rss_2.0Foundations of Management FeedSciendo RSS Feed for Foundations of Management of Management Feed Role of Integration Between Target Costing and Time-Driven Activity-Based Budgeting Techniques in Managing Time and Cost and its Reflection in Achieving Competitive Advantage<abstract> <title style='display:none'>Abstract</title> <p>Traditional cost systems are no longer able to provide the appropriate information in line with the developments and changes of the contemporary and competitive business environments. However, with a vibrant change in the functioning of businesses today, such cost system features have also been replaced to meet the dynamic business environments. If these two techniques are applied in coalition, it is possible for the economic units to manage their time and costs easily, which acts as a competitive advantage for those units. The current research study aims at studying the complementary relationships of these two techniques by applying them in one of the laboratories of General Company for Textile Industries in Hilla, which represents the men’s clothing factory in Najaf. Based on the analytical results, the researchers arrived at several conclusions, while the most important conclusion was the identification of the absence of features to apply the target costing and time-driven activity-based budgeting techniques. The most important recommendation made to the men’s clothing factory in Najaf is the need to pay adequate attention for the application of two techniques to achieve their goals.</p> </abstract>ARTICLEtrue Information in New Investment: Evidence in Indonesia<abstract> <title style='display:none'>Abstract</title> <p>Intra-industry sectors are producers of asymmetric information, which in turn has an impact on capital structure decisions. The purpose of this study was to determine (1) differences in debt-equity ratio, growth opportunities, firm age, and firm size as firm characteristics and (2) differences in the effect of growth opportunities, firm age, and firm size on the debt-equity ratio between manufacturing and nonmanufacturing firms. We collected 3,063 observation units consisting of 2,628 manufacturing sectors and 435 non-manufacturing sectors in the Indonesia Stock Exchange (IDX) and trimmed the data to eliminate the top and bottom 20%. Manufacturing firms are older and more stable, using their profitability to increase information disclosure. Although they produce lower asymmetric information, they do not prefer external financing as an effort to reduce intervention. In contrast, non-manufacturing firms have less tangible assets as a proportion of their total assets than manufacturing firms and therefore produce less asymmetric information of intrinsic value (tangible assets). As a result, manufacturing firms prefer debt issues over equity issues when financing new investments.</p> </abstract>ARTICLEtrue Leadership and Employee Job Satisfaction: The Mediating Effects of Psychological Empowerment and Work Engagement<abstract> <title style='display:none'>Abstract</title> <p>The study examines the relationship between participative leadership (PAL) and employee job satisfaction in small, medium and micro enterprises (SMMEs). In addition, the study investigates whether psychological empowerment and work engagement can mediate the relationship between PAL and job satisfaction. The quantitative research design is adopted for the study and the cross-sectional survey method is used for data collection. The hypotheses of the study are tested using the partial least square structural equation modelling (PLS SEM). The results of the empirical study indicate that PAL is positively related to job satisfaction. The mediating effects of psychological empowerment and work engagement are significant. Theoretically, the study develops a unique model that shows that both psychological empowerment and work engagement are mechanisms through which PAL can affect job satisfaction. Practically, the study recommends that owners/managers of small firms should attend training on leadership.</p> </abstract>ARTICLEtrue the Long-Run Abnormal Performance of Jordanian IPOs: An Event Study Approach<abstract> <title style='display:none'>Abstract</title> <p>This paper examines and reviews the fundamental challenges that academicians face when using the event study methodology to assess the long-term consequences of financial events on the economy and to describe market reactions. Numerous studies have demonstrated that businesses can experience abnormal returns from 1 to 5 years after major financial events. Also, this paper investigates the long-run price performance of initial public offerings (IPOs) in Amman Stock Exchange (ASE). The sample period expands from 2018 to 2022. Various findings are obtained by employing several analytical methods. First, long-run price performance of IPOs is negative, and a strong evidence shows that the long-run performance is sensitive to the benchmark employed. To assess the long-term performance of IPOs, I used both cumulative abnormal returns (CAR) and buy-and-hold abnormal returns (BHAR) as aggregated models. I explained the methodology which is adopted in this study in detail for the event–time approach. However, I used the crucial values for the skewness-adjusted t-statistic to infer statistical tests. Even though BHAR provided weaker results, all methods indicated negative long-run abnormal returns for IPOs. Yet this performance varied when comparing the performance utilizing ASEI, Fama–French three-factor (FF3F), and matching firm (MF) as benchmarks.