Non-financial Results Research Articles

To Survive in the COVID-19 Pandemic: The Financial Aspects of NGOs

On the one hand, during the COVID-19 pandemic, NGOs are under pressure to provide more support. On the other hand, these organisations are facing new challenges that limit their activities, for example, a lack of volunteers and the inability to continue programs, raise funds, and serve beneficiaries. Despite these challenges, some NGOs have been forced to close down, while others have successfully collected funds and developed their activity. Therefore, this article aims to research how NGOs changed their funding models to overcome fundraising problems during the COVID-19 pandemic . The study investigated the impact of the COVID-19 pandemic on various non-profits in Poland, Lithuania, Croatia, and the United Kingdom. The results of the content analysis showed that critical success factors were: additional projects, public funds, collaboration with the government, the use of grants, additional funding from the funder, virtual fundraising and campaigning, collaboration with other NGOs, combined resources, implementation of joint projects, and the cooperation with the funders. The logistic regression analysis results supported the hypothesis that the financial success of NGOs during the COVID-19 pandemic depended on a change in the funding model and on a shift in financing from the corporate founder. However, despite the better financial results of NGOs, non-financial results were worse in times of crisis.

Interrogating the Interceding Effects of Service and Justice Climates on the Juncture Between Employee Engagement and Organizational Performance in the Service Sectors

Purpose: This Research work focuses at how service and justice climates influence the strength and direction of the relation between Employee engagement and financial and non-financial results in service businesses, as well as the moderating impact of these climates on this relationship. Method: This research employs a quantitative method, collecting data from workers (N=376) in different service sectors and analysing it using SmartPLS software to investigate the moderating impacts of Service and Justice Climates on Work Engagement and Organizational Performance The survey covered North Indian service sectors. A questionnaire was issued online to over fifty firms across several service verticals. A total of 480 samples were gathered, and after filtering, 376 samples were utilised for result analysis. Results: This research found that service and justice climate moderates the relationship between employee engagement and financial and non-financial Performances.This investigation emphasizes the need of organisations creating service and justice climate resulting in maximisation of performance advantages of employee engagement programmes, emphasising the necessity for managers and leaders to prioritise service excellence and procedural compliance. Research Implications: This research investigates the results of service and justice climate on employee engagement and organisational performance, providing practitioners with useful insights on how to optimise engagement programmes while also improving organisational efficiency and sustainability, and contributes to current knowledge of Employee Engagement. Originality/value: Supporting current knowledge, this study examines how service and justice cultures affect employee engagement and organisational performance, helping practitioners improve engagement efforts and organisational success and sustainability.

Navigating the sustainability landscape: How entrepreneurial intentions and competitive strategies drive success in the exhibition industry

This study investigates the impact of entrepreneurial intentions and competitive factors on sustainable business performance in the exhibition industry. Analyzing recent literature, the research examines how strong entrepreneurial intentions drive the adoption of sustainable practices, innovation, and value creation, while considering the long-term effects of actions. The study also explores the influence of competitive factors, such as innovation capability, market orientation, networking ability, entrepreneurial orientation, and competitive strategies, on an entrepreneur's ability to achieve sustainable performance. The findings suggest that entrepreneurs committed to starting and growing their businesses are more likely to achieve superior financial and non-financial results while contributing to industry sustainability. The study emphasizes the importance of aligning strategies with sustainability goals, developing dynamic capabilities, utilizing competitive intelligence, and leveraging big data analytics to navigate challenges and create value. The research concludes that cultivating strong entrepreneurial intentions and effectively managing competitive factors are crucial for achieving long-term success and sustainable performance in the exhibition industry and beyond.

