Search results for: business integrity

Authors: Olivine Lo

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Small- and Medium-Sized Enterprises (SMEs) consist of a broad variety of businesses, ranging from small grocery shops to manufacturing concerns. Some are dynamic and innovative, while others are more traditional. The definition of SMEs varies by country but is most determined by the number of employees, though business assets and sales revenues are alternative measures. There are eight main types of SME industries in Hong Kong: garment, electronics, plastics, metal and machinery, trading and logistics, building, manufacturing, and service industries. Information exchange is a key goal of human communication, and communicators have used a variety of media to maintain relationships through traditional face-to-face interactions and written forms like letters and faxes. With the advancement of mediated-interpersonal communication media from telephone to synchronic online tools like email, instant messaging, voice messaging, and video conferencing for sustaining relationships, particularly enabling geographically distanced relationships. Although these synchronous tools are gaining popularity, they are facilitating relationship maintenance in everyday life and complementing rather than replacing the more conventional face-to-face interactions. This study will test if there are any variances in effects by industry type among Hong Kong SMEs. The competitiveness of the business environment refers to the competition faced by a business within its particular industry. The more intense the competition in a given sector, the greater the potential for strategic uses of specific needs in a business. Both internal organization characteristics and external environments may affect firm performance and financial resources. The level of competitiveness within an industry will be a more reliable indicator to show how Hong Kong SMEs are striving to achieve their business goals using different techniques in their communication media preferences, rather than mere classification by industry type. This study thus divides the competitiveness of the business environment into internal and external: (1) the internal environment competition is the inherent competitiveness of the products or services provided by the SMEs, whereas (2) the external environment competition includes the economic and political realities and competitors joining the market. This study will test various organizational characteristics and competitiveness of the business environment to predict entrepreneurs’ communication media preferences.

Keywords: competitiveness of business environment, small- and medium-sized enterprises, organizational characteristics, communication media preference

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Authors: Loes Nijskens

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The city of The Hague is coping with several social issues: high unemployment rates, segregation and environmental pollution. The amount of social enterprises in The Hague that want to tackle these issues is increasing, but no clear image exists of the stimulants and obstacles social entrepreneurs encounter. In this qualitative study 20 starting and established social entrepreneurs, investors and stimulators of social entrepreneurship have been interviewed. The findings indicate that the majority of entrepreneurs situated in The Hague focuses on creating jobs (the so called social nurturers) and diminishing food waste. Moreover, the study found smaller groups of social connectors, (who focus on stimulating the social cohesion in the city) and social traders (who create a market for products from developing countries). For the social nurturers, working together with local government to find people with a distance to the labour market is a challenge. The entrepreneurs are missing a governance approach within the local government, wherein space is provided to develop suitable legislation and projects in cooperation with several stakeholders in order to diminish social problems. All entrepreneurs in the sample face(d) the challenge of having a clear purpose of their business in the beginning. Starting social entrepreneurs tend to be idealistic without having defined a business model. Without a defined business model it is difficult to find proper funding for their business. The more advanced enterprises cope with the challenge of measuring social impact. The larger they grow, the more they have to ‘defend’ themselves towards the local government and their customers, of mainly being social. Hence, the more experienced social nurturers still find it difficult to work together with the local government. They tend to settle their business in other municipalities, where they find more effective public-private partnerships. Al this said, the eco-system for social enterprises in The Hague is on the rise. To stimulate the amount and growth of social enterprises the cooperation between entrepreneurs and local government, the developing of social business models and measuring of impact needs more attention.

Keywords: obstacles, social enterprises, stimulants, the Hague

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Authors: Nana Katsitadze, Tamar Atanelishvili, Mariam Kutateladze, Alexandre Tushishvili

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In the modern world, tourism has emerged as one of the most powerful economic sectors, and due to its high economic performance, it is attractive to the countries with various levels of economic development. The purpose of the present paper, dedicated to discussing the current problems of tourism development, is to find ways which will contribute to bringing more benefits to the country from the sector. Georgia has been successfully developing leisure tourism for the last ten years, and at the next stage of development business, tourism gains particular importance for Georgia as a means of mitigating the negative socio-economic effects caused by the seasonality of tourism and as a high-cost tourism market. Therefore, the object of the paper is to study the factors that contribute to the development of business tourism. The paper uses the research methods such as system analysis, synthesis, analogy, as well as historical, comparative, economic, and statistical methods of analysis. The information base for the research is made up of the statistics on the functioning of the tourism market of Georgia and foreign countries as well as official data provided by international organizations in the field of tourism. Based on the experience of business tourism around the world and identifying the successful start of business tourism development in Georgia and its causing factors, a business tourism development model for Georgia has been developed. The model might be useful as a methodological material for developing a business tourism development concept for the countries with limited financial resources but rich in tourism resources like Georgia. On the initial stage of development (in absence of conventional centers), the suggested concept of business tourism development involves organizing small and medium-sized meetings both in large cities and in regions by using high-class hotel infrastructure and event management services. Relocation of small meetings to the regions encourages inclusive development of the sector based on increasing the awareness of these regions as tourist sites as well as the increase in employment and sales of other tourism or consumer products. Business tourism increases the number of hotel visitors in the non-seasonal period and improves hotel performance indicators, which enhances the attractiveness of investing in the hotel business. According to the present concept of business tourism development, at the initial stage, development of business tourism is based on the existing markets, including internal market, neighboring markets and the markets of geographically relatively near countries and at the next stage, the concept involves generating tourists from other relatively distant target markets. As a result, by gaining experience in business tourism, enhancing professionalism, increasing awareness and stimulating infrastructure development, the country will prepare the basis to move to a higher stage of tourism development. In addition, the experience showed that for attracting large customers, peculiarities of the field require activation of state policy and active use of marketing mechanisms and tools of the state.

