Eurasian Studies in Business and Economics 4

Series editors Mehmet Huseyin Bilgin, Istanbul, Turkey Hakan Danis, San Francisco, CA, USA

Representing Eurasia Business and Economics Society More information about this series at http://www.springer.com/series/13544 Mehmet Huseyin Bilgin • Hakan Danis • Ender Demir • Ugur Can Editors

Financial Environment and Business Development Proceedings of the 16th Eurasia Business and Economics Society Conference Editors Mehmet Huseyin Bilgin Hakan Danis Faculty of Political Sciences MUFG Union Bank Istanbul Medeniyet University San Francisco, California Istanbul, Turkey USA

Ender Demir Ugur Can Faculty of Tourism Eurasia Business and Economic Society Istanbul Medeniyet University Fatih Istanbul, Turkey Istanbul, Turkey

ISSN 2364-5067 ISSN 2364-5075 (electronic) Eurasian Studies in Business and Economics ISBN 978-3-319-39918-8 ISBN 978-3-319-39919-5 (eBook) DOI 10.1007/978-3-319-39919-5

Library of Congress Control Number: 2016944611

© Springer International Publishing Switzerland 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made.

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This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland Preface

This is the fourth issue of the Springer’sseriesEurasian Studies in Business and Economics, which is the official book series of the Eurasia Business and Economics Society (EBES, www.ebesweb.org). This issue includes selected papers presented at the 16th EBES Conference that was held on held on May 27–29, 2015, at Bahcesehir University in Istanbul, Turkey, with the support of the Central Bank of the Republic of Turkey and Istanbul Economic Research Association. All accepted papers for the issue went through peer-review process and benefited from the comments made during the conference as well. During the conference, participants had many productive discussions and exchanges that contributed to the success of the conference where 273 papers by 478 colleagues from 56 countries were presented. In addition to publication opportunities in EBES journals (Eurasian Business Review and Eurasian Economic Review, which are also published by Springer), conference participants were given opportunity to submit their full papers to this Issue. We regret that we could accept only a small portion of those papers. Theoretical and empirical papers in the series cover diverse areas of business, economics, and finance from many different countries, providing a valuable opportunity to researchers, professionals, and students to catch up with the most recent studies in a diverse set of fields across many countries and regions. The aim of the EBES conferences is to bring together scientists from business, finance, and economics fields, attract original research papers, and provide them publication opportunities. Each issue of the Eurasian Studies in Business and Economics covers a wide variety of topics from business and economics and provides empirical results from many different countries and regions that are less investigated in the existing literature. The current issue covers the following fields:

v vi Preface

1. Banking and Finance 2. Economics 3. Management 4. Entrepreneurship and Small And Medium-Sized Enterprises Although the papers in this issue may provide empirical results for a specific county or regions, we believe that the readers would have an opportunity to catch up with the most recent studies in a diverse set of fields across many countries and regions and empirical support for the existing literature. In addition, the findings from these papers could be valid for similar economies or regions. On behalf of the Volume Editors and EBES officers, I would like to thank the host institution Bahcesehir University, our sponsors the Central Bank of the Republic of Turkey and Istanbul Economic Research Association, all presenters, participants, board members, and keynote speakers and are looking forward to seeing you at the upcoming EBES conferences.

Istanbul, Turkey Mehmet Huseyin Bilgin Eurasia Business and Economics Society

Eurasia Business and Economics Society (EBES) is a scholarly association for scholars involved in the practice and study of economics, finance, and business worldwide. EBES was founded in 2008 with the purpose of not only promoting academic research in the field of business and economics but also encouraging the intellectual development of scholars. In spite of the term “Eurasia”, the scope should be understood in its broadest term as having a global emphasis. EBES aims to bring worldwide researchers and professionals together through organizing conferences and publishing academic journals and increase economics, finance, and business knowledge through academic discussions. To reach its goal, EBES benefits from its executive and advisory boards which consist of well-known academicians from all around the world. Every year, with the inclusion of new members, our executive and advisory boards became more diverse and influential. I would like to thank them for their support. EBES conferences and journals are open to all economics, finance, and business scholars and professionals around the world. Any scholar or professional interested in economics, finance, and business around the world is welcome to attend EBES conferences. Since 2012, EBES has been organizing three conferences every year: one in Istanbul (usually in late May or early June) and two in Europe or Asia (usually in January and October). Since our first conference, 3931 academic papers have been presented, and also, in a very short period of time, EBES has reached 1460 members from 82 countries. Since 2011, EBES has been publishing two academic journals. One of those journals, Eurasian Business Review—EBR, is in the fields of industry and business, and the other one, Eurasian Economic Review—EER, is in the fields of economics and finance. Both journals are published biannually, and we are committed to having both journals included in SSCI as soon as possible. Both journals have been published by Springer since 2014 and are currently indexed in Thomson Reuters Emerging Sources Citation Index, EconLit, Google Scholar, EBSCO, ProQuest, ABI/INFORM, Business Source, International Bibliography of the Social

