyond space and time, or new links with traditional ethno-cultural elements through effective participation and learning. There has been analyzed the geographical space of Romania by the means of two pilot centers, where ethnicities can be identified in points of space, together with their creative possibilities and values, in an attempt to develop an ethno-cultural tourism. The research has been based on economic data at the level of the NEAC code - Classification of the activities in the national economy, as well as on data obtained from having confronted some representative samples: creative artists, tourists and resident population, analyzed by statistical methods. The partial results obtained underline the impact of this idea of development, which may contribute to the increase of the complexity of these functional territorial systems where this type of tourism might implement. Cultural tourism based on creativity and traditional values contributes to the appearance of the economic multiplication effects. The development of the ethno-creative tourism may mean creating jobs within a period of economic crisis and relative social crisis. It can also be considered as a factor of cultural identity popularization, which plays an important role in promoting cultural diversity.

ADDRESS FOR CORRESPONDENCE: Teodorescu Camelia, University of Bucharest, Romania. E-Mail Address: [email protected]

Functional Dynamics of the Rural Economies from the Regions Affected by Aridity South-Western Development Region (Romania) as a Case Study

Cristian Draghici, University of Bucharest, Romania. Daniel Peptenatu, University of Bucharest, Romania. Marina-Ramona Rujoiu-Mare, University of Bucharest, Romania. Adrian Simion, University of Bucharest, Romania. Andreea Karina Gruia, University of Bucharest, Romania. Radu-Daniel Pintilii, University of Bucharest, Romania. Mircea Visan, University of Bucharest, Romania. Ana Maria Ilie, University of Bucharest, Romania. Octavian Perpelea, University of Bucharest, Romania.

Abstract The objective of the study is modeling the structural dynamics of rural economies in South East Region (Romania) region which registered a decline of major economic rural economy. The research was based on statistical support, over the period 2000-2014, which included changes in the number of employees, development of the turnover, profit and number of development companies at NACE code-National Classification of Economic Activities. In the region studied rural systems have obviously declined after 2000, due to lower agricultural subsidies in general and in particular for irrigation, agriculture being the pre-eminent economic activity for most of them. Spatial and statistical modeling have highlighted specific types of rural development schemes, due to their resources and complex relationships with the urban centers of polarization.

ADDRESS FOR CORRESPONDENCE: Cristian Draghici, University of Bucharest, Romania. E-Mail Address: [email protected]

Using Economic Value Added for purposes of Value-Based Management in Slovakia

Jakub Salaga, University of Zilina, Slovakia. Peter Majercak, University of Zilina, Slovakia.

Abstract Constantly increasing value of a company is a difficult and complex objective. As Value Based Management explains, this problem can be solved by periodical measurement of company performance. The results of these measurements need to be processed and used for further increase of performance and, of course, increase of company value. There are many metrics to be used for measuring company performance, but not all of them are suitable for purposes of Value Based Management. Economic Value Added is the most appropriate metric for the purposes of Value Based Management in Slovakia. It does not demand that the company is publicly traded, it is easy to apply in the management and also easy to apply in lower levels of corporate governance and last, but not least, Economic Value added is perfect for the evaluation system in the company (which is an integral part of Value Based Management). This paper uses methods like analysis, synthesis, comparison and deduction to calculate Economic Value added, to explain results of the calculation and recommend actions for the company. All this is done with the emphasis on Value Based Management.

ADDRESS FOR CORRESPONDENCE: Jakub Salaga, University of Zilina, Slovakia. E-Mail Address: [email protected]

Positioning Romania on the European Cluster Map of Strategic Human Resource Management

Catalin Ioan Clipa, Alexandru Ioan Cuza University of Iasi, Romania.

Abstract The analysis considers the similarities and differences of strategic human resource practices at country level in the European Union and seeks to asses the level of convergence of Romanian practices to the European ones. The purpose of the study is to calculate the closeness of Romania to one of the European Human Resource Management clusters previously identified by M. Ingjatovic and I. Svetlik considering practices as strategy formalization, involvement of human resource department in developing the organizational strategy and devolution of human resource decisions to line management. Cluster analysis was used, considering that is one of the complex methods in systematic research and it is useful in multidimensional analysis where significant similar cases are looked for. The results show that Romania is closer to the Peripheral cluster with the management-focused model of medium intensity HRM and Central Southern cluster with the HRM model of low intensity.

ADDRESS FOR CORRESPONDENCE: Catalin Ioan Clipa, Alexandru Ioan Cuza University of Iasi, Romania. E-Mail Address: [email protected]

Contribution Of The Logistic Information System to The Performance and Processes Maturity. An Exploratory Study in The Case Of The Automotive and Aerospace Industry in Morocco.

Omar Boubker, National School of Business and Management of Tangier.Morocco. Khalid Chafık, National School of Business and Management of Tangier.Morocco.

Abstract This research aims to clarify the process by which passes the contribution of Logistic Information System to the performance and logistics processes maturity. The objective is to develop a conceptual model In terms of methodology, we mobilized a hybrid exploratory qualitative approach based on a sample of six companies operating in the automotive and aerospace sector in Morocco. The results of this study allowed us to adapt our research hypotheses to the Moroccan context, noting that the use of Logistic Information System is mandatory and strongly dependent on several variables. In addition, the results show that the experience of Logistic Information System use remains an important variable that influences the attitudes and behavior variables perception level as well as the perceived of logistical information quality. We found also that the logistics processes maturity question remains difficult to operationalize in the Moroccan context, so we considered necessary to group both variables (performance and logistic processes maturity) in a single variable called logistics benefits.

ADDRESS FOR CORRESPONDENCE: Omar Boubker, National School of Business and Management of Tangier.Morocco. E-Mail Address: [email protected]

The Impact Of Foreign Direct Investment On Economy Of Slovakia

Martina Paliderova, University of Zilina, Slovakia. Alzbeta Bielikova, University of Zilina, Slovakia.

Abstract Presented article evaluates the impact of FDI on the economy of Slovakia. Foreign direct investment are an essential part of the international movement of the capital and also governments of individual countries have become to consider them more often as a tool for increasing their competitiviness. Foreign direct investment affects not only the economic, political and social phenomena in the host country, but also in the home country and plays a key role in the growth of the performance of the economy and its further development. Foreign direct investments plays a key role in economic performance of the Slovak economy and in its future development.

ADDRESS FOR CORRESPONDENCE: Martina Paliderova, University of Zilina, Slovakia. E-Mail Address: [email protected]

Application Of Conditional Value At Risk For Credit Risk Optimization

Maria Misankova, University of Zilina, Slovakia. Erika Spuchlakova, University of Zilina, Slovakia.

Abstract The article is dedicated to the optimization of credit risk through the application of Conditional Value at Risk (CVaR). CVaR is a risk measure, the expected loss exceeding Value-at-Risk and is also known as Mean Excess, Mean Shortfall, or Tail VaR. The link between credit risk and the current financial crisis accentuates the importance of measuring and predicting extreme credit risk. Conditional Value at Risk has become an increasingly popular method for measurement and optimization of extreme market risk. The use of model can regulate all positions in a portfolio of financial instruments in order to minimize CVaR subject to trading and return constraints at the same time. The credit risk distribution is created by Monte Carlo simulations and the optimization problem is solved effectively by linear programming. We apply these CVaR techniques to the optimization of credit risk on portfolio of selected bonds.

ADDRESS FOR CORRESPONDENCE: Maria Misankova, University of Zilina, Slovakia. E-Mail Address: [email protected]

The Effectiveness Of Finances Used For Safety By The Local Government

Jozef Kubás, University of Zilina, Slovakia. Zuzana Štofková, University of Zilina, Slovakia.

Abstract The feeling of safety in the cities is one of the most important aspects, which influence the quality of life in them. The issue of safety and protection of life and health is often associated with the fear of criminality and victimization, with perceiving of risk, uncertainty or experiencing various concerns. Security in the cities should be provided by city authorities and its subjected institutions as well as institutions, which are dedicated to security. One of the institutions, which directly reports to the city and participates on tasks influencing the security is the city police. The city police department is a disciplinal order. The cities spend their finances for the program of safety, which main purpose is to ensure a safe city. The contribution will be primarily focused on subprogram's budget of public order and security dedicated to the safeguarding of public order, property and health of inhabitants. In this subprogram are the funds of the city police. It is very important that the city police uses these funds effectively in order to try to increase the quality and effectiveness of the provided services. This paper deals with the activities of the city police in the local government and its results in a certain period of time. We also include the amount of finances allocated in certain period of time and how the city police uses them.

ADDRESS FOR CORRESPONDENCE: Jozef Kubás, University of Zilina, Slovakia. E-Mail Address: [email protected]

Proposing a Model For University Examination Timetabling Problem(UETP) and Solving it Using Artificial Bee Colony(ABC) & Firefly Algorithms (Case Study:University Of Tehran – Faculty Of Management)

Hossein Mohammadali, University of Tehran,Iran.

Abstract The construction of University Examination Timetables is one of the most important tasks taking place in educational institutions. Many institutions still elaborate their timetables in a manual form, involving a great deal of time and human resources and leading to suboptimal solutions. This article applies artificial bee colony (ABC) & Firefly Algorithm for solving the Examination Timetable Problem in Faculty of Management at University of Tehran. The model included a main objective: increasing the interval between the same major students exams via minimizing the number of occurrences of students having to take exams in consecutive timeslots. Also, model included some constraints: 1) No student is to be scheduled to take two exams in the same timeslot. (2) No student is to be scheduled to take exams in four consecutive timeslot. (3) The total number of students sitting in the same room and in the same timeslot, for all exams scheduled at that timeslot, must be less than or equal to the total seating capacity.(4) Every exam only scheduled once in any timetable. With innovation in the model and define the penalty function and then solving the model in MATLAB, it was found that the minimum distance between the same major students exams was 8 timeslots equivalent to two days. Finally, the answers of the two models were compared. The results suggest that Bee Colony Algorithm in comparison with Firefly Algorithm is more desirable regarding the objective function value. However, concerning the running time of algorithms, Firefly is more favorable.

