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IMPORTANCE OF INNOVATIVE MANAGEMENT PRACTICE: SOLUTION FOR CHALLENGES IN BUSINESS ENVIRONMENT AND PERFORMANCE IN LARGE ORGANIZATIONS IN SERBIA

Božidar Leković, Maja Strugar Jelača, Slobodan Marić

In the contemporary business setting, the implementation of innovative management practices is recognized as a crucial factor (Damanpour, 2014) for strategic change, organizational renewal and achieving longterm competitive advantage (Walker, Chen, & Aravind, 2015). Still, it is surprising how little research is conducted on largescale surveys according to possible approaches to measure innovative management practice which will lead to organizational innovations (Armbruster, Bikfalvi, Kinkel, & Lay, 2008). The proportion of this research topic amounts to only 8% among the innovation research process, while only 3% of research studies analyze this subject (Mihalache, 2012, p. 2). In the paper, the basic research objective is reflected in the analysis of the degree of innovative management practice impact on organization’s performance, and the analysis of the relationship between implementation of innovative management practice and dynamic business environment.
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THE ROLE OF EDUCATION, INDIVIDUAL AND ECONOMIC FACTORS IN ENTREPRENEURIAL INITIATIVES: A MICROECONOMIC APPROACH FOR THE CZECH REPUBLIC, SLOVAKIA AND POLAND

Yuriy Bilan, Mihaela Simionescu, Grzegorz Mentel, Zoltan Rozsa

The purpose of this research is to assess the impact of university education and business environment on entrepreneurial initiatives and to make comparisons of the results between students coming from Poland, the Czech Republic and Slovakia. These countries were selected for the analysis since these are three of the V4 countries with common targets regarding the development of business environment and with an important location advantage. The International Visegrad Fund promotes mutual cooperation within the region in various fields, including the development of economic relations (in tourism, education, scientific research, cross-border cooperation). This Fund also implements own projects in these fields. The importance of the research is justified by the identification of the factors that mostly affect entrepreneurial initiatives; these factors could be developed more in order to increase the number of successful businesses in each of these country. Moreover, some obstacles to entrepreneurial initiatives are identified and suitable recommendations are provided to minimize these obstacles.
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THE CORPORATE SOCIAL RESPONSIBILITY OF THE ROMANIAN BANKING SYSTEM

Vasile Dinu, Mariana Bunea

In the 1970s, Milton Friedman has claimed that: “the only social responsibility of a company is the use of its resources together with the engagement in businesses that are meant to increase the profits, maintaining the rules of the game. This means to engage into an open and free competition, without any abuse or fraud.” And this is how, starting from the 70s, the “rules of the game” were known in business and the responsibility that triggers the community, a responsibility that the companies fully acknowledge and embrace. The corporate social responsibility (CSR) deals with strategies used by companies to develop their business in an ethical way, to respect the relation with the other members of the society. CSR can involve a range of partnerships with the local communities, investments with a real social impact of the corporations (education, art, and environmental protection), the development of the relations of the companies with the clients, employees and their families.
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ANALYSIS OF FACTORS AFFECTING THE BENEFITS OF DEMAND INFORMATION SHARING

Hyun-Woong Jin

Globalization increases the complexity of supply chain and companies are faced with competitive pressure and environmental uncertainties as well as increasing customer demand (Thomas & Esper, 2010). To satisfy the fluctuating customer demand and to make various players in a supply chain align with customer requirement, collaboration between the players based on the timely communication is required. Moreover, sharing important information such as customer demand and on-hand inventory level with other players is required to coordinate the players’ activities. With respect to the inventory management, various collaborative policies such as QR (Quick Response), ECR (Efficient Customer Response), VMI (Vendor Managed Inventory) and CPFR (Collaborative Planning, Forecasting and Replenishment) have been developed so as to overcome the limitation of standalone inventory management policies. These collaborative inventory management policies are based on the sharing of customer demand information between players in the supply chain.
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STANDARDIZATION IN SERVICES: ASSESSING THE IMPACT ON CUSTOMER SATISFACTION

Oksana Koval, Stephen Nabareseh, Felicita Chromjaková

The service organizations develop complex service offerings and procedures to cater to the changing customers’ requirements. The increased complexity of the service processes halts effectiveness of the operations and may lead to the lower firm competitiveness over time (Schäfermeyer, Rosenkranz, & Holten, 2012). The complexity of service operations induces long waiting times for customers and high non-value added costs for the companies (George, 2003), and the diversity of the service offerings challenges effectiveness of the processes (Carlborg, Kindström, & Kowalkowski, 2013; Silvestro & Lustrato, 2015). Due to the direct customer participation in the service production, customer has power to significantly impact and distort service operations (Zomerdijk & de Vries, 2007). Thus, to tackle the issue of redundancy and improve performance, companies make determined efforts to standardize their operations.
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HOW CORPORATE GOVERNANCE AND CSR DISCLOSURE AFFECT FIRM PERFORMANCE?

