Mic 2016 Management International Conference Managing Global Changes Abstracts of the Joint International Conference Organised by • University of Primorska, Faculty of Management, Slovenia • Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia • Moscow School of Economics, Moscow State University, Russian Federation • Association for the Study of East European Economies and Cultures, USA • Society for the Study of Emerging Markets, USA Pula, Croatia • 1–4 June 2016 MIC 2016: Managing Global Changes Abstracts of the Joint International Conference Organised by University of Primorska, Faculty of Management, Slovenia, Juraj Dobrila University of Pula, Faculty of Economics and Tourism, Croatia, Moscow State University, Moscow School of Economics, Russian Federation, Association for the Study of East European Economies and Cultures, USA, and Society for the Study of Emerging Markets, USA Pula, Croatia | 1–4 June 2016 Edited by Suzana Laporšek and Doris Gomezelj Omerzel Design and Layout Alen Ježovnik Published by University of Primorska Press Titov trg 4, 6000 Koper, Slovenia Editor in Chief Jonatan Vinkler Managing Editor Alen Ježovnik www.hippocampus.si Koper, Slovenia | May 2016 Management International Conference ISSN 1854-4312 © University of Primorska Press Published under the terms of the Creative Commons CC BY-NC-ND 4.0 License. CIP – Kataložni zapis o publikaciji Narodna in univerzitetna knjižnica, Ljubljana 005.35(082)(0.034.2) MANAGEMENT International Conference (2016 ; Pula) Managing global changes [Elektronski vir] : abstracts of the joint international conference organised by University of Primorska, Faculty of Management, Slovenia, Juraj Dobrila University of Pula, Faculty of Economics and Tourism Dr. Mijo Mirković, Croatia, Moscow School of Economics, Moscow State University, Russian Federation, Association for the Study of East European Economies and Cultures, USA, Society for the Study of Emerging Markets, USA / Management International Conference – MIC 2016, Pula, Croatia, 1-4 June 2016 ; [edited by Suzana Laporšek and Doris Gomezelj Omerzel]. – El. knjiga. – Koper : University of Primorska Press, 2016. – (International Management Conference, ISSN 1854-4312) Način dostopa (URL): http://www.hippocampus.si/ISBN/978-961-6984-26-3.pdf ISBN 978-961-6984-26-3 (pdf) 1. Gl. stv. nasl. 2. Laporšek, Suzana, 1984– 3. Fakulteta za management (Koper) 284755200 Contents Conference Organizers · 4 Welcome Address by the Organizers · 5 Conference Aims and Subject Areas · 6 Programme Boards · 7 Conference Programme · 9 Keynote Speakers · 10 Doctoral Students’ Workshop · 12 Editors’ Panel · 13 Sessions MIC 1 – Entrepreneurship and Innovation 1 · 14 MIC 2 – Competitive Advantage and Organizational Performance · 15 Economics 1 – Labour Economics · 16 Economics 2 – International Economics and Trade · 17 Finance 1 – Financial Operation · 18 MIC 3 – Leadership and Organizational Culture · 19 MIC 4 – Marketing and Customer Experience · 20 Economics 3 – Fiscal Policy · 21 Finance 2 – Accounting · 22 Tourism 1 – Tourism Management · 23 MIC 5 – Corporate Governance · 24 Economics 4 – Economic Growth and Development 1 · 25 Finance 3 – Financial Environment and Institutions · 26 Tourism 2 – Tourism Marketing Activities · 27 MIC 6 – Education Management 1 · 28 MIC 7 – Marketing · 29 MIC 8 – Managing Organizations · 30 MIC 9 – Social Issues in Management · 31 Finance 4 – Audit and Reporting · 32 Energy 1 – Energy Markets · 33 Poster Session · 34 MIC 10 – Entrepreneurship and Innovation 2 · 35 MIC 11 – Organization Strategies · 36 Economics 5 – Economic Growth and Development 2 · 37 Finance 5 – Monetary Policy · 38 Finance 6 – Financial Markets and Institutions · 39 MIC 12 – Education Management 2 · 40 MIC 13 – Environment Management and Sustainability · 41 Economics 6 – Transition Challenges · 42 Finance 7 – Financial Risks · 43 Energy 2 – Renewable Energy · 44 Index · 45 3 Conference Organizers The conference is organized by five partner institutions: University of Primorska, Faculty of Management (Slovenia) is a higher education institution for education and research in the fields of social sciences and business management. The Faculty offers undergraduate study programmes in management, postgraduate programmes in management, economy and finance, and law, interdsci-plinary postgraduate programmes in sustainable development and political science, and doctoral programme in management. Beside the study programs leading to a degree the Faculty also offers modules for groups or in-company training from the field of social sciences and business management with interdisciplinary links to economic, business, legal, organizational and behavioural sciences and international Summer Schools. Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirkovi´ c’ (Croatia) is 55 years old institution within which all levels of higher education are being carried out: from undergraduate and graduate studies to postgraduate specialist and doctoral programs of study. Scientific activities of Faculty includes research in the field of social sciences and organization of international conferences as well as publishing of international scientific journals. Moscow State University, Moscow School of Economics (Russian Federation) was founded on April 29, 2004. The mission of Moscow School of Economics is to train highly-qualified specialists who possess profound knowledge of the Russian economy, who are well-acquainted with the ideas and achievements of contemporary schools of economics, who work effectively in highly competitive environments including federal and regional governmental bodies, finance and business companies, the sphere of research and higher education. Association for the Study of East European Economies and Cultures (USA) publishes Eastern Europen Economics, which focuses on original research on the newly emerging economies of Central and Eastern Europe, with coverage of the ongoing processes of transition to market economics in different countries, their integration into the broader European and global economies, and the ramifications of the 2008– 9 financial crisis. Society for the Study of Emerging Markets (USA) was founded to promote research and publication about emerging market economies and to provide a way for academics, policy makers, and members of the business community to exchange views and share information and research about emerging markets. The Society sponsors the journal Emerging Markets Finance and Trade (EMFT), which is recognized world-wide for the quality and timeliness of the research on emerging markets that it publishes. The Society also cooperates with its regional affiliates and allied organizations in other countries to promote its objectives, and holds international meetings and conferences that are devoted to issues relevant to emerging markets, many organized in cooperation with leading universities and research institutions as well as with regional partners. 4 Welcome Address by the Organizers We have a great pleasure and honour in welcoming you to Pula, Croatia, to participate in the Management International Conference (MIC) 2016. The traditional MIC Conference is organized as a Joint International Conference. The participating institutions are University of Primorska, Faculty of Management, (Slovenia), Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković’ (Croatia), Moscow School of Economics, Moscow State University (Russian Federation), Association for the Study of East European Economies and Cultures (USA) and Society for the Study of Emerging Markets (USA). We would like to extend a sincere appreciation to all the participants and presenters for their contributions and participation. This year we received 232 submissions and selected the best 158 papers from authors from 32 countries, and the total number of participants will reach 200 (together with panel discussions and workshops). All abstracts of papers are included in the Book of Abstracts. Authors are invited to submit full papers to the MIC 2016 Conference Proceedings or to the MIC Special Issues, organized by the MIC supporting journals: • Economic Research/Ekonomska Istraživanja (Editor in Chief Dr. Marinko Škare, Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia) • Management and Production Review, special issue on Sustainable Strategies in Global Business Turbulence (Guest Editor Dr. Josu Takala, University of Vaasa, Finland) • International Journal of Computational Economics and Econometrics, special issue on Managing Global Changes (Guest Editor Dr. Dean Fantazzini, Moscow School of Economics, Russia) • Managing Global Transitions, special issue on Institutional Environment and Development of Business Networks in South East Europe (Guest Editor Dr. Darko Tipurić, Faculty of Economics and Business, University of Zagreb, Croatia) • Management, special issue on (Re)inventing Business Networks and Organisations in SEE (Guest Editor Dr. Miroslav Ante Omazić, Faculty of Economics and Business, University of Zagreb, Croatia) • Review of Innovation and Competitiveness (Editors Dr. Marinko Škare and Dr. Danijela Križman Pavlović, University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia). Authors can also submit full papers to other supporting journals of the MIC Conference: Borsa Istanbul Review, Comparative Economic Studies, Eastern European Economics, Economic Research/Ekonomska istraživanja, Economic Systems, Emerging Markets Finance and Trade. Our deepest gratitude and a very warm welcome go to Keynote Speakers: • Dr. Milford Bateman, Freelance Consultant on Local Economic Development, Visiting Professor of Economics at Juraj Dobrila University of Pula (Croatia) and Ad-junct Professor of Development Studies, St Marys University (Canada) and • Dr. Zdeněk Drábek, Professor at the Faculty of Social Sciences at Charles University in Prague (Czech Republic). 