Ljiljan Veselinovic

Purpose: The primary purpose of this paper is to identify the most important factors related to the successful implementation of TQM in the literature and to compare the identified factors with the existing research.
Methodology/Approach: By conducting a systematic literature review in three main stages, this research analyzes 13 empirical papers published between 1995 and 2017. Three main stages included: formulation of the problem to be solved by the systematic literature review; definition of inclusion criteria and exclusion of articles; and article search and selection.
Findings: Analysing previous research and conducting a literature review, we identify six main critical success factors (CSF): top management leadership and commitment, customer focus, training (employees), procurement management (suppliers), information and analysis, and process management.
Research Limitation/Implication: In this paper, we focused solely on the influence of TQM practices on the financial performance of a company. As such, the non-financial performance indicators were not considered. Originality/Value of paper: This paper adds value to the existing literature as it focuses on critical factors of TQM implementation examined in relation to the financial performance of the company and provides a good basis for understanding and developing more complex models.

Entrepreneurial orientation (EO) represents a firm-level construct that captures innovativeness, proactiveness, and risk-taking of the existing companies. The main focus of this paper is to present the EO of 477 companies in Bosnia and Herzegovina and to compare EO between companies operating within different contextual factors. We used descriptive statistics and statistical testing to draw conclusions. Our paper presents the mean values of entrepreneurial orientation for each NACE industry category. In addition, our results confirm that there are statistically significant differences in entrepreneurial orientation between (a) the companies operating in a more competitive environment and the companies operating in a less competitive environment; (b) the companies with acquired ISO certificates and high level of TQM practices and the companies without ISO certificates and low level of TQM practices; (c) the companies operating in predominantly export-oriented markets and the companies operating in predominantly local markets; and finally (d) the companies located in Federation of Bosnia and Herzegovina and the companies located in Republic of Srpska. However, there are no statistically significant differences in entrepreneurial orientation between the older companies (older than two, five and ten years) and younger companies; nor between companies of different sizes. By analyzing organizational contextual factors, this paper identifies key variables that may play an important role in designing more complex structural models. Additionally, this paper presents the current state of entrepreneurial orientation of existing companies in Bosnia and Herzegovina.

This study strives to explore the nexus between entrepreneurial orientation (EO), total quality management (TQM), competitive intensity (CI) and firm performance in the context of an emerging laggard economy in the South-Eastern European region. Moreover, the present study aims to examine the effect of each dimension of EO (innovativeness, proactiveness, and risk-taking) on the TQM and firm performance. The proposed conceptual model and research hypotheses were tested through structural equation modelling (SEM). Our results show that TQM partially mediates the relationship between EO and firm performance and that as the intensity of competition increases, the direct effect of EO on firm performance becomes stronger. Thus, this study contributes to the EO and TQM literature by arguing that EO as a strategic orientation is positively related to firm performance outcomes through the mechanism of TQM practices. Moreover, this study adds to the current literature by revealing that the effectiveness of the synergetic effect of EO and TQM of firm performance outcomes is contingent on the market environment conditions (i.e. competitive intensity). Regarding the relative importance of EO dimensions, findings indicate that innovativeness and proactiveness are vital pillars of organisational processes aimed at developing TQM practices to enhance firm performance outcomes.

The main focus of this paper is to present the TQM practices of 593 companies in Bosnia and Herzegovina. In addition, our results confirm that there are statistically significant differences in TQM practices between firms in a highly competitive and less competitive environment, as well as between firms with and without ISO certificates. TQM practices do not differ between companies that belong to different groups that we constructed based on their age, location, export-orientation and the firm size. We contribute to the existing body of knowledge by identifying organizational contextual factors that might matter in designing more complex structural models.