</p> </abstract>ARTICLEtrue Process Automation (RPA) – Bibliometric Analysis and Literature Review<abstract> <title style='display:none'>Abstract</title> <p>This article aims to identify the main approach to robotic process automation (RPA) method and trends in the scientific literature in the field of RPA. Moreover, this analysis is needed to build a model of automation of a certain class of business processes. The author focuses on an analysis of publications from 2012 to 2022, collected from the Web of Science, Scopus, and IEEE Xplore databases. The methodology includes source selection, main search limited to RPA, narrowing criteria, adding criteria for subject area, cluster analysis, and limitation to RPA shortcut to achieve most to the point results. The study presents analysis of publication year, type of publication, cluster analysis, as well as the most cited articles. The cluster analysis allowed identification of four primary areas for which publication analysis was conducted. The main value resulting from the creation of this article is the cluster analysis of the most cited publications in the context of RPA seen in the topics of artificial intelligence and digital transformation. On the top of that, it proves how well RPA is defined as a method and whether description of the RPA implementation model is available.</p> </abstract>ARTICLEtrue Few Notes on Art Auctions<abstract> <title style='display:none'>Abstract</title> <p>The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary market that is mainly the auction market. Coronavirus disease 2019 (COVID-19) and galloping inflation have influenced the creation of a bull market in artwork. The high incomes of some buyers and inflation have influenced the emergence of the so-called ‘glittery’ art market. Works by neglected artists have ‘very much taken on a life of their own’: fantasy art, works by young poster artists, casting ‘nightmares’ – have been selling well for more than a year. People terrified of inflation are putting their money ‘in works of art’. The auction market dominates the primary market because anonymity makes it easier to enter the art market. The gallery market does not guarantee this anonymity. Very often, the auction market for works of art is used for money laundering. The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an area of galloping inflation and most art auctions are asymmetry.</p> </abstract>ARTICLEtrue Method of Determining the Technical Costs of Manufacturing Products<abstract> <title style='display:none'>Abstract</title> <p>One of the many challenges in running a business is cost accounting. While there are many different costing methods, there is still a need to create new ones. The aim of this article is to develop a new method of cost calculation, which is adapted to modern conditions related to the adaptation of products to the needs of customers. This article presents an original method of determining production costs, which is based on the labor consumption of products. This method is a combination and development of known methods; however, by applying more precise accounting bases, it leads to more precise results. The developed method of cost calculation, thanks to its universality, can be used in most enterprises.</p> </abstract>ARTICLEtrue Understanding of Existing Entrepreneurial Marketing Models: 2002 – 2022<abstract> <title style='display:none'>Abstract</title> <p>With the consistent failure of small and medium enterprises (SMEs) globally, many scholars have developed entrepreneurial marketing (EM) models that are aimed at reducing the failure frequently experienced. The aim of this paper is to critically review the different EM models from 2002 to 2022. In pursuit of this aim, the paper reviewed 10 EM models to find out their strengths and shortfalls. The review found that some research constructs such as market sensing and teamwork, which were ignored, were identified as posing a significant contribution to business survival in the integrative EM model. The paper concludes that since different EM models have been developed to reduce the consistent failure of business, efforts should be intensified towards adopting the integrative EM model to measure its applicability in other sectors as well as to have a unified and acceptable EM model that will grow and sustain SMEs.</p> </abstract>ARTICLEtrue Distances and Its Association to Time Spent on Conflicts<abstract> <title style='display:none'>Abstract</title> <p>Conflict costs can be used to determine conflict outcomes and can be measured among others in terms of lost time. So far, no study has investigated the effects of cultural distances on conflict costs. Our study tries to add new findings by investigating the influence of cultural distances on internal indirect conflict costs. A survey with 226 participants was conducted to measure the time spent on conflicts. Each participant reported on a conflict situation he or she was personally involved in. We used linear regression analysis to test our hypotheses. We did not find support for our hypotheses that the larger a cultural distance was, the more time was spent on a conflict. According to our study, cultural distances do not explain conflict costs and it cannot be proven that the greater a distance, the higher the conflict costs. In a more globalized world, it is positive that despite great cultural distances, time spent on conflicts does not increase. This can encourage leaders to capture the benefits of diversity, whereas the consequences on at least some conflict costs are low.