vii viii Eurasia Business and Economics Society

Sciences (IBSS), OCLC, Research Papers in Economics (RePEc), Summon by ProQuest, and TOC Premier. Furthermore, since 2014, Springer has been publishing a new conference proceedings series (Eurasian Studies in Business and Economics) which includes selected papers from the EBES conferences. The 10th, 11th, and 12th and 13th EBES Conference Proceedings have already been accepted for inclusion in the Thompson Reuters’ Conference Proceedings Citation Index, and subsequent conference proceedings are in progress. On behalf of the EBES ofﬁcers and Board, I sincerely thank you for your participation and look forward to seeing you at our future conferences. With my very best wishes,

Jonathan Batten, PhD President Contents

Part I Banking and Finance Estimation of Efﬁciency Change in the Czech Banking Sector Employing the Window Malmquist Approach ...... 3 Iveta Palecˇkova´ An Assessment of the Paper Industry Firms Listed in Borsa Istanbul Using Entropy-Based MAUT Method ...... 15 Mehmet Apan, Ahmet Oztel, and Mehmet Islamoglu Impact of Integrated Communication on Entrepreneurial Companies’ Financial Performance: A Developing Economy ...... 29 Tamara Jovanov Marjanova, Elenica Soﬁjanova, Ljupco Davcev, and Riste Temjanovski Cross-Border Contagion Risk Transmission Through Stock Markets Channel: The Case of the Baltic Countries ...... 43 Vilma Deltuvaite˙ The Issue of Convertible Bonds on the Polish Bond Market Catalyst in the Years 2009–2013 ...... 55 Boz˙ena Kołosowska and Agnieszka Huterska Government Strategies Based on Sukuk Issues ...... 67 Piotrowski Dariusz Business Valuation: Premiums and Discounts in International Professional Practice ...... 79 Olga Ferraro The Role and Implications of Internal Audit in Corporate Governance ...... 89 Lucan (Cioban) Alexandra Narcisa and Hlaciuc Elena

ix x Contents

Financial Liquidity and Proﬁtability Management in Practice of Polish Business ...... 103 Katarzyna Goldmann The Business Audit as an Alternative to Discriminant Analysis in Assessing Risks of Going Concern ...... 113 Marlena Ciechan-Kujawa

Part II Economics Finance-Driven Globalization: Empirical Evidence from the Commonwealth of Independent States ...... 129 Argiro Moudatsou and Georgios Xanthos Export Diversiﬁcation in Lithuanian Traditional Technology Industry ...... 137 Daiva Laskiene, Asta Saboniene, Irena Pekarskiene, and Rozita Susniene The Impact of Environmental Taxes on Competitive Performance of Pollution-Intensive Industries Among Transition Economies: Evidence from Panel Analysis ...... 155 Sabina Silajdzic and Eldin Mehic Modeling of the Natural Resources’ Intensive Use Regions’ Innovative Development: Problems of Circumpolar Area Innovative System Formation ...... 171 Taisya Pogodaeva, Dmitry Rudenko, and Daria Zhaparova Challenges and Possible Consequences of Transatlantic Trade and Investment Partnership ...... 189 Hande Kurtul and Erkut Akkartal The Impact of Economic Globalization on the Labor Market of an Open Small Economy ...... 199 Irena Pekarskiene, Daiva Laskiene, Asta Saboniene, and Rozita Susniene Model of Region’s Food Security in Russia ...... 217 Daria Bents and Elena Silova Human Development and Quality of Institutions in Highly Developed Countries ...... 231 Adam P. Balcerzak and Michał Bernard Pietrzak Financial Sustainability of Funded Pension Systems in OECD Countries at Demographic Risks ...... 243 Nepp Alexander Contents xi

