Innovation and industrialization: the way ahead for developing countries

Although most countries in the world have had a long tradition of craft based manufacturing or cottage industries, which arose from the „grass roots”, large-scale industrialization did not happen through natural forces except in the case of Britain (the first to industrialise). Other countries observed Britain’s success, took stock, and planned their industrialization. This was especially true in the 20th century, where the Soviet Union, China and India carefully planned their industrial development, with a heavy emphasis on planned state control, regulation, protectionism and subsidies. Nehru’s famous dictum that „It is better to have a second rate thing made in one’s own country than a first rate thing one has to import” has served as a role model for most developing countries seeking to industrialise.1 This paper provides a critical account on the industrialisation and its effects on economic development and growth. We argue that the most fundamental assumption underpinning modern industrial policy is that the environment, driven by accelerating social, political and technological change, is constantly producing new fundamental economic opportunities. The paper is based on a number of selected references complemented with an extensive additional reading

NEW DIRECTIONS OF ACQUIRING COMPETITIVE ADVANTAGE OF A COMPANY

Prema rezultatima prikazanim u rastućemu broju empirijskih istraživanja, u promijenjenim okolnostima briga za korporativno ponašanje evidentna je kod širega spektra zainteresnih grupa − uključujući zaposlene, konzumente, lokalnu zajednicu i predstavnike javnoga sektora. Takav stav mijenja tradicionalni pristup tvrtki u kreiranju vrijednosti temeljenih na vlastitim interesima, interesima vlasnika i izvršnih menadžera. Cilj je ovoga rada analizirati promjene u strategijskome menadžmentu sa usredotočenjem na svrhu tvrtke, koncept koji se i u teoriji i praksi često shvaća kao apstraktni konstrukt. U cilju boljega kontekstualnog i konceptualnog razumijevanja novih pristupa u vođenju poslovnih organizacije, u radu je obuhvaćen relativno duži vremenski period: od Alfreda Marshalla do danas − u interakciji makro i mikroaspekata ekonomskih kretanja.According to the results shown in the growing number of empirical researches, within the context of changed circumstances, the concern for corporate behaviour is evident in a wider range of interest groups - including employees, consumers, and the local community and public sector representati - ves. Such an attitude changes the traditional approach of companies in creating values based on their interests, the interests of their owners and executives. Paper aims to analyse changes in strategic management focusing on a company’s purpose, a concept that is usually considered as abstract in theory and practice. To provide a better contextual and conceptual understanding of new approaches in the management of business organizations, the paper covers a relatively long period: from Alfred Marshall until today - in the interaction of macro and micro aspects of economic trends

AN INTEGRATED SWOT – FUZZY PIPRECIA MODEL FOR ANALYSIS OF COMPETITIVENESS IN ORDER TO IMPROVE LOGISTICS PERFORMANCES

On the question: how to react in a particular situation, the management of the company must have a quick answer. In the time of fast and huge changes in production, the management must know what resources are available in the company and what kind of environment it faces. To respond promptly to the requirements of the environment, the company must define a clear strategy for its business. To define a strategy, management must know the state of the company. From these reasons, in this research it was conducted SWOT analysis of specific company, and after that the elements of the SWOT matrix were ranked using fuzzy PIPRECIA method. This ranking shows on which element company should pay the most attention

INTERAKCIJA NADZORNIH ODBORA I UPRAVA U FUNKCIJI IZGRADNJE SISTEMA NAGRAĐIVANJA MENADŽERA U KORPORACIJAMA: SLUČAJ HOTELSKIH PREDUZEĆA U FEDERACIJI BOSNE I HERCEGOVINE

