scholarly journals What is the Real State of Financial Management in Companies in the Republic of Serbia?

2018 ◽  
Author(s):  
Goran Petkovic ◽  
Snezana Konjikusic ◽  
Lidija Barjaktarović ◽  
Renata Pindzo
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Ownership Structure ◽  
Financial Management ◽  
Capital Budgeting ◽  
Chief Financial Officers ◽  
Future Research ◽  
Dividend Payout ◽  
Management Concept ◽  
The Republic

Abstract: Research Question: This paper focuses on the basic financial decision making practices of domestic companies and their knowledge of the operational risk management concept. Motivation: Chief Financial Officers (CFOs) play a significant role in the company’s development and achieving the company’s objectives (Van Horne & Wachowicz, 2007). Different authors carry out research based on one of the fields of finances-related decision making, like Graham & Harvey, 2001. The goal of this research is to show that difference in decision making process on companies’ finances and risk management depends on the company’s ownership structure.  Idea: The paper is aimed at the recognition of differences found in corporate decision making, relating both to capital budgeting and capital structure, dividend payout policy and risk management concept, depending on the ownership structure. Data: During the first half of 2016, a research consisting of the 392-companies sample operating in the Republic of Serbia was conducted, including all four listed fields concerning their economic operations. Nevertheless, only a total of 54 CFOs completed and handed back the distributed questionnaires. Tools: Some basic descriptive statistics techniques, one-way analysis of variance (ANOVA) and Kruskal-Wallis test were applied throughout the complete data analysis, while data processing involved the use of standard statistical package IBM SPSS 20.0. Findings: As shown by research findings, there is a notable difference in decision making, both on dividend payout and on risk management concept, depending on the types of ownership, with companies operating in our domestic market. The future research will concentrate on practice of companies merging both domestic and foreign entities, in order to determine whether a similar pattern might be found. Contribution: Furthermore, the research is intended to be complemented by the data contained in the official financial reports of those companies, with a view to ascertaining if the statements made by their CFOs are actually applied in the corporate practice.

scholarly journals How the type of ownership affects capital budgeting practice in the Serbian agribusiness industry?

2020 ◽  
Vol 67 (4) ◽  
pp. 1141-1154
Author(s):  
Lidija Barjaktarović ◽  
Renata Pindžo ◽  
Snežana Konjikušić
Keyword(s):  
Decision Making ◽  
Data Analysis ◽  
Data Processing ◽  
Ownership Structure ◽  
Capital Budgeting ◽  
Descriptive Statistics ◽  
Research Results ◽  
The Subject ◽  
The Republic

The subject of the research is capital budgeting practices in Serbian agribusiness companies. The research aim is to determine whether there are differences in decision-making regarding capital budgeting depending on the ownership structure in those industries. The research was conducted in the first half of 2019, on a sample of 76 companies (from 122 targeted/i.e. 62.33% respondent rate) operating in the Republic of Serbia. Descriptive statistics and the Kruskal-Wallis test were used in the data analysis. IBM SPSS 20.0 statistical package was used for data processing. Research results confirmed that capital budgeting practices in the Serbian agribusiness companies can be considered as developed. Furthermore, there is a difference in the capital budgeting practices in the Republic of Serbia depending on the ownership of the analyzed sampled companies.

scholarly journals Proactive supply chain risk management approach: The case of Serbia

2017 ◽  
Vol 62 (214) ◽  
pp. 121-137
Author(s):  
Aleksandra Andjelkovic
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Developed Countries ◽  
Management Approach ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Underdeveloped Countries ◽  
Management Concept ◽  
The Republic ◽  
The Eu