Keywords: hotel industry development, MICE model, MICE strategy, MICE tourism in Georgia

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Authors: Pariwat Somnuek

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This study focused on tourism logistic services in the border areas of Thailand by an analysis and comparison of the opinions of tourists, villagers, and entrepreneurs of these services. Sample representatives of this study were a total of 600 villagers and 15 entrepreneurs in the three border areas consisting of Chong Anma, Chong Sa-Ngam, and Chong Jom checkpoints. For methodology, survey questionnaires, situation analysis, TOWS matrix, and focus group discussions were used for data collection, as well as descriptive analysis and statistics such as arithmetic means and standard deviations, were employed for data analysis. The findings revealed that business potential was at the medium level and entrepreneurs were satisfied with their turnovers. However, perspectives of transportation and tourism services provided for tourists need to be immediately improved. Recommendations for the potential development included promotion of border tourism destinations and foreign investments into accommodation, restaurants, and transport, as well as the establishment of business networks between Thailand and Cambodia, along with the introduction of new tourism destinations by co-operation between entrepreneurs in both countries. These initiatives may lead to increased visitors, collaboration of security offices, and an improved image of tourism security.

Keywords: business potential, potential development, tourism logistics, services

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Authors: Victor Birikorang Danquah

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Ghana's primary energy supply is heavily reliant on petroleum, biomass, and hydropower. Currently, Ghana gets its energy from hydropower (Akosombo and Bui), thermal power plants powered by crude oil, natural gas, and diesel, solar power, and imports from La Cote d'Ivoire. Until the early 2000s, large hydroelectric dams dominated Ghana's electricity generation. Due to unreliable weather patterns, Ghana increased its reliance on thermal power. However, thermal power contributes the highest percentage in terms of electricity generation in Ghana and is predominantly supplied by Independent Power Producers (IPPs). Ghana's electricity industry operates the corporate utility model as its business model. This model is typically' vertically integrated,' with a single corporation selling the majority of power generated by its generation assets to its retail business, which then sells the electricity to retail market consumers. The corporate utility model has a straightforward value proposition that is based on increasing the number of energy units sold. The unit volume business model drives the entire energy value chain to increase throughput, locking system users into unsustainable practices. This report uses the qualitative research approach to explore the electricity industry in Ghana. There is a need for increasing renewable energy, such as wind and solar, in electricity generation. The research recommends two critical business models for the penetration of renewable energy in Ghana's power sector. The first model is the peer-to-peer electricity trading model, which relies on a software platform to connect consumers and generators in order for them to trade energy directly with one another. The second model is about encouraging local energy generation, incentivizing optimal time-of-use behaviour, and allowing any financial gains to be shared among the community members.

Keywords: business model innovation, electricity generation, renewable energy, solar energy, sustainability, wind energy

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Authors: Vithaya Intraphimol

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The purpose of this study is to investigate the relationship between market orientation and business performance through innovations that include product innovation and process innovation. Auto parts and accessories companies in Thailand were used as sample for this investigation. Survey research with structured questionnaire was used as the key instrument in collecting the data. The structural equation modeling (SEM) was assigned test the hypotheses. The sample size in this study requires the minimum sample size of 200. The result found that competitor orientation, and interfunctional coordination has an effect on product innovation. Moreover, interfunctional coordination has an effect on process innovation, and return on asset. This indicates that within- firm coordination has crucial to firms’ performances. The implication for practice, firms should support interfunctional coordination that members of different functional areas of an organization communicate and work together for the creation of value to target buyers they may have better profitability.

