bluuebunny/crossref_metadata_2025 huggingface dataset:
Potential Effects of Disruptive Political Trends in International Tourism Market
Authors: Öztüren Ali , Sumaneeva Ksenia , Gashenenkov Maxim , Meredova Maral
Published: May 2017

The purpose of this paper is to discuss the prospective effects of the latest political incidences on the international tourism market. In this context, the arguments are based on the implications of the USA elections and the Brexit. The methodology of this paper comprises the discussion of the debates related to the recent political experiences. International tourism activities cannot be isolated from the political environment. It is clear that the new political incidences will require novel insights and strategies in conducting international tourism business globally. This paper provides a viewpoint of the today’s political scenarios that will certainly affect the international tourism market. It can be used to comprehend insights that can be used to plan the tourism futures.
Modeling The Unemployment Rate At The Eu Level By Using Box-Jenkins Methodology
Authors: Jelena Mladenovic , Ivana Ilic , Zorana Kostic
Published: May 2017

Unemployment, as a measure of market conditions, appears as a crucial economic problem and a phenomenon with considerable negative social consequences, and, as such, requires attention and adequate approach to finding solutions. Enormous unemployment rates are a reality not only in developing and transition countries, but also in some developed countries. Inadequately conducted privatization, unsuccessful transfer of workers from the public to the private sector, inefficiency in attracting foreign direct investment, and the world economic crisis of 2008 have made unemployment a universal disease of modern society. The paper presents economic models in which the unemployment rate is the central analyzed phenomenon. In this context, an important task of European economic policy-makers is to project future unemployment rates. Box-Jenkins methodology, i.e. the seasonal ARIMA model, is one approach to the modeling of time series, or, more specifically, for forecasting future values. The subject of this paper is the analysis of the evolution of the unemployment problem on the basis of the values in the period from 2000 to 2015, based on the case of 28 countries of the European Union. Building on the research subject, the purpose of the paper is to create the statistical model for forecasting the values of the monthly unemployment rates in the European Union for the future and establishing its trend.
Slovene Management Education In The Changed World Through Appreciative Inquiry
Authors: Peterlin Judita , Praničević Daniela Garbin
Published: May 2017

Paper presents the study of appreciative inquiry (AI) methodology in the context of management education. Current perception of managers in Slovenia about economic situation is negative which may have a significant impact on investment and positive outlook of future business. Therefore, we propose that AI which focuses on positive aspects of doing business needs to be investigated and implemented into management education of future managers and we provide empirical evidence of thinking patterns of three generations of students at the Faculty of Economics University of Ljubljana. AI means researching what gives success to human systems when they function at their best. It represents discovery process of optimum identity and a way to the best possible future. Positive core of existing situation is chosen as the focus of AI process. AI is researching into stories that give energy for further action. Purpose of this paper is to offer an alternative approach to tackling challenges, based on analyzing the causes of previous successes. Further, we aim to offer the scientific community a new methodology that solves real business, relational or individual challenges. In the Winter semester during study years 2012/13, 2013/14 and 2014/15 we invited our students to be in a state of inquiry about themselves, their life and their work. We asked them: What is the best future you can imagine? In a longitudinal study we have gathered 171 AI pair interviews documentations. Students’ AI data was analyzed in three thematic segments: 1) favorite quotes; 2) preservation of past and present into the future and 3) vision of the future. Analysis of all three generations’ AI interviews revealed emphasis in their favorite quotes on the “people” component and the need of the students to understand life and make sense of gained knowledge and experiences. They also stress the need to think about contemporary issues and gain practical experiences. Students would most like to preserve in the future their work ethics, dedication to hard work, creativity, family members around them, experiences and knowledge gained. Their visions are focused on balancing successful international careers and family lives. New ways of communication represent an important consideration for the students. They expressed their wish to be driven by intrinsic motivation and being respected in their profession. Theoretical advantages of our paper are in elaborating on AI in management education. Practical implications are in helping students to clarify their strategic goals and visions through introspection and qualitative methodology. Professors can implement and adjust the AI questionnaire based on their own developmental objectives and also based on the needs of their students. Contribution of our paper is in the field of management education and AI field.
Access To Finance – Innovation Relationship In Post-Transition
Authors: Botrić Valerija , Božić Ljiljana
Published: May 2017

