Mic 2016 Management International Conference Managing Global Changes Proceedings of the Joint International Conference Organised by • University of Primorska, Faculty of Management, Slovenia • Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia • Moscow School of Economics, Moscow State University, Russian Federation • Association for the Study of East European Economies and Cultures, USA • Society for the Study of Emerging Markets, USA Pula, Croatia • 1–4 June 2016 MIC 2016: Managing Global Changes Proceedings of the Joint International Conference Organised by University of Primorska, Faculty of Management, Slovenia, Juraj Dobrila University of Pula, Faculty of Economics and Tourism, Croatia, Moscow State University, Moscow School of Economics, Russian Federation, Association for the Study of East European Economies and Cultures, USA, and Society for the Study of Emerging Markets, USA Pula, Croatia | 1–4 June 2016 Edited by Suzana Laporšek and Doris Gomezelj Omerzel Design and Layout Alen Ježovnik Published by University of Primorska Press Titov trg 4, 6000 Koper, Slovenia Editor in Chief Jonatan Vinkler Managing Editor Alen Ježovnik www.hippocampus.si Koper, Slovenia | December 2016 Management International Conference ISSN 1854-4312 © University of Primorska Press http://www.hippocampus.si/ISBN/978-961-6984-81-2.pdf Published under the terms of the Creative Commons CC BY-NC-ND 4.0 License. Kataložni zapis o publikaciji (CIP) pripravili v Narodni in univerzitetni knjižnici v Ljubljani COBISS.SI-ID=288263936 ISBN 978-961-6984-81-2 (pdf) Foreword The traditional Management International Conference (MIC) was organized in Pula, Croatia, in co-operation of University of Primorska, Faculty of Management, (Slovenia), Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković’ (Croatia), Moscow School of Economics, Moscow State University (Russian Federation), Association for the Study of East European Economies and Cultures (USA) and Society for the Study of Emerging Markets (USA). The focus of the conference was Managing Global Changes. In this view the conference aimed to address various aspects of managing global changes, with special focus on economic, financial, tourism and energy issues, and to offer researchers and professionals the opportunity to discuss other issues of global developments. The conference was carried out in five tracks: • MIC Track (traditional Management International Conference, organized by University of Primorska, Faculty of Management), • Economics Track (organized by Association for the Study of East European Economies and Cultures), • Finance Track (organized by Society for the Study of Emerging Markets), • Tourism Track (organized by Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković’), • Energy Track (organized by Moscow School of Economics, Moscow State University). We would like to extend a sincere appreciation to all the participants and presenters for their contributions and participation. This year we received 232 submissions and selected the best 158 papers from authors from 32 countries, and the total number of participants has reached 200 (together with panel discussions and workshops). All abstracts of papers were included in the Book of Abstracts, ready for the conference. After the conference authors were invited to submit their full papers to the MIC 2016 Conference Proceedings. In the Conference Proceedings authors submitted 35 papers. We use this opportunity to thank all the reviewers for doing a great job in reviewing all full papers and for their precious time Authors had also the opportunity to submit papers to the MIC Special Issues, organized by the MIC supporting journals: • Economic Research/Ekonomska Istraživanja (Editor in Chief Dr. Marinko Škare, Juraj Dobrila University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia), • Management and Production Review, special issue on Sustainable Strategies in Global Business Turbulence (Guest Editor Dr. Josu Takala, University of Vaasa, Finland), • Managing Global Transitions, special issue on Institutional Environment and Development of Business Networks in South East Europe (Guest Editor Dr. Darko Tipurić, Faculty of Economics and Business, University of Zagreb, Croatia), • Management, special issue on (Re)inventing Business Networks and Organisa-tions in SEE (Guest Editor Dr. Miroslav Ante Omazić, Faculty of Economics and Business, University of