MATURITY LEVEL OF SUSTAINABLE PROJECT MANAGEMENT IN RUSSIAN ENTERPRISES

The aim of the paper is to develop and test a new methodology for assessing the level of maturity of sustainable (green) project management at Russian enterprises, as well as establish the existing level of maturity and justify ways to improve it. The research was carried out using a methodology based on the developments of the international association for green project management Global organization “Green Project Management”. Given methodology is characterized by the addition of the institutional module of sustainability and indicators of motivational readiness for the implementation of sustainability. The methodology was tested at 81 enterprises in 12 regions of Russia using the method of online questioning of experts.

COMPARATIVE ANALYSIS OF VAT REFUNDS SYSTEMS TO FOREIGN TOURISTS IN ARGENTINA, COLOMBIA, ECUADOR, AND URUGUAY. THE CASE OF THE TAX-FREE SHOPPING

The presented contribution focuses on describing the Value Added Tax refund to foreign tourists, specifically the Tax-Free Shopping incentive, that increases tourists’ propensity to buy retail goods where shopping can even sometimes be the primary reason for traveling. To have a practical analysis and comparison, four economies from South America were chosen. Colombia and Ecuador whose tax-refund system is entirely operated by the State and Argentina and Uruguay whose governments have decided to outsource their VAT refund service to tourists having private companies operate them. Adding to this, an evaluation of the main characteristics of these countries regarding the competitiveness of their tourism sector was gathered with data obtained from the Travel & Tourism Competitiveness Index (TTCI) Report (2019). The findings of this research provide a benchmark to tourism policymakers interested in assessing changes overtime on this type of incentive.

COMPARISON OF DEVELOPMENT OF SELECTED MACROECONOMIC INDICATORS IN SLOVAKIA AND SLOVENIA

Every country and its economy has undergone some historical development and is going through it even nowadays, constantly evolving. Today, however, individual changes occur more frequently, are dynamic and have a larger dimension. Technology has accelerated processes and information exchange. The economies of states can no longer function in isolation, because we are at a time where the division of labour is not only of European but also of global character. This work focuses on the development of selected macroeconomic indicators, mainly employment and unemployment of two Slavic states of Slovakia and Slovenia. The size of the area and the number of inhabitant’s ranks among the small states of Europe, they have similar geographical and demographic conditions. However, the development of the economy seems different, which is the subject of this paper. To compare the development of macroeconomic variables of the above-mentioned states, the data were drawn from the published data of the Statistical Office of the Slovak Republic, the Statistical Office of the Republic of Slovenia and Eurostat. To evaluate the year-on-year changes in selected indicators, the relative indices were used.

FINANCIAL CONTAGION BETWEEN THE US AND EMERGING MARKETS: COVID-19 PANDEMIC CASE

To realise how crises are disseminated is relevant for policy makers and regulators in order to take appropriate measures to prevent or contain the propagation of crises. This study aims to analysis the financial contagion in the six main markets of Latin America (Argentina, Brazil, Chile, Colombia, Mexico and Peru) and the USA, in the period 2015-2020. Different approaches have been undertaken to carry out this analysis in order to consider the following research question, namely whether: (i) the global pandemic covid19 has accentuated the contagion between Latin American financial markets and the US? The results of the autocorrelation tests are totally coincident with those obtained by the BDS test. The rejection of the null hypothesis, i.i.d., can be explained, among other factors, by the existence of autocorrelation or by the existence of heteroscedasticity in the stock market index series, in which case the rejection of the null hypothesis is explained by non-linear dependence on data, with the exception of the Argentine market. However, significant levels of contagion were expected to occur between these regional markets and the US as a result of the global pandemic (Covid-19), which did not happen. These results may indicate the implementation of efficient diversification strategies. The authors consider that the results achieved are relevance for investors who seek opportunities in these stock markets, as well as for policy makers to carry out institutional reforms in order to increase the efficiency of stock markets and promote the sustainable growth of financial markets.

LABOUR MARKET TENDENCIES IN THE ERA OF THE FOURTH INDUSTRIAL REVOLUTION

In the era of the Fourth Industrial Revolution, technological change is also transforming the labour market. Technological and structural unemployment is simultaneously present in the economy, as well as the labour shortage causes many problems for the firms. The labour market has to respond to both demographic and technological change, while workers’ expectations and workers’ preferences are transformed in the digital era. The biggest fear in the new technological era is related to robots, which generate the loss of jobs because they can substitute human resources in an efficient way. Technological changes typically threaten lower-skilled workers doing routine tasks, while the need for a high-skilled workforce combined with creativity is increasing. This asymmetry of training already appeared in the earlier industrial revolution, but nowadays digital literacy, as well as the technological knowledge necessary for the operation of machines and equipment, are becoming a basic skill, so new competence requirements are formulated for the employees. In the era of the Fourth Industrial Revolution, not only robots cause problems in the global labour market, but also international trends that cause major transformation in both the supply and demand side of the labour market. Effective labour market adaptation to technological change can be the key to competitiveness in the new technological era. This research aims to provide a short analysis of the differences in the European labour market in the era of the Fourth Industrial Revolution. The labour demand and supply will be analysed in order to highlight the main tendencies related to the qualitative features of labour market in the new technological era.