Innovation performance of most post-transition countries lags behind average EU performance. Inadequately developed financial sector that does not provide suitable financing to innovative firms can be damaging to the overall innovation activity in transition countries. The main focus of this paper is related to the predictors of access to finance difficulties in the aftermath of the economic crisis in post-transition countries. The empirical analysis is based on the Business Environment and Enterprise Performance Survey (BEEPS V) data for 30 post-transition countries. We estimate probability of considering access to finance as a business obstacle corrected for the decision to apply for financing employing Heckman selection estimation procedure. Results reveal that innovative firms are more likely to apply for financing, probably as a consequence of constrained internal resources. Older and larger firms as well as those that expect their business growth in the future are also more likely to apply for financing. At the same time, establishments belonging to a larger enterprise are less likely to apply for financing, probably due to available internal sources. Firms with female top management according to our estimates are less likely to apply for financing as well as small and micro firms. When it comes to perceptions on access to finance as an obstacle for doing business we have established that older and larger enterprises, private firms or those established as joint ventures (i.e. more oriented towards market principles) and those with positive expectations towards their future business activities are less likely to perceive access to finance as major obstacle. Whether an enterprise is innovative or not has no bearing on the perceptions of access to finance, after controlling for application to finance mechanism. 
Impact Of Ambıdextrous Marketıng On Market And Fınancıal Performance
Authors: TOKGÖZ Emrah , AKATAY Ayten , ÖZDEMİR Serkan
Published: May 2017

Firms need ambidextrous marketing functions which is being capable of exploitation and exploration of markets. In this research, impact of ambidextrous marketing on market performance and financial peformance is revealed using Structural Equation Model (SEM). Small and Medium-Sized Enterprises (SMEs) operating in information technology have been selected. For this reason, sample of the study was collected via questionnaire through 392 SME’s managers and owners. According to the results of the model; marketing exploitation has significant and positive direct effect on market performance while marketing exploration has significant and positive effects on market and financial performance. When dependent variables are examined, it is revealed that market performance has significant and positive direct effect on financial performance. As a result, it is demonstrated that ambidextrous marketing has impact on market and financial peformance.
Manufacturing Execution Systems And A Sectoral Application
Authors: Çelikkaya Güner
Published: May 2017

       Information systems have widespread usage on Manufacturing Systems. Most companies need tracking production processes with information systems to become prominent in highly competitive environment. There are some specific metrics need to be followed and important to access these datas on time and also should be reliable. These metrics include all manufacturing and quality processes. In this context; efficiency, line stoppages, malfunction and interruptions, body and supplied part trace ability informations are needed. This study MES (Manufacturing Execution Systems) is the system developed for tracking production processes. MES is working from receipt of order to delivery of the product that are the essentials for the production activities to achieve real time status of all manufacturing data. In this way, all information which not manually recorded or takes long process time to record or can be tracked instantaneously and these records can be reached and analyzed in the future. The system also provides accurate data for us. In this study all phases from design to implementation of an automotive subindustry firm’s MES application designed based on integrated software process requirements are depicted. Relevant system’s integrated software will be implemented to Module Line. This study will allow tracking related product’s all process, decision making and traceability data with serial numbers.
Border Permeability And Drivers Of Cross-Border Cooperation In The Turkish And Eu Border Region
Authors: Varol Cigdem , Söylemez Emrah
Published: May 2017

With the impact of globalization, increasing flows of social, economic and political relations have begun to redefine the state borders which causes the rising of new border identities. By this redefinition process, European Union (EU)'s external wall forming the boundaries with the neighbourhood countries have also begun to be rebuilt at local and regional level. Throughout this process, new frontier identities are formed with a degree of permeability where the state’s security policies act as the prior issue in the international relations.

 

Border permeability, that contains grey values varying from closeness to full openness, defines the degree of permeability according to the size, shape and direction of the flows. Dynamic feature of the flows converts border space into a subject of continuous social, economic and political movement. In such places, actors leading the flows appear as the basic elements of permeability and they can be described as economic, political and socio-cultural agents. At the edge of supranational and national border, actors use networks, which are connected to both local and regional levels, in order to build up cross-border cooperation in different aspects. In this context, border regions transform into a space, where local actors develop methods to overcome the restrictiveness of constraints for the flows among the supranational and the national borders.

