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Volume 7 № 1
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Veselin Drašković
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THE REAL INSTITUTIONALIZATION AS A CONDITION OF THE EFFICIENT ECONOMIC POLITICS AND ECONOMIC DEVELOPMENT
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Article title
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THE REAL INSTITUTIONALIZATION AS A CONDITION OF THE EFFICIENT ECONOMIC POLITICS AND ECONOMIC DEVELOPMENT
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Authors
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Veselin Drašković
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E11; P21; O11; P37
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Abstract
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During the period of the post socialism transition, the whole system of the inhibiting factors has been working and caused forming conglomerate system disfunctionality. The mentioned effect was synergetic and destructive. The combination of a global and local factors gives the modern financial and economic crisis a specificity and uniqueness. The aim of this paper is to point to the urgent need of the consistent anti-crisis economic policy creation, which must take into account local and global crisis and risks factors. This article discusses the influence of real institutionalization on the quality and efficiency of the
economic policy. It points out at a primary significance of institutionalization on economic policy as well as on a destructive effect of pseudo-institutes on economic policy and valorisation of economic resources. Departs from the hypotheses that the creation efficient anti-crisis economic policy requires a correct and timely identification of the problems and crisis process, formulating their monitoring, defining the necessary measures and creating a development strategy, which should be based on innovative-institutional modeling. The starting point in the paper is a hypothesis that the combination of global and local factors
immanently reduced the critical mass of the propulsive developing factors in the post socialism economies of the and seriously damaged their forthcoming economical growth and development. In addition to this,
the article is providing evidence that monistic pseudo-market reforms in the period of post-socialist transition haven't succeeded in compensating for a vast institutional vacuum, and that they have even led to its spreading and turning into a quasi-institutionalization.
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Key words
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Anti-crisis Economic Policy, Economic Institutes, Economic Growth and Development, Transition Economies.
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Literature
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Brković, B. (2008), "Atina", Vijesti - Art br.
304, 13. dec.
Budak, J., Sumpor, M. (2009), "Nova institucionalnaekonomika
i institucionalna konvergencija",
Ekonomski pregled 60 (3-4), 168-195.
Čakardić, A. (2006), "Globalna neoliberalna
demokracija u 'minimalnoj' državi", Filozofska istraživanja
br. 104, god. 26, sv. 4, 849-860.
Drašković, M. (2009), "Globalna finansijska
kriza i neoliberalna dogma", Ekonomist (Zagreb)
br. 1, god. 16, 127-148.
Drašković, V. (2003), "Značaj institucionalizacije
i njena ograničenja u periodu postsocijalističke
tranzicije", Ekonomska misao br. 1-2, 143-50.
___________ (2007), "Kritika odnosa
ekonomske politike i institucionalizacije u Crnoj
Gori", Ekonomija (Zagreb) br. 1 , god. 15, 83-99.
___________ (2010), "Neoliberalni mitovi
globalizacije i pseudo-tržišne tranzicijske privrede",
Montenegrin Journal of Economics N0 11, Vol. 6, 11-18.
Drašković, V., Drašković, M. (2009),
"Neoinstitucionalizam, neoliberalizam i globalna
finansijska kriza", Montenegrin Journal of Economics N0
9, Vol. 5, 23-32.
___________ (2009a), "Prepreke ekonomskoj
institucionalizaciji u državama tranzicije",
Zbornik Institucionalne promene kao determinanta
privrednog razvoja Srbije, Kragujevac: Ekonomski fakultet,
21-29.
___________ (2010), "Uzroci reprodukovanja
institucionalnog vakuuma u balkanskim
postsocijalističkim državama", Zbornik Institucionalne
promene kao determinanta privrednog razvoja Srbije,
Kragujevac: Ekonomski fakultet, 47-54.
Drašković, V. et al. (2010), Globalizacija u
ogledalu razvoja, krize i medija, Podgorica: ELIT.
Earle J. S., et al. (1996), Ownership Structures,
Patterns of Control, and Enterprise Behavior in Russia. In:
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(eds.). Enterprise Restructuring and Economic Policy
in Russia, Washington, D.C.: The World Bank,
205-252.
Kolodko, G. (2010), "Neoliberalizm i mirovoj
ekonomičeskij krizis",Voprosi ekonomiki N0 3,
56-64
Maj, V. (2008), "Ekonomičeskaja politika
2007 goda: uspehi i riski", Voprosi ekonomiki N0 2, 4-
25.
Murell, P. (1996), "How Far has the Transition
Progressed", Journal of Economic Perspectives, 10,
29-42.
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_______ (1990), Institutions, Institutional
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2009. World Economic Forum, 2008
Williamson, O. (2000), "The New Institutional
Economics: Taking Stock, Looking Ahead",
Journal of Economic Literature, Vol. XXXVIII, No 3.