Zagreb, Croatia), 3 • Review of Innovation and Competitiveness (Editors Dr. Marinko Škare and Dr. Danijela Križman Pavlović, University of Pula, Faculty of Economics and Tourism ‘Dr. Mijo Mirković,’ Croatia). Authors also had the opportunity to submit their full papers to other supporting journals of the MIC Conference: Borsa Istanbul Review, Comparative Economic Studies, Eastern European Economics, Economic Systems, Emerging Markets Finance and Trade, International Journal of Computational Economics and Econometrics Special thanks go to keynote speakers: • Dr. Milford Bateman, Freelance Consultant on Local Economic Development, Vis-iting Professor of Economics at Juraj Dobrila University of Pula (Croatia) and Ad-junct Professor of Development Studies, St Marys University (Canada) and • Dr. Zdeněk Drábek, Professor at the Faculty of Social Sciences at Charles University in Prague (Czech Republic). We would also like to thank to the editors of the supporting journals, participating at the Editors Panel, and to students who participated at the Doctoral Students’ Workshop. Last but not least, we extend our sincere thanks to everybody who participated in the programme boards and organization of the MIC 2016. Dr. Suzana Laporšek Conference Chair 4 Programme Boards Conference Chair Dr. Suzana Laporšek, University of Primorska, Slovenia Programme Board Director Dr. Štefan Bojnec, University of Primorska, Slovenia Programme Track Chairs Dr. Doris Gomezelj Omerzel, University of Primorska, Slovenia (Management Track) Dr. Josef Brada, Association for the Study of East European Economies and Cultures, USA (Economics Track) Dr. Ali Kutan, Society for the Study of Emerging Markets, USA (Finance Track) Dr. Lela Tijanić, Juraj Dobrila University of Pula, Croatia (Tourism Track) Dr. Dean Fantazzini, Moscow State University, Russian Federation (Energy Track) Scientific Committee Dr. Mehmet Balcilar, Eastern Mediterranean University, North Cyprus Dr. Cene Bavec, University of Primorska, Slovenia Dr. Sumon Bhaumik, Sheffield University, United Kingdom Dr. Janusz Brzeszczyński, Northumbria University, United Kingdom Dr. Eddy Siong-Choy Chong, Finance Accreditation Agency, Malaysia Dr. Ksenija Černe, Juraj Dobrila University of Pula, Croatia Dr. Udo Dierk, MEL-Institute, Paderborn, Germany Dr. Sel Dibooglu, University of Missouri, USA Dr. Balázs Égert, OECD, France DDr. Imre Fert˝ o, Corvinus University of Budapest, Hungary Dr. Mikhail Golovnin, Moscow State University, Russian Federation Dr. Rune Ellemose Gulev, Kiel University of Applied Sciences, Germany Dr. Roman Horváth, Charles University, the Czech Republic Dr. Evžen Kočenda, Charles University, the Czech Republic Ms. Eva Kras, International Society for Ecological Economics, Canada Dr. Pekka Kess, University of Oulu, Finland Dr. Danijela Križman Pavlović, Juraj Dobrila University of Pula, Croatia Dr. Masaaki Kuboniwa, IPU New Zealand Tertiary Institute, New Zealand, and Hitotsubashi University, Japan Dr. Raúl León, University of Zaragoza, Spain Dr. Gulnur Muradoglu, Queen Mary University of London, United Kingdom Dr. Lucjan Orlowski, Sacred Heart University, USA Dr. Kongkiti Phusavat, Kasetsart University, Thailand Dr. Victor Polterovich, Moscow State University, Russian Federation Dr. Mitja Ruzzier, University of Primorska, Slovenia Dr. Cezar Scarlat, University Politehnica of Bucharest, Romania Dr. Yao Y. Shieh, University of California Irvine Medical Center, USA Dr. Marcello Signorelli, University of Perugia, Italy Dr. Dean Sinković, Juraj Dobrila University of Pula, Croatia Dr. Marinko Škare, Juraj Dobrila University of Pula, Croatia Dr. Josu Takala, University of Vaasa, Finland Dr. Goran Vukšić, Institute of Public Finance, Croatia 5 Dr. Art Whatley, Hawaii Pacific University, USA Dr. Robert Zenzerović, Juraj Dobrila University of Pula, Croatia Organizing Committee MSc. Marijana Pregarac, University of Primorska, Slovenia MSc. Maja Trošt, University of Primorska, Slovenia Tin Pofuk, University of Primorska, Slovenia Ksenija Štrancar, University of Primorska, Slovenia Staša Ferjančič, University of Primorska, Slovenia Rian Bizjak, University of Primorska, Slovenia Editorial Office Alen Ježovnik, University of Primorska Press, Slovenia 6 Table of Contents Corruption and Ethical Behavior in International Management Duško Pavlović, Damir Mladić, and Stipe Buzar Full Text The Continuity, Intensity and Effects of Economic Changes