Pitanje korporativnog upravljanja i nadzora nad poslovanjem postavlja se kaoproces balansiranja i rizika poslovanja. Ciljevi korporacije razmatraju se, u pravilu,u kontekstu dugoročne orijentacije. Međutim, da bi se mogli ostvariti, potrebno jedefinirati i zadatke u kraćem roku, te utvrditi koji su to poželjni rezultati kojiomogućuju ostvarivanje dugoročnih ciljeva. Proces upravljanja podrazumijeva istvaranje organizacijskih pretpostavki, u smislu efikasne provedbe odluka, zaostvarivanje predviđenih rezultata i ciljeva. Osim toga, podrazumijeva se ikontinuirana kontrola nad ostvarivanjem predviđenih ili planiranih rezultata iciljeva. Odnosi uprave i nadzornog odbora u korporacijama predodređeni su samimoblikom korporativnog sistema u pojedinoj zemlji (radilo se o anglo-američkom ilio kontinentalnom, evropskom sistemu). Prvi sistem odlikuje slaba pozicija dioničarai jaka pozicija uprave korporacije, pri čemu postoji apsolutna razdvojenost izmeđuvlasničke i upravljačke funkcije. U kontinentalnom sistemu dioničari su nešto boljezaštićeni, a uprave nisu tako dominantne kao što je to slučaj sa anglo-američkimsistemom. Ovaj sistem karkterizira simbioza između vlasničkih i upravljačkihfunkcija. Ono što je za tržišnu ekonomiju najpoželjnije jeste apsolutna razdvojenost,pri čemu su vlasnici ti koji imenuju profesionalne članove uprave. Nagrađivanjemenadžera čini jednu od bitnih poluga sistema korporativnog upravljanja. Sistemomnagrađivanja treba da budu obuhvaćeni menadžeri svih nivoa korporacije. Menadžerske zarade su veoma visoke. U objašnjenju tako visokih zarada koriste setri pristupa

Poduzetničke namjere u odabranim zemljama jugoistočne Europe

Entrepreneurship has an increasingly important role in economic growth and development in both developed and underdeveloped countries. In order to explore entrepreneurial intentions and their antecedents in the post-transition context, we have conducted a survey among 1,200 students of economics and business in four Southeast European countries: Bosnia and Herzegovina, Croatia, Macedonia and Serbia. The following scales were included in the highly structured questionnaire: locus of control, risk taking propensity, perceived barriers, perceived support factors, personal attitude towards entrepreneurship, perceived behavioral control, subjective norm and entrepreneurial intention. Collected data were analyzed with multiple regression technique in order to explore the effects of various antecedents on entrepreneurial intention in the context of Southeast European countries. The results indicate that personal attitude towards entrepreneurship, perceived behavioral control and subjective norm positively and significantly affect entrepreneurial intent. Respondents from Bosnia and Herzegovina exhibit higher levels of entrepreneurial intent compared to other observed countries. The findings of our research provide better understanding of entrepreneurial intentions and their antecedents in the specific post-transition context of Southeast European countries. Theoretical and policy implications of the research findings are discussed in the paper.Poduzetništvo ima sve značajniju ulogu za ekonomski rast i razvoj u visokorazvijenim i slabije razvijenim zemljama. Kako bismo istražili poduzetničke namjere i njihove determinante u posttranzicijskim zemljama, u ovom je radu provedeno anketno ispitivanje 1.200 studenata ekonomije i poslovne ekonomije u četiri zemlje jugoistočne Europe: Bosni i Hercegovini, Hrvatskoj, Makedoniji i Srbiji. Korišten je visokostrukturirani upitnik koji je uključivao pitanja o stupnju kontrole, sklonosti preuzimanju rizika, percipiranim preprekama i poticajima, osobnim stavovima prema poduzetništvu, percipiranom ponašanju, subjektivnim normama i poduzetničkim namjerama. Prikupljeni podaci analizirani su metodom višestruke regresije kako bi se istražio učinak različitih determinanti na poduzetničke namjere u kontekstu zemalja jugoistočne Europe. Rezultati pokazuju da osobna sklonost poduzetništvu, percipirano ponašanje i subjektivne norme pozitivno i značajno utječu na poduzetničke namjere. Ispitanici iz Bosne i Hercegovine pokazuju veću razinu poduzetničkih namjera u usporedbi s ispitanicima iz drugih promatranih zemalja. Ovo istraživanje doprinosi boljem razumijevanju poduzetničkih namjera i njihovih determinanti u specifičnom posttranzicijskom okruženju zemalja jugoistočne Europe. U radu se raspravlja i o mogućim teorijskim implikacijama i preporukama za nositelje politike