THE NON-FINANCIAL RESULTS OF SUPPORTING ENTERPRISES OF THE AVIATION VALLEY USING PUBLIC FUNDS FOR RESEARCH, DEVELOPMENT AND INNOVATION

One of the most important stimulators for the economic situation of enterprises is conducting research, development and innovation activities. However, the costs of running these activities are so high that they exceed the financial capabilities of many enterprises. The financial remedy turns out to be state aid funds, which can bring a number of different benefits. The main purpose of this paper is to determine the non-financial results of supporting the Aviation Valley cluster through public aid for R&D&I. The article is based on a case study of a unit that raises significant funds for these activities. It defines the concepts of research and development and innovation activities, and discusses the development of these activities in Poland in the years 2011–2021. It also characterizes the non-financial results of supporting the Aviation Valley cluster via public aid funds for R&D&I, summarizing the most important achievements of the Aviation Valley.

The Effect of Job Crafting and Career Adaptability on Job Performance Mediated by Psychological Availability in Bank Papua

Job performance is the highlight and benchmark for every organisation. It is directly related to the organisation, thus generating value and contributing to the organisation's goals, which are demonstrated in the organisation's financial and non-financial results. Optimal individual job performance will lead to business success and affect organisational profitability. This study aims to examine the effect of job crafting and career adaptability on job performance and the indirect effect through the mediation of psychological availability. Empirical data were collected from 220 Bank Papua employees using an online survey method. This study was analysed using Structural Equation Modeling (SEM) and confirmatory factor analysis to test the proposed hypotheses. Lisrel software was used to analyse and test the seven hypotheses created based on the research model. The results showed that career adaptability has a positive effect on job performance both directly and through the mediation of psychological availability. However, job crafting was found to have a negative effect on job performance. Furthermore, this research is expected to contribute to human resource literature, especially for policy makers and related parties to pay attention to aspects of career adaptability, which play a role in the process of shaping employee performance.

Corporate strategies in the context of implementing ESG principles

The article examines various aspects of the implementation of corporate strategies that integrate ESG principles. This agenda is becoming increasingly popular and important every year, which is why research into the impact of ESG principles on companies’ corporate strategies is quite relevant. The author emphasizes that in the corporate sector, responsible investing has influenced the way companies are valued, as investors begin to place greater importance on the non-financial results of companies based on ESG. Thus, the author concludes that sustainable development is experiencing a boom period, resulting in the emergence of policies and strategies that ensure corporate responsibility. This article has been prepared as part of an analysis of the various benefits that companies can achieve, as well as an examination of the possible challenges that arise in this regard. Investors, customers and regulators are increasingly paying attention to the social responsibility of business, which highlights the importance of ESG trends as it helps companies gain competitive advantage and long-term stability. The author provides current statistics obtained from rating agencies, which allows us to illustrate and substantiate the arguments presented. In addition, a SWOT analysis of corporate strategies with ESG integration was conducted, which allows assessing the strengths and weaknesses, as well as opportunities and threats of corporate strategies, which will help the company make informed decisions and develop effective strategies in the long term. Based on the research, the author also formulated the conclusion that the implementation of ESG principles in corporate strategies can become a key factor in the success of business development in the modern world.

Achieving High Performance in the Construction Industry: the Case of BAM DLP the Netherlands

The construction industry is a significant contributor to the economic development and performance of many countries. At the same time, this industry has long suffered from low productivity, poor project outcomes and disappointing results. The construction industry is therefore in need of a quality upgrade of construction companies so they will be able to achieve better organisational results. Based on a literature review into holistic evaluation and improvement techniques suitable for a systematic appraisal of the quality of construction companies and the subsequent improvement of this quality, the high performance organisation (HPO) framework was chosen for this purpose. It was applied on a construction company in the Netherlands, to evaluate whether the HPO Framework can yield an accurate picture of the current status of this company (i.e. how far along it was towards becoming an HPO) and whether it provides useful indications for improvement. Both were the case, and in fact the outcomes of the application of the framework indicated a high degree of alignment with financial and non-financial results of the case company. As such, the HPO Framework can be designated as a potential useful technique for other construction organisations, both in the Netherlands and in other countries, to help them in their quest for achievement of higher performance.

