Companies In Bosnia Research Articles

Strategijsko upravljanje u funkciji opstanka preduzeća i ekonomskog razvoja Bosne i Hercegovine u uslovima koronavirusa COVID 19

The focus of the paper is on the analysis of the importance and impact of strategic management and strategic decision-making on the survival, recovery and exit from the crisis of companies in Bosnia and Herzegovina, formed under the influence of coronavirus COVID 19. Many companies in Bosnia and Herzegovina were unprepared, not having a strategy at all. The aim of this paper is to point out the importance of strategic management and general strategic thinking in order to survive the companies of Bosnia and Herzegovina in crisis. The methodological concept of the research includes the method of estimating the proportion of the basic set on the basis of large samples, the method of comparative analysis, the method of deduction and the method of statistical analysis. The results of the research show that companies that have a strategy and manage strategically endured the crisis more easily. The results show a direct connection between strategic management - overcoming the crisis and recovery or growth and development of enterprises, which affects the economic development of Bosnia and Herzegovina. Such companies found a way out of the crisis more easily. Strategic management has not even led to the crisis some of them.

Uticaj key account management orijentacije na nefinansijske peformanse kompanija

Key account management (KAM) in theory is described as a strategic approach distinguishable from account management or key account selling that should be used to endure long-term development and retention of strategic customers. This article presents the importance of key account management orientation in today's business and how it affects the non-financial performance of companies in Bosnia and Herzegovina. Also, we will present the results of ongoing research that aims to identify the influence of key account management orientation on company non-financial performance in different industry sectors. Data were collected from several companies in different industries considering a company as a unit of analysis. Research instrument - questionnaire compromised scales that had been validated and found reliable in previous research. Item total reliability and confirmatory factor analysis will be used to test the reliability and validity of the constructs. Furthermore, the structural equation modelling (SEM) technique will be employed to analyze the effects of key account management orientation on a company's non-financial performance. It is to be expected that the results of the conducted research show a statistically significant impact of key account management orientation on a company's non-financial performance in Bosnia and Herzegovina.

Assessment of transparency of audit reports based on presentation of key audit matters

Purpose: One of the ways to enhance transparency and usefulness of audit reports is to include information on key audit matters (KAMs). In this paper, based on the presented KAMs, we investigate transparency of audit reports of listed companies in Bosnia and Herzegovina and in Croatia. Methodology: For the purposes of this research, we collected and systematised data from published audit reports and then analysed them by means of descriptive statistical methods. Results: The research results show that in Croatia only a few audit reports lack a section on KAMs and there is no difference between the audit reports issued by the Big Four and the reports of other audit firms. In Bosnia and Herzegovina, most audit reports do not include a section on KAMs, but, unlike the Big Four, who disclose at least one KAM, other audit firms generally do not present any. Additionally, the research results show differences in the number of communicated KAMs between the audit reports prepared by the Big Four in Croatia and their reports for Bosnia and Herzegovina. There are also differences in the type of KAMs used in the two observed countries. Conclusion: Having analysed the situation in the two developing countries, we obtained different results. The discrepancies mainly stem from the varying degrees of transparency of the audit profession in each country.

Adaptive multi-phase approach for solving the realistic vehicle routing problems in logistics with innovative comparison method for evaluation based on real GPS data

ABSTRACT Transportation management, as a part of the supply chain management, is a complex process that consists of planning and delivering goods to customers. The paper presents a complete multi-phase intelligent and adaptive transportation management system, which includes data collection, parameter tuning, and the heuristic algorithm based on the Tabu search for vehicle routing. The paper describes the procedure for collecting Global Positioning System (GPS) data and analyzing the compliance with the proposed routes based on the data collected. The described routing algorithm is powerful and supports many real-world limitations. An algorithm for the anomaly detection in the GPS data is presented as well as the usage of collected GPS data to improve the future results of the algorithm. The concept was implemented and tested on real data in some of the largest distribution companies in Bosnia and Herzegovina. The proposed approach resulted with more than satisfactory results in real-world application.

Application of Facebook's Prophet Algorithm for Successful Sales Forecasting Based on Real-world Data

This paper presents a framework capable of accurately forecasting future sales in the retail industry and classifying the product portfolio according to the expected level of forecasting reliability. The proposed framework, that would be of great use for any company operating in the retail industry, is based on Facebook's Prophet algorithm and backtesting strategy. Real-world sales forecasting benchmark data obtained experimentally in a production environment in one of the biggest retail companies in Bosnia and Herzegovina is used to evaluate the framework and demonstrate its capabilities in a real-world use case scenario.