5 Our warm welcomes go also to the editors of the supporting journals, participating at the Editors Panel, and to students who will participate at the Doctoral Students’ Workshop. Last but not least, we extend our sincere thanks to everybody who participated in the programme boards and organisation of MIC 2016. We wish each of you a very successful conference. Dr. Suzana Laporšek Conference Chair Conference Aims and Subject Areas New technologies, internet and new means of communication, globalization, changes in political environment and rise of emerging markets, increased global energy consumption, financial crises, global recession, labour market issues in chang-ing and complex economic environment, demographic changes, poverty and rise of inequality, climate changes . . . these are some of the global changes occurred in the last decades and challenging our economies and societies also today. To deal with the global changes we need to develop a new form of economic development and management policies, governed by the concept of sustainability. The aim of the conference is to address various aspects of managing global changes, with special focus on economic, financial, tourism and energy issues, and to offer researchers and professionals the opportunity to discuss other issues of global developments. The MIC 2016 conference will be carried out in five tracks, covering different aspect of global changes: • Management Track • Economics Track • Finance Track • Tourism Track • Energy Track 6 Programme Boards Conference Chair Dr. Suzana Laporšek, University of Primorska, Slovenia Programme Board Director Dr. Štefan Bojnec, University of Primorska, Slovenia Programme Track Chairs Dr. Doris Gomezelj Omerzel, University of Primorska, Slovenia (Management Track) Dr. Josef Brada, Association for the Study of East European Economies and Cultures, USA (Economics Track) Dr. Ali Kutan, Society for the Study of Emerging Markets, USA (Finance Track) Dr. Lela Tijanić, Juraj Dobrila University of Pula, Croatia (Tourism Track) Dr. Dean Fantazzini, Moscow State University, Russian Federation (Energy Track) Scientific Committee Dr. Mehmet Balcilar, Eastern Mediterranean University, North Cyprus Dr. Cene Bavec, University of Primorska, Slovenia Dr. Sumon Bhaumik, Sheffield University, United Kingdom Dr. Janusz Brzeszczyński, Northumbria University, United Kingdom Dr. Eddy Siong-Choy Chong, Finance Accreditation Agency, Malaysia Dr. Ksenija Černe, Juraj Dobrila University of Pula, Croatia Dr. Udo Dierk, MEL-Institute, Paderborn, Germany Dr. Sel Dibooglu, University of Missouri, USA Dr. Balázs Égert, OECD, France DDr. Imre Fert˝ o, Corvinus University of Budapest, Hungary Dr. Mikhail Golovnin, Moscow State University, Russian Federation Dr. Rune Ellemose Gulev, Kiel University of Applied Sciences, Germany Dr. Roman Horváth, Charles University, the Czech Republic Dr. Evžen Kočenda, Charles University, the Czech Republic Ms. Eva Kras, International Society for Ecological Economics, Canada Dr. Pekka Kess, University of Oulu, Finland Dr. Danijela Križman Pavlović, Juraj Dobrila University of Pula, Croatia Dr. Masaaki Kuboniwa, IPU New Zealand Tertiary Institute, New Zealand, and Hitot-subashi University, Japan Dr. Raúl León, University of Zaragoza, Spain Dr. Gulnur Muradoglu, Queen Mary University of London, United Kingdom Dr. Lucjan Orlowski, Sacred Heart University, USA Dr. Kongkiti Phusavat, Kasetsart University, Thailand Dr. Victor Polterovich, Moscow State University, Russian Federation Dr. Mitja Ruzzier, University of Primorska, Slovenia Dr. Cezar Scarlat, University Politehnica of Bucharest, Romania Dr. Yao Y. Shieh, University of California Irvine Medical Center, USA Dr. Marcello Signorelli, University of Perugia, Italy Dr. Dean Sinković, Juraj Dobrila University of Pula, Croatia Dr. Marinko Škare, Juraj Dobrila University of Pula, Croatia Dr. Josu Takala, University of Vaasa, Finland Dr. Goran Vukšić, Institute of Public Finance, Croatia 7 Dr. Art Whatley, Hawaii Pacific University, USA Dr. Robert Zenzerović, Juraj Dobrila University of Pula, Croatia Organizing Committee MSc. Marijana Pregarac, University of Primorska, Slovenia MSc. Maja Trošt, University of Primorska, Slovenia Tin Pofuk, University of Primorska, Slovenia Ksenija Štrancar, University of Primorska, Slovenia Staša Ferjančič, University of Primorska, Slovenia Rian Bizjak, University of Primorska, Slovenia Editorial Office Alen Ježovnik, University of Primorska Press, Slovenia 8 Conference Programme Wednesday, 1 June 2016 18.00–20.00 Registration Thursday, 2 June 2016 08.30–17.30 Registration 08.30–23.00 Exhibition of Journals 09.30–10.00 Conference Opening (Ulika) 10.00–11.00 Keynote Speaker (Ulika) – Dr. Zdeněk Drábek, Charles University in Prague, Czech Republic 11.00–11.30 Photo Session and Coffee Break 11.30–13.30 Concurrent Sessions MIC 1–2, Economics 1–2, Finance 1 13.30–14.30 Lunch 14.30–16.00 Concurrent Sessions MIC 3–4, Economics 3, Finance 2, Tourism 1 16.00–16.15 Coffee Break 16.15–17.45 Concurrent Sessions MIC 5, Economics 4, Finance 3, Tourism 2 Doctoral Students’ Workshop 17.45–19.00 Concurrent Sessions MIC 6–7 Doctoral Students’ Workshop 20.30–23.00 Dinner with a Social Event Friday, 3 June 2016 08.30–15.00 Registration 08.30–18.00 Exhibition of Journals 08.30–10.30 Concurrent Sessions MIC 8–9, Finance 4, Energy 1 Poster Session 10.30–11.00 Coffee Break 11.00–12.00 Keynote Speaker (Ulika) – Dr. Milford Bateman, Visiting Professor at Juraj Dobrila University of Pula, Croatia; St Marys University, Halifax, Canada 12.00–13.30 Concurrent Sessions MIC 10–11, Economics 5, Finance 5–6 13.30–14.30 Lunch 14.30–16.00 Concurrent Sessions MIC 12–13, Economics 6, Finance 7, Energy 2 16.00–17.30 Editors’ Panel (Ulika) 17.45–18.00 Closing Event and Announcement of the MIC 2017 (Ulika) 18.00–19.00 Refreshment Saturday, 4 June 2016 09.00 Trip 9 Managing Global Changes: Limits to Global Governance of Trade and Investment Thursday, 2 June 2016 • 10.00–11.00 • Ulika Keynote Speaker Dr. Zdeněk Drábek, Charles University in Prague Globalization is bringing many changes to our lives and many of those changes are channeled through global markets. The debate about global management of international trade and foreign investment in global markets is not about whether but about how trade and investment should be governed. International trade and investment have been primarily managed by rules and disciplines under the protection of international law of the WTO and various types of investment treaties. The system has worked reasonably well but its effectiveness is now threatened. The progress is constrained by problems in three areas – limitations in the coverage and legal inter-pretations of rules in the existing international trading system, by regionalism and by the controversial and inadequate treatment foreign investment in the current system of international treaties. A progress will require an adaptation by Members to the negotiating agenda of the WTO and, in particular, a recognition that a greater ef-fort must be made to harmonize international rules of foreign investment. The latter will have to find globally acceptable solutions to a number of sensitive issues such as resolution of disputes, treatment of public goods and public policy or an appro-priate balance between the rights and responsibilities of home and host countries for foreign investment. 10 Economic and Social Crisis in the Western Balkans: Neoliberalism in Action Friday, 3 June 2016 • 11.00–12.00 • Ulika Keynote Speaker Dr. Milford Bateman Visiting Professor, Juraj Dobrila University of Pula, Croatia St Marys University, Halifax, Canada Extensive deregulation and de-supervision of the US financial system from the 1980s onwards, coupled to an all-pervading ‘greed is good’ ambience, gave rise to massive fraud and destructive speculation in the US mortgage, banking and financial services industries (Galbraith 2014). These developments eventually coalesced in 2008 to bring about the partial collapse of the US financial system, and then, as even the London-based Financial Times accepted, the near-meltdown of the en-tire global financial and banking system shortly thereafter. The economic and social damage arising from this financial sector mayhem has been immense, and it has effectively ‘locked in’ economic and social crises right around the world, not least in the Western Balkans. The fundamental cause of this immense damage, just as in the 1929 with regard to the Great Depression, was the enforced application of a set of fundamentalist free market myths based around ‘efficient markets,’ market automaticity and private sector prudent risk-taking, an elite-driven political economy approach otherwise known today as ‘neoliberalism.’ Yet in spite of its disastrous impact almost everywhere it has been implemented (Amsden 2001; Chang 2007, 2010), abandoning the failed neoliberal policy agenda is not an easy task for governments, as the Greek people know to their immense cost. One reasons, as even once mainstream voices now reluctantly accept (Reich 2015), is that global political and financial elites are firmly wedded to the disastrous neoliberal policy agenda out of their own private and national self-interest. The result is that the most powerful international institutions the rich countries effectively control, notably the European Commission and World Bank, alongside many local economists hopeful of a lucrative career in the international development institutions, continue to push for the neoliberal policy agenda irrespective of the enormous damage it has done to developing country economies and societies. Economic crisis in the Western Balkans, and else-where, is thus fated to continue until developing country governments find a way to by-pass European Commission and World Bank advice and implement instead an alternative set of ‘developmentalist’ industrial, financial, enterprise and technology policies based on promoting the sustainable development of their own economies rather than that of the rich developed nations and their large corporations. 11 Doctoral Students’ Workshop Workshop Chairs Dr. Ali Kutan Matija Vodopivec Doctoral Students’ Workshop provides an opportunity for doctoral students, young researchers and postdocs to gain new knowledge and skills on academic writing for publishing scientific papers in international journals. How to Publish in Top Business and Economics Journals? Thursday, 2 June 2016 • 16.15–17.45 • Taverna Dr. Ali Kutan, Southern Illinois University, USA Message-Driven Writing: A Technique for Bringing Order to the Creative Process Thursday, 2 June 2016 • 17.45–19.30 • Taverna Matija Vodopivec, University of Prmorska, Slovenia The PhD workshop will cover the following topics: • What is the message-driven writing technique? • Planning the content (how to formulate the main message; thematic and extended outlines; content of individual sections) • Drafting and editing (writing the first draft, revising, editing, tips on writing para-graphs) 12 Editors’ Panel Friday, 3 June 2016 • 16.00–17.30 • Ulika Panel Chair Dr. Ali Kutan, Southern Illinois University, USA The following international journals are going to be presented: • Borsa Istanbul Review, Editor Dr. Ali Kutan • Decision Sciences Journal, Associate/Senior Editor Dr. Greys Sošić • Economic Research/Ekonomska istraživanja, Editor Dr. Marinko Škare • Economic Systems, Editor Dr. Ali Kutan • Emerging Markets Finance and Trade, Editor Dr. Ali Kutan • IEEE Transactions, Associate/Senior Editor Dr. Greys Sošić • International Journal of Computational Economics and Econometrics, Guest Editor Dr. Dean Fantazzini • International Journal of Management, Knowledge and Learning, Advisory Editor Dr. Nada Trunk Širca • International Journal of Value Chain Management, Editor Dr. Valerij Dermol • Management and Production Engineering Review, Guest Editor Dr. Josu Takala • Management Science, Dr. Greys Sošić • Management, Editor Dr. Štefan Bojnec • Managing Global Transitions, Editor Dr. Suzana Laporšek • Manufacturing and Services Operations Management, Associate/Senior Editor Dr. Greys Sošić • Productions and Operations Management, Associate/Senior Editor Dr. Greys Sošić • Review of Innovation and Competitiveness, Editors Dr. Marinko Škare and Dr. Danijela Križman Pavlović 13 MIC 1 – Entrepreneurship and Innovation 1 Thursday, 2 June 2016 • 11.30–13.30 • Ulika Session Chair: Jurica Pauliši´ c The Impact of Foreign Language Skills and Cultural Competencies on SMEs’ Success in International Markets Moira Kostić-Bobanović, Maja Novak, and Mieta Bobanović Juraj Dobrila University of Pula, Croatia Keywords: international business, small and medium-sized enterprises (SMEs), foreign language skills, cultural competencies Abstract Entrepreneurial Orientation of School Principals and Social Perceptions of Principalship in Croatia and Bosnia & Herzegovina Nikša Alfirević, University of Split, Croatia Jurica Pavičić, University of Zagreb, Croatia Saša Petković, University of Banja Luka, Bosnia and Herzegovina Keywords: school principals, entrepreneurial orientation, social perceptions, Croatia, Bosnia and Herzegovina Abstract Leadership Challenge: Perspective of Women Entrepreneurs Marli Gonan Božac and Morena Paulišić, Juraj Dobrila University of Pula, Croatia Ana Čuić Tanković, University of Rijeka, Croatia Alida Perkov, Croatian Chamber of Economy, Pula County Chamber, Croatia Keywords: women entrepreneurs, leadership, institutional help, Republic of Croatia Abstract Resilience and Management Orientations: Case Studies on Finnish Work Integration Social Enterprises Harri Kostilainen, Diaconia University of Applied Sciences, Finland Pekka Pättiniemi, Finnish Social Enterprise Research Network, FinSERN, Finland Keywords: resilience, management orientations, mission drift, social enterprises Abstract The Commitment of Bihor County’s Entrepreneurs towards Social Programs Edit Veres, Partium Christian University, Faculty of Economics, Romania Keywords: social responsibility, value system of manager, company’s commitment Abstract Business Transfer Ecosystem in Croatia: Missing Components and Interactions Mirela Alpeza, Slavica Singer, and Petra Mezulić Juric, J.J. Strossmayer University of Osijek, Croatia Keywords: business transfer ecosystem, small and medium enterprise owners Abstract 14 MIC 2 – Competitive Advantage and Organizational Performance Thursday, 2 June 2016 • 11.30–13.30 • Taverna Session Chair: Maria Jakubik Defining Key Performance Indicators in the Form of Requirements: Case of Finnish Defense Forces Catering Operations Markus Häyhtiö and Juha-Matti Lehtonen, National Defence University, Military Economics, Finland Keywords: requirements management, performance based logistics, KPI Abstract The Creation Process of New Competitive Factors Kiyohiro Yamazaki, Chukyo University, Japan Keywords: product development, competitive factors, creation process Abstract Management Changes in MRO Business through Product Lifecycle Jaakko Sivusuo and Josu Takala, University of Vaasa, Finland Keywords: dynamic capability, MRO, productisation, performance based logistics Abstract Strategic Business Relationship Governance: How Firms improve Performance in Supply Chain Network Khuram Shahzad, University of Vaasa, Finland Keywords: relationship performance, transaction cost economics, social exchange theory, structural equation modeling, governance mechanisms Abstract Slovenian Forest Based Industry and Smart Specialization Strategies: Sustainable Competitive Advantage Analysis in a Triple Helix Framework Nurul Aida Abdul Malek, Universiti Tun Hussein Onn Malaysia, Malaysia Hakki Maseci and Josu Takala, University of Vaasa, Finland Štefan Bojnec, University of Primorska, Slovenia Keywords: competitive advantage, operations strategy, competitive priorities, sense and respond, triple helix, interactions Abstract Talent Engagement Framework Maria Jakubik, Haaga-Helia University of Applied Sciences, Finland Keywords: knowledge economy (KE), generation Y, talents, work engagement (WE), organizational performance (OP) Abstract 15 Economics 1 – Labour Economics Thursday, 2 June 2016 • 11.30–13.30 • Bianca Istriana Session Chair: Marcello Signorelli School Dropout and Employment Perspectives: A Comparative Analysis Chiara Mussida, Università Cattolica del Sacro Cuore, Italy Dario Sciulli, Università ‘G. d’Annunzio’ di Chieti-Pescara, Italy Marcello Signorelli, Università di Perugia, Italy Keywords: school dropout, employment probabilities, emerging economies, endogeneity Abstract A Review of Theoretical and Empirical Research on Human Capital Quality in Croatia Marinko Škare and Katarina Justić Jozičić, Juraj Dobrila University of Pula, Croatia Keywords: human capital quality, formal education, investment in human capital, participation rates Abstract Econometric Analysis of Unemployment Trap in Serbia Aleksandra Anić and Gorana Krstić, University of Belgrade, Serbia Keywords: unemployment trap, reservation wage, social benefits Abstract The Socio-Economic Costs of Underemployment Sanja Blažević, Sabina Lacmanović, and Lela Tijanić, Juraj Dobrila University of Pula, Croatia Keywords: skill-related underemployment, time-related underemployment, performance outcomes, socio-economic costs, labour underutilisation Abstract Income (Re)Distribution and Subjective Well-Being: The Case of OECD Countries Matic Novak, University of Primorska, Slovenia Keywords: subjective well-being, life satisfaction, redistribution of income, Gini coefficients Abstract Can Minimum Wage Eliminate Poverty? Case Study of Croatian and Slovenian Labour Market Sanja Blažević, Juraj Dobrila University of Pula, Croatia Suzana Laporšek, University of Primorska, Slovenia Keywords: minimum wage, poverty, at-risk poverty rate, social policy, women Abstract 16 Economics 2 – International Economics and Trade Thursday, 2 June 2016 • 11.30–13.30 • Bianchera Session Chair: Seda Ekmen Özçelik Globalization and Outward Foreign Direct Investments Štefan Bojnec, University of Primorska, Slovenia Imre Fert˝ o, Hungarian Academy of Sciences, and Corvinus University, Hungary Keywords: globalization, foreign direct investment, knowledge-capital model, OECD countries Abstract Vertical Specialization: The Case of Chinese Exports Seda