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Introduction Corporate performance management presents a way of motivation and management by objectives characterised using quantitative performance indicators. Besides the application of traditional methods in business, successful economic development and market environment development also require the application of new modern methods adapted to contemporary market needs. One modern approach is based on corporate performance evaluation by measuring the performance of internal processes ( Sujová, 2013 ). Business processes are objects of the process approach to


Investment in research and development (R&D) plays a vital role in economic growth. Therefore, the crucial role of government is to encourage companies to develop new knowledge, skills, and innovations in order to achieve greater competitiveness, employment creation, and economic development. The aim of this paper is to determine whether R&D subsidies contribute to corporate performance and ascertain whether the relationship between the amount of R&D subsidies and corporate performance is moderated by Slovenian cohesion (NUTS 2 level) and statistical (NUTS 3 level) regions. This paper ultimately tries to classify statistical regions within meaningful groups. Using an OLS regression, a unique dataset of 407 Slovenian companies is analysed for 2014. The empirical results reveal that R&D subsidies have a positive impact on corporate performance and confirm that cohesion and statistical regions can moderate the effect of R&D subsidy on corporate performance. Moreover, the paper provides for the classification of Slovenian statistical regions into four groups.


Constant change is typical of the current business environment. The ability to manage change is a highly appreciated managerial skill. Being adaptive has become a new competitive advantage of a company. Appropriately and successfully implemented changes can improve corporate performance. This paper aimed to evaluate how Slovak companies had been dealing with change in recent years; whether they had been prepared for it; what tools, methods and concepts they had used; and what ultimately had necessitated them from an economic point of view. The paper explored the current status of change management in the context of business processes particular to Slovak enterprises. A literature review concerning change and process management was provided in order to design appropriate research. The research focused on the level of process-oriented management of change in Slovak enterprises operating in different industrial sectors. The main research method was primary quantitative research via questionnaires. Outputs from the questionnaires were subsequently evaluated by contingency tables and the chi-square test which determined the level of significance via p-value. Research results presented in this paper confirmed a positive influence of business process change on process maturity and corporate performance. The paper contributed to the development of knowledge in the field of change management, namely, process-oriented change management. The creation of a change-based maturity model for enterprises was identified as a new direction for future work with practical implications.


This paper examines the impact of capital structure, as well as its determinants on the financial performance of Romanian companies listed on the Bucharest Stock Exchange. The analysis is based on cross sectional regressions and factor analysis, and it refers to a ten-year period (2003-2012). Return on assets (ROA) is the performance proxy, while the capital structure indicator is debt ratio. Regression results indicate that Romanian companies register higher returns when they operate with limited borrowings. Among the capital structure determinants, tangibility and business risk have a negative impact on ROA, but the level of taxation has a positive effect, showing that companies manage their assets more efficiently during times of higher fiscal pressure. Performance is sustained by sales turnover, but not significantly influenced by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance. Based on regression results, three factors were considered through the method of iterated principal component factors: the first one incorporates debt and size, as an indicator of consumption, the second one integrates the influence of tangibility and liquidity, marking the investment potential, and the third one is an indicator of assessed risk, integrating the volatility of earnings with the level of taxation. ROA is significantly influenced by these three factors, regardless the regression method used. The consumption factor has a negative impact on performance, while the investment and risk variables positively influence ROA.

References Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: the case of Jordan. International Journal of Managerial Finance , 8 (2): 155–179, Agha, H. (2014). Impact of Working Capital Management on Profitability. European Scientific Journal , 10 (1): 374–381. Akbar, A. (2014). Working Capital Management and Corporate Performance : Evidences from Textile Sector of China. European Academic Research , II (9): 11440–11456. Arabahmadi, A. and Arabahmadi, F. (2013). The Role of

References AGLE, B. R., MITCHELL, R. K., SONNENFELD, A. J. (1999). Who matters to CEOs? An investigaiton of stakeholder attributes and salience, corporate performance, and CEO values. Academy of Management Journal , 42(5), pp. 507-525. ISSN 00014273. ALLOUCHE, J., LAROCHE, P. (2005). A meta-analytical investigation of the relationship between corporate social and financial performance. Revue de Gestion des Ressources Humaines. 57, pp. 18-41. ANSOFF, I. (1965). Corporate Strategy. New York: McGraw-Hill. BARNARD, CH. (1938). The Function of the Executive


