The world economy is changing, this is a fact. New technology, new communication possibilities ha... more The world economy is changing, this is a fact. New technology, new communication possibilities have reduced the physical boundaries and have made customers more knowledgeable and with more requirements. Overcoming those challenges, companies (in specific SMEs) are striving to develop new strategies to respond to new requirements and working conditions in their market environments, are facing different challenges that needs to be overcome through developing proper marketing strategies. There are many factors that may seem to be important. As reviled by this study, the most common strategies that firms implement, on their path toward economic growth, are based on Pricing, Channel Structure and Advertising Strategies, which are seen as the most effective tools to reach customers and to develop a sustainable firm's strategy. Additionally, there are differences between firms implementing standardized strategies form those that are focused more on localized advertising strategies.
The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing coun... more The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing countries and plays a significant role in the overall economy in terms of contribution to overall economic development and creation of employment opportunities. The paper will primarily focus on presenting the overview of the human resource practices in SMEs in general, an in specific description in Kosovo SME sector. The economic and politic development in the region, and overall changes in the global market, increases the importance of SMEs in Kosovo's economy and is seen as unparalleled and crucial to overall Kosovo's economic development. This paper presents the overview of the HR practices and development in SMEs in Kosovo. As first, this discussed the general views of the SMEs operating in Kosovo, which is the biggest employment sector. The opinions developed supports the argument that SMEs in Kosovo SMEs are yet in the initial stages of developing sustainable and contemporary policies and strategies in developing human capacities, which would result with greeted economic and social development. Some crucial issues concerning to Kosovo's SMEs are also identified.
The role of investment, in particularly foreign direct investment (FDI), is regarded as one of th... more The role of investment, in particularly foreign direct investment (FDI), is regarded as one of the most important contributors of economic growth. The past quarter century has witnessed remarkable growth in FDIs flow all over the world. This is due to the fact that many countries, especially developing countries, see FDI as an important element in their overall strategy for economic development. This paper provides a review of the economic impact of FDI, with specific focus on developing countries particularly Kosovo and ex-Yugoslavian countries in the Balkan Peninsula. FDIs contribute to the economic development of host country in two main ways. They include the augmentation of domestic capital and the enhancement of efficiency through the transfer of new technology, marketing and managerial skills, innovation, and best practices. Secondly, FDI has both benefits and costs, and its impact is determined by the country's specific conditions in general and the policy environment in particular. This is in terms of the ability to diversify, the level of absorption capacity, targeting of FDI, and the various opportunities for linkages between FDI and domestic investment. The paper aims to clarify the main causes of failure of foreign direct investments in Kosovo and reviles the importance of indicators that majorly has an institutional nature. Neither the amount nor the effects of foreign direct investment were satisfactory. Therefore, the paper reviles that in this aspect, a wide range of actions needs to be made, which is specifically related to government institutions and the business community.
The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing coun... more The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing countries and plays a significant role in the overall economy in terms of contribution to overall economic development and creation of employment opportunities. The paper will primarily focus on presenting the overview of the human resource practices in SMEs in general, an in specific description in Kosovo SME sector. The economic and politic development in the region, and overall changes in the global market, increases the importance of SMEs in Kosovo’s economy and is seen as unparalleled and crucial to overall Kosovo’s economic development. This paper presents the overview of the HR practices and development in SMEs in Kosovo. As first, this discussed the general views of the SMEs operating in Kosovo, which is the biggest employment sector. The opinions developed supports the argument that SMEs in Kosovo SMEs are yet in the initial stages of developing sustainable and contemporary policies and strategies in developing human capacities, which would result with greeted economic and social development. Some crucial issues concerning to Kosovo’s SMEs are also identified.