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Miroslav Gregurek, Neven Vidaković, Josip Grgić
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GLOBAL BANKING AND THE ROLE OF THE LANDER OF LAST RESORT
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Article title
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GLOBAL BANKING AND THE ROLE OF THE LANDER OF LAST RESORT
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Authors
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Miroslav Gregurek, Neven Vidaković, Josip Grgić
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E50; F02; G21
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Abstract
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The paper analyses the role of the lender of last resort in a global economy. The crisis started in 2008 has shown that in global crisis the problem of banks is not only with liquidity, but also with the lack of capital. In order to fully understand the bank's need for capital it is necessary to understand the process of globalization and development
of modern economic movements. The paper starts with the model of closed economies which resembles the "island model", in the second stage of the model the globalization is introduced and communication between the islands. The model created by the authors shows how globalization is not only limited to flow of goods, services and capital, but can also be seen as changes in the variables optimized by the participants in the economy. The model shows how globalization process has deeply changed economic relationships. Special attention
is paid to changes in monetary economy during the globalization process. Authors conclude that special global lender of last resort for liquidity is not a guarantor is stability and a last lender as global source of capital during crisis is hard to put into practice in a highly globalized world. Considering this, the best path towards global stability is the control of the scope of monetary process and monetary multipliers which exist in the global world.
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Key words
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Globalization, Monetary Economy, Real Economy, Optimization.
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Literature
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Kareken, J. (1983), "Deposit Insurance Reform
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Be Injected During a Financial Crisis?", http://
www.columbia.edu/~rr2572/
Reis, R. (2010b), "When Should Policymakers
Make Announcements?", http://www.columbia.
edu/~rr2572/
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II: IMF i transnacionalne korporacije
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Economics vol. 14, br. 2, 403 – 430.
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Monetary Control, Chicago: University of Chicago
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Woodford, M. (2008), "How Important is
Money in the Conduct of Monetary Policy?", Journal
of Money, Credit and Banking, 40, 2008, 1561-1598.
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Slobodan Aćimović, Nikola Fabris
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RELIABILITY AND POSSIBILITIES OF IMPROVING MODELS PRODUCTIVITY AT DIFFERENT ORGANIZATIONAL LEVELS
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Article title
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RELIABILITY AND POSSIBILITIES OF IMPROVING MODELS PRODUCTIVITY AT DIFFERENT ORGANIZATIONAL LEVELS
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Authors
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Slobodan Aćimović, Nikola Fabris
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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D24; L23
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Abstract
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Working productivity is part of the group of relatively old, but still sufficiently reliable indicators of efficiency. Historically, more than a century ago, working productivity firstly began by monitoring at the level of a particular workplace, manufacturing unit and/or sector. Success of that time of this, so to say, microeconomic aspect of productivity measurement is the result of relatively simple production results, which
were put in a relationship with a simple, mostly basic work. Meanwhile, the measurement of productivity at the level of the organizational units of enterprises and individual workplaces lost in importance, partly due
to appearance of new, more complex measurement models for operational efficiency, but also due to a fall of input reliability (primarily working results of a certain unit) which were used in the productivity formula. Current aspects of measuring working productivity is generally associated to the level of the economy as a whole, individual industry and enterprise. This paper includes two key goals: a) to highlight problems and differences in the reliability of measuring productivity at different hierarchical levells and b) to suggest updated models of measuring productivity at the micro level, which, according to some specific author's experience, could compensate lower levels of reliability of working productivity model at the level of company's organizational
units.
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Key words
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working productivity, economy, industry, enterprise, productivity models.
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Literature
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"Manufacturing In Britain: A Survey Of Factors
Affecting Growth & Performance" (2003), ISR/Google
Books, revised 3rd edition.
"Razvoj i imlementacija metodologije za merenje produktivnosti
rada na preduzeća, poslovnih funkcija i regionalnih
centara preduzeća za telekomunikacije Telekom Srbija",
2008-2009, Ekonomski fakultet Beograd.
"Measuring Productivity: Measurement of Aggregate
and Industry-Level Productivity Growth" (2002), OECD
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Brayton, G. N. (1983), "Simplified Method of
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Craig, C., Harris, R. (1973), "Total Productivity
Measurement at the Firm Level", Sloan Management
Review.
Davis, H. S. (1955), Productivity Accounting.
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Genesca, G. E., Grifell, T. E. (1992), "Profits
and Total Factor Productivity: A Comparative
Analysis". Omega. The International Journal of Management
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Gollop, F. M. (1979), "Accounting for Intermediate
Input: The Link Between Sectoral and Aggregate
Measures of Productivity Growth", Measurement
and Interpretation of Productivity, National Academy of
Sciences.
Jorgenson, D. W., Griliches, Z. (1967), "The
Explanation of Productivity Change", Review of Economic
Studies 34(99);.
Kendrick, J., Creamer, D. (1965), "Measuring
Company Productivity: A handbook with Case Studies" (N0 89), The National Industry Productivity
Board;.
Kendrick, J. W. (1984). Improving Company
Productivity. The Johns Hopkins University Press.
Kurosawa (1975) "An aggregate index
for the analysis of productivity". Omega 3 (2).
