New Challenges in Corporate Governance: Linking M&A and Social Responsibility

Answers to the questions of successful business models can be found in various strategies, amongst which mergers and acquisitions are considered as good growth strategies if implemented successfully. Corporate governance is seen as control mechanism dependent on the legal, regulatory, institutional and ethical environment of the community. Thus, authors emphasize that without considering the social aspects of business, leaders cannot lead the business in the right direction, but vice versa. Mergers and acquisitions (M&A’s), as one option for the company’s development could bring both positive, but as well as negative consequences for the target and the acquirer company. Corporate governance mechanisms, social responsibility and the importance of their adequate combination in the processes of merging and acquiring new company pervades in this paper. The paper brings insights on corporate social responsibility and the way its effective implementation supported by governance mechanisms can create a “snowball effect†of positive social changes. A special focus was put on M&A and its incremental value for the company’s development and growth. Important figures in the field of M&A are provided. A deep theoretical background is provided in the field arisen out of detailed literature review and practical experiences

Boosting Corporate Social Responsibility in Tourist Destinations through Loyalty Programs and Stakeholder Collaboration

Two opposite approaches gravitate around Corporate Social Responsibility (CSR): shareholder vs. stakeholder approach. The first paradigm is classical: stating a company has one primary purpose i.e. profitability and is responsible to its shareholders. The second one sees the company not merely in function of its primary goal but also responsible to its employees, providers, local community, the environment etc. It is indisputable that a company operates in a certain context and in order to pursue its reason of existence it has to maintain good relationship and collaborate with others directly or indirectly involved or affected by its business, to a degree that is in line with its primary goal. This starting point was the base to integrate CSR and relationship marketing. CSR is a voluntary based concept. The purpose of this paper is to enhance CRS implementation in tourism. The authors propose a model that will encourage tourism companies to systematically and comprehensively include various CSR practices in their business, which will have a positive impact on the destination as a whole. The realization of the model gathers qualified tourism companies in an exclusive destination loyalty program and further promotes them as superior tourism providers. The involvement of all stakeholders of the tourist destinations in individual phases of the project is part of the proposed model. The model is easily applicable in practice

CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE FINANCIAL PERFORMANCE – IS THERE A LINK?

The “business as usual” model is no longer possible. Globalization, technological and demographical changes have lead to the change in the internal organization structures, processes and behaviour. Environmental, social and governance issues are becoming extremely powerful means of gaining competitive advantage on the global market. The purpose of the paper is to underline the importance of socially responsible business practices for the corporation. In order to emphasize the importance of socially responsible behaviour with regards to financial performance, the research was enriched with of the comparative analysis of the financial performances of 45 corporations listed on Dow Jones Sustainability World Index 2009/2010 that represent the top 10% of the leading sustainability companies out of the biggest 2500 companies in the Dow Jones Global Total Stock Market Index compared with non CSR corporations – not listed on DJSWI. Authors are presenting results of the econometric model which further confirmed that CSR firms in the average enjoy better financial performance that non-CSR firms

Managing-technology enhanced tourist experience: The case of scattered hotels in Istria

Many of the recent research studies in tourist behavior pointed to the fact that contemporary tourists, particularly millennials, are very prone to innovative experiences and enjoy co-creating the tourist experience. Technological advancements drive changes in the way tourists experience their vacation and have transferred power to the tourists in terms of decision-making. Scattered hotels bring back life into empty and abandoned homes in the old parts of the city. They boost the trickle-down effect on the local economy, contribute to the revival of villages and old parts of the town, preservation of the local culture and identity of the place, and minimization of negative social and ecological impacts of over-tourism. With the implementation of innovative technological solutions, customized to such particular accommodation establishments and the ecosystem of the tourist destination, this product would be able to modify the complete nature of the tourism experience. In this paper, the authors aim to explore how technology reinvigorates creativity and boosts destinations’ innovativeness and competitiveness by enriching the overall customer experience and by creating ecosystems in which tourism contributes to sustainable development. Technological advancements that can unlock innovation potential in scattered hotels are presented, as well as perceptions of tourism suppliers on personalized experiences, boosted with technological innovations. Factors hampering innovation are identified, as well as other important obstacles in delivering such services (financing, cooperation with other stakeholders, uncertain demand, etc.). From a possible functional angle, this study presents significant implications for small entrepreneurs – experience providers in horizontally developed accommodation structures, as well as destination managers and all levels of government

How important are CSR companies for nations’ growth?

The paper provides new empirical evidence on the positive link between corporate social responsibility and income growth. Using available data for 26 countries over 2000–2008 we investigate cross-country growth differences by adding new variable (corporate social responsibility) to the standard growth regression model. We show that corporate social responsibility impact on growth is statistically significant but limited in size. Moreover, the inclusion of corporate social responsibility variable improves the fit of the regression. Countries with higher corporate social responsibility penetration as India achieve higher income growth rates. Evidence of the positive link between corporate social responsibility presented in this study encourage but further research on mechanism how socially responsible behavior affects growth is necessary

THE MANAGER’S PERCEPTION ON THE IMPORTANCE OF IMPLEMENTATION OF THE SUSTAINABLE DEVELOPMENT PRINCIPLES IN THE HOTEL BUSINESS STRATEGIES – THE CASE OF BIG HOTEL COMPANIES IN ISTRIA

