Empirical Study of the Implementation of Certain Budgeting Concepts in Manufacturing Companies in Serbia

2021 ◽  
Vol 59 (1) ◽  
pp. 61-76
Author(s):  
Marija Nikodijević ◽  
Blagoje Novićević ◽  
Milovan Rogan
Keyword(s):  
Empirical Study ◽  
Manufacturing Industry ◽  
Management Approach ◽  
Manufacturing Companies ◽  
Global Trends ◽  
Current State ◽  
Tradable Goods ◽  
Key Features ◽  
And Performance ◽  
Macroeconomic Environment

Abstract The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.

An empirical study of the relationships among strategy, flexibility, and performance in the supply chain context

2009 ◽  
Vol 14 (3) ◽  
pp. 177-188 ◽  
Author(s):  
Kamel Aissa Fantazy ◽  
Vinod Kumar ◽  
Uma Kumar
Keyword(s):  
Supply Chain ◽  
Empirical Study ◽  
Manufacturing Companies ◽  
Content Type ◽  
Innovative Strategy ◽  
Analysis Technique ◽  
Canadian Manufacturing ◽  
Overall Performance ◽  
And Performance ◽  
Practical Implications

PurposeThe purpose of this research is to examine the relationships among strategy, flexibility, and performance in the supply chain context.Design/methodology/approachThe research is based on a quantitative approach using a questionnaire survey and personal interviews from a total of 175 small and medium‐sized Canadian manufacturing companies. The identified constructs have been utilized to test a theoretical model using the path analysis technique.FindingsFirst, the findings provide evidence of direct effects of strategy on flexibility and flexibility on performance. Second, innovative strategy firms must invest time and resources in developing new product and delivery flexibility; while customer‐oriented strategy firms are required to invest heavily in developing sourcing, product, and delivery flexibility and follower strategy firms need no investment in any specific type of flexibility. Third, results demonstrated that Canadian manufacturers must reconsider how they use information technology to enhance information systems flexibility and improve overall performance.Research limitations/implicationsThe measures of flexibility and strategy dimensions used to rate the supply chain organizations are a possible limitation of the research study.Practical implicationsManagers need to think seriously about which type of flexibility they implement and that they should not increase all dimensions of flexibility in their power; some dimensions of flexibility may not significantly contribute to the overall performance. Considering that small and medium‐sized enterprises have limited resources, it is important for managers to carefully assess their strategic needs before getting involved in any flexibility program; otherwise the result can be competitively negative.Originality/valueNo empirical study was found in the supply chain literature that specifically investigates the relationships among strategy, flexibility and performance in the supply chain context; the paper fills an important gap in the supply chain literature.

scholarly journals Role of diversity management and charismatic leadership on innovation and performance in the globalized era

2020 ◽  
Vol 8 (3) ◽  
pp. 489-515
Author(s):  
Zafer Adiguzel ◽  
Fatma Sonmez Cakir
Keyword(s):  
Manufacturing Industry ◽  
Diversity Management ◽  
Charismatic Leadership ◽  
Analysis Data ◽  
Positive Influence ◽  
Mediation Effect ◽  
Survey Study ◽  
Company Performance ◽  
Manufacturing Companies ◽  
And Performance

Objective of the Study: The purpose of this study was to analyze the relationships between the variables of diversity management, charismatic leadership, innovation speed, innovation performance, and company performance.Methodology/Approach: A survey study was conducted with 427 employees (both technicians and engineers) working at companies that operated in the manufacturing industry in the scope of the research purpose. SPSS 25 and SPSS AMOS programs were used incrementally, and the acquired data were evaluated and analyzed.Originality/Relevance: In this research, white-collar workers constituted our sampling group because they play a key role in product innovation. While gathering the analysis data, the first 500 companies registered in Istanbul Chamber of Industry were determined, and manufacturing companies operating in Istanbul constituted the main part of the study.Main Results: As a result of the analysis, it is understood that diversity management and charismatic leadership have a positive influence on innovation and performance.Theoretical/Methodological Contribution: In terms of innovation and company performance, the study revealed the mediation effect of charismatic leadership linked to diversity management.Social/management contributions: In order for organizations to carry out creative and innovative activities, it is very important to effectively manage different ideas and thoughts within organizations. In fact, charismatic leadership positively affects employees, helping them to perform better. Therefore, employees must be actively involved in order to successfully carry out innovation.