Loggerenberg van, B., Cucchiaro, S.
(1982), "Productivity Measurement and the Bottom
Line". National Productivity Review Vol.1, N0 1.
Mundel, M. E. (1983), Improving
Productivity and Effectiveness, Prentice-Hall, Inc.
Pineda, A. (1990), A Multiple Case Study
Research to Determine and respond to Management
Information Need Using Total-Factor Productivity Measurement
(TFPM), Virginia Polytechnic Institute
and State University.
Saari, S. (2006), "Productivity. Theory and
Measurement in Business", Espoo, Finland: European
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Saari, S. 2006. Productivity. Theory and Measurement
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Sumanth, D. 1979. Productivity Measurement and
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Dušan Zdravković, Snežana Radukić, Milica Radović
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MODERNISATION OF COMPETITION POLICY AND EU GOVERNANCE
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Article title
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MODERNISATION OF COMPETITION POLICY AND EU GOVERNANCE
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Authors
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Dušan Zdravković, Snežana Radukić, Milica Radović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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F15
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Abstract
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"Re-shaping" policy provides the opportunity for an inclusive approach to EU decision-making in dialogue with existing member-states and anticipated new members. The purpose of this paper is to examine the extent to which the governance process that underpinned the modernisation of EC competition policy (Council Regulation (EC) N0 1/2003, effective 1 May 2004) can be considered inclusive. This paper contributes to the small but growing literature that illustrates the complex interaction between governance and implementation of public policy. A multi-level approach is used to describe EC governance with respect to the implementation of revised competition policy. The process is evaluated through the levels of involvement of the key stakeholders, i.e. firms (national, European and non-European), consumers, national competition authorities (NCAs), the European Commission, and member states. Ultimate authority, however, remains vested in the Commission through legislation and institutionalism.
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Key words
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European regulations, European Union, Governance, Competition policy, Imperfect markets.
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Literature
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Anderson, S. and Mailand, M. (2002), The
Role of Employers and Trade Unions in Multipartite
Social Partnerships, The Copenhagen Centre, Copenhagen.
Ciavarini Azzi, G. (2000), "The slow march of
European legislation: the implementation of the directives",
in Ciavarini Azzi, G. (Ed.), European Integration
after Amsterdam, Oxford University Press, London/
New York, NY, Council Regulation 17 [1962].
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Hawk, B. (1980), "EEC and US competition
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DC.
Hooghe, L. and Marks, G. (1997), "Contending
models of governance in the European Union", in
Cafruny, A. and Lankowski, C. (Eds), Europe's Ambiguous
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available at: http://europa.eu.int/comm/dgs/ competition
Joerges, C. (2002), "The law's problems
with the governance of the European market", in
Joerges, C. and Dehousse, R. (Eds), Good Governance
in Europe's Integrated Market, Oxford
University Press, Oxford, MA.
Jones, A. and Sufrin, B. (2001a), "Introduction
to competition law", in Jones, A. and
Sufrin, B. (Eds), EC Competition Law, Text,
Cases and Materials, Oxford University Press,
Oxford, MA, pp. 3-60.
Jones, A. and Sufrin, B. (2001b), "The
European community and the competition provisions",
in Jones, A. and Sufrin, B. (Eds), EC
Competition Law: Text, Cases and Materials, Oxford
University Press, Oxford, pp. 61-84.
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of EU environmental polity; a policy problem
without a political solution", Environment and
Planning: Government and Policy, Vol. 17 No. 1,
pp. 69-90.
Massel, M. (1962), Competition and Monopoly:
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Modelski, G. (1972), Principles of World
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Moravcsik, A. (1998), The Choice for
Europe, Cornel University Press, Ithaca, NY.
Nelissen, N. (1997), "The administrative
capacity of new types of governance", Public
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pp. 5-22.
Nickell, S. (1996), "Competition and corporate
performance", Journal of Political Economy, Vol.
104 No. 4.
Peterson, J. (2001), "The choice for EU theorists:
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289-318.
Scherer, F. (1990), "Efficiency, fairness and
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Smith-Hillman, A. (2002), "Information and
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Stiglitz, J. (2002), Globalisation and its Discontent,
Penguin Group, London.
Council Regulation (EC) No
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Mijat Jocović
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SYSTEM OF CORPORATE GOVERNANCE IN MONTENEGRO
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Article title
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SYSTEM OF CORPORATE GOVERNANCE IN MONTENEGRO
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Authors
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Mijat Jocović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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G34
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Abstract
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The subject of this paper is the study of corporate governance system in Montenegro. The paper
analyzes the corporate governance reforms that occurred after 2002 when Montenegro began independently
to regulate the area of company law and corporate governance. The author points out that the system of corporate
governance in Montenegro has developed in specific circumstances. The lack of longer existing shareholder
practices, under-developed legal and institutional framework and the lack of understanding of the
importance of good corporate governance were basic limits to its development. On the other hand, from the
very beginning of independent regulation of company law and from the beginning of solving the problem in a
field of corporate governance in Montenegro, there was a serious intention to create a framework of corporate
governance that will satisfy the interests of all stakeholders in the shareholding companies. The starting
point of this paper is that the system of corporate governance in Montenegro is in the phase ofits development.