Keywords: auto parts industry, business performance, innovations, market orientation

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Authors: Marta Fernández Olmos, Ana Gargallo Castel, Alice Salami

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The literature has shown the importance of studying the issue of business survival in highly competitive environments. In particular, the wine sector has certain characteristics that make it interesting to study factors that increase the possibility of wineries' survival, such as individual productivity, winery size, age, innovation efforts or the maturity of the industry itself, among others. Due to the importance of these factors, this research aims to analyze whether the possibility of wineries' survival increases if they are family businesses or if there is gender diversity in senior management. To this end, a nationwide survey was carried out. The sample was made up of wineries from all the Spanish appellations of origin, using this sample to analyze the survival of the diverse types of wineries according to the factors to be studied. The main results indicate that family wineries survive longer, suggesting that this may be due to the fact that the main objective of family wineries is the continuity of the business in the long term. Regarding gender diversity, wineries that have a female presence in top roles in management, adding gender diversity, survive more than those with a predominantly male presence. Based on these results, it is advisable to consider the importance of family businesses, especially in this type of sector. In addition, support should be provided for the inclusion of a female labor force to improve the possibility of survival.

Keywords: gender, family business, wine industry, survival

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Authors: Burova Anna

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The current reality, changes in the world system, and the accelerating process of internationalization of the economies of the Middle East, Asia, and Africa dictate new challenges and opportunities. As cultural identity comes to the fore, understanding and developing cross-cultural competencies for effective collaboration becomes essential. Today, we are experiencing both -the integration of the world's economies and cultural disintegration, as each country feels the need for its own cultural, political, and economic sovereignty. Global and effective economic ties are critically needed at this stage of our common historical development. The role of intercultural aspects and sociocultural characteristics of our partners and colleagues cannot be exaggerated. This article presents an analysis of the most common intercultural conflicts in the general corporate environment and current ways of preventing as well as resolving them. A comparative analysis of business communications has revealed certain features of interaction. Based on contextual “landmarks” and points of fundamental disagreement in the perception of verbal and non-verbal messages of representatives of different national cultures, practical conclusions were drawn, and specific recommendations were formed to overcome weaknesses and develop strengths to establish closer and more effective economic and business ties in the international community.

Keywords: cross-cultural business communications, management of cross-cultural teams, intercultural conflicts prevention, intercultural competencies development, management, cross-culture

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Authors: Hsiu Hua Hu

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Digital transformation has widely affected various industries. It provides technological innovation, process redesign, new business model construction, and talent value creation. This transformation not only allows organizations to obtain and deploy specific technologies and methods suitable for organizational reengineering but also is an important way to solve management problems in human resource (HR) reengineering, business efficiency, and process redesign. In this study, we present the results of a qualitative study that offers insight into a series of key feature of reengineering related to the digital transformation and how to create talent value when the companies successfully perform digital transformation and human resource reengineering, which is led by business digitalization strategies including talent planning, talent acquisition, talent adjustment, and talent development. Drawing from the qualitative investigation findings, we built an inductive model of HR reengineering, which aims to provide research and practical references on future digital transformation and management inquiry.

Keywords: talent value creation, digital transformation, HR reengineering, qualitative study

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Authors: D. Jagath Kumari, K. Srinivasa Rao

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Reinforced concrete column is an important structural element in a building. Concrete usually performs well in building fires. However, when it is subjected to prolonged fire exposure or unusually high temperatures, and then it will suffer significant distress. Because concrete pre-fire compressive strength generally exceeds design requirements, therefore an average strength reduction can be tolerated. However high temperature reduces the compressive strength of concrete so much that the concrete retains no useful structural strength. Therefore the residual strength and its performance of structure can be assed by NDT testing. In this paper, rebound hammer test and the ultrasonic pulse velocity (UPV) are used to evaluate the residual compressive strength and material integrity of post-fire-curing concrete subjected to elevated temperatures. Also considering the large availability of fly ash in most of the countries, an attempt was made to study the effect of high volume fly ash concrete exposed to elevated temperatures. 32 RC column specimens were made with a M20 grade concrete mix. Out of 32 column specimens 16 column specimens were made with OPC concrete and other 16 column specimens were made with HVFA concrete. All specimens having similar cross-section details. Columns were exposed to fire for temperatures from 100oC to 800o C with increments of 100o C for duration of 3 hours. Then the specimens allowed cooling to room temperature by two methods natural air cooling method and immediate water quenching method. All the specimens were tested identically, for the compressive strengths and material integrity by rebound hammer and ultrasonic pulse velocity meter respectively for study. These two tests were carried out on preheating and post heating of the column specimens. The percentage variation of compressive strengths of RCC columns with the increase in temperature has been studied and compared the results for both OPC and HVFA concretes. Physical observations of the heated columns were observed.

Keywords: HVFA concrete, NDT testing, residual strength

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Authors: Priscilla Omonedo, Paul Bocij

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Since the emergence of e-commerce, the world of business has witnessed a radical shift in the way business activities are conducted. However, the emergence of m-Commerce has further pushed the boundaries of virtual commerce revolution. As a result, there seems to be a growing blur in the distinction between e-Commerce and m-Commerce. In addition, existing definitions for both forms of commerce highlight characteristics (e.g. type of device and activity conducted) that may be applicable to both concepts. The aim of this paper is to identify the characteristics that help define and delineate between e- and m- Commerce. The paper concludes that characteristics of mobility, ubiquity, and immediacy provides a clearer and simpler template to distinguish between e-commerce and m-commerce.

