Critical success factors in insurance companies

The topic of this research are critical success factors (CSFs) with a focus on factors that constitute the basis for the success of insurance companies. There are no critical success factors common to all enterprises, all areas and all activities. In insurance companies, key performance indicators primarily depend on the service quality and the level of customer satisfaction. In contemporary business conditions, the relevance of the service has been increasingly important. Therefore, the concept named 5P is suggested, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer’s service is to be perceived to be of high-quality, achieve client satisfaction and build client loyalty. The paper presents a research into the perception of insurance service and factors of insurance quality in the Federation of Bosnia and Herzegovina (FBiH) . Research results correspond to the 5P concept and reveal the security factor as the most important factor for the insured. A fast and efficient payment of claims, the attitude of the salespeople toward the insured, described in terms of respectful and knowledgeable staff, as well as the clarity of promotion and the availability of insurance service also ranked high

Strategies for improving energy efficiency in public buildings in Bosnia and Herzegovina

The energy efficiency represents a global and multi-faceted issue. It is especially important for Bosnia and Herzegovina (BiH), the former socialist and semi-developed country belonging to the Balkan’s region of the Southeastern Europe (SE). Buildings in the WBs, including BiH, represent about 50 percent of the aggregate energy consumption. Estimated energy savings are projected to be between 20 and 40 percent. The research problem addressed in this paper focuses on the introduction of the existing or the improvement of the present strategies dealing with the energy efficiency. The inclusion and operation of funds addressing energy efficiency is of paramount importance. In that context the creation of statewide agency is deemed to be crucial to be responsible for the administration of the assistance of the European Union (EU) and the management of national energy efficiency action plan (NEEAP). Strengths, weaknesses, opportunities, and threats (SWOT) analysis represents a simple tool to address numerous elements in tackling of this issue. Unfortunately, it cannot identify the totality of all-important external factors relating to the status of energy efficiency. Introduction of the energy management system (EMS) is another avenue worth exploring

Social entrepreneurial intentions and motivational drivers among business students

Purpose: The paper is aimed at determining young people\u27s motives and views related to entrepreneurship, in particular social entrepreneurship. To this purpose, a survey was conducted at the School of Economics and Business in Sarajevo to explore the motivations of the student population to pursue entrepreneurship, with a focus on social entrepreneurship and their intentions to engage in it. The survey examined socio-political, situational and personal factors and their direct and mediating effect on the intention to engage in social entrepreneurship. Methodology: The research model and methodology presented in the paper are based on the process theory of motivation and the model used by Barton et al. (2018) and by Krueger (1993). The model elaborated by this paper’s authors is expanded and redefined so as to take account of socio-political factors and the respondents’ views of them. Results: The research revealed a limiting and de-stimulating effect of environmental factors on the intention to start a business, as well as the significance of situational and personal factors when deciding on engaging in social entrepreneurship. Conclusion: The conducted research revealed that young people in Bosnia and Herzegovina understand the significance of social entrepreneurship for society at large, as well as for themselves, i.e. the sense of fulfilment it could bring. The results could suggest that, for the respondents, the desirable entrepreneurial option would be the one that implies involvement not in the social entrepreneurship but in the socially responsible entrepreneurship

DA LI NIVO PODUZETNIČKE AKTIVNOSTI I INDEKS TEA PREDSTAVLJAJU POKAZATELJE EKONOMSKOG RASTA?

Cilj ovog rada predstavlja elaboriranje kompleksne veze koja postoji između nivoa poduzetničke aktivnosti i ekonomskog rasta iskazanog rastom BDP-a. Većina ekonomskih teoretičara koji se bave poduzetništvom u fokus stavlja rast i poboljšanje ekonomskih performansi pojedinačnih preduzeća. No, manji broj autora analizira efekte poduzetničke aktivnosti na ekonomski rast jedne zemlje i vrlo često pretpostavlja postojanje jasne i nedvosmislene veze među njima. Međutim, empirijska istraživanja su utvrdila da najznačajniji pokazatelj nivoa poduzetničke aktivnosti (indeks TEA) prikazuje broj poduzetnika, ali ne i prirodu poduzetništva i efekte istog na ekonomski rast.  Autori ovog rada stoga analiziraju mnogobrojne i kompleksne faktore poduzetničke aktivnosti u cilju utvrđivanja stvarnog utjecaja (nivoa) poduzetničke aktivnosti na rast nacionalne ekonomije.&nbsp

