This paper highlights the importance of work motivation. It is obvious that universal applicability across cultures of any motivational approach is dangerous. Effective transnational managers must look beyond the theory, personal background, biases, values, and belief systems while introducing the work and cultural environments as employees perceive and interpret it. A close examination of culture, norms, and rituals in a society should be the first step taken by a transnational manager who wants to practice management with a global mind-set.

Doc. Dr Nevena Krasulja,  M.Sc. Ivana Radojević (rođ. Gujanica)

Considering the fact that many of the countries are going through a transitional period, the drivers of development should be small and medium enterprises. In this paper an analysis of the meaning of SME’s will be performed in a way to show the huge contribution of SME’s for overcoming the causes of transition and recovering the competition, entrepreneurship and increasing the economy efficiency. The elaboration of perspectives and advantages of small and medium enterprises is given at the end.

Miroslav Gveroski, Aneta Risteska, Stevčo Dimeski

Apstract. How the university leaders see the reality in the university; to establish the university leader capabilityto establish the solution for university development; how the university leader could energize, mobilize people(staff) to fight with the reality, to implement his solution.

Prior work. The concepts of leader and leadership are used in other organizations in Romania and in the world;for increasing the competitiveness of the universities from Romania, the concepts of leader and leadership shouldbe transferred and implemented in universities from Romania; the managers of universities from Romania tomake performance / quality, to turn into leaders should be another policy of recruitment, selection and trainingthem.

Approach. The main methods employeed used: questionnaires, structured interview, literature research, own experience.

Results. The result of research show us: the ability of management to recognize the problems facing nowadays;the solutions they discern for raising quality in higher education; the possibilities of mobilization / training by theuniversity management staff of universities to implement the proposed solutions.

Implication. The paper will help university staff and the politician: to change their attitude related to the leadershipin the Romanian university; to offer some principales, methods procedures, technique to be use for a bettermanagement in the Romanian University development, to choose the right leaders for Romanian University.

Value. The characterization of the leaders in Romanian higher education where does not exist research in the aria.

C. Rusu

Data Envelopment Analysis (DEA) is a relatively new nonparametric approach for evaluating the performance of complex entities called Decision Making Units (DMUs) which convert multiple inputs into multiple outputs. In a relatively short period of time Data Envelopment Analysis (DEA) has grown into a powerful, quantitative, analytical tool for measuring efficiency of decision making units. DEA has been successfully applied in many different fields in worldwide. This paper provides introduction to DEA and describes the application of Data Envelopment Analysis in education.

Violeta Cvetkoska

External value measures are the favorite tools of modern investors and managers to assess current and prospective company’s ability to achieve the goal of maximizing shareholder value. They provide a market assessment of intrinsic value of a company, and management’s performance and strategy. The aim of this paper is to examine the applicability of some external value measures for assessing the success of management to create shareholder value. The paper points out that managers can only partially affect the market share price, hence the amount of these measures. Therefore, a particular problem is to determine the part of shareholder value, which was created thanks to management of a company.

Milan Čupić

All economies generate or exploit new technology and knowledge, but some are more intense in this process than others. High technologies are very important for this study, as they provide firms with competitive advantage by changing the key success components. High technology economies are the primary source for generating money in contrast to the economies dependent upon resources, labor and capital, which have been dominant during the last century. The significance of certain countries that have made a great technological impact, which was made possible due to their continual investments in science and technology and R&D were also shown in the study. The OECD acknowledges four groups technologies as competitive advantages in the field of advanced technology (low, medium-low, medium-high and high technology), in respect to their R&D intensity.

Mr Aleksandra Tošović-Stevanović

Modern business conditions demand a new kind of approach in process management areas and development of competition. Changes in market area produce a direct impact upon the way of thinking that is related to the company management so that generation and conservation of advantageous position over competition must be a result of a constant periodic process. The basic elements of advantage over competition are the dominance in expertise and in assets. A continual improvement of efficiency of knowledge and work efficiency is a basic imperative of modern economy and the most significant factor in the competitive activity of a company in world market, where the key players are Corporations. This knowledge needs to be built in business policy of every business organization. Assets dominion is a tangible advantage that is acieved by investing into automated processes, computerized and robotized production means, trade marks, and production quantity. By recognition of its values and by investing in these items, the company takes a new position as regards the consumers. Technological sciences, as multi disciplinary scientific areas, have to develop new kinds of knowledge in designing new products and processes, including complex systems and methods for protection of living environment. Ecology, technology and environment protection, with successful interaction, should point toward a possibility of further improvement of living quality.

Ružica Milovanović

Given the current economical crisis, surviving seems to be first thing for many manufacturers. Too often their policies are limited to drastic cost cutting activities, without a clear vision how to thrive to operations excellence. Nevertheless, aligning the business and manufacturing processes, the organization and the supporting tools is the core of the strategy and activities of the surviving manufacturers, successfully thriving for operations excellence. This paper has been presented at the SPIN09 conference in Belgrade on November 5, 2009

Jan Snoeij

The issue discussed is bond yields and yields variations on bonds in Montenegro. Specifically, we consider the frozen foreign currency savings bonds (FFCS bonds) and bonds issued to compensate the insured through the State-operated pension and disability insurance system (PandD bonds). Both classes of bonds are issued by the Central Government. Both are zero-coupon bonds, and mature in tranches: FFCS bonds mature annually, from 2004-2017 (as by tickers: OB04-OB17), while PiO bonds mature semiannually, from 2008-2011 (as by tickers: P08P, P09P, P09D, P10P, P10D, P11P). The former are issued to compensate natural persons whose foreign currency deposits became frozen, amid the collapse of the banking system during 1990’s (at the time State-owned), while the latter are issued to compensate for the controversial adjustment of pensions and other remunerations during the July 2002 - December 2003 period. The aforementioned bond classes are considered for various reasons, the most important being their highest trading volume among all the bonds. In addition, let us mention that after the new capital markets had been established in Montenegro, only one corporate bond issue was achieved.

dr Vladimir Kašćelan, mr Borko Božović

In this paper we analyze the motivating factors for the company management using the questionnaires. We apply the cluster analysis to divide the employees into similarly motivated and oriented groups. The resulting information concerning motivational factors can be later utilized in creation of a company motivational program..

Miloš Hitka, Mária Sirotiaková

The research within this work is aimed at determining the effects of allocating larger funds for university education upon the development of companies. The corporate development can be based on the rise in the number of employees who are studying for the doctoral degree and attend the courses in permanent training and education. The analysis of the transmission mechanism of alternative measures of fiscal policy used to increase the funds allocated for the university education will help establish whether the larger funds allocated for the university education can be justified.

Mihajlo Babin

This paper analyzes the relationship between the degree of implementation of the different quality management (QM) practices, knowledge transfers and firm’s performance. The proposed model and the hypotheses were tested on a sample of 102 managers from 34 Serbian firms. The analysis of obtained results was conducted using Structural Equation Modelling (SEM). The results confirm the importance of the teamwork and process control as QM practices on internal knowledge transfers and strong positive correlation between internal knowledge transfers and firm’s performance.

Dragan Manasijević, Živan Živković, Ivan Mihajlović