</p> </abstract>ARTICLEtrue and Praxeological Dimensions of Marketing Communication Effectiveness – A Conceptual Framework<abstract> <title style='display:none'>Abstract</title> <p>Analyzed from the sender’s perspective, marketing communications aim to engage audiences and create benefit-oriented relationships. In order to adequately assess the reciprocal efforts of the sender and receiver of the communication process, one cannot limit oneself to its purely economic analysis, but should pay attention to its broader praxeological context – take into account factors such as efficiency, effectiveness, and expediency. It is also crucial to evaluate parameters beyond the purely usability characteristics of communication practices used in the marketing aspect. Their ethical evaluation from current and potential customers, the social environment, and other stakeholders poses significant challenges for communicators but should also spur potentially beneficial transformations – toward a new view of socially engaged marketing and the ethical dimension of marketing. The purpose of this inquiry is to identify a conceptual framework for measuring the efficiency of marketing communications based on axiological and praxeological dimensions. Five research hypotheses were formulated, which can be verified in the future research.</p> </abstract>ARTICLEtrue Performance Measurement Using Balanced Scorecard: A Case of Machine Tool Industry<abstract><title style='display:none'>Abstract</title><p> This paper focuses on implementation, monitoring, and application of balanced scorecard (BSC) techniques in an organization involved in providing machine tool solutions to the industrial sector. The growth of the company considered in real time constituted improvements of both top and bottom lines. In the industry under consideration, it was observed that in our company, the top line was steadily growing but not the bottom line. This is when we started getting down to brass tacks and strategically focusing on growth in overall profits of the company. This included growing revenues by improving of EBITDA (earnings before interests, taxes, depreciation, and amortization) and by increasing efficiency (i.e., cutting costs). These improvements were implemented by chalking out a comprehensive BSC designed to suit the machine tool industry. The four perspectives of the management, namely, internal business process, organizational learning, financial perspective, and customer perspective, have been considered lucidly and enunciate the parameters that affect the BSC very aptly. The BSC designed considered 9 objectives and 27 relative measures of these factors to quantify the various quantitative and qualitative dimensions that affect the company’s performance. A Balanced Lean Index (BL Score) was used to measure the results for company X.</p></abstract>ARTICLEtrue of Information Technology on Organization Strategy<abstract><title style='display:none'>Abstract</title><p>The exponential development of information technology has presented many opportunities to organizations; however, it has also presented several challenges. A key challenge is how do organizations effectively use information technology and incorporate it into their strategies to make full use of its capabilities as an enabler. The fast-changing nature of information technology has resulted in little empirical evidence on how it influences organization strategy. The Strategic Alignment Model was a popular model created to assist organizations to align their information technology and their business strategy; however, the growth of technology may have made this model irrelevant in this age. Therefore, organizations need to determine what factors drive this alignment. Using hermeneutic phenomenology, 12 in-depth interviews were conducted within IBM South Africa to determine real-life drivers that help create this alignment. The themes derived from the interview texts reveal that consumers are becoming more empowered; therefore, organizations need to be more flexible in their business models and strategies. Furthermore, the integration of cross-functional roles in the organization at the management level allow for improved alignment between information technology and strategy as better integrated roles bring a combination of these two elements.</p></abstract>ARTICLEtrue Digitalization – Key Metrics<abstract><title style='display:none'>Abstract</title><p> The article covers an analysis of metrics used to measure digitalization activities. Five main levels are analyzed - moving from the metrics of the digital economy to society, industry, enterprise, and clients. The study is based on leading public and commercial metrics used for the evaluation of the digital progress. The similarities and differences between key performance indicators on each level are discussed, forming a set of conclusions on the scope and maturity of various measurement systems and potential improvement options. </p></abstract>ARTICLEtrue Portfolio Management Best Practices For New Product Development: A Review Of Models<abstract><title style='display:none'>Abstract</title><p> The survival of any industrial organization depends on whether producing goods or services hinge on how innovative they have become in managing their product portfolio to craft new products that changes with the ever-changing tastes and needs of their customers. This study delves in to the models and theories that drive product portfolio management practices in a way that they support the successes of new product development. Our review is based on selected studies at the frontier of product management, summarized, and compared based on authors experiences, subsisting models, and theories with the results purely based on qualitative rather than quantitative approaches. The essence is to explore possible new theory or model in this field of research.