 

This paper aims to evaluate the permeability between EU supranational border and Turkish national border and to define the new cross-border cooperation formed by the social, economic and political flows of the actors. In this context, the permeability and the new border identity will be assessed through three type of administrative body (supranational, national EU and national non-EU) by using the national and local level data supported by EU cross-border programmes and by in-depth interviews conducted at various actors including national institutions, local organizations and NGOs in Turkey.
When is blockholding growth enhanced?
Authors: Bole Velimir , Guštin Ada , Prašnikar Janez
Published: May 2017

In this paper we test productivity differences among groups of firms with multiple controls. By using an exceptionally reach database, consisting of more than 4,000 Slovenian firms, each employing at least 50 employees or having their assets larger than two million euros (two criteria defining a small firm), and containing the information of firms’ ten largest owners and their financial statements for the period 2006-2014, we design all possible minimal controlling coalition types up to three dominant owners and examine which minimal controlling coalition type generates the highest expected total factor productivity (TFP). We show that the optimal blockholding coalition type, consistingof two members coalitions without dominant owners,was able to attain short-term efficiency of dispersed owners.Other blockholdingcoalition types stayed behind. A simple behavioristic principle is observed: short term efficiency of controlling coalition type decreases with the number of dominant owners and increases with the number of potential controlling (minimal) coalitions with different dominant owners.

 
The Effectiveness Of The E-Learning Application: Impact Assessment Of The Quality
Authors: Lengyel Peter , Füzesi István , Pancsira János , Ráthonyi Gergely
Published: May 2017

The success and the efficiency of e-Learning should be measured by a reliable method in order to use it effectively. Although, there are several studies about the success of e-Learning systems, only a few of them are about the measurement of this success within the institutions. There is a study of DeLone and McLean (2003) which examines the success of the introduction of e-Learning system with the help of ELSS model (e-Learning System Success).

We made two questionnaires to evaluate the application of e-Learning at University of Debrecen, Faculty of Economics and Business. One of them was for the students and the other one asked the lecturers. The aim was to develop such questionnaires which are suitable for both the evaluation of the e-Learning’s quality and its economic benefits.

The basis of the e-Learning’s quality questions was Wang’s article (2007), in which he measured the success of the e-Learning systems, therefore the questions of the students’ and the lecturers’ questionnaires were the same.

The aim of this survey was to compare the opinions of the students and the teachers regarding the application of e-Learning. The role of the questionnaire for quality development is to give guidance for the University of Debrecen in the e-Learning application.
We have used the Mann-Whitney test to evaluate the questionnaires of the students who use the e-Learning system. This method is used to compare the means of two groups in case of ordinal scales or not normally distributed variables. We have also used factor analysis and binominal logistic regression. We have examined whether the background variables manipulating the variables are possible to be developed on the basis of the answers. We used factor analysis to demonstrate this since it contracts the coherent factors into one common factor. Factor analysis is used to compress data and explore data structure. In most cases, factor analysis is used foremost in order to filter out multicollinearity.
Determinants Of The Trade Balance In The Turkish Economy
Authors: Ari Ali , Cergibozan Raif
Published: May 2017

The Turkish economy has a long-run problem of trade deficits. Several efforts and different policies over the last 50 years could not find any permanent remedy to this problem which is an important source of external vulnerability for the Turkish economy. Thus, this study aims to shed light on the trade balance dynamics in Turkey via Johansen cointegration test, vector error correction model, and impulse-response analysis, for the period 1987–2015. Estimation results indicate that in the long-run an increase in real effective exchange rate improves trade balance, while an increase in Turkish (foreign) income improves (deteriorates) trade balance. In the short-run, real effective exchange rate has no impact on trade balance, while an increase in domestic and foreign income negatively affects the Turkish trade balance. The impulse-response analysis also shows that the J-curve hypothesis does not hold for the Turkish case. 
Determinants Of Internet Financial Reporting Of Croatian Banks – Panel Analysis
Authors: Pervan Ivica , Bartulović Marijana
Published: May 2017