An Adaptive Data-Driven Approach to Solve Real-World Vehicle Routing Problems in Logistics

Transportation occupies one-third of the amount in the logistics costs, and accordingly transportation systems largely influence the performance of the logistics system. This work presents an adaptive data-driven innovative modular approach for solving the real-world vehicle routing problems (VRPs) in the field of logistics. The work consists of two basic units: (i) an innovative multistep algorithm for successful and entirely feasible solving of the VRPs in logistics and (ii) an adaptive approach for adjusting and setting up parameters and constants of the proposed algorithm. The proposed algorithm combines several data transformation approaches, heuristics, and Tabu search. Moreover, as the performance of the algorithm depends on the set of control parameters and constants, a predictive model that adaptively adjusts these parameters and constants according to historical data is proposed. A comparison of the acquired results has been made using the decision support system with predictive models: generalized linear models (GLMs) and support vector machine (SVM). The algorithm, along with the control parameters, which uses the prediction method, was acquired and was incorporated into a web-based enterprise system, which is in use in several big distribution companies in Bosnia and Herzegovina. The results of the proposed algorithm were compared with a set of benchmark instances and validated over real benchmark instances as well. The successful feasibility of the given routes, in a real environment, is also presented.

Performance appraisal and supervision of state-owned enterprises in Bosnia and Herzegovina

Bosnia and Herzegovina has opted for a market economy, which implies the liberalization of prices and trade, as well as the existence of an applicable legal system, including real rights. In order for a market economy to function, it is necessary to ensure macroeconomic stability and consensus on economic policy. A developed financial sector and the absence of significant barriers to entry and exit strengthen the efficiency of the economy. By analyzing the database of financial statements of state-owned companies in Bosnia and Herzegovina, we conclude that they are mostly in poor financial condition. This paper analyzes the structure of the state-owned enterprise sector, and identifies individual enterprises that affect fiscal and macroeconomic performance. State-owned companies do not contribute enough to the growth and stability of the economy, the financial analysis showed. The framework for the management of state-owned enterprises has also been analyzed and we come to the conclusion that the entity and cantonal governments do not perform their ownership function in accordance with the WB / OECD guidelines. Quality governance reforms in state-owned enterprises are needed to encourage transparency and increase the quality of accountability. Achieving a higher level of quality in the state-owned enterprise sector can achieve an increase in total GDP of 3 percent annually.

Analiza zastupljenosti tehnika strateškog upravljačkog računovodstva i nivoa razvijenosti troškovnog sistema u velikim bosanskohercegovačkim kompanijama

The paper has two research goals. The first goal is to investigate the prevalence of certain techniques of strategic management accounting in large companies in Bosnia and Herzegovina (hereinafter BiH), while the second research goal is to analyze the dependence of the number of strategic management accounting techniques used and the degree of development of the cost system in the company. For the purposes of this research, we collected survey questionnaires from 110 large companies based in BiH. The results of the research show that the three most common techniques of strategic management accounting in large companies in BiH are: Quality Costing (52.73%), Strategic Pricing (51.82%) and Benchmarking (50.91%), while the least common techniques are: Life Cycle Costing (11.82%), Attribute Costing and Integrated Performance Management Systems (with 12.73% each), and Activity Based Costing/ Management (17.27%). One-way analysis of variance (ANOVA) tested the differences in the number of strategic management accounting techniques used and the level of development of the cost system in companies. Companies that applied on average two techniques of strategic management accounting belonged to the first level of development, those that applied on average four techniques belonged to the second level of development, while companies that have the third level of cost system development on average applied six techniques of strategic management accounting. There were no companies in the sample with the fourth and fifth level of development of the cost system.

Assessment the effect of the practical relationships and performance of supply chain food companies in Bosnia and Herzegovina

The conducted research represents empirical study of the multidimensional relationship between supply chain practice and performance. In the supply chain practice, the focus is on customer, customer relationship and information sharing. This research shows what type of impact has the practice on supply chain performance. Supply chain performance is measured by four constructors: flexibility, cost, quality and delivery. Data were collected from food companies of Bosnia and Herzegovina (BiH) and has been used for testing the hypothesis. There have been three tested hypotheses using multiple linear regression analysis. The results have shown that individual supply chain practices have an impact on supply chain performance. In addition, it has been shown that the relationship with the supplier and the buyer affects the quality of the supply chain, while the relationship with the supplier affects the delivery. The results have shown that information sharing has no impact on individual constructors of supply chain performance. The obtained results provide practical insights to the managers of food companies to understand the supply chain, its practices and performance as well as the limitations of different practices to improve supply chain performance.