</p></abstract>ARTICLEtrue Macaulay Duration Provide The Most Cost-Effective Immunization Method – A Theoretical Approach<abstract><title style='display:none'>Abstract</title><p> In the following, we offer a theoretical approach that attempts to explain (Comments 1-3) why and when the Macaulay duration concept happens to be a good approximation of a bond’s price sensitivity. We are concerned with the basic immunization problem with a single liability to be discharged at a future time q. Our idea is to divide the class K of all shifts a(t) of a term structure of interest rates s(t) into many classes and then to find a sufficient and necessary condition a given bond portfolio, dependent on a class of shifts, must satisfy to secure immunization at time q against all shifts a(t) from that class. For this purpose, we introduce the notions of dedicated duration and dedicated convexity. For each class of shifts, we show how to choose from a bond market under consideration a portfolio with maximal dedicated convexity among all immunizing portfolios. We demonstrate that the portfolio yields the maximal unanticipated rate of return and appears to be uniquely determined as a barbell strategy (portfolio) built up with 2 zero-coupon bearing bonds with maximal and respective minimal dedicated durations. Finally, an open problem addressed to researchers performing empirical studies is formulated.</p></abstract>ARTICLEtrue Management as Part of Crisis Management Tasks<abstract><title style='display:none'>Abstract</title><p> The increasing number of natural disasters requires the use of preventive measures. One of the elements is the inclusion of risk management in crisis management. On the basis of this observation, the research problem was formulated: “In the light of new challenges, should the crisis management system continue to be built on the theory of crisis within the security sciences, or should it be based on risk management developed in the area of management sciences?” In summary, the answer to the question was provided, and a new definition of the concept of “crisis management” was proposed.</p></abstract>ARTICLEtrue Consumer in Cyberspace – Internet and Psychology Approach<abstract><title style='display:none'>Abstract</title><p> Online reality becomes a natural environment for nowadays companies. As more and more companies have understand a necessity of their presence in the cyberspace, they still need to learn about complex nature of young people who are becoming customers. The paper aims to present modern consumer from sociological and psychological perspective. First, it describes generations Y, Z, and C and their most common online activities and then concentrates on their behaviors performed online. To reach the aim of the paper, a study has also been conducted to investigate discussed behaviors.</p></abstract>ARTICLEtrue Study on Improving the Effectiveness of a Manufacturing Company in the Context of Knowledge Management – Research Results<abstract><title style='display:none'>Abstract</title><p> This paper presents the relationship between the various kinds of knowledge that should be acquired, created, accumulated, shared, and transferred within a manufacturing company in order to improve organizational effectiveness. It is based on the data obtained from 85 Polish and German manufacturing companies from the cross-border cooperation region of Lubuskie/Poland - Brandenburg/ Germany. This is followed by a discussion of the results of empirical studies and of the supporting literature.</p></abstract>ARTICLEtrue Competence for Project Team Members in the Conditions of Remote Working<abstract><title style='display:none'>Abstract</title><p>The article presents results of the qualitative research on competence of project team members in the conditions of remote working. These competences were considered in relation to different roles, which the members of such a team accept. The reference point to studied roles was the concept of Hansen and Allen authorships, and with regard to competence, the author's synthesis of deliberations above their models described in the literature.</p></abstract>ARTICLEtrue for the Selection of Tourism Destinations by Students from Different Countries<abstract><title style='display:none'>Abstract</title><p> The objective of this paper is to identify selected aspects of the management of information about prospective tourist destinations by young people (students) from Canada, Poland, and Trinidad and Tobago. On the basis of a questionnaire study, the ranking of preferences of respondents (i.e., the main criteria of destination choice) has been presented. Students were selected as respondents - as a “convenient sample” - in this privately funded study. A variety of aspects related to comfort (and convenience) and attractiveness have been identified as most important to the choice of destination. These are also leading motives that may form a platform for advertising campaigns and suggestions for regional development. This examination has been done mainly with the use of analysis of averages, Spearman correlation coefficients, and various approaches to factor analysis. It turns out that despite very different characteristics of respondents from the three countries, both their preferences and motives for promotion of the destination are very similar. Conclusions can be helpful for travel agencies and those responsible for the development of tourism infrastructure, as well as for the organization of further studies on the subject. The combination of various statistical tools used when examining the subject and the finding - that is, the similarity of preferences between travelers - can be regarded as new value when examining the subject.</p></abstract>ARTICLEtrue