ADDRESS FOR CORRESPONDENCE: Hossein Mohammadali, University of Tehran,Iran. E-Mail Address: [email protected]

Global Business Diagnostics and Diagnostics Of Support Activities in Enterprise

Barbora Gondžárová, University of Zilina, Slovakia.

Abstract The paper aims to outline the relation between the global business diagnostics, it means the diagnostics of the enterprise as a whole, and the diagnostics of support activities in enterprise. The enterprises need to continually improve their competitive advantage. To do this every enterprise needs to assess its strengths and weaknesses, of course, and recognize the areas for improvement. The business diagnostics can be very helpful in this process of improving or maintaining conforming condition in all areas in the enterprise . A business diagnostic can refer to an activity or a tool used to carry out the activity and of course there are different tools for different activities in enterprise. Some diagnostic tools are quick while others are elaborate exercises with scientifically validated outcomes. Diagnostics range from a general business health check through to drilling down into a multitude of specific business areas. The paper provides the results of business diagnostics performed in the form of financial analysis with emphasis on the impact of support activities to the results of the enterprise as a whole.

ADDRESS FOR CORRESPONDENCE: Barbora Gondžárová, University of Zilina, Slovakia. E-Mail Address: [email protected]

Baltic Sea Region Advancing Towards Sustainable Urban Mobility Planning – Gdynia City Case Study

Adam Przybylowski, Gdynia Maritime University, Poland. Tomasz Piotr Studzieniecki, Gdynia Maritime University, Poland.

Abstract Sustainable mobility is a way to meet the needs of society to move freely, gain access, communicate, trade and establish relationships without sacrificing other essential human or ecological requirements today or in the future. Advancing towards sustainable mobility planning is one of the recent EU priorities. Many cities may find it a challenge to elaborate Sustainable Urban Mobility Plans (SUMPs) which require a high level of stakeholders’ participation and establishing a detailed complex planning process. The aim of the paper is to focus on the Baltic Sea Region actors in their efforts to elaborate the SUMP. The main characteristics and different aspects related to the SUMP preparation and implementation process will be discussed and several cities will be presented throughout practical examples of their SUMP measures. A special attention will be given to the City of Gdynia which is currently developing a next-generation mobility plan in cooperation with a variety of stakeholders. The survey research results regarding mobility behaviors and preferences in Gdynia proves that the city may be considered as a living laboratory for SUMP development. It has been proven that one of the most important factors contributing to an efficient implementation of SUMP concept in Gdynia is a welldeveloped system of international cooperation of the city, with particular focus on the Baltic Sea Region.

ADDRESS FOR CORRESPONDENCE: Adam Przybylowski, Gdynia Maritime University, Poland. E-Mail Address: [email protected]

Fiscal Decentralization in Central and Eastern Europe.

Neringa Slavinskaite, Vilnius Gediminas Technical university, Lithuania.

Abstract The paper attempts to provide an overview of the sub - central government revenue autonomy in Eastern Europe and Central Europe. Using methodology developed by multiciteria methods, in this paper we calculated an index of revenue autonomy for Eastern and Central Europe. In the process of fiscal decentralization subcentral governments have gained access to different fiscal resources, but the autonomy in setting the taxes is a key issue when analyzing the degree of decentralization. In this paper we calculated an indicator of tax autonomy for the European countries based on the OECD methodology of classification of sub-central taxes according to the degree of control over these taxes. Indicator of the sub - central government tax autonomy is one of the most important indicator to evaluate revenue autonomy sub - central government. The empirical results show that, in general, the degree of sub - central government revenue autonomy is higher in developed countries than in most developing Eastern and Central European countries.

ADDRESS FOR CORRESPONDENCE: Neringa Slavinskaite, Vilnius Gediminas Technical university, Lithuania. E-Mail Address: [email protected]

The Specifics Of Security in Territorial Units Of The Slovak Republic.

Tomáš Pavlenko, University of Zilina, Slovakia. Veronika Mitašová, University of Zilina, Slovakia. Ján Havko, University of Zilina, Slovakia.

Abstract Development of society is being affected by a range of potential risks and threats. The very existence of these threats negatively influences the level of safety and as well sustainable development of society. Considering the security as one of the fundamental blocks for citizens, social groups, states and the overall international community it is vital to eliminate them. Focal point of this paper is paying attention to the specifics of security in territorial units of the Slovak Republic. Regional safety is affected by several factors and activities carried out within these regions. Spatial plan, for the purposes of permanent harmonization of ongoing activities in regions, is developed. This plan, being the fundamental strategic document of the area, does not sufficiently incorporate the issue of security or its increase, thus does not include the preventive measures into this very document. Bearing in mind the above stated, the paper first points out the tendencies of the development in the area of security within the Slovak Republic and further identifies the potential and real risks and threats directly affecting the citizens living in the regions. The principal focus of the paper is to describe and define the concept of the activities needed for design of territorial planning documents, while at the same time keeping an active role in minimizing of threats and risks in selected territorial unit.

ADDRESS FOR CORRESPONDENCE: Tomáš Pavlenko, University of Zilina, Slovakia. E-Mail Address: [email protected]

Study On Entrepreneurship Awareness Of The Future Business Engineers

Elena Fleaca, University Polıtehnıca Of Bucharest, Romania. Bogdan Fleaca, University Polıtehnıca Of Bucharest, Romania.

Abstract As a key reaction to the evolution of social and environmental concerns, there is a growing recognition of the need for preparing the future generations of business engineers to create and sustain social value. The paper tackles an interdisciplinary view between engineering education and entrepreneurship by reviewing and analysing the relevant concepts and initiatives at international level, in terms of addressing these challenges in the marketplace. The research begins with a secondary research on the competitive literature on entrepreneurship and business engineering education requirements to capture the inner connections between economic and social pressures. Secondarily, the authors have undertaken a quantitatively research aims at assessing the awareness of entrepreneurial mind-set of business engineering students with respect to: knowledge, attitude, expectations and behaviours. A survey based on questionnaires was conducted among 50 students in business engineering at a technical university in Romania. The results are supporting the substantial role of social responsibility thinking and awareness emerged from gaining a larger understanding of how issues related to society allow future business engineers to act as entrepreneurs and develop innovative solutions, and mobilize available resources to affect the greater global society. Finally, the authors paid attention on how adopting and leveraging worthy education endeavours in entrepreneurship are stimulating benefits for the future business engineers by becoming innovative entrepreneurs. The key consequences of the paper emerge from the major role of business engineering education in preparing business engineers for the forthcoming marketplace requirements in a way that can improve the people quality of life.

ADDRESS FOR CORRESPONDENCE: Elena Fleaca, University Polıtehnıca Of Bucharest, Romania. E-Mail Address: [email protected]

Testing Of Magnetic Contacts, Development Of Testing Devices and Considerable Impact On Planning Physical Security Of Buildings

Milan Kutaj, University of Zilina, Slovakia. Andrej Veľas, University of Zilina, Slovakia. Viktor Šoltés, University of Zilina, Slovakia.

Abstract The article describes working principles of the magnetic contacts and their place in security alarm systems. As part of educational activities in the laboratory of the Department of Security management in the Faculty of Security engineering was tested reliability of magnetic contacts and results are clearly described and summarized in the second part of the article. Also the article describes the procedure of testing magnetic contacts listed in the technical standards and it includes the results of the tests of basic detection function as well as of breakthrough resistance. The results of simple tests have a considerable impact on planning physical security of buildings. Based on the findings, it is possible to initiate changes of technical standards for opening magnetic contacts security grad.2. For even more detailed results obtained from much larger number of magnetic contacts the development of device for testing magnetic contacts was initiated. The last part of the article is aimed to the development of this device and it describes all developed version, particularly the last one - fully automated testing device for magnetic contacts.

ADDRESS FOR CORRESPONDENCE: Milan Kutaj, University of Zilina, Slovakia. E-Mail Address: [email protected]

Local Currency as a Means Of Alleviating The Negative Impact Of The Financial Crisis on Quality Of Life

Michal Butek, University of Zilina, Slovakia. Tomáš Klieštik, University of Zilina, Slovakia.

Abstract The financial crisis of 2008 has not only shaken the financial markets but also undermined basic pillars of developped globalized society. Some economists talk about a comming era of deglobalisation, others about "relocalisation of economy". Voices questioning the growth of GDP as a tool for solving socio-economic problems became more significant. Liquidity is shifted from the real economy to speculative sector of the financial markets, leading to inflation of the prices of financial assets and on the other hand, the lack of liquidity in the real economy leads to the strenghtening importance of alternative means of exchange including international and local spread of barter trade. There is a trend in development of local monetary systems with elements of regional protectionism. At the time of rapidly developing automation, government maintains employment through the unproductive state sector financed by large government deficits. The unsustainabily growing indebtedness in private, corporate and state level is obvious and apparently the future will bring significant changes in the econimic, political and social setting of the society. The aim of the article is to describe the economic and social importance of local currencies in today's rapidly changing society.

ADDRESS FOR CORRESPONDENCE: Michal Butek, University of Zilina, Slovakia. E-Mail Address: [email protected]

Job Satisfaction Analysis in Construction Sector: Malatya Work

Muhammed Kürşad Dursun, Artvin Coruh University, Turkey. Aslı Kaya, Fırat University, Turkey.