Crude Oil Price Shocks and Macroeconomic Performances in the ASEAN Economies ...... 253 Giray Gozgor, Youngho Chang, and Mehmet Huseyin Bilgin Government Debt and GDP Growth ...... 267 Nadezhda Semjonova Oil Spot Prices’ Next Day Volatility: Comparison of European and American Short-Run Forecasts ...... 285 Toma´sˇ Herya´n

Part III Management The Effects of Public Key Infrastructure (PKI) Implementation on Process Improvements in Public Authorities: An Empirical Study of the PKI Implementation in Tax Administration of the Federation of Bosnia and Herzegovina ...... 299 Aida Habul, Amila Pilav-Velic´, and Mirza Teftedarija The Features of Family Business in the Country with Transitional Economy: Russian Case ...... 315 Korchagina Elena and Shilo Pavel Proximity Offshoring Generating Considerable Savings with No Signiﬁcant Increase of Risks or Losses in Quality—Nearshoring Playing a Key Role on a Business Transformation Program ...... 325 Jorge F. Guedes and Leandro Pereira The Identiﬁcation of Crisis Manager Skills by Using Saaty’s Method ...... 341 Marie Mikusˇova´ and Andrea Cˇ opı´kova´ Learning by Negotiation: Stake and Salience in Implementing a Journal Management System ...... 369 O¨ zgun€ Imre City Logistics: Is Deregulation the Answer? ...... 385 Antonio Borghesi Whether the Employee Commitment to Implementation of the CRM System Contributes to Customer Loyalty? Empirical Analysis of a Successful CRM Implementation in the Auto Industry in Bosnia and Herzegovina ...... 401 Aida Habul, Amila Pilav-Velic´, and Amina Fejzic´ Analysis of the State and Dynamics of Chemical Industry in Russia ..... 413 Tatiana Jurievna Kudryavtseva and Iana Vladimirovna Kovalenko Tacit vs Explicit Knowledge Dichotomy: State-of-the-Art Review for Technology Transfer Purposes ...... 423 Mikus Dubickis and Elı¯na Gaile-Sarkane xii Contents

The Principles of Establishment of Investment Responsibility Centres ...... 435 Neringa Stonciuviene and Erika Januskeviciene New Challenges in External Environment and Business Strategy: The Case of Siberian Companies ...... 449 Svetlana Kuznetsova and Vera Markova Best Practices in the Employment of Knowledge Workers 65 and Over and the Beneﬁts of Employing Them (An Empirical Approach) ...... 463 Graz˙yna Bartkowiak Causes of Inattention on Financial Competency: A Qualitative Study ...... 473 Omid Mehrabi and Rozeyta Omar The Marketing Problems of Turkish Movies in Global Markets ...... 489 Askim Nurdan Tumbek Tekeoglu Doubts and Risks in the Buying and Purchasing Processes of Business Buyers ...... 499 Pia Hautama¨ki and Ari Alama¨ki Towards a Theoretical Framework for Analysing Blogs as User-Generated Content ...... 511 Riikka Makinen and Pekka Tuominen The Impact of Independence and Brand Personality on Brand Evaluations Among Biculturals ...... 525 Umut Kubat Natural Resources Management in Tourism: Dimensions and Impact of Tourist Offer in the Southeastern Europe National Parks ...... 537 Nedim Suta, Anes Hrnjic, and Amra Banda Between Teaching, English Language, and Supervisor: Young Business Scholars Under the Pressure of Transforming Academia .....563 Anna Ligia Wieczorek and Maciej Mitre˛ga

Part IV Entrepreneurship and Small and Medium-Sized Enterprises Speciﬁc Features of Family Businesses: A Contribution to Literature ...... 577 Elena Cristiano Institutional Approach to Enterprise Production Cost Analysis and Optimization ...... 601 Daniel S. Demidenko and Ekaterina D. Malevskaia-malevich Contents xiii