The author believes that in addition to formal compliance between the institute of corporate governance
and adopted international standards is necessary to provide and apply the principles adopted in practice.
The author has analyzed the historical development of shareholding companies in Montenegro, explained
the basic features of corporate governance systems, and pointed to major deficiencies in its functioning in
practice. The ultimate goal of this study was to identify the main deficiencies and to indicate the future
directions to develop a system of corporate governance in Montenegro.
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Key words
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corporate governance, shareholding company, shareholders, board of directors.
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Charlesworth & Morse (1995), "Company
Law", Sweet & Maxwell, London.
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(1999), "Corporate Governance Around the World",
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S., "Comparative Corporate Governance – The State
of the Art and Emerging Research", Oxford
University Press, Oxford.
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Milan Lakićević, Miloš Vulanović
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THE ROLE OF WARRANTS IN SHELF OFFERINGS
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Article title
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THE ROLE OF WARRANTS IN SHELF OFFERINGS
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Authors
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Milan Lakićević, Miloš Vulanović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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G12, G14, G34
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Abstract
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Warrant is an important form of financial asset that enables entrance to primary capital markets to companies that otherwise would have difficulty to access it. We explain the nature of warrants and examine the reaction of warrants' value during two major events in the life of SPACs, namely the announcement of the merger and the merger itself. On average, warrant holders exhibit significant positive abnormal returns around these important events.
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Key words
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Warrants, Shelf Offerings, SPACs.
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Bachelier Louis, 1900 "Theorie de la Speculation"
(Paris: Gauthier-Villars,1900), and reprinted in
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Floros, Ioannis V. 2008. "Two Essays on Alternative
Mechanisms to Going Public."PhD Thesis, University
of Pittsburgh.
Galai. D and Schneller, I. M. 1978, "Pricing of
Warrants and the Value of the Firm." Journal of Finance, 33,
1333-1342.
Graham, B. and Dodd, D, 1937, Security Analysis.
New York: McGraw Hill,
Jenkinson, T., Sousa, M, 2010,"Why SPAC investors
should listen to the market." Working Paper, Oxford
University.
Jog, V. and Sun, C, 2007, "Blank Check IPOs: A
Home Run for Management." Working Paper, Carleton
University.
Kruizenga, R., 1964, "Profit Returns from Purchasing
Puts and Calls," in. The Random Character of Stock Market
Prices, edited by Paul Cootner.
Lauterbach, B. and Schultz, P, 1990, "Pricing Warrants:
An Empirical Study of the Black-Scholes Model and
Its Alternatives."JournalofFinance 45, 1181-1209.
Lewellen, S, 2008, "SPACs as an asset class."
Working Paper, Yale University.
Samuelson, P. and R.C. Merton, 1969 "A Complete
Model of Warrant Pricing that Maximizes Utility." Sloan ManagementReview,
17-46.
Samuelson, P. 1965 "Rational Theory of Warrant Pricing
Industrial Management Review. " 6, 13-27.
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Boris Volovikov
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IMPROVEMENT OF METHODS OF STRATEGIC PLANNING AT THE EXAMPLE OF INDUSTRIAL ENTERPRISES
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Article title
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IMPROVEMENT OF METHODS OF STRATEGIC PLANNING AT THE EXAMPLE OF INDUSTRIAL ENTERPRISES
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Authors
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Boris Volovikov
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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M11
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Abstract
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The article is devoted to one of the key moments of strategic planning, associated with the information support of managerial decision making. The proposed in the article the algorithm allows to increase the efficiency of the strategic planning process and serves as the basis for creation of the software product. Methodology of strategic planning was tested in the formation of the basic strategy of development of one of the largest russian industrial enterprises.
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Key words
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The strategy of the company, the criteria for selecting the optimal strategy, targeted approach, the effectiveness of strategic planning, factor analysis.
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Literature
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1. Виханский О. С, Наумов А. И. Ме-
неджмент: Учебник - М., 2002.
2. Ткаченко, Д. Д. Задачи стратегичес-
кого планирования на предприятии // Стра-
тегия и тактика управления предприятием в
переходной экономике:
Межвузовский сборник научных трудов/Волг
ГТУ. - Волгоград, 2005. – С. 94-102. – 0,5 п. л.
3. Кужева С. Н. Управление проектами
изменений в организации / «Управление проекта-
ми. Информационно-аналитический журнал» №9,
2007, 26-35.
4. Воловиков Б. П. Метод выбора базовой
стратегии предприятия наоснове системного под-
ход Вестник Ом ГУ серия «Экономика» , N02 , 2010.
5. Воловиков Б. П., Ушакова Т. В., Жаво-
ронков С. А., Выбор оптимальной производстве-
ннойстратегии с применением методики SWOT-
анализа (на примере ОАО «Радиозавод им. А. С.
