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Shortfall of Strategic Governance and Strategic Management in the Czech Republic

Canadian and Czech directors and managers. Canadian Public Administration/Administration Publique du Canada. 59 (2), 289–309. Novotný, V. & Nekola, M. 2010. Strategické řízení a teoretické přístupy k procesu tvorby veřejných politik (Strategic Management and Theoretical Approaches to Policy-making Process). In Ochrana, F. (Ed.), Drhová, Z., Frič, P., Nekola, M., Novotný, V., Potůček, M. Rašek, A., Simonová, J. & Veselý, A. Strategické řízení ve veřejné správě a přístupy k tvorbě politiky, pp. 61-87. 1. vyd. Praha: Matfyzpress. Nemec, J. (2010). New Public

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Značaj Strateškog Upravljanja za Rast iBB Razvoj Poslovnih Sistema / The Importance of Strategic Management for Growth and Development of Business Systems

References Babić, M. i Lukić, Z. (2009). Management. Ekonomski fakultet Banja Luka. Haberberg, A & Rieple, A. (2001). The Strategic Management of Organisations. Financial Times and Prentice Hall. Stacey, R. (1997). The Strategic Management and Organizational Dynamics. Zagreb: Mate. Stoner, J., Freeman, E. & Gilbert, D. (2002). Management. Beograd: Želnid. Šunje, A. (2003). Top-manager of a visionary and strategist. Sarajevo: Tirada. Weihrich, H. & Koontz, H. (1998

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Competitive Strategies in Higher Education: Scale Development

R eferences 1. Barney, J. (1991), Firm Resources and sustainable Competitive advantage. Journal of management , 17(1), 99-120. 2. Bearden, W. O., Hardesty, D. M., & Rose, R. L. (2001). Consumer self-confidence: Refinements in conceptualization and measurement. Journal of Consumer Research , 28 (2), 121-134. 3. Carnillus, J. (1997). Shifting the strategic management paradigm; European management journal , vol. 15, pp 1-8. 4. Cohen, Manion, L. and Morrison, K. 2011. Research Methods in Education. 7th ed. Routledge. 5. Cross, L

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Does foreign direct investment cause financial sector development – evidence from an emerging economy

No. 2, pp.89-106. Available at 23. Hair, J.F., Sarstedt, M., Pieper, T.M., and Ringle, C.M. (2012), “The use of partial least squares structural equation modelling in strategic management research: A review of past practices and recommendations for future applications”, Long Range Planning, Vol. 45 No. 5–6, pp. 320–340. 24. Hair, J.F., Black, W.C., Babin, B.J., and Anderson, R.E. (2010), Multivariate data analysis, 7ed. Englewood Cliffs: Prentice Hall. 25. Hair, J.F., Hult, G.T.M., Ringle, C.M., and

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Competitiveness Through the Integration of Logistics Activities in SMEs


Logistics among competing organisations is a strategic management activity that can affect the operational, market and financial performance of an organisation. Small and medium enterprises (SMEs) need to understand the role of logistics activities in achieving competitive performance and creating a high level of customer satisfaction through greater economies of scale in production and reduction in the price of goods. This study aims to determine the nature and extent of SMEs competitiveness through logistics activities. This research used a quantitative method of data collection and analysis. The data were statistically analysed using SPSS (25.0) as well as SMART-PLS (3.0) software for structural equation modelling (SEM) to assess the measurement reliability and the research structural model. The findings show that SMEs nature and extent of competitiveness based on logistics activities differs among the three measurement constructs, namely price/cost competitiveness, quality competitiveness and delivery competitiveness. This study adds value to the knowledge of the perceived benefits and importance of logistics activities among the participating SMEs.

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Issues of Organizational Culture in Romania – A Case Study


The present paper analyzes, through a case study, the organizational culture of a typical Romanian company from the textile industry. The company resulted from the privatization process, being a successful example in its field. The initial, socialist enterprise from which the analyzed company was created, had a long history prior to 1989; thus, although the newly created company has about 20 years of evolution, actually, the mother-company from which it was privatized has more than a decade of tradition.

In order to collect data, we used two methods: direct, non-participative observation, together with a sociological survey based on a semi-structured interviewing technique. The interviews were conducted with the top managers - the strategic management and the managers from the human resources department, sales and purchasing departments. The observation and the interviews were undertaken during the period 2011-2012. For the analysis of the collected data, we used a systemization method and a theme-based organization of answers (specific to content analysis).

The identification and analysis criteria for the typologies of the organizational culture were those used by Sonnenfeld (1988) and Quinn (1991). A protocol was established for all stages, including exploration, description of the situation, data analysis, typological classification of the organizational culture and interpretation. We conclude that the analyzed company has a mixed personality and hesitates between rigorous control and permanent adaptation, between the real and ideal image, between independent action and the need to wait for directions and reassuring control, a rather general characteristic of the Romanian culture.

Although the managers seem to be in favor of a permanent and free adaptation to the threatening environment, control is always used as a precautionary measure. Moreover, the strategy of the company seems to privilege the maintaining of its structure and procedures and not the adaptation to the environment. The company is placed in different categories, for both models, at stated level comparing to the actual one, oscillating between Club and Baseball (for the Sonnenfeld typology) and between Hierarchical and Innovative (for the Quinn typology of organizational culture).

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Terminal Value Calculation in DCF Valuation Models: An Empirical Verification

R eferences Amit, R., Shoemaker, P. (1993). Strategic Assets and Organizational Rent. Strategic Management Journal, 14 , 33–46. Baele, L., Londono, J. (2013). Understanding Industry Betas. Journal of Empirical Finance, 22 , 30–51. Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17 (1), 99–120. Blanc, S., Setzer, T. (2015). Analytical Debiasing of Corporate Cash Flow Forecasts. European Journal of Operational Research, 243 (3), 1004–1015. Copeland, T., Koller, T., Murrin, J. (2010

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Structural-Dimensional Concept of Tourism Service Quality / Strukturno-Dimenzionalni Koncept Kvaliteta Turističkih Usluga

, C. (2003). Kundenzufriedenheit im Tourismus: Entstehung, Messing und Sicherung mit Beispielen aus der Hotelbranche . Oldenbourg: Lehr und Handbücher zum Tourismus, Verkehr und Freizeit. (in German) Grönroos, C. (1982). Strategic Management and Marketing in Service Sector . Helsingfors, Finland: Swedish School of Economics and Business Administration. Heleta, M. (2008). Menadžment kvaliteta . Beograd: Univerzitet Singidunum. (in Serbian) Johnston, R., & Clark, G. (2001). Service Operations Management . London

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Tourists and Local Stakeholders Attitudes Towards Offer and Market Position of Tourist Destination Budva

LITERATURE 1. Cooper C., Fletcher J., Fyall A., Gilbert D., Wanhill S., (2005) „Tourism principles and practice“, (third edition), Pearson Education Limited, Harlow, England; 2. Nigel E., Campbell D. And Stonehouse G (2003) „Strategic management for travel and tourism“ Butterworth-Heinemann, Oxford; 3. Hall C.M. (2000)“Tourism planning; Policies, Processes and Relationships” Prentice Hall, Harlow; 4. Jelušić M., Vujović S. (2002), „Ko odlučuje u Budvi“, Argonaut, Budva; 5. Magaš D. „Menadžment turističke organizacije i

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