Financial and non–financial factors in companies’ adaptation process towards sustainability and sustainable business models

PURPOSE: The influence of environmental, social, and governance (ESG) factors on financial performance has been confirmed in the literature. The article aims to examine the relationship between financial and non-financial factors in enterprises and to indicate for which groups of enterprises the relationship of ESG and financial performance is most visible in the context of building sustainable business models and the ability to adapt to sustainability. The article assumes that enterprises’ financial and non-financial results determine their adaptability to sustainability, and there is a relationship between financial results, non-financial performance, and companies’ sustainable business models. METHODOLOGY: The analysis encompasses 11 EU countries in the period 2008–2020. The study analyzed 6,864 observations, that is, 96,096 data cells. The data are divided into two groups of variables: financial and non-financial. The research is based on clusters analysis and ANOVA. It was carried out in two stages. In the first step, enterprises were grouped into clusters according to the financial condition criterion, considering the enterprise’s size and sector and country in which it operates. In the next step, it was checked whether enterprises with good financial standing also achieve better non-financial results. FINDINGS: It was found that large enterprises achieve better financial results than small and medium-sized enterprises, even though they operate in the same location and sectors. It can be emphasized there are statistical differences between entities with relatively good financial conditions and those with relatively weaker financial conditions in the context of such values as gender employment gap, total population living in households considering that they suffer from noise, greenhouse gas emission, Corruption Perceptions Index. The companies with relatively better financial standing achieve a smaller gender employment gap (at the national level) than entities with relatively worse financial conditions. It is similar to referring to the greenhouse gas (GHG) level. IMPLICATIONS: The results of this study may be useful for managements of companies in developing strategies of transformation towards sustainability, thanks to the fact that they provide information on what factors should be taken into account in the transformation process. ORIGINALITY AND VALUE: The originality of this study lies in the fact that it takes into account both financial and non-financial factors and examines the relationships between these factors in the process of companies’ adaptation towards sustainability and sustainable business model.

CONCEPTUAL PROBLEMS OF IMPLEMENTATION STARTEGIC ACCOUNTING

We made proposals for the concept of using strategic accounting in organizations, in accordance with the implementation of management tasks and sustainable development of enterprises, including financial and non-financial results of business activities. It is also recommended to organize strategic accounting with a differentiated methodology for each business field, retaining the inclusion in the accounting system of key indicators for achieving managerial goals and intentions for sustainable business development.

What Impact Does Digital Marketing Tools have on the Financial Performance of Sri Lankan Listed Hotels?

Digital marketing platforms have recently played a crucial role in hotel marketing and customer interaction strategies. Hotel managers have understood that hotel customers today and future rely increasingly on digital media use. However, the adoption of digital marketing tools appears to be relatively low in listed hotels in Sri Lanka due to unfamiliarity with digital marketing and not being confident in investing in digital marketing tools in achieving the expected financial and non-financial results. A considerable number of research has been carried out throughout the world on digital marketing and business performance; however, a limited study has been conducted in Sri Lanka to evaluate the influence of digital marketing tools on listed hotels’ financial performance. This research fulfills the above gap by measuring the impact of digital marketing tools on the financial performance of Sri Lankan-listed hotels. The study population consists of thirty-seven (37) listed hotels in Colombo Stock Exchange, and the entire population was taken as the sample. The dependent variable used to study the financial performance is the Return on Equity. Digital marketing tools such as social media and mobile marketing are independent variables considered in this study. A self-administrated structured questionnaire was circulated to the marketing professionals. After analyzing the responses using correlation analysis and regression analysis, it was revealed that social media and mobile marketing have a significant positive impact on the hotel’s financial performance. The findings are useful in reducing ambiguity and confusion about financial and non-financial outcomes based on digital marketing tools.