Попова») Москва, «Человек и Труд» N2, 2009, еже-
месячный журнал, рекомендованный ВАК, 68-70.
6. Воловиков Б. П. Применение комплек-
сного подхода к формированию корпоративной
стратегии Практический маркетинг N9 (163) - 2010,
32-36.
7. Воловиков Б. П. Корректировка марке-
тинговой стратегии предприятия на основании
результатов исследований рынка Журнал «Марке-
тинг в России и за рубежом», N6-2010, 62-63
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Ana Filipović
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RELIABILITY (ACCURATELY PRESENTATION) OF THE QUALITY OF FINANCIAL REPORTS WITH EMPHASIS ON THE CAPITAL MARKET OF MONTENEGRO
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Article title
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RELIABILITY (ACCURATELY PRESENTATION) OF THE QUALITY OF FINANCIAL REPORTS WITH EMPHASIS ON THE CAPITAL MARKET OF MONTENEGRO
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Authors
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Ana Filipović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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M41
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Abstract
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Qualitative characteristics of financial statements are the key assumptions of construction,
functioning and maintaining of sound economic and financial system of any economy. Therefore, the main
objective of financial statements (according to a new Conceptual framework of financial statements 2010)
is to provide financial information about an entity that is the subject of reporting, because because the
information is necessary for investors (both existing and potential), lenders and creditors in order to make
adequate decisions concerning the financing of a given entity. In this sense, high or satisfactory quality of
financial reporting is a process which influences numerous factors, where we believe that successful implementation
of this process necessarily depends on the continuous and concerted cooperation activities not
only between the authorities and professional accounting associations, but also between accounting professionals
and final users. Therefore, reliability (accurately presentation) as a primary characteristic of
financial statements and it is substantially determined by the audit, which results in the form of
expressed opinions which is (or should be) the secure basis for making strong system of financial markets
and economy of every society. Because of the significant effects that produce the quality of financial reports,
Montenegro has recognized the importance of the same, so the last few years has intensified efforts of relevant
institutions in the direction of improving the financial reporting environment. Proceeding from this,
the paper will analyze from several perspectives, and assess the reliability (accurately presentation) of
financial statements in the capital market of Montenegro and give some recommendations with a view to
improving the environment of financial reporting and the creation of database users (internal and
external) to mitigate the risk business and financial decision-making.
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Key words
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quality of financial reporting, reliability, auditing, financial markets, Montene
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Literature
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Analiza finansijskog tržišta u Crnoj
Gori", grupa autora, Radna studija br.10, Sektor
za istraživanje i statistiku, Podgorica 2007.
Bešvir, B., Kako čitati i analizirati finansijske
izvještaje, RRIF, zagreb, 2008.godine
Bogetić, P.,: Analiza bilansa, Kulturno-prosvjetna
zajednica Podgorica, Podgorica, 2004.
godine
Malinić, S., Karakteristike i kontrola
finansijskog izvještavanja, 33 Nacionalna konferencija
o kvalitetu, Festival kvaliteta 2006, Kragujevac
10-12 maja, 2006.godine
Malinić, S., Lalević-Filipović, A., Računovodstvo,
III izdanje, Ekonomski fakultet u
Podgorici, Podgorica, 2009., godine
Novićević, B., Uticaj globalizacije na
finansijsko izvještavanje, Zbornik radova XXXV
simpozijuma SRRS, zlatibor, maj, 2004.godine
Parać, B.,: Poduzetničko računovodstvo i
financijsko izvještavanje, II izmijenjeno i dopunjeno
izdanje, M.E.P. Consult Zagreb, Visoka škola za
poslovanje i upravljanje, Baltazar Adam Krčelić, Zaprešić,
Zagreb 2009. godine
Popović, A., Krsmanović, A., Dragović, D.,
:Inspekcijski nadzor finansijskog izvještavanja, Računovodstvo
i revizija, Institut sertifikovanih računovođa
CG, broj 4-5/2010. godine
Strategija i akcioni plan za unapređenje kvaliteta
finansijskog izvještavanja, Podgorica, 2008.godine
(www.mf.gov.mehttp://www.gov.me/files/12390180
29.pdf)
Šaponja, Dmitrović, Lj., Milutinović, S.,
"Mogućnosti unapređenja kvaliteta finansijskog izvještavanja
u Srbiji", XLI Simpozijum Zlatibor, 2010.
godine
Škarić-Jovanović, K., Konceptualni okvir
MSFI - (revizija ciljeva finansijskog izvještavanja i kvalitativnih
karakteristika finansijskih izvještaja), FINRAR,
Finansije računovodstvo revizija, broj 2. godina
XII, februar 2011.godine
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Danijela Jaćimović
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EUROPEAN PARLIAMENT – INCREASE OF JURISDICTION AND REAL POWER
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Article title
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EUROPEAN PARLIAMENT – INCREASE OF JURISDICTION AND REAL POWER
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Authors
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Danijela Jaćimović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
|
F00
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Abstract
|
The latest changes contained in the Lisbon Treaty continue the tradition of increasing of both,
the jurisdiction and the institutional position and power of the Parliament, in relation to other institutions.
