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Vyhledávání

MICRO-SPECIFIC PROFITABILITY FACTORS OF THE SERBIAN INSURANCE INDUSTRY: A PANEL DATA ESTIMATION

Željko Vojinović, Sunčica Milutinović, Bojan Leković

Risks, as the opportunity-threat combinations, are the ubiquitous factors of the modern business and life. As we transfer a portion of risks to the insurance companies, so they retransfer a fraction of risks to other insurers through reinsurance arrangements. These transfers produce both revenues and costs, and that is why profitability analysis is at the core of both performance management and supervisory treatment. It is worth noting the macroeconomic importance of the insurance industry too, since the insurance industry continues to grow, becoming an important part of the financial sector that contributes significantly to economic growth (Haiss & Sümegi, 2008). On the contrary, the insurance market instability (liquidity crises, massive losses, etc.) can trigger financial sector disturbances and negative spillover effects, so that the insurance industry requires a kind of special supervisory treatment (Das, Davies, & Podpiera, 2003). So, the importance of the study comes from the multidimensional importance of the insurance industry, focusing the firm-specific factors affecting profitability of the Serbian insurance sector.
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COOPERATION AND COMPETITION IN MANUFACTURER-KEY RETAILER RELATIONSHIPS: A BUSINESS MODEL PERSPECTIVE

Marzanna Katarzyna Witek-Hajduk, Piotr Zaborek

Relationships in the supply chain have been a longstanding theme of research (e.g. Ailawadi et al., 2010; Corsten & Kumar, 2005; Vlachos et al., 2008). Manufacturer-retailer relationships have changed in recent decades due to the growing power of retailers (Amato & Amato, 2009) reinforced by concentration processes in retailing (Burt & Sparks, 2003), the emergence of mega-retailers and their internationalization, and the rise of the Internet. The shift in bargaining power toward retailers is manifested by the growing market shares of private brands (Chimhundu, 2011). On the heels of these trends, changes have come in business models of both retailers and producers (e.g. Ritala et al., 2014; Witek-Hajduk, 2017). The role of retailers has evolved “from mere service providers to market makers” (Hamilton & Petrovic, 2011). The growing power of retailers has prompted many manufacturers of consumer goods to establish their own or controlled retail channels and/or to produce goods under retailers’ private labels often competing with their own brands. Consequently, various forms of cooperation and competition have developed giving rise to the phenomenon of coopetition (Kim et al., 2013).
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LEARNING FROM THE SALES CONVERSION RATE THROUGHOUT ITS PRODUCT LIFE CYCLE ANALYSIS: A CASE OF STUDY FOR THE SPANISH AUTOMOTIVE SECTOR

Manuela Saco, Aida Galiano, Vicente Rodríguez

The conversion rate in sales is a fundamental parameter to assess the performance of the Marketing and sales departments. Fisher (2013) claims that when customers visit a store, retailers try to convert traffic by making sure there is the right product, in the right place, at the right time, and with the right price. At that moment, the conversion rate is a crucial value to measure the effectiveness of the Marketing policies and commercial teams in relation to consumer behaviour. The conversion rate (CR) measures the ratio between the total number of visitors entering an establishment and those who make a purchase (on a daily, monthly, quarterly and annual basis). The conversion rate can also be useful to analyse the evolution of the commercial efficiency in a business or to compare similar establishments in which the conversion rates are significantly different. Somehow, the efficiency depends on the adequate commercial performance of the sales team, trying to attract the largest number of potential buyers visiting the establishment (Rodríguez, Olarte-Pascual, & Saco, 2017). Therefore, the conversion rate grows with an excellent customer service and better execution of the store processes.
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COMPARISON OF GROCERY SHOPPING BEHAVIOUR OF SLOVAK RESIDENTS ON THE SLOVAK-AUSTRIAN BORDER: AN EMPIRICAL STUDY – HAINBURG AN DER DONAU

Pavol Kita, František Križan, Kristína Bilková, Milan Zeman, Tomáš Siviček

A myriad of factors influences every area of human activity. Recognition of these factors enables a responsible approach in environmental organization, modification and subsequent adaptation. This is also true for a consumer which feels a lack of the availability of specific merchandise. If this need is not satisfied, the consumer does one of two things, either he searches for a product which can satisfy the need or tries to suppress the need (Kita, 2016). In this respect, cross-border shopping offers new sources of opportunities to satisfy needs, find more suitable financial conditions or change expectations about a product. This means that these consumers may have a tendency to spend more in search for the highest quality among local or branded products. In the context of travelling abroad, Choi et al. (2016) claim that shopping has become a determining factor affecting destination choice. Travelling to shop abroad represents a specific aspect of shopping (Bygvrå, 2019; Spierings & van der Velde, 2008; Timothy & Butler, 1995; Powęska, 2008) when other regions attract new consumers (Balogh & Pete, 2018; Doong, Wang, & Law, 2012).
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VULNERABILITY TO THE CONSEQUENCES OF BREXIT: EVIDENCE FOR POLISH AND SPANISH REGIONS

Jarosław M. Nazarczuk, Stanisław Umiński, Laura Márquez-Ramos

In this paper, we focus on Poland and Spain in order to analyse the potential consequences at the sub-national level of a reversal of European economic integration. The latest Parliament Eurobarometer survey confirms citizens’ growing support for European economic integration. In this survey (European Parliament, 2018), the 28 European member states (MS) have been positioned according to their views with reference to two dimensions. Firstly, ‘the right direction’ in their own country and, secondly, ‘the right direction’ in the European Union (EU). The question asked is: ‘At the present time, would you say that, in general, things are going in the right direction or in the wrong direction, in…? (Our country/EU)’. According to this survey, Poland is in the group of countries with the most positive perceptions in both dimensions (i.e. things are going in the right direction in both Poland and in the EU). On the other side of the spectrum, the Eurobarometer shows that citizens in Spain believe that things are taking the wrong direction, both in Spain and in the EU.
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INVESTOR DECISION-MAKING IN THE CONTEXT OF THE EFFECTIVE CORPORATE TAXATION

