Anali BR 33 2015

CIP -
378.633(497.113 Subotica)
330
ANALI Ekonomskog fakulteta u Subotici = The Annals of the Faculty of Economics Subotica /
glavni i odgovorni urednik eri Petkovi. 1965, 1 1976, 6 ; 1981, 7 ; 1996, 1 . Subotica :
Ekonomski fakultet, 1965-1976; 1981; 1996. 24 cm
Dva puta godinje.

ISSN 03502120
COBISS.SRID 16206850

33
, 2015.
:
Journal:
The Annals of the Faculty of Economics Subotica
Vol. 51, 33/2015, ISSN: 0350-2120, UDK 330
: , - dean
For Publisher: vunjakn@ef.uns.ac.rs
: , - editor in chief
Editorial Office: agrubor@ef.uns.ac.rs
,
ivancevicj@ef.uns.ac.rs
,
milicevic.nikola@ef.uns.ac.rs
: , ,
Editorial Board: , ,
, ,
, ,
, ,
, ,
, University of Southern Queensland, Faculty of Business and Law, Australia
Jnos Honvri, Szchnyi Istvn University, Kautz Gyula Faculty of Economics, Hungary
, , ,
,
Nils-Henrik M. von der Fehr, University of Oslo, Faculty of Social Sciences, Norway
Slavica Roeska, University St. Kliment Ohridski, The Faculty of Economics Prilep,
Macedonia
: , ,
Advisory Board: , ,
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, ,

, ,
, ,

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Adl Andrssy, University of West Hungary, Faculty of Economics, Sopron, Hungary
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,
, , ,

gnes Hofmeister Tth, Corvinus University of Budapest, Faculty of Business
Administration, Budapest, Hungary
Mikls Losoncz, Szchenyi Istvn University, Kautz Gyula Faculty of Economics, Hungary
Valentin Munteanu, West University Timisoara, Faculty of Economics and
Business administration, Romania
Gbor Rappai, University of Pcs, Faculty of Business and Economics, Pcs, Hungary
Vladimr Surov, University of Economics in Bratislava, Faculty of Business Informatics,
Slovakia
, ,
, ,
Gordana Trajkovska, University St. Kliment Ohridski, The Faculty of Economics Prilep,
Macedonia
, ,
, ,
, ,
, ,
Jovan Stojanoski, University St. Kliment Ohridski, Faculty of Tourism and Hospitality,
Macedonia
. , Economics Faculty, State University F.M. Dostojevsky, Omsk,
Russian Federation
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Technical Board: , ,
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Language lector: -

:
Publisher:
http://www.ef.uns.ac.rs
: -
Technical realization:
:

Front cover:
:
100
Issue:
:
"" ...
Press:
ISSN: 0350-2120
. 651-576/96-03
:
Editorial Office: 9-11, 24000
: 024/628-000
CIP -
,
378.633(497.113 Subotica)
330
ANALI Ekonomskog fakulteta u Subotici = The Annals of the Faculty of Economics Subotica /
glavni i odgovorni urednik eri Petkovi. 1965, 1 1976, 6 ; 1981, 7 ; 1996, 1 . Subotica :
Ekonomski fakultet, 1965-1976; 1981; 1996. 24 cm
Dva puta godinje.

ISSN 03502120
/ Contents
/ Review articles

,

-
The concept of sustainable development and the possibility of evaluating natural capital
theoretical determination 003-018

New transition for sustainable development and convergence towards the EU 019-026
,

Sustainability of economic development of the Brcko district in times of globalization 027-039
Roman G. Smelik
Development strategy of the Russian economy in conditions of economic
sanctions
041-048

?
How to understand the European Union 049-060
, ,
-

he competitiveness of the Serbian agri-food products on the market of countries in the region 061-078
Robert Dobo
Marketing of consistency: communicating with the masses
: 079-092
VIII / The Annals of the Faculty of Economics in Subotica
, Jozsef Poor
The position of HRM departmant and HR managers at the local subsidiaries
of MNCS in the CEE countries

- 093-104
Tatiana Stuken, Tatiana Lapina

Training motivation of young workers in the workplace
105-114
, ,

115-127
,

Management of professional football clubs 129-146
Alexander Miller
Cluster development strategy of the industrial sector of the Russian economy
147-157

-
Business ethics - challenge for management 159-176
, , -
Management of a sustainable business model
177-191
,

Innovations and competitive advantage 193-202

Theoretical analysis of the monetary policy in the European Monetary Union 203-216

The importance of foreign direct investment in function of
sustainable development 217-235
/ Co n t e n t s IX
,

The monetary policy and cheap money 237-245
, ,

Problems and alternative insurance agricultural production in Serbia 247-264
, ,

Development strategy and sustainability of credit loans of the banking sector in Serbia 265-279
,

Strategic planning of corporate performance of the bank 281-293
Juraj Pekr, Ivan Brezina, Zuzana ikov

Concentration trends on the Slovak insurance market
295-307
-, ,

The role of performance measurement in the development strategy of corporate entities 309-328
, ,

Financial restructuring of companies in transitional economies 329-344
Jitka Meluchov, Katarna Mzikov, Martina Mateov

New capital requirements for financial institutions in the European Union
345-359
,

The multichannel strategies in terms of internationalization of retailers 361-371
X / The Annals of the Faculty of Economics in Subotica
/ Professional articles

,

ssumptions to networking of institutions and encouraging innovative activities in Vojvodina 375-388
, ,

Knowledge as a factor of survival and competitiveness in modern business 389-400
, ,
:
Share repurchase in Serbia: motives and effects 401-414

Scope and structure of evasion in republic of Serbia 415-427
/ Technical instructions for

paper formatting 429

Review articles
UDC 502.131.1 , Vol. 51, 33/2015, . 003-018
: 12.03.2015.
330.1 : 26.03.2015.

The concept of sustainable development and the possibility
of evaluating natural capital theoretical determination

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Abstract: Objective of this paper is theoretical analysis of the concept of sustainable development. Accordingly,
the paper points out the different possible approaches to the concept, as well as opposition and interdependence
of economics and ecology in modern conditions. Sustainable development implies adequate methodological
procedures of evaluation of natural capital, and its theoretical determination. It includes a supplement or
overcoming the conventional theoretical positions that natural resources are treated as available resources and
analyze them exclusively with the factors of economic productivity. Scientific instrumentation applicable for
achieving the goals of this research is the analysis method, historical method and the method of logical analysis.
A key finding of the research is the conclusion that nature cannot be adequately treated with neoclassical
economic theory. However, that does not mean its economic treatment and evaluation is not possible.
Keywords: sustainable development, natural capital, valuation methods, indicators of sustainable development,
externalities.
1.
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ntrivic@ef.uns.ac.rs
viktorija.ptrov@ef.uns.ac.rs
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, . (2011).
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, Vol. 51, 33/2015, . 003-018

18 ,
(1994). : .
Green National Accounts (1995). Policy Uses and Empirical Empirical Experience.
World Bank, Environmental Economics Series.
Human Development Report (1992).
Krutilla, J., Fisher, A. (1975). The Economics of Natural Environments. Baltimore:
John Hopkins University Press.
, ., , . , . (2012). . :
.
Pearce, D., Turner, K. (1989). Economics of Natural Resources and Environment.
London: Simon & Schuster.
Pearce, D., Markandy, A. and Barbier, E. (1990). Blueprit for a Green Economy.
London: Eartscan Publications Ltd.
Pearman, R., Ma, Y., McGilvray, J. and Common M. (2003). Natural Resource and
Environmental Economics. London: Pearson Education.
, . (2009).
. : , 4.
Tietenberg, T. (2003). Environmental and Natural Resource Economics. (Sixth
Edition). Canada: Addison Wesley.
, . (2006). . , 16.
Wonnacott, P., Wonnacott, R. (1982). Problems of the Environment: Pollution and
Congestion. McGraw Hill International Book Company.
Working Group (1995). Environment for Europe. Sofija.
:
http://www.eko.vojvodina.gov.rs/
http://www.tehnologijahrane.com/knjiga/ekologija-i-odrzivi-razvoj
https://nsorcg.wordpress.com/odrzivi-razvoj/
http://www.kor.gov.me/vijesti/101349/Indikatori-odrzivog-razvoja.html#
Resume
Current ecologically developmental problems represent a genuine problem and
civilization challenge. Environmental issues and natural balance gained planetary
character. Economic theory had to accept ecological arguments and natural
developmental factors as key economic features. Problems of nature endanger and
environment destruction gained significance as external costs, while natural capital
has new operational connotation. Valuing natural potential and ecological resources
had so far national character. However, all countries should be obliged to harmonize
their development with the principles of healthy life and environment protection.
, Vol. 51, 33/2015, . 003-018

UDC 316.334.2/.4(4-672EU) , Vol. 51, 33/2015, . 019-026
502.131.1(4-672EU) : 06.09.2014.
: 29.12.2014.

New transition for sustainable development and
convergence towards the EU

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Abstract: Developed societies of the European areas are passing through very dynamic processes and
transformations. The new normal state means that governments lose control of national economies, recession
lasting, unemployment, investments, production, consumption, etc. The list of challenges and priorities is
constantly increasing being redefined. How to become and remain a very competent society in the conditions of
inherited and current (hardly controlled) production of inequality? To survive, the European Union has to change.
It means that, besides the process of federalization, monetary, fiscal and banking union, it has to accept
redistribution of part of GDP on behalf of poor countries.
How much are economic policies, i.e. the governments of less developed European countries to blame for their
position and how to surpass the current state and fit into developmental environment? The syndrome of
catching up to others or the problem convergence is not only the problem of an undeveloped country, but it is
impossible to solve without some aid of foreign resources, mechanisms and actors.
The work considers the agony of transition of the society that has been in the long-lasting chronic crisis, with a
row of gathered weaknesses of the economy and institutional sphere, and which must find the way out for a
lasting sustainable growth and development.
Keywords: new transition, convergence, competitiveness, investments, education.
dana@eunet.rs
20

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, Vol. 51, 33/2015, . 019-026

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24

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, ., , . (2011). Family, Social Networks and Gender

Inequalities at the Labour Market in Serbia. Montenegrin Journal of Economics, 7(2),
6572.
, Vol. 51, 33/2015, . 019-026

26
, ., , . (2014). Good targets, out of sight. Social Watch

(poverty eradication and gender justice). 20. 2014
http://www.socialwatch.org/node/15986.
, . (2012). Does Serbia need a new transition. Montenegrin Journal of
Economics, 8(3), 3746.
, . (2008). .
, 19, 2328.
, . (2006). .
, 16, 5764.
, . (2013). .
, 49(30), 310.
, ., , . (2012). .
, 48(28), 1327.
, ., , . (2013). :
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, . (2012). www.pescanik.net/2012/03/ - /
Resume
The paper deals with the development problems of Serbian transition and lack of social
orientation is taken as a base for concluding about the necessity of establishing the
conditions for one more discontinuity in relation to current practice. In order to
establish matrix for necessary development of a healthy society, it is necessary to leave
the existing model and create ways and mechanisms for achieving the New transition.
The only right way of economic and social development is the one that will meet the
interests of the majority and contribute to increasing the quality of peoples life.
Transformation is necessary both because of a sustainable development and integration
in the reference framework-EU, which has for years taken as a political slogan, without
acting effects.
, Vol. 51, 33/2015, . 019-026

UDC 339.9:338.1(497.6 Brko) , Vol. 51, 33/2015, . 027-039
: 24.03.2015.
: 24.04.2015.
Sustainability of economic development of the Brcko

district in times of globalization

,
, ,

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Abstract: The achieved level of the process of regional correlation, association and development in the world
has accelerated the establishment and development of the process of globalization. It can rightly be stated that
globalization is the final degree of integration of market around the world. Globalization denotes a new dynamic
complex which manifests itself not only through competition, but through the support to economic growth and
development of every economic system. Globalization mainly takes place through economic, political and
cultural processes, regarding the basic elements such as: free trade area, customs union, economic union,
political and cultural cooperation. Therefore, every national economy (economic system) should take part in
global changes and various challenges of global economy. Bosnia and Herzegovina, as a country with three
legal and economic systems (the Federation of Bosnia and Herzegovina, Republic of Srpska and the Brcko
District) is an inseparable element of this process which makes it part of global economic, social and ecologic
changes. In comparison with the other two entities and global environment and using the comparative analysis of
the indicators of economic development of the Brcko District, we have tried to determine the impact of global
vitomir@gmail.com
subotics@telrad.net
28 ,
business and fiscal environment on sustainability of economic development of this system. In this regard, the
goal of this paper is to establish the degree to which the Brcko District is ready to meet the demands of global
economic trends and to adjust itself to the global market changes.
Keywords: globalization, Brcko District BiH, business environment, fiscal environment.

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, Vol. 51, 33/2015, . 027-039

29

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2009. 2010. 2011. 2012. 2013.
15.516.059 15.992.063 16.489.083 16.554.140 16.913.721
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, Vol. 51, 33/2015, . 027-039

30 ,
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3. ( 000 )
2009. 2010. 2011. 2012. 2013.
3.868.752 4.731.883 5.421.552 5.284.525 5.533.143
8.201.929 8.898.295 10.171.941 9.972.635 9.832.197
/ 44,95% 53,18% 53,30% 52,63% 56,28%

1.672.915 2.177.809 2.560.808 2.374.737 2.604.090
3.567.879 4.053.084 4.577.526 4.487.548 4.557.635
/ 46,9% 53,7% 55,9% 52,9% 57,1%

120.957 172.958 222.845 216.845 222.168
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/ 39,29% 43,22% 47,10% 45,50% 46,38%

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4. ( 000 )
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3.008.982 2.776.648 2.869.965 2.885.006 3.080.581
1.551.808 1.446.629 1.359.836 1.622.047 1.546.014
109.594 58.095 58.048 38.621 42.136
: , ,

, Vol. 51, 33/2015, . 027-039

31

2. 4
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, Vol. 51, 33/2015, . 027-039

32 ,
6. ( 2012 = 100)
2009. 2010. 2011. 2012. 2013.
437.501 438.949 440.747 437.331 435.113
100,0 100,4 100,8 100,0 99,5
258.634 244.453 238.956 238.178 238.640
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2012,
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347.164 360.512 367.515 377.957 388.704
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, Vol. 51, 33/2015, . 027-039

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: World bank group. Doing business 2013, 2014, 2015
, Vol. 51, 33/2015, . 027-039

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, Vol. 51, 33/2015, . 027-039

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World Bank (2015). Doing business. 10. 2014. :
https://openknowledge.worldbank.org/
Resume
The countries in transition, including Bosnia and Herzegovina, are directly or indirectly
involved into the global world flows, which require the principles of economic, social
and ecological sustainability to be considered. Bosnia and Herzegovina, as well as
Brko District as its constituent part, is marked by a very complex and complicated
business environment. As for its business facility Bosnia and Herzegovina is far below
all other countries of south-east Europe and has the lowest standing in comparison with
other countries of the western Balkans. In Bosnia and Herzegovina and Brko District
there is a big share of indirect taxes when compared to direct ones in the structure of
the public income resources and the ratio is 90:10. Bosnia and Herzegovina is the only
country in the region with the uniform rate of VAT (17%). Due to the weaknesses of
the key institutions the application of law is often weak as well. The existing business,
fiscal and legal environment does not enable Brko District BiH to be consistent in its
economic development and successful in its involvement in the global economic flows.
, Vol. 51, 33/2015, . 027-039

UDC 005.21:330.34:341.655(470+571) , Vol. 51, 33/2015, . 041-048
: 25.03.2015.
: 24.04.2015.
Development strategy of the Russian

economy in conditions of economic
sanctions

Roman G. Smelik
The Economic faculty of Omsk state University, named after F. M. Dostoevsky
Omsk, Russia
:

, - , ,
.
: , , .
Abstract: Development strategy of the Russian economy before the imposition of economic sanctions by the
European Union and the United States and the introduction of anti-sanction response measures by Russia were
both aimed at achieving sustainable economic growth, addressing a range of socio-economic problems and,
ultimately, improving the standard of living of the population.
Keywords: strategy, Russian economy, development.
1. Development strategy before the sanctions
Development strategy of the Russian economy before the imposition of economic
sanctions by the European Union and the United States and the introduction of anti-
sanction response measures by Russia were aimed at achieving sustainable economic
growth, addressing a range of socio-economic problems and, ultimately, improving the
standard of living of the population.
Russia's accession to the World Trade Organization (WTO) - the event our
country sought to reach for 10 years - contributed to the achievement of this goal. As a
result, foreign direct investment in 2013 increased by almost 40%.
In a relatively quiet period, before the sanctions' imposition, macroeconomic
forecast for 2015 in the Russian economy was based on the following indicators:
growth of gross domestic product (GDP) - 1.2%;
inflation rate - 5.5%;
Smelik@eco.univer.omsk.su
42 Roman G. Smelik
US dollar to Russian ruble rate - 37.7 rubles;

oil price - $ 96 per barrel;
reserve fund - 5.4 trillion rubles.
During 2014 Russian economy was exposed to a number of factors which
caused the need for a serious correction of the development strategy.
2. Reasons for the change of strategy
The reasons for the change of the development strategy of the Russian economy can be
grouped into two areas (Fig. 1). There are foreign policy and foreign economic reasons.
Reasons for the strategy change
Foreign policy reasons
Foreign economic reasons
Fall in the world prices for hydrocarbons

Anti-sanction measures
Economic sanctions
Figure 1. Reasons for the strategy change
Let's consider the reasons in more detail. We will leave the political nature of
the anti-Russian economic sanctions to the politicians. In economic terms, the essence
of US and EU sanctions is reduced to a series of measures aimed at undermining the
economic development of Russia. The main measures are the following:
Prohibition for a number of Russian citizens to enter the United States and the
EU, and freezing of their foreign assets;
Limitation of economic ties of several large Russian companies with their foreign
partners;
Restrictions and prohibitions on foreign credit resources;
Significant reduction of foreign investment;
Significant reduction of production by foreign companies on the territory of the
Russian Federation;
Disabling Russian banks from international bank payment systems;
Downgrade of the credit rating of large Russian companies and the Russian
economy in general.
, Vol. 51, 33/2015, . 041-048

Development strategy of the Russian economy
43
in conditions of economic sanctions
Measures introduced by the Russian side as a response to the sanctions are

connected with a significant reduction and even prohibition of entry of a wide range of
industrial and agricultural products into the territory of the Russian Federation. Thus,
an appropriate economic question arises.
What are the consequences of such foreign political factors' influence?
According to the official data of the Ministry of Finance of the Russian
Federation, due to the sanctions Russian economy losses are estimated at 40 billion
dollars a year.
The losses of the European economy are estimated: in 2014 - at about 40 billion
euros, the forecast for 2015 is about 50 billion euros.
We can state the following fact as a typical example: for 2014 the decline of
German exports to Russia was about 20%, in monetary terms it's about 8 billion euros.
All these figures prove a complete lack of economic benefits from the sanctions
and anti-sanctions once again. By the way, Serbia which did not support sanctions can
serve as a good example. Agricultural exports from Serbia to Russia have doubled in
2014.
We can make the following assessments regarding the fall in the world price of
hydrocarbons by more than 2 times. According to Russian experts, the loss of the
Russian economy due to the reduction of world oil prices is about 100 billion dollars
per year. If we consider that about 60% in the structure of Russian exports account for
oil and gas, we will understand that this loss is rather significant.
Thus, in early 2015 the government of the Russian Federation made significant
changes in the development strategy of the Russian economy. What is the economic
nature of these changes? (Fig. 2).
, Vol. 51, 33/2015, . 041-048

44 Roman G. Smelik
New strategy of the economic development of the Russian Federation
New measures for strategic goals achievement

Adjusted strategic objectives
"New reality" macroeconomic forecast in the Russian Federation
Figure 2. Changes in the strategy of economic development of the Russian Federation
Firstly, the developed strategy is based on the macroeconomic forecast of the

Ministry of Economic Development for 2015. Its code name is "new reality". This
forecast implies:
decline of the gross domestic product (GDP) - 3%;
rate of inflation - 12%;
real wages fall - 9%;
oil price - $ 50 per barrel.
For comparison it should be noted that in the crisis year of 2009 the fall in GDP
was 7.8%.
Secondly, the strategic goals of sustainable economic development and social
stability have been adjusted. The main objectives for 2015 - 2016 are as follows:
1. Structural changes in the Russian economy.
2. Stabilization of work of systemically important organizations in key industries.
3. Achievement of balance in the labour market.
4. Inflation reduction.
5. Mitigation of the impact of rising prices for socially important goods and
services for families with low incomes.
6. Achievement of positive growth and macroeconomic stability in the medium
term.
Thirdly, the measures for achieving strategic goals are formulated clearly. The
key ones are as follows (Fig. 3):
, Vol. 51, 33/2015, . 041-048

45
Key measures for achieving strategic goals
Import substitution
Targeted investments
Effective employment
Business development
Banking system stability
Fulfillment of public obligations
Support of certain categories of citizens
Figure 3. Measures for achieving strategic goals
1. Import substitution and export support for a wide range of non-resources

products, including high-tech ones.
2. Promotion of small and medium-sized businesses by reducing the financial
and administrative costs.
3. Creating opportunities for attracting current investment resources at affordable
costs in the most important sectors of the economy, including the
implementation of the state defense order.
4. Compensation of additional inflation costs to the most vulnerable categories of
the population (pensioners, families with several children).
5. Tension reduction in the labour market and effective employment support.
6. Optimization of budget expenditures due to the identification and reduction of
inefficient costs, concentration of resources on priority development areas and
fulfillment of public obligations.
7. Enhancing the stability of the banking system and creating a mechanism for
the resolution of troubled systemically important institutions.
The limited time of the report does not allow to reveal all the tools of this
strategy implementation. In this regard, let me focus on the most important ones.
In 2015, the majority of the federal budget expense categories are reduced by
10% due to the inefficient costs. At the same time social nature obligations are fully
performed. In addition, the costs connected with national defense, agricultural support
and fulfillment of international obligations by the Russian Federation are not reduced.
Russian defense spending for 2015 is 3.28 trillion rubles, which is 4.2% of gross
domestic product. 200 billion rubles will be spent on the support of the agricultural
sector in 2015. Investment budget resources are concentrated on the completion of
previously started projects while the implementation of new projects is temporarily put
off. The costs aimed at the functioning of public authorities are reduced. Annual cost
, Vol. 51, 33/2015, . 041-048

46 Roman G. Smelik
reduction of the budget expenses by at least 5 percent is expected over the next three
years.
Gradual stabilization of the world raw material market and the measures taken
by the Bank of Russia will help to normalize the situation in the foreign exchange
market and create conditions for a significant reduction of nominal interest rates and
increase of lending availability.
The actions of the Central Bank of the Russian Federation in the difficult
economic conditions established by the end of 2014 require a separate explanation. The
fall in oil prices in the world market resulted in the decrease of the ruble exchange rate,
there was a powerful speculative demand in the domestic market. In this situation, the
Central Bank made decisions which had not been previously used in Russia. In
December 2014 the Central Bank refused direct foreign exchange interventions on the
foreign exchange market and moved to a floating exchange rate of the ruble, i.e. to the
market exchange rate. The key bank rate was increased from 8% to 17%
simultaneously. These measures have helped to balance the foreign exchange market,
stop the panic and stabilize the ruble rate. Moreover, now we can see the circumstances
for the gradual lowering of the key lending rate. The Central Bank aims at reducing the
inflation to 4% by 2017.
The Russian government has identified a number of systemically important
organizations which will receive a direct financial support from the reserve fund.
Companies of petrochemical industry, machinery, metallurgy and military-industrial
complex are included in this list. Large infrastructure projects that require financial
support have been identified. 45 state programs that require budgetary financing have
been also actualized. In addition, funds for the support of the banking sector have been
identified. The total amount of funds which will be spent on the implementation of the
anti-crisis plan for two years turns out to be $ 2 trillion rubles. It equals to over 30
billion euros at the current exchange rate. Since the 1st of February 2015 pensions have
been indexed by 11.4%. 50 billion rubles are allocated to fight against unemployment
in 2015.
3. Expected results
Implementation of the development strategy of the Russian economy implies the
achievement of certain results in the medium term.
The main results are the following:
reduction of inflation rate to 4% in 2017;
stop the GDP fall and ensure its growth at the level of 1%.
The reality of the proposed strategy implementation is based on two main
factors.
, Vol. 51, 33/2015, . 041-048

47
Firstly, the public debt of the Russian Federation at the moment is less than 20%
of our gross domestic product.
Secondly, the ongoing development of the Russian economy in recent years has
created substantial reserves, the so-called "safety cushion". Foreign exchange reserves
of the Central Bank of the Russian Federation amounted to about 400 billion dollars at
the beginning of 2015. Moreover, the reserve fund of the Russian Government is 5
trillion 865 billion rubles. The National welfare fund is estimated at 4 trillion 388
billion rubles. Some of its funds are placed in financial instruments, including debt
obligations of Ukraine in the amount of 169 billion rubles, which is about 3 billion
dollars. These obligations reach their maturity in December 2015.
In conclusion, it is necessary to pay attention to the following facts. Russian
economy is experiencing hard times. Implementation of the proposed strategy of the
economic development will give an opportunity to overcome the crisis situation, even
in conditions of economic sanctions. However, in terms of mutually beneficial
economic cooperation between Russia and the EU countries, overcoming the
consequences of the global economic crisis for all countries would be much more
efficient.
References
Answers to the questions of the journalist Solovyov V. given by the President of the
Russian Federation Putin V.V., 24.02.2015
Interview with the Finance Minister of the Russian Federation Siluanov A. G. with
Bloomberg agency, November 14, 2014.
Interview of the Chairman of the Government of the Russian Federation Medvedev
D.A. with the Russian TV channels, 10 December 2014.
Interview of the head of the Bank of Russia Nabiullina E. with RIA Novosti/Prime,
09.02.2015
Materials of the selector meeting of the Russian defense Minister Shoigu S.K. with the
leadership of the Armed Forces, 13.01.2015.
The proceedings of the meeting of the Chairman of the Government of the Russian
Federation Medvedev D.A. on the forecast of socio-economic development of Russia,
11.02.2015
The proceedings of the Meeting of the President of the Russian Federation Putin V.V.
on the economic issues, 03.02.2015
The decree of the Government of the Russian Federation dated from 27 January 2015
No. 98-R. Plan of priority actions for the sustainable development of the economy and
social stability in 2015.
, Vol. 51, 33/2015, . 041-048

48 Roman G. Smelik
Resume
The paper focuses on Russian economic policy in different stages of this state
development but especially after imposing sanctions by the European Union and the
United States of America. The paper considers the effects of these sanctions and the
proposed goals of the Russian state in order to minimize their negative effects. Apart
from presenting the results of such domestic economic policy and its potential futire
effects, the author suggests that in terms of mutually beneficial economic cooperation
between Russia and the EU countries, overcoming the consequences of the global
economic crisis for all countries would be much more efficient.
, Vol. 51, 33/2015, . 041-048

UDC 337.7(4-672EU) , Vol. 51, 33/2015, . 049-060
: 02.06.2015.
: 10.06.2015.

How to understand the European Union

,
: . ,
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.
Abstract: The EU has reached a significant level of integration. This is illustrated by creating the single market,
the space without limits as a wider notion as compared to the single market, introduction of four freedoms,
common policies, functioning of the EMU. The constant dynamics of its internal integration provided strong
impulses to its opening and facing international competition, thus building its position in the global economic
world.
However, despite of it, the Europeans have kept an ambivalent position towards the EU, emphasizing that it is an
unfinished edifice, that its extension happened too early and is far-fetched. It is unlikely that in Europe of
Circles without common Constitution, own defence and foreign policy could exist a power that would manage to
maintain such circles. Truly speaking, other see that the soul of the Europeans will not and could not be
strengthened only by free market purchases and sales on the single market, constitutional and human rights.
They point up that the creators of the EU have thought that their construction of a supranational state implies
also the right to specificity, awareness of national belonging and collective memory. Therefore, they do not give
up the position that the original members, the hard core of the European Circles, should be the avant-garde
and dynamic power that will be in service of such Europe.
Keywords: European Union, European Monetary Union, preferential relation, liberalisation, multifunctionality in
agriculture.
. (13501550).
, ,
,
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jelenasbuha@gmail.com
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, Vol. 51, 33/2015, . 049-060

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, Vol. 51, 33/2015, . 049-060

59
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Baldwin, R., Wyplosz, Ch. (2010). Ekonomija evropskih integracija, Novi Sad: SP
Print.
Grauwe, P. (2007). The Economics of Monetary Union, Oxford: Oxford University
Press.
Hoekman, B., Kostecki, M. (2001). The political Economy of the World Trading
System: The WTO and Beyond, Oxford: Oxford University Press.
Ledent, A., Burny P. (2002). La politique agricole commune, Les presses
agronomiques Gembloux, Gembloux (Belgique): A. S. B. L..
Mah, L. P., Ortalo-Magn, F. (2001). Politique agricole: un modl europen, Paris:
Presses de Sciences PO.
Maillet P., Rollet, P. (1984). Integration Economique Europeenne, Paris.
McCornick, J. (2010). Razumjeti Evropsku uniju, za hrvatsko izdanje MATE D.O.O.
Moscovici, P. (2001). L Europe, une puissance dans la mondialisation, Paris: Editions
du Seuil.
Panagariya, A. (2002). EU preferential trade policies ad developing contries, World
Economy.
, . (2007). ,
.
, . (1989). , : .
Touleman, R. (2007). Aimer l Europe, Paris: Lignes de Reperes.
, Vol. 51, 33/2015, . 049-060

60
Resume
Does this exposure shows that the concept of the European unity (uniting of Europe)
has not been successful enough, that the fear of losing national sovereignty is justified,
as well as the fear of creation of new authorities. Did its extension come too soon,
and was it even too expanded, due to which the outcomes of the common policies
were not always welcomed with enthusiasm? Although it is difficult to provide a
precise answer, the benefits of the united Europe are undeniable. This is, in the first
instance, supported by the benefits derived from the single market. The introduced
four freedoms gained support by implementing the single currency. All this provided
to the EU a significant position and influence in international economic and monetary
relations. The common policies (agricultural, regional) helped farmers to become more
productive, while the industrial policy enabled to benefit from synergies it provides.
The common trade policy created a network of bilateral preferential relations. The
trans-European networks were also developed. In constant dynamics of internal
integration, the EU received strong impulses to opening and facing international
competition, building its positions in global economic relations.
, Vol. 51, 33/2015, . 049-060

UDC 338.439(497.11):339.137(4-192.2) , Vol. 51, 33/2015, . 061-078
: 19.03.2015.
: 22.04.2015.
-

The competitiveness of the Serbian agri-food products on
the market of countries in the region

,

,

,
:
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Abstract: In the last decade trade agreement between Serbia and the countries of the CEFTA had the effect on
increasing exports of the agri-food products in the countries of the region. On the other hand surplus in foreign
trade with these countries has increased as well. Due to the extremely high share of exports of agri-food
products in total export of Serbia to the market of the region, this paper analyzes the structure of export, the
geographical allocation of export, as well as the competitiveness of the agri-food products in the countries of
region. he comparative advantage of agri-food products in the countries of the region is calculated by Balasa
index of comparative advantage and by Grubel-Lloyds index of specialization in international trade. Using these
indices more competitive agri-food products and markets, as well as potentials for further improvement of the
competitiveness of the agri-food products in Serbia have been identified.
Keywords: agri-food products, international trade, CEFTA.
birovljevj@ef.uns.ac.rs
bojan.matkovski@ef.uns.ac.rs
biljanas@ef.uns.ac.rs
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Agricultural Economists, Faculty of Economics in Subotica, 299310.
Resume
This paper presents a short overview of the effects of trade liberalization between
Serbia and countries in the region (CEFTA) on Serbian agri-food exports. The main
aims of this paper are analyses of importance and growth of overall agri-food export
and net-export with countries in the region, as well as trade competitiveness of Serbian
agri-food trade related to its most important countries in region. This paper uses
revealed comparative advantage (RCA) index and Grubel-Lloyds index (GLIIT) to
indicate sectors and markets where country`s export are more (or less) competitive in
relation to their trading partners. Using these indices more competitive agri-food
products and markets, as well as potentials for further improvement of the
competitiveness of the agri-food products in Serbia have been identified.
, Vol. 51, 33/2015, . 061-078

UDC 32.019.5:[327:911.3 , Vol. 51, 33/2015, . 079-092
: 23.03.2015.
: 24.04.2015.
Marketing of consistency:
Communicating with the masses
:

Robert Dob
Faculty of Business and Economics, University of Pcs
Pcs, Hungary
: , , ; ,
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Abstract: Globalisation meant to bring free flow of people, ideas, information and goods; this aim was only
partially achieved. Cooperation creates consistency and in this regard double standards are present and
economic possibilities and boundaries are created in order to fulfil domestic or geo-political goals.
Changes in international trade relationships are presented to the public not only through the eyes of the media
(according to its affiliation) but are practically felt by the public. If trade links are established, the public will be
presented with new consumption possibilities and lower prices. If sanctions and limitations are erected, the
opposite effect is felt by the public. Consistency of existing economic systems created by globalisation is heavily
affected, changing or preserving them is a difficult task.
Policy makers have to consider public opinion changes; willingness to adopt. Forming and changing it in a
politically favourable manor is important.
Keywords: Political Marketing, Double Standards, Globalisation, Communication, Conflict, Change,
International trade.
1. Economic consistency and globalisation
Globalisation and divide
According to Financial Times (2014) Globalisation describes a process by which
national and regional economies, societies, and cultures have become integrated
through the global network of trade, communication, immigration and transportation..
Although the definition of globalisation as a phenomenon or a process can be different;
there are fundamental issues that all definitions agree on, similarly to the one by
dobor@ktk.pte.hu
80 Robert Dob
Financial Times. These similarities include the integration processes of different

countries and regions. This notion can be argued since international trade relationships
are dominated and over-shadowed by international politics. Globalisation should be a
free flowing process according to liberal economic principles without limitation like
political pressure. This pressure on the other hand is constantly present. Every country
has its aims and objectives, so called national interests that are of primary
importance. Although the word enemy is rarely used in todays society in regards to
countries - considered something primitive and archaic - still these practices are present
and visible.
Throughout history, states (countries) stood allied together in blocks with clearly
defined interest; directed against another block with opposing interests. A clear
example would be the Cold-War period, especially after the Second World War until
the dissolution of the Soviet Union and the whole socialist-block itself. Some define
the Cold-War as a phenomenon that started after the Second World War, although
George F. Keenan (1947) clearly defines the background of the conflict and its origin
in ideology itself. Thus this conflict started with the 1917 revolution. The principles
laid down by the revolutionaries themselves made opposition and conflict obligatory.
This principle was the class struggle between the working class masses and the
capitalistic bourgeoisie as described by Marx. This was enforced by the us and
them rhetoric on both sides; clearly distinguishing between enemies and allies
(comrades). This us and them rhetoric was used by both sides, one of the most
visible forms were the red scare tactics of the 1950s in the United States. Stafford
(2013) describes the Red-Scare as a powerful influencer since it installed fear from
the Soviets in the eyes of the population. The economic and political beliefs were
contrasted with each other; describing a paradise of possibilities on one side, and a
dysfunctional and totalitarian regime on the other side. The 1962 movie Red
Nightmare was one of the most prominent ones that installed fear and negative
emotions against communism. The Soviet state had its own propaganda media-machine
that was directly and tightly controlled, with no foreign influence (opposed to the
western) and had the same objectives only directed against western ideologies and
capitalism. Posters, politically motivated films and radio shows were used to advocate
the superior soviet way of life in contrast to the western one. The political and cultural
war was not only present in the Soviet Union, where the main focus was on the anti-
religious propaganda described by Powel (1967) with the main aim to create a uniform
atheistic state. In the USA, the field of education experienced the divide, which was
further complicated by the traditional and liberal/progressive fight (racial
discrimination and segregation; nationalistic approach to education or the sovereignty
of the different states in contrast during the 50s) that all collided with the red-scare.
Foster and Davis (2004) name the Soviet Union as an easy target in this political
divide, attention could be directed against it.
, Vol. 51, 33/2015, . 079-092