Abstract This study aims to show the importance of job satisfaction, analyzing the individual and organizational consequences of job satisfaction, and evaluating job satisfaction of civil engineers. The study consists of the civil engineers working in the state and private sectors in Malatya. The level of civil engineers’ job satisfaction is researched in this study in terms of the qualifications of the job, wages, the opportunity for occupational advancement, relationships with other colleagues and model of administration which are the parts of the issue. The relationship between job satisfaction and ages of civil engineers, sexuality, marital status, working time as a profession, level of education and working in a state or private institution is researched. For the purpose of the study selected research model is screening model. Survey data were obtained through a survey. The obtained data were analyzed using Chi-Square Test of Independence. As a result of the research it is concluded that the level of job satisfaction of the civil engineers is high when the qualifications of the job is mentioned. Female civil engineers are more unsatisfied than male ones.

ADDRESS FOR CORRESPONDENCE: Muhammed Kürşad Dursun, Artvin Coruh University, Turkey. E-Mail Address: [email protected]

Organization Life Cycle Of Kazakhstan Clothing and Textile Industry’s Enterprises: Which Model to Apply?

Sholpan M. Maralbayeva, Almaty Management University, Kazakhstan.

Abstract Why do some companies live long lives and some end up very quickly? How can studies of organizational life cycles help companies to pass from one stage of development to another with fewer difficulties? Should we invent a new model of organizational development or an existing one would fit better? There are several sound theories of organizational life cycles. These theories help companies understand some internal issues of growth and decline as well as in which direction they should develop. Each entrepreneur starting a business wants to be profitable and competitive producing goods and services for his consumers and exist as a company as long as possible. Consumers are constantly changing in their numbers and tastes, and companies should be able to adapt to these changes. The article makes an attempt to understand which theory of organizational life cycle is more appropriate to understand growth problems of enterprises that are players of Kazakhstan economy. In difficult times when oil prices go down it can return to activities which seem to be forgotten. One of these is so called “light industry” which is more consumer-oriented than business-oriented and thus is more related to end-users who are a significant part of any society. It is very important to understand their own “lives” for Kazakhstan enterprises of clothing and textile industry in order to survive and be competitive in the market which is filled by imported goods. The article considers theoretical and practical implications of organizational life cycles to these enterprises.

ADDRESS FOR CORRESPONDENCE: Sholpan M. Maralbayeva, Almaty Management University, Kazakhstan. E-Mail Address: [email protected]

An Example Of The Appliction Of Selecting a Personal For a Given Task

Yüksel Yurtay, Sakarya University,Turkey. Erkal Etçioğlu, Sakarya University,Turkey. Nilüfer Yurtay, Sakarya University,Turkey.

Abstract Lately, human resources management has become very important in selecting suitable staff for a given task in companies. Selecting staff for available positions or assigning present staff in suitable tasks have increased the importance of human resources’ proper evaluation . İt is also a fact that the proper evalaution of human resources benefits both the campany and staff with respect to man power productivity .İn this study the application process of a model that has been developed to select suitable staff for a given task is explained.After conducting literature reviews ,the stages of the study and the decision methods obtained have been shared and evaluated.The advantages of selecting suitable staff for a given task are shared with respect to both the campanies and the staff.

ADDRESS FOR CORRESPONDENCE: Yüksel Yurtay, Sakarya University,Turkey. E-Mail Address: [email protected]

Security Management as a Support Activity in The Local Government

Jan Misik, Stanislav Stofko,

Abstract Security Management as a support activity in the local government A premise for the performance of local government and its integral component is to properly implement government's capacity what is essential for its efficiency and the sense of its existence. Number of activities are carried out to ensure the smooth functioning of core activities in municipalities. The safety management belongs to those support activities which municipalities have to pay more attention. The current management guidelines and processes of many municipalities include the components of safety management, but they do not respect the systemic approach. The acceptance of "official" process safety management allows to carry out a critical review of their existing practices and their safety process. The contribution solves the problem of security management whose main role is to establish a safety management system of the municipal government. The aim of the system is to ensure the safety of all operations to achieve the objectives and prevent security threats to cause injury, loss of life, property damage and environmental damage, to cause an adverse effect. The contribution is focused mainly on security sector of local community, which forms the core of the safety management system of the municipal government. Keywords: the efficiency of the local government, safety management of municipal government, safety management system of municipal government, the security sector of municipal government.

ADDRESS FOR CORRESPONDENCE: Jan Misik, E-Mail Address: [email protected]

Future Of Global Economics: The Implication Of Aging Populations on Sustainable Development in EU

Roxana Mihaela Sirbu, Politehnica University of Timisoara, Romania. Claudiu Tiberiu Albulescu, Politehnica University of Timisoara, Romania. Anca Draghici, Politehnica University of Timisoara, Romania.

Abstract "Sustainable development as a means to ensure human well-being equitably shared by all people today and in the future, requires that the interrelationships between population, resources, the environment and development should be fully recognized, appropriately managed and brought into harmonious, dynamic balance. To achieve sustainable development and a higher quality of life for all people, States should reduce and eliminate unsustainable patterns of production and consumption and promote appropriate policies, including population related policies, in order to meet the needs of current generations without compromising the ability of future generations to meet their own needs." ICPD Programme of Action, Chapter II, Principle 6. The purpose of this paper is to analyse the implications of population aging on the EU's sustainable development, and to create a roadmap for the future of global economics. The methodology that underlies this work is literature review, statistical analysis of indicators on aging and sustainable development. Data processing was performed using the computer program Excel. The main results of the study are: (1) the future of global economy is sustainable development, (2) aging is an irreversible process and represents a very big problem in the EU, (3) aging affects the sustainable development of society (4) there are obvious discrepancies in the EU between countries in terms of population aging, the birth rate and the active population. The main recommendations to ensure sustainable development for the future and to ensuring equal opportunities of future generations to benefit from the same resources are: orientation the company toward sustainable development, supporting innovation and development, educating people in the spirit of sustainability, promoting green investments at the organization level, and not finally encouraging fertility policies.

ADDRESS FOR CORRESPONDENCE: Roxana Mihaela Sirbu, Politehnica University of Timisoara, Romania. E-Mail Address: [email protected]

Factors Affecting Energy Trajectory in Eurasia : A Dynamic Panel Granger Causality Analysis

Mohammed Seghir Guellıl, University of Tlemcen, Algeria Mostéfa Belmokaddem, University of Tlemcen, Algeria Yassine Zakarya Ghoualı, University of Tlemcen, Algeria

Abstract World energy consumption refers to the total energy used by all of human civilization. Typically measured per year, it involves all energy harnessed from every energy source applied towards humanity's endeavors across every industrial and technological sector, across every country. According to the International Energy Agency (IEA), the international energy consumption has been growing steadily over the last decade; where it constitutes one of the leading sectors with the fastest growing in the world. This study analyzes the relationship between Global Energy Consumption and different aspects such as; Economic, Environmental, Political,… in Eurasia, using the panel co-integration and panel Granger causality tests. The results show a significant way, which is a co-integrating relationship between energy consumption and the variables package. The results also indicate bidirectional, unidirectional and neutral causality between energy consumption and some variables, which could be a good tool to prioritize the allocation of resources across industries to ensure a better energetic policy in general and economic outcomes.

ADDRESS FOR CORRESPONDENCE: Mohammed Seghir Guellıl, University of Tlemcen, Algeria E-Mail Address: [email protected]

Credit Risk Measurement

Lucia Michalkova, University of Zilina, Slovakia. Katarina Frajtova Michalikova, University of Zilina, Slovakia.

Abstract Focused on globalizaing of economics and still actual financial crisis credit risk becomes one of the most discussing topic in bussiness world. Every investment decision should be accompanied by analysis of the possibility of default. Through the years there were developed many credit risk measures, so research and quantification of them are a subject of interest of many economic publications and studies. So nowadays there are many approaches which can be used by investors to monitor credit risk and it can be calculated through various models and methods. The aim of the article is to present the basic ones as well as the most often used models based on them such like CreditMetrics, CreditRisk or KMV model. There is given a comparison of these models in dimension as risk definition, risk source, recovery rate, types of model etc. Then we also describe pros and cons of them. Eventually we apply the CreditMetrics model for a single bond.

ADDRESS FOR CORRESPONDENCE: Lucia Michalkova, University of Zilina, Slovakia. E-Mail Address: [email protected]

Managing Sustainable Business Through Contract Management in The Global Economy

Roxana Maria Gavril, Bucharest University, Romania.

Abstract This paper explores the advantages of Contract Management brought to global acting companies as a solution for a sustainable global economy. In a dynamic economic word with fluctuant environment where we are constantly hit by a crisis and living a growing harmony not longer than a decade, all “inhabitants of the financial world” (Galbraith[1] 1990) should insist on improving their strategies and workflows for obtaining flexibility through enhanced actions, not reactions. Economic Crisis is the best catalyst for initiating necessary actions to improve one company’s performance. It is the driver which influences strong structures to become lasting. The pressing need to reduce costs and increase savings is pushing most companies to find new ways of improving their processes and performance. In this context, Contract Management is on top of the list having a major impact on the cash-flow, undertaken risks and companies’ delivered performance. There are several institutions and organizations worldwide (e.g. FIDIC[2], IACCM[3]) which are focused on identifying and consolidating best solution for the main categories of outsourcing contracts. The primer benefit Contract Management offers is flexibility, which is lacking in global acting companies. Local, small companies tend to become threatening competition due to the advantage of adapting plans and tactics much faster and respond in real time to customer expectations (Charles Handy[4] 2003). The first part of the paper provides an overview on global economic crises and the needs of sustainable business. The second part includes interviews with international experts in Contract Management and supporting case studies from industries as Oil and Gas and Construction.