Individuals with different types of personalities have different ways of perceiving risk. As willingness to take risk is one of the most important trait in the entrepreneurial mindset, this study applied a survey research method to examine the influence of personality traits and risk propensity on (a) risk perception (gambling domain) and (b) entrepreneurial intentions. In order to test the conceptual model and proposed hypotheses, we collected data from 245 students in Bosnia and Herzegovina. Our first model tested whether risk propensity and personality traits are related to risk perception. By using structural equation modeling, we also examined whether risk propensity has a mediating role on the relationship between personality traits and risk perception in gambling. Our second model is specified in a similar way as the first one, but instead of gambling risk perception, we employed entrepreneurial intention construct. Our ultimate goal was to test whether same personality traits are associated with risk perception and entrepreneurial intentions. The findings of this research contribute to the literature on the importance of gaining knowledge about risk assessment among students and shed some light on the necessity of creating a supportive environment for risk decision making of future entrepreneurs.

The existing literature pays particular attention to the investigation of motives and start-up intentions of potential entrepreneurs, especially investigating students' intention to start a firm after the completion of studies. The purpose of this paper is to investigate the influence of fifteen motives and entrepreneurship experience of student's family on the intention to start a business. Given the importance of entrepreneurship for the growth of developing countries, this insight from a post-conflict, transitional country such as Bosnia and Herzegovina will provide valuable feedback for policymakers and will deepen our understanding of motives and intention to start a business. Our research supports existing findings that growing up in a family where parents are entrepreneurs represents an important predictor of intention to start a business. These family-related early life experiences play a major role in molding an individual's beliefs, attitudes, personality, and intentions. In addition, our findings suggest that the following motives have statistically significant effects on the intention to start a business: two independence motives (opportunity to be your own boss and proving that you can do it), propensity for risk acceptance, opportunity for better organization of work and private time, and ensuring appropriate care for future generations. In the context of Bosnia-Herzegovina, a possible explanation of our results might be that less attractive working conditions in the private companies combined with high unemployment rates influence the motives of potential entrepreneurs. Their intention to start a business comes from a perceived opportunity, but taking care of future generations and being independent can contribute to the explanation of the intention to start a business. Bosnia-Herzegovina is considered a collectivistic society, which explains Izvorni znanstveni članak / Original scientific paper

The aim of this study is to explore the relationship between the entrepreneurial intention and the intention to leave the country. We collected data from 245 students in Bosnia and Herzegovina about their intentions to become entrepreneurs, intentions to leave the country, and their perception about different sources of conflict: interreligious and interethnic tolerance, gender inequality, sexual discrimination, and economic situation. As expected, social interactions seem to be an important predictor of the intention to migrate. Those respondents whose friends and family members migrated have higher chances of migrating themselves. None of the conflict sources influence willingness to leave the country either. Contrary to our expectations, the entrepreneurial intention has a statistically significant and positive effect on the intention to leave the country. A possible explanation might be that individuals with higher entrepreneurial intention also have higher expectations regarding life achievements; which might be achieved in developed countries. However, it seems that preference for opportunity-driven entrepreneurship plays an important role in decreasing the intention to migrate. If individuals prefer opportunity-driven instead of necessity entrepreneurship, these preferences have a statistically significant and negative influence on the intention to migrate. A possible explanation for this might be that individuals who can perceive opportunity in the environment, have a higher motivation to stay in the country because their motivation comes from observing and pursuing an opportunity rather than out of necessity. Policymakers should create an environment to stimulate opportunity instead of necessity entrepreneurship.

Nowadays in an extremely competitive environment one of the most important issues is efficient management of total business processes which as a result should lead to achieving better financial and development goals and fulfilling customer's wishes. Efficient management turns to be ...