81
Cold War atmosphere and consistency

This atmosphere created by political power; created an economic system that
functioned according to political will on both sides. International trade was tightly
controlled and restricted; technological transfer was rarely visible. The Western-World
was much more diverse and instable with its fractions according to geo- and local-
political goals; than the Socialist-Block which was more directly controlled and
centralised. This system limited the possibilities, thus creating economic stability, i.e.
consistency. Capitalists traded with capitalists, socialists with socialists and the cross
block trade was limited to those goods that were utmost necessary to the other side,
the need was the influencing factor and not the economic gain (opposed to todays
globalised economy where economic gain is considered above all). In this system a
high level of consistency was present, since the trading sides were much more limited
given the political-economic environment.
In this economic environment consistency is understood as a form of conduct,
an attitude in economic activity, in which the actors on a given market co-exist and
correspond with each other. Their actions are uniform on the long term and although
there is a complex background and there are constant changes present given the
international nature of globalised trade, the actions of the economic actors are coherent
and stabile. By coherence and stability it is understood that the suppliers on one; and
the purchasing side on the other hand have a relatively good understanding of each
other and can estimate with high probability the nature and amount of the flow of
goods in the long term. This brings economic stability, since trade relationships are
reliable; also coherence, since the actors likely behaviour will be unchanged in the
long term. (Under economic stability the long term nature of trade activity is
understood; while efficiency questions or profitability issues are not considered.)
Socialist economies were more and Western ones less planned and centralised
(according to international trade relations); still - trade relationships were present on a
longer and more traditional basis given the limitation. Traditional trade partnerships
were established. Economic and trading agreements, unions and zones were created on
one side favouring and discriminating certain countries according to political interests;
a much more centralised system the Comecon (Council for Mutual Economic
Assistance) was created on the other side in 1949 by the Soviet Union and the Eastern-
Block. The main idea was stability and reliability on both sides.
2. The problem started in 91 when the Soviet Union broke up
New world order
The socio-economic realities of the world changed dramatically with the dissolution of
the Soviet Union and the whole Socialist-Block. Comecon was suspended, economies
opened up; market possibilities presented themselves. The American democracy
export and the export of western, mainly US cultural values to the ex-socialist states
, Vol. 51, 33/2015, . 079-092

82 Robert Dob
started even before the dissolution. Matusitz and Palermo (2014) use the following
terms to describe the globalisation processes: McDonaldisation, Grobarisation and
Disneyfication. Grobarisation (growth+globalisation) describes the need for
international businesses to expand and make profit; this need was presented with the
more and more interconnected world. Unlike globalisation, grobarisation promotes
standardisation, homogenisation and universalism. The need for worldwide uniformity
(presented by the example of the Walt Disney Company and other global
conglomerates like CocaCola or McDonalds) helped the expansion practices of these
companies together with the western cultural export.
In 1991 with the socio-economic changes present, global businesses were
introduced to the highly qualified and skilled Eastern-European and Chinese
workforce. Besides being skilled, the wage level in these countries was much lower
than in western countries. This helped profitability, attracted foreign investment and
created opportunities globally. Globalisation got even faster as boundaries were gone,
people and businesses were getting interconnected, and the whole world got smaller.
Considering this side of the process, a positive flow of opportunities became present,
but one cannot forget the negative aspects like socialist economies that relied on each
other. Another important factor is that these socialist economies based on centralised
planning could not compete with the more advanced western products, further crippled
by privatisation that usually had negative local-economic outcomes in each and every
Eastern-European country. With the economic changes political changes were also
present, multinational corporations moved into Eastern-Europe, starting in the 60s and
70s as described by Lauter and Dickie (1975) so that labour-intensive production
would be more economical. Political changes were much more frequent outside the
Socialist-Block which was uniform and stabile. This political stability also melted
away during the 90s and a new ever-changing environment came to be in place.
Multi-polarisation dangers
The Bi-polar world of the cold-War era was transformed into a Multi-polar world that
is much more complex and instable than the previous one. In an interview with the
BBC (2015), Sir John Sawers (ex-MI6 chief) has described this as a more dangerous
world. The stability that we had during the Cold War, or the predominance of the
West we had in the decade or two after the Cold War that is now changing. Political
changes are present with new political goals that influence international trade relations.
New possibilities are created; also new walls are erected in order to fulfil political
goals. Power spheres are disappearing and changing as double standards are more and
more visible. Double standards as a political (also economic) tool have been present as
long as the mankind itself. A country tolerates certain behaviour from a friendly
country, but doesnt tolerate it from an unfriendly one. Certain behavioural patterns
and norms were expected in both blocks during the Cold War, each block had a centre
and that centre had a clearly defined sphere of influence. These decided on the
behavioural norms that need to be followed, also made decisions and solved conflicts
, Vol. 51, 33/2015, . 079-092

83
within the given sphere of influence (Soviet Union in the Eastern; USA in the
Western). Todays conflicts cannot be solved so quickly and effectively since these
spheres are either not present anymore, or they collide, thus as the political changes
present themselves, so does the affiliation of the country change; together with the
sphere of interest. Some countries that were in the Warsaw Pact until 1991 are now
part of NATO, similarly as organisations, more voices are present, decision making
becomes more complex and problematic. The diplomatic relations between the new
and former allies make conflict-solving problematic (Mardell 2015; Christides 2015).
The same problem can be seen in the European Union. As it slowly expands, new
challenges emerge and a more diverse union is shaped unlike the USA that has a much
more centralised political system (economic and political decision making, armed
forces, foreign policy etc) that is a clear advantage over the EU.
Economic consistency in this approach was much more destroyed by
globalisation and integration than it was advanced. The power centres that provided the
much needed stability in political relationships that determined international trade
faded away, giving space to a much more diverse and ever changing environment.
Politics has a direct influence on economic activity in every aspect. The present
conflicts in the Middle-East, the Yugoslav wars of the 1990s or most recently the
political crisis in Ukraine shows the negative effects of the absence of these power-
centres. Although the problems used to be solved one-sidedly during the Cold-War
blocks, and this was done according to affiliation and ideology, the relative geo-
political stability compensated in the long term for these adverse interventions. This
system itself poses questions about the values that people hold important, or similarly
what kind of system provides the greatest economic stability. What is more important:
Stability? Security? Political and/or economic freedom? These all sound good,
although their presence and coexistence can be considered a paradox. The new political
freedom and changing environment can cause economic instability while the lack of
political freedom can bring security and stability but personal freedom will be in turn
restricted; personal freedom can have negative effects on security; economic freedom
can bring financial crisis. Each and every possibility has its advantages but these come
with clear disadvantages (although not necessarily).
3. Post-socialist political and socio-economic system
Ideology and security
During the Cold-War governmental propaganda machines on both sides - East and
West - were active in creating a negative enemy image over the other block in the
eyes of their population. To install fear in the public, to reassure the public about their
own dominance was at the core of governmental communication. This enemy picture
dramatically changed during the 90s. The starting point is the ideological background
of the conflict and the political, also socio-cultural effect these different ideologies had.
Davies (1999) argues that although ideology was crucial, security was even more
, Vol. 51, 33/2015, . 079-092

84 Robert Dob
important in the long term. Internal Soviet Communist Party documents prove that
ideological questions were central considerations in Party policies regarding internal
and foreign affairs. The main question was the partys view of the world and its
mission in it. This in itself does not underline the fact that states have to consider
security questions above all, not to let other states take dominant positions over them,
thus forming alliances against third states. These alliances cause political balance in
the long term. In this case the two blocks that provided political stability, with ideology
as a background being present; can be an irrational distraction if not yielded to the
political and security goals.
The turbulent 1990s
Lets consider this question from a 2015 perspective. The Soviet Union broke up and
the whole economic system changed. The countries, especially in Eastern-Europe faced
all kinds of political and economic challenges starting with the collapsing socialist
economic system together with previous connections and relationships. Were these
economies efficient? Objectively it can be stated that they werent. Were they serving a
cause and provide relative stability with security? Yes they were. One of the things
these countries lacked is marketing with its guiding and analysing function that
examines the trends. Socialist Economies (except for Yugoslavia) considered
marketing to be a necessary evil with no merit to economic growth (Lauter 1971).
The imbalance of economic decision making was also an issue with no
decentralisation. These states were later further crippled by a local economic crisis,
corruption and growing crime rates. If the transition period would have been slower
and adapted gradually to the changing environment, than half of the conflicts could
have been avoided. From a Russian perspective the all-powerful Soviet Empire
collapsed, their military might was divided, foreign influence presented itself, NATO
that was considered one of the biggest threats came directly into contact with the
Russian borders with no satellite states to provide a security distance. This NATO
advance is considered a direct threat to Russian domestic security interests, although it
should be mentioned that with the addition to new members, NATO itself is facing a
double crisis. On one hand, it is incapable of finding a new role that could unite
unanimously the members; on the other hand it is faced with a more diverse group of
members that have sometimes conflicting national interests. After the aforementioned
Western dominance during the 1990s the playing field is changing. During the Cold
War conflicts were localised and solved in a timely fashion. A sheriff presented
himself and solved the conflict. Today there are more sheriffs involved in a conflict
with conflicting interest, thus the whole situation is prolonged and not solved.
The dissolution of Socialist Federal Republic of Yugoslavia is one of the great
examples of conflicting interests. With no direct intervention to prevent or stop the
war, with the foreign influence on multiple sides (The US, Russia, the European
countries were aiding the conflicting sides according to their own interests) thus the
conflict went on and on. This also had an effect on the whole international community
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since later the NATO Intervention in Yugoslavia (Federal Republic of Yugoslavia),

or NATO Aggression against Yugoslavia depending on the viewpoint was the first in
a line of interventions without United Nations Security Council approval. Because of
the shift (break) in power balance; international laws and regulations cannot be
effectively enforced. The Arab spring brought revolutions that are having long lasting
negative political and economic effects. This is the point where double-standards and
the lack of a power house are felt. This creates long term conflict zones.
Governmental communication (from the side of the leading powers) is also heating and
not cooling the tension since the conflicting sides are aided not only by practical means
(financial, technical) but also on a communication level, motivating and ensuring the
respective side about support one-sidedly with demonising the other side similarly in a
one-sided fashion. The them and us rhetoric well known in the Cold-War era is
again strongly used especially in the case of moral double standards.
At this point it can be stated that double standards and political interests were
enforced during the Cold-War by both sides although in an organised, likely and stabile
fashion. Economic decisions were made according to ideology and foreign economic
policies (highlighting the importance of governmental communication to reinforce and
gain public support for its foreign political and economic policies). These were
enforced because of the same political motivations. In contrast, in todays globalised
world these foreign policies are ever changing. Because of the political changes
(elections and new governments) the affiliation of some countries are also changing on
a regular basis; creating instability and providing a constant battle field for leading
countries of the new multi-polar world to influence and intervene according to their
own national interests. The main question shifted from satisfying the international
community to fulfilling domestic interests and gaining wide support from the
population according to these interests.
4. Governmental Communication practices
Public Support and Cyberspace
Gaining public support to governmental policies is crucial, regardless of the countries
political system. There is a wide range of factors, like political, economic and personal
freedom according to which countries can be classified. It can be democratic or
autocratic, liberal or conservative, socialist or free market oriented etc... A government
can hold on to power as long as there is no critical mass present (or as long as it doesnt
let this critical mass form) that is opposed to the current regime. There is a wide
range of communication and manipulation techniques that a country (government)
can/must use in order to gain or retain public support. Using the appropriate
communication methods and tools is crucial, especially in a changing environment
where double standards are present. Advocating certain behaviour in one case and in
contrast demonising the same behaviour in another can cause inconsistency.
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86 Robert Dob
Coherence is a key point in communication, especially today given the

technological advances and the internet, speeches can be downloaded and found years
later and contrasted with new and present ones. The media is especially keen on
finding and contrasting these inconsistencies. Social media is also present, social media
was responsible in some cases for generating the critical mass and make revolutions
possible. During the Egyptian revolution, Facebook, Twitter and other social media
sites were the channel that people used to share their stories. These stories were the
tipping point since people started finding similarities. The internet made it possible for
a viral spreading of ideas, thus motivating people to act and protest (Harlow 2013).
Freedom of the internet and national security interests are constantly contrasted.
Choucri and Clark (2013) define the question of cyberspace being brought from the
low politics to the domain of high politics, that is something that is critical to the
government. Cyberspace is providing a new terrain for cooperation or confrontation.
The Chinese Cyber Great Wall is a good example of how dangerous the internet can
be from a national security point of view, blocking sites and software, also monitoring
key expressions. Social movements and the so called critical mass are easier than ever
to form today; given the vast possibilities of the internet.
Given the complexity of the question the following situations will be in the main
field of interest: Yugoslav Wars and Intervention/Aggression; the Arab Spring
uprisings/revolution and finally the Ukraine Conflict. Governmental communication
will be in the focus in regards to specific events; the importance of political
personalities as opinion leaders will be considered, last but not least the content
(viewpoint) of the communicating sides will be contrasted about the same life event.
Double Standards and Iraq
Are double standards really present? Real life events support the existence of this
phenomenon. Why are double standards even important and considered? Hatier (2012)
highlights that although citizens can remove unpopular politicians through election,
politicians cannot ask for better citizens. Usually pressure from the population is high,
given the objective interest of politicians to get re-elected for a next term; thus action is
taken according to public opinion. The need for popularity makes on the long term
economically negative decisions necessary. On the other hand the public is in need of a
vision thus promises (that are rarely kept) are needed to motivate it. The media is also
directly influenced by politics (interviews, statements, leaks etc). At the beginning of
the 2000s the American media was full of articles and statements (in a coherent
fashion) that Iraq was developing weapons of mass destruction. The Iraqi government
repeatedly denied these accusations. This was repeated again and again and the tension
was getting higher and higher. The American public was even introduced to
(misleading) evidence. Public support was gradually built up through governmental
communication. This led to intervention in 2003 (and the re-election of Bush in 2004).
Not taking into account the autocratic nature of the Saddam regime, all in all the
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country was stabile politically and economically. A certain status quo was present.
After the intervention no political entity was able to fill in the power gap that the
disposal of Saddam Hussein left, thus the question arises if the Iraqi people are ready
for democracy? (This is more recently visible in Libya) Still the American democracy
export was highlighted as a positive issue. In the end no weapons were found, and the
communication changed from eliminating weapons to building democracy and
bringing freedom and civil liberties to the oppressed Iraqi people. Today Iraq is one of
the centres responsible for the conflicts in the Middle-East; because its political divide
and instability provided a fertile ground for conflict.
From a Bush administration point of view this intervention was a success. On
one side there was a negative economic impact, felt by the public, on the other hand
there was the positive image change of the president who advocates liberal western
democratic values. The positive image change was bigger since the public was highly
emotional about the issue. George W. Bust made the following comments on Iraq and
Russia at the G8 summit in 2006: I talked about my desires to promote institutional
change like Iraq; where there is a free press, free religion I hope that Russia
would do the same thing!. Thus freedom and democracy was in the centre of
communication; similarly as it was during the Cold-War. The American public is
interested in these issues. Politicians have to find these issues that the people feel
strongly about since emotions are the most important influencers in decision making,
even stronger that economic gain or loss. President Vladimir Putin made the following
remark as an answer to institutional change on the same summit: We certainly would
NOT like to have the same kind of democracy they have in Iraq.
Conflicting opinions and Ukraine
The Ukraine conflict is also based on similar emotions. Not detailing the differences in
economic assistance given by the EU and Russia to Ukraine; it can be stated that
Ukraine from the economic point of view is in a highly dependent position to Russia
and not the EU. Still because of the strong emotional charge of this question people
went against their own economic self-interest. The happenings led to mass
demonstrations and the fall of the Yanukovych government. This fuelled the emotions
in the Russian population who declared independence first in Crimea, later in the
Donbass region. At this position the West one-sidedly supports the pro-EU new
government and demonises the pro-Russian separatists. On the other side Russia has
quite the opposing view but doing the same, supporting one against the other side.
Despite the western sanctions and economic hardships president Putins approval
ratings are skyrocketing inside Russia. Domestic emotions like national pride are a
much greater influencing factor than economic problems or economic stability.
President Putin is giving the masses what they wish for, a sense of satisfaction;
although Russian national security interests are also an influencing factor. In an
interview given to Russia Today in 2010 he made the following comments on
western democracy: Thats a long standing tradition of European countries, they
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88 Robert Dob
impose their standards and rules on others remember what happened during the
colonisation this old tradition has transformed to democratisation. Can you
explain to me what you mean by western democratic model? There is one model in
France and a different one in the US. This democratisation by the western countries is
quite differently understood by Russia. Mr Putin commented on the UN as an
organisation and its efficiency in the modern world in 2014 during a Q&A session at
the Seliger-2014 youth forum: You mentioned Yugoslavia, you mentioned Iraq, we
were against the use of force in Iraq, just like France and Germany. It was unique
they were with us against the US. there was a saying in the Soviet Union, whatever
we start building ends up a Kalashnikov rifle, it seems to be the same with the US!
Whatever they start doing all they end up is Libya and Iraq!. In 2013 September the
1st at a news conference before the escalation of the conflict in the Middle-east he had
the following remarks: First I address Obama as a Nobel Peace prize winner
How many times did the US initiate military conflicts in various parts of the world?
Has this helped to resolve even one problem? I already mentioned Afghanistan Iraq
and Libya, there is no peace there, no democracy they dont even have basic civil
peace and some kind of balance. You have to consider this before you make a decision
to launch airstrikes, which will certainly result in casualties, including civilian!.
Similar speeches can be found, the main idea is criticizing the USA and its foreign
policy, portraying it as militarised and self-centred. This defiance to US policies
impresses the Russian people. Thus in Russia the main influencing factor is national
pride and the recognition of the Russian State internationally as a strong and powerful
player once again in international affairs.
In contrast, what are the main influencers in the USA? During the Cold-War it
was anti-communism, freedom and democracy. The Bush administration used the same
principles for gaining public support, the US democracy export and the fight against
terrorism and oppression. On 2014 September the 11th President Barack Obama in his
address to the people made the following remarks: We cant erase every trace of evil
from the world we will fight terrorism we have ramped up our military assistance
to the Syrian opposition we cannot rely on the Assad regime that terrorises its own
people, a regime that will never regain its legitimacy that it lost We are strongest as
a Nation when the president and congress work together Americans are united
America is in a better position today to seize the future than any other nation on earth.
Our technology companies and universities are unmatched! Our manufacturing and
auto industries are thriving! Energy independence is closer that it has been in
decades!... I see the grit and determination and common goodness of the American
people... It is America that rallied the world against Russian aggression and in support
of the Ukrainian peoples right to determine their own destiny!... We stand for freedom,
justice and dignity!. According to this and other speeches the same principles can be
seen being communicated to the people as by other administrations in the past. It can
be stated with high probability that these are the main and most important principles
for the US population; the strongest emotions can be felt regarding these questions.
The USA is portrayed like the defender of freedom and civil liberties. President Obama
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is similarly to President Putin giving the people what they want, to see their country as
the protector of freedom.
Whats with Yugoslavia?
In Yugoslavia the principle of state sovereignty and national self-determination was
contrasted. The USA made the decision to protect the national self-determination of
the Kosovar Albanians. Kosovo is now an independent state according to some nations,
a part of Serbia according to others. This divide is also present in the EU since some
accept the unilateral declaration of independence, some are fiercely against it.
Tomislav Nikoli Serbian President had the following comments on the
commemoration to the victims of NATO Bombing in Aleksinac 2015: Lonely and
tragic, the voice of Serbia was lost in the cacophony of tyrants who tore apart the very
core of the international system, first by words and decisions, and then by bombs. The
consequences of arrogant decisions made 16 years ago are felt to this day around the
world,. The same self-determination is a question in Transnistria; Kurdistan, South-
Ossetia, Crimea. Why didnt the American government assist these people in their
independence will? Why is Russia making an example of the importance of national
sovereignty, and then intervening in other countries itself? Serbian Prime Minister
Aleksandar Vui commented on more occasions that Serbia is in a unique position
given its geopolitical and historic ties; both to Russia and the EU. This would help it be
in a mediating position to bringing back regional stability and cooperation. Despite the
pressure from both sides, the Serbian government has shown remarkable stability in
governmental communication. Each time in the same fashion the message of Prime
Minister Aleksandar Vui was clear: We will NOT introduce sanctions against the
Russian Federation. Even the EU was sometimes introduced as a side putting pressure
on Serbia. At present the conflict in ongoing, Serbia is in a unique situation being in-
between two frontlines. It is up to the future to judge the success or failure of this
mediation between the conflicting sides.
Almost the same course of actions can be seen in Syria. The revolutionaries
were supported by the west, the government by Russia. In Ukraine the separatists are
supported by Russia and the Kiev government by the west and the USA. National
interests made it necessary for the US to intervene in the Middle-East, Iraq and Libya.
The same national interests made it necessary for Russia to intervene in Georgia, Syria
and Ukraine. Both countries are doing exactly the same things, protecting their national
and security self-interest. At the same time, in these cases, double standards are most
visible since both sides think it is totally unacceptable for the other side to do the same
thing. America demonises Russia for the interventions and defends its involvement in
other cases. Russia is doing the same, criticizing the USA and defending its own
policies. These notions are conflicting in a Quod licet Iovi, non licet bovi! fashion
(Latin: Gods may do what cattle may not) in part also reflecting on the double
standards present.
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90 Robert Dob
Conclusion
Political double standards are the way of life. During the Cold-War each dominant side
had a clear centre and a power base with a zone of influence. Within these zones, the
standards of the power base were the most dominant, thus influenced states were acting
accordingly. Today these zones are ever changing, thus change can be presented as a
threat of instability. Given the globalised world with interconnected and interdependent
sides, these changes can bring new opportunities or pose threats, thus threat long term
economic and political consistency. Just as during the Cold-War, periods of friendlier
and more hostile relationships followed each other, it is the same today only in a more
turbulent and unpredictable fashion.
Communication was and still is a very important matter. Building up the enemy
picture with the us and them rhetoric helped governments overcome economic and
political difficulties, putting the blame on external influence or the other side, thus
finding a scapegoat. The critical mass is an important factor from two sides. Firstly the
critical mass provides the necessary political stability with its public support for the
government and its domestic and foreign policies. Secondary the critical mass has to be
reckoned with as a dangerous force in regards to political stability and domestic
security. If it is opposed to the government, it can protest loudly, even taking violent
action in some cases.
Which are the most important factors that a government has to take into
consideration when communicating? Firstly, it is the composition of its support base.
There is a wide range of channels starting with traditional and printed to online and
mass media like television and radio. The biggest threat to a communicating side is
inconsistency. Communication as a course of action has to be planned and
implemented accordingly. Providing contradictory or colliding statements is a sign of
insecurity. The masses react to insecurity in a negative fashion. Communication has to
be simple and have a clear message. When politicians speak in public, no matter what
the subject or occasion is, they smuggle in pieces of messages from previous topics that
are important. The more times the people hear the same piece of message, the better the
understanding of governmental policies will be in the eyes of the public. The
appropriate communication channels have to be chosen for the appropriate public.
Younger and older generation have different preferences, these have to be monitored
and used accordingly. Secondly the opposition has to be considered as a critical mass.
The same principle arises, understanding the needs and expectation of the masses and
acting accordingly. Marketing is an important tool in providing the information about
the most emotional issues that can be in the centre of communication. Political
marketing is not so different from the regular one; the tasks are the same, gathering
information about the consumer (public), providing analysis to the company
(government). Influencing and manipulating public opinion according to the analysis
and the policies of the company, also building demand and brand loyalty. Effectively
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91
acting and communicating according to the publics expectations, also constantly

monitoring the trends and providing feedback.
When communicating, statesman and influential politicians act as opinion
leaders. The public reacts according to the credibility of these leaders to the public
policy being communicated. These people have to focus on the emotions of the people
as the strongest influencing factor. At the moment it seems that public confrontation is
a visible trend, conflicting ideas are presented in a long term. These are direct and
emotional. More and more the us and them rhetoric is used again, with a focus on
those messages that are important to the domestic population. The public will always
be influenced by emotions, the most successful leaders can understand and influence,
in the end act accordingly to these emotions. As the political and economic playing
field becomes more and more unlevelled, more and more opinion leaders could present
themselves.
References
BBC (2015) Sir John Sawers, ex-MI6 chief, warns of Russia 'danger'; Accessed:
2015 March 18th. Available at: http://www.bbc.com/news/uk-31669195
Choucri and Clark (2013) Who controls cyberspace?; Bulletin of the Atomic Scientists,
Vol. 69. No. 5. pp 21-31
Giorgos Cristides (2015) Can Europe loose Greece to Russia?; Accessed: 2015 March
21st.
Available at: http://www.bbc.com/news/world-europe-31837660
Financial Times (2015) Definition of Globalisation; Accessed:
2015 March 18th. Available at: http://lexicon.ft.com/Term?term=globalisation
Foster and Davis (2004) Conservative Battles for Public Education within Americas
Culture Wars: poignant lessons for today from the red scare of the 1950s; London
Review of Education, Vol. 2. No 2. July 2004 pp 123-135
Summer Harlow (2013) It was a Facebook Revolution: Exploring the meme-like
spread
of narratives during the Egyptian protests; Revista de Communicatin 12, 2013 pp 59-
82
Ccile Hatier (2012) Them and Us: demonising politicians by moral double
standards;
Contemporary Politics, Vol. 18. No. 4. December 2012 pp 467-480
G. Peter Lauter (1971) The Changing Role of Marketing in the Eastern European
Socialist
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92 Robert Dob
Economies; Journal of Marketing, Vol. 35. October 1971 pp 16-20

Lauter and Dickie (1975) Multinational Corporations in Eastern European Socialist
Economies; Journal of Marketing, Vol. 39. October 1975 pp 40-46
George F. Keenan (1947) The Sources of Soviet Conduct Foreign Affairs, July 1947
Mark Mardell (2015) Nato muscle flexing sends Putin firm message; Accessed:
2015 March 21st. Availeble at: http://www.bbc.com/news/world-europe-31830197
Matusitz and Palermo (2014) The Disneyfication of the world: A Globalised
Perspective;
Journal of Organisational Transformation and Social Change, Vol. 11. No. 2. August
2014 pp 91-107
Nigel Gould-Davies (1999) Rethinking the Role of Ideology in International Politics
During the Cold War; Journal of Cold War Studies, Vol. 1. No. 1. Winter 1999 pp 90-
109
David Powel (1967) The Effectiveness of Soviet anti-Religious Propaganda
Public Opinion Quarterly September 1967, pp. 366-380
Alexander Stafford (2013) The Role of the Media during the Cold War,
Queens University of Belfast
Tanjug.rs (2015) Nikolic: Serbia defended international law;
Accessed: 2015 March 24th. Available at: http://www.tanjug.rs/news/170791/nikolic--
serbia-defended-international-law.htm
Resume
The article examines the processes of globalisation through which consistency is
affected and challenged. These processes are further complicated by the double
standards that countries involved in international trade use, according to their
respective geo-political goals. These inconsistencies on the one hand cause constant
change and instability (the opposite of what globalisation meant to bring forward) and
also domestic and international difficulties in communication. Events repeatedly
showcase these double standards (Yugoslavia, Ukraine, and Iraq) and cause an ever-
changing economic environment that negatively affects stability and trade on the one
and domestic population on the other hand. The masses are needed in order to secure
the critical mass and public support for the same policies that are highly emotional,
thus, if policy makers (politicians) dont react and influence accordingly to these
emotions, they are deemed to fail.
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UDC 334.726:005.96(4-191.2+4-11) , Vol. 51, 33/2015, . 093-104
: 27.03.2015.
: 23.04.2015.
The position of HRM departmant and HR

managers at the local subsidiaries of
MNCs in the CEE countries

-

,

Por Jzsef
Szent Istvn University, Gdll, Hungary
: - .

.
.
2012 2013. . 254
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,
.

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- .
Abstract: Multinational companies (MNCs) play an important role in the economy of Central and Eastern Europe
(CEE). The subsidiaries of MNCs have a significant impact on the implementation of modern HRM concepts in
the region, too. The aim of this paper is to analyze the position of HRM departments and their managers at the
MNC subsidiaries in the CEE region. The analysis has been carried out on data collected through the
international benchmark research project Central and Eastern European International Research Team (CEEIRT)
during 2012-2013. The sample is made of 254 companies from Hungary, Poland, Romania, Serbia and Slovakia.
The paper explores the HR mangers level and area of qualification, their current position and service years
there, the number of employees in the subsidiary and HR staff in the HR department, as well as the role of
corporate HRM department in the determining of local HRM activities in the analyzed five CEE countries. The
obtained results present valuable data on the position of HRM department and HR managers in the subsidiaries
of multinational companies in the Central and Eastern European region.
Keywords: HRM, HRM managers, MNC, CEE.
slavica@ef.uns.ac.rs
poorj@t-online.hu
94 , Por Jzsef
Introduction
The relevant management literature (Brewster et al., 2004 and Ulrich et al., 2009)
emphasize that the traditional sources of competitiveness (such as protected markets,
modern technology, access to financial resources, and economies of scale) are
insufficient for maintaining a competitive advantage in todays competitive markets.
Human factor - the knowledge, skills, and behavior of employees - is the key factor to
sustain long-term competitiveness of the organizations (Sparrow et al., 2010). This is
why human resource management (HRM) is one of the most important
management functions. It incorporates several interrelated activities concerning
the productive use of employees: job design, job analysis, HR planning, staffing,
training and development, compensation and benefits, industrial relations, and
retention. It has a great impact on the effectiveness and efficiency of contemporary
organizations, and it is usually in the function of competitive advantage (Campbell
et al. 2012, Berber 2011,Wright & McMahan 2011).
The globalization of businesses leads to the increasing recognition of the well-
managed workforce and the development of the HR role from being an administrative
function to one fulfilling strategic importance. The competitiveness of companies and
even countries or regions has increasingly been recognized to stem from the caliber of
their people and people management strategies (Porter 1990; Pucik 1992).
Dowling, Festing and Engle (2008), like Chikn and Czak (2009) stress that
multinationals generally perform their management functions (including HRM) at a
higher level than local companies do. MNCs apply highly efficient methods for
performance management, communication, training and career management. On the
contrary, local companies usually focus on collective agreements and law-based
staffing issues. The foreign companies have an important influence on the recipient
countrys economic development. Erds (2003) considers that multinational companies
with high capital value have an important influence on the smaller countries growth
potential. Besides the advantages of multinational companies, Stiglitz (2003) also calls
attention to their disadvantages, highlighting that these big companies often tread down
the small local companies. Por et al (2012:8) point out that the characteristics of the
local market, economic environment and the national culture might demand the
adaptation of companys strategy and its management practice to local circumstances
Multinational companies arrived to Central and Eastern European region use
two main categories of foreign investments: foreign direct investments and portfolio
investments. By foreign direct investments (FDI) the investor secures direct control
over assets and operation of a company in another country. Portfolio investment means
that the investors purchase different financial assets and shares, but this often means
only a passive influence on the operations of the purchased company. In most cases
multinational companies got into the region by foreign direct investments. Foreign
direct investment was very important for economic development, employment and
economic growth of Central European countries on their way to the market economy.
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The position of HRM departmant and HR managers at the local
95
subsidiaries of MNCs in the CEE countries
It is important to emphasize that the HRM activity of an MNC subsidiary is not

the same in all CEE countries, in all companies. It highly depends on the management
concept of the mother company and the economical, social and institutional
environment of the subsidiary. Taylor et al. (1966) describe the relationship between
the subsidiaries and the parent company with the following three basic systems of
relations:
In the exportive system of relations, HR systems developed in the parent
company are adopted without changes.
In the adaptive system of relations, local subsidiaries adapt the HR systems
adopted from the parent company according to their local needs.
In the integrative system of relations, all good and applicable solutions are
attempted to be spread and implemented in all units of the company regardless of
the origin of the HR system.
1. Methodology
There is a deficit in the HRM literature on the involvement of MNCs at the HRM
activities of their subsidiaries, the position of HRM departments and their managers in
CEE region. This is why in this ongoing regional research project we examine the
MNC subsidiaries HR departments, their activities and relations with the headquarter
in Central and Eastern Europe.
The aim of this paper is to analyze the position of HRM departments and their
managers at the subsidiaries in CEE region. The analysis has been carried out on data
collected through the international benchmark research project Central and Eastern
European International Research Team (CEEIRT) during 2012-2013. The sample is
made of 254 companies from Hungary, Poland, Romania, Serbia and Slovakia. The
paper explores the HR mangers level and area of the qualification, their current
position and service years there, the number of employees and HR staff in HR
department, the role of corporate HRM department in the determination of local HRM
activities in the analyzed five CEE countries.
1
The concept of international CEEIRT (Central and Eastern European
International Research Team) research model has developed over the past few years
(Por & Farkas 2012) and now we take into consideration additional internal factors
(company characteristics, phases in company development, mandates, etc.).
1
http://www.ceeirt-hrm.eu/
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96 , Por Jzsef
Figure 1. Research model
Source: Based on authors own research
To obtain data on the MNC subsidiaries HRM practice in the CEE region
standardized questionnaires (translated to the official languages of examined countries)
were used. The questionnaire covered the following nine areas:
The importance and key indicators of HR function:
The role of headquarter and local HR department;
The HR managers competences;
The utilization of expatriates (foreign and local);
The use of external HR service providers;
Knowledge management in HR;
Predicting future trends and critical issues for HR executives;
The interviewees data;
The companies organizational data.
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97
The on-line questionnaire was filled out by the person responsible for HR
practice in each MNC subsidiary (HR director, HR expert, CEO, etc). The data analysis
was done by SPPS Version 21, using descriptive statistics and Spearman's Correlation
Test.
The current analysis was made on the sample of five CEE countries: Hungary,
Slovakia, Serbia, Poland and Romania. The total number of organizations included into
the analysis is 245. From the data in Table 1 it is evident that the main part of the
sample makes Hungarian organizations, 46.5%, while Serbian organizations make the
smallest part of the sample (7.5%).
Table 1: Sample of countries participating in the CEEIRT survey 2012/2013
Country Frequency Percent
Hungary 118 46,5
Poland 53 20,9
Romania 34 13,4
Serbia 19 7,5
Slovakia 30 11,8
Total 254 100,0
Source: Authors' analysis based on CEEIRT data
The second table shows the respondent organizations distribution by their main
business area.
Table 2: Respondents distribution by their main business area
Main business area Frequency Percent
Industry 116 45,7
Trade 42 16,5
Financial services 33 13,0
Other services 48 18,9
Internal business ser- 9 3,5
vice
Other 6 2,4
Total 254 100,0
Regarding the main business area or sector of the business, the majority of the
sample is made of organizations from industry and production (45.7%), then from
business services (19%), trade (16.5%) and financial services (13%).
The third table presents the sample distribution by the year of the establishment
of the subsidiary.
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98 , Por Jzsef
Table 3: Respondents distribution by the year of subsidiary establishment

