Leadership style and employee readiness: Basic factors of leadership efficiency

The scope of this study is based on the Situational Leadership Theory according to the model created by Hersey and Blanchard, predominantly defined by two research sub-fields: leadership style and readiness of employees. This model distinguishes four different leadership styles, while the subject area of readiness of employees comprises two components: readiness of employees based on the competency component and readiness of employees based on a psychological (motivational) component. The subject matter of the study is to identify leadership style as a new variable which will be utilized for determining the interdependence with leadership efficiency levels and readiness of employees. Leadership efficiency is determined by the degree of compatibility between the dominant style of leadership and the level of readiness of employees. In addition to the main objective of the research, aimed at determining leadership efficiency, significant research findings come as a result of specific objectives. That is impact of the dominant leadership style on readiness of employees and leadership results, based on each specific component. The sample will be a random sample from a finite population of units, with repeated sampling and known probability sampling. A sample of size n=100, with a proportion of 0.10, is based on a list of top 100 biggest companies in the Republic of Serbia in 2019. The application of Principal Component Analysis aims to identify new variables in the form of regression coefficient results, while the application of the hierarchical regression model will help determine the impact of each leadership style on readiness of employees. The study findings confirm the basic hypotheses of the aforementioned model, with regard to the results of leadership efficiency, as well as its impact of each leadership style on readiness of employees.

Models of technological integration development

Issues of scientific and technological development of the economy, increasing its competitiveness, including various aspects of technological integration, are the subject of foreign and domestic research. At the same time, technological integration is considered as a key direction of the new industrial and scientific-technical policy, as a means of transition to the digital economy, to production processes with higher added value, as a means of establishing a constructive dialogue between industrial enterprises and science. The reason for this is, on the one hand, the relative novelty of this economic phenomenon, and, on the other, the lack of theoretical and methodological tools for modelling the development of technological integration. The purpose of the article is to study the problems of modelling the development of technological integration in the context of priority scientific and technological development of the Russian economy. The article uses a wide range of general scientific methods: analysis and synthesis, grouping, typing, modelling, economicstatistical and graphical. The main methodological approaches used in the article are: structural-functional, instrumental and process approaches, which are reflected in the scientific and practical material of the general theory of systems, the theory of organization. The theoretical results of the study are the disclosure of the organizational model for the development of technological integration as a dynamic set of interconnected modules: management and coordination; structure; processes; resources designated to achieve the strategic objectives of technology integration participants. Classification characteristics of technological integration development processes have been identified and theoretically justified. The applied result is a specialized modelling tool based on a combination of a standardized approach and improved design quality with the ability to test simulated processes and the presence of stable feedback with all participants in technological integration. The process model of technological integration development was argued, its decomposition was carried out, which allows distinguishing the main, supporting and regulatory processes of participants in technological integration. The combination of these models facilitates the management of these processes in order to maximize the efficiency of the modern economy. An organizational and economic mechanism for modelling the development of technological integration is proposed, which allows the use of operational monitoring, due to the vector orientation of which it becomes possible to promptly carry out regular adjustments of key parameters of assessing the impact of technological integration on the results of technological development in national economies.

Does capital structure affect the differences in the financial performance of small enterprises?

Capital structure refers to the combination of debt and equity that the company uses to finance overall operations and growth. One of the most common problems of small enterprises is difficult access to various sources of financing, which is certainly reflected in their capital structure. Deciding on capital structure is one of the most important activities in the company, given that it significantly determines the performance of the company, but also the competitiveness and sustainability of the business. The aim of the study was to investigate whether there is a significant difference in financial performance between enterprises belonging to different leverage levels. Financial leverage was calculated by dividing total debts to total assets and based on leverage the companies are divided into 3 groups. Using ANOVA analysis, we found that the only difference in financial performance indicators was observed with NPM (but with a small effect size: eta square = 0.0470), whereas no statistically significant difference was observed between the groups in the ROE and ROA indicators.

Workforce diversity management: A systematic literature review

The primary task of the paper is to propose a definition of the existing theoretical contributions to the term of workforce diversity management (WDM) in order to systematize present knowledge, clearly understand the definition of WDM in organizations and identify the gaps for future research. In this theoretical study, the Scopus database was used for sampling. 19 studies published since 2015 were identified, and then the selected papers were analysed according to key research definitions. Recently, the idea of diversity management (DM) acquires a new meaning; swiftly expanding its field and circulating around the world. WDM becomes a frequently significant part of Human Resource Management in corporations, as it helps companies to take a sustained competitive advantage in the current globalization and innovative age (Egerova, Jiřincová, Lančarič & Savov, 2013; Manoharan & Singal, 2017). The results of the research show that DM is perceived by a moderate number of existing publications as a method that helps to encompass both: a favourable corporate culture and organizational success. By assessing present studies on DM, the paper contributes to the literature on business and management and demonstrates the potential as the scrutinised field seems to be an attractive area for future research.

Obstacles to strategy implementation and success factors: A review of empirical literature

The purpose of this study is to identify obstacles and success factors evident from empirical studies affecting strategy implementation and to provide an overview of the empirical literature. A systematic literature review (SLR) was used to analyze thirty-five peer-reviewed empirical articles. All of the 35 research papers selected in this review use primary data gathered from the organizations studied. This study of empirical research has identified 16 obstacles that can hinder strategy implementation and 18 success factors that can facilitate implementation. This study highlights factors that are dualistic, meaning that they contain both elements of obstacles and key success factors. The dualistic factors should therefore be considered in the strategy implementation process. Research gaps are identified. They include lack of studies on how to overcome obstacles to strategy on the one hand and on employee influence on implementation on the other. The differences among industries, countries, or cultures regarding implementation have not yet been explored at any depth. The paper adds to theoretical and practical knowledge based on the systematic overview it provides on strategy implementation from 1980 until 2020. The paper enriches the practical knowledge relevant to those implementing strategies, as it captures and identifies the dualistic factors affecting strategy implementation.