This Treaty extends the jurisdiction of the Parliament that in the legislative process becomes the main legislator
together with the Council, the dominant participant in the decision making regarding the European
budget, and the importance of this institution as a political controller is increased in the work of EU institutions.
The introduced changes strongly improve the position of the Parliament in the EU institutional
system, and thereby all shortcomings of the previous Treaties, which can be defined as a "democratic deficit",
were tried to be removed.
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Key words
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Parliament, Democratic Deficit, Jurisdictions and Power.
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Literature
|
Bellamy, R. (2010), "Democracy without
democracy? Can the EU's democratic 'outputs' be
separated from the democratic 'inputs' provided
by competitive parties and majority rule?", Journal
of European Public Policy, 17: 1.
Crombez, C. (2003), The Democratic Deficit
in the European Union: Much Ado about Nothing?,
European Union Politics, l4:1.
Crum, B. (2009) "Accountability and
Personalisation of the European Council
Presidency", Journal of European Integration, 31:6.
Europena Commision, (2009), Guide to
the Lisbon Treaty.
Đurović, G., Jaćimović, D., Milović, N.,
Čekulić, L., Tahirović, M. (2010), Crna Gora u
XXI stoljeću - u eri kompetitivnosti, Evropske i evroatlantske
integracije, Crnogorska akademija nauka i
umjetsnosti, Podgorica, 2010.
Farrell, D. M., Scully, R. (2010) "The
European Parliament: one parliament, several
modes of political representation on the ground?",
Journal of European Public Policy, 17: 1.
Häge, F. M., Kaeding, M. (2007),
"Reconsidering the European Parliament's Legislative
Influence: Formal vs. Informal Procedures",
Journal of European Integration, 29: 3.
http://ec.europa.eu/news/eu_explained
/090608_en.htm/ 2/4/2010.
http://www.cor.europa.eu/
http://www.europarl.europa.eu/parliament/e
xpert/staticDisplay.do?language=EN&id=58
Jaćimović, D. (2010), »Evropski savjet i
promjene koje donosi lisabonski ugovor«, Montenegrin
Journal of Economics, Vol 6, No 11, (2010),
ISSN 1800-5845, 107-113.
Karp A. Jeffrey, Susan A. Banducci and Shaun
Bowler, To Know it is to Love it? Satisfaction With
Democracy in the European Union, Comparative
Political Studies, 36(3), 2003, pg 281.
Kollman, K. (2003), The Rotationg
Presidentcy of the European Council as a Search for
Good Policy, European Union Politics, Journal of European
Public Policy 4(1)
Konig, T., (2010) "Why do member states
empower the EP?", Journal of European public policy,
15:2.
Lord, Christopher andPollak, Johannes(2010)
'The EU's many representative modes: Cooliding?
Cohering?', Journal of European Public Policy, 17: 1,
117-136.
Peterson, J., Shackleton, M. (2005),
The Institutions of the European Union, Oxford University.
Press UK, (Oxford) Europena Commision,
(2009), Your Guide to the Lisbon Treaty.
Prokopijević, M.(32009), Evropska unija, Beograd:
Službeni glasnik.
Tallberg, J., Johanson, M. K.(2008) "Party
politics in the European Council", Journal of European
Public Policy, 15:8.
Vehar, P. (2009), "Nacionalni parlamentozbiljan
igrač ili statista u procesu pridruživanja
Evropskoj uniji", Izazovi evropskin integracija N0 3.
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Branislav Brcanski
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BASIC CHARACTERISTICS AND KONSENQUENCES OF MONEY LOUNDRY ON A GLOBAL MARKET
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Article title
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BASIC CHARACTERISTICS AND KONSENQUENCES OF MONEY LOUNDRY ON A GLOBAL MARKET
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Authors
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Branislav Brcanski
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E49; F39
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Abstract
|
Money laundering is the process of raising funds illegally, illegally using specific criminal acts. The main
objective of money laundering is to be "dirty money" involved in the legal flow of business. "Dirty money" is acquired
mainly through smuggling, drug trafficking, weapons and other illegal activities. The problems of money laundering
are global, that affect the whole world and all countries are struggling to eradicate this dangerous type of crime. Countries
that are not adequately confront the phenomenon of money laundering are in big trouble, because they are not
interesting for foreign investment, and thus were condemned to economic ruin. It is proved that the officials in these
countries is also subject to corruption and crime through the course, nobody wants to do business in such markets.
Consequently, programs to combat money laundering and are more than a simple means for law enforcement, because
it is in the interest of every country to eradicate this type of crime.
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Key words
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money laundering, integration, transition, instability.
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Literature
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Acin Sigulinski, S. (2002), Menadžment u međunarodnoj
trgovini, Novi Sad : Pigmalion.
Birks, P. (1995), Laundering and tracing, Oxford,
Clarendon Press, New York, Oxford University.