Improving organizational learning by sharing information through innovative supply chain in agro-food companies from Bosnia and Herzegovina

Innovation is essential for long-term success in business and companies need to develop an innovative supply chain to respond to environmental and market challenges. It is necessary to develop knowledge through organizational learning in order to strengthen the ability of companies to innovate. An innovative supply chain is the basis for developing innovation in companies. To improve its market position companies should continuously receive high quality information from participants in the supply chain by sharing information. The complexity of relationships within supply chain affecting organizational learning is the subject of this study. We conducted an empirical study focusing our attention on agro-food companies in Bosnia and Herzegovina. A questionnaire was used as a data collection tool applying random systematic sampling and a total of 159 companies took part in this study. The empirical findings showed that sharing of information has a significant linkage with an innovative supply chain, but only in establishing partnerships with customers. We confirmed that an innovative supply chain is essential for development of organizational learning and agile supply chain. The findings could assist the managers of agro-food companies in Bosnia and Herzegovina to improve their business. This study provides guidance for improving business using supply chains.

Market Analysis on the Presence of Social Responsibility in Companies in Bosnia and Herzegovina

Corporate social responsibility implies that all transactions in the Company executed with respect to the economic legal and ethical principles. In Bosnia and Herzegovina, a relatively small number of companies expanding their economic objectives of socio - economic and included in solving social problems. Due to technical - technological progress changes occur rapidly and result in a large number of social problems that can return a negative impact on business operations. There is a wide choice of alternatives by which companies can do business socially responsible, and each of these alternatives offers a number of benefits for all involved (company, non-profit organizations and consumers). The subject of this thesis involves, on the one hand corporate social responsibility, and on the other the success of the company. Corporate social responsibility will be examined through economic, social, environmental and ethical dimension. The aim of this thesis is to theoretically position management and social responsibility as part of the management functions in the work of the business entity.
 Corporate social responsibility means a commitment the company management to take actions that will improve the welfare of the entire society and the business system. It represents a global business imperative and the idea that it is impossible to ignore. One can say that it is a successful company that simultaniously takes account of its economic, social and environmental impact, and socially responsible business is the business model and management style in which profit is realized in a socially responsible manner.
 Development of the concept emerges as a new way of doing business in global companies that are exposed to risks due to non implementation of environmental policy and employees. In future many of global companies that apply the concept of corporate social responsibility, because in it they can provide an effective means for gaining competitive advantage.
 The concept of corporate social responsibility is not just a passing fad, but an imperative in the business world all the companies that will sooner or later have to accept if they are to keep their place in the business scene. This business concept brings multiple benefits, not only for companies, but also in world integrity

THE APPLICATION OF FAIR VALUE ACCOUNTING IN BOSNIA AND HERZEGOVINA

This study investigates the application of fair value ac- counting in companies in Bosnia and Herzegovina. The study was conducted on a sample of 190 companies. The application of fair value accounting causes a lot of controversy related to the relevance and reliability of fair value information. It is believed that the extent to which fair value measurement is used reflects attitudes of financial statement preparers about the usefulness of this model at its best. The findings of this study sug- gest that most companies in Bosnia and Herzegovina do not have tendency to apply fair value accounting. It is found that half of the companies in the sample do not use fair value accounting at all. Almost half of the com- panies that use fair value accounting use it just because they own assets that require fair value measurement. Fair value accounting is much more used in financial and larger companies than in non-financial and smaller companies. Companies mostly use fair value accounting for the measurement of investment property. However, they use it for the measurement of intangible assets at a minimum. The findings also suggest that the application of fair value accounting increases the uncertainty in fi- nancial statements. The quality of fair value disclosures is very low. Numerous companies do not disclose infor- mation on fair value hierarchy and valuation techniques that were used for fair value measurement. Companies that disclose this information mostly use indirectly ob- servable inputs (Level 2) for fair value measurement and these create a lot of room for earnings management.

Representation and development of electronic commerce in companies in Bosnia and Herzegovina

Development of the world's information technology and their influence on all aspects of human life and work is largely reflected in the areas of Bosnia and Herzegovina. This is the time when most of the companies switch to the electronic way of doing business. Today, without Internet and electronic business, it is virtually unthinkable to realize the online business objectives and the more efficient to spend business processes. We made research in the purpose of knowing how the electronic trade is represented in the business world in Bosnia and Herzegovina, if it is accepted by companies, institutions and others, if they are used and what they think about electronic trade. The aim of the work is to explore the representation and development of electronic commerce in companies in Bosnia and Herzegovina, as well as to examine the prerequisites that must be fulfilled for the successful development of electronic commerce. The research was based on conducting the survey with approx. 250 companies in Bosnia and Herzegovina. Interviewing was carried out electronically. The limitations of research consist in the fact that the research was carried out in a developing country where the use of information technologies is on a lower level than in developed countries.