In the recent years, reporting and transparency of banks is in the focus of national and international regulators and their aim is to increase the transparency of financial institutions in order to strengthen stability of the banking system. In this paper, the authors used dynamic panel analysis in order to analyze the practice of Internet financial reporting of Croatian banks in the period from 2010 to 2014. Research of Bank's Internet financial reporting practices was carried out at two levels. At the first, descriptive level, the goal of the research was to determine the level as well as trends of Internet financial reporting of 27 Croatian banks during the observed period. It is assumed that the level of Internet financial reporting during the analyzed period increased as a result of stricter regulations in the financial sector. In order to measure the level of financial reporting by banks, Bank Internet financial reporting score was developed on the basis of 45 elements - criteria which are divided into two groups: financial reporting (20 elements) and corporate governance and risks (25 elements). The second goal of the research was to determine factors that significantly affect the practice of Bank Internet financial reporting in Croatia. The authors applied dynamic panel analysis in order to determine the impact of size, profitability, adequacy of capital and ownership structure on the level of Internet financial reporting of banks.
Role And Importance Of Fanpage In Promotion Of Products And Services
Authors: Smoląg Klaudia , Lemańska-Majdzik Anna
Published: May 2017

The development of information and communication technology significantly determines how enterprises conduct their activities. The use of ICT solutions is visible in each area of the functioning of enterprises, in particular in activities aimed at promotion of products and services. The aim of all promotional activities is to exercise influence on the current and future customers of a company. They involve providing customers with information to increase their knowledge about the products and services and the company itself. In today's digital economic life, in order to reach potential customers and retain the existing ones, companies have to observe and quickly adapt ICT solutions. Key ICT solutions include social media, which have had a significant impact on both the social and economic life. The growing number of social media users contributed to changes in the form and way of communicating and building mutual relations. Moreover, the final say on many issues belongs more and more often to people for whom Internet communication is an integral part of life, which undoubtedly is a clear signal that preferences of today's and future consumers are undergoing a diametrical change. This change in consumers' preferences, expectations and needs forces enterprises to use effective ways of communication and new forms of providing information to a specific target group. Social media users constitute an increasing group that often actively joins promotional activities undertaken by a company. In addition, the social media environment enables presentation of information that is characterised by high quality, elaborate content and interesting form (text, photos, animation or films). These are only some of the factors in favour of the use of social media in the promotional activity of enterprises. However, the modern reality as well as extended functionality and variety of  social media are on the one hand conducive to building and maintaining relations with customers, while on the other hand, they requires appropriate preparation of a strategy of action in a new, virtual economic world.

The aim of the paper is to analyse, based on literature studies, the assumptions of enterprises' strategies of action in the social media environment, with particular reference to fanpage. Based on the results of own studies of a group of 172 Polish users of social media conducted at the end of 2015, key actions taken by users on fanpages were indicated, and significant elements influencing the proper structure of fanpage from the user's perspective were presented.
The Examination Of The Importance Of The Thermál Panzió In Mórahalom
Authors: Treutz Ágnes Urbánné
Published: May 2017

Nowadays, when the fast-paced world is presented almost everyone's life, the role of the rest and the recreation is gettting more emphasized. It becomes more important to the people where, with whom and in what kind of circumstances they are willing to spend their free time, and how much money they are willing to pay for it. They can find recreation in countless type of tourism, depending on they wish to spend their rest actively or passively. The growing demand of tourism infers the growing supply of tourism and diversity too. Parallel to this the needs of the people who want to relax increase. In case of a tourist destination it is more and more determinative how they can offer various types and quality of services for their guests how they can cooperate in the region in the area or in the same settlement with other service-units, who can even be their competitors. Mórahalom in Hungary is a good example for that where the cooperation between the several service-units is exemplary. That is why I choose my research’s topic: analyzing the Thermál Panzió in Mórahalom. The accommodation service is an area where services are used by all age-group regardless of age and gender. Thus, the target group could include almost everybody. The purpose of my work is to examine the importance of the Thermál Panzió, on the other hand, to do the interrelation and relationship testing among the guests of the pension. The latter is done after the results of my quantitative research among the guests in the pension in 2013. My research focuses on three aims

A1: To examine the coverage -, the requisition of the offered services-, the price-value ratio of the rooms-, and the family-friendly nature of the Thermál Panzió among the guests.