Year of subsidiary establish- Frequency Percent
ment
Before 1995 71 28,0
1995-2000 67 26,4
2001-2005 59 23,2
2006-2010 48 18,9
After 2010 7 2,8
Total 252 99,2
Missing 2 0,8
Total 254 100,0
Most of the MNC subsidiaries participated in this research were founded before
1995 (28%), then in the period between 1995 and 2000 (26.4%) and then in the period
between 2001 and 2005 (23%). About 21% of analyzed subsidiaries were established
after 2006.
Data in Table 4 point out the respondents distribution by the form of the
establishment of MNC subsidiary.
Table 4: Respondents distribution by the form of subsidiary establishment
Form of establishment of subsidiary Frequency Percent
Merger & Acquisition 127 50,0
Green-field investment 124 48,8
Total 251 98,8
Missing 3 1,2
Total 254 100,0
It is also interesting to explore the way of subsidiaries establishment. According

to CEEIRT data 50% of subsidiaries were established by mergers or acquisitions, while
49% of them were founded trough green-field investments (new organization and
investment).
Since the economic recession started in 2008 has affected the most of European
economies, the research obtained a question on how the subsidiaries faced these
challenges. Table 5 shows the key business strategies of respondent MNC subsidiaries
in 2012-2013.
Table 5: Respondents distribution by the key business strategies of subsidiary
Business strategies Frequency Percent
Growth, market expansion 149 58,7
Stability 93 36,6
Cut-back, outsourcing 8 3,1
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99
Other 2 0,8
Total 252 99,2
Missing 2 0,8
Total 254 100,0
Despite the threats from the external business environment 59% of analyzed
organizations used the strategy of expansion aiming growth and market expansion.
Stability, as a business strategy alternative was used by 36.6% of subsidiaries, while
only 3% of them reacted to the economic crisis by downsizing their activities, using
cut-back strategies and outsourcing.
2. Results and discussion
In the following we will present the results concerning the HR mangers level and area
of the qualification, their current position and the years spent there, the number of
employees at the MNC subsidiary and at its HRM department, and the relations of
MNC headquarter and the local HR department concerning the determination of the
HRM strategy and tactics of MNC subsidiary.
Table 6: The level of qualification of HR managers in MNCs subsidiaries CEE region
Level of your qualification (%)
Total
Country PhD Master Bachelor Other
(%)
(University) (College)
Hungary 2.6 47.9 45.3 4.3 100
Poland 11.3 79.2 9.4 0 100
Romania 0 40.6 56.3 3.1 100
Serbia 11.8 76.5 11.8 0 100
Slovakia 3.7 37.0 40.7 18.5 100
Total 4.9 54.5 36.2 4.5 100
Source: Authors analysis based on CEEIRT data
The obtained data show that more than half of HR mangers at MNC subsidiaries
have master level university diploma. The ratio of HR managers with this qualification
is the highest in Serbia (76,5%), while in Slovakia only about 37% of HR managers
have university level diploma.
The next table presents the specialization of the HR managers qualification.
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100 , Por Jzsef
Table 7: The specialization of qualification of HR managers MNCs subsidiaries in CEE region

Specialization of qualification (%)
Country Natural Social sci- Total (%)
Engineering Other
sciences ences
Hungary 6.5 15.7 77.8 0 100
Poland 5.8 57.7 36.5 0 100
Romania 6.5 29.0 54.8 9.7 100
Serbia 7.7 7.7 84.6 0 100
Slovakia 13.0 52.2 34.8 0 100
Total 7.0 30.4 61.2 1.3 100
The majority of HR managers at MNC subsidiaries in CEE countries have

social-sciences background, while about 30% of them have studied engineering. In
Serbia more than 80% of HR managers have social sciences background (they may
have studied law, economics or liberal arts), while in Poland the majority (58%) of
interviewed HR managers have engineering background.
Table 8 illustrates the current position of the manager responsible for the
subsidiaries HRM activities.
Table 8: The position of HR managers in MNCs subsidiaries in CEE region
Current position in organization (%)
HR direc-
Country HR man- HR pro-
CEO HR VP tor/Head of Other
ager fessional
Department
Hungary 8.1 1.8 24.3 18.9 13.5 33.3
Poland 11.3 0 3.8 3.8 3.8 77.4
Romania 15.2 0 6.1 18.2 9.1 51.5
Serbia 5.3 5.3 21.1 21.1 26.3 21.1
Slovakia 13.6 4.5 13.6 13.6 4.5 50.0
Total 10.1 1.7 16.0 15.1 10.9 46.2
From Table 8 it is evident that HR director/Head of Department or the HR

manger is responsible for the HRM activities at the MNC subsidiaries in the analyzed
five CEE countries.
The next table shows how long the manager responsible for HR activities is in
service at that position at MNC subsidiaries.
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101
Table 9: The position of HR managers in MNCs subsidiaries in CEE region

Service years in the present position (years) (%) Total
Country
0-3 3-5 5-10 10-15 15+ (%)
Hungary 32.1 23.6 23.6 15.1 5.7 100
Poland 40.0 32.0 22.0 6.0 0 100
Romania 40.0 16.7 16.7 20.0 6.7 100
Serbia 46.7 13.3 26.7 13.3 0 100
Slovakia 29.6 44.4 11.1 7.4 7.4 100
Total 35.5 26.3 21.1 12.7 4.4 100
HR mangers in general are at the current position for less than five years. About
one third of them are at the same position for less than three years, while about one
quarter of them for less than five years. About one fifth part of the interviewed HR
managers lead the HR activities of the MNC subsidiary for more than five but less than
ten years. About 13% of HR managers have more than ten years of work experience at
that position, while about 4% of them lead the HR department for more than 15 years.
Table 10 illustrates the number of employees and HR staff and the HR staff ratio
in 2010 and 2011 years at MNC subsidiaries in Hungary, Poland, Romania, Serbia and
Slovakia.
Table 10: The number of employees and HR staff rations in MNCs subsidiaries in CEE region
Number of employees and HR staff in HR department
Country Number of Number Number of Number HR staff HR
employees of HR employees of HR ratio staff
(2010) staff (2011) staff (2010) ratio
(2010) (2011) (2011)
Hungary Sum 152351 2033.3 157792 2320.8 74.93 67.99
Poland Sum 40783 302 47748 460 135.04 103.80
Romania Sum 18820 289 20113 269 65.12 74.77
Serbia Sum 9414 178 9605 148 52.89 64.90
Slovakia Sum 10220 164 11011 347 62.32 31.73
Sum 231588 2966.3 246269 3544.8 78 70
Total
Mean 985.4809 12.897 1009.299 14.5279 - -
The data presented at Table 10 show that despite the economic crisis at MNC
subsidiaries the number of employees has increased in year 2011 concerning the data
for year 2010. The changes in the number of HR staff are not obvious. In Hungary,
Poland and Slovakia the number of employees at the HR department has increased in
2011, while in Romania and Serbia it has decreased. In year 2010 in general one HR
staff member had to take care for about 78 employees, in 2011 this number was only
70.
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102 , Por Jzsef
To present the position of HRM department at MNC subsidiaries it is important

to analyze its relations with the headquarters (HQ) HR department. The data in Table
11 show these relations.
Table 11: The primary role of Corporate HR in MNCs subsidiaries in CEE region
Primary role of Corporate HR (%)
Provide autonomy Provide general Provide de- Central-
both in decision- guidelines and tailed HR ized deci-
Country makings and in framework for models, pol- sion-
implementation HR actions icies, proce- making
dures and with tight
rules control
Hungary 19.8 53.4 20.7 6.0
Poland 16.0 48.0 24.0 12.0
Romania 24.1 34.5 34.5 6.9
Serbia 5.6 44.4 44.4 5.6
Slovakia 31.0 37.9 24.1 6.9
Total 19.8 47.5 25.2 7.4
Based on the presented research results in can be concluded that the HR

departments of MNCs in the CEE region in general have high level of autonomy and
use adaptive system of HRM based on the classification of Taylor (1996). In almost
half of the analyzed MNC subsidiaries the HQ HR department provides only general
framework for HR actions, while in almost 20% of them it provides autonomy both in
decision making process and in the process of implementation. In about one quarter of
subsidiaries HQ provides detailed models, policies and procedures.
Conclusion
Multinational companies have a significant impact on the development of HRM
practice in the CEE region. Applying the similar HR patterns as in the headquarter or
other MNCs, they spread the ,,best practice in the ex-socialist countries concerning
HRM activities, the role of HR manager in the strategic management process and the
impact of HRM on organizational performances.
Based on the obtained CEEIRT data from Hungary, Poland, Romania, Serbia
and Slovakia the characteristics of MNC subsidiaries operating in the CEE region and
their HR patterns can be recognized. The majority of them are in industry, trade and
financial services. As an answer to the economic crisis started in 2008, MNC
subsidiaries strategic goal is the growth of their business and market share.
Based on the research results it can be concluded that HR mangers at the MNC
subsidiaries in CEE region in general have university level of education from social
sciences, are in the position of HR director or HR manger for less than 5 years. The
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103
number of employees at the subsidiaries of multinational companies in Central and

Eastern European countries has increased in 2011 compared to 2010, while the HR
staff ratio has decreased from 78 (in 2010) to 70 employees (in 2011). The subsidiaries
in analyzed countries have a high level of autonomy in formulating and implementing
HR strategy and tactics.
The results show that there is a tendency of convergence in HRM activities at
the subsidiaries of MNCs at CEE region, while the national differences prove that there
is still not a unique HR practice as there are still some divergence in the practice of
analyzed companies in Hungary, Poland, Romania, Serbia and Slovakia.
Beside the methodological limitations of CEEIRT research concerning the
sample and representativeness of the obtained data, the paper gives valuable insight on
the position of HR manager and the role of HRM department at the local subsidiaries
of MNCs in the CEE region.
Acknowledgement
We would like to acknowledge the great efforts of the Central and Eastern Euro-
pean International Research Team (CEEIRT) members for their dedicated work on
collecting and preparing data on HRM in MNCs subsidiaries in several countries of
Central and Eastern Europe region, during the second round of CEEIRT research in
2012 and 2013.
References
Berber, N. (2011). Human resource management in function of creating the strategic
competitive advantage. I International Symposium EMC. Faculty of Technical
Sciences, Zrenjanin, Serbia, pp. 93 98.
Brewester, C., Maryhofer, W. & Morley, M. (2004). New Challenges for European
Human Resource Management. London: Macmillan.
Campbell, B. A., Coff, R. & Kryscynski, D. (2012). Rethinking sustained competitive
advantage from human capital. Academy of Management Review, vol. 37, no. 3, pp.
376-395.
Chikn A. & Czak, E. (2009). In Competition with the World. (In Hungarian)
Budapest: Akadmiai Publishing House.
Dowling, P.J., Festing, M. & Engle, A. (2008). International Human Resource
Management. London: Thomson-Cengage.
Erds, T. (2003). Sustainable Economic Growth (In Hungarian). Budapest: Akadmiai
Kiad.
Por, J. & Farkas, F. (2012). Human Resource Management under Changes in Central
and Eastern Europe, (In Hungarian). Gdll: Szent Istvn Egyetemi Kiad.
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Por, J., Seres-Huszrik E. & Mura, L. (2012). Theoretical Backgrounds of

International Ventures, (In Hungarian), Komrno: Selye Jnos University.
Porter, M (1990). The Competitive Advantage of Nations. Macmillan, Basingstoke.
Pucik, V (1992). Globalization and human resource management. In: Barnett, C.K.
(eds.): Globalizing Management: Creating and Leading the Competitive Organization.
Wiley, New York, 61-81.
Stiglitz J. E. (2003). Globalization and its Negative Influences (In Hungarian).
Budapest: Nap Kiad.
Taylor, S., Beechler, S. & Napier, N. (1996). Toward an integrative model of
strategic international human resource management. Academy of Management
Review, 21, 959-985.
Ulrich, D., Allen, J., Brockbak, W., Younger, J., & Nyman, M. (2009). HR
transformation, New York: McGraw Hill.
Wright, P. M., & McMahan, G. C. (2011). Exploring human capital: putting
humanback into strategic human resource management Human Resource
Management Journal, 21 (2) 93-104.
Resume
Human resources are one of the most important assets of a company. The motiva-
tion, innovation, creativity and productivity of its employees significantly impact
the profitability, market share and other indicators of a business success of a
company. Multinational companies have an important role in the CEE region as
they promote the implementation of modern management techniques. The MNC
subsidiaries set an example to local companies about the implementation of
modern HRM techniques, too. In this paper the authors based on CEEIRT
benchmark research analyze the position of HR departments and of their managers
in Hungary, Poland, Romania, Serbia and Slovakia. The obtained results about the
HR mangers qualification, position, HR/staff ratio and about the role of MNC HQ
in defining the HR activities of the subsidiaries may be valuable not only for the
HR mangers in the region, but for the academics analyzing the role of MNc in the
spreading of modern management practice, too.
, Vol. 51, 33/2015, . 093-104

UDC 005.32:331.101.3]:377 , Vol. 51, 33/2015, . 105-114
: 12.03.2015.
: 18.04.2015.
Training motivation of young workers in

the workplace 1

Tatiana Stuken
Omsk F. M. Dostoevsky State University

Tatiana Lapina
Omsk F. M. Dostoevsky State University
: .
25 ,
. ,
, ,

. Rosstat (2012) RLMS-
HSE (2013). (Pearson coefficient)
.
: , , , ,
.
Abstract: The article deals with the training of young workers in the system of additional professional education.
The authors present data on the volume and structure of the training of young workers under the age of 25
compared with similar figures for the total employed population. Based on the analysis of the share of trained
workers, correlation analysis of indicators of additional professional training, indicators of the education system
and labor market characteristics, the authors concluded that a significant degree of professional training of young
people is caused by the mismatch between their qualifications and expectations. The analysis is based on the
data of Rosstat (2012) and the base of the RLMS-HSE (2013). Methods of analysis applied are correlation
analysis (Pearson coefficient) and descriptive statistics.
Keywords: additional professional training, motivation, labour market, human capital, young workers.
Introduction
The problem of the professional and qualification imbalance in the labour market and
the education market has recently become particularly acute in the Russian economy.
The rapid growth of demand for higher education programs today has led to the fact
that Russia is among the world leaders in the number of students at tertiary education
programmes [ 2013 - 2020 , 2014]. Despite the high
level of education of the population, employers noted a decline of preparedness of
1
The research is carried out with the financial support of Russian Foundation for Humanities, 14-22-01008
stuken@mail.ru
lapinaomgu@gmail.com
106 Tatiana Stuken, Tatiana Lapina
graduates of vocational education at all levels (Vasiliev, Lukiyanova, Chugunov,

Maltseva, et al., 2013).
However, it is important to note that this gap may be due to the causes that have
a different nature and, therefore, require different approaches.
First, to some extent, the discrepancy between the actual and required
competencies of a professional school graduate is objective due to the presence of
specific human capital, which is in demand in individual organizations and has no
value to other employers. The formation of such skills requires a deep knowledge of
the technology and knowledge of how the activities of the company are organized,
therefore, in the system of professional education, preparing staff for different
employers, such "fine-tuning" is possible due to the training of special plans, but it is
the exception rather than the rule. The inequality caused by the lack of specific capital
is objective, and its elimination is carried out by the employer in the working process.
Secondly, workers may not have general, universal competencies that are
required to perform the work. This situation may be the result of two different
processes:
On the one hand, the low quality of training leads to the fact that the level of
formation of professional competencies is not sufficient and successful work in the
profession requires additional training, both formal and informal. If the above
mentioned gap between actual and demanded specific competencies can be considered
as natural, this situation requires a more careful examination and subsequent action.
On the other hand, an insufficient level of competence may be caused by the fact
that a young man may get a job that is incompatible with his specialty and the reasons
for this decision can be, for example, the lack of jobs in the specialty, non-competitive
wages for their current profession, and other negative characteristics of jobs or the
motives of the employee. In this situation, in our opinion, it is possible to talk about the
inconsistencies in the system of education (teaching the unclaimed programs, training
for non-competitive jobs, lack of familiarity with the profession at the time of selection
and subsequent training that prevents the choice of a more appropriate activity).
While taking these positions into account, we will examine the motives of
additional professional training of young workers in Russia.
1. The literature review
When analyzing the issue under consideration, it is important to distinguish additional
professional training and additional professional education, since official statistics is
based on both of these terms. Unlike additional professional education, which is
realized in the form of advanced training and professional retraining, additional
professional training (hereinafter APT) involves other types of education, including
special-purpose training, mentoring, and safety training, not accompanied by the
issuance of a certificate of education, (11,8% and 61,6% of all trained workers
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Training motivation of young workers
107
in the workplace
respectively ( , 2014). Safety

training is not directly related to the subject of our study, since it does not depend on
the profession and qualification obtained in an educational institution. That is why it
was decided to be limited at this stage and use the information of Rosstat about
additional professional education.
Types of additional professional education are defined by the Law on education
in the Russian Federation dated 29.12.2012 273-FZ. According to article 76 of the
law, "the training program is aimed at improvement and / or acquisition of new
competencies required for professional activity, and (or) increasing the professional
level within existing qualifications. Professional retraining program is aimed at
obtaining the competencies required for the new type of professional activity and the
acquisition of new skills" ( , 2012).
It is logical to assume that if the level and profile of education of the
professional schools graduates do not meet the requirements of the labour market, such
employees will be more likely to undergo additional training associated with retraining
and professional development.
An alternative to the training of young workers, whose level of training is
assessed by the employer as insufficient, is to search the labor market for staff who
meet all the necessary requirements. However, studies of the Russian labor market in
recent years show that this is becoming more problematic. As already noted, the
structural imbalances in the education system have led to the fact that the professional
structure of employment and professional structure of graduates of the Russian
education system is not consistent. For example, according to the survey on
employment (ONPZ), in the Russian economy in the total number of employees there
are 15.0% of specialists of higher qualification and 28.4% of managers and specialists
of higher qualification. Among the graduates of the professional education system, the
proportion of people with higher education have reached 54,6% (
, 2014; . -
, 2013). Therefore, employers use training as a strategy for
providing companies with the necessary human resources (, 2014).
Russian employers note the shortage of personnel as one of the main factors
hindering the development of business. They complain not only about the quality of the
actual training, but also about the competences that are not directly associated with the
existing profession: the ability to work independently, to solve problems, to work with
people, to plan work, emotional stability, openness to the new, leadership, knowledge
of a foreign language, etc. The research of experts of the World Bank and the Higher
school of economics showed that the deficiency of these competencies is fixed among
all groups of staff, but this problem is especially relevant for innovative enterprises
(Vasiliev et al., 2013, p. 42-47).
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Thus, despite the fact that the admission of workers with low qualification is
fraught with risks and extra costs, the alternative opportunities for employment of
specialists are often restricted.
There may be other reasons that motivate the employer to invest in the
development of human capital of young workers. The most important of these, as
mentioned earlier, is the need for formation of specific human capital required in a
particular organization. The higher the demand, the higher will be the volume of
training of new employees. When speaking about additional professional training as a
tool for the formation of specific human capital, three different types of circumstances
should be noted.
Firstly, specific human capital is often formed not in the learning process, bur
during the period of employment in the organization. So as a proxy variable, reflecting
the impact of specific human capital, econometric models widely use the indicator of
seniority in the organization.
Secondly, the formation of specific human capital requires mainly informal
learning, which is not accompanied by the issuance of a document as in the case of
further training or retraining, and takes the form of mentoring, workshops, trainings,
etc.
Thirdly, it is possible to conclude that the high levels of training of young
workers demonstrate the specificity of the formed competencies only in the case when
young workers make up a significant portion of the newly adopted personnel.
2. Hypotheses and research methods
The demand for APT young workers can be estimated using the data of official
statistics. In Russian statistics on APT the youngest age group consists of people up to
25 years of age, and therefore it is logical to select this group for further analysis. Of
course, this limits the ability of the analysis, as this group includes both young people
who already have sufficient work experience and recent graduates.
The study is based on the idea that there is a correlation between the volumes of
APT of young workers and the characteristics of the labour market and the education
system:
1. If the assumption that there is an overabundance of young workers
with higher education in the labour market, and a shortage of
workers with basic professional education is correct, then there
should be a correlation between the volumes of APT of young
workers and the structure of graduation from institutions of
professional education. Such a correlation may exist, provided that
employers are not able to find older workers on the labour market.
As a measure of the volume of the young workers training, there
were used the ratio of the share of employees up to 25 years, who
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109
in the workplace
have received APT in the past year, in the total number of

employees of the appropriate age, to the ratio of the share of
workers, who has received APT in the past year, in the total
number of employees in the economy as a whole. If the index value
exceeds 1, it indicates a more active inclusion of young people in
APT, compared with averages. If the value is less than 1, this
suggests that young workers are relatively fewer enrolled in such
programs. This dependence can be checked on the regional data.
2. If the assumption that in the youth segment of the labor market
there is a shortage of workers and a surplus of specialists is correct,
then there should be a correlation between the share of these groups
of staff in the region's economy and the APT of the young workers,
provided that employers are not able to find the older employees on
the labour market.
3. If the assumption that the structural imbalances in the labour
market are caused by noncompetitive proposals on wages, resulting
in some workers preference to work in other fields providing
greater wages is correct, then there must be a correlation between
the training of young workers and high wages by types of
economic activity.
Verification of these assumptions is made using the following data of Rosstat
2012:
) materials on education statistics, which contain information on the
percentage of employees of different ages who received APT in the past year by type
of economic activity and regions of the country; information about the kinds of
obtained APT in terms of age groups of workers; information on the graduation of
workers and specialists with primary, secondary professional and higher education;
B) materials on employment statistics, including the distribution of workers by
category of personnel, level of education in terms of economic activities and regions;
information on wages by types of economic activity.
Since the data of Rosstat does not allow the analysis of many qualitative
characteristics of the APT, the database of the RLMS-HSE (2013) was additionally
used.
Data from the RLMS-HSE and Rosstat are based on different methods of data
collection, thus the results of the analysis cannot be directly compared. For example,
answering the question about the training, respondents of RLMS-HSE can specify the
programs that are not actually the programs of APT or for any reason may not specify
the programs by which the fact of learning actually took place (forgetfulness,
subjective views about the importance of programs and requirements, etc.).
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However, data from the RLMS-HSE can complement the results obtained with
the use of official statistics, because it allows the use of various groups of micro data
and to process issues that are missing in the statistical monitoring programs of Rosstat
(compliance of the training with available specialty, duration of study, the sources of
its funding).
3. The results of the study
According to Rosstat data, additional professional education in 2012 was received by
13.8% of the employed. Among young workers under 25 years of age, this value is
slightly higher and amounts to 14.1%. The situation on the economic activities is quite
diverse. The relative deviation of the share of the trained workers who are under 25
years of age from the average for the industry is represented in Picture.1.
The figure shows that in sectors associated with the material production, the
young staff is trained more intensively. At the same time, in some industries related to
the provision of services, the training of young workers is less active than the training
of older workers. This distribution is consistent with the concept that the most acute
shortage of young skilled workers is manifested in the sphere of material production.
Given that the need for the training of workers for different kinds of economic activity
differs for objective reasons related to the technical and technological characteristics of
employment, the complexity of the equipment used, the rate of obsolescence of
knowledge, etc., it is correct to compare the training of young workers not in terms of
the share of trained workers, but in its deviation from the average for the analyzed
groups (figure). This indicator formed the basis of the correlation analysis of the young
workers training on various factors according to Rosstat ( .
- , 2013;
, 2013; , 2013).
The scope of training of young workers by types of economic activity is
positively correlated with the average level of wages in the relevant sphere of activity.
Although a linear relationship of moderate strength (Pearson r=0,39, p<0,2) does not
have a high statistical significance because of the small amount of observations, it
demonstrates that the learning can be caused by not only structural imbalances in the
labour market, but also by the fact that young workers choose the activities that offer
the best employment conditions, especially wages.
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111
in the workplace
Picture 1. The relative deviation of the share of trained workers under 25 years from the average for the industry, %
Source: , 2013
The correlation between the training of young workers and the characteristics of
the workforce (category, level of education) is not so obvious. There was a positive
correlation (0,41, p<0,2) between the training of young people and the proportion of
workers with basic vocational education.
It should also be noted that there is a negative linear relationship between the
education of youth and the share of workers with secondary education (r=-0,456,
p<0,15). This may be explained by the fact that the system of secondary professional
education provides skills that are more popular and practice-oriented. At the same time,
employers for various reasons, do not invest in the training of young workers and
prefer to use the more economical options, including shifting the costs of training to the
workers.
Rosstat data allow to consider the relationship of the imbalances in the labour
market and youth education on the APT programs on regional data.
A significant excess or a shortage of graduates with the appropriate level of
basic professional education compared to the average characteristics of employment in
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the region should lead to the fact that graduates will find employment in jobs that do
not meet existing competencies. This will lead to the growth of demand for APT for
young workers. However, the correlation coefficients between the proportion of young
workers trained on the APT programs and the shares of employed by types of
economic activities in the region turned out to be statistically insignificant. The
exception was the negative correlation of medium strength with a share of employed in
agriculture (Pearson r=-0,379, p<0.01) and total share of employment in mining,
manufacturing, production and distribution of electricity, gas and water, construction
(Pearson r=0,189, p<0,15).
According to the data about the types of programs it is possible to estimate the
duration of the study. So, 16,8% of trained or 2.4% of workers under 25 years of age
have mastered the program of professional training during the year (in 2012, the
duration of such programs in Russia was 500 hours and more). In this case, we have to
speak about the situation of discrepancy of the obtained profession and expectations of
employees who are forced to bear the additional costs of changing the profession soon
after they complete their basic education. The "fine-tuning" of competences to the
requirements of a particular firm, most likely, does not require this type of APT. For
comparison, only 10,7% of employees trained in Russia pass such programs during the
year (or 1.5% of the employed, the calculation of the author (
, 2013).
The largest gap in the share of employees under 25 years of age, trained on the
retraining programs, in comparison with the average figures for economic activity is
observed in the material production:
mining: 6,9% against 4,4%, the gap in 1,56 times;
manufacturing: 9,7% against 3,8%, the gap in 2,55 times;
transportation and communication: 5,3% against 3%, the gap in 1,75 times;
construction: 3,8% against 2,8%, the gap in 1,31 times.
Analysis of the data of Rosstat was supplemented by analysis of the data of the
Russian longitudinal monitoring survey (RLMS-HSE), which is based on a population
survey using a representative sample for Russia. We distinguished the working
population of the total sample of 2013 and the respondents of less than 25 years of age
in its structure. The age limit selection was due to the grouping of population by
Rosstat, using the same age limit. Since the sample of employees of the appropriate age
who passed the training last year was not large (only 45 people), we will limit the study
to descriptive statistics on training.
Additional professional training of 62,2% of employees under 25 years is not
associated with the profession or specialty, which they had before the training. Thus,
on average, the economy recorded another focus of study: 72,4% of the workers
acquire competencies associated with existing specialty.
, Vol. 51, 33/2015, . 105-114

113
in the workplace
It is interesting to note that among the graduates of the higher school only 18,2%
were studying for existing specialty, while among the graduates of professional
education institutions, this indicator amounted to 46,2%.
Almost in half of the cases (46,6%) the employer funds the training of young
workers, while this rate for all workers is 68.2% on average. For the two-thirds of the
cases, when the training of young workers is funded by the employer, this is training
for their current profession. Among the professions whose education is funded by the
employer, there are two groups of professions that are frequently observed. On the one
side there are professions that are in demand in material production, such as process
engineers, pipelayers, setters, operators. On the other hand there are professions such as
bartenders, cashiers, accountants, HR managers.
The duration of the young workers training significantly exceeds the minimum
allowable range of 16 hours of training (with an average of 194 hours, median - 112
hours). For the employed population the length of training is approximately 20%
shorter - 152 hours and 90 hours, respectively. If there is a mismatch between the
profession and the education they have received, the average time for training of young
workers increases - 233 hours (with a minimum of 250 hours on legislation).
References
Vasiliev K., Lukiyanova A., Chugunov D., Maltseva I. et al. (2013). Developing skills
for innovative growth in the Russian Federation. Washington DC: World Bank:
http://documents.worldbank.org/curated/en/2013/06/18004192/developing-skills-
innovative-growth-russian-federation
"
2013 - 2020 (2014).
.. (2014)
. -
- (2930 2014 .). 1. 204-213.
(2013).
:
http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/cata
log/bbd2da8043f81ba38a78cbd92111eac8
(2013). .
- :
http://www.gks.ru/bgd/regl/b13_14p/Main.htm
(2013).
. 2013 .: . ./. .: , 2014. - 661 .
, Vol. 51, 33/2015, . 105-114

(2014).
: http://www.gks.ru/bgd/regl/b14_30/Main.htm
(2012). .
Resume
Thus, in modern conditions young workers are intensively trained on the APT
programs. This need occurs relatively more often in the sphere of material production.
Employees can learn at their own expense on positions that do not correspond with the
previously obtained education, acquiring competencies that provide them with an
opportunity to work on more attractive terms. If the training is connected with their
current profession, then the probability of the funding by the employer increases.
The relationship between the volumes of APT and characteristics of the labor
market and the market of educational services, as well as the characteristics of the
trained young workers suggest that the volume of additional training of the youth is not
largely related to the lack of specific competences. The predominant motive of workers
is their desire for various reasons to change the profession itself.
Thus, the main cause of education is not the amount of the shortfall
competencies, but the inconsistency of their structure, the gap between the
competences and the demands of the labour market and employee. The movement in
the direction of solving this problem requires more attention to product policy of the
educational organizations, the flexibility of educational programs, inter-program
mobility of students during the training and improvement of criteria for the evaluation
of educational organizations by society. In addition, the behavior of enterprises,
marking the low-skilled young workers and not actively solving this problem requires
further study.
, Vol. 51, 33/2015, . 105-114

UDC 347.72.032 , Vol. 51, 33/2015, . 115-127
: 08.10.2014.
174 : 30.04.2015.
Corporate social responsibility as a function of successful

business enterprise

,

,

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Abstract: Constant improvement of environment requires constant evolving of companies, and requires
following the new trends and accepting new opportunities that are provided to the company. Today, during the
hard competition, companies are trying on all possible ways to preserve their position in the market. One frm
that allows companies successful business is the concept of corporate social responsibility. In developed
countries, its use is obvious, but in our country, this form is still trying to enter into the business world. Aim of this
study is to show that socially responsible business is very important for the survival and development of us all.
The study compares the relationship between companies and their customers in the context of familiarity and
using this concept, which is the hypothesis.
Keywords: social responsibility, successful business, the concept of corporate social responsibility, business
ethics.
aboljevic@ef.uns.ac.rs
majushca990@gmail.com
majas@ef.uns.ac.rs
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Baker, I., Calvin, J. (1988). International Business Classic. Canada: The Free Press.
, . (2009). .
, 22, 8792.
Crowther, D., Aras, G. (2008). Corporate Social Responsibility. Denmark: Ventus
Publishing ApS.
Giddens, A. (2007). Sociology. : .
Kotler, F., Ned, R., and Li, N. . : Clio.
, . (2013). . : .
:
http://www.meste.org ( : 14. 5. 2014. )
http://www.sema.rs ( : 14. 5. 2014. )
http://www.cqm.rs ( : 17. 5. 2014. )
Resume
The concept of corporate social responsibility within the Republic of Serbia has been
applied, but its peak is still not experienced. For the realization of such activities, it is
necessary to include the stat and its organs, so that in some way influence at all to
accept this concept. The people of Republic of Serbia understand this concept and they
will be happy if the companies will use CSR. The important of corporate social
responsibility is shown in the research, which show that this concept is one of the
foundations for a successful business enterprise.
, Vol. 51, 33/2015, . 115-127

UDC 796.332:005 , Vol. 51, 33/2015, . 129-146
: 23.03.2015.
: 24.04.2015.

Management of professional football clubs

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.

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Abstract: The popularity of the sport, especially football inspired a large number of scientists, academia,
institutions, institutes, sports and scientific societies that be seriously concerned with the study of sport
management. The aim of this paper is to review and analyze the theoretical and practical experience of modern
management profesional football clubs in relation to the management as a multidisciplinary scientific field wide
practical application in all spheres of society. Therefore, the following hypothesis can be tested:Management of
professional football clubs is based on the theoretical and practical principles of modern management. The
paper first discusses the set of modern management models, and the models of management typical of
European football clubs. At the end are compared similarities and differences, as well as any mutual influence
and predictions about future trends.
Keywords: management, professional clubs, football.

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Richardson (2009), 26 (
, Vol. 51, 33/2015, . 129-146

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136 ,
3. 2014/15.
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137

4. 2014/15.
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The Virthous Circle of FC Barcelona, : ,
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, Vol. 51, 33/2015, . 129-146

138 ,
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Fininvest S. p. A., 99,97% .
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, Vol. 51, 33/2015, . 129-146

139

5. 2014/15.

1.

