Management:Journal of Sustainable Business and Management Solutions in Emerging Economies
https://management.fon.bg.ac.rs/index.php/mng
<p>Management:<em> Journal of Sustainable Business and Management Solutions in Emerging Economies, </em>with <a href="http://road.issn.org/issn/2406-0658-management#.WQoxU-WGO02"><strong>online ISSN: 2406-0658</strong> and <strong>print ISSN:1820-0222</strong></a> is published three times per year as a multidisciplinary double-blind peer reviewed international journal. The Journal was established in the year of 1996.</p>University of Belgrade, Faculty of Organizational Sciencesen-USManagement:Journal of Sustainable Business and Management Solutions in Emerging Economies1820-0222 Performance Analysis of Indie Gaming Projects on Crowdfunding Platforms: Evidence from Kickstarter.com
https://management.fon.bg.ac.rs/index.php/mng/article/view/409
<p><strong>Research question: </strong>The aim of this paper is to examine the financial success of projects in game development industry in comparison with to projects in other industries hosted on crowdfunding platform Kickstarter.com. <strong>Motivation: </strong>We live in the world of technology where companies arise and disappear on daily basis. The traditional way of financing was expanded with alternative online platforms. Our goal was to conduct an empirical analysis of one crowdfunding platform (Kickstarter.com) in order to understand if technology projects are doing better than other projects. If they do, what are the key factors for their success? <strong>Idea:</strong> Our goal was to better understand how crowdfunding model supports small indie development projects and projects in other industries. <strong>Data:</strong> We used the data of 148.510 companies applied for crowdfunding financing between 2015 and 2020, published on the web crawler platform Web Robots. <strong>Tools: </strong>All statistical analyses were performed using statistical software IBM® SPSS® Statistics v.21. The data were presented using standard methods of non-parametric descriptive statistics (absolute and relative frequencies for medians and interquartile ranges for numeric outcomes). For testing of statistical significance of difference between two groups we used the Pearson´s Chi-Quadrat test and Mann-Whitney test, where appropriate. The effect size for the 2x2 analyses was estimated using Odds ratios. <strong>Findings: </strong>The paper analyses the financial success of gaming and not gaming projects and tries to identify key factors for successful funding. We found a statistically significant higher prevalence of successful financing in game development projects, with 2.3 times higher odds of successful funding compared to not-gaming industry. Our analysis of quantitative indicators such as the number of backers, goal amount, pledged amount, pledged amount per backer and pledged to goal ratio also showed that projects in game development statistically outperformed projects in other categories. Promising game projects were supported by three times more backers on average and attained almost as double funds as other projects, while still sporting more modest pledged amounts per backer. These findings support the notion of crowdfunding being a viable modality of financing independent game development in emerging economies. <strong>Contribution:</strong> This paper expands the existing research related to the crowdfunding platforms and indie development companies and formulates key factors for successful financing for technology startup firms.</p>Dana R. StojiljkovićMarko MihićDragan Bjelica
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2023-12-042023-12-0428311510.7595/management.fon.2021.0035 Towards a Review of Key Success Factors in Technology Entrepreneurship
https://management.fon.bg.ac.rs/index.php/mng/article/view/432
<p><strong>Research Question: </strong>Through a systematic review of the relevant literature, this paper identifies and analyses key success factors in technology entrepreneurship and provides a novel classification and systematization of the factors. Also, it provides a prioritization of the selected factors by tech entrepreneurs. <strong>Motivation:</strong> The conditions of uncertainty and the dynamic environment in which one technological venture operates cause that only a small number of them succeed (Baron, 2000; Changsok et al., 2012; Tomy & Pardede, 2018; Chen et al., 2019). Comprehensive systematization of success factors is lacking in the professional literature. This paper contributes to the literature in this field by systematizing and prioritizing the key success factors in technological entrepreneurship, as a usable basis for further research and decision making. <strong>Idea:</strong> The core idea of this paper was to provide an overview of existing knowledge and a systematized basis for further research, but also for work in the practice of technological entrepreneurship, giving guidance to all stakeholders and decision makers, entrepreneurs, investors and policymakers.