ADDRESS FOR CORRESPONDENCE: Roxana Maria Gavril, Bucharest University, Romania. E-Mail Address: [email protected]

The Relationship Between Copper Futures Prices and The S&P500 Market Index Using The Adaptive Relative Strength Index

İkhlaas Gurrib, Canadian University Dubai, United Arab Emirates.

Abstract Recent changes in China’s copper demand has lately received much attention due to its close relationship to the country’s economic activity. Although an emerging market, China accounts for around 40% of the world’s copper demand and is U.S. third biggest market for exports, making it imperative to assess the relationship between Copper prices and the S&P500 market index. The purpose of this study is to analyze if changes in the copper futures prices can be used as a market timing tool to predict movements in the S&P500 market index, and vice versa. To enhance the predictive market timing ability, an adaptive relative strength index model is used to track changes in market conditions better. The analysis is conducted using both daily and weekly data over the June 2007 – December 2015 period. Findings will suggest if the technical analysis tool can be used to forecast copper prices based on changes in the S&P500 index, or if accurate forecasts can be made on the S&P500 index based on movements in copper’s prices, over different frequency intervals. More importantly, this would have policy implications in that it would reveal whether emerging markets’ like China, can affect global copper prices by controlling a significant market share of copper’s demand, which in turn affects global market indices such as the S&P500.

ADDRESS FOR CORRESPONDENCE: İkhlaas Gurrib, Canadian University Dubai, United Arab Emirates. E-Mail Address: [email protected]

Influence of IFRS on Earnings Management: Evidence from Romania

Mihaela Ghiuzan (cas. Chiriac), Alexandru Ioan Cuza University of Iasi, Romania.

Abstract In the decision-making process, the "actors" involved, generically called stakeholders, need financial statements that give a realistic and objective picture of the state of the business. The implementation of International Financial Reporting Standards - IFRS has allowed investors to compare financial performance of companies listed on the Romanian Bucharest Stock Exchange - BSE with global competitors as well as facilitating international trade. This paper aims to analyze the consequences of the the application of IFRS on earnings management practices as well as on financial indicators by measuring discretionary accruals on companies listed on the main section of BSE, before and after the employment of IFRS. Thus, a database was created to allow analyzing the phenomenon over a period of eight years, namely the financial statements between 2008 and 2014, by compiling a total of 336 observations on listed companies. The study results indicate that following the implementation of IFRS, companies listed on the BSE have a lower rate of discretionary accruals, signaling an improved financial results.

ADDRESS FOR CORRESPONDENCE: Mihaela Ghiuzan (cas. Chiriac), Alexandru Ioan Cuza University of Iasi, Romania. E-Mail Address: [email protected]

Postmodern Tüketim Kültürü Ve Marka Sadakati İlişkisi: Gediz Üniversitesi Lisans ve Ön Lisans Öğrencileri ile Bir Uygulama

İlhami Çağrı Aka, Gediz University, Turkey. Deyim Kardaş, Gediz University, Turkey. Begüm Maral, Gediz University, Turkey.

Abstract Pazarlama bilimi bakış açısından postmodernizm, tüketici ile iletişimin ön planda olduğu ve teknoloji hakimiyetindeki toplumların konumunun irdelendiği, modernist anlayışı eleştiren, mükemmellik yerine sıradanlığı öneren, gelip geçici zevklerin tatmin edilmesini öngören, ortak dili olmayan, modern pazarlamadaki “ya öyle ya böyle” yerine “hem öyle hem böyle”anlayışını benimseyen, eğlendirici, neşeli ve ironik biçimleri savunan postmodernizmin pazarlamadaki yansımasıdır. Postmodern pazarlama, var olan birçok kavrama, uygulamaya ve stratejiye meydan okumaktadır. Postmodern pazarlamanın en büyük etkilerinden biride tüketicilerin odaklanamaması ve marka bağlılığının yok oluşudur. Postmodern tüketici farklı durumlara göre, farklı benliklere bürünebilir ve bu nedenle belirli bir hedef kitleye ulaşmak zorlaşır. Yaşamı bir tüketim deneyimi olarak da düşünen postmodern tüketicinin amacı, duygusal imajlar, anlamlar taşıyan markaları ve ürünleri tüketmek olarak belirmektedir. Marka bağlılığı açısından da, artık markalar kendilerini taze, canlı ve güncel tutabildikleri ölçüde moda olmaktadırlar. Tüketici davranışlarında postmodernizmi inceleyen birçok çalışmada da, postmodern pazarlama özellikleri arasında bağlılığın ve marka sadakatinin kayboluşu yer almaktadır. Çalışmamızın ilk bölümünde, postmodern pazarlamanın ve postmodern tüketicinin özellikleri, uygulama bölümünde ise tüketici davranışlarındaki değişimin marka sadakatine nasıl yansıdığı araştırılacaktır. Postmodern tüketicinin marka sadakati yapısı kahve ürün grubu için incelenecektir. Bunu saptamak amacıyla, postmodern tüketici grubunu kapsadığı düşünülerek üniversite öğrencilerine anket uygulanmıştır.

ADDRESS FOR CORRESPONDENCE: İlhami Çağrı Aka, Gediz University, Turkey. E-Mail Address: [email protected]

“Tiny Market, Stolen Property Market, High Lending (Deposit) Rate İnstitution: Why Pawnshops Exist? (Mongolian Example)”

Tsengel Battur, Mongolia.

Abstract The popularity of pawnshop is increasing dramatically in recent years. Yet, it is still tiny market compared with other financial institutions. According to Mongolian laws and standard, pawnshops are financial institutions that offer monetary loans in exchange for movable assets that are pledged by the customers. Pawnshops serve the credit needs of low-income individuals and consequently they are suspected of being outlets for stolen property. Pawnshops have not been accorded much attention by researchers because of the popularity of market and the lack of data so that there is hardly any rigorous study about pawnshops until now. In a practical example Mongolia, there is no database about the pawnshop. In this research, the data were collected in two separate groups, pawnshops individuals by questionnaire method. Then, the regression analysis (Probit, Logit) is used for explaining why the pawnshops exist. Moreover, the paper addresses the peculiarities of the pawnshops’ activities in terms of legal and financial aspects in Mongolia.

ADDRESS FOR CORRESPONDENCE: Tsengel Battur, Mongolia. E-Mail Address: [email protected]

Students´ Social Network

Jana Makysova, Unıversıty Of Zılına, Slovakia. Juraj Dubovec, Unıversıty Of Zılına, Slovakia.

Abstract This contribution describes how friendships and student groups in certain courses affect their academic progress. The understanding of the social network between students and its impact on their academic progress is important by forming study courses. The goal of this work was the qualification of the 1st grade FRI student social network parameters in the study program – Informatics. On the base of information from the actual students correlations in the social network were formed. To each tops the coefficients of academic progress were added, representing the number of success exams in the winter semester. Then study averages were compared to the students friends study averages and according to these results were these informations evaluated.

ADDRESS FOR CORRESPONDENCE: Jana Makysova, Unıversıty Of Zılına, Slovakia. E-Mail Address: [email protected]

Econometric Assessment Models Creation Of Problems and Prospects Of The Municipal Museums Development

Elena Yurevna Nuykina, Samara State University of Economics, Russian Federation. Natalia Vadimovna Polyanskova, Samara State University of Economics, Russian Federation.

Abstract The museum field of activity which was earlier rather not often acting as economic and statistical researches object even more often becomes an object of attention, discussion and studying in recent years. In this article the research of factorial communications of the municipal museums activity based on the correlation and regression analysis (CRA) is conducted. The problems assessment econometric models and prospects of museums development of the municipal areas in the Samara region are constructed. CRA was performed using the application package «STATISTICA 10.0». On the basis of the study concluded that the indicators of social efficiency of municipal museums play the most prominent role in shaping the impact of museum activities in the municipalities of the Samara region.

ADDRESS FOR CORRESPONDENCE: Elena Yurevna Nuykina, Samara State University of Economics, Russian Federation. E-Mail Address: [email protected]

Intellectual Property Rights (IPR) Such as Copyright and Patent on Herbal Products in India

Ramila Devi Ramsing, Help University, Malaysia.

Abstract Today, the worlds’ economy is moving towards globalization. Moreover, the outsourcing becomes a key feature in keeping the manufacturing cost low; in contrast the IPR happens to be relevant determinants of economic growth in long run. Since the embracement of open door policy in India, the country has experience immense transformation by attracting many MNC’s (Multinational Corporation’s) to be operational. Therefore, there has been a vast technology transfer that has taken place. To what extent it is protected by the IPR’s such as the copyright and the patent is an unknown? Thus, this paper examines about the extent of IPR correlated with the intensity of the technology development transfer in Indian herbal industries.

ADDRESS FOR CORRESPONDENCE: Ramila Devi Ramsing, Help University, Malaysia. E-Mail Address: [email protected]

Forecast Of The Milk Production Demand and Supply in Latvia

Liga Paura, Latvia University of Agriculture, Latvia. Irina Arhipova, Latvia University of Agriculture, Latvia.

