Modern Business World Research Articles

Uloga Tik Tok društvene mreže u razvijanju odnosa s javnošću

The importance of establishing communication with users and consumers, through social networks, is increasingly recognized and is present in the modern business world. Public relations enable building trust and gaining loyalty among users, and the activities of this business function are increasingly manifested through digital, social media channels. Establishing a close relationship between consumers and the company, the exchange of the most important and new information is achieved thought all social media, but in different ways. Due to its specificity, Tik Tok as a social network is becoming more widespread and gaining an increasing number of users. In this paper, the authors analyze the importance of using this social network in modern public relations and the changes that Tik Tok social network brings in the process of communicating with the public.

СУЧАСНІ ПІДХОДИ ДО УПРАВЛІННЯ ФІНАНСОВИМИ РИЗИКАМИ: ВІД ТЕОРІЇ ДО ПРАКТИКИ

The article considers the importance and main aspects of financial risk management in the conditions of the modern globalized world. The authors emphasize the relevance of the problem, examining theoretical approaches and modern methods of risk assessment and management. Special emphasis is placed on practical recommendations that will help organizations effectively cope with financial challenges and ensure sustainable development. The article also includes an analysis of technological innovations in the field of risk management and their impact on the strategic planning of companies. The material concludes with conclusions that summarize the main theses of the study and suggest directions for further scientific development in this area. the role of international cooperation and global standards in the field of financial risk management is highlighted. The authors consider how globalization and international integration affect the risk management strategies of various companies. In addition, the article analyzes the ethical aspects of risk management, taking into account the social responsibility of business and its impact on stakeholders. Special attention is paid to the practical application of theoretical knowledge. The authors provide specific examples of the implementation of modern risk management techniques in various sectors of the economy, demonstrating their effectiveness and practical value. It is emphasized that the correct approach to financial risk management can be a key success factor for modern organizations, helping them adapt to rapidly changing market conditions and ensure long-term competitiveness. Psychological aspects of risk management are considered, including behavioral factors that can influence decision-making in the field of finance. Understanding these aspects is essential for developing effective risk management strategies and approaches. The need for continuous training and adaptation in the conditions of constant changes in the financial markets is substantiated. The modern business world requires from specialists deep knowledge, flexibility and readiness to quickly respond to new challenges. It has been proven that financial risk management is not only an important component of a successful business strategy, but also a key element of corporate culture, which contributes to the creation of trust between stakeholders and ensuring the stability and long-term development of the organization.

Peningkatan Soft Skill Siswa SMK PGRI Kediri Melalui Pelatihan Zahir Accounting

This activity aims to increase the knowledge and soft skills of SMK students regarding accounting software. Students are given knowledge, understanding, and training to update accounting software from the software MYOB to Zahir Accounting, which is more developed following changes in accounting science and the needs of the modern business world. The activity was carried out at SMK PGRI 3 Kediri City. The participants of the exercise were students of SMK class XII. Implementation of activities in the form of training. The method of implementing the conditioning is done through lectures, practicum, and question and answer. The action is divided into two sessions. In the first session, the material explained Zahir Accounting software. In the second session, the Zahir Accounting software practicum was held, where participants could practice the accounting cycle directly using Zahir Accounting software. The participants participated in the training activities in a conducive and enthusiastic manner. The participants had no difficulty in implementing the training

Warehouse Management and Operational Performance of Clearing and Forwarding Companies in Rwanda: A Case of Gorrila Logistics Ltd