<strong> Data: </strong>The review was conducted using online repositories of scientific publications on technology entrepreneurship success factors published in the period from 1980 to 2021. In total, 661 articles were identified, while 45 articles met the selection criteria and represent the basis for further research of this paper. In order to determine the prioritization of the identified factors, empirical research was conducted among decision makers of technological entrepreneurial ventures. <strong>Tools: </strong>The research and review of the literature were conducted by structured keyword search of the <em>Web of Science</em> database, while the process of article selection was performed using the identified selection algorithm, based on two phases, which both included the selection criteria. For the purposes of empirical research, the <em>Google </em>form questionnaire was used for collecting the data on the prioritization of the factors by technology entrepreneurs. <strong>Findings: </strong>The factors that are key to the success of technology ventures are often complex in nature. 151 originally identified success factors from different authors were classed into 31 groups. Based on the identified groups, five large groups of factors were used for classification: "characteristics of the founder/founding team", "environment", "technology and innovation", "organization" and "strategy". As a result of empirical research, the factor “motivation” emerges as the most influential factor on a venture’s success, while the “size of the founding team” is identified as the least influential. <strong>Contribution</strong>: This paper extends the existing literature providing the systematization of key technology entrepreneurship success factors with the systematization of scientific publications as a basis for further research.</p>Nina MihajlovićSanja MarinkovićJovana Rakićević
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2023-12-042023-12-04283152810.7595/management.fon.2022.0007 Interdependence between business insurance and entrepreneurship and their impact on the economic growth
https://management.fon.bg.ac.rs/index.php/mng/article/view/456
<p><strong>Research Question: </strong>What type of mutual relations exist between business insurance and entrepreneurship, and how do they impact economic growth? <strong>Motivation:</strong> The primary motive for the research is the identified literature gap in the field of interdependence between business insurance and entrepreneurship and their joint contribution to economic growth. <strong>Idea: </strong>To test whether the interdependence between business insurance and entrepreneurship exists and their combined contribution to economic growth. The following independent variables were used: premium per entrepreneur, solved claims per entrepreneur, total technical reserves, GDP/p.c., a measure of demographic variables in the form of education level, a measure of the impact of banking, and the measure for institutional factors in terms of establishment costs the number of entrepreneurs by years as the dependent variable was considered. <strong>Data</strong>: Data were gathered from various sources (Serbian Statistical Office, National Bank of Serbia, World Bank) in the period from 2008 to 2019. <strong>Tools: </strong> Descriptive statistics, regression analysis, and statistical tests. <strong>Findings: </strong>The presented results show that there is a significant influence of insurance, both through insurance premiums per entrepreneur, which are paid to ensure the safety of the entrepreneur, and through resolved claims per entrepreneur, which present an indicator of insurance compensation in the case of damage to the entrepreneur, and through the impact of insurance on financial market by the amount of technical reserves. The return influence was not confirmed, considering that the number of entrepreneurs per year is a stationary variable, so the effect of the number of entrepreneurs on the development of insurance, measured by the premium per entrepreneur, could not be confirmed<strong>.</strong> <strong>Contribution: </strong>This research conducted in Serbia, a developing and upper middle-income country, confirmed the positive impact of insurance on entrepreneurship, but the return influence of entrepreneurship on insurance was not proven. <strong> </strong></p>Vladimir NjegomirDragan StojićJelena Demko-Rihter
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2023-12-042023-12-04283294210.7595/management.fon.2023.0013 Nexus between sustainability and financial performance in the Serbian banking sector
https://management.fon.bg.ac.rs/index.php/mng/article/view/463