Muhammad Suhaib Manzoor, Ramiz ur Rehman, Muhammad Islam Usman, Muhammad Ishfaq Ahmad

CSR (corporate social responsibility) disclosure evolved as a result of corporate reporting in response to changes in conditions in which companies operate. Gray, Owen and Adams (1996) describe CSR disclosure/reporting as „the process of communicating the social and environmental effects of the economic actions of organizations to particular interest groups within society and society at large“. Elkington (1997) states that the terms CSR reporting, Social Reporting, Corporate Citizenship, Sustainability Reporting and Triple Bottom Line Reporting have been employed in the studies interchangeably. To meet 21st century corporate challenges, the corporate reporting system has changed somehow with an inclusion of non-financial disclosure. Krasodomska and Cho (2017) explain the extent of non-financial reporting presented by the corporation regarding activities such as human resources, risk management, product innovation and quality, and impact of corporate decisions on environment and society.
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SPACE IN ORGANISATION AND MANAGEMENT. INTERDISCIPLINARY PERSPECTIVE IN MODELLING TOWARDS NEW MANAGERIAL ROLES

Piotr Pachura

The concept of space is frequently used as a sort of metaphor, with the aim of referring to a colloquial, intuitive interpretation of space as a kind of location, area, field or scene where events take place. Recognisable research problems stem from the conviction that there is a lack of complex conceptualisation of space as a subject in interdisciplinary perspectives for organisation and management sciences. At the same time, a greater interest in issues of space has arisen in recent years, which have been associated with the increasing importance of globalisation, the network economy, and knowledge in organisations (Taylor & Spicer, 2007). Thus, understanding complex interdisciplinary research in this area is the main motivation of this paper. On an epistemological level, the aim of the paper is to conceptualise space in its different dimensions in relation to the classical achievements of organisation and management sciences.
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AN ANALYSIS OF FACTORS INFLUENCING EMPLOYEE JOB SATISFACTION IN A PUBLIC SECTOR

Nemanja Lekić, Jelena Vapa-Tankosić, Jasmina Rajaković-Mijailović, Snežana Lekić

Job satisfaction is one of the most researched of employee attitudes (Alotaibi, 2001; Parnell & Crandall, 2003), and is considered to be essential for job performance. On the one hand, job satisfaction may have a direct influence on employees, leading them to identify their individual goals with those of their organization, and on the other, it can lead to more efficient realization of established organizational goals. There are numerous reasons for companies to regularly conduct job satisfaction surveys: getting to know the current level of job satisfaction, better management of employee expectations, building an effective business culture or finding new ways to improve business results, and attract quality candidates. The results of such surveys may be used to increase their commitment to the organization. A positive climate among the employees encourages innovation, strengthens initiatives and enables successful execution of tasks. This means that each organization needs to build a sense of belonging and respect among all employees.
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THE TECHNOLOGICAL ADVANCEMENT OF NEW PRODUCTS, PRODUCT NEWNESS AND MARKET INFORMATION

Dariusz Dabrowski

Nowadays, technological progress creates a good opportunity for companies to develop and launch products that incorporate advanced technologies. This process is particularly present in the case of high-tech companies as they are technology oriented (Im, Vorhies, Kim, & Heiman, 2016). Firms utilize advanced technology to improve the functionality of their products and in this way they try to satisfy the customers’ needs to a large extent (Kocak, Carsrud, & Oflazoglu, 2017) and, as a consequence, to enhance the new products and the firm’s performance (Chen, Tang, Jin, Xie, & Li, 2014; Zhou, Yim, & Tse, 2005). This seems to be a straightforward way for companies to create new products. However, several uncertainties emerge when developing technologically advanced products. Nearly thirty years ago Bonnet (1986) pointed out that the uncertainty associated with developing and marketing new technologically advanced products is twofold.
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FIRM VALUE AND CORPORATE CASH HOLDINGS. EMPIRICAL EVIDENCE FROM THE POLISH LISTED FIRMS

Sorin Gabriel Anton, Anca Elena Afloarei Nucu

In the context of imperfect markets, corporate liquidity represents an important asset to finance investments without raising costly external resources, which imply transaction and information costs. Moreover, the cash holdings offer a buffer against financial distress costs when the firm faces frictions in generating operating cash flows, both in volume and timely. On the other hand, the increase in cash holdings implies several costs: a liquidity premium, tax disadvantages, and agency costs for shareholders (Chang, Benson, & Faff, 2017). The trade-off theory streamlined in the literature governs the firms which need to balance costs and benefits of holding cash to determine the optimal level. While a lot of studies have been done in the direction of identifying the determinants of corporate cash holdings, going further, it is important to understand the relationship between non-earning assets (cash holdings) and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability.
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