: AC Milan
, Vol. 51, 33/2015, . 129-146

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, Vol. 51, 33/2015, . 129-146

141

6. 2014/15.
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: FC Bajern Minhen
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Fort (1992), Numan (1995). (Kesenne, 2007)

. (Sloane, 1971)
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, .
utility maximasers. ,
.
, Vol. 51, 33/2015, . 129-146

143

.
(Szymanski, Smith, 1997), (Forrest,
Simmons, 2002)

,
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, SONY PIF (Protoimage
of the Firm). , ,
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, , The proto-image of Real
, Vol. 51, 33/2015, . 129-146

144 ,
Madrid: implications for marketing and management (Kase, Urrtia de Hozos,

Sanchis Breton, 2007)
,

. ,
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Andreff, W., Szymansky, S. (2006). Handbook on the Economics of Sport, Edward
Elgar Publishing.
DeSensi, . ., Kelley, D. R., Blanton, M. D., & Beitel, . . (1990). Sport
Management curricular evaluation and needs assessment: multifaceted approach,
Journal of Sport Management 4, 33.
De Waal, A. (2014). The High Performance Soccer Club, Maastricht University School
of Business and Economics.
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145

Dimitropoulos, P. (2011). Corporate Governance and Earnings Management in the

European Football Industry, Greece European Sport Management Quarterly, 11(5),
495523.
Forrest & Simmons (2002). Outcome uncertainty and attendance demand in sport: The
case of English soccer, The Statistician, 51, 229241.
Garcia-del-Barro, P., Szymanski, S. (2006). Goal! Profit maximization and win
maximization in football leagues, AIES Working papers, 621.
Kase, K., Urrutia de Hozos, I., Sanchis, C. M., & Breton M. O., (2007). The proto-
image of Real Madrid: implications for marketing and management, Internationa
Journal of Sport and Sponsorship, IESA Business School.
Kesenne, S. (2007). The Economic Theory of Professional Team Sports, An Analytical
Treatment.
, ., , ., ,
Mintzberg, H. (1979). The Structuring of Organizations: A Synthesis of The Research,
Murphy, R., (2011). Playing fair in the boardroom: an examination of the corporate
structures of european football clubs,
Polonsky, M. J., A stakeholder theory approach to designing environmental marketing
strategy, Journal of Business & Industrial Marketing, 10(3), 2946.
Relvas, H., Littlewood, M., Nesti, M., Gilbourne, D., & Richardson D. (2009).
Organizational Structures and Working Practices in Elite European Professional
Football Clubs: Understanding the Relationship between Youth and Professional
Domains, Research Institute for Sport and Exercise Sciences, Liverpool, UK:
Liverpool John Moores University; Cardiff, UK: Cardiff School of Sport, University of
Wales.
Rottenberg, S. (1956). The Baseball Players Labor Market, Journal of Political
Economy, 64(3).
Sloane, P. J. (2006). The European model of sport, Handbook of the Economics of
Sport,
Sloane P. J. (1971). The Economics of Professional Football: The Football Clubs as a
Utility Maximaser, Scottish Journal of Political Economy.
Szymanski & Smith (1997). The English Football Industry: profit, performance and
industrial structure, International Review of Applied Economics.
, J. (2014). , : .
, M. (2007). , : Data Status.
, Vol. 51, 33/2015, . 129-146

146 ,
Resume
Sport, especially football has become a global business. Analyzing clubs, its ownership
structure and organizational structure, sources of income and origin costs can be
noticed that professional football clubs and took on all the typical elements of the
modern corporation, whether it is a non-profit organization, or the model of the
company, enterprise. Whether a club managed by the owners, individuals, associations
and corporations invested and created capital seeking high-quality and serious
organization that operates the construction of trade and business rules of modern
society. In this regard noted that all elements of modern management in football. Of
course, that sport and especially football has its own peculiarities. The hypothesis
management of professional football clubs is based on the theoretical and practical
principles of modern management, can be attested.
, Vol. 51, 33/2015, . 129-146

UDC 005.21:[334.71:334.758(470+571) , Vol. 51, 33/2015, . 147-157
: 25.03.2015.
: 22.04.2015.
Cluster development strategy of the

industrial sector of the Russian
economy

Alexander Miller
Omsk F.M.Dostoevsky State University
: ,
, .
, ,
,
.
, ,
, , , .
,
. , ,
.
: , , , , ,
.
Abstract: Development strategy of the industrial sector of the Russian economy is carried out in conditions of
continuous changes which happen both internally, and in the environment and are major factors of the
emergence of organizational problems. In such conditions management needs to adapt to the process of
continuous changes, by means of development and implementation of strategic decisions as lack of adaptation
promotes the emergence of abnormal problems and critical situations.
Modern cluster relations, on the one hand, are connected with the interplay of a large number of socio-economic,
technological, cultural, political, organizational and administrative contradictions. On the other hand - with the
changes of the environment in which industrial organizations operate and this is reflected in the interaction of all
participants of cluster formations. The emergence and rapid development of the interaction processes can be
explained by the changes that have occurred recently and have considerably affected their environment.
Keywords: cluster development, industry, relational approach, innovations, strategy, sixth technological way.
Introduction
A complete vision of the problem of formation of the research methodology of clus-
ter development strategy in terms of innovative transformation of modern Russian
industry is considered in this part of the article.
Modern cluster relations are connected with the interplay of a large number of
socio-economic, technological, cultural, political, organizational and managerial
aem55@yandex.ru
148 Alexander Miller
contradictions, as well as with the changes in the operational environment of industrial

organizations and are largely dependent on their interaction with the participants of
cluster formations. Such interaction is becoming an integral part of the modern
economic life. Practical consequences of this phenomenon are quite large, especially
for the industrial sector of the Russian economy. It should be noted that a close
relationship between the structures of various kinds has always existed. However, the
dominant forms of interaction have changed a lot so far, they have become more
complex and more urgent. The emergence and rapid development of the interaction
processes can be explained by the changes that have occurred in recent years and have
greatly influenced their external environment.
Ensuring the stability of the interaction of cluster members involves monitoring
the information flow between them and the environment, including communication
through internal informal channels. In modern conditions the stability of the interaction
depends on the reliability and timeliness of information. At the moment, a person who
is the 'second' in receiving information is much more susceptible to financial losses
than a primary information recipient. It happens so even if there are generally the same
functional characteristics and competitive advantages.
1. Methodology
In this part of the article we consider substantiation and disclosure of the relation-
al approach contents to the study of cluster development of the industrial sector.
The progressive development of cluster relationships is largely determined by
the technological way it happens. Organizational and economic prerequisites of the
sixth technological order formation are directly related to the progressive development
of electronics, computer, telecommunications, laser technology and robotics.
At present, the world economy functions in accordance with the sixth
technological order that is the emergence and development of nano-electronics, nano-
materials and nano-structured coatings as well as nano system technology. The main
feature of the sixth technological order is the creation of joint products of
nanotechnological activity, biological, information and cognitive technologies (Figure
1) (Medvedev, 2008).
, Vol. 51, 33/2015, . 147-157

Cluster development strategy
149
of the industrial sector of the Russian economy
Figure 1: Interrelation of the basicfeatures ofthe sixth technological order
Source: Medvedev, 2008
From the author's point of view, the impact of the sixth technological order on
the change of the cluster development strategy of the industrial sector of the Russian
economy is becoming more relevant. It is primarily connected with the fact that activity
products of industrial organizations reflect interrelation of biological, information,
cognitive and nano- technologies.
It should be noted that the influence of the technology interrelation on the
change of industrial organizations' development strategy has a specific nature. It is
necessary to take into account the effect of the basic laws and principles of the
appropriate technologies on the nature and content of the cluster development. Under
these conditions, the need for full functioning of the cluster industrial organizations
within the sixth technological order is actualizing. The interrelation of the sixth
technological order and the cluster development of industrial organizations and,
consequently, the need for a strategic approach is shown in Figure 2.
, Vol. 51, 33/2015, . 147-157

Figure 2: Interrelation of the sixth technological order and a cluster development strategy
Source: Authors research
Traditional clustering interrelations in the industrial complex are focused on the

current problems' resolution. The lack of early prevention of future problems reduces
the efficiency of the industrial sector. From the author's point of view, under these
conditions it is necessary to use proactivity properties of cluster development, namely
the preparation of the industrial sector for future problems through the development
and implementation of specific actions in the present.
To ensure the quality preparation of the industrial sector for the possible
emergence of potential problems in the relevant period of time, it is necessary to use
certain functioning laws that have a reflection in the industrial organizations life cycle.
Therefore, there is a need for such cluster interrelations which are focused on the
preparation of the entire industrial sector for potential problems, since they are based
on a study on laws of a life cycle functioning. First of all, it is connected with the well-
known processes such as globalization of markets.
However, generalization of the globalization phenomenon and the desire to see
its results in all industries does not seem quite right. The fact is that close to the
"global" types of production, there are such branches for which it is more important to
strengthen in the local market. We are not speaking about standardization on a global
scale. On the contrary, industrial organizations should use their experience in order to
develop and implement products intended for different areas. The main difficulty lies
, Vol. 51, 33/2015, . 147-157

151
in determining what can be left from the production of foreign products in order to save
money, and what new things should be done so that the resulting products can meet the
requirements in terms of the domestic market content. Providing complete freedom in
the development of the local market may entail high costs.
Thus, it must be concluded that the globalization phenomenon should not be
considered too simplistic. In some cases industrial organizations can solve the
problems of the market unification. But in other cases they just provide diversity and
diversification of supply. That is why the simplification of this phenomenon turns out
to be inappropriate because the results depend primarily on the manufactured product
nature.
Summarizing the above given information, we can say that industrial clusters
have a very distant prospect. Single tactical chains which characterize traditional
industrial organizations will be changed by the global strategies encouraging the
creation of industrial clusters. It should also be emphasized that the number of
enterprises which want to form industrial clusters, in real conditions will grow steadily.
In this regard, it is getting clear that for obtaining maximum benefits which industrial
clusters can bring, the heads of industrial organizations should reconsider their views
and approaches to management thoroughly. The strategy of the industrial cluster for
which the interaction with other participants of the cluster relations has begun to play
an important role, is significantly different from the strategy of industrial organizations
which control their activities completely.For the purpose of the objective study of the
cluster development of the industrial sector and providing economically sustainable
cluster development, the relational approach should be used.
The semantic content of the relational approach is based on the current trend
suggesting that sustainable development of industrial organizations in the XXI century
is largely dependent on the close and stable cooperation with various partners from
both public and private sectors. In the current economic conditions, financial ties seem
to be sufficiently powerful protection against a huge number of negative environmental
factors.With the help of the relational approach industrial organizations purposefully
avoid competitive confrontation in many situations in order to protect and ensure the
profitability of their own production. While establishing ties with various partners from
the public and private sectors, industrial organizations are trying to create a kind of
"break-even zone" in order to avoid situations which can be dangerous for them. In
other words, within the relational approach industrial organizations try to ensure their
own economically sustainable development at the level of acceptable production
profitability, rather than maximize their financial performance at an acceptable level of
development. Therefore, the relational approach aimed at ensuring economically
sustainable development of industrial organizations - cluster members - represents
maximum stability at a reasonable income.
Methodological basis of relational interconnections is a statement saying that
they represent a single form of association which has its own features. The latter allow
, Vol. 51, 33/2015, . 147-157

us to consider the interaction of the cluster participants as a special type of activity.The

main thing is that we are speaking about a union of independent structures. In addition,
each structure uses its own resources for achieving its ultimate strategic goal. At the
same time, in pursuit of common goals, each of the interacting structures does not lose
its strategic autonomy and pursues individual interests (Figure 3) (Miller, 2011).
Figure 3: Scheme of the cluster participants interaction
Source: Authors research
The advantage of the relational approach is that it gives an opportunity to

formulate a more realistic strategy, than within the framework of the economic and
competitive theory. However, this approach has two major drawbacks. The first is that
the relational approach somehow blurs the distinction between a cluster and an
agreement against competition. Since the relational approach focuses on safety, it
focuses on one goal only, namely the restriction of competition, and this feature
combines both anti-competitive agreements and clusters. Under this approach, a
phenomenon such as a potential increase in the price of industrial organizations is not
even considered. However, it is the creation of value that distinguishes clusters from
agreements. The second drawback of the relational approach is the assumption that all
partners pursue the same goal within the same cluster. This goal is connected with the
ensuring of their own safety. In other words, clusters are only considered as a tool
which will allow the strengthening of the group of allies through a series of collective
actions. In practice, the creation of clusters sometimes leads to the weakening of one
partner and to the benefit of another. It is really so as one of the partners can use the
cluster as a means of achieving scientific and technical developments as well as
obtaining competitors assets in order to improve its position in the economic sector at
the expense of the partner.
, Vol. 51, 33/2015, . 147-157

153
2. Research results
While assessing the state of industrial clusters in the Russian Federation we should
consider the following circumstances:
1. Despite the fact that a cluster is an economic concept which is practically
independent from the state, Russian regional authorities are often one of the initiators
of the cluster formation. A "portrait" of a typical cluster also includes the following
features:
the formation on territorial or sectoral basis;
the entry (and exit) process of the participant in the cluster has legal formalities;
high overall degree of interaction with the structures of regional authorities
(Management , 2014).
2. There is no official (state) information about clusters in the Russian economy.
The website of Federal State Statistics Service (Rosstat) also gives no information
about clusters in the Russian economy. Information about clusters (both of pilot and
other types) is accumulated by the Russian Cluster Observatory (RCO), created on the
basis of the Institute for statistical studies and knowledge economics of the National
research University of Higher School of economics (Russian cluster, 2014).
Currently, there are 25 clusters in the Russian Federation which have a pilot
status. It means that they receive public federal support. Branch directions of pilot
cluster projects include fields such as information technology and electronics; new
materials; aircraft and spacecraft manufacture, shipbuilding; pharmaceutical,
biotechnology and medical industry; chemistry and petrochemistry; nuclear and
radiation technologies. Geographically pilot clusters are located mainly in the Central
and Northwestern Federal Districts, the Volga region, the Urals, Western and Eastern
Siberia, the Far East (Pilot, 2013). Other clusters (which can be classified as non-
pilot clusters) have a wider territorial and sectoral coverage.
Systematic and consistent approach for stimulating cluster formation in the
regions led to the establishment of cluster development centers in many regions of
Russia: Altai region, the Republic of Tatarstan, the Astrakhan Region, the Republic of
Bashkortostan, the Voronezh region, Kaluga, Kurgan, Penza regions, Perm region, St.
Petersburg, Samara, Tomsk, Ulyanovsk regions, the Republic of Sakha (Yakutia), the
Khanty-Mansi Autonomous region - Yugra, Lipetsk, Vologoda, Belgorod regions,
Republic of Kalmykia, Novosibirsk, Novgorod and Kemerovo regions.
Pilot innovative territorial clusters are distributed in six industrial areas while
the industrial sector accounts for more than half of the clusters. More than 2/3 of
selected pilot clusters account for the European part of Russia, including 9 clusters
which are located in the Volga Federal District, 6 clusters - in the Central Federal
District, 3 clusters - in the North-West Federal District. There are 7 clusters in the
, Vol. 51, 33/2015, . 147-157

Asian part of Russia, 5 of them are located in the Siberian Federal District, 1 - in the
Urals and 1 - in the Far Eastern federal districts (Table 1).
Table 1 - Distribution of pilot innovative territorial clusters on federal districts
Federal district Number of clusters Number of clusters in- Share of the clusters
which submitted cluded in the List and which received the sta-
applications for the which received the status tus of innovative techno-
competition of pilot innovative tech- logical clusters ( in
nological clusters percentage)
European part of Russia
Central federal district 26 6 23
Northwest federal 11 3 (5 without consider- 45 (without considering
district ing unification of clus- unification of clusters)
ters)
Southern Federal Dis- 8 - -
trict
Volga Federal District 22 9 41
North Caucasus feder- 1 - -
al district
Asian part of Russia
Ural federal district 6 1 17
Siberian Federal Dis- 5 (7 without consider-
39 (without considering
trict 18 ing unification of clus-
unification of clusters)
ters)
Far East federal dis-
2 1 50
trict
Source: Pilot, 2013
It should be noted that when the clusters were selected the innovativeness
criteria was applied not only to the production but also to the production technology.
As a result, only half of the pilot clusters have the share of innovative goods, works,
services which is more than 45% in the total volume of goods of their own production.
An important characteristic of cluster functioning is the increase of the efficiency of
available resources' use, including labor utilization. This efficiency increase should be
considered as one of the manifestations of synergies from the merger of a number of
enterprises in the cluster.
The organization of work in most clusters is carried out by a management
company, which is also a public authority or a corporate management body. Eight
clusters are managed by a regional development institution, 4 clusters are managed by
the cluster development center, one cluster is managed by innovative development
department in the corporation, technology parks and jointly by the regional
development Institute and the center for cluster development.
The institution of development was established for the cluster support at the
federal level. However, there are significant differences in the actual degree of
interaction between various institutions and clusters. Thus, the quality of cooperation
between the Fund for promotion of small forms of enterprises in scientific-technical
, Vol. 51, 33/2015, . 147-157

155
sphere and the Association of innovative regions of Russia is assessed by clusters twice
as high as the quality and degree of interaction with the Russian Foundation for
technological development and the state Corporation "Vnesheconombank" (Bank for
development and foreign economic affairs) (Figure 4). The factors causing these
differences are the degree of presence of the development institution in the region (the
presence of regional offices) and a list of forms proposed by the development
institution for the clusters' support.
Figure 4: Average level of a cluster interaction with institutions of development
(from 1 - no interaction, 5 - fruitful intensive work) (according to the survey)
Source: Management , 2014
It should be noted that according to the survey of pilot clusters' participants it

was revealed that even pilot clusters which officially receive state support, are
experiencing some difficulties in the implementation of joint projects (Figure 5).
Moreover, these difficulties are more precisely related to the lack of confidence in the
long-term nature of state support, insufficient support from the state-side, too short
period between the receipt of the funds and the need to report on their use, as well as
common problems of the most important issues of the cluster development in
coordination with the regional authorities.
, Vol. 51, 33/2015, . 147-157

Figure 5: Barriers to the implementation of joint projects in the cluster (according to the survey)
Source: Management , 2014
Respectively, a number of clusters in the course of their development receives

the state support (financial, information and organizational). However, this support also
creates additional support for clusters due to the nature of budgetary allocations and
restrictions imposed by the federal and regional authorities in terms of decision-making
on projects within the cluster.
References
Medvedev D. (2008) NBIC-convergence phenomenon: Reality and Expectations //
Philosophy, 1, 97 - 117.
Miller A. (2011) The influence of the relational approach to the interaction of industrial
enterprises // Omsk Scientific Bulletin, 6, 38-41.
, Vol. 51, 33/2015, . 147-157

157
Management system for managing companies of innovative regional clusters in the

Russian Federation (2014) Report by NRU HSE and CSR North-West Foundation
RVC, 250.
Russian cluster observatory official website (2014) [Electronic resource]. URL:
http://cluster.hse.ru/about/news.php
Pilot innovative regional clusters in the Russian Federation (2013) National Research
of University of Higher School of Economics, 108.
Resume
Thus, clusters have already been operating in some regions for a long time. The most
advanced and promising clusters have obtained the status of pilot regional clusters and
state support appropriate to their status which include funding from the federal and
regional budgets, information support and so on. The main part of industrial clusters is
located in the European part of Russia, in the Central, Northwest and Volga Federal
District. In the eastern part of Russia clusters are concentrated in the most
economically developed regions of Siberia. The overwhelming majority of industrial
clusters are managed by regional authorities (regional development institution, the
regional center of cluster development). In this case, the state support has a downside
because the participants of the pilot clusters are not sure of the long-term nature of
support from the state side and experience some difficulties due to the nature of
coordination with the state agencies on development issues and funding of clusters.
However, regardless of the mechanism of a cluster creation, an effective organization
of its activity is able to reduce transaction costs, increase revenues and ensure
profitability of enterprises. It also enables the increase of product quality and its
competitiveness in the domestic and global markets.
The work is carried out with financial support of the Ministry of Education and
Science of the Russian Federation, within the state task to HIGHER EDUCATION
INSTITUTIONS regarding carrying out research works for 2014-2016, the project
No. 2378.
, Vol. 51, 33/2015, . 147-157

UDC 005.311:[005.52:330.162(497.5) , Vol. 51, 33/2015, . 159-176
: 19.03.2015.
: 22.04.2015.

Business ethics - challenge for management

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Abstract: In today's globalization process and economic crisis, the realization of ethical principles is of utmost
importance, since ethics may appear as the crucial factor in terms of comparative advantages. Research results
indicate changes in business behavior ethics with respect to possible business situation under consideration
among students. Paper will show changes in long-term period by comparing results from researches conducted
in 1996, 2007 and 2015. Survey is conducted among students of business economy at Faculty of Business and
Economy University of Zagreb as future active participants in Croatian economy.
On long term basis, results could influence treatment of ethical issues through the process of management
education and it would be desirable to exceed existing formal and the accepted standards in order to realize the
responsible behavior that can be linked with sustainable development but also with living conditions of future
generations of society.
Keywords: business ethics, students, challenge for management, comparison of results.

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, Vol. 51, 33/2015, . 159-176

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, Vol. 51, 33/2015, . 159-176

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, Vol. 51, 33/2015, . 159-176

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, Vol. 51, 33/2015, . 159-176

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, Vol. 51, 33/2015, . 159-176

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, Vol. 51, 33/2015, . 159-176

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Penn, W. Y., Collier, B. D. (1985). Current Research in Moral Development as a
Decision Support System, Journal of Business Ethics, 4, 131136.
Peterson, R. A., Beltrami, F. R., Kozmetsky, G. (1991). Conncerns of College Students
Regarding Business Ethics: A replication, Journal of Business Ethics, 10, 733738.
Pizzolato, B. A., Bevill, S. (1996). Business Ethics: A Classroom Priority?, Journal of
Business Ethics, 15, 153158.
Poorsoltan, K., Amin, G. S., Tootonchi, A. (1991). Business Ethics: Views of Future
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Pulieli, S. (1980). Osnove sociologije (12. ed.), Zagreb: Informator, 379.
Stanga, K. G., Tupen, A. R. (1991). Ethical Judgements on Selected Accounting
Issues: An Empirical Study, Journal of Business Ethics, 10, 739747.
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Vraneevi, T., Marui, M., Gonan Boac, M. (1998). Business Ethics Challenge for
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Resume
In this paper authors try to represent and analyze research results, which indicate
changes in business behavior ethics with respect to possible business situation under
consideration among students. The authors show changes in long-term period by
comparing results from researches conducted in 1996, 2007 and 2015. The survey was
conducted among students of business economy at Faculty of Business and Economy
University of Zagreb as future active participants in Croatian economy. But this fact,
that entirely students from one Faculty take a part in this exploration, is also a
weakness of this research. Because of the status of the respondents, it remains unclear
how could they react in real business situations. The purpose of this paper was to show,
that ethics are managed, it determines the society and it is possible to observe it in
certain time and place. The authors recommended that in certain circumstances, such as
the increasing influence of globalization process, ethical behavior might, or could be a
key competitive advantage on global markets. The main conclusion of this paper and
research is that accentuated study of ethics would probably affect the ethical behavior
of students who will be managers in their future professional career.
, Vol. 51, 33/2015, . 159-176

UDC 005.21:519.86]:502.131.1 , Vol. 51, 33/2015, . 177-191
: 26.03.2015.
: 24.04.2015.
Management of a sustainable business

model

University Ss. Cyril and Methodius in Skopje
Skopje, Macedonia

Skopje, Macedonia

-
Skopje, Macedonia
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Abstract: The managerial focus of every prominent executive nowadays should be placed not only on building
up its own, recognizable and value added business model, but far more on enabling it to continuously integrate
the consecutive organizational stages of flexibility and change, especially while planning and implementing
organizational changes. In order to establish a strategic orientation within the existing business model, a prior
imperative is placed on increasing the level of innovative organizational processes and behavior, which are
aimed at increasing the level of predictability and the influence of organizational changes, particularly at quality
increase, performances standardization, business structure and culture harmonization to strategic orientation,
respecting environmental constraints and tendencies etc.
Every sustainable business model should be at the same time mature enough, as well as sufficiently flexible, in
order to determine the most influential external and internal forces in the analyzed economic sector, enabling the
executives to act in accordance with the requirements that derive from the tendency for excellence. In return,
drakul@eccf.ukim.edu.mk
lnakov@eccf.ukim.edu.mk
aleksandra@eccf.ukim.edu.mk
178 , , -
higher quality enables enriched potential for continuous innovation and change.
Keywords: Business model innovation, sustainability, management of maturity model, strategic flexibility and
change.
Introduction
Business modeling tendency, in essence, implies to the planned and systematized
managerial efforts for creating, maintaining, implementing and further developing a
managerial concept that is capable of achieving challenging business goals, through a
proper combination of organizational flexibility and change. Therefore, it is crucial to
integrate the majority of knowledge, skills and capabilities in the process of attaining
the desired level of business maturity.
The model of involving the employees in finding out the most applicable, not
absolutely the best, combination of external and internal driving forces implies to
enacting of such a business model that would lead, on a permanent and long term
basis, to reducing the level of employee absenteeism, stress, job dissatisfaction, inter
personal irritation, contributing to a faster conflict resolution, work performance
stabilization and improvement, controlled business turnover, transparent cash flow
indicators etc. In this context, employees, particularly the executives, should increase
their potential for a faster and profound implementation of changes, which are directed
towards the changes of various external constituencies, most dominantly of the changes
in those dimensions of the customer needs that enable a recognizable model of
sustainable and competitive growth.
1. Managing the maturity of a business model
In essence, the very term maturity models (Saco, 2008) refers to the following close
determination of the content of the term:
A process management or process improvement system, which serves to evaluate
the current status or health of the process and as a diagnostic to promote and
propose further improvement initiatives.
The fundamental objectives of establishing the level of maturity at a certain
business model, in our explorations, is related to the following critical maturity goals:
Enabling the majority of the critical-to-success processes, practices and
procedures to be as clear as possibly prescribed and detailed, in terms of
actionable and behavioral organizational dimensions,
Precisely detail the most advanced dimension of the proposed business model, and
structure the overall business functioning in order to support the specified
advanced business element,
Explain the relationship between the combination of the resources and capabilities
and the achieved business goals, especially those that rely on the unique
business combination and recombination,
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Management of a sustainable
179
business model
Evaluating the level of advancement of the overall and specific business goals in
relation to the advancement in the processes, practices and procedures.
It is quite evident that the achieved level of maturity of a certain business model
is instrumental and contributes to a proper and full application of the elements of a
certain business model, most precisely and closely determined in the following Table:
Table 1 Business model elements

No. iness mod Description
1. 1. Value proposition An overall view of the companys bundle of prod-
ucts and services
2. 2. Target customer Segments of customers a company wants to offer
value to
3. 3. Customer handling/distribution Various means used by a company to get in touch
channel with its customers
4. 4. Customer interfaces/relationship Kinds of links a company establishes between
itself and its different customer segments
5. 5. Value configuration Arrangement of activities and resources
6. 6. Capability/core competency Competencies necessary to execute the companys
business model
7. 7. Partner network Network of cooperative agreements with other
companies necessary to efficiently offer and com-
mercialize value
8. 8. Cost structure Monetary consequences of the means employed in
the business model
9. 9. Revenue model A way a company makes money through a variety
of revenue flows
Source: Adopted according to Osterwalder, Pigneur, & Tuchi, 2005, p.13
A closer categorization of elements stipulates that from elements 2 to 4 is

created the value delivery segments, from element 5 to 7 are value creating elements,
and the elements 8&9 relate to value capture of the model. The intention of detailing
the elements of the business model lies in the necessity of clearing up the sustainable
and mature roots of each and every element of the business model. In doing so, at first,
it is quite needed to emphasize that nowadays in the world there are more than 200
maturity business models, a fact which implies to the need for a clear determination of
the developmental phase of the actual business.
The most important managerial step in assessing the maturity level is
undoubtedly the most suitable combination of managerial approach, deployment and
results, which would best be described through the Table 2:
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Table 2 Baldrige Maturity Business Model Rating

Approach Deployment Results
Primeval (0%) No systemic approach Anecdotal, undocu- No results or poor
mented results
Initial (10-20%) Limited systematic ap- Major gaps in deploy- Results are reported
proach, transition from ment exist; few units for most key areas of
reactive to improvement use improvement tac- importance; early
oriented tics stages of developing
trends and obtaining
comparative infor-
mation
In development Effective systemic ap- A few major gaps in Results are reported
(30-40%) proach is in place; empha- deployment exist; ma- for most key areas of
sis on prevention; random jor requirements not importance; early
improvements have been addressed; many work stages of developing
made units in early stages of trends and obtaining
development comparative infor-
mation
Competitive (50- Systematic approach is No major gaps in de- Good performance
60%) fully developed and in velopment exist; few areas show areas of
place; prevention and fact- work areas may still be strength relative to
based improvement system in development benchmarks
includes process evaluation
Superior (70- Improvement system is No major gaps in de- Results are reported
80%) responsive to current and ployment with many for most areas of im-
changing business needs; a work units in advanced portance; excellent
few innovative refinements development; overall performance is demon-
are evident requirements are ad- strated; some areas of
dressed and practiced leadership are demon-
strated
World class (90- Preventative, fact-based Approach is fully de- Excellent trends and
100%) and integrated quality sys- ployed; all require- excellent performance
tem is in place; many inno- ments are addressed are reported and sus-
vative processes with re- and practices tained in most areas
finements are evident relative to compari-
sons and benchmarks;
excellent leadership
Source: Adjusted according to National Institute of Standardization, Courtesy Baldrige Assessments for Baldrige
National Quality Program, 1993-2000, p.93
The most important implication from the above Baldrige Maturity Business
Model Rating is that managers should follow this pathway for determining the business
model maturity (Saco, 2008):
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business model
1. Determine level of performing of the actual business in the following 5 cluster

areas of excellence:
Ownership and governance that establish direction for process
management,
Efficiency drivers,
Stakeholders drivers,
Comprehensive process results and
Entire model as a whole.
2. Evaluate the key process features within each cluster area of excellence, and
3. Integrate the changes within the determined maturity stage of the business
model.
The maturity of the business model is an initial pre-condition for rethinking the
managerial approach towards the business model through integration of fundamental
business dimensions into the sustainable roots of the elements of the business model,
with an excessive usage of the following managerial steps, illustrated in our profound
analysis, on the fifth element of the business model value configuration:
A serious attempt to determine the influence of the vision, leads the managers to a
period of at least 3 years in the future, as a qualitative and sustainable framework
for reshaping the real delivered value to the beneficiaries,
Organizational changes that have to be undertaken to eliminate the gap between
the existing value and the desired value distribution, especially in creating the
model of mutual influence from and to the stakeholders, particularly for the
beneficiaries of our goods or services,
Determine whether the actual value combination is more beneficiary than the
previous one, with a possibility to be sustained during the analyzed at least 3 years
period,
Transfer the future value combination to all internal and external stakeholders, for
achieving a long-term relationship.
The managerial orientation for precise following of the above detailed steps, for
all 9 elements of the business model, implies to the need for a proper combination of
flexibility, especially strategic one, to the organizational changes, a moment that is
crucial for implementing the innovation within an existing business model in order to
achieve the desired level of business model sustainability. In this context, it is useful
for every manager to be quite familiar with the model of strategic flexibility, owing to
the fact that this model creates an environment oriented for sustainability, precisely
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described through the expected outcomes of this model (Bock, Opsahl, Gerald & Gann,
2012 p.282):
Creative culture that reduces resistance to change with a positive tendency of
influencing, and
Reduction in structural complexity that facilitates attention to new opportunities
with a negative tendency of influencing.
The integration of both above outcomes is conducted by implementing the

concept of business model innovation, which in return enriches the overall potential of
the business model, on the one hand, and enables the managers to create a network of
sustained internal and external factors that are simultaneously flexible and subject to
change, on a continuous and long term basis, on the other hand.
2. Innovating the business model
In contemporary analysis of the potential of the business models, it is rather evident
that every business type of an organization should constitute it, and continuously
innovate it, in accordance with the actual or future determined changes from the
internal, as well as from the external environment. Therefore, regardless of the
differences of the business model capacity, in various phases of the life cycle of
various products or services, and despite the fact that managers usually attempt to
influence more predominantly the external dimensions of the business model, not
initially the internal ones, in itself, business model explains the real, precise and
measurable value that the actual organization offers to all stakeholders, as well as
approaches to deliver it, on its own way of doing business.
The most challenging dimension of the business model nowadays is the
managerial attempt to continuously innovate it, especially owing to the fact that the
very product or service is not the only, in certain business model even not the focal
one, source of sustainability and competitive advantage. This managerial implication
leads to a closer determination of the business model innovation, in the following way:
Business model innovation is important because it is a form of innovation in itself,
it can complement other forms of innovation, and is often required to
commercialize new technologies (Amit & Zott, 2001),
Business model innovation leads to focusing the efforts on opportunity
exploration and discontinuous, rather than incremental product or process
innovation, should interact positively with creative culture and the flexibility to
reconfigure and redirect resources (Grewal & Tansuhaj, 2001).
Innovation of the business model should pay entire attention to eliminating the organiza-
tional barriers for continuous business model changes, which are most appropriately illus-
trated through the following explanations (Chesbrough, 2010):
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business model
First barrier results from the inability of the firm to adjust existing resources to
complex change, and
Second barrier derives from the constraining effect of the current business model
upon potential new ideas.
Every attempt for eliminating the above detailed barriers leads to its linkage to
the sustainable potential of every business model, in terms that the first barrier is
connected to the environmental sustainable dimension, whereas the second one relates
to the economic and social sustainable dimension. In this context, it is important to
emphasize that the very business model possesses bigger potential for changing the
organization and increasing its business potential, than changing the market in
accordance with the changes of the organization.
Every business model innovation should lead to enabling new business model
opportunities, out of which, the most important ones, in our analysis, are the following:
Product innovation consistency,
Process innovation harmonization,
Structural and cultural refreshment, and
Organic flexibility enabling.
A more detailed analysis of this new business model opportunities leads to clear
identification of their sub-elements, which we would describe through the
categorization of the business process elements (Sperry & Jetter, 2009):
1. Linear deterministic and bottom up, it is usually used for predictable type of
process changes and in this context is most usable for incremental type of change
with medium to low type of uncertainty,
2. Recursive multiple feedback loops that produce an iterative and integrative type
of behavior, usually undertaken for determining the scope and intensity of mutual
cooperation among employees in a certain change process,
3. Evolving feedback learning for the purpose of exploiting and refining direction,
often perceived as a creation of new application of the existing business potential,
4. Selectionism multiple independent concepts for testing, which are aimed at
increasing the possibility for picking up the best, mostly used when a proper
selection includes vast amount of resources and capabilities, potential to influence
negatively to the on-going processes and threaten the overall change
implementation,
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5. Trial-and-error/ Experimentation non linear approach that is focused to

ensure exploration, deals with unpredictable degree of uncertainty and therefore
most applicable for transformational, radical organizational change.
It is important to emphasize that the recursive, evolving and selectionism
process elements are oriented to testing the planned changes, and therefore are more
empirically oriented. With regards to the type of change that is best suitable for their
process improvement, usually they are applied far more through incremental
advancements, than radical, revolutionary disruptions, mostly owing to the fact that it
is a reflection of the need for a technological testing of the proposed changes, which
include a continuous feedback prior to the implementing phase, which is opposite of
the experimentation element that is characterized with a feedback in the stage of
change implementation.
In order to harmonize the exact type of organizational change, to the perceived
model of combining the external and internal environment, every manager should be
able to understand the opportunities and strengths which derive from each business
model opportunity, which is best done through a proper combination of the most
appropriate sub-element of the exact business model opportunity.
The ultimate intention of every business model relates to managerial attempt to
establish a sustainable orientation of the model, in order to maintain the desired
combination of processes and behavior in the light of the continuous external
adaptation and internal integration. First imperative in this thrive is placed at increasing
the degree of predictability of the planned changes to all employees, especially to the
managers. In achieving so, it is of an utmost importance to clarify the steps than need
to be followed while creating the predictable business model, which is an important
pre-condition for establishing a sustainable business model orientation. In accordance
with our thorough determination of the phases of this model, the stages for creating a
predictable business model would be presented by the following pathway framework:
6. Creation of an organizational environment for changes,
7. Incorporate the external opportunity within the integrated internal business
context,
8. Enable an understanding for a change initiative context,
9. Determining the level of priority of various combination of the business goals,
which are most suitable for the previous internal and external harmonization,
10. Apply the business model that supports the business goals combination,
11. Evaluate and assess the progress towards the implemented business goals,
12. Integrate the feedback into the future business model creation.
The above detailed model is cumulative, segmented and process oriented, with
an iterative potential for influencing the sustainable character of the actual business
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business model
model. In this context, it is recommendable for every single manager to undertake the
previous pathway analyses for its own organizational unit, in order to increase the
capacity for an ongoing integration with the remaining organizational units, towards
the determined goals of the proposed business model.
While applying this model, it is a managerial obligation permanently to explain
to the employees that the business model is not given once for always, but more
frequently that is possesses the potential to incorporate the most influential change
initiatives, regardless of the fact whether they arise from the managers, or from the
non-managerial positions. The importance of it lies in the need for the employee
involvement, not only in establishing, but also in maintaining and further developing
the sustainable business model orientation. The key to achieving it is leveling, as much
as possible, the actual effects of the business change initiative to the predicted one, in
terms that as much as they have no significant differences, employees would
implement the desired and proposed planned organizational changes more intensively,
due to their understanding and feeling of their influence on the future attainment of the
business goals.
3. Establishing sustainability of the business model
The integration of the maturity of the business model with its innovative orientation is
conducted through a creation of the sustainable concept of business model. The
fundamental intention of the sustainable influence to the prevailing business model is
focused on clearing up several very influential managerial dilemmas, which are
relevant for the process of changes, in our opinion in the following way:
Do the sustainability requirements positively or negatively influence the
profitability and efficiency of the business model?
To what extent do innovative changes of the business model contribute to the
sustainable potential of the business model?
What are the key dimensions in which the sustainability is visible for the key
stakeholders, particularly for the customers and the employees?
The process of determining the effects of the first, initial managerial dilemma
implies the influence of the sustainability requirements on the potential increase of the
profit and overall organizational efficiency. The method through which it is cleared out
is connected to the innovative potential of the sustainable changes, in term that those
improvements, advancements, refinements etc. of the processes, products/services,
technology, organization etc., which are influencing the recognizing of the business by
the key stakeholders, especially by the customers, in an optimal implementation
period, are perceived as having a positive influence, whereas the others are usually
categorized as possessing a partial, limited influence.
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In this context, it is fundamental to determine which of the sustainable