Veronika Konečná, Alena Andrejovská

In the search for an analytical framework for financing and investment location, that is important to follow the tax tracts, which significantly contribute to the important decision of foreign investors. Corporate taxation is an important element of the tax system of European countries and the one of key factors that influence investors of companies in managing and deciding on the location of their investments and business activities. In terms of economic efficiency, tax systems should ideally be “neutral”, particularly as regards economic decisions. From this perspective, the location of investments in different countries in the international context should not face markedly different effect levels of taxation. The first and important dimension is a statutory tax rate, which is determined by the tax laws. It is the simplest and most affordable way to obtain tax information in country, but it is definitely not decisive. According to Bayer (2011), Gupta, (2007) Clausing (2007) and Mura (2019) it is important to monitor the overall tax burden that represents the size of the enterprise’s tax. In other words, it is important to monitor the proportion of taxes paid on the total income or profit of an enterprise in that country.
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DETERMINANTS OF THE SELECTION OF TRAVEL AGENCIES ON POLISH TOURIST SERVICES MARKET

Anna Mazurek-Kusiak

The tourist services market is a very variable and difficult to predict market (Chen & Kang, 2015) that reacts quickly to factors and turmoil occurring in the international, national and local environment. Impact of these factors is evident both on the supply and on the demand side (Zdon-Korzeniowska & Rachwał, 2011). Studies by Millana and Esteban (2004), Silva and Gonçalves (2016) and Chih-Wen (2016) showed that customers are not loyal to their travel agencies. Changing the organizer of tourist services is not a problem for tourists, nor does it raise any resistance such as may occur, for example, when changing the telephone operator, bank or energy supplier. Thus, it is more difficult for travel agencies to acquire regular customers than for other service companies. In addition, they must adapt the offer more precisely to the needs of customers to convince them to purchase the services offered (Rudawska, 2010), therefore it is so important to know the main goals of tourist trips, customers’ needs and determinants, that guide the selection of the organizer of a tourism. In order to gain their trust, they must choose appropriate communication channels to establish a dialogue with the customer, promote their own brand and the tourist products they sell.
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THE IMPACT OF SUPPLY CHAIN LEADERSHIP AND FOLLOWERSHIP ON CSR: AN EMPIRICAL STUDY ABOUT A PORTUGUESE ENERGY SUPPLIER

Pedro Fontoura, Arnaldo Coelho

Sustainability is a theme that has gained interest among researchers and practitioners due to the increase of stakeholder awareness regarding environmental and social issues. In this context, the purchasing power of a company may turn out to be an important booster to bring positive changes to society. Corporations have to use this power to accomplish a goal and turn their supply chain in a driver for inclusive growth (Szegedi & Kerekes, 2012). Consequently, businesses have become conscious of the requirement of developing strategies, which can spread their usual corporate governance methods beyond the company’s borderline to their supply chain partners. According to Keating, Quazi and Kriz (2007), the appearance of purchasing approaches in favour of Corporate Social Responsibility (CSR) is the most noticeable display of this extension.
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ANTECEDENTS OF TURNOVER INTENTION: A META-ANALYSIS STUDY IN THE UNITED STATES

Ahmet Hakan Ozkan, Meral Elci, Melisa Erdilek Karabay, Hakan Kitapci, Cinar Garip

In mature markets such as the markets of the United States, the organizations aim to form the best teams to be more effective in a competitive environment. But turnover is a threat to effective organizations. It is also an extra cost for the institutions. Therefore the managers try to keep turnover under control. But it is a challenging task because there is a lot of variables that influence turnover intention. Job satisfaction, organizational commitment, and empowerment are chosen as the main antecedents of turnover intention. Meta-analysis studies showed that organizational commitment and job satisfaction are the strongest predictors of turnover intention (Tett & Meyer, 1993; Choi & Kim, 2016; Coomber & Barriball, 2006; Kim & Kao, 2014). Tett and Meyer (1993) reported that job satisfaction and turnover intention had the highest negative correlation among the other factors affecting turnover intention. The metaanalysis study of Pagilagan (2017) accepted organizational commitment and empowerment as the main antecedents of turnover intention.
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THE CONTRIBUTION OF INNOVATION ACTORS INTO BUSINESS R&D FUNDING – DOES THE SUBSTITUTION EFFECT OF PUBLIC SUPPORT WORK IN THE EU?

Peter Pisár, Ina Ďurčeková, Mária Stachová

Many authors consider innovation to be the key element of economic growth and competitiveness of firms (Distanont & Khongmalai, 2018; Kuncoro & Suriani, 2018) and countries (Akis, 2015; Ciocanel & Pavalesce, 2015; Akcali & Sismanoglu, 2015; Krstić, Stanišić, & Radivojević, 2016; Şener & Saridoğan, 2011). Even though research and development (furthermore just “R&D”) and innovation are not the same thing, R&D is a crucial part of innovation (Edquist, 2006). The importance of R&D is shown in the fact that one of the main priorities of the EU strategy “Europe 2020” is the increase of R&D expenditure in the EU member states (European Commission, 2010). However, we maintain that it is not only important to monitor R&D expenditure as one aggregate indicator, but to also look at it incrementally from the point of involvement of various innovation actors in R&D funding. Since firms are considered to be the key Innovation actor (Eggink, 2013), we decided to examine the financing of business R&D from various sources of funds (business, government, university, non-profit organization funds and funds from abroad).
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