High operational costs and poor customer service that faces most companies can be explained by among other factors poor logistics management. The modern business world coupled with mass competition demands that firms take keen interest on logistics management as it’s one of the emerging key determinants of firms’ profitability and sustainable growth. This study sought to investigate the effects of warehouse management on operational performance of Clearing and forwarding companies in Rwanda taking Gorrilla logistics ltd as a case study. Specifically, the study focused on the effects of logistics management on operational performance of Clearing and forwarding companies in Rwanda taking Gorrilla Logistics ltd as the case study. The study was based on supply chain theory. The study adopted in this research descriptive research designs. The targeted population was all 240 staff of Gorrilla logistics ltd which where sample size of 150 respondents was calculated using Yamane’s formula. Data collected constituted primary data which was collected with the aid of questionnaire and secondary data collected from company documentaries. Analysis of the data utilized both descriptive and inferential statistic was conducted using SPSS Version and findings presented in graphs and tables. The respondents widely agreed that logistics management affect operational performance. The study found that warehouse management affects operational performance of Gorrilla logistics ltd in Rwanda. R squared value of 0.684 implied that the three logistic management practices discussed in this study accounts for 68.4% variations in operational performance.  Correlation analysis findings indicated a strong positive association between warehouse management and operational performance. From the findings the researcher concluded that there is a strong positive significant effect of warehouse management on operational performance of clearing and forwarding companies. The researcher recommended that companies should improve their warehouse management practices in order to achieve operational performance. Keywords: Warehouse Management, Operational Performance, Clearing and Forwarding Companies

Importance of Integrating SDGs Into Business Process by Telecommunication Operators: Opinion of Estonian Customers

Sustainable development is recognized by the United Nations as a challenge for social and economic policy Hughes&Johnston (2005), an urgent call for action by all countries addressing all groups of stakeholders (Mio et al., 2020) and one of the main priorities for business community all over the world (Tsalis et al., 2020). Successful implementation and achievement of these goals should be a result of joint efforts of all countries and nations. And while a general success is observed in case of certain SDGs, others still require joint efforts and cooperation on both national and international level. A vital role is assigned to businesses which can also contribute to achievement of SDGs by integrating them into everyday processes. Purpose: The aim of the research was to reveal the customers opinion on the importance of embedding SDGs by businesses into everyday process in Estonia. The telecommunication operating companies were chosen due to their central role in the modern business world and huge impact on nearly every aspect of society. There was conducted a survey in a form of questionnaire among customers of these companies and 512 responses were collected in a period of September 2020 –February 2021. Results of the study demonstrate stakeholders concern on the achievement of the SDGs and revealed that the embedding of several SDGs: number 3 (good health and well-being), 4 (quality education), 6 (clean water and sanitation), 12 (responsible consumption and production), 15 (life on land) into business process is considered by customers to be the of the highest priority. Authors believe that the study with its findings intends to benefit SDG implementation by business companies in Estonia and provides a pattern for further developments of sustainable policies and strategies. This work provides one of the first studies in Estonia contributing towards understanding of whether businesses are supposed to embed the SDGs into their activities as seen by customers.

A Case Study on Development of International Trade Between India and Bhutan to Contain Unnecessary Advancement of China. An Emerging Issue in International Security and Global Politics

As the Society became more and more developed the world business environment also changed leading to the change in requirements for getting success, competitiveness and advancement of the economy. It has also been observed that because of the forces of globalization, increasing intensity of competition, rapid technological changes, demographic Changes, environmental challenges and changing value systems at work, building better, proper and strategic relationships with the stakeholders have become essential not just for competitiveness but also for survival of the business in the modern business world. In this paper we will study in details the advantages and disadvantages of India conducting International Trade with Bhutan and how it is important to contain the unnecessary advancement of china which is always detrimental to interests of both India and Bhutan. The present study has been exploratory, casual and empirical in nature and the data needed for research work has been collected by using both direct and indirect method of data collection.

International Double Degree Programs as Accelerators for Internationalization: Lessons from the Trans-Atlantic Business School Alliance

ABSTRACT The global nature of the modern business world has expanded the set of skills and attitudes necessary for success, even among new bachelor degree graduates. Although US business schools have primarily integrated international concepts through their curricula, students who stay at their home institutions for their entire degree programs do not live and experience the global business environment to the extent necessary for twenty-first-century careers. Short-term, semester- or year-abroad programs help to bridge this gap. However, carefully constructed undergraduate double degree programs can provide students with much richer experiences. This article provides a model for creating international undergraduate double degree programs in business, highlighting the main challenges and offering successful proven solutions employed by a group of American and European business schools that other institutions can adapt to accelerate internationalization and deepen students’ international experiences in American business schools.