Russian Business Practice: Issues of Corruption and Trust ...... 611 Liudmila Simonova and Dmitry Rudenko Partnership Cooperation of Companies: Key Characteristics and Inﬂuence to Innovative Activities ...... 623 Almira Yusupova Erratum to: The Impact of Independence and Brand Personality on Brand Evaluations Among Biculturals ...... E1 EBES Executive Board Jonathan Batten, Monash University, Australia Iftekhar Hasan, Fordham University, USA Euston Quah, Nanyang Technological University, Singapore Peter Rangazas, Indiana University-Purdue University Indianapolis, USA John Rust, Georgetown University, USA Alexander Tatarkin, Russian Academy of Sciences, Russia Marco Vivarelli, Catholic University of Milano, Italy

EBES Advisory Board Hassan Aly, Department of Economics, Ohio State University, USA Ahmet Faruk Aysan, Central Bank of the Republic of Turkey, Turkey Michael R. Baye, Kelley School of Business, Indiana University, USA Idris Bin Jajri, Faculty of Economics and Administration, University of Malaya, Malaysia Wolfgang Dick, ESSEC Business School, France Mohamed Hegazy, School of Management, Economics and Communication, The American University in Cairo, Egypt Heather Hopﬂ, Essex Business School, University of Essex, UK Cheng Hsiao, Department of Economics, University of Southern California, USA Philip Y. Huang, China Europe International Business School, China Irina Ivashkovskaya, State University—Higher School of Economics, Russia Soo-Wook Kim, College of Business Administration, Seoul National University, Korea Christos Kollias, Department of Economics, University of Thessaly, Greece Ali M. Kutan, Department of Economics and Finance, Southern Illinois University Edwardsville, USA William D. Lastrapes, Terry College of Business, University of Georgia, USA Rita Ma˚rtenson, School of Business, Economics and Law, Goteborg€ University, Sweden xv xvi

Panu Poutvaara, Faculty of Economics, University of Munich, Germany M. Ibrahim Turhan, Borsa Istanbul, Turkey Wing-Keung Wong, Department of Economics, Hong Kong Baptist University, Hong Kong Naoyuki Yoshino, Faculty of Economics, Keio University, Japan

Organizing Committee Jonathan Batten, PhD, Monash University, Australia Mehmet Huseyin Bilgin, PhD, Istanbul Medeniyet University, Turkey Hakan Danis, PhD, Union Bank, USA Pascal Gantenbein, PhD, University of Basel, Switzerland Ender Demir, PhD, Istanbul Medeniyet University, Turkey Orhun Guldiken, University of Arkansas, USA Ugur Can, EBES, Turkey Nur Atmaca, EBES, Turkey

Reviewers Sagi Akron, PhD, University of Haifa, Israel Ahmet Faruk Aysan, Central Bank of the Republic of Turkey, Turkey Mehmet Huseyin Bilgin, PhD, Istanbul Medeniyet University, Turkey Hakan Danis, PhD, Union Bank, USA Ender Demir, PhD, Istanbul Medeniyet University, Turkey Pascal Gantenbein, PhD, University of Basel, Switzerland Orhun Guldiken, University of Arkansas, USA Peter Harris, PhD, New York Institute of Technology, USA Mohamed Hegazy, The American University in Cairo, Egypt Gokhan Karabulut, PhD, Istanbul University, Turkey Christos Kollias, University of Thessaly, Greece Davor Labasˇ, PhD, University of Zagreb, Croatia Chi Keung Marco Lau, PhD, University of Northumbria, United Kingdom Gregory Lee, PhD, University of the Witwatersrand, South Africa Nidžara Osmanagić-Bedenik, PhD, University of Zagreb, Croatia Euston Quah, PhD, Nanyang Technological University, Singapore Peter Rangazas, PhD, Indiana University-Purdue University Indianapolis, USA Doojin Ryu, PhD, Chung-Ang University, South Korea Manuela Tvaronavicˇiene˙, PhD, Vilnius Gediminas Technical University, Lithuania List of Contributors

