SWOT Analysis on Regional
Development of Romania – New Strategies
Constantin Tumbar, Catalina Soriana Sitnikov,
Laura Giurca Vasilescu
Faculty of Economics, University of Craiova,
Romania
Received: 25.09.05; Cited:
28.01.06
Abstract:
Nowadays, there is an increasing competition among the different
territories and their activities, inside the European Union. But
not all regions have the same economic, social and geographic
conditions, and not all can compete on an equal footing.
Following the European example and in order
to better manage the European development funds and to ensure a
harmonious development of the country, eight development regions
were set up, spreading throughout the whole territory of
Romania.
In Romania, the regional policies concern the
following main areas: development of enterprises, the labor
market, attracting investments, development of the SMEs sector,
improvement of infrastructure, the quality of the environment,
rural development, health, education and culture.
Key words:
SWOT analysis, regional policy, economic development, strategies
Pages 1-25
The Role of Commercial Banks
in the Regional Development
Ingrida Kantike
Latvia University of Agriculture, Faculty of
Economics
Department of Accounting and Finances, Svetes
18, Jelgava, Latvia
Received: 25.09.05;
Cited: 28.02.06
Abstract:
The article is devoted to the research of activity of commercial
banks at the regions of Latvia. Researches about how to promote
economically underdeveloped regions and reduce poverty are
carried out all over the world. To qualify the increase of the
development of a region gross domestic product (GDP) is used as
a basic indicator. The author in her research has worked out
that activity of commercial banks is very important for the
development of regions of Latvia. Results of the research
demonstrate the dependence of GDP from the amount of granted
loans. Establishing local branches of the big commercial banks
instead of organizing new small banks is a specific feature of
Latvia. The number of local branches of banks depends on the
economical growth at the particular region.
Key words:
Commercial Banks, Regional development, Credit, Gross domestic
product (GDP)
Pages 26-38
SIX
SIGMA - NEW STRATEGIC QUALITY CONTROL IN CROATIAN COMPANIES
Marina Klačmer,
Marijan Cingula, Željko Hutinski
University of Zagreb,
Faculty of Organization and Informatics
Pavlinska 2, 42000
Varaždin, Croatia
Received: 25.09.05;
Cited: 10.03.06
Abstarct:
The Six Sigma methodology is becoming an increasingly popular
approach in many organizations around the world. It was
developed at Motorola in the 1980s with the aim of reducing
waste of materials and other error-induced costs. Its focus is
on outputs that are important for customers. The implementation
of the Six Sigma approach is possible in all departments and
levels within a company. In statistical terms, Six Sigma means
3.4 defects per million opportunities. The Six Sigma approach
consists of the following phases: define, measure, analyze,
improve and control. Altogether, this is known as DMAIC
methodology. Our daily way of life has to be constantly
submitted to change. Croatian companies have to develop a
culture of continuous improvement which will extend their
competitive advantages on both domestic and world markets. So
far, relatively few companies have implemented the Six Sigma
approach in Croatia. Only big companies, such as Pliva, INA,
Elektro-kontakt, Ericsson Nikola Tesla and Microsoft Croatia
have recognized the need for continuous quality improvement.
Quality is the only way to survive and live up to standards of
today’s competitive business environment. This article presents
a comparative analysis of Croatian companies which implement the
Six Sigma philosophy as their way of doing business.
Key words:
Six Sigma, organization, customer, change, continuous quality
improvement
Pages 39-54
Innovative
Infrastructure Financing Strategies in India
Manoranjan Sharma
Canara Bank, Bangalore, India
Received: 25.09.05;
Cited: 28.02.06
Abstract:
The paper argues for qualitative and quantitative development of
infrastructural facilities as an integral part of the blueprint
for development and emphasizes the need to make infrastructure a
focal point of the development strategy. Since the conventional
mechanisms of financing failed to adequately develop
infrastructure, the paper makes a strong case for greater
private sector involvement. An attempt is made here to examine
continuity and change in the policy frame of infrastructure by
providing an understanding not just of the dynamics of different
time periods and its associated developmental problems and
requirements but also to place the development of
infrastructure within the broader context of changing
socio-economic milieu, shifting paradigms, level of economic and
technological development and different economic and social
needs and goals. The emerging macro-economic environment are
discussed in the light of widespread changes, new concepts in
infrastructure financing, identification and isolation of
critical success factors and dissection of some of the
innovative policy options, which transcend the conventional
framework, aimed at allocation of risks, appropriate return to
equity and financial structure.