The Effect of Pay and the Relationship Between Supervisors and Peers on Teacher’s Loyalty in Private School of Jamshoro, Sindh

In the modern business world we’re in, every organization is competing to produce the best results; there is a vital role of employe loyality. In private schools ‘teachers’ visage amplified challenges with the employees’ loyalty. In today’s economy the private school teachers’ plays a very important role in our economy. According to literature there are diverse researches use to conduct the research work in the field of Human Resource Management, Management, Finance, and commerce to verify “The impact of HR factors on employee retention”. However, Private School systems have not comparatively explored by the researchers. This study examine to get a comprehensible and transparent view about selected actors which are employee’s pay relation with supervisor and peers with employees’ loyalty in diverse private schools of Jamshoro, Sindh. The main idea is to find out that private school puts how much effort for their best employees to keep intact with the school. This research is done on private schools of Jamshoro as no one has taken this field in past years considering employee retention on teachers of private schools of Jamshoro. All private schools (Jamshoro based) are tripped for primary data collection. The research study is deductive in nature. However, the primary data is quantitatively collected with the help of survey questionnaires by using probability random sampling technique. The sample size is 214 teachers of Private schools of Jamshoro and total number of populations is 480 teachers. The statistics/techniques used in this research study were descriptive statistics for data summarizing and the data is analyzed through regression analysis by using SPSS. In general, this research concluded that teachers’ loyalty at encouraging intensity (positive level) at private schools of Jamshoro, Sindh. However, pay has the greatest impact on teachers’ loyalty.

Formation of communicative competencies in students

The article is devoted to a topical problem today, its relevance is due to the need of a person to be sociable and the need of society, which wants to see exactly a competitive person who is inclined to cooperate. In the modern business world, there is a lack of communication skills among graduates of educational institutions.

Kreativno radno okruženje kao faktor inovacija u transportnim kompanijama u Republici Srbiji

The variability of environment, growing number of external factors of companies' businesses, inaccessible key organizational resources, inability of management to understand or predict changes and trends in the general organizational environment due to growing uncertainties are just some of the characteristics of the modern business world, especially the transport sector as one of the most complex segment of each country's economic system. The paper analyzes the level of development of creative work environment in transport companies in the Republic of Serbia in order to formulate possible, and possibly necessary, guidelines for greater encouragement of employees' creativity, as organizational innovations today represent, it seems, the only potential solution for overcoming all obstacles and surviving in such a complex market.

Značaj reputacije kao intelektualne imovine za konkurentnost preduzeća

An important characteristic of the modern business world is the development of the knowledge economy. In modern conditions, intangible assets based on knowledge are becoming a key resource for preserving the competitive advantage of companies. It is about human resources, their knowledge, the relationships they build in order to develop and transfer knowledge, as well as the relationships they build with stakeholders. These relationships represent the relational capital of the company, and the reputation of the company is its important segment. Reputation is also an important factor in differentiating companies at the market and creating a relationship of trust, not only with consumers, but also with all other stakeholders. In this way, the company realizes significant economic and non-economic benefits. The aim of the paper is to point out the key advantages of a good reputation, from the aspect of creating value for the company 's stakeholders, as well as from the aspect of business performance. Also, the importance of reputation as a segment of intellectual capital for competitiveness is emphasized.

Detecting red flags of corporate financial statement frauds using Beneish m score model in Sri Lanka

Financial statement fraud is one of the major concerns in the modern business world. Detecting financial statement fraud is very challenging task and requires thorough knowledge about the nature of fraud, how it can be committed and concealed. The purpose of the study is to identify the red flags of financial statement frauds applying Benish M Score model. It is found that, in each year (2013-2019) considered for the study, there are companies with a Beneish M Score of greater than -2.22, which can be gauged for possible manipulations on those financial statements. Paired sample t-test analysis is showen that, DSRI (Days’ Sales in Receivables Index), GMI (Gross Margin Index), SGI (Sales Growth Index) LVGI (Leverage Index), TATA (Total Accruals to Total Assets) out of eight ratios occupied in the Beniesh model are significantly different between manipulated and non-manipulated firms. Therefore, it is recommended that Benish M Score model can be used as a risk assessment tool to recognize the red flags of possible fiancial statemet frauds in business entities in Sri Lanka. This paper aims at broadening knowledge of External Auditors, Forensic Accountants, Accountants, Senior Managers, Regulators and other stakeholders in detecting red flags of financial statement frauds in Sri Lanka.