Rezime Balanced Scorecard (BSC) predstavlja dobar strateški instrument za utvrñivanje onoga što utiče na stvaranje vrijednosti kompanije. S obzirom na visok stepen prihvaćenosti BSC od strane Fortune 1000 kompanija, a relativno nisku primjenu u Bosni i Hercegovini, ovaj rad ima za cilj da istraži organizacione faktore koji sputavaju implementaciju BSC-a. Za identifikacije tih faktora korištena je kvalitativna tehnika stuba koja se posebno fokusira na vezu izmeñu različitih atributa (A), posljedica (C) i ličnih vrijednosti (V). Proučavana populacija su menadžeri zaposleni u avio-industriji Bosne i Hercegovine, a u periodu izmeñu januara i maja 2014. intervjuisani su ključne menadžerske pozicije u tom sektoru. Identifikovano je pet grupa faktora koji sputavaju uspješnu implementaciju BSC-a: (1) neadekvatan ljudski faktor, (2) odsustvo svijest o važnosti mjerenja, (3) odsustvo spremnosti na promjene, (4) nepostojanje strateškog plana i (5) neureñenost procesa. Navedeni faktori percipirani su kao važni – većina ispitanika vjeruje da su neophodni za postizanje operativne efektivnosti, operativne efikasnosti, te u konačnici rast konkurentnosti i rast i razvoj poslovanja. Ključne vrijednosti ispitanika ogledaju se u voñenju računa o profitu, postignuće i ureñenost sistema. Iako je osnovno ograničenje rada fokus na samo jednu industriju u Bosni i Hercegovini čime je onemogućeno primjena rezultata u drugim industrijama, ovaj rad može naučnim radnicima i menadžerima predstavljati polaznu osnovu za identifikovanje teorija i praksi koje će pomoći da organizacije ostvare bolje rezultate u poslovanju.

BSC is a good strategic instrument to determine what influence the value creation of the company. Given the high level of acceptance of the BSC by Fortune 1000 companies, and relatively low level of implementation in Bosnia and Herzegovina, this paper aims to investigate the organizational factors that hinder the implementation of BSC. For the identification of these factors qualitative laddering technique was used. Laddering technique specifically focuses on the relationship between the various attributes (A), consequences (C) and personal values (V). The study population were managers in the airline industry of Bosnia and Herzegovina in the period between January and May of 2014. Key management positions in the sector were interviewed. We identified five groups of factors that hinder the successful implementation of BSC: (1) inadequate human factors, (2) lack of awareness of importance of measurement, (3) lack of willingness to change, (4) lack of a strategic plan, and (5) unclear business processes. These factors are perceived as important since most of them believe that they are necessary to achieve operational effectiveness, operational efficiency, and ultimately increase competitiveness, growth and business development. Key values of respondents are: taking care of profits, achievement and system harmony. The main limitation of the study is our focus on only one industry in Bosnia and Herzegovina which has prevented the application of the results to other industries. However, scientific workers and managers can benefit by this study since it represents starting point for identifying the theory and practice that will help organizations achieve better business results by applying BSC.

Balanced Scorecard (BSC) predstavlja dobar strateški instrument za utvrđivanje onoga što utiče na stvaranje vrijednosti kompanije. S obzirom na visok stepen prihvaćenosti BSC od strane Fortune 1000 kompanija, a relativno nisku primjenu u Bosni i Hercegovini, ovaj rad ima za cilj da istraži organizacione faktore koji sputavaju implementaciju BSC-a. Za identifikacije tih faktora korištena je kvalitativna tehnika stuba koja se posebno fokusira na vezu između različitih atributa (A), posljedica (C) i ličnih vrijednosti (V). Proučavana populacija su menadžeri zaposleni u avio-industriji Bosne i Hercegovine, a u periodu izmeñu januara i maja 2014. intervjuisani su ključne menadžerske pozicije u tom sektoru. Identifikovano je pet grupa faktora koji sputavaju uspješnu implementaciju BSC-a: (1) neadekvatan ljudski faktor, (2) odsustvo svijest o važnosti mjerenja, (3) odsustvo spremnosti na promjene, (4) nepostojanje strateškog plana i (5) neureñenost procesa. Navedeni faktori percipirani su kao važni – većina ispitanika vjeruje da su neophodni za postizanje operativne efektivnosti, operativne efikasnosti, te u konačnici rast konkurentnosti i rast i razvoj poslovanja. Ključne vrijednosti ispitanika ogledaju se u vođenju računa o profitu, postignuće i uređenost sistema. Iako je osnovno ograničenje rada fokus na samo jednu industriju u Bosni i Hercegovini čime je onemogućeno primjena rezultata u drugim industrijama, ovaj rad može naučnim radnicima i menadžerima predstavljati polaznu osnovu za identifikovanje teorija i praksi koje će pomoći da organizacije ostvare bolje rezultate u poslovanju.