A2: To map the relationship of the pension’s guests and Mórahalom (visiting of the city, knowledge of attractions).
A3: Examination of the guests of the Thermál Panzió (with whom, with what, and when they arrived).
Factors Influencing The Implementation And Continuous Improvement Of The Performance Management System
Authors: Jelínková Lucie
Published: May 2017

For today's rapidly changing business environment are characteristic changes like globalization of the market place, technological changes, increased business complexity, intensified global competition, increased customer bargaining power, new resources of competitive advantage and more. Therefore, to be successful and able to compete in this environment, companies must identify and analyze their existing position, define mission, vision, strategic goals and operate more effectively. The key to success is to increase the effectiveness and efficiency of all business processes based on measurement and management of their performance. Using performance management system companies can plan, measure and manage the performance of all company activities. Properly designed, created and implemented performance management system can then help the company achieve the desired outputs. The literature, however, states that this is not a simple task, and many companies have problems especially with implementation of these systems. Unfortunately, it is still not quite clear what factors influence successful development, implementation, usage and continuous improvement of the performance management system in companies. There is a gap in the identification of factors influencing the development, implementation, usage and continuous improvement of the performance management system, their detailed study and analysis in practice. For this reason, it is important to deal with the identification, analysis and study of internal and external factors influencing the implementation and continuous improvement of performance management system. The aim of this paper is to identify and analyze internal and external factors influencing the implementation and continuous improvement of the performance management system, which these companies use. In the questionnaire survey is particularly investigated whether managers of surveyed companies are able to identify factors influencing the implementation and continuous improvement of the performance management system. Afterwards is carried out a detailed description of selected key internal factors, and their detailed analysis including identification of the relationship of these factors to the performance management system. Data were obtained by mail questionnaire survey on a sample of large manufacturing and non-manufacturing companies operating in the Czech Republic. The research findings are evaluated within the context of the theoretical background and the conclusions of similar studies.
Governance Innovation and entrepreneurship in Greek local government: Towards the limits of Europeanization?
Authors: Sklias Pantelis , Plimakis Sifis , Maris George
Published: May 2017

The evaluation of the participation of private sector in Greek local government comprises a rather complex task, as it is directly linked to the special configuration parameters of the national model of local governance. Although such model of local governance has gone through significant reforms over the last 20 years, mainly in the promotion of democratization, decentralization of responsibilities and municipalities uniting, however, it remains largely monopolistic and distinctive for its limited efficiency. The monopolistic provision of municipal services still features in the Greek local government, despite its distinctive significant efficiency issues, and also the vast number of regulatory initiatives for the promotion of the alternative provision that have been introduced. Such promotion initiatives of the alternative provision of municipal services have already been promoted since the mid-80s, through actions such as scheduled contracts, inter-municipal co-operation, concessions and PPPs[1]. However, these have eventually produced limited results, due to the regulatory complexity that characterized their operation, increased bureaucracy in respect of their supervision, limited administrative capacity of local partners and the inability of their integration to the wider development planning of local government.
Adult Education Policies In Eu: In-Depth Insight On Their Contribution To Social Cohesion
Authors: Sklias Pantelis , Roukanas Spyros , Chatzimichailidou Giota
Published: May 2017

The objective of the present study is to investigate the European Union (EU) policies regarding Adult Education from the early fifties. It seems like Adult Education, either as an ideology or as a practice, haven’t gained widespread attention by the Brussels Bureaucrats, as a result, the first interests in concepts of Adult Education had begun, only, in 2000. While Lifelong Learning involves both vocational and non-vocational education, policymakers seemed to be preoccupied by an extensive interest to meet the needs of European labour market, so they have paid much effort to promote Vocational Education and Training instead of Adult Education. The possible contribution of Adult Education policies to strengthen social cohesion is another issue we attempt to explain. Were EU policies for Adult Education a step in this direction so far or not? 
Organizational Capacity for Export Activities: How Important it is to Accomplish Positive Business Results?
Authors: Miloloža Helena
Published: May 2017

In a diversified global business, there is presence of international competition and many hidden risks. Still, internationalization of business represents the only sustainable long-term strategic choice for a company. Since the organizational capacities are recognized as the only irreplaceable resource in a company, their relevance emerges in modern economy. However, business praxis is such that only one person is responsible for most business decisions in a company, especially smaller ones. Therefore, export often represents a secondary activity because the management is limited to leading the businesses on the local market. Consequently, the goal of this paper is to test the consistency of organizational capacities involved around export activities, as well as their influence on the export result. Survey, researched on a sample of export companies in Croatia, showed that organizational capacities for export activities have a two sided effect on business. In fact, the support of management in bringing different, risky decisions have a negative effect, while controlling standard procedures and encouraging creativity and efficiency of employers have a positive effect.
Migration and International Division Of Labor
Authors: Kypriotelis Efstratios
Published: May 2017