Abstract The purpose of this investigation is to analyze the milk production supply amounts relation to its price and milk products consumer prices index in 2002-2015 time periods in Latvia. Latvia farmers have seasonal milk productionwith peak every summer and through every winter, to produce milk at as low a cost as possible.Between 2002 and 2015 milk production supply is increased twice or from 384871.4 to 807572.1 ton.In 2002 the average milk production supply price in Latvia was 135.7 EUR per ton and between 2002 and 2008 milk price was increasedtill 338.9 EUR per ton. Milk prices in 2015 were, on average, around 25-29% lower than in 2014 and was in average 135.7 EUR per ton. Therefore, after the abolition of milk quotas in the European Union, the cow milk production in Latviahas increased continuously and increased by 3176 tonnes (0.4%) in 2015 compared to 2014.According to the analysis of covariance milk supply amount is influenced by milk products consumer priceindex (CPI) and year, and milk products CPIdepends on milk production supply price and year. There is significant interaction effect between factors; the effect of milk products CPI on milk supply and production supply price on milk products CPI is different for different years.

ADDRESS FOR CORRESPONDENCE: Liga Paura, Latvia University of Agriculture, Latvia. E-Mail Address: [email protected]

Success Factors in Decision Making and Negotiation Processes For Raw Material Supply Transactions

Alexander Stelzer, University of Latvia, Riga.

Abstract Problem Statement: The topics raw materials, waste and energy will be the top economic issues of the future, or influence and affect all other subjects (human resources, culture, society,...); all combined with technology, IT and Tech Communication. The shortage of raw materials is one of the central issues in the future perspective and this fact is already influencing the relationship between buyer, producer and supplier. Purpose of Study The interaction between purchasers, suppliers and producers respect to the procurement of raw materials, goods and products is examined specifically in terms of their economic and psychological satisfaction. Is it possible to satisfy all parties not only in an economical way, but also in their mental satisfaction. The question: How to run negotiations between purchasers, suppliers and producers, so that both parties are really satisfied (economically and mentally)? The answer: The negotiations must be transparent in the relation to prices, quantities, etc., because in the way of approaching the interests, the satisfaction will increase consequently. Methods: Investigation by interviews in field experiment - cause-effect relationship - game theory with empirical relining, for a discussion about the satisfaction degrees, depending on the transparency in the communication skills in discussions between buyer side and supplier/ partners. Findings and Results: This means an extension of the Harvard concept with the level of transparency and, consequently, in economic and mental satisfaction for all negotiating parties. How is changing an open discussion (full transparency) the design of negotiations in respect to economic satisfaction, such as price, quantity, quality, or the mental psychic satisfaction regarding fears, nervousness, satisfaction degree, the impact and image of the acquirer? Conclusions and Recommendations: The procurement market needs more knowledge and tools, in the procurement and allocation issues, for a common and transparent review and also analysis tools in regard to the future procurement situation. The full transparency of prices, quantities,… must be given, as thus also the approach to the interests happen and thus consequently increases the economic and mental satisfaction of all parties. If we could resolve the "fronts" between purchasers, suppliers and producers to a cooperation in the form of a transparency, this would help the entire cycle.

ADDRESS FOR CORRESPONDENCE: Alexander Stelzer, University of Latvia, Riga. E-Mail Address: [email protected]

Ulaşım ve Çevreye Yönelik Kamusal Hizmetlerde Vatandaş Memnuniyeti: Kocaeli ve Sakarya Büyükşehir Beledeyilerine İlişkin Karşılaştırmalı Bir Analiz

Hakan Yavuz, Sakarya Üniversitesi, Turkey.

Abstract Türkiye’de özellikle 2000 yılından sonra, belediye hizmetlerinden memnuniyet düzeyini tespit etmek amacıyla çok sayıda araştırma yapılmıştır. Yapılan araştırmalar genellikle alan araştırmasına dayalıdır ve alan araştırmasının amacı ve kapsamına göre elde edilen bulgularda da farklılıklar ortaya çıkabilmektedir. Kamu hizmet sunumunda son yıllarda ön plana çıkan en önemli konular arasında; vatandaş memnuniyeti, müşteri odaklılık, hizmet çeşitliliği, daha etkin ve verimli kamusal hizmet sunumu, şeffaflık, hesap verilebilirlik, yerel karar alma süreçlerine vatandaş katılımının sağlanması veya arttırılması, vb. gelir. Dolayısıyla alan araştırmalarında da bu kavramlar ön plana çıkarılmıştır. Vatandaşlara hizmet sunan kuruluşlar arasında Belediyeler en yakın kamu kuruluşlarından biri olduğu için, sunulan hizmetlerde vatandaş memnuniyetinin sağlanması önem arz etmektedir. Memnuniyeti belirleyen faktörler arasında da kalite ve etkinliğin yer alması, belediye hizmetlerinde kaliteli ve etkin hizmet sunumunu ön plana çıkarmaktadır. Diğer taraftan, vatandaş memnuniyetinin yakından izlenebileceği mekanizmaların tesis edilmesi, etkili belediye yönetimin en önemli enstrümanlarından biri olarak gösterilebilir. Söz konusu etkili yönetimin başarılı olmasında, memnuniyet düzeyinin izlenebileceği dinamik bir sisteme ihtiyacın olduğu söylenebilir. Belediyelerin kamusal hizmet sunumunda çok sayıda hizmet türü bulunmaktadır. Ancak ulaşım ve çevreye yönelik hizmetler, sunulan hizmetler arasında en önemli hizmetler olarak değerlendirilebilir. Bu çalışmada da yerel hizmetler arasında önemli olan çevre ve ulaşım hizmetlerinden, vatandaşların memnuniyet düzeylerini Kocaeli ve Sakarya illerinde tespit etmek amaçlanmıştır. Yaklaşık 8000 kişiye yönelik yüz yüze anket görüşmesi gerçekleştirilmiştir. Gerçekleştirilen ankette 18 yaş ve üzeri farklı gelir düzeyi ve mesleğe mensup katılımcılar yer almıştır. Örneklem kütlenin seçiminde ise rastgele örnekleme yöntemi tercih edilmiştir. Söz konusu anketler 2015 yılında uygulanmıştır. Anketlerin değerlendirilmesinde SPSS (21,0) paket programından yararlanılmıştır.

ADDRESS FOR CORRESPONDENCE: Hakan Yavuz, Sakarya Üniversitesi, Turkey. E-Mail Address: [email protected]

New Paradigm of Management in Entrepreneurial Education: Experience of Kazakhstan

Gulzhanat Tayauova, Almaty Management University, Almaty, Kazakhstan. Gulzhanat Tayauova, Almaty Management University, Almaty, Kazakhstan. Nina Nikiforova, Almaty Management University, Almaty, Kazakhstan. Irina Khan, Almaty Management University, Almaty, Kazakhstan.

Abstract With the development of market relations in the sphere of education, there are a number of paradoxes that require a rethinking of the goals and objectives of higher education institutions. In this regard, there is a need for a balanced relationship between the main subjects of entrepreneurial education: universities, government and business. This study focuses on forming new vision of the main tasks of modern universities in Kazakhstan. The study analyzes paradoxes of education such as information saturation, uncertainty and decline in value of educational attainment. The study revealed that information richness adversely affects the formation of knowledge and decreases skills in critical analysis of information, uncertainty reduces tolerance of students to the external world and the transfer of knowledge inevitably will not be the main goal of education.

ADDRESS FOR CORRESPONDENCE: Gulzhanat Tayauova, Almaty Management University, Almaty, Kazakhstan. E-Mail Address: [email protected]

The Myth Of The Absence Of Lex Fori For The International Arbitrator

Maria João Mimoso, University Portucalense Law Department Oporo Portugal.

Abstract Problem statement: The national and foreign doctrines uphold the absence of lex fori for the international arbitrator since the origin of the international arbitration. Purpose of study: Our goal is to emphasise the demand of electing a lex fori for the international arbitrator forasmuch there is a collection of issues concerning the intervention of the State Courts in the role of arbitration support. The lex fori, that is supposed to inquire, will assist the arbitrator in determining the applicable law to the dignity of the dispute, and will regulate, undoubtedly, the litigation issues of arbitration. Method: Bibliography review. Based on the predominately upheld position in the doctrine, we will give evidence to the specific limitations of the most aimed efficacy of the arbitration decisions. We will demonstrate through the jurisprudential (arbitration) analysis the necessity of appealing to the State Courts, excelling their contribution for the arbitration success. Finding and results: For the international arbitrator, the focus of the arbitration in the quality of lex fori comes up as important. We will draft its potential regulation capacities while cohesive juridical system, mainly in the dissension subsystem, the principles and proceeding rules, without forgetting the legitimacy to apply other transnational system rules Conclusions and recommendations: To deny the existence of a lex fori to the international arbitrator is a redundancy, for, beyond the arbitrator having a lordship, the arbitration court has also a lex fori.

ADDRESS FOR CORRESPONDENCE: Maria João Mimoso, University Portucalense Law Department Oporo Portugal. E-Mail Address: [email protected]

Technology Selection with Macbeth

Ömür Tosun, Akdeniz University,Turkey.