in CEB Member States: Transformation vs. Transition Jarosław Kaczmarek Full Text The Impact of Foreign Language Skills and Cultural Competencies on SMEs’ Success in International Markets Moira Kostić-Bobanović, Maja Novak, and Mieta Bobanović Full Text Partial Privatization and Government Preference Fernanda A. Ferreira and Flávio Ferreira Full Text Managing Global Changes with Logistics Simplified Aleksander Janeš, Armand Faganel, and Roberto Biloslavo Full Text The Role of Information and Communication Systems in the Research into Technology Marketing and its Support to Strategic Decision-Making Mersad Z. Mujević Full Text Effective Motivation of Multi-generation Teams: Presentation of Own Research Results Izabella Steinerowska-Streb and Anna Wziątek-Staśko Full Text The Internal Audit Function and the Quality of Financial Reporting: Empirical Evidence from Montenegro Tanja Laković, Julija Cerović Smolović, and Tatjana Stanovčić Full Text Determinants of Net Replacement Rate in Serbia Aleksandra Anić and Gorana Krstić Full Text 7 Utilization of EVA in Inter-Company Comparison Process Peter Markovič, L’udovít Šrenkel, and Marián Smorada Full Text Fiscal Multipliers and Macroeconomic Performance in the Case of Slovakia and Hungary Martin Kameník, Anna Ruščáková, and Jozefína Semančíková Full Text Strategic Implications of Big Data: A Comprehensive View Christian Bischof, Magdalena Gabriel, Birgit Rabel, and Daniela Wilfinger Full Text Waste Management and Financial Performance: Evidence from Italian Companies Francesca Bartolacci, Antonella Paolini, Michela Soverchia, and Ermanno Zigiotti Full Text Identification of Critical Factor Indexes from Triple Helix Perspective: Case of Slovenian Forest Based Industry Nurul Aida Abdul Malek, Hakki Maseci, Josu Takala, and Štefan Bojnec Full Text From Click-and-Mortar to Clicks-and-Bricks: Challenges of Business Transformation Management Florin Ioni¸t˘ a, Darko Shuleski, and Ana Maria Cristina Full Text Music as a Tourist Product: The Management and Marketing Model Ivana Paula Gortan-Carlin and Aleksandra Krajnović Full Text Ethical Banks: European Experiences and Croatian Perspectives Dražen Novaković and Dina Liović Full Text Usefulness of Financial Statements and Annual Reports in the Process of Accounting Fraud Detection Lenka Chorvatovičová and Darina Saxunová Full Text How Expensive are Our Own Resources? Theoretical Concept of Equity Darina Saxunová and Rita Szarková Full Text 8 Food Recovery Awareness Armand Faganel and Aleksander Janeš Full Text Who is Who on Audit Services Market in Republic of Macedonia: Big Four versus Non-Big Four Zorica Bozhinovska Lazarevska, Marina Trpeska, and Maja Stolevska Kostadinova Full Text Vertical Specialization: The Case of Chinese Exports Seda Ekmen Özçelik Full Text Application of Internal Market Orientation Activities and ISO 9001 Standard in Hotel Corporations as a Precondition of Successful Business Processes Matina Gjurašić and Ivana Škarica Full Text The Role of Polish Gas Investments in Enhancing Central and Eastern Europe Energy Security Tomasz Młynarski Full Text Management Orientations and Mission Drifts: Case Studies on Finnish Work Integration Social Enterprises Harri Kostilainen and Pekka Pättiniemi Full Text The Socio-Economic Costs of Underemployment Sabina Lacmanović, Sanja Blažević Burić and Lela Tijanić Full Text The Influence of Management on Quality of the Annual Report of Public Institution Tatjana Horvat and Sonja Martinčič Full Text The Impact of Liberalisation on the Market Structure and Financial Operations of Corporations in the Gas Sector in the Republic of Croatia Anto Bajo, Marko Primorac, and Dijana Jurinec Full Text Can Minimum Wage Eliminate Poverty? Case Study of Croatian and Slovenian Labour Market Sanja Blažević Burić and Suzana Laporšek Full Text 9 Measuring Consumer Satisfaction: Evidence from Romania Florian Gyula Laszlo Full Text Is Accounting Neutral to Economy and Society? Vera Palea Full Text The Risk Analysis of the Greatest Hungarian Energy Companies between 2008 and 2013 Katits Etelka Full Text Comparative Advantages in CEEC-5 Tullio Gregori Full Text Comparative Analysis of Financial Literacy in EU Countries Nada Trunk Širca, Sergeja Kočar, and Aleš Trunk Full Text Professions in Tourism: Regulation vs. Deregulation Elizabeta Zirnstein and Valentina Franca Full Text 10 Document Outline Foreword Programme Boards Table of Contents