This study examines the impact of bank capital and operating efficiency on the Nigerian deposit money bank financial performance with a view to resolving risk-based and non-risk-based capitals’ dichotomy existing in the bank literature. Using bank-specific data obtained from the annual reports and accounts of 15 banks listed on the Nigerian Stock Exchange between 2012 and 2015, the panel data regression analyses revealed the superiority of standard capital ratio of equity-to-total-assets, a non-risk-based capital, over other measures. While all measures, both risk-based and non-risk-based capitals, showed significantly positive effects on bank performance as measured by return-on-asset, mixed results were obtained from other indicators: return-on-equity and net-interest-margin. Overall, only equity-to-total-assets influenced all adopted performance indicators positively. It was also found that operating efficiency measured by cost-to-income ratio had negative impact on bank performance, but on the average it appeared too high. Thus, incorporating the standard capital ratio of equity-to-total assets into regulatory regime by the banks’ regulator is recommended to ensure its relevance is not overshadowed.


Research purpose. The marketing and sales activity of a company can involve synergy, and coordinated operations can contribute to the success of the enterprise. However, the operations of the former departments often rely on individual successes, which boost conflicts of interest and hinder collaboration. The main aim of the research described in this paper is to explore the areas and focal points of collaboration and conflict in order to highlight the tools that can contribute to enhancing alignment and effectiveness. A further goal is to examine the relationship between marketing and sales and their appraisal of each other.

Design/Methodology/Approach. The empirical research applied three qualitative focus group interviews among marketing and sales employees in different positions at multinational enterprises. Results are analyzed using grounded theory methodology.

Findings. The research highlights the process interfaces between marketing and sales activities and results in the identification of the competence and attitude gaps in their cooperation. Marketing is an entire corporate function, although without knowledge of customers and markets and experience of sales it is unable to foster the innovation processes which, along with cost and time management, result in “efficient and effective corporate operations” as the core category of grounded theory. The outcomes presented here are novel in relation to how they highlight that collaboration should be grounded on clearly defined corporate targets and the engagement of employees with these, as well as supportive and reinforcing manager–subordinate relationships. However, the prioritization and appraisal of the departments of organizational units appears to be dependent on the position and information coverage of employees. Having more information increases the latter’s ability to better evaluate other fields of business. In addition to these issues, the explored discrepancies refer mainly to the information transfer process, suggesting that the external and internal accessibility and availability of information to departments is crucial. Information that is accompanied by accurate predictions about market demand and local needs adjustment enables successful innovation and helps create marketable, innovative, well-differentiated, high-quality, valuable products, the availability of (and customer responses to) which is required for the successful performance of a company. The former may be delivered through the contribution of both organizational units. Building and reinforcing human relationships can facilitate these processes.

Originality/Value/Practical implications. In comparison to other research on this topic, the present study applies focus group interviews as a novel method to create a deeper and more thorough picture of the related processes. The model which emerges from the analysis of results highlights problems with practical management that can contribute to the development of a more efficient management system. Employees can be trained to decrease the identified discrepancies, while rewarding positive attitudes to collaboration contributes to their alignment.

. and Steiner, T. L. (2000)."Tobin’s q, managerial ownership, and analyst coverage: A nonlinear simultaneous equations model" Journal of Economics and Business Vol. 54 No. 4, pp. 365-382. Chen, M. H., Houb, C. L. and Lee, S. (2012)."The impact of insider managerial ownership on corporate performance of Taiwanese tourist hotels" International Journal of Hospitality Management, Vol. 31 No. 2, pp. 338-349. Chen, Y. R. and Lee, B. S. (2010)."A dynamic analysis of executive stock options: Determinants and consequences" Journal of Corporate Finance Vol. 16 No. 1, pp. 88

organizational framework and process modalities for the implementation of business-level strategic decisions. Journal of Management Studies , 28(1), 45-68. Spanyi, A. (2007). More for Less: The Power of Process Management. Tampa: Meghan-Kiffer Press. Stalk Jr, G., Black, J. E. (1994). The myth of the horizontal organization. Canadian Business Review , 21(4), 26. Sung, T. K., Gibson, D. V. (1998). Critical Success Factors for Business Reengineering and Corporate Performance: The Case of Korean Corporations. Technological Forecasting and Social Change , 58(3), 297