Erkut Akkartal International Trade and Logistics Management, Yeditepe University, Istanbul, Turkey Ari Alama¨ki Department of Digital Economy, Haaga-Helia University of Applied Sciences, Helsinki, Finland Nepp Alexander Great School of Economics and Management, Ural Federal University, Yekaterinburg, Russia Mehmet Apan Faculty of Business, Karabuk University, Karabu¨k, Turkey Adam P. Balcerzak Department of Economics, Nicolaus Copernicus University, Torun´, Poland Amra Banda Faculty of Science, Department of Geography, University of Sara- jevo, Sarajevo, Bosnia and Herzegovina Graz˙yna Bartkowiak Department of Management, Vistula University Warsaw, Warszawa, Poland Daria Bents Institute of Economy, Business and Administration, Chelyabinsk State University, Chelyabinsk, Russia Mehmet Huseyin Bilgin Faculty of Political Sciences, Istanbul Medeniyet Uni- versity, Istanbul, Turkey Antonio Borghesi Department of Business Administration, University of Verona, Verona, Italy Youngho Chang Department of Economics, Nanyang Technological University, Singapore, Singapore Marlena Ciechan-Kujawa Department of Accounting, Nicolaus Copernicus University, Torun, Poland

xvii xviii List of Contributors

Andrea Cˇ opı´kova´ Faculty of Economics, Department of Management, Technical University of Ostrava, Ostrava, Czech Republic Elena Cristiano Department of Business Administration and Law, University of Calabria, Arcavacata di Rende, Italy Piotrowski Dariusz Department of Finance, Nicolaus Copernicus University in Torun´, Torun´, Poland Ljupco Davcev Faculty of Economics, University “Goce Delcev”, Sˇtip, Macedonia Vilma Deltuvaite˙ Department of Finance, School of Economics and Business, Kaunas University of Technology, Kaunas, Lithuania Daniel S. Demidenko Department of Finance and Monetary Circulation, Institute of Industrial Economics and Management, Peter the Great St. Petersburg Polytech- nic University, St. Petersburg, Russian Federation Mikus Dubickis Faculty of Engineering Economics and Management, Riga Tech- nical University, Riga, Latvia Hlaciuc Elena Accounting and Finance Department, Stefan cel Mare University, Suceava, Romania Korchagina Elena Department of Management, National Research University Higher School of Economics, Moscow, Russia Amina Fejzic´ School of Economics and Business, University of Sarajevo, Sara- jevo, Bosnia and Herzegovina Olga Ferraro Department of Business Administration, University of Calabria, Rende, Italy Elı¯na Gaile-Sarkane Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia Katarzyna Goldmann Department of Accounting, Nicolaus Copernicus Univer- sity, Torun´, Poland Giray Gozgor Faculty of Political Sciences, Istanbul Medeniyet University, Istanbul, Turkey Jorge F. Guedes Business Research Unit—BRU-IUL, ISCTE—Instituto Universita´rio de Lisboa, Lisbon, Portugal Aida Habul Department of Management and Information Technology, School of Economics and Business, University of Sarajevo, Sarajevo, Bosnia and Herzegovina Pia Hautama¨ki Department of Business, Haaga-Helia University of Applied Sciences, Helsinki, Finland List of Contributors xix

Toma´sˇ Herya´n Department of Finance and Accounting, School of Business Administration in Karvina´, Silesian University, Opava, Czech Republic Anes Hrnjic Department of Management and Organization, School of Economics and Business, University of Sarajevo, Sarajevo, Bosnia and Herzegovina Agnieszka Huterska Faculty of Economic Sciences and Management, Nicolaus Copernicus University, Torun´, Poland O¨ zgu¨n Imre Industrial Economics, IEI, Linko¨ping University, Linko¨ping, Sweden Mehmet Islamoglu Faculty of Business, Karabuk University, Karabu¨k, Turkey Erika Januskeviciene Department of Economics, Accounting and Finance, Aleksandras Stulginskis University, Akademija, Lithuania Boz˙ena Kołosowska Faculty of Economic Sciences and Management, Nicolaus Copernicus University, Torun´, Poland Iana Vladimirovna Kovalenko Engineering and Economic Institute, Peter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russia Umut Kubat Business School, Yildirim Beyazit University, Ankara, Turkey Tatiana Jurievna Kudryavtseva Engineering and Economic Institute, Peter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russia Hande Kurtul International Trade and Logistics Management, Yeditepe Univer- sity, Istanbul, Turkey Svetlana Kuznetsova Institute of Economics and Industrial Engineering SB RAS, Novosibirsk State University, Novosibirsk, Russia Daiva Laskiene Department of Economics, Kaunas University of Technology, Kaunas, Lithuania Riikka Makinen School of Management, University of Tampere, Tampere, Finland Ekaterina D. Malevskaia-malevich Department of Finance and Monetary Circu- lation, Institute of Industrial Economics and Management, Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation Tamara Jovanov Marjanova Faculty of Economics, University “Goce Delcev”, Sˇtip, Macedonia Vera Markova Institute of Economics and Industrial Engineering SB RAS, Novosibirsk State University, Novosibirsk, Russia Eldin Mehic Department of Economic Theory and Policy, University of Sarajevo, School of Economics and Business, Sarajevo, Bosnia and Herzegovina xx List of Contributors

