Faculty of Economics

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    Strategic Perspectives of the Digital Marketing Transformation as An Enabler of Technological Change in Organizations During the COVID-19 Pandemic
    (Proud Pen, 2020-12-29)
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    Kamenjarska, Tanja
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    Naumovska, Ljupka
    As the COVID-19 pandemic expands the proportions of its influence throughout the world, businesses are incessantly inspecting adapted techniques for developing a governance model that as core principles amalgamate the organizational change and digital transformation, inducing response to the triggered strong need of restructuring the management processes, marketing and communication strategies, organizational policies and procedures. By promoting a discourse that examines the impact of digitalization on the marketing communication channels in businesses, we aim to stress the importance of discovering a proper approach of developing business practices focussed on fostering a technological change in organizations and the development of adapted communication strategies. The dynamic nature of current marketing trends, increase the need of implementing innovative technologies and communication tools resulting in greater customer reach and customer retention. To improve the efficiency of marketing strategies, organizations should behold of the intraorganizational challenges and the potential strategic management approaches taken in consideration the regulatory and legal environments in which businesses operate. Hence, we attempt to identify the marketing and managerial implications of the current COVID-19 crisis and provide suggestions for proper resource allocation in terms of digitalization, resulting in enhanced operational excellence, effectiveness and efficiency. Notwithstanding the fact that environmental complexity led to organizational complexity as proposed by the contingency theory, it is out of major importance for businesses to find ways to enhance processes and utter digitalization in the marketing-communication strategies as part of organization’s internal environment, particularly during the COVID-19 pandemic crisis.
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    Item type:Publication,
    A Delphi-AHP Approach to the COVID-19 Effect on Digitalisation in the Banking Sector
    (Emerald Publishing Limited, 2022-09-15)
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    Patel, Gokulananda
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    Dimovska, Milanka
    Purpose: The purpose of this study is to reveal the readiness of the employees in the banking sector in the Republic of North Macedonia to adapt to the reorganisation of working hours while at the same time using the safest payment methods in conditions when the world is trying to deal with the crisis caused by the COVID-19 virus. Need for the study: The world is rapidly moving towards increasing digitalisation, which is part of all spheres of human life. The outbreak of the COVID-19 virus pandemic has accelerated these processes by requiring people to adapt to the new conditions. The countries that have worked rapidly to digitise the system, while massively using non-cash payments, have adapted more easily to their regular daily tasks. The Republic of North Macedonia, as a developing country, is trying to take a step forward by introducing the innovations used by developed countries, taking into account the available assets and human resources. Methodology: A method for qualitative forecasting, Delphi, is used in three rounds, and the gained insights serve as inputs in the creation of two analytic hierarchy process (AHP) models. Findings: From the extensive analysis we performed, we found that the lack of digitalisation and process automation made it difficult for employees to adapt to the method of working from home, and on the other hand, they had a much easier time adapting to the use of alternative distribution channels. Practical implications: Our findings are useful for the country, regulatory bodies and the bank’s management in developing strategies and plans for working from home or reorganisation of working hours, to be more acceptable to employees, emphasising the benefits for both employees and employers. Also, researchers and management practitioners in developing countries interested in this area can follow our combined Delphi-AHP approach in conducting similar research.
  • Some of the metrics are blocked by your 
    Item type:Publication,
    A Delphi-AHP Approach to the COVID-19 Effect on Digitalisation in the Banking Sector
    (Emerald Publishing Limited, 2022-09-15)
    ;
    Patel, Gokulananda
    ;
    Dimovska, Milanka
    Purpose: The purpose of this study is to reveal the readiness of the employees in the banking sector in the Republic of North Macedonia to adapt to the reorganisation of working hours while at the same time using the safest payment methods in conditions when the world is trying to deal with the crisis caused by the COVID-19 virus. Need for the study: The world is rapidly moving towards increasing digitalisation, which is part of all spheres of human life. The outbreak of the COVID-19 virus pandemic has accelerated these processes by requiring people to adapt to the new conditions. The countries that have worked rapidly to digitise the system, while massively using non-cash payments, have adapted more easily to their regular daily tasks. The Republic of North Macedonia, as a developing country, is trying to take a step forward by introducing the innovations used by developed countries, taking into account the available assets and human resources. Methodology: A method for qualitative forecasting, Delphi, is used in three rounds, and the gained insights serve as inputs in the creation of two analytic hierarchy process (AHP) models. Findings: From the extensive analysis we performed, we found that the lack of digitalisation and process automation made it difficult for employees to adapt to the method of working from home, and on the other hand, they had a much easier time adapting to the use of alternative distribution channels. Practical implications: Our findings are useful for the country, regulatory bodies and the bank’s management in developing strategies and plans for working from home or reorganisation of working hours, to be more acceptable to employees, emphasising the benefits for both employees and employers. Also, researchers and management practitioners in developing countries interested in this area can follow our combined Delphi-AHP approach in conducting similar research.