PROJECT MANAGEMENT TOOLS AND TECHNIQUES AND SME PERFORMANCE: EMPIRICAL EVIDENCE IN THE CONTEXT OF DEVELOPING COUNTRIES

The goal of this article was twofold. The first objective was to investigate the diffusion and use of Project Management tools and techniques by manufacturing companies in an emerging economy, such as Argentina. The second objective was to assess the impact these instruments have on companies' financial and non-financial performance. The companies selected for the analysis have their registered office in the province of Buenos Aires. Overall, 172 manufacturing companies participated in the survey. The research used a quantitative analysis methodology, using a questionnaire for data collection. The influence of Project Management tools on the performance of companies (users and non-users) was assessed using a non-parametric approach. Regarding the first objective of the research, the results showed that SMEs use a limited set of Project management tools and techniques. However, most managers have shown a strong focus on such tools. About the second objective, the results highlight positive and statistically significant relationships between most PM tools and business performance, suggesting that PM users perform better than non-users. The results show that the scoreboard has a positive impact on the financial and non-financial results of manufacturing firms. Configuration management and cost estimation techniques result in the higher financial performance of user companies than non-user companies. Besides, users of integrated logistics support have significantly better financial and non-financial performance than other companies.Keywords: Project management, Performance, SME, Emerging EconomiesJEL Classifications: G32, M16, M21DOI: https://doi.org/10.32479/ijefi.11421

Food Values, Satisfaction, and Loyalty: Some Evidence in Grocery Retailing Acquired during the COVID-19 Pandemic

Recent evidence illuminates the importance of relatively new concepts in grocery retailing, such as the concept of food values. The present work aims at analyzing the influence of: (i) food values on key non-financial results, particularly satisfaction and loyalty; and (ii) satisfaction on loyalty. The paper makes a further delineation for both satisfaction and loyalty (i.e., with the product and with the grocery store), as well as considers the potential implications derived from the COVID-19 pandemic. With these objectives in mind, the paper distributed an online survey to the residents of Toledo (Spain) during April and May 2020 (a period characterized by a national lockdown, where grocery stores and essential business were open to the public). This effort produced 303 valid questionnaires and the resulting data were analyzed by using descriptive statistics alongside linear parametric regressions. The findings show how food values have a positive and significant influence on both types of satisfaction and loyalty; there is also a significant and positive influence of both types of satisfaction on both types of loyalty. Moreover, the results corroborate previous works about the most influential food values. These findings highlight the importance of considering food values in grocery retailing in order to achieve key non-financial benefits. The paper ends with a discussion of several interesting managerial guidelines, particularly in light of situations like the COVID-19 pandemic.

A Comparative Study on the Work-Life Balance Certification Systems of Korean Government

With COVID-19 Pandemic, workers' work-life balance is being reexamined as telecommuting expands in terms of “social distance” and “corporate risk” management. For this, a comparative study was conducted on the work-life balance certifications currently operated by the Korean government. The first is the “Family Friendly Certification (FFC)” by the Ministry of Gender Equality and Family, the “Work Innovative Incentive Certification (WIIC)” by the Ministry of Employment and Labor, and the third is the “Leisure Friendly Management Certification (LFMC)” by the Ministry of Culture, Sports and Tourism. In the comparative analysis, the government agency's policy data, statistics, press releases, website announcements, and public-private research reports were reviewed for empirical analysis. According to the analysis, the work and life balance certification of the Republic of Korea is related to low birth rates and aging policies such as shortening working hours, flexible work, and maternity protection. It also provides policy incentives for company to produce financial and non-financial results. It is meaningful that the findings of this study can help a lot of SMEs which are considering the adoption of the work-life balance system by providing the pros and cons of the currently existing certification systems. Moreover, this research would be a pioneering study because there is little comparative research on the various work-life balance certification systems.

Green brand as a marketing instrument: principle, features and parameters

In the paper, the authors analysed the approaches to define a green brand. Using the Google Trends, they proved that the terms 'green brand' is more appropriate than 'sustainable', 'environmental' or 'eco brand'. The purpose of the paper is to analyse the critical components of a green brand and its parameters to develop an effective promotion program. Authors developed an approach to estimate green brand which is based on Mark Fetcher model, content analysis and Fishbourne method. Authors analysed the green brand of three industrial companies. The findings proved that the main factors which influence the green brand are the company's transparency not only in financial but also in non-financial results. Thus, published by the companies on the regular basis the non-financial reports provoke the increase of trust among the leading company's stakeholders. It allows attracting additional financial recourses on the company's green development.