Abstract Technology selection has a very crucial role in any company aiming for competitive advantage in the globalized world. In a competitive environment, firms try to meet customer demand and their increasing quality expectations, besides finding ways to decrease costs using factors such as flexibility, quality and innovativeness. Technology selection and evaluation problem have many criteria (both subjective and objective factors) that conflict with each other. The goal is to determine the best one between the alternatives or rank the alternatives from the best to the worst according to criteria. For decision makers, one criterion may be more important than the other one while considering performances of suppliers. The features of problem mentioned show that Multi-Criteria Decision Making (MCDM) methods can be applied. In this study another MCDM method called MACBETH (Measuring Attractiveness by a Categorical Based Evaluation Technique) is used to select and evaluate technology alternatives. This method produce an interval numerical scale based pairwise comparison judgements, and aggregate weighted scores of alternatives via this scale. After that, ranking of alternatives is made according to overall attractiveness of criteria

ADDRESS FOR CORRESPONDENCE: Ömür Tosun, Akdeniz University,Turkey. E-Mail Address: [email protected]

Import Substitution as a Long-Term Trend to Provide Economic Growth Of The Russian Economy

Nikita Andreevich Lebedev, Russian Academy of Sciences, Russian Federation. Karine Surenovna Khachaturyan, Military University, Russian Federation. Anna Vladimirovna Kuzmenko, Don State Technical University, Russian Federation. Natalya Aleksandrovna Sarkisyan, Don State Technical University, Russian Federation. Evgeny Sergeevich Ogurtsov, Southern Federal University, Russian Federation. Artemy Aleksandrovich Zhiglaty, Southern Federal University, Russian Federation. Ludmila Valeryevna Sharonina, Southern Federal University, Russian Federation.

Abstract The import substitution policy, carried out both at federal and regional levels, today is one of the structural components of the Russia’s national and economic security ensuring policy. The work examines the effect of import substitution on economic growth of the Russian economy. The author considers the nature and the role of import substitution, its effectiveness and reasons for implementation, as well as studies issues of imports policy formation of goods and services in the Russian economy under the conditions of economic sanctions. The article describes also the experience of import substitution in other countries and emphasizes the importance of import substitution in various sectors of the Russian economy.

ADDRESS FOR CORRESPONDENCE: Nikita Andreevich Lebedev, Russian Academy of Sciences, Russian Federation. E-Mail Address: [email protected]

A Global Best Guided Weighted Superposition Attraction Algorithm For Global Optimization Problems

Alkın Yurtkuran, Uludag University, Turkey.

Abstract Many real-life engineering problems are complex in nature, due to existence of lots of decision variables. Since traditional techniques are generally ineffective and fail to solve those complicated computational problems, many researches have focused on meta-heuristic algorithms. Weighted superposition attraction (WSA) algorithm is a relatively new swarm-based meta-heuristic algorithm, which is inspired from the superposition principle in physics. WSA algorithm is based on two main mechanisms i.e. superposition and attracted movement of agents. The basic idea behind the WSA algorithm is to determine a target point via superposition principle and then, directs the agents towards this target point to explore the search space. However, there is still insufficiency in WSA algorithm regarding the usage of superposition of all agents in the current population, which is good at exploration but poor at exploitation. In this study, an improved WSA algorithm (gbestWSA) is proposed, which benefits from both the global best agent position and target position while generating new neighbor agents in order to improve the convergence performance and to balance the tradeoff between exploration and exploitation. To validate the performance of proposed WSA algorithm, experiments were undertaken on a set of well-known benchmark problems with various dimensions. The results show that gbestWSA has superior performance compared with traditional WSA and other state-of-the-art meta-heuristic algorithms.

ADDRESS FOR CORRESPONDENCE: Alkın Yurtkuran, Uludag University, Turkey. E-Mail Address: [email protected]

An Evaluation Of Turkey-European Union Foreign Trade Indicators

Huseyin Sagir, Turkey. Mehmet Metin, Turkey.

Abstract According to the statistical indicators, Turkey’s foreign trade is mostly with European Union countries. This situation can be explained with various dynamics as countries’ historical relationships, accessibility, cultural factors etc. The aim of this study is to discuss foreign trade statistics of Turkey-European Union, compare the 28 European Union countries’ import and export rates, determine the countries and goods that are mostly subject to the foreign trade of Turkey-European Union.

ADDRESS FOR CORRESPONDENCE: Huseyin Sagir, Turkey. E-Mail Address: [email protected]

A Comparison Of The Vision and Mission Statements Of Turkish and British Universities Through Content Analysis

Metin Ocak, Turkish Land Force, Turkey. Buğra Karabulut, Ege University, Turkey.

Abstract Vision and mission statements in strategic management literature is considered as the most important steps of strategic orientation. While vision statements express where organizations want to be, mission statements explain the reason for existence of organizations. Organizations, constitute the strategic plan to realize their vision and mission statements. Thus, plan means the roadmap, vision means the direction we want to go and mission means the traffic signs on the road. The literature emphasized on the importance of expressing vision and mission statements effectively to strengthen the activities of organizations (Brătıanu and Bălănescu, 2008; Oghojafor vd., 2011). Because, the vision and mission statements shape the strategic plans of organizations, also motivate individuals and groups in organizations by providing effective communication. On the other hand, it provides a positive contribution to individual and organizational performance (Lipton, 1996: Anthony, 2012). Research being made in Education Institutes show that vision and mission statements prepared in a realistic way will take the education progress to achievement (Karadağ and Özdemir, 2015). Universities are one of the Education Institutions which provide the most significant contribution to improve human resources. A lot of studies were conducted focusing on vision and mission statements: but no study was done which examine similarities and differences of vision and mission statements between Turkish and British Universities. It is assessed that researching vision and mission statements of two different Countries’ Universities will contribute determining intercultural similarities and differences. Also it is expected to provide important contributions to effective strategic management practices. In this context, vision and mission statements which take place in Turkish (n=190) and British (n=125) Universities’ websites will be analyzed through content analysis. By considering the literature vision statements will be analyzed under shortness, intelligibility, core values and big goals dimensions. In addition, mission statements will be analyzed for shortness, intelligibility, reason for existence and core values dimensions. According to the results recommendations will be proposed both for each Countries’ Universities and for further researches.

ADDRESS FOR CORRESPONDENCE: Metin Ocak, Turkish Land Force, Turkey. E-Mail Address: [email protected]

Characterizing and Modeling Entrepreneurial Islamic Banking: Investigating The Contributions Of Islamic Banking Towards Facilitating Entrepreneurship

Mohammad Safari, University of Tehran, Iran. Reza Koochakpour, University of Tehran, Iran.

Abstract Entrepreneurship is considered as one of the most important elements of nowadays development process. Entrepreneurship is not new, and during the past number of years it has gained increased interest and research. This increased interest has emerged for a number of reasons, namely the recognition of the contribution of the small firm sector to economic development and job creation. Many countries to take advantage of this opportunity have started significant efforts. In Iran as well plans developed to support of this sector to move forward country’s economic engine and also great steps have been taken. But despite of this, one of the main challenges confronting both policy makers and entrepreneurs is financing. The key and clear solution for this problem is Islamic banking; especially in today’s turbulent economic environment. The theory of Islamic banking is based on the concept that interest is strictly forbidden in Islam, and that Islamic teachings provide the required guidance on which to base the working of banks. The basic principle that has guided all theoretical work on Islamic banking is that although interest is forbidden in Islam, trade and profit is encouraged. Islamic banking with its unique characteristics and with emphasize on the real profit in businesses can provide the ground for the flourishing of entrepreneurship at different levels. Therefore, the main purpose of this paper is to investigate the role and contributions of Islamic banking in facilitating entrepreneurship with focus in Iran. The research method is as descriptive-analytic study and design is based on the detailed literature review and then deep interviews with experts in the area of study. Results of this study illustrated the constructive contributions of Islamic banking for enhancing entrepreneurship regarding to the content financial transactions contracts; and Findings both on theoretical and applied perspectives will be presented at this paper.

ADDRESS FOR CORRESPONDENCE: Mohammad Safari, University of Tehran, Iran. E-Mail Address: [email protected]

Characterizing and Examining The Critical Success Factors Of Knowledge-Based Businesses: An Entrepreneurial Orientation Among Students


Abstract In recent years, entrepreneurship as one of the basic resources to produce wealth and as a kind of stimulus for development in the world, has led to productivity and economic growth. Many businesses which want to stay in the fast-moving world of today, consider entrepreneurship as a behavioral and functional requirement. This phenomenon with the ability to create change in society can create new job opportunities and can create sustainable competitive advantage for the businesses. On the other hand, in the knowledge era of world economy, the knowledge-based businesses are an effective foundation for sustained development both at the national and firm’s level. Today, knowledge-based economy has become a very conventional subject in economic development and public policy; and this wide context the knowledge-based businesses have been expanded. Indeed, Knowledge-Based Economy relied on manufacturing, distribution and application of knowledge and information and tries to exploit the knowledge for economic development, organization policies and international agencies. Accordance with the importance of the knowledge-based businesses development in the current economics in Iran, the main purpose of this research is to identify and prioritize the critical success factors (CSFs) of Knowledge-Based Businesses. Critical success factors (CSFs) have been used significantly to present or identify a few key factors that organizations should focus on to be successful. Critical Success Factors refer to the limited number of areas in which satisfactory results will ensure successful competitive performance for the individual, department, or organization. To achieve this purpose, using detailed literature review and also deep interviews with the experts of the field, using a valid questionnaire required data has been gathered from the university students of Management and Entrepreneurship at the University of Tehran that participated in the survey. The methodology of this research is as applied-descriptive and after appropriate statistical analysis using SPSS20.0 and Lisrel8.7, both applied and theoretical recommendations based on the identified factors will be presented.


