Cointegration and causality analysis between foreign direct investment, exports and economic growth in the republic of Croatia

The main objective of this paper is to analyze the causal relationship between foreign direct investment (FDI), exports, and economic growth in the Republic of Croatia for the period 2000-2020 and determine the implications of research results on corporate management. The management of the investment enterprise is usually interested in high returns, whereas the management of the recipient enterprise is interested in higher productivity, spillovers, and larger market share on domestic and international markets. Several methodological approaches, including unit root tests, cointegration tests, and Granger causality test, were used to assess the relationship between gross domestic product (GDP) growth rate, on the one side, and the share of FDI and total exports of goods and services in real GDP, on the other side. The results of cointegration tests indicated there is no long-term relationship between the real GDP growth rate, the share of FDI, and the share of exports of goods and services in real GDP. Based on the Granger causality test, it cannot be concluded that there is no causal relationship between the analysed variables. Finally, the paper discusses the implications of the conducted research for corporate management. The results indicate that managers are not discouraged by the fact that FDI is not correlated to economic growth, as investment decisions are determined by numerous factors and not primarily by the growth rate of a recipient country.

Empirical investigation of risk management practices

In risk management research, dealing with known risks and helping companies foresee new risks are areas for subject matter experts. In practice, risk management is often perceived as a set of formal tools and procedures that must be delegated to the professionals. Despite this overall perception of risk, general managers, department managers, and other senior or line managers in organizations deal with questions associated with risk on a daily basis. They are, therefore, sometimes—even without consciously realizing it—involved in risk management practices. This article aims to analyze 'managers' involvement in risk management by empirically exploring how managers identify, assess, and respond to risks. Based on thematic analysis of observational and interview data, management practices used to manage risks were identified, and risk management as a non-linear process that is anchored on the strategic and operational levels and supported by learning from failures was defined. Two different ways of risk management can co-exist in an organization as a result of formal Enterprise Risk Management implementation.

Critical success factors in e-marketing adoption and implementation among the fast-moving consumer goods retailers in Zimbabwe

The institutionalization of e-marketing strategies, their adoption, and implementation hinges on the customers' perceptions of the critical success factors that the literature identifies in terms of an online competitive advantage, online shopping infrastructure development, online customer relationship, and online shopping risk. To assess the critical success factors, a sample of 300 customers of the fast-moving consumer goods retailers throughout the provinces of Zimbabwe participated in this study. The results indicated that customers' province of residence, their education and computer literacy levels are significantly associated with the critical success factors (CSFs) of e-marketing adoption and implementation. However, the study found that gender does not significantly affect the e-marketing CSFs. It is suggested that the demographic characteristics, related to education, computer literacy levels, and the province of residence are the strategic criteria for niche market segmentation and development that the fast-moving consumer goods retailers need to leverage for the successful adoption and implementation of e-marketing.

Working capital management and profitability of manufacturing companies in Kosovo

This article aims to demonstrate the profitability of the manufacturing companies in Kosovo impacted by the managing practices in the working capital. We use multiple regression analyses to estimate the effect of working capital indicators on profit. The Pearson correlation is used to calculate whether the variables are positively or negatively correlated and to what extent. The sample includes thirty-six manufacturing companies for the period 2012-2013. The data show that the increase in cash conversion cycle (CCC) and extension in the receivables term positively influenced operating profit and net return on assets. On the contrary, the increase in payables days had a negative effect on the operating profit and the net return on assets. The rise in inventory days led to increased profit. Therefore, the companies' competitiveness is maintained mainly by extending trade credit terms to their customers and keeping the cash engaged longer in operating activities.

Determinants of crowdfunding success in central and eastern European countries

As an alternative way of financing, crowdfunding has been growing rapidly since the last financial crisis in 2008. The number of launched projects has increased, but the number of successful projects remains low. Little is known about what leads to success in this field, especially in Central and Eastern European (CEE) countries where the determinants of crowdfunding campaign success for projects are not identified. Therefore, the article focuses on identifying determinants of crowdfunding campaign success for projects from CEE countries. Based on the dataset from Kickstarter, consisting of 473 projects from CEE countries, I examine factors influencing the probability of project success. The analyzed sample of projects shows that the number of backers and mean contribution are positively correlated with the probability of campaign success, while a higher project goal lowers the probability of success. Project duration is not a statistically significant success factor.