<p><span style="text-decoration: underline;"></span></p> <p><strong>Research Question: </strong>The paper investigates various ESG (Environmental, Social and Governance) related practices within the leading European banking groups (BGs) present in Serbian banking sector (SBS), including their financial performances. <strong>Motivation: </strong>The goal of the research was to explore approach habits to sustainable business between the leading European BGs present in the SBS. It should have in mind that SBS are in compliance with their headquarter/major shareholder. The rising global worry about ESG issues and its overall impact forces banking business model to use holistic approach, including the plug-in of sustainability and responsible behaviours. The paper draws on sustainable banking surveys of Aracil et al. (2021) and Stefanovic et al. (2021) in Business-Case domain, applying them on SBS with introduction of 3 comparable sustainable indicators (environmental loans, reduction of tCO2, community investments). It is the first study which takes in respect ESG elements of principal BGs in SBS, with the comprehensive analysis of subject’s legislative framework. <strong>Idea:</strong> The core idea of the paper was to empirically investigate the sustainable practice in SBS, based on different banks’ reports and publications, including disclosed ESG indicators. E-loans (EL) and profitability indicators were examined individually as dependent variables since other ESG and financial (solvency, financial stability and efficiency) variables served as independent ones. <strong>Data:</strong> Analysis was conducted using data of 4 European active BGs on SBS, in the period of 2015-2021, due to fact that there was the lack of quantitative metrics and non-uniform reporting practice. <strong>Tools:</strong> Statistical analysis (descriptive statistics, correlation, regression test utilizing ANOVA), were used to draw conclusions about the relationship variables, particularly correlation between ESG variables and profitability ratios. <strong>Findings:</strong> The study showed for analyzed BGs that: (1) they had unique ESG practice, based on global standards and EBA (European Banking Authority) regulation; (2) they had good credit risk management including E-risks in practice; (3) sustainability had significant inter-connectedness among ESG constituents, as well as with some of the financial metrics; (4) statistical significance of ESG metrics for EL; however similar findings are missing when it comes to association between financial performance (in terms of profitability) and ESG practice. <strong>Contribution:</strong> The paper introduces and expands existing research related to sustainable banking on SBS for further education of all stakeholders.</p> <p></p>Nikola StakićLidija Barjaktarović
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2023-12-042023-12-04283435610.7595/management.fon.2023.0011 Efficiency of Working Capital & Assets Management in the Function of SMEs Bankruptcy Prediction
https://management.fon.bg.ac.rs/index.php/mng/article/view/462
<p><strong>Research Question: </strong>This research has been conducted with the aim of determining whether it is possible to generate a model that can reliably predict bankruptcy of Serbian small and medium-sized enterprises (SMEs) using <em>Working Capital Management (WCM)</em> and <em>Asset Management</em> <em>(AM</em>) efficiency ratios<strong>. Motivation:</strong> Motive for this research is the fact there are not many business failure prediction models related to SMEs. In addition, existing models are not focused on efficiency of the two above mentioned categories. Also, previously developed models, especially traditional and ground-breaking ones, are not necessarily aligned with accounting procedures and economic environment of all countries, which indicates the need to develop a model that is adapted for Serbian territory. <strong>Idea: </strong>The idea is to develop a model that has the ability to predict whether an entity has a tendency to initiate bankruptcy proceedings in the next year. This is useful both for external stakeholders and for SMEs’ owners themselves, as it allows them to better manage resources. <strong>Data:</strong> The research was conducted on a sample of 100 Serbian SMEs. Data for the calculation of ratio indicators is available on the Business Registers Agency webpage. <strong>Tools:</strong> The research was conducted as a combination of financial and statistical analysis instruments. Ratio indicators were used for financial analysis part, while statistical analysis was conducted in SPSS program v.26 and includes logistic (binary) regression. <strong>Findings: </strong>Results of the research indicate that AM efficiency indicators are suitable for SMEs bankruptcy prediction modelling, but also indicate that WCM ratios don’t have great contribution in bankruptcy prediction for Serbian SMEs. A model that has a classification accuracy of 79% has been developed<strong>. Contribution: </strong>This research empirically tests how selected ratio indicators support SMEs bankruptcy prediction, and therefore can be beneficial for all SMEs stakeholders, but also other researches since the research methodology is explained in details.</p>Denis Kušter