An Analytical Investigating The Impacts Of Employees’ Empowerment Management on Enhancing Organizational Entrepreneurship


Abstract Entrepreneurship involves creating new resources or combining existing resources in new ways in order to develop and commercialize new products, move into new markets, and/or service new customers. In other words, entrepreneurship is the converting the ideas and thoughts into marketable products or services using or creating entrepreneurial opportunities. Accordingly, Entrepreneurial organizations demonstrate competencies such as opportunity recognition, organizational flexibility, and the ability to measure, encourage, and reward innovative behavior. Entrepreneurship is relevant to all types of organizations, regardless of whether the organization is a for-profit business, a public-service agency, a nonprofit group or a governmental institution. Entrepreneurial organizations are characterized by a set of organizational attitudes and behaviors. In the other hand, to enhance and reinforcement organizational entrepreneurship one of the effective factors is empowering employees. Employee empowerment is a strategy and philosophy that enables employees to make decisions about their jobs; helps employees own their work and take responsibility for their results; also helps employees serve customers at the level of the organization where the customer interface exists. Employee empowerment also means giving up some of the power traditionally held by management, which means managers also must take on new roles, knowledge and responsibilities. It does not mean that management relinquishes all authority, totally delegate decision-making and allows operations to run without accountability. It requires a significant investment of time and effort to develop mutual trust, assess and add to individuals' capabilities and develop clear agreements about roles, responsibilities, risk taking and boundaries. Therefore, the main purpose of this paper is to examine the effects of employees’ empowerment management on enhancing organizational entrepreneurship. To achieve this purpose required data has been gathered from employed university students. The presented research model has been explained the significant relationships between employees empowerment dimensions and basic elements of organizational entrepreneurship. The methodology of this research is as applied-descriptive and after appropriate statistical analysis both applied and theoretical recommendations will be presented.


Developing The Entrepreneurship Among University Students: Identification and Prioritization The Effective Factors

Mohammad Safari, University of Tehran,Iran. Reza Koochakpour, University of Tehran,Iran.

Abstract Nowadays, one of the most important solutions for sustainable development in societies is entrepreneurship development. All of the countries are looking for growth of human source and promotion of quality of human force in order to achieve national goals, economic growth and production of wealth, cultural dynamic, civil growth, social coherence and generally pass the way of sustainable development based on the growth of technology, innovation, entrepreneurship, management of knowledge and wisdom oriented in different levels and domains. Entrepreneurship is a process in which an entrepreneur attempts to venture a new company and business by using new and creative ideas, and recognizing new opportunities, and mobilizing the available resources. Entrepreneurship is an approach that emphasizes on innovation of market, products, and risky projects, and tends to be pioneer in innovation. Entrepreneurs establish and run enterprise in order to achieve success and performance improvement. Entrepreneur University and regular participation is one of the new policies of universities that is necessary for growth of it. The university that reinforcement and enhancing the entrepreneurship skills of students is vital for sustainable development and economic growth. Dynamic universities in the new century are those universities that are entrepreneur and also able to develop professional and entrepreneurial values and transfer these values to students; also dynamic universities have the appropriate entrepreneurial programs with designed goals, making a balance between research, education and social services. The main purpose of this research is to identify and prioritize factors affecting on developing the entrepreneurship among university students. After detailed literature review and research background, required data to analysis and explain the identified factors have been gathered from university students of the University of Tehran that participated in the survey. The methodology of this research is as applied-descriptive and after appropriate statistical analysis using SPSS20.0 and Lisrel8.7, both applied and theoretical recommendations based on the identified factors will be presented.


Studying the Dynamics of SME Financing and Its Implications on Economic Development

Alı Imran Ashıq, Pak-Turk International Schools and Colleges Lahore,Pakistan.

Abstract This research assists finding possible prospects in improvement of SME financing and thus for economic development (volume), and the impact of rapid financing to SMEs on the overall inflation. It provides a base line for prospective growth and field works related to SME sector. The research observes the weightage of SME financing in total portfolio of banks and to answer queries related to, as what extent the financial sector is solely responsible for low growth of SME sector within country. Case study is taken from Banking sector within Pakistan from year 2000 to 2012 and recommendations are presented to facilitate and encourage SME financing.

ADDRESS FOR CORRESPONDENCE: Alı Imran Ashıq, Pak-Turk International Schools and Colleges Lahore,Pakistan. E-Mail Address: [email protected]

Exploring the Imperatives of Public Policy: Analyzing the Inferences of Infrastructure and Insurance as a Risk to Consumer Loans

Alı Imran Ashıq, Pak-Turk International Schools and Colleges Lahore,Pakistan.

Abstract This research looks at the determinants of the risk of consumer loan (Infrastructure and Insurance). In this study, the population included employees from Banking sector, students and other general public. A sample size of 150 people was selected, who were asked questions about risk of consumer loan. When the surveys were completed and returned, the data was entered into SPSS for analysis. Different tests were run on the collected data, and major findings were present. We found that banking is not only about managing risk of multiple types, it is in fact; managing the structured uncertainty (infrastructure) and associated risks with the goal of capitalizing on these risk differences to earn profits. However, in a market environment where competition, globalization, market volatility, and structural change are increasing, you need to manage their risks even better and with greater transparency. In addition, the financial institutions around the world to reevaluate the role of risk management. The results and data are discussed in depth within this report. There are also several limitations as well as future research implications at the end of this research study.

ADDRESS FOR CORRESPONDENCE: Alı Imran Ashıq, Pak-Turk International Schools and Colleges Lahore,Pakistan. E-Mail Address: [email protected]

Developing Empowerment Management Towards HRM: Characterization Csfs and Modeling

Mohammad Safari, University of Tehran, Iran. Milad Karimi, University of Tehran, Iran.

Abstract In the current business environment, global companies focused on retention of talent and knowledge human resources. Companies are trying to reduce employee turnover and improve their knowledge, skills and competencies. Therefore, Human Resource Management is trying to offer attractive benefits to employees, to reduce the risk of losing valuable employees and consequently achieve competitive advantage. This research aims to develop a framework to address human resources management (HRM) empowerment and to recognize the basic critical success factors in order to best implement the empowerment of HRM in organization. Empowerment has become an important theme within general management over the course of recent years. Empowerment is based on the idea that giving employees skills, resources, authority, opportunity, motivation, as well holding them responsible and accountable for outcomes of their actions, will contribute to their competence and satisfaction. Also, critical success factors (CSFs) are used significantly to present or identify a few key factors that organizations should focus on to be successful. Accordingly, this research using an exploratory method is trying to identify, prioritize and model the effective CSFs towards empowering HRM in order to provide a convenient and practical framework for researchers and practitioners of the filed.


Entrepreneurial Aspirations and Economic Development: Evidence From Panel Unit Root and Cointegration Tests

İslem Khefacha, University of Sousse, Tunisia.

Abstract Economic development is generally perceived as consisting of improvements in the economic well-being and quality of life for a community by creating and or retaining jobs and supporting or growing incomes. In order to reach these perfections, public authority are more and more aware of the importance of entrepreneurship. Particularly, entrepreneurial aspirations are of key importance in addressing the (socio-) economic impact of entrepreneurial behavior. It refers to a stated desire to start a new venture, or an expectation that one will be started. Of particular interest are those entrepreneurs who expect to create jobs, to be involved in international trade, and/or to contribute to society by offering new products and services. The aim of this article is to provide new empirical evidence on the causality between proxy variables of entrepreneurial aspirations and proxy variable of sustainable economic performance among Middle East and North Africa regions (MENA) and a group of developed countries (OECD). To do this, we use panel data econometrics based on a Vector Error Correction Model (VECM) to analyse the effects of the aspiration to entrepreneurship on the human development index (HDI), as a measure of human well-being, from 2003 to 2014. Our results support the idea that Entrepreneurial Aspirations leads to improve the sustainability of a nation in the long run. More importantly, our paper helps understand the causality nature between the qualitative nature of the entrepreneurial activities and the presence of favorable social and environmental conditions for the well-being of a population.

ADDRESS FOR CORRESPONDENCE: İslem Khefacha, University of Sousse, Tunisia. E-Mail Address: [email protected]

Linking Corporate Social Responsibility and Customer Relationship Management to Create Competitive Strategy


Abstract The more toward organizations’ responsibility and accountability to the society or community the more attention to Corporate Social Responsibility gain its importance. As organizations and firms are involving in the business environment for much more production and serving, their activities should be much more adapted with the CSR criteria. Consequently, society will respond a higher positive and constructive signal to the firm. Also, as marketing paradigm evolved the more attention to customer relation management is completely inevitable for businesses. Customer relationship management (CRM) is a comprehensive strategy of business and marketing which integrated the technology, processes and all business activities around the customercentrality. Accordingly, this paper endeavors to investigate the linkage between CRM and CSR to give more insights for achieve a competitive strategy. For a business, customers and society members are same and to create a competitive strategy it is important to illustrate the relationship among CSR and CRM especially form the viewpoint of customer-centric paradigm to marketing. In this study using a descriptive method based on detailed research review and qualitative interviews with expects of the filed a fundamental conceptual model will be provided. Finding of the study is useful for both academicians and practitioners in the area of strategic and marketing management.


The Quantitative Assessment Of Market Risk in Small and Medium-Sized Enterprise in The Slovak Republic

Mária Hudáková, University of Žilina, Slovakia. Ján Dvorský, University of Žilina, Slovakia.

Abstract The aim of article is on the basis of obtained and processed data from the survey to analyse and assess the impact of the factor, which is the number of employees to evaluate the market risk identified by the managers of SMEs in the Žilina region of the Slovak Republic. The analysis of market risk will be carried out through the analysis of the selected statistical characteristics using point and interval estimate and methods of mathematical statistics. The result of the analysis of the selected statistical characteristics of the market risk will be a point estimate of mean value and variance of risks when evaluating managers of SMEs. Then, using statistical testing, there will be determined the conditions for the implementation of interval estimates. Determination of the impact of market risk from the perspective of the number of employees in SMEs using point estimate is a place of a particular point estimate of a mean value of market risk, whereas the managers of enterprise are more interested in interval as point value. The results obtained from the survey are based on the business experience of owners of SMEs, managers and their attitude to risk as well as their ability to manage risk. In order to meet the stated objective, there were used empirical methods of examination, statistical induction of applying statistical methods that is, the analysis of variance using the quantitative tools of statistics and statistical software Statgraphic centurion XV.

