ECONOMIA. Seria MANAGEMENT

Volume 17, Issue 2, 2014

 

 

Summary

 

 

pag. 195

 

The Analysis of the Efficiency of Trade Costs Management in Serbia

Author: Radojko LUKIC

Abstract

In conditions of prolonged economic crisis, trade profitability can be only to a certain extent improved by an increase in selling prices. Opportunities are by far better with cost reduction. For this purpose, it is necessary to manage costs more efficiently, primarily to have adequate system of their control. Based on original empirical data this paper analyzes efficiency of total costs - the cost of goods sold and operating expenses (i.e. determinants of their size and structure are envisaged) of trade in Serbia. In this context we analyze the size of margin of trade in Serbia, with a special focus on the trade of other countries, especially the developed market economies. The conclusion is that they are high (except labor costs) in relation to the cost of trade of other countries. Due to this, their decline (in particular, the cost of goods sold) can significantly increase the profitability of the trade in Serbia in the future. Among other things, there is an important role of increased use of the concept of the so-called "green economy" (which may contribute to the reduction of operating costs up to 30%).

JEL Classification: F65, L81, M40

Keywords: cost of goods sold, operating costs, margin, efficiency, "green economy".

 

pag. 210

Effective Recruitment Challenges Faced by the Hospitality Industry in Bangladesh: A Study on Selected Star Rated Residential Hotels

Authors:  Kazi HUDA, Ali HAQUE, Rehnuma KHAN

Abstract

In Human Resource Management (HRM), Recruitment is the first and foremost issue to be considered with full of sincerity, because its role is to create a positive impression about the employer in the job market by ensuring effective stimuli for the job seekers. At the beginning, the study sets a picture that focuses on the importance of effective recruitment in the hospitality sector of Bangladesh and then the study details obligatory determinants of attracting efficient human resource for the development of this sector. The main objective of the paper is to study the status and the scopes of recruitment function in hospitality industry with focus towards star rated residential hotels. This study is based on primary data collection through a formal questionnaire. The questionnaire was of mixed mode with most questions in likert-type scale and few were dichotomous in nature. The key finding of the study is that recruitment is a highly challenging task in hospitality and it is quite evident that attractive compensation package is the key factor to attract potential employees. The need and scope to modernize the recruitment practices along with the line of company and employer branding ideas are also recommended in details. There is a long way to go on the way of conceptualizing and actualizing recruitment functions and practices. A paper like this can help to discuss and debate on the necessity of developing better recruitment cultural and conceptual change in these sectors.

JEL Classification: E2

Keywords: Human Resource Management, Hospitality Industry, Recruitment.

 

pag. 223

The Performance and Efficiency of Islamic Banking in South Asian Countries

Author: Muhammad IRFAN, Yasir MAJEED, Khalid ZAMAN

Abstract

The objective of this study is to estimate and analyze the Islamic banks efficiency in South Asian Countries. The study sample consists of four countries i.e. Pakistan, Iran, Brunei and Bangladesh for being similar legal, social and economic framework for Islamic banking systems. Stochastic frontier approach is used to estimate the performance through input and output method for the period of 2004 to 2011. Results demonstrate that Islamic banking is efficient about 98.19% with respect to return on asset ratio; with respect to return on equity ratio is about 91.4% and 77.03% with respect to net profit ratio. As per the efficiency-ranking measurement, Brunei stands at top followed by Pakistan, Iran and Bangladesh among the South Asian countries.

JEL Classification: G21

Keywords: Bank’s performance indicators, Islamic Banks, Stochastic frontier analysis, South Asian Countries.

 

pag. 238

Innovative Way of Optimizing the Manufacturing Processes on Parallel Production Lines in SME

Authors: George Cristian GRUIA, Michal KAVAN

Abstract

The goal of the paper is to present a new way for scheduling the processes within and not limited to manufacturing companies. The aim of the paper is to offer the management of SMEs a revolutionary way for increasing the company’s productivity using a better planning and usage of the available resources. Author’s sequencing rules are presented together with their implementation methodologies and then are put to work into a Romanian middle size manufacturing company. Obtained data is statistically worked and conclusions are drawn. The paper is part of the authors’ yet not published work and represents partial results of their research in the field of Operational and Supply Chain Management.