dimensions are most important for the business sector in which a certain organization
operates, whether it is the social, economic or environmental sustainability dimension.
This identification is vital for the combination of resources and capabilities, in
accordance with the determined orientations in the external environment.
In the proper clarification of the second managerial dilemma, the prior attention
should be placed on the innovative potential of the elements of the business model. It is
a profound analysis in which, the key issue is placed to the new, fourth analyzed
sustainable dimension, i.e. the training, owing to the fact that other 3 sustainable
dimensions possess various innovative capacity for changes. Therefore, changes are
perceived most innovative in the economic dimension, followed by the social and the
latter is the environmental sustainable dimension.
The applicative importance of this determination lies in the expected influence
of the changes to the overall sustainability of the business model, stating that each
organization needs more intensive investments in the environmental, than in the
economic dimension, and the social one is placed in the middle, a moment that is
linked to the influence of the training to increasing the innovative business orientation
in the organizational changes that are especially undertaken in the social, and the
environmental dimension. In this matter, every manager should be aware of the fact
that the critical stakeholders, especially customers pay higher attention to the changes
in the environmental dimension, and at the same time employees are interested in a
higher degree for the changes in the social modality of the business model
sustainability, with a respect to the influence of the economic sustainable dimension.
In analyzing the third managerial challenge, it is important to precisely
categorize the elements of the business model, in accordance with the core
sustainability dimensions, economic, environmental and social one, in the following
way:
1. The last 2 business model elements are linked to the economic sustainable
dimension, in terms that through them is created the fundamental value that
has to be distributed to the existing and potential customers,
2. The initial and the intermediary business elements number 5 & 6 are inclining
to the social sustainable dimension, meaning that they are dependent from the
real, not the nominal reason for selecting the exact business, out of the
majority offers of products and services,
3. The business model elements with number 2,3,4 & 7 in fact are connected to
the environmental sustainability dimension, explaining what kind of external
relationships are needed for every single business model, owing to the
increasing importance of the external business interface in the contemporary
tendency for establishing business networks, joint venture investments,
strategic alliances etc.
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business model
By integrating the solutions of the detailed managerial dilemmas which are most
relevant for the change process, the business model of the organization obtains the
capacity for establishing the competitive foundations for a sustainable business growth,
relying predominantly on the planned and continuous organizational changes.
Conclusion
Every sustainable business model should be at the same time mature enough, as
well as suficiently flexible, in order to determine the most unfluential external and
internal forces in the analyzed economic sector, enabling the executives to act in
accordance with the requirements that derive from the tendency for exellence. In
return, higher quality enables enriched potential for continuous innovation and change.
Business modeling tendency implies the planned and systematized managerial efforts
for creating, maintaining, implementing and further developing a managerial concept
that is capable of achieving challenging business goals, through a proper combination
of organizational flexibility and change.
certain business model, most precisely and closely determined as value proposition,
target customer, customer handling, customer relationship, value configuration, core
competency, partner network, cost structure and the revenue model. Nowadays, there
are more than 200 maturity business models in the world. The most important
implication from the Baldrige Maturity Business Model Rating is that managers should
follow this pathway for determining the business model maturity, i.e. to determine the
level of performing of the actual business in the 5 cluster areas of excellence
(ownership and governance that establish direction for process management, efficiency
drivers, stakeholders drivers, comprehensive process results and entire model as a
whole), evaluate the key process features within each cluster areas of excellence and
integrate the changes within the determined maturity stage of the business model.
The integration of the creative culture and reduction in the cultural complexity is
conducted by implementing the concept of business model innovation, which in return
enriches the overall potential of the business model, on one hand, and enables the
managers to create a network of sustained internal and external factors that are
simultaneously flexible and change, on a continuous and long term basis, on the other
hand. The most challenging dimension of the business model nowadays is the
managerial attempt continuously to innovate it, especially owing to the fact that the
one, source of sustainability and competitive advantage.
Innovation of the business model should pay entire attention to eliminating the
organizational barriers for continuous business model changes, determined as inability
of the firm to adjust its existing resources to complex change - connected to the
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188 , , -
environmental sustainable dimension and the constraining effect of the current business
model upon potential new ideas - related to the economic and social sustainable
dimension. The recursive, evolving and selectionism process elements are oriented to
testing the planned changes, and therefore are more empirically oriented. With regards
to the type of change that is best suitable for their process improvement, usually they
are applied far more through incremental advancements, than radical, revolutionary
disruptions, mostly owing to the fact that it is a reflection of the need for a
technological testing of the proposed changes, which include a continuous feedback,
prior to the implementing phase, which is opposite of the experimentation element that
is characterized with a feedback in the stage of change implementation.
the degree of predictability of the planned changes to all the employees, especially to
the managers. The predictable business model is cumulative, segmented and process
oriented, with an iterative potential for influencing to the sustainable character of the
actual business model.
The integration of the maturity of the business model with its innovative
orientation is conducted through a creation of a sustainable concept of the business
model. The process of determining the effects of the first, initial managerial dilemma
implies the influence of sustainability requirements to the potential increase of the
profit and overall organizational efficiency. The method through which it is cleared out
is connected to the innovative potential of sustainable changes. In the proper
clarification of the second managerial dilemma, the prior attention should be placed on
the innovative potential of the elements of the business model. It is a profound analysis
in which, the key issue is place to the new, fourth analyzed sustainable dimension, i.e.
the training, owing to the fact that other 3 sustainable dimensions possess various
innovative capacity for changes. In analyzing the third managerial challenge, it is
important precisely to categorize the elements of the business model, in accordance
with the core sustainability dimensions, economic, environmental and social one.
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Resume
Every sustainable business model should be at the same time mature enough, as well as
suficiently flexible, in order to determine the most unfluential external and internal
forces in the analyzed economic sector, enabling the executives to act in accordance
with the requirements that derive from the tendency for exellence. In return, higher
quality enables enriched potential for continuous innovation and change. Business
modeling tendency implies to the planned and systematized managerial efforts for
creating, maintaining, implementing and further developing a managerial concept that
is capable of achieving a challenging business goals, through a proper combination of
organizational flexibility and change.
certain business model, most precisely and closely determined as value proposition,
target customer, customer handling, customer relationship, value configuration, core
competency, partner network, cost structure and the revenue model. Nowadays in the
world exist more than 200 maturity business models. The most important implication
from the Baldrige Maturity Business Model Rating is that managers should follow this
, Vol. 51, 33/2015, . 177-191

190 , , -
pathway for determining the business model maturity, i.e. to determine level of
performing of the actual business in the 5 cluster areas of excellence (ownership and
governance that establish direction for process management, efficiency drivers,
stakeholders drivers, comprehensive process results and entire model as a whole),
evaluate the key process features within each cluster areas of excellence and integrate
the changes within the determined maturity stage of the business model.
The integration of the creative culture and reduction in the cultural complexity is
conducted by implementing the concept of business model innovation, which in return
enriches the overall potential of the business model, on one hand, and enables the
managers to create a network of sustained internal and external factors that are
simultaneously flexible and change, on a continuous and long term basis, on the other
hand. The most challenging dimension of the business model nowadays is the
managerial attempt continuously to innovate it, especially owing to the fact that the
one, source of sustainability and competitive advantage.
Innovation of the business model should pay entire attention to eliminating the
organizational barriers for continuous business model changes, determined as inability
of the firm to adjust existing resources to complex change - connected to the
environmental sustainable dimension and the constraining effect of the current business
model upon potential new ideas - related to the economic and social sustainable
dimension. The recursive, evolving and selection process elements are oriented to
testing the planned changes, and therefore are more empirically oriented. With regards
to the type of change that is best suitable for their process improvement, usually they
are applied far more through incremental advancements, than radical, revolutionary
disruptions, mostly owing to the fact that it is a reflection of the need for a
technological testing of the proposed changes, which include a continuous feedback,
prior to the implementing phase, which is opposite of the experimentation element that
is characterized with a feedback in the stage of change implementation.
the degree of predictability of the planned changes to all the employees, especially to
the managers. The predictable business model is cumulative, segmented and process
oriented, with an iterative potential for influencing to the sustainable character of the
actual business model.
The integration of the maturity of the business model with its innovative
orientation is conducted through a creation of the sustainable concept of business
model. The process of determining the effects of the first, initial managerial dilemma
implies to the influence of the sustainability requirements to the potential for increase
of the profit and overall organizational efficiency. The method through which it is
, Vol. 51, 33/2015, . 177-191

191
business model
cleared out is connected to the innovative potential of the sustainable changes. In the
proper clarification of the second managerial dilemma, the prior attention should be
placed on the innovative potential of the elements of the business model. It is a
profound analyzes in which, the key issue is place to the new, fourth analyzed
sustainable dimension, i.e. the training, owing to the fact that other 3 sustainable
dimensions possess various innovative capacity for changes. In analyzing the third
managerial challenge, it is important precisely to categorize the elements of the
business model, in accordance with the core sustainability dimensions, economic,
environmental and social one.
, Vol. 51, 33/2015, . 177-191

UDC 005.591.6:[005.336:339.137 , Vol. 51, 33/2015, . 193-202
: 18.03.2015.
: 20.04.2015.

Innovations and competitive advantage

,
, ,

Quehenberger Eastern Europe GmbH,
Strawalchen,
:
. ?
, , ,
. , , :
.
?
.
,
.
, . .
,
. , j.
: , , , , , .
Abstract: Competitive advantage is becoming a key question regarding not only companys growth and
development, but especially its survival. What is a goal and what is a consequence of having an advantage in
comparison to the competition?
It results especially in achieving extra profit, which creates the basis for ensuring continuous increase in
production. According to Porter, there are two ways for realization of this advantage: through diversity and
through lower costs. What is the main source of competitive advantage? The research in the past few years has
clearly shown that the source of competitive advantage was based on the innovativeness of the organization.
The innovativeness does not mean only innovations in product and technology area, but above all innovations in
management area. It is necessary to create conditions within the organization, so that the innovativeness
becomes an every day obligation of the employee himself. That is the only way for expecting the adequate
results. Crucial role in creating favorable climate for innovations play leaders, whose role drastically differs from
the former praxis. The responsibility for lack of innovativeness does not bear the system, but those who manage
the system.
Keywords: innovation, competition, extra profit, leader, managing, results.
miladinjovicic@yahoo.com
nkica.ovicic@gmail.com
194 ,
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, Vol. 51, 33/2015, . 193-202

195

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, Vol. 51, 33/2015, . 193-202

196 ,

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, Vol. 51, 33/2015, . 193-202

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198 ,

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, Vol. 51, 33/2015, . 193-202

201

Aaker, D. . (1995). Strategic Market Menagement (4th edition), New York:

Wiley & Sons.
, . . (1996). , . :
.
European Commission (December 1995). Green Paper on Innovation, European
Commission.
Gilder, G. (1984). The Spirit of Enterprise, New York: Simon & Schuster.
glassrpske.com/tehnologija/.../174781.html ( 24. 2. 2015)
, . ,
, : , 133.
, . (2007). . : .
-, . (2001). , : .
, ., , . . (2012). Role And Importance of Innovative
Management, SimOrg 2012, Inovativni menadment i
poslovne performanse, Zlatibor.
OECD, Eurostat (2005). Oslo Manual Guidelines for Collecting and Interpreting
Innovation Data, 3rd Edition., OECD Publishing.
, . (2007). . : .
Shank, J. K., Govindarajan, V. (1993). Strategic Cost anagement. New York:
The Free Press.
, . (1999).
, , 3, 316.
-, . (2009). . :
.
Resume
Creating and maintaining competitive advantage is a key question not only regarding
development of the company, but also and above everything its survival. In the
conditions of galloping globalization supported not only by big corporations, but also
by single states, being better than the others is becoming an essential question. How
can we ensure our product or service to be chosen by a consumer when the
competition is becoming stronger and when it is becoming global?
, Vol. 51, 33/2015, . 193-202

202 ,
We are of the opinion that this can be ensured through continuous investment in
new ideas, their testing, getting potential consumers familiar with characteristics of the
new product, as well as the placement of that product on the market at the right time.
For all this, the investment in production only is insufficient. More important is
investment in people, market exploring, new organizational models, different access to
suppliers and consumers, financial institutions, local community, state, etc. Simply
investment in the management.
Japanese business philosophy says that a product achieves profit only as long as
it is new on the market. The rest of the time it only creates costs. That is the reason
why for the company it is necessary to make conditions for the employee to deal with
innovations every day. It is necessary to give him time to dream, to think, to get into
the problem, to find something out and to make experiments. As Christopher Freeman
said: Not to innovate is to die.
, Vol. 51, 33/2015, . 193-202

UDC 336.7(4-672EU) , Vol. 51, 33/2015, . 203-216
: 13.11.2014.
: 28.12.2014.
Theoretical analysis of the monetary policy in the European

Monetary Union

, ,
: ,
2%
. ,
, ,
. ,
, 3, 4,5%. ,

, .
: , , , , ,
.
Abstract: The basic goal of the monetary policy in European monetary union is price stability, gained by
maintenance of the annual harmonized consumer price index below, but close to 2% in midterm deadline. The
approach of long term money neutrality is accepted, so providing the stable price level is considered to be the
maximum of what monetary policy can do, in order to accomplish potentially possible economy growth. Instead
of pure monetary targeting form, is implemented milder form connected with referent value of the monetary
aggregate M3, which is 4%. However, the Great depression influenced the need to reconsider goals and
strategies set by European Central Bank, which are still not answered in theoretical sense.
Keywords: monetary policy, European Central Bank, objective, strategy, instruments, banking supervision.
1.

() ,
.
. 1998.
,
() 2%.
,
(European Central Bank, 2011,
. 5556).
damirsehovic@yahoo.com
204

2%
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.
1. ,
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2. .
3. ,
.
4.
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5. ,

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(: European Central Bank, 2011, . 6467;
Carboni, Hofmann Zampolli, 2010; Issing, Tristani, 2005, c. 6264).

. .
,
,
, .

, (European Central
Bank, 2011, . 5556).
,
,
.
,
(). ,
.
, 1998.
, Vol. 51, 33/2015, . 203-216

205

1
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2
) 4,5%.
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. , Carboni, Hofmann Zampoli,
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4,5%
, + = + y,
(y = 2%, = 0,5%, = 2%), = 4,5%.
, Vol. 51, 33/2015, . 203-216

206
4,5%
1998. , 12,4% 2007.
4,5% .
2000. 3
(. Beyer, Fischer Von Landesberger, 2007; Fischer et al., 2007; Fischer Pill,
2010).

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(Blanchard, Dell'Ariccia Mauro, 2010;
William, 2009).
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, Vol. 51, 33/2015, . 203-216

207

:
(Open-Market Operations);
(Standing Facilities);
(Minimum Reserves) ( ,
, : European Central Bank, 2011).

.
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:
(Main Refinancing Operations);
(Longer-Term Refinancing Operations);
(Fine Tuning Operations);
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, Vol. 51, 33/2015, . 203-216

208
. 2008.
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, Vol. 51, 33/2015, . 203-216

209

3.

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(, : Lanno, 1999; Arnold, 1999).
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, Vol. 51, 33/2015, . 203-216

210

(
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:
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Stability Review);

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(EU Banking Sector Stability) (EU
Banking Structures);

( urosistem-
: European Central Bank, 2008, . 120
122).
, Vol. 51, 33/2015, . 203-216

211

2000.

.
.
, 2004.
(
).
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,

. 2003.
,
.

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(The New Supervisory Framework for EU).
, Vol. 51, 33/2015, . 203-216

212
2009.
,
(European System of
Financial Supervisiors ESFS), ,
,
(European Systemic Risk Board ESRB),
, .
. ,

: (European Banking Authority EBA),
(European Insurance and
Occupational Pensions Authority EIOPA)
(European Securities and Market Authority ESMA).

(European Central
Bank, 2010).
,
2010, 2011. .
,
,
ESFS-, 2012.
.
(Single Supervisory Mechanism
SSM), .

, (
: Beck, 2013)
SSM- . , SSM-
2012. ,
2014. , 2014.
. , ,

,
, SSM , .
: (European Framework
for Supervision).
:
(Single Resolution Mechanism).
, Vol. 51, 33/2015, . 203-216

213

: (Financial Backstop).
:
(Common System of Deposit Protection).
SSM-,
.
,
,
.
,
,
(Buch, Korner Weigert, 2013, . 16).
SSM-, ( 6.000)
.
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):
30 ;
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;
;

(European Stability Mechanism ESM).

,
,

. SSM-
. Coeur (2013)
:
;

;
,
;

.
, Vol. 51, 33/2015, . 203-216

214
,
.

,
.
,
. ,
,

,
.
,
, .

. ,
Peek, Rosengren Tootell (1999), ()
,
.

,
(
: European Parliament Directorate General for Internal Policies,
2012).

.
2% 4%,
.
.
, (
),
,
.

.

, .

, Vol. 51, 33/2015, . 203-216

215

. ,
,
.
Arnold, I. (1999). The Myth of a Stable European Money Demand. Open Economies
Review.
Beyer, A., Fischer, B. Von Landesberger, J. (2007). Money Demand Stability:
Implications for the Usefulness of Money in Monetary Policy. Unpublished manuscript.
European Central Bank.
Blanchard, O., DellAriccia, G. Mauro, P. (2010). Rethinking Macroeconomic
Policy. Journal of Money, Credit and Banking Supplement, 42(6).
Buch, M. C., Korner, T. Weigert, B. (2013). Toward Deeper Financial Integration in
Europe: What the Banking Union Can Contribute? Preparation for Workshop How to
build a genuine economic and monetary union? BerlinGenshagen.
Carboni, G., Hofmann, B. Zampolli, F. (2010). The Role of Money in the Economy
and in Central Bank Policies. : Papademos, L. and Stark, J. (eds), Enhancing
Monetary Analysis. Frankfurt: European Central Bank.
Coeur, B. (2013). Monetary policy and banking supervision. Speech by Mr Benot
Coeur, Member of the Executive Board of the European Central Bank, at the
symposium on Central banking Where are we headed?, in honor of Stefan
Gerlachs contributions to the Institute for Monetary and Financial Stability (IMFS).
De Grauwe, P. (2003). Economic and monetary Union. Oxford, UK: Oxford
University Press.
Ditmar, R., Gavin, W. T. Kydland, F. E. (1999). The Inflation Output Variability
Tradeoff and Price Level Targets. Review, Federal Reserve Bank of St. Louis, 2331.
Ditmar, R., Gavin, W. T. Kydland, F. E. (2000). What Do New-Keynesian Phillips
Curves Imply for Price-Level Targeting. Review, Federal Reserve Bank of St. Louis.
European Central Bank. (2008). Monthly Bulletin 10th Anniversary of the ECB.
Frankfurt.
European Central Bank. (2011). The Monetary Policy of the ECB. Frankfurt: European
Central Bank.
European Parliament. (2012). Should Monetary Policy be Separated From Banking
Supervision? Directorate General for Internal Policies.
Fischer, B. Pill, H. (2010). Improving Models of Euro Area Money Demand. :
Papademos, L. and Stark, J. (eds), Enhancing Monetary Analysis. Frankfurt: European
Central Bank.
, Vol. 51, 33/2015, . 203-216

216
Fischer, B., Lenza, M., Pill, H. Reichlin, L. (2007). Money and Monetary Policy: The
ECB Experience 19992006. Unpublished manuscript. European Central Bank.
Issing, O. Tristani, O. (2005). Monetary Policy in Uncharted Territory. : Issing, O.
(ed.), Imperfect Knowledge and Monetary Policy. Cambridge, UK: Cambridge
University Press.
Lanno, K. (1999). Financial Supervision in EMU. CEPS.
Mishkin, S. F. (2011). Monetary Policy Strategy: Lessons From the Crisis. National
Bureau of Economic Search Working Paper Series.
Peek, J., Rosengren, S. E. Tootell, M. B. G. (1999). Is Bank Supervision Central to
Central Banking? Working Papers 99-7. Federal Reserve Bank of Boston.
Vestin, D. (2000). Price Level Targeting Versus Inflation Targeting in a Forward
Looking Model. mimeo. IIES, Stockholm University.
Vestin, D. (2006). Price-Level Versus Inflation Targeting. Journal of Monetary
Economics, 53(7).
William, C. J. (2009). Daedalus: Optimal Inflation and the Zero Lower Bound.
Brooking Papers on economic Activity, draft (10, 11 September).
Woodford, M. (2002). Inflation Stabilization and Welfare. Contributions to
Macroeconomics, 2(1).
Resume
The Great economic crisis influenced the need to reconsider ECB strategy and open
some conceptual theoretical dilemmas. The first one is about the need to raise inflation
target from 2% to 4% in order to create more space in the period of financial and
economic disorder. Also in the theory is considered the possibility to use aggregate
price level as the target. The third dilemma is connected with targeting assets market
respectively property price (like stocks and bonds) in the manner of targeting inflation
rate in normal circumstances, while property prices would be followed in extraordinary
crisis circumstances.
ECB uses the set of market-oriented indirect instruments in order to actualize
price stability as primary goal.
As the integration of EU bank system became an obstacle to approach relying on
responsibility decentralization for performing bank supervision, its reform is being
implemented. It leads to establishing the new supervisory framework for EU
European System of Financial Supervision and European Systemic Risk Board.
Respectively, under the influence of the Great economic crises is established Single
Supervisory Mechanism for banks, what is the first step towards bank union.
, Vol. 51, 33/2015, . 203-216

UDC 339.727.22:332.146.2(497.11) , Vol. 51, 33/2015, . 217-235
: 12.03.2015.
: 21.04.2015.
The importance of foreign direct investment in function of

sustainable development

,
: ,
, , , .

, .

,
.
, . , ,
, ,
, .
,
.
. ,
,
.
: , , .
Abstract: In terms of globalization, foreign direct investment is a major factor in competitiveness, in addition to
developing and import new technology, entrepreneurship, education and innovation. The international movement
of capital is the result of the globalization and affects the diversification of business activities, as well as gaining
competitive advantage. Foreign investments are an important form of financing global economy and one of the
crucial factors for the development of the national economy, and the interest of all countries in attracting
investment capital from abroad to the extent possible. The current world financial and economic crisis indicates a
decrease in the volume and dynamics of flows of foreign direct investment, especially in developing countries.
Therefore, a given countries, including Serbia, watching foreign capital as an important source of economic
growth, modernization of the economic structure, growth in output and employment, as well as strengthening
export potential. The aim is to highlight the relevance of foreign direct investment in Serbia, as well as their
impact on economic growth and sustainable development of the economy. The paper presents the effects of
foreign capital inflows on key macroeconomic indicators in Serbia through graphical and tabular displays. Finally,
a comparative analysis of investment flows into neighboring countries, in order to assess the level of investment
in the region and defining the position of the Serbian economy in the inflow of foreign capital.
Keywords: Key words: foreign direct investment, competitiveness, economic growth.
branimir.kalas@ef.uns.ac.rs
218

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(, ., 2008, . 237).

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.
, Vol. 51, 33/2015, . 217-235

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(OECD, 2008, . 14).

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225

2014.
(http://siepa.gov.rs/sr/index/podrska-izvozu/izvoz-u-brojkama/2014.html).
4.

6%
14%
35%
3%
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4%

5%

31%

2014.
,
, 35%
. ,
31%, 14%
. ,
,
. ,
3% .
3.

.
.
,
,
. ,
,
.

.
.
,

, Vol. 51, 33/2015, . 217-235

226
.
(know how) ,
.

(Glass, Saggi, 2002, . 495).
3.1.

.
,
(Porter,
Schwab, Sorrell, and Lopez-Claros, 2004, . 21).
,
, .
,
.

. , ,
,
, , .

,

.
5. 2014.
: , http://www.weforum.org/
2015,
94. 144 ,
, Vol. 51, 33/2015, . 217-235

227

.
,
.
,
.
. ,
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.
3.

,
-

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: , http://www.tradingeconomics.com/; http://www.nbs.rs/
,
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.

56 ,
3035 ,
. ,

2025 ,
35
(Presnall, 2006, . 27).
, Vol. 51, 33/2015, . 217-235

228
6. 2014.
: , http://www.imf.org/
2014.
, , .
0,8% ,
1,8%.
3,4%,
, 2%.

.
, (),

( . 7 8).
7.
: , http://www.kpmg.com/
, Vol. 51, 33/2015, . 217-235

229

,
, , .
, 20%,
.
; ,
9%.
-, 20% 2014. ,
5% , 3%
, 17% ( 8).
8. -
: , http://www.kpmg.com/
,

.
, .
3.2.

( )

(Lipsey, 2011, . 2). ,
,
(, 2010, . 285):
;
;
(
).
, Vol. 51, 33/2015, . 217-235

230

. ,

.
4. - (
)

(% (% (%

2008. 2009. 2010. ) ) )
1998
2008 2009 2010
2008.
. . .
1.101 314 310 342 7,53 7,88 9,24
1.639 282 133 17 5,78 2,95 0,38
5.454 1.290 592 1.015 19,6 9,48 4,53
3
4.229 1.472 2.100 1.204 19,0 30,0 19,2
1 9 6
5.215 1.388 590 132 8,86 4,13 0,96
1.570 288 121 142 6,53 2,84 3,13

2.005 304 195 135 5,39 3,95 3,00
2.683 651 297 166 6,84 3,95 2,24
: EBRD, UNCTAD
EBRD UNCTAD,
, 1.472 2008, 2.100 2009. 1.204
2010. ,
.
19982008, 5.454 5.215 ,
2.005 .
2007.
,
-, ,
1,71%. - 2010. ,
10, ,
.
,

-.
10%.
, Vol. 51, 33/2015, . 217-235

231

9. (% ) 20102014.
: , http://www.ebrd.com/

.
-
. ,

, .
, 34 ,
- 2011. ,
5,8%. ,
-
, , -.
5. 20092013. ( )

2009. 2009. 2010. 2010. 2011. 2011. 2012. 2012. 2013. 2013.
3.537 171 4.355 145 4.701 202 4.885 206 6.104 244
7.816 52 7.152 82 6.719 153 7.771 286 8.070 199
50.727 1.309 47.971 1.486 47.653 1.697 49.871 1.867 52.623 2.280
4.579 339 5.456 375 5.803 379 4.882 414 5.384 47
36.602 5.849 34.374 4.154 30.883 4.529 31.609 4.506 32.484 4.361
4.510 57 4.493 91 4.728 95 4.959 105 5.534 102
20.584 3.928 20.584 3.928 22.872 3.972 25.451 2.204 29.269 2.557
73.983 1.731 70.012 1.486 70.328 1.487 74.171 1.417 84.596 1.465
15.237 8.745 15.022 7.603 15.145 7.142 15.526 7.796 15.235 7.739
: UNCTAD
5
2013. ,
, Vol. 51, 33/2015, . 217-235

232
2007. . , ,
.
2006. (4.264 ),
. 2009.
1.920 , 3%
(Bellak, Leibracht, 2005, . 147) .
,

. ,
,
. ,
,

.
.

: (1)
; (2)

; (3)
(, 2007, .
44).

, .
,
.
.
,
. , .

.

,

.
,
,
.
,
.

, Vol. 51, 33/2015, . 217-235

233

. ,
,

, .

, e
. ,
,
.
, ., (2010). - . , 285.
, ., , . , . (2007).
. : , 12.
Bellak, C., Leibracht, M. (2005). Do Low Coporate Income Tax Rates Attract FDI?
Evidence from Eight
Central and East Eauropean Countries. The University of Nottingham, 147.
, ., (2008). . : , 237.
Bucifal, S. at all., (2008). Chinalco-Rio Tinto deal: A case study of foreign direct
investment from China to Australia. Sidney: Australian National University, 298299.
Caldentey, E. P. (2008). The Concept and Evolution of the Development State.
International Journal of Political Economy, 37(3), 2753.
, . (2006).
. : , 7988.
Glass, A. J., Saggi, K. (2002). Multinational Firms and Technology transfer, The
Scandinavian Journal of Economics, 104(4), 495513.
Kearney, . . (2008). New Concerns in an Uncertain World The 2007 A. T.
Kearney Foreign Direct Investment Confidence Index. Mason: South-Western Cengage
Learning, 29.
Lipsey, E. R. (2001). Foreign Direct Investment and Operation of Multinational Firms:
Concept, History and Evidence. National Bureau of Economic Research Working
Paper, 8665, . 2.
OECD (2008). Benchmark Definiton of Foreign Direct Investment (4th edition), 14.
, . (2005).
. /Economics, 12(2).
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234
, ., , . (2004).
. , ,
9.
Porter, ., Schwab, K., Sorrell, M., and Lopez-Claros, A. (2004). The Global
Competitiveness Report 20042005. New York: Palgrave Mcmillian, 21.
Presnall, . (2006). , Jefferson Institute. :
, 27.
, . (2007). , : ,
, 44.
UNCTAD WIR (2003). FDI Policies for Development: National and International
Perspectives. UN, New York and Geneva, 2003, 85231.
Xie, X., Wang, H. (2009). On Effects of Foreign Direct Investment on Economic
Growth, International Business Research, 2(4), 100108.
http://www.ebrd.com/ ( 9. 2014.
http://tr.ebrd.com/tr14/countries/)
http://www.imf.org/ ( 15. 2014.
http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weoselagr.aspx)
http://www.kpmg.com/ ( 20. 2014.
http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-
tax-rates-table.aspx)
http://www.mfin.gov.rs/ ( 23. 2014.
http://www.mfin.gov.rs/UserFiles/File/bilten%20javne%20finansije/bilten-124-
web.pdf)
http://www.nbs.rs/ ( 23. 2014.
http://www.nbs.rs/internet/cirilica/80/index.html)
http://www.oecd.org/ ( 9.
http://www.oecd.org/daf/inv/investmentstatisticsandanalysis/40193734.pdf)
http://www.siepa.gov.rs/ ( 15.
http://siepa.gov.rs/sr/index/podrska-izvozu/izvoz-u-brojkama/2014.html)
http://www.tradingeconomics.com/ ( 9. 2014.
http://www.tradingeconomics.com/country-list/rating)
http://unctad.org/ ( 9. 2014.
http://unctad.org/en/PublicationsLibrary/wir2014_en.pdf)
http://www.weforum.org/ ( 15. 2014.
http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf)
, Vol. 51, 33/2015, . 217-235

235

Resume
An important feature of the current world market is reflected in the greater competition
for attracting FDI and liberal regulations in almost all the countries which create own
development by foreign capital. Foreign investments are an important form of
financing global economy and one of the crucial factors for the development of the
national economy, and the interest of all countries in attracting investment capital from
abroad to the extent possible. Watching the economic situation in the region, foreign
direct investment have become an important way of entry of foreign capital, which can
be one of the most important factor of rapid economic growth. Serbia and other
countries in the region view foreign capital as an important source of economic growth,
modernization of the economic structure, growth in output and employment, as well as
strengthening export potential.The idea of the transition countries is that FDI are
backbone to support their economic development, because investors are coming with
new technologies and new knowledge which transfered in economic structure of
country. The data presented in this paper indicate that active and aggressive policy
towards FDI is very important because it's the best way to increase their level. It is
necessary to create a flexible legal framework that will provide good conditions for
investment and thus attract potential investors. In order to attract foreign capital
government should not control economy, but rather to ensure competitive conditions
for entry into the market and takes into account the economic balance. When this is
done, Serbia will be better ranked in terms of business and the competitiveness of the
economy which foreign investors are carefully watching when deciding where to invest
their capital.
, Vol. 51, 33/2015, . 217-235

UDC 338.246.2:336.74]:336.748.7 , Vol. 51, 33/2015, . 237-245
: 26.03.2015.
: 23.04.2015.

The monetary policy and cheap money

,

,
:
.
. 2015.
, ,
, .
, ,
.
. , :
, .
, .
: , , , , .
Abstract: Central Bank takes set of several measures in situations where traditional instruments of monetary
policy have no significant impact on macroeconomic aggregates. This happens when the benchmark rate
reaches the lowest possible level. Since the beginning of 2015 we have witnessed the intense media coverage
of economic developments, particularly in the monetary sphere, in the domain of the eurozone but also in the
total area of the European Union. Here comes to injecting money into the financial system with new euro
emissions, followed by lowering interest rates, that leads to policy of cheap money. The world has changed too
much that dollar or euro could be the main foundation of global finance. On the other hand, the post-crisis world
requires a new architecture of the monetary base: instead of a single currency, foundation should be ancient
money in the form of gold. Money is not just an economic phenomenon, but the total social fact, which
influences the life of almost all people.
Keywords: monetary policy, financial system, interest rates, cheap money, gold.
, ,

, ,
. ,
, ,
, ,

pera@diplomacy.bg.ac.rs
aca@ekof.bg.ac.rs
238 ,
, (
, , 60 1.140
18 ). ,
, .

: . 2015.
.
.

. ,
, .

, . , 1999. ,
, 1,1789 ,
2015. 1,0457 ( 1,39
). ,
( )
,
.
.
. 2008.
2009.
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.
1.
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, ,
, ,
, ,
. ,
()
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.
.
,
,
. ,

, Vol. 51, 33/2015, . 237-245

239

. ,
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1
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. , .
()

, , 6,5 .
2015. :

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,
2017. .
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. 40
, . S&P 500
.
, Vol. 51, 33/2015, . 237-245

240 ,
. ,
.

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, Vol. 51, 33/2015, . 237-245

241

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, Vol. 51, 33/2015, . 237-245

242 ,

.
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, , ,
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60 (
),
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, 2 , 27 .
9
, (0,16
), (0,7).
, Vol. 51, 33/2015, . 237-245

243

1. %

26,81 18,59 12,77
0,13 3,0 2,0
0,12 0,12 0,67
0,1 0,65 1,42
0,21 0,7 1,46
0,19 0,01 0,34
0,2 0,05 0,34
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: , : , 17. 4. 2015, .11

. ,
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)

(, , 2014,
. 98). , ,
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,
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10
62. , 6,8 79, 3,2 87, 3,0
90. . ( , 16 .
, Vol. 51, 33/2015, . 237-245

244 ,
(15,1 1.209 1,3

) .
, (31,1035
11
) ( 1.130 1.200 ) . ,

,

.
, .
2. ( 2014. )
.
.
1. 8.133,5
2. 3.387,1
3. 2.814,0
4. 2.451,8
5. 2.435,4
6. 1.054,1
7. 1.040,1
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9. 765,2
10. 612,5
: World Gold Council, : , 26. 11. 2014.

.

, ( )
.
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, ), .

. , -
, ,

. ,

,
.
11
, 2011. 1.800 , 2014. 1.400 .
12,5 .
, Vol. 51, 33/2015, . 237-245

245

Acemoglu, D.and Johnson, S. (2005). Unbunling Institutions, Journal of Political

Economy, 113, . 949995.
Armstrong, M. (2006). Strategic Human Resource Management: A Guide to action
(3rd ed.), Kogan Page.
Bartol, K. M., and Martin, D. C. (1998). Management (3rd ed.), New York: McGraw-
Hill.
, ., , . (2014).
, , 2,
: .
, . (2006). :
, , 910.
, ., , . (2011). ,
: .
, . (2015). , , 16. 4. 2015.
. . (2008). :
, : , .
, ., , . (2003). , :
.
Resume
Long-term financial economic crisis has led to changes in monetary policy, not only in
the euro area, but in other developed economies as well. Supporters of the current
monetary policy argue that cheap money is crucial for economic recovery, especially
when (as is the case in Europe and America) governments are saving money. In the
meantime, the USA has restructured its banks faster than European countries, so its
economy has a relatively relaxed regulatory framework. In addition, the Fed's creative
and experimental approach brought results, while in Europe the combination of pent
ECBs strict budget austerity and minimal structural reforms does not offer adequate
support to the economic growth. Despite the fact that our financial system is tied to the
euro, the low euro exchange rate and the increased offer of this currency could
contribute to the stability of the dinar currency rate (with certain limits) which also
influences the Serbian macroeconomic indicators.
, Vol. 51, 33/2015, . 237-245

UDC 368.5(497.11) , Vol. 51, 33/2015, . 247-264
: 27.03.2015.
: 24.04.2015.