ADDRESS FOR CORRESPONDENCE: Mária Hudáková, University of Žilina, Slovakia. E-Mail Address: [email protected]

Risk Transfer in PPP Projects: Analysis Of Managed Lanes in North Texas

Samuel Carpintero, Polytechnic University of Madrid,Spain.

Abstract Risk transfer is at the core of PPP projects, and it becomes particularly relevant when demand risk is transferred to the concessionaire. The main purpose of this research is to analyze this topic using managed lanes projects in North Texas as case studies. The research focuses on analyzing which risks have been transferred to the concessionaire in these projects, how they have performed over the years, and what can be learned from this experience.

ADDRESS FOR CORRESPONDENCE: Samuel Carpintero, Polytechnic University of Madrid,Spain. E-Mail Address: [email protected]

Characterizing and Modeling The Factors Affecting Customer Lifetime Value (CLV): Exploring The Evidence and Developing The Theory

Mohammad Safari, University of Tehran, Iran. Milad Karimi, University of Tehran, Iran.

Abstract Nowadays, companies to presence in the turbulent market and to have the ability for competing with others needs the special attention to customers and maintain a sustainable relationship with them. Hence, in the marketing literature, customer relationship management (CRM) was introduced which is a multi-dimensional paradigm of business that helps companies to achieve competitive advantage through long term relationship with their customers. Regarding to relationship marketing paradigm, attraction and maintaining the profitable customers are the most severe challenges for companies. Identifying the characteristics of different customers and appropriate resource allocation to them regarding to their value to companies has been created the concept of customer lifetime value (CLV). Determining the CLV and its main parameters will lead to companies to focus on the valuable and profitable customers and also endeavor to maintain long run relationship with them. The lifetime value of customers is a monetary value which is expected to gain from a customer or group of customers in a specific period of time. It is clear that long term relationship with profitable customers will enhance the whole value creation of a company and will lead to higher competitive advantage in the dynamic market. This study aimed at analysis, describe and present a comprehensive- integrated model with focus on the main determinants of CLV of customers. This study is a fundamental-applied research in which descriptive and analytic approach are used. Provided model in this paper is applicable for academicians/researchers and practitioners of the filed due to its contributions for the theory and practice.


Introduction of New Technologies in Industrial Medicine in Kazakhstan as a Component of Primary Health and Sanitary Care

Gulzhanat Tayauova, Almaty Management University, Almaty, Kazakhstan

Abstract The article considers the experience of the introduction of innovative technologies for further development of industrial medicine, as an essential element of primary health and sanitary care (PHSC) on the example of the introduction of the automated system of pre-shift (pre-trip) medical examinations (ASPE) of employees of the industrial enterprises of the oil and gas sector in a number of Kazakhstan regions.

ADDRESS FOR CORRESPONDENCE: Gulzhanat Tayauova, Almaty Management University, Almaty, Kazakhstan E-Mail Address: [email protected]

Determining the Benefits of Adventure Tourism from a Providers’ Perspective in Fethiye

Ayse Çelik Yetim, Muğla Sıtkı Koçman University, Turkey.

Abstract There has been a significant growth in adventure tourism globally over the past several years including Turkey. The traditional package seaside holiday is now less popular than it used to be because tourism has entered a new phase providing for a different type of touristic experience. As a result of this providers within the tourist industry have had to adopt alternative marketing strategies to cater for this need. Product diversification is the key to success for these marketing strategies because the new type of alternative tourism is by its very nature extremely varied. One such branch breaking new frontiers in alternative tourism is adventure tourism. Conveniently most of the adventure tourism activities can be experienced in the famous seaside resort of Fethiye which has more than sufficient resource potential but which at the moment still requires more focused marketing strategies to enhance the economic benefits of adventure tourism in this area of Turkey. In order to determine the benefits of adventure tourism in Fethiye the questionnaire will be conducted with service providers which will include benefits for tourist and supplier side. Questionnaire will carry out to adventure tourism companies, tour operators, travel agencies, accommodation establishments, guide services and local vocational college of tourism. The research will seek to reveal the benefits of adventure tourism for Fethiye from the service provider’s perspective.

ADDRESS FOR CORRESPONDENCE: Ayse Çelik Yetim, Muğla Sıtkı Koçman University, Turkey. E-Mail Address: [email protected]

The Research Of The Underground Transport Quality and The Impacts on Passengers’ Satisfaction

Natalia Manea, University Polıtehnıca Of Bucharest, Romania.

Abstract This article aims to analyze the underground transport quality in Bucharest and its impact on passengers’ satisfaction. The primary sources of data obtained from the 147 respondents by means of a simple random sampling method were used. Following the development and testing of six hypotheses has been noted that underground transport services are the most appreciated services of transport in Bucharest due to the speed and comfort, the only drawback being the higher price than the surface public transport. This research can be extended to another research aimed Romanian subway service quality in comparison with the European Union countries.

ADDRESS FOR CORRESPONDENCE: Natalia Manea, University Polıtehnıca Of Bucharest, Romania. E-Mail Address: [email protected]

Financing Methods Utilized in New Vehicle Investments of Logistics Companies: A Sample Study

Cem Kartal, Bahçeşehir Üniversitesi, Türkiye Mehmet S. Saygılı, Bahçeşehir Üniversitesi, Türkiye Abstract Companies in logistics sector aim to provide better services and to increase their profits by enlarging their carriage capacities. Therefore, companies expand their fleets by making new commercial vehicle investments. In this study, credit purchasing and leasing alternatives will be evaluated regarding investment process of logistics companies for road transportation fleet.

ADDRESS FOR CORRESPONDENCE: Cem Kartal, Bahçeşehir Üniversitesi, Türkiye E-Mail Address: [email protected]

Public Awareness Campaigns: What is The Real Deal? A Romanian Consumer-Oriented Perspective Regarding The Advertising on Lgbt Minorities

Consuela Madalina Gheorghe, "Carol Davila" University, Romania. Iuliana Raluca Gheorghe, "Carol Davila" University, Romania. Victor Lorin Purcarea, "Carol Davila" University, Romania.

Abstract Nowadays, the issue of fundamental rights of lesbian, gay, bisexual and transgender persons (LGBT) has become a core subject of many European institutions, expressed in many public awareness campaigns. The objectives of this paper are to determine how the public awareness advertisements related to LGBT discrimination are perceived if a shock appeal is integrated; where would the Romanian individuals place the public awareness advertisement related to LGBT discrimination when evaluated according to Dahl et al’s classification; which are the emotions specific to public awareness advertisements related to LGBT discriminations as well as if there are any differences between gender perceptions of public awareness campaigns. The sample consisted of 100 students with the characteristics of Generation Y. The findings revealed that most respondents considered the public awareness advertisement as being creative but not interesting, disgusting and even frustrating. Other emotions reported were compassion, confusion, fear, irritation, rage, shame and sadness. Further, the vast majority classified the public awareness campaign related to LGBT discrimination, morally offensive in accordance with Dahl et al’s typology of shock appeals. In conclusion, marketing specialists have to take into consideration the cultural sensitivity of the target audience when crafting an advertising message related to LGBT discrimination.

ADDRESS FOR CORRESPONDENCE: Consuela Madalina Gheorghe, "Carol Davila" University, Romania. E-Mail Address: [email protected]

Enabling the use of Business Intelligence Tools and Techniques for Managing Supply Chain Gaps in Retail

Usman Khalid, University of Management and Technology, Pakistan.

Abstract The introduction of information technology (IT) and Information Systems (IS) in the retail world has eased the use of Business Intelligence (BI) tools and techniques for efficient and effective analysis of data. The presence of an ever expanding data pool and increase in competition is forcing organizations to shift towards better tools and techniques for effective business process management. In order to gain the financial advantage, there is a need to save on working capital by investing as low as possible in the operations management and Supply Chain (SC). The purpose of this paper is to evaluate problems that may occur as a result of technology enabled retail management system (RMS) and the steps that follow to better understand and learn from the incident in question. The paper invokes the Plan-Do-Check-Act (PDCA) model to solve problems and proposes a new model to answer critical parameters such as why the problem occurred in the first place, the length of the problem, the reason, the probability of it happening again, and what needs to be done next. The new model devises the process in three major steps which are: The discrepancy, The Reason, Damage Control

ADDRESS FOR CORRESPONDENCE: Usman Khalid, University of Management and Technology, Pakistan. E-Mail Address: [email protected]

The Determination Of Factors Influencing Brand Choice Of The University Students: A Research on The Apparel Industry

Derya Öztürk, Ordu University, Turkey. Güngör Karakaş, Gaziosmanpasa University, Turkey.

Abstract People's clothing preferences are changing with the rapid development of technology. Success of firms requires knowledge of the target audience in global market. It is necessary to determine the factors that affect consumer attitude and behaviour. The purpose of the study was to determine the factors that influence brand attitude and behaviour among college students for the apparel sector. In this regard, factor analysis was employed to the data acquired from 350 students enrolled at the Ordu University Ünye Faculty of Economics and Administrative Sciences. Exploratory factor analysis, reliability analysis and confirmatory factor analysis were carried out in order to determine the construct validity of the factor analysis. Kaiser – Mayer – Olkin and Bartlett criterion was used to test the suitability of the variables in the factor analysis as well as to test the sample size (KMO; 0.928; P