JEL Classification: L23, M11, O14, O32, L15.

Keywords: analysis, optimization, resource, SME, quality.

 

pag. 248

Increasing the Sustainability of Museums through International Strategy

Author: Izabela Luiza POP, Anca BORZA

Abstract

Museums use resources in order to provide public goods and services. The most important sources of income for many museums are budgetary subsidies. Unfortunately, these grants are limited and shrinking. In this context, during the last years the need for sustainable development of museums was stressed. In order to continue to operate, museums were forced to find ways of increasing their own income and keeping their costs under control. Thus museums have begun to use management and marketing strategies similar to those used by private companies. This paper examines the positive effects of international strategy implementation on museums’ sustainability. The first part of the paper explains why it is necessary to reform the traditional management of museums, which its main development directions are, what the sustainable development of museums is and why they should become sustainable. In the second part our research conducted on three museums (Guggenheim, Louvre, Hermitage) shows that international expansion helps museums to increase their sustainability. The international strategy enables museums to increase their revenue, through licensing agreements, reduce their storage costs, highlight their heritage, improve their market image and be closer to consumers. Thus, through a strategy applied until recently only in the private sector, museums can improve their sustainability, but also better fulfill their purpose of serving the society.

JEL Classification: F63, L32, L82, L83, M16, O10, O19, Q01, Z1

Keywords: sustainable development, expansion, museums, licensing, international strategy

 

pag. 265

The Impact of Risks in Supply Chain on Organizational Performances: Evidence from Romania

Author: Gyula Laszlo FLORIAN, Alexandru CONSTANGIOARA

Abstract

The proposed empirical research uses a national sample of 64 Romanian companies from various industries to document the relationship between organizational performances and risks in the context of Romanian supply chains. Empirical findings show that a supply chain risk management strategy successfully mitigates the negative consequences of risks. Our research underlines the changes necessary to maximize the benefits of supply chain integration. To extend the knowledge in this area our research is interdisciplinary, using a structural approach to model the determinants of organizational performances in supply chains and to measure the complex relationships among risks in supply chains and different facets of organizational performances in the context of Romanian supply chains.

JEL Classification:  C35, C54, M10

Keywords: supply chain risks management, organizational performances, structural equations.

 

pag. 276

External CSR Communication in a Strategic Approach

Author: Diana Corina GLIGOR-CIMPOIERU, Valentin Partenie MUNTEANU

Abstract

As part of a strategic approach, aimed at assuring mutual benefits for the social cause and the business organization, a good CSR - Corporate Social Responsibility communication is vital for the success of a CSR program. We argue that there is not a problem with the legitimacy of the CSR concept, but rather to its implementation. If a business organization implementing socially responsible initiatives is focusing only on reaping the image benefits from a simple public relations perspective, then it loses all the potential business benefits it could gain from a strategic approach focused on long term real results in a win-win perspective. The fact that the image benefit is one of the most important incentives that a business organization could obtain for engaging in CSR activities cannot be ignored, and that is the reason why we have chosen to analyse the topic of CSR communication, mainly external communication, as an important link in the process of implementing a CSR program, that plays an important part for the success of a CSR program. The approach on CSR communication should definitely be a strategic one, and long already common forms of external CSR communication like web pages or CSR annual reports new means of social media networks have an increasing importance. For the practical part of the paper, we were interested in analyzing how much of the external CSR communication in the Romanian business environment is oriented toward a traditional or a strategic approach.