Keywords: e-commerce, m-commerce, mobility, ubiquity

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Authors: Jae-Ho Jang, Jung-Soo Kim, Byung-Jun Kim, Dae-Geun Nam, Uoo-Chang Jung, Yoon-Suk Choi

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Low alloy steels are widely used for pressure vessels, spent fuel storage, and steam generators required to withstand the internal pressure and prevent unexpected failure in nuclear power plants, which these may suffer embrittlement by high levels of radiation and heat for a long period. Therefore, it is important to improve mechanical properties of low alloy steels for the integrity of structure materials at an early stage of fabrication. Recently, it showed that a double austenitizing and tempering (DTA) process resulted in a significant improvement of strength and toughness by refinement of prior austenite grains. In this study, it was investigated that the mechanism of improving mechanical properties according to the change of microstructure by the second fully austenitizing temperature of the DAT process for low alloy steel required the structural integrity. Compared to conventional single austenitizing and tempering (SAT) process, the tensile elongation properties have improved about 5%, DBTTs have obtained result in reduction of about -65℃, and grain size has decreased by about 50% in the DAT process conditions. Grain refinement has crack propagation interference effect due to an increase of the grain boundaries and amount of energy absorption at low temperatures. The higher first austenitizing temperature in the DAT process, the more increase the spheroidized carbides and strengthening the effect of fine precipitates in the ferrite grain. The area ratio of the dimple in the transition area has increased by proportion to the effect of spheroidized carbides. This may the primary mechanisms that can improve low-temperature toughness and elongation while maintaining a similar hardness and strength.

Keywords: double austenitizing, Ductile Brittle transition temperature, grain refinement, heat treatment, low alloy steel, low-temperature toughness

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Authors: Oloniyo Kemisola Eunice, Odere Oladunni Oluwafeyikemi

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Technological change and globalization have created a new global economy with Information and Communication Technology (ICT) occupying a complex position in relation to globalization. The emergence of this new global economy has serious implications on the nature and purpose of educational institutions. The paper is basically a theoretical discourse. Data for analysis were obtained from secondary sources. The paper found that significant challenges confront the integration of ICTs in education in the areas of educational policy and planning, infrastructure, language and content, capacity building and financing in Nigeria. The paper concluded that business education needs to be well equipped to anticipate and respond to opportunities created by ICTs in order to participate productively and equitably in an increasingly technology-rich and knowledge-driven world. The paper recommended, among others, that the investments in ICTs should be used to promote the development of basic skills, problem-solving and communication skills and the professional development of teachers.

Keywords: information, communication, technology, business, education

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Authors: Ranjith Ihalanayake, Lalith Seelanatha, John Breen

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In this study, we explored the current working capital management practices as applied in small businesses in Victoria, filling an existing theoretical and empirical gap in literature in general and in Australia in particular. Amidst the current global competitive and dynamic environment, the short term insolvency of small businesses is very critical for the long run survival. A firm’s short-term insolvency is dependent on the availability of sufficient working capital for feeding day to day operational activities. Therefore, given the reliance for short-term funding by small businesses, it has been recognized that the efficient management of working capital is crucial in respect of the prosperity and survival of such firms. Against this background, this research was an attempt to understand the current working capital management strategies and practices used by the small scale businesses. To this end, we conducted an internet survey among 220 small businesses operating in Victoria, Australia. The survey results suggest that the majority of respondents are owner-manager (73%) and male (68%). Respondents participated in this survey mostly have a degree (46%). About a half of respondents are more than 50 years old. Most of respondents (64%) have business management experience more than ten years. Similarly, majority of them (63%) had experience in the area of their current business. Types of business of the respondents are: Private limited company (41%), sole proprietorship (37%), and partnership (15%). In addition, majority of the firms are service companies (63%), followed by retailed companies (25%), and manufacturing (17%). Size of companies of this survey varies, 32% of them have annual sales $100,000 or under, while 22% of them have revenue more than $1,000,000 every year. In regards to the total assets, majority of respondents (43%) have total assets $100,000 or less while 20% of respondents have total assets more than $1,000,000. In regards to WCMPs, results indicate that almost 70% of respondents mentioned that they are responsible for managing their business working capital. The survey shows that majority of respondents (65.5%) use their business experience to identify the level of investment in working capital, compared to 22% of respondents who seek advice from professionals. The other 10% of respondents, however, follow industry practice to identify the level of working capital. The survey also shows that more than a half of respondents maintain good liquidity financial position for their business by having accounts payable less than accounts receivable. This study finds that majority of small business companies in western area of Victoria have a WCM policy but only about 8 % of them have a formal policy. Majority of the businesses (52.7%) have an informal policy while 39.5% have no policy. Of those who have a policy, 44% described their working capital management policies as a compromise policy while 35% described their policy as a conservative policy. Only 6% of respondents apply aggressive policy. Overall the results indicate that the small businesses pay less attention into the management of working capital of their business despite its significance in the successful operation of the business. This approach may be adopted during favourable economic times. However, during relatively turbulent economic conditions, such an approach could lead to greater financial difficulties i.e. short-term financial insolvency.

