Volume 5, Issue 3, September 2015 

 

1. THE IMPACT OF FINANCIAL LEVERAGE ON PERFORMANCE OF TRADE IN SERBIA

Radojko LUKIC
University of Belgrade, Belgrade
Serbia

The capital structure, i.e. financial leverage is one of the significant factors of (trade) companies' performance. Financial leverage affects liquidity, profitability and other segments of performance of trading companies. Application of the correlation analysis in empirical research of trade sector in Serbia for the period 2008-2013 showed that financial leverage positively affects return of assets and return on equity while negatively affects current liquidity, quick liquidity and return on revenue. Concerning the statistical significance, the impact of financial leverage in trade of Serbia is significant in quick liquidity and return on equity (sig. < 0.05). Familiarity with these effects of financial leverage is significant for meeting future goal performances in trade in Serbia. Beside theoretical knowledge of capital structure, one of the prerequisites is also an adequate integral control of key determinants of financial leverage in trade of Serbia, which is very special compared to other countries, above all developed market economies (for example, UK). ...

2. THE IMPACT OF TRUST ON ORGANIZATIONAL PERFORMANCE: A STUDY OF SELECTED INSTITUTIONS IN ROMANIAN FINANCIAL AND BANKING INSTITUTIONS

 

Daniela Cornelia NICULESCU
The Bucharest University of Economic Studies, Bucharest

Romania

Trust and organizational performance have been the focus of recent intensive research efforts. By trusting the organization, the systems and processes, the leaders and colleagues, combined effects of the work can be produced, and therefore each memberís effort will have a greater impact on the organizational performance. Todayís organizations must create a trustworthy environment by motivating and engaging employees to achieve organizational mission and vision. The overall objective of the research is to investigate the impact of employee trust on employee performance in the Romanian financial and banking institutions. Our findings show that if there is a genuine communication between management layers, if realistic objectives are implemented in order for the employees to be inspired to work at their best potential, and if companies invest trustworthy behaviors, companies will energize their employees and make them feel comfortable with their work, boosting individual and organizational performance. ...

3. THE EVOLUTION AND COLLAPSE OF THE MARMOROSCH-BLANK BANK

Ion VOROVENCI
The Bucharest University of Economic Studies, Bucharest
Romania

The modern age of Romanian economy begins with the opening of the Black Sea trade. That creates favorable conditions for mass migration of foreign populations especially Hebrew, persecuted in the Ukraine and Poland to Moldavia and Wallachia. They will help harness Romanian products on the deployment of feudal relations and the development of industry and banking institutions. By mid-century could not question the establishment of banks, the conditions are unfavorable, but this is what has enabled the handler of money to loan sharks to get rich. They are not only Hebrew, some of them are coming from south of the Danube Macedonia. Marmorosch-Blank Bank was born under these conditions, making it one of the most important Romanian banks that contributed to the development and modernization of Romania for more than half a century. Great economic crisis that marked the world economy had an impact on the global banking system including one in Romania, leading to the collapse and bankruptcy of Marmorosch-Blank. ...

4. THE CONNECTION BETWEEN THE SATISFACTION AND THE PERFORMANCE OF THE TOURISM AGENCY EMPLOYEES. COMPARATIVE STUDY BETWEEN MESSINA (SICILY) AND CONSTANŢA (ROMANIA)

Irina MISOC
The Bucharest University of Economic Studies, Bucharest
Romania

The present paper aims to estimate if there is any correlation between the indices of the satisfaction of the employees who work in small tourism agencies and the indices of performances of the employees. In order to achieve the objective of the present paper, two studies were done in two different regions, one from Messina (Sicily), the other from Constanta (Romania). The data were collected by using a questionnaire with 31 questions (concerning the eight indices of employees satisfaction). The correlation between the satisfaction and performances was observed by calculating the Pearson coefficients. The case study showed that in Messina the employees are more satisfied with the work group environment and the relationships between the employees and managers; On the other hand, in Constanta the employees are less satisfied with the relationship with the direct supervisors and with the work environment. Both the employees from Messina and Constanta are rather unsatisfied with their salaries and with the social facilities. In terms of performances, one can notice that the Romanians obtain better results than the Sicilians. Concerning the correlation between the satisfaction and the performances of the employees, the indices of satisfaction that have the highest impact on performance are: the work group/team, the direct supervision, the wage/compensations, the profession. ...

5. STRATEGIC MANAGEMENT IN PUBLIC HOSPITALS IN ROMANIA

Dragoş Ionuţ IONESCU
The Bucharest University of Economic Studies, Bucharest
Romania

Strategic management is undoubtedly one of the most debated concepts of general management, this being due to the success organizations around the world which have put it into practice have registered. More and more papers on the management of health facilities have come out, both internationally and nationally. However, in Romania, most of these papers skipped strategic management approach to healthcare and those that donít, however, limit themselves to macroeconomic approach or describe the concept in general terms, without singularize it for hospitals. However, in the Romanian practice there is a progress in terms of concern for the strategic management of the health system, this being ascribed to the creation of uniform management standards for all hospitals in Romania, but also to the emergence of institutions responsible for training in health management. Accordingly, this paper aims to outline an overview of the current state of the strategic management practice in public hospitals in Romania, the information being useful to decision makers both at the microeconomic level, directly involved in hospital management, and at the macroeconomic level, charged with the overall health system management. ...

6. HUMAN RESOURCES, STRATEGIC MANAGEMENT AND QUALITY ASSURANCE AND ITS IMPORTANCE IN IMPROVING THE ACADEMIC MANAGEMENT

Asser KHAMIS
The Bucharest University of Economic Studies, Bucharest
Romania

A university is a dynamic and complex system that depends on several different departments like HR, financial and some specific departments like awareness and training department, communications and teach department, students department, etc. HR department have the role to administrate the most important resources of a university by conducting a plan for a long period to seek a competitive advantage through selecting and training professors with high skills and ability to contribute a successful organization. HRM with a high level of determination lead to a significant contribution of an organizational success by being effective in the community. For an educational system to reach its goal for continuous development and to assure performance, efficiency go through an evaluation mechanism that is recognized internationally by quality assurance. A credible quality assurance system have several different assessment that depends on internal auditing by monitoring the higher educational process and external peer reviewing the process that runs by accreditation committees the provide an annual report at the end of each academic year. The goal of quality is to continuously improve academic and administrative performance for preparing higher educational institutions for accreditation. Therefore it should be assessment at a long term period plan as strategies. To obtain an effective strategic alignment, the strategy have to be integrated and implemented in three different levels of strategies, as the general academic organizational strategy level is the main strategy that goes under it different faculty strategies levels that undertake it several operational and functional strategies levels that fulfill faculties strategy purposes. ...