IMPLEMENTATION OF CUSTOMER ORIENTATION IN THE HOSPITALITY INDUSTRY: IMPLICATIONS FOR BUSINESS PERFORMANCE

The purpose of this paper is to examine whether there is a relationship between customer orientation and successful hotel business performance. An empirical study was conducted by examining the marketing management of hotel companies in Primorje-Gorski Kotar County and Istria County. The study found that there is a statistically significant relationship between customer orientation and hotel business performance. The results of the research can be used in practice by the marketing management of hotel companies to determine long-term directions of action. In order to take into account, the wants and needs of the guest and to achieve a competitive advantage, the implementation of customer orientation should be a fundamental postulate in the future business operations of all providers of the hotel offering.

THE IMPORTANCE OF MONITORING TRENDS AND CHARACTERISTICS OF TOURIST DEMAND: EMPIRICAL EVIDENCE FROM NOVIGRAD, ISTRIA

Knowledge of the tourist supply, as well as all its elements and stakeholders, is crucial for managing the tourist supply, and therefore for maintaining the attractiveness and competitiveness of the tourist destination. The town of Novigrad is one of the most famous tourist destinations in Istria, which is constantly recording the growth in tourism turnover, which is made possible by constant investments in tourist supply, preservation of tradition, gastronomic offer and hospitality of the local population. In the purpose of the scientific value of the paper, the authors have conducted empirical research using a questionnaire, in which they explore the elements of the tourism supply and the level of satisfaction of tourists with the tourist offer of Novigrad. The results of the study are presented in tables and graphs followed by interpretation of the results in the form of accompanying text with the main findings and characteristics of the research. The synthesis of the results, findings and conclusions of this research will be used to formulate certain critical recommendations and valuable guidelines for improving the tourist offer in the tourist destination Novigrad.

THE IMPACT OF INTERNATIONAL STUDENT MOBILITY ON ENTREPRENEURIAL ATTITUDE

The Erasmus international mobility programme represent a significant step in a student’s development. In the past decades, millions of European students gained experience and lifelong learning period from prestigious universities abroad. Erasmus students are seen as independent people, curious about cultures and languages, open to new ideas and especially predisposed to become entrepreneurs. This study was designed to identify the entrepreneurial attitude of Erasmus students in order to ascertain the contribution of international mobility. For this purpose, the expectations of international students who benefited from the Erasmus Plus Programme were compared to the level of satisfaction after completing the international mobility programme at Institute of Business Administration (IAE), University of Sophia Antipolis, Nice. Factors that most influenced students’ departure in Erasmus mobility are academic and professional opportunities abroad. The data for this study was collected using a questionnaire and sent in collaboration with International Relations Office of IAE Nice. The results indicate that international mobility had a high impact on student’s self-confidence and relational skills. Regarding professional and social life, the entrepreneurial attitude was increased by the Erasmus experience.

THE FACTORS EFFECTING ON BANK PROFITABILITY: THE CASE OF BOSNIA AND HERZEGOVINA

This research includes all banks in Bosnia and Herzegovina and testing internal and external variables on bank profitability indicators. In addition, the profitability of banks in B&H is also influenced by the financial result of operations, which is determined by price and interest rate risk. The primary goal of this paper is to determine, through correlation and regression analysis, the strength and significance of external and internal variables on bank profitability in Bosnia and Herzegovina. The research period covered from 2008: q1 to 2019: q4 on a quarterly database. Also, in this paper, the STATA 13.0 software package will be used. The following dependents variable were used: return on asset (ROA) and return on equity (ROE). The following independent variables were used: the growth rate of net gross/loss (GRNGL), the growth rate of non-performing loans (GRNPL), GDP growth rate (GRGDP), concentration ratio of loans of the largest banks in the system (CR Loans), concentration ratio of deposits of the largest banks in the system (CR Deposits), capital adequacy ratio (CAR) and loan-to-deposit ratio. The total number of observations was 48. The results showed that the significant influence on the dependent variables were the return on equity (ROE) and return on asset (ROA), which has been achieved by the following independent variables, such as the growth rate of net gross/loss, the growth rate of non-performing loans and concentration ratio of loans and deposit of the largest banks.

COMMUNICATION DIFFERENCES AND CONFLICT RESOLUTION IN INTERNATIONAL BUSINESS ENVIRONMENT

This paper aims to examine the challenges of cross-cultural communication in multicultural teams and the resolution of conflicts arising during that process of communication. For this purpose, a survey was conducted on individuals coming from various cultural backgrounds to determine how cultural differences affect the organizational communication styles, their perception of conflict situations and the choice of conflict resolution procedures. The study is underpinned by a literature review of cross-cultural communication and theories on culture, conflict resolution and multicultural team dynamics. Hofstede’s Cultural Dimensions Theory will be used to define the cultural differences using four dimensions: power distance, uncertainty avoidance, individualism vs collectivism, and masculinity vs femininity. The outcome of the study assesses the intercultural communication competence of employees in North Macedonia and gives recommendations on how to improve communication and avoid conflicts that plague multicultural teams.