Problems and alternative insurance agricultural production
in Serbia

,

,
,

,

: .
. ,
, .
.
.
.
.
.
, .
, .

. ,
,
, .
: , , , , , .
Abstract: Agriculture is extremely important sectors of the economy. States that have the possibility of
development of agriculture give great importance to this issue. Everything is directed towards food production,
which is now the world's number one issue for both developed or developing countries as well as for
underdeveloped. This is why insurance plays an important role as a support to reduce the risk in food production.
There are many hazards affecting agricultural production. These dangers come mostly from nature and may
affect a large area and cause great damage. The man is sometimes the cause of these events. It is known that
Serbia is among the countries that have extremely good natural preconditions for this production. The level of
development of the Serbian insurance of agricultural production in this document is evaluated using several
indicators, usual for this kind of research. These data are compared with the data of other countries with
zv@inbajmok.com
nzarkovic@sbb.rs
biljanaac@gmail.com
248 , ,
adequacy parameters. The values of most indicators point to a very weak development of insurance activities in
the agricultural production of Serbia and its still insufficient support to agricultural development. The experiences
both developed countries and countries in transition, indicating that the contribution to improving this situation
had to simultaneously provide both the state and insurance companies, each with their viewpoint.
Keywords: agriculture, manufacturing, risk, insurance, yield, drought.

,
.
,
. ,
, , .
,
, .

, .

,
.
.
, ,
.
. (
1719, 1802. 1840), ( ,
1870).
. crop-insurance . crop-
insurance
. crop-insurance

.
, , , ,
,
,
.
, ,
.
1.

. ,
, ,
, Vol. 51, 33/2015, . 247-264

249

, ,
.

. ,
,

.
,

. ,
, .
.

, ,
, , .
20062013. .
,

.

- ,

, , , , ,
.
.
2.
8.840.000 .
5.346.597 , 60%,
3.437.423 ,
2.513.154 (www.rgz.gov.rs).
. ,
, .
, .
,

.
:
, Vol. 51, 33/2015, . 247-264

250 , ,
......................... 631.622
........ 628.555
................................................. 2.567

.
, 1.589.065 , 315.247 .
, 5,3 , 0,9 ,
152,4 . 0,5 ,
,
1,23 .

900 .
3,3 .
,
, 130 .
28 , ,
11 ,
.

. 15 ,
.
.
, ,
. , ,
.
,
. , .
comprehensive crop insurance, ,
crop insurance . ,
, .
,
.
, , 5% ,
, , 50%.
.
, ,
. , ,
1020% ,
, Vol. 51, 33/2015, . 247-264

251

. 2007.
,
.
, 30% ,
2009. 40%.

, .
, ,
,
.
450.000 ,
.
, , ,
.
3.
1, ,
2008. 2013.
2009, ,
10%
.
1. 20062013.
(ha)
2006. 260.828
2007. 292.420
2008. 302.957
2009. 231.482
2010. 254.846
2011. 252.980
2012. 297.948
2013. 354.425
: (www.rgz.gov.rs)

, 2008. .

2.

. .
,
, Vol. 51, 33/2015, . 247-264

252 , ,
.
.
, ,
, .
2.
20062013.

(%) (%)
2006. 7,58 10,38
2007. 8,50 11,64
2008. 8,81 12,05
2009. 6,73 9,21
2010. 7,41 10,14
2011. 7,36 10,07
2012. 8,67 11,86
2013. 10,31 14,10
: (www.rgz.gov.rs)

.

, ,
.

.
4.
.
.
,
, .

.
:
;
;
;
.
, Vol. 51, 33/2015, . 247-264

253

3
.
2009. 2012.
.
( )
, ,
.
,
2008. 2011. 2008.
74%, 4%. 2011,
, 33%,
1%.
3.
20062013.

( )
2006. 14.589
2007. 17.728
2008. 31.536
2009. 20.587
2010. 23.624
2011. 31.012
2012. 40.461
2013. 53.124
: National Bank of Serbia, Number of insurances, policyholders
and premiums by type of insurance tariff in Serbia

, .
4. 20062013.

(/ha)
2006. 55.934
2007. 60.624
2008. 104.092
2009. 88.937
2010. 92.700
2011. 122.590
2012. 135.800
2013. 149.889
:
, Vol. 51, 33/2015, . 247-264

254 , ,

, ,
, 4.
5.

( )
.
.
, .

(
5).
5.
2006-2013.

( )
2006. 611
2007. 751
2008. 1.105
2009. 746
2010. 794
2011. 969
2012. 1.126
2013. 1.503
: National Bank of Serbia
(http://www.nbs.rs/export/sites/default/internet/english/60/60_2/izvestaji/god_T1_2012.pdf)
2008.
,
. ,
, . ,
.
6.
20082013.

( ) (%)
2008. 641,1 2,12
2009. 570,1 1,39
2010. 548,7 1,40
2011. 463,9 2,05
2012. 438,5 2,27
2013. 441,1 2,79
, Vol. 51, 33/2015, . 247-264

255

,
,
,
.

(
6).

,
2%.

(
7).
7. 20062013.
/ha
2006. 2.345,20
2007. 2.569,80
2008. 3.648,07
2009. 3.225,90
2010. 3.115,10
2011. 3.830,05
2012. 3.780,40
2013. 4.243,26
:
7

. 2008. , 2009.
, .
, .
, ,
.
6.
, .
, . , 2011.
, ,
,
, .

2012. , 2010, 2008,
( 8).
, Vol. 51, 33/2015, . 247-264

256 , ,
8. 20062013.

2006. 545
2007. 710
2008. 591
2009. 536
2010. 918
2011. 687
2012. 416
2013. 1.506
2012, 2013.
( 9). ,
2008. 2012,
.

. , , .
,
,
.
9. 20062013.
(ha)
2006. 56.024
2007. 66.968
2008. 34.053
2009. 37.865
2010. 51.764
2011. 35.083
2012. 29.829
2013. 57.824

. ,
2013. .
10. 2006-2013.

/ha
2006. 2.088
2007. 2.428
2008. 1.949
2009. 2.316
, Vol. 51, 33/2015, . 247-264

257

2010. 3.601
2011. 2.716
2012. 1.397
2013. 4.250
:
,
,
,
.
( deductibles),
( ) (
).
7.

.
,

.
, ,
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11. 20082012.
/ %
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2010. 156
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2012. 37
2013. 102
:

. ( 11)
, 2010. 2013.
.
8.
,

. ,
.
, Vol. 51, 33/2015, . 247-264

258 , ,
(, ,
, , , , ) comprehensive
crop insurance. .

, ,
, .

.
. , ,
.
, .
,
.
, , ,
.

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85%. , 80%.

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, Vol. 51, 33/2015, . 247-264

259

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, Vol. 51, 33/2015, . 247-264

260 , ,
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.

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. 2012. 14.871
.

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, Vol. 51, 33/2015, . 247-264

261

, ,
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.
.
,
.

.
. ,
,
. , . ,
, ,
.
agricultural risk management .

,
,
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,

.

. , ,
.
, ( )
().

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.
, Vol. 51, 33/2015, . 247-264

262 , ,

. ,
.

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. ,

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.
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.
, Vol. 51, 33/2015, . 247-264

263

AXCO (2014). Insurance Market Report Serbia: Non-Life (P&C). London.

Carter, C., Smith, A. (2007). Estimating the market effect of a food scare: The case of
genetically modified starlink corn. The Review of Economics and Statistics, 89(3),
522533.
Chambers, R. G., Quiggin, J. (2004). Technological and financial approaches to risk
management in agriculture: an integrated approach. Australian Journal of Agriculture
and Resource Economics, 48(2), 199223.
Costello, R. M. (2012). Crop insurance: Iowa license exam manual. Seattle, WA:
CreateSpace.
Diaz-Caneja, et al. (2009). Risk management and agricultural insurance schemes in
Europe. Ispra, Italy: European Commission, The Institute for the Protection of the
Citizen.
http://www.nbs.rs/export/sites/default/internet/english/60/60_2/izvestaji/god_T1-
T2_2012.pdf
Mahul, O., Stutley, C. J. (2010). Government support to agricultural insurance:
challenges and option for developing countries. Washington DC: World Bank
Publications.
Morgan, W., Cotter, J. and Dowd, K. (2012). Extreme measures of agricultural
financial risk. Journal of Agricultural Economics, 63(1), 6582.
National Bank of Serbia, Insurance Sector in Serbia Third Quarter Report,
http://www.nbs.rs/export/sites/default/internet/english/60/60_6/insurance_III_2013.pdf
( 14. 3. 2014).
Roberts, R. A. J. (2005), Insurance of crops in developing countries, Rome: Food and
Agriculture Organization of the United Nations.
Statistical Office of the Republic of Serbia (2012). Statistical Yearbook of the Republic
of Serbia, Belgrade.
Swiss Re (2011). Product innovation in non-life insurance markets, Sigma, 4, 136.
Swiss Re (2011): Insurance in emerging markets: growth drivers and profitability,
Sigma, 5, 135.
Wright, B. D., Hewitt, J. A. (1994). All-risk crop insurance: lessons from theory and
experience. : Hueth, D. L. and W. H. Furtan (ds), New York: Economics of
agricultural crop insurance: theory and evidence, Springer.
, www.rgz.gov.rs. Popis poljoprivrede (2012)
( 18. 1. 2015).
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264 , ,
Resume
Agriculture is one of the most important sectors in the economy of each country.
Everything is directed towards food production, which is now the world's number
one issue for both developed or developing countries as well as for
underdeveloped. This is why insurance plays an important role as a support to
reduce the risk in food production. It is known that Serbia is among the countries
that have extremely good natural preconditions for this production. In Serbia,
agriculture has a great relevance and it's based on a an open and unprotected areas,
which means that it is exposed to various risks. These hazards occur almost every year
with more or less intensity, causing big damage often with catastrophic proportions.
Therefore, insurance of this production plays an important role in the economic
protection and promotion of agriculture and also represents one of the most risky types
of insurance. The insurance of crops is one of the least developed on our continent, but
with significant potential development. It's important to say a very little insurance
coverage of total arable land which prevents the implementation of probability and the
law of large numbers as a fundamental determinant of insurance protection. Insurance
companies have to provide significantly greater contribution to the development of
insurance of agricultural production in Serbia. Primarily, they should be much more
present on the ground and increase their marketing acitivities before the season and
during the season. It is necessary to permanent cooperation between insurers in order to
follow market conditions and undertaking common measures to create healthy
competition. Serbian farmer is economically weak and trying to reduce production
costs in order to be competitive on the market. One of the main tasks is adjusting the
height of the premium to economic possibilities of manufacturers and active role of
state to giving subsidies by appropriate selection. The international comparison leads to
the conclusion that the arable lands covered by the insurance protection in Serbia are
far less than in other countries. Compared to the other countries by this analysis, in
Serbia coverage of arable lands and ammount of premium in crop production are the
least several times and this fact can't be ignored.
, Vol. 51, 33/2015, . 247-264

UDC 005.311:[336.717.137.1:336.711/.713(497.11) , Vol. 51, 33/2015, . 265-279
: 20.03.2015.
: 22.04.2015.

Development strategy and sustainability of credit loans of
the banking sector in Serbia

,

,

,
: 2003. .
,
. ,
.
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,
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Abstract: The rapid growth in credit activities of banks in Serbia dates from 2003. Using a big difference in
interest rates in the market of Serbia and the EU member states, foreign banks were key leaders of rapid growth.
Soon, the expansion of credit activity led to a reduction in interest rates and the increase in the level of
indebtedness of the private sector. The risks of accelerated growth from the first were not visible, but escalated
later as a result of underestimation of credit risk. The consequences are visible years later, because the
problems with the repayment of the loans taken as a rule occur in the later stages of repayment.Those changes
were reflected in the growth of the share of non-performing loans in total loans. The growing risk aversion,
sharpening of credit standards, reducing the external financing sources, were just some of many factors that
have had led to intensified competition in local markets. This paper attempted to analyze the structure of
competition and concentration in the Serbian market. The average rate of growth indicators depth of the banking
sector is examined as well as measured by the ratio of the total amount of loans to GDP and the ratio of total
loans and NPL.
ivancevicj@ef.uns.ac.rs
smilosevic@ef.uns.ac.rs
office@novabanka.com
266 , ,
Keywords: Credit Loans, the Banking Sector, NPL.

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, Vol. 51, 33/2015, . 265-279

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, Vol. 51, 33/2015, . 265-279

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, Vol. 51, 33/2015, . 265-279

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, Vol. 51, 33/2015, . 265-279

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7. -
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Within Groups 69.451 63 1.102
Total 393.259 68
: , 20092014.

, Vol. 51, 33/2015, . 265-279

275

0,05,
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.
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(I) Godina (J) Godina Mean Std. Error Sig. 95% Confidence Interval
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*
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2013. -4.62500* .42864 .000 -5.8849 -3.3651
2014. -6.93056* .46299 .000 -8.2914 -5.5697
2009. 1.34167* .42864 .030 .0818 2.6015
2011. -1.23333 .42864 .058 -2.4932 .0265
2010. 2012. -2.58333* .42864 .000 -3.8432 -1.3235
2013. -3.28333* .42864 .000 -4.5432 -2.0235
2014. -5.58889* .46299 .000 -6.9497 -4.2281
2009. 2.57500* .42864 .000 1.3151 3.8349
2010. 1.23333 .42864 .058 -.0265 2.4932
2011. 2012. -1.35000* .42864 .029 -2.6099 -.0901
2013. -2.05000* .42864 .000 -3.3099 -.7901
2014. -4.35556* .46299 .000 -5.7164 -2.9947
2009. 3.92500* .42864 .000 2.6651 5.1849
2010. 2.58333* .42864 .000 1.3235 3.8432
2012. 2011. 1.35000* .42864 .029 .0901 2.6099
2013. -.70000 .42864 .580 -1.9599 .5599
2014. -3.00556* .46299 .000 -4.3664 -1.6447
2009. 4.62500* .42864 .000 3.3651 5.8849
2010. 3.28333* .42864 .000 2.0235 4.5432
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2012. .70000 .42864 .580 -.5599 1.9599
2014. -2.30556* .46299 .000 -3.6664 -.9447
2009. 6.93056* .46299 .000 5.5697 8.2914
2010. 5.58889* .46299 .000 4.2281 6.9497
2014. 2011. 4.35556* .46299 .000 2.9947 5.7164
2012. 3.00556* .46299 .000 1.6447 4.3664
2013. 2.30556* .46299 .000 .9447 3.6664
*p<0.05.
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, Vol. 51, 33/2015, . 265-279

276 , ,
8,
2012/2013. ( 0.580). ,
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, Vol. 51, 33/2015, . 265-279

277

, .
,
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. -
,

3%.
.
, , 50%
59% ,
.
,
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,
.
Bikker, J., Haaf, . (2002). Competition, Concentration and their Relationship: An

Empirical Analysis of the Banking Industry. Journal of Banking and Finance, 26(11),
21912214.
Gelos, R. G., Roldos, . (2004). Consolidation and Market Structure in Emerging
Market Banking Systems. IMF Working Paper, No.WP 02/186. 6.
, . (2006).
. . 25. ja 2015, :
http://www.ubsasb.com/Portals/0/Casopis/2006/11_12/UBS-Bankarstvo-11-12-2006-
Jovic.pdf
La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2000). Government Ownership of
Banks, NBER Working Paper, 7620.
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, 3940.
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278 , ,
(2014). .
. 10. ja 2015, :
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14.pdf
(2013). .
. 10. ja 2015, :
http://www.nbs.rs/export/sites/default/internet/latinica/55/55_4/kvartalni_izvestaj_III_
13.pdf
(2012). .
. 10. ja 2015, :
http://www.nbs.rs/export/sites/default/internet/latinica/55/55_4/kvartalni_izvestaj_IV_
12.pdf
(2011). .
. 10. ja 2015, :
11.pdf
(2010). .
. 10. ja 2015, :
10.pdf
(2009). .
. 10. ja 2015, :
09.pdf
(2008). .
. 10. ja 2015, :
08.pdf
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1(4).
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20regresija.pdf
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279

(20082013). .
. 30. 2015, :
http://www.ubs-asb.com/LinkClick.aspx?fileticket=OvsHo5i
4qZI%3d&tabid=538&mid=20666
Resume
On the Serbian banking market, it is constantly present trend of reducing the number of
banks, as well as the share of state ownership. The state is led by postulate of good
corporate governance by reducing state ownership in the banking sector, but an
indicator of the efficiency of the business is still at a low level, which is the result of
many years of operations and the way banks managed funds. The value of the
Hirschman-Herfindahl index indicates the presence of a moderate concentration of the
market as a result of increased credit activities of a small number of banks and the large
number of banks with a market share of less than 3%. The value of entropy coefficient
indicates a low concentration because of the large number of banks in the system, it
should be noted the dominance of the five largest banks, with a high rate of an
absorption of credit. Among the observed banks there is a high degree of instability,
because the retail clients and corporate without high costs (transaction costs and
waiting) can easily change the bank and buy the same product from other banks.
Correlation analysis of the relationship of total loans and NPLs came to the conclusion
that there is a strong positive correlation between the observed variables. Gaps in the
analysis are reported to and substantiated the fact that in the years when the banking
system has made a loss when they were deprived of a license to operate, then the
statistical methods showed significant statistical differences.
, Vol. 51, 33/2015, . 265-279

UDC 005.21:005.412]:336.71.078.3 , Vol. 51, 33/2015, . 281-293
: 25.03.2015.
: 24.04.2015.

Strategic planning of corporate performance of the bank

,

,
:
. ,
: ,
,
,
. ,
, :
(ROA), (ROE), , .

: , ,
, .
: , , ROA, ROE.
Abstract: Stages of strategic planning for corporate performance, serve to banks as a roadmap to long-term
achievement of the set goals. If a bank wants to achieve its long-term objectives, it is necessary to take several
"steps" in this direction: bank need to have a clear formulation of the objectives, carefully should define the
internal and external conditions as well as to prepare financial prognosis of environment, to plan its long-term
strategy, to carry out an evaluation of performance relating to the objectives of the bank. When referring about
the analysis of corporate performance of a bank, it is said that they represent a comparative observation of
indicators on the achieved results, among which are particularly important: the return on total assets (ROA),
return on equity (ROE), net interest income, net non-interest income. Adequate analysis and control in the event
of a miscarriage of the bank's objectives, indicates that it should take three key elements of strategic planning
through: situational analysis, goals and objectives, strategies and tactics of the bank, in order to achieve more
efficient of strategic planning of corporate performance.
Keywords: Strategic Planning, banks, ROA, ROE.

.
.

.
jelena.vitomir@ef.uns.ac.rs
tamara024@suonline.net
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.
( ) ().
, .

, .

.
, Vol. 51, 33/2015, . 281-293

292 ,

. ,
, , , , ,
. ,

.
,
(, ,
). SWAT
. SWAT
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SWAT ,
.

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.
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.

.
, Vol. 51, 33/2015, . 281-293

293

Austin, D. V., Mandula, M. S. (2005). Bankers handbook for Strategic Planning How
to Develop and Implement A Successful Strategy, Boston: Bankers Publishing.
Brown, A. (2000). High Performance Banking How to Improve Earnings in Any
Bank. Chicago: Bank Administration Institute.
, . (2002). (
, , , ).
: .
Fitch, T. (2000). Dictionary of Banking Terms, New York: Barrons Business Guides.
Johnson, F. P., Johnson, R. D. (2005). Commercial Bank Management, New York:
Dryden Press.
, ., , . , . (2011).
. , : .
, ., , . , . (2014). .
, : ., ., , .
(2015). , , , .
Resume
The current banking practice regarding strategic corporate performance planning shows
that there are many reasons why their plans are slowly realizing. This situation could
be overcome by the implementation of corrective actions. Management should
implement new strategies and tactics, and change banks objectives and tasks, especially
when they are unrealistic and do not provide satisfactory results. However, it is noted
that bank may have good strategic plan, but small benefit from its application. Success
of its application depends on management dedication, employee involvement and
efficient communication.
, Vol. 51, 33/2015, . 281-293

UDC 368.03:339.137(437.6) , Vol. 51, 33/2015, . 295-307
: 20.03.2015.
: 20.04.2015.
Concentration trends on the Slovak

insurance market

Juraj Pekr
University of Economics in Bratislava, Slovak Republic

Ivan Brezina

Zuzana ikov
:
.
.
,
, , .
m
(CRm), Herfindahl-Hirschman (HHI),
Gini index (GI), (CCI), Theil (E), Rosenbluth (RI),
Hannah-Kaya (HKI) .
( ). 22
31. 2013. .
: () (IT); (LIT); - (NLIT).
.
: , .
Abstract: Monitoring of concentration in any sector is a key factor that allows characterizing the level of
competition. The exact definition of this factor is based on the quantitative characteristics used by government
agencies focused on compliance with competition rules. Measuring concentration creates the space for the
application of quantitative methods, including statistical and econometric methods, game theory, and also the
use of special indices.
Among the most important indices for measuring the concentration of the industry is the Concentration ratio of m
the most powerful entities in the industry (CRm) and the Herfindahl-Hirschman index of market concentration
(HHI), frequently used is also the Gini index (GI), a comprehensive index of concentration (CCI), Theil index (E),
Rosenbluth index (RI), index Hannah-Kaya (HKI) and others. Slovak insurance market can be characterized as
competitive (according to the number of companies operating in the market). 22 insurance companies operate in
the Slovak insurance market to the date of December 31 2013. The following insurance data were analysed:
Insurance total - Technical insurance total (IT); Life Insurance (LIT); Non-life insurance (NLIT). Presented results
of the various concentration ratios confirm the trend of increasing concentration levels on Slovak insurance
market.
Keywords: Concentration, Insurance Market.
pekar@euba.sk
brezina@euba.sk
cickova@euba.sk
296 Juraj Pekr,Ivan Brezina,Zuzana ikov
Introduction
In terms of a long-term analysis of competition in the relevant market (e. g. the
insurance market) it is not only interesting to know the current degree of
concentration, but also the trend in which the relevant market evolves i.e. the
changes in individual indicators and indices. The above mentioned indices are
essentially based on market share. Market share can be defined (Brezina, Pekr 2013)
as the proportion of an industrys or market's total sales earned by a particular company
in a given market area over a specified time period. Let n represent the number of
entities operating in a given market or industry and qi represent sales volume of an i-th
entity operating in a given market or industry (i= 1, 2, ..., n), then the market share of
the i-th entity operating on given market or industry can be defined as
qi
si n i 1, 2, ..., n .
qi i 1
1. Concentration Ratio
Concentration ratio CRm is the percentage of market share held by the largest m firms
on a relevant market, so that s1 s2 s3 sn . The degree of concentration of
the m most powerful entities CRm can be calculated as:
m
CRm si , i 1,2,..., m, m 1, n . (1)
i 1

Concentration ratios range is from interval 0,1 . The calculation of CRm on the
smaller markets is usually conducted for m=3, 6, 10, 25, 50, 100 largest subjects (the
alternative is calculation for m=4, 8, 10, 25, 50, 100).
Federal Trade Commission in the US (FTC) most commonly uses index CR4
and classifies markets into three types: unconcentrated if CR4< 0.25, moderately
concentrated if 0.25 CR4< 0.5 and concentrated if CR4 0.5.
The difference MCR* = CRm2 CRm1(marginal concentration ratio) indicates
the strength of the second group of the most powerful entities (e.g. MCR* = CR6
CR3 is a force more 3 other subjects of the 6 strongest).
2. Herfindahl-Hirschman index
The Herfindahl-Hirschman concentration index (HHI) (Hirschman 1945), (Herfindahl
1950) can be defined as the sum of the squares of the market shares si (i 1, 2,..., n)
of all entities in the industry:
, Vol. 51, 33/2015, . 295-307

297
insurance market
n
HHI (si )2 (2)
i 1
The HHI value ranges from maximal value 1 (only a single entity operates in a
given market) to minimal value 1/ n (n entities operate in a given market with equal
1
market shares), so the interval is: ,1 .
n
According to the calculated value of the HHI index, the U.S. Federal Trade
1
Commission (FTC) classified markets into three types (from 1982) : unconcentrated
for HHI< 0.1, moderately concentrated for 0.1 HHI 0.18 and concentrated for HHI
2
0.18. Since 2010 the classification was modified like that: unconcentrated for HHI<
0.15, moderately concentrated for 0.15 HHI 0.25 and concentrated for HHI 0.25.
3
Following classification issued by European Commission : unconcentrated for
HHI< 0.1, moderately concentrated for 0.1 HHI 0.2 and concentrated for HHI 0.2.
Another approach of concentrations characteristic is given in (Brezina, Pekr 2013):
1 0.9
unconcentrated if HHI is from interval , 0.1 , moderately concentrated if HHI
n n
0.9 0.8
is from interval 0.1, 0.2 and concentrated if HHI is from interval
n n
0.8
0.2, 1 , where n the number of subjects operated on relevant market.
n
3. Comprehensive Concentration Index

Comprehensive concentration index (CCI) (Horvath 1970) can be expressed as
follows:
CCI s1 si2 2 si .
n
(3)
i 2
1
HHI has been used by U.S. Federal Trade Commission (FTC) since jun 14, 1982 and it has been part of the
U.S. directives on horizontal mergers (Horizontal Merger Guidelines). Available at:
http://www.usdoj.gov/atr/public/ guidelines/horiz_book/15.html
2
Available at:http://www.justice.gov/atr/public/guidelines/hmg-2010.html#5c
3
according to theGuidelines on theassessmentofhorizontalmergersundertheCouncilRegulations on thecontrol-
ofconcentrationsbetweenundertakings(2004/C31/03). Available at:http://eur-
lex.europa.eu/LexUriServ/LexUriServ.do?uri=DD:08:03:52004XC0205(02):SK:PDF.
, Vol. 51, 33/2015, . 295-307

CCI is similar to HHI, except in CCI calculation is any power of market share
weighted by (2 si) and it is taken into account also the impact on smaller operators on
1 2 n 1 n 1
the relevant market. CCI can take values from the interval 3 ,1 .
n n2 n
4. Theil Index
Theil index of entropy (E) (Theil, 1967) to measure the concentration assigns
higher weights to smaller entities and therefore ensures that the decreasing value of
E indicates increasing levels of concentration. Theil entropy index (E) is calculated
as:
n
E si ln si (4)
i 1
Theil index E can take values from interval 0,ln n . If it is necessary to

compare the concentration of the relevant market to concentration of the relevant
market with different number of subjects (e.g. annually), then E must be
normalized:
E
E* (5)
ln n
E*cantake values from interval 0,1 . When compared E with HHI it can be
stated that increase in HHI indicates increasing levels of concentration while
decreasing in the value of E indicates increasing level of concentration. Both
indices E and HHI, consistently indicate whether the concentration increases and
decreases, although disagree on the fact how much.
5. Slovak insurance market
4
22 insurance companies operate in the Slovak insurance market in 2013 :
AEGON ivotnpoisova, a.s. (AEG), Allianz - Slovenskpoisova, a. s.
(ALL), AXA ivotnpoisovna (AXZ), AXA poisovna (AXA), BASLER
Lebensversicherung AG (BAL) (operated to the year 2012 under the name Deutscher
Ring Lebensversicherung - AG), BASLER Sachversicherung AG (BAS) (operated to
the year 2012 under the name Deutscher Ring Sachversicherung - AG), SOB
Poisova, a. s. (CSO), D.A.S. Rechtsschutz AG (DAS), ERGO Poisova, a.s. (ERG),
GeneraliPoisova, a. s. (GEN), GroupamaGaranciapoisova, a. s. (GRO), ING
ivotnpoisova, a. s. (ING), KOMUNLNA poisova, a. s. (KOM),
KOOPERATIVA poisova, a. s. (KOO), MetLife Amslicopoisova a. s. (AMS)
4
Slovenskasociciapoisovn: http://www.slaspo.sk.
, Vol. 51, 33/2015, . 295-307

299
insurance market
(operated to the year 2012 under the name Amslicopoisova Alico),

PoisovaCardif Slovakia, a.s. (CAR), PoisovaPotovejbanky, a. s. (PPB),
PoisovaSlovenskejsporitene, a. s. (PSS), Union poisova, a. s. (UNP), UNIQA
poisova, a. s. (UNQ), Wstenrotpoisova, a. s. (WUS),
Slovenskkancelriapoisovateov (SKP), VICTORIA - VOLKSBANKEN Poisova,
a. s. (VIC) operated to the year 2012 and Groupamaivotnpoisova (GRZ), a. s.
operated to the year 2011.
Following insurance data were analyzed for years 2010 2013 (Table 1) in
thousands of euros: Insurance total Technical insurance total (IT); Life Insurance
(LIT); Non-life insurance (NLIT). Presented results of the various concentration ratios
confirm the trend of increasing concentration levels on Slovak insurance mar-
ket.Trends of selected products in the years 2010 2013 are presented by Figure 1.
Figure 1:Trends of selected insurance products in the years 2010 2013 (in thousandsof EUR)
Source:Authors
, Vol. 51, 33/2015, . 295-307

Table 1:Selected data of insurance companies in years 2010 2013 (in thousands of EUR)
LIT NLIT IT LIT NLIT IT LIT NLIT IT LIT NLIT IT
2010 2010 2010 2011 2011 2011 2012 2012 2012 2013 2013 2013
AEG 25 303 0 25 303 30 127 0 30 127 32 995 0 32 995 38 145 0 38 145
ALL 244 580 353 566 598 146 248 725 349 541 598 266 244 082 338 955 583 037 245 328 326 939 572 267
AMS 120 319 6 019 126 338 118 667 5 924 124 591 117 590 6 867 124 457 118 255 7 803 126 058
AXZ 48 102 1 556 49 658 50 568 1 666 52 235 52 370 1 572 53 942 59 143 3 392 62 535
AXA X X X 0 12 881 12 881 0 12 158 12 158 0 11 562 11 562
CSO 57 366 21 123 78 489 47 801 24 208 72 009 53 265 25 380 78 645 54 141 27 053 81 194
DAS 0 2 219 2 219 0 2 397 2 397 0 2 492 2 492 0 2 611 2 611
BAL 4 990 0 4 990 5 648 0 5 648 5 780 0 5 780 5 830 0 5 830
BAS 0 3 604 3 604 0 3 647 3 647 0 3 776 3 776 0 3 926 3 926
ERG 7 555 0 7 555 12 732 0 12 732 12 149 0 12 149 17 673 1 896 19 569
GEN 88 820 106 717 195 537 83 591 106 689 190 280 79 217 101 908 181 125 80 081 94 265 174 346
GRO 0 7 433 7 433 0 7 004 7 004 456 6 419 6 874 1 274 3 548 4 822
GRZ 1 209 0 1 209 708 0 708 X X X X X X
ING 86 193 0 86 193 80 150 0 80 150 78 450 0 78 450 78 899 0 78 899
KOM 97 709 51 894 149 603 104 039 55 052 159 091 106 718 58 840 165 558 110 764 60 499 171 263
KOO 223 468 248 030 471 498 233 166 253 143 486 309 241 036 249 973 491 009 258 502 250 576 509 078
CAR 1 695 11 149 12 844 2 508 12 511 15 019 4 005 11 936 15 941 5 075 14 058 19 133
PPB 3 423 804 4 227 5 395 1 025 6 420 7 158 1 139 8 297 8 494 1 162 9 656
PSS 37 918 0 37 918 44 269 0 44 269 53 018 0 53 018 69 285 0 69 285
UNP 11 661 28 476 40 137 11 165 32 175 43 340 10 540 31 782 42 323 10 444 31 080 41 524
UNQ 28 422 74 342 102 764 29 771 70 133 99 904 31 563 70 770 102 333 33 025 75 114 108 139
VIC 10 176 517 10 693 5 700 630 6 330 1 699 864 2 563 X X X
WUS 27 531 23 207 50 738 30 272 25 710 55 982 33 501 23 882 57 383 37 818 22 007 59 825
SKP 0 8 8 0 7 7 0 12 12 0 11 11
Source: http://www.slaspo.sk
The share of individual insurance companies products in 2013 is shown in

Figure 2.
, Vol. 51, 33/2015, . 295-307

301
insurance market
Figure 2:The share of individual insurance companies onLIT, NLIT, ITin 2013
Source:Authors
6. Analysis of the Slovak republic insurance sector based on

selected data
Analysis results for the years 2010, 2011, 2012 and 2013 for indicatorsCR3, CR6
a MCR* = CR6 CR3are shown in Table 2 and their trends are presented in Figure 3.
Table 2:Indicator values ofCR3, CR3 a MCR* = CR6 CR3forLIT, NLIT andITin the years 2010 - 2013
Indicators LIT NLIT IT Indicators LIT NLIT IT Indicators LIT NLIT IT
2010CR3 0.522324 0.75299 0.61205 2010CR6 0.764434 0.91746 0.79526 2010MCR* 0.24211 0.16447 0.18321
*
2011CR3 0.524504 0.7356 0.60438 2011CR6 0.758372 0.89878 0.78623 2011MCR 0.233869 0.16318 0.18185
2012CR3 0.517083 0.72817 0.59365 2012CR6 0.743907 0.89829 0.77922 2012MCR* 0.226824 0.17011 0.18557
2013CR3 0.504867 0.71656 0.57875 2013CR6 0.723784 0.89437 0.76562 2013MCR* 0.218917 0.17781 0.18688
Source:Authors calculation
, Vol. 51, 33/2015, . 295-307

Figure 3:Trends inCR3, CR6 andCR6 CR3 for selected insurance data in the years 2010 - 2013
Source:Authors
Based on calculated values of CR3 a decline can be observed in the power of the
three most powerful entities in the Slovak insurance market. Also, calculated values for
all variables of CR6 indicate decline of the power of six strongest actors on the Slovak
market. Calculated values MCR* = CR6 CR3 indicate decreasing power of the other
three strongest players for LIT in the period, increasing power for NLIT and relatively
, Vol. 51, 33/2015, . 295-307

303
insurance market
stable power for IT (increase in value of 0.00367). The foregoing is also documented in
Figure 3.
Indicators HHI based on each selected indicators are provided in Table 3, and
their trends are presented in Figure 4 below.
Figure 4:HHItrends for selected insurance data in the years 2010 - 2013
Source:Authors
Table 3: Values of indicators HHI for selected insurance data in the years 2010 - 2013
Indicators LIT NLIT IT
2010HHI 0.125060588 0.235259062 0.161481954
2011HHI 0.125433565 0.223993209 0.158313785
2012HHI 0.12312664 0.220937234 0.15483346
2013HHI 0.119650534 0.216736047 0.149400825
HHI values for selected data in the years 2010-2013 are relatively stable. Based
on the methodology of the Federal Trade Commission in the US as well as the
methodology of the European Commission, Slovak insurance sector LIT may be
characterized as moderately concentrated (all calculated values of HHI are in the range
0.1 to 0.18, respectively in the range 0.1 to 0.2), sector NLIT is characterized as
concentrated (all calculated values of HHI are above 0.18, respectively than 0.20 and
IT segment may be characterized as moderately concentrated (all calculated values of
HHI are in the range 0.1 to 0.18, respectively in the range 0.1 to 0.2). Under the new
methodology of Federal Trade Commission in the US, the Slovak insurance segment
LIT is characterized as unconcentrated (all calculated values of HHI is less than 0.15),
the segment NLIT is moderately concentrated (all calculated values of HHI is between
, Vol. 51, 33/2015, . 295-307