scholarly journals RE-ENGINEERING STRATEGY AND PERFORMANCE OF LARGE MANUFACTURING FIRMS IN KENYA

2021 ◽  
Vol 6 (3) ◽  
pp. 102-118
Author(s):  
Jacob Kithinji ◽  
Gladys Rotich ◽  
Allan Kihara
Keyword(s):  
Manufacturing Industry ◽  
Low Cost ◽  
Manufacturing Firms ◽  
Theory Of Constraints ◽  
Local Market ◽  
Unique Contribution ◽  
Manufacturing Companies ◽  
Turnaround Strategies ◽  
Engineering Strategy ◽  
And Performance

Purpose: Most of the large manufacturing firms in Kenya have been experiencing declining performance in terms of revenue, sales and the profit margins for more than a decade. This has seen some of the large manufacturing firms in the country consider strategies such as relocating or restructuring their operations, opting to serve the local market through importing from low-cost manufacturing areas instead of adopting turnaround strategies. This therefore prompted a question on whether turnaround strategies such as reengineering strategy are effective for the manufacturing firms; hence the motivation of this study. Methodology: This study was informed by theory of constraints. A descriptive research design was adopted while 708 large manufacturing firms in Kenya registered under the Kenya Association of Manufacturers were targeted. The sample size for the study was 249 firms selected randomly from all the 14 sectors of the manufacturing industry in Kenya. The data collection instrument was a questionnaire, while mean, frequencies and percentages were used to describe the data. Correlation and regression analysis were done to show direction, magnitude and significance of the association between the variables. Findings: The findings revealed that re-engineering strategy had significant and positive influence on the performance of large manufacturing firms in Kenya. The findings further revealed that organizational culture had significant moderating effect on the relationship between reengineering strategy and performance of large manufacturing companies. The study concluded that reengineering strategy as one of the turnaround strategies positively influenced the performance of large manufacturing companies. Unique Contribution to Theory, Practice and Policy: It is therefore recommended that the management of large manufacturing firms uphold reengineering strategy in order to enhance performance.

Financial Reporting Quality and Proprietary Cost: Empirical Study of Selected Indian Manufacturing Companies

2017 ◽  
Vol 7 (1) ◽  
pp. 249
Author(s):  
Leela Joshi
Keyword(s):  
Empirical Study ◽  
Financial Reporting ◽  
Manufacturing Industry ◽  
Reporting Quality ◽  
Financial Reporting Quality ◽  
Manufacturing Companies ◽  
Long Time ◽  
The Subject ◽  
Proprietary Cost ◽  
Corporate Financial Reporting

Corporate financial reporting has been recognized as very important issue in accounting area since a long time. Increased awareness among investors and stringent disclosure regulations has converted the subject of corporate financial reporting into an area of growing corporate and academic interest. The empirical study conducted in this paper provides an insight for understanding the nature of relationship between financial reporting quality and proprietary cost particularly in Indian manufacturing industry.

scholarly journals An Empirical Study on Enhancing Product Quality and Customer Satisfaction Using Quality Assurance Approach in an Indian Manufacturing Industry

2021 ◽  
Vol 6 (3) ◽  
pp. 878-893
Author(s):  
Ankesh Mittal ◽  
Pardeep Gupta
Keyword(s):  
Quality Assurance ◽  
Customer Satisfaction ◽  
Empirical Study ◽  
Product Quality ◽  
Manufacturing Industry ◽  
Traditional Approach ◽  
Management Approach ◽  
Total Quality ◽  
Satisfaction Index ◽  
Wide Range