Blunden, B. (2001), The Money Launderers: How
They Do it and How to Catch Them at It, Chalford: Management
Books.
Bošković, G. (2005),: Pranje novca, Beograd:
Beosing.
Bošković, M. (2009), "Pranje novca kao kriminološki
i krivično-pravni problem", Zbornik radova -
Pravni fakultet u Novom Sadu, br. 3.
Bošković, M. (2009), Organizovani kriminalitet:
karakteristike i pojavni oblici, Novi Sad: Prometej.
Ehrenfeld, R. (1992), Evil Money: Encounters
Along the Money Trail, New York: Harper Collins Publishers.
Galbrejt, Dž. K. (1997), Novac: odakle je došao,
gde je otišao, Beograd.
Gilmor, S. V. (2006), Prljavi novac: razvoj
međunarodnih mera za borbu protiv pranja novca i finansiranja
terorizma, Beograd.
Gilmore, C. W. (2001), Dirty Money - The evolution
of money laundering counter-measures, Strasbourg:
Council of Europe Press.
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Andrej Veselov
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PRODUCTION PROGRAM MODELLING OF THE INDUSTRIAL COMPANY
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Article title
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PRODUCTION PROGRAM MODELLING OF THE INDUSTRIAL COMPANY
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Authors
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Andrej Veselov
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Category
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Economics
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Article type
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Science Article
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JEL Classification
|
L11
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Abstract
|
In article the model of optimization of production is considered by the enterprise at the account
turnover commodity stocks and a total margin of production. For optimization of plans of production the
data about the prices for production (which are predicted by marketing service), cost prices of manufacture of
a unit of production, turnover stocks (as on a way of their following from stocks in finished goods, and time
before purchase of the goods by the buyer), and also the data about forthcoming payments (part Cash Flow)
is considered. The model of such production that t
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Key words
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Optimization of Production, Total Margin Was, Industrial Company
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Literature
|
E. Dihtl, H. Hershgen. Practical marketing
/ the Lane with it.
Kotler P. — Marketing Management:
Millennium Edition.
Веселов А.И. Методическое обеспе-
чение оценки ассортиментной политики
предприятий мебельной промышленности.
Дисс. канд. экон. наук. Иркутск, 2010. – 143 с.
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Dijana Gupta
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THE ROLE AND IMPORTANCE OF COMMUNICATION IN MANAGEMENT
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Article title
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THE ROLE AND IMPORTANCE OF COMMUNICATION IN MANAGEMENT
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Authors
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Dijana Gupta
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Category
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Economics
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Article type
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Science Article
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JEL Classification
|
M12
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Abstract
|
From the aspect of management, communication process takes a special role because the same
one is being required for a success, progress and achievement of objectives of each organization. The work itself
discusses the concept of communication, its role and importance in management, where the models, techniques
and obstacles to communication projects are being processed. The problem of scientific research and
the subject of this work is contained in considering the role and importance of communication in management,
with the determination of communication as a subsystem of management functions of conducting. Initial
hypothesis states that: qualitative application of communication function in management is an extremely
important prerequisite for its efficient operation. The fundamental goal of researching this work is
being determined by the subject of reserach and upon the structred working hypothesis and is related to: the
account of theoretical premises about the subject topic and indication of the growing importance of communication
in management.
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Key words
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communication, management, communication obstacles, communication system.
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Literature
|
Boone, LE, Kurtz, DL (2000), Contemporary
Business, Harcourt College Publishers. Brashers, DE
(2001), "Communication and Uncertainty Management",
Journal of Communication, N0 4, September,
477-495.
Giffin, SD (2002), "A Taxonomy of Internet
Applications for Project Management Communication",
Project Management Journal N0 4, Vol 33, 39-
47.
Imai, G. (2007), "Body Language and Nonverbal
Communication in Different Cultures" 1-13
(www.travel.meetup.com - downloaded 18.02.2009.
Lekovic, B. (2003), Principles of Management,
Subotica: Faculty of Economics.
Loncarevic, R. et al (2007), Management:
Principles, processes and concepts, Belgrade University
Singidunum.
Mihailovic, D., Kovačević, I. (2008), "Business
Communication and characteristics of employed
managers", Psychology, Vol 41 (2), 237-249
Robbins, SP, Decenzo, DA (2001), Fundamentals
of Management, New Jersey: Prentice-Hall,
Upper Saddle.
Weihrich, H., Koontz, H (1993), Management,
Zagreb: MATE.
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Veljko Mijušković
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ALTERNATIVE PROCEDURES AND IMPORTANT ASPECTS OF PROCUREMENT MANAGEMENT
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Article title
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ALTERNATIVE PROCEDURES AND IMPORTANT ASPECTS OF PROCUREMENT MANAGEMENT
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Authors
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Veljko Mijušković
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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M10
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Abstract
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Modern company management must take into account all relevant business aspects in order to
achieve and preserve the competitive position on the turbulent market. One of the key elements of success is
adequate and equal management of different internal operations and company business functions. The
analysis of this paper is focused on the determination of the importance of the procurement function in a
company. Since this analysis is a complex issue, the attention is dedicated only to certain relevant elements.