Micro-determinants of the individuals willing to support projects related to renewable energy sources

As the 21st-century paradigm, sustainable development implies, among other things, the need to ensure environmental sustainability through replacement of traditional energy sources with environmentally acceptable renewable ones. Economic literature identifies a number of prerequisites and determinants needed for the successful use of renewable energy sources. The purpose of this study is to deepen our understanding of the determinants of an individual’s willingness to support the implementation of energy-saving measures. A nation-wide citizen perception survey of 3,024 respondents was carried out in Bosnia and Herzegovina in 2018 to collect data for this study. The paper takes a micro-level approach focusing on the behaviour of an individual. The respondents were found to have a positive attitude toward renewable energy projects. Most of them (72.78%) support such projects. Logistic regression (maximum-likelihood estimation) was employed to test the proposed hypotheses. The results of the study show that there are several important predictors of an individual’s support for projects related to renewable energy sources, including age, gender, income, satisfaction with the standard of living, religiousness, living in a male-dominated household, and ethnicity. The results of the study can help policymakers to design and adopt adequate policy measures for promoting financial investments in renewable energy sources, and project developers to tailor their communication and promotion strategies to the needs of specific population segments to better achieve the goals and benefits of such projects

SMALL AND MEDIUM-SIZE ENTERPRISES IN THE FEDERATION BOSNIA AND HERZEGOVINA – CONDITIONS, PROSPECTS AND BUSINESS IN THE SHADOW OF PANDEMIC

U ovom članku prezentiran je položaj i perspektive malih i srednjih poduzeća u (Federaciji) Bosne i Hercegovine te izazovi s kojima se susreću u vrijeme pandemije izazvane corona virusom. I u predepidemijsko vrijeme, mala i srednja poduzeća u Bosni i Hercegovini suočavala su se s nizom ograničenja koja su rezultat složenog državnog uređenja, nerazvijenosti gospodarstva i neadekvatne financijske, tehničke i pravno-regulatorne potpore. Pandemija je dodatno potencirala ranjivost malih i srednjih poduzeća u Bosni i Hercegovini. Dok je u svijetu implementiran širok dijapazon mjera podrške gospodarstvu, Vlada Federacije BiH i županije su se odlučile za ograničen broj instrumenata financijske potpore čiji je cilj bio održanje tekuće likvidnosti i pomoć ugroženim djelatnostima i malim i srednjim poduzećima. U članku je dat uporedni prikaz mjera koje su se implementirale širom svijeta kao i iskustva i učinci mjera implementiranih u Federaciji Bosne i Hercegovine. Zbog ograničenih financijskih mogućnosti te podjele nadležnosti nije bilo moguće implementirate sve potrebite mjere; pojedine mjere podrške poduzetnicima su se pokazale uspješnim, no bilo je i mjera koje nisu bile pravovremene i nisu obuhvatile sve subjekte kojima je pomoć bila potrebna. Moguće je zaključiti da je razvitak gospodarstva a posebice malih i srednjih poduzeća u Federaciji Bosne i Hercegovine uvjetovan višim stupnjem koordinacije, strateškim dugoročnim pristupom i adekvatnom legislativnom i financijskom potporom.The paper presents the position and prospects of small and medium-size enterprises in (the Federation) Bosnia and Herzegovina and challenges they are facing during the pandemic caused by coronavirus. Even at the pre-pandemic time, small and medium-size enterprises in Bosnia and Herzegovina faced a series of limitations which are the result of the complex state organization, underdeveloped economy and inadequate financial, technical and legal-regulatory support. The pandemic additionally highlighted the vulnerability of small and medium-size enterprises in Bosnia and Herzegovina. While the world implemented a broad range of measures supporting the economy, Government of the Federation B&H and Cantons opted for a limited number of financial support instruments, the aim of which was to maintain current liquidity and aid threatened activities and small and medium-size enterprises. The paper provides a comparative overview of the measures implemented across the world, as well as the experiences and effects of the measures implemented in the Federation Bosnia and Herzegovina. Due to limited financial capacities and the division of authorities it was not possible to implement all the necessary measures. Some measures of support to entrepreneurs proved to be successful; however, there have also been measures which were not timely and did not encompass all the entities that needed help. It can be concluded that the development of economy, and particularly of small and medium size enterprises in Bosnia and Herzegovina requires a higher degree of coordination, strategic long-term approach and adequate legislative and financial support