Ekmen Özçelik, Yıldırım Beyazıt University, Turkey Keywords: vertical specialization, input-output, China Abstract Comparative Advantages in CEEC-5 Tullio Gregori, Università degli Studi di Trieste, Italy Keywords: international trade, vertical specialization, comparative advantages, CEEC-5 Abstract Investment Drivers of Multinational Companies Location Decisions Lucia Petronela Bl˘ aju, ‘Alexandru Ioan Cuza’ University, Romania Keywords: investment drivers, multinationals, location decisions Abstract The Impact of the Euro-Mediterranean Partnership on Lebanese Trade Performance Jana Tamer, University of Economics in Prague, Czech Republic Keywords: Lebanon, EU, Euro-Med Partnership, foreign trade, economic prosperity Abstract Innovations and Implications of the Trans-Pacific Partnership Agreement Joseph A. McKinney, Baylor University, USA Keywords: Trans-Pacific partnership, trade, world trading system Abstract Assessing the Macroeconomic Effects of the Barcelona Initiative Bernd Lucke, University of Hamburg, Germany Jacopo Zotti, University of Trieste, Italy Keywords: Barcelona Initiative, free trade agreement, CGE models Abstract 17 Finance 1 – Financial Operation Thursday, 2 June 2016 • 11.30–13.30 • Belica Session Chair: Claudia Fink Corporate Taxation and Firm Performance: A Comprehensive Assessment for Romanian Listed Companies Sebastian Laz˘ ar and Costel Istrate, University Alexandru Ioan Cuza of Iasi, Romania Keywords: firm-specific effective tax rate, corporate income tax, non-profit taxes, labour related taxes, performance Abstract Utilization of EVA in Inter-Company Comparison Process Peter Markovič, L’udovít Šrenkel, and Marián Smorada, University of Economics in Bratislava, Slovakia Keywords: relative EVA, EVA Momentum, EVA ZERO, corporate performance Abstract Do We Know How Expensive Our Own Resources Are? Darina Saxunová and Rita Szarková, Comenius University, Slovakia Keywords: ownership, share capital, Western Europe, V4, Eastern Europe Abstract The Risk Analysis of the Greatest Hungarian Energy Companies between 2008 and 2013 Etelka Habil Katits, University of West Hungary, Hungary Keywords: non systematic risk, capital structure, liquidity, operational and financing dynamics Abstract Asymmetric Information and Long-Term Financing Contracts Claudia Fink, University of Graz, Austria Keywords: asymmetric information, long-term sequential investments, priority and subordinate demands, construction of payoff quotas Abstract The Impact of Working Capital Policy on Firms Performance and Capital Requirements Igor Stubelj and Suzana Laporšek, University of Primorska, Slovenia Keywords: working capital policy, firms performance, firms capital requirements, Slovenian firms Abstract 18 MIC 3 – Leadership and Organizational Culture Thursday, 2 June 2016 • 14.30–16.00 • Belica Session Chair: Mirela Kljaji´ c-Dervi´ c Transformational Leadership Effectiveness Measurement: An Empirical Study in a Multinational Company Thanh Ha-Vikström and Josu Takala, University of Vaasa, Finland Keywords: transformational leadership, leadership profile, transformational leadership model, transformational leadership index, effectiveness measurement Abstract Managing Changes by Changing Management? Leadership and Management in Social Movement Organizations Ruth Simsa and Marion Totter, University of Economics and Business, Austria Keywords: management, prefiguration, social movement organizations, Spain Abstract Locus of Control and Maximizing or Satisficing Decision Making Styles: An Empirical Investigation Brandon William Soltwisch, University of Northern Colorado, USA Keywords: locus of control, decision making styles, maximizer, satisfier Abstract Absenteeism: A Relevant Factor in Business Performance Deterioration in Bosnia and Herzegovina Mirela Kljajić-Dervić, University of Bihać, Bosnia and Herzegovina Šemsudin Dervić, European University of Brčko District, Bosnia and Herzegovina Sabina Kljajić, University of Bihać, Bosnia and Herzegovina Keywords: management, absenteeism, organizational culture, management strategy, social capital Abstract 19 MIC 4 – Marketing and Customer Experience Thursday, 2 June 2016 • 14.30–16.00 • Belica Session Chair: Mateja Kos Kokliˇ c The Role of Customer Purchase Experience in Shaping Purchase Outcomes Mateja Kos Koklič and Jelka Stopar Metelko, University of Ljubljana, Slovenia Keywords: customer purchase experience, atmosphere, purchase outcomes Abstract Measuring Customers Satisfaction: Evidence from Romania Gyula Florian, Partium Christian University, Romania Keywords: management, companies, customer Abstract Austrian Sales Management in CEE Margarethe Überwimmer and Teresa Gangl, University of Applied Sciences Upper Austria, Austria Keywords: CEE, sales strategies, sales partner management, distribution channels, market entry strategy, business development Abstract 20 Economics 3 – Fiscal Policy Thursday, 2 June 2016 • 14.30–16.00 • Ulika Session Chair: Hans Jarle Kind The Effectiveness of Fiscal Policy during the Financial Crisis in the Transition and Emerging Countries: Does the Fiscal Policy Matter? Besnik Fetai and Agron Chaushi, South East European University, Macedonia Keywords: fiscal policy, financial crisis, quantitative analysis Abstract Which Lever to enhance Sustainability in Emerging Market Countries? A Stochastic Approach to Better Grasp Public Debt Dynamics Anne Charlotte Paret, Aix-Marseille School of Economics & Amundi AM, France Keywords: stochastic simulations, public debt forecast, fiscal policy, budget responsiveness, currency risk Abstract Fiscal Multipliers and Macroeconomic Performance in the Case of Slovakia and Hungary Martin Kameník, Anna Ruščáková, and Jozefína Semančíková, Technical University of Kosice, Slovakia Keywords: fiscal multipliers, GDP, VAR, Slovakia, Hungary Abstract Business Decision Making under Fiscalization in Croatia: Analysis, Equilibrium and Policy Recommendations Marinko Škare, Katarina Kostelić, and Katarina Justić Jozičić, Juraj Dobrila University of Pula, Croatia Keywords: fiscalization, game theory, decision-making under risk Abstract The Impact of Discriminating Value-Added Taxes in a Two-Sided Market with Multi-Homing Consumers Øystein Foros, Hans Jarle Kind, and Tim Wyndham, NHH Norwegian School of Economics, Norway Keywords: value added tax, digital media, two-sided markets, multi-homing, incremental pricing Abstract 21 Finance 2 – Accounting Thursday, 2 June 2016 • 14.30–16.00 • Bianca Istriana Session Chair: Darina Saxunová Usefulness of Financial Statements and Annual Reports in the Process of Accounting Fraud Detection Lenka Chorvatovicova and Darina Saxunová, Comenius University, Slovak Republic Keywords: accounting fraud, financial statements misstatement, fraudulent activities, internal control, accounting principles Abstract Is Accounting Neutral to Economy and Society? Vera Palea, University of Torino, Italy Keywords: financial disclosure, European Union, fair value accounting, varieties of capitalism Abstract How Can We Treat Invisible Company’s Assets? Franko Milost, University of Primorska, Slovenia Keywords: accounting, valuation, invisible assets, intangible assets, intellectual capital, human resource accounting Abstract Methodological Aspects of Intellectual Capital Measurement in Public Entities: The County-Level Approach Jan Fazlagić and Robert Skikiewicz, Poznan University of Economics and Business, Poland Keywords: creativity capital, intellectual capital, public administration, public management Abstract The Significance of Measuring Intellectual Capital in the Banking Sector of Montenegro in the Function of Promoting Business Successfulness Ana Lalević Filipović and Nemanja Ðurašković, University of Montenegro, Montenegro Keywords: economics of knowledge, intellectual capital, comparative advantage Abstract 22 Tourism 1 – Tourism Management Thursday, 2 June 2016 • 14.30–16.00 • Taverna Session Chair: Doris Gomezelj Omerzel Network Activities in Tourism Firms: A Cluster Segmentation Approach Doris Gomezelj Omerzel and Tina Bratkovič Kregar, University of Primorska, Slovenia Keywords: tourism industry, networking, cluster analysis Abstract Hiking as Sustainable Tourism: The Possibilities Realization of the Idea on Walking Routes Kajetan Suchecki, University of Economics in Katowice, Poland Keywords: hiking, sustainable tourism, walking routes Abstract Models of Valorisation of Cultural Heritage in Sustainable Tourism Kristina Afrić Rakitovac and Nataša Urošević, Juraj Dobrila University of Pula, Croatia Keywords: sustainable tourism, cultural heritage, cultural economy, Croatia Abstract Influence of Human Capital and Organizational Climate on Business Performance of Travel Agencies Vojko Kaluža and Štefan Bojnec, University of Primorska, Slovenia Keywords: human capital, organizational climate, tourist agencies, business performance Abstract Professions in Tourism: Regulation vs. Deregulation Elizabeta Zirnstein and Valentina Franca, University of Primorska, Slovenia Keywords: regulated professions, professions in tourism, deregulation of professions Abstract 23 MIC 5 – Corporate Governance Thursday, 2 June 2016 • 16.15–17.45 • Ulika Session Chair: Matej Lahovnik Board Structure and Profitability: Case of Croatia, Serbia and Bosnia and Herzegovina Arnela Mustafić, University of Sarajevo, Bosnia and Herzegovina Keywords: corporate governance, supervisory