The aim of this paper is to investigate the utilization of quality assurance approach in improving the product quality and customer satisfaction while implementing total quality management (TQM) initiatives in leading tractors manufacturing industry situated in Mohali, Punjab, India and highlight the improvements that have taken place as a result of these initiatives. ABC Ltd. (name changed) started implementing TQM as a business management approach in 2007 and its implementation helped the organization to excel in quality, cost and delivery to gain flexibility, provide quality products of wide range and gain operational excellence. Initially, the focus of the industry was on traditional approach that is inspection and control but after TQM it got shifted to prevention of defects and quality assurance. Improvement in field quality, supplier quality and manufacturing quality were mainly focused under quality assurance approach in order to improve product quality and customer satisfaction. Implementation of TQM initiatives helped the industry to double the revenue, triple the profit in just three years and as a result the company got Deming Prize in 2012. The customer satisfaction index improved from 76 to 106, sales volume increased from 27000 to 67000 tractors and market share enhanced from 9.1 to 12.6 percent after TQM deployment within a period of five years. The empirical study presented in this paper is a novel study on augmenting the product quality and customer satisfaction may give insight to the TQM practitioners in promoting similar approaches in their organizations for enhancing customer satisfaction and product quality.

scholarly journals Human Resource Scorecard (HRSC) and Objective Matrix as Performance Measurement and Performance Booster Method to Optimize Production Performance

2019 ◽  
Vol 6 (6) ◽  
pp. 173 ◽  
Author(s):  
Jesen Hardi ◽  
Deppy Supardi ◽  
Christopher Angelo ◽  
Nicko Farhan ◽  
Farrell CND ◽  
...  
Keyword(s):  
Performance Measurement ◽  
Human Resource ◽  
Manufacturing Industry ◽  
Production Efficiency ◽  
Production Performance ◽  
Manufacturing Companies ◽  
Business Units ◽  
Financial Perspective ◽  
Development Technology ◽  
And Performance

The development technology is something that happens quickly and surely this is marked by the number of new manufacturing companies that are emerging and spreading throughout the world. In the manufacturing industry the most important thing that must always be maintained is production efficiency, but the majority of industries only pay attention to the efficiency aspects of their production activities without regard to the aspects of humans who work in the industry. Human resource scorecard (HRSC) is an appropriate measurement method in identifying and measuring the relationship between workers, strategy, and performance to produce a good company. This human resource performance measurement is looking at business units from four perspectives: financial perspective (F), the customer (C), internal business process (I), and learning and growth (L). Each perspective in HRSC weighted by Analytical Hierarchy process method and then calculated by Objective Matrix (OMAX) to identify which category needed an extra attention and need to be repaired. The end result of OMAX will be reviewed by management theory so the solution made in this analysis will produce the best end result that needed by the company. This measurement is very critical to the company because the competition between company is getting tougher nowadays. HRSC measurement was carried in PT OCM by describing the company’s vision and mission into human resource action whose contribution can be measured using AHP analysis in 4 perspectives: financial perspective with a weight of 0.396, customer perspective (employee) with a weight of 0.118, internal business perspective with a weight of 0.240, and growth and development perspective with a weight of 0.247 after that PT OCM use that measurement in OMAX method to determine what KPI needed extra attention and repairment, management based theory will be applied in that solution to give the best result.

scholarly journals Benchmarking of Bosnia and Herzegovina to Croatia Manufacturing Industry and Industry 4.0

TEM Journal ◽  
2021 ◽  
pp. 1064-1071
Author(s):  
Hadis Bajric ◽  
Branko Vučijak ◽  
Edin Kadrić ◽  
Andrej Anđelić
Keyword(s):  
Quality Assurance ◽  
Product Development ◽  
Bosnia And Herzegovina ◽  
Industry 4.0 ◽  
Manufacturing Industry ◽  
Business Processes ◽  
Manufacturing Companies ◽  
Current State ◽  
A Company ◽  
Structured Questionnaire

The paper presents the results of the current state of Bosnia and Herzegovina (B&H) production companies benchmarked to the Croatian production companies and to the concept of Industry 4.0, using the same methodology formerly used in Croatia related to implementation of Industry 4.0. Assessment was made on a sample of 47 manufacturing companies from different industries. Responses were collected through online questionnaires and interviews. The assessment was made using structured questionnaire with questions related to the business processes of a company from product development, production and to the quality assurance and logistics. According to the collected responses and the methodology used, the level of development of B&H production companies is 2,19, which is very close to the Croatian companies, in which the level of development was at 2.15, but in a survey conducted three years earlier. This research confirmed that the level of development of B&H manufacturing companies is actually the same as with the Croatian companies.