The paper intends to enlighten the challenges of human resources development, faced by post confl... more The paper intends to enlighten the challenges of human resources development, faced by post conflict counties that are passing the transition phase from closed to open economies. The study has been developed through an extensive literature survey of Kosovo’s organizations to determine the most common challenges that are being faced through the transition stage. Further, the purpose of this paper is to explore the standing and challenges of human resources development by Kosovo’s organizations. As enlighten by literature review, many challenges may be overcome by different methods and forms that modern (developed) economies are implementing, such as government intervention, vocational and education, social awareness, and also changes within organizations themselves, are the vital aspects that affect human resources and its development. As the era of global economy is reaching all European countries, Kosovo must prepare its human resources potential to face and to be able to overcome new challenges that will be faced, when going global. To be able to unleash the full potential of human capital in Kosovo, the HRM initiative needs to be undertaken, such as its educational system, enhancement of training and development activities, in particularly in management, development, and foremost creating new knowledge based on information and communication technology.
The era of change has reached also countries in every corner of Europe, which until now were clos... more The era of change has reached also countries in every corner of Europe, which until now were closed and have had a centralized economy. The best example is countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, which are going through the transition process for many years. Like many developed countries that have changed the way of operating, developing and in transition countries are trying to switch from one economy to another, from closed and centralized to open and a free market economy. As the market is becoming more open for new entries, highly decentralized organizations are operating across a broad range of countries, without tending to centralize their operation to a single location. Hence, this has minimized the importance of a geographic area (as well as the home region) and is no longer treated as a priori to be the primary base for any (or all) functional area of global organizations. Many functions that are part of every organization, such as sourcing, manufacturing, marketing and sales is performed in the location(s) around the world, which are seen as most suitable for that particular function to be carried. All those changes, even many other that are seen that will happen in the near future, has been realized thanks to technology improvement and globalization that shaped the world. As the technology supports to govern human preferences; globalization has its impact on economic realities.
The world economy is changing, this is a fact. New technology, new communication possibilities ha... more The world economy is changing, this is a fact. New technology, new communication possibilities have reduced the physical boundaries and have made customers more knowledgeable and with more requirements. Overcoming those challenges, companies (in specific SMEs) are striving to develop new strategies to respond to new requirements and working conditions in their market environments, are facing different challenges that needs to be overcome through developing proper marketing strategies. There are many factors that may seem to be important. As reviled by this study, the most common strategies that firms implement, on their path toward economic growth, are based on Pricing, Channel Structure and Advertising Strategies, which are seen as the most effective tools to reach customers and to develop a sustainable firm’s strategy. Additionally, there are differences between firms implementing standardized strategies form those that are focused more on localized advertising strategies.
In their study “The cost of capital, corporation finance and the theory of investment” (1958) lau... more In their study “The cost of capital, corporation finance and the theory of investment” (1958) laureates of Nobel Price Nobel Franco Modigliani and Merton Miller represent what could possibly be the most important theory for the structure of capital, through which they explain the effect of the capital structure for the value of companies. Despite the hard work by Modigliani and Miller and the entire time spent by numerous scholars in developing concepts regarding this theory, we can say that it still remains unclear and faces many objections. This paper attempts to assess and make a critical review of Modigliani and Miller’s Theory and the dominating literature that is pro and against this theory, aiming to identify the theory’s importance and contribute to the field modern finances. To this end, the paper assessed and analyses Modigliani and Miller’s theorem by considering the original work of authors Modigliani and Miller (1958, 1961 and 1963) as well as the dominating literature that covers this theorem, by mirroring the firmest opinions from different authors either pro or against. This paper aims to present the implications of Modigliani and Miller’s Theory, its importance and theoretical contribution.
Many consider microfinance as a tool for poverty decrease. Even more, especially in post-conflict... more Many consider microfinance as a tool for poverty decrease. Even more, especially in post-conflict countries such as Kosovo, micro-financial institutions are seen as an opportunity of reconciliation. This paper explores the implication of microfinance in Kosovo since the war ended, evaluating its effects in terms of overall poverty reduction and if microfinance institutions improved access to credit for microenterprises. Post-conflict countries such as Kosovo are the best examples where microfinance can provide its contribution on poverty reduction and better access to finance needed for startup micro-entrepreneurs. Kosovo like many states in the Balkan region has a high unemployment rate with the youngest population in Europe. Though, microfinance remains blurred for many, even for them who would benefit from this opportunity as it is not clear whether it delivers on its promises. The objective of this paper is to introduce the matter of microfinancing to a broader audience in Kosovo, to assess the economic impact of micro-financial institutions, and who has benefited the most. This paper will also introduce topics that are new and can serve as opportunities for future studies in microfinance in Kosovo.
All countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, ... more All countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, are going through the transition process for many years. Switching from one economy to another, from closed and centralized to open and free market economy, has forced many companies to change their working and operating culture, especially the communication culture within human resource management (HRM). Hence, the entire economy has started to learn new rules of the global market, new working culture, and they needed to understand, launch and to execute them, especially undeveloped countries such as Kosovo. Having this in mind, not only the organizations needed to change, but the most important was that individuals within those countries needed to change their working and communication culture. According to the conception of staff management, human resource management (HRM) needs well-organized, competent, and efficient use of human resources, which in Kosovo were on hand. In order to ensure this, various activities focused towards the area of HRM. Some of the major activities that were undertaken, and still needs to be improved are recruitment of employees who possess new skills (such as language, education, etc.), development of skills missing within the market and which are crucial to survive in the new open market, strengthening of relations and creating a new one, mutual inspiring, developing new communication culture within the organization, implementation of contemporary working processes and developing systems that can be used by individuals or groups to face the new requirements emerged bay new economic developments.
The process of organizational reforms and changes within companies often damages employee commitm... more The process of organizational reforms and changes within companies often damages employee commitment created within those companies for many years. There are many difficulties that, every company has to encounter during that process. Every change is hard for companies, thus they need exceptional commitment, in order to be able to change without damaging the company. Every change made in a working environment affects the employee commitment and loyalty. There were several studies made on privatization issues, however, most of the studies in this area concentrates on achieving financial saving and benefits. Hence, the main objective of this research was to illustrate how change (in our case privatization) of companies affects employee commitment and loyalty. After the war in 1999, Kosovo has become more open toward outside world. Kosovo’s economy was flourishing and there was only one provider for telecommunication services, a publicly owned company (POE) named Post and Telecommunication of Kosovo (PTK). Due to new competition that started to operate, PTK has lost its monopoly status and has suffered many loses. Hence, the government decided to start the privatization process for PTK. This has affected the employee commitments and loyalty within PTK as shown from results based on our research with PTK employees, whereas, on the other side, research has shown that IPKO (the second telecom provider) has less loyal and committed employees, due to stabile situation regarding changes within the company. In addition, results have shown that work characteristics have changed both (PTK and IPKO) companies, and PTK is not seen any more as the most preferable employer in Kosovo, for outside experts, status that had before the privatization started
This study highlights the importance and explores the contributions of community capacity buildin... more This study highlights the importance and explores the contributions of community capacity building (CCB) to achieving a sustainable tourism. Community capacity building is extensively recognized as a significant tourism development tool, which if implemented properly can contribute in community development and prosperity. In order to be able to create new successful strategies on building capacities of communities related to tourism, often is required to investigate existing problematic issues and to create a clear picture of the current state of community capacities and all related community capacities pertaining to tourism development in particular region. Community capacity building not only represents a step toward creating a sustainable tourism industry, but it is an essential ingredient for the overall development of the community. Tourism development and capacity building, within the communities where tourism is seen as a community opportunity, are closely linked and need to evolve and prosper simultaneously. It is important the fact that CCB programs help communities to increase their capability to contribute in the tourism decision-making processes, rather than being a spectator on its own playground. Especially the developing countries and regions, in particular rural and peripheral regions, benefit the most from the CCB. They inspire community participation in tourism development, and through CCB the communities gain the tools that empower them to do so. This paper attempts to examine the impact of the community capacity development in tourism development in transition countries.