Supply chain risk management has become imperative. Therefore, needs for proactive supply chain risk management continuously is growing. Proactive supply chain risk management is not a great problem in developed countries. The problem is present in transition countries and underdeveloped countries. In those countries has not been built awareness about the importance of networking through supply chains and risk management within the supply chain. One of them is Republic of Serbia. Outside the door of the EU, the Republic of Serbia still retains the characteristics of the old system, and that is the great limitation for implementation of proactive supply chain risk management concept. Basic aim of paper is to research the level of proactive supply chain risk management. By using an adequate statistical methods, in paper will be analysed group of large enterprises from the Republic of Serbia. Besides that, author of paper suggesting the reasons and consequences of lack of proactive supply chain risk management.

scholarly journals Financial Risk Assessment Using Enterprise Risk Management Concept

2020 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Financial Risks ◽  
Enterprise Risk ◽  
Management Concept ◽  
Risk Contribution ◽  
Management Report

Risk management by using risk mapping can help X Hospital located in Yogyakarta in financial management towards operating as an objective company. Enterprise Risk Management (ERM) helps organizations manage all the risks precisely and in a more integrated way. This research focuses on the risk assessment in X hospital that has not applied ERM, to analyse its financial risks. From this test, X Hospital is expected to manage its risks by using the ERM methods more, in order than the sustainability of the business can be maintained over a longer period, and thus, being able to compete with the competitors. Based on the results of risk the assessment, out of the 15 risks identified. There are top three risks that cannot be acceptable. They are: financial management report risk, contribution risk and multiple jobs risk of X Hospital. The three risks need to get response and allocations of good funds and attention from the management.

Supply Chain Risk Management

2016 ◽  
pp. 516-530 ◽  
Author(s):  
Maryam Zomorrodi
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Supply Chains ◽  
Future Research ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Research Areas ◽  
Organizational Functions ◽  
Management Concept ◽  
Complex Relationships

The importance of supply chain management (SCM) has been increasing recently and the concept of supply chain risk management (SCRM) has been gradually expanded. Since the concept of risk and uncertainty permeates all organizational functions, risk management would seem to be a crucial step towards safeguarding a company's competitive advantage. In the case of modern supply chains, which are composed of complex relationships necessitated by competitive pressures such as outsourcing and globalization, understanding and implementing risk management processes and initiatives at various levels of the chain is essential (Peck, 2006). The purpose of this chapter is to conduct an extensive and structured review of the supply chain risk management (SCRM) literature in order to understand the importance of the risk management concept in the context of organizational supply chains, identify gaps, and suggest future research areas in this important and growing field.

Fundamentals for the Challenge of Controlling Risk Through Standardization

2021 ◽  
pp. 185-198
Author(s):  
Vicente González-Prida ◽  
Jesús P. Zamora ◽  
Pablo Viveros Gunckel
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Risk Control ◽  
Future Research ◽  
Risk And Uncertainty ◽  
Current Management ◽  
Management Models ◽  
Iso 31000 ◽  
Standards And Guidelines ◽  
Risk Concept

This chapter is intended to deal with the topic of standardization as a solution for risk control and decision making, mainly in high technologized context. For that purpose, this document starts introducing the reason of controlling risk as well as the uncertainty background that lays in different sectors. After that, the risk management evolution is outlined, defining briefly the risk concept, mentioning some current management models and enumerating the more relevant norms, standards, and guidelines for risk management. From this point, an overview on the standard ISO 31000 about risk management is provided in order to finally summarize some possible future research lines and some conclusions about this groundwork on risk and uncertainty.

scholarly journals Risk and Financial Management Practice in the Construction Sector in Nigeria, System Thinking Perspective

2014 ◽  
Vol 41 ◽  
pp. 165-175
Author(s):  
Samuel B. Ekung
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Financial Management ◽  
Construction Projects ◽  
Management Practice ◽  
System Thinking ◽  
Optimal Decision ◽  
Optimal Decision Making ◽  
The Individual ◽  
The Impact