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    Item type:Publication,
    Придонесот на Мајкал Кремер – “Нобеловци по економија”
    (Економски факултет - Скопје, 2020-11)
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    Linking banking service quality to customer loyalty: two levels perspective
    (Springer, 2021)
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    The present paper analyzes customer loyalty emphasizing the two levels perspective, i.e. company and employee level in the retail banking context in North Macedonia. A survey on a sample of 786 respondents was performed and further structural equation modeling was conducted, linking service quality dimensions and customer satisfaction as crucial antecedents of customer loyalty on both levels (loyalty to bank and loyalty to employees). Loyalty to employee proved to be significantly determined by intangibles, followed by pricing as service quality dimensions, both mediated by customer satisfaction. Loyalty to bank is directly influenced by tangibles, while only indirectly affected by intangibles and pricing through customer satisfaction. At the same time, customer satisfaction is a significant predictor of both types of loyalty, additionally mediating the relationship between loyalty to employees and loyalty to bank. The present study contributes to the research corpus in this area, providing more comprehensive understanding of customer loyalty and its antecedents. The two levels perspective of customer loyalty adds further to the value of this research.
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    The Importance of Intellectual Property Law in the Prevention of Selling Counterfeit Products Online
    (Emerald Publishing, 2022-09)
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    Trade in counterfeit products has been expanding continuously. The emergence of the internet, the process of globalisation as well as the increase of digitalisation have enabled counterfeit products to infiltrate legitimate supply chains, causing harm not only to national economies but also to holders of intellectual property rights (IPR). In this chapter, we analyse the possible solutions that holders of IP rights and their legal representatives have in their fight against the online sale of counterfeit products. To elaborate on this issue, first, we explain the legislation on an international level for IPR protection and its specific characteristics. We explain the conventions on the protection of IPR that are governed by the World Intellectual Protection Organisation (WIPO) and the provisions of the TRIPS (Trade-Related Intellectual Property Rights) Agreement governed by the World Trade Organisation (WTO). We also analyse the national legislative procedure of protecting and enforcing IPR in North Macedonia to explain a possible solution to fight online counterfeit trade. As a case study of this chapter, we explain the work of the Online Enforcement Programme of REACT as a not-for-profit organisation with over 30 years of experience in the fight against counterfeit trade and the challenges that they have in fighting against the online sale of counterfeit products. Since IP law is territorial in its nature as a conclusion, we suggest that a more centralised approach is needed in the fight against the online sale of counterfeit products.
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    Item type:Publication,
    Unpacking the Financial Services and Crowdfunding Evolution in the Sharing Economy
    (Springer International Publishing, 2022)
    Lukasiewicz, Agnieszka
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    <jats:title>Abstract</jats:title><jats:p>Sharing economy is a phenomenon emerging in all aspects of social and business practices. While its impact is most prominent in the mobility and accommodation domain, some of the earliest demonstrations of the benefits of the sharing economy have occurred in financial services. Financial services in the sharing economy range from peer-to-peer lending to crowdfunding with participation from new start-ups and incumbent financial service providers with for-profit or non-profit goals. Given the variety of elements represented in financial services, there is a great need to collect and connect what has been done and to identify some common themes, which will serve as a basis for future discussions on the evolution of financial services in the sharing economy.</jats:p>
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    A Conceptualisation of the Sharing Economy: Towards Theoretical Meaningfulness
    (Springer International Publishing, 2022)
    Miguel, Cristina
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    Martos-Carrión, Esther
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    <jats:title>Abstract</jats:title><jats:p>The sharing economy aims to redistribute existing goods (e.g., tools, cars) across the population in order to maximise their functionality. Within sharing economies, there can be monetary exchange (e.g., Airbnb, BlaBlaCar), or the exchange can be altruistic (e.g., Timebanking, CouchSurfing). Nevertheless, sharing economy platforms mainly function as digital marketplaces where supply and demand are matched. The rise of sharing economy practices is followed by a torrent of publications. As a result, there is conceptual confusion about the sharing economy concept. This chapter aims to provide an answer to this challenge by following the framework for theoretical meaningfulness. Through two levels of literature analysis, the chapter aims to shed light on the conceptualisation of the sharing economy.</jats:p>
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    Public Sector Accounting, Auditing and Control in the Former Yugoslav Republic of Macedonia
    (Palgrave Macmillan, Cham, 2019)
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    ‘Public sector accounting, auditing and control in the Former Yugoslav Republic of Macedonia’ by Atanasko Atanasovski and Zoran Minovski offers a concise and comprehensive overview of the organisation of the country and its territorial structure, as well as concise insights on the formulation and execution of central government and local and regional self-government budgets, with the focus on accounting and financial reporting and audit and other oversight (supervision) up-to-date description. The chapter concludes with the notion of challenges and future development paths in public sector accounting and auditing in Former Yugoslav Republic of Macedonia as the candidate country in the accession to the EU, with a clear emphasis on the process of transition accrual-based accounting and the implementation of IPSAS for the purpose of financial reporting by the general public sector, and State Audit Office capacity building.