Migration as a social phenomenon is deterministic, obeys the fundamental laws of socio-historical development, production, concentration and the social division of labor. It is an objectively progressive process, in this respect, as a manifestation of the above laws. Migration is a general phenomenon, with complex emerging nature and impact. With a higher or lower degree of development trend, time and place, the law of motion of the population is not the same everywhere and always, for all eras and all the places. Expands and eliminates government restrictions within and across borders, changing the form of states, regions and the whole world. It is the expression of overall-general law of concentration of social production, in which lies the objective basis of the phenomenon, as manifested in the slave, feudal and bourgeois society. It is also noted that it is manifestations of the dialectic between the strategy and the geostrategic sphere of global economy and the homonymous community. A careful and penetrating review of the global situation today testifies to the objective fact that the immediately preceding major realities are those that form the cultural, economic and social context of movement of the productive forces. Migration is the effect of broader development processes, which move dialectically with globalization and moves correspondingly, as an intrinsic growing element of objective character. It is the link between the national and international elements due to the dual nature, the national-domestic and international-global, while traditional movement as pertaining the domestic element and the movement out of the borders is international by nature. The official progressive science and sociology also helped in the prevalence of the perception that the first right of potential migrant is the most fundamental principle in theory of human rights.
Designing Open Innovation Based Product Development Process For Smes Using Mobile Technologies
Authors: ÜNAL Ceyda , TECİM Vahap
Published: May 2017

The use of technology in innovative product design process is becoming very accelerative all over the world. Following that, small and medium-sized enterprises (SMEs) must practice innovative operations due to the fact that they have financial and technical incapabilities. In spite of all the essentialities, researches showed that research and development (R&D) expenditures of SMEs are under 5% in 2015. Focusing on SMEs, it was observed that R&D infrastructure of them is extremely weak. Research conducted in 2015 in Turkey, according to R&D expenditures of firms showed that first ten enterprises in the list were multinational, so not SMEs.

 

Open innovation is very fundamental for SMEs to keep their competitive advantages. Nowadays, important multinational firms have left their closed structure about R&D and innovation practices. As a result of this; firms have started to behave accordingly to open innovation systems. In open innovation, all the external partners should participate in the business processes. However, there are not enough researches about it.

 

The purpose of this paper is to design product development processes of SMEs using mobile technologies. The system which was allowed the effects of external partners was designed for it. According to data collected through in-depth interviews with experts and literature review, the points are given by customers were taken into account and analyzed. The analysis process was applied according to selection criteria specified.

 

Recently, open innovation has been provided by the "contestification" method. Contestification is the method that enables users to participate in an ideation contest and all the users have right to vote for ideas. As a result of this, innovative ideas come to realize. Despite of the importance as mentioned, there are few researches about the application of contestification method via mobile technologies. For this reason, contestification method was used to accelerate the product development process in this study.

 

This research sheds light on the contribution of the users for the product development process. In the measurement process, it was observed that SMEs needed this kind of research for the efficient decision making with less financial resources and method developed made the analysis process easier.
Awareness Of Smes On The Eu Funds Financing Possibilities: The Case Of Split-Dalmatia County
Authors: Visković Josip , Udovičić Martina
Published: May 2017

Micro, small and medium-sized enterprises (SMEs) are considered to be the engine of the European economy. In EU SMEs make up more than 99% of all companies and provide around 75 million jobs. They are a key source of job creation and stimulation of entrepreneurial spirit and innovation and are therefore essential for fostering competitiveness and maintaining employment in the EU. Yet SMEs often have problems in raising funds to finance fixed investments and inventory and working capital. SMEs mostly use internal sources while the most important external sources of SMEs are bank loans, which are not easily accessible. Hence, one of the priorities of the European Commission is stimulating SMEs through EU funds and programs in order to enable SMEs development and finally to contribute to economic growth. SMEs sector also dominates the economic structure of Croatian economy and they have similar financing problems. However, Croatia in period 2014 – 2020 have at disposal a total amount of 10.676 billion of euros from European structural and investment funds, of which 8.397 billion are aimed for cohesion policy objectives and 470 million euros are aimed for the development and competitiveness of SMEs. Besides, EU programs COSME and HORIZON 2020 are intended to provide direct support to SMEs and to create a favorable environment for their development. However, even though the number of successful project applications for small and medium-sized enterprises in the total share of Croatian project applications is relatively high, fund absorption has not reached satisfactory levels. Using the sample of Split-Dalmatia County’s SMEs, this study finds out reasons for low absorption capacity from SMEs point of view: SMEs are interested in funds from European Union, but are not sufficiently familiar with their availability i.e. funds at their disposal, especially programs COSME and HORIZON 2020; SMEs state that they know how to apply for EU funds but considered the procedure as complicated and demanding regarding documentation, and that the needed knowledge and know-how for proposal is beyond their scope; SMEs are not satisfied with the cooperation with state institutions, especially Ministry of Regional Development and EU funds and Croatian Chamber of Economy. We point out four main conclusions: (1) SMEs are not enough aware of EU financing possibilities; (2) additional promotion of EU programs directly to SMEs is required; (3) additional education of SMEs regarding project proposal and documentation is needed and (4) more proactive policy of state institutions and cooperation with local authorities is expected. Finally, greater awareness and professional help might be a key in strengthening the SMEs, whose entrepreneurial spirit and innovation process is a prerequisite for economic growth and development.
Increasing Impact Of Stock Market Performance On Government Tax Revenues
Authors: Plíhal Tomáš , Urbanovský Tomáš
Published: May 2017