Keywords: small business, working capital management, Australia, sufficient, financial insolvency

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Authors: Mária Hudáková, Mária Lusková

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This report is focused on widening the theoretical knowledge as well as controlling practical application from the risk management point of view, regarding to dynamic business changes that have occurred in Slovakia which recently has been considered to be an environment full of risk and uncertainty. The idea of the report is the proposal of the controlling operation model in the course of risk management process in an enterprise operating in Slovakia, by which the controller is able to identify early risk factors in suggested major areas of the business management upon appropriate business information integration, consecutive control and prognoses and to prepare in time full-value documents in order to suggest measures for reduction thereof. Dealing with risk factors, that can quickly limit the growth potential of the enterprise, is an essential part of managerial activities on each level. This is the reason why mutual unofficial, ergo collegial cooperation of individual departments is necessary for controlling application from the business risk management point of view. An important part of the report is elaborated survey of the most important risk factors existing in major management areas of enterprises operating in Slovakia. The outcome of the performed survey is a catalogue of the most important enterprise risk factors. The catalogue serves for better understanding risk factors affecting the Slovak enterprises, their importance and evaluation.

Keywords: controlling, information, risks, risk factor, crisis

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Authors: Geetika Richa, M. L. Sharma

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Bamboo as an ancient herbal medicine has been used for thousands of years in Asia and goes by many names such as tabashir, banslochan etc. It is often used for its tonic and astringent properties. Modern analysis of bamboos show high amount of vitamins and minerals which makes them valuable as a curative. Bamboo leaf decoction and young shoots are known as remedy for intestinal worms, healing of ulcers and stomach disorders. Bamboos are known to be propagated by large scale plantations but propagation through seeds occurs very limited as they have very short viability of few months. Seeds loses viability over a period of time even under controlled conditions and important factors that affect seed viability is the decline in reserve food material, decrease in membrane integrity and fall in endogenous level of growth hormones. Invigoration treatments that include hydration, dehydration, incorporation of bioactive chemicals such as growth regulators, nutrients and antioxidants etc. improve the seed performance. Our studies were aimed to determine the most effective invigoration treatments to enhance vigour and viability of seeds by following invigoration treatments, i.e., hardening. Treated seeds were stored at controlled temperature and humidity (in desiccators at 4°C). In hardening, chemicals were applied in 3 different concentrations to three replicates of 10 seeds. Hardening was done withGA3, IAA, (each with concentrations of 10 ppm, 20 ppm and 50 ppm), calcium oxychloride, neem leaf powder and clay (each with concentrations of 2%, 5% and 10%). Statistically all the hardening materials were effective but GA3 50 ppm was the most effective one in maintaining germination percentage and vigour index. Hardening treatments increased the germination percentage of seeds, i.e. 86.2%, over control which showed germination percentage of 80.2%. It was concluded that in order to maintain seed viability during storage for longer period of time, invigoration treatments have been found to be very effective.

Keywords: invigoration, seed quality, viability, hardening, membrane integrity, decoction

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Authors: Deviana Yuanitasari

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The rapid development of world commerce and trade nowadays has created fast-paced demand in every business activities and transactions. That also includes the need for ready to use and practical form of standard contract. For the company or business owner, the use of standard contract is an alternative way to achieve economic goals faster, effectively and efficiently. In the other hand, for the consumer the practice of using standard contract usually unfavorable, because the contract clauses usually have been defined by the company and cannot be individually negotiated. That means consumer cannot influence the substances of the contract clauses. The purpose of this study is to get deeper understanding and analyze the role of Consumer Dispute Settlement Body in the monitoring of standard clause inclusion by businesses and industries within the context of practicing consumer protection law. Furthermore, this study will focus on the procedure of sanction and the effectiveness of the sanction for the business practitioners which disregard the inclusion of the prohibited standard clause. Therefore, this study will depict the law issues and other phenomenon that related with the role of Consumer Dispute Settlement Body in monitoring the inclusion of standard clause and procedure of sanction for the business practitioners that still use exemption clause within Consumer Protection Law System. This study results that BPSK has been assigned to monitor the inclusion of standard clause and settle consumer dispute. At this stage, BPSK role is passive, which means BPSK only takes an action if there are consumer complaints. The procedure of sanction is not part of BPSK tasks, since should there be a violation of standard clause; BPSK can only ask the business practitioners to remove the prohibited clause and not give a sanction. As a result, the procedure of sanction rule for the Standard Clause violation in this context can be considered as ineffective.

