<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Each business enterprise strives to achieve the most efficient organization of its operations. While business enterprises can influence internal factors of organization, external factors are more rigid. Public organizations have less of an incentive to be efficient. Furthermore, their organization is less favorable since the decision making is centralized and highly formal (i.e. legislative). Adoption of business process orientation (BPO) paradigm, with an emphasis on the management of internal factors of organization, has provided business organizations with substantial savings and improvements in efficiency. However, external factors also have a high potential for improvement of efficiency. For instance, development of supply chains or value chains has proven that external factors can be harnessed to provide additional sources of competitiveness. Other external factors can also be used to improve the performance of individual organizations, an entire industry or economy as a whole. These synergic effects can be achieved through a unified and virtualized communication infrastructure, document exchange and conduct of business transactions. The goal of this paper is to present business environment properties in an e-Society that can be further developed to enhance integration between organizations and public institutions, which in turn can be used to create and manage inter-institutional business processes. This type of processes can promote e-business and e-business models to a new level of efficiency, making a whole industry or national economy comparatively more competitive in international markets.</abstract>

Reaching inter-institutional business processes in e-Society

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Process orientation has been empirically linked to corporate performance. Several studies have shown that more process oriented companies perform better than less process oriented companies. Consequently, many researchers attempted to define what makes a company process oriented, which resulted in numerous frameworks and conceptualizations of process orientation. Based on concepts of business process orientation (BPO) the authors have developed and operationalised a concept of extended BPO to study its adoption in two countries, one EU member and one a candidate for EU membership (Slovenia and Croatia, respectively). Extensive field study has been carried out in these countries. The results of the analysis show that there are many statistically significant differences, namely companies in Slovenia have implemented process oriented practices to a higher degree than their counterparts in Croatia. The paper shows the main differences in BPO areas and practices.</abstract>

Faculty of Economics, University of Ljubljana, Kardeljeva ploščad 17, 1000 Ljubljana, Slovenia

Faculty of Economics and Business, University of Zagreb, Trg J. F. Kennedya 6, 10000 Zagreb, Croatia

Adoption of Business Process Orientation Practices: Slovenian and Croatian Survey

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Factor models observe the sensitivity of an asset return as a function of one or more factors. This paper analyzes returns on fourteen stocks of the Croatian capital market in the period from January 2004 to October 2009 using inflation, industrial production, interest rates, market index and oil prices as factors. Both the direction and strength of the relation between the change in factors and returns are investigated. The analyses included fourteen stocks and their sensitivities to factors were estimated. The results show that the market index has the largest statistical significance for all stocks and a positive relation to returns. Interest rates, oil prices and industrial production also marked a positive relation to returns, while inflation had a negative influence. Furthermore, cross-sectional regression with the estimated sensitivities used as independent variables and returns in each month as dependent variables is performed. This analysis resulted in time series of risk premiums for each factor. The most important factor affecting stock prices proved to be the market index, which had a positive risk premium. A statistically significant factor in 2004 and 2008 was also inflation, marking a negative risk premium in 2004 and a positive one in 2008. The remaining three factors have not shown as significant.</abstract>

Ministry of Finance of the Republic of Croatia, Katančićeva 5, 10000 Zagreb, Croatia

Faculty of Economics & Business, University of Zagreb, Trg J. F. Kennedyja 6, 10000 Zagreb, Croatia

Do macroeconomic factors matter for stock returns? Evidence from estimating a multifactor model on the Croatian market

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Enterprise resource planning (ERP) systems are often used by companies to automate and enhance their business processes. The capabilities of ERP systems can be described by best-practice reference models. The purpose of the article is to demonstrate the business process renovation approach with the use of reference models. Although the use of reference models brings many positive effects for business, they are still rarely used in Slovenian small and medium-sized companies. The reasons for this may be found in the reference models themselves as well as in project implementation methodologies. In the article a reference model based on Microsoft Dynamics NAV is suggested. The reference model is designed using upgraded BPMN notation with additional business objects, which help to describe the models in more detail.</abstract>

The Use of Reference Models in Business Process Renovation

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