Analisis Kelayakan Usaha Produksi Tahu Sumedang (Studi Kasus Di Pabrik Tahu XY Kecamatan Conggeang)

Feasibility analysis of XY tofu production business is a factory that produces traditional food typical of the Sumedang district. This production utilizes the marketing sector and marketing location which is located near the sub-district traditional market. This study aims to analyze the business of tofu Sumedang in the XY tofu factory which includes non-financial aspects (Market aspects, marketing, engineering, management, legal, social and environmental), and financial aspects. Based on non-financial results hat the non-financial aspects affect the operation of the tofu XY production business. Based on the results of the calculation of financial aspects it is feasible to carry out the NVP value generated for 10 years Rp. 579,177,261 -, with production capacity per month producing tofu 216.000 seed and 6.806 kg tofu dregs per month. The IRR obtained is 0,41% where the IRR is more than 0%. Net B / C obtained is 2,92, this means, every Rp. 1 spent on running this business will generate net benefits of Rp.2,92. The payback period obtained is 2,63 years. The sensitivity analysis for this project shown an increase in operational / production costs of 10%, an increase in raw materials and additional materials by 20% and a decrease in selling prices by 10% which does not affect this business.Keywords: feasibility business, financial analysis, sensitivity analysis

Cooperation of enterprises in the functional area in the field of innovation

Purpose – The aim of the presented article is the assessment of the relationship between the intensity of cooperation in the field of innovation of small and medium-sized enterprises with other business entities and their location in the functional area. Research method – A review of the literature on determinants of cooperation in the field of innovation of small and medium-sized enterprises operating in the functional area was carried out. The second part of the article presents the results of empirical research conducted among 150 small and mediumsized companies operating in the Lodz-Warsaw functional area. The survey was carried out based on the interview method, using an anonymous questionnaire, with owners or co-owners of enterprises or their main managers.Results – Proximity of companies and other entities located in the functional area and the resulting cooperation in the field of innovation have a positive effect on financial and non-financial results obtained through cooperation. This indicates a dependence between cooperation and innovativeness of companies which are located in the functional area and have partners there. Originality / value – The analysis of the results of the conducted research confirms the assumption that the intensity of cooperation in the field of innovation of Polish small and medium-sized enterprises with other economic entities depends on their location in functional areas.

The Role of Knowledge Management for Industrial Safety Compliance

The paper investigates the role of knowledge management in safety compliance in the industrial sector. The article reveals that problems with safety compliance have a negative impact on the enterprises’ activity. It is emphasized that knowledge management, which has recently become a novel tendency in business, has a strong influence on the managerial activities of the enterprise. Different approaches to defining the concept of knowledge management are identified. The creation of knowledge management was supported by many political, social, economic, and technological factors, including a broader spread of information technologies systems in companies, communication opportunities in computer networks, the segmentation and specialization of skills, the mobility of the workforce, and intellectual assets as well as competitive problems in the business environment. The article represents and analyzes the most common and popular definitions of this concept. Safety compliance has a positive impact on the economic and non-economic activities of the enterprise. A systemic management approach to workplace safety and health in industries has been implemented for many years already. It was figured out that there is close relations between knowledge management and safety compliance. To be more specific the problems with safety compliance have a negative impact on the enterprises’ activity, so safety compliance should become the priority of the enterprises’ management. The article demonstrates what actions are needed for safety compliance applications and how they are connected with knowledge management steps. It was revealed that the positive impact of security measures (renewable employment, stable development of the enterprise, better ecological performance) are connected with enhanced financial and non-financial results of the enterprises’ activity and, as a result, with knowledge management. Keywords: knowledge management, safety compliance, sustainable development, safety, knowledge application, industry, safety training.