Omid Mehrabi Faculty of Management, Universiti Teknologi Malaysia (UTM), Skudai, Johor, Malaysia Marie Mikusˇova´ Faculty of Economics, Department of Management, Technical University of Ostrava, Ostrava, Czech Republic Maciej Mitre˛ga Faculty of Informatics and Communication, University of Eco- nomics in Katowice, Katowice, Poland Argiro Moudatsou Business Administration Department, School of Accounting and Management, Technological Educational Institute of Crete, Heraklion, Greece Hellenic Open University, Patra, Greece Lucan (Cioban) Alexandra Narcisa Accounting and Finance Department, Stefan cel Mare University, Suceava, Romania Rozeyta Omar Faculty of Management, Universiti Teknologi Malaysia (UTM), Skudai, Johor, Malaysia Ahmet Oztel Faculty of Economics and Administrative Sciences, Bartın Univer- sity, Bartın, Turkey Iveta Palecˇkova´ Department of Finance and Accounting, Silesian University, School of Business Administration, Opava, Czech Republic Shilo Pavel Department of Management, National Research University Higher School of Economics, Moscow, Russia Irena Pekarskiene Department of Economics, Kaunas University of Technology, Kaunas, Lithuania Leandro Pereira Business Research Unit—BRU-IUL, ISCTE—Instituto Universita´rio de Lisboa, Lisbon, Portugal Michał Bernard Pietrzak Department of Econometrics and Statistics, Nicolaus Copernicus University, Torun´, Poland Amila Pilav-Velic´ Department of Management and Information Technology, School of Economics and Business, University of Sarajevo, Sarajevo, Bosnia and Herzegovina Taisya Pogodaeva Department of International Economics and Business, Tyumen State University, Tyumen, Russia Dmitry Rudenko Department of International Economics and Business, Tyumen State University, Tyumen, Russia Asta Saboniene Department of Economics, Kaunas University of Technology, Kaunas, Lithuania Nadezhda Semjonova Department of Corporate Finance and Economics, Riga Technical University, Riga, Latvia List of Contributors xxi

Sabina Silajdzic Department of Economic Theory and Policy, University of Sarajevo, School of Economics and Business, Sarajevo, Bosnia and Herzegovina Elena Silova Institute of Economy, Business and Administration, Chelyabinsk State University, Chelyabinsk, Russia Liudmila Simonova Department of International Economics and Business, Tyumen State University, Tyumen, Russia Elenica Soﬁjanova Faculty of Economics, University “Goce Delcev”, Sˇtip, Macedonia Neringa Stonciuviene Department of Economics, Accounting and Finance, Aleksandras Stulginskis University, Akademija, Lithuania Rozita Susniene Department of Economics, Kaunas University of Technology, Kaunas, Lithuania Nedim Suta Faculty of Science, Department of Biology, University of Sarajevo, Sarajevo, Bosnia and Herzegovina Mirza Teftedarija Tax Administration, Federation of Bosnia and Herzegovina, Sarajevo, Bosnia and Herzegovina Askim Nurdan Tumbek Tekeoglu Business Administration, Istanbul Ticaret University, Istanbul, Turkey Riste Temjanovski Faculty of Economics, University “Goce Delcev”, Sˇtip, Macedonia Pekka Tuominen School of Management, University of Tampere, Tampere, Finland Anna Ligia Wieczorek Faculty of Foreign Languages, University of Silesia in Katowice, Katowice, Poland Georgios Xanthos Business Administration Department, School of Accounting and Management, Technological Educational Institute of Crete, Heraklion, Greece Almira Yusupova Economic Department, Institute of Economics and Industrial Engineering SB RAS, Novosibirsk State University, Novosibirsk, Russia Daria Zhaparova Department of International Economics and Business, Tyumen State University, Tyumen, Russia