Pages 55-69
ESOP
IN TRANSITION ECONOMIES: THE CASE OF CROATIA
Milivoj Ređep, Ksenija Vuković, Marijan
Cingula
University of Zagreb,
Faculty of Organization and Informatics
Pavlinska 2, 42000
Varaždin, Croatia
Received: 25.09.05;
Cited: 28.02.06
Abstarct: In
this paper the authors are dealing with the problem of
transition and trying to find a model for faster economy
development. As first they mention the basic reasons that were
demanding the radical intervention in changing the relations in
economy, or replacement of the existing state or social
ownership with the private one. These processes included all the
former socialist countries so they appeared in Croatia too. The
authors indicate some important features of privatisation
process in Croatia, as well as those of specific conditions in
which it was performed. Regardless of the final estimation of
these processes (that have not been finished yet) one of the
ways to achieve more successful business results is the
implementation of employees’ stockholding, so called “ESOP”. The
authors are indicating the notion and development of this model
in Croatia and are concluding that the necessary frameworks for
its action have not been created yet, but that these first cases
from the economic practice show that by applying this model very
successful business results can be achieved. All this finally
results in accelerated economy and society development.
Key words:
ownership, state, market, transition, transformation of
socially owned enterprises privatisation, employees’
stockholding
Pages
70-84
Financial Crises in Emerging Markets: The Case of Bulgarian
Financial Crisis of 1996-1997
Mete Feridun
Lecturer in Economics and Finance, Faculty of
Economics and Administrative Sciences
Cyprus International University, Nicosia,
Cyprus;
Mete.feridun@lycos.com
Received: 25.09.05; Cited:
16.03.06
Abstract:
Bulgarian economy was hit by a severe financial crisis in late
1996 which has has widely been neglected by both the empirical
and theoretical literature. This article aims at filling this
gap in the financial crisis literature by explaining the
Bulgarian financial crisis of 1996-1997 through a logit model
which incorporates not only macroeconomic indicators but also
qualitative variables such as banking crises, political
variables, and central bank government turnover rate. Evidence
shows that the significant variables in explaining the crisis
are domestic credit/GDP, inflation, banking crisis dummy,
foreign exchange reserves, fiscal balance/GDP, and bank
reserves/bank assets with sign in line with our expectations.
Key words:
Financial crises, logit
model, Bulgarian financial crisis, emerging markets
Pages 85-95
The
Analysis of Ownership Structure of the Czech public listed firms
Michaela
Roubíčková,
Silesian University, School of Business
Administration,
Czech Republic
Received: 25.09.05; Cited:
16.03.06
Abstarct:
The aim of this paper is an analysis of ownership
structure of Czech joint-stock companies registered by Prague
Stock Exchange. Prague Stock Exchange is one of the two public
markets in the Czech Republic. This paper studies one of the key
aspects of corporate governance in the Czech Republic.
The Czech corporate governance system is based on
the principles of insider system. The ownership structure in
this system is formed differently from the structure in the
outsider system; there are only a small number of individual
investors here, while many companies are usually owned by banks
through their funds or subsidiaries, and a substantial portion
of enterprises is owned by other companies. An ownership system
of cross-holdings has emerged. Capital-linked owners (companies,
banks, insurers, the state, and local-government institutions)
are usually of a longer-term nature and are also distinguished
by their interest in eliminating foreign investors, especially
in strategic enterprises.
Key words:
Corporate Governance, Ownership, Capital Market, Majority Owner,
Foreign Investor.
Pages 96-109
STATISTICAL
CONSULTING FOR BUSINESS IN EAST-EUROPEAN COUNTRIES
Mirko M.
Savić, Faculty of Economics in
Subotica,
Segedinski
put 9, 24000 Subotica, Serbia and Montenegro,
smirko@fresh.co.yu
Received: 25.09.05; Cited:
16.03.06
Abstract:
Statistical consulting has well deserved place in the process of
decision making in the modern business of developed countries.
In Serbia and Montenegro and probably in other East-European
countries, the position of that discipline is very different,
and that is why statisticians have to come out of their shells
and make great effort to change the situation.
Key words: Statistical consulting,
East-European countries, Statistics.
Pages
110-123
A Test
of the Validity of the Theory of the Firm
Kenny
Crossan, AIBS, Anglia Polytechnic
University, Cambridge, UK
Received: 25.09.05; Cited:
16.03.06
Abstarct:
This paper
examines the theory of the firm and alternative theories of firm
behaviour. A probit model is estimated using data collected from
a postal questionnaire combined with firm and industry specific
data generated from the FAME database. The results indicate that
firm size, ownership and concentration ratio do not have a
significant effect on the likely-hood of a manager or owner of a
firm choosing to profit maximise. The paper offers support for
profit maximization as a business objective. However, no support
is offered for managerial and behavioural theories of the firm.
Pages
124-136
Zdenka Djuric,
Faculty for Entrepreneurial Management, BK,
Novi Sad, Serbia and Montenegro
zduric@eunet.yu
Received: 25.09.05; Cited:
20.12.06
Abstract:
The aim of this essay is to present and
verify the conclusions I made through many years of studying the
problem of technological and business development - the company
development in total. These are the conclusions I have been
presenting and explaining in my earlier published essays.
This essay is presenting the basic and most
important issues of comprehension of modern business company
development and managing this kind of development.
Key words:
technological development, business development, company
development
Pages
137-150