INNOVATION AS A DISTINGUISHING FEATURE IN THE MODEL OF FUNCTIONING OF A MODERN MANAGER

The present article shows how important is the role of innovations in companies, their impact on managing companies as well as how innovations affect companies’ competitiveness in the market. The choice of the topic was influenced, to a large extent, by the author’s interests and insights that determine management innovations in contemporary enterprises. The aim of the article is to show steps must be undertaken to implement management innovations in managerial staff. The main intention is to describe the level of innovation of managerial staff, measured by implementation of management innovations in modern enterprises. The theoretical part of the article describes managerial staff, i.e. factors shaping the level of innovation, features and tasks of managers. In the empirical part of the work the author presents the results of the research on correlations between the level of innovation in the area of management and the features affecting the environment. There are no significant relationships between characteristics of managerial staff and the intensity of management innovations. These relationships concern age, seniority in managerial positions and education. The statistical analysis also did not demonstrate any significant correlations between company’s components such as the type of activity carried out, capital structure, age and size of an enterprise. The research has shown that implementation of innovations in the area of management and their direct relationship with management styles is an important phenomenon for the functioning of enterprises. Relationships in the level of innovation as well as the impact of external and internal factors on innovations implemented in enterprises have been studied. The methods and techniques that can be applied to study the level of innovations are described. The author presents the assessment of innovation in the area of management as a factor influencing the development and financial and non-financial results of an enterprise. Then the author does research concerning identification of the level of innovation in the surveyed enterprises. An important source of information on management innovations in the surveyed enterprises are direct interviews in enterprises of production, service and trade profiles in the municipality and the town of Ostróda.

Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe

Both UN Agenda 2030 and the Directive n. 2014/95/EU have recently promoted a marked improvement in sustainability disclosure, especially for larger companies or groups. Starting from this premise, we carried out an original study on the financial materiality of the E-S-G (environmental, social and governance) information of primary companies listed on major European indices in Belgium, France, Germany, Italy and Spain (BEL, CAC, DAX, FTSE-MIB, IBEX). Within the Stakeholder Theory and the Corporate Social Responsibility (CSR)–Corporate Social Perfomance (CSP) framework, our empirical analysis examined the impact of non-financial results (assessed through sustainability indicators) on economic (financial and market) performance in the timespan 2014–2017. We propose a different approach from previous studies, based on a PLS (Partial least squares)/SEM (Structural equation modeling) methodology together with the unprecedented consideration of “ESG” measures (Environmental, Social and Governance), either absolute (scores) or relative (extra-performance over industry sector). We find that, despite the absolute level of the individual ESG scores not being impactful, the “distance” from the industry average–normal figures (excess or abnormal ESG performance) is positively relevant, collaterally revisiting the notion of competitive advantage in sustainability terms. Corporate size is shown to be a significant background factor (as slack resources proxy). Social, environmental and governance responsibility (to all stakeholders) appear to be important as a competitive factor of the modern firm.

An exploratory study of the results of the implementation of EFQM in private Spanish firms

PurposeThe implementation of business excellence models is becoming a key competitive priority for companies, but the type of results they obtain by implementing such models and the importance of such results remain open issues. The purpose of this paper is to clarify the results obtained by companies that implement the European Foundation for Quality Management (EFQM) excellence model, with a focus on their importance and nature.Design/methodology/approachAn empirical study was conducted in 68 Spanish firms that were immersed in the process of implementing EFQM. The methodology consists of a descriptive analysis and factor analysis in order to determine which groups of results are the most important. Finally, clusters of firms are analyzed to establish their profile in relation to these groups, using cluster analysis.FindingsThis study shows that the main results of the implementation of EFQM are an improvement in the external image of the company and an increased efficiency of internal processes. In addition, the results can be grouped into internal results, human resources results and economic results, with the first group being the most important. Finally, the results show that there are three groups of firms, categorized according to their results orientation: highly results-oriented, moderately results-oriented and minimally results-oriented.Practical implicationsCompanies are in a better position to anticipate and solve the problems that may arise during the implementation process if they understand the results of the implementation of EFQM, along with the motivations for and barriers to the implementation. Also, this research shows that the bodies promoting and motivating quality should make a special effort to emphasize the importance of non-financial results in companies that implement EFQM.Originality/valueThis paper extends the knowledge in the field of business excellence models by developing an instrument to measure implementation results from the perspective of quality managers who were specifically appointed to lead the implementation of the EFQM excellence model in companies.