Student customer experience

The higher education (HE) landscape has been undergoing significant changes over the last decade. The trends of globalization and marketization of HE has had a profound impact on the dynamic relationship between students and higher education institutions (HEI) as service providers. Research efforts have been focused on understanding the role of students as customers, drivers of quality and satisfaction, and the emotional aspects of student customer experience (SCX). Despite an ongoing debate on whether students are customers and to what extent the business paradigm can be applied to HE, focusing on students’ higher education experience makes perfect sense, since students provide revenue and create a need for all the supporting services. This paper reviews the literature on SCX in the HE context. The paper aims to reduce the fragmentation of the field by spotting gaps and finding fruitful areas for future research. Using a bibliometric method based on articles indexed in the Web of Science database, it aims to identify the current state of knowledge in the field. The research contributes to both marketing and education theory by offering venues for new research. For policymakers in HE, it may serve as an up-to-date information source when looking for theoretically proven evidence for decision-making.

The effect of hedonic value, utilitarian value, and customer satisfaction in predicting repurchase intention and willingness to pay a price premium for smartwatch brands

The aim of this study is to examine the role of hedonic value (HV), utilitarian value (UV), and customer satisfaction (CS) in individuals' willingness to pay a price premium (WTP a price premium) and repurchase intention (RI) to smartwatches. This study is unique and important as it only deals with smartwatches, unlike other studies on wearable technology products that often focus on the general situation. The research sample includes smartwatch users aged 18 years and above. An online survey was used to collect research data from 420 people identified using the convenience sampling method. After checking the missing values, 401 valid surveys were retained for further analysis. Hypotheses were analysed using the Structural Equation Modelling. The research findings revealed strong relationships between HV and UV and CS. HV and UV were found to positively affect the CS. The results showed that CS also had a positive influence on both WTP a price premium and RI.

The impact of social media activities on raising brand awareness during the COVID-19 pandemic

The aim of this research is to identify social media activities that affect the increase of brand awareness in the fashion industry in Kosovo. The research considers five different social media activities (advertising, influencers, sharing, entertainment, and interaction), and to the best knowledge of the authors, this is the first experiment to consider these factors all together, as well as the first one addressing brand awareness in Kosovo. Quantitative methods were used on a sample of 224 respondents, including confirmatory factor analysis and regression analysis. The analysis was conducted by using the AMOS statistical software. The findings indicate that activities, such as interaction and advertising, have a significant impact on brand awareness, unlike entertainment, sharing, and influencers’ behaviour. The findings provide marketers with recommendations regarding social media activities and the challenges that must be considered before they are implemented.

Environmental disclosure practice in the Serbian banking sector

This paper aims to: a) analyse the environmental disclosure practice in the Serbian banking sector, b) determine whether the degree of disclosure is higher in the case of big, i.e. systemically important banks, and c) examine if there is a positive relationship between the banks' CSR practice and their financial performance. The environmental disclosure index (EDI) based on 15 variables was employed to measure environmental disclosure performance for the Serbian banking industry. The data were generated through content analysis of the annual and sustainability reports of a total of 10 banks, five of which were classified as systemically important banks for the period 2015-2019. The sample was determined by the availability of reports for the analysed period and the bank establishment year. The results show that the majority of Serbian banks discloses their environmental policy (74%), the undertaken environmental activities with the local community (51%), and the utilization efficiency of water, energy, and paper (48%). Although the findings indicate that the environmental disclosure practice among all banks in Serbia is growing, the reports are not standardized. In addition, the systemically important banks in Serbia do not have a better disclosure practice. The econometric analysis implies that the bank's status does not influence the level of environmental disclosure and that there is no positive relationship between financial performance (ROA and ROE) and EDI. This study has implications for policymakers and accounting bodies in Serbia in standardizing non-financial reporting and creating certain green and sustainable banking guidelines.

Selection of markets for textile export using the adequate portfolio

Textiles is one of the largest industries in the world, creating significant volumes of trade, export, and jobs. In the European Union, this industry is essential and attempts to retain and increase competitiveness. Most of the textile and clothing sector production is exported; thus, adequate orientation to export markets is essential. The paper’s objective is to determine the countries suitable for exporting the textile production of Lithuania and similar countries using the adequate portfolio model. The adequate portfolio treats the export possibilities according to three parameters: return, reliability, and risk. Clothing annual average index data across countries obtained from the Eurostat database were used for calculations. After performing the research, three portfolio cases were proposed, and the most profitable export countries and their given return were determined. Research results can be applied to the whole country and for individual textile exporting enterprises.