Protection of minority shareholders’ rights in group of companies: Lithuania and EU company law perspectives

Just as in the entire European Union, in Lithuania company groups are an integral part of the modern business world. It is the companies that are part of company groups are leading both in Lithuania and in the European Union in terms of a number of economic indicators: revenues, number of employees, amounts of taxes paid and other contributions. Despite being an integral part of modern business, regulation of company groups has not yet attracted sufficient attention both at the European Union or the national level. Such absence of a consistent regulation may lead to or cause, inter alia, infringements of rights of minority shareholders. Accordingly, the purpose of the present article is to assess whether the effective Lithuanian or European Union regulation is sufficient to protect minority shareholders’ rights in group of companies.

The banking development within the framework of financial globalization

The concept of a bank has a long history of origin, but a short history in relation to as it is known today. The first traces of banking can historically be placed at a time when money was deposited with jewelers, but over time, the practice of lending surplus money has evolved, which is why its concept of commerce has changed. The subject of this study and research is the bank, primarily as a joint stock company. It reveals issues of functioning banks and banking, the relationship between the bank and other financial institutions, the financial and banking system, and the role and meaning of non-bank financial intermediaries. The purpose of this paper is to highlight the role and importance of banks in business, and to discover the degree of influence on other institutions. By elaborating on labor issues, it highlights their economic importance in financial globalization. The aim of this paper is to get to know its main tasks for which it was founded and the process of transformation of banking services in the global framework, especially in entrepreneurship. A research hypothesis has been formed: financial globalization affects the rapid development of banking, and reveals the great influence of the banking sector on other institutions. During this research several basic scientific methods were used (compilation method, descriptive method, specification and generalization methods and comparison method). Attention is placed on the comparison of the role and importance of the banking industry in the past and in the modern business world. The emphasis is placed on comparing the role and importance of the banking sector in the past and in the modern business world. The analysis of the development of banking and entrepreneurship forms a quality framework for further research, and gives an added value to the readers in terms of a better understanding of the differences between financial institutions, supported by practical examples of selected global banks in the global market.

Transformational leadership and its impact on customer satisfaction. Measuring mediating effects of organisational citizenship behaviours

Transformational leadership (TL) plays an important role in today's modern business world. Thus, the leadership style can encourage, inspire and motivate employees to seek innovation and positive change that positively related to customer satisfaction and effectiveness. Therefore, the main purpose of this study is to investigate transformational leadership effects on organisational citizenship behaviours and customer satisfaction. Primary data, for this study, were collected through two types of questionnaires delivered to employees working in small and medium enterprises in Kurdistan Region of Iraq, and their customers. Employees of those companies participated in 399 surveys, whereas 420 surveys were collected from related customers. Based on the structural equation modelling (SEM) method, results showed that idealised influence, inspirational motivation, intellectual stimulation and individual consideration have positive impacts on helping behaviours, whereas only helping behaviour has a direct effect on customer satisfaction. Moreover, inspirational motivation and individual consideration had significant indirect impacts on CS.

A Survey of US and International Financial Regulation Architecture

Since the late 18th century and the signing of the National Bank Act, the creation of the Federal Reserve System in 1913, the collapse of the Bretton Woods system in 1971 and the Asian crises in 1997-98, financial Institutions had already become one of the most heavily regulated of all business in the modern business world. Increase in Regulation occurred after the 2000-2006 subprime crises and the 2007-2009 crises with the creation of the Dodd-Frank Wall Street Reform and Consumer Protection passed in July 2010 emphasizing financial stability although most of the structure was based on the regulatory solutions of the 1930’s and the New Deal. The euro crises have further raised questions about financial architecture in the euro zone. Furthermore, the increase in innovation, the shadow banking system and recent political pressure towards deregulation, it has proved hard for the financial regulations to keep up and hence even though at the present moment point time the system seems to be holding up, the long-term direction of the financial regulatory system is uncertain.

