THE JOSIP JURAJ STROSSMAYER UNIVERSITY OF OSIJEK,FACULTY OF ECONOMICS IN OSIJEK - CROATIA

HOCHSCHULE PFORZHEIM UNIVERSITY

INTERDISCIPLINARY MANAGEMENT RESEARCH VIIIINTERDISZIPLINARE MANAGEMENTFORSCHUNG VIII

Opati ja2012.

CONTENTS

VORWORT 11FOREWORD 12

ManagementAna UdovicicMANAGEMENT FUNCTIONS IN SMALL ENTERPRISES 17

Katarina Arnold BraticTHE INFLUENCE OF KNOWLEDGE ECONOMY ON HUMAN RESOURCEMANAGEMENT IN CROATIAN ORGANISATIONS 27

Maja Arslanagic, Almir Pestek, Mirjana MaticMANAGING MASS MEDIA INFLUENCE ON CONSUMERBUYING BEHAVIOR 41

Martina Bris Alic, Alen Alic, Nino BosinjakSELECTING THE BEST LOCATION OF A GEOTHERMAL WELLTHROUGH THE APPLICATION OF THE MULTICRITERIADECISION MAKING METHOD-TOPSIS 51

Bruno Grbac, Zeljko BulatSTRATEGIC MANAGEMENT BASED ON TOURISM DEVELOPMENT .GUIDELINES FOR NATIONAL PARKS ., 63

Bruno DernajIMPACT ANALYSIS OF PUBLIC DEBT MANAGEMENT ONTHE CREDIT RATING OF A COUNTRY ! 81

Miha MarieAUTHENTIC LEADERSHIP AND POWER:DISCUSSING THE RELATION 1.93

Martin Fiedler, Timo Keppler, Ali OztiirenCONTACTLESS PAYMENT, A RFID DOMAIN AND ITS ACCEPTANCEBY CARD HOLDERS 103

Ivana Fosic ;VALORIZATION OF ORGANIZATIONAL POWER AND POLITICS ROLE INEASTERN CROATIAN ECONOMIC ENTITIES 113

Marijana JakopicHUMAN RESOURCE MANAGEMENT IN PORT OF RIJEKA 123

Zlatica KavicMANAGEMENT OF FRANCHISE-RELATED COMPANYEXAMPLE VEHICLES TRADE-OPEL CROATIA 137

Drazen KostelacPROGRAM MANGEMENT PROCESSES IN PHARMACEUTICALINDUSTRY-CASE STUDY... 147

Jozo KrajinaTHE IMPORTANCE AND ROLE OF MANAGEMENTIN HIGHER EDUCATION 155

Valentina LadicDESTINATION MANAGEMENT AND DESTINATION MANAGINGPROBLEMS- EXAMPLE VTNICA COUNTY 167

Maja Lamza-Maronic, Jerko Glavas, Igor MavrinTOWARDS A NEW MODEL OF CULTURAL MANAGEMENT - THEEUROPEAN CAPITAL OF CULTURE PROGRAMME 179

Barbara Marusnik, Boris MarjanovicPERFORMANCE OF CROATIAN ECONOMY MEASUREDWITH KNOWLEDGE-BASED ECONOMY PARAMETERS 189

Josip Mesaric, Stjepan Rudan, Joze KuzicMETHODOLOGICAL PROBLEMS AND APPROACH TOINNOVATING AND BUILDING THE CURRICULUM OF GENERALMANAGEMENT 201

M6nika R. Molnar, Istvan AndrasEMBEDDEDNESS OF MULTINATIONAL COMPANIES IN LOCALCOMMUNITIES: THE COMPLEX CULTURE AND COMMUNICATIONRESEARCH PROJECT 211

Ninoslav Novak, Mirko CobovicBUSINESS IMPROVEMENT USING CLOUD COMPUTING INCOMPANIES IN THE REPUBLIC OF CROATIA 223

Rajko OdobasaCOMMERCIALIZATION OF HIGHER EDUCATION ANDCHANGES IN THE MANAGEMENT OF PUBLIC EDUCATIONINSTITUTIONS: EXAMPLES AND LESSONS FROMANGLO-AMERICAN UNIVERSITIES 233