Keywords: standard contract, standard clause, consumer protection law, consumer dispute settlement body

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Authors: Abdullah Al Mamun, Talal Alkharobi

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As data size is growing up, people are became more familiar to store big amount of secret information into cloud storage. Companies are always required to need transfer massive business files from one end to another. We are going to lose privacy if we transmit it as it is and continuing same scenario repeatedly without securing the communication mechanism means proper encryption. Although asymmetric key encryption solves the main problem of symmetric key encryption but it can only encrypt limited size of data which is inapplicable for large data encryption. In this paper we propose a probable approach of pretty good privacy for encrypt big data using both symmetric and asymmetric keys. Our goal is to achieve encrypt huge collection information and transmit it through a secure communication channel for committing the business and personal privacy. To justify our method an experimental dataset from three different platform is provided. We would like to show that our approach is working for massive size of various data efficiently and reliably.

Keywords: big data, cloud computing, cryptography, hadoop, public key

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Authors: Marko Kolakovic

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Creative industries are an important sector of growth and development of knowledge economies. They have a positive impact on employment, economic growth, export and the quality of life in the areas where they are developed. Creative sectors include architecture, design, advertising, publishing, music, film, television and radio, video games, visual and performing arts and heritage. Following the positive trends of development of creative industries on the global and European level, this paper analyzes creative industries in general and specific characteristics of creative entrepreneurship. Special focus in this paper is put on the influence of the information communication technology on the development of new creative business models and protection of the intellectual property rights. One part of the paper is oriented on the analysis of the status of creative industries and creative entrepreneurship in Croatia. The main objective of the paper is by using the statistical analysis of creative industries in Croatia and information gained during the interviews with entrepreneurs, to make conclusions about potentials and development of creative industries in Croatia. Creative industries in Croatia are at the beginning of their development and growth strategy still does not exist at the national level. Statistical analysis pointed out that in 2015 creative enterprises made 9% of all enterprises in Croatia, employed 5,5% of employed people and their share in GDP was 4,01%. Croatian creative entrepreneurs are building competitive advantage using their creative resources and creating specific business models. The main obstacles they meet are lack of business experience and impossibility of focusing on the creative activities only. In their business, they use digital technologies and are focused on export. The conclusion is that creative industries in Croatia have development potential, but it is necessary to take adequate measures to use this potential in a right way.

Keywords: creative entrepreneurship, knowledge economy, business models, intellectual property

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Authors: Flora Xu, Marta Fernandez Olmos

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This article is mainly about critical assessment and comprehensive understanding of the business strategy in the post COVID-19 scenario. This study aims to elucidate how companies are responding to the unique challenges posed by the pandemic and how these measures are shaping the future of the business environment. The pandemic has exposed the fragility and flexibility of the global supply chain, and procurement and production strategies should be reconsidered. It should increase the diversity of suppliers and the flexibility of the supply chain, and some companies are considering transferring their survival to the local market. This can increase local employment and reduce international transportation disruptions and customs issues. By shortening the distance between production and market, companies can respond more quickly to changes in demand and unforeseen events. The demand for remote work and online solutions will increase the adoption of digital technology and accelerate the digital transformation of many organizations. Marketing and communication strategies need to adapt to a constantly changing environment. The business resilience strategy was emphasized as a key component of the response to the COVID-19. The company is seeking to strengthen its risk management capabilities and develop a business continuity plan to cope with future unexpected disruptions. The pandemic has reconfigured human resource practices and changed the way companies manage their employees. Remote work has become the norm, and companies focus on managing workers' health and well-being, as well as flexible work policies to ensure operations and support for employees during crises. This change in human resources practice has a lasting impact on how companies apply talent and labor management in the post COVID-19 world. The pandemic has prompted a significant review of business strategies as companies adapt to constantly changing environments and seek to ensure their sustainability and profitability in times of crisis. This strategic reassessment has led to product diversification, exploring international markets and adapting to the changing market. Companies have responded to the unprecedented challenges brought by the COVID-19. The COVID-19 has promoted innovation effort in key areas and focused on the responsibility in today's business strategy for sustainability and the importance of corporate society. The important challenge of formulating and implementing business strategies in uncertain times. These challenges include making quick and agile decisions in turbulent environments, risk management, and adaptability to constantly changing market conditions. The COVID-19 highlights the importance of strategic planning and informed decision-making - making in a business environment characterized by uncertainty and complexity. In short, the pandemic has reconfigured the way companies handle business strategies and emphasized the necessity of preparing for future challenges in a business world marked by uncertainty and complexity.