The aim of this paper is to investigate the relationship between fiscal policy, economic growth and stock market in the United States. This issue has gained importance in the last decade because the market has changed. A significance break has been detected which impacts the nature of the nexus between certain variables. The correlation between the tax revenues and the stock market has increased noticeably, encouraging the revision of the current approach to fiscal policy. This study examines relationship between three variables, namely real GDP, federal government current tax receipts and the stock market represented by the Wilshire 5000 Total Market Index. Quarterly data from 1971 to 2015 are used, divided into two subsets in the year 2000, because there is an obvious change in trend and volatility of the variables. The analysis uses ADF and KPSS unit root tests to find the order of the integration of the data. Subsequent analysis applies Johansen cointegration test, vector error correction model, Granger causality tests and variance decomposition analysis. The results demonstrate that the selected variables are cointegrated, and performance of the stock market significantly increases its influence on government tax revenues in the second period. The findings of this paper are significant for policy makers. Understanding how stock market development and economic growth influence tax revenues and vice versa is crucial for the efficient implementation of successful fiscal policy. Investors in the economy of the United States will be also able to benefit from these results which will help them to understand economic conditions and improve their investment decisions. 
Lms Selection Process For Effective Distance Education System In Organizations
Authors: KARAGÖZ Emre , ORAL L. Özge , Han KAYA Oğuz , TECİM Vahap
Published: May 2017

 

 Towards the end of the 20th century, especially development of science and technology brought some innovation to some conceptual area such as education. In society, to build a quality and civilized life, education emerges as a one of the most important actors. Unfortunately, the rights in education of the every person in society may be delayed due to financial problems, physical disabilities, time pressure, geographical distances or any other reasons. Distance learning is a one of the method that provides education for people by eliminating these disadvantages. Since end of the 19th century, distance education has been provided with some methods such as TV, radio, mail and etc. Especially, in the beginning of 21th century; internet is widely used by everybody. New technological environment has brought a new opportunity for distance education.

Learning Management System (LMS) is the most important actor of the internet based distance learning that brings together educators and students for training. LMS allows to deliver materials, having assignment and quizzes and other educational activities. Whether educational institutions or organizations that are emphasis on the training of employees can use LMS platform. Every organization has to decide which LMS is suitable for them. Decision makers face to solve this kind of problems because every LMS has different characteristics and different learning process.

This study is focused on choosing suitable LMS for organizations by using AHP methods. Two groups of LMS, open source software’s (Moodle and Sakai) and commercial software’s (BlackBoard and Sharepoint LMS), are compared by using selecting criteria’s. These criteria’s are license costs, flexibility, security, user interface and prevalence of use. In the decision process, different weight ratios are used depending on their priority. The findings of this AHP Process are discussed.
Income And Expense Analysis Of Retail Trade Sector Companies Traded On Borsa Istanbul
Authors: SUSMUŞ Türker , BAŞLANGIÇ S.Özgür
Published: May 2017

Retail trade sector is growing rapidly and shows significant improvements in the “World Trade”. This charming sector is expanding and developing in Turkey appropriate to the developments in the world. In particular, population growth, the spread of the use of a credit card, the developments in Turkey’s economy and such other reasons, this sector has made a quite development in recent years.