Risk and financial management of construction projects have been widely studied using different approaches and systems. Three basic frontiers underpin project management research in this area: normative; descriptive; and instrumental. The descriptive approach deals with how project managers perceive and represent risks that is, risk analysis. Instrumental approach study’s the impact of risk management on projects and the organisation. This perspective informs the premise in which studies that seek to justify the need for risk management are based. The normative approach identifies the moral and ethical linkages between the individual, organisations and supra system and risk management practice. While a vast of number of studies have been descriptive and instrumental, very few however address systemic issues impacting risk and financial management practice. This paper sets out to reflect on the risk and financial management practice in Nigeria using system approaches. It is a critical appraisal involving SLEEPT, Multiple goal and the GESTALT theories. In reprising the problem, the report assessed the national economy of Nigeria using SLEEPT, with a view to establishing whether it is situated in extremistan or mediocristan. The organisation, a sub-system of the supra system is evaluated to establish its links with the supra system using GESTALT. A refinement is carried out based on these analyses in order to achieve congruence and to establish a baseline upon which risk and financial can be improved. The analysis reveals social, political, environmental and economic context of the supra system are in extremistan while the legal and technology are in mediocristan. The linkage in the different systems is anchored on decision making by the individual. Optimal decision making is therefore formulated using interactive framework.

Capital Management and Budgeting Practices in Republic of Korea

2019 ◽  
pp. 236-257
Author(s):  
Jiseul Kim
Keyword(s):  
Financial Management ◽  
Capital Budgeting ◽  
Republic Of Korea ◽  
Political Regime ◽  
Capital Management ◽  
Public Infrastructure ◽  
Infrastructure System ◽  
The Republic ◽  
Project Management Infrastructure ◽  
Infrastructure Maintenance

The author aims to provide a comprehensive understanding about the current capital management and budgeting practices (CMBP) in the Republic of Korea (hereafter Korea). The book chapter starts with description of the importance of public capital assets and several issues of the current infrastructure system. It then provides the background of Korea's public infrastructure, political regime, and government institutions. Based on the suggested normative framework, the author specifically describes the four major components of CMBP: capital planning, capital budgeting and financial management, centralized execution and project management, infrastructure maintenance. Following the analysis of the current CMBP practices, some of reform ideas are discussed in the conclusion.

scholarly journals RISK MANAGEMENT AS A PART OF THE INTERNAL SYSTEM OF FINANCIAL CONTROLS – PRACTICE IN THE PUBLIC SECTOR OF SERBIA

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Milan Stamatović ◽  
Snežana Maksimović ◽  
Azra Sućeska
Keyword(s):  
Risk Management ◽  
Public Administration ◽  
Financial Management ◽  
Management Process ◽  
Business Reporting ◽  
Risk Management Process ◽  
The Republic ◽  
And Control ◽  
Laws And Regulations

The opting for the European integration process, the Republic of Serbia is obliged, through pre-accession negotiations, to ensure the construction of an effective financial management and control system. In this way, public administration reform is supported through an innovative approach to governance that implies efficiency, effectiveness, economy and transparency in the use of public funds, the creation of a management culture based on effective risk relief mechanisms and the prerequisites for achieving the set business goals. The aim of the paper is to look at the interaction of proactive risk management as a component of financial management and control, through the prism of setting goals and assessing risks related to those goals, within the categories related to business, reporting and compliance with laws and regulations. The initial phase of the research is the assessment of the current state of internal control mechanisms and the established risk management system based on the SAI audit reports and the Report on the established financial management and control of the Central Harmonization Unit of the Ministry of Finance of the Republic of Serbia. Research problems in empirical research are expressed by a series of questions to which selected respondents from the RS public administration gave answers, which relate to the component of risk assessment in achieving goals in relation to business, reporting and compliance with laws and regulations. To determine the measure of the connection between the formalization of the risk management process and the quality of goal and risk management, Spearman ‘s rank correlation was used as a measure of connection Result of the analysis provide guidance for overcoming key barriers and recommendations for improving the quality of management, through formalizing the risk management process, in order to achieve the set goals.

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