Web 2.0 Technologies in Business: Why not?

The objective of the study was to explore the barriers or the reasons behind the insufficient use of Web 2.0 technology in companies. The empirical research was conducted among managers in companies in Bosnia and Herzegovina during 2015. The results indicate that managers see information technology infrastructure (department size, technology implementation costs) and computer illiteracy as the main barriers to intensified use of Web 2.0 technology in business. The least relevant obstacles are related to the lack of support from, and the inability to protect the data privacy and integrity in an adequate manner. The results indicate that significant efforts to promote the benefits that Web 2.0 technology brings to the business are needed, which would, in turn, significantly affect the perception of their disadvantages.

CORPORATE RISK MANAGEMENT PRACTICES IN BOSNIA AND HERZEGOVINA COMPANIES

Over the last few decades, corporate risk management has become a very important element of management to financial and non-financial companies. In the modern business environment every company is exposed to corporate risk. It can be said that the way to deal with the corporate risk has become a crucial competitive advantage for enterprises in all industry sectors. Reducing the impact of corporate risks such as financial risks, operational risks, strategic and hazardous risks, companies can reduce the volatility of cash flows, thus reducing the expected costs of financial difficulties and agency costs and increase the present value of expected future cash flows. Also, by reducing the volatility of cash flows company increases the likelihood of securing sufficient quantities of its own funds for planned investments, eliminating the need to cut profitable projects or bear the transaction costs of expensive external financing. The paper presents the results of research on the practice of corporate risk management in large non-financial companies in Bosnia and Herzegovina. Data on corporate risk management were collected using a questionnaire. The questionnaire was sent to 120 companies from Bosnia and Herzegovina, where 66 companies provided the required answers to the questions on the basis of which is ultimately formed variable risk that indicates the level of implementation of corporate risk management. Based on the study on the management of corporate risk in Bosnia and Herzegovina it can been concluded that most of the analyzed companies manage corporate risk, at least in certain segments. The largest number of companies actively controls only part of the overall exposure to corporate risk, or are considering the implementation of the complete process of corporate risk management. However, there are still a significant number of companies do not even manage corporate risk, and with them the risk management is primarily a result of occurred events. Although most of the observed companies monitor risks, it is worth pointing out that even 32% of the companies do not elucidate the risk tolerance, and even 45% of companies did not quantify the risks.

The role of motivation in the organizational behavior - the experience of the companies in Bosnia and Herzegovina

This paper analyzes the role and the importance of motivation inprivate companies and other business entities in Bosnia and Herzegovina.The paper is based on research conducted by questionnairein companies in the largest cities of BiH. Analysis of the resultscollected by the questionnaires on a sample of 1,239 respondents,shows that employees are aware of the importance and roleof the motivation, they realize that it affects the job satisfaction,that it builds good interpersonal relations, that encourages loyaltyto companies and businesses and they expect from managers andleaders to continuously improve the forms and methods of the employeemotivation.

Relations of dimensions of organisational culture and economic performance in companies in Bosnia and Herzegovina

Relations of dimensions of organisational culture and economic performance in companies in Bosnia and Herzegovina

Relations of dimensions of organisational culture and economic performance in companies in Bosnia and Herzegovina

Relations of dimensions of organisational culture and economic performance in companies in Bosnia and Herzegovina

IMPACT OF GLOBALIZATION ON THE PERFORMANCE OF THE COMPANY: THE CASE OF COMPANIES FROM BOSNIA AND HERZEGOVINA

The discourse of globalization and its effects have been the most current topic in the field of economics in recent times. However, empirical research on the impact of globalization on companies, especially in transition countries, is very scarce. This paper focuses on the study of the impact of globalization on the performance of companies in Bosnia and Herzegovina by analyzing their interrelationships. The findings, in the case of companies in Bosnia and Herzegovina, have confirmed earlier findings about the double impact of globalization by showing, on the one hand, its positive effects and, on the other hand, the negative effects on the performance of the companies. Additionally, the research results have shown that negative effects are felt more strongly in the case of small and medium-sized companies than in the case of large companies.

Web 2.0 Technologies in Companies: Attitudes of B&H Managers

Objective of the study was to investigate what managers think about the impact of Web 2.0 technologies on business operations. The empirical research was conducted among top and middle managers in companies in Bosnia and Herzegovina during May and June 2015. The results show that, although all respondents do not use these technologies, they have a relatively positive opinion on the application of Web 2.0 technologies in business. According to their opinion, Web 2.0 technologies make the most important contribution to data and information sharing in company and have a significant impact on the quality of communication, both internal and external.These results encourage further research on the application of Web 2.0 technologies in business and the use of all the advantages and benefits they can provide to someone actively using them.