board, management, profitability Abstract Corporate Governance in a Post-Transition Period: From a Success Story to a Failed Case Matej Lahovnik, University of Ljubljana, Slovenia Keywords: corporate governance, transition, Slovenia Abstract Accountability of Managers and Long-term Development of Companies Matjaž Nahtigal, University of Primorska, Slovenia Keywords: ownership structure, legal accountability, transparency of public institutions, short-termism vs. long-termism Abstract The Managerial Accountability in the Slovenian Non-Governmental Organisations Bojan Mevlja, University of Primorska, Slovenia Keywords: management, non-governmental organisations, accountability, mission, effectiveness Abstract Corporate Governance – Quality Issues Danila Djokić, University of Primorska, Slovenia Mojca Duh, University of Maribor, Slovenia Keywords: corporate governance, quality, standardisation, code, corporate governance code, good corporate governance, corporate governance quality Abstract 24 Economics 4 – Economic Growth and Development 1 Thursday, 2 June 2016 • 16.15–17.45 • Bianca Istriana Session Chair: Jacopo Zotti Evidence on Economic Growth and Financial Development in Montenegro Milena Lipovina-Božović and Julija Cerović, University of Montenegro, Montenegro Keywords: economic growth, financial development, principal component analysis Abstract Tax Structure and Economic Growth in Croatia: A VAR Approach Maja Grdinić and Saša Drezgić, University of Rijeka, Croatia Keywords: tax structure, Croatia, VAR analysis, economic growth Abstract The Impact of Government Expenditure on Economic Growth: An Empirical Analysis Thanh-Tuan Chu, Jens Hölscher, and Dermot McCarthy, Bournemouth University, United Kingdom Keywords: growth, government expenditure and GMM technique Abstract Economic Impact of E-Government Development: Evidence from Panel Data Agron Chaushi, Besnik Fetai, and Blerta Abazi Chaushi, South East European University, Macedonia Keywords: e-government, economic development, panel data Abstract Should the EU Economy Become More Circular? Jacopo Zotti, University of Trieste, Italy Keywords: circular economy, material efficiency, qualitative policy assessment Abstract 25 Finance 3 – Financial Environment and Institutions Thursday, 2 June 2016 • 16.15–17.45 • Belica Session Chair: Gyorgy Andor East Asian Financial Cycles: Asian vs. Global Financial Crises Akira Kohsaka, Kwansei Gakuin University, Japan Jun-ichi Shinkai, Osaka University, Japan Keywords: business cycles, Financial Conditions Index (FCI), Asian and Global Financial Crises, Global Financial Crisis, East Asia Abstract Ethical Banks: European Experiences and Croatian Perspectives Dražen Novaković and Dina Liović, J. J. Strossmayer University of Osijek, Croatia Keywords: ethical banks, sustainability, Europe, Croatia, perspectives Abstract Influence of Financial Management Culture on Financial Progress at the Central and Eastern European Firms Gyorgy Andor and Tamas Toth, Budapest University of Technology and Economics, Hungary Keywords: financial culture, financial successfulness, Central and Eastern Europe Abstract Modernized Payment System in Albania and Its Impact on Economic Performance of Banking Sector Urmat Ryskulov and Mei Mahila, Epoka University, Albania Keywords: electronic payment, emerging countries, economic performance, efficiency analysis, data envelopment analysis, stochastic frontier analysis Abstract Money Laundering in Post-Communist Romania Zoltan Zakota, Partium Christian University, Romania Keywords: money laundering, gray economy, fiscal fraud, finances, Romania Abstract The Nexus between the Demand for Life Insurance and Institutional Factors in Europe: New Evidence from a Panel Data Approach Simona Laura Dragos, Codruta Mare, Cristian Mihai Dragos, and Gabriela Mihaela Muresan, Babes Bolyai University of Cluj Napoca, Romania Mihaela Ingrid Dragota, Bucharest University of Economic Studies, Romania Keywords: institutional factors, European countries, life insurance demand, panel data Abstract 26 Tourism 2 – Tourism Marketing Activities Thursday, 2 June 2016 • 16.15–17.45 • Bianchera Session Chair: Zygmunt Wa´ skowski Experience Marketing as an Accelerator of Customer Satisfaction on the Sports Tourism Market Zygmunt Waśkowski, Poznan University of Economics and Business, Poland Keywords: sports tourism, experience marketing, sports events, marathons Abstract Effectiveness of Macedonian Tourism Marketing Policy on Visitors at Tourism Fairs Dejan Galovski, Sofia University St. Kliment Ohridski, Bulgaria Keywords: tourism, tourism fair, marketing, promotion, Macedonia Abstract Music as a Tourist Product – The Management and Marketing Model Ivana Paula Gortan-Carlin, Juraj Dobrila University of Pula, Croatia Aleksandra Krajnović, University of Zadar, Croatia Keywords: cultural tourism, music tourism, marketing management model for cultural tourism, selective forms of tourism, music and tourism Abstract A Marketing Perspective for Skiing in Scotland Chien-Yu Lin, National Chung Hsing University, Taiwan Keywords: management, sustainable growth, abstract Abstract Application of Internal Market Orientation Activities and ISO 9001 Standard in Hotel Corporations as a Precondition of Successful Business Processes Matina Gjurašić and Ivana Škarica, University of Rijeka, Croatia Keywords: business process management, internal market orientation, ISO 9001, hotel Abstract 27 MIC 6 – Education Management 1 Thursday, 2 June 2016 • 17.45–19.00 • Bianca Istriana Session Chair: Alfred Gutschelhofer Universities Facing Global Changes: A Comparison of the Approaches in Higher Education in Austria and Switzerland Robert Rybnicek, Alfred Gutschelhofer, and Katharina Suk, University of Graz, Austria Keywords: management, higher education, university, autonomy, abstract Abstract American Accreditation in Europe: What Does AACSB Bring to European Schools in its 100 Years of Anniversary? Yelena Istileulova, University of Ljubljana, Slovenia Keywords: AACSB, business schools, case study, Central and Eastern Europe, institutional theory Abstract From Bullshit to Mindfucking in Higher Education Igor Rižnar, University of Primorska, Slovenia Keywords: academic discourse, academic writing, bullshit, higher education, pseudo-teaching Abstract Building the Competitiveness of Katowice School of Economics (GWSH) in the Higher Education Sector in Response to Internationalisation and Changes in the Labour Market Krzysztof Szaflarski and Anna Sobczyk-Kolbuch, Katowice School of Economics, Poland Keywords: higher education, building the competitiveness, internationalisation Abstract 28 MIC 7 – Marketing Thursday, 2 June 2016 • 17.45–19.00 • Ulika Session Chair: Armand Faganel Offline and Online Marketing towards Alumni – Case Study: Partium Christian University Hajnalka Kánya, Partium Christian University, Romania Keywords: marketing in higher education, online marketing tools, offline marketing tools, alumni, alumni networks Abstract A Model to Measure the Performance of Direct Marketing Activities in the Chosen Service Company Tjaša Tabaj Pušnar, University of Primorska, Slovenia Keywords: direct marketing, data-mining, logit regression, prediction model, gaming Abstract The Ecological Attitudes amongst Employees in Chosen European Markets and Their Usage as Internal Marketing Tool Anna Sobczyk-Kolbuch, Katowice School of Economics, Poland Keywords: sustainable marketing, internal marketing, ecological attitudes Abstract Food Recovery Awareness Armand Faganel and Aleksander Janeš, University of Primorska, Slovenia Keywords: awareness, food recovery, prevention, communication, media Abstract 29 MIC 8 – Managing Organizations Friday, 3 June 2016 • 8.30–10.30 • Ulika Session Chair: Robert Marciniak Managing Global Changes with Logistics Simplified Aleksander Janeš, Armand Faganel, and Roberto Biloslavo, University of Primorska, Slovenia Keywords: Slovenia, domestic logistic operator, business model, canvas, competence centre, sustainable innovation Abstract Research and Development: Visualization of Pharmaceutical Industry in Eastern Europe Monika Walicka and Wioletta Czemiel-Grzybowska, Bialystok University of Technology, Poland Keywords: management, pharmaceutical industry, R&D Abstract Network Operation of Shared Service Centres in CEE Region Robert Marciniak, University of Miskolc, Hungary Keywords: shared service centre, network, business service, sourcing, hub-and-spoke Abstract Contingency Factors, Manufacturing Practices and Operations Performance: Relationships and Changes Zsolt Matyusz, Corvinus University of Budapest, Hungary Keywords: contingency factors, manufacturing practices, operations performance Abstract Challenges of International Expansion in Central and Eastern Europe László Kóródi, Partium Christian University, Romania Keywords: international management, international expansion, foreign markets, different cultural backgrounds Abstract Neostrategic Outsourcing: A Holistic Consulting Approach Klemen Kavčič, University of Primorska, Slovenia Keywords: management, outsourcing, consulting Abstract 30 MIC 9 – Social Issues in Management Friday, 3 June 2016 • 8.30–10.30 • Bianchera Session Chair: Tihomir Vraneševi´ c Business Ethics: Is It important for Managers or/and Educators? Tihomir Vranešević, University of Zagreb, Croatia Keywords: business ethics, management, education, researches