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.
Summary Investments are funds which are invested in certain manufacturing
Digitalization of business changes producers, intermediaries, service providers and consumers. There is a vast quantity of data available. Furthermore, new algorithms providing answers from these data are also more and more available. Finally, devices possessed by an average citizen enable choice and pattern of shopping to be shaped by these answers. So, the question is whether the businesses are facing the evolution or revolution of the existing business model? Tourism industry and retail industry are analyzed in this paper in order to search for an answer to this research question. Keywords: digitalization, retail, tourism, industrial revolution, artificial intelligence SažetakDigitalizacija poslovanja menja proizvođače, posrednike, uslužne organizacije i potrošače. Ogromna količina podataka je na raspolaganju. Štaviše, i novi algoritmi koji obezbeđuju odgovore na osnovu ovih podataka su na raspolaganju. Konačno, uređaji koje poseduje prosečan građanin omogućavaju izbor i način kupovine koji je oblikovan upravo ovim odgovorima. Dakle, pitanje je da li se privrednici suočavaju sa evolutivnim ili revolucionarnim promenama modela poslovanja? U ovom tekstu, analizirani su turizam i maloprodaja u traženju odgovora na ovo istraživačko pitanje.
In this paper, the authors examine current practices in investment decision-making on a sample of 30 small and medium-sized enterprises in Serbia. The survey included small and medium-sized enterprises (SMEs) and micro companies. The questionnaire was filled out by the chief financial officers (CFOs) in order to obtain relevant results. Small and medium-sized enterprises play an important role in the economic development of any country, and are the main generator of economic growth in the EU countries. Therefore, this paper aims to examine their role in Serbia, their contribution to reducing unemployment rates and analyse investments of the surveyed enterprises. Furthermore, the authors shall attempt to identify most frequently used capital budgeting techniques in small, micro and medium-sized companies in Serbia when evaluating investment projects. Finally, the precise investment policy of an enterprise represents the key factor for achieving feasible and sustainable investments, approved and chosen by means of various capital budgeting methods. Consequently, their role in everyday business operations of SMEs and micro companies is relevant for the analysis, especially within the conditions of economic turmoil. A well-defined investment policy plays an important role in achieving successful and sustainable capital investments in the long run, which would enable small and medium-sized enterprises to become important generators of economic growth in Serbia.
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