EFFECTUATION AND CAUSATION DECISION MAKING LOGICS OF MANAGING UNCERTAINTY AND COMPETITIVENESS BY NIGERIAN RETAIL BUSINESS ENTREPRENEURS

Uncertainty is a major dimension of business that alters business plans and courses of actions. Hence, this study primarily examined how entrepreneurs deal with uncertainty using both effectual and causal logics. The study design was cross-sectional while multistage sampling technique was used to collect primary data. These data were analysed using bivariate correlation and hierarchical regression techniques of SPSS version 23. The results of the correlation analysis showed that causation and three of the four sub-dimensions of effectuation had significant relation with competitiveness while pre-commitment did not. The analysis further showed that Nigerian retail entrepreneurs tended more towards causation and effectuation. The results from the hierarchical regression revealed that causation made the most unique impact on competitiveness and was closely followed by experimentation and flexibility. However, affordable loss and pre-commitment did not. This study contributed to knowledge by empirically showing that entrepreneurs will not always be more effectual oriented in all cases. It also confirmed that causation and effectuation should be seen as complementary and not exclusive strategies.

ANALYSIS OF LIMITATIONS OF ISO STANDARDS IMPLEMENTATION FROM THE EXTERNAL STAKEHOLDERS’ POINT OF VIEW

The purpose of this paper is to identify key limitations of the implementation of ISO 9001:2015 standard, their correlations, as well as the connection with the problems that companies face. The paper in literature review used the research papers of other researchers related to the limitations of the implementation of ISO standards. In order to realize the purpose of the research, empirical research was conducted. The research was realized by the method of a survey questionnaire, on the sample of 12 respondents, experts of consulting companies for the implementation of standards and lead auditors of accredited certification bodies for the implementation of ISO standards in Serbia. Using this approach based on external source ensures a certain level of objectivity. Also, the experience of the respondents based on the implementation of a process approach and certification of various organizations provides the necessary credibility and quality of the research itself. The paper identifies 12 limitations of implementation ISO 9001.The results of the research show that non-material limitations are the dominant obstacle to the implementation of ISO 9001:2015. Also, those limitations are positively correlated with each other, so they can cause multiple problems for companies in fulfilling the requirements of ISO standards.

TARGET COSTING SUITABILITY FOR IMPROVEMENTS OF LEAN SUPPLY CHAINS

Competitive advantage can be seen as the superiority of some market participants to properly use resources and utilize key competencies to deliver greater value than competitors, without compromising product quality and functionality. In that sense, accounting, especially management accounting, successfully responds to managers’ needs for information that will be their adequate support in strategy implementation. Lean concept and target costing are just some of the concepts whose strategic orientation can be a good support to managers. The aim of this paper is to point out the similarities and differences between lean concept and target costing and to show on a practical example how these concepts bring business improvements in supply chain.

MILLENNIALS IN THE CREATION OF SOCIAL VALUE OF THE ENTERPRISE

The article emphasizes the creative activity that underlies the concept of "social value", which forms in the course of solving actual social problems. Social responsibility is mainly determined by reducing the negative impact of business on the basis of support and development of innovative projects. An analytical comparison of the categories of "social value" and "social responsibility" with the Sustainable Development Goals revealed a greater correspondence of the concept of "social value" to the sustainable development strategy. A statistical study of data from European countries allowed to draw a conclusion about the increase in social value in consumption, recycling of production resources, the use of renewable energy sources, and the growth of preferences for the development of own business. Based on the conducted research, the article highlights the exceptional role of millennials in updating the issues of social focus of business.

THE CONTRIBUTION OF SME DEVELOPMENT ORGANIZATION ON EXPORT: REGIONAL EXAMPLE

In this study, the effects of KOSGEB subsidies on the foreign trade of SMEs were examined and the actions necessary to be taken by KOSGEB (SME Development Organization in Turkey) were emphasized. In the study, T test, ANOVA test and TUKEY tests were used and the study was conducted in Gaziantep, which is the 6th biggest city in Turkey. According to the results, companies’ problems are accessing markets, financial problems, qualified personnel, language, and high personnel, raw material and production costs. Carrying out activities by KOSGEB such as market research, finding customers, providing financial support, contribution to qualified personnel salary, encouraging and supporting R&D activities, and providing consultancy are very important to solve the problems.

OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF MANUFACTURING FIRMS IN SUB-SAHARAN AFRICA

This study investigates the effect of ownership structure on the financial performance of listed manufacturing firms in three Sub-Saharan Africa countries (Nigeria, Kenya and South–Africa) based on the critical mass indices of their respective bourse. Relevant data from the financial reports of sampled firms were analyzed using the co-integration test and the system-GMM for a period 2010-2019 using Return on Asset, and Tobin-Q as dependent variables while government ownership, block ownership and institutional ownership concentrations were explanatory variables. The empirical results revealed that all the explanatory variables have significant effect on the performance indicators (ROA, TOBIN Q). The result of robustness checks also revealed that both government and institutional ownership concentrations have predominately negative effect on financial performance for the respective countries while block ownership concentration is largely positive for most of the manufacturing firms. The study recommends that policy makers should create favorable policies to encourage balanced investment from all categories of investors and ensure only few owners who have the wherewithal to diversify and attract skills and competencies to improve firm performance. Government should also retain some ownership in foreign and local firms to enhance shareholders’ confidence

HOW DID COVID-19 PANDEMIC AFFECT THE TOURISM INDEX IN BORSA ISTANBUL?

This study aims to investigate the impact of the Covid-19 pandemic on Turkey's tourism sector. In the study, for the period 12 March 2020 - 31 August 2020 the daily data of the BIST tourism stock index and Covid-19 case and death counts in Turkey were used. The cointegration relationship between the Covid-19 pandemic and the BIST tourism index was investigated with the ARDL bound test. In addition, the effect of the Covid-19 pandemic on the BIST tourism index was tested with the FMOLS regression method. As a result of the ARDL bound test, it was determined that there is a long-term cointegration relationship between the Covid-19 case and death numbers and the BIST tourism index. According to the FMOLS regression model results, it is seen that the deaths of Covid 19 significantly affect the tourism index. A 1% increase in the number of deaths causes the BIST tourism index to decrease by 0.08%. The coefficient of the number of Covid-19 cases is not significant, showing that the number of cases does not have a sufficient effect on the tourism index.

RISK PERCEPTION AND ATTITUDES IN ALBANIA: AN EXPLORATORY STUDY

This paper analyses risk perception and attitudes toward risk in Albanian society. It principally focuses on how age affects risk tolerance, even though also gender impact is taken into account. To particular interest is the shift in risk perception of the individuals before and after the fall of communism. The authors have embraced an exploratory research, using qualitative data from interviews. By considering two groups of participants, those older than 35 and younger than 35, the paper makes distinctions between risk attitude of both groups. In addition, the differences in responses between genders have been analyzed. The paper draws conclusions on the role of age and gender in relation to risk perception by aligning it with main conclusions of academic literature on these aspects. It further discusses the role of the social environment before and after the fall of communism and its effect on the risk tolerance profile of Albanians.

ASSESSING THE QUALITY OF COVID-19 DATA: EVIDENCE FROM NEWCOMB-BENFORD LAW

The COVID-19 infection started in Wuhan, China, spreading all over the world, creating global healthcare and economic crisis. Countries all over the world are fighting hard against this pandemic; however, there are doubts on the reported number of cases. In this paper Newcomb-Benford Law is used for the detection of possible false number of reported COVID-19 cases. The analysis, when all countries have been observed together, showed that there is a doubt that countries potentially falsify their data of new COVID-19 cases of infection intentionally. When the analysis was lowered on the individual country level, it was shown that most countries do not diminish their numbers of new COVID-19 cases deliberately. It was found that distributions of COVID-19 data for 15% to 19% of countries for the first digit analysis and 30% to 39% of countries for the last digit analysis do not conform with the Newcomb-Benford Law distribution. Further investigation should be made in this field in order to validate the results of this research. The results obtained from this paper can be important for economic and health policy makers in order to guide COVID-19 surveillance and implement public health policy measures.

THE NIGERIAN INSURANCE INDUSTRY COMPETITIVE ADVANTAGE: THE ROLE OF INNOVATION CAPABILITY

Emerging technologies have given rise to greater opportunities within the insurance sector with innovations upturning the traditional business model. This study examined competitive advantage and the relationship with innovation capability in Nigerian insurance sector. Employing a cross sectional research design, the study utilised primary data obtained from selected insurance companies through the use of a structured questionnaire. Multistage sampling technique was used and data collected was analysed using regression analysis. The findings revealed innovation capability had a significant influence on competitive advantage. The study concluded that there was a need to pay attention to this capability with a capacity to boost the activities of the industry and recommendations were made.