Turizam je danas jedna od najvažnijih ekonomskih aktivnosti u svijetu koja sa sobom nosi brojne pozitivne, ali i negativne posljedice za okoliš i lokalnu zajednicu. Primjena ideje održivog razvoja u područje gospodarstva znači poslovanje na društveno odgovoran način. Hotelska poduzeća koja posluju na društveno odgovoran način u harmoničnom su skladu s okolinom, racionalno se koriste prirodnim resursima i generiraju manje otpada, poštuju i štite kulturne znamenitosti lokalne zajednice u kojoj djeluju i skrbe se za dobrobit cjelokupne zajednice i vlastitih zaposlenika. Zbog svega navedenoga, provedeno je istraživanje na području Istarske županije poradi analize percepcije hotelskih menadžera o važnosti primjene koncepcije održivog razvoja u poslovanju hotelskih poduzeća. Nastojalo se doći do zaključka o tome koliko su hotelski menadžeri u Istri upoznati s problematikom održivog razvoja.. Istraživanje je pokazalo da je većina menadžera svjesna odgovornosti prema okolišu te užoj i široj zajednici, ali vrlo malo praktično primjenjuje načela održivog razvoja. , sustav upravljanja okolišem, hotelijerstvo, Istra.Tourism is one of the most important economic activities in the world today and one of the largest industries in terms of employment and revenue. One of the fastest growing economic sectors of the world produces both positive and negative impacts to the environment and the local community. Implementation of the concept of sustainable development into the business practice means doing the business responsibly, whilst taking into consideration interests of the society, impacts of its activities on all stakeholders, shareholders and on the environment. Beyon that, it means improving the quality of life of its employees, local community and the society. The aim of the paper was to research the importance of the implementation of the concept of sustainable development for hotel companies in Istrian County. The research has shown that, considering that the implementation of sustainable development into the business practice is a long-term and complex process, the observed companies are just at the beginning of their journey

Corporate social responsibility in tourism - The most popular tourism destinations in Croatia: Comparative analysis

In today\u27s rapidly changing tourism market, it is getting more and more difficult for a destination to be competitive on the global level. Hotel companies, as well as tour operators have a very important role in creating the tourism product. Tourism companies should be able to create the tourism product whilst operating in a responsible way. With the implementation of a socially responsible business practice, tourism companies contribute to the achievement of sustainable tourism and, consequently, to the achievement of sustainable development. The discussion about the importance of corporate social responsibility (CSR) in the tourism industry makes the very essence of this paper. The aim of the paper is to present and discuss the level of social and environmental sensitivity of managers of the highest category hotels in the Dubrovačko-Neretvanska, Istarska and Primorsko-Goranska counties. Results presented in this paper are based on the research conducted in the summer of 2008. The research was enriched with the analysis of the web sites of the selected companies in order to get an idea of whether the corporate social responsible practice has been somehow underlined. Results have shown that the practice of CSR has still not been widely recognized

Bank Commitment to Ethics

This paper brings theoretical approach of ethics in financial industry as well as research results from Croatian banks. The role of ethics in financial industry becomes every day more important issue, also there are no more questions of ethics institutionalisation - it is a question of ethical behaviour. Research limitation was subject matter so sample was reduced to seven major banks in Croatia which are actively involved in creating ethical values. The paper implies stakeholders’ orientations which assure understanding, learning and improving organisation; as well as identification, development and implementation of appropriate strategy also larger attention in future should be given to institutionalisation of ethics, on every level, because main ethical dilemmas according to bank managers trace roots in society culture. The value of this paper is based on the uniqueness of the research results about ethics in Croatian banks

Analysis of Croatian public museums’ digital initiatives amid COVID-19 and recommendations for museum management and governance

The COVID-19 pandemic has presented challenges for public museums in Croatia. This study examines how museum management and professionals have responded to the closure of museums during the pandemic by exploring digital initiatives and online engagement with remote audiences. The authors analysed data from 162 Croatian museums registered in the Museum Documentation Centre in Zagreb to investigate the relationship between socioeconomic and demographic indicators and museums’ digital activities using multiple regression analysis. The findings revealed that half of the museums in the sample were active online, with social media being a commonly used platform. Interestingly, museums with a stronger online presence, lower regional unemployment rates, and a lower tourism development index were more likely to engage in activities during the pandemic. The authors conclude with recommendations for museum management and governance to embrace digital acceleration and adapt to the digital age. The study findings hold significant relevance for museums preparing for future pandemics or crises as they highlight the importance of digital initiatives and online presence in ensuring continued engagement with audiences during periods of closure. By leveraging digital tools and platforms, museums can overcome physical limitations and effectively reach remote audiences, thereby enhancing their resilience and adaptability in times of crisis. This study contributes to the understanding of museums’ digital transformation in response to the COVID-19 pandemic and provides valuable insights for museum practitioners, policy-makers, and researchers to shape future strategies. Further research could explore the long-term impacts of digital initiatives on museums’ sustainability and visitor engagement beyond the pandemic context

Izazovi korporacijskog izvještavanja o održivosti u turizmu

U predavanju se naglašava značaj prakse i izvještavanja o društveno-odgovornom poslovanja (u daljnjem tekstu: DOP) u postpandemijskom razdoblju kroz prizmu osnovnih dimenzija DOP-a i odgovarajućih ESG pokazatelja. Poseban je fokus na novoj EU CSR direktivi koja propisuje sasvim novi okvir korporacijskog izvještavanja. Dok do sada izgled izvješća o održivom razvoju nije bio propisan i bilo je moguće oblikovati ga i prilagoditi specifičnostima poslovne organizacije, a na raspolaganju je bilo više vodiča i neobvezujućih smjernica, sada to izgleda bitno drugačije. Sve to utječe na poslovne organizacije i zahtjeva njihovu prilagodbu, a s druge strane otvara i neke nove prilike. Zaključno se ukratko izdvajaju novi izazovi pred poslovnim organizacijama u turizmu i prikazuje dio istraživanja o dosadašnjoj praksi izvještavanja o održivosti poslovnih organizacija u turizmu na području Republike Hrvatske