Keywords: business strategy, crisis, digitalization, uncertainty

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Authors: Shola Haruna Adeosun, Ajoke F. Adebiyi

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Business organizations in Nigeria have failed to realize the role of a good corporate image policy in business dealings. This is probably because they do not understand the concept of corporate image and the necessary tools for promoting it. Corporate image goes beyond attractive products or rendering quality services, advertising and paying good salary. It pervades every aspect of business concern, from the least worker’s personality to the dealings within the organization and with the large society. In the face of the societal dynamics, especially in the business world, brought by technology, companies are faced with stiff competition that maintaining a competitive edge requires aggressive strategies. One of such strategies in effective corporate image management is promotion. This study investigates the strategies that could be deployed in order to build and promote the effective corporate image, as well as enhance profit margins of an organization, using Phinomar Nigeria Limited, Ngwo as case study. The study reveals that Phinomar Nigeria Limited has a laid down corporate image policy but not effectively managed; and that, strategies deployed to promote corporate image are limited; while responses to Phinomar products are fairly high. It, therefore, suggests profitable products but requires periodical improvement in the employee's welfare and work environment; as well as, the need to increase the scope of Phinomar’s social responsibility.

Keywords: corporate image, effective, enhancing, management, profitability, strategy

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Authors: Vesali Naseh Morteza, Najafi Mohammad Hosein

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The possibility of trading in-game items for real money provides a high economic capacity for online games and turns them into a business model. Nowadays, the market for in-game item purchases and microtransactions or micropayments has been growing increasingly. Since the market should be legal, lawyers and lawmakers around the world have expressed concerns over the legality of online gaming and in-game transactions. The issue is highlighted by the recent emergence of an in-game business model in the name of loot boxes. Similarities between loot boxes gaming and gambling features activities have started a legal debate as to whether loot boxes constitute a form of gambling or whether the game’s use of loot boxes should be considered gambling. Hence, based on the relationship between loot boxes purchasing and problem gambling, the paper investigates the legal effect of the newly emergent phenomenon of loot boxes on online games from the perspective of Iranian law.

Keywords: serious games, loot boxes, online gambling, in-game purchase, virtual items

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Authors: Chante Van Tonder, Bart Bossink, Chris Schachtebeck, Cecile Nieuwenhuizen

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Small and Medium-Sized Enterprises (SMEs) play a key role in national economies around the world, being contributors to economic and social well-being. Due to this, the success, growth and competitiveness of SMEs are critical. However, there are many factors that undermine this, such as resource constraints, poor information communication infrastructure (ICT), skills shortages and poor management. The Fourth Industrial Revolution offers new tools and opportunities such as digital transformation and business model innovation (BMI) to the SME sector to enhance its competitiveness. Adopting and leveraging digital technologies such as cloud, mobile technologies, big data and analytics can significantly improve business efficiencies, value proposition and customer experiences. Digital transformation can contribute to the growth and competitiveness of SMEs. However, SMEs are lagging behind in the participation of digital transformation. Extant research lacks conceptual and empirical research on how digital transformation drives BMI and the impact it has on the growth and competitiveness of SMEs. The purpose of the study is, therefore, to close this gap by developing and empirically validating a conceptual model to determine if SMEs are achieving BMI through digital transformation and how this is impacting the growth, competitiveness and overall business performance. An empirical study is being conducted on 300 SMEs, consisting of 150 South-African and 150 Dutch SMEs, to achieve this purpose. Structural equation modeling is used, since it is a multivariate statistical analysis technique that is used to analyse structural relationships and is a suitable research method to test the hypotheses in the model. Empirical research is needed to gather more insight into how and if SMEs are digitally transformed and how BMI can be driven through digital transformation. The findings of this study can be used by SME business owners, managers and employees at all levels. The findings will indicate if digital transformation can indeed impact the growth, competitiveness and overall performance of an SME, reiterating the importance and potential benefits of adopting digital technologies. In addition, the findings will also exhibit how BMI can be achieved in light of digital transformation. This study contributes to the body of knowledge in a highly relevant and important topic in management studies by analysing the impact of digital transformation on BMI on a large number of SMEs that are distinctly different in economic and cultural factors

Keywords: business models, business model innovation, digital transformation, SMEs

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Authors: Angelika Dorawa, Lena Kreppel

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Writing in the disciplines plays a major role at Universities. On the one hand, lectures look at the substance of assignments and on the other hand, they expect students to meet professional standards of layout and proofreading. However, the integration of writing concepts into the range of subjects is new to German Universities of Applied Sciences, which are focused on technical and scientific contexts. The Westphalian University of Applied Sciences (WH) established a successful program Talente_schreiben (Writing_Talents) that was funded by the Federal Ministry of Education and Research to improve written language skills for first-semester students at the WH. Besides having the main focus on basic language skills on all language levels, we also concentrate on subject-specific programs such as writing in the disciplines and are pioneers in this field in Germany. Since 2013, we started to include learning-to-write programs since first-semester students of Business Law studies must complete a writing assignment in the form and writing style of a legal opinion in order to fulfill their undergraduate degree requirements. To support our students at its best, our course for business lawyers focuses not only on the writing skills per se, but also on teaching both, the content and the particular discourse of the discipline. Hence, a specialist in German studies and a faculty tutor share the experience of processing, producing and reflecting a text. Whereas the German studies specialist refers to the rhetorical context such as orthography, grammar etc., the tutor acts as a guide on the side referring to the course content itself. In our presentation, we want to give an insight of the practice of a business law discipline, the combination of rhetoric and composition and discuss the methodological and didactic approaches.