0.15 to 0.25) and the characteristic of segment IT is changed to unconcentrated (HHI

value in 2013 fell below 0.15).
Other limits were calculated following the methodology proposed in (Brezina,
Pekr 2013) (Table 4).
Table 4: Limits ofHHIfor selected insurance data in the years 2010 - 2013
Moderately concen- Concentrated
Indicators Lower limit
trated segment segment
2010HHI 0.043478261 0.139130435 0.234782609
2011HHI 0.041666667 0.1375 0.233333333
2012HHI 0.043478261 0.139130435 0.234782609
2013HHI 0.045454545 0.140909091 0.236363636
From the results in Table 4 and in Table 3 it is clear that the indicator for LIT
assumes a value below the value in column Moderately concentrated segment of
Table 4 and therefore it may be characterized as unconcentrated. Indicator for NLIT in
2010 takes the value 0.23526, which is higher than the threshold value for the
concentrated sector (0.234782609), and thus in 2010 segment NLIT can be
characterized as concentrated. In the years 2011 to 2013 calculated values for NLIT are
(Table 3) below the calculated limits for concentrated sector in Table 4, and therefore
in these years the segment can be characterized as moderately concentrated. The values
for IT segment in all years (Table 4) allow characterizing it as moderately concentrated.
The results for the indicator CCI in the years 2010, 2011, 2012 and 2013 are
shown in Table 5, and their trends are presented in Figure 5.
Figure 5:CCItrends for selected insurance data in the years 2010 - 2013
Source:Authors
, Vol. 51, 33/2015, . 295-307

305
insurance market
Table 5: Values of indicator CCIfor LIT, NLIT and IT in the years 2010 - 2013
2010CCI 0.362050259 0.54332213 0.431249074
2011CCI 0.362405284 0.527599024 0.425485958
2012CCI 0.356352556 0.523596481 0.41922192
2013CCI 0.350572669 0.51800174 0.408983271
CCI trends documented a relatively stable concentration of the Slovak insurance

sector, and a slight decrease can be observed in the concentration of NLIT segment, but
also in LIT and IT segments.
The results for the Theil index E in the years 2010, 2011, 2012 and 2013 are
shown in Table 6, and their trends are presented in Figure 6.
Figure 6:E trends for selected insurance data in the years 2010 2013
Source:Authors
Trends of E values indicate a relatively stable concentration of Slovak insurance

sector, and a slight decrease can be observed in the concentration in all segments
(increasing tendency of E value).
Table 6: Values of Efor LIT, NLIT and IT in the years 2010 - 2013
2010E 0.79874609 0.631317005 0.707932204
2011E 0.801383043 0.643295512 0.710099395
2012E 0.804703506 0.64744396 0.723795825
2013E 0.827295 0.654659058 0.742847431
Source: Authors calculation
, Vol. 51, 33/2015, . 295-307

Conclusion
Analysis of indicators measuring the concentration CRm, HHI, CCI and E in the Slovak
insurance sector allows analyzing the trends in the concentration of the selected
insurance data: Insurance total - Technical insurance total (IT); Life Insurance (LIT);
Non-life insurance (NLIT). Based on the presented analysis it can be observed that
there is a decreasing trend of concentration of insurance sector of SR. Of course, all of
these considerations may be applied only to the relevant market determined by the size
of Slovakia.
Such an assessment is based on the analysis of all indicators. The advantage of
the use of CRm indicator is the obtained information about the power of a selected
group of m most powerful entities, respectively the strength of the second group of the
most powerful entities. HHI represents the most widely used indicator to measure the
concentration in the relevant market. Its advantages are specified limits for determining
the degree of concentration of the industry based on different methodologies (FTC),
(EU), but also based on the methodology presented in (Brezina, Pekr 2013). Indicators
CCI and E may represent an important alternative approach to obtain the characteristics
of the relevant market.
Acknowledgements
This paper is supported by the Grant Agency of Slovak Republic VEGA, grant no.
1/0245/15 Transportation planning focused on greenhouse gases emission reduction.
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Resume
Monitoring of concentration in any sector is a key factor that allows to characterize the
level of competition. The exact definition of this factor is based on the quantitative
characteristics used by government agencies focused on compliance with competition
rules. Measuring the concentration creates the space for the application of the
quantitative methods, or more precisely statistical and econometric methods, game
theory, and also the use of special indices.
Among the most important indices for measuring the concentration of the
industry is the Concentration ratio of m the most powerful entities in the industry (CRm)
and the Herfindahl-Hirschman index of market concentration (HHI), frequently used is
also the Gini index (GI), a comprehensive index of concentration (CCI), Theil index
(E), Rosenbluth index (RI), index Hannah-Kaya (HKI) and others. Slovak insurance
market can be characterized as competitive (according to the number of companies
operating in the market). 22 insurance companies operate in the Slovak insurance
market to the date of December 31 2013. The following insurance data were analysed:
Insurance total - Technical insurance total (IT); Life Insurance (LIT); Non-life
insurance (NLIT). Presented results of the various concentration ratios confirm the
trend of increasing concentration levels on Slovak insurance market.
, Vol. 51, 33/2015, . 295-307

UDC 005.412:[005.961:005.914.3 , Vol. 51, 33/2015, . 309-328
: 26.03.2015.
: 21.04.2015.
The role of performance measurement in the development

strategy of corporate entities

,

,

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Abstract: Conceiving and outlining development feature as ever-present subjects within economic science,
especially in view of the fact that there is no productive social development oriented to long-term goals without
well-conceived economic development laid on stable foundations. To have efficient development viewed at the
macro level, it is initially necessary to provide a stable micro-component of development, from the aspect of
corporate entities, which will subsequently reflect positively on the macro aspect of economic development. This
is where it can be freely stated that there can be no productive development of society as a whole without
effective and efficient development of each individual corporate entity. This paper will analyse the basic
development strategies available to all corporate entities, highlight and underline the role and significance of
accounting in defining the development strategy of corporate entities, and point out the ways in which a well-
devised and established performance measurement system can contribute to the development of each individual
corporate entity.
ljiljanad@ef.uns.ac.rs
sasa.gravorac@ef.uns.ac.rs
suncica@ef.uns.ac.rs
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Keywords: development strategy, economic development, accounting aspect of development, performance

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http://www.ef.uns.ac.rs/Download/strategijski_men/2011-05-23-razvojna-politika.pdf
Resume
Observing the functioning of every business entity, we can conclude that its main
goal is to secure long-term survival in very turbulent market conditions. Many
identify accounting, and especially book-keeping as its integral part, with the past
or with the recording of transactions from the past. One of the important mecha-
nisms of defining development of a business entity is its performance, whose ade-
quate measuring and defining represent the basis for detecting anomalies in the
, Vol. 51, 33/2015, . 309-328

328 , ,
business and taking timely action towards their elimination. Performance meas-
urement represents a new approach to managing the business entity, which has tak-
en root in current conditions for easier tracking of the modern business entity.
Through effectively established performance measurement system relevant data is
provided that can be used in terms of defining the development strategy of the
business entity.
, Vol. 51, 33/2015, . 309-328

UDC 005.591.4:336.02]:[334.7:330.831.8 , Vol. 51, 33/2015, . 329-344
: 23.03.2015.
: 23.04.2015.
Financial restructuring of companies in transitional

economies

,
,

,
,

,
,
:
. ,
, . a,
, .
, , , , .
.
.

.
: , , , , .
Abstract: Restructuring as a business philosophy in the last thirty years has attracted great attention in the
scientific research community. Contemporary trends change, especially during the last economic crisis, generate
major changes in business. Companies transition countries as such, are subject to processes of constant
change and adaptation. In order to respond to the challenges of change, companies need to change the
philosophy, concept, strategy and structure of your business, ie. need to be restructured. Scientific research
angle issues in the work, refer to the concept of financial restructuring of companies in transitional economies.
Examples of successful financial restructuring practices make it possible to achieve better financial performance
and improve the financial condition of the company.
Keywords: restructuring, finance, transition, strategy, structure.
srdjan.lalic@fpe.unssa.rs.ba
dragan.milovanovic@efbl.org
zvjezdana.gavrilovic@fpe.unssa.rs.ba
330 , ,

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.
, Vol. 51, 33/2015, . 329-344

331

.
1.

,
(Roland Berger Strategy Consultants, 2014, . 8)

e
, ,
, .

(, 2010, . 85). Creating
Value through Corporate Restructuring Case Studies in Bankruptcies, Bayouts,
2010, (Gilson, 2010, . 3):
,
;
/ ;

(/);
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.

The dark side of valuation Valuing Young, Distressed and
Complex Businesses ,

.
.
, Vol. 51, 33/2015, . 329-344

332 , ,
1.
: Damodaran, 2010, . 8
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.

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, Vol. 51, 33/2015, . 329-344

333

,
(IPO Initial Public Offerings).
,

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(Kotter, 1995). (David P.
Angel), , Restructuring for
Innovation: The Remaking of the U.S. Semiconductor Industry

,
(Angel, 1994).

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(European Commission, 2013).
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2. , 2013.
: European Commission, ERM ANNUAL REPORT 2013, Monitoring and managing restructuring in the
21st century, . 25
, Vol. 51, 33/2015, . 329-344

334 , ,

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(EBRD European
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, Vol. 51, 33/2015, . 329-344

335

1. EBRD
20032014.
: EBRD, Transition Report 20032014.
: 1,
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Observations
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, Vol. 51, 33/2015, . 329-344

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, Vol. 51, 33/2015, . 329-344

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, Vol. 51, 33/2015, . 329-344

339

0,02052, .
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(20032014.
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, :
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5. Pearson Chi-Square (2)

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:
, Vol. 51, 33/2015, . 329-344

340 , ,
H0: 1 = 2
H1:
.

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v 1
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.
1

(5).
, .
, Vol. 51, 33/2015, . 329-344

341


r 2
v 1
m 0
b 100
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0,05
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:
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,

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(1) = 95%, . = 0,05,

, Vol. 51, 33/2015, . 329-344

342 , ,
(2003
2014. ). 2,v > Pearson Chi-Square (3,841>2,243024),
(1) = 95%, .
= 0,05,

(20032014. ). 2,v < Pearson Chi-Square
(3,841<4,146552), (1) = 95%, .
= 0,05,

(20032014. ).
(2),
.
H0,
,
,
,
.

( 2007. ). ,

.
,

.
.

Angel, D. P. (1994). Restructuring for Innovation: The Remaking of the U.S.
Semiconductor Industry, Berkeley: Guilford Press.
Bednarzik, R. W. (2005). Restructuring Information Technology: Is Offshoring a
Concern?, Monthly Labor Review, 1120.
Bernile, G., Gregg, A. J. (2009). The Impact of the Options Backdating Scandal on
Shareholders, Journal of Accounting and Economics, 47(12), 226.
, ., , . , . (2010). Due diligence
, : .
Damodaran, . (2010) The dark side of valuation-Valuing Young, Distressed, and
Complex Businesses (2nd edition), Upper Saddle River: Pearson Education FT Press.
, Vol. 51, 33/2015, . 329-344

343

Djankov, S., Murrell, P. (2002). Enterprise Restructuring in Transition: Quantitative

Survey, Second Draft, Journal of Economic Literature, 2, 211234.
EBRD European Bank for Reconstruction and Development. Transition Report
20032014.
European Commission (2013). ERM ANNUAL REPORT 2013 Monitoring and
managing restructuring in the 21st century, Brisel.
, ., , . (2013). , :
.
Grosfeld, I., Roland, G. (1997). Defensive and Strategic Restructuring in Central
European Enterprises, Journal of Transforming Economies and Societies, 3, 2146.
Gilson, S. C. (2010). Creating Value through Corporate Restructuring Case Studies
in Bankruptcies, Bayouts and Breakups, New Jersey: John Wiley and Sons, Hoboken.
Kotter, P. (1995). Leading Change: Why Transformation Efforts Fail, Harvard
Business Review
Lazonick, W. (2004). Corporate Restructuring. : Ackroyd, S., Batt, R., Thompson .
and Pamela Tolbert (eds.), The Oxford Handbook of Work and Organization, Oxford
University Press, 577601.
Roland Berger Strategy Consultants (2014). Entrepreneurial restructuring. Crafting
tailor-made business models for sustainable success.
, M. (2010). ,
: .
, . (2003).
, Financial Theory and Practice, 4.
Walker, L., W. (1990). Strategic Restructuring: A Critical Requirement in the Search
for Corporate Pontential. : Rock, M. L. and R. H. Rock, (eds.), Corporate
Restructuring, New York: McGraw-Hill.
Weston, J. F., Mitchel, M. L., and Mulherin, J. H. (2003). Takeovers, Restructuring
and Corporate Governance (4th edition). Englwood Cliffs: Prentice Hll.
Resume
In recent years, restructuring is becoming an increasingly important area of scientific
research. Time of economic crisis has affected the occurrence of major changes in how
business is run, which resulted in the emergence of new trends of change. In transition
countries, enterprises are particularly exposed to the fluctuations which requires both
constant and immediate adjustment. In order to adequately respond to the changes
companies need to restructure. This paper provides an insight into the scientific angle
, Vol. 51, 33/2015, . 329-344

344 , ,
of applying the concept of financial restructuring of the company with regard to

companies in transition economies. The successful implementation of the financial
restructuring can lead to achiving better financial results and improve the financial
situation of the company. If companies in our region want to achieve stability,
management must be prepared to accept the challenges they are faced with and walk
into the changes.
, Vol. 51, 33/2015, . 329-344

UDC 336.76(4-672EU) , Vol. 51, 33/2015, . 345-359
: 09.03.2015.
339.727(4-672EU) : 20.03.2015.
New capital requirements for financial

institutions in the European Union

Jitka Meluchov
University of Economics in Bratislava, Faculty of Economic Informatics

Katarna Mzikov

Martina Mateov
: .
,
. II
III ,

. II, ,
. ,
.

, .
: , , , ,
, , .
Abstract: The current financial crisis is specific due to its global extent. Primary task of banks and insurance
companies is to overcome the impacts of the crisis, stabilize their position on the market and strengthen their
capital adequacy according to the rules set by the European Union. Projects Basel II and Basel III should ensure
transparency of bank enterprising, closer supervision of risk management and fortify own capital to improve
ability of banks to face losses in the times of crisis. Project Solvency II is made up for insurance companies with
an ambition to set up rules that ensure their financial stability and protection of insured customers interests. In
the future it should serve as a protection in the case of repeated crisis situations. The aim of the article is to
investigate the impact of the global recession on actual development of the financial market in selected entities
and analyze the process of accepting new rules in the European Union, which are to ensure their economic
prosperity in the future.
Keywords: global economic crisis, financial crisis, regulation, regulatory project, financial market, insurance
market, bank, financial risks.
jitka.meluchova@euba.sk
katarina.mazikova@euba.sk
mateasova.martina@gmail.com
346 J i tk a M e l u c h o v , K a ta r n a M z i k o v , M a r t i n a M a t e o v
Introduction
This report examines the consequences of the global recession for the development of
the financial market in selected entities (banks and insurance companies) and analyzes
the factors that affect their achieved economic outcomes. It deals with the risks that
affect the implementation of financial activities in banks and insurance companies in
relation to the new rules of capital requirements. For this purpose we have used
methods of analysis of general trends of selected indicators in Slovak banks and
insurance companies, legislative materials and documents, knowledge of scientific and
technical literature, statistical data and materials published by the National Bank of
Slovakia - NBS, European Central Bank ECB, Statistical Office and Eurostat. Main
problem areas are analyzed, providing a basis for an economic debate within the
methodology paper. This is the analysis of the integrated supervision of the European
financial market, examining the strengths and weaknesses of both current and
upcoming regulatory rules. Another analysis included refers to the implementation of
Basel II rules, Solvency II and the approach of banks and insurance companies towards
meeting the requirements of solvency and risk measurement in carrying out their
activities, assessment of the impact effects of Basel II, Basel III and Solvency II on
financial stability in the EU.
1. Analysis of the situation on the EU financial market
EU financial market entities, such as banks and insurance companies, carry out
1
their activities under a singlelicense , which allows them to operate in any EU
Member State. Liberalization of financial services has been introduced by EU Di-
rectives and aimed to create a common market for financial services throughout the
EU (Directive 2009/138/EC Solvency II). This trend, however, has the consequence
that large financial institutions carrying out their activities globally transmit favor-
able and unfavorable effects of their activities on the global economy. Local regu-
lation of banks and insurance companies has proved to be insufficient. Therefore,
the need arose to create a new global authority to regulate financial markets that
timely capture and assess the risks and implement effective measures to mitigate
the impact of risk on all financial market actors. Implemented measures meant re-
form of the regulation and supervision of various sectors of the financial market.
Banks and insurance companies played different roles during the financial crisis
because they operate on different business principles. Banks and insurance companies
also have different risk profiles on the micro level (the stability of the financial
institutions) as well as on the macro level (the stability of the financial system as a
whole and its impact on the economy). The business model of insurance companies is
risk diversification in the portfolio and in time for the next financial transactions, while
1
The principle of a single license allows banks and insurance companies to carry out their activities
throughout the EU if they have been authorized to practice in their home country.
, Vol. 51, 33/2015, . 345-359

347
in the case of banks, it is the collection of deposits and lending. On the micro level,
insurance companies are regular and long- financed, they have a simpler structure of
the balance sheet and are less vulnerable to liquidity risk. Assets and liabilities in
insurance companies are linked (assets are tied to the reserves to cover future
obligations to policy holders). Conversely, banks often have to deal with structural
imbalances between assets and liabilities, which significantly increases the risk of
speculation while liquidity risk is more significant. Interconnectedness among banks is
another distinctive feature of the banking business model (especially for interbank
loans), while the insurance connectivity is low.
The investment strategy of banks is rather short, focused primarily on yield. The
investment policy of insurance companies is usually long-term, set by the Asset
Liability Management ALM system, and i.e. risk management methods designed to
ensure return on investment to cover the contractual obligations of insurance. Risk
profiles of banks and insurance companies are different and this requires the sur-
veillance system to take into account the specificities of their activities and not to
apply the same measures to the banking and insurance. EU efforts to create a single
market for financial services in the past focused on increasing the responsibilities
of so called home supervisory authorities in the Member States. The model of sin-
gle financial market supervision has been created in SR under this concept. Inte-
grated supervision is conducted by the National Bank of Slovakia NBS from Janu-
ary 2006 of the bodies of banking, insurance, capital market and pension savings.
This system of integrated supervision is based on the idea of creating a single
European financial market, which has been approved as the Action Plan for Finan-
cial Services (1999). The document contained a timetable and specific measures
aimed at the integration of national financial markets into a single European
market. Efforts to achieve these objectives led to the Committee of Wise Men. The
result of the committee's work was to develop so called Lamfalussy report (2001)
about a new approach to the regulation of European markets for securities.
Directives have been adopted (especially 2003/6/ES, 2003/124/ES, 2003/125/ES,
2004/72/ES, 2003/71/ES, 2004/39/ES, 2006/73/ES, 2004/109/ES, 2007/14/ES) referred
to as the Lamfalussy Directives. The organizational structure of the new
committees for financial services has been established by Directive (2005/1/EC)
the objective is to create a new organizational structure for financial services
committees. The reason was to change the way of functioning of markets in the EU
for efficient and flexible model that can be adapted to development in the financial
markets. Other document, which reviewed five years of operation of the Action plan
for financial services, was the Green Paper on Financial Services Policy (2005
2010). The results of the actions have been published in White Paper (2005), which
presented the financial services policy for the next five years (until 2010). The
main objective was to achieve free movement of capital at the lowest cost, but to
, Vol. 51, 33/2015, . 345-359

ensure effective supervision of the conduct of all stakeholders. This development,

however, has been hit by the financial crisis. The Commission established in No-
vember 2008, the expert group, which was tasked with making recommendations
on how to strengthen cooperation and convergence of supervisory authorities in
each EU country in order to restore confidence in the financial system. The result of
the published de Larosir report (De Larosiere, J. Group, 2009) were recommenda-
tions for the creation of a new integrated model of supervision of financial institu-
tions and markets to strengthen overall financial stability in the EU. This report fol-
lowed upon the Lamfaluss process and became a basis for the preparation of a new
concept of pan-European financial supervision. The European Council subsequently
approved in November 2010, five regulations and directives, which became the
legislative basis for the emergence of the European system of financial supervision -
ESFS, which entered into force on 1 January 2011.
The aim of the newly adopted concept ESFS is to ensure proper application
of the rules applicable to the financial market and thus protect the stability and con-
fidence in the financial system for all consumers of financial services throughout
the EU. Exercising supervision is carried out on micro-prudential level, i.e. prudent
supervision of financial institutions, which deals with (ESMA, EBA and EIOPA,
2
2011) and macro-prudential supervision of the financial system throughout the EU,
which is covered by the European Systemic Risk Board- ESRB. The basic condition
for the creation of a single market is to minimize differences in terms of perfor-
mance between domestic and cross-border entities and to increase the transparency
of reported information.
The financial crisis meant that there has been a turn to the domestic markets,
where financial institutions focus more on business operations in their home mar-
kets and do not expand, thereby reducing the degree of integration. If the concept of
centralized regulation includes supervision of financial institutions throughout the
EU, it should also assume fiscal responsibility. Sufficient powers and responsibili-
ties should form a synergistic whole. ECB report on financial integration, howev-
er, acknowledges that a tax for high degree of integration is faster spread of the
crisis to the entire financial system of the EU. Therefore, it is necessary to focus on
the creation of crisis management, which would cooperate in crisis, and ensure reg-
ular monitoring and risk assessment in relation to their overall impact on the finan-
cial system of the EU. One of the steps, by which this vision has been
implemented, was the banking capital requirements directive (EU Directive
2009/111/ES, 2009).They introduced the obligation as supervisory authorities,
2European System of Financial Supervisors shall consist of authorities: the European Banking Au-
thority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), European
Banking Securities and Markets Authority (ESMA), the European Systemic Risk Board (ESRB).
, Vol. 51, 33/2015, . 345-359

349
when deciding in crisis situations, to take into account the potential impact of their
decisions on
the stability of the financial system in other Member States and provide as
soon as possible competent authorities with all information relevant to the perfor-
mance of their activities. The original surveillance system based primarily on a na-
tional basis did not monitor what was the impact of measures on one state to other
EU countries; its role was primarily to ensure national financial stability. The flow
of information must be bi-directional. ESFS shall have an access to all necessary
information from national supervisors to effectively carry out its tasks. It must also
have sufficient powers to timely and effectively intervene in the event of any ad-
verse development. For the purposes of implementing the macro-prudential
supervision (EU Regulation 1092/2010, 2010) a macro-prudential analysis of the
financial market shall be produced, which will have the task of identifying potential
risks and their impact on the financial stability of the EU, then evaluate the likelihood
of threats risk with an estimate of potential losses caused by the risk. This task has been
entrusted to the ESRB, which is based on the monitoring of systemic risks and
implements measures eliminating the identified risks. Another objective is to monitor
the measures against the risks so as they are carried out in a coordinated manner
throughout the EU or globally. The financial crisis has shown that the failure of one
element resulted in a chain reaction that has infected the other entities. The key criteria
for determining systemic importance of markets and institutions should be size,
substitutability and interconnectedness with the rest of the system. This monitoring
should be accompanied by information about weaknesses of the financial system and
take into account national specificities of their countries, and also able to detect
systemic risks and prevent its consequences.
To solve these problems, we just need to choose the right path, so that the
new rules actually bring the desired effect and contribute to the prudence of the
financial market of the EU, not to complicate the situation by complex and time-
consuming procedures, which ultimately will not improve the situation, and will
not produce the desired effect for the stakeholders.
2. Capital requirements for financial institutions- expected
changes and additions
Other documents have been prepared, which aim to strengthen financial stability in
addition to the new architecture of financial supervision of the EU. For banks, it is
an application of the principles of The Capital Requirements Directive CRD, (EU
Directive 2006/49/ES and EU Directive 2006/48/ES, 2006), introducing EU Basel
Capital Accord, so called Basel II. Directive CRD, unlike the rules set by the Basel
Convention are binding for all credit institutions and investment firms operating in
the EU. Their aim is to ensure that the banking system can flexibly respond to
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changes in financial markets and the use of new technology and knowledge con-
verge towards highly sensitive risk assessment techniques. The Basel framework
has been designed to apply to internationally active banks and its expanded scope,
as defined by the EU Commission in the CRD, is in the interests of both depositors
and borrowers.
For insurance companies, it is a preparation to adopt rules conceived in Di-
rective 2009/138/ES on the taking up and pursuit of insurance and reinsurance
referred to as Solvency II, which will become binding for EU Member States from 1
January 2015 (but not excluded to shift up to1 January 2016). The common feature
of both projects is a concept based on three pillars, which establish quantitative
requirements, quality requirements and supervision to set the transparency of trans-
actions conducted and disclosure rules in the last pillar, also a protection of clients
in the financial market and an effective system of internal control and risk man-
agement on the micro level of insurance companies. All these measures aim to cre-
ate the conditions for the provision of financial products and services that ensure
safe and reliable international environment, which will be a basis of financial sta-
bility in the EU. The relevant European authorities should ensure effective func-
tioning of the internal market to contribute to the consistent application of these
Directives and to the convergence of supervisory practices and techniques within
the EU, where ESFS takes its role.
3. Capital adequacy of banks
The main function of effective supervision is to protect the interests of clients
(depositors) and to ensure the safety of entrusted financial assets. This role can be filled
only if the supervisor has tools that in case of threat to the financial health of banks
allow intervention at the cost of restrictions on the rights of shareholders. The aim is to
set rules, so that the height and structure of the equity of the bank is always able to
protect customer deposits and guarantee their return given the risks that the bank is
exposed to due to the management of these assets. Capital regulation only acts as a
capital silencer, which has a mitigating impact of potential losses and their impact on
the solvency and financial stability of the bank. Other regulatory capital manifests itself
when risks already occurred. For example, in mismanagement of credit risk or market
risk, sufficient amount of equity can absorb more losses without jeopardizing the
bank's clients.
Problems in a particular bank in global economy are rapidly transferred to other
financial institutions and may cause serious problems to the whole financial market.
The role of setting bank capital adequacy rules is to establish requirements for capital
equipment so that any potential future losses are associated with today's risks and are
covered by their own resources and at the same time to reflect existing losses in profit
or loss, thereby reducing the bank's own capital, which will feel the owners of capital
and not depositors. The structure of bank capital under Basel II rules (incorporated
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351
into CRD) includes equity, which forms an essential component of the highest qual-
ity and regulatory capital of the bank (paid-up capital, share premium, reserves and
retained earnings from previous years). The calculated value is then adjusted for
unpaid losses from previous years, significant losses of the current year, the value
of goodwill and other intangible assets, the value of own shares held by the bank,
shares and instruments in other companies and subordinated claims. The second
component is additional capital, which represents less quality component of capital.
Likely to affect the amount of own funds as collateral against credit risk and, con-
sequently, other risks that threaten business investment of banks, is evident from
the outset activities of the Basel Committee on Banking Supervision.
The Committee issued in 1988 for internationally active banks with capital
adequacy rules- Basel Capital Accord, so called Basel I. These first rules have be-
come a part of the EU legislation. Development and increasing complexity of bank-
ing transactions necessitated a revision of the original agreement and the estab-
lishment of new rules of supervision of banks, also taking into account modern ap-
proaches to risk management. The result was the adoption of the rules of New Basel
Capital Accord, so called Basel II, which have been gradually implemented in the
legislation of the EU Member State through Directives CRD. Their aim is to ensure
that the banking system in Europe is very sensitive to the risks and converge to-
wards highly sensitive risk assessment techniques using internal models and mod-
eling processes, introducing stress testing procedures of their assets against credit,
market and operational risks, etc.., of which the nun folds requirement for the
amount of equity that must be available to the bank.
Therefore, banks should establish methods and procedures for assessing and
maintaining the adequacy of capital, which can flexibly respond to changes in risk
due to for example financial crisis. Responsibility of the regulator is to make sure
that banks have good organization and adequate own funds, having regard to the
risks to which they are or may be exposed to, and see that the disclosures are truth-
ful, understandable and comparable. Calculation of capital adequacy determines the
relationship between the equity of the bank, which is useful for calculating the cap-
ital requirements, regulators imposed capital requirements based on an estimated
risk to the activity according to the relationship:
KP represents the capital requirement set by the rules of Basel II

K capital, which are banks own funds for the purposes of examined capital ade-
quacy
, Vol. 51, 33/2015, . 345-359

KPR capital requirements to cover credit risk

KPTR capital requirements to cover market risk
KPOR capital requirements to cover operational risk
0,08 factor, which allows to put into proportion by the bank held and
needed capital to the value of 8% as required by Basel II. It regards the as-
sessment of all risk-weighted assets in respect of credit, market and opera-
tional risk.
Scheme1: Approaches to calculate capital requirements under Basel II rules
Source: authors own processing according to the rules of Basel II.
To reach the capital adequacy is more than just fixing the amount and struc-
ture of equity as it also includes procedures and methods of risk measurement. Ba-
sel II provides three methods for calculating capital adequacy to cover credit risk.
Firstly, it is a standard method Standardized Approach - SA, which is based on
sensitive and objective evaluation of credit risk based on external rating of bank
customers. The essence of this method is to divide all receivables from loans into
categories according to the degree of risk. To each category divided by the following
claims are assigned a risk weight from zero to one hundred percent and thus value
assets of banks ranging from risk-free to the most risky. Basel II explicitly provides
risk weights for the calculation of capital adequacy of individual types of claims under
the assigned rating by external rating agencies. Individual loan claims are divided into
risk categories based on external rating, which is assigned to the relevant risk weight.
Calculation of risk-weighted assets is the sum of multiples of the volume of claims in
the individual risk classes and their associated risk weights. The actual amount of the
capital requirement for credit risk is calculated as the coefficient of 0.08 and the risk-
weighted assets.
In Slovakia, there are few businesses that have an external credit rating by
the international rating agency. The bank assigns such borrower, who does not have
an external rating evaluation, a uniform risk weight of 100 %, which corresponds to
a capital requirement of 8% of the loan amount. This fact is the biggest shortcom-
ings of this approach. Insufficient determination of the creditworthiness of the loan
recipient does not allow calculating capital adequacy, which would correspond to
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353
the real risk profile of the bank. There are exclusively ratings of the renowned rating
agencies, such as Standard & Poors, Moodys, Fitch Ratings used in the standard
approach.
There is already more sophisticated approach based on internal ratings
(scoring models) of the bank, which gives the option in measuring credit risk, to use
statistical and mathematical techniques. The application of basic approach
Foundation Internal Rating Based Approach FIRB, resp. advanced approach
Advanced Internal Rating Based Approach AIRB allows banks, which are able to
quantify the risk of certain specific funding to adjust its capital equipment in pro-
portion to the risks taken. Assuming quality of a built-loan portfolio (segmentation
creditworthiness, sufficient collateral loans), allow this approach lower demands for
equity. Banks' equity is used to enhance the stability of banks in crisis situations,
constitutes a resource for possible future losses. The more own resources the bank
must keep, the greater the risks undergoes its participation in credit transactions. To
achieve adequate facilities equity banks must be able to estimate their risk as
accurately as possible, to assess what risk is a loan, which allows internal rating
methods developed by the banks themselves. The primary prerequisite for assign-
ing internal ratings for calculating risk-weighted assets is that the bank has to de-
velop a rating system that meets the requirements of the CRD for assessing credit
risk, the assignment of claims in classes and quantification of estimated failure and
loss in certain high-risk types of claims. At the same time, banks must place appro-
priate procedures of stress testing to assess capital requirements, which allow as-
sessing the bank's ability to withstand changes in economic conditions. Market risk
reflects the volatility of market prices of financial instruments or interest rates, ex-
change rates and so on. The capital requirements to cover market risk are that each
bank is required to develop methods and procedures for the measurement and man-
agement of all significant effects of market risks.
The bank according to the CDR methodology can choose a standard, resp.
simplified approach or the internal model for market risk calculation. Capital re-
quirement to cover market risk is based on detection of partial capital requirements
for interest rate, equity, foreign exchange and commodity risks. For determining
capital requirements to cover operational risk, the bank examines possible hazards
arising from improper internal procedures, human error, and system failures or due
to external events. Diversity of business models of banks requires different ap-
proaches to calculate capital requirements for operational risk provision, from the
simplest to more complex, risk-sensitive approaches and developing their own
models to measure and regular review of operational risk. According to the rules of
Basel II, also legal risk of imminent enforce contracts, unsuccessful legal proceed-
ings or judgments with a negative impact on the bank shall be assigned to opera-
tional risk. It also includes risk of the bank failure to meet regulatory requirements,
, Vol. 51, 33/2015, . 345-359

and successfully adapt to changes in regulatory legislation. The bank may use three
methods for measuring operational risk, resp. their combination, and apply the
Basic Indicator Approach BIA, Standardized Approach SA, Advanced
Measurement Approaches AMA.
There are also views that the bank's own capital is sufficient instrument repre-
senting financial strength of banks and prescribe capital adequacy is useless regula-
tory tool. However, even in a fair presentation of the state of financial situation in
the accounting, equity reflects the current status, without indicating possible nega-
tive economic development in the future. The essence of the capital adequacy con-
cept is to measure risks to the bank in case of any adverse development of external
economic environment and to determine the relevant minimum capital requirement.
At the same time it should encourage banks to develop internal models and pro-
cesses for the accurate measurement of risk, which establishes capital requirements
in an optimal way without having unnecessarily high equity.
4. Capital equipment of insurance companies
Insurance companies as well as banks provide financial services to their commercial
and competitive principles in financial markets. To carry out the tasks that form the
subject of its activities, insurance company must set an effective protection of
resources received from insurance and which will be used to cover future liabilities
from insurance claims. To ensure the ability to have at any moment sufficient resources
to cover these obligations it creates reserves (foreign sources) of the premiums received
from policyholders. The principle of solvency, however, sets the requirement for
insurance company to demonstrate that in addition to created reserves would ever be
able to pay all its insurance liabilities also from own capital (own funds). For these
purposes initiatives have been developed at the EU level since 70s of the last century
that resulted in the adoption of directives of the first generation, subsequently amended
and supplemented by other directives of the second and third generation. Development
and needs of the insurance market over time necessitated a review of the requirements
for the capital endowment insurance. The result of these initiatives was the adoption
of directives known as Solvency I, whose implementation into national legislation
became binding for Member States starting in 2004. Current development in finan-
cial markets affected by consequences of the crisis has accelerated the need to set
up effective mechanisms for the protection of insured clients. It is necessary to en-
sure financial stability of insurance companies especially in the long-term for ex-
pected liabilities, whose performance can occur in ten, twenty and thirty years.
The current system of regulation ensured through Solvency I does not re-
spond to the new trends of development of information and communication tech-
nologies, sophisticated mathematical and statistical methods and new approaches to
risk simulation scenarios for solvency reporting needs. It sets only minimum capi-
tal requirement in a simple factorial calculation so called required solvency margin.
, Vol. 51, 33/2015, . 345-359