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2023-12-042023-12-04283577010.7595/management.fon.2023.0007 Effect of Financial Behavior, Childhood Consumer Experience, And Financial Wellness on Financial Well-Being
https://management.fon.bg.ac.rs/index.php/mng/article/view/460
<p><strong>Research question: </strong>This study aims to examine the effect of financial behavior, childhood consumer experience and financial wellness on financial well-being. <strong>Motivation</strong>: Good financial education will improve financial behavior and financial wellness. <strong>Data: </strong>The population of this research was students who are in Merauke, Papua, the border area of Indonesia. The sample was selected using a purposive sampling technique producing 386 respondents. <strong>Tools:</strong> Data analysis using was undertaken using a multiple regression analysis. <strong>Findings: </strong>The results showed that financial behavior had a particial, but significant effect on financial well-being, childhood consumer experience had no significant effect on financial well-being, and financial wellness had a significant effect on financial wellbeing. Simultaneously, financial behavior, childhood consumer experience and financial wellness had an effect on financial well-being. The limitation of the research comprised of individuals living in certain areas that are strongly influenced by certain socio-cultural conditions. <strong>Contribution: </strong>The implication of the results of this study is that it may be too early for children to receive education about finance. This research was conducted in Indonesia, in a border region, and as it is one of the countries with the largest population in Asia, the aspect of individual financial management is one of the problems hindering efforts to advance the economy.</p>Irine HerdjionoSiswantoyo SiswantoyoKetut SukiyonoPonty SP HutamaArif Rahman HakimTobias NggaruakaApolinaris S. AwotkayMurniati Arruan Lola
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2023-12-042023-12-04283718610.7595/management.fon.2023.0010 Embryonic tech ventures’ orientation and performance
https://management.fon.bg.ac.rs/index.php/mng/article/view/458
<p><strong>Introduction and objectives:</strong> A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-based view, this study examined the role of market and entrepreneurial orientation on the performance of new ventures within a growing entrepreneurial ecosystem of Serbia. <strong>Methods:</strong> The study is based on primary data gathered via a questionnaire and examined tech ventures founders from Serbia whose ventures are in either research and development or start-up phase. <strong>Results: </strong>The findings confirm that both market and entrepreneurial orientation play an immense role in the embryonic phase and throughout the process of launching a new tech firm. <strong>Conclusion: </strong>The study found that market orientation primarily influences problem discovery, value proposition and product designing, as well as team gathering. Entrepreneurial orientation more significantly affects performance in the context of MVP creation, first customer acquisition, initial revenue stream and investment for the next phase of tech venture development. <strong>Implications and research limitation: </strong>The study suggests that new ventures leaders have to develop both market and entrepreneurial competences. At the beginning, they should invest more into the activities related to market orientation, and during the further tech venture development, entrepreneurial orientation leads to finalization of a product/service development and its commercialization. Even though this study provides useful and valuable insights, it does not reflect all concepts of entrepreneurial success and a larger sample size from other geographical regions would be more suitable for the generalizability of study findings. Yet, the implications of the study are highly relevant for Serbian ecosystem as the business environment is not stimulating enough for growth and development of new ventures, and consequently founders have to rely on their own competencies and knowledge.</p>Milan OkanovićMiloš MilosavljevićSlavica Cicvarić KostićJasmina Dlačić
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2023-12-042023-12-04283879910.7595/management.fon.2023.0008 Book review of: Silver, N. (2017). Finance, Society and Sustainability: How to Make the Financial System Work for the Economy, People and Planet.
https://management.fon.bg.ac.rs/index.php/mng/article/view/464
<p><span class="fontstyle0">Book review of: </span><span class="fontstyle2">Silver, N. (2017). Finance, Society and Sustainability: How to Make the Financial System Work for the Economy, People and Planet.</span> </p>Justus Biryomumeisho
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2023-12-042023-12-042839910010.7595/management.fon.2023.0015