 
There are a total of eight companies operating in the retail trade sector in Borsa (Stock Market) Istanbul. Operating expenses such as; research and development expenses, marketing, sales and distribution expenses, general administrative expenses are very important for the determination of profitability of these companies. In this study answers to the following questions are to be searched; what is the share of operating expenses in this sector? Is there a relationship between the profitability with operating expenses? What is the ratio of total expenses in operating expense? What is the rate and volume amount of domestic market sales and export to foreign markets? This eight retail trade company operating in Bourse Istanbul will be reviewed by analyzing their income tables statistically.
Financial Literacy And Behavioural Skills: The Influence Of Financial Literacy Level On Behavioural Skills
Authors: Josef Nesleha , Vera Jancurova
Published: May 2017

Financial literacy and behavioral finance have become a part of education not only in the United States, but also in the whole of Europe. The process of education, in terms of financial literacy, starts at primary schools where children start to be exposed to financial literacy. It is followed by additional stages of education system. Moreover, this is completed by range of other possibilities how to become familiar with this type of knowledge, in the way of various programs, usually conducted by governments and other specialized institutions. Especially, in terms of universities behavioral finance start to play important role as well.

Based on the previous assumptions, financial literacy needs to be tested, measured and evaluated, notably the level of students studying Economics, since their participation in economic world might affect the future of our society and welfare.

The goal of this article is to verify whether there are some gaps among students and find out what are predictors standing behind various level of financial literacy. Consequently, additional target is to detect how financial literacy influences the sensitivity to behavioral biases and heuristics. This goal is reached by doing own research, which is based on an electronic questionnaire. The questionnaire consists of three main parts. In the first part, respondents provide us with their demographic data, such as age, gender, education and other. The second one focuses on objective evaluation of respondent´s knowledge of financial literacy. The last part examines behavioral finance, especially respondent´s reaction to behavioral biases.
The methods, used for the questionnaire evaluation, are descriptive statistics, enabling us to make a first assessment of the data file, and two-sample t-test, enabling compare different groups or samples. It also provides a chance to verify whether suffering from a particular bias corresponds with higher of lower level of financial literacy.
The Role Of Institutions In Attracting Foreign Direct Investments
Authors: Maric Kristina , Shukarov Miroljub
Published: May 2017

The aim of this paper is to identify the role of institutions in creating a prosperous business environment for attraction of the Foreign Direct Investments. This research is based on the statement that efficient markets depend on supporting institutions that can provide the formal and informal rules of the game of a market economy, allowing a lower transaction and information costs and reducing uncertainty. Moreover, it has to be stated that the legal and governmental arrangements as well as informal institutions underpinning an economy influence corporate strategies, thus profoundly influence the operation and performance of businesses. The methodology in this paper consists of comparing statistical data for the Balkan countries (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Romania, Serbia, FYROM and Slovenia). The general conclusion drawn in this paper is that Western businesses entering countries with lower degree of institutional development face higher transaction costs such as bribery than in countries with higher degree of institutional development. Hence, the institutions play significant role in the process of one country’s attempt to attract Foreign Direct Investment.
The evidence on the existence of economies Of scale in local government units
Authors: Pevcin Primož
Published: May 2017

The purpose of this paper is to empirically verify if the possible existence of scale economies actually supports the argument that municipal consolidation is needed in Slovenia. The major reform of local self-government in Slovenia was implemented in 1994, when the transformation of existing 58 »communal« municipalities was envisaged. From 1995 onwards, the number of municipalities increased to the current number of 212 municipalities. Consequently, the necessity to implement structural reforms of local self-government in Slovenia has been stressed. The arguments favoring municipal amalgamations stressed that country has become too fragmented and municipal amalgamation would enable the reduction of (administrative) costs, and increase efficiency as well as quality of services provided, indicating that technical aspects of local government operation are targeted. Following, technical efficiency of Slovenian municipalities is estimated with the Data Envelopment Analysis (DEA) method, in order to determine if (and which) municipalities are experiencing increasing returns to scale (i.e., scale economies). The results indicate that there is important scale efficiency component, and predominantly very small municipalities are experiencing economies of scale, but their number is relatively low. Therefore, one of the classical arguments for municipal amalgamation, achieving economies of scale, can only be applied at a limited scale. This does not imply that more extensive amalgamation is not warranted, but it demands that other arguments justifying municipal amalgamation should be presented.  