Abstract Corruption and Ethical Behavior in International Management Duško Pavlović, Damir Mladić, and Stipe Buzar, DIU Libetas International University, Croatia Keywords: corruption, ethical behavior, management, international trade, relativism, rules, consequences Abstract The Role of Trust in Cooperative Organizations’ Life Cycle Sigismundo Bialoskorski Neto, University of S¯ ao Paulo, Brazil Reinhard Bachmann, University of London, United Kingdom Keywords: cooperatives, trust, life cycle Abstract Effective Motivation of Multigeneration Teams: Presentation of Own Research Results Anna Wziątek-Staśko, University of Dąbrowa Górnicza, Poland Keywords: management, motivation, employee generation, system, employee age Abstract Men of Their Own Fortunes? Family Background and Occupational Status Attainment in 19th Century Norway Sindre Myhr, Mikko Moilanen, and Stein Østbye, UiT The Arctic University of Norway, Norway Keywords: brother correlation, social mobility, multilevel regression Abstract Aristotelian Difference between Ekonomik¯ e and Hrematistik¯ e Tonči A. Kuzmanić, University of Primorska, Slovenia Keywords: Aristoteles, ekonomik¯ e, hrematistik¯ e, crisis Abstract 31 Finance 4 – Audit and Reporting Friday, 3 June 2016 • 8.30–10.30 • Bianca Istriana Session Chair: Tatjana Horvat The Internal Audit Function and the Quality of Financial Reporting: Empirical Evidence from Montenegro Tanja Laković, Julija Cerović, and Tatjana Stanovčić, University of Montenegro, Montenegro Keywords: internal audit function, audit committee, legal frameworks, the qualitative characteristics of useful financial information, Montenegro Abstract Who is Who on the Audit Services Market in the Republic of Macedonia: Big Four versus Non-Big Four Zorica Bozhinovska Lazarevska and Marina Trpeska, University ‘Ss. Cyril and Methodius,’ Macedonia Maja Stolevska Kostadinova, KPMG DOOEL, Macedonia Keywords: Big Four, audit, transparency report, audit services market Abstract The Influence of Management on Quality of the Annual Report of Public Institution Tatjana Horvat, University of Primorska, Slovenia Sonja Martinčič, Somar Accounting, Slovenia Keywords: annual report, public libraries, management, accounting, auditing Abstract The Impact of Audit Committee on Financial Reporting Quality: A View Based on EU 8th Company Law Directive Ujkan Bajra, University of Ljubljana, Slovenia and University Haxhi Zeka, Kosovo Simon Čadež, University of Ljubljana, Slovenia Keywords: board of directors, audit committee, existence of audit committee, effectiveness, competences, financial reporting quality Abstract Non-financial Reporting in Croatia: Current Trends Analysis and Future Perspectives Adriana Galant, Juraj Dobrila University of Pula, Croatia Keywords: non-financial reporting, CSR, sustainability, Croatia Abstract Integrating Materiality in Sustainability Performance Assessment Raúl León, University of Zaragoza, Spain Idoya Ferrero-Ferrero and María Jesús Muñoz-Torres, University Jaume I, Spain Keywords: sustainability assessment, performance, materiality, reporting Abstract 32 Energy 1 – Energy Markets Friday, 3 June 2016 • 8.30–10.30 • Belica Session Chair: Ivor Cribben Extremal Dependence in Australian Electricity Markets Ivor Cribben, Alberta School of Business, Finance and Statistical Analysis, Canada Stefan Trueck, Macquarie University, Australia Keywords: electricity prices, extremal dependence, extremogram, interconnectors Abstract Drivers of Electricity Prices in Industry and Households in Slovenia, Croatia, Austria and Italy Štefan Bojnec, University of Primorska, Slovenia Drago Papler, Electricity of Gorenjska, Slovenia Keywords: electricity, energy prices, taxes, statistical analysis, regression analysis, Slovenia, Croatia, Austria, Italy Abstract Scenarios of the Oil Industry of Croatia and the Region Radoslav Barišić, Ministry of Regional Development and EU Funds, Croatia Keywords: competitive advantage, oil industry, scenario planning Abstract The Role of Poland in the Regional Projects of Gas Supplies Diversification in Central and Eastern Europe Tomasz Młynarski, Jagiellonian University, Poland Keywords: Poland, gas supply, diversification, Central and Eastern Europe Abstract The Impact of the Liberalization on the Market Structure and Financial Operations of Companies in the Gas Sector in the Republic of Croatia Anto Bajo, Institute of Public Finance, Croatia Marko Primorac, University of Zagreb, Croatia Dijana Jurinec, Institute of Public Finance, Croatia Keywords: market, gas, state, companies, local government units Abstract An Empirical Investigation on the Efficiency of the Energy Market through Technical Trading Cristiana Tudor, Andrei Anghel, and Maria Tudor, Academy of Economic Studies in Bucharest, Romania Keywords: energy market, efficiency, technical analysis, bootstrapping, moving average, data mining, reality check Abstract 33 Poster Session Friday, 3 June 2016 • 8.30–11.00 • Lobby The Continuity, Intensity and Effects of Economic Changes in CEB Member States: Transformation vs. Transition Jarosław Kaczmarek, Cracow University of Economics, Poland Keywords: transformation, transition, structural reform, economic system Abstract The Role of Information and Communication Systems in the Research into Technology Marketing and its Support to Strategic Decision Making Mersad Z. Mujević, The Government of Montenegro, Montenegro Keywords: marketing, information and communication technology, strategy, research, support for decision-making Abstract Personal and Organizational Culture Values at Public Sectors in Latvia Maija Ivanova and Ir¯ ena Kokina, Daugavpils University, Latvia Keywords: organization, organizational culture values, personal employees values Abstract Determinants of Credit Risk in the Banking Sector of Central and Eastern European Countries Irina Bilan and Angela Roman, ‘Alexandru Ioan Cuza’ University of Iasi, Romania Keywords: banks, credit risk, macroeconomic variables, bank specific variables, crisis Abstract Do Medusae Impact Human Welfare? Matevž Malej and Matic Novak, University of Primorska, Slovenia Alenka Malej, National Institute of Biology, Slovenia Keywords: medusae, fishery, human welfare, economic impacts Abstract Impact of Promotion Techniques at Higher Education Institutions: For the Case of the Republic of Macedonia Teuta Veseli-Kurtishi, South East European University, Macedonia Keywords: promotion techniques, strategic marketing, mass media, higher education, students Abstract 34 MIC 10 – Entrepreneurship and Innovation 2 Friday, 3 June 2016 • 12.00–13.30 • Ulika Session Chair: Izabella Steinerowska-Streb Innovation Companies led GDP Growth in Slovenia and Croatia: Granger Causality Approach Violeta Šugar, Juraj Dobrila University of Pula, Croatia Štefan Bojnec, University of Primorska, Slovenia Sergej Gričar, Novo mesto School of Business and Management, Slovenia Keywords: dynamics of entrepreneurship, subsidies, small entrepreneurship Abstract Innovativeness and Manager-Owner Qualifications: A Case of Polish Family Enterprises Izabella Steinerowska-Streb, University of Economics, Poland Keywords: family firms, innovativeness Abstract Antecedents of Innovation Capabilities: A Multi-Dimensional Framework Based on a Systematic Review Saif Maqbool, University of Udine, Italy Guido Bortoluzzi, University of Trieste, Italy Matej Černe, University of Ljubljana, Slovenia Shah Rukh Shakeel, University of Vaasa, Finland Muhammad Rafiq, Superior University, Pakistan Keywords: innovation capabilities, individual level, team/group level, antecedents, systematic review Abstract Managing Global Changes with Innovative Sustainability Aleksander Janeš, Roberto Biloslavo, and Armand Faganel, University of Primorska, Slovenia Keywords: aquaculture, business model, canvas, co-natural processes, sustainable innovation, co-branding Abstract Motives and Barriers to Innovative Food Products Consumption by Polish and Ukrainian Consumers Anna Jasiulewicz and Marzena Lemanowicz, Warsaw University of Life Sciences, Poland Keywords: innovations, innovativeness, consumer, motives, barriers Abstract 35 MIC 11 – Organization Strategies Friday, 3 June 2016 • 12.00–13.30 • Belica Session Chair: Yulia Sleptsova Feedback Channel Design for Implementation of Strategic Solutions Roman Kachalov and Yulia Sleptsova, Central Economics and Mathematics Institute of RAS, Russia Keywords: strategic solutions, feedback channel, fuzzy set information Abstract The Subsidiary Strategic Role: Determinants and Evolution Drivers Marlena Dzikowska, Poznań University of Economics, Poland Keywords: subsidiary role, subsidiary strategic role, subsidiary role drivers, subsidiary role evolution, MNE Abstract Supply Chain Strategy Implementation Ilkka Sillanpää, University of Vaasa, Finland Keywords: strategic management, strategy implementation, supply chain management, supplier development Abstract Strategic Implications of Big Data: A Comprehensive View Christian Bischof, Magdalena Gabriel, Birgit Rabel, and Daniela Wilfinger, FH Joanneum – University of Applied Sciences, Austria Keywords: Big Data, strategic implications, digital business models, critical success factors Abstract From Click-and-Mortar to Clicks-and-Bricks: Challenges of Business Transformation Management Florin Ioni¸t˘ a and Darko Shuleski, Bucharest University for Economic Studies, Romania Ana Maria Cristina, SC