JEL Classification: L14, M14

Keywords: corporate social responsibility, CSR traditional approach CSR, CSR strategic approach, CSR communication, channels of communication

 

pag. 290

High Performance Activity Practices in Small Firms in Romania

Authors: Gabriela ŢUŢUEANU, Elena Claudia ŞERBAN

Abstract

High performance activity practices (HPAPs) are human resource management activities aimed at stimulating employee and organisational performance. The application of HPAPs is not widespread in small organisations. We examine whether the implementation of coherent bundles of HPAPs (aimed at employee ability, employee motivation or at theopportunity to perform) depends on the scarcity of resources, as reflected in the size of the company, and on strategic decision-making in small firms related to the owner’s expertise and attitudes. In our research, a total of 224 employees from 50 small organisations were asked to rate the presence of HPAPs in their organisation. These averaged perceptions were linked to information provided by the owner–managers on the size of their firm and their own expertise and attitudes. The findings support that smaller but coherent bundles of HPAPs can be found in small organisations and that the implementation of these bundles depends on available resources, strategic decision-making and the combination of the two. These findings highlight the need to integrate the notions of resource poverty and strategic decision-making to understand the uptake of bundles of HPAPs within small firms.

JEL Classification: D2

Keywords: Available resources, organizational performance, performance activity practices, strategic decision-making.

 

pag. 304

Catastrophe Bonds. From Structure to Strategy – A Cluster Analysis at European Level

Author:  Laura-Gabriela CONSTANTIN

Abstract

As a core activity and discipline of corporate management and corporate governance, risk management is, especially nowadays, a central part in pursuing the sustainable development desiderates, both from the perspective of the firm and of the society as a whole. Considering the negative impact natural catastrophes have on the companies’ and countries’ competitiveness, the development of sustainable financial products that make a contribution to transferring the risk and allocating the capital in case of disasters stands for a continual preoccupation, especially for the (re)insurance industry, while the study of catastrophe bonds – insurance-linked securities – is of interest in the specialized literature.
In this context, the scope of the present research is to expand the empirical studies within this field while examining the link between the structure of the catastrophe bonds and the risk management approach employed while accessing the capital markets through this transactions. The methodology entailed clustering a selection of transactions developed by European cedents based on the size of each issue and correlating the results with an innovative score, developed to encompass several important catastrophe bonds structural components. The findings reflect that the general structural elements of the financial transactions reflect closely the corporate approach regarding the innovative risk intermediation instruments for the examined catastrophe bonds deals. The outcomes also emphasize, as expected, that companies with a stronger presence on this market seem to have a more sophisticated risk management approach.

JEL Classification: C38, G32, G22, Q1

Keywords: catastrophe (cat) bond, cluster analysis, risk management, sustainable development.

 

pag. 318

Customer Oriented System of Values Research

Authors: Teodora ROMAN, Adriana MANOLICĂ, Laura GONDOR

Abstract

There is a wind of change in the past few years in the business environment regarding the customer value perspectives. This paper delivers a framework that entails the value creation development. Academics and business practitioners are interested in defining the concept of value and, more clearly, customer value. The objective met by the system of values in a company is to create principles that deliver the image of company internally and externally. It is about what the employees should know and what the customer should feel or see related to that company. It is very important from the point of view of competition in the market. The purpose of this study is to analyze and characterize through an econometric model the importance of customer oriented system of value in the companies from Iasi through a defined database. Identification of subgroups within the database could help elucidate trends and facilitate future model value building. The main objective is to reveal if the companies from Iasi have a stated or applied system of value and which is the place of customer-oriented value occupies in any system of value from the companies from Iasi. The foundations of the projects ensure that the design is conducted effectively and efficiently. Findings can be used as recommendations for the firms in Iasi because this paper considers and quantifies how the system of value of an organization is addressed and its importance in the context of the companies of Iasi County.

JEL Classification: M12, M14, M19, M39

Keywords: customer-oriented value, organisational culture, system of values.