Mirko PesicCRISIS AS A CHANCE TO REORGANIZE THE GROWTHAND DEVELOPMENT 247

Milan Puvaca, Ivica ZdrilicRESISTANCE TO CHANGE IN EDUCATIONAL PROCESS ADAPTATION 255

Ivana Sandrk NukicCOMPETITIVENESS OF CONSTRUCTION FIRMS:CASE STUDY OF ,,GRADNJA Ltd" OSIJEK 263

Ana Skledar Matijevic, Zlatko Barilovic, Igor VreckoTHE POSSIBILITIES OF USING ENGLISH LANGUAGE TEACHING FORDEVELOPING PROJECT MANAGEMENT COMPETENCES 275

Marko SostarTHE ROLE OF DEVELOPMENT AGENCIESIN REGIONAL DEVELOPMENT 285

Kenan SpahoORGANIZATIONAL COMMUNICATION STRATEGY AS KEY FACTOR OFCOMPANY SUCCESS 297

Sercer MarioOPERATIONAL PLANNING IN THE COMPANY ,,XYZ" Ltd 307

Ines SkokoIMPROVING THE QUALITY OF SERVICE TROUGH THE QUALITY OFHUMAN RESOURCE MANAGEMNT... 317

Tadija Vrdoljak, 2eljko Jagnjic, Ivan SverkoPROJECT ORGANIZATION, COMMUNICATION AND MOTIVATIONDURING A BANK MERGER 329

Anica Vukasinovic, Berislav BolfekTHE ROLE OF MANAGEMENT IN FUNCTION OF THE SYSTEM OF PRIMARYEDUCATION IN BROD-POSAVTNA COUNTY 341

Slavomir Vukmirovic, Marko Cicin-SainSTRATEGIC ANALYSIS OF KEY ISSUES IN INFORMATION SYSTEMSMANAGEMENT IN CROATIAN COMPANIES 353

Wolfgang GabrutschRISIKOMANAGEMENT 365

General Economics \Zoran Jeremic, Dankarlo MilokanovicASPECTS OF DEVELOPMENT SPORT TOURISM IN ISTRIA ..401

Vedran LovrincevicECONOMIC INDICATORS OF THE EUROPEAN UNION'S FIFTHENLARGEMENT AS AN ENCOURAGEMENT FOR CROATIA 411

Microeconomics, Macroeconomics and Monetary EconomicsSead Kreso, Selena BegovicMATURITY (MIS)MATCHING IN CURRENCY BOARD (LIKE) REGIMES 423

Damir StokovacANALYSIS OF THE ECONOMIC GROWTH IN SELECTED EUROPEANTRANSITION COUNTRIES .....439

Gabrijela Zalac, Sanja Bosnjak, Mario BanozicCROATIA IN THE CONTEXT OF THE EU STRATEGY FORTHE DANUBE REGION 453

International EconomicsLufaj Mihaela, Mihut. Ioana SorinaECONOMIC GROWTH: CHALLENGES, OPPORTUNITIES AND MAINDETERMINANTS 467

Josip RomicFOREIGN DIRECT INVESTMENT THEORY:THE MAIN DETERMINANTS OF FDI THEORY 477

Flavius Rovinaru, Mihaela Rovinaru, Larisa Nicoleta PopCOMPARATIVE ANALYSIS OF THE INTERNATIONAL ANDROMANIAN MARKET FROM THE PRICE VOLATILITY ANDRISK PERSPECTIVE 487

Mladen Vedris, Ozren Pilipovic, Nenad RancicAGENCIES FOR FOREIGN INVESTMENT PROMOTION - POSSIBLEINSTITUTIONAL SUPPORT FOR STRUCTURAL REFORMS ANDECONOMIC GROWTH .-.: 499

Financial EconomicsSonja Keppler, Timo KepplerEVALUATING THE ATTRACTIVENESS OF NEW MEDICAL TECHNOLOGYVENTURES - AN ANALYSIS OF VENTURE CAPITALISTS' PRODUCT-RELATEDINVESTMENT CRITERIA 531

Gheorghe Ciobanu, Ioana - Cristina SechelTHE PARADOXES OF MODERN STOCK EXCHANGE MARKETS.CHARACTERISTICS OF INVESTMENT BEHAVIOR OF BROKERSFROM ROMANIA 543

Ciobanu Gheorghe, Deceanu Liviu-DanielTHE SOVEREIGN DEBT CRISIS - A DISRUPTIVE ELEMENT INTHE GLOBAL ECONOMY 553