Firms’ Co-Creation and Innovation by Toolkits Usage: The Mediating Role of Relationship Quality

In the modern business world, firms gain enormous success in innovation by involving customers in the innovation process. This approach ostensibly reduces firms’ cost by decreasing reliance on internal research and development. Organizations often use knowledge from customers via toolkits usage to fulfill customer’s need. Fulfilling customer needs through customer involvement in product innovation process via toolkits usage has seen favorable outcomes for the organizations. Therefore, the purpose of this research is to examine the impact of toolkits usage on co-creation and innovation, respectively. Additionally, this study aims investigate the mediating role of relationship quality between predictor and criterion variables. This study includes a survey of 393 manufacturing firms in Malaysia. Results confirm that toolkits usage is positively associated with innovation and relationship quality. Further, the results provide evidence that relationship quality plays a mediating role on the relationship between toolkits usage and criterion variables. The results assert important implications for practitioners wanting to reap benefits from individualized products through toolkits usage. In sum, manufacturers can garner value from toolkits usage within the context of an emerging economy, like Malaysia.

Burnout

The present paper deals with burnout as a challenge of our modern business world, given the phenomenon of heavy work investment in our society. The present article is emphasizing the strong connection between business, psychology, and medicine when dealing with people working in a modern, international business environment. The research methods are multi-disciplinary, combining elements of business, corporate culture, psychology, and even medical issues that are relevant in this context. The research methods used in the present paper are qualitative methods, metadata, and interviews (the questionnaire as a qualitative method) completed by the assessment of data and by proposing appropriate indicators ensuring the monitoring of burnout tendencies in companies. The paper proposes an interdisciplinary approach, bringing together aspects of business and economics, psychology, life sciences, sociology, ethical issues, and cultural issues related to work. A tool for detecting burnout is analyzed. The research results can be relevant for managers and human resources departments.

An Analytics Architecture for Procurement

Procurement transformation and pure cost reduction are no longer a novelty in today's modern business world. Procurement, as a core business function, plays a key role given its ability to generate value for the firm. From maximizing supplier value to minimizing contract leakage, challenges seldomly lack in this department. In fact, both resource and skill shortages and technology limitations are typically “top-of-mind” for Procurement Executives. Many research articles around the concept of cost reduction however, limited literature has been published in the areas of Artificial Intelligence, analytics and Rules-Based Systems and their specific application in Procurement. This article proposes a new enterprise architecture, leveraging emerging technologies to guide procurement organizations in their digital transformation. Our intent is to discuss how analytics, business rules and complex event processing (CEP) can be explored and adapted to the world of procurement to help reduce costs. This article concludes by suggesting an approach to implement the proposed architecture.

Informal Social Networks as Intermediaries in Foreign Markets

ABSTRACTWe investigate how informal social networks can assist multinational firms in their internationalization strategy. We propose a refinement of the Uppsala internalization model (Johanson & Vahne, 2009) grounded in network theory, by developing an intermediate position between an ‘insider’ and an ‘outsider’ for conditions when the transformation of an outsider into an insider is limited by institutional constraints. An intermediary position represents one of the sides of ‘patron-client’ informal networks (Denoeux, 1993) whereby the other side is represented by the ‘insider’. We argue that this setup would help mitigate the Liability of Outsidership (Johanson & Vahne, 2009), a replacement of the Liability of Foreignness (Hymer, 1976; Zaheer, 1995), in the modern networked business world. We contextualize our proposition for the case of Iran, a large rising West-Asian economy with known institutional limitations, and suggest that the informal network of local merchants (bazaaries) could play an important intermediary role in Multinational Enterprises (MNEs) internationalization process. We review the history ofbazaariesand make a series of propositions exemplifying possible ways informal networks could influence the internationalization process. In addition to re-affirming the importance of the MNE country of origin (emerging markets, and low psychic distance with Iran), we propose that an intermediary of the Iranianbazaarieswill have a positive impact on performance and survival of the MNE's subsidiary in Iran, especially in the case of incongruence of MNE's leadership with Shi'a Islam. Additionally, we suggest that employing the Iranian diaspora may also improve subsidiary performance and survival.