  

pag. 325

Marketing Management Relational Approaches Focused on Consumer’s and Customer’s Needs and Desires

Author: Gheorghe MINCULETE, Maria-Ana CHISEGA-NEGRILĂ

Abstract

Currently, because of the evolution in the knowledge-based society, the marketing reveals another dimension, the one of relational marketing, which represents the special relationship established between the company and its consumers, with win-win advantages over a long period. In these circumstances, the managerial approach of marketing has new connotations for a more efficient managerial approach of the new national and international business environment. Within the marketing management process of a company, consumers or customers play a very critical role as these are the people who finally buy the goods and services of the organization, and the firm is always on the move to make them buy so as to earn revenue. This article presents the managerial approach of marketing management concept toward the strategic planning of a company and the marketing planning focused on needs and desires of consumers and customers. Therefore, consumers are the beneficiaries of the general and marketing strategy of the company while customers are those who respond to the loyalty process established by the firm. In this context, the purpose of this analysis is to highlight the strategic planning process of a company by integrating the strategic and operational marketing.
In addition, we also consider important the issues related to Michael Porter’s generic strategies, which are thus presented in the context of relational knowledge within the process of marketing management. All these approaches are related to winning customers’ loyalty and obviously to customers' value that determines the company to achieve a value chain in the business process. Hence, the consumers and customers are the most important people for any organization. They are the resources which trigger the success of the business.

JEL Classification: L11, L 26, M21, M31, M53

Keywords: marketing management, strategic planning, marketing planning, customers` value, value chain.

 

pag. 347

Managing the State Aid in Romania According to European Union’s Policy

Author: Cristian BUŞU

Abstract

The importance of state aid has gradually increased in the recent decades. Aid allocations in the EU Member States vary depending on the national priorities as they are set by each state. Starting from those facts, this paper presents the trends in Romania, as well as those at the European Union level, as a whole. The research is based on data analysis provided by Scoreboard reporting systems and, as a result, presents authors conclusions and recommendations for managing the State Aid in Romania.

JEL Classification: F35, P33, P45

Keywords: state aid, management, European Union, Romania.

 

pag. 358

Water Stewardship and Corporate Sustainability

Author: Peter JONES, Daphne COMFORT, David HILLIER

Abstract

The aim of this paper is to provide an exploratory review of the extent to which some of the world’s leading companies are publicly addressing water stewardship as part of their corporate sustainability strategies. The paper begins with an outline of the growing importance of corporate sustainability and water stewardship. The paper draws its empirical material from the most recent information on sustainability posted on the top twelve ‘Consumer Superbrands’ corporate websites. The findings reveal that a majority of the selected companies address a number of elements concerning water stewardship as part of their more general approach to corporate sustainability. However corporate commitments to water stewardship can be interpreted as being driven as much by business imperatives as by any concerns for environmental sustainability or a desire to maintain the viability and integrity of natural ecosystems. More critically the authors suggest that the selected companies’ commitments to water stewardship are framed within existing business models focused on technological improvements in eco-efficiency and continuing economic growth. The paper provides an accessible review of the water stewardship issues being pursued by some of the world’s leading companies and as such it will interest academics, students, political commentators and business managers interested in water stewardship and corporate sustainability.

JEL Classification: Q01, Q56, M14

Keywords: eco-efficiency; sustainability; technology; water stewardship.

 

pag. 373

The Impact of Strategic Human Resource Management on Organizational Performance

Author: Luftim CANIA

Abstract

Organizational performance is getting more and more important, especially in a market with greater competition and dynamic. Organizational performance is measured through different indicators. It guarantees the continuity of the organization to be competitive in a global marketplace. Normally, the implementation of performance indicators achieved through human resources. Human resources are the key for keeping the organization in the market so competitive. These human resources need to be managed effectively to achieve the required performance of the organization. It is necessary to manage strategically the human resources and to adapt at its strategy with organizational strategy. The aim of this study is focused on the impact of the strategic management of human resource in achieving organizational performance. This study was conducted based on primary and secondary sources. How much organizations appear competitive in the market through achieving the performance indicators? How important is the management of human resources in achieving organizational performance? So, through the skills, behaviors and attitudes would be expected by human resources to achieve the required performance in the organization.

JEL Classification: L25, O15, P17

Keywords: strategic HRM, organizational performance, effective management, HR outcomes.