Miniprix SRL Bucharest, Romania Keywords: business transformation management, omni-channel, clicks-and-bricks, change management Abstract 36 Economics 5 – Economic Growth and Development 2 Friday, 3 June 2016 • 12.00–13.30 • Bianca Istriana Session Chair: Emre Özçelik Relations between Income Inequality and Economic Growth: A Review of Selected European Economies Nemanja Lojanica, University of Kragujevac, Serbia Keywords: economic inequality, economic growth, developing countries, developed countries, regression analysis Abstract Inequality Problems in Middle-Income Countries: The Case of Hungary Gyorgy Andor, Budapest University of Technology and Economics, Hungary Keywords: inequality, economic growth, middle-income countries Abstract Re-Mapping the Middle-Income Trap vis-à-vis Premature Deindustrialization Özgü Evirgen, Central Bank of the Republic of Turkey, Turkey Emre Özçelik, Middle East Technical University, Turkish Republic of Northern Cyprus Keywords: middle-income trap, governance, institutions, premature deindustrialization Abstract Drivers of Poverty in Slovenian Statistical Regions Maja Trošt and Štefan Bojnec, University of Primorska, Slovenia Keywords: poverty, regional development, at-risk-of-poverty, probit model, Slovenia Abstract The Role of Institutions as a Part of the Knowledge Economy in the Western Balkan Countries Shenaj Hadzimustafa, Gadaf Rexhepi, and Sadudin Ibraimi, South East European University, Macedonia Keywords: knowledge based economy, knowledge economy index, institutions, good governance Abstract 37 Finance 5 – Monetary Policy Friday, 3 June 2016 • 12.00–13.30 • Taverna Session Chair: Grzegorz Tchorek Currency Option Trading Strategies as an Alternative to Central Bank Spot Market Interventions Helena Glebocki Keefe, Fairfield University, USA Erick Rengifo, Fordham University, USA Keywords: exchange rates, currency market intervention, currency options, international finance Abstract The Comovement between Exchange Rates and Interest Rates in a Time-Frequency Framework: An Eastern European Case Iulian Ihnatov, Alin Marius Andrie, and Bogdan C˘ apraru, Alexandru Ioan Cuza University of Iasi, Romania Aviral Kumar Tiwari, IBS Hyderabad, IFHE University, India Keywords: interest rates, exchange rates, monetary policy, phase difference, cross wavelets, wavelet coherence Abstract Stability of the SDR Basket with Chinese Renminbi Mária Bohdalová and Michal Greguš, Comenius University in Bratislava, Slovakia Keywords: quantile regression, copula, GARCH model Abstract Reserve Bank of Australia Monetary Policy: Real-Time Rules Matter David Kemme, University of Memphis, USA Gennady Lyakir, Fashion Institute of Technology, USA Keywords: inflation forecasts, output gap, monetary policy, real-time data, Taylor rule Abstract Polish Exchange Rate Policy Dilemmas in ERM II Grzegorz Tchorek, National Bank of Poland, Poland Keywords: nominal convergence, Maastricht convergence criteria, ERM II, exchange rate policy Abstract 38 Finance 6 – Financial Markets and Institutions Friday, 3 June 2016 • 12.00–13.30 • Bianchera Session Chair: Hani El-Chaarani Is there Momentum in Stock Market Anomalies? Evidence from Emerging Markets Adam Zaremba, Poznan University of Economics and Business, Poland Keywords: momentum, stock market anomalies, performance persistence, investor learning, emerging markets, Poland, market efficiency, return predictability Abstract Networks of Volatility Spillovers among Stock Markets Eduard Baumöhl, University of Economics in Bratislava, Slovakia Evžen Kočenda, Charles University in Prague, Czech Republic Štefan Lyócsa and Tomáš Výrost, University of Economics in Bratislava, Slovakia Keywords: volatility, shock transmission, granger causality network, spatial regression Abstract Exploring the Impact of Emotional Intelligence on Portfolio Performance: An International Exploratory Study Hani El-Chaarani, Beirut Arab University, Lebanon Keywords: emotional intelligence, financial markets, market fluctuations, portfolio performance, emotional processing Abstract Behavioural Portfolio Choices Based on a Set-Valued Scenario Approach Massimiliano Kaucic and Robero Daris, University of Trieste, Italy Keywords: cumulative prospect theory, portfolio selection, interval-valued function, multi-objective programming Abstract 39 MIC 12 – Education Management 2 Friday, 3 June 2016 • 14.30–16.00 • Ulika Session Chair: Violeta Šugar The Development Trends of Management of the Institutions of Vocational Music Education in Latvia Vita Sti˙ ge-Škuškovnika, Turiba University, Latvia Jel¸ena Davidova, Daugavpils University, Latvia Keywords: vocational music education, management, school leadership, leader Abstract Education, Emigration and Political Dissatisfaction Z. Eylem Gevrek, Pinar Kunt, and Heinrich W. Ursprung University of Konstanz, Germany Keywords: education, migration, well-being Abstract Key Determinants in the Relationship between Young Researchers and Their Mentors Ana Arzenšek and Katarina Košmrlj, University of Primorska, Slovenia Keywords: relationship, young researchers, mentors, developing skills Abstract Comparative Analysis of Financial Literacy in EU Countries Nada Trunk Širca, University of Primorska, Slovenia Sergeja Kočar, Nova ljubljanska banka, Slovenia Aleš Trunk, International School for Social and Business Studies, Slovenia Keywords: financial literacy, public expenditure on education, EU, education, training Abstract Can Balanced Scorecard Implementation Improve Quality Performance Measurement? The University Perspective Violeta Šugar, Juraj Dobrila University, Croatia Tatiana Zanini Gavranić, Sol Melia Hrvatska d.o.o., Croatia Keywords: BSC, quality, strategic map, higher education Abstract 40 MIC 13 – Environment Management and Sustainability Friday, 3 June 2016 • 14.30–16.00 • Taverna Session Chair: Greys Soši´ c Allocation of Greenhouse Gas Emissions in Supply Chains Greys Sošić and Hailong Cui, University of Southern California, USA Sanjith Gopalakrishnan, Daniel Granot, and Frieda Granot, University of British Columbia, Canada Keywords: environmental sustainability, greenhouse gases, supply chains Abstract Waste Management and Financial Performance: Evidence from Italian Companies Francesca Bartolacci, Antonella Paolini, and Michela Soverchia, University of Macerata, Italy Keywords: municipal solid waste management, financial performance, Italian companies Abstract The Five Pillars of Sustainability: Economic, Social, Environmental, Cultural and Security Aspects Mitja Bervar, National Council of the Republic of Slovenia, Slovenia Andrej Bertoncelj, University of Primorska, Slovenia Keywords: sustainability, five pillars of sustainable development, Slovenia, abstract Abstract Quality of Environmental Reporting and Environmental Performance Index: Do They Correlate? Sonja Fink Babič, Roberto Biloslavo, and Borut Kodrič, University of Primorska, Faculty of Management, Slovenia Keywords: environmental reporting, environmental performance, Environmental Performance Index, processing industry Abstract 41 Economics 6 – Transition Challenges Friday, 3 June 2016 • 14.30–16.00 • Belica Session Chair: Fernanda A. Ferreira Partial Privatization and Government Preference Fernanda A. Ferreira and Flávio Ferreira, Polytechnic Institute of Porto, ESEIG, Portugal Keywords: industrial organization, game theory, partial privatization Abstract Privatization and Optimum-Welfare in an International Cournot Duopoly Fernanda A. Ferreira and Flávio Ferreira, Polytechnic Institute of Porto, ESEIG, Portugal Keywords: industrial organization, game theory, privatization Abstract Modelling Corporate Sustainability in Transition Economy Nastja Tomšič and Štefan Bojnec, University of Primorska, Slovenia Keywords: corporate sustainability, economic performance, enterprise networks, internationalization process Abstract Trade Liberalization and Firm Internal Restructuring: The Case of Transition Countries Maria Litvinova, University of Trento, Italy Keywords: flattening, firm restructuring, trade openness Abstract Trust in Institutions and Willingness to Pay Taxes in Transition Countries John E. Anderson, University of Nebraska-Lincoln, USA Keywords: institutions, trust in government, transition economies, willingness to pay taxes, redistribution Abstract 42 Finance 7 – Financial Risks Friday, 3 June 2016 • 14.30–16.00 • Bianca Istriana Session Chair: Clara Raposo Bank’s Risk Indicators – How Can They Identify Unhealthy Banks? Vitor Oliveira and Clara Raposo, Lisbon School of Economics and Management, Portugal Keywords: risk, banks, banking problems, micro-prudential analysis, macro-prudential analysis, early warning indicators Abstract Profitability and Financial Risk of the Romagna Companies: A Firm Partition/Stratification via Cluster Analysis Anna Grazia Quaranta and Stefania Vignini, University of Bologna, Italy Keywords: profitability, financial risk, cluster analysis Abstract Increased Variability of Market Conditions and using Exotic Options in More Efficient Risk Management Ewa Dziawgo, Nicolaus Copernicus University in Torun, Poland Keywords: risk management, financial instruments, option Abstract Risk-Return Efficiency and Risk Determinants of the European Banks Marko Košak, University of Ljubljana, Slovenia Bashkim Nurboja, University Haxhi Zeka, Kosovo Keywords: banking efficiency, risk, emerging markets, European countries