Keywords: German for business lawyers, talent development, pioneer program, Germany

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Authors: K. Marciniak, M. Owoc

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Managers as decision-makers present in different sectors should be supported in efficient and more and more sophisticated way. There are huge number of software tools developed for such users starting from simple registering data from business area – typical for operational level of management – up to intelligent techniques with delivering knowledge - for tactical and strategic levels of management. There is a big challenge for software developers to create intelligent management dashboards allowing to support different decisions. In more advanced solutions there is even an option for selection of intelligent techniques useful for managers in particular decision-making phase in order to deliver valid knowledge-base. Such a tool (called Intelligent Dashboard for SME Managers–InKOM) is prepared in the Business Intelligent framework of Teta products. The aim of the paper is to present solutions assumed for InKOM concerning on management of stored knowledge bases offering for business managers. The paper is managed as follows. After short introduction concerning research context the discussed supporting managers via information systems the InKOM platform is presented. In the crucial part of paper a process of knowledge transformation and validation is demonstrated. We will focus on potential and real ways of knowledge-bases acquiring, storing and validation. It allows for formulation conclusions interesting from knowledge engineering point of view.

Keywords: business intelligence, decision support systems, knowledge management, knowledge transformation, knowledge validation, managerial systems

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Authors: A. Boudiaf

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The purpose of this paper is to analyze and apprehend, through four case studies, the interest of the project of the implementation of the quality management system (QMS) at four Moroccan small and medium-sized enterprises (SMEs). This project could generate significant organizational change to improve the functioning of the organization. In fact, quality is becoming a necessity in the current business world. It is considered to be a major component in companies’ competitive strategies. It should be noted that quality management is characterized by a set of methods and techniques that can be used to solve malfunctions and reorganize companies. It is useful to point out that the choice of the adoption of the quality approach could be influenced by the circumstances of the business context, it could also be derived from its strategic vision; this means that this choice can be characterized as either a strategic aspect or a reactive aspect. This would probably have a major impact on the functioning of the QMS and also on the perception of the quality issue by company managers and their employees.

Keywords: business context, organizational change, quality, reorganization

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Authors: Sakshi Singh, Shampa Chakraverty

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One of the essential characteristics of Blockchain is the ability to validate the integrity of new transactions added to the Blockchain. Moreover, one of the essential consensus algorithms, Proof of Work, performs this job. In this work, we implemented the Proof of Work consensus method on the block formed by performing the transaction using Ganache. The primary goal of this implementation is to understand the process and record how Proof of Work works in reality on newly created blocks.

Keywords: proof of work, blockchain, ganache, smart contract

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Authors: Achmad Muchaddam Fahham, Sony Hendra Permana

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For rural communities and micro-entrepreneurs, access to formal financial institutions is very difficult. So, borrowing to moneylenders is the most possible way to fulfill their needs. But actually it does not solve their problems, precisely their problems are increasing because they have to pay at very high-interest rates. For this reason, microfinance institution is very important as a solution for rural communities and micro-entrepreneurs who need loans to fulfill their needs. This paper aims to describe the role of micro waqf banks in Indonesia as an alternative funding for rural communities and micro-entrepreneurs. This research is descriptive using a qualitative approach. The interview technique was also carried out with key informants who understood sharia microfinance institutions. The results of the study revealed that the micro waqf bank is Islamic microfinance institutions which targeted the micro business sector by channeling small financing with a maximum financing of Rp1 million. The funding of this micro waqf bank comes from donors who donate funds through the Amil Zakat institution. The margins imposed on borrowers are as high as 3 percent per year, with payment schemes in installments every week, so it is made easier for borrower. In addition, financing is followed by training and mentoring so that borrower is able to utilize the loan for productive business activities. In the end, it is hoped that this micro waqf bank can become an incubator for micro businesses in Indonesia.

Keywords: micro business, micro waqf banks, micro-entrepreneurs, Amil Zakat institution

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Authors: Wanida Suwunniponth

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The purpose of this research was to study the factors of characteristic of business, website quality and trust affected intention to use electronic payment systems for online purchasing. This survey research used questionnaire as a tool to collect the data of 300 customers who purchased online products and used an electronic payment system. The descriptive statistics and multiple regression analysis were used to analyze data. The results revealed that customers had a good opinion towards the characteristic of the business and website quality. However, they have a moderate opinion towards trust and intention to repurchase. In addition, the characteristics of the business affected the purchase intention the most, followed by website quality and the trust with statistical significance at 0.05 level. For particular, the terms of reputation, communication, information quality, perceived risk and word of mouth affected the intention to use the electronic payment system. In contrast, the terms of size, system quality and service quality did not affect intention to use an electronic payment system.

Keywords: electronic payment, intention, online purchasing, trust

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Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

Procedia PDF Downloads 158