The paper points out several important moments. Firstly, it explains the importance, character and effects
of successful procurement management. Then it makes a clear distinction between traditional and modern
procurement procedures. Finally, it points out the relevance of certain additional aspects of the procurement
process, such as the legal and ethical procurement angle.
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Key words
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procurement, procedure, competitiveness, procurement legal aspects, procurement ethical
aspects.
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Literature
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1. Božić, V., Aćimović, S. (2010), Marketing logistika,
CID Ekonomskog fakulteta u Beogradu
2. Killen, K., Kamauff, J. (1995), Managing Purchasing,
Irwin, Toronto
3. Kalakota, R., Robinson, M, (2001), E-business
2.0, 2nd edn, Wesley
4. Karp, H., Abramms, B, (1992), Doing the right
thing, Training and Development
5. Lysons, K, Farrington, B. (2006), Purchasing and
supply chain management, VII edition, Pearson Education
Limited, Harlow
6. Lovreta, S, (2009), Trgovinski menadžment, CID
Ekonomskog fakulteta u Beogradu
7. Lovreta, S., Petković, G. (2010), Trgovinski marketing,
CID Ekonomskog Fakulteta u Beogradu
8. Porter, M. (1985), Competitive advantage, Free
Press, New York
9. Richardson, T, (2003) Guide to purchasing cards,
Purchasing and supply chain management
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Đorđe Pavlović, Branko Gledović
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APPLYING OLAP MODEL ON PUBLIC FINANCE MANAGEMENT
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Article title
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APPLYING OLAP MODEL ON PUBLIC FINANCE MANAGEMENT
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Authors
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Đorđe Pavlović, Branko Gledović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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H61
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Abstract
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Budget control is derivate from one of the main functions of budget, that aims that the budget
is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument
that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a
direct correlation between the OLAP model and public finance management process.
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Key words
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Budget control, Revision, Public finance, OLAP technology.
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Literature
|
Arsovski Z., 2002, "Informacioni sistemi", univerzitetski
udžbenik, CIM centar, Mašinski fakultet u
Kragujevcu, Kragujevac.
Erik Thomsen, OLAP Solutions: Building Multidimensional
Information Systems, Second edition, John
Wiley and Sons, NY, 2002.
Kalakota, Ravi, i Robinson, Marcia, e-Poslovanje
2.0, MATE, Zagreb, 2002.
Kenneth C. Laudon, Jane P. Laudon, Management
Information Systems, Organisation and the technology in
the networked enterprise, Prentice – Hall Inc., 2000.
Lazarević B., Marjanović Z., Aničić N., Babarogić
S., 2004,"Baze podataka", FON, Beograd.
Richard Allen i Daniel Tommasi , 2004, "Managing
Public Expenditure" Organisation for Economic
Co-operation and Development (OECD), Paris.
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Ludmila Dorokhova, Oleksandr Dorokhov
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USAGE OF THE ELEMENTS OF MARKETING COMMUNICATIONS FOR PROMOTION OF PHARMACEUTICAL PRODUCTS
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Article title
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USAGE OF THE ELEMENTS OF MARKETING COMMUNICATIONS FOR PROMOTION OF PHARMACEUTICAL PRODUCTS
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Authors
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Ludmila Dorokhova, Oleksandr Dorokhov
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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M31
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Abstract
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Some elements of marketing communications are analyzed. The role of packaging of pharmaceutical
products during their promotion to consumers is described. The basic approaches to the use of
corporate identity style and it's components in pharmaceutical market are given. Exhibitions as components
of marketing of drugs, pharmaceutical and medical products are studied.
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Key words
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marketing communications, pharmaceutical market, promotion of pharmaceutical products,
corporate identity style, packaging of pharmaceutical products.
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Literature
|
Мнушко З. (2010), Маркетингова політика
комунікацій у фармації, Харків: НФаУ.
Слободянюк М. (2008), "Брендинг у діяль-
ності фармацевтичних підприємств", Фармацевти-
чний журнал, N0 1, 10-16.
Пономаренко В., Дорохов А., Дорохова Л.
(2010), "Брендинг как инструмент реализации
маркетинговых стратегий", Montenegrin Journal of Economics,
N0 12, 113-120.
Юданов Ю. (2007), Фармацевтический мар-
кетинг, М.:Юнити-Дана.
Aaker D. (2004), Brand Portfolio Strategy, New
York: The Free Press.
Пашутин С. (2006), Маркетинг фарминдус-
трии, М.: Вершина.
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Irida Mandić , Aleksandra Babović
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SAVREMENA MEĐUNARODNA TRGOVINA (Book Review)
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Article title
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SAVREMENA MEĐUNARODNA TRGOVINA (Book Review)
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Authors
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Irida Mandić , Aleksandra Babović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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Abstract
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Key words
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Literature
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Download full article
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