Abstract 43 Energy 2 – Renewable Energy Friday, 3 June 2016 • 14.30–16.00 • Bianchera Session Chair: Madhusudana N. Rao Sustainability and Rural Development from Small Hydro Power (SHP) in Himachal Pradesh, India Madhusudana N. Rao and Martin Grossman, Bridgewater State University, USA Keywords: sustainability, rural development, small hydro power, Himachal Pradesh, renewable energy Abstract Determinants of Household Consumers’ Intention to use Alternative Energy Systems for Power Generation in Pakistan Shamsa Naz, COMSATS Institute of Information Technology, Pakistan Shah Rukh Shakeel and Saleem ur Rahman, University of Vaasa, Finland Keywords: consumers, alternative energy generation, intention to use, renewable energy, Pakistan Abstract Key Regulatory Aspects and Challenges of the Renewable Energy Development Projects in Hungary András Herczeg, Corvinus University of Budapest, Hungary Máté Tóth, Faludi Wolf Theiss, Hungary Keywords: deficiencies, de lege lata, de lege ferenda, electricity, renewables Abstract 44 Index Abazi Chaushi, Blerta, 25 Chorvatovicova, Lenka, 22 Abdul Malek, Nurul Aida, 15 Chu, Thanh-Tuan, 25 Afrić Rakitovac, Kristina, 23 Cribben, Ivor, 33 Alfirević, Nikša, 14 Cristina, Ana Maria, 36 Alpeza, Mirela, 14 Cui, Hailong, 41 Anderson, John E., 42 Čuić Tanković, Ana, 14 Andor, Gyorgy, 26, 37 Czemiel-Grzybowska, Wioletta, 30 Anghel, Andrei, 33 Daris, Robero, 39 Anić, Aleksandra, 16 Davidova, Jel¸ena, 40 Arzenšek, Ana, 40 Dermol, Valerij, 13 Bajo, Anto, 33 Dervić, Šemsudin, 19 Bajra, Ujkan, 32 Dibooglu, Sel, 7 Balcilar, Mehmet, 7 Dierk, Udo, 7 Barišić, Radoslav, 33 Djokić, Danila, 24 Bartolacci, Francesca, 41 Drábek Zdeněk, 5 Bateman, Milford, 5, 11 Drábek, Zdeněk, 10 Baumöhl, Eduard, 39 Dragos, Cristian Mihai, 26 Bavec, Cene, 7 Dragos, Simona Laura, 26 Bertoncelj, Andrej, 41 Dragota, Mihaela Ingrid, 26 Bervar, Mitja, 41 Drezgić, Saša, 25 Bhaumik, Sumon, 7 Duh, Mojca, 24 Bialoskorski Neto, Sigismundo, 31 Ðurašković, Nemanja, 22 Bilan, Irina, 34 Dziawgo, Ewa, 43 Biloslavo, Roberto, 30, 35, 41 Dzikowska, Marlena, 36 Bischof, Christian, 36 Égert, Balázs, 7 Bizjak, Rian, 8 Ekmen Özçelik, Seda, 17 Bl˘ aju, Lucia Petronela, 17 El-Chaarani, Hani, 39 Blažević, Sanja, 16 Evirgen, Özgü, 37 Bobanović, Mieta, 14 Faganel, Armand, 29, 30, 35 Bohdalová, Mária, 38 Fantazzini, Dean, 5, 7, 13 Bojnec, Štefan, 7, 13, 15, 17, 23, 33, Fazlagić, Jan, 22 35, 37, 42 Ferjančič, Staša, 8 Bortoluzzi, Guido, 35 Ferreira, Fernanda A., 42 Bozhinovska Lazarevska, Zorica, 32 Ferreira, Flávio, 42 Brada, Josef, 7 Ferrero-Ferrero, Idoya, 32 Bratkovič Kregar, Tina, 23 Fert˝ o, Imre, 7, 17 Brzeszczyński, Janusz, 7 Fetai, Besnik, 21, 25 Buzar, Stipe, 31 Fink Babič, Sonja, 41 C˘ apraru, Bogdan, 38 Fink, Claudia, 18 Čadež, Simon, 32 Florian, Gyula, 20 Černe, Ksenija, 7 Foros, Øystein, 21 Černe, Matej, 35 Franca, Valentina, 23 Cerović, Julija, 25, 32 Gabriel, Magdalena, 36 Chaushi, Agron, 21, 25 Galant, Adriana, 32 Chong, Eddy Siong-Choy, 7 Galovski, Dejan, 27 45 Gangl, Teresa, 20 Kljajić, Sabina, 19 Gevrek, Z. Eylem, 40 Kljajić-Dervić, Mirela, 19 Gjurašić, Matina, 27 Košmrlj, Katarina, 40 Glebocki Keefe, Helena, 38 Kočar, Sergeja, 40 Golovnin, Mikhail, 7 Kočenda, Evžen, 7, 39 Gomezelj Omerzel, Doris, 7, 23 Kodrič, Borut, 41 Gonan Božac, Marli, 14 Kohsaka, Akira, 26 Gopalakrishnan, Sanjith, 41 Kokina, Ir¯ ena, 34 Gortan-Carlin, Ivana Paula, 27 Kóródi, László, 30 Granot, Daniel, 41 Kos Koklič, Mateja, 20 Granot, Frieda, 41 Košak, Marko, 43 Grdinić, Maja, 25 Kostelić, Katarina, 21 Gregori, Tullio, 17 Kostić-Bobanović, Moira, 14 Greguš, Michal, 38 Kostilainen, Harri, 14 Gričar, Sergej, 35 Krajnović, Aleksandra, 27 Grossman, Martin, 44 Kras, Eva, 7 Gulev, Rune Ellemose, 7 Križman Pavlović, Danijela, 5, 7, 13 Gutschelhofer, Alfred, 28 Krstić, Gorana, 16 Ha-Vikström, Thanh, 19 Kuboniwa, Masaaki, 7 Habil Katits, Etelka, 18 Kumar Tiwari, Aviral, 38 Hadzimustafa, Shenaj, 37 Kunt, Pinar, 40 Häyhtiö, Markus, 15 Kutan, Ali, 7, 13 Herczeg, András, 44 Kuzmanić, Tonči A., 31 Hölscher, Jens, 25 Lacmanović, Sabina, 16 Horváth, Roman, 7 Lahovnik, Matej, 24 Horvat, Tatjana, 32 Laković, Tanja, 32 Ibraimi, Sadudin, 37 Lalević Filipović, Ana, 22 Ihnatov, Iulian, 38 Laporšek, Suzana, 6, 7, 13, 16, 18 Ioni¸t˘ a, Florin, 36 Laz˘ ar, Sebastian, 18 Istileulova, Yelena, 28 Lehtonen, Juha-Matti, 15 Istrate, Costel, 18 Lemanowicz, Marzena, 35 Ivanova, Maija, 34 León, Raúl, 7, 32 Jakubik, Maria, 15 Lin, Chien-Yu, 27 Janeš, Aleksander, 29, 30, 35 Liović, Dina, 26 Jasiulewicz, Anna, 35 Lipovina-Božović, Milena, 25 Ježovnik, Alen, 8 Litvinova, Maria, 42 Jurinec, Dijana, 33 Lojanica, Nemanja, 37 Justić Jozičić, Katarina, 16, 21 Lucke, Bernd, 17 Kachalov, Roman, 36 Lyakir, Gennady, 38 Kaczmarek, Jarosław, 34 Lyócsa, Štefan, 39 Kaluža, Vojko, 23 Mahila, Mei, 26 Kameník, Martin, 21 Malej, Alenka, 34 Kánya, Hajnalka, 29 Malej, Matevž, 34 Kaucic, Massimiliano, 39 Maqbool, Saif, 35 Kavčič, Klemen, 30 Marciniak, Robert, 30 Kemme, David, 38 Mare, Codruta, 26 Kess, Pekka, 7 Marius Andrie, Alin, 38 Kind, Hans Jarle, 21 Markovič, Peter, 18 46 Martinčič, Sonja, 32 Rao, Madhusudana N., 44 Maseci, Hakki, 15 Raposo, Clara, 43 Matyusz, Zsolt, 30 Rengifo, Erick, 38 McCarthy, Dermot, 25 Rexhepi, Gadaf, 37 McKinney, Joseph A., 17 Rižnar, Igor, 28 Mevlja, Bojan, 24 Roman, Angela, 34 Mezulić Juric, Petra, 14 Rukh Shakeel, Shah, 44 Milost, Franko, 22 Ruščáková, Anna, 21 Mladić, Damir, 31 Ruzzier, Mitja, 7 Młynarski, Tomasz, 33 Rybnicek, Robert, 28 Moilanen, Mikko, 31 Ryskulov, Urmat, 26 Muñoz-Torres, María Jesús, 32 Saxunová, Darina, 18, 22 Mujević, Mersad Z., 34 Scarlat, Cezar, 7 Muradoglu, Gulnur, 7 Sciulli, Dario, 16 Muresan, Gabriela Mihaela, 26 Semančíková, Jozefína, 21 Mussida, Chiara, 16 Shahzad, Khuram, 15 Mustafić, Arnela, 24 Shakeel, Shah Rukh, 35 Myhr, Sindre, 31 Shieh, Yao Y., 7 Nahtigal, Matjaž, 24 Shinkai, Jun-ichi, 26 Naz, Shamsa, 44 Shuleski, Darko, 36 Novak, Maja, 14 Signorelli, Marcello, 7, 16 Novak, Matic, 16, 34 Sillanpää, Ilkka, 36 Novaković, Dražen, 26 Simsa, Ruth, 19 Nurboja, Bashkim, 43 Singer, Slavica, 14 Oliveira, Vitor, 43 Sinković, Dean, 7 Omazić, Miroslav Ante, 5 Sivusuo, Jaakko, 15 Orlowski, Lucjan, 7 Škare, Marinko, 5, 7, 13, 16, 21 Østbye, Stein, 31 Škarica, Ivana, 27 Özçelik, Emre, 37 Skikiewicz, Robert, 22 Palea, Vera, 22 Sleptsova, Yulia, 36 Paolini, Antonella, 41 Smorada, Marián, 18 Papler, Drago, 33 Sobczyk-Kolbuch, Anna, 28, 29 Paret, Anne Charlotte, 21 Sošić, Greys, 13, 41 Pättiniemi, Pekka, 14 Soverchia, Michela, 41 Paulišić, Jurica, 14 Šrenkel, L’udovít, 18 Paulišić, Morena, 14 Stanovčić, Tatjana, 32 Pavičić, Jurica, 14 Steinerowska-Streb, Izabella, 35 Pavlović, Duško, 31 Sti˙ ge-Škuškovnika, Vita, 40 Perkov, Alida, 14 Stopar Metelko, Jelka, 20 Petković, Saša, 14 Štrancar, Ksenija, 8 Phusavat, Kongkiti, 7 Stubelj, Igor, 18 Pofuk, Tin, 8 Suchecki, Kajetan, 23 Polterovich, Victor, 7 Šugar, Violeta, 35, 40 Pregarac, Marijana, 8 Suk, Katharina, 28 Primorac, Marko, 33 Szaflarski, Krzysztof, 28 Quaranta, Anna Grazia, 43 Szarková, Rita, 18 Rabel, Birgit, 36 Tabaj Pušnar, Tjaša, 29 Rafiq, Muhammad, 35 Takala, Josu, 5, 7, 13, 15, 19 47 Tamer, Jana, 17 Tchorek, Grzegorz, 38 Tijanić, Lela, 7, 16 Tipurić, Darko, 5 Tomšič, Nastja, 42 Tóth, Máté, 44 Toth, Tamas, 26 Totter, Marion, 19 Trošt, Maja, 8, 37 Trpeska, Marina, 32 Trueck, Stefan, 33 Trunk Širca, Nada, 13, 40 Trunk, Aleš, 40 Tudor, Cristiana, 33 Tudor, Maria, 33 Überwimmer, Margarethe, 20 ur Rahman, Saleem, 44 Urošević, Nataša, 23 Ursprung, Heinrich W., 40 Veres, Edit, 14 Veseli-Kurtishi, Teuta, 34 Vignini, Stefania, 43 Vranešević, Tihomir, 31 Vukšić, Goran, 7 Výrost, Tomáš, 39 Walicka, Monika, 30 Waśkowski, Zygmunt, 27 Whatley, Art, 8 Wilfinger, Daniela, 36 William Soltwisch, Brandon, 19 Wolf Theiss, Faludi, 44 Wyndham, Tim, 21 Wziątek-Staśko, Anna, 31 Yamazaki, Kiyohiro, 15 Zakota, Zoltan, 26 Zanini Gavranić, Tatiana, 40 Zaremba, Adam, 39 Zenzerović, Robert, 8 Zirnstein, Elizabeta, 23 Zotti, Jacopo, 17, 25 48 49 50 51 Management International Conference ISSN 1854-4312 | www.mic.fm-kp.si University of Primorska Press www.hippocampus.si Document Outline MIC 2016 Contents Conference Organizers Welcome Address by the Organizers Conference Aims and Subject Areas Programme Boards Conference Programme Keynote Speakers Doctoral Students' Workshop Editors' Panel MIC 1 – Entrepreneurship and Innovation 1 MIC 2 – Competitive Advantage and Organizational Performance Economics 1 – Labour Economics Economics 2 – International Economics and Trade Finance 1 – Financial Operation MIC 3 – Leadership and Organizational Culture MIC 4 – Marketing and Customer Experience Economics 3 – Fiscal Policy Finance 2 – Accounting Tourism 1 – Tourism Management MIC 5 – Corporate Governance Economics 4 – Economic Growth and Development 1 Finance 3 – Financial Environment and Institutions Tourism 2 – Tourism Marketing Activities MIC 6 – Education Management 1 MIC 7 – Marketing MIC 8 – Managing Organizations MIC 9 – Social Issues in Management Finance 4 – Audit and Reporting Energy 1 – Energy Markets Poster Session MIC 10 – Entrepreneurship and Innovation 2 MIC 11 – Organization Strategies Economics 5 – Economic Growth and Development 2 Finance 5 – Monetary Policy Finance 6 – Financial Markets and Institutions MIC 12 – Education Management 2 MIC 13 – Environment Management and Sustainability Economics 6 – Transition Challenges Finance 7 – Financial Risks Energy 2 – Renewable Energy Index