Challenges of handling assembly information in global manufacturing companies

2019 ◽  
Vol 31 (5) ◽  
pp. 955-976
Author(s):  
Pierre Eric Christian Johansson ◽  
Lennart Malmsköld ◽  
Åsa Fast-Berglund ◽  
Lena Moestam
Keyword(s):  
Manufacturing Industry ◽  
Shop Floor ◽  
Manufacturing Companies ◽  
Structured Interviews ◽  
Content Type ◽  
Global Manufacturing ◽  
Current State ◽  
Multiple Case ◽  
Process Disturbances ◽  
Industry Needs

Purpose The purpose of this paper is to describe challenges the manufacturing industry is currently facing when developing future assembly information systems. More specific, this paper focuses on the handling of assembly information from manufacturing engineering to the shop floor operators. Design/methodology/approach Multiple case studies have been conducted within one case company between 2014 and 2017. To broaden the perspective, interviews with additionally 17 large and global manufacturing companies and 3 industry experts have been held. Semi-structured interviews have been the main data collection method alongside observations and web questionnaires. Findings Six focus areas have been defined which address important challenges in the manufacturing industry. For manual assembly intense manufacturing company, challenges such as IT challenges, process challenges, assembly process disturbances, information availability, technology and process control, and assembly work instructions have been identified and hinder implementation of Industry 4.0 (I4.0). Originality/value This longitudinal study provides a current state analysis of the challenges the manufacturing industry is facing when handling assembly information. Despite the vast amount of initiatives within I4.0 and digitalization, this paper argues that the manufacturing industry needs to address the six defined focus areas to become more flexible and prepared for the transition toward a digitalized manufacturing industry.

scholarly journals Environmental Capabilities Indicators are Prominent for Organizational Competitiveness and Performance. An Empirical Study of Malaysian Manufacturing Industry

2018 ◽  
pp. 553-562
Keyword(s):  
Manufacturing Industry ◽  
Study Finding ◽  
Environmental Responsibility ◽  
Organization Performance ◽  
Manufacturing Companies ◽  
Sustainable Practices ◽  
Sustainable Performance ◽  
The World ◽  
Regulatory Bodies ◽  
And Performance

It is no doubt, an awareness of environmental responsibility is currently taking place. Locally, Bursa Malaysia has unveiled Environmental, Social and Governance (ESG) Index in 2014 for public listed companies (Berhad)aiming to boost sustainability practices. Internationally, two of the world largest companies; Apple Incorporation – the most valuable companies in the world and Wal-Mart Incorporation – the world largest company in term of revenue are actively engaging with sustainable practices (Deloitte CFO Insights, 2009). As such, a company’s superb performance is no longer constrained on economic expects but has extended to environmental and social matters which named as sustainable performance. Yet, the practice of sustainability in developing nations such as Malaysia is relatively extreme low especially manufacturing companies in Malaysia. Essentially theExcel of Malaysian manufacturing depends on the scrutinization from developed counterparts in term environmental compliance. Aiming to encourage sustainable practices among manufacturing companies, particularly environmental area; thestudy will develop environmental capabilities indicators aiming to lead higher organization performance with ultimately boost up the sustainability practice. The technique of Amos 18 is applied in this study. Essentially, this study has successfully revealed comprehensive environmental capabilities indicators. In a nutshell, an organization with strong performance definitely possess appropriate indicators of environmental capabilities indicators. As such, regulatory bodies like The Electrical and Electronics Association of Malaysia (TEEAM) and The Federation of Malaysian Manufacturers (FMM), Malaysia Institute of Accountant (MIA), must lead and be proactive in promoting sustainable practices among Malaysian manufacturing companies. They can unlock the study finding in drafting their policies and encourage companies to implement it.

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