A NOVEL INTEGRATED MCDM-SWOT-TOWS MODEL FOR THE STRATEGIC DECISION ANALYSIS IN TRANSPORTATION COMPANY

In this paper, based on the Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, a matrix of Threats, Opportunities, Weaknesses and Strengths (TOWS) was formed. It represents possible business strategies of the transport company. To choose the right plan, a model based on the integration of Fuzzy PIvot Pairwise RElative Criteria Importance Assessment (fuzzy PIPRECIA), Full Consistency Method (FUCOM) and Measurement Alternatives and Ranking according to COmpromise Solution (MARCOS) methods, has been formed. A case study was conducted in the transport company from Bosnia and Herzegovina which provides services on the domestic and the European Union market for 20 years and belongs to a group of small and medium enterprises (SMEs). The SWOT analysis in this transport company was the basis for forming the TOWS matrix, which represents a set of possible business strategies. These strategies are the basis for developing five basic alternatives. The transport company should choose the best one of them for future business. The research focuses on forming a model for choosing the best strategy by which the transport company seeks to improve its business. Decision-making (DM) is not a straightforward sequence of operations, so the harmonization of methods as well as the verification of their results, are essential in the research. This model is applicable in SMEs that make these and similar decisions. Using this model, companies can adjust their business policies to the results of the model and achieve better business results. This research is the first that allows the use of such a model in making strategic decisions

Entrepreneurial Intentions in Selected Southeast European Countries

Poduzetništvo ima sve značajniju ulogu za ekonomski rast i razvoj u visokorazvijenim i slabije razvijenim zemljama. Kako bismo istražili poduzetničke namjere i njihove determinante u posttranzicijskim zemljama, u ovom je radu provedeno anketno ispitivanje 1.200 studenata ekonomije i poslovne ekonomije u četiri zemlje jugoistočne Europe: Bosni i Hercegovini, Hrvatskoj, Makedoniji i Srbiji. Korišten je visokostrukturirani upitnik koji je uključivao pitanja o stupnju kontrole, sklonosti preuzimanju rizika, percipiranim preprekama i poticajima, osobnim stavovima prema poduzetništvu, percipiranom ponašanju, subjektivnim normama i poduzetničkim namjerama. Prikupljeni podaci analizirani su metodom višestruke regresije kako bi se istražio učinak različitih determinanti na poduzetničke namjere u kontekstu zemalja jugoistočne Europe. Rezultati pokazuju da osobna sklonost poduzetništvu, percipirano ponašanje i subjektivne norme pozitivno i značajno utječu na poduzetničke namjere. Ispitanici iz Bosne i Hercegovine pokazuju veću razinu poduzetničkih namjera u usporedbi s ispitanicima iz drugih promatranih zemalja. Ovo istraživanje doprinosi boljem razumijevanju poduzetničkih namjera i njihovih determinanti u specifičnom posttranzicijskom okruženju zemalja jugoistočne Europe. U radu se raspravlja i o mogućim teorijskim implikacijama i preporukama za nositelje politike.Entrepreneurship has an increasingly important role in economic growth and development in both developed and underdeveloped countries. In order to explore entrepreneurial intentions and their antecedents in the post-transition context, we have conducted a survey among 1,200 students of economics and business in four Southeast European countries: Bosnia and Herzegovina, Croatia, Macedonia and Serbia. The following scales were included in the highly structured questionnaire: locus of control, risk taking propensity, perceived barriers, perceived support factors, personal attitude towards entrepreneurship, perceived behavioral control, subjective norm and entrepreneurial intention. Collected data were analyzed with multiple regression technique in order to explore the effects of various antecedents on entrepreneurial intention in the context of Southeast European countries. The results indicate that personal attitude towards entrepreneurship, perceived behavioral control and subjective norm positively and significantly affect entrepreneurial intent. Respondents from Bosnia and Herzegovina exhibit higher levels of entrepreneurial intent compared to other observed countries. The findings of our research provide better understanding of entrepreneurial intentions and their antecedents in the specific post-transition context of Southeast European countries. Theoretical and policy implications of the research findings are discussed in the paper