355
Member State decides itself whether to proceed to more stringent national regula-
tions, thus creating a non-uniform regulatory environment for the insurance market
in the EU. The forthcoming Solvency II project should consolidate 13 existing di-
rectives into a single unit and establish risk-based supervisory regime, which will
be applied uniformly in all Member States. The project aims is to create a financial-
ly sound insurance market environment, which protects the interests of insured per-
sons - beneficiaries, ensuring a higher quality of risk management in the manage-
ment of financial assets and the efficient allocation of capital needed to demon-
strate the financial strength of insurance companies. New solvency rules are based
on four-level structure of the Lamfalussy financial services architecture. Lamfa-
lussy approach has allowed the new solvency regime to flexibly respond to devel-
opment and changes in the financial market and be in line with development in in-
ternational financial reporting IFRS (International Financial Reporting Standards) of
the insurance and reinsurance. On the first level it was necessary to set the system
principles to adopt directives and regulations, which formed a basis for the exercise
of implementing measures on the second level and set a proposition to establish a
uniform supervisory convergence and cooperation in the implementation of the
new system on the third level, the whole process is finished on the fourth level
aimed at ensuring the application of uniform rules for the entire insurance market
in the EU.
The EU Commission carried out a review of the Lamfalussy process (2007)
based on analysis and feedback from stakeholders and issued a report (Review of
the Lamfalussy process, Strengthening Supervisory, 2007), which assesses the pro-
gress and achievement of the objectives of the project. It confirms the correctness
of the approach in establishing solvency rules, which is consistent with the capital
requirements established in the banking sector under Basel II rules, but respecting
the specificities of the insurance sector. Solvency II project is also based on three
pillars. In addition to the quantitative requirements of capital requirements (Pillar
1) in relation to the undertaken risks (insurance, credit, market and operational) in-
surance and reinsurance will be required to meet quality requirements for the sys-
tem of risk management, internal control and supervision scheme (Pillar 2). Market
discipline rules that impose requirements on reporting and disclosure of infor-
mation not only for the need for regulation, but also for other users will be set as
well (Pillar 3).
The demonstration of solvency of the insurance is based on performance of
two assumptions, namely Solvency Capital Requirement SCR and Minimum Capital
Requirement MCR, each of which is calculated for other purposes. SCR value
should reflect the overall level of capital that reflects the risk profile of the insur-
ance company calculated according to standard formula or the internal risk model.
The insurance company will continuously monitor the SCR and maintain own
, Vol. 51, 33/2015, . 345-359

funds in required structure to ensure its coverage. Decrease of the own funds under
the SCR will signal problems in the capital equipment of the insurance company,
which will entitle the supervisory authority to take corrective action. While the re-
quirement of the MCR will reflect a minimum level of capital, which fall below
this value would represent a serious threat to the interests of insured and beneficiar-
ies designated to take insurance benefits. Decrease of the own funds under the
MCR will initiate surveillance to take extreme measures, for example, suspend or
revoke a license. Calculations of both requirements should be closely linked and
based on approach taking into account the risks. The central idea is to involve the
insurance company to effectively manage their risks, because if they manage the
quality and use appropriate methods of mitigation, they will be exposed to lower
capital requirements, which will work in reverse. To calculate the SCR Value at
Risk method will be used, and a standard formula for the calculation of the Solven-
cy Capital or internal model.
Standard formula SCR = basic SCR + capital requirement for operational risk +
+ treatment capacity of technical provisions to absorb losses and deferred taxes
The new regulatory regime of the insurance market has shifted into force
throughout the EU, thus also in Slovakia. To the start date of the project there have
been various analyzes, surveys and studies to verify the effectiveness and efficiency of
the forthcoming single regulatory environment at the EU level. In addition to the above
mentioned review of the Lamfalussy process a number of studies have been carried out,
for example, The fourth quantitative impact study QIS 4 and The fifth quantitative
impact study QIS 5, which have mapped readiness for new insurance rules, as well as
quantitative effects consisting in setting the calibration of standard SCR and MCR
formula and the methods used to determine the value of the individual balance sheet
items. The new approach will claim the valuation of assets, own resources and
liabilities, including technical provisions. Assets will be valued at the value at which
they could be sold, resp. exchanged in an arm's length transaction, and liabilities in the
price in which they could be transferred to another entity. Recognition of assets and
liabilities in the balance sheet at fair value, which corresponds to the conditions of
trade, ensures that the valuation will be mutually consistent and objective oriented
toward the future, which is seen as the best defense against potential threats to the
rights of the insured. The own funds of insurance companies provide protection against
risks, which aim to absorb its financial losses if they were not covered by technical
reserves.
Determination of the amount of eligible own funds to cover two capital re-
quirements SCR and MCR is based on three-step process. It consists of determin-
ing the own funds (sum of basic and ancillary own funds), classification of own
funds (classified into three classes according to quality and different loss absorp-
tion) and eligibility of own funds (for their recognition for the purpose of fulfilling
the capital requirements of the SCR and MCR). The Directive lays down specific
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357
requirements for calculating the various items that are necessary to determine sol-
vency. Particular attention is given to determination of technical provisions. Their
real assessment will be based on determination of the best estimate, which repre-
sents the expected cash flows taking into account the time value of money, includ-
ing the risk margin. This approach should ensure that the total value of technical
provisions shall at any time correspond to the amount requested by a third party on
receipt of the portfolio of insurance contracts, required to meet the related rights
and obligations. The calculation must be based on information provided by finan-
cial markets and the available data on insurance and investment risks to determine
the assumptions that best fit the characteristics of the portfolio managed by insur-
ance and investment contracts (Report CEIOPS QIS 4 for Solvency II, 2008). Sol-
vency II has the ambition to significantly change the regulatory oversight of the
European insurance market. QIS4 has shown good readiness of Slovak insurance
companies for acceptance Solvency II rules. Slovak insurance companies have
been preparing their financial statements according to IFRS since 2006 and they
already measure technical provisions as well as the assets at fair value.
References
Basel committee on banking supervision (2004), International Convergence of
Capital Measurement and Capital Standards. A Revised Framework. Bank for
International Settlements. ISBN 92-9131-669-5.
CEIOPS. (2008), Ceiops Report on its fourth Quantitative Impact Study (QIS4) for
Solvency II.Available at:
<https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/QIS/CEIOPS-SEC-82-
08%20QIS4%20Report.pdf>.
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<http://www.ecb.int/pub/pdf/other/financialintegrationineurope201004en.pdf>, 19. 9.
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EIOPA.(2011),Report on the fifth Quantitative Impact Study (QIS 5) for Solvency II.
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Resume
Insurance companies are awaiting changes in setting new levels of capital require-
ments imposed by Solvency II, from about 2015. Various studies and stress testing
have been made for the purposes of the impact of quantitative requirements of the
new regulation on Slovak insurance companies. Results published by the NBS pro-
cessed for the EIOPA have shown that Slovak insurance companies will be ready
to adopt new rules. Similarly, banks are preparing for the new regulatory principles
in order to face future crises. The role of the forthcoming Basel III project is to
strengthen the monitoring of the banking sector and increase transparency behavior
of banks. It sets a stricter control of risk management in relation to capital adequa-
cy in order to improve their ability to absorb losses in times of crisis. Basel III rules
will be implemented in stages, from about 2019. Among other measures, the bank
should introduce higher capital adequacy ratio of 9 % of the share capital and cre-
ate more bank capital and silencers, which will eliminate the negative effects of
volatility in financial markets.
The financial crisis has triggered the need to recruit radical socially benefi-
cial reforms that would be otherwise in boom conditions at the time of economic
optimism hardly passable. It has adjusted challenges for the recovery of the finan-
cial system, economies and adoption of changes, which, if they are implemented
wisely, will contribute to the restoration of economic growth and lost confidence in
financial markets.
, Vol. 51, 33/2015, . 345-359

UDC 005.21:[339.176:339.94 , Vol. 51, 33/2015, . 361-371
: 26.03.2015.
: 24.04.2015.
The multichannel strategies in terms of internationalization

of retailers

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Abstract: The intensive processes of globalization of markets lead to the expansion of global retailers that build
their new competitive advantage on the market. On changes in competition, in terms of market globalization,
affects internationalization of retailers. The internationalization is becoming an innovative strategy of
development of modern retail in new markets. The globalization of markets creates networked and long-term
relationships between large numbers of participants in integrated supply chains. Vertical and horizontal
integrated supply chains create increasingly intense competition between members of the marketing channels.
This creates new competitors with completely new strategies of market positioning and differentiation compared
to the competition. The internationalization of retailing is becoming an innovative strategy through the opening of
koncarj@ef.uns.ac.rs
sonjalekovic@ef.uns.ac.rs
362 ,
large retail companies outside the domestic market, as well as the integration through joint ventures with retailers
in the global market. The strategy of international presence of retailers in new global markets include the
application of modern multichannel strategy of segmentation, differentiation and positioning in the process of
further growth and development of markets and trade. The internationalization of retailing is changing the
structure of markets and trade completely, and is becoming a leading participant in the marketing channels, as a
result of the globalization of the world economy. The effects of retailers internationalization are multiple, with
particular importance in the growth of competition and the creation of new positions in the global market. It is in
the process building of an integrated and global trade, which is diversified and becoming a leader in the
development of modern management.
Keywords: globalization, internationalization of retailing, marketing channels, multi-channel strategy.

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(, , 2014, . 144).

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-CR (Turban, King, Lee, Liang and Turban, 2012,
, Vol. 51, 33/2015, . 361-371

363

. 369).
.
1.
2013.
- B2C - -
250 - %

(. US
$)
3 1 Wal-Mart 10.000,0 e 2,1% 29,9%
Stores, Inc.
4 46 Apple Inc./ 9.000,0 e 30,8% /
Apple Stores
5 70 Otto (GmbH 8.188,9 e 61,3% 7,0%
&
Co KG)
6 5 Tesco PLC 5.520,5 e 5,3% 11,0%

7 99 Liberty 4.884,0 47,4% 10,9%
Interactive
Corporation
8 13 Casino 3.952,8 e 6,2% 19,4%
Guichard
Perrachon S.
A.
9 59 Suning 3.536,3 21,3% 43,9%
Commerce
Group Co., Ltd.
10 34 Macy's, Inc. 3.100.0 e 11,1% 37,8%
11 2 Costco 3.086.1 e 2,9% 47,0%
Wholesale
Corporation
12 25 Best Buy Co., 3.044.0 e 7,2% 19,8%
Inc
13 117 Home Retail 2.906.8 e 32,6% 7,0%
Group plc
14 150 Lojas 2.838.1 45,4% 26,5%
Americanas
S.A./B2W
Digital
15 9 The Home 2.750.0 3,5% 52,8%
Depot, Inc.
17 81 Staples, Inc. 2.500.0 e 20,6% 0,0%
19 - Shop Direct 2.322.6 84,0% 8,3%
Group
: Deloitte, 2014, G28

.
1 - - (
Apple Inc. / Apple Stores, Wal-Mart Stores, Inc., Otto [GmbH & Co KG],
Tesco PLC, Liberty Interactive Corporation, Casino Guichard Perrachon S. A., Home
, Vol. 51, 33/2015, . 361-371

364 ,
Retail Group plc, Best Buy Co., Inc., Staples, Inc., Lojas Americanas S.A./B2W
Digital, Suning Commerce Group Co., Ltd., Dixons Retail plc, Costco Wholesale
Corporation, Shop Direct Group, Macy's, Inc.),
.
,
2013. Apple Inc. / Apple Stores, Wal-Mart
Stores, Inc. i Otto (GmbH & Co KG). - (B2C)
Shop Direct
Group, Otto (GmbH & Co KG), Liberty Interactive Corporation Lojas Americanas
S.A./B2W Digital. -
, 158,0%, Suning
Commerce Group Co., Ltd.

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(, , 2013, . 583).

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Arikan, A. (2008). Multichannel Marketing. Metrics and Methods for On and Offline
Success. Indiana: Indianapolis, Wiley Publishing Inc.
Berman, B., Evans, J. R. (2013). Retail Management. A Stretegic Approach. Boston:
Pearson.
Deloitte (2014). Global Powers of Retailing 2014 Retail Beyond begins. London:
Deloitte Global Service Limited.
, . (1619. , 2014).
, XLI
, -- 2014, :
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, ., , . (2014).
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, 32(50). : .
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, Vol. 51, 33/2015, . 361-371

371

Rosenbloom, B. (2013). Markting Channels. A Management View. Canada: South-

Western, Cengage Learning.
Turban, E., King, D., Lee, J., Liang, T-P., and Turban, D. (2012). Electronic
Commerce 2012. A Managerial and Social Networks Perspective (7th dition), Pearson.
Resume
The processes of globalization and the increasing internationalization of retailers in
marketing channels intensify strengthening of retailers. On the other hand, the
internationalization of retailers is under the influence of globalization and economic
integration of the market. The same market processes lead to the expansion of the
internationalization of the multichannel retailers. The effects of the internationalization
of the multichannel retailers are linked to processes of modernization of markets and
trade in general. The consequence of multinational retailers expansion to the new
markets leads to increase in competition, rise in costumer service quality, changes in
shopping habits and consumption, as well as significant change in relations between
participant in existing marketing channels. Multichannel retailers have the possibility
of winning customers in the global market through the different retail formats by
developing new retail channels. By studying the role of retailers in different marketing
channels contributes to the planning and maintenance of fully integrated multichannel
strategy. Well integrated multichannel strategy requires a connection between all
channels and precisely defined task of each retailer's channels. With the optimal
multichannel strategy retailers tend to position in the new market and differentiation in
relation to competitors, all with the goal of achieving sustainable competitive
advantage. Achieving sustainable competitive advantage requires new multi-channel
strategy channel in terms of global competition.
, Vol. 51, 33/2015, . 361-371

Professional articles
UDC 061.6(497.113) , Vol. 51, 33/2015, . 375-388
: 27.12.2013.
001.895(497.113) : 30.06.2014.

ssumptions to networking of institutions and encouraging
innovative activities in Vojvodina

,

,
: . ,
.

.
(,
, ).
.
, ,
, ,
.
,
, .
: , , , .
Abstract: Many EU countries create so called national systems of innovation where government regulations and
funding create the necessary environment for innovation and its commercialization. Geographical criteria create
regional innovation system that takes into account the specific characteristics of the region and thereby
determine the innovation activities. Most comprehensive framework of the national innovation system is the
performance of the state (growth, providing jobs, and market competitiveness). The paper notes that Vojvodina
has a small number of scientific research staff and research trainees. The low level of evolutionary innovation
and innovative activities in Vojvodina have two basic tendencies such as the reduction of funds for financing,
which is primarily due to the unfavorable economic situation, and on the other hand an increase in innovation
activities with insufficient engagement of young researchers. The limiting factors for intensive development of
innovative activities in Vojvodina in order of importance include: cost factors, market factors, and knowledge
factors.
Keywords: research centers, innovation, innovation activities, innovation networks.
deniz.ahmetagic@ef.uns.ac.rs
jelena_rodic@yahoo.com
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, Vol. 51, 33/2015, . 375-388

388 ,
: 2010. (2010). :
LMA MONS.
Resume
Research innovation means that the firm makes functions that are crucial for innovation
process and it is a triangle route: manufacturing, research and development and
marketing. Financial assets largely determine innovative activity and investment in
infrastructure and holders of certain innovative activities. As for the sources and inputs
of innovation we can see that the innovation process starting from inputs and resources
through the process of creating innovation leads to a result -designed human and
material secured structure. Raising the efficiency of the economy in the Republic of
Serbia and in Vojvodina assumes the creation of innovation networks as a system of
relations between the creators of innovation and its users through the entire complex
process of innovation activities. Republic of Serbia and its region Vojvodina can not be
leaders in the development of high technology and knowledge base, or have the
potential, in the near future to develop capacity in this regard. The future of our country
and other developing countries is specializing in the development of the concept of
"smart specialization", which was adopted by the European Union as one of the key
initiatives innovation for 2020. Raising the efficiency of the economy in the Republic
of Serbia and in Vojvodina assumes the creation of innovation networks as a system of
relations between the creators of innovation and its users through the entire complex
process of innovation activities. In order to create innovation networks it is necessary
to first define the production development potentials of Vojvodina in terms of
development and then focus on sectorial concentration.
, Vol. 51, 33/2015, . 375-388

UDC 005.96 , Vol. 51, 33/2015, . 389-400
: 02.01.2015.
331.101.3 : 16.02.2015.
Knowledge as a factor of survival and competitiveness in

modern business

,

,

,
: .

.
. ,
.
.
.
.
,
.
: , , , .
Abstract: Work as a factor of stability, has always had a special place and importance in the life of every
individual. A modern condition of work and business are not at all easy and simple and does not provide security
and certainty to which we are accustomed to in the previous period. Modern time brings new challenges for
workers and organizations. Given that workers can no longer expect a job for life, must take care to enable
themselves to work whole life.
Knowledge has become the most precious resource and carrier competitiveness. Only continuous innovation in
knowledge and their implementation may accompany steaming river of civilization changes. On knowledge is
based innovation that brings fortune. Only those who at the time adopt their business culture to the most modern
trends and market demands , will be able to count on an adequate place in the world division of power and
capital.
Keywords: work, knowledge, human resources, organization.
gordana.gavric.gb@gmail.com
zoki@medianis.net
katarina.lazovic@hotmail.rs
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: Asee books.
, ., , ., , . , . (2013).
(2. ). : .
, . . (2011).
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, . (2009). . :
.
, ., , . (2011). ; ,
e. 1. 10. 2014. :
http://www.centaronline.org/postavljen/60/Stariji_radnici_brosura.pdf
. (2014). 1. 11.
2015. : http://www.nsz.gov.rs/live/dokumenti/statisti_ki_bilteni_nsz_-
2014._godina.cid11156
, Vol. 51, 33/2015, . 389-400

400 , ,
. (2014). 14. 1.
2015. :
http://www.nsz.gov.rs/live/digitalAssets/2/2860_bilten_nsz_10_2014.pdf
(2014). 2. 10.
2014.
: http://www.nsz.gov.rs/live/dokumenti/statisti_ki_bilteni_nsz_-
_2014._godina.cid11156
. (2014). 14. 1.
2015.
:
http://www.nsz.gov.rs/live/digitalAssets/3/3041_bilten_nsz_novembar_2014.pdf
. (2010). .
1. 10. 2014. :
http://www.paragraf.rs/propisi/zakon_o_zaposljavanju_i_osiguranju_za_slucaj_nez
aposlenosti.html
, . (2006). . : .
-, ., -, . (2014). . :
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, , , . :
.
. (2014). 14. 1. 2015.
: http://webrzs.stat.gov.rs/WebSite/Public/PageView.aspx?pKey=2
Robbins, S., Coulter, . (2005). . : .
Torrington, D., Hall, L. Taylor, S. (2004). . :
.
Tisen, R., Andriesen, D. Depre Lekan, F. (2006). . :
Asee books.
Resume
The aim of this paper is to present the current situation on the labor market and
business in Serbia. The main feature is exceptionally sharp competition. Knowledge
has become the key factor that differentiates successful from less successful. It is
becoming clear to managers that the ultimate performance of the business does not
contribute anything of what can be found in the financial statements of organizations.
Source of wealth and success is in the minds of workers. Organizations more than ever
have to turn to people, and people to investments in their development and progress, if
they want to ensure a secure market position and prosperity.
, Vol. 51, 33/2015, . 389-400

UDC 005.96 , Vol. 51, 33/2015, . 401-414
: 20.08.2014.
331.101.3 : 02.09.2014.
:
1
Share repurchase in Serbia: motives and effects

, ,

( )

,
:
.
.
.
: , , ,
.
Abstract: Companies in Serbia intensified own shares repurchase program during the period of the lowest value
of stock market index. These companies announced the following motives for the share repurchase: to protect
the market value of the shares and to change the ownership structure. During the crises period in Serbia
companies did not successed to change the trend of share decline using the share repurchase program.
Keywords: share repurchase, share value, share repurchase motives, effects of share repurchase program.
,
: (1) ; (2) ,
, (stock-options); (3)
; (4)
,
,
( ),
; (5)
; (6) ; (7)
1
179001 III 45003,
, .
djoksimovic@megatrend.edu.rs
vladan.pavlovic@pr.ac.rs
ma.mitic@megatrend.edu.rs
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1991; Dann, 1981; Dittmar, 2000; Hurtt, Kreuze, and Langsam, 2008; Liano, Huang,
and Manakyan, 2003; Vermaelen, 1981; Weston, Siu, 2003; .).

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: Lanoue, Peltier-Rivest, 2009).
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,
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,
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( : 2/0-03-117/2-12, 7. 5. 2012).

,
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411

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,
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.

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,
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, , 58(2), 265
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, 58(4), 577594.
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413

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:
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:
: 3/0-04-617/8-05, 19. 1. 2006.
: 2/0-03-117/2-12, 7. 5. 2012.
( , . 125/2004).
( , . 36/3011 99/2011).
( , . 31/2011).
:
: www.belex.rs
: www.sec.gov.rs
Resume
The aim of this paper is to indentify the potential relationship between the share
repurchase program and stock market index in Serbia; to investigate the most common
motives of shares repurchase and to evaluate whether the companies that bought their
own shares succeed in trying to protect share prices from the decline. The research
covers the period from 2005 to the end of 2010. In the above mentioned period, the
total of 61 companies repurchased their own shares and among them 11 companies
buyback their shares few times. Analysis showed that companies in Serbia intensified
own share repurchase program in 2008 during the lowest value of stock market index
which was affected by the financial market crisis. The most common motives for the
share repurchase were to protect the market value of the shares and to change the
ownership structure. All of these motives were mutually used by the companies in the
same time period. The analysis showed that companies did not successed to change the
, Vol. 51, 33/2015, . 401-414

414 , ,
trend of share decline using the share repurchase program during the crises period
while companies that used share repurchase several times bought their own shares at
the prices that constantly declined. Share repurchase program followed by companies
when stock markets are characterized by the constant decline in value of the shares
points out societal issues of making a damage to the current, non-speculative investors.
, Vol. 51, 33/2015, . 401-414

UDC 336.225.68(497.11) , Vol. 51, 33/2015, . 415-427
: 11.07.2014.
: 03.04.2015.
Scope and structure of evasion in republic of Serbia

Poreska uprava, Filijala Leskovac
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Abstract: Large proportion of public revenue is lost through tax evasion. Because of this, it is inevitable to
undertake various measures for its suppression. According to recent statistics 30% of gross domestic product
drains through tax evasion. This paper points to the basic causes of tax evasion in the Republic of Serbia, in its
legal and illegal forms. This paper also presents the results of tax control concerning the disclosure of tax
evasion detected by field control of the Republic of Serbia, as well as guidelines for its reduction.
Keywords: tax evasion, control, audit.
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, Vol. 51, 33/2015, . 415-427

427

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Resume
Large proportion of public revenue is lost through tax evasion. Because of this, it is
inevitable to undertake various measures for its suppression. According to recent
statistics 30% of gross domestic product drains through tax evasion. This paper
points to the basic causes of tax evasion in the Republic of Serbia, in its legal and
illegal forms. This paper also presents the results of tax control concerning the
disclosure of tax evasion detected by field control of the Republic of Serbia, as well as
guidelines for its reduction.
, Vol. 51, 33/2015, . 415-427

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Information Systems, 5 (1), 26-35.
Begg, D. (2007). A PHP project test-driven end to end. Management
,
1 1,
2 1 , .
, . (2006). Bridging the gap: Complex adaptive knowledge management.
Strategic Management, 14, 654-668.
Begg, D. (2006). Bridging the gap: Complex adaptive knowledge management.
,
, ., , . (2006). The role of the user in the software
development life cycle. Management Information Systems, 4 (2), 60-72.
Begg, D., Burda, M. (2006). The role of the user in the software
development life cycle. Management Information Systems, 4 (2), 60-72.
,
, ., , . (2007). Choosing your CRM strategy.
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agement Information Systems, 5 (2), 41-49.
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, ., et al. (2005). Putting the user at the center of software testing
activity. Management Information Systems, 3 (1), 99-106.
,

, ., , ., , ., , ., , .,
, ., et al. (2003). Metadata in data warehouse. Strategic
Management, 11, 122-132.

, . (2005, October 15). Remembering users with cookies. IT Review, 130,
20-21.

, . (2009, September). MySql server, writing library files.
Computing News, 57, 10-12.

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21-22.
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knowledge management. U T. Bokov i V. Tanasijevi (ur.), The
enterprise knowledge portal and its architecture (str. 55-89). :
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without tables.
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activity. Strategic Management, 8 (4). 7. 2004.
www.ef.uns.ac.rs/sm2003

. (5. 2008.). A new approach to CRM.
25. 2008. http://www.ef.uns.ac.rs/papers/acrm.html
DOI
DOI ( )
URL.
, ., , . . ( ). .
, .
, ., , . (4. 2007.) A PHP project test-driven end to end.
Management Information Systems, 2 (2), 45-54.
http://www.ef.uns.ac.rs/mis/TestDriven.html.
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Technical instructions for paper
formatting
Citations and Bibliography
Technical instructions for paper formatting
The paper should consist of:

Title of the paper (no more than 10 words) in Serbian and/or English.
Subtitle (optional) in Serbian and/or English.
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Serbian and/or English.
Abstract of 150 words or less, giving the factual essence of the article, should
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Straki, F., & Mirkovi, D. (2006). The role of the user in the software development
life cycle. Management Information Systems, 4 (2), 60-72.
Journal article, two authors, paginated by volume
Ljubojevi, K., & Dimitrijevi, M. (2007). Choosing your CRM strategy. Strategic
Management, 15, 333-349.
Journal article, three to six authors, paginated by issue
Jovanov, N., Bokov, T., & Straki, F. (2007). Data warehouse architecture.
Journal article, three to six authors, paginated by volume
Bokov, T., Ljubojevi, K., & Tanasijevi, V. (2005). A new approach to CRM.
Journal article, more than six authors, paginated by issue
Ljubojevi, K., Dimitrijevi, M., Mirkovi, D., Tanasijevi, V., Peri, O., Jovanov,
N., et al. (2005). Putting the user at the center of software testing activity.
Journal article, more than six authors, paginated by volume
Straki, F., Mirkovi, D., Bokov, T., Ljubojevi, K., Tanasijevi, V., Dimitrijevi,
M., et al. (2003). Metadata in data warehouse. Strategic Management, 11,
122-132.
Magazine article
Straki, F. (2005, October 15). Remembering users with cookies. IT Review, 130,
20-21.
Newsletter article with author
Dimitrijevi, M. (2009, September). MySql server, writing library files. Computing
News, 57, 10-12.
Newsletter article without author
VBScript with active server pages. (2009, September). Computing News,57, 21-22.
B. Books, Brochures, Book Chapters, Encyclopedia Entries, And Book Re-

views
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Location: Publisher.
Note: Location" always refers to the town/city, but you should also include the
state/country if the town/city could be mistaken for one in another country.
Book, one author
Ljubojevi, K. (2005). Prototyping the interface design. Subotica: Faculty of
Economics.
Book, one author, new edition
Dimitrijevi, M. (2007). Customer relationship management (6th ed.). Subotica:
Faculty of Economics.
Book, two authors
Ljubojevi, K., Dimitrijevi, M. (2007). The enterprise knowledge portal and its
architecture. Subotica: Faculty of Economics.
Book, three to six authors
Ljubojevi, K., Dimitrijevi, M., Mirkovi, D., Tanasijevi, V., & Peri, O. (2006).
Importance of software testing. Subotica: Faculty of Economics.
Book, more than six authors
Mirkovi, D., Tanasijevi, V., Peri, O., Jovanov, N., Bokov, T., Straki, F., et al.
(2007). Supply chain management. Subotica: Faculty of Economics.
Book, no author or editor
Web user interface (10th ed.). (2003). Subotica: Faculty of Economics.
Group, corporate, or government author
Statistical office of the Republic of Serbia. (1978). Statistical abstract of the
Republic of Serbia. Belgrade: Ministry of community and social services.
Edited book
Dimitrijevi, M., & Tanasijevi, V. (Eds.). (2004). Data warehouse architecture.
Subotica: Faculty of Economics.
Chapter in an edited book
Bokov, T., & Straki. F. (2008). Bridging the gap: Complex adaptive knowledge
management. In T. Bokov & V. Tanasijevi (Eds.), The enterprise
knowledge portal and its architecture (pp. 55-89). Subotica: Faculty of
Economics.
Encyclopedia entry
Mirkovi, D. (2006). History and the world of mathematicians. In The new
mathematics encyclopedia (Vol. 56, pp. 23-45). Subotica: Faculty of
Economics.
C. Unpublished Works
Paper presented at a meeting or a conference
Ljubojevi, K., Tanasijevi, V., Dimitrijevi, M. (2003). Designing a web form
without tables. Paper presented at the annual meeting of the Serbian comput-
er alliance, Beograd.
Paper or manuscript
Bokov, T., Straki, F., Ljubojevi, K., Dimitrijevi, M., & Peri, O. (2007. May).
First steps in visual basic for applications. Unpublished paper, Faculty of
Economics Subotica, Subotica.
Doctoral dissertation
Straki, F. (2000). Managing network services: Managing DNS servers.
Unpublished doctoral dissertation, Faculty of Economics Subotica, Subotica.
Masters thesis
Dimitrijevi, M. (2003). Structural modeling: Class and object diagrams.
Unpublished masters thesis, Faculty of Economics Subotica, Subotica.
D. Electronic Media
The same guidelines apply for online articles as for printed articles. All the information that
the online host makes available must be listed, including an issue number in parentheses:
Author, A. A., & Author, B. B. (Publication date). Title of article. Title of Online
Periodical, volume number(issue number if available). Retrieved from
Article in an internet-only journal
Tanasijevi, V. (2003, March). Putting the user at the center of software testing
activity. Strategic Management, 8 (4). Retrieved October 7, 2004, from
www.ef.uns.ac.rs/sm2003
Document from an organization
Faculty of Economics. (2008, March 5). A new approach to CRM. Retrieved July
25, 2008, from http://www.ef.uns.ac.rs/papers/acrm.html
Article from an online periodical with DOI assigned
Jovanov, N., & Bokov, T. A PHP project test-driven end to end. Management
Information Systems, 2 (2), 45-54. doi: 10.1108/06070565717821898.
Article from an online periodical without DOI assigned
Online journal articles without a DOI require a URL.
Author, A. A., & Author, B. B. (Publication date). Title of article. Title of Journal,
volume number. Retrieved from http://www.anyaddress.com/full/url/
Jovanov, N., & Bokov, T. A PHP project test-driven end to end. Management
Information Systems, 2 (2), 45-54. Retrieved from
http://www.ef.uns.ac.rs/mis/TestDriven.html.
2. Reference Quotations in the Text
Quotations
If a work is directly quoted from, then the author, year of publication and the page refer-
ence (preceded by p.) must be included. The quotation is introduced with an introductory
phrase including the authors last name followed by publication date in parentheses.
According to Mirkovi (2001), The use of data warehouses may be limited, espe-
cially if they contain confidential data (p. 201).
Mirkovi (2001), found that the use of data warehouses may be limited (p. 201).
What unexpected impact does this have on the range of availability?
If the author is not named in the introductory phrase, the author's last name, publication
year, and the page number in parentheses must be placed at the end of the quotation, e.g.
He stated, The use of data warehouses may be limited, but he did not fully explain
the possible impact (Mirkovi, 2001, p. 201).
Summary or paraphrase
According to Mirkovi (1991), limitations on the use of databases can be external
and software-based, or temporary and even discretion-based. (p.201)
Limitations on the use of databases can be external and software-based, or
temporary and even discretion-based (Mirkovi, 1991, p. 201).
One author
Bokov (2005) compared the access range
In an early study of access range (Bokov, 2005), it was found...
When there are two authors, both names are always cited:
Another study (Mirkovi & Bokov, 2006) concluded that
If there are three to five authors, all authors must be cited the first time. For subsequent
references, the first authors name will cited, followed by et al..
(Jovanov, Bokov, Peri, Bokov, & Straki, 2004).
In subsequent citations, only the first authors name is used, followed by et al. in the
introductory phrase or in parentheses:
According to Jovanov et al. (2004), further occurences of the phenomenon tend to
receive a much wider media coverage.
Further occurences of the phenomenon tend to receive a much wider media coverage
(Jovanov et al., 2004).
In et al.", et is not followed by a full stop.
Six or more authors
The first authors last name followed by "et al." is used in the introductory phrase or in
parentheses:
Yossarian et al. (2004) argued that
not relevant (Yossarian et al., 2001).
Unknown author
If the work does not have an author, the source is cited by its title in the introductory
phrase, or the first 1-2 words are placed in the parentheses. Book and report titles must be
italicized or underlined, while titles of articles and chapters are placed in quotation marks:
A similar survey was conducted on a number of organizations employing database
managers ("Limiting database access", 2005).
If work (such as a newspaper editorial) has no author, the first few words of the title are
cited, followed by the year:
(The Objectives of Access Delegation, 2007)
Note: In the rare cases when the word "Anonymous" is used for the author, it is treated as
the author's name (Anonymous, 2008). The name Anonymous must then be used as the
author in the reference list.
Organization as an Author
If the author is an organization or a government agency, the organization must be men-
tioned in the introductory phrase or in the parenthetical citation the first time the source is
cited:
According to the Statistical Office of the Republic of Serbia (1978),
Also, the full name of corporate authors must be listed in the first reference, with an abbre-
viation in brackets. The abbreviated name will then be used for subsequent references:
The overview is limited to towns with 10,000 inhabitants and up (Statistical Office
of the Republic of Serbia [SORS], 1978).
The list does not include schools that were listed as closed down in the previous
statistical overview (SORS, 1978).
When citing more than one reference from the same author:
(Bezjak, 1999, 2002)
When several used works by the same author were published in the same year, they
must be cited adding a, b, c, and so on, to the publication date:
(Griffith, 2002a, 2002b, 2004)
Two or more works in the same parentheses
When two or more works are cited parenthetically, they must be cited in the same order as
they appear in the reference list, separated by a semicolon.
(Bezjak, 1999; Griffith, 2004)
Two or more works by the same author in the same year
If two or more sources used in the submission were published by the same author in the
same year, the entries in the reference list must be ordered using lower-case letters (a, b,
c) with the year. Lower-case letters will also be used with the year in the in-text citation
as well:
Survey results published in Theissen (2004a) show that
To credit an author for discovering a work, when you have not read the original:
Bergsons research (as cited in Mirkovi & Bokov, 2006)
Here, Mirkovi & Bokov (2006) will appear in the reference list, while Bergson will not.
When citing more than one author, the authors must be listed alphabetically:
(Britten, 2001; Sturlasson, 2002; Wasserwandt, 1997)
When there is no publication date:
(Hessenberg, n.d.)
Page numbers must always be given for quotations:
(Mirkovi & Bokov, 2006, p.12)
Mirkovi & Bokov (2006, p. 12) propose the approach by which the initial
viewpoint
Referring to a specific part of a work:
(Theissen, 2004a, chap. 3)
(Keaton, 1997, pp. 85-94)
Personal communications, including interviews, letters, memos, e-mails, and tele-
phone conversations, are cited as below. (These are not included in the reference list.)
(K. Ljubojevi, personal communication, May 5, 2008).
3. Footnotes and Endnotes

A few footnotes may be necessary when elaborating on an issue raised in the text, adding
something that is in indirect connection, or providing supplementary technical information.
Footnotes and endnotes are numbered with superscript Arabic numerals at the end of the
sentence, like this.1 Endnotes begin on a separate page, after the end of the text. However,
journal does not recommend the use of footnotes or endnotes.
CIP -
,
378.633(497.113 Subotica)
330
= The Annals of the Faculty of Economics
Subotica / . 1965, 1 1976, 6 ; 1981, 7 ; 1996,
1 . : , 1965-1976; 1981; 1996. 24 cm
.
ISSN 03502120

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Dva puta godinje.

Dva puta godinje.

Tatiana Stuken, Tatiana Lapina

Juraj Pekr, Ivan Brezina, Zuzana ikov

Jitka Meluchov, Katarna Mzikov, Martina Mateov

/ Technical instructions for

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Sustainability of economic development of the Brcko

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Development strategy of the Russian

US dollar to Russian ruble rate - 37.7 rubles;

Reasons for the strategy change

Foreign policy reasons

Foreign economic reasons

Fall in the world prices for hydrocarbons

Figure 1. Reasons for the strategy change

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Measures introduced by the Russian side as a response to the sanctions are

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New strategy of the economic development of the Russian Federation

New measures for strategic goals achievement

"New reality" macroeconomic forecast in the Russian Federation

Figure 2. Changes in the strategy of economic development of the Russian Federation

Firstly, the developed strategy is based on the macroeconomic forecast of the

, Vol. 51, 33/2015, . 041-048

Key measures for achieving strategic goals