SMALL AND MEDIUM-SIZE ENTERPRISES IN THE FEDERATION BOSNIA AND HERZEGOVINA – CONDITIONS, PROSPECTS AND BUSINESS IN THE SHADOW OF PANDEMIC

U ovom članku prezentiran je položaj i perspektive malih i srednjih poduzeća u (Federaciji) Bosne i Hercegovine te izazovi s kojima se susreću u vrijeme pandemije izazvane corona virusom. I u predepidemijsko vrijeme, mala i srednja poduzeća u Bosni i Hercegovini suočavala su se s nizom ograničenja koja su rezultat složenog državnog uređenja, nerazvijenosti gospodarstva i neadekvatne financijske, tehničke i pravno-regulatorne potpore. Pandemija je dodatno potencirala ranjivost malih i srednjih poduzeća u Bosni i Hercegovini. Dok je u svijetu implementiran širok dijapazon mjera podrške gospodarstvu, Vlada Federacije BiH i županije su se odlučile za ograničen broj instrumenata financijske potpore čiji je cilj bio održanje tekuće likvidnosti i pomoć ugroženim djelatnostima i malim i srednjim poduzećima. U članku je dat uporedni prikaz mjera koje su se implementirale širom svijeta kao i iskustva i učinci mjera implementiranih u Federaciji Bosne i Hercegovine. Zbog ograničenih financijskih mogućnosti te podjele nadležnosti nije bilo moguće implementirate sve potrebite mjere; pojedine mjere podrške poduzetnicima su se pokazale uspješnim, no bilo je i mjera koje nisu bile pravovremene i nisu obuhvatile sve subjekte kojima je pomoć bila potrebna. Moguće je zaključiti da je razvitak gospodarstva a posebice malih i srednjih poduzeća u Federaciji Bosne i Hercegovine uvjetovan višim stupnjem koordinacije, strateškim dugoročnim pristupom i adekvatnom legislativnom i financijskom potporom.The paper presents the position and prospects of small and medium-size enterprises in (the Federation) Bosnia and Herzegovina and challenges they are facing during the pandemic caused by coronavirus. Even at the pre-pandemic time, small and medium-size enterprises in Bosnia and Herzegovina faced a series of limitations which are the result of the complex state organization, underdeveloped economy and inadequate financial, technical and legal-regulatory support. The pandemic additionally highlighted the vulnerability of small and medium-size enterprises in Bosnia and Herzegovina. While the world implemented a broad range of measures supporting the economy, Government of the Federation B&H and Cantons opted for a limited number of financial support instruments, the aim of which was to maintain current liquidity and aid threatened activities and small and medium-size enterprises. The paper provides a comparative overview of the measures implemented across the world, as well as the experiences and effects of the measures implemented in the Federation Bosnia and Herzegovina. Due to limited financial capacities and the division of authorities it was not possible to implement all the necessary measures. Some measures of support to entrepreneurs proved to be successful; however, there have also been measures which were not timely and did not encompass all the entities that needed help. It can be concluded that the development of economy, and particularly of small and medium size enterprises in Bosnia and Herzegovina requires a higher degree of coordination, strategic long-term approach and adequate legislative and financial support