Job satisfaction and organizational commitment of employees in tourism: Serbian Travel agency case

The aim of this research is to examine the relationships between the factors of job satisfaction (pay, promotion, supervision, fringe benefits, contingent rewards, operating procedures, co-workers, nature of work and communication) identified by Spector and the organizational commitment in travel agencies in Serbia. The survey was conducted during March and April 2020, on a sample of 152 respondents, using a survey method and validated instruments: Job Satisfaction Survey and Organizational Commitment Questionnaire. Research findings indicate a significant positive relationship between job satisfaction and organizational commitment. Furthermore, the results indicate that pay, promotion, fringe benefits, co-workers and communication correlate significantly with employee commitment, while between the other factors of job satisfaction (supervision, contingent rewards, operating procedures, nature of work) and organizational commitment, there are moderately positive relationships. Implications, research limitations and suggestions for future research are presented.

Determining the KPIs of the German engineering industry based on the evaluation of contemporary business models

This study determines the correlation between industry-specific success patterns of the German engineering industry and the business models applied within. In order to identify this correlation, the following objectives are addressed within the framework of this paper: (1) identification and description of business models used by the German engineering industry; (2) analysis of industry-specific success patterns of the German engineering industry by the usage of Key Performance Indicators (KPIs); and (3) determination of correlation between the KPIs and the effectiveness of the business models of the German engineering industry These objectives are mainly achieved by literature research and expert surveys. The findings highlight the KPIs (overall 41) that are relevant for the respective business models. This enables a better understanding of the interrelationships of the business model, in order to derive relevant conclusions. The paper contributes to the literature as it advances this field of research in Germany, and it is one of the first studies to examine the relationship between business models and industry-specific success patterns with relevant KPIs.

Expected effects of the revised exposure to banks Basel credit risk weighted assets standard

In 2017 Basel Committee on Banking Supervision (BCBS) published additional Basel III reforms for the calculation of the risk-weighted assets (RWA) as part of the capital adequacy calculation. The 2017 reforms should resolve shortcomings in the capital adequacy calculation from the pre-crisis period. Revised standardised approach for the credit risk should be valid as of January 2023. The new reforms are bringing numerous improvements particularly interesting for the bank strategic management. One of the especially important improvements of the 2017 Basel III RWA reforms is the new treatment of the exposures to banks. For the treatment of externally unrated exposure to banks, financial institutions can use Standardised Credit Risk Assessment Approach (SCRA). This topic is the most interesting and important for the banking sectors structured mostly with the externally unrated banks. This is more characteristic of the developing, transition economies than the developed economies. However, SCRA will also be very important for the developed economies' banking sectors and banks whose portfolios are dominated by externally rated bank exposures, but in the same time they have significant amount of the exposure to banks without external rating. This paper's focus is related to the expected effects of the implementation of SCRA on the unrated banks' exposure. The aim of the paper is to define those effects. The paper is analysing how worldwide implementation of SCRA will establish a more detailed RWA approach with enhanced risk sensitivity. The research has shown that externally unrated banks with strong and stable capital adequacy and other related parameters can have positive expectations from the implementation of SCRA.

The managerial implications of the labor market and workplace shortage in Central Eastern Europe

In the recent years the labor market of the Central and Eastern European (CEE) countries has changed a lot. One of the main business challenges in the CEE region is the worker shortage. The possible reasons of this phenomenon are the emigration of the labor force from the countries of the former Eastern Bloc to the Western countries, the negative demographic tendencies in the region, the effects of economic crisis and the significant wage differences in the countries of European Union. This paper presents the first results of an international research conducted in six countries from the CEE region (Austria, Czech Republic, Hungary, Romania, Serbia and Slovakia) on the reasons and managerial implications of the current labor force shortage. The research questionnaire was filled out in 797 companies and institutions in the CEE region. In our paper we will show the size, ownership and the sectoral distribution of our sample, as well as the average turnover rate, the average time to fill a position in, the positions hard to fill in, the possible reasons of labor shortage and the successful organizational and governmental programs to deal with labor market shortage. The obtained results may be a useful input for the formulation of human resource management programs in the organizations facing with labor market shortage in Serbia and other CEE countries.

Sustainability balanced scorecard: Four performance perspectives or more?

This paper analyzes the Sustainability Balanced Scorecard (SBSC) as a renewed framework for measuring and managing sustainability performance of a company. The paper presents the main characteristics of original Balanced Scorecard (BSC), explains its purpose and main performance perspectives. Based on literature review, paper address the various approaches to design and prioritize performance perspectives within the SBSC. Firstly, casual links within and between performance perspectives are described: hierarchical links (as is in original BSC approach), semi-hierarchical links and network links. Secondly, the paper explains how the sustainability issues are incorporated within SBSC framework. Several solutions are explained as suggested in the literature: (1) adding additional single or multiple performance perspectives to deal with strategically important sustainability issues, (2) incorporating sustainability aspects within original four performance perspectives, (3) adding additional sustainability perspectives and incorporating sustainability aspects in four original performance perspectives simultaneously, (4) organize separate SBSC for managing only sustainability issues. Specific features of these approaches are explained as well as appropriateness of their application in practice. Advantages and disadvantages of SBSC are highlighted and recommendations for future research.