The world economy is changing, this is a fact. New technology, new communication possibilities ha... more The world economy is changing, this is a fact. New technology, new communication possibilities have reduced the physical boundaries and have made customers more knowledgeable and with more requirements. Overcoming those challenges, companies (in specific SMEs) are striving to develop new strategies to respond to new requirements and working conditions in their market environments, are facing different challenges that needs to be overcome through developing proper marketing strategies. There are many factors that may seem to be important. As reviled by this study, the most common strategies that firms implement, on their path toward economic growth, are based on Pricing, Channel Structure and Advertising Strategies, which are seen as the most effective tools to reach customers and to develop a sustainable firm's strategy. Additionally, there are differences between firms implementing standardized strategies form those that are focused more on localized advertising strategies.
The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing coun... more The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing countries and plays a significant role in the overall economy in terms of contribution to overall economic development and creation of employment opportunities. The paper will primarily focus on presenting the overview of the human resource practices in SMEs in general, an in specific description in Kosovo SME sector. The economic and politic development in the region, and overall changes in the global market, increases the importance of SMEs in Kosovo's economy and is seen as unparalleled and crucial to overall Kosovo's economic development. This paper presents the overview of the HR practices and development in SMEs in Kosovo. As first, this discussed the general views of the SMEs operating in Kosovo, which is the biggest employment sector. The opinions developed supports the argument that SMEs in Kosovo SMEs are yet in the initial stages of developing sustainable and contemporary policies and strategies in developing human capacities, which would result with greeted economic and social development. Some crucial issues concerning to Kosovo's SMEs are also identified.
The role of investment, in particularly foreign direct investment (FDI), is regarded as one of th... more The role of investment, in particularly foreign direct investment (FDI), is regarded as one of the most important contributors of economic growth. The past quarter century has witnessed remarkable growth in FDIs flow all over the world. This is due to the fact that many countries, especially developing countries, see FDI as an important element in their overall strategy for economic development. This paper provides a review of the economic impact of FDI, with specific focus on developing countries particularly Kosovo and ex-Yugoslavian countries in the Balkan Peninsula. FDIs contribute to the economic development of host country in two main ways. They include the augmentation of domestic capital and the enhancement of efficiency through the transfer of new technology, marketing and managerial skills, innovation, and best practices. Secondly, FDI has both benefits and costs, and its impact is determined by the country's specific conditions in general and the policy environment in particular. This is in terms of the ability to diversify, the level of absorption capacity, targeting of FDI, and the various opportunities for linkages between FDI and domestic investment. The paper aims to clarify the main causes of failure of foreign direct investments in Kosovo and reviles the importance of indicators that majorly has an institutional nature. Neither the amount nor the effects of foreign direct investment were satisfactory. Therefore, the paper reviles that in this aspect, a wide range of actions needs to be made, which is specifically related to government institutions and the business community.
The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing coun... more The Small and Medium Enterprises (SMEs) are considered as the key contributors in developing countries and plays a significant role in the overall economy in terms of contribution to overall economic development and creation of employment opportunities. The paper will primarily focus on presenting the overview of the human resource practices in SMEs in general, an in specific description in Kosovo SME sector. The economic and politic development in the region, and overall changes in the global market, increases the importance of SMEs in Kosovo’s economy and is seen as unparalleled and crucial to overall Kosovo’s economic development. This paper presents the overview of the HR practices and development in SMEs in Kosovo. As first, this discussed the general views of the SMEs operating in Kosovo, which is the biggest employment sector. The opinions developed supports the argument that SMEs in Kosovo SMEs are yet in the initial stages of developing sustainable and contemporary policies and strategies in developing human capacities, which would result with greeted economic and social development. Some crucial issues concerning to Kosovo’s SMEs are also identified.