Frank ForsterFINANCIAL PERFORMANCE MEASUREMENT OF SWISS PAINTINGPORTFOLIOS AND MARKET SEGMENTATION 565

Gherman Mircea-Cristian, Ciupac-Ulici Maria-LenutaTHE IMPACT OF STOCK MARKET LIBERALIZATION ON VOLATILITY 579

Branimir Markovic, Slobodan StojanovicTHE ROLE AND REGULATION OF CREDIT RATINGAGENCIES IN THE MODERN FINANCIAL MARKETS 591

Branko Made, Hrvoje Serdarusic, Maja VretenarSOME FEATURES OF THE RELATIONSHIP TO PERSONALFINANCES WITHIN POPULATION OF EASTERN CROATIA 603

Izabela Pruchnicka-GrabiasRISKS CONCERNED WITH CREDITDEFAULT SWAPS APPLICATION 613

Urban Bacher, Florian GopferichZUR ZUSAMMENARBEIT DES AUFSICHTSRATES EINESKREDITINSTITUTS MIT INTERNEN STELLEN (INNENREVISION,COMPLIANCE-OFFICER ETC.) 633

Edward PielichatyDIE BEDEUTUNG DERTRANSAKTIONSKOSTEN BEI DERBILANZBEWERTUNG VON KREDITFORDERUNGEN 645

Public EconomicsBoris Crnkovic, Zeljko Pozega, Goran SucicFISCAL EFFECTS OF STATE OWNERSHIP OF ENTERPRISES 657

Ivana Barkovic Bojanic, Mirta SabanTHE PUBLIC SECTOR (IN)EFFICIENCY:CROATIAN EXPERIENCE 671

Health, Education and WelfareZoran AlimpicIMPACT OF CAPABILITIES ON PERFORMANCE IN PRIVATEACUTE HOSPITALS IN SWITZERLAND 685

Ivana Ivancic, Nada BosanacMANAGING QUALITY: TQM IMPLEMENTATION IN CROATIANVOCATIONAL EDUCATION AND TRAINING SYSTEM 707

Bisera JevticFREQUENCY VIOLENCE AMONG CHILDREIN THE SCHOOL COMMUNITY 717

Anita KedacicACCREDITATION OF MEDICAL HEALTH INSTITUTIONS INTHE REPUBLIC OF CROATIA .'.729

Nevenka KovacHEALTH TOURISM: AN OPPORTUNITY FOR CROATIANHEALTHCARE AND CROATIAN TOURISM 737

Zoran PandzaROLE OF HUMAN RESOURCES IN INCREASING THE NATIONALCOMPETITIVENESS 749

Velma (Tahmaz) PijalovicHEALTH POLICY IN EUROPEAN UNION COUNTRIES 761

Helena StimacSTUDENTS' VIEWS ON THE RELATIONSHIP BETWEEN HIGHEREDUCATION AND LABOR MARKET 771

Vladimir Srb, Iris BromanCODIFICATION NECESSITIES IN ANIMAL LEGISLATION FOR EFFICIENTMANAGEMENT 783

Law and EconomicsRodica Diana ApanABOUT THE INTERFERENCE OF THE JUDICIAL ORDINARY PROCEEDINGSWITH THE INSOLVENCY PROCEEDINGS IN DEBT RECOVERY 795

Natasa Lucid, Katarina MarosevicTHE ECONOMIC ANALYSIS OF TORT LAW 807

Josipa Zivic, Vjekoslav PuljkoCOUNCIL REGULATION 4/2009: MAINTENANCE RIGHT INTHE TERRITORY OF THE EUROPEAN UNION 821

Economic SystemsIvan KristekPERFORMANCE ANALYSIS OF THE BANKING INDUSTRY IN THEREPUBLIC OF CROATIA FROM 2001 TO 2010 837

Nebojsa Stojcic, Katija VojvodicDETERMINANTS OF PROFITABILITY OF FIRMS IN THE RETAIL SECTOR:THE CASE OF CROATIA 849

Industrial OrganizationKsenija Cerne, Robert ZenzerovicAUDIT FEES DETERMINANTS IN THE CROATIANAUDITING SERVICES MARKET 863

Karin SirecCONCEPTUAL MODEL TO MANAGE TACIT KNOWLEDGE 877

Administration and Business EconomicsBodo RunzheimerNEUE BILANZPOLITISCHE KONZEPTION FUR DIESEGMENTBERICHTERSTATTUNG NACH INTERNATIONAL FINANCIALREPORTING STANDARD 8 (IFRS 8) IM DEUTSCHEN BILANZRECHT 889

Danny Buyer, Thomas Cleff, Dirk FrankEMPIRISCHE BEFUNDE ZUR NUTZUNG DER CONJOINT ANALYSE ZURMARKTSIMULATION IN DER DEUTSCHEN MARKTFORSCHUNGSPRAXIS.... 905

Markus HafeleZWECKGESELLSCHAFTEN IM KONSOLIDIERUNGSKREIS NACHFINANZKRISE UND BILANZRECHTSMODERNISIERUNGSGESETZ- EINE EINFUHRUNG - : 933

Johana Bath, Thorsten Eidenmiiller:HOW DO PRODUCT BUNDLING AND INTERNATIONALIZATIONINFLUENCE THE MARKET FOR PROFESSIONALSERVICES IN HIGH PRIZECOUNTRIES? 943

Mane Medic, Mladen Pancic, Ivan KelicSOCIAL MEDIA MARKETING AS PART OF INTEGRATEDMARKETING COMMUNICATION IN CREATING A BRAND 951

Dario Dunkovic, Dinko JukicSETTINGS OF DISTRIBUTIVE TRADE GROWTH INDICATORUSING FACTOR ANALYSIS METHOD 961

Sanja Knezevic, Lena Sigurnjak, Anita KulasRECOGNIZING OPPORTUNITIES FOR SUSTAINABLE DEVELOPMENT INSMALL AND MEDIUM ENTERPRISES IN BRODSKO POSAVSKA COUNTY 971

Pupavac DragoROAD NETWORK AND REGIONAL DEVELOPMENT - CROATIANEXPERIENCE OF THE LAST DECADE 981

I. Miklosevic, S. Ravlic, P. TimeIMPACT OF LABOUR MOBILITY AND USE OF BUSINESS INTELLIGENCE INORDER TO CREASE THE COMPANY EFFICIENCY IN THE EU MARKET 991

Economic Development, Technological Change, and GrowthDomagoj KaracicTHE SECTOR DISTRIBUTION OF COMMUNAL ECONOMY OFCITIES IN CROATIA 1001

Irena Bosnic, Dejan TubicGLOBALIZATION AND AGROTOURISM DEVELOPMENT:THECASEOFSLAVONIAANDBARANIA 1011

Anton DevcicCONCEPT OF INTELLIGENT REGION IN USE OFEUROPEAN UNION FUNDS 1021

Urban, Rural and Regional EconomicsIvan Ferencak, Marina DukicECONOMIC INFLUENCES ON MEDIA NEWS PRODUCTION - NEWS AS A 'MARKET GOOD 1035

MitjajerajTOWARD THE NEW CONSTRUCT; ENTREPRENEURIAL CURIOSITY 1043

Ivo Mijoc, Dubravka Pekanov Starcevic, Marija Mihaljevic,REVIEW OF THE FACTORS AFFECTING FINANCIAL REPORTING SYSTEMCOMPETITIVENESS T 1057

Miscellaneous CategoriesDrazen Barkovic, Jelena Stanisic, Nenad StanisicIMPROVING SWOT ANALYSIS BY USING THE ANALYTICALHIERARHY PROCESS 1071

Norbert Pap, Janka Teod6ra Nagy, Andor VeghSOME THOUGHTS ABOUT THE GEOGRAPHICAL WAY OF •THINKING IN THE HUNGARIAN CULTURE 1083

Linda Jurakovic, Romina SinosichANALYSIS AND ROLE OF LEADER PROGRAMME IN RURALDEVELOPMENT OF CROATIA 1099

Sanja Bijaksic, Sandra Jelcic, Arnela BevandaDIMENSIONS OF RETAIL SERVICE QUALITY THROUGHCUSTOMERS'PERCEPTION 1109

Marko Santic, Mirela MabicTOURISTS' SATISFACTION WITH THE QUALITY OF EXTRA SERVICEIN THE TOURIST DESTINATION GRADAC AT THE SEASIDE 1123