The paper intends to enlighten the challenges of human resources development, faced by post confl... more The paper intends to enlighten the challenges of human resources development, faced by post conflict counties that are passing the transition phase from closed to open economies. The study has been developed through an extensive literature survey of Kosovo’s organizations to determine the most common challenges that are being faced through the transition stage. Further, the purpose of this paper is to explore the standing and challenges of human resources development by Kosovo’s organizations. As enlighten by literature review, many challenges may be overcome by different methods and forms that modern (developed) economies are implementing, such as government intervention, vocational and education, social awareness, and also changes within organizations themselves, are the vital aspects that affect human resources and its development. As the era of global economy is reaching all European countries, Kosovo must prepare its human resources potential to face and to be able to overcome new challenges that will be faced, when going global. To be able to unleash the full potential of human capital in Kosovo, the HRM initiative needs to be undertaken, such as its educational system, enhancement of training and development activities, in particularly in management, development, and foremost creating new knowledge based on information and communication technology.
The era of change has reached also countries in every corner of Europe, which until now were clos... more The era of change has reached also countries in every corner of Europe, which until now were closed and have had a centralized economy. The best example is countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, which are going through the transition process for many years. Like many developed countries that have changed the way of operating, developing and in transition countries are trying to switch from one economy to another, from closed and centralized to open and a free market economy. As the market is becoming more open for new entries, highly decentralized organizations are operating across a broad range of countries, without tending to centralize their operation to a single location. Hence, this has minimized the importance of a geographic area (as well as the home region) and is no longer treated as a priori to be the primary base for any (or all) functional area of global organizations. Many functions that are part of every organization, such as sourcing, manufacturing, marketing and sales is performed in the location(s) around the world, which are seen as most suitable for that particular function to be carried. All those changes, even many other that are seen that will happen in the near future, has been realized thanks to technology improvement and globalization that shaped the world. As the technology supports to govern human preferences; globalization has its impact on economic realities.
The world economy is changing, this is a fact. New technology, new communication possibilities ha... more The world economy is changing, this is a fact. New technology, new communication possibilities have reduced the physical boundaries and have made customers more knowledgeable and with more requirements. Overcoming those challenges, companies (in specific SMEs) are striving to develop new strategies to respond to new requirements and working conditions in their market environments, are facing different challenges that needs to be overcome through developing proper marketing strategies. There are many factors that may seem to be important. As reviled by this study, the most common strategies that firms implement, on their path toward economic growth, are based on Pricing, Channel Structure and Advertising Strategies, which are seen as the most effective tools to reach customers and to develop a sustainable firm’s strategy. Additionally, there are differences between firms implementing standardized strategies form those that are focused more on localized advertising strategies.
In their study “The cost of capital, corporation finance and the theory of investment” (1958) lau... more In their study “The cost of capital, corporation finance and the theory of investment” (1958) laureates of Nobel Price Nobel Franco Modigliani and Merton Miller represent what could possibly be the most important theory for the structure of capital, through which they explain the effect of the capital structure for the value of companies. Despite the hard work by Modigliani and Miller and the entire time spent by numerous scholars in developing concepts regarding this theory, we can say that it still remains unclear and faces many objections. This paper attempts to assess and make a critical review of Modigliani and Miller’s Theory and the dominating literature that is pro and against this theory, aiming to identify the theory’s importance and contribute to the field modern finances. To this end, the paper assessed and analyses Modigliani and Miller’s theorem by considering the original work of authors Modigliani and Miller (1958, 1961 and 1963) as well as the dominating literature that covers this theorem, by mirroring the firmest opinions from different authors either pro or against. This paper aims to present the implications of Modigliani and Miller’s Theory, its importance and theoretical contribution.
Many consider microfinance as a tool for poverty decrease. Even more, especially in post-conflict... more Many consider microfinance as a tool for poverty decrease. Even more, especially in post-conflict countries such as Kosovo, micro-financial institutions are seen as an opportunity of reconciliation. This paper explores the implication of microfinance in Kosovo since the war ended, evaluating its effects in terms of overall poverty reduction and if microfinance institutions improved access to credit for microenterprises. Post-conflict countries such as Kosovo are the best examples where microfinance can provide its contribution on poverty reduction and better access to finance needed for startup micro-entrepreneurs. Kosovo like many states in the Balkan region has a high unemployment rate with the youngest population in Europe. Though, microfinance remains blurred for many, even for them who would benefit from this opportunity as it is not clear whether it delivers on its promises. The objective of this paper is to introduce the matter of microfinancing to a broader audience in Kosovo, to assess the economic impact of micro-financial institutions, and who has benefited the most. This paper will also introduce topics that are new and can serve as opportunities for future studies in microfinance in Kosovo.
All countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, ... more All countries in South Eastern Europe (SEE), in particular countries emerged from ex-Yugoslavia, are going through the transition process for many years. Switching from one economy to another, from closed and centralized to open and free market economy, has forced many companies to change their working and operating culture, especially the communication culture within human resource management (HRM). Hence, the entire economy has started to learn new rules of the global market, new working culture, and they needed to understand, launch and to execute them, especially undeveloped countries such as Kosovo. Having this in mind, not only the organizations needed to change, but the most important was that individuals within those countries needed to change their working and communication culture. According to the conception of staff management, human resource management (HRM) needs well-organized, competent, and efficient use of human resources, which in Kosovo were on hand. In order to ensure this, various activities focused towards the area of HRM. Some of the major activities that were undertaken, and still needs to be improved are recruitment of employees who possess new skills (such as language, education, etc.), development of skills missing within the market and which are crucial to survive in the new open market, strengthening of relations and creating a new one, mutual inspiring, developing new communication culture within the organization, implementation of contemporary working processes and developing systems that can be used by individuals or groups to face the new requirements emerged bay new economic developments.
The process of organizational reforms and changes within companies often damages employee commitm... more The process of organizational reforms and changes within companies often damages employee commitment created within those companies for many years. There are many difficulties that, every company has to encounter during that process. Every change is hard for companies, thus they need exceptional commitment, in order to be able to change without damaging the company. Every change made in a working environment affects the employee commitment and loyalty. There were several studies made on privatization issues, however, most of the studies in this area concentrates on achieving financial saving and benefits. Hence, the main objective of this research was to illustrate how change (in our case privatization) of companies affects employee commitment and loyalty. After the war in 1999, Kosovo has become more open toward outside world. Kosovo’s economy was flourishing and there was only one provider for telecommunication services, a publicly owned company (POE) named Post and Telecommunication of Kosovo (PTK). Due to new competition that started to operate, PTK has lost its monopoly status and has suffered many loses. Hence, the government decided to start the privatization process for PTK. This has affected the employee commitments and loyalty within PTK as shown from results based on our research with PTK employees, whereas, on the other side, research has shown that IPKO (the second telecom provider) has less loyal and committed employees, due to stabile situation regarding changes within the company. In addition, results have shown that work characteristics have changed both (PTK and IPKO) companies, and PTK is not seen any more as the most preferable employer in Kosovo, for outside experts, status that had before the privatization started
This study highlights the importance and explores the contributions of community capacity buildin... more This study highlights the importance and explores the contributions of community capacity building (CCB) to achieving a sustainable tourism. Community capacity building is extensively recognized as a significant tourism development tool, which if implemented properly can contribute in community development and prosperity. In order to be able to create new successful strategies on building capacities of communities related to tourism, often is required to investigate existing problematic issues and to create a clear picture of the current state of community capacities and all related community capacities pertaining to tourism development in particular region. Community capacity building not only represents a step toward creating a sustainable tourism industry, but it is an essential ingredient for the overall development of the community. Tourism development and capacity building, within the communities where tourism is seen as a community opportunity, are closely linked and need to evolve and prosper simultaneously. It is important the fact that CCB programs help communities to increase their capability to contribute in the tourism decision-making processes, rather than being a spectator on its own playground. Especially the developing countries and regions, in particular rural and peripheral regions, benefit the most from the CCB. They inspire community participation in tourism development, and through CCB the communities gain the tools